Document:

Exhibit
10.3

 

ADMINISTRATION
AGREEMENT

among

HARLEY-DAVIDSON
MOTORCYCLE TRUST 2007-1,

as
Issuer,

HARLEY-DAVIDSON
CREDIT CORP.,

as
Administrator,

HARLEY-DAVIDSON
CUSTOMER FUNDING CORP.,

as Trust
Depositor,

and

THE BANK
OF NEW YORK TRUST COMPANY, N.A.,

as Indenture
Trustee

Dated as
of January 15, 2007

 

TABLE OF
CONTENTS

	
  SECTION 1. DUTIES OF THE ADMINISTRATOR

  	
   

  	
  2

  
	
   

  	
   

  	
   

  
	
  SECTION 2. RECORDS

  	
   

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 3. COMPENSATION

  	
   

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 4. ADDITIONAL INFORMATION TO BE FURNISHED TO
  THE ISSUER

  	
   

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 5. INDEPENDENCE OF THE ADMINISTRATOR

  	
   

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 6. NO JOINT VENTURE

  	
   

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 7. OTHER ACTIVITIES OF ADMINISTRATOR

  	
   

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 8. TERM OF AGREEMENT; RESIGNATION AND
  REMOVAL OF ADMINISTRATOR

  	
   

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 9. ACTION UPON TERMINATION, RESIGNATION OR
  REMOVAL

  	
   

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 10.  NOTICES

  	
   

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 11.  AMENDMENTS

  	
   

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 12.  SUCCESSORS
  AND ASSIGNS

  	
   

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 13.  GOVERNING
  LAW

  	
   

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 14.  HEADINGS

  	
   

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 15.  COUNTERPARTS

  	
   

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 16.  SEVERABILITY

  	
   

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 17.  NOT
  APPLICABLE TO HARLEY-DAVIDSON CREDIT IN OTHER CAPACITIES

  	
   

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 18.  LIMITATION
  OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE 

  	
   

  	
  11 

  
	
   

  	
   

  	
   

  
	
  SECTION 19.  THIRD-PARTY
  BENEFICIARY

  	
   

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 20.  SURVIVABILITY

  	
   

  	
  12

  

 

This Administration Agreement, dated as of January 15,
2007, among Harley-Davidson Motorcycle Trust 2007-1 (the “Issuer”),
Harley-Davidson Credit Corp. (together with its successors and assigns “Harley-Davidson Credit”) in its capacity as administrator,
the “Administrator”), Harley-Davidson
Customer Funding Corp. (the “Trust Depositor”)
and The Bank of New York Trust Company, N.A., not in its individual capacity
but solely as Indenture Trustee (together with its successors and assigns, the “Indenture Trustee”).

W I T N E
S S E T H:

WHEREAS, the Issuer is issuing the Notes pursuant to
the Indenture, dated as of the date hereof (the “Indenture”),
between the Issuer and the Indenture Trustee (capitalized terms used herein
that are not otherwise defined shall have the meanings ascribed thereto in the
Indenture);

WHEREAS, the Issuer has entered into certain
agreements in connection with the issuance of the Notes including (i) a Sale
and Servicing Agreement, dated as of the date hereof (the “Sale and
Servicing Agreement”), among the Issuer, the Indenture Trustee, the
Trust Depositor and Harley-Davidson Credit, as servicer (in such capacity, the “Servicer”), and (ii) the Indenture (collectively referred
to hereinafter as the “Transaction Documents”);

WHEREAS, pursuant to the Transaction Documents, the
Issuer and the Owner Trustee are required to perform certain duties in
connection with (i) the Notes and the collateral therefor pledged pursuant to
the Indenture (the “Collateral”)
and (ii) the beneficial ownership interest in the Issuer (the registered holder
of such interest being referred to herein as the “Owner”);

WHEREAS, the Issuer and the Owner Trustee desire to
have the Administrator perform certain of the duties of the Issuer and the
Owner Trustee referred to in the preceding clause and to provide such
additional services consistent with the terms of this Agreement and the
Transaction Documents as the Issuer and the Owner Trustee may from time to time
request; and

WHEREAS, the Administrator has the capacity to provide
the services required hereby and is willing to perform such services for the
Issuer and the Owner Trustee on the terms set forth herein;

NOW, THEREAFTER, in consideration of the mutual
covenants contained herein, and other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

Section 1.              Duties
of the Administrator.

(a)           Duties
with respect to the Indenture.

(i)            The Administrator agrees to perform
all its duties as Administrator and the duties of the Issuer and the Owner
Trustee under the Transaction Documents. 
In addition, the Administrator shall consult with the Owner Trustee
regarding the duties of the Issuer or the

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Owner Trustee under the Indenture. 
The Administrator shall monitor the performance of the Issuer and shall
advise the Owner Trustee when action is necessary to comply with the respective
duties of the Issuer and the Owner Trustee under the Indenture.  The Administrator shall prepare for execution
by the Issuer or shall cause the preparation by other appropriate persons of,
all such documents, reports, filings, instruments, certificates and opinions
that it shall be the duty of the Issuer or the Owner Trustee to prepare, file
or deliver pursuant to the Indenture.  In
furtherance of the foregoing, the Administrator shall take all appropriate
action that the Issuer or the Owner Trustee is required to take pursuant to the
Indenture including, without limitation, such of the foregoing as are required
with respect to the following matters under the Indenture (references are to
Sections of the Indenture):

(A)          the duty to cause the Note Register to
be kept and to give the Indenture Trustee notice of any appointment of a new
Note Registrar and the location, or change in location, of the Note Register
(Section 2.04);

(B)           the notification of Noteholders of
the final principal payment on their Notes (Section 2.07(b));

(C)           the fixing or causing to be fixed of
any special record date and the notification of the Indenture Trustee and
Noteholders with respect to special payment dates, if any (Section 2.07(c));

(D)          the preparation of or obtaining of the
documents and instruments required for execution and authentication of the
Notes and delivery of the same to the Indenture Trustee (Section 2.02);

(E)           the preparation, obtaining or filing
of the instruments, opinions and certificates and other documents required for
the release of Collateral (Section 2.12);

(F)           the maintenance of an office in the
City of Wilmington, Delaware, for registration of transfer or exchange of Notes
(Section 3.02);

(G)           the duty to cause newly appointed
Paying Agents, if any, to deliver to the Indenture Trustee the instrument
specified in the Indenture regarding funds held in trust (Section 3.03);

(H)          the direction to the Indenture Trustee
to deposit monies with Paying Agents, if any, other than the Indenture Trustee
(Section 3.03);

(I)            the obtaining and preservation of
the Issuer’s qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of the Indenture, the Notes, the Collateral and each other
instrument and agreement included in the Collateral (Section 3.04);

(J)            the preparation of all supplements
and amendments to the Indenture and all financing statements, continuation
statements, instruments of further assurance and other

 3
 

instruments and the taking of such other action as is necessary or
advisable to protect the Collateral other than as prepared by the Servicer
(Section 3.05);

(K)          the delivery of the Opinion of Counsel
on the Closing Date and certain other statements as to compliance with the
Indenture (Sections 3.06 and 3.09);

(L)           the identification to the Indenture
Trustee in an Officer’s Certificate of a Person with whom the Issuer has
contracted to perform its duties under the Indenture (Section 3.07(b));

(M)         the notification of the Indenture
Trustee and each Rating Agency of an Event of Termination under the Sale and
Servicing Agreement;

(N)          the duty to cause the Servicer to
comply with Article Five and Article Nine of the Sale and Servicing Agreement
(Section 3.14);

(O)          the preparation and obtaining of
documents and instruments required for the release of the Issuer from its
obligations under the Indenture (Section 3.10(b) and Section 3.11(b));

(P)           the delivery of written notice to the
Indenture Trustee and each Rating Agency of each Event of Default under the
Indenture and each Event of Termination by the Servicer under the Sale and
Servicing Agreement (Section 3.18);

(Q)          the monitoring of the Issuer’s
obligations as to the satisfaction and discharge of the Indenture and the
preparation of an Officer’s Certificate and the obtaining of the Opinion of
Counsel and the Independent Certificate relating thereto (Section 4.01);

(R)           the compliance with any written
directive of the Indenture Trustee with respect to the sale of the Collateral
in a commercially reasonable manner if an Event of Default shall have occurred
and be continuing (Section 5.04);

(S)           the preparation and delivery of
notice to Noteholders of the removal of the Indenture Trustee and the
appointment of a successor Indenture Trustee (Section 6.08);

(T)           the preparation of any written
instruments required to confirm more fully the authority of any co-trustee or
separate trustee and any written instruments necessary in connection with the
resignation or removal of the Indenture Trustee or any co-trustee or separate
trustee (Sections 6.08 and 6.10);

(U)          the furnishing of the Indenture
Trustee with the names and addresses of Noteholders during any period when the
Indenture Trustee is not the Note Registrar (Section 7.01);

(V)           the opening of one or more accounts
in the Indenture Trustee’s name, the preparation and delivery of Issuer Orders,
Officer’s Certificates and Opinions of Counsel and all

 4
 

other actions necessary with respect to investment and reinvestment of
funds in the Trust Accounts (Sections 8.02 and 8.03);

(W)         the preparation of an Issuer Request
and Officer’s Certificate and the obtaining of an Opinion of Counsel and
Independent Certificates, if necessary, for the release of the Collateral
(Sections 8.04 and 8.05);

(X)          the preparation of Issuer Orders and
the obtaining of Opinions of Counsel with respect to the execution of
supplemental indentures and the mailing to the Noteholders of notices with
respect to such supplemental indentures (Sections 9.01, 9.02 and 9.03);

(Y)           the execution and delivery of new
Notes conforming to any supplemental indenture

(Section 9.06);

(Z)           the duty to notify Noteholders of
redemption of the Notes or to cause the Indenture Trustee to provide such
notification (Section 10.02);

(AA)       the preparation and delivery of all
Officer’s Certificates, Opinions of Counsel and Independent Certificates with
respect to any requests by the Issuer to the Indenture Trustee to take any
action under the Indenture (Section 11.01(a));

(BB)        the preparation and delivery of Officer’s
Certificates and the obtaining of Independent Certificates, if necessary, for
the release of property from the lien of the Indenture (Section 11.01(b));

(CC)        the notification of the Rating Agencies,
upon the failure of the Issuer, the Owner Trustee or the Indenture Trustee to
provide notification;

(DD)       the preparation and delivery to
Noteholders and the Indenture Trustee of any agreements with respect to
alternate payment and notice provisions (Section 11.06);

(EE)         the recording of the Indenture, if
applicable (Section 11.14); and

(FF)         the appointment of a successor
Indenture Trustee.

(ii)           The Administrator will:

(A)          except as otherwise expressly provided
in the Indenture, pay the Indenture Trustee’s fees and reimburse the Indenture
Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Indenture Trustee in accordance with any provision
of the Indenture (including the reasonable compensation, expenses and
disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or bad faith;

(B)           indemnify the Indenture Trustee and
its agents for, and hold them harmless against, any loss, liability or expense
incurred without negligence or bad faith on their part,

 5
 

arising out of or in connection with the acceptance or administration
of the transactions contemplated by the Indenture, including the reasonable
costs and expenses of defending themselves against any claim or liability in
connection with the exercise or performance of any of their powers or duties
under the Indenture; and

(C)           indemnify the Owner Trustee and its
agents for, and hold them harmless against, any loss, liability or expense
incurred without negligence or bad faith on their part, arising out of or in
connection with the acceptance or administration of the transactions
contemplated by the Trust Agreement, including the reasonable costs and
expenses of defending themselves against any claim or liability in connection
with the exercise or performance of any of their powers or duties under the
Trust Agreement.

(b)           Additional Duties.

(i)            In addition to the duties set forth
in Section 1(a)(i), the Administrator shall perform such calculations and shall
prepare or shall cause the preparation by other appropriate persons of, and
shall execute on behalf of the Issuer or the Owner Trustee, all such documents,
reports, filings, instruments, certificates and opinions that the Issuer or the
Owner Trustee are required to prepare, file or deliver pursuant to the
Transaction Documents or under Section 5.03 of the Trust Agreement, and at the
request of the Owner Trustee shall take all appropriate action that the Issuer
or the Owner Trustee are required to take pursuant to the Transaction
Documents.  In furtherance thereof, the
Owner Trustee shall, on behalf of the Issuer, execute and deliver to the
Administrator and to each successor Administrator appointed pursuant to the
terms hereof, one or more powers of attorney substantially in the form of Exhibit A hereto, appointing the Administrator the
attorney-in-fact of the Issuer for the purpose of executing on behalf of the
Owner Trustee and the Issuer all such documents, reports, filings, instruments,
certificates and opinions.  Subject to
Section 5, and in accordance with the directions of the Issuer, the
Administrator shall administer, perform or supervise the performance of such other
activities in connection with the Collateral (including the Transaction
Documents) as are not covered by any of the foregoing provisions and as are
expressly requested by the Issuer and are reasonably within the capability of
the Administrator.

(ii)           Notwithstanding anything in this
Agreement or the Transaction Documents to the contrary, the Administrator shall
be responsible for promptly notifying the Owner Trustee in the event that any
withholding tax is imposed on the Trust’s payments (or allocations of income)
to the Owner as contemplated in Section 5.01(c) of the Trust Agreement.  Any such notice shall specify the amount of
any withholding tax required to be withheld by the Owner Trustee pursuant to
such provision.

(iii)          Notwithstanding anything in this
Agreement or the Transaction Documents to the contrary, the Administrator shall
be responsible for performance of the duties of the Owner Trustee set forth in
Section 5.03(a), (b), (c) and (d), the penultimate sentence of Section 5.03 and
Section 5.04(a) of the Trust Agreement with respect to, among other things,
accounting and reports to the Owner; provided, however,
that the Owner Trustee shall retain responsibility for

 6
 

the distribution of information forms necessary to enable the Owner to
prepare its federal and state income tax returns.

(iv)          The Administrator shall satisfy its
obligations with respect to clauses (ii) and (iii) above by retaining, at the
expense of the Trust payable by the Administrator, a firm of independent public
accountants (the “Accountants”) acceptable to the
Owner Trustee, which shall perform the obligations of the Administrator
thereunder.

(v)           The Administrator shall perform the
duties of the Administrator specified in Section 10.02 of the Trust Agreement
required to be performed in connection with the resignation or removal of the
Owner Trustee, and any other duties expressly required to be performed by the
Administrator under the Trust Agreement.

(vi)          In carrying out the foregoing duties
or any of its other obligations under this Agreement, the Administrator may
enter into transactions or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions
or dealings shall be in accordance with any directions received from the Issuer
and shall be, in the Administrator’s opinion, no less favorable to the Issuer
than would be available from unaffiliated parties.

(c)           Non-Ministerial
Matters.

(i)            With respect to matters that in the
reasonable judgment of the Administrator are non-ministerial, the Administrator
shall not take any action unless within a reasonable time before the taking of
such action, the Administrator shall have notified the Owner Trustee of the
proposed action and the Owner Trustee shall not have withheld consent or
provided an alternative direction.  For
the purpose of the preceding sentence, “non-ministerial matters”
shall include, without limitation:

(A)          the amendment of or any supplement to
the Indenture;

(B)           the initiation of any claim or
lawsuit by the Issuer and the compromise of any action, claim or lawsuit
brought by or against the Issuer (other than in connection with the collection
of the Contracts);

(C)           the amendment, change or modification
of any other Transaction Documents;

(D)          the appointment of successor Note
Registrars, successor Paying Agents and successor Indenture Trustees pursuant
to the Indenture or the appointment of successor Administrators or a successor
Servicer, or the consent to the assignment by the Note Registrar, Paying Agent
or Indenture Trustee of its obligations under the Indenture; and

(E)           the removal of the Indenture Trustee.

(ii)           Notwithstanding anything to the
contrary in this Agreement, the Administrator shall not be obligated to, and
shall not, (A) make any payments to the Noteholders under the Transaction
Documents, (B) sell the Collateral pursuant to clause (iv) of Section 5.04 of
the

 7
 

Indenture, (C) take any other action that the Issuer directs the
Administrator not to take on its behalf or (D) take any other action which may
be construed as having the effect of varying the investment of the Holders.

Section 2.              Records.  
The Administrator shall maintain appropriate books of account and
records relating to services performed hereunder, which books of account and
records shall be accessible for inspection by the Issuer and the Owner Trustee
at any time during normal business hours.

Section 3.              Compensation. 
As compensation for the performance of the Administrator’s obligations
under this Agreement and as reimbursement for its expenses related thereto, the
Administrator shall be entitled to a monthly fee which shall be solely an
obligation of the Trust Depositor and shall be in an amount as shall be
agreeable to the Trust Depositor and the Administrator.

Section 4.              Additional
Information to be Furnished to the Issuer.  The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

Section 5.              Independence
of the Administrator.  For all purposes of this Agreement,
the Administrator shall be an independent contractor and shall not be subject
to the supervision of the Issuer or the Owner Trustee with respect to the
manner in which it accomplishes the performance of its obligations hereunder.  Unless expressly authorized by the Issuer,
the Administrator shall have no authority to act for or represent the Issuer or
the Owner Trustee in any way and shall not otherwise be deemed an agent of the
Issuer or the Owner Trustee.

Section 6.              No
Joint Venture.  Nothing contained in this Agreement (i) shall
constitute the Administrator and either of the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to impose
any liability as such on any of them or (iii) shall be deemed to confer on any
of them any express, implied or apparent authority to incur any obligation or
liability on behalf of the others.

Section 7.              Other
Activities of Administrator.  Nothing herein
shall prevent the Administrator or its Affiliates from engaging in other
business or, in its sole discretion, from acting in a similar capacity as an
administrator for any other Person or entity even though such person or entity
may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee.

Section 8.              Term
of Agreement; Resignation and Removal of Administrator. 
This Agreement shall continue in force until the termination of the
Issuer, upon which event this Agreement shall automatically terminate.

(a)           Subject
to Section 8(d) and Section 8(e), the Administrator may resign its duties
hereunder by providing the Issuer with at least 60 days’ prior written notice.

(b)           Subject
to Section 8(d) and Section 8(e), the Issuer may remove the Administrator
without cause by providing the Administrator with at least 60 days’ prior
written notice.

 8
 

(c)           Subject
to Section 8(d) and Section 8(e), at the sole option of the Issuer, the
Administrator may be removed immediately upon written notice of termination
from the Issuer to the Administrator if any of the following events shall
occur:

(i)            the
Administrator shall default in the performance of any of its duties under this
Agreement and, after notice of such default, shall not cure such default within
ten days (or, if such default cannot be cured in such time, shall not give
within ten days such assurance of cure as shall be reasonably satisfactory to
the Issuer);

(ii)           a
court having jurisdiction in the premises shall enter a decree or order for
relief, and such decree or order shall not have been vacated within 60 days, in
respect of the Administrator in any involuntary case under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect or
appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official for the Administrator or any substantial part of its property
or order the winding-up or liquidation of its affairs; or

(iii)          the
Administrator shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, shall consent to
the entry of an order for relief in an involuntary case under any such law, or
shall consent to the appointment of a receiver, liquidator, assignee, trustee,
custodian, sequestrator or similar official for the Administrator or any
substantial part of its property, shall consent to the taking of possession by
any such official of any substantial part of its property, shall make any
general assignment for the benefit of creditors or shall fail generally to pay
its debts as they become due.

The Administrator agrees that if any of the events
specified in clauses (ii) or (iii) above shall occur, it shall give written
notice thereof to the Issuer and the Indenture Trustee within seven days after
the occurrence of such event.

(d)           No
resignation or removal of the Administrator pursuant to this Section shall be
effective until (i) a successor Administrator shall have been appointed by the
Issuer and (ii) such successor Administrator shall have agreed in writing to be
bound by the terms of this Agreement in the same manner as the Administrator is
bound hereunder.

(e)           The
appointment of any successor Administrator shall be effective only after the
satisfaction of the Rating Agency Condition with respect to the proposed
appointment.

(f)            Subject
to Section 8(d) and 8(e), the Administrator acknowledges that upon the
appointment of a Successor Servicer pursuant to the Sale and Servicing
Agreement, the Administrator shall immediately resign and such Successor
Servicer shall automatically become the Administrator under this Agreement.

Section 9.              Action
upon Termination, Resignation or Removal. 
Promptly
upon the effective date of termination of this Agreement pursuant to Section 8
or the resignation or removal of the Administrator pursuant to Section 8(a),
(b) or (c) respectively, the Administrator shall be entitled to be paid all
fees and reimbursable expenses accruing to it to the date of such termination,
resignation or removal.  The
Administrator shall forthwith upon such termination pursuant to Section 8
deliver to the

 9
 

Issuer all property and
documents of or relating to the Collateral then in the custody of the
Administrator.  In the event of the
resignation or removal of the Administrator pursuant to Section (a), (b) or
(c), respectively, the Administrator shall cooperate with the Issuer and take
all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Administrator.

Section 10.            Notices.  
All notices, demands, certificates, requests and communications
hereunder (“notices”) shall be in writing and shall be effective (a) upon
receipt when sent through the U.S. mails, registered or certified mail, return
receipt requested, postage prepaid, with such receipt to be effective the date
of delivery indicated on the return receipt, or (b) one Business Day after
delivery to an overnight courier, or (c) on the date personally delivered to an
Authorized Officer of the party to which sent, or (d) on the date transmitted
by legible telecopier transmission with a confirmation of receipt, in all cases
addressed to the recipient at the address for such recipient set forth in the
Sale and Servicing Agreement.

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

Section 11.            Amendments. 
This Agreement may be amended from time to time by a written amendment
duly executed and delivered by the parties hereto, with the written consent of
the Owner Trustee but without the consent of the Noteholders, 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; provided that such amendment will not, in the Opinion of Counsel
satisfactory to the Indenture Trustee, materially and adversely affect the
interest of any Noteholder.  This
Agreement may also be amended by the parties hereto with the written consent of
the Owner Trustee and the Required Holders for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of Noteholders; provided, however, that no such amendment may (i) increase
or reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on the Contracts or distributions that are required to
be made for the benefit of the Noteholders or (ii) reduce the aforesaid
percentage of the holders of Notes which are required to consent to any such
amendment, without the consent of the holders of all outstanding Notes.  Notwithstanding the foregoing, the Administrator
may not amend this Agreement without the permission of the Trust Depositor,
which permission shall not be unreasonably withheld.

Section 12.            Successors and Assigns.  This Agreement may not be assigned
by the Administrator unless such assignment is previously consented to in
writing by the Issuer, the Indenture Trustee and the Owner Trustee and subject
to the satisfaction of the Rating Agency Condition in respect thereof.  An assignment with such consent and satisfaction,
if accepted by the assignee, shall bind the assignee hereunder in the same
manner as the Administrator is bound hereunder. 
Notwithstanding the foregoing, this Agreement may be assigned by the
Administrator without the consent of the Issuer or the Owner Trustee to a
corporation or other organization that is a successor (by merger, consolidation
or purchase of assets) to the Administrator; provided that such successor
organization executes and delivers to the Issuer, the Owner Trustee and the
Indenture Trustee an agreement, in form and substance reasonably satisfactory
to the Owner Trustee and the Indenture Trustee, in which such corporation or
other organization agrees to be bound hereunder by the terms of said assignment
in the same manner as

 10
 

the Administrator is
bound hereunder.  Subject to the
foregoing, this Agreement shall bind any successors or assigns of the parties
hereto.

Section 13.            Governing
Law.  THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, 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 14.            Headings. 
The section and subsection headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.

Section 15.            Counterparts. 
This Agreement may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same
agreement.

Section 16.            Severability. 
Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof and any
such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

Section 17.            Not
Applicable to Harley-Davidson Credit in Other Capacities. 
Nothing in this Agreement shall affect any obligation Harley-Davidson
Credit may have in any other capacity.

Section 18.            Limitation
of Liability of Owner Trustee and Indenture Trustee.

(a)           Notwithstanding
anything contained herein to the contrary, this instrument has been countersigned
by Wilmington Trust Company not in its individual capacity but solely in its
capacity as Owner Trustee of the Issuer and in no event shall Wilmington Trust
Company in its individual capacity or any beneficial owner of the Issuer have
any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder, as to all of which recourse shall be
had solely to the assets of the Issuer. 
For all purposes of this Agreement, in the performance of any duties or
obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Articles Six, Seven
and Eight of the Trust Agreement.

(b)           Notwithstanding
anything contained herein to the contrary, this Agreement has been
countersigned by The Bank of New York Trust Company, N.A. not in its individual
capacity but solely as Indenture Trustee and in no event shall The Bank of New
York Trust Company, N.A. have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or in any of
the certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

Section 19.            Third-party
Beneficiary.  The Owner Trustee is a third-party
beneficiary to this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it were a party hereto.

 11
 

Section 20.            Survivability. 
The obligations of the Administrator described in Section 1(a)(ii)
hereof shall survive termination of this Agreement.

[signature page follows]

 12

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

	
  

  	
  HARLEY-DAVIDSON MOTORCYCLE TRUST

  
	
   

  	
  2007-1

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  Wilmington Trust Company, not in its

  
	
   

  	
   

  	
  individual capacity but solely as Owner

  
	
   

  	
   

  	
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Michele C. Harra

  	
   

  
	
   

  	
   

  	
  Printed Name:

  	
  Michele C. Harra

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Financial Services Officer

  	
   

  
	
   

  	
   

  
	
   

  	
  HARLEY-DAVIDSON CUSTOMER FUNDING

  
	
   

  	
  CORP., as Trust Depositor

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Perry A. Glassgow

  	
   

  
	
   

  	
   

  	
  Printed Name: Perry A. Glassgow

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW YORK TRUST

  
	
   

  	
  COMPANY, N.A., not in its individual capacity

  
	
   

  	
  but solely as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Cynthia L. Davis

  	
   

  
	
   

  	
   

  	
  Printed Name: Cynthia L. Davis

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  HARLEY-DAVIDSON CREDIT CORP.,

  
	
   

  	
  as Administrator

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Perry A. Glassgow

  	
   

  
	
   

  	
   

  	
  Printed Name: Perry A. Glassgow

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  
											

 

Signature Page to
Administration Agreement

LIMITED POWER OF ATTORNEY

	
  State of Illinois)

  	
   

  
	
   

  	
  )

  	
  SS.

  
	
  County of Cook)

  	
   

  

 

KNOW ALL PERSONS BY THESE PRESENTS, that Wilmington
Trust Company, a Delaware banking corporation (the “Owner
Trustee”), whose principal executive office is located at Wilmington
Trust Company, Rodney Square North, 1100 North Market Street, Wilmington,
Delaware Attention:  Trust
Administration, by and through its duly elected and authorized officer, Michele
C. Harra,  a Financial Services Officer,  on behalf of itself and of Harley-Davidson
Motorcycle Trust 2007-1 (the “Trust”) as
Issuer under the Administration Agreement, dated as of January 15, 2007 (the “Administration Agreement”), among the Trust,
Harley-Davidson Customer Funding Corp., The Bank of New York Trust Company,
N.A., as Indenture Trustee, and Harley-Davidson Credit Corp., as Administrator,
does hereby nominate, constitute and appoint Harley-Davidson Credit Corp., a
Nevada corporation, each of its officers from time to time and each of its
employees authorized by it from time to time to act hereunder, jointly and each
of them severally, together or acting alone, its true and lawful
attorney-in-fact, for the Owner Trustee and the Issuer in their name, place and
stead, in the sole discretion of such attorney-in-fact, to perform such
calculations and prepare or cause the preparation by other appropriate persons
of, and to execute on behalf of the Issuer or the Owner Trustee, all such
documents, reports, filings, instruments, certificates and opinions that the
Issuer or the Owner Trustee is required to prepare, file or deliver pursuant to
the Administration Agreement, and to take any and all other action, as such
attorney-in-fact may deem necessary or desirable in accordance with the
directions of the Owner Trustee and in connection with its duties as
Administrator or successor Administrator under the Administration
Agreement.  Capitalized terms used herein
that are not otherwise defined shall have the meanings ascribed thereto in the
Administration Agreement.

The Owner Trustee hereby ratifies and confirms the
execution, delivery and performance (whether before or after the date hereof)
of the above-mentioned documents, reports, filings, instruments, certificates
and opinions, by the attorney-in-fact and all that the attorney-in-fact shall
lawfully do or cause to be done by virtue hereof.

The Owner Trustee hereby agrees that no person or
other entity dealing with the attorney-in-fact shall be bound to inquire into
such attorney-in-fact’s power and authority hereunder and any such person or
entity shall be fully protected in relying on such power of authority.

This Limited Power of Attorney may not be assigned
without the prior written consent of the Owner Trustee.  It is effective immediately and will continue
until it is revoked.

This Limited Power of Attorney shall be governed and
construed in accordance with the laws of the State of Illinois without
reference to principles of conflicts of law.

Executed as of this 31st
day of  January.

	
   

  	
  Wilmington Trust Company, not in its individual

  
	
   

  	
  capacity but solely as Owner Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
  By: 

  	
  /s/ Michele C. Harra

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Printed Name:

  	
  Michele C. Harra

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Financial Services Officer

  	
   

  
										

CERTIFICATE OF ACKNOWLEDGMENT OF

NOTARY
PUBLIC

	
  State of Delaware

  	
  )

  
	
   

  	
  ) SS.

  
	
  County of New Castle

  	
  )

  

 

	
  On 1/25/07 before me, J.
  Christopher Murphy

  
	
   

  	
   

  	
  [Insert name and title of notary]

  
	
  personally appeared Michele
  C. Harra.

  

 

o            personally
known to me, or

o            proved
to me on the basis of satisfactory evidence to be the person(s) whose name(s)
is/are

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

	
  

  	
   

  	
  WITNESS my hand and official seal.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Signature: 

  	
  /s/ J. Christopher Murphy

  	
   

  
	
   

  	
   

  	
   

  	
  [SEAL]Exhibit 10.4

Execution Copy

HARLEY-DAVIDSON
MOTORCYCLE TRUST 2007-1

$141,000,000
5.30025% MOTORCYCLE CONTRACT BACKED NOTES, CLASS A-1

$290,000,000 5.29%
MOTORCYCLE CONTRACT BACKED NOTES, CLASS A-2

$158,000,000 5.22%
MOTORCYCLE CONTRACT BACKED NOTES, CLASS A-3

$143,000,000 5.21%
MOTORCYCLE CONTRACT BACKED NOTES, CLASS A-4

$48,000,000 5.37%
MOTORCYCLE CONTRACT BACKED NOTES, CLASS B

$20,000,000 5.54% MOTORCYCLE CONTRACT BACKED NOTES,
CLASS C

HARLEY-DAVIDSON CUSTOMER FUNDING CORP.

Trust Depositor

HARLEY-DAVIDSON
CREDIT CORP.

Seller and Servicer

UNDERWRITING AGREEMENT

January 23, 2007

Wachovia Capital Markets,
LLC

J.P. Morgan Securities
Inc.

ABN AMRO Incorporated

BNP Paribas Securities
Corp.

Citigroup Global Markets
Inc.

c/o Wachovia Capital
Markets, LLC

301 South College
Street,

Charlotte, North Carolina 28288

Ladies
and Gentlemen:

Harley-Davidson Customer Funding Corp., a Nevada
corporation (the “Trust Depositor”) and a wholly-owned subsidiary of
Harley-Davidson Credit Corp., a Nevada corporation (“Harley-Davidson”),
proposes to cause Harley-Davidson Motorcycle Trust 2007-1 (the “Trust”) to
issue and sell to you (the “Underwriters”) $141,000,000 principal amount of its
5.30025% Motorcycle Contract Backed Notes, Class A-1 (the “Class A-1 Notes”),
$290,000,000 principal amount of its 5.29% Motorcycle Contract Backed Notes,
Class A-2 (the “Class A-2 Notes”), $158,000,000 principal amount of its 5.22%
Motorcycle Contract Backed Notes, Class A-3 (the “Class A-3 Notes”),
$143,000,000 principal amount of its 5.21% Motorcycle Contract Backed Notes,
Class A-4 (the “Class A-4 Notes” and, together with the Class A-1 Notes, the
Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”), $48,000,000
principal amount of its 5.37% Motorcycle Contract Backed Notes, Class B (the “Class
B Notes”) and $20,000,000 principal amount of its 5.54% Motorcycle Contract
Backed Notes, Class C (the “Class C Notes” and, together with the Class A Notes
and the Class B Notes, the “Notes”).  The
assets of the Trust will

include a pool of
motorcycle conditional sales contracts (the “Initial Contracts”) relating to
motorcycles manufactured by one or more subsidiaries of Harley-Davidson, Inc.
(including Buell Motorcycle Company, LLC (“Buell”), a wholly-owned subsidiary
of Harley-Davidson, Inc.), and certain other motorcycle manufacturers, certain
monies received thereon after January 15, 2007 (the “Initial Cutoff Date”), all
insurance proceeds and liquidation proceeds with respect thereto, security
interests in the motorcycles financed thereby, the related Initial Contracts
files, the Trust Accounts, proceeds of the foregoing, certain rights with
respect to funds on deposit from time to time in the Reserve Fund, the
Pre-Funding Account, the Interest Reserve Account and certain other property.  The Initial Contracts will be serviced for
the Trust by Harley-Davidson.  The Notes
will be issued pursuant to the Indenture to be dated as of January 15, 2007 (as
amended and supplemented from time to time, the “Indenture”) between the Trust
and The Bank of New York Trust Company, N.A., as indenture trustee (the “Indenture
Trustee”).  The Notes will be secured by
the assets of the Trust pursuant to the Indenture.  The Notes are hereinafter referred to as the “Offered
Securities”.

A certificate (the “Certificate”) will be issued
pursuant to a Trust Agreement dated as of January 1, 2007 (as amended and
supplemented from time to time, the “Trust Agreement”), between the Trust
Depositor and Wilmington Trust Company, as owner trustee (the “Owner Trustee”).  The Certificate will be retained by the Trust
Depositor and will not be offered pursuant to the Preliminary Prospectus (as
defined herein) or the Prospectus (as defined herein).

The Trust will acquire the Initial Contracts from the
Trust Depositor pursuant to a Sale and Servicing Agreement to be dated as of
January 15, 2007 (as amended and supplemented from time to time, the “Sale and
Servicing Agreement”), among the Trust, the Trust Depositor, Harley-Davidson,
as servicer, and The Bank of New York Trust Company, N.A., as Indenture
Trustee.  Harley-Davidson will also agree
to perform certain administrative functions on behalf of the Trust pursuant to
an Administration Agreement to be dated as of January 15, 2007 (as amended and supplemented
from time to time, the “Administration Agreement”) among Harley-Davidson, as
administrator, the Trust and the Indenture Trustee.  The Trust Depositor will acquire the Initial
Contracts from Harley-Davidson on the Closing Date (as defined herein) pursuant
to a Transfer and Sale Agreement to be dated as of January 15, 2007 (as amended
and supplemented from time to time, the “Transfer and Sale Agreement”) among
the Trust Depositor, as purchaser, and Harley-Davidson, as seller.  All of the assets conveyed to the Trust
pursuant to the Sale and Servicing Agreement are referred to herein as the “Trust
Property”.  Capitalized terms that are
used and not otherwise defined herein shall have the respective meanings
assigned thereto in the Sale and Servicing Agreement.

On the Closing Date, $252,518,789.63 will be deposited
in the Pre-Funding Account.  It is
intended that additional motorcycle conditional sales contracts, including all
rights to receive payments thereon after their related Subsequent Cutoff Dates
and security interests in the Harley-Davidson, Inc., Buell and certain other
manufacturers’ motorcycles financed thereby (such contracts, together with all
such rights and interests, the “Subsequent Contracts” and, together with the
Initial Contracts, the “Contracts”), will be purchased by the Trust Depositor
from Harley-Davidson pursuant to one or more related Subsequent Purchase
Agreements and further transferred and assigned by the Trust Depositor to the
Trust and pledged by the Trust to the Indenture Trustee pursuant to one or more
related Subsequent Transfer Agreements from funds

 2
 

on deposit in the
Pre-Funding Account from time to time on or before the date which is 90 days
from and including the Closing Date.

In connection with the sale of the Offered Securities,
the Trust Depositor and Harley-Davidson will prepare a Prospectus Supplement to
be dated January 23, 2007 which will supplement the Base Prospectus dated as of
January 22, 2007.  The Prospectus sets
forth certain information concerning the Trust Depositor, Harley-Davidson, the
Trust and the Offered Securities.  The
Trust Depositor and Harley-Davidson hereby confirm that they have authorized
the use of the Prospectus, and any amendment or supplement thereto, in
connection with the offer and sale of the Offered Securities by the Underwriters.  Unless stated to the contrary, all references
herein to the Prospectus are to the Prospectus as defined herein and are not
meant to include any amendment or supplement thereto.

At or prior to the time when sales to purchasers of
the Offered Securities were first made to investors by the Underwriters, which
was approximately 11:00 a.m. on January 23, 2007 (the “Time of Sale”), the
Trust Depositor and Harley-Davidson had prepared the following information
(collectively, the “Time of Sale Information”): the preliminary prospectus
supplement dated January 22, 2007 (the “Preliminary Prospectus Supplement”) to
the base prospectus dated January 22, 2007 (the “Preliminary Base Prospectus”)
(together, along with information referred to under the caption “Appendix
A—Static Pool Information” therein regardless of whether it is deemed a part of
the Registration Statement or Prospectus, the “Preliminary Prospectus”).  If, subsequent to the Time of Sale and prior
to the Closing Date, such information included an untrue statement of material
fact or omitted to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, and as a result investors in the Offered Securities may
terminate their prior “Contracts of Sale” (within the meaning of Rule 159 under
the Securities Act of 1933, as amended (the “Act”)) for any Offered Securities
and the Underwriters enter into new Contracts of Sale with investors in the
Offered Securities, then “Time of Sale Information” will refer to the
information conveyed to investors at the time of entry into the first such new
Contract of Sale, in an amended Preliminary Prospectus approved by the Trust
Depositor, Harley-Davidson and the Underwriters that corrects such material
misstatements or omissions (a “Corrected Prospectus”) and “Time of Sale” will
refer to the time and date on which such new Contracts of Sale were entered
into.

1.             Representations
and Warranties of Harley-Davidson and the Trust Depositor.  Harley-Davidson and the Trust Depositor
jointly and severally represent and warrant to each Underwriter as set forth
below in this Section 1:

(a)           A
registration statement on Form S-3 (No. 333-124935) relating to asset backed
notes, including the Offered Securities, has been filed by the Trust Depositor
with the Securities and Exchange Commission (the “Commission”) and has become
effective within the three years prior to the Closing Date, has been amended by
various post-effective amendments, the last of which is Post-Effective
Amendment No. 2 that became effective on April 13, 2006, and is still effective
as of the date hereof under the Act.

 3
 

The Trust Depositor proposes to file with the Commission pursuant to
Rule 424(b) of the rules and regulations of the Commission under the Act (the “Rules
and Regulations”) a prospectus supplement dated January 23, 2007 (together with
information referred to under the caption “Appendix A — Static Pool Information”
therein regardless of whether it is deemed a part of the Registration Statement
or Prospectus, the “Prospectus Supplement”) to the prospectus dated January 22,
2007 (the “Base Prospectus”), relating to the Offered Securities and the method
of distribution thereof.  Such
registration statement, including exhibits thereto, and such prospectus, as
amended or supplemented to the date hereof, and as further supplemented by the
Prospectus Supplement, are hereinafter referred to as the “Registration
Statement” and the “Prospectus,” respectively. 
Any reference herein to the terms “amend,” “amendment” or “supplement”
with respect to the Registration Statement, the Base Prospectus or the
Prospectus Supplement shall include, without limitation, any document filed
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the
Base Prospectus and the Prospectus Supplement, as the case may be, deemed to be
incorporated therein pursuant to the Act.

The conditions to the use of a registration statement
on Form S-3 under the Act have been satisfied. 
The Trust Depositor has filed the Preliminary Prospectus and it has done
so within the applicable period of time required under the Act and the Rules
and Regulations.

(b)           The
Registration Statement, at the time it became effective, any post-effective
amendment thereto, at the time it became effective, the Preliminary Prospectus,
as of its date, and the Prospectus, as of the date of the Prospectus
Supplement, complied and on the Closing Date will comply in all material
respects with the applicable requirements of the Act and the Rules and
Regulations and the Trust Indenture Act of 1939, as amended (the “Trust
Indenture Act”), and the rules and regulations of the Commission thereunder.

The Registration Statement, as of the most recent
effective date as to each part of the Registration Statement and any amendment
thereto pursuant to Rule 430B(f)(2) under the Act, did not include any untrue
statement of a material fact and did not omit to state any material fact
required to be stated therein or necessary to make the statements therein not
misleading.

The Preliminary Prospectus, as of its date and as of
the Time of Sale, did not contain an untrue statement of a material fact and
did not omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.

The Prospectus, as of the date of the Prospectus
Supplement and as of the Closing Date, does not and will not contain any untrue
statement of a material fact and did not and will not omit to state any
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading.

 4
 

The representations and warranties in the three
preceding paragraphs do not apply to (i) that part of the Registration
Statement which shall constitute the Statement of Eligibility and Qualification
(Form T-1) of the Indenture Trustee under the Trust Indenture Act or (ii)
information contained in or omitted from the Registration Statement, the Preliminary
Prospectus or the Prospectus (or any supplement thereto) in reliance upon and
in conformity with information furnished in writing to the Trust Depositor by
any Underwriter through Wachovia Capital Markets, LLC. specifically for use in
connection with preparation of the Registration Statement, the Preliminary
Prospectus or the Prospectus (or any supplement thereto), it being agreed that
the only such information consists of the statements in the second and third
paragraphs (concerning initial offering prices, concessions and reallowances)
and in the fourth and fifth paragraphs (concerning overallotment, stabilizing
transactions and syndicate covering transactions) under the heading “Underwriting”
in the Preliminary Prospectus Supplement and the Prospectus Supplement (such
information, the “Underwriter Information”).

The documents incorporated by reference in the
Registration Statement, the Preliminary Prospectus and the Prospectus, when
they became effective under the Act or were filed with the Commission under the
Exchange Act, as the case may be, conformed in all material respects to the
requirements of the Act or the Exchange Act, as applicable, and the rules and
regulations of the Commission thereunder; and any further documents so filed
and incorporated by reference in the Registration Statement or the Prospectus,
when such documents are filed with the Commission, will conform in all material
respects to the requirements of the Act or the Exchange Act, as applicable, and
the rules and regulations of the Commission thereunder.

Since the respective dates as of which information is
given in the Preliminary Prospectus there has not been any material adverse
change, or any development involving a prospective material adverse change, in
or affecting the condition, financial or otherwise, earnings, business or
operations of the Trust Depositor or Harley-Davidson, and their respective
subsidiaries, taken as a whole, except as set forth in the Preliminary
Prospectus.

The Indenture has been qualified under the Trust
Indenture Act.

(c)           The
Time of Sale Information, at the Time of Sale, did not, and at the Closing Date
will not, contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided that
neither the Trust Depositor nor Harley-Davidson makes any representation and
warranty with respect to any statements or omissions made in reliance upon and
in conformity with the Underwriter Information. 
As of the Time of Sale, the Trust Depositor was not and as of the
Closing Date is not, an “ineligible issuer,” as defined in Rule 405 under the
Act.

(d)           [Reserved].

 5
 

(e)           [Reserved].

(f)            Neither
the Trust Depositor nor the Trust is, and neither the issuance and sale of the
Offered Securities nor the activities of the Trust pursuant to the Indenture or
the Trust Agreement will cause the Trust Depositor or the Trust to be, an “investment
company” or under the “control” of an “investment company” as such terms are
defined in the Investment Company Act of 1940, as amended (the “Investment
Company Act”).

(g)           This
Agreement has been duly authorized, executed and delivered by Harley-Davidson
and the Trust Depositor.

(h)           None
of Harley-Davidson, the Trust Depositor, any of their Affiliates or anyone
acting on behalf of Harley-Davidson, the Trust Depositor or any of their
Affiliates has taken any action that would require qualification of the Trust
Agreement under the Trust Indenture Act or registration of the Trust Depositor
under the Investment Company Act, nor will Harley-Davidson, the Trust Depositor
or any of their Affiliates act, nor have they authorized or will they authorize
any person to act, in such manner.

(i)            Neither
the Trust Depositor nor Harley-Davidson is in violation of any provision of any
existing law or regulation or in default in the performance or observance of
any obligation, agreement, covenant or condition contained in any contract,
indenture, mortgage, deed of trust, loan agreement, note, lease or other
instrument to which it is a party or by which it is bound or to which any of
its property is subject, which violations or defaults separately or in the
aggregate would have a material adverse effect on the Trust Depositor,
Harley-Davidson or the Trust.

(j)            Neither
the issuance and sale of the Offered Securities, nor the execution and delivery
by the Trust Depositor or Harley-Davidson of this Agreement, the Offered
Securities, the Sale and Servicing Agreement, the Transfer and Sale Agreement,
the Trust Agreement, the Administration Agreement, the Lockbox Agreement, each
Subsequent Purchase Agreement, the Indenture or each Subsequent Transfer
Agreement, nor the incurrence by the Trust Depositor or Harley-Davidson of the
obligations herein and therein set forth, nor the consummation of the
transactions contemplated hereunder or thereunder, nor the fulfillment of the
terms hereof or thereof does or will (i) violate any existing law or
regulation, applicable to it or its properties or by which it or its properties
are or may be bound or affected, (ii) conflict with, or result in a breach of,
or constitute a default under, any material indenture, contract, agreement,
deed, lease, mortgage or instrument to which it is a party or by which it or
its properties are bound or (iii) result in the creation or imposition of any
lien upon any of its property or assets, except for those encumbrances created
under the Transfer and Sale Agreement, the Sale and Servicing Agreement, the
Trust Agreement, the Indenture, each Subsequent Purchase Agreement or each
Subsequent Transfer Agreement.

 6
 

(k)           All
consents, approvals, authorizations, orders, filings, registrations or
qualifications of or with any court or any other governmental agency, board,
commission, authority, official or body required in connection with the
execution and delivery by the Trust Depositor and Harley-Davidson of this
Agreement, the Offered Securities, the Sale and Servicing Agreement, the
Transfer and Sale Agreement, the Trust Agreement, the Administration Agreement,
the Indenture, or the Lockbox Agreement, each Subsequent Purchase Agreement or
each Subsequent Transfer Agreement, or to the consummation of the transactions
contemplated hereunder and thereunder, or to the fulfillment of the terms
hereof and thereof, have been or will have been obtained on or before the
Closing Date (and on or before each Subsequent Transfer Date in the case of
Subsequent Contracts being transferred to the Trust).

(l)            All
actions required to be taken by the Trust Depositor and Harley-Davidson as a
condition to the offer and sale of the Offered Securities as described herein
or the consummation of any of the transactions described in the Preliminary
Prospectus and the Prospectus have been or, prior to the Closing Date (or each
Subsequent Transfer Date in the case of Subsequent Contracts being transferred
to the Trust), will be taken.

(m)          The
representations and warranties of each of the Trust Depositor and
Harley-Davidson in (or incorporated in) the Sale and Servicing Agreement, the
Transfer and Sale Agreement, the Trust Agreement, the Indenture, the
Administration Agreement, the Lockbox Agreement, each Subsequent Purchase
Agreement and each Subsequent Transfer Agreement and made in any Officer’s
Certificate of the Trust Depositor or Harley-Davidson delivered pursuant to the
Sale and Servicing Agreement, the Indenture, the Transfer and Sale Agreement,
each Subsequent Purchase Agreement and each Subsequent Transfer Agreement will
be true and correct at the time made and on and as of the Closing Date (and on
each Subsequent Transfer Date in the case of Subsequent Contracts being
transferred to the Trust) as if set forth herein.

(n)           The
Initial Contracts conveyed to the Trust had aggregate outstanding balances
determined as of the Initial Cutoff Date in the amount set forth in the
Preliminary Prospectus and the Prospectus.

(o)           Each
of the Trust Depositor and Harley-Davidson agrees it shall not grant, assign,
pledge or transfer to any Person a security interest in, or any other right,
title or interest in, the Contracts, except as provided in the Sale and
Servicing Agreement, the Trust Agreement, the Indenture, the Transfer and Sale
Agreement, each Subsequent Purchase Agreement and each Subsequent Transfer
Agreement and each agrees to take all action necessary in order to maintain the
security interest in the Contracts granted pursuant to the Sale and Servicing
Agreement, the Trust Agreement, the Indenture, the Transfer and Sale Agreement,
each Subsequent Purchase Agreement and each Subsequent Transfer Agreement.

 7
 

(p)           There
are no actions, proceedings or investigations pending, or to the best knowledge
of either the Trust Depositor or Harley-Davidson, threatened against the Trust
Depositor or Harley-Davidson before any court or before any governmental
authority of arbitration board or tribunal which, if adversely determined,
could materially and adversely affect, either in the individual or in the
aggregate, the financial position, business, operations or prospects of the
Trust Depositor or Harley-Davidson.

(q)           For
Illinois income, franchise and excise tax purposes, under the provisions of
Illinois law as of the Closing Date, the Trust will not be classified as an
association taxable as a corporation.

(r)            Under
generally accepted accounting principles, Harley-Davidson will report its
transfer of the Contracts to the Trust Depositor pursuant to the Transfer and
Sale Agreement as a sale of the Contracts.

2.             Representations
and Warranties of the Underwriters. 
Each Underwriter, severally and not jointly, represents and warrants to,
and agrees with, the Trust Depositor that:

(a)           It
has only communicated or caused to be communicated and it will only communicate
or cause to be communicated any invitation or inducement to engage in
investment activity (within the meaning of Section 21 of the Financial Services
and Markets Act 2000 of the United Kingdom (“FSMA”)) received by it in
connection with the issue or sale of any Offered Securities in circumstances in
which Section 21(1) of the FSMA does not apply to the Trust.

(b)           It
has complied and will comply with all applicable provisions of the FSMA with
respect to anything done by it in relation to any Offered Securities in, from
or otherwise involving the United Kingdom.

3.             Purchase
and Sale.  Subject to the terms and
conditions and in reliance upon the representations and warranties herein set
forth, the Trust Depositor agrees to cause the Trust to sell to each
Underwriter, and each Underwriter agrees, severally and not jointly, to
purchase from the Trust, each of the Offered Securities in the principal
amounts and at the purchase prices set forth opposite its name in Schedule I
hereto.

4.             Delivery
and Payment.  Delivery of and payment
for the Offered Securities shall be made at the office of Winston & Strawn
LLP, 35 Wacker Drive, Chicago, Illinois, at 10:00 A.M., Chicago time, on January 31, 2007, or such later date
(not later than February 14, 2007) as the Underwriters shall designate, which
date and time may be postponed by agreement among the Underwriters and the
Trust Depositor (such date and time of delivery and payment for the Offered
Securities being herein called the “Closing Date”).

Each class of the Offered Securities will be
represented initially by one or more definitive global certificates in
registered form which will be deposited by or on behalf of the Trust with The
Depository Trust Company (“DTC”) or, on DTC’s behalf, with DTC’s designated
nominee or custodian and duly endorsed to DTC or in blank by an effective
endorsement.  The Trust will transfer the
Offered Securities in book-entry form to the account of each Underwriter,
against

 8
 

payment by the
Underwriters of the purchase price therefor by wire transfer payable to the
order of Harley-Davidson in federal (same day) funds (to such account or
accounts as Harley-Davidson shall designate), by causing DTC to credit the
Offered Securities to the account of each Underwriter at DTC.  Harley-Davidson will cause the global
certificates referred to above to be made available to the Underwriters for
checking at least 24 hours prior to the Closing Date at the office of DTC or
its designated custodian.

5.             Offering
by the Underwriters.  It is
understood that the several Underwriters propose to offer the Offered Securities
for sale to the public (which may include selected dealers), as set forth in
the Prospectus.

6.             Agreements.  The Trust Depositor and Harley-Davidson,
jointly and severally, agree with the Underwriters that:

(a)           Prior
to the termination of the offering of the Offered Securities, the Trust
Depositor will not file any amendment to the Registration Statement or any
amendment, supplement or revision to either the Preliminary Prospectus or to
the Prospectus, unless the Trust Depositor has furnished you a copy for your
review prior to such proposed filing or use, as the case may be, and will not
file or use any such document to which you shall reasonably object.  Subject to the foregoing sentence, the Trust
Depositor will effect the filings required under Rule 424(b) under the Act
in the manner and within the time period required by Rule 424(b) (without
reliance on Rule 424(b)(8)), and will provide evidence satisfactory to you
of such timely filing.

(b)           During
the period when a prospectus is required by the Act or the Exchange Act to be
delivered in connection with sales of the Offered Securities (the “Prospectus
Delivery Period”), Harley-Davidson will notify you promptly, and confirm the
notice in writing, of (i) the effectiveness of any post-effective amendment
to the Registration Statement or the filing of any supplement or amendment to
the Prospectus, (ii) the receipt of any comments from the Commission,
(iii) any request by the Commission for any amendment to the Registration
Statement or any amendment or supplement to the Prospectus or any document
incorporated by reference therein or otherwise deemed to be a part thereof or
for additional information, (iv) the issuance by the Commission of any
stop order suspending the effectiveness of the Registration Statement or of any
order preventing or suspending the use of any Preliminary Prospectus, or of the
suspension of the qualification of the Offered Securities for offering or sale
in any jurisdiction, or of the initiation or threatening of any proceedings for
any of such purposes and (v) the happening of any event which makes the
Registration Statement or the Prospectus contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading.  Harley-Davidson will make every reasonable
effort to prevent the issuance of any stop order and, if any stop order is
issued, to obtain as soon as possible the lifting thereof.

 9
 

(c)           If
during the Prospectus Delivery Period any event shall occur or condition shall
exist as a result of which it is necessary to amend the Registration Statement
or amend or supplement the Prospectus in order that the Prospectus will not
include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, or if it shall be
necessary during the Prospectus Delivery Period to amend the Registration
Statement or amend or supplement the Prospectus in order to comply with the
requirements of the Act or the Rules and Regulations, Harley-Davidson will
promptly notify you and will promptly prepare and file with the Commission,
subject to the review and approval provisions afforded to you described in
Section 6(a), such amendment or supplement as may be necessary to correct
such statement or omission or to make the Registration Statement, the
Preliminary Prospectus or the Prospectus comply with such requirements.  Harley-Davidson will use its best efforts to
have such amendment or new registration statement declared effective as soon as
practicable, and Harley-Davidson will furnish to the Underwriters, without
charge, such number of copies of such amendment or supplement as the
Underwriters may reasonably request.  Any
such filing shall not operate as a waiver or limitation of any right of any
Underwriter hereunder.

(d)           Upon
request, Harley-Davidson will deliver to the Underwriters and counsel for the
Underwriters, without charge, photocopies of the signed Registration Statement
at the time it originally became effective (the “Original Registration
Statement”) and of each amendment thereto (including exhibits filed therewith)
prior to the Closing Date.  The copies of
the Original Registration Statement and each amendment thereto furnished to the
Underwriters will be identical to the electronically transmitted copies thereof
filed with the Commission pursuant to its Electronic Data Gathering, Analysis
and Retrieval system (“EDGAR”), except to the extent permitted by
Regulation S-T under the Act.

(e)           Prior
to the availability of the Prospectus, Harley-Davidson will deliver to the
Underwriters, without charge, as many copies of the Preliminary Prospectus as
the Underwriters may reasonably request, and Harley-Davidson and the Trust
Depositor hereby consent to the use of such copies for purposes permitted by
the Act.  Harley-Davidson will furnish to
the Underwriters, without charge, during the Prospectus Delivery Period, such number
of copies of the Prospectus as the Underwriters may reasonably request.  The Prospectus and any amendments or
supplements thereto furnished to the Underwriters will be identical to any
electronically transmitted copies thereof filed with the Commission pursuant to
EDGAR, except to the extent permitted by Regulation S-T under the
Act.  Harley-Davidson will pay the
expenses of printing or other production of all documents relating to the
offering.

(f)            The
Trust Depositor will comply with the Act and the Rules and Regulations, the
Exchange Act and the rules and regulations thereunder and the Trust Indenture
Act and the rules and regulations thereunder so as to permit the

 10
 

completion of the distribution of the Offered Securities as
contemplated in this Agreement, the Basic Documents, the Registration Statement
and the Prospectus.

(g)           The
Trust Depositor will arrange for the qualification of the Offered Securities
for sale by the Underwriters under the laws of such jurisdictions as the
Underwriters may designate and will maintain such qualifications in effect so
long as required for the sale of the Offered Securities.  The Trust Depositor will promptly advise the
Underwriters of the receipt by the Trust Depositor of any notification with
respect to the suspension of the qualification of the Offered Securities for
sale in any jurisdiction or the initiation or threatening of any proceeding for
such purpose.

(h)           The
Trust Depositor and Harley-Davidson will cooperate with the Underwriters and
use their best efforts to permit the Offered Securities to be eligible for
clearance and settlement through DTC.

(i)            For
a period from the date of this Agreement until the retirement of the Offered
Securities, the Servicer will deliver to you the monthly servicing reports, the
annual statements of compliance, annual assessments of compliance with
servicing criteria and accountants’ attestations in respect of such assessments
furnished to the Indenture Trustee or the Owner Trustee pursuant to the Sale
and Servicing Agreement, the Indenture, the Trust Agreement or the
Administration Agreement, as soon as such statements and reports are furnished
to the Indenture Trustee or the Owner Trustee.

(j)            So
long as any of the Offered Securities is outstanding, Harley-Davidson will
furnish to you (i) as soon as practicable after the end of the fiscal year
all documents required to be distributed to holders of Offered Securities or
filed with the Commission pursuant to the Exchange Act or any order of the
Commission thereunder and (ii) from time to time, any other information
concerning Harley-Davidson or the Trust Depositor filed with any government or
regulatory authority that is otherwise publicly available, as you may
reasonably request.

(k)           To
the extent, if any, that the rating provided with respect to the Offered
Securities by Moody’s Investors Service, Inc. (“Moody’s”) or Standard &
Poor’s Ratings Services, a division of the McGraw-Hill Companies, (“S&P”
and together with Moody’s, the “Rating Agencies”) is conditional upon the
furnishing of documents or the taking of any actions by the Trust Depositor,
the Trust Depositor shall furnish such documents and take such actions.

(l)            Until
30 days following the Closing Date, neither the Trust Depositor nor any trust
or other entity originated, directly or indirectly, by the Trust Depositor or
Harley-Davidson will, without the prior written consent of the Underwriters,
offer, sell or contract to sell, or otherwise dispose of, directly or
indirectly, or announce the offering of, any asset-backed securities
collateralized by motorcycle contracts originated in the United States (other
than the Offered Securities).

 11
 

(m)          The
Trust Depositor will enter into the Trust Agreement, Harley-Davidson will enter
into the Administration Agreement, the Trust Depositor, Harley-Davidson, the
Indenture Trustee and the Trust will enter into the Sale and Servicing
Agreement and Harley-Davidson and the Trust Depositor will enter into the
Transfer and Sale Agreement on or prior to the Closing Date.

(n)           In
accordance with Section 11, Harley-Davidson will cause any Trust Free Writing
Prospectus (as defined in Section 11 hereof) with respect to the Offered
Securities to be filed with the Commission to the extent required by Rule 433
under the Act.

(o)           The
Trust Depositor and Harley-Davidson will cause Winston & Strawn LLP to
deliver to the Underwriters or on before each Subsequent Transfer Date, one or
more opinions, addressed to the Underwriters, with respect to the transfer of
Subsequent Contracts substantially in the form of the opinions delivered by
Winston & Strawn LLPon the
Closing Date with respect to the transfer of the Initial Contracts.

(p)           The
Trust Depositor will deliver to the Underwriters on or before each Subsequent
Transfer Date each Officer’s Certificate required to be furnished to the
Indenture Trustee pursuant to Section 2.04(b) of the Sale and Servicing
Agreement.

7.             Payment
of Expenses, Etc.  If the
transactions contemplated by this Agreement are consummated or this Agreement
is terminated pursuant to Section 13, the Trust Depositor will pay all expenses
incident to the performance of its obligations under this Agreement, including
(i) the printing and filing of the Registration Statement as originally filed
and of each amendment thereto, (ii) the printing of the Preliminary Prospectus,
the Prospectus and each amendment thereto, (iii) the fees of the Trustee and
its counsel, (iv) the preparation, issuance and delivery of the Offered
Securities to the Underwriters, (v) the fees and disbursements of the Trust Depositor’s
accountants, (vi) the qualification of the Offered Securities under securities
laws in accordance with the provisions of Section 6(g), including filing fees
in connection therewith, (vii) the printing and delivery to the Underwriters of
copies of the Registration Statement as originally filed and of each amendment
thereto, (viii) the printing and delivery to the Underwriters of copies of the
Preliminary Prospectus, the Prospectus and of each amendment thereto, (ix) the
printing and delivery to the Underwriters of copies of any blue sky or legal
investment survey prepared in connection with the Offered Securities, (x) any
fees charged by Rating Agencies for the rating of the Offered Securities and
(xi) the costs and expenses (including any damages or other amounts payable in
connection with legal and contractual liability) associated with reforming any
Contracts for Sale of the Offered Securities made by the Underwriters caused by
a Defective Prospectus or a breach of any representation in Section 1(b) or
Section 1(c).

8.             Conditions
to the Obligation of the Underwriters. 
The obligation of the Underwriters to purchase the Offered Securities
shall be subject to the accuracy of the representations and warranties on the
part of the Trust Depositor and Harley-Davidson contained herein at the date
and time that this Agreement is executed and delivered by the parties hereto

 12
 

(the
“Execution Time”) and the Closing Date, to the accuracy of the statements of
the Trust Depositor and Harley-Davidson made in any certificates pursuant to
the provisions hereof, to the performance by the Trust Depositor and
Harley-Davidson of their respective obligations hereunder and to the following
additional conditions:

(a)           If
the Registration Statement has not become effective prior to the Execution
Time, unless the Underwriters agree in writing to a later time, the
Registration Statement shall have become effective not later than
(i) 6:00 P.M. New York
City time on the date of determination of the public offering price, if such
determination occurs at or prior to 3:00 P.M.
New York City time on such date or (ii) 12:00 noon New York City time on
the business day following the day on which the public offering price was
determined, if such determination occurs after 3:00 P.M. New York City time on such date.

(b)           Each
of the Preliminary Prospectus, the Prospectus and any supplements thereto shall
have been filed with the Commission in the manner and within the applicable
time period required under Rule 424(b) under the Act (without reference to Rule
424(b)(8)) in accordance with the Rules and Regulations and Section 6(a)
hereof, and prior to the Closing Date, no stop order suspending the
effectiveness of the Registration Statement shall have been issued and no
proceedings for that purpose shall have been instituted or, to the knowledge of
the Trust Depositor or you, shall be contemplated by the Commission or by any
authority administering any state securities or blue sky law; and any requests
for additional information from the Commission with respect to the Registration
Statement shall have been complied with.

(c)           The
Trust Depositor shall have furnished to the Underwriters the opinions of
Winston & Strawn LLP, counsel for the Trust Depositor, and with respect to
Nevada opinions, Hale Lane Peek Dennison
and Howard, special Nevada counsel, each dated the Closing Date and
satisfactory in form and substance to the Underwriters, to the effect that:

(i)         the Trust Depositor has
been duly incorporated and is validly existing as a corporation in good
standing under the laws of the State of Nevada, with full corporate power and
authority to own its properties and conduct its business as described in the
Preliminary Prospectus and the Prospectus, and is duly qualified to do business
as a foreign corporation and is in good standing under the laws of the State of
Illinois;

(ii)        each of the Transfer and
Sale Agreement, the Sale and Servicing Agreement and the Trust Agreement have
been duly authorized, executed and delivered by the Trust Depositor, and
constitutes a legal, valid and binding obligation of the Trust Depositor
enforceable against the Trust Depositor in accordance with its terms (subject,
as to the enforcement of remedies, to applicable bankruptcy, reorganization,
insolvency, moratorium or other laws affecting creditors’ rights generally from
time to time in effect);

 13
 

(iii)       this Agreement has been
duly authorized, executed and delivered by the Trust Depositor;

(iv)      the direction by the Trust
Depositor to the Indenture Trustee to authenticate the Notes has been duly
authorized by the Trust Depositor and, when the Notes have been duly executed
and delivered by the Owner Trustee and when authenticated by the Indenture
Trustee in accordance with the Indenture and delivered and paid for pursuant to
this Agreement, the Notes will constitute legal, valid and binding obligations
of the Trust (subject, as to enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium or other laws affecting creditor’s
rights generally from time to time in effect) and will be entitled to the
benefits of the Indenture;

(v)       no consent, approval,
authorization or order of, or filing with, any court or governmental agency or
body is required for the consummation of the transactions contemplated herein
or in the Transfer and Sale Agreement, the Sale and Servicing Agreement, and
the Indenture (collectively, the “Basic Documents”), except such as may be
required under the blue sky or securities laws of any jurisdiction in
connection with the purchase and sale of the Offered Securities by the
Underwriters, the filing of the UCC-1 financing statements relating to the
conveyance of the Contracts by Harley-Davidson to the Trust Depositor and of
the Contracts and the other Trust Property by the Trust Depositor to the Trust
and by the Trust to the Indenture Trustee on behalf of the Noteholders, and
such other approvals (which shall be specified in such opinion) as have been
obtained and filings as have been made or are in the process of being made;

(vi)      none of the sale of the
Contracts by Harley-Davidson to the Trust Depositor pursuant to the Transfer
and Sale Agreement, the sale of the Trust Property to the Trust pursuant to the
Sale and Servicing Agreement, the pledge of the Trust Property to the Indenture
Trustee, the issue and sale of the Notes, the execution and delivery of this
Agreement, the Sale and Servicing Agreement, the Transfer and Sale Agreement,
the Trust Agreement or the Indenture, the consummation of any other of the
transactions herein or therein contemplated or the fulfillment of the terms
hereof or thereof will conflict with, result in a breach or violation of, or
constitute a default under, any law binding on the Trust Depositor or the
charter or bylaws of the Trust Depositor or the terms of any indenture or other
agreement or instrument known to such counsel and to which the Trust Depositor
is a party or by which it is bound, or any judgment, order or decree known to
such counsel to be applicable to the Trust Depositor of any court, regulatory
body, administrative agency, governmental body or arbitrator having
jurisdiction over the Trust Depositor;

(vii)     there are no actions,
proceedings or investigations pending or, to the best of such counsel’s
knowledge after due inquiry, threatened before any court, administrative agency
or other tribunal (A) asserting the invalidity of any of the Basic
Documents, (B) seeking to prevent the consummation of any of the

 14
 

transactions contemplated by any of the Basic Documents or the
execution and delivery thereof or (C) that might materially and adversely
affect the performance by the Trust Depositor of its obligations under, or the
validity or enforceability of, this Agreement or any Basic Document;

(viii)    to the best knowledge of such
counsel and except as set forth in the Preliminary Prospectus and the
Prospectus, no default exists and no event has occurred which, with notice,
lapse of time or both, would constitute a default in the due performance and
observance of any term, covenant or condition of any agreement to which the
Trust Depositor is a party or by which it is bound, which default is or would
have a material adverse effect on the financial condition, earnings, prospects,
business or properties of the Trust Depositor, taken as a whole;

(ix)       the provisions of the
Transfer and Sale Agreement are effective to transfer to the Trust Depositor
all right, title and interest of Harley-Davidson in and to the Contracts, and
to the knowledge of such counsel, the other Trust Property will be owned by the
Trust Depositor free and clear of any Lien except for the Lien of the Sale and
Servicing Agreement and the Indenture;

(x)        the provisions of the Sale
and Servicing Agreement are effective to transfer to the Trust all right, title
and interest of the Trust Depositor in and to the Collateral and the Contracts
and to the knowledge of such counsel, the other Collateral, will be owned by
the Trust free and clear of any Lien except for the Lien of the Indenture;

(xi)       the provisions of the
Indenture are effective to create, in favor of the Indenture Trustee for the
benefit of the Noteholders as security for the Trust’s obligations under the
Notes, a valid security interest in the Contracts and that portion of the other
Collateral which is subject to Article 9 of the Illinois Uniform Commercial
Code (the “UCC Collateral”) and the proceeds thereof;

(xii)      the form UCC-1 financing
statements naming (A) Harley-Davidson as seller and the Trust Depositor as
purchaser, (B) the Trust Depositor as seller and the Trust as purchaser and (C)
the Trust, as debtor, and the Indenture Trustee, as secured party are in
appropriate form for filing with the Secretary of State of the State of Nevada;
the interest of the Indenture Trustee in the Contracts and the proceeds thereof
and, to the extent that the filing of a financing statement is effective to
perfect an interest in the other Trust Property under Article 9 of the Nevada
Uniform Commercial Code, the other Trust Property will be perfected upon the
filing of such financing statements in such filing offices; and no other
interest of any other purchaser from or creditor of Harley-Davidson, the Trust
Depositor or the Trust is equal or prior to the interest of the Trustee in the
Contracts and such other Trust Property;

(xiii)     the Contracts are “tangible
chattel paper” under Article 9 of the Illinois Uniform Commercial Code and the
Nevada Uniform Commercial Code;

 15
 

(xiv)     the Basic Documents conform
in all material respects with the descriptions thereof contained in the
Preliminary Prospectus and the Prospectus;

(xv)      the statements in the
Preliminary Base Prospectus and the Base Prospectus under the headings “Risk
Factors” and “Legal Aspects of the Contracts”, to the extent they constitute
matters of law or legal conclusions with respect thereto, have been reviewed by
such counsel and are correct in all material respects;

(xvi)     the statements contained in
the Preliminary Base Prospectus and the Base Prospectus under the headings “Description
of the Notes and Indenture” and “Information Regarding the Notes” and in the
Preliminary Prospectus Supplement and the Prospectus Supplement under the
headings “Description of the Notes” and “Certain Information Regarding the
Notes”, insofar as such statements constitute a summary of the Offered
Securities and the Basic Documents, constitute a fair summary of such
documents;

(xvii)    the Indenture has been duly
qualified under the Trust Indenture Act of 1939, as amended;

(xviii)   the Indenture, the Sale and
Servicing Agreement and the Administration Agreement have been duly authorized
and, when duly executed and delivered by the Owner Trustee, will constitute the
legal, valid and binding obligations of the Trust, enforceable against the
Trust in accordance with their terms, except (A) the enforceability thereof may
be subject to bankruptcy, insolvency, reorganization, moratorium or other
similar laws now or hereafter in effect relating to creditors’ rights and (B)
the remedy of specific performance and injunctive and other forms of equitable
relief may be subject to equitable defenses and to the discretion of the court
before which any proceeding therefor may be brought;

(xix)     the Trust Depositor is not,
nor will the Trust Depositor become as a result of the offer and sale of the
Offered Securities as contemplated in the Preliminary Prospectus, the
Prospectus and the Basic Documents, an “investment company” as defined in the
Investment Company Act or a company “controlled by” an “investment company”
within the meaning of the Investment Company Act;

(xx)      to the best knowledge of
such counsel, the Trust Depositor has obtained all material licenses, permits
and other governmental authorizations that are necessary to the conduct of its
business; such licenses, permits and other governmental authorizations are in
full force and effect, and the Trust Depositor is in all material respects
complying therewith; and the Trust Depositor is otherwise in compliance with
all laws, rules, regulations and statutes of any jurisdiction to which it is
subject, except where non-compliance would not have a material adverse effect
on the Trust Depositor;

 16

(xxi)     all actions required to be
taken, and all filings required to be made, by the Trust Depositor or
Harley-Davidson under the Act and the Exchange Act prior to the sale of the
Offered Securities have been duly taken or made;

(xxii)    to the best of such counsel’s
knowledge and information, there are no legal or governmental proceedings
pending or threatened that are required to be disclosed in the Registration
Statement, other than those disclosed therein;

(xxiii)   to the best of such counsel’s
knowledge and information, there are no contracts, indentures, mortgages, loan
agreements, notes, leases or other instruments required to be described or
referred to in the Registration Statement or to be filed as exhibits thereto
other than those described or referred to therein or filed or incorporated by
reference as exhibits thereto, the descriptions thereof or references thereto
are correct, and no default exists in the due performance or observance of any
material obligation, agreement, covenant or condition contained in any
contract, indenture, mortgage, loan agreement, note, lease or other instrument
so described, referred to, filed or incorporated by reference;

(xxiv)   the Registration Statement has
become effective under the Act, any required filings of the Preliminary
Prospectus and the Prospectus, and any supplements thereto, pursuant to
Rule 424(b) under the Act have been made in the manner and within the time
period required by Rule 424(b) (without reference to Rule 424(b)(8)), and,
to the best knowledge of such counsel, no stop order suspending the
effectiveness of the Registration Statement has been issued, and no proceedings
for that purpose have been instituted or are pending or contemplated under the
Act, and the Registration Statement, Preliminary Prospectus and the Prospectus,
and each amendment or supplement thereto, as of their respective effective or
issue dates, complied as to form in all material respects with the requirements
of the Act, the Exchange Act, the Trust Indenture Act and the Rules and Regulations;

(xxv)    such counsel has examined the
Registration Statement, the Time of Sale Information and the Prospectus and
nothing has come to such counsel’s attention that would lead such counsel to
believe that (a) the Registration Statement, at the time it initially became
effective, at the time Post-Effective Amendment No. 2 thereto became effective
and at each deemed effective date with respect to the Underwriters pursuant to
Rule 430B(f)(2) under the Act, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, (b) the Preliminary Prospectus, at
the Time of Sale, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading or (c) the Prospectus, at the date thereof and at the
Closing Date, included or includes any untrue statement of a material fact or
omitted or omits to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made,

 17
 

not misleading (in each of clauses (a), (b)
and (c), except for the financial statements and related schedules or other
financial or statistical data included or incorporated by reference therein and
that part of the Registration Statement which shall constitute the Statement of
Eligibility and Qualification (Form T-1) of the Indenture Trustee under the
Trust Indenture Act, as to which such counsel will not be called upon to
express a belief); and

(xxvi)   the Class A-1 Notes are “eligible
securities” within the meaning of Rule 2a-7 of the Investment Company Act.

In rendering such
opinion, such counsel may rely (A) as to matters involving the application of
laws of any jurisdiction other than the State of Illinois, the State of New
York, the State of Delaware or the United States, to the extent such counsel
deems proper and specifies in such opinion, upon the opinion of other counsel
of good standing whom such counsel believes to be reliable and who are
satisfactory to the Underwriters and (B) as to matters of fact, to the extent
such counsel deems proper, on certificates of responsible officers of the Trust
Depositor and public officials.

All references in
this Section 8(c) to the Prospectus shall be deemed to include any amendment or
supplement thereto at the Closing Date.

(d)           The Underwriters shall
have received the opinion of Linda J. Dunn, General Counsel for
Harley-Davidson, dated the Closing Date and satisfactory in form and substance
to the Underwriters, to the effect that:

(i)  Harley-Davidson has obtained all material
licenses, permits and other governmental authorizations that are necessary to
the conduct of its business; such licenses, permits and other governmental
authorizations are in full force and effect, and Harley-Davidson is in all material
respects complying therewith and Harley-Davidson is otherwise in compliance
with all laws, rules, regulations and statutes of any jurisdiction to which it
is subject, except where non-compliance would not have a material adverse
effect on Harley-Davidson; and

(ii)  none of the execution and delivery of this
Agreement or the Transfer and Sale Agreement, the consummation of any of the
transactions therein contemplated or the fulfillment of the terms thereof will
conflict with, result in a breach or violation of, or constitute a default
under, any law or the charter or bylaws of Harley-Davidson or the terms of any
indenture or other agreement or instrument known to such counsel and to which
Harley-Davidson or the Trust Depositor is a party or by which it is bound or
any judgment, order or decree known to such counsel to be applicable to
Harley-Davidson or the Trust Depositor of any court, regulatory body,
administrative agency, governmental body, or arbitrator having jurisdiction
over Harley-Davidson or the Trust Depositor.

In rendering such
opinion, such counsel may rely (A) as to matters involving the application of
laws of any jurisdiction other than the State of Illinois or the United States,
to the extent such counsel deems proper and specifies in such opinion, upon the
opinion of other

 18
 

counsel of good standing
whom such counsel believes to be reliable and who are satisfactory to the
Underwriters and (B) as to matters of fact, to the extent such counsel deems
proper, on certificates of responsible officers of Harley-Davidson and public
officials.

(e)           The Underwriters shall
have received the opinion of Winston & Strawn LLP, counsel for
Harley-Davidson, dated the Closing Date and satisfactory in form and substance
to the Underwriters, to the effect that:

(i)  Harley-Davidson has been duly incorporated
and is validly existing as a corporation in good standing under the laws of the
State of Nevada, with full corporate power and authority to own its properties
and conduct its business as described in the Preliminary Prospectus and the
Prospectus;

(ii)  this Agreement has been duly authorized,
executed and delivered by Harley-Davidson;

(iii)  the Sale and Servicing Agreement has been
duly authorized, executed and delivered by Harley-Davidson and constitutes a
legal, valid and binding obligation of Harley-Davidson, enforceable against
Harley-Davidson in accordance with its terms (subject, as to the enforcement of
remedies, to applicable bankruptcy, reorganization, insolvency, moratorium, or
other laws affecting creditors’ rights generally from time to time in effect);

(iv)  the Transfer and Sale Agreement has been duly
authorized, executed and delivered by Harley-Davidson and constitutes a legal,
valid and binding obligation of Harley-Davidson, enforceable against Harley-Davidson
in accordance with its terms (subject, as to the enforcement of remedies, to
applicable bankruptcy, reorganization, insolvency, moratorium, or other laws
affecting creditors’ rights generally from time to time in effect);

(v)  no consent, approval, authorization or order
of, or filing with, any court or governmental agency or body is required for
the consummation of the transactions contemplated herein or in any Basic
Document, except such as may be required under the blue sky or securities laws
of any jurisdiction in connection with the purchase and sale of the Offered
Securities by the Underwriters, the filing of the UCC-1 financing statements
relating to the conveyance of the Contracts by Harley-Davidson to the Trust
Depositor pursuant to the Transfer and Sale Agreement and of the Contracts and
other Trust Property to the Trust and of the Contracts and other Trust Property
to the Indenture Trustee for the benefit of the Noteholders pursuant to the
Sale and Servicing Agreement, the Trust Agreement and the Indenture, and such
other approvals (which shall be specified in such opinion) as have been
obtained and filings as have been made or are in the process of being made; and

(vi)  none of the execution and delivery of this
Agreement, the Sale and Servicing Agreement, the Transfer and Sale Agreement,
the consummation of any of the transactions therein contemplated or the
fulfillment of the terms thereof will

 19
 

conflict with, result in a breach or
violation of, or constitute a default under, the charter or bylaws of
Harley-Davidson.

In rendering such
opinion, such counsel may rely (A) as to matters involving the application of
laws of any jurisdiction other than the State of New York, the State of
Delaware, the State of Illinois or the United States, to the extent such
counsel deems proper and specifies in such opinion, upon the opinion of other
counsel of good standing whom such counsel believes to be reliable and who are
satisfactory to the Underwriters and (B) as to matters of fact, to the extent such
counsel deems proper, on certificates of responsible officers of
Harley-Davidson and public officials.

All references in
this Section 8(e) to the Prospectus shall be deemed to include any amendment or
supplement thereto at the Closing Date.

(f)            The Underwriters shall
have received an opinion addressed to them from Winston & Strawn LLP, in
its capacity as federal tax counsel for the Trust Depositor, to the effect that
the statements in the Preliminary Prospectus and the Prospectus under the
headings “Prospectus Supplement Summary — Tax Status” and “Material Federal
Income Tax Consequences” accurately describe the material federal income tax
consequences to holders of the Offered Securities.  Winston & Strawn LLP, in its capacity as
special ERISA counsel to the Trust Depositor, shall have delivered an opinion
to the effect that the statements in the Preliminary Prospectus and the
Prospectus under the headings “Prospectus Supplement Summary — ERISA
Considerations” and “ERISA Considerations”, to the extent that they constitute
statements of matters of law or legal conclusions with respect thereto, have
been prepared or reviewed by such counsel and accurately describe the material
consequences to holders of the Offered Securities under ERISA.

(g)           The Underwriters shall
have received from Sidley Austin LLP
such opinion or opinions, dated the Closing Date, with respect to the issuance
and sale of the Offered Securities, the Preliminary Prospectus, the Prospectus
(as amended or supplemented at the Closing Date) and other related matters as
the Underwriters may reasonably require, and the Trust Depositor shall have
furnished to such counsel such documents as they request for the purpose of
enabling them to pass upon such matters.

(h)           The Underwriters shall
have received an opinion addressed to the Underwriters, the Trust Depositor and
the Servicer of Morris, James, Hitchens & Williams, counsel to Wilmington
Trust Company (the “Trust Company”) and special Delaware counsel for the Trust,
dated the Closing Date and satisfactory in form and substance to the
Underwriters, to the effect that:

(i)  the Trust has been duly organized and is
validly existing in good standing as a “statutory trust” within the meaning of
the Delaware Statutory Trust Act, 12 Del. C. c.38;

 20
 

(ii)  the Trust Company is a Delaware banking
corporation, duly organized and validly existing in good standing under the
laws of the State of Delaware and has all necessary power and authority to
enter into, to deliver and perform its obligations under the Trust Agreement
and to act as the Owner Trustee and to enter into, deliver and perform its
obligations as Owner Trustee under each of the other Transaction Documents to
which the Trust or the Owner Trustee, as the case may be, is a party;

(iii)  the execution, delivery and performance by
the Trust of each of the Transaction Documents to which it is a party (i) has
been duly authorized by the Trust Agreement, and (ii) does not require the
consent or approval of, or the giving of notice to, the registration with, or
the taking of any other action in respect of any governmental authority or
agency of the United States federal government or the State of Delaware
regulating the banking and trust powers of the Trust Company, other than the
filing with the Secretary of State of a certificate of trust pursuant to 12
Del. C. § 3810, which filing has been made. 
Upon the due execution and delivery of the Trust Agreement by the Trust
Company, the Trust Agreement duly authorizes the Trust Company, acting alone,
to execute and deliver, on behalf of the Trust, each of the Transaction
Documents;

(iv)  the Trust Agreement and each other
Transaction Document to which the Trust is a party have been duly authorized,
executed and delivered by the Trust, and the Trust Agreement and each such
other Transaction Document to the extent entered into by the Trust constitutes
a legal, valid and binding obligation of the Trust, enforceable against the
Trust in accordance with the terms thereof. 
The Trust Agreement constitutes the legal, valid and binding obligation
of the Trust Company enforceable against the Trust Company in accordance with
its terms;

(v)  to the knowledge of such counsel, no
litigation, investigation or proceeding of or before any arbitrator, court,
tribunal or governmental authority is pending or threatened by or against the
Trust or the Trust Company (a) with respect to any of the Transaction Documents
or any of the transactions contemplated thereby, or (b) which if determined
adversely against the Trust or the Trust Company, as the case may be,
individually or in the aggregate, would materially and adversely affect the
Trust Estate or the validity of, or the right, power or authority of the Trust
to enter into or perform its obligations under, the Transaction Documents;

(vi)  to the knowledge of such counsel, there exist
no liens affecting the interests of the Trust in and to the Trust Estate
resulting from acts or omissions to act of or claims against the Trust, except
liens created by the Transaction Documents;

(vii)  neither the execution and delivery by the
Trust Company or the Trust, as the case may be, of the Transaction Documents,
nor the fulfillment of or compliance by the Trust Company or the Trust, as the
case may be, with the respective provisions thereof, conflicts with, or results
in a breach of the terms,

 21
 

conditions or provisions of, or constitutes a
default under, or results in a violation of, the charter or by-laws of the
Trust Company, any law of the State of Delaware or any federal law of the
United States of America governing the banking and trust powers of the Trust
Company or, to the best knowledge of such counsel, any agreement, indenture,
instrument, order, judgment or decree to which the Trust Company, the Trust or
any of their respective properties is subject;

(viii)  to the extent that Article 9 of the Delaware
Uniform Commercial Code is applicable (without regard to conflict of laws
principles), and assuming that the security interest in the Trust’s rights in
the Contracts and the proceeds thereof that may be perfected under the UCC
solely by the filing of a financing statement with the Secretary of State of
Delaware (the “Trust Collateral”), has been duly created and has attached, upon
the filing of the Trust Financing Statement with the Secretary of State of
Delaware, the Indenture Trustee will have a perfected security interest in all
right, title and interest of the Trust in the Trust Collateral;

(ix)  under 12 Del. C. § 3805(b), no creditor of
the Certificateholder (including creditors of the Trust Depositor, as the
Certificateholder) shall have any right to obtain possession of, or otherwise
exercise legal or equitable remedies with respect to, the property of the
Trust; and

(x)  the Certificate has been duly authorized,
executed and authenticated by the Owner Trustee on behalf of the Trust and,
when the Certificate has been issued and delivered in accordance with the
instructions of the Trust Depositor, the Certificate will be validly issued and
entitled to the benefits of the Trust Agreement.

(i)            The Underwriters shall
have received an opinion addressed to the Underwriters and the Trust Depositor
of Chapman and Cutler LLP, counsel
to The Bank of New York Trust Company, N.A. (the “Bank”), dated the Closing
Date and satisfactory in form and substance to the Underwriters, to the effect
that:

(i)  the Bank is duly organized and validly
existing as a national banking association under the laws of the United States
of America;

(ii)  the Bank has the full corporate power to
accept the office of Indenture Trustee under the Indenture and to enter into
and perform its obligations under the Indenture and the Sale and Servicing
Agreement;

(iii)  the execution and delivery of the Indenture,
the Sale and Servicing Agreement and the performance by the Bank of its obligations
under the Indenture and the Sale and Servicing Agreement have been duly
authorized by all necessary corporate action of the Bank and each has been duly
executed and delivered by the Bank;

(iv)  the Indenture and the Sale and Servicing
Agreement constitute valid and binding obligations of the Bank enforceable
against the Bank in accordance

 22
 

with their terms under the laws of the State
of Illinois and the federal law of the United States;

(v)  the execution and delivery by the Bank of the
Indenture and the Sale and Servicing Agreement do not require any consent,
approval or authorization of, or any registration or filing with, any Illinois
or United States federal governmental authority;

(vi)  each of the Notes has been duly authenticated
by the Bank, as Indenture Trustee;

(vii)  neither the consummation by the Bank of the
transactions contemplated in the Indenture or the Sale and Servicing Agreement
nor the fulfillment of the terms thereof by the Bank will conflict with, result
in a breach or violation of, or constitute a default under, any law or the
charter, bylaws or other organizational documents of the Bank, or the terms of
any indenture or other agreement or instrument and to which the Bank or any of
its subsidiaries is a party or by which it is bound, or any judgment, order or
decree to be applicable to the Bank or any of its subsidiaries of any court,
regulatory body, administrative agency, governmental body or arbitrator having
jurisdiction over the Bank or any of its subsidiaries;

(viii)  there is no action, suit or proceeding
pending or threatened against the Bank (as Indenture Trustee under the
Indenture or in its individual capacity) before or by any governmental
authority that, if adversely decided, would materially and adversely affect the
ability of the Bank to perform its obligations under the Indenture or the Sale
and Servicing Agreement; and

(ix)  the execution and delivery by the Bank of,
and the performance by the Bank of its obligations under, the Indenture and the
Sale and Servicing Agreement will not subject any of the property or assets of
the Trust, or any portion thereof, to any lien created by or arising under the
Bank that are unrelated to the transactions contemplated in such Agreements.

(j)            The Underwriters shall
have received such opinions, addressed to the Underwriters and dated the
Closing Date, as are delivered to the Rating Agencies.

(k)           The Underwriters shall
have received an opinion from Winston & Strawn LLP, counsel for the
Trust Depositor, dated the Closing Date and satisfactory in form and substance
to the Underwriters regarding 1) the true-sale of the Contracts by
Harley-Davidson to the Trust Depositor and 2) the first priority perfected
security interest by the Trust Depositor to the Trust and the conveyance by the
Trust of the Contracts and other Trust Property to the Indenture Trustee for
the benefit of the Noteholders.

(l)            The Underwriters shall
have received an opinion from Winston & Strawn LLP, counsel for the
Trust Depositor, dated the Closing Date and

 23
 

satisfactory
in form and substance to the Underwriters regarding substantive consolidation.

(m)          The Underwriters shall
have received an opinion from Hale Lane Peek Dennison and Howard, special
Nevada counsel to Eaglemark Savings Bank, dated the Closing Date and reasonably
satisfactory in form and substance to the Underwriters regarding Eaglemark
Savings Bank and related matters.

(n)           The Underwriters shall
have received a certificate dated the Closing Date of any of the Chairman of
the Board, the President, the Executive Vice President, any Vice President, the
Treasurer, any Assistant Treasurer, the principal financial officer or the
principal accounting officer of the Trust Depositor in which such officer shall
state that, to the best of his or her knowledge after reasonable investigation:

(i)  the representations and warranties of the
Trust Depositor contained in this Agreement and the Basic Documents are true
and correct;

(ii)  the Trust Depositor has complied with all
agreements and satisfied all conditions on its part to be performed or
satisfied under such agreements at or prior to the Closing Date;

(iii)  since the date of the Preliminary Prospectus,
no material adverse change, or any development involving a prospective material
adverse change, in or affecting particularly the business or properties of the
Trust Depositor has occurred; and

(iv)  no stop order suspending the effectiveness of
the Registration Statement has been issued and no proceedings for that purpose
have been instituted or are contemplated by the Commission.

(o)           The Underwriters shall
have received a certificate dated the Closing Date of any of the Chairman of
the Board, the President, the Executive Vice President, any Vice President, the
Treasurer, any Assistant Treasurer, the principal financial officer or the
principal accounting officer of Harley-Davidson in which such officer shall
state that, to the best of his or her knowledge after reasonable investigation:

(i)  the representations and warranties of
Harley-Davidson contained in this Agreement and the Basic Documents are true
and correct;

(ii)  Harley-Davidson has complied with all
agreements and satisfied all conditions on its part to be performed or
satisfied under such agreements at or prior to the Closing Date;

(iii)  since the date of the most recent financial
information included in the Preliminary Prospectus, no material adverse change,
or any development

 24
 

involving a prospective material adverse
change, in or affecting particularly the business or properties of
Harley-Davidson has occurred; and

(iv)  no stop order suspending the effectiveness of
the Registration Statement has been issued and no proceedings for that purpose
have been instituted or are contemplated by the Commission.

(p)           The Underwriters shall
have received evidence satisfactory to them that, on or before the Closing
Date, UCC-1 financing statements have been or are being filed in the
offices of the Secretary of State of the State of Nevada and the Secretary of
State of the State of Delaware reflecting the sale of the Contracts by
Harley-Davidson to the Trust Depositor and of the Contracts and other Trust
Property by the Trust Depositor to the Trust and the pledge by the Trust of the
contracts and other Trust Property to the Indenture Trustee for the benefit of
the Noteholders.

(q)           At or prior to the Time
of Sale and at the Closing Date, Ernst & Young LLP shall have furnished to
the Underwriters a letter or letters, dated respectively as of the date of the
Time of Sale and as of the Closing Date, substantially in the forms of the
drafts to which the Underwriters have previously agreed and otherwise in form
and substance satisfactory to the Underwriters concerning the Time of Sale
Information and the Prospectus.

(r)            Subsequent to the
Execution Time or, if earlier, the dates as of which information is given in
the Preliminary Prospectus, there shall not have been any change or any
development involving a prospective change in or affecting the business or
properties of Harley-Davidson or the Trust Depositor the effect of which is, in
the judgment of the Underwriters, so material and adverse as to make it
impractical or inadvisable to market the Offered Securities as contemplated by
the Preliminary Prospectus.

(s)           The Class A-1 Notes
shall have been rated “Prime-1” by Moody’s and “A-1+” by S&P.  The Class A-2, Class A-3 and Class A-4 Notes
shall have been rated “Aaa” by Moody’s and “AAA” by S&P.

(t)            The Class B Notes
shall have been rated at least “A” by S&P and “A1” by Moody’s.

(u)           The Class C Notes shall
have been rated at least “BBB” by S&P and “Baa2” by Moody’s.

(v)           On or prior to the
Closing Date, the Offered Securities shall have been accepted for settlement
through the facilities of DTC.

(w)          On the Closing Date, the
Certificate shall have been issued and delivered to the Trust Depositor.

 25
 

(x)            Prior to the Closing
Date, the Trust Depositor shall have furnished to the Underwriters such further
information, certificates and documents as the Underwriters may reasonably
request.

If any of the
conditions specified in this Section 8 shall not have been fulfilled in all
material respects when and as provided in this Agreement, or if any of the
opinions and certificates mentioned above or elsewhere in this Agreement shall
not be in all material respects reasonably satisfactory in form and substance
to the Underwriters, this Agreement and all obligations of the Underwriters
hereunder may be canceled at, or at any time prior to, the Closing Date by the
Underwriters.  Notice of such
cancellation shall be given to the Trust Depositor in writing or by telephone
or telegraph confirmed in writing.

9.             Reimbursement
of Expenses.  If the sale of the
Offered Securities provided for herein is not consummated because any condition
to the obligation of the Underwriters set forth in Section 8 hereof is not
satisfied, because of any refusal, inability or failure on the part of
Harley-Davidson or the Trust Depositor to perform any agreement herein or to
comply with any provision hereof other than by reason of a default by the
Underwriters in payment for the Offered Securities on the Closing Date,
Harley-Davidson and the Trust Depositor will reimburse the Underwriters upon
demand for all out-of-pocket expenses (including reasonable fees and
disbursements of counsel) that shall have been incurred by them in connection
with the proposed purchase and sale of the Offered Securities.

10.           Indemnification and
Contribution.  (a)  The Trust Depositor and Harley-Davidson,
jointly and severally, agree to indemnify and hold harmless each Underwriter,
the directors, officers, employees and agents of each Underwriter and each
person who controls each Underwriter within the meaning of either the Act or
the Exchange Act against any and all losses, claims, damages or liabilities,
joint or several, to which they or any of them may become subject under the
Act, the Exchange Act or other federal or state statutory law or regulation, at
common law or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in the
Registration Statement, the Preliminary Prospectus, the Prospectus, any Trust
Free Writing Prospectus, the Time of Sale Information, the Issuer Information
or any information provided by the Trust Depositor or Harley-Davidson to any
Underwriter or any holder or prospective purchaser of Offered Securities or in
any amendment thereof or supplement thereto, or arise out of or are based upon
the omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading, and agrees to
reimburse each such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however, that the Trust
Depositor and Harley-Davidson will not be liable in any such case to the extent
that any such loss, claim, damage or liability arises out of or is based upon
any such untrue statement or alleged untrue statement or omission or alleged
omission made (x) in the Preliminary Prospectus, the Prospectus, any Trust Free
Writing Prospectus or the Time of Sale Information, or in any amendment thereof
or supplement thereto, in reliance upon and in conformity with the Underwriter
Information or (y) in any Derived Information (as defined in
Section 11 below) unless such untrue statement or alleged untrue statement
or omission or alleged omission made in any Derived Information results from an
error

 26
 

or omission in the
Preliminary Prospectus, the Prospectus, the Time of Sale Information or any
Issuer Information.

(b)           Each
Underwriter, severally and not jointly, agrees to indemnify and hold harmless
the Trust Depositor and Harley-Davidson, their directors, their officers and
each person who controls the Trust Depositor or Harley-Davidson within the
meaning of either the Act or the Exchange Act, to the same extent as the
foregoing indemnity from the Trust Depositor and Harley-Davidson to each
Underwriter, but only with reference to untrue statements or omissions or
alleged untrue statements or omissions made in (x) the Registration Statement,
the Preliminary Prospectus, the Prospectus or the Time of Sale Information or
in any amendment thereof or supplement thereto in reliance upon and in
conformity with the Underwriter Information or (y) any Derived
Information; provided, however,
that the indemnity with respect to clause (y) above shall not apply to any
untrue statement or alleged untrue statement or omission or alleged omission
made in any Derived Information that results from an error or omission in (i)
the Preliminary Prospectus, (ii) the Prospectus, (iii) the Time of Sale
Information or (iv) any Issuer Information. 
This indemnity agreement will be in addition to any liability that an
Underwriter may otherwise have.

(c)           Upon
receipt by an indemnified party under this Section 10 of notice of the
commencement of any action, such indemnified party will, if a claim in respect
thereof is to be made against the indemnifying party under this Section 10,
promptly notify the indemnifying party in writing of the commencement thereof;
but the failure so to notify the indemnifying party (i) will not relieve it
from liability under paragraph (a) or (b) above unless and to the extent it did
not otherwise learn of such action and such failure results in the forfeiture
by the indemnifying party of substantial rights and defenses and (ii) will not,
in any event, relieve the indemnifying party from any obligations to any
indemnified party other than the indemnification obligation provided in
paragraph (a) or (b) above.  The indemnifying
party shall be entitled to appoint counsel of the indemnifying party’s choice
at the indemnifying party’s expense to represent the indemnified party in any
action for which indemnification is sought (in which case the indemnifying
party shall not thereafter be responsible for the fees and expenses of any
separate counsel retained by the indemnified party or parties except as set
forth below); provided, however,
that such counsel shall be satisfactory to the indemnified party.  Notwithstanding the indemnifying party’s
election to appoint counsel to represent the indemnified party in an action,
the indemnified party shall have the right to employ separate counsel
(including local counsel), and the indemnifying party shall bear the reasonable
fees, costs and expenses of such separate counsel if (i) the use of counsel
chosen by the indemnifying party to represent the indemnified party would
present such counsel with a conflict of interest, (ii) the actual or potential
defendants in, or targets of, any such action include both the indemnified
parties and the indemnifying party and the indemnified parties shall have
reasonably concluded that there may be legal defenses available to them and/or
other indemnified parties that are different from or additional to those
available to the indemnifying party, (iii) the indemnifying party shall not
have employed counsel satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of the institution of
such action or (iv) the indemnifying party shall authorize the indemnified
party to employ separate counsel at the expense of the indemnifying party.  An indemnifying party shall not, without the
prior written consent of the indemnified party, effect any settlement of any
pending or threatened proceeding in respect of which any indemnified party is
or could have been a party and indemnity could have been sought hereunder by
such

 27
 

indemnified party, unless such settlement (x) does not include a
statement as to, or admission of, fault, culpability or a failure to act by or
on behalf of any such indemnified party, and (y) includes an unconditional
release of such indemnified party from all liability on claims that are the
subject matter of such proceeding.

(d)           In
the event that the indemnity provided in paragraph (a) or (b) of this Section
10 is unavailable to or insufficient to hold harmless an indemnified party for
any reason, the Trust Depositor, Harley-Davidson and each Underwriter agree to
contribute to the aggregate losses, claims, damages and liabilities (including
legal or other expenses reasonably incurred in connection with investigating or
defending same) (collectively “Losses”) to which the Trust Depositor,
Harley-Davidson and the several Underwriters may be subject in such proportion
as is appropriate to reflect the relative benefits received by the Trust
Depositor and Harley-Davidson on the one hand and by the several Underwriters
on the other from the offering of the Offered Securities; provided, however, that in no case shall
any Underwriter be responsible for any amount in excess of the purchase
discount or commission applicable to the Offered Securities purchased by such
Underwriter hereunder.  If the allocation
provided by the immediately preceding sentence is unavailable for any reason,
the Trust Depositor, Harley-Davidson and each Underwriter shall contribute in
such proportion as is appropriate to reflect not only such relative benefits
but also the relative fault of the Trust Depositor and Harley-Davidson on the
one hand and of the several Underwriters on the other in connection with the
statements or omissions that resulted in such Losses as well as any other
relevant equitable considerations. 
Benefits received by the Trust Depositor and Harley-Davidson shall be
deemed to be equal to the total net proceeds from the offering (before
deducting expenses), and benefits received by any Underwriter shall be deemed
to be equal to the total purchase discounts and commissions received by such
Underwriter from the Trust Depositor in connection with the purchase of the
Offered Securities hereunder.  Relative
fault shall be determined by reference to whether any alleged untrue statement
or omission relates to information provided by the Trust Depositor and
Harley-Davidson on the one hand or the several Underwriters on the other.  The Trust Depositor, Harley-Davidson and the
several Underwriters agree that it would not be just and equitable if
contribution were determined by pro rata allocation or any other method of allocation
that does not take account of the equitable considerations referred to
above.  Notwithstanding the provisions of
this paragraph (d), no person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation.  For purposes of this Section 10, each person
who controls any Underwriter within the meaning of either the Act or the
Exchange Act and each director, officer, employee and agent of such Underwriter
shall have the same rights to contribution as such Underwriter, and each person
who controls the Trust Depositor or Harley-Davidson within the meaning of
either the Act or the Exchange Act and each officer and director of the Trust
Depositor or Harley-Davidson shall have the same rights to contribution as the
Trust Depositor or Harley-Davidson, subject in each case to the applicable
terms and conditions of this paragraph (d).

11.           Free Writing
Prospectuses.

(a)           The following terms have the specified meanings for purposes of this
Agreement:

 28
 

“Free Writing Prospectus” means and includes any information relating to the Offered
Securities disseminated by the Trust Depositor or any Underwriter that
constitutes a “free writing prospectus” within the meaning of Rule 405 under
the Act.

“Issuer Information” means (1) the
information contained in any Underwriter Free Writing Prospectus which
information is also included in the Preliminary Prospectus or the Prospectus
(other than Underwriter Information), (2) information in the Preliminary
Prospectus or the Prospectus provided by the Trust Depositor or Harley-Davidson
that is used to calculate or create any Derived Information and (3) any computer tape or other information in
respect of the Offered Securities, the Contracts or other Trust Property
furnished by the Trust Depositor or Harley-Davidson to any Underwriter.

“Derived Information” means such written
information regarding the Offered Securities as is disseminated by any
Underwriter to a potential investor, which information is neither (A) Issuer
Information nor (B) contained in the Registration Statement, the Preliminary
Prospectus, the Prospectus Supplement, the Prospectus or any amendment or
supplement to any of them, taking into account information incorporated therein
by reference (other than information incorporated by reference from any
information regarding the Offered Securities that is disseminated by any
Underwriter to a potential investor).

(b)           Neither the Trust Depositor nor any Underwriter shall disseminate or file
with the Commission any information relating to the Offered Securities in
reliance on Rule 167 or 426 under the Act, nor shall the Trust Depositor or any
Underwriter disseminate any Underwriter Free Writing Prospectus (as defined
below) “in a manner reasonably designed to lead to its broad unrestricted
dissemination” within the meaning of Rule 433(d) under the Act.

(c)           The Trust Depositor shall not disseminate to any potential investor any
information relating to the Offered Securities that constitutes a “written
communication” within the meaning of Rule 405 under the Act, other than the
Time of Sale Information and the Prospectus, unless the Trust Depositor has
obtained the prior consent of Wachovia Capital Markets, LLC.

(d)           Each Underwriter
represents, warrants, covenants and agrees with the Trust Depositor that, other
than the Preliminary Prospectus and the Prospectus, it has not made, used,
prepared, authorized, approved or referred to and will not prepare, make, use,
authorize, approve or refer to any “written communication” (as defined in Rule
405 under the Act) that constitutes an offer to sell or solicitation of an
offer to buy the Offered Securities, including but not limited to any “ABS
informational and computational materials” as defined in Item 1101(a) of
Regulation AB under the Act; provided, however, that (i) each Underwriter may prepare and convey one
or more “written communications” (as defined in Rule 405 under the Act)
containing no more than the following: (1) information included in the
previously filed Preliminary Prospectus, (2) information relating to the class,
size, rating, price, CUSIP numbers, coupon, yield, spread, benchmark, pricing
prepayment speed and clean up call information, status and/or legal maturity
date of the Offered Securities, any credit enhancement expected to be provided
with respect to the Offered Securities or the Contracts, any derivatives
expected to be entered into in connection with the Offered Securities or the
Contracts, the weighted average life,

 29
 

expected final payment date, trade date,
settlement date and payment window of one or more classes of Offered
Securities, the names of any underwriters for one or more classes of Offered
Securities and the names of any credit enhancement or derivative providers, (3)
the eligibility of the Offered Securities to be purchased by ERISA plans and
(4) syndicate structure and a column or other entry showing the status of the
subscriptions for the Offered Securities (both for the issuance as a whole and
for each Underwriter’s retention) and/or expected pricing parameters of the
Offered Securities (each such written communication, an “Underwriter Free
Writing Prospectus”); (ii) each Underwriter shall provide the Trust
Depositor with a true and accurate copy of each Free Writing Prospectus
conveyed by it of the type referred to in Rule 433(d)(5)(ii) under the Act no
later than the close of business on the date of first use and in any event not
less than one business day prior to the required date of filing with the
Commission; and (iii) each Underwriter is permitted to provide information
customarily included in confirmations of sales of securities and notices of
allocations and information delivered in compliance with Rule 134 of the Act.

(e)           Harley-Davidson
agrees to file with the Commission when required under the Rules and
Regulations the following:

(i)  any Free Writing Prospectus
that includes Issuer Information (any such Free Writing Prospectus, a “Trust
Free Writing Prospectus”);

(ii)           subject to the Underwriters’ compliance with
Section 11(d), any Underwriter Free Writing Prospectus at the time required to
be filed; and

(iii)  any Free Writing
Prospectus for which the Trust Depositor or any person acting on its behalf,
including, without limitation, Harley-Davidson, provided, authorized or
approved information that is prepared and published or disseminated by a person
unaffiliated with the Trust Depositor or any other offering participant that is
in the business of publishing, radio or television broadcasting or otherwise
disseminating communications.

(f)            Notwithstanding
the provisions of Section 11(e), Harley-Davidson will not be required to file
any Free Writing Prospectus that does not contain substantive changes from or
additions to a Free Writing Prospectus previously filed with the Commission.

(g)           The
Trust Depositor and the Underwriters each agree that any Free Writing
Prospectuses prepared by it will contain a legend substantially similar to the
following legend:

The issuer has filed a registration statement (including a prospectus)
with the SEC for the offering to which this communication relates.  Before you invest, you should read the
prospectus in that registration statement and other documents the issuer has
filed with the SEC for more complete information about the issuer and this
offering.  You may get these documents
for free by visiting EDGAR on the SEC website at www.sec.gov.  Alternatively, the issuer, any underwriter or
any dealer participating in the offering will arrange to send you the
prospectus if you request it by calling toll-free 1-8[xx-xxx-xxxx].

 30
 

(h)           In the event the Trust Depositor or Harley-Davidson becomes aware that,
as of the Time of Sale, any Time of Sale Information contains or contained any
untrue statement of material fact or omits or omitted to state a material fact
necessary in order to make the statements contained therein (when read in
conjunction with all Time of Sale Information) in light of the circumstances
under which they were made, not misleading (a “Defective Prospectus”), Harley-Davidson
shall promptly notify the Underwriters of such untrue statement or omission no
later than one business day after discovery and Harley-Davidson shall, if
requested by the Underwriters, prepare and deliver to the Underwriters a
Corrected Prospectus.

(i)            In
disseminating information to prospective investors, each Underwriter has
complied and will continue to comply fully with all applicable Rules and
Regulations, including but not limited to Rules 164 and 433 under the Act and
the requirements thereunder for filing and retention of Free Writing
Prospectuses, including retaining any Free Writing Prospectuses it has used but
which are not required to be filed for the required period.

(j)            Prior
to entering into any Contract of Sale, each Underwriter shall convey the Time
of Sale Information to the prospective investor.  Each Underwriter shall maintain sufficient
records to document its conveyance of the Time of Sale Information to the
potential investor prior to the formation of the related Contract of Sale and
shall maintain such records as required by the Rules and Regulations.

(k)           If a Defective
Prospectus has been corrected with a Corrected Prospectus, each Underwriter
shall (A) deliver the Corrected Prospectus to each investor with whom it
entered into a Contract of Sale and that received the Defective Prospectus from
it prior to entering into a new Contract of Sale with such investor, (B) notify
such investor that the prior
Contract of Sale with the investor, if any, has been terminated and of the
investor’s rights as a result of such agreement and (C) provide such investor
with an opportunity to agree to purchase the Offered Securities on the terms
described in the Corrected Prospectus, in each case as consistent with the
Underwriter’s good faith interpretation of the requirements of Commission
Release No. 33-8591.

12.           Defaults of the
Underwriters.  If any Underwriter
defaults in its obligation to purchase the Offered Securities hereunder on the
Closing Date and arrangements satisfactory to the nondefaulting Underwriters
and the Trust Depositor for the purchase of such Offered Securities by other
persons are not made within 36 hours after such default, this Agreement will
terminate without liability on the part of the nondefaulting Underwriters, Harley-Davidson
or the Trust Depositor, except as provided in Section 15.  Nothing herein will relieve a defaulting
Underwriter from liability for its default. 
The term “Underwriter” includes any person substituted for an
Underwriter under this Section.

In the event of
any such default that does not result in a termination of this Agreement, any
of the nondefaulting Underwriters or the Trust Depositor shall have the right
to postpone the Closing Date for a period not exceeding seven days in order to
effect any required change in the Registration Statement or Prospectus or in
any other documents or arrangements.

13.           Termination.  This Agreement shall be subject to
termination in the absolute discretion of the Underwriters, by notice given to
the Trust Depositor prior to delivery of and

 31
 

payment for the Offered Securities, if prior to such
time (i) trading in securities generally on the New York Stock Exchange or the
Nasdaq Stock Market’s National Market shall have been suspended or limited or
minimum prices shall have been established on either such exchange, (ii) a
banking moratorium shall have been declared either by federal or New York State
authorities or (iii) there shall have occurred any outbreak or escalation of
hostilities, declaration by the United States of a national emergency or war,
or other calamity or crisis the effect of which on financial markets is such as
to make it, in the judgment of the Underwriters, impracticable or inadvisable
to proceed with the offering or delivery of the Offered Securities as
contemplated by the Prospectus.

14.           No Bankruptcy
Petition.  Each Underwriter covenants
and agrees that, prior to the date which is one year and one day after the
payment in full of all securities issued by the Trust Depositor or by a trust
for which the Trust Depositor was the depositor, which securities were rated by
any nationally recognized statistical rating organization, it will not
institute against, or join any other Person in instituting against, the Trust
Depositor any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or other proceedings under any federal or state
bankruptcy or similar law.

15.           Representations and
Indemnities to Survive.  The
respective agreements, representations, warranties, indemnities and other
statements of the Trust Depositor and Harley-Davidson and their respective
officers and of the several Underwriters set forth in or made pursuant to this
Agreement will remain in full force and effect, regardless of any investigation
made by or on behalf of any Underwriter, the Trust Depositor or Harley-Davidson
or any of the officers, directors or controlling persons referred to in Section
13 hereof, and will survive delivery of and payment for the Offered
Securities.  The provisions of Sections
9, 10 and 16 hereof shall survive the termination or cancellation of this
Agreement.

16.           Relationship
Among Parties.  Harley-Davidson and
the Trust Depositor acknowledge and agree that the Underwriters are
acting solely in the capacity of an arm’s length contractual counterparty to Harley-Davidson and the Trust Depositor with respect to
the offering of the Offered Securities contemplated hereby (including in
connection with determining the terms of the offering) and not as a financial
advisor or a fiduciary to, or an agent of, Harley-Davidson,
the Trust Depositor or any other person. 
Additionally, none of the Underwriters are advising Harley-Davidson,
the Trust Depositor or any other person as to any legal, tax,
investment, accounting or regulatory matters in any jurisdiction.  Harley-Davidson and the
Trust Depositor shall consult with their own advisors concerning such
matters and shall be responsible for making their own independent investigation
and appraisal of the transactions contemplated hereby, and the Underwriters
shall have no responsibility or liability to Harley-Davidson
or the Trust Depositor with respect to any legal, tax, investment,
accounting or regulatory matters. Any review by the Underwriters of Harley-Davidson, the Trust Depositor, the transactions
contemplated hereby or other matters relating to such transactions will be
performed solely for the benefit of the Underwriters and shall not be on behalf
of Harley-Davidson or the Trust Depositor.

17.           Notices.  All communications hereunder will be in
writing and effective only on receipt, and, if sent to the Underwriters, will
be mailed, delivered or telegraphed and confirmed to them c/o Wachovia Capital
Markets, LLC, 301 South College Street, Charlotte,

 32
 

North Carolina 28288,
Attention: Asset-Backed Finance; or if sent to the Trust Depositor, will be
mailed, delivered or telegraphed and confirmed to it at Harley-Davidson
Customer Funding Corp., 3850 Arrowhead Drive, Carson City, Nevada 89706,
Attention:  President; or if sent to
Harley-Davidson, will be mailed, delivered, telegraphed and confirmed to it at
Harley-Davidson Credit Corp., 3850 Arrowhead Drive, Carson City, Nevada 89706,
Attention: President.

18.           Successors.  This Agreement will inure to the benefit of
and be binding upon the parties hereto and their respective successors and the
officers and directors and controlling persons referred to in Section 10
hereof, and, except as expressly set forth herein, no other person will have
any right or obligation hereunder.

19.           Applicable Law.  This Agreement will be governed by and
construed in accordance with the laws of the State of New York.

20.           Business Day.  For purposes of this Agreement, “business day”
means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on
which national banking associations in the cities of Chicago, Illinois or New
York, New York are authorized or obligated by law, executive order or
regulation to close.

21.           Counterparts.  This Agreement may be executed in one or more
counterparts, each of which will be deemed to be an original, but all such
counterparts will together constitute one and the same agreement.

 33

If the foregoing
is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this Agreement and your
acceptance shall represent a binding agreement among the Trust Depositor,
Harley-Davidson and the several Underwriters.

	
  

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  HARLEY-DAVIDSON CUSTOMER FUNDING

  CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Perry A. Glassgow

  	
   

  
	
   

  	
   

  	
  Name: Perry A. Glassgow

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  

 

	
  

  	
  HARLEY-DAVIDSON CREDIT CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Perry A. Glassgow

  	
   

  
	
   

  	
   

  	
  Name: Perry A. Glassgow

  
	
   

  	
   

  	
  Title: Vice President and Treasurer

  

 

The
foregoing Agreement is hereby

confirmed and accepted as of the

date first above written.

WACHOVIA CAPITAL MARKETS, LLC

J.P. MORGAN SECURITIES INC.

ABN AMRO INCORPORATED

BNP PARIBAS SECURITIES CORP.

CITIGROUP
GLOBAL MARKETS INC.

	
  By: WACHOVIA
  CAPITAL MARKETS, LLC

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Steven J. Ellis

  	
   

  
	
   

  	
  Name: Steven J. Ellis

  	
   

  
	
   

  	
  Title: Director

  	
   

  

 

SCHEDULE I

HARLEY-DAVIDSON MOTORCYCLE TRUST 2007-1

	
  Offered Security

  	
   

  	
  Principal Amount

  	
   

  	
  Price

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-1 Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wachovia Capital
  Markets, LLC

  	
   

  	
  $

  	
  28,200,000

  	
   

  	
  99.90000

  	
  %

  
	
  J.P. Morgan Securities
  Inc.

  	
   

  	
  $

  	
  28,200,000

  	
   

  	
  99.90000

  	
  %

  
	
  ABN AMRO Incorporated

  	
   

  	
  $

  	
  28,200,000

  	
   

  	
  99.90000

  	
  %

  
	
  BNP Paribas Securities
  Corp.

  	
   

  	
  $

  	
  28,200,000

  	
   

  	
  99.90000

  	
  %

  
	
  Citigroup Global
  Markets Inc.

  	
   

  	
  $

  	
  28,200,000

  	
   

  	
  99.90000

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-2 Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wachovia Capital
  Markets, LLC

  	
   

  	
  $

  	
  58,000,000

  	
   

  	
  99.85257

  	
  %

  
	
  J.P. Morgan Securities
  Inc.

  	
   

  	
  $

  	
  58,000,000

  	
   

  	
  99.85257

  	
  %

  
	
  ABN AMRO Incorporated

  	
   

  	
  $

  	
  58,000,000

  	
   

  	
  99.85257

  	
  %

  
	
  BNP Paribas Securities
  Corp.

  	
   

  	
  $

  	
  58,000,000

  	
   

  	
  99.85257

  	
  %

  
	
  Citigroup Global
  Markets Inc.

  	
   

  	
  $

  	
  58,000,000

  	
   

  	
  99.85257

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-3 Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wachovia Capital
  Markets, LLC

  	
   

  	
  $

  	
  31,600,000

  	
   

  	
  99.81122

  	
  %

  
	
  J.P. Morgan Securities
  Inc.

  	
   

  	
  $

  	
  31,600,000

  	
   

  	
  99.81122

  	
  %

  
	
  ABN AMRO Incorporated

  	
   

  	
  $

  	
  31,600,000

  	
   

  	
  99.81122

  	
  %

  
	
  BNP Paribas Securities
  Corp.

  	
   

  	
  $

  	
  31,600,000

  	
   

  	
  99.81122

  	
  %

  
	
  Citigroup Global
  Markets Inc.

  	
   

  	
  $

  	
  31,600,000

  	
   

  	
  99.81122

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A-4 Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wachovia Capital
  Markets, LLC

  	
   

  	
  $

  	
  28,600,000

  	
   

  	
  99.77569

  	
  %

  
	
  J.P. Morgan Securities
  Inc.

  	
   

  	
  $

  	
  28,600,000

  	
   

  	
  99.77569

  	
  %

  
	
  ABN AMRO Incorporated

  	
   

  	
  $

  	
  28,600,000

  	
   

  	
  99.77569

  	
  %

  
	
  BNP Paribas Securities
  Corp.

  	
   

  	
  $

  	
  28,600,000

  	
   

  	
  99.77569

  	
  %

  
	
  Citigroup Global
  Markets Inc.

  	
   

  	
  $

  	
  28,600,000

  	
   

  	
  99.77569

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class B Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wachovia Capital
  Markets, LLC

  	
   

  	
  $

  	
  24,000,000

  	
   

  	
  99.68558

  	
  %

  
	
  J.P. Morgan Securities
  Inc.

  	
   

  	
  $

  	
  24,000,000

  	
   

  	
  99.68558

  	
  %

  
	
  ABN AMRO Incorporated

  	
   

  	
  —

  	
   

  	
  99.68558

  	
  %

  
	
  BNP Paribas Securities
  Corp.

  	
   

  	
  —

  	
   

  	
  99.68558

  	
  %

  
	
  Citigroup Global
  Markets Inc.

  	
   

  	
  —

  	
   

  	
  99.68558

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class C Notes

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wachovia Capital
  Markets, LLC

  	
   

  	
  $

  	
  10,000,000

  	
   

  	
  99.64814

  	
  %

  
	
  J.P. Morgan Securities
  Inc.

  	
   

  	
  $

  	
  10,000,000

  	
   

  	
  99.64814

  	
  %

  
	
  ABN AMRO Incorporated

  	
   

  	
  —

  	
   

  	
  99.64814

  	
  %

  
	
  BNP Paribas Securities
  Corp.

  	
   

  	
  —

  	
   

  	
  99.64814

  	
  %

  
	
  Citigroup Global
  Markets Inc.

  	
   

  	
  —

  	
   

  	
  99.64814

  	
  %

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]