Document:

Exhibit 4.1

ARTICLES OF INCORPORATION

OF

A.D.A.M., INC.

1.

The name of the Corporation is A.D.A.M., Inc. (the “Corporation”)

2.

Section 2.1. Common Stock. The aggregate number of common shares (referred to in these Articles of
incorporation as “Common Stock”) which the Corporation shall have the authority
to issue is 20,000,000, with a par
value of $.01 per share. Each share
of Common Stock shall have one vote on each matter submitted to a vote of the shareholders of the
Corporation.  Subject to the provisions
of applicable law and the rights of the holders of the outstanding shares of
Preferred Stock, if any, the holders of shares of Common Stock shall be
entitled to receive, when and as declared by the Board of Directors of the
Corporation, out of the assets of the
Corporation legally available therefor, dividends or other distributions, whether payable in cash,
property or securities of the
Corporation. The holders of shares of Common Stock shall be entitled to receive, in proportion to the number of shares of Common Stock held, the net assets of
the Corporation upon dissolution after any preferential amounts required to be
paid or distributed to holders of outstanding shares of Preferred Stock,
if any, are so paid or distributed.

Section 2.2. Preferred Stock. The aggregate number of preferred shares (referred to in these Articles
of Incorporation as “Preferred Stock”) which the Corporation shall have
authority to issue is 10,000,000,
with a par value of $.01 per share. The Preferred Stock may be issued from time to time by the Board of
Directors as shares of one or more series. 
The description of shares of each series of Preferred Stock, including
any designations, preferences,
conversion and other rights, voting powers,
restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption shall be
as set forth in resolutions adopted by the Board of Directors, and articles of
amendment shall be filed with the Georgia Secretary of State as required by law
to be filed with respect to issuance of such Preferred Stock, prior to the
issuance of any shares of such series.

The
Board of Directors is expressly authorized, at any time, by adopting
resolutions providing for the issuance of, or providing for a change in the
number of, shares of any particular series of Preferred Stock and, if and to
the extent from time to time required by law, by filing articles of amendment
which are effective without shareholder action, to increase or decrease the number of shares
included in each series of Preferred Stock, but not below the number of shares then issued, and
to set in any one or more respects the designations, preferences, conversion or other
rights, voting powers, restrictions, limitations as to dividends,
qualifications, or terms and conditions of redemption relating to the shares
of each such series.  The authority of
the Board of Directors with respect to each series of Preferred Stock shall include, but not
be limited to, setting or changing the following:

(i)  the dividend rate, if any, on
shares of such series, the times of payment and the 

date
from which dividends shall be accumulated, if dividends are to be cumulative;

(ii) whether the shares of such series shall be redeemable and, if so,
the redemption price and the terms and conditions of such redemption;

(iii) the obligation, if any, of the Corporation to
redeem shares of such series pursuant to a sinking fund;

(iv) whether shares of such series shall be convertible into, or
exchangeable for, shares of stock of any other class or classes and, if so, the
terms and conditions of such conversion or exchange, including the price or
prices or the rate or rates of conversion or exchange and the terms of
adjustment, if any;

(v) whether the shares of such series shall have voting rights, in
addition to the voting rights provided by law, and, if so, the extent of such
voting rights;

(vi) the rights of the shares of such series in the event of voluntary
or involuntary liquidation, dissolution or winding-up of the Corporation; and

(vii) any other relative rights, powers, preferences, qualifications,
limitations or restrictions thereof relating to such series.

2.2.1  Designation. The shares of Series A
convertible preferred stock, par value $.01 per share, shall be designated the “Convertible
Preferred Stock.”

2.2.2  Dividends.  When, as and if declared by the Board of
Directors, the holders of any of the outstanding Corporation’s capital stock
(either common or preferred) shall be entitled to receive, out of any funds
legally available therefor, any dividends, then the holders of Convertible
Preferred Stock shall receive any such dividends on a ratable basis based on
each holder’s outstanding Convertible Preferred Stock as a percentage of total
outstanding capital stock. Such dividend amounts shall be subject to equitable
adjustment in the event of any stock split, dividend, combination,
reclassification or other similar event. Upon liquidation, dissolution or
winding up of the Corporation, or redemption of the Convertible Preferred
Stock, all accrued and unpaid dividends, whether or not earned or declared, to
and until the date of such event, shall become immediately due and payable and
shall be paid in full.

2.2.3  Liquidation, Dissolution or Winding Up.

(a)           In the event of any liquidation, dissolution or winding up
of the Corporation, whether voluntary or involuntary, holders of each share of
Convertible Preferred Stock shall be entitled to be paid first out of the
assets of the Corporation available for distribution to holders of the
Corporation’s capital stock of all classes, whether such assets are capital,
surplus, or earnings, before any sums shall be paid or any assets distributed
among the holders of shares of Common Stock, an amount equal to $8.00 per share
of Convertible Preferred Stock plus (i) an amount equal to all accrued
and unpaid dividends thereon, whether or not earned or declared, up to and
including the date of full payment and (ii) a premium in an amount equal to
$0.80 per 

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annum per share (for the time period such
Convertible Preferred Stock is held) subject to adjustment in the event of any
stock split, dividend, combination, reclassification or other similar event
involving the Convertible Preferred Stock. If the assets of the Corporation
shall be insufficient to permit the payment in full to the holders of the
Corporation’s Preferred Stock of the amount thus distributable, then the entire
assets of the Corporation available for such distribution shall be distributed
ratably among the holders of all of the Corporation’s preferred stock,
including ratable distribution to the holders of the Convertible Preferred
Stock.  After such payment shall have
been made in full to the holders of the Convertible Preferred Stock or funds
necessary for such payment shall have been set aside by the Corporation in
trust for the account of holders of the Convertible Preferred Stock so as to be
available for such payment, holders of the Convertible Preferred Stock shall be
entitled to no further participation in the distribution of the assets of the
Corporation and shall have no further rights of conversion, and the remaining
assets available for distribution shall be distributed ratably among the
holders of the Common Stock.

(b)           A consolidation or
merger of the Corporation or a sale of all or substantially all of the assets
of the Corporation shall be regarded, at the option of the holder of the
Convertible Preferred Stock, as a liquidation, dissolution or winding up of the
affairs of the Corporation within the meaning of this Section 2.2.3.

(c)           Whenever the
distribution provided for herein shall be paid in property other than cash, the
value of such distribution shall be the fair market value of such property as
determined in good faith by the Board of Directors of the Corporation.

2.2.4  Voting Power. Except as required by
law, each holder of Convertible Preferred Stock shall be entitled to vote on
all matters and shall be entitled to that number of votes equal to one hundred
percent (100%) of the largest number of whole shares of Common Stock into which
such holder’s shares of Convertible Preferred Stock could be converted pursuant
to the provisions of Section 2.2.5 hereof, at the record date for the
determination of shareholders entitled to vote on such matters or, if no such
record date is established, at the date such vote is taken or any written
consent of shareholders is solicited.

2.2.5  Right to Convert.

(a)           Conversion Price. The initial conversion price per
share for the Convertible Preferred Stock is $8.00. Subject to the terms and
conditions of this Section 2.2.5, the holder of any share or shares of
Convertible Preferred Stock shall have the right, at its option at any time, to
convert any of such shares of Convertible Preferred Stock (except as provided
herein and hereof upon any liquidation, merger or sale of assets of the
Corporation) into such number of fully paid and nonassessable whole shares of
Common Stock as is obtained by multiplying the number of shares of Convertible
Preferred Stock to be converted by $8.00 and dividing the result by the initial
conversion price of $8.00 per share, or, if there has been an adjustment of
such conversion price, by the conversion price as last adjusted and in effect
at the date any share or shares of Convertible Preferred Stock are surrendered
for conversion (such price, or such price as last adjusted, being referred to
herein as the “Preferred Stock Conversion Price”).

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(b)           Exercise of Conversion Rights. The rights of
conversion herein provided shall be exercised by any holder of shares of
Convertible Preferred Stock by giving written notice that such holder elects to
convert a stated number of shares of Convertible Preferred Stock into Common
Stock and by surrender of a certificate or certificates for the shares to be so
converted to the Corporation at its principal office (or such other office or
agency of the Corporation as the Corporation may designate by notice in writing
to the holder or holders of the Convertible Preferred Stock) at any time during
its usual business hours on the date set forth in such notice, together with a
statement of the name or names (with address) in which the certificate or
certificates for shares of Common Stock shall be issued.

(c)           Issuance of Certificates; Time Conversion Effected.
Promptly after the receipt of the written notice referred to in Section
2.2.5(b) and surrender of the certificate or certificates for the share or
shares of the Convertible Preferred Stock to be converted, the Corporation
shall issue and deliver, or cause to be issued and delivered, to such holder,
registered in such name or names as such holder may direct, subject to
compliance with applicable laws to the extent such designation shall involve a
transfer, a certificate or certificates for the number of whole shares of
Common Stock issuable upon the conversion of such share or shares of
Convertible Preferred Stock. To the extent permitted by law, such conversion
shall be deemed to have been effected as of the close of business on the date
on which the certificate or certificates for such share or shares shall have
been surrendered as aforesaid, and at such time the rights of the holder of
such share or shares of Convertible Preferred Stock shall cease, and the person
or persons in whose name or names any certificate or certificates for shares of
Common Stock shall be issuable upon such conversion shall be deemed to have
become the holder or holders of record of the shares represented thereby.

(d)           Fractional Shares: Dividends; Partial Conversion.  No fractional shares shall be issued upon
conversion of the Convertible Preferred Stock into Common Stock and no payment
or adjustment shall be made upon any conversion on account of any cash
dividends on the Common Stock issued upon such conversion. At the time of each
conversion, the Corporation shall pay in cash an amount equal to all dividends
accrued and unpaid on the share surrendered for conversion to the date upon
which such conversion is deemed to take place as provided in Section 2.2.5(c).
In case the number of shares of Convertible Preferred Stock represented by the
certificate or certificates surrendered pursuant to Section 2.2.5(b) exceeds
the number of shares converted, the Corporation shall, upon such conversion,
execute and deliver to the holder thereof, at the expense of the Corporation, a
new certificate or certificates for the number of shares of Convertible
Preferred Stock represented by the certificate or certificates surrendered that
are not to be converted. If any fractional interest in a share of Common Stock
would, except for the provisions of the first sentence of this Section
2.2.5(d), be deliverable upon any such conversion, the Corporation, in lieu of
delivering the fractional share thereof, shall pay to the holder surrendering
the Convertible Preferred Stock for conversion an amount in cash equal to the
current market price of such fractional interest as determined in good faith by
the Board of Directors of the Corporation.

(e)           Adjustment of Convertible Preferred Stock Conversion
Price Upon Issuance of Common Shares. 
Except as provided in Section 2.2.5(i) hereof, if and whenever, on or
before the fifth anniversary of the date of issuance of the shares of
Convertible Preferred Stock to be 

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issued by the Corporation (the “Date of Issuance”),
the Corporation shall issue or sell, or is, in accordance with Section
2.2.5(e)(i) through 2.2.5(e)(vii), deemed to have issued or sold any shares of
its Common Stock for a consideration per share less than Preferred Stock
Conversion Price in effect immediately prior to such issue or sale, then, forth
with upon such issue or sale, the Preferred Stock Conversion Price shall be
reduced to the price (calculated to the nearest tenth of a cent) determined to
be the consideration, if any, received, or deemed to have been received
pursuant to such Sections 2.2.5(e) (i) through 2.2.5(e) (vii), by the
Corporation upon such issue or sale.

Except as provided in
Section 2.2.5(1) hereof, if and whenever, after the fifth anniversary of the
Date of Issuance, the Corporation shall issue or sell, or is, in accordance
with Sections 2.2.5(e)(i) through 2.2.5(e)(vii), deemed to have issued or sold
any shares of its Common Stock for a consideration per share less than the
Preferred Stock Conversion Price in effect immediately prior to the time of
such issue or sale, then, forthwith upon such issue or sale, the Preferred
Stock Conversion Price shall be reduced to the price (calculated to the nearest
tenth of a cent) determined by dividing (1) an amount equal to the sum of (A)
the number of shares of Common Stock outstanding immediately prior to such
issue or sale (including as outstanding all shares of Common Stock issuable
upon conversion of outstanding Convertible Preferred Stock) multiplied by the
then existing Preferred Stock Conversion Price, and (B) the consideration, if
any, received, or deemed to have been received pursuant to such Sections
2.2.5(e)(i) through 2.2.5(e)(vii), by the Corporation upon such issue or sale,
by (2) the total number of shares of Common Stock outstanding, or deemed to be
outstanding, immediately after such sale (including as outstanding all shares
of Common Stock issuable upon conversion of outstanding Convertible Preferred
Stock).

No adjustment of the
Preferred Stock Conversion Price, however, shall be made in an amount less than
$0.01 per share, and any such lesser adjustment shall be carried forward and
shall be made at the time and together with the next subsequent adjustment
which together with any adjustments so carried forward shall amount to $0.01
per share or more.

For purposes of this Section
2.2.5(e), the following Sections 2.2.5(e)(i) to 2.2.5(e)(vii), shall also be
applicable.

(i)             Issuance of Rights or Options.  In case at any time the Corporation shall in
any manner grant (whether directly or by assumption in a merger or otherwise)
any rights to subscribe for or to purchase, or any options for the purchase of,
Common Stock or any stock or securities convertible into or exchangeable for
Common Stock (such rights or options being herein called “Options” and such
convertible or exchangeable stock or securities being herein called “Convertible
Securities”) whether or not such Options or the right to convert or exchange
such Convertible Securities are immediately exercisable, and the price per
share for which Common Stock is issuable upon the exercise of such Options or
upon conversion or exchange of such Convertible Securities (determined by
dividing (i) the total amount, if any, received or receivable by the
Corporation as consideration for the granting of such Options, plus the minimum
aggregate amount of additional consideration payable to the Corporation upon
the exercise of all such Options, plus, in the case of such Options which
relate to Convertible Securities, the minimum aggregate amount of additional
consideration, if any, payable upon the 

 5
 

issue or sale of such
Convertible Securities and upon the conversion or exchange thereof, by (ii) the
total maximum number of shares of Common Stock issuable upon the exercise of
such Options or upon the conversion or exchange of all such Convertible
Securities issuable upon the exercise of such Options) shall be less than the
Preferred Stock Conversion Price in effect immediately prior to the time of the
granting of such Options, then the total maximum number of shares of Common
Stock issuable upon the exercise of such Options or upon conversion or exchange
of the total maximum amount of such Convertible Securities issuable upon the
exercise of such Options shall be deemed to have been issued for such price per
share as of the date of granting of such Options and thereafter shall be deemed
to be outstanding in calculating the Convertible Preferred Stock Conversion
Price.  Except as otherwise provided in
Section 2.2.5(e)(iii), no adjustment of the Convertible Preferred Stock
Conversion Price shall be made upon the actual issue of such Common Stock or of
such Convertible Securities upon exercise of such Options or upon the actual
issue of such Common Stock upon conversion or exchange of such Convertible
Securities.

(ii)          Issuance of Convertible Securities.  In case the Corporation shall in any manner
issue (whether directly or by assumption in a merger or otherwise) or sell any
Convertible Securities, whether or not the rights to exchange or convert
thereunder are immediately exercisable, and the price per share for which
Common Stock is issuable upon such conversion or exchange (determined by
dividing (i) the total amount received or receivable by the Corporation as
consideration for the issue or sale of such Convertible Securities, plus the minimum
aggregate amount of additional consideration, if any, payable to the
Corporation upon the conversion or exchange thereof, by (ii) the total maximum
number of shares of Common Stock issuable upon the conversion or exchange of
all such Convertible Securities) shall be less than the Convertible Preferred
Stock Conversion Price in effect immediately prior to the time of such issue or
sale, then the total maximum number of shares of Common Stock issuable upon
conversion or exchange of all such Convertible Securities shall be deemed to
have been issued for such price per share as of the date of the issue or sale
of such Convertible Securities and thereafter shall be deemed to be outstanding
in calculating the Preferred Stock Conversion Price, provided that (a) except
as otherwise provided in Section 2.2.5(e)(iii) below, no adjustment of the
Preferred Stock Conversion Price shall be made upon the actual issue of such
Common Stock upon conversion or exchange of such Convertible Securities, and
(b) if any such issue or sale of such Convertible Securities is made upon
exercise of any Option to purchase any such Convertible Securities for which
adjustments of the Preferred Stock Conversion Price have been or are to be made
pursuant to other provisions of this Section 2.2.5(e), no further adjustment of
the Preferred Stock Conversion Price shall be made by reason of such issue or
sale.

(iii)         Change in Option Price or Conversion Rate.  Upon the happening of any of the following
events, namely, if the purchase price provided for in any Option referred to in
Section 2.2.5(e)(i), the additional consideration, if any, payable upon the
conversion or exchange of any Convertible Securities referred to in Section
2.2.5(e)(i) or 2.2.5 (e)(ii), or the rate at which any Convertible Securities
referred to in Section 2.2.5(e)(i) or 2.2.5 (e)(ii) are convertible into or
exchangeable for Common Stock shall change at any time (in each case other than
under or by reason of provisions designed to protect against dilution), the
Preferred Stock Conversion Price in effect at the time of such event shall
forthwith be readjusted to the Preferred Stock Conversion Price which would
have been in effect at such time had such Options or 

 6
 

Convertible Securities still
outstanding provided for such changed purchase price, additional consideration
or conversion rate, as the case may be, at the time initially granted, issued
or sold; and on the expiration of any such Option or the termination of any
such right to convert or exchange such Convertible Securities, the Preferred
Stock Conversion Price then in effect hereunder shall forthwith be increased to
the Preferred Stock Conversion Price which would have been in effect at the
time of such expiration or termination had such Option or Convertible Securities,
to the extent outstanding immediately prior to such expiration or termination,
never been issued, and the Common Stock issuable thereunder shall no longer be
deemed to be outstanding.  If the
purchase price provided for in any such Option referred to in Section
2.2.5(e)(i) or the rate at which any Convertible Securities referred to in
Section 2.2.5(e)(i) or 2.2.5(e)(ii) are convertible into or exchangeable for
Common Stock shall be reduced at any time under or by reason of provisions with
respect thereto designed to protect against dilution, then, in case of the
delivery of Common Stock upon the exercise of any such Option or upon
conversion or exchange of any such Convertible Securities, the Preferred Stock
Conversion Price then in effect hereunder shall forthwith be adjusted to such
respective amount as would have been obtained had such Option or Convertible
Securities never been issued as to such Common Stock and had adjustments been
made upon the issuance of the shares of Common Stock delivered as aforesaid,
but only if as a result of such adjustment such Conversion Price then in effect
hereunder is thereby reduced.

(iv)         Stock Dividends. 
In case the Corporation shall declare a dividend or make any other
distribution upon any stock of the Corporation payable in Common Stock, Options
or Convertible Securities, any Common Stock, Options or Convertible Securities,
as the case may be, issuable in payment of such dividend or distribution shall
be deemed to have been issued or sold without consideration.

(v)          Consideration for Stock.  In case any shares of Common Stock, Options
or Convertible Securities shall be issued or sold for cash, the consideration
received therefor shall be deemed to be the amount received by the Corporation
therefor, without deduction therefrom of any expenses incurred or any
underwriting commissions or concessions paid or allowed by the Corporation in
connection therewith. In case any shares of Common Stock, Options or
Convertible Securities shall be issued or sold for a consideration other than
cash, the amount of the consideration other than cash received by the
Corporation shall be deemed to be the fair value of such consideration as
determined in good faith by the Board of Directors of the Corporation, without
deduction therefrom of any expenses incurred or any underwriting commissions or
concessions paid or allowed by the Corporation in connection therewith. The
amount of consideration deemed to be received by the Corporation pursuant to
the foregoing provisions of this Section 2.2.5(e)(v) upon any issuance and/or
sale of shares of Common Stock, Options or Convertible Securities, pursuant to
an established compensation plan of the Corporation, to directors, officers or
employees of the Corporation in connection with their employment, shall be
increased by the amount of any tax benefit realized by the Corporation as a
result of such issuance and/or sale, the amount of such tax benefit being the
amount by which the federal and/or state income or other tax liability of the
Corporation shall be reduced by reason of any deduction or credit in respect of
such issuance and/or sale in the fiscal year of such issuance and/or sale.  In case any Options shall be issued in
connection with the issue and sale of other securities of the Corporation,
together comprising one integral transaction in which no specific 

 7
 

consideration is allocated
to such Options by the parties thereto, such Options shall be deemed to have
been issued without consideration.

(vi)         Record Date. In case the Corporation shall take a
record of the holders of its Common Stock for the purpose of entitling them (A)
to receive a dividend or other distribution payable in Common Stock, Options or
Convertible Securities, or (B) to subscribe for or purchase Common Stock,
Options or Convertible Securities, then such record date shall be deemed to be
the date of the issue or sale of the shares of Common Stock deemed to have been
issued or sold upon the declaration of such dividend or the making of such
other distribution or the date of the granting of such right of subscription or
purchase, as the case may be.

(vii)        Treasury Shares. The number of shares of Common Stock
outstanding at any given time shall not include shares owned or held by or for
the account of the Corporation, and the disposition of any such shares shall be
considered an issue or sale of Common Stock for the purpose of this Section
2.2.5(e).

(f)            Termination. In the event of a call for redemption
of any shares of Convertible Preferred Stock pursuant to Section 2.2.6 hereof,
the right to convert shall terminate as to the shares designated for redemption
at the close of business on the fifth day prior to the Redemption Date, unless
a default is made in payment of the Redemption Price.

(g)           Subdivision or Combination of Stock.  In case the Corporation shall at any time
subdivide its outstanding shares of Common Stock into a greater number of
shares, the Preferred Stock Conversion Price in effect immediately prior to
such subdivision shall be proportionately reduced, and conversely, in case the
outstanding shares of Common Stock of the Corporation shall be combined into a
smaller number of shares, the Preferred Stock Conversion Price in effect
immediately prior to such combination shall be proportionately increased.

(h)           Reorganization, Reclassification, Consolidation, Merger
or Sale. If any capital reorganization or reclassification of the capital
stock of the Corporation or any consolidation or merger of the Corporation with
another corporation, or the sale of all or substantially all of its assets to
another corporation shall be effected in such a way (including, without
limitation, by way of consolidation or merger) that holders of Common Stock
shall be entitled to receive stock, securities or assets with respect to or in
exchange for Common Stock, then, as a condition of such reorganization or
reclassification, lawful and adequate provisions shall be made whereby each
holder of a share or shares of Convertible Preferred Stock shall thereafter
have the right to receive, upon the basis and upon the terms and conditions
specified herein and in lieu of the shares of Common Stock of the Corporation
immediately theretofore receivable upon the conversion of such share or shares
of the Convertible Preferred Stock, such shares of stock, securities or assets
as may be issued or payable with respect to or in exchange for a number of
outstanding shares of such Common Stock equal to the number of shares of such
stock immediately theretofore so receivable had such reorganization or
reclassification not taken place, and in any such case appropriate provision
shall be made with respect to the rights and interests of such holder to the
end that the provisions hereof shall thereafter be applicable, as nearly as may
be, in relation to any shares of stock, securities or assets thereafter
deliverable upon the exercise of such conversion rights. In the event of a
merger or consolidation of the Corporation 

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as a result of which a
greater or lesser number of shares of common stock of the surviving corporation
are issuable to holders of Common Stock of the Corporation outstanding
immediately prior to such merger or consolidation, the Preferred Stock
Conversion Price in effect immediately prior to such merger or consolidation
shall be adjusted in the same manner as though there were a subdivision or
combination of the outstanding shares of Common Stock of the Corporation. The
Corporation will not effect any such consolidation or merger, or any sale of
all or substantially all of its assets and properties, unless prior to the
consummation thereof the successor corporation (if other than the Corporation)
resulting from such consolidation or merger or the corporation purchasing such
assets shall assume by written instrument the obligation to deliver to such
holder such shares of stock, securities or assets as, in accordance with the
foregoing provisions, such holder may be entitled to receive.

(i)            Certain
Issues of Common Stock Excepted. Notwithstanding anything contained herein
to the contrary, the Corporation shall not be required to make any adjustment
of the Convertible Preferred Stock Conversion Price by reason of the issuance
of Common Stock or the grant of stock options in accordance with Section 5.4(b)
of the Stock Purchase Agreement, dated December 22, 1994 (the “Purchase
Agreement”) by and among the Corporation, Chemical Bank, as trustee for the
Firestone Tire and Rubber Master Trust (R.D. 4615504) and James D. Oelschlager
or the issuance of Common Stock upon the exercise of such options.

(j)            Notice
of Adjustment.  Upon any adjustment
of the Preferred Stock Conversion Price, then and in each such case the
Corporation shall give written notice thereof, by first class mail, postage
prepaid, addressed to each holder of shares of Convertible Preferred Stock at
the address of such holder as shown on the books of the Corporation, which
notice shall state the Preferred Stock Conversion Price resulting from such
adjustment, setting forth in reasonable detail the method of calculation and
the facts upon which such calculation is based.

(k)           Other
Notices.  In case at any time:

(i)            the
Corporation shall declare any dividend upon its Common Stock payable in cash or
stock or make any other distribution to the holders of its Common Stock;

(ii)           the
Corporation shall offer for subscription pro rata to the holders of its
Common Stock any additional shares of stock of any class or other rights;

(iii)          there
shall be any capital reorganization or reclassification of the capital stock of
the Corporation, or consolidation or merger of the Corporation with, or a sale
of all or substantially all of its assets to another corporation;

(iv)          there
shall be a voluntary or involuntary dissolution, liquidation or winding up of
the Corporation;

(v)           there
shall be any request for optional redemption of the Convertible Preferred Stock
pursuant to Section 2.2.11; or

 9

(vi)          the
Corporation shall take any action or there shall be any event which would
result in an automatic conversion of the Convertible Preferred Stock pursuant
to Section 2.2.5(1);

then,
in any one or more of said cases, the Corporation shall give, by first class
mail, postage prepaid, return receipt requested, addressed to each holder of
any shares of Convertible Preferred Stock at the address of such holder as
shown on the books of the Corporation (A) at least 30 days’ prior written
notice of the date on which the books of the Corporation shall close or a
record shall be taken for such dividend, distribution or subscription rights or
for determining rights to vote in respect of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or
winding up, (B) in the case of any such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding up, at least
30 days’ prior written notice of the date when the same shall take place, and
(C) in the case of any request for optional redemption hereunder or event which
would result in an automatic conversion hereunder, at least 30 days’ prior
written notice of the date on which such optional redemption or automatic
conversion will be effected. Such notice in accordance with the foregoing
clause (A) shall also specify, in the case of such dividend, distribution or
subscription rights, the date on which the holders of Common Stock shall be
entitled thereto, and such notice in accordance with the foregoing clause (B)
shall also specify the date on which the holders of Common Stock shall be
entitled to exchange their common stock for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger,
sale, dissolution, liquidation or winding up, as the case may be.

(l)            Automatic
Conversion. In the event that at any time while any of the shares of
Convertible Preferred Stock shall be outstanding, the Corporation shall
complete a “Qualified Public Offering”, then all outstanding shares of
Convertible Preferred Stock shall, automatically and without further action on
the part of the holders of the Convertible Preferred Stock, be converted into
shares of Common Stock in accordance with the terms of this Section 2.2.5, with
the same effect as if the certificates evidencing such shares had been
surrendered for conversion, such conversion to be effected simultaneously with
the closing under such Qualified Public Offering; provided, however,
that certificates evidencing the shares of Common Stock issuable upon such
conversion shall not be issued except on surrender of the certificates for the
shares of Convertible Preferred Stock so converted. A “Qualified Public
Offering” shall mean and include the closing of an underwritten public offering
pursuant to an effective registration statement under the Securities Act
covering the offer and sale of Common Stock for the account of the Corporation
from which the aggregate gross proceeds to the Corporation equal or exceeds
$7,500,000.

(m)          Stock
to be Reserved. The Corporation will at all times reserve and keep
available out of its authorized Common Stock, solely for the purpose of issue
upon the conversion of the Convertible Preferred Stock as herein provided, such
number of shares of Common Stock as shall then be issuable upon the conversion
of all outstanding shares of Convertible Preferred Stock. The Corporation
covenants that all shades of Common Stock which shall be so issued shall be
duly and validly issued and fully paid and nonassessable and free from all 

 10
 

taxes, liens and charges arising out of or by reason of the issue
thereof, and without limiting the generality of the foregoing, the Corporation
further covenants that it will from time to time take all such action as may be
requisite to assure that the par value per share of the Common stock, if any,
is at all times equal to or less than the effective Preferred Stock Conversion
Price. The Corporation will take all such action as may be necessary on its
part to assure that all such shares of Common Stock may be so issued without
violation of any applicable law or regulation, or of any requirements of any
national securities exchange upon which the Common Stock of the Corporation may
be listed. The Corporation will not take any action which results in any
adjustment of the Preferred Stock Conversion Price if the total number of
shares of Common Stock issued and issuable after such action upon conversion of
the Convertible Preferred Stock would exceed the total number of shares of
Common Stock then authorized by the Corporation’s Articles of Incorporation.

(n)           No
Reissuance of Convertible Preferred Stock. Shares of Convertible Preferred
Stock which are converted into shares of Common Stock as provided herein shall
not be reissued.

(o)           Issue
Tax. The issuance of certificates for shares of Common Stock upon
conversion of the Convertible Preferred Stock shall be made without charge to
the holders thereof for any issuance tax in respect thereof, provided that the
Corporation shall not be required to pay any tax which may be payable in
respect of any transfer involved in the issuance and delivery of any
certificate in a name other than of the holder of the Convertible Preferred
Stock which is being converted.

(p)           Closing
of Books. The Corporation will at no time close its transfer books against
the transfer of any Convertible Preferred Stock or of any shares of Common
Stock issued or issuable upon the conversion of any shares of Convertible
Preferred Stock in any manner which interferes with the timely conversion of
such Convertible Preferred Stock.

(q)           Definition
of Common Stock. As used herein, the term “Common Stock” shall mean and
include the Corporation’s authorized Common Stock; provided that the
shares of Common Stock receivable upon conversion of shares of the Convertible
Preferred Stock of the Corporation, or in case of any reorganization or
reclassification of the outstanding shares thereof, the stock, securities or
assets provided for in Section 2.2.5(h), shall include only shares designated
as Common Stock of the Corporation, except as otherwise specifically provided
in this Section 2.2.5; provided,  further that Convertible
Preferred Stock shall not be deemed to be Common Stock.

2.2.6  Corporation Redemption.

(a)           On the fifth anniversary of the date of initial issuance
of shares of Convertible Preferred Stock and on each anniversary thereafter
(the “Redemption Date”), the Corporation shall have the right to call for
redemption all of the shares of outstanding Convertible Preferred Stock. The
redemption price for each share of Convertible Preferred Stock redeemed
pursuant to this Section 2.2.6 (the “Redemption Price” or the “Redemption
Prices”) shall be $8.00 per share plus (i) an amount equal to all
accrued and unpaid dividends thereon, whether or not earned or 

 11
 

declared up to and including
the date of redemption and (ii) a premium in an amount equal to $0.80 per annum
per share (for the time period such Convertible Preferred Stock is held)
subject to adjustment in the event of any stock split, dividend, combination,
reclassification or other similar event involving the Convertible Preferred
Stock.

(b)                   The Redemption Prices set
forth in this Section 2.2.6 shall be subject to equitable adjustment whenever
there shall occur a stock split, dividend, combination, reclassification or
other similar event involving the Convertible Preferred Stock.

(c)                   At least 30 days before the
Redemption Date specified in Section 2.2.6(a), written notice (hereinafter
referred to as the “Redemption Notice”) shall be mailed, postage prepaid, to
each holder of record of the Convertible Preferred Stock which is to be
redeemed, at its address shown on the records of the Corporation; provided,
however, that prior to the giving of such Redemption Notice, the conversion
rights of such holder pursuant to Section 2.2.5 hereof shall not be affected
and such holder may, prior to receiving such Redemption Notice, convert an
equivalent number of shares of Convertible Preferred Stock into Common Stock
pursuant to such Section 2.2.5; provided, further, that the Corporation’s
failure to give such Redemption Notice shall in no way affect its obligation to
redeem the shares of Convertible Preferred Stock as provided in Section 2.2.11
herein. The Redemption Notice shall contain the following information:

(i)            The
number of shares of Convertible Preferred Stock held by the holder which shall
be redeemed by the Corporation, and the total number of shares of Convertible
Preferred Stock held by all holders to be so redeemed,

(ii)           The
Redemption Date and the applicable Redemption Price, and

(iii)          That
the holder is to surrender to the Corporation, at the place designated therein,
its certificate or certificates representing the shares of Convertible
Preferred Stock to be redeemed.

(d)                   Each holder of shares of
Convertible Preferred Stock to be redeemed shall surrender the certificate or
certificates representing such shares to the Corporation at the place
designated in the Redemption Notice, and thereupon the applicable Redemption
Price for such shares as set forth in this Section 2.2.6 shall be paid to the
order of the person whose name appears on such certificate or certificates and
each surrendered certificate shall be cancelled and retired.

2.2.7  No Reissuance of Convertible Preferred
Stock. No share or shares of Convertible Preferred Stock acquired by the
Corporation by reason of redemption, purchase, conversion or otherwise shall be
reissued, and all such shares shall be cancelled, retired and eliminated from
the shares which the Corporation shall be authorized to issue.

2.2.8  Board of Directors Representation. At
elections to elect members of the board of directors, except as specified
below, the holders of all of the Series A Preferred Stock are entitled to elect
as a class, one (1) of the authorized members of the Corporation’s Board of
Directors and 

 12
 

to fill any vacancy in such directorship (the “Series
A Preferred Director”), as long as at least 100,000 shares of Series A
Preferred Stock of the Corporation are outstanding at the time of such vote.
The Series A Preferred Director may be removed at any time for cause solely by
the supermajority vote of seventy-five (75%) of the holders of all of the
Series A Preferred stock, voting as a class. The remaining directors shall be
elected by all holders entitled to vote pursuant to the Corporation’s Restated
Articles of Incorporation and Bylaws, as amended, excluding all such shares
held by holders of Series A Preferred Stock. In the event that additional
members of the Board of Directors are authorized or in the event of the vacancy
or vote for removal of a director other than the Series A Preferred Director,
such holders entitled to vote, excluding holders of Series A Preferred Stock,
shall vote all of their respective shares pursuant to the Corporation’s
Restated Articles of Incorporation and Bylaws, as amended.  If there are less than 100,000 shares of
Series A Preferred Stock outstanding, each holder of Series A Preferred Stock
is entitled to as many votes as shall equal the number of shares of Common
Stock issuable to such holder upon conversion of all such shares held by such
holder on the record date for the determination of shareholders entitled to
vote. The rights of each holder of Series A Preferred Stock under this Section
2.2.8 with respect to election of directors shall terminate upon the closing of
a Qualified Public Offering.

2.2.9  No Dilution or Impairment. The
Corporation will not, by amendment of its Articles of Incorporation or through
any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of the Convertible
Preferred Stock set forth herein, but will at all times in good faith assist in
the carrying out of all such terms and in the taking of all such action as may
be necessary or appropriate in order to protect the rights of the holders of
the Convertible Preferred Stock against dilution or other impairment. Without
limiting the generality of the foregoing, the Corporation (a) will not increase
the par value of any shares of stock receivable on the conversion of the
Convertible Preferred Stock above, (b) will take all such action as may be
necessary or appropriate in order that the Corporation may validly and legally
issue fully paid and nonassessable shares of stock on the conversion of all
Convertible Preferred Stock from time to time outstanding, (c) will not
issue any capital stock of any class which is preferred as to dividends or as
to the distribution of assets upon voluntary or involuntary dissolution,
liquidation or winding up of the Corporation, unless the rights of the holders
thereof shall be limited to a fixed sum or percentage of par value in respect
of participation in dividends and in any such distribution of assets, and (d)
will not transfer all or substantially all of its properties and assets to any
other person (corporate or otherwise), or consolidate with or merge into any
other person or permit any such person to consolidate with or merge into the
Corporation (if the Corporation is not the surviving person), unless such other
person shall expressly assume in writing and will be bound by all the terms of
the Convertible Preferred Stock set forth herein.

2.2.10  Notices of Record Date. In the event
of:

(i)            any taking by the
Corporation of a record of the holders of any class of securities for the
purpose of determining the holders thereof who are entitled to receive any
dividend or other distribution, or any right to subscribe for, purchase or
otherwise acquire any shares of stock of any class or any other securities or
property, or to receive any 

 13
 

other
right, or

(ii)             any
capital reorganization of the Corporation, any reclassification or
recapitalization of the capital stock of the Corporation, any merger or
consolidation of the Corporation, or any transfer of all or substantially all
of the assets of the Corporation to any other corporation, or any other entity
or person, or

(iii)          any
voluntary or involuntary dissolution, liquidation or winding up of the
Corporation,

then and in each such event the Corporation shall
mail or cause to be mailed to each holder of Convertible Preferred Stock a
notice specifying (i) the date on which any such record is to be taken for the
purpose of such dividend, distribution or right and a description of such
dividend, distribution or right, (ii) the date on which any such
reorganization, reclassification, recapitalization, transfer, consolidation,
merger, dissolution, liquidation or winding up is expected to become effective,
(iii) the time, if any, that is to be fixed, as to when the holders of record
of Common Stock (or other securities) shall be entitled to exchange their
shares of Common Stock (or other securities) for securities or other property
deliverable upon such reorganization, reclassification, recapitalization,
transfer, consolidation, merger, dissolution, liquidation or winding up. Such
notice shall be mailed at least 60 days prior to the date specified in such notice
on which such action is to be taken.

2.2.11  Holders of Convertible Preferred Stock Put
Option.

(a)           Put Option. Each holder of Convertible Preferred
Stock shall have the right to require the Corporation to redeem shares of then
outstanding Convertible Preferred Stock as provided under this Section 2.2.11
after the fifth anniversary of the date of initial issuance of shares of
Convertible Preferred Stock (the “Put Date”); provided that the shares
of Common Stock issued upon the conversion of shares of Convertible Preferred
Stock before the fifth anniversary of the date of initial issuance of shares of
Convertible Preferred Stock shall not be subject to the terms of this Section
2.2.11.  In the event that the conditions
set forth above have been met with respect to the Convertible Preferred Stock,
the holder of Convertible Preferred Stock may exercise its option hereunder
only with respect to all or any portion of the then outstanding shares of
Convertible Preferred Stock held by such holder of Convertible Preferred Stock.

(b)                  Put Price. The put
price for each share of Convertible Preferred Stock pursuant to Section
2.2.11(a) shall be equal to the greater of: 
(i) $8.00 per share of Convertible Preferred Stock, plus (x) an
amount equal to all accrued and unpaid dividends thereon, whether or not earned
or declared up to and including the date of redemption and (y) a premium in an
amount equal to $0.80 per share per annum (for the time period such Convertible
Preferred Stock is held) subject to adjustment in the event of any stock split,
dividend, combination, reclassification or other similar event involving the
Convertible Preferred Stock and (ii) “fair market value” per share of the
Convertible Preferred Stock, which shall be determined in accordance with standard
appraisal methods and generally accepted accounting principles (the “Put Price”).
For the purposes of this Section 2.2.11, the appraised fair market value of
shares of Convertible 

 14
 

Preferred Stock shall be the
amount of cash for which such shares could be sold (taking into account the
restrictions on transfer imposed by this Agreement) to a willing buyer.  Such appraised fair market value shall be
determined as follows: within 30 days after the date of the Put Notice, the
Corporation shall appoint one appraiser with such experience, expertise and
skills as to enable him to place a reasonable and appropriate value on the
shares of Convertible Preferred Stock and the holder of Convertible Preferred
Stock shall appoint one appraiser of like qualifications. Each appraiser shall
be a member, partner, shareholder or managing director of an independent
professional appraising organization, a nationally-recognized accounting firm
or a reputable regional or national merchant or investment banking firm. Within
30 days after the second appraiser has been appointed hereunder, each of the
two appraisers shall in good faith determine the fair market value of such
shares as of the date of the Put Notice and shall give written notice of such
value to the Corporation and the holder of shares of Convertible Preferred
Stock giving such notice (“Valuation Notice”). The average of the values
submitted by the two appraisers shall be deemed to be the appraised fair market
value of such shares as of the Valuation Date, and such average shall be
conclusive on all parties affected thereby. In the event that either party
shall fail to appoint an appraiser within 30 days after the date of the Put
Notice, the appraiser appointed by the other party shall appraise the value of
such shares for the purposes of this Section 2.2.11. Any such value determined
by such appraiser shall be conclusive on all parties affected thereby.

(c)           Exercise. The holder of shares of Convertible
Preferred Stock shall exercise its option under this Section 2.2.11 by
delivering written notice of such holder’s intention to exercise such put
option (a “Put Notice”) to the Corporation. Such Put Notice shall specify the
number of shares such holder shall put. The rights of the holders of
Convertible Preferred Stock to require the redemption of shares of Convertible
Preferred Stock by the Corporation pursuant to this Section 2.2.11 shall lapse
after 180 days after the Put Date in the event that such holder fails to
deliver a Put Notice for redemption pursuant to Section 2.2.11(a) as provided
herein.

Section 2.3. Shares
Acquired by the Corporation. Shares of Common Stock that have been acquired
by the Corporation shall become treasury shares and may be resold or otherwise
disposed of by the Corporation for such consideration, not less than the par
value thereof, as shall be determined by the Board of Directors, unless or
until the Board of Directors shall by resolution provide that any or all
treasury shares so acquired shall constitute authorized, but unissued shares.

3.

No shareholder shall have any preemptive
right to subscribe for or to purchase any shares or other securities issued by
the Corporation.

4.

Section 4.1. Personal Liability of Directors.  No director of the Corporation shall be
personally liable to the Corporation or its shareholders for monetary damages
for breach of duty of care or other duty as a director, except for liability
(i) for any appropriation, in violation of the director’s duties, of any
business opportunity of the Corporation, (ii) for acts or omissions which 

 15
 

involved
intentional misconduct or a knowing violation of law, (iii) for the types of
liabilities set forth in Section 14-2-832 of the Georgia Business Corporation
Code, or (iv) for any transaction from which the director derived an improper
personal benefit.  If the Georgia
Business Corporation Code is amended to authorize corporate action further
eliminating or limiting the personal liability of directors, then the liability
of a director of the Corporation shall be eliminated or limited to the fullest
extent permitted by the Georgia Business Corporation Code, as amended.

Section 4.2. Effect of Repeal or Modification. Neither the
repeal or modification of this Article 4 nor the adoption of any provision of
these Articles of Incorporation inconsistent with these Articles shall
eliminate or adversely affect any right or protection of a director of the
Corporation existing immediately prior to such repeal, modification or
adoption.

5.

Section 5.1.  Number of
Directors. Subject to the rights of the holders of any series of Preferred
Stock to elect additional directors under specified circumstances, the number
of directors that shall constitute the Board of Directors of the Corporation
shall be determined from time to time exclusively by the Board of Directors
pursuant to a resolution adopted by a majority of the entire Board.

Section 5.2. Classified
Board. The directors of the Corporation (other than any directors who may
be elected by holders of any series of Preferred Stock then outstanding) shall
be and are divided into three classes: Class I, Class II and Class III. The
number of directors in each class shall be as nearly equal as the
then-authorized number of directors constituting the Board of Directors
permits. Each director shall serve for a term ending on the date of the third
annual meeting following the annual meeting at which such director was elected;
provided, however, that the directors first elected to Class I
shall serve for a term ending on the date of the annual meeting next following
the end of the calendar year 1994, the directors first elected to Class II
shall serve for a term ending on the date of the second annual meeting next
following the end of the calendar year 1994, and the directors first elected to
Class III shall serve for a term ending on the date of the third annual meeting
next following the end of the calendar year 1994. Any director who may be
elected by holders of any series of Preferred Stock then outstanding shall
serve for a term ending on the date of the next annual meeting following the
annual meeting at which such director was elected.

Section 5.3.  Increase or
Decrease in Authorized Number of Directors. 
In the event of any increase or decrease in the authorized number of
directors:

(a)           Each director then serving shall nevertheless continue as
a director of the class of which he is a member until the expiration of his
term, or his prior death, retirement, resignation or removal; and

(b)           Newly-created or eliminated directorships resulting from
any increase or decrease shall be apportioned by the Board of Directors among
the three classes so as to keep the number of directors in each class as nearly
equal as possible.

 16
 

Section 5.4.  Removal.
Subject to the rights of the holders of any series of Preferred Stock then
outstanding, any or all Directors may be removed from office at any time for
cause, but only by the same affirmative vote of the shareholders required to
amend this Article 5 as provided in Section 9.2 of these Articles of
Incorporation.

Section 5.5.  Vacancies.
Subject to the rights of the holders of any series of Preferred Stock then
outstanding to fill director vacancies, vacancies on the Board of Directors
(including vacancies resulting from retirement, resignation, removal from
office or death) shall be filled exclusively by the Board of Directors. Any
director so elected shall hold office until the next annual meeting of
shareholders.

6.

In discharging the duties of
their respective positions and in determining what is believed to be in the best
interests of the Corporation, the Board of Directors, committees of the Board
of Directors, and individual directors, in addition to considering the effects
of any action on the Corporation or its shareholders, may consider the
interests of the employees, customers, suppliers and creditors of the
Corporation and its subsidiaries, the communities in which offices or other
establishments of the Corporation and its subsidiaries are located, and all
other factors such directors consider pertinent; provided, however,
that this provision solely grants discretionary authority to the directors and
no constituency shall be deemed to have been given any right to consideration
hereby.

7.

Any action required or permitted to be taken at a shareholders’ meeting
may be taken without a meeting if the action is taken by all of the
shareholders entitled to vote on the action, or by persons who would be
entitled to vote at a meeting those shares having voting power to cast not less
than the minimum number (or numbers, in the case of voting by groups) of votes
that would be necessary to authorize or take such actions at a meeting at which
all shares entitled to vote were present and voted.  The action must be evidenced by one or more
written consents describing the action taken, signed by shareholders entitled
to take action without a meeting and delivered to the Corporation for inclusion
in the minutes or filing with the corporate records.

8.

The mailing address of the principal office of the Corporation is 1600
RiverEdge Parkway, Suite 100, Fulton County, Atlanta, Georgia 30328.

9.

Section 9.1. Amendment. 
These Articles of Incorporation may not be amended without the
affirmative vote of at least a majority of the shares entitled to vote
generally in the election of directors, voting as a single voting group.

 17
 

Section 9.2. Supermajority
Vote Required for Certain Amendments. Notwithstanding anything to the
contrary in these Articles of Incorporation or the Bylaws of the Corporation
and subject to the rights of holders of any series of Preferred Stock then
outstanding (and notwithstanding that a lesser percentage may be specified by
law, these Articles of Incorporation or the Bylaws of the Corporation), (i) the
affirmative vote of the holders of at least 75% of the shares of the Corporation
entitled to vote generally in the election of directors, voting as a single
voting group, shall be required to alter, amend or repeal, or adopt any
provisions inconsistent with, Article 4, Article 5 or this Section 9.2 of these
Articles of Incorporation, and (ii) Article II of the Bylaws of the Corporation
shall not be altered, amended or repealed, and no provision inconsistent
therewith shall be adopted, without the affirmative vote of a majority of the
entire Board of Directors or of the holders of at least 75% of the shares of
the Corporation entitled to vote generally in the election of directors, voting
as a single voting group.

 

 18Exhibit 4.4

AMENDMENT NO. 1

Dated as of December 1, 2006

to

CREDIT AGREEMENT

Dated as of September 16, 2004

THIS AMENDMENT NO. 1 (“Amendment”)
is made as of December 1, 2006 (the “Effective Date”) by and among
Harley-Davidson Funding Corp., a Nevada corporation, Harley-Davidson Financial
Services Europe Limited, a company incorporated and organized under the laws of
England and Wales and Harley-Davidson Financial Services Canada, Inc., a
corporation organized under the laws of Canada (collectively, the “Borrowers”),
the financial institutions listed on the signature pages hereof and JPMorgan
Chase Bank, National Association, as Global Administrative Agent (the “Administrative
Agent”), under that certain Credit Agreement dated as of September 16, 2004
by and among the Borrowers, the Lenders and the Administrative Agent (as
amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”).  Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings given
to them in the Credit Agreement.

WHEREAS, the Borrowers
have requested that certain modifications be made to the Credit Agreement;

WHEREAS, the Borrowers,
the Lenders party hereto and the Administrative Agent have agreed to amend the
Credit Agreement on the terms and conditions set forth herein;

NOW, THEREFORE, in
consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrowers, the Lenders party
hereto and the Administrative Agent hereby agree to the following amendment to
the Credit Agreement.

1.             Amendments to Credit Agreement.  Effective as of the Effective Date but
subject to the satisfaction of the conditions precedent set forth in Section
2 below, the Credit Agreement is hereby amended as follows:

(a)           The
Commitments of certain of the Syndicated Global Lenders are amended as set
forth on Annex I hereto.  The
Borrowers hereby agree to compensate each Syndicated Global Lender for any and
all losses, costs and expenses incurred by such Lender in connection with the
sale and assignment of any Eurocurrency Rate Loans and the reallocation
described in Section 2(a) below, in each case on the terms and in the manner set
forth in Section 3.4 of the Credit Agreement.

2.             Conditions
of Effectiveness.  The effectiveness
of this Amendment is subject to the conditions precedent that (a) the
Administrative Agent and the Lenders shall have administered the reallocation
of the Aggregate Outstanding Credit Exposure among the Lenders such that after
giving effect to the amendments to the Commitments pursuant hereto, each Lender’s
Pro Rata Share of the Aggregate Outstanding Credit Exposure is equal to such
Lender’s Pro Rata Share of the Aggregate Commitment and (b) the Administrative
Agent shall have received (i) counterparts of this Amendment duly executed by
each Borrower, each Lender increasing its Commitment pursuant to Section 1(a)
above, the Required Lenders and the Administrative Agent and counterparts of
the Consent and Reaffirmation attached hereto duly executed by the Guarantors
and Harley, (ii) an opinion of counsel in form and substance reasonably
acceptable to the Administrative Agent and such other instruments and documents
as are reasonably requested by the Administrative Agent and (iii) payment
and/or reimbursement of the Administrative Agent’s reasonable fees and expenses
(including, to the extent invoiced, fees and expenses of counsel for the
Administrative Agent) in connection with this Amendment.

3.             Representations and Warranties
of each Borrower.  Each Borrower
hereby represents and warrants as follows:

(a)           This
Amendment and the Credit Agreement as amended hereby constitute the legal,
valid and binding obligations of such Borrower enforceable against such
Borrower in accordance with their terms, except as enforceability may be
limited by bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally and general principles of equity, regardless of
whether the application of such principles is considered in a proceeding in
equity or at law.

(b)           As of the date
hereof and giving effect to the terms of this Amendment, (i) no Default or
Unmatured Default shall have occurred and be continuing and (ii) the
representations and warranties of such Borrower contained in Article V
of the Credit Agreement, as amended hereby, are true and correct as of the
Effective Date, except for representations and warranties made with reference
solely to an earlier date, which representations and warranties shall be true
and correct as of such earlier date.

4.             Reference to and Effect on the
Credit Agreement.

(a)           Upon
the effectiveness hereof, each reference to the Credit Agreement in the Credit
Agreement or any other Loan Document shall mean and be a reference to the
Credit Agreement as amended hereby.

(b)           Except
as specifically amended above, the Credit Agreement and all other documents,
instruments and agreements executed and/or delivered in connection therewith
shall remain in full force and effect and are hereby ratified and confirmed.

(c)           Except
as specifically provided above, the execution, delivery and effectiveness of
this Amendment shall not operate as a waiver of any right, power or remedy of
the Administrative Agent or the Lenders, nor constitute a waiver of any
provision of the Credit Agreement or any other documents, instruments and
agreements executed and/or delivered in connection therewith.

 2
 

5.             Governing
Law.  This Amendment shall be
construed in accordance with and governed by the internal laws of the State of
Illinois, but giving effect to federal laws applicable to banks.

6.             Headings.  Section headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose.

7.             Counterparts. 
This Amendment may be executed by one or more of the parties hereto on
any number of separate counterparts, and all of said counterparts taken
together shall be deemed to constitute one and the same instrument.

[Signature Pages
Follow]

 

 3

IN WITNESS WHEREOF, this Amendment has been duly
executed as of the day and year first above written.

	
  

  	
   

  	
  HARLEY-DAVIDSON FUNDING CORP.,

  as a Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HARLEY-DAVIDSON FINANCIAL SERVICES 

  EUROPE LIMITED,

  as a Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HARLEY-DAVIDSON FINANCIAL SERVICES CANADA, INC.,

  as a Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

  individually as a Lender, as Global Swingline Lender and as Global
  Administrative Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  CITIBANK, N.A., 

  individually as a Lender and as Syndication Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  BNP PARIBAS, 

  individually as a Lender and as Documentation Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  ABN AMRO BANK N.V., 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  WACHOVIA BANK, N.A., 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  FORTIS CAPITAL CORP., 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  LLOYDS TSB BANK plc, 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  MIZUHO CORPORATE BANK, LTD., 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  U.S. BANK NATIONAL ASSOCIATION, 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  WELLS FARGO BANK, N.A., 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  THE BANK OF NEW YORK, 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  BARCLAYS BANK plc, 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  M&I MARSHALL & IISLEY BANK, 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  THE NORTHERN TRUST COMPANY, 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to Amendment
No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  SCOTIABANK, INC., 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

 

	
  

  	
   

  	
  BANCA NAZIONALE DEL LAVORO SpA, 

  individually as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:____________________________________

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature Page to
Amendment No. 1

Credit Agreement dated as
of September 16, 2004

Harley-Davidson Funding
Corp. et al

 

CONSENT AND REAFFIRMATION

Each of the undersigned
hereby acknowledges receipt of a copy of the foregoing Amendment No. 1 to the
Credit Agreement dated as of June 30, 2006 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”) by and
among Harley-Davidson Funding Corp., Harley-Davidson Financial Services Europe
Limited and Harley-Davidson Financial Services Canada, Inc. (collectively, the “Borrowers”),
the Lenders and JPMorgan Chase Bank, National Association, as Global
Administrative Agent (the “Administrative Agent”), which Amendment No. 1
is dated as of November      , 2006 and is by and
among the Borrowers, the financial institutions listed on the signature pages
thereof and the Administrative Agent (the “Amendment”).  Capitalized terms used in this Consent and
Reaffirmation and not defined herein shall have the meanings given to them in
the Credit Agreement.  Without in any way
establishing a course of dealing by the Administrative Agent or any Lender,
each of the undersigned consents to the Amendment and reaffirms the terms and
conditions of the Support Agreement (in the case of Harley), the Subsidiary
Guaranty (in the case of the Guarantors) and any other Loan Document executed
by it and acknowledges and agrees that each and every Loan Document executed by
the undersigned in connection with the Credit Agreement remains in full force
and effect and is hereby reaffirmed, ratified and confirmed.  All references to the Credit Agreement
contained in the above-referenced documents shall be a reference to the
Credit Agreement as so modified by the Amendment and as the same may from time
to time hereafter be amended, modified or restated.

Dated December 1, 2006

[Signature Pages
Follow]

  
  
 

IN WITNESS
WHEREOF, this Consent and Reaffirmation has been duly executed as of the day
and year above written.

	
   

   

  	
  HARLEY-DAVIDSON, INC.

  By:___________________________________

  Name:

  Title:

  HARLEY-DAVIDSON FINANCIAL SERVICES, INC.

  By:___________________________________

  Name:

  Title:

  HARLEY-DAVIDSON FINANCIAL SERVICES INTERNATIONAL,
  INC.

  By:___________________________________

  Name:

  Title:

  HARLEY-DAVIDSON CREDIT CORP.

  By:___________________________________

  Name:

  Title:

   

  

 

  
  

ANNEX I

COMMITMENTS

	
  Lender

  	
   

  	
  Commitment

  
	
   

  	
   

  	
   

  
	
  JPMorgan Chase Bank,
  National Association

  	
   

  	
  $

  	
  215,000,000

  
	
   

  	
   

  	
   

  
	
  Citibank, N.A.

  	
   

  	
  $

  	
  215,000,000

  
	
   

  	
   

  	
   

  
	
  ABN AMRO Bank N.V.

  	
   

  	
  $

  	
  160,000,000

  
	
   

  	
   

  	
   

  
	
  Wachovia Bank, N.A.

  	
   

  	
  $

  	
  160,000,000

  
	
   

  	
   

  	
   

  
	
  BNP Paribas

  	
   

  	
  $

  	
  145,000,000

  
	
   

  	
   

  	
   

  
	
  Fortis Capital Corp.

  	
   

  	
  $

  	
  60,000,000

  
	
   

  	
   

  	
   

  
	
  Lloyds TSB Bank plc

  	
   

  	
  $

  	
  60,000,000

  
	
   

  	
   

  	
   

  
	
  Mizuho Corporate Bank,
  Ltd.

  	
   

  	
  $

  	
  60,000,000

  
	
   

  	
   

  	
   

  
	
  U.S. Bank National
  Association

  	
   

  	
  $

  	
  60,000,000

  
	
   

  	
   

  	
   

  
	
  Wells Fargo Bank, N.A.

  	
   

  	
  $

  	
  60,000,000

  
	
   

  	
   

  	
   

  
	
  The Bank of New York

  	
   

  	
  $

  	
  35,000,000

  
	
   

  	
   

  	
   

  
	
  Barclays Bank plc

  	
   

  	
  $

  	
  35,000,000

  
	
   

  	
   

  	
   

  
	
  M&I Marshall &
  Ilsley Bank

  	
   

  	
  $

  	
  35,000,000

  
	
   

  	
   

  	
   

  
	
  The Northern Trust
  Company

  	
   

  	
  $

  	
  35,000,000

  
	
   

  	
   

  	
   

  
	
  Scotiabanc, Inc.

  	
   

  	
  $

  	
  35,000,000

  
	
   

  	
   

  	
   

  
	
  Banca Nazionale del
  Lavoro SpA

  	
   

  	
  $

  	
  30,000,000

  
	
   

  	
   

  	
   

  
	
  Aggregate Commitment

  	
   

  	
  $

  	
  1,400,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]