Document:

EX-10.2

 Exhibit 10.2 

RETENTION COMPENSATION AND AMENDMENT TO EMPLOYMENT AGREEMENT 

This Retention Compensation and Amendment to Employment Agreement (the “Agreement”) is dated January 28, 2022 and is by
and between Allena Pharmaceuticals, Inc. (the “Company”) and Richard D. Katz, M.D. (the “Executive”) (together, the “Parties”). 

WHEREAS, the Company is in the process of pursuing various strategic alternatives, including without limitation a merger or restructuring (the
“Transition”); 
 WHEREAS, in the Executive’s position, Executive has obtained significant knowledge and expertise
about the Company and its business operations; 
 WHEREAS, in order to complete any strategic alternatives as part of the Transition, the
Company desires to continue to retain the services of Executive and the benefits of Executive’s experience and knowledge; 
 WHEREAS,
the Company recognizes the effort and commitment required of Executive to complete any transactions as part of the Transition and wants to create an incentive for Executive to continue to be employed by the Company during the Transition; 

WHEREAS, in light of the anticipated Transition and the Company’s current business needs, the Executive agrees to amend certain terms of
Executive’s employment under the Executive’s Employment Agreement with the Company dated January 29, 2021 (the “Employment Agreement”) as provided in this Agreement; 

WHEREAS, the Executive desires to continue to perform services for the Company in accordance with the terms set forth below; 

WHEREAS to avoid doubt, except as expressly amended herein, the Employment Agreement and the “Restrictive Covenant
Agreements” (as defined in the Employment Agreement) shall remain in full effect. 
 NOW, THEREFORE, in return for good and
valuable consideration, the sufficiency of which is hereby acknowledged and agreed, the Parties hereby agree as follows: 
  

	1.	 Retention Compensation. 

 

	 	a.	 The Company will pay the Executive a lump sum retention payment (the “Retention Payment”)
equal to $211,600 in February, 2022. 

  

	 	b.	 The Company will increase the Executive’s current Base Salary (as defined in the Employment Agreement) by
6.5% (the “Salary Increase”). The Salary Increase shall be retroactive and effective as of January 1, 2022. 

  

	 	c.	 The Company will promptly grant the Executive 255,000 restricted stock units under the Company’s equity
plan (the “Retention Grant,” and together with the Retention Payment, and Salary Increase, the “Retention Compensation”). The 

	 	
Retention Grant shall vest ratably in equal installments on July 15th and January 15th of each year over the three year period immediately following the grant date, provided that the
Executive maintains a continuous service relationship with the Company through each applicable vesting date. The Retention Grant shall vest in full upon the consummation of a Change in Control (as defined in the Employment Agreement), subject to the
Executive maintaining a continuous service relationship with the Company at such time. The Retention Grant shall be subject in all respects to the RSU Agreement and equity incentive plan provided by the Company. 

 

	2.	 Employment Condition; Consulting Services. 

 

	 	a.	 The Executive agrees to (i) remain employed by the Company through September 30, 2022 unless earlier
terminated by the Company (September 30, 2022, or any such earlier date if the Executive’s employment is earlier terminated by the Company, the “Employment Retention Date”); and (ii) if requested by the Company on or
before the Employment Retention Date, to provide three (3) months of consulting services to the Company, for no more than 20 hours per month (unless otherwise mutually agreed) (such limitation on hours, the “Hours Cap”),
and ending no later than December 31, 2022 (the “Consulting Services,” and the period during which the Executive performs Consulting Services, the “Consulting Period”). During the Consulting Period, the Company
shall pay the Executive a cash hourly rate for each hour worked up to the Hours Cap, with such hourly rate derived by dividing the Executive’s final base salary rate by 2,080. 

 

	 	b.	 The Consulting Services, if any, shall consist of such transition and advisory services as the Company
requests. The Executive agrees that the Executive’s Restrictive Covenant Agreements shall be extended throughout any Consulting Period, such that, for example, any post-employment noncompetition and nonsolicitation periods contained in the
Restrictive Covenant Agreements shall not begin to run until the day following the last day of the Consulting Period. To avoid doubt, the Executive acknowledges and agrees that any Company confidential information to which the Executive gains access
during the Consulting Period shall be subject to the confidentiality obligations contained in the Restrictive Covenant Agreements and that the Executive shall not use or disclose such information except during the Executive’s service
relationship with the Company and in direct furtherance of Executive’s duties to the Company. 

  

	3.	 Retention Period. The period of Executive’s employment with the Company through the Employment
Retention Date, and any Consulting Period, is the “Retention Period.” 

  

	4.	 Repayment Upon Certain Terminations. 

 

	 	a.	 If the Executive resigns employment, fails to provide the Consulting Services as requested by the Company, or
is terminated by the Company for “Cause” (as defined in the Employment Agreement), in each case on or before June 30, 2022, the Executive shall repay the Retention Payment in full to the Company by no later than July 15,
2022. 

  
 2 

	 	b.	 If the Executive resigns employment or the Executive’s consulting relationship with the Company for any
reason, fails to provide the Consulting Services through, at the latest, December 31, 2022 as requested by the Company, or is terminated by the Company for Cause, in each case between July 1, 2022 and the end of the Retention Period, the
Executive shall repay 50% of the Retention Payment to the Company by no later than fifteen days following the last day of the Executive’s service relationship with the Company. 

 

	5.	 Amendment to Employment Agreement; Waiver and Release. 

 

	 	a.	 Sections 4(b)(i) and 5(a)(i) of the Employment Agreement are hereby deleted and of no further effect, except to
the extent such Sections are expressly amended by and incorporated into Section 6 of this Agreement. 

  

	 	b.	 In consideration of the Retention Compensation and the Executive’s continued at-will employment with the Company, the Executive, on behalf of the Executive and the Executive’s heirs, administrators, representatives, successors and assigns (together the “Releasors”),
voluntarily releases and forever discharges the Company, its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and fiduciaries of such plans, and the
current and former employees, officers, directors, shareholders, interest holders, managers, advisors, members, partners, investors, attorneys, accountants and agents of each of the foregoing in their official and personal capacities (collectively
referred to as the “Releasees”) generally from all claims, demands, debts, damages and liabilities of every name and nature, known or unknown (“Claims”) that, as of the date when the Executive signs this Agreement,
the Executive or any other Releasor has, ever had, now claims to have or ever claimed to have had against any or all of the Releasees, including without limitation Claims relating to (i) Executive’s employment or other service relationship
with the Company; (ii) Executive’s right to receive or be eligible for severance compensation and severance benefits under Section 4(b) or 5 of the Employment Agreement or any other Company severance plan or severance policy;
(iii) Claims for retention compensation, cash bonus compensation, commission compensation and/or other cash incentive compensation of any kind from the Company; and (iv) Claims for all other wages, bonuses, and commissions and other
compensation and benefits, whether under the Massachusetts Wage Act, M.G.L. c. 149, §§148-150C, or otherwise, in each case except for Excluded Claims (as defined below). 

 

	 	c.	 To avoid doubt, nothing in this Section affects or waives: (i) the Executive’s rights and obligations
under the Company’s applicable equity plan and any written and fully-signed equity or RSU agreement in the form provided by the Company (the “Equity Documents”), which Equity Documents remain in full effect; (ii) the
Executive’s rights to accrued but unused vacation and accrued but 

  
 3 

	 	
unpaid salary from the payroll period during which this Agreement becomes effective; (iii) the Executive’s rights to indemnification and Directors’ and Officers’ liability
insurance from the Company, as set forth in the applicable written agreements, Company bylaws and/or Company insurance policies, as applicable; (iv) the Executive’s rights to accrued and vested benefits under any 401(k) or other ERISA
benefit plan; or (v) the Executive’s rights under the Employment Agreement, except as such Employment Agreement is expressly superseded by this Agreement (and the Executive acknowledges and agrees that the Executive’s rights under
Sections 4(b) and 5 of the Employment Agreement are expressly superseded by this Agreement, and the Executive’s rights under those Sections are hereby waived, except to the extent such Sections are expressly incorporated into Section 6 of
this Agreement) (collectively, “Excluded Claims”). 

  

	6.	 Potential Severance Payments Notwithstanding Amendment, Waiver and Release. Notwithstanding the
preceding Section (“Amendment to Employment Agreement; Waiver and Release”): 

  

	 	a.	 Payments Upon Qualifying Termination. If the Company terminates the Executive’s employment without
Cause, or if the Executive terminates employment for Good Reason (as defined in the Employment Agreement), the Company shall pay the Executive two-thirds of the Executive’s “Severance
Amount” (as defined in the Employment Agreement) reduced by the amount of the Retention Payment, in equal installments over the six (6) months following the Date of Termination, subject to (I) the requirement that the Executive
sign, return and not revoke the “Release,” as defined and described in the first paragraph of Section 4(b) of the Employment Agreement; and (II) the payment conditions contained in subparagraph 4(b)(iii) of the Employment
Agreement. 

  

	 	b.	 Severance Upon Qualifying Termination Within the 12 Months Following a
Non-Insolvency Change in Control. If the Company terminates the Executive’s employment without Cause, or if the Executive terminates employment for Good Reason, in either case within the 12
month-period immediately following the occurrence of the first event constituting a Change in Control other than a Change in Control that occurs following the commencement, or as a result, of any Insolvency Proceeding, the Company shall pay
the Executive the Executive’s severance benefits as provided in Section 5 of the Employment Agreement, subject to the Employment Agreement’s terms and conditions, but reduced by the amount of the Retention Payment. For purposes of
this Agreement, “Insolvency Proceeding” means (a) a voluntary or involuntary case or proceeding under the United States Bankruptcy Code or similar bankruptcy law with respect to the Company; (b) any other voluntary or
involuntary insolvency, reorganization, arrangement or bankruptcy case or proceeding, or any receivership, liquidation, or other similar case or proceeding with respect to the Company or any of its property; (c) a liquidation, dissolution,
reorganization, or winding up of the Company, whether voluntary or involuntary and regardless of whether involving insolvency or bankruptcy; or (d) an assignment for the benefit of creditors or other marshaling of assets and liabilities of the
Company. 

  
 4 

	7.	 Preservation of At-Will Employment. Nothing in this letter
changes the at-will nature of Executive’s employment with the Company. 

  

	8.	 Knowing and Voluntary. The Executive acknowledges and agrees that the Executive has read this Agreement
carefully; that this Agreement affects important legal rights of the Executive; that the Executive has had the opportunity to review this Agreement with legal counsel of the Executive’s choosing; and that the Executive is knowingly and
voluntarily entering into this Agreement. The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction or contra preferendum shall be applied against
either Party. 

  

	9.	 Integration; Absence of Reliance; Preserved Rights and Obligations. This Agreement constitutes the
entire agreement between the Executive and the Company (including all affiliates of the Company) regarding the subject matter of this Agreement, and supersedes any prior or contemporaneous communications, understandings, representations, agreements,
plans or policies of any kind regarding the subject matter of this Agreement. In entering into this Agreement, Executive agrees that Executive is not relying on any promises or representations of the Company (including any Company employee, officer,
director, or other agent) regarding the subject matter of this Agreement except as are expressly set forth herein. This Agreement’s WHEREAS clauses are incorporated herein as operative provisions of this Agreement. To avoid doubt, this
Agreement does not affect the Restrictive Covenant Agreements, the Equity Documents, or those provisions of the Employment Agreement not specifically amended by this Agreement. The Executive specifically agrees that the Company shall, in addition to
its rights and remedies hereunder, and to the fullest extent permitted by applicable law. have the right to: (i) offset any amounts the Executive owes the Company under this Agreement against any compensation or benefits the Company owes the
Executive; and (ii) deduct any amounts the Executive owes the Company under this Agreement from the Executive’s wages. 

  

	10.	 Governing Law; Jurisdiction; Amendment and Waiver; Headings. This letter shall be governed by
Massachusetts law, excluding laws relating to conflicts or choice of law. Executive and the Company submit to the personal jurisdiction and venue of the federal and state courts located in Massachusetts in connection with any dispute relating to
this Agreement or the subject matter of this Agreement, and hereby waive any right to a jury with respect to any such dispute. This letter may not be modified or amended, and no breach shall be deemed to be waived, unless agreed to in writing by
Executive and the Chairperson of the Company’s Board. Any Section and subsection headings are for descriptive, non-operative purposes only, and to the extent such headings conflict with this
Agreement’s non-heading text, the non-heading text shall control. 

  

	11.	 Assignment. The Company may assign its rights and obligations under this Agreement without the
Executive’s consent to any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization, consolidate with, or merge into or to whom it transfers all or substantially all of its properties or assets. The
Executive may not assign this Agreement. 

  
 5 

	12.	 409A; Taxes. It is intended that the benefits provided under this Agreement shall comply with the
provisions of Section 409A of the Internal Revenue Code (“Section 409A”) or qualify for an exemption to Section 409A, and this Agreement shall be construed and interpreted in accordance with such
intent. Any payments that qualify for the “short term deferral” exception or another exception under Section 409A shall be paid under the applicable exception. Each payment provided under this Agreement shall be treated as a
separate payment for Section 409A purposes. Neither the Company (or its affiliates) or any employee, officer or director of the Company (or its affiliates) shall be held liable for any taxes, interest, penalties or other monetary amounts
owed by Executive as a result of this Agreement. All compensation described in this Agreement shall be subject to applicable taxes and lawful withholdings. 

  

	13.	 Not Good Reason. The Executive agrees that neither this Agreement or the changes to Executive’s
employment contained herein constitute “Good Reason” as defined in the Employment Agreement and the Executive hereby waives any right to claim Good Reason as a result of this Agreement. 

 

	14.	 Deadline for Return. To accept this Agreement, Executive must return a signed original or a signed PDF
copy (DocuSign is acceptable) of this Agreement so that it is received by the Company no later than 7 days after the date of this Agreement. 

  
 6 

 Accepted and Agreed:. 
  

							
	ALLENA PHARMACEUTICALS, INC.	 		 		 	
				
	 /s/ Gino Santini
	 		 		 	 1/27/22

	Gino Santini	 		 		 	DATE
	Lead Independent Director	 		 		 	
				
	EXECUTIVE	 		 		 	
				
	 /s/ Richard Katz
	 		 		 	 1/31/22

	Richard D. Katz, M.D.	 		 		 	DATE

  
 7Exhibit 4.1

 

 

TRUST AGREEMENT

 

by and between

 

HARLEY-DAVIDSON CUSTOMER FUNDING CORP.,

as Trust Depositor,

 

and

 

[                                       ],

as Owner Trustee

 

Dated as of [                 ]

 

 

    

     

    

 

TABLE OF CONTENTS

 

Page

	ARTICLE One DEFINITIONS	1
	Section 1.01.       Capitalized Terms	1
	Section 1.02.       Other Definitional Provisions	4
	Section 1.03.       Usage of Terms	4
	Section 1.04.       Section References	4
	Section 1.05.       Accounting Terms	4
	ARTICLE Two ORGANIZATION	5
	Section 2.01.       Name	5
	Section 2.02.       Office	5
	Section 2.03.       Purposes and Powers	5
	Section 2.04.       Appointment of Owner Trustee	6
	Section 2.05.       Initial Capital Contribution of Owner Trust Estate	6
	Section 2.06.       Declaration of Trust	6
	Section 2.07.       Liability of Trust Depositor	7
	Section 2.08.       Title to Trust Property	7
	Section 2.09.       Situs of Trust	7
	Section 2.10.       Representations and Warranties of the Trust Depositor	7
	Section 2.11.       Tax Treatment[; Grantor Trust Arrangement]	9
	Section 2.12.       Texas State Tax Matters	11
	ARTICLE Three TRUST CERTIFICATES AND TRANSFER OF INTERESTS	11
	Section 3.01.       Initial Ownership	11
	Section 3.02.       The Trust Certificates	12
	Section 3.03.       Authentication and Delivery of Trust Certificates	12
	Section 3.04.       Registration of Transfer and Exchange of Trust Certificates	12
	Section 3.05.       Mutilated, Destroyed, Lost or Stolen Trust Certificates	14
	Section 3.06.       Person Deemed Owner	15
	Section 3.07.       Access to List of Certificateholders’ Name and Address	15
	Section 3.08.       Maintenance of Office or Agency	15
	Section 3.09.       Trust Certificates	15
	Section 3.10.       Appointment of Paying Agent	15
	Section 3.11.       [Ownership by Trust Depositor of Initial Trust Certificates]	16
	ARTICLE Four ACTIONS BY OWNER TRUSTEE AND CERTIFICATEHOLDERS	16
	Section 4.01.       Prior Notice to Owners with Respect to Certain Matters	16
	Section 4.02.       Action by Owners with Respect to Certain Matters	17
	Section 4.03.       Action by Owners with Respect to Bankruptcy	17
	Section 4.04.       Restrictions on Owners’ Power	17
	Section 4.05.       Majority of the Trust Certificates Control	17
	ARTICLE Five APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	18
	Section 5.01.       Establishment of [Trust][Collection] Account; Application of Trust Funds	18
	Section 5.02.       Method of Payment	19
	Section 5.03.       Accounting and Reports to the Certificateholders, Owners, the Internal Revenue Service and Others	19
	Section 5.04.       Signature on Returns; Tax Matters Partner	20
	ARTICLE Six AUTHORITY AND DUTIES OF OWNER TRUSTEE	20
	Section 6.01.       General Authority	20
	Section 6.02.       General Duties	20
	Section 6.03.       Action Upon Instruction	21
	Section 6.04.       No Duties Except as Specified in this Agreement or in Instructions	21
	Section 6.05.       No Action Except Under Specified Documents or Instructions	22
	Section 6.06.       Restrictions	22
	Section 6.07.       Pennsylvania Motor Vehicle Sales Finance Act Licenses	22

 

    

     

    

 

	Section 6.08.       Succession to Rights of the Indenture Trustee	22
	ARTICLE Seven CONCERNING THE OWNER TRUSTEE	23
	Section 7.01.       Acceptance of Trusts and Duties	23
	Section 7.02.       Furnishing of Documents	24
	Section 7.03.       Representations and Warranties	24
	Section 7.04.       Reliance; Advice of Counsel	25
	Section 7.05.       Not Acting in Individual Capacity	25
	Section 7.06.       Owner Trustee Not Liable for Trust Certificate, Notes or Contracts	25
	Section 7.07.       Owner Trustee May Own Trust Certificate and Notes	26
	ARTICLE Eight COMPENSATION OF OWNER TRUSTEE	26
	Section 8.01.       Owner Trustee’s Fees and Expenses	26
	Section 8.02.       Indemnification	26
	Section 8.03.       Payments to the Owner Trustee	26
	ARTICLE Nine TERMINATION OF TRUST AGREEMENT	27
	Section 9.01.       Termination of Trust Agreement	27
	ARTICLE Ten SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	28
	Section 10.01.     Eligibility Requirements for Owner Trustee	28
	Section 10.02.     Resignation or Removal of Owner Trustee	28
	Section 10.03.     Successor Owner Trustee	29
	Section 10.04.     Merger or Consolidation of Owner Trustee	29
	Section 10.05.     Appointment of Co-Trustee or Separate Trustee	29
	ARTICLE Eleven MISCELLANEOUS	31
	Section 11.01.     Supplements and Amendments	31
	Section 11.02.     No Legal Title to Trust Estate in Owners	32
	Section 11.03.     Limitations on Rights of Others	32
	Section 11.04.     Notices	32
	Section 11.05.     Severability of Provisions	32
	Section 11.06.     Counterparts; Originals	33
	Section 11.07.     Successors and Assigns	33
	Section 11.08.     Covenants of the Trust Depositor	33
	Section 11.09.     No Petition	33
	Section 11.10.     No Recourse	34
	Section 11.11.     Headings	34
	Section 11.12.     Governing Law	34
	Section 11.13.     Trust Certificate Transfer Restrictions	34
	Section 11.14.     Trust Depositor Payment Obligation	34

 

EXHIBITS

 

	Exhibit A - Form of Certificate of Trust	A-1
	Exhibit B - Form of Trust Certificate	B-1
	[Exhibit C - Form of Underlying Trust Certificate	C-1]
	Exhibit [C][D] - Form of Transferee Certificate	[C][D]-1

 

    - ii -

     

    

 

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 Owner Trustee is willing to accept the trust established hereby; and

 

[USE IF NO GRANTOR TRUST][WHEREAS,
in connection herewith, the Trust Depositor is willing to purchase the initial Trust Certificate (as defined herein) to be issued pursuant
to this Agreement and to assume certain obligations pursuant hereto;]

 

[USE IF GRANTOR TRUST][WHEREAS,
the Trust will issue the Trust Certificates (as defined below) representing the residual interest in the Trust, which Trust Certificates
will be sold to investors in one or more negotiated transactions;]

 

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[, the Underlying Trust,
the Underlying Trustee] and Harley-Davidson Credit, as administrator.

 

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

 

[“Beneficial Owner”
shall mean the Person in whose name a Certificate is recorded as beneficial owner of such Certificate by a securities depository under
a book-entry system, or by a participant or indirect participant in such securities depository, as the case may be.]

 

“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 an employee benefit plan’s or a plan’s investment in the entity.

 

     - 1 -

     

    

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which banking institutions in the cities of [                ], [               ], or New York, New York
are authorized or obligated by law, executive order or governmental decree to be closed.

 

[“Certificate Distribution
Account” means the account established and maintained as such pursuant to Section 5.01.]

 

“Certificate Interest”
means, with respect to a Trust Certificate, the percentage specified on such Trust Certificate as the Certificate Interest, which represents
the beneficial equity interest in the Trust. [The initial Certificate Interest held by Harley-Davidson Credit shall be 100%.]

 

“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 such 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.

 

“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 [                 ].

 

“Indenture Trustee”
means the Person acting as Indenture Trustee under the Indenture, including any successor trustee under the Indenture.

 

“Owner” means each Holder of
a 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.

 

     - 2 -

     

    

 

“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 each
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.

 

[“Percentage Interest”
shall mean, with respect to the Certificates, the proportion of (i) the aggregate nominal par amount represented by all issued and outstanding
Certificates held by any Certificateholder or (if applicable) any group of Certificateholders to (ii) the aggregate nominal par amount
represented by all issued and outstanding Certificates held by all Certificateholders.]

 

“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.

 

“Qualified Institutional
Buyer” means a “qualified institutional buyer” as defined in Rule 144A under the Securities Act.

 

“Record Date”
means, with respect to any Distribution Date, the Business Day immediately preceding such Distribution Date.

 

“Sale and Servicing
Agreement” means the Sale and Servicing Agreement, dated as of [                 ], among the Trust, as issuer, [the Underlying Trust,] the
Trust Depositor, Harley-Davidson Credit, as servicer, and [               ], as Indenture Trustee, as the same may be amended or supplemented from time
to time.

 

“Secretary of State”
means the Secretary of State of the State of Delaware.

 

“Statutory Trust Statute”
means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 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)][2.11(f)] 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.

 

     - 3 -

     

    

 

“Trust Certificate”
means a trust certificate evidencing the beneficial equity interest of an Owner in the Trust, 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][Section [__] of the Underlying Trust Agreement], all funds on deposit from time to time in the Trust Accounts[,
the proceeds of the Interest Rate Swap Agreement] [and the Certificate Distribution Account 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[, the Underlying Trust Agreement]
and the Administration Agreement.

 

[“Underlying Trust”
means Harley-Davidson Motorcycle Grantor Trust [               ], together with its successors and assigns.]

 

[“Underlying Trustee”
means the Person acting, not in its individual capacity, but solely as Underlying Trustee under the Underlying Trust Agreement, its successors
in interest and any successor underlying trustee under the Underlying Trust 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.

 

     - 4 -

     

    

 

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 Owners 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 Owners, 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 Certificates pursuant to this Agreement
and to sell the Notes;

 

(ii)              
[USE IF NO GRANTOR TRUST][with the proceeds of the sale of the Notes, to purchase the Contracts,
to fund the Reserve Fund [and the Risk Retention Reserve 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;]

 

[USE
IF GRANTOR TRUST] [establishing a grantor trust (the “Underlying Trust”) and depositing
therein, in exchange for a certificate evidencing a 100 percent undivided beneficial ownership interest in the Underlying Trust
(the “Underlying Trust Certificate”), funds sufficient for the Underlying Trust
to purchase the Contracts, including all books, records and other contracts and documents related thereto;]

 

(iii)            
to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture
and to hold, manage and distribute to the Owners 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 enter into derivative transactions in connection with the Notes or otherwise;

 

     - 5 -

     

    

 

(vi)             
 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]

 

(vii)            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 Owners and the Noteholders [and the Swap Counterparty[.][;
and]

 

(viii)         
[directing the Underlying Trust and the Administrator to take actions as may be reasonably necessary
to collect interest on and principal of the Contracts.]

 

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 included in the Trust Estate under
Section 1.01, or otherwise vary the assets held by the Trust. Similarly, the Owner Trustee shall have no discretionary duties other than
performing those ministerial acts set forth above necessary to accomplish the purpose of this Trust as set forth in the introductory sentence
of this Section. Notwithstanding Section 2.03(a)(iii) above, the Trust shall not assign, sell or transfer [the Contracts][all or any portion
of the Trust Estate] except as contemplated or permitted by the Indenture [or the Sale and Servicing Agreement], without the prior consent
of the Trust Depositor.

 

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. 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 Owners,
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.

 

     - 6 -

     

    

 

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, no Certificateholder shall 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.

 

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, and where the failure to so qualify or obtain such licenses and approvals would have a material
adverse effect on the Trust, the Contracts, the operations or business of the Trust Depositor, or the ability of the Trust Depositor to
perform its obligations under this Agreement.

 

     - 7 -

     

    

 

(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; which breach, default, conflict, Lien or violation in any case would have a material adverse effect on the Trust, the
Contracts, the operations or business of the Servicer, or the ability of the Trust Depositor to perform its obligations under this Agreement.

 

(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
Certificates, (B) seeking to prevent the issuance of the Trust Certificates 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 Certificates or (D) involving the Trust Depositor and which would adversely affect the federal
income tax or other federal, state or local tax attributes of the Trust Certificates.

 

     - 8 -

     

    

 

 

Section 2.11.            
Tax Treatment[; Grantor Trust Arrangement].

 

[USE IF NO GRANTOR
TRUST][It is the intention of the Trust Depositor that (i) so long as there is only one Certificateholder, 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
(and, in such case, Trust items of income, gain, loss and deduction for any month as determined for federal income tax purposes
shall be allocated entirely to Harley-Davidson Credit (or subsequent purchaser of the sole Trust Certificate) as the sole
Certificateholder) and (ii) if there is more than one Certificateholder, the Trust shall be treated as a partnership for purposes of
federal income, state and local income and single business tax and any other income taxes. The parties agree that, unless otherwise
required by appropriate tax authorities, the Trust will file or cause to be filed annual or other necessary returns, reports and
other forms consistent with the characterization of the Trust as provided in the preceding sentence for such tax purposes.]

 

[USE WITH GRANTOR TRUST]

 

[The following shall apply
to the Trust solely with respect to tax matters, it being understood that no separate trust is being created under the Delaware Act:

 

(a)              
The Administrator shall, acting as an agent of the Underlying Trust, keep or cause to be kept, at its principal office, a register
setting forth the beneficial ownership of the Contracts, which shall indicate the Trust as sole owner of the beneficial interest in the
Contracts, and of transfers and exchanges of such beneficial ownership as herein provided and any such transfer shall not be effective
until reflected in such register and the Underlying Trust Certificate is issued in the name of the new holder. The sole beneficial ownership
interest in the Underlying Trust shall be evidenced by one physical certificate, substantially in the form of Exhibit C attached
hereto, to be held by the Trust (the “Underlying Trust Certificate”). The beneficial ownership of the Contracts represented
by the Underlying Trust Certificate may not be sold, transferred, assigned, participated, pledged, or otherwise disposed of to any Person
except in accordance with the provisions of this Section 2.11(a), and any attempted transfer in violation of this Section 2.11(a)
shall be null and void. The Trust shall be the initial beneficial owner of 100% of the Contracts through its ownership of the Underlying
Trust, and shall not transfer its beneficial ownership interest in the Contracts (except simultaneously with a concurrent transfer of
the record ownership of any such Contract); provided, however, that such Underlying Trust Certificate may be pledged to the Indenture
Trustee pursuant to the Indenture. The Underlying Trust Certificate may not be transferred to any Person [(other than the Indenture Trustee
or pursuant to Article [____] of the Indenture)] unless the Holders of 100% of the Trust Certificates and the Holders of 100% of
the Notes have consented thereto. The purpose of this Section 2.11(a) is to cause the beneficial ownership in the Contracts through
the Underlying Trust to be treated as in registered form for purposes of Treasury Regulation Section 1.871-14(c)(1) and shall be interpreted
and applied in accordance with such intent. For the avoidance of doubt, any transfer of a Contract that results in the Owner Trustee no
longer holding legal title to such Contract shall no longer be subject to this provision.

 

(b)               The
Owner Trustee hereby agrees that the arrangement pursuant to which it holds legal title to the Contracts is a “grantor
trust” for United States Federal income tax purposes which shall be known as “Harley-Davidson Motorcycle Grantor Trust
[_____]” (the “Underlying Trust”). The Underlying Trust shall be deemed to have been created and effective
on and as of the Closing Date (the “Underlying Trust Creation Date”) and no party to this Trust Agreement shall
take an inconsistent position on any United States Federal, state, local or other tax return or in any proceeding with any taxing or
other governmental authority. No Contracts may be added to the Underlying Trust after the Underlying Trust Creation Date. Only the
Contracts and any collections or proceeds thereof shall be treated as assets of the Underlying Trust , and no other portion of the
Trust Estate shall be treated as part of the Underlying Trust. Neither the Owner Trustee nor any other person acting on behalf of
the Owner Trustee shall have the “power to vary” the Contracts in a manner that would prevent the Underlying Trust from
qualifying as a “grantor trust” for United States Federal income tax purposes and any rights or powers granted in any
Transaction Document and any other relevant provision of any Transaction Document shall be interpreted in a manner so as to ensure
that such “power to vary” does not exist. The Owner Trustee shall, at the written direction of the Administrator, sign
and return to the Administrator for filing on behalf of the Underlying Trust any tax or information returns prepared for it by the
Administrator. The Administrator shall prepare for signature by the Owner Trustee and file any tax or information returns required
as a result of the Underlying Trust. The Owner Trustee shall have no duty to review or verify the information contained in any tax
or information returns with respect to the Underlying Trust and shall not have any liability for any related taxes, fees or
penalties in connection therewith.

 

    - 9 -

     

    

 

(c)              
The parties hereto acknowledge that it is intended that (i) the beneficial ownership in the Contracts through the Underlying Trust
be treated as in “registered form,” for purposes of Treasury Regulation Section 1.871-14(c)(1), and (ii) no deduction or payment
of withholding tax will be made with respect to any allocation, distribution or payment made to a Certificateholder in respect of a Certificate,
except for United States withholding tax that is required to be withheld due to (x) a failure of such Certificateholder to furnish a valid
IRS Form W-8IMY and/or IRS Forms W-8BEN and W-9, or such other documentation required under the Code upon a reasonable written request,
or (y) a change in law.

 

(d)              
The provisions of this subsection (d) apply in the event that 100% of the interests in the [Trust] Certificates are held by the
same Person. In such case, it is the intention of the parties hereto that, solely for income and franchise tax purposes, the Trust shall
be treated as a security device and as a disregarded and fiscally transparent entity. If there is only a single Certificateholder, the
Trust shall be treated as an entity whose separate existence for such Certificateholder is disregarded for United States Federal, state
and local income and franchise tax, and any other tax measured in whole or in part by income.

 

(e)               In
the event that 100% of the interests in the [Trust] Certificates are not held by the same Person, the Trust shall be treated as a
partnership for purposes of United States Federal, state and local income and franchise tax, and any other tax measured in whole or
in part by income. The Administrator shall timely prepare for the Tax Matters Partner to sign, and shall file, any and all forms
required to effect such treatment and the Certificateholders as the partners of the Trust for all United States Federal, state, and
local tax purposes. Each owner of a [Trust] Certificate shall provide the Administrator any information or certifications the
Administrator requires for tax purposes and reasonably requests in writing. The Administrator will timely prepare, for the Tax
Matters Partner to sign and file, a partnership information return (Internal Revenue Service Form 1065) with the Internal Revenue
Service for each taxable year of the Trust and will report the allocable share of items of income, gain, loss, deduction, expense
and credit of the Trust and of each Certificateholder to the Certificateholders and the Internal Revenue Service on Schedule K-1.
Capital accounts shall be maintained by the Administrator for each Certificateholder in accordance with the Treasury regulations
promulgated under Section 704(b) of the Code and the capital account balance for each Certificateholder shall be determined by the
Administrator in accordance with the terms of this Trust Agreement. All income, gain, deduction, expense, and loss of the Trust
shall be allocated solely to the Certificateholders based on the relative Percentage Interests of their respective Certificates. The
Administrator shall cause to be prepared all necessary tax forms (including without limitation, IRS Form 1065 and Schedule K-1) but
shall not be obligated to sign any such tax return as a “tax preparer.” Unless specifically directed otherwise by a
majority of the Certificateholders with respect to a specific election, the return of the Trust shall be prepared with any election
as the Tax Matters Partner determines in its sole discretion. Notwithstanding the foregoing, no election shall be made to have the
Trust treated as a corporation for United States federal income tax purposes. Notwithstanding the foregoing, the Administrator shall
have no responsibility to verify any information provided by any owner of a Certificate for such purposes, or to prepare
documentation dependent upon information not timely received from applicable owners of the Certificates. The Administrator shall
have no duty to investigate the identity or addresses of any of the owners of the Certificates, but shall rely solely on information
provided by persons purporting to be such owners.

 

    - 10 -

     

    

 

(f)               
[The [Owner Trustee] shall at all times ensure that if there is more than one Beneficial Owner of Certificates that there is a
Beneficial Owner that shall have agreed in writing to sign the tax returns on behalf of the Trust and to be designated the “tax
matters partner” of the Trust within the meaning of Section 6231(a)(7) of the Code.]]

 

Section 2.12.            
Texas State Tax Matters.

 

For purposes of Texas franchise
taxes, it is the intention of the parties that the Trust be classified (i) as a passive entity within the meaning of Sections 171.0002
through 171.0004 of the Texas Tax Code, and (ii) not as a “business trust” within the meaning of Treasury Regulations Section
301.7701-4(b). The Trust Depositor and each Certificateholder, by acceptance of a Trust Certificate, agree to treat the Trust in a manner
consistent with such intention, unless otherwise required by law. Notwithstanding anything to the contrary contained herein, nothing in
this Agreement should be read to imply that the Trust is doing business in Texas or has sufficient nexus with Texas in order for the Texas
franchise tax to apply to the Trust.

 

ARTICLE
Three

TRUST CERTIFICATES AND TRANSFER OF INTERESTS

 

Section 3.01.            
Initial Ownership.

 

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 Certificates, the Trust
Depositor shall be the sole beneficiary of the Trust.

 

    - 11 -

     

    

 

Section 3.02.            
The Trust Certificates.

 

The Trust Certificates shall
be substantially in the form of Exhibit B hereto and represent the entire beneficial equity interest in the Trust. The Trust Certificates
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. A Trust Certificate bearing the manual or facsimile signature of an
individual who was, at the time when such signature was affixed, authorized to sign on behalf of the Owner Trustee shall be a valid and
binding obligation of the Trust, notwithstanding that such individual has ceased to be so authorized prior to the authentication and delivery
of such Trust Certificate or did not hold such office at the date of such Trust Certificate. Each Trust Certificate shall be dated the
date of its authentication.

 

Section 3.03.            
Authentication and Delivery of Trust Certificates.

 

[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 assets included in
the Trust Estate, simultaneously with the sale, assignment and transfer to the Trust of the Contracts and other assets included in the
Trust Estate, and the constructive delivery to the Owner Trustee of the Contract Files and the other assets included in the Trust Estate,
a Trust Certificate duly authenticated by the Owner Trustee, evidencing the entire beneficial interest in the Trust.][Simultaneously with
the sale, assignment and transfer to the Underlying Trust of the Contracts and other assets included in the Trust Estate, and the constructive
delivery to the Underlying Trustee of the Contract Files and the other assets included in the Trust Estate, the Owner Trustee shall duly
authenticate the Certificates, evidencing the entire beneficial interest in the Trust.]

 

No Trust Certificate shall
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 Certificates will be entitled to the benefits of this Agreement.

 

Section 3.04.            
Registration of Transfer and Exchange of Trust Certificates.

 

(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 Certificates and transfers and exchanges of the
Trust Certificates as provided herein. The Owner Trustee is hereby initially appointed Certificate Registrar for the purpose of registering
the Trust Certificates and transfers and exchanges of the Trust Certificates 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 a Trust Certificate at the Owner Trustee Corporate Trust Office, the Owner Trustee shall
execute, authenticate and deliver (or shall cause its authenticating agent to execute, authenticate and deliver), in the name of the
designated transferee, one or more new Trust Certificates representing the same aggregate Certificate Interest as the Trust
Certificate being surrendered.

 

    - 12 -

     

    

 

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

 

(d)              
No transfer of a 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 a Trust Certificate unless prior to such
transfer the Owner Trustee shall have received an Opinion of Counsel that (x) the transfer of such Trust Certificate is being made pursuant
to an effective registration under the Securities Act of 1933 or is exempt from the registration requirements of the Securities Act of
1933 and (y) such transfer will not cause the Trust to be treated as an association (or a publicly traded partnership) taxable as a corporation
for federal income tax purposes. Any transferee of a Trust Certificate must be either an Affiliate of the Trust Depositor or a Qualified
Institutional Buyer. Prior to any resale, assignment or transfer of a Trust Certificate described in this Section 3.04, each prospective
purchaser of a Trust Certificate shall have acknowledged, represented and agreed as follows:

 

(i)                
It (and any Person for which it holds Trust Certificates (or any interest therein)) neither has acquired
nor will transfer any Trust Certificate it purchases (or any interest therein) or cause any such Trust Certificate (or any interest therein)
to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including,
without limitation, an over-the-counter-market or an interdealer quotation system that regularly disseminates firm buy or sell quotations.

 

(ii)              
 It (and any Person for which it holds Trust Certificates (or any interest therein), collectively
for purposes of this Section 3.04(d), a “transferee”) either (A) is not, and will not become, a partnership, S corporation
or grantor trust for U.S. federal income tax purposes (or a disregarded entity of any of the foregoing) or (B) is such an entity, but
none of the direct or indirect beneficial owners of any of the interests in such transferee have allowed or caused, or will allow or cause,
50% or more of the value of such interests in the transferee to be attributable to such transferee’s ownership of Trust Certificates
(or any interest therein).

 

(iii)             It
understands that if it is acquiring any Trust Certificate (or any interest therein) for the account of one or more Persons, (A) it
shall provide to the Owner Trustee and the Trust Depositor information as to the number of such Persons and any changes in the
number of such Persons and (B) any such change in the number of Persons for whose account a Trust Certificate (or any interest
therein) is held shall require the written consent of the Owner Trustee, which consent shall be granted unless the Owner Trustee
determines that such proposed change in number of Persons would create a risk that the Trust would be classified for federal
or any applicable state income tax purposes as an association (or a publicly traded partnership) taxable as a corporation. 

 

    - 13 -

     

    

 

(iv)             
It understands that no subsequent transfer of any Trust Certificate (or any interest therein) is
permitted unless (A) such transfer is of a Trust Certificate with a Certificate Interest of at least 5%, (B) it causes its proposed transferee
to provide to the Owner Trustee and the Trust Depositor a certificate substantially in the form of Exhibit [D] hereto, or such other written
statement as the Owner Trustee shall prescribe, and (C) the Owner Trustee (on behalf of the Trust) consents in writing to the proposed
transfer, which consent shall be granted unless the Owner Trustee determines that such transfer would create a risk that the Trust would
be classified for federal or any applicable state income tax purposes as an association (or a publicly traded partnership) taxable as
a corporation; provided, however, that any attempted transfer that would cause the number of beneficial owners of the Trust Certificates
in the aggregate to exceed 100 or otherwise cause the Trust to become a publicly traded partnership for income tax purposes shall be a
void transfer.

 

Notwithstanding anything else
to the contrary herein, any purported transfer of a Trust Certificate (or any beneficial interest therein) to or on behalf of a Benefit
Plan or utilizing the assets of a Benefit Plan shall be void and of no effect. The Owner Trustee shall not be obligated to register any
transfer of a Trust Certificate (or any interest therein) unless each of the transferor and the transferee have certified to the Owner
Trustee that such transfer does not violate any of the transfer restrictions stated herein. The Owner Trustee shall not be liable to any
Person for registering any transfer based on such certifications.

 

(e)              
No service charge shall be made for any registration of transfer or exchange of a Trust Certificate (or any interest therein),
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 or exchange of a Trust Certificate (or any interest therein).

 

(f)               
Any Trust Certificate surrendered for registration of transfer shall be canceled and subsequently destroyed by the Owner Trustee.

 

Section 3.05.            
Mutilated, Destroyed, Lost or Stolen Trust Certificates.

 

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 Certificate Interest. In connection with the issuance of any new Trust Certificate under this
Section 3.05, 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 3.05 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.

 

    - 14 -

     

    

 

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 Certificateholders’ 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 Certificateholders as of the most recent Record
Date in such form as the Servicer or the Trust Depositor may reasonably require. If (i) one or more Certificateholders evidencing, in
the aggregate, not less than 25% of the Certificate Interests or (ii) three or more Certificateholders apply in writing to the Owner Trustee,
and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under
this Agreement or under the Trust Certificates and such application is accompanied by a copy of the communication that such applicants
propose to transmit, then the Owner Trustee shall, within five Business Days after the receipt of such application, afford such applicants
access during normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a 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 such 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 Certificates 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 Certificates 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 each Certificateholder of any change in the location
of the Certificate Register or any such office or agency.

 

Section 3.09.            
Trust Certificates.

 

The Owner Trustee, on behalf
of the Trust, shall execute, authenticate and deliver, the initial Trust Certificate.

 

Section 3.10.            
Appointment of Paying Agent.

 

The Paying Agent shall
make distributions to the Certificateholders from the [Certificate Distribution][Collection] Account pursuant to Section
5.01([a][b]) 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 Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall have
been paid to such Certificateholders. 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. Further, the rights, protections and
immunities granted to the Indenture Trustee under the Indenture shall inure to the benefit of Citibank, N.A. acting as Paying Agent
hereunder Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires
otherwise.

 

    - 15 -

     

    

 

Section 3.11.            
[Ownership by Trust Depositor of Initial Trust Certificates.

 

On the Closing Date, the Trust
Depositor or one of its affiliates shall hold a Trust Certificate evidencing 100% of the Certificate Interest.]

 

ARTICLE
Four

ACTIONS BY OWNER TRUSTEE AND CERTIFICATEHOLDERS

 

Section 4.01.            
Prior Notice to Owners 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 (i) at least 30
days before the taking of such action, the Owner Trustee shall have notified the Certificateholders in writing of the proposed action,
and (ii) the Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given
that the Certificateholders have withheld consent or provided alternative direction:

 

(a)              
the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the
Contracts) or 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);

 

    - 16 -

     

    

 

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

 

(d)              
the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder [or the Swap Counterparty]
is not required and such amendment materially and adversely affects the interest of the Owners;

 

(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 Owners; 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 this Agreement, as applicable.

 

Section 4.02.            
Action by Owners 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 Owners, 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 assets included in
the Trust Estate 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 signed by the Owners.

 

Section 4.03.            
Action by Owners 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 written consent of all Owners
(including the Trust Depositor) and the delivery to the Owner `Trustee by each such Owner of a certificate certifying that such Owner
reasonably believes that the Trust is insolvent.

 

Section 4.04.            
Restrictions on Owners’ Power.

 

The Owners 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.

 

Section 4.05.            
Majority of the Trust Certificates Control.

 

Except as otherwise
expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may be taken by the Holders
of the Trust Certificates evidencing not less than a majority of the Certificate Interests. Except as expressly provided herein, any
written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Holders of the Trust
Certificates evidencing not less than a majority of the Certificate Interests at the time of the delivery of such notice.

 

    - 17 -

     

    

 

ARTICLE
Five

APPLICATION OF TRUST FUNDS;

CERTAIN DUTIES

 

Section 5.01.            
Establishment of [Trust][Collection] Account; Application of Trust Funds.

 

(a)              
[USE IF NO GRANTOR TRUST STRUCTURE] [On or before the Distribution Date on which the Notes have been paid in full, the Owner Trustee,
for the benefit of the Certificateholders, shall establish and maintain (or shall cause to be established and maintained) in the name
of the Trust an Eligible Account (the “Certificate Distribution Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Certificateholders.

 

The Trust shall possess all
right, title and interest in funds on deposit from time to time in the Certificate Distribution Account and in the proceeds thereof. Except
as otherwise expressly provided herein, the Certificate Distribution Account shall be under the sole dominion and control of the Owner
Trustee for the benefit of the Certificateholders. If, at any time, the Certificate Distribution Account ceases to be an Eligible Account,
the Owner Trustee (or the Trust Depositor on behalf of the Owner Trustee, if the Certificate Distribution Account is not then held by
the Owner Trustee or an Affiliate thereof) shall within ten Business Days establish a new Certificate Distribution Account as an Eligible
Account and shall transfer any funds and/or any investments to such new Certificate Distribution Account. Monies on deposit in the Certificate
Distribution Account may be invested in Eligible Investments upon the terms set forth in Section 5.05 of the Sale and Servicing Agreement,
as if the Certificate Distribution Account were a Trust Account.]

 

[USE FOR GRANTOR TRUST STRUCTURE][The
Collection Account will be established by the Trust Depositor pursuant to Section 5.05 of the Sale and Servicing Agreement. The Underlying
Trust shall possess all right, title and interest in funds on deposit from time to time in the Collection Account, and the Underlying
Trust Certificate shall represent a 100% beneficial interest therein.]

 

(b)              
On each Distribution Date, the Paying Agent will distribute to the Certificateholders from amounts on deposit in the [Certificate
Distribution][Collection] Account, on a pro rata basis in accordance with their respective Certificate Interests, amounts received pursuant
to Sections 7.05[(a)(xi), 7.05(b)(vii) or 7.05(c)(vii)] of the Sale and Servicing Agreement with respect to such Distribution Date.

 

(c)              
On each Distribution Date, the Paying Agent shall send to the Certificateholders the statement or statements provided to the Owner
Trustee by the Servicer pursuant to Section [9.05] of the Sale and Servicing Agreement with respect to such Distribution Date.

 

    - 18 -

     

    

 

(d)              
 In the event that any withholding tax is imposed on the Trust’s payment (or allocation of income) to the Certificateholders,
such tax shall reduce the amount otherwise distributable to the Certificateholders in accordance with this Section. The Paying Agent is
hereby authorized and directed to retain from amounts otherwise distributable to the Owners 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 any 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 this paragraph (d).

 

(e)              
At such time as the Trust, as issuer, has paid or performed or caused to be paid or performed all amounts and obligations which
the Trust owed to or on behalf of the Indenture Trustee for the benefit of the Noteholders under the Indenture, the balance of the Trust
Estate and related interests therein previously transferred to the Trust shall be distributed to the Certificateholders (and, if the Trust
Depositor is the sole Certificateholder, such distribution shall be for accounting purposes treated as a return of capital).

 

Section 5.02.            
Method of Payment.

 

Subject to Section 9.01(c)
respecting the final payment upon retirement of the Trust Certificates, distributions required to be made to the Certificateholders of
record on the related Record Date shall be made by check mailed to such Certificateholders at the addresses of such Holders appearing
in the Certificate Register.

 

Section 5.03.            
Accounting and Reports to the Certificateholders, Owners, the Internal Revenue Service and
Others.

 

The Owner Trustee 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 Owners, as may be required by the Code and applicable Treasury Regulations, such information as may be required to enable each
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(d) with respect to income or distributions to Owners; provided, however, that the Administrator shall be responsible for the performance
of such duties of the Owner Trustee to the extent set forth in Section 1(b)(iii) of the Administration Agreement. 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.

 

    - 19 -

     

    

 

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 partnership representative, within the meaning of Section 6223(a)
of the Code, shall be the Trust Depositor. The partnership representative shall, (i) if the Trust is eligible, cause the Trust to elect,
pursuant to Section 6221(b) of the Code, that Section 6221(a) of the Code shall not apply to the Trust or (ii) if the election in Section
6221(b) of the Code is not available, to the extent applicable, cause the Trust to make the election under Section 6226(a) of the Code.]

 

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 Owners, 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.

 

    - 20 -

     

    

 

Section 6.03.            
Action Upon Instruction.

 

(a)              
 Subject to Article Four, in accordance with the terms of the Transaction Documents, the Owners 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 Owners 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 Owners received, the Owner Trustee shall not be liable on account
of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or
within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may,
but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement and the other Transaction
Documents, as it shall deem to be in the best interests of the Owners, 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 Owners 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 Owners, 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.

 

    - 21 -

     

    

 

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
or (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
Owners shall not direct the Owner Trustee to take actions that would violate the provisions of this Section.

 

Section 6.07.            
Pennsylvania Motor Vehicle Sales Finance Act Licenses.

 

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

 

Section 6.08.            
Succession to Rights of the Indenture Trustee.

 

Following the satisfaction
and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Owner Trustee will succeed to
the rights of, and assume the obligations of, the Indenture Trustee pursuant to the Sale and Servicing Agreement.

 

    - 22 -

     

    

 

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 monies 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 for its own willful misconduct, bad faith or negligence. 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 the Owners;

 

(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 Certificates,
and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder[, the Swap Counterparty]
or to any Owner, other than as expressly provided for herein or expressly agreed to in the Transaction Documents;

 

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

 

(g)              
the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by the Agreement, or to institute,
conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Transaction Document,
at the request, order or direction of any Owner, unless such 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.

 

    - 23 -

     

    

 

Section 7.02.            
Furnishing of Documents.

 

The Owner Trustee shall furnish
to the Owners, 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 Owners that:

 

(a)              
It is a [national banking association] duly formed under the laws of the [United States of America] and is authorized thereunder
to exercise trust powers. It has all requisite corporate and trust 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.

 

(d)              
This Agreement constitutes the legal, valid and binding obligation of the Owner Trustee, enforceable against it in accordance with
its terms except as the enforceability thereof may be limited by bankruptcy, insolvency, moratorium, reorganization or other similar laws
affecting the enforcement of creditors’ rights generally and by general principles of equity.

 

(e)              
There are no proceedings or investigations pending or, to the Owner Trustee’s actual knowledge, threatened, before any court,
regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Owner Trustee or its properties:
(i) asserting the invalidity of this Agreement or (ii) seeking any determination or ruling that might materially and adversely affect
the performance by the Owner Trustee of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction
Document to which it is a party.

 

    - 24 -

     

    

 

 

Section 7.04.            
Reliance; Advice of Counsel.

 

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

 

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

 

Section 7.05.            
Not Acting in Individual Capacity.

 

Except as provided in this
Article Seven, in accepting the trusts hereby created, [ ] 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 Certificates (other than the signature of the Owner Trustee and the certificate of authentication on the
Trust Certificates) 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 Certificates (other than the signature of the Owner Trustee and the certificate of authentication
on the Trust Certificates) 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
Certificateholders under this Agreement or the Noteholders [or the Swap Counterparty] under the Indenture or the Sale and Servicing
Agreement, 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.

 

    - 25 -

     

    

 

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 a Trust Certificate or Notes and may deal with the Trust Depositor, the Administrator,
the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee.

 

ARTICLE
Eight

COMPENSATION OF OWNER TRUSTEE

 

Section 8.01.            
Owner Trustee’s Fees and Expenses.

 

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

 

Section 8.02.            
Indemnification.

 

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

 

    - 26 -

     

    

 

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) the maturity or other liquidation of the last Contract and the disposition of any amounts received upon liquidation of any property
remaining in the Trust, (ii) final distribution by the Owner Trustee of all monies 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 (iii) the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James’s,
living on the date hereof. 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 Owner shall be entitled to revoke or terminate the Trust.

 

(c)              
Notice of any termination of the Trust, specifying the Distribution Date upon which the Certificateholders shall surrender their
Trust Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by
letter to the Certificateholders 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 Certificates shall be made upon presentation and surrender of the Trust Certificates 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 Certificates 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 Certificateholders. Upon presentation and surrender of a Trust Certificate, the Paying Agent shall
cause to be distributed to the Certificateholders 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.

 

    - 27 -

     

    

 

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)(i) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal
or state authorities and (ii) having (or having a parent that has) a rating of at least Baa3 by Moody’s, or (b) that satisfies the
Rating Agency Condition. 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.

 

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.

 

    - 28 -

     

    

 

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 Certificateholders, the Indenture
Trustee, the Noteholders[, the Swap Counterparty] and each Rating Agency.

 

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. The Owner Trustee shall, upon any merger, conversion or consolidation described
in this Section 10.04, provide notice to the Administrator detailing such merger, conversion or consolidation, including the full legal
name, entity type and jurisdiction of formation or incorporation, of each entity involved in such merger, conversion or consolidation.
Upon receipt of such notice thereof from the Owner Trustee, the Administrator 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 Estate 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.

 

    - 29 -

     

    

 

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 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.

 

    - 30 -

     

    

 

ARTICLE
Eleven

 

MISCELLANEOUS

 

Section 11.01.        
Supplements and Amendments.

 

(a)              
This Agreement may be amended by the Trust Depositor and the Owner Trustee, without the consent of any of the Noteholders[, the
Swap Counterparty] or the Certificateholders, 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[, the Swap Counterparty] or Certificateholders.

 

(b)              
This Agreement may also be amended from time to time by the Trust Depositor and the Owner Trustee, with the consent of the Required
Holders and the Holders of Trust Certificates evidencing not less than a majority of the Certificate Interests, 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[, the Swap Counterparty] or the Certificateholders; provided, however, that no such amendment shall (i)
increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Contracts or distributions
that shall be required to be made for the benefit of the Noteholders[, the Swap Counterparty] or the Certificateholders or (ii) eliminate
the requirement for Certificateholders’ consent or reduce the aforesaid percentage of the Outstanding Amount of the Notes required
to consent to any such amendment, without the consent of all Certificateholders and Noteholders affected thereby.

 

(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 any Certificateholder[, the Swap
Counterparty], the Noteholders or the Indenture Trustee pursuant to this Section 11.01 to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents
(and any other consents of the Certificateholders provided for in this Agreement or in any other Transaction Document) and of evidencing
the authorization of the execution thereof by the Certificateholders 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.

 

    - 31 -

     

    

 

Section 11.02.        
No Legal Title to Trust Estate in Owners.

 

No Owner shall have legal
title to any part of the Trust Estate. The Owners shall be entitled to receive distributions with respect to their undivided ownership
interest in the Trust only in accordance with Articles Five and Nine. No transfer, by operation of law or otherwise, of any right, title
or interest of the Owners 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.

 

The provisions of this Agreement
are solely for the benefit of the Owner Trustee, the Trust Depositor, the Owners, the Administrator and, to the extent expressly provided
herein, the Indenture Trustee[, the Swap Counterparty] and the Noteholders, and nothing in this Agreement, 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. mail, 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) upon receipt when sent through 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 or electronic mail
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 Certificates or the rights of
each Holder thereof.

 

    - 32 -

     

    

 

Section 11.06.        
Counterparts; Originals.

 

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. The words “execution”, “signed”, “signature” and words of like import in this
Agreement or in any other certificate, agreement or document related to this Agreement shall include, in addition to manually
executed signature pages, images of manually executed signatures transmitted by facsimile or other electronic format (including
 “pdf”, “tif” or “jpg”) and other electronic signatures (including DocuSign and AdobeSign). The
use of electronic signatures and electronic records (including any contract or other record created, generated, sent, communicated,
received or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed
signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, any State law
based on the Uniform Electronic Transactions Act or the UCC.

 

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 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.

 

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 Certificates, 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[, the Swap Counterparty] 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, reorganization, arrangement, insolvency, or liquidation proceedings or other similar
proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the
Trust Certificates, the Notes, this Agreement or any of the other Transaction Documents.

 

    - 33 -

     

    

 

Section 11.10.        
No Recourse.

 

Each Certificateholder by
accepting a 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 Certificates 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 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.

 

No Trust Certificate or any
interest therein may be acquired or held by or for the account of, or with the assets of, a Benefit Plan. By accepting and holding a Trust
Certificate, the Holder thereof shall be required 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 or any interest therein for the account of, or with the 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]

 

    - 34 -

     

    

 

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

 

     

     

    

 

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, § 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:	 

 

     

     

    

 

EXHIBIT B

 

FORM OF TRUST CERTIFICATE

 

THIS TRUST CERTIFICATE REPRESENTS A 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.

 

NEITHER THIS TRUST CERTIFICATE NOR ANY INTEREST
HEREIN MAY BE ACQUIRED OR HELD BY OR FOR THE ACCOUNT OF OR WITH THE ASSETS OF (A) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3)
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)), THAT IS SUBJECT TO TITLE I OF ERISA, (B) A
PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED OR (C) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS
BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR A PLAN’S INVESTMENT IN THE ENTITY (A “BENEFIT PLAN”).

 

HARLEY-DAVIDSON MOTORCYCLE TRUST [                   ]

TRUST CERTIFICATE

 

	NO. __________	Certificate Interest: 
	[100]%	 

 

THIS CERTIFIES THAT [                   ] 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 a duly authorized Trust Certificate designated as “Harley-Davidson Motorcycle Trust [             ] Certificate” (the
 “Trust Certificate”). Issued under the Indenture are [            ] classes of notes designated as “[__]%
Motorcycle Contract Backed Notes, Class A-1”, “Motorcycle Contract Backed Notes, Class A-2a”, “[__]%
Floating Rate Motorcycle Contract Backed Notes, Class A-2b”, “[__]% Motorcycle Contract Backed Notes,
Class A-3”, “[__]% Motorcycle Contract Backed Notes, Class A-4”, “[__]%
Motorcycle Contract Backed Notes, Class B”, “[__]% Motorcycle Contract Backed Notes, Class C”, and
 “[__]% Motorcycle Contract Backed Notes, Class D” (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, [USE IF NO GRANTOR TRUST:][(i) all the right, title and interest of the Trust Depositor in
and to the Contracts listed on the List of Contracts delivered on the Closing Date (including, without limitation, all security
interests created thereunder), (ii) all rights of the Trust Depositor to payments which are collected pursuant thereto after the
Cutoff Date, including any liquidation proceeds therefrom, (iii) all rights of the Trust Depositor under any theft, physical damage,
credit life, disability 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, (iv) all security interests in each such Motorcycle, (v) all documents contained in the related Contract Files, (vi) all
rights (but not the obligations) of the Trust Depositor under any related motorcycle dealer agreements between dealers (i.e., the
originators of certain Contracts) and Harley-Davidson Credit, (vii) all rights of the Trust Depositor in the Lockbox, the Lockbox
Account and the related Lockbox Agreement to the extent they relate to the Contracts (but excluding payments received on or before
the Cutoff Date), (viii) 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, (ix) 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), (x) all rights of the Trust Depositor to 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
(xi) all proceeds and products of the foregoing.][USE IF GRANTOR TRUST:][(i) all the right, title and interest of the Trust
Depositor in, to and under: in, to, and under the Underlying Trust Certificate, the Underlying Trust and the Underlying Trust
Agreement, (ii) in, to, and under the Administration Agreement, and (iii) in and to the proceeds of the sale of the Notes (until
distributed or expended for the purpose for which the Notes were issued) and the revenues, moneys, evidences of indebtedness,
instruments, securities, and other financial assets (including any earnings thereon) in and payable into the Collection Account, in
the manner and subject to the prior applications provided in Article Seven of the Sale and Servicing Agreement, all as hereinbefore
and hereinafter defined, including any contract or any evidence of indebtedness or other rights of the Issuer to receive any of the
same.]

 

     

     

    

 

Under the Trust Agreement,
there will be distributed on each Distribution Date to the person in whose name this Trust Certificate is registered as of the close of
business on the Business Day immediately preceding such Distribution Date (each, a “Record Date”), such Certificateholder’s
fractional undivided beneficial interest in the amount to be distributed to such 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 [and the Swap Counterparty] 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 Certificateholders that, in the event there is only
one Certificateholder, 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 Depositor has agreed in the Trust Agreement and each Certificateholder, by its
acceptance of a Trust Certificate, 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.

 

Solely in the event the Trust
Certificates are held by more than a single Certificateholder, it is the intent of the Trust Depositor, the Servicer and the Certificateholders
that, solely for purposes of federal income, state and local income and single business tax and any other income taxes, the Trust will
be treated as a partnership and the Certificateholders will be treated as partners in the partnership. The purchaser hereof and the other
Certificateholders, by acceptance of a Trust Certificate, agree to treat, and to take no action inconsistent with the treatment of, the
Trust Certificates for such tax purposes as partnership interests in the Trust.

 

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

 

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

 

     

     

    

 

 

This
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 Certificateholders under the Trust Agreement at any time by the Trust Depositor and the
Owner Trustee with the consent of the Holders of Trust Certificates evidencing not less than a majority of the Certificate Interests
and the 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 Holders of any of the Trust Certificates.

 

As
provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registrable
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 one or more new Trust Certificates
evidencing the same aggregate Certificate 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
Certificateholders 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. The Servicer 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 final payment
of the Trust Certificates;however, such right of purchase is exercisable only as of any Distribution Date on which the Pool Balance has
declined to less than 10% of the Pool Balance on the Cutoff Date.

 

Neither
this Trust Certificate nor any interest herein may be acquired or held by, or for the account of, or with the assets of, a Benefit Plan.
The Holder hereof, by accepting and holding a beneficial interest in this Trust Certificate, shall be required to have represented and
warranted that it is not a Benefit Plan and is not acquiring and will not hold this Trust Certificate or an interest herein for the account
of, or with the assets of, a Benefit Plan.

 

     

     

    

 

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.

 

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	 

 

     

     

    

 

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 an eligible guarantor institution.	 	NOTICE: The signature to this 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.

 

     

     

    

 

[EXHIBIT
C

 

FORM
OF UNDERLYING TRUST CERTIFICATE

 

	NUMBER
    R-_	 

 

HARLEY-DAVIDSON
MOTORCYCLE GRANTOR TRUST [                  ]

 

UNDERLYING
TRUST CERTIFICATE

 

Percentage
interest in Trust Estate evidenced by this Certificate: 100%

 

Evidencing
a beneficial interest in the assets of Harley-Davidson Motorcycle Grantor Trust [                          ],
a Delaware [statutory] trust (the “Underlying Trust”), entitling the holder to certain distributions of the Underlying
Trust, as defined below, the property of which includes a pool of fixed-rate, simple interest promissory notes and security agreements
and retail installment sale contracts relating to Harley-Davidson motorcycles and motorcycles not manufactured by Harley-Davidson sold
to the Underlying Trust by Harley-Davidson Customer Funding Corp., a Nevada corporation (the “Sponsor”), pursuant to a Sale
and Servicing Agreement dated as of [          ], 20[     ]
(the “Closing Date”) between the Underlying Trustee and the Sponsor (the “Sale and Servicing Agreement”).

 

THIS
UNDERLYING TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY”
LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN
EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. THE HOLDER OF THIS UNDERLYING TRUST CERTIFICATE AGREES, ON ITS OWN BEHALF
AND ON BEHALF OF ANY ACCOUNTS FOR WHICH IT IS ACTING AS AGENT, THAT (1) SUCH UNDERLYING TRUST CERTIFICATE MAY NOT BE RESOLD, ASSIGNED,
PLEDGED OR TRANSFERRED EXCEPT IN ACCORDANCE WITH A MERGER, CONSOLIDATION OR OTHER SALE IN ACCORDANCE WITH SECTION 3.10 OF THE INDENTURE.

 

THIS
CERTIFIES THAT HARLEY-DAVIDSON MOTORCYCLE TRUST [                   ],
a Delaware statutory trust (the “Settlor”), is the registered owner of the Trust Certificate that is a nonassessable,
fully-paid, beneficial interest in the assets of the Underlying Trust, entitling it to certain distributions of the Underlying Trust.

 

The
Underlying Trust was created pursuant to a Trust Agreement dated as of the Closing Date (the “Underlying Trust Agreement”),
among the Settlor, Harley-Davidson Credit Corp., as administrator, the Trust Depositor and [                             ],
as underlying trustee (the “Underlying Trustee”).

 

     

     

    

 

This
Underlying Trust Certificate is the sole duly authorized certificate designated as Harley-Davidson Motorcycle Grantor Trust [                      ]
Trust Certificate (herein called the “Underlying Trust Certificate”). This Underlying Trust Certificate is issued under and
is subject to the terms, provisions and conditions of the Underlying Trust Agreement, to which Underlying Trust Agreement the Certificateholder
by virtue of the acceptance hereof assents and by which such Certificateholder is bound.

 

“Certificateholder”
means the registered owner of this Certificate and its registered assigns.

 

Under
the Underlying Trust Agreement, there will be distributed on each Monthly Distribution Date to or for the account of the Certificateholder,
the “Trust Certificate Distribution Amount” as defined in the Underlying Trust Agreement.

 

It
is the intent of the Sponsor, the Underlying Trustee and the Certificateholder that, for purposes of federal income taxes, and to the
extent permitted by law, for purposes of applicable state income or franchise tax, the Underlying Trust will be treated as a grantor
trust for federal income tax purposes. The Certificateholder, by acceptance of an Underlying Trust Certificate, agrees to treat, and
to take no action inconsistent with the treatment of, the Underlying Trust and the Underlying Trust Certificate for such tax purposes
as just described.

 

The
Certificateholder by accepting this Underlying Trust Certificate acknowledges that the Certificateholder’s Underlying Trust Certificate
represents beneficial interests in the Underlying Trust only and does not represent interests in or obligations of Harley-Davidson Credit
Corp., the Settlor, the Underlying Trustee or any affiliate thereof and no recourse may be had against such parties or their assets,
except as expressly set forth or contemplated in the Underlying Trust Agreement, this Underlying Trust Certificate or the other Transaction
Documents.

 

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

 

THIS
UNDERLYING TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF [DELAWARE], AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER
THAN THE PROVISIONS OF THE UCC).

 

THE
HOLDER HEREOF AGREES THAT THIS UNDERLYING TRUST CERTIFICATE MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED TO AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (“ERISA”), A “GOVERNMENTAL
PLAN” AS DEFINED IN SECTION 3(32) OF ERISA, A “CHURCH PLAN” AS DEFINED IN SECTION 3(33) OF ERISA, OR A “PLAN”
AS DEFINED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THAT IS OTHERWISE SUBJECT TO ERISA, WITHOUT REGARD
TO WHETHER SUCH PLAN IS A QIB.

 

     

     

    

 

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

 

	 
	HARLEY-DAVIDSON
                                            MOTORCYCLE Grantor Trust [             ],
                                            acting by and through [                                      ],as
                                            Underlying Trustee

     

    

	 	By:	 

 

Dated:                   ,
20     

 

UNDERLYING
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This
is one of the Underlying Trust Certificates referred to in the within-mentioned Grantor Trust Agreement.

 

	 
	[                                          ],
                                            as Underlying Trustee

     

	 	By:	 

 

Dated:                   ,
20     

 

     

     

    

 

ASSIGNMENT

 

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

 

                                                                                                                                                      

(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

 

                                                                                                                                                      Attorney
to

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

 

Dated:                                                                                                                                                     ]

 

     

     

    

 

EXHIBIT
[C][D]

 

FORM
OF TRANSFEREE CERTIFICATE

 

[          ],
20   

 

Harley-Davidson
Motorcycle Trust [                    ], 

as
Issuer

c/o [                                                     
],

as
Owner Trustee

 

[                                                    
],

as
Owner Trustee

 

Ladies and
Gentlemen:

 

All
capitalized terms not defined in this certificate shall have the meaning assigned to them in Sections 1.01 and 1.02 of that certain Trust
Agreement, dated [                             ],
by and between Harley-Davidson Customer Funding Corp., as trust depositor (the “Trust Depositor”), and [                                      ],
as owner trustee (the “Owner Trustee”). In connection with our proposed purchase of [     ]% Certificate
Interest Trust Certificates (the “Trust Certificates”) of Harley-Davidson Motorcycle Trust [             ]
(the “Trust”), a trust formed by the Trust Depositor, we confirm that:

 

(a)          [RULE
144A CERTIFICATIONS TO BE UTILIZED AS REQUIRED BY PRIVATE ISSUANCE OF CERTIFICATES WITH GRANTOR TRUST STRUCTURE]We acknowledge that the
Trust Certificates have not been and will not be registered under the Securities Act or the securities laws of any jurisdiction.

 

(b)          We
neither have acquired nor will we transfer any Trust Certificate we purchase (or any interest therein) or cause any such Trust Certificate
(or any interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1)
of the Code, including, without limitation, an over-the-counter-market or an interdealer quotation system that regularly disseminates
firm buy or sell quotations;

 

(c)          We
either (i) are not, and will not become, a partnership, Subchapter S corporation or grantor trust for U.S. federal income tax purposes
(or a disregarded entity of any of the foregoing) or (ii) are such an entity, but none of the direct or indirect beneficial owners of
any of the interests in us have allowed or caused, or will allow or cause, 50% or more of the value of such interests in us to be attributable
to our ownership of Trust Certificates.

 

(d)          We
(i) are acquiring the Trust Certificate for the account of [         ] Persons and
we will notify the Owner Trustee of any changes in the number of such Persons and (B) understand that any such change in the number
of Persons for whose account a Trust Certificate is held shall require the written consent of the Owner Trustee, which consent shall
be granted unless the Owner Trustee determines that such proposed change in number of Persons would create a risk that the Trust would
be classified for federal or any applicable state tax purposes as an association (or a publicly traded partnership) taxable as a corporation.

 

     

     

    

 

(e)          We
understand that no subsequent transfer of the Trust Certificates is permitted unless (i) such transfer is of a Trust Certificate with
a Certificate Interest of at least 5%, (ii) we cause the proposed transferee to provide to the Owner Trustee and the Trust Depositor
a letter substantially in the form of Exhibit D to the Trust Agreement or such other written statement as the Owner Trustee shall prescribe
and (iii) the Trust consents in writing to the proposed transfer, which consent shall be granted unless the Owner Trustee determines
that such transfer would create a risk that the Trust would be classified for federal or any applicable state tax purposes as an association
(or a publicly traded partnership) taxable as a corporation; provided, however, that any attempted transfer that would either
cause the number of registered holders of Trust Certificates in the aggregate to exceed 100 or otherwise cause the Trust to become a
publicly traded partnership for income tax purposes shall be a void transfer.

 

(f)          We
understand that the Opinion of Counsel to the Trust that the Trust is not a publicly traded partnership taxable as a corporation is dependent
in part on the accuracy of the representations in paragraphs (b) through (e) above.

 

(g)          We
are a United States Person within the meaning of Section 7701(a)(30) of the Code.

 

(h)          No
Trust Certificate will be acquired or held by or for the account of (i) an employee benefit plan (as defined in Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to the provisions of Title I of ERISA, (ii)
a plan described in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code or (iii) any entity whose underlying assets
include plan assets by reason of an employee benefit plan’s or a plan’s investment in the entity.  Each Person
who acquires any Trust Certificate or interest therein will certify that the foregoing conditions are satisfied.

 

(i)          We
are aware that we (or any account for which we are purchasing) may be required to bear the economic risk of an investment in the Trust
Certificates for an indefinite period, and we (or such account) are able to bear such risk for an indefinite period.

 

(j)          We
acknowledge that the Owner Trustee, the Trust Depositor, and their Affiliates, and others will rely upon the truth and accuracy of the
foregoing acknowledgments, representations and agreements.

 

     

     

    

 

You
are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party
in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00339-of-00352.parquet"}]]