Document:

Exhibit 4.2

 

 

 

 

HARLEY-DAVIDSON MOTORCYCLE TRUST [                ],

as Issuer,

 

and

 

[                             ],

as Indenture Trustee

 

___________________________________

 

INDENTURE

 

Dated as of [                    ]

 

___________________________________

 

Motorcycle Contract Backed Notes

 

 

 

 

    

     

    

  

CROSS-REFERENCE TABLE

 

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

 

		*	N.A. means Not Applicable

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

  

    i

     

    

 

TABLE OF
CONTENTS

 

Page

 

	ARTICLE
    ONE DEFINITIONS AND INCORPORATION BY REFERENCE	2
	 	 	 
	Section
    1.01.	Definitions	2
	Section
    1.02.	Incorporation
    by Reference of Trust Indenture Act	10
	Section
    1.03.	Rules of Construction	11
	 	 	 
	ARTICLE
    TWO THE NOTES	11
	 	 	 
	Section
    2.01.	Form	11
	Section
    2.02.	Execution,
    Authentication and Delivery	11
	Section
    2.03.	Temporary
    Notes	12
	Section
    2.04.	Registration;
    Registration of Transfer and Exchange	12
	Section
    2.05.	Mutilated,
    Destroyed, Lost or Stolen Notes	14
	Section
    2.06.	Persons
    Deemed Owner	15
	Section
    2.07.	Payment
    of Principal and Interest; Defaulted Interest	15
	Section
    2.08.	Cancellation	16
	Section
    2.09.	Book-Entry
    Notes	16
	Section
    2.10.	Notices
    to Clearing Agency	17
	Section
    2.11.	Definitive
    Notes	17
	Section
    2.12.	Release of
    Collateral	17
	Section
    2.13.	Tax
    Treatment	17
	Section
    2.14.	Calculation
    of Class A-2	17
	 	 	 
	ARTICLE
    THREE COVENANTS	18
	 	 	 
	Section
    3.01.	Payment
    of Principal and Interest	18
	Section
    3.02.	Maintenance
    of Office or Agency	18
	Section
    3.03.	Money
    for Payments to be Held in Trust	18
	Section
    3.04.	Existence	19
	Section
    3.05.	Protection
    of Collateral	20
	Section
    3.06.	Opinions
    as to Collateral	21
	Section
    3.07.	Performance
    of Obligations; Servicing of Contracts	21
	Section
    3.08.	Negative
    Covenants	21
	Section
    3.09.	Annual
    Statement as to Compliance	22
	Section
    3.10.	Issuer
    May Consolidate, etc. Only on Certain Terms	22
	Section
    3.11.	Successor
    or Transferee	24
	Section
    3.12.	No
    Other Business	24
	Section
    3.13.	No
    Borrowing	24
	Section
    3.14.	Servicer’s
    Obligations	24
	Section
    3.15.	Guarantees,
    Loans Advances and Other Liabilities	24

 

    i

     

    

 

	Section
    3.16.	Capital
    Expenditures	24
	Section
    3.17.	Restricted
    Payments	25
	Section
    3.18.	Notice of
    Events of Default	25
	Section
    3.19.	Further
    Instruments and Acts	25
	Section
    3.20.	Compliance
    with Laws	25
	Section
    3.21.	Amendments
    of Sale and Servicing Agreement and Trust Agreement	25
	Section
    3.22.	Removal of
    Administrator	25
	Section
    3.23.	Creation
    of a Valid Security Interest	25
	Section
    3.24.	FATCA
    Compliance	25
	 	 	 
	ARTICLE
    FOUR SATISFACTION AND DISCHARGE	26
	 	 	 
	Section
    4.01.	Satisfaction
    and Discharge of Indenture	26
	Section
    4.02.	Application
    of Trust Money	27
	Section
    4.03.	Repayment
    of Moneys Held by Paying Agent	27
	Section
    4.04.	Release of
    Collateral	27
	 	 	 
	ARTICLE
    FIVE REMEDIES	27
	 	 	 
	Section
    5.01.	Events of
    Default	27
	Section
    5.02.	Rights
    Upon Event of Default	28
	Section
    5.03.	Collection
    of Indebtedness and Suits for Enforcement by Indenture Trustee; Authority of Indenture Trustee	29
	Section
    5.04.	Remedies	31
	Section
    5.05.	Optional
    Preservation of the [Contracts][Collateral]	31
	Section
    5.06.	Priorities	32
	Section
    5.07.	Limitation
    of Suits	32
	Section
    5.08.	Unconditional
    Rights of Noteholders to Receive Principal and Interest	32
	Section
    5.09.	Restoration
    of Rights and Remedies	32
	Section
    5.10.	Rights
    and Remedies Cumulative	33
	Section
    5.11.	Delay
    or Omission Not a Waiver	33
	Section
    5.12.	Control
    by Noteholders	33
	Section
    5.13.	Waiver
    of Past Defaults	33
	Section
    5.14.	Undertaking
    for Costs	34
	Section
    5.15.	Waiver
    of Stay or Extension Laws	34
	Section
    5.16.	Action
    on Notes	34
	Section
    5.17.	Performance
    and Enforcement of Certain Obligations	34
	 	 	 
	ARTICLE
    SIX THE INDENTURE TRUSTEE	35
	 	 	 
	Section
    6.01.	Duties
    of Indenture Trustee	35
	Section
    6.02.	Rights
    of Indenture Trustee	36
	Section
    6.03.	Individual
    Rights of Indenture Trustee	38
	Section
    6.04.	Indenture
    Trustee’s Disclaimer	38
	Section
    6.05.	Notice of
    Defaults	38
	Section
    6.06.	Reports
    by Indenture Trustee to Holders	38
	Section
    6.07.	Compensation
    and Indemnity	39
	Section
    6.08.	Replacement
    of Indenture Trustee	39

 

    ii

     

    

 

	Section
    6.09.	Successor
    Indenture Trustee by Merger	40
	Section
    6.10.	Appointment
    of Co-Indenture Trustee or Separate Indenture Trustee	41
	Section
    6.11.	Eligibility	42
	Section
    6.12.	Pennsylvania
    Motor Vehicle Sales Finance Act Licenses	43
	Section
    6.13.	Preferential
    Collection of Claims Against Issuer	43
	Section
    6.14.	Direction
    to Enter into the Administration Agreement	43
	Section
    6.15.	Representations
    and Warranties of Indenture Trustee	43
	 	 	 
	ARTICLE
    SEVEN NOTEHOLDERS’ LISTS AND REPORTS; Noteholder Communication	44
	 	 	 
	Section
    7.01.	Issuer
    to Furnish Indenture Trustee Names and Addresses of Noteholders	44
	Section
    7.02.	Preservation
    of Information: Communication to Noteholders	44
	Section
    7.03.	Communications
    Between the Noteholders	44
	Section
    7.04.	Noteholder
    Demand for Asset Representations Review	44
	Section
    7.05.	Reports
    by Issuer.	45
	Section
    7.06.	Reports
    by Indenture Trustee	45
	 	 	 
	ARTICLE
    EIGHT ACCOUNTS, DISBURSEMENTS AND RELEASES	46
	 	 	 
	Section
    8.01.	Collection
    of Money	46
	Section
    8.02.	Trust
    Accounts	46
	Section
    8.03.	General
    Provisions Regarding Accounts	46
	Section
    8.04.	Release of
    Collateral	47
	Section
    8.05.	Opinion of
    Counsel	47
	 	 	 
	ARTICLE
    NINE SUPPLEMENTAL INDENTURES	48
	 	 	 
	Section
    9.01.	Supplemental
    Indentures Without Consent of Noteholders	48
	Section
    9.02.	Supplemental
    Indentures With Consent of Noteholders	49
	Section
    9.03.	Execution
    of Supplemental Indentures	50
	Section
    9.04.	Effect
    of Supplemental Indenture	50
	Section
    9.05.	Conformity
    With Trust Indenture Act	50
	Section
    9.06.	Reference
    in Notes to Supplemental Indentures	51
	 	 	 
	ARTICLE
    TEN REDEMPTION OF NOTES	51
	 	 	 
	Section
    10.01.	Redemption	51
	Section
    10.02.	Form
    of Redemption Notice	51
	Section
    10.03.	Notes
    Payable on Redemption Date	52
	 	 	 
	ARTICLE
    ELEVEN MISCELLANEOUS	52
	 	 	 
	Section
    11.01.	Compliance
    Certificates and Opinions, etc	52
	Section
    11.02.	Form
    of Documents Delivered to Indenture Trustee	53
	Section
    11.03.	Acts of Noteholders	54
	Section
    11.04.	Notices	55
	Section
    11.05.	Electronic
    Signatures and Transmission	55
	Section
    11.06.	Notices
    to Noteholders; Waiver	55
	Section
    11.07.	Alternate
    Payment and Notice Provisions	56

 

    iii

     

    

 

	Section
    11.08.	Effect
    of Headings and Table of Contents	56
	Section
    11.09.	Successors
    and Assigns	56
	Section
    11.10.	Separability	56
	Section
    11.11.	Benefits of
    Indenture	56
	Section
    11.12.	Legal
    Holidays	57
	Section
    11.13.	Governing
    Law	57
	Section
    11.14.	Waiver
    of Jury Trial	57
	Section
    11.15	Submission
    to Jurisdiction	57
	Section
    11.16	Counterparts;
    Originals	57
	Section
    11.17.	Recording
    of Indenture	57
	Section
    11.18.	Trust
    Obligation	57
	Section
    11.19.	No
    Petition	58
	Section
    11.20.	Inspection	58
	Section
    11.21.	Conflict
    with Trust Indenture Act	58
	Section
    11.22.	Disclaimer
    and Subordination	58
	Section
    11.23.	Limitation
    of Rights	59
	Section
    11.24.	Communications
    with Rating Agencies	59

 

	EXHIBITS	Page

 

	Exhibit A-1	Form of Class A-1 Note	A-1-1
	Exhibit A-2a	Form of Class A-2a Note	A-2a-1
	Exhibit A-2b	Form of Class A-2b Note	A-2b-1
	Exhibit A-3	Form of Class A-3 Note	A-3-1
	Exhibit A-4	Form of Class A-4 Note	A-4-1
	Exhibit B	Form of Class B Note	B-1
	Exhibit C	Form of Class C Note	C-1
	Exhibit D	Form of Class D Note	D-1
	Exhibit E	Form of Note Depository Agreement	E-1

 

    iv

     

    

 

 

INDENTURE

 

THIS INDENTURE, dated as
of [                ] (this “Indenture”), is entered into by and between Harley-Davidson Motorcycle Trust [                ], a Delaware statutory trust
(the “Issuer”), and [                ], as indenture trustee (the “Indenture Trustee”).

 

Each party agrees as follows
for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Issuer’s Notes.

 

GRANTING CLAUSE

 

[USE FOLLOWING GRANTING CLAUSE
IF THERE IS NO UNDERLYING TRUST]

 

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

 

[USE FOLLOWING GRANTING CLAUSE
IF THERE IS AN UNDERLYING TRUST]

 

[The Issuer hereby
grants, transfers, assigns and otherwise conveys to the Indenture Trustee on the Closing Date, on behalf of and for the benefit of
the Holders of the Notes, without recourse, all of the Issuer’s right, title and interest (i) in, to, and under the Underlying
Trust Certificate, the Underlying Trust and the Underlying Trust Agreement, (ii) in, to, and under the Administration Agreement,
(iii) in all amounts on deposit in the Collection Account, the Note Distribution Account and the Reserve Fund, including all
Eligible Investments therein and all income from the investment of funds therein and all proceeds therefrom, and (iv) in and to the
proceeds of the sale of the Notes (until distributed or expended for the purpose for which the Notes were issued) and the revenues,
moneys, evidences of indebtedness, instruments, securities, and other financial assets (including any earnings thereon) in and
payable into the Collection Account, in the manner and subject to the prior applications provided in Article Seven of the Sale and
Servicing Agreement, all as hereinbefore and hereinafter defined, including any contract or any evidence of indebtedness or other
rights of the Issuer to receive any of the same (as each such defined term is defined in Section 1.01) (collectively, the
 “Collateral”).]

 

     

     

    

 

The foregoing Grant is made
in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes[, and amounts payable
by the Issuer to the [Swap][Cap] Counterparty under the Interest Rate [Swap][Cap] Agreement], equally and ratably without prejudice,
priority or distinction, except as expressly provided herein with respect to distinctions among Classes of Notes and between payments
in respect of Notes [and the Interest Rate [Swap][Cap] Agreement] and all other sums owing by the Issuer hereunder or under any other
Transaction Document, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture.

 

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

 

ARTICLE
One

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01.         
Definitions.

 

Except as otherwise specified
herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein shall have the meanings ascribed
thereto in the Sale and Servicing Agreement and the following terms have the respective meanings set forth below for all purposes of
this Indenture.

 

“Act”
has the meaning specified in Section 11.03(a).

 

“Administration
Agreement” means the Administration Agreement, dated as of the date hereof, among the Administrator, the Issuer, [the Underlying
Trust, ]the Trust Depositor and the Indenture Trustee.

 

“Administrator”
means Harley-Davidson Credit or any successor Administrator under the Administration Agreement.

 

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

 

    2

     

    

 

“Asset Representations Review Agreement”
means the Asset Representations Review Agreement, dated as of the date hereof, among the Issuer, the Servicer, the Indenture Trustee
and the Asset Representations Reviewer.

 

“Asset Representations
Reviewer” means [                    ], a [                      ].

 

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

 

“Beneficial Owner”
means, with respect to a Book-Entry Note, the Person in whose name such Book-Entry Note is recorded as beneficial owner of such Book-Entry
Note by a Clearing Agency under a book-entry system, or by a participant or indirect participant in such Clearing Agency, as the case
may be.

 

“Book-Entry Notes”
means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 2.09.

 

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

 

“Class”
means all Notes whose form is identical except for variation in denomination, principal amount or owner.

 

“Class A-1 Final
Distribution Date” has the meaning set forth in the Sale and Servicing Agreement.

 

“Class A-1 Notes”
means the Class A-1 Notes, substantially in the form of Exhibit A-1.

 

“Class A-1 Rate”
has the meaning set forth in the Sale and Servicing Agreement.

 

“Class A-2 Final
Distribution Date” has the meaning set forth in the Sale and Servicing Agreement.

 

“Class A-2 Notes”
means the Class A-2a Notes and the Class A-2b Notes.

 

“Class A-2a Notes”
means the Class A-2a Notes, substantially in the form of Exhibit A-2a.

 

“Class A-2a Rate”
has the meaning set forth in the Sale and Servicing Agreement.

 

    3

     

    

 

“Class A-2b Notes”
means the Class A-2b Notes, substantially in the form of Exhibit A-2b.

 

“Class A-2b Rate”
has the meaning set forth in the Sale and Servicing Agreement.

 

“Class A-3 Final
Distribution Date” has the meaning set forth in the Sale and Servicing Agreement.

 

“Class A-3 Notes”
means the Class A-3 Notes, substantially in the form of Exhibit A-3.

 

“Class A-3 Rate”
has the meaning set forth in the Sale and Servicing Agreement.

 

“Class A-4 Final
Distribution Date” has the meaning set forth in the Sale and Servicing Agreement.

 

“Class A-4 Notes”
means the Class A-4 Notes, substantially in the form of Exhibit A-4.

 

“Class A-4 Rate”
has the meaning set forth in the Sale and Servicing Agreement.

 

“Class A Notes”
means, collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.

 

“Class B Final Distribution
Date” has the meaning set forth in the Sale and Servicing Agreement.

 

“Class B Notes”
means the Class B Notes, substantially in the form of Exhibit B.

 

“Class B Rate”
has the meaning set forth in the Sale and Servicing Agreement.

 

“Class C Final Distribution
Date” has the meaning set forth in the Sale and Servicing Agreement.

 

“Class C Notes”
means the Class C Notes, substantially in the form of Exhibit C.

 

“Class C Rate”
has the meaning set forth in the Sale and Servicing Agreement.

 

“Class D Final Distribution
Date” has the meaning set forth in the Sale and Servicing Agreement.

 

“Class D Notes”
means the Class D Notes, substantially in the form of Exhibit D.

 

“Class D Rate”
has the meaning set forth in the Sale and Servicing Agreement.

 

“Clearing Agency”
means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. The initial Clearing
Agency will be DTC.

 

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

 

“Closing Date”
has the meaning set forth in the Sale and Servicing Agreement.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

    4

     

    

 

“Collateral”
means the Collateral Granted to the Indenture Trustee under this Indenture.

 

“Commission”
means the Securities and Exchange Commission.

 

“Controlling Class”
has the meaning set forth in the Sale and Servicing Agreement.

 

“Corporate Trust
Office” means the office of the Indenture Trustee at which at any particular time its activities under this Indenture shall
be administered, which office at date of the execution of this Indenture is located at [                    ], Attention: [                    ]; or at such other address
as the Indenture Trustee may designate from time to time by notice to the Noteholders[, the [Swap][Cap] Counterparty] and the Issuer,
or the designated corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will
notify the Noteholders[, the [Swap][Cap] Counterparty] and the Issuer).

 

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

 

“Definitive Notes”
shall have the meaning specified in Section 2.09.

 

“Delinquency Trigger”
means, for any Due Period, that the aggregate Principal Balance of Contracts that are 60 days or more Delinquent (assuming 30-day months)
as a percentage of the Pool Balance as of the last day of the Due Period exceeds [    ]%.

 

“Delinquent”
means, as of a date of determination, a Contract with a past due amount great than 10% of the scheduled payment then due; provided, no
Contract with a past due amount of $10 or less shall be deemed “Delinquent.”

 

“Distribution Date”
has the meaning set forth in the Sale and Servicing Agreement.

 

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

 

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

 

“Event of Default”
shall have the meaning specified in Section 5.01.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Executive Officer”
means, with respect to any corporation or limited liability company, the Chief Executive Officer, Chief Operating Officer, Chief
Financial Officer, President, Executive Vice President, any Vice President, the Secretary or the Treasurer of such corporation or limited
liability company; and with respect to any partnership, any general partner thereof.

 

“FATCA” shall mean the Foreign
Account Tax Compliance Act, as amended.

 

“FATCA Withholding Tax” shall
have the meaning specified in Section 3.24.

 

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

 

    5

     

    

 

“Harley-Davidson
Credit” means Harley-Davidson Credit Corp., and its successors and assigns.

 

“Holder”
or “Noteholder” means the Person in whose name a Note is registered on the Note Register.

 

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

 

“Indenture”
means this Indenture, as amended or supplemented from time to time.

 

“Indenture Trustee”
means [                         ], as Indenture Trustee under this Indenture, or any successor Indenture Trustee under this Indenture.

 

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

 

“Independent Certificate”
means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.01, made by an Independent appraiser or other expert appointed by an Issuer Order and
approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has
read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof.

 

“Interest Rate”
means the Class A-1 Rate, the Class A-2a Rate, the Class A-2b Rate, the Class A-3 Rate, Class A-4 Rate, the Class B Rate, the Class
C Rate, and/or the Class D Rate, as applicable.

 

    6

     

    

 

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

 

“Issuer Order”
and “Issuer Request” means a written order or request signed in the name of the Issuer by any one of its Authorized
Officers and delivered to the Indenture Trustee.

 

“Note”
means, as the context requires, a Class A Note, a Class B Note, a Class C Note or a Class D Note.

 

“Note Depository
Agreement” means one or more agreements dated as of the Closing Date, executed by the Issuer, relating to the Notes, substantially
in the form of Exhibit E hereto.

 

“Note Register”
and “Note Registrar” have the respective meanings specified in Section 2.04.

 

“Noteholder FATCA
Information” shall mean information sufficient to eliminate the imposition of, or determine the amount of, U.S. withholding
tax under FATCA.

 

“Noteholder Tax
Identification Information” means information and/or properly completed and signed tax certifications sufficient to eliminate
the imposition of or to determine the amount of any withholding of tax imposed on payments to the provider, and to allow the recipient
to comply with any reporting or other obligations under any applicable tax law, including but not limited to Internal Revenue Service
Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY, as applicable, and any required supporting documentation.

 

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

 

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

 

“Outstanding”
means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except:

 

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

 

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

 

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

 

    7

     

    

 

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

 

“Outstanding Amount”
means the aggregate principal amount of all Notes of one or more Classes, as the case may be, Outstanding at the date of determination.

 

“Owner Trustee”
means [                    ], not in its individual capacity but solely as Owner Trustee under the Trust Agreement, or any successor trustee under the
Trust Agreement.

 

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

 

“Permitted Lien”
means, any tax lien, mechanics’ lien and other lien that arises by operation of law, in each case on a Motorcycle and arising
solely as a result of an action or omission of the related Obligor.

 

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

 

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

 

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

 

“Proceeding”
means any suit in equity, action at law or other judicial or administrative proceeding.

 

“Rating Agency”
means each of [           ] and [           ], so long as such Persons maintain a rating on the Notes; and if either of [           ] and [           ] no longer maintains
a rating on the Notes, such other nationally recognized statistical rating organization selected by the Trust Depositor.

 

    8

     

    

 

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

 

“Redemption Date”
means, in the case of a redemption of the Notes pursuant to Section 10.01(a) or a payment to Noteholders pursuant to Section 10.01(b),
the Distribution Date specified by the Servicer or the Issuer pursuant to Section 10.01(a) or 10.01(b), as the case may be.

 

“Redemption Date
Amount” means (i) in the case of a redemption of the Notes pursuant to Section 10.01(a), an amount equal to the unpaid principal
amount of the Notes redeemed plus accrued and unpaid interest thereon at the applicable Interest Rate for each Class of Notes being so
redeemed to but excluding the Redemption Date, or (ii) in the case of a payment made to Noteholders pursuant to Section 10.01(b), the
amount on deposit in the Note Distribution Account, after prior applications pursuant to Section 5.06(a), but not in excess of the amount
specified in clause (i) above.

 

“Registered Holder”
means the Person in whose name a Note is registered on the Note Register on the applicable Record Date.

 

“Responsible Officer”
means, with respect to the Indenture Trustee, any officer within the Corporate Trust Office (or any successor group of the Indenture
Trustee), including any Vice President, assistant secretary or other officer or assistant officer of the Indenture Trustee customarily
performing functions similar to those performed by the people who at such time shall be officers, respectively, or to whom any corporate
trust matter is referred at the Corporate Trust Office of the Indenture Trustee because of his knowledge of and familiarity with the
particular subject.

 

“Review”
has the meaning stated in the Asset Representations Review Agreement.

 

“Review Contracts”
means, for a Review, the Contracts 60 days or more Delinquent (assuming 30 day months) as of the last day of the Due Period before the
Review Demand Date stated in the Review Notice.

 

“Review Demand Date”
means, for a Review, the date when the Indenture Trustee determines that each of (a) the Delinquency Trigger has occurred and (b) the
required percentage of Noteholders has voted to direct a Review under Section 7.04 hereof.

 

“Review Notice”
means the notice from the Indenture Trustee to the Asset Representations Reviewer and the Servicer directing the Asset Representations
Reviewer to perform a Review.

 

“Sale and Servicing
Agreement” means the Sale and Servicing Agreement, dated as of the date hereof, among the Issuer, [the Underlying Trust, ]the
Trust Depositor, the Indenture Trustee and the Servicer.

 

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

 

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

 

“Similar Law”
means any foreign, federal, state or local law with provisions substantially similar to Title I of ERISA or Section 4975 of the Code.

 

    9

     

    

 

“State”
means any one of the 50 states of the United States or any of its territories, or the District of Columbia.

 

“Termination Date”
means the date on which the Indenture Trustee shall have received payment and performance of all amounts and obligations which the
Issuer may owe to or on behalf of the Indenture Trustee for the benefit of the Noteholders [and the [Swap][Cap] Counterparty] under this
Indenture or the Notes.

 

“Trust Depositor”
shall mean Harley-Davidson Customer Funding Corp., in its capacity as Trust Depositor under the Sale and Servicing Agreement.

 

“Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939, as amended.

 

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

 

[“Underlying Trust”
means Harley-Davidson Motorcycle Grantor Trust [           ].]

 

[“Underlying Trust
Agreement” means that certain Trust Agreement dated as of the Closing Date, among the Issuer, as settlor, the Administrator,
the Trust Depositor and the Underlying Trustee.]

 

[“Underlying Trust
Certificate” shall mean the trust certificate issued to the Issuer by the Underlying Trust pursuant to the Underlying Trust
Agreement, evidencing a 100% beneficial ownership interest in the Underlying Trust.]

 

[“Underlying Trustee”
means [                      ], not in its individual capacity but solely as Underlying Trustee under the Underlying Trust Agreement, or any successor
trustee under the Underlying Trust Agreement.]

 

“United States”
means the United States of America.

 

Section 1.02.         
Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision
of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:

 

“Commission”
means the Securities and Exchange Commission.

 

“indenture securities”
means the Notes.

 

“indenture security
holder” means a Noteholder.

 

“indenture to be
qualified” means this Indenture.

 

“indenture trustee”
or “institutional trustee” means the Indenture Trustee.

 

“obligor”
on the indenture securities means the Issuer and any other obligor on the indenture securities.

 

    10

     

    

 

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

 

Section 1.03.         
Rules of Construction. Unless the context otherwise requires:

 

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

 

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

 

(iii)       “or”
is not exclusive;

 

(iv)       “including”
means including without limitation;

 

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

 

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

 

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

 

ARTICLE
Two

THE NOTES

 

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

 

The terms of the Notes set
forth in Exhibits hereto are part of the terms of this Indenture.

 

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

 

    11

     

    

 

The Indenture Trustee shall,
upon receipt of an Issuer Order, authenticate and deliver the Notes for original issue in the Classes and aggregate principal amounts
as set forth below:

 

	Class	Aggregate
    Principal Amount
	Class A-1	$_______,000
	Class A-2a	$_______,000
	Class A-2b	$_______,000
	Class A-3	$_______,000
	Class A-4	$_______,000
	Class B	$_______,000
	Class C	$_______,000
	Class D	$_______,000
	 	 

The aggregate principal amount
of such Classes of Notes Outstanding at any time may not exceed such respective amounts, except as otherwise provided in Section 2.05.

 

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

 

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

 

Section 2.03.         
Temporary Notes. Pending the preparation of Book-Entry Notes or Definitive Notes, the Issuer
may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the definitive Notes in lieu of which they are issued
and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced
by their execution of such Notes.

 

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

 

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

 

    12

     

    

 

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

 

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

 

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

 

All Notes issued upon any
registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to
the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

 

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

 

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

 

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

 

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

 

    13

     

    

 

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

 

(ii)           the rights
of Noteholders will be exercised only through the Clearing Agency and will be limited to those established by law and agreements between
such Noteholders and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Depository Agreement;

 

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

 

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

 

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

 

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

 

Upon the issuance of any
replacement Note under this Section, the Issuer or the Indenture Trustee may require the payment by the Holder of such Note of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including
the fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith.

 

    14

     

    

 

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

 

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

 

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

 

Section 2.07.         
Payment of Principal and Interest; Defaulted Interest.

 

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

 

(b)               
The principal of each Note shall be payable on each Distribution Date to the extent provided in the form of the related Class
of Notes set forth as an Exhibit hereto. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due
and payable, if not previously paid, on the date on which the maturity of the Notes has been accelerated in the manner provided in Section
5.02. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The Indenture
Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Distribution
Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall
be mailed within five Business Days of receipt of notice of termination of the Trust pursuant to Section 9.01(c) of the Trust Agreement
and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes
shall be mailed to Noteholders as provided in Section 10.02.

 

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

 

    15

     

    

 

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

 

Section 2.09.         
Book-Entry Notes.

 

The Notes, upon original
issuance, will be issued in the form of a printed Note or Notes representing the Book-Entry Notes, to be delivered to DTC, the initial
Clearing Agency, by, or on behalf of, the Issuer (or held by the Indenture Trustee as custodian for DTC). Such Notes shall initially
be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Noteholder will
receive a Definitive Note representing such Noteholder’s interest in such Note, except as provided in Section 2.11. Unless and
until definitive fully registered Notes (the “Definitive Notes”) have been issued to Noteholders pursuant to Section 2.11:

 

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

 

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

 

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

 

(iv)       the
rights of Noteholders shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements
between such Noteholders and the Clearing Agency and/or the Clearing Agency Participants;

 

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

 

(vi)       pursuant
to the Note Depository Agreement, unless and until Definitive Notes are issued pursuant to Section 2.11, the Clearing Agency will make
book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes
to such Clearing Agency Participants.

 

 

    16

     

    

 

 

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

 

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

 

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

 

Section 2.12.         
Release of Collateral. Subject to Sections 4.04, 8.04 and 11.01 and the terms of the Transaction
Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied
by an Officer’s Certificate.

 

Section 2.13.         
Tax Treatment. The Issuer and the purchasers of the Notes intend, and will act at all times in
a manner consistent with the intention that the Notes, held by persons other than the Trust Depositor or one of its affiliates be treated
as indebtedness for all U.S. federal, state, local, and foreign income tax purposes. The Issuer, by entering into this Indenture, and
each Noteholder, by its acceptance of its Note agree to treat the Notes held by persons other than the Trust Depositor or one of its
affiliates for U.S. federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuer.

 

Section 2.14.         
Calculation of Class A-2b Rate. On each [SOFR Determination Date], the Indenture Trustee will
calculate the Class A-2b Rate for the related Interest Period and notify the Servicer of the results of such calculation. All determinations
of the Class A-2b Rate by the Indenture Trustee shall, in the absence of manifest error, be conclusive for all purposes and binding on
the Noteholders.

 

    17

     

    

 

ARTICLE
Three

 

COVENANTS

 

Section 3.01.         
Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and
interest, if any, on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject
to Section 8.02(c), the Issuer and the Indenture Trustee will cause to be deposited into the Note Distribution Account amounts allocated
pursuant to Section 7.05 of the Sale and Servicing Agreement, and cause to be distributed all such amounts on a Distribution Date as
deposited therein (i) for the benefit of the Class A-1 Notes, to the Registered Holders of the Class A-1 Notes, (ii) for the
benefit of the Class A-2 Notes, to the Registered Holders of the Class A-2 Notes, (iii) for the benefit of the Class A-3
Notes, to the Registered Holders of the Class A-3 Notes, (iv) for the benefit of the Class A-4 Notes, to the Registered Holders
of the Class A-4 Notes, (v) for the benefit of the Class B Notes, to the Registered Holders of the Class B Notes, (vi) for the benefit
of the Class C Notes, to the Registered Holders of the Class C Notes, (vii) for the benefit of the Class D Notes, to the Registered Holders
of the Class D Notes, in each case as further specified herein [and (viii) for the benefit of and to the [Swap][Cap] Counterparty]. Amounts
properly withheld under the Code by any Person from a payment to any Noteholder [or the [Swap][Cap] Counterparty] of interest and/or
principal shall be considered as having been paid by the Issuer to such Noteholder [or the [Swap][Cap] Counterparty, as the case may
be,] for all purposes of this Indenture.

 

Section 3.02.         
Maintenance of Office or Agency. The Issuer will maintain in [                ] an office or agency where Notes
may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes
and this Indenture may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing
purposes. The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of
any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture
Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer
hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.

 

Section 3.03.         
Money for Payments to be Held in Trust. As provided in Section 8.02, all payments of amounts
due and payable with respect to any Notes [or the Interest Rate [Swap][Cap] Agreement] that are to be made from amounts withdrawn from
the Collection Account[, the [Swap][Cap] Collateral Account], the Reserve Fund[, the Risk Retention Reserve Account], or the Note Distribution
Account pursuant to Section 8.02(b) and 8.03 shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent,
and no amounts so withdrawn from such accounts for payments of Notes [or the [Swap][Cap] Counterparty] shall be paid over to the Issuer
except as provided in this Section.

 

On or before 2:00 p.m., New
York, New York time, the Business Day immediately preceding each Distribution Date and Redemption Date, the Issuer shall deposit or cause
to be deposited in the Note Distribution Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes [and
the Interest Rate [Swap][Cap] Agreement], such sum to be held in trust for the benefit of the Persons entitled thereto and (unless the
Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act.

 

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

 

    18

     

    

 

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

 

(ii)       give
the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Notes) in the making of any payment required
to be made with respect to the Notes [or under the Interest Rate [Swap][Cap] Agreement];

 

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

 

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

 

(v)       comply
with all requirements of the Code with respect to the withholding from any payments made by it on any Notes [or under the Interest Rate
[Swap][Cap] Agreement] of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements
in connection therewith.

 

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

 

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

 

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

 

    19

     

    

 

Section 3.05.         
Protection of Collateral. The Issuer intends the security interest Granted pursuant to this Indenture
in favor of the Indenture Trustee on behalf of the Noteholders [and the [Swap][Cap] Counterparty] to be prior to all other liens in respect
of the Collateral, and the Issuer shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on
behalf of the Noteholders [and the [Swap][Cap] Counterparty], a first lien on and a first priority, perfected security interest in the
Collateral. The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments, all as prepared by the Servicer and delivered to the
Issuer, and will take such other action necessary or advisable to:

 

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

 

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

 

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

 

(iv)       enforce
any of the Collateral;

 

(v)       preserve
and defend title to the Collateral and the rights of the Indenture Trustee[, the [Swap][Cap] Counterparty] and the Noteholders in such
Collateral against the claims of all persons and parties; and

 

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

 

The Issuer shall file the financing
statements on Form UCC-1. All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee in connection
herewith describing the Collateral shall contain a statement to the following effect: “A purchase of or security interest in any
collateral described in this financing statement, except as permitted in the Indenture, will violate the rights of the Secured Party.”
The Issuer hereby authorizes the Indenture Trustee to execute, if necessary, and file all continuation statements or other instruments
required to be filed pursuant to this Section and hereby designates the Indenture Trustee its agent and attorney-in-fact for such purpose;
provided, however, that the Indenture Trustee shall have no obligation to monitor or file any financing statements, continuation
statements, financing statement amendments or any other instrument.

 

The Issuer shall file UCC financing
statements, describing the collateral as “all assets of the Issuer, whether now owned or existing or hereafter acquired or arising
and wheresoever located, and all proceeds and products thereof” or words to that effect, and any limitations on such collateral
description, notwithstanding that such collateral description may be broader in scope than the Collateral described in this Indenture.

 

    20

     

    

 

Section 3.06.         
Opinions as to Collateral. On the Closing Date, the Issuer shall furnish to the Indenture Trustee
an Opinion of Counsel to the effect that, in the opinion of such counsel, either (i) all financing statements have been filed that are
necessary to perfect the Indenture Trustee’s security interest in the Collateral for the benefit of the Noteholders, and reciting
the details of such filings or (ii) no such action shall be necessary to perfect such security interest.

 

Section 3.07.         
Performance of Obligations; Servicing of Contracts.

 

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

 

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

 

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

 

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

 

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

 

Section 3.08.         
Negative Covenants. Until the Termination Date, the Issuer shall not:

 

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

 

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

 

    21

     

    

 

(iii)       except
as may be expressly permitted hereby or by the other Transaction Documents, (A) permit the validity or effectiveness of this Indenture
to be impaired, or permit the lien created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or
permit any Person to be released from any covenant; or obligations with respect to the Notes under this Indenture, (B) permit any lien,
charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend
to or otherwise arise upon or burden the Collateral or any part thereof or any interest therein or the proceeds thereof (other than Permitted
Liens), (C) permit the lien created by this Indenture not to constitute a valid first priority (other than with respect to any Permitted
Liens) security interest in the Collateral, or (D) amend, modify or fail to comply with the provisions of the Transaction Documents without
the prior written consent of the Indenture Trustee, except where the Transaction Documents allow for amendment or modification without
the consent or approval of the Indenture Trustee;

 

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

 

(v)       except
in connection with a transaction under Section 3.10(a), change its name or state of formation.

 

Section 3.09.         
Annual Statement as to Compliance. The Issuer will deliver to the Indenture Trustee, on or before
March 31 of each year commencing in the calendar year [      ], an Officer’s Certificate stating, as to the Authorized Officer signing
such Officer’s Certificate, that:

 

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

 

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

 

Section 3.10.         
Issuer May Consolidate, etc. Only on Certain Terms.

 

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

 

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

 

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

 

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

 

    22

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    23

     

    

 

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

 

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

 

Section 3.11.         
Successor or Transferee.

 

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

 

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

 

Section 3.12.         
No Other Business. The Issuer shall not engage in any business other than [financing, purchasing,
owning, selling and managing the Contracts][acquiring and maintaining the Underlying Trust Certificate] in the manner contemplated by
this Indenture and the other Transaction Documents and activities incidental thereto.

 

Section 3.13.         
No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable,
directly or indirectly, for any Indebtedness except for (i) the Notes and (ii) any other Indebtedness permitted by or arising under the
other Transaction Documents. The proceeds of the Notes shall be used exclusively to fund the Issuer’s purchase of the [Contracts][Underlying
Trust Certificate] and the other assets specified in the [Sale and Servicing Agreement][Underlying Trust Agreement], to fund the Reserve
Fund [and the Risk Retention Reserve Account], and to pay the transactional expenses of the Issuer.

 

Section 3.14.         
Servicer’s Obligations. The Issuer shall cause the Servicer to comply with its obligations
under Article Five and Article Nine of the Sale and Servicing Agreement.

 

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

 

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

 

    24

     

    

 

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

 

Section 3.18.         
Notice of Events of Default. The Issuer agrees to give the Indenture Trustee[, the [Swap][Cap]
Counterparty] and each Rating Agency prompt written notice of each Event of Default hereunder and an Event of Termination under the Sale
and Servicing Agreement.

 

Section 3.19.         
Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuer will execute
and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively
the purpose of this Indenture.

 

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

 

Section 3.21.         
Amendments of Sale and Servicing Agreement and Trust Agreement. The Issuer shall not agree to
any amendment to Section 11.01 of the Trust Agreement to eliminate the requirement thereunder that the Holders of the Notes consent to
amendments thereto as provided therein. Prior to the execution of an amendment pursuant to Section 11.01 of the Sale and Servicing Agreement,
the Issuer shall give written notice of such proposed amendment to the Rating Agencies.

 

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

 

Section 3.23.         
Creation of a Valid Security Interest. The Issuer covenants and agrees that the Indenture creates
a valid and continuing security interest (as defined in the applicable UCC) in the [Contracts][Underlying Trust Certificate] and the
other Collateral in favor of the Indenture Trustee, which security interest is prior to all other Liens (other than Permitted Liens)
and is enforceable as such against creditors of and purchasers from the Issuer.

 

Section 3.24.          FATCA
Compliance. The Issuer represents, warrants and covenants to the Indenture Trustee that, (i) to
the best of the Issuer’s knowledge, the Indenture Trustee is not obligated in respect of any payments to be made by it
pursuant to this Indenture, to make any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code
or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements thereunder or official
interpretations thereof (“FATCA Withholding Tax”); and (ii) the Issuer will require the Noteholders to collect
and provide the Noteholder FATCA Information. The Issuer will provide the Noteholder FATCA Information to the Indenture Trustee upon
request; and to the extent the Issuer determines that FATCA Withholding Tax is applicable, it will promptly notify the
Indenture Trustee of such fact. Each holder of a Note or an interest therein, by acceptance of such Note or such interest in such
Note, will be deemed to have agreed to provide the Indenture Trustee with the Noteholder Tax Identification Information and, to the
extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information. In addition, each holder of a Note will be deemed to
understand that the Indenture Trustee has the right to withhold interest payable with respect to the Note (without any corresponding
gross-up) on any Beneficial Owner of an interest in a Note that fails to comply with the foregoing requirements.

 

    25

     

    

 

ARTICLE
Four

SATISFACTION AND DISCHARGE

 

Section 4.01.         
Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with
respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost
or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon [and of the [Swap][Cap] Counterparty
to receive Net Swap Payments and Swap Termination Payments], (iv) Sections 3.01, 3.03, 3.04, 3.05, 3.07, 3.08, 3.10, 3.11, 3.12, 3.13,
and 3.20, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee
under Section 6.07 and the obligations of the Indenture Trustee under Section 4.02) and (vi) the rights of Noteholders [and the [Swap][Cap]
Counterparty] as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them,
and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture with respect to the Notes, when

 

(A)       either

 

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

 

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

 

(i)       have
become due and payable, or

 

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

 

(iii)       are
to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption
by the Indenture Trustee in the name, and at the expense, of the Issuer,

 

provided, however,
that all outstanding Notes must become so due and payable or be so called for redemption on the next succeeding Distribution Date;
and provided, further, that the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be
irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States (which
will mature prior to the date such amounts are payable), in trust in an Eligible Account for such purpose, in an amount sufficient
to pay and discharge the entire indebtedness on such Note not theretofore delivered to the Indenture Trustee for cancellation when
due to the final scheduled Distribution Date;

 

    26

     

    

 

(B)       the
Issuer has paid or performed or caused to be paid or performed all amounts and obligations which the Issuer may owe to or on behalf of
the Indenture Trustee for the benefit of the Noteholders under this Indenture or the Notes [and the [Swap][Cap] Counterparty under the
Interest Rate [Swap][Cap] Agreement (including any Swap Termination Payment)]; and

 

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

 

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

 

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

 

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

 

ARTICLE
Five

REMEDIES

 

Section
5.01.          Events
of Default. “Event of Default,” wherever used herein, means any one of the following
events (whatever the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

 

    27

     

    

 

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

 

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

 

(iii)       default
in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement
a default in the observance or performance of which is elsewhere in this Section specifically dealt with) which default has a material
adverse effect on the Noteholders, or any representation or warranty of the Issuer made in this Indenture or in any certificate or other
writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when
the same shall have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which
such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there
shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or by the Holders of at least 25% of the
Outstanding Amount of the Controlling Class a written notice specifying such default or incorrect representation or warranty and requiring
it to be remedied and stating that such notice is a “Notice of Default” hereunder;

 

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

 

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

 

The Issuer shall deliver to
the Indenture Trustee within five days after obtaining knowledge of the occurrence thereof, written notice in the form of an Officer’s
Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (iii) above,
its status and what action the Issuer is taking or proposes to take with respect thereto.

 

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

 

    28

     

    

 

Section 5.03.         
Collection of Indebtedness and Suits for Enforcement by Indenture Trustee; Authority of Indenture Trustee.

 

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

 

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

 

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

 

(d)               
Notwithstanding anything to the contrary contained in this Indenture, if an Event of Default shall have occurred and be continuing
and if the Issuer fails to perform its obligations under Section 10.01(b) when and as due, the Indenture Trustee may in its discretion
proceed to protect and enforce its rights and the rights of the Noteholders [and the [Swap][Cap] Counterparty] by such appropriate Proceedings
as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for specific performance of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal
or equitable right vested in the Indenture Trustee by this Indenture or by law; provided that the Indenture Trustee shall only be entitled
to take any such actions to the extent such actions (i) are taken only to enforce the Issuer’s obligations to redeem the principal
amount of Notes, and (ii) are taken only against the Collateral.

 

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

 

    29

     

    

 

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

 

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

 

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

 

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

 

and any trustee, receiver,
liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments
to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders,
to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances
made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith.

 

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

 

(g)               
All rights of action and of asserting claims under this Indenture or under any of the Notes [or the Interest Rate [Swap][Cap]
Agreement] may be enforced by the Indenture Trustee without the possession of any of the Notes or the production thereof in any trial
or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation
of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the benefit of the
Holders of the Notes [and the [Swap][Cap] Counterparty] as provided in Section 5.06.

 

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

 

    30

     

    

 

Section 5.04.         
Remedies. If an Event of Default shall have occurred and be continuing, the Indenture Trustee
(subject to Sections 5.12 and 7.04) may, and shall if so directed by the Required Holders in writing:

 

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

 

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

 

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

 

(iv)        sell
the Collateral or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any
manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Collateral
following an Event of Default, unless (A) the Holders of 100% of the Outstanding Amount of the Notes consent thereto, (B) the proceeds
of such sale or liquidation distributable to the Noteholders [and the [Swap][Cap] Counterparty] are sufficient to discharge in full all
amounts then due and unpaid upon such Notes for principal and interest [and all payments due in respect of the Interest Rate [Swap][Cap]
Agreement] or (C) there has been an Event of Default described in Section 5.01(i) or (ii) and the Indenture Trustee determines that the
Collateral will not continue to provide sufficient funds for the payment of principal of and interest on the Notes [and all amounts due
to the [Swap][Cap] Counterparty under the Interest Rate [Swap][Cap] Agreement] as they would have become due if the Notes had not been
declared due and payable, and the Indenture Trustee provides prior written notice to the Administrator and obtains the consent of the
Required Holders, and the Administrator provides written notice to each Rating Agency. In determining such sufficiency or insufficiency
with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Collateral
for such purpose.

 

Section 5.05.         
Optional Preservation of the Collateral. Following an Event of Default and if such Event of Default
has not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Collateral. It is the
desire of the parties hereto and the Noteholders [and the [Swap][Cap] Counterparty] that there be at all times sufficient funds for the
payment of principal and interest on the Notes [and the amounts due to the [Swap][Cap] Counterparty under the Interest Rate [Swap][Cap]
Agreement], and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the
Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and rely
upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Collateral for such purpose.

 

    31

     

    

 

Section 5.06.         
Priorities.

 

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

 

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

 

Section 5.07.         
Limitation of Suits. No Holder of any Note shall have any right to institute any Proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless (and in all events subject to Section 11.19 hereof):

 

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

 

(ii)       the
Holders of not less than 25% of the Outstanding Amount of the Controlling Class have made written request to the Indenture Trustee to
institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;

 

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

 

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

 

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

 

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

 

In the event the Indenture
Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes of the Controlling
Class, each representing less than a majority of the Outstanding Amount of the Controlling Class, the Indenture Trustee in its sole discretion
may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

 

Section 5.08.         
Unconditional Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other
provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of
the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or,
in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder.

 

Section
5.09.          Restoration
of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to
enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason or has been
determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case
the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and
respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the
Noteholders shall continue as though no such Proceeding had been instituted.

 

    32

     

    

 

 

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

 

Section 5.11.         
Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder of
any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute
a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article Five or by
law to the Indenture Trustee[, the [Swap][Cap] Counterparty] or to the Noteholders may be exercised from time to time, and as often as
may be deemed expedient, by the Indenture Trustee[, the [Swap][Cap] Counterparty] or (subject to Section 5.07) by the Noteholders, as
the case may be.

 

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

 

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

 

(ii)       any
direction to the Indenture Trustee to sell or liquidate the Collateral shall be subject to the terms of Section 5.04;

 

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

 

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

 

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

 

Section 5.13.         
Waiver of Past Defaults. Prior to the time a judgment or decree for payment of money due
has been obtained as described in Section 5.03, the Required Holders may waive any past Default or Event of Default and its consequences,
except a Default (i) in payment of principal or interest on any of the Notes or (ii) in respect of a covenant or provision hereof that
cannot be modified or amended without the consent of all Noteholders. In the case of any waiver of an Event of Default, the Issuer, the
Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto. Upon any such waiver, such
Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

 

    33 

     

    

 

Section 5.14.         
Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such
Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by
it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section
shall not apply to (i) any suit instituted by the Indenture Trustee, (ii) any suit instituted by any Noteholder, or group of Noteholders,
in each case holding in the aggregate more than 10% of the Outstanding Amount of the Controlling Class or (iii) any suit instituted by
any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed
in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

 

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

 

Section 5.16.         
Action on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes
[or the Interest Rate [Swap][Cap] Agreement] under this Indenture shall not be affected by the seeking, obtaining or application of any
other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture
Trustee[, the [Swap][Cap] Counterparty] or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee
against the Issuer or by the levy of any execution under such judgment upon any portion of the Collateral or upon any of the assets of
the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.06.

 

Section 5.17.         
Performance and Enforcement of Certain Obligations.

 

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

 

    34 

     

    

 

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

 

ARTICLE
Six

THE INDENTURE TRUSTEE

 

Section 6.01.         
Duties of Indenture Trustee.

 

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

 

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

 

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

 

(ii)       in
the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements
of this Indenture; however, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture and the other Transaction Documents to which the Indenture Trustee is a party (but need not confirm
or investigate the accuracy of mathematical calculations or other facts stated therein).

 

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

 

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

 

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

 

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

 

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

 

    35 

     

    

 

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

 

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

 

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

 

(h)               
The Indenture Trustee shall have no discretionary duties other than performing those ministerial acts set forth above necessary
to accomplish the purpose of this Indenture.

 

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

 

Section 6.02.         
Rights of Indenture Trustee.

 

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

 

(b)               
Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate (with respect to factual
matters) or an Opinion of Counsel, as applicable. The Indenture Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on the Officer’s Certificate or Opinion of Counsel.

 

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

 

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

 

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

 

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

 

    36 

     

    

 

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

 

(h)               
Anything in this Indenture to the contrary notwithstanding, in no event shall the Indenture Trustee be liable for special, punitive,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Indenture Trustee
has been advised of the likelihood of such loss or damage and regardless of the form of action.

 

(i)                
In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, epidemics or pandemics, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it
being understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.

 

(j)                
In making or disposing of any investment permitted by this Indenture, the Indenture Trustee is authorized to deal with itself
(in its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis and on standard
market terms, whether it or such Affiliate is acting as a subagent of the Indenture Trustee or for any third Person or dealing as principal
for its own account. The Indenture Trustee shall not be required to take any action with respect to any securities that it holds for
the Issuer other than to forward notices received by the Indenture Trustee to the Issuer.

 

(k)               
The Indenture Trustee shall have no duty (1) to see to any recording, filing, or depositing of this Indenture or any agreement
referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance
of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (2) to see to any
insurance, (3) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance
of any kind owing with respect to, assessed or levied against, any part of the trust funds other than from funds available in the Collection
Account, (4) to confirm or verify the contents of any reports or certificates of the Servicer delivered to the Indenture Trustee
pursuant to this Indenture believed by the Indenture Trustee to be genuine and to have been signed or presented by the proper party or
parties, or (5) monitor the Servicer, the Administrator or any successor Servicer.

 

(l)                
The Indenture Trustee shall not be deemed to have notice of an Event of Default unless a Responsible Officer for administration
of this Indenture has received actual written notice thereof.

 

(m)              Delivery
of any reports, information and documents to the Indenture Trustee provided for herein is for informational purposes only (unless
otherwise expressly stated) and the Indenture Trustee’s receipt of such shall not constitute constructive knowledge of any
information contained therein or determinable from information contained therein, including the Issuer’s compliance with any
of its representations, warranties or covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on
Officers’ Certificates).

 

    37 

     

    

 

(n)               
The rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its
right to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder or under
any Transaction Document, and each agent, custodian and other Person employed to act hereunder or under any Transaction Document.

 

(o)               
The Indenture Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including
any transfers between or among Clearing Agency participants or Beneficial Owners of any Book-Entry Notes) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by
the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
Neither the Indenture Trustee nor any agent of the Indenture Trustee shall have any responsibility for any actions taken or not taken
by the Clearing Agency.

 

(p)               
The Indenture Trustee may request that the Issuer, the Servicer, the Trust Depositor or the Administrator deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture
or any other Transaction Document..

 

Section 6.03.         
Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would
have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights.
However, the Indenture Trustee is required to comply with Section 6.11.

 

Section 6.04.         
Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture, [the Interest Rate [Swap][Cap] Agreement,] the Collateral or
the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for
any statement of the Issuer in this Indenture [or the Interest Rate [Swap][Cap] Agreement] or in any document issued in connection with
the sale of the Notes or in the Notes, other than the Indenture Trustee’s certificate of authentication.

 

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

 

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

 

    38 

     

    

 

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

 

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

 

Section 6.08.         
Replacement of Indenture Trustee. The Indenture Trustee may resign at any time by so notifying
the Issuer and the Servicer. The Issuer shall remove the Indenture Trustee if:

 

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

 

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

 

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

 

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

 

    39 

     

    

 

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

 

If a successor Indenture
Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee,
the Issuer or the Holders of a majority in Outstanding Amount of the Notes may appoint or petition any court of competent jurisdiction
for the appointment of a successor Indenture Trustee.

 

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

 

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

 

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

 

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

 

    40 

     

    

 

Section 6.10.         
Appointment of Co-Indenture Trustee or Separate Indenture Trustee.

 

(a)               
Notwithstanding any other provision of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the Collateral may at the time be located, the Indenture Trustee and the Issuer acting jointly shall have the power
and may execute and deliver all instruments to appoint one or more Persons to act as a co-Indenture Trustee or co-Indenture Trustees,
jointly with the Indenture Trustee, or separate Indenture Trustee or separate Indenture Trustees, of all or any part of the Trust, and
to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Collateral, or any part
hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee
and the Administrator may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days
after the receipt by it of a request so to do, the Indenture Trustee alone shall have the power to make such appointment. No co-Indenture
Trustee or separate Indenture Trustee hereunder shall be required to meet the terms of eligibility of a successor Indenture Trustee under
Section 6.11 and no notice to Noteholders [or the [Swap][Cap] Counterparty] of the appointment of any co-Indenture Trustee or separate
Indenture Trustee shall be required under Section 6.08.

 

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

 

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

 

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

 

(iii)        the
Indenture Trustee and the Issuer may at any time accept the resignation of or remove, with or without cause, any separate Indenture Trustee
or co-Indenture Trustee.

 

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

 

    41 

     

    

 

(d)               
 Any separate Indenture Trustee or co-Indenture Trustee may at any time constitute the Indenture Trustee its agent or attorney-in-fact
with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its
behalf and in its name. If any separate Indenture Trustee or co-Indenture Trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the
extent permitted by law, without the appointment of a new or successor Indenture Trustee. Notwithstanding anything to the contrary in
this Indenture, the appointment of any separate Indenture Trustee or co-Indenture Trustee shall not relieve the Indenture Trustee of
its obligations and duties under this Indenture.

 

Section 6.11.         
Eligibility.

 

(a)               
The Indenture Trustee shall at all times satisfy the requirements of TIA §310(a). The Indenture Trustee hereunder shall at
all times be a financial institution organized and doing business under the laws of the United States of America or any state, authorized
under such laws to exercise corporate trust powers. The Indenture Trustee or its parent shall have a long term unsecured debt rating
of at least Baa3 by Moody’s and shall have a combined capital and surplus of at least $50,000,000, and the Indenture Trustee shall
be subject to supervision or examination by federal or state authority; provided that the Indenture Trustee’s separate capital
and surplus shall at all times be at least the amount required by Section 310(a)(2) of the TIA. If any such Person publishes reports
of condition at least annually, pursuant to law or to the requirements of a supervising or examining authority, then for the purposes
of this Section 6.11, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.

 

(b)               
If a Default occurs and is continuing and the Indenture Trustee is deemed to have a “conflicting interest” (as defined
in the TIA) as a result of acting as trustee for the Class A Notes, the Class B Notes, the Class C Notes[, and] the Class D Notes[, and
the [Swap][Cap] Counterparty], the Issuer shall appoint a successor Indenture Trustee for one or more Classes of Notes [and/or the [Swap][Cap]
Counterparty] so that there will be separate Indenture Trustees for the Class A Notes, the Class B Notes, the Class C Notes,[ and/or]
the Class D Notes, [and/or the [Swap][Cap] Counterparty,] as applicable. No such event shall alter the voting rights of the Noteholders
under this Indenture or under any of the other Transaction Documents.

 

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

 

    42 

     

    

 

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

 

Section 6.12.         
[Pennsylvania Motor Vehicle Sales Finance Act Licenses. The Administrator shall use its best
efforts to maintain the effectiveness of all licenses, for the benefit of the Indenture Trustee, required under the Pennsylvania Motor
Vehicle Sales Finance Act in connection with this Indenture and the transactions contemplated hereby until the lien and security interest
of this Indenture shall no longer be in effect in accordance with the terms hereof.]

 

Section 6.13.         
Preferential Collection of Claims Against Issuer. The Indenture Trustee shall comply with TIA
 §311(a), excluding any creditor relationship listed in TIA §311(b). An Indenture Trustee who has resigned or been removed shall
be subject to TIA §311(a) to the extent indicated.

 

Section 6.14.         
Direction to Enter into the Administration Agreement. The Issuer hereby directs the Indenture
Trustee to enter into and execute the Administration Agreement.

 

Section 6.15.         
Representations and Warranties of Indenture Trustee. The Indenture Trustee hereby represents
and warrants to the Issuer as follows:

 

(a)               
Organization. It has been duly organized and is validly existing as a [national banking association] organized under the
laws of the United States and has the power to conduct its business and affairs as a trustee.

 

(b)               
Authorization; Binding Obligations. It has the corporate power and authority to perform the duties and obligations of Indenture
Trustee under this Indenture. It has taken all necessary corporate action to authorize the execution, delivery and performance of each
Transaction Document to which it is a party, and all of the documents required to be executed by it pursuant hereto and thereto. Upon
execution and delivery by the Issuer, this Indenture will constitute the legal, valid and binding obligation of it enforceable against
it in accordance with its terms, subject to applicable bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium, and
similar laws affecting the rights of creditors and subject to equitable principles (whether enforcement is sought in a legal or equitable
proceeding).

 

(c)               
No Conflict. Neither the execution, delivery and performance of any Transaction Document to which it is a party, nor the
consummation of the transactions contemplated thereby, (i) is prohibited by, or requires it to obtain any consent, authorization, approval
or registration under, any law, statute, rule, regulation, judgment, order, writ, injunction or decree that is binding upon it or any
of its properties or assets or (ii) will violate any provision of, result in any default or acceleration of any obligations under, result
in the creation or imposition of any lien pursuant to, or require any consent under, any agreement to which it is a party or by which
it or any of its property is bound.

 

(d)               
No Proceedings. There are no Proceedings pending, or to the best of its knowledge, threatened against it before any federal,
state, provincial or other governmental agency, authority, administrator or regulatory body, arbitrator, court or other tribunal, foreign
or domestic, that could reasonably be expected to have a material adverse effect on the Collateral or the Noteholders or any action taken
or to be taken by it under any Transaction Document to which it is a party.

 

(e)               
 Eligible Trustee. It is an eligible trustee under the TIA as of the Closing Date.

 

    43 

     

    

 

ARTICLE
Seven

NOTEHOLDERS’ LISTS AND REPORTS; NOTEHOLDER COMMUNICATION

 

Section 7.01.         
Issuer to Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuer will furnish
or cause to be furnished to the Indenture Trustee (A)(i) not more than five days after each Record Date and (ii) three months after the
last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders
as of such Record Date and (B) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the
Issuer of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished;
provided, however, that so long as the Indenture Trustee
is the Note Registrar, no such list shall be required to be furnished.

 

Section 7.02.         
Preservation of Information: Communication to Noteholders.

 

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

 

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

 

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

 

Section 7.03.         
Communications Between the Noteholders. A Noteholder or a Beneficial Owner that seeks to communicate
with other Noteholders about a possible exercise of rights under this Indenture or the other Transaction Documents may send a request
to the Issuer and the Servicer, on behalf of the Issuer, to include information regarding the communication in a Form 10-D to be
filed by the Issuer with the Commission. Each request must include (i) the name of the requesting Noteholder, (ii) the method
by which other Noteholders may contact the requesting Noteholder, and (iii) in the case of a Beneficial Owner of a Book-Entry Note,
a certification from that Person that it is a Beneficial Owner, together with at least one form of documentation evidencing its ownership
of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document. A Noteholder or a Beneficial
Owner that delivers a request under this Section 7.03 will certify to the Issuer and the Servicer that its request to communicate
with other Noteholders relates solely to a possible exercise of rights under this Indenture or the other Transaction Documents, and shall
not be used for other purposes. On receipt of a request, the Servicer will include in the Form 10-D filed by the Issuer with the
Commission for the Due Period in which the request was received (A) a statement that the Issuer has received a request from a Noteholder
that is interested in communicating with other Noteholders about a possible exercise of rights under this Indenture or the other Transaction
Documents; (B) the name of the requesting Noteholder; (C) the date the request was received; and (D) a description of
the method by which the other Noteholders may contact the requesting Noteholder. 

 

Section
7.04.          Noteholder
Demand for Asset Representations Review. If a Delinquency Trigger occurs, as reported on a Form
10-D, a Noteholder may make a demand on the Indenture Trustee to cause a vote of the Noteholders
about whether to direct the Asset Representations Reviewer to conduct a Review of the Review Contracts under the Asset
Representations Review Agreement. In the case of a Holder of a Book-Entry Note, each demand must be accompanied by a certification
from that Person that it is a Noteholder, together with at least one form of documentation evidencing its ownership of a Note,
including a trade confirmation, account statement, letter from a broker or dealer or similar document. If the Noteholders of at
least 5% of the aggregate principal amount of the Notes [(excluding Harley-Davidson Credit or any Affiliate of Harley-Davidson
Credit that is also a Noteholder)] demand a vote within 90 days of the filing of the Form 10-D reporting the occurrence of the
Delinquency Trigger, the Indenture Trustee will promptly request a vote of the Noteholders as of the most recent Record Date through
the Clearing Agency process, which shall be conducted in accordance with the standard internal vote solicitation process at the
time. The vote will remain open until the 150th day after the filing of such Form 10-D. Assuming a voting quorum of
the Noteholders holding at least 5% of the aggregate principal amount of the Notes is reached, if the Noteholders of a majority of
the aggregate principal balance of the Notes vote to direct a Review, the Indenture Trustee will promptly send a Review Notice to
the Asset Representations Reviewer and the Servicer under the Asset Representations Review Agreement requesting the Asset
Representations Reviewer to conduct the Review.

 

    44 

     

    

 

Section 7.05.         
Reports by Issuer.

 

(a)               
The Issuer shall:

 

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

 

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

 

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

 

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

 

Section 7.06.         
Reports by Indenture Trustee. If required by TIA §313(a), within 60 days after each January
31st beginning with the calendar year [         ], the Indenture Trustee shall mail to each Noteholder as required by TIA §313(c) a brief
report dated as of such date that complies with TIA §313(a). The Indenture Trustee also shall comply with TIA §313(b).

 

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

 

    45 

     

    

 

ARTICLE
Eight

ACCOUNTS, DISBURSEMENTS AND RELEASES

 

Section 8.01.         
Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may
demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or
other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture and the
Sale and Servicing Agreement. The Indenture Trustee shall apply all such money received by it as directed by the Servicer in accordance
with this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in this Indenture or the Sale and Servicing
Agreement, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Collateral,
the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and
prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default
under this Indenture and any right to proceed thereafter as provided in Article Five.

 

Section 8.02.         
Trust Accounts.

 

(a)               
On or prior to the Closing Date, the Issuer shall cause the Trust Depositor to establish and maintain, in the name of the Indenture
Trustee, for the benefit of the Noteholders[,][ and] the Certificateholder[s][ and the [Swap][Cap] Counterparty,] the Trust Accounts
as provided in Section 5.05 of the Sale and Servicing Agreement.

 

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

 

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

 

Section 8.03.         
General Provisions Regarding Accounts.

 

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

 

    46 

     

    

 

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

 

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

 

Section 8.04.         
Release of Collateral.

 

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

 

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

 

Section
8.05.          Opinion
of Counsel. The Indenture Trustee shall receive at least seven days' notice when requested by the
Issuer to take any action pursuant to Section 8.04(a), accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture
Trustee, stating the legal effect of any such action, outlining the steps required to complete the
same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not
materially and adversely impair the security for the Notes or the rights of the Noteholders [or the [Swap][Cap] Counterparty] in
contravention of the provisions for this Indenture; provided, however,
that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Collateral. Counsel rendering
any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument
delivered to the Indenture Trustee in connection with any such action.

 

    47 

     

    

 

ARTICLE
Nine

SUPPLEMENTAL INDENTURES

 

Section 9.01.         
Supplemental Indentures Without Consent of Noteholders.

 

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

 

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

 

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

 

(iii)        to
add to the covenants of the Issuer, for the benefit of the Holders of the Notes [and the [Swap][Cap] Counterparty], or to surrender any
right or power herein conferred upon the Issuer;

 

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

 

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

 

(vi)        to
evidence and provide for the acceptance of the appointment hereunder by a successor Indenture Trustee, a co-Indenture Trustee or a separate
Indenture Trustee and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration
of the trust hereunder by more than one Indenture Trustee, pursuant to the requirements of Article Six; and

 

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

 

    48 

     

    

 

 

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

 

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

 

Section 9.02.         
Supplemental Indentures With Consent of Noteholders [and the [Swap][Cap] Counterparty].

 

(a)               
The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, with prior notice by the Issuer to each Rating
Agency [and the [Swap][Cap] Counterparty] and with the consent of the Required Holders, by Act of such Required Holders delivered to
the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions
to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided, however, that no such supplemental indenture shall, without the consent
of the Holder of each Outstanding Note affected thereby:

 

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

 

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

 

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

 

    49

     

    

 

(iv)        reduce
the percentage of the Outstanding Amount of the Notes, the consent of the Holders of which is required to direct the Indenture Trustee
to sell or liquidate the Collateral pursuant to Section 5.04;

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 9.04.         
Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to
the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes
affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture
of the parties hereto and the Holders of the Notes [and the [Swap][Cap] Counterparty] shall thereafter be determined, exercised and enforced
hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture
shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

Section 9.05.         
Conformity With Trust Indenture Act. Every amendment of this Indenture and every supplemental
indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect so
long as this Indenture shall then be qualified under the Trust Indenture Act.

 

    50

     

    

 

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

 

ARTICLE
Ten

REDEMPTION OF NOTES

 

Section 10.01.     
Redemption.

 

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

 

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

 

Section 10.02.     
Form of Redemption Notice.

 

(a)               
Notice of redemption under Section 10.01(a) shall be given by the Indenture Trustee not less than five days prior to the applicable
Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at
such Holder’s address appearing in the Note Register [and to the [Swap][Cap] Counterparty].

 

All notices of redemption
shall state:

 

(i)       the
Redemption Date;

 

(ii)       the
Redemption Date Amount; and

 

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

 

    51

     

    

 

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

 

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

 

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

 

ARTICLE
Eleven

MISCELLANEOUS

 

Section 11.01.     
Compliance Certificates and Opinions, etc.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    52

     

    

 

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

 

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

 

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

 

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

 

Section 11.02.     
Form of Documents Delivered to Indenture Trustee. In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Person as to other matters, and any such Person may
certify or given an opinion as to such matters in one or several documents.

 

    53

     

    

 

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

 

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

 

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

 

Section 11.03.     
Acts of Noteholders [and the [Swap][Cap] Counterparty].

 

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

 

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

 

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

 

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

 

    54

     

    

 

Section 11.04.     
Notices. All notices, demands, certificates, requests and communications hereunder (“notices”)
shall be in writing and shall be effective with respect to the Indenture Trustee, upon receipt by a Responsible Officer of the Indenture
Trustee, and with respect to the Issuer (a) upon receipt when sent through the U.S. mail, registered or certified mail, return receipt
requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, or (b) upon receipt
when sent through an overnight courier, or (c) on the date personally delivered to an Authorized Officer of the party to which sent,
or (d) on the date transmitted by legible telecopier or electronic mail transmission with a confirmation of receipt, in all cases addressed
to the recipient at the address specified in the Sale and Servicing Agreement for such recipient. Each party hereto may, by notice given
in accordance herewith to each of the other parties hereto, designate any further or different address to which subsequent notices shall
be sent.

 

Section 11.05.     
Electronic Signatures and Transmission. 

 

(a)               
For purposes of this Indenture, any reference to “written” or “in writing” means any form of written communication,
including, without limitation, electronic signatures, and any such written communication may be transmitted by Electronic Transmission.
 “Electronic Transmission” means any form of communication not directly involving the physical transmission of paper,
including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic
networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof and that may be directly
reproduced in paper form by such a recipient through an automated process. The Indenture Trustee is authorized to accept written instructions,
directions, reports, notices or other communications delivered by Electronic Transmission that is reasonably believed by it to have been
presented by the proper person. The Indenture Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred
or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other
communications or information to the Indenture Trustee reasonably believed by it to have been presented by the proper person, including,
without limitation, the risk of interception and misuse by third parties.

 

(b)               
Any requirement in this Indenture or the Notes that a document, including the Notes, is to be signed or authenticated by “manual
signature” or similar language shall not be deemed to prohibit signature to be by facsimile or electronic signature and shall not
be deemed to prohibit delivery thereof by Electronic Transmission.

 

(c)               
Notwithstanding anything to the contrary in this Indenture, any and all communications (both text and attachments) by or from
the Indenture Trustee that the Indenture Trustee in its sole discretion deems to contain confidential, proprietary and/or sensitive information
and sent by Electronic Transmission will be encrypted. The recipient of the Electronic Transmission will be required to complete a one-time
registration process.

 

(d)               
Delivery of an executed counterpart of a signature page of this Indenture by Electronic Transmission shall be effective as delivery
of a manually executed counterpart of this Indenture.

 

Section 11.06.     
Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders
of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class,
postage prepaid to each Registered Holder affected by such event, at its address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Registered
Holder is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Registered
Holder shall affect the sufficiency of such notice with respect to other Registered Holders, and any notice that is mailed in
the manner herein provided shall conclusively be presumed to have been duly given.

 

    55

     

    

 

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

 

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

 

Where this Indenture provides
for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, (except
in cases where notice to the Rating Agencies is required to satisfy the Rating Agency Condition) and shall not under any circumstance
constitute a Default or Event of Default.

 

Notwithstanding any other
provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event or any other communication
(including any notice of redemption or repurchase) to a holder of a Book-Entry Note (whether by mail or otherwise), such notice shall
be sufficiently given if given to the Clearing Agency (or its designee) pursuant to the standing instructions from the Clearing Agency
or its designee, including by electronic mail in accordance with accepted practices at the Clearing Agency.

 

Section 11.07.     
Alternate Payment and Notice Provisions. Notwithstanding any provisions of this Indenture or
any of the Notes to the contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment,
or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture
for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee
will cause payments to be made and notices to be given in accordance with such agreements.

 

Section 11.08.     
Effect of Headings and Table of Contents. The Article and Section headings herein and the Table
of Contents are for convenience only and shall not affect the construction hereof.

 

Section 11.09.     
Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer
shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind
its successors, co-Indenture Trustees, separate Indenture Trustees and agents.

 

Section 11.10.     
Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.

 

Section 11.11.     
Benefits of Indenture. [The [Swap][Cap] Counterparty shall be a third-party beneficiary to
the provisions of the Indenture.] Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than
the parties hereto and their successors hereunder, the Noteholders [and the [Swap][Cap] Counterparty] and any other party secured hereunder,
and any other Person with an ownership interest in any part of the Collateral, any benefit or any legal or equitable right, remedy or claim under this
Indenture.

 

    56

     

    

 

Section 11.12.     
Legal Holidays. In any case where the date on which any payment is due shall not be a Business
Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made
on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

 

Section 11.13.     
Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES UNDER THE AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section 11.14.     
Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS INDENTURE OR ANY OTHER RELATED DOCUMENT OR FOR ANY COUNTERCLAIM THEREIN
OR RELATING THERETO.

 

Section 11.15.     
Submission to Jurisdiction. The Issuer hereby irrevocably submits to the jurisdiction of any
New York State court sitting in the Borough of Manhattan in the City of New York or any federal court sitting in the Southern District
in the Borough of Manhattan in the City of New York in respect of any suit, action or proceeding arising out of or relating to this Indenture
and the Notes, and irrevocably accepts for itself and in respect of its property, generally and unconditionally, jurisdiction of the
aforesaid courts.

 

Section 11.16.     
Counterparts; Originals. This Indenture may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same instrument. The words “execution”, “signed”,
 “signature” and words of like import in this Indenture or in any other certificate, agreement or document related to this
Indenture shall include, in addition to manually executed signature pages, images of manually executed signatures transmitted by facsimile
or other electronic format (including “pdf”, “tif” or “jpg”) and other electronic signatures (including
DocuSign and AdobeSign). The use of electronic signatures and electronic records (including any contract or other record created, generated,
sent, communicated, received or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually
executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, any State law based
on the Uniform Electronic Transactions Act or the UCC.

 

Section 11.17.     
Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording
offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel to the effect that such
recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any
right or remedy granted to the Indenture Trustee under this Indenture.

 

Section 11.18.     
Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficiary interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor
or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except
that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture,
in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Articles Six, Seven and Eight of the Trust Agreement.

 

    57

     

    

 

Section 11.19.     
No Petition. The parties hereto, by entering into this Indenture, and each Noteholder, by accepting
a Note or a beneficial interest in a Note, hereby covenant and agree that they will not at any time institute against the Trust Depositor
or the Issuer, or join in any institution against the Trust Depositor or the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, this Indenture or any of the other Transaction Documents.

 

Section 11.20.     
Inspection. The Issuer agrees that, on reasonable prior notice, it will permit any representative
of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports and
other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by independent certified public
accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees and independent
certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and
shall cause its representatives to hold in confidence all such information except to the extent disclosure may be required by law (and
all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably
determine that such disclosure is consistent with its obligations hereunder.

 

Section 11.21.     
Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with
another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such
required provision shall control.

 

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

 

Section 11.22.     
Disclaimer and Subordination. Each Noteholder by accepting a Note or a beneficial interest
in a Note acknowledges and agrees that such Note represents a debt obligation of the Issuer only and does not represent an interest in
any assets of the Trust Depositor (including by virtue of any deficiency claim in respect of obligations not paid or otherwise satisfied
from the Trust Estate and proceeds thereof). In furtherance of and not in derogation of the foregoing, each Noteholder by accepting a
Note or a beneficial interest therein acknowledges and agrees that it shall have no right, title or interest in or to any assets (or
interests therein) conveyed or purported to be conveyed by the Trust Depositor to another securitization trust (i.e., other than the
Issuer) or other Person or Persons in connection therewith (whether by way of a sale, capital contribution or by virtue of the granting
of a Lien) (“Other Assets”). To the extent that, notwithstanding the agreements and provisions contained in the preceding
sentences of this Section 11.20, any Noteholder either (i) asserts an interest in or claim to, or benefit from, Other Assets, whether
asserted against or through the Trust Depositor or any other Person owned by the Trust Depositor, or (ii) is deemed to have any
such interest, claim or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions
of any applicable insolvency laws or otherwise (including without limitation by virtue of Section 1111(b) of the federal Bankruptcy Code
or any successor provision having similar effect under the Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), and whether deemed asserted against or through the Trust Depositor or any other Person owned by the Trust Depositor,
then each Noteholder by accepting a Note [or beneficial interest in a Note] further acknowledges and agrees that any such interest, claim
or benefit in or from Other Assets is and shall be expressly subordinated to the indefeasible payment in full of all obligations and
liabilities of the Trust Depositor which, under the terms of the relevant documents relating to the securitization of such Other Assets,
are entitled to be paid from, entitled to the benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement
or security interest is legally perfected or otherwise entitled to a priority of distribution or application under applicable law, including
any applicable insolvency laws, and whether asserted against the Trust Depositor or any other Person owned by the Depositor), including,
without limitation, the payment of post-petition interest on such other obligations and liabilities. This subordination agreement shall
be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Noteholder further acknowledges
and agrees that no adequate remedy at law exists for a breach of this Section 11.20 and that the terms and provisions of this Section
11.20 may be enforced by an action for specific performance.

 

    58

     

    

 

Section 11.23.     
[Limitation of Rights. All of the rights of the [Swap][Cap]
Counterparty in, to and under this Indenture or any other Transaction Document (including, but not limited to, all of the [Swap][Cap]
Counterparty’s rights as a third-party beneficiary of this Indenture and all of the [Swap][Cap] Counterparty’s rights to
receive notice of any action hereunder or under any other Transaction Document and to give or withhold consent to any action hereunder
or under any other Transaction Document) shall terminate upon the termination of the Interest Rate [Swap][Cap] Agreement in accordance
with the terms thereof and the payment in full of all amounts owing to the [Swap][Cap] Counterparty under such Interest Rate [Swap][Cap]
Agreement.]

 

Section 11.24.     
Communications with Rating Agencies. If the Indenture
Trustee shall receive any written or oral communication from any Rating Agency (or any of their respective officers, directors or employees)
with respect to the transactions contemplated hereby or under the Transaction Documents or in any way relating to the Notes, the Indenture
Trustee agrees to refrain from communicating with such Rating Agency and to promptly (and, in any event, within one Business Day) notify
the Administrator of such communication.  The Indenture Trustee agrees to act at the direction of the Administrator with respect
to any communication to a Rating Agency and further agrees that in no event shall the Indenture Trustee engage in any oral communication
with respect to the transactions contemplated hereby or under the Transaction Documents or in any way relating to the Notes with any
Rating Agency (or any of their respective officers, directors or employees) without the participation of the Administrator. 

 

[signature page follows]

 

    59

     

    

 

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

 

	 	HARLEY-DAVIDSON MOTORCYCLE TRUST [              ]

 

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

 

	 	By:	 
	 	 	Printed Name:	 

	 	 	Title:	 

 

	 	[                                               ]

 

	 	By:	 
	 	 	Printed Name:	 

	 	 	Title:	 

 

Signature Page to Indenture

 

    

     

    

 

EXHIBIT A-1

 

FORM OF CLASS A-1 NOTE

 

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

 

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

 

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

 

HARLEY-DAVIDSON MOTORCYCLE
TRUST [         ]

 

[____]% MOTORCYCLE CONTRACT
BACKED NOTES, CLASS A-1

 

	REGISTERED	$_____________

 

	No. R-	CUSIP No. ________

 

Harley-Davidson Motorcycle
Trust [               ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to [________], or registered assigns, the principal sum of ___________ ($_____) payable on
the earlier of the Distribution Date occurring in [                 ] (the “Class A-1 Final Distribution Date”) and the Redemption Date,
if any, pursuant to Section 10.01 of the Indenture referred to herein. Any capitalized term utilized but not defined herein shall have
the meaning set forth in the Indenture (as hereinafter defined).

 

The Issuer will pay interest
on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture. Interest
on this Note will accrue for each Distribution Date during the related Interest Period and will be computed for the actual number of
days elapsed in the related Interest Period based on a 360-day year. Such principal of and interest on this Note shall be paid in the
manner specified herein.

 

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

 

    A-1-1

     

    

 

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

 

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

 

Principal of the Class A-1
Notes will be payable on the earlier of the Class A-1 Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.01(a)
or 10.01(b) of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A-1 Notes shall be due and
payable on the date on which the maturity of the Notes shall have been accelerated following the occurrence of an Event of Default in
the manner provided in the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders
entitled thereto.

 

Payments of interest on this
Note due and payable on each Distribution Date shall be made by wire transfer to the account of the Person whose name appears as the
Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record
Date except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed within five days before such Distribution Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of [Wilmington, Delaware].

 

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

 

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

 

    A-1-2

     

    

 

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

 

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

 

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

 

The Issuer has entered into
the Indenture, and this Note is issued, with the intention that, for federal, state and local income, single business and franchise tax
purposes, the Notes will qualify as indebtedness secured by the Collateral. Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, agrees to treat the Notes for federal, state and local income, single business and franchise tax purposes as indebtedness
of the Issuer.

 

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

 

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

 

    A-1-3

     

    

 

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

 

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

 

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

 

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

 

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

 

    A-1-4

     

    

 

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

 

	Date: [               ]	HARLEY-DAVIDSON MOTORCYCLE TRUST [              ]

 

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

 

	 	By:	 
	 	 	Printed Name:	 

	 	 	Title:	 

 

    A-1-5

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

		[                       ], not in its individual capacity but solely as Indenture Trustee
	 	 	                  
	 	By: 	 
	 	Authorized Signatory

 

    A-1-6

     

    

 

EXHIBIT A-2a

 

FORM OF CLASS A-2a NOTE

 

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

 

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

 

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

 

HARLEY-DAVIDSON MOTORCYCLE
TRUST [            ]

 

[____]% MOTORCYCLE CONTRACT
BACKED NOTES, CLASS A-2a

 

	REGISTERED	 	$_____________
	 	 	 
	No. R-	 	CUSIP No. ________

 

Harley-Davidson Motorcycle
Trust [            ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to [________], or registered assigns, the principal sum of ___________ ($_____) payable on
the earlier of the Distribution Date occurring in [            ] (the “Class A-2 Final Distribution Date”) and the Redemption Date,
if any, pursuant to Section 10.01 of the Indenture referred to herein. No payments of principal of the Class A-2a Notes shall be made
until the principal of the Class A-1 Notes has been paid in full. Any capitalized term utilized but not defined herein shall have the
meaning set forth in the Indenture (as hereinafter defined).

 

The
Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving
effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01
of the Indenture. Interest on this Note will accrue for each Distribution Date during the related Interest Period and will be computed
on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified
herein.

 

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

 

    A-2a-1

     

    

 

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

 

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

 

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

 

Payments
of interest on this Note due and payable on each Distribution Date shall be made by wire transfer to the account of the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business
on the related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such nominee. Any reduction in the principal amount of this Note
(or any one or more Predecessor Notes) affected by any payments made on any Distribution Date shall be binding upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not
noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person
who was the Registered Holder hereof as of the Record Date preceding such Distribution Date by notice mailed within five days before
such Distribution Date and the amount then due and payable shall be payable only upon presentation
and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s
agent appointed for such purposes located in the City of [Wilmington, Delaware].

 

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

 

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

 

    A-2a-2

     

    

 

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

 

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

 

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

 

The
Issuer has entered into the Indenture, and this Note is issued, with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness secured by the Collateral. Each Noteholder, by acceptance
of a Note or a beneficial interest in a Note, agrees to treat the Notes for federal, state and local income, single business and franchise
tax purposes as indebtedness of the Issuer.

 

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

 

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

 

    A-2a-3

     

    

 

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

 

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

 

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

 

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

 

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

 

    A-2a-4

     

    

 

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

 

	Date: [                ]	HARLEY-DAVIDSON MOTORCYCLE TRUST [                ]
	 	 	 
		By:	[                ], not in its individual capacity but solely on behalf of the Issuer
                                            as Owner Trustee, under the Trust Agreement
	 	 	 
	 	By:	 

 

	 	Printed Name:	 

 

	 	Title:	 

 

    A-2a-5

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	[                      ], not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	By:	                 
	 	Authorized Signatory

 

    A-2a-6

     

    

 

EXHIBIT A-2b

 

FORM OF CLASS A-2b NOTE

 

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

 

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

 

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

 

HARLEY-DAVIDSON MOTORCYCLE TRUST
[             ]

 

FLOATING RATE MOTORCYCLE CONTRACT
BACKED NOTES,

CLASS A-2b

 

	REGISTERED	 	$_____________
	 	 	 
	No. R-	 	CUSIP No. ________

 

Harley-Davidson Motorcycle
Trust [             ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to [___________], or registered assigns, the principal sum of ___________ ($__________) payable
on the earlier of the Distribution Date occurring in [_________, 201_] (the “Class A-2b Final Distribution Date”) and the
Redemption Date, if any, pursuant to Section 10.01 of the Indenture referred to herein. No payments of principal of the Class A-2b Notes
shall be made until the principal of the Class A-1 Notes has been paid in full. Any capitalized term utilized but not defined herein
shall have the meaning set forth in the Indenture (as hereinafter defined).

 

The Issuer will pay interest
on this Note at a rate equal, for each Interest Period, to [30-day Average SOFR] determined in accordance with the terms of the Indenture
on the related [SOFR Determination Date] plus [___]% per annum until the principal of this Note is paid or made available for payment,
on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture. Interest on this
Note will accrue for each Distribution Date during the related Interest Period and will be computed for the actual number of days elapsed
in the related Interest Period based on a 360-day year. Such principal of and interest on this Note shall be paid in the manner specified
herein.

 

    A-2b-1

     

    

 

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

 

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

 

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

 

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

 

Payments of interest on this
Note due and payable on each Distribution Date shall be made by wire transfer to the account of the Person whose name appears as the
Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed within five days before such Distribution Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of [Wilmington, Delaware].

 

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

 

    A-2b-2

     

    

 

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

 

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

 

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

 

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

 

The Issuer has entered into
the Indenture, and this Note is issued, with the intention that, for federal, state and local income, single business and franchise tax
purposes, the Notes will qualify as indebtedness secured by the Collateral. Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, agrees to treat the Notes for federal, state and local income, single business and franchise tax purposes as indebtedness
of the Issuer.

 

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

 

    A-2b-3

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    A-2b-4

     

    

 

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

 

	Date: [                ]	HARLEY-DAVIDSON MOTORCYCLE TRUST [                 ]
	 	 	 
		By:	[                ], not in its individual capacity but solely on behalf of the Issuer
                                            as Owner Trustee, under the Trust Agreement
	 	 	 
	 	By:	 

 

	 	Printed Name:	 

 

	 	Title:	 

 

    A-2b-5

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	[                       ], not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	By:	                      
	 	Authorized Signatory

 

    A-2b-6

     

    

 

EXHIBIT A-3

 

FORM OF CLASS A-3 NOTE

 

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

 

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

 

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

 

HARLEY-DAVIDSON MOTORCYCLE TRUST
[                   ]

 

MOTORCYCLE CONTRACT BACKED NOTES,

CLASS A-3

 

	REGISTERED	 	$_____________
	 	 	 
	No. R-	 	CUSIP No. ________

 

Harley-Davidson Motorcycle
Trust [                 ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to [___________], or registered assigns, the principal sum of ___________ ($__________) payable
on the earlier of the Distribution Date occurring in [               ] (the “Class A-3 Final Distribution Date”) and the Redemption Date,
if any, pursuant to Section 10.01 of the Indenture referred to herein. No payments of principal of the Class A-3 Notes shall be made
until the principal of the Class A-1 Notes has been paid in full. Any capitalized term utilized but not defined herein shall have the
meaning set forth in the Indenture (as hereinafter defined).

 

The Issuer will pay interest
on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture. Interest
on this Note will accrue for each Distribution Date during the related Interest Period and will be computed on the basis of a 360-day
year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

 

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

 

    A-3-1

     

    

 

This Note is one of a duly
authorized issue of Notes of the Issuer, designated as its Motorcycle Contract Backed Notes, Class A-3 (the “Class A-3 Notes”),
all issued under an Indenture, dated as of [               ] (the “Indenture”), between the Issuer and [              ], as Indenture Trustee (the “Indenture
Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class A-3 Notes are subject
to all terms of the Indenture. All terms used in this Note that are defined in the Indenture or the Sale and Servicing Agreement, as
supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture or the Sale and Servicing Agreement,
as the case may be, as so supplemented or amended.

 

The Class A-3 Notes and the
other Classes of Notes described in the Indenture (collectively, the “Notes”) are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture subject to the priorities of allocations as to interest and
principal payments as described in the Sale and Servicing Agreement.

 

Principal of the Class A-3
Notes will be payable on the earlier of the Class A-3 Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.01(a)
or 10.01(b) of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A-3 Notes shall be due and
payable on the date on which the maturity of the Notes shall have been accelerated following the occurrence of an Event of Default in
the manner provided in the Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders
entitled thereto.

 

Payments of interest on this
Note due and payable on each Distribution Date shall be made by wire transfer to the account of the Person whose name appears as the
Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed within five days before such Distribution Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of [Wilmington, Delaware].

 

The Issuer shall pay interest
on overdue installments of interest at the Class A-3 Rate to the extent lawful.

 

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

 

    A-3-2

     

    

 

 

As
provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by,
the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an eligible guarantor institution which
is a participant in the Securities Transfer Agent’s Medallion Program (STAMP) or similar signature guarantee program, and such
other documents as the Indenture Trustee may require, and thereupon one or more new Class A-3 Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 

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

 

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

 

The Issuer has entered into
the Indenture, and this Note is issued, with the intention that, for federal, state and local income, single business and franchise tax
purposes, the Notes will qualify as indebtedness secured by the Collateral. Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, agrees to treat the Notes for federal, state and local income, single business and franchise tax purposes as indebtedness
of the Issuer.

 

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

 

    A-3-3 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    A-3-4 

     

    

 

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

 

	Date: [            ]	HARLEY-DAVIDSON MOTORCYCLE TRUST [          ]
	 	 	 
	 	By:	[          ], not in its individual capacity but solely on behalf of the Issuer as Owner Trustee, under the Trust Agreement

 

	 	By:	 
	 	Printed Name:	 
	 	Title:	 

 

    A-3-5 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	
    [                                     ],

    not in its individual capacity but solely as Indenture Trustee

	 	 	 
	 	By:	                          
	 	Authorized Signatory

 

    A-3-6 

     

    

 

EXHIBIT A-4

 

FORM OF CLASS A-4 NOTE

 

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

 

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

 

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

 

HARLEY-DAVIDSON MOTORCYCLE TRUST
[                  ]

 

[____]% MOTORCYCLE CONTRACT
BACKED NOTES,

CLASS A-4

 

	REGISTERED	$_____________
	 	 
	No. R-	CUSIP No. _________

 

Harley-Davidson Motorcycle
Trust [              ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to [___________], or registered assigns, the principal sum of ___________ ($__________) payable
on the earlier of the Distribution Date occurring in [             ] (the “Class A-4 Final Distribution Date”) and the Redemption Date,
if any, pursuant to Section 10.01 of the Indenture referred to herein. No payments of principal of the Class A-4 Notes shall be made
until the principal of the Class A-1 Notes has been paid in full. Any capitalized term utilized but not defined herein shall have the
meaning set forth in the Indenture (as hereinafter defined).

 

The Issuer will pay interest
on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture. Interest
on this Note will accrue for each Distribution Date during the related Interest Period and will be computed on the basis of a 360-day
year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts.

 

    A-4-1 

     

    

 

All payments made by the Issuer with respect
to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note.

 

This Note is one of a duly
authorized issue of Notes of the Issuer, designated as its [____]% Motorcycle Contract Backed Notes, Class A-4 (the “Class A-4
Notes”), all issued under an Indenture, dated as of [              ] (the “Indenture”), between the Issuer and [              ], as Indenture
Trustee (the “Indenture Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The
Class A-4 Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture or the Sale
and Servicing Agreement, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture or the
Sale and Servicing Agreement, as the case may be, as so supplemented or amended.

 

The Class A-4 Notes and the
other Classes of Notes described in the Indenture (collectively, the “Notes”) are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture subject to the priorities of allocations as to interest and
principal payments as described in the Sale and Servicing Agreement.

 

Principal of the Class A-4
Notes will be payable on the earlier of the Class A-4 Final Distribution Date and the Redemption Date, if any, pursuant to Section 10.01(a)
or 10.01(b) of the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of the Class A-4 Notes shall be due and
payable on the date on which the maturity of the Notes shall have been accelerated following the occurrence of an Event of Default in
the manner provided in the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders
entitled thereto.

 

Payments of interest on this
Note due and payable on each Distribution Date shall be made by wire transfer to the account of the Person whose name appears as the
Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed within five days before such Distribution Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of [Wilmington, Delaware].

 

The Issuer shall pay interest
on overdue installments of interest at the Class A-4 Rate to the extent lawful.

 

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

 

    A-4-2 

     

    

 

As
provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by,
the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an eligible guarantor institution which
is a participant in the Securities Transfer Agent’s Medallion Program (STAMP) or similar signature guarantee program, and such
other documents as the Indenture Trustee may require, and thereupon one or more new Class A-4 Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 

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

 

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

 

The Issuer has entered into
the Indenture, and this Note is issued, with the intention that, for federal, state and local income, single business and franchise tax
purposes, the Notes will qualify as indebtedness secured by the Collateral. Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, agrees to treat the Notes for federal, state and local income, single business and franchise tax purposes as indebtedness
of the Issuer.

 

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

 

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

 

    A-4-3 

     

    

 

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

 

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

 

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

 

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

 

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

 

    A-4-4 

     

    

 

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

 

	Date: [             ]	HARLEY-DAVIDSON MOTORCYCLE TRUST [         ]
	 	 	 
	 	By:	[                                 ], not in its individual capacity but solely on behalf of the Issuer as Owner Trustee, under the Trust Agreement

 

	 	By:	 
	 	Printed Name:	 
	 	Title:	 

 

    A-4-5 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	
    [                  ],

    not in its individual capacity but solely as Indenture Trustee

	 	 	 
	 	By:	 
	 	Authorized Signatory

 

    A-4-6 

     

    

 

EXHIBIT B

 

FORM OF CLASS B NOTE

 

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

 

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

 

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

 

HARLEY-DAVIDSON MOTORCYCLE TRUST
[              ]

 

[____]% MOTORCYCLE CONTRACT
BACKED NOTES,

CLASS B

 

	REGISTERED	$_____________
	 	 
	No. R-	CUSIP No. _________

 

Harley-Davidson Motorcycle
Trust [               ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to [___________], or registered assigns, the principal sum of ___________ ($__________) payable
on the earlier of the Distribution Date occurring in [               ] (the “Class B Final Distribution Date”) and the Redemption Date,
if any, pursuant to Section 10.01 of the Indenture referred to herein. No payments of principal of the Class B Notes shall be made until
the principal of the Class A Notes has been paid in full. Any capitalized term utilized but not defined herein shall have the meaning
set forth in the Indenture (as hereinafter defined).

 

The Issuer will pay interest
on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture. Interest
on this Note will accrue for each Distribution Date during the related Interest Period and will be computed on the basis of a 360-day
year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts.

 

    B-1 

     

    

 

All payments made by the Issuer with respect
to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note.

 

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

 

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

 

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

 

Payments of interest on this
Note due and payable on each Distribution Date shall be made by wire transfer to the account of the Person whose name appears as the
Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed within five days before such Distribution Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of [Wilmington, Delaware].

 

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

 

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

 

    B-2 

     

    

 

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

 

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

 

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

 

The Issuer has entered into
the Indenture, and this Note is issued, with the intention that, for federal, state and local income, single business and franchise tax
purposes, the Notes will qualify as indebtedness secured by the Collateral. Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, agrees to treat the Notes for federal, state and local income, single business and franchise tax purposes as indebtedness
of the Issuer.

 

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

 

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

 

    B-3 

     

    

 

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

 

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

 

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

 

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

 

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

 

    B-4 

     

    

 

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

 

	Date: [             ]	HARLEY-DAVIDSON MOTORCYCLE TRUST [          ]
	 	 	 
	 	By:	[                        ], not in its individual capacity but solely on behalf of the Issuer as Owner Trustee, under the Trust Agreement

 

	 	By:	 
	 	Printed Name:	 
	 	Title:	 

 

    B-5 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	
    [                                   ],

    not in its individual capacity but solely as Indenture Trustee

	 	 	 
	 	By:	 
	 	Authorized Signatory

 

    B-6 

     

    

 

EXHIBIT C

 

FORM OF CLASS C NOTE

 

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

 

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

 

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

 

HARLEY-DAVIDSON MOTORCYCLE TRUST
[               ]

 

[____]% MOTORCYCLE CONTRACT
BACKED NOTES,

CLASS C

 

	REGISTERED	$_____________
	 	 
	No. R-	CUSIP No. _________

 

Harley-Davidson Motorcycle
Trust [              ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to [___________], or registered assigns, the principal sum of ___________ ($__________) payable
on the earlier of the Distribution Date occurring in [               ] (the “Class C Final Distribution Date”) and the Redemption Date,
if any, pursuant to Section 10.01 of the Indenture referred to herein. No payments of principal of the Class C Notes shall be made until
the principal of the Class A Notes and the Class B Notes has been paid in full. Any capitalized term utilized but not defined herein
shall have the meaning set forth in the Indenture (as hereinafter defined).

 

The Issuer will pay interest
on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture. Interest
on this Note will accrue for each Distribution Date during the related Interest Period and will be computed on the basis of a 360-day
year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts.

 

    C-1 

     

    

 

All payments made by the Issuer with respect
to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note.

 

This Note is one of a duly
authorized issue of Notes of the Issuer, designated as its [____]% Motorcycle Contract Backed Notes, Class C (the “Class C Notes”),
all issued under an Indenture, dated as of [               ] (the “Indenture”), between the Issuer and [              ], as Indenture Trustee (the “Indenture
Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class C Notes are subject to
all terms of the Indenture. All terms used in this Note that are defined in the Indenture or the Sale and Servicing Agreement, as supplemented
or amended, shall have the meanings assigned to them in or pursuant to the Indenture or the Sale and Servicing Agreement, as the case
may be, as so supplemented or amended.

 

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

 

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

 

Payments of interest on this
Note due and payable on each Distribution Date shall be made by wire transfer to the account of the Person whose name appears as the
Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed within five days before such Distribution Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of [Wilmington, Delaware].

 

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

 

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

 

    C-2 

     

    

 

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

 

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

 

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

 

The Issuer has entered into
the Indenture, and this Note is issued, with the intention that, for federal, state and local income, single business and franchise tax
purposes, the Notes will qualify as indebtedness secured by the Collateral. Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, agrees to treat the Notes for federal, state and local income, single business and franchise tax purposes as indebtedness
of the Issuer.

 

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

 

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

 

    C-3 

     

    

 

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

 

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

 

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

 

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

 

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

 

    C-4 

     

    

 

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

 

	Date: [             ]	HARLEY-DAVIDSON MOTORCYCLE TRUST [          ]
	 	 	 
	 	By:	[                      ], not in its individual capacity but solely on behalf of the Issuer as Owner Trustee, under the Trust Agreement

 

	 	By:	 
	 	Printed Name:	 
	 	Title:	 

 

    C-5 

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	
    [                                ],

    not in its individual capacity but solely as Indenture Trustee

	 	 	 
	 	By:	 
	 	Authorized Signatory

 

    C-6 

     

    

 

 

EXHIBIT D

 

FORM OF CLASS D NOTE

 

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

 

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

 

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

 

HARLEY-DAVIDSON MOTORCYCLE TRUST
[                ]

 

[____]% MOTORCYCLE CONTRACT
BACKED NOTES,

CLASS D

 

	REGISTERED	$____________
	 
	No. R-	CUSIP No. _________

 

Harley-Davidson Motorcycle
Trust [           ], a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”),
for value received, hereby promises to pay to [___________], or registered assigns, the principal sum of ___________ ($__________) payable
on the earlier of the Distribution Date occurring in [          ] (the “Class D Final Distribution Date”) and the Redemption Date,
if any, pursuant to Section 10.01 of the Indenture referred to herein. No payments of principal of the Class D Notes shall be made until
the principal of the Class A Notes, the Class B Notes and the Class C Notes has been paid in full. Any capitalized term utilized but
not defined herein shall have the meaning set forth in the Indenture (as hereinafter defined).

 

The Issuer will pay interest
on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of
principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture. Interest
on this Note will accrue for each Distribution Date during the related Interest Period and will be computed on the basis of a 360-day
year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified herein.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts.

 

    D-1

     

    

 

All payments made by the Issuer with respect
to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note.

 

This Note is one of a duly
authorized issue of Notes of the Issuer, designated as its [____]% Motorcycle Contract Backed Notes, Class D (the “Class D Notes”),
all issued under an Indenture, dated as of [                     ] (the “Indenture”), between the Issuer and [                    ], as Indenture Trustee (the “Indenture
Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class D Notes are subject to
all terms of the Indenture. All terms used in this Note that are defined in the Indenture or the Sale and Servicing Agreement, as supplemented
or amended, shall have the meanings assigned to them in or pursuant to the Indenture or the Sale and Servicing Agreement, as the case
may be, as so supplemented or amended.

 

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

 

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

 

Payments of interest on this
Note due and payable on each Distribution Date shall be made by wire transfer to the account of the Person whose name appears as the
Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such
nominee. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture,
for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed within five days before such Distribution Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of [Wilmington, Delaware].

 

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

 

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

 

    D-2

     

    

 

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

 

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

 

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

 

The Issuer has entered into
the Indenture, and this Note is issued, with the intention that, for federal, state and local income, single business and franchise tax
purposes, the Notes will qualify as indebtedness secured by the Collateral. Each Noteholder, by acceptance of a Note or a beneficial
interest in a Note, agrees to treat the Notes for federal, state and local income, single business and franchise tax purposes as indebtedness
of the Issuer.

 

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

 

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

 

    D-3

     

    

 

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

 

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

 

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

 

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

 

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

 

    D-4

     

    

 

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

 

	Date: [               ]	HARLEY-DAVIDSON MOTORCYCLE TRUST [             ]
	 
	 	By:	[
                                     
    ], not in its individual capacity but solely on behalf of the Issuer as Owner Trustee, under the Trust Agreement

	 
	 	By:	 

	 	Printed Name:	 

	 	Title:	 

 

    D-5

     

    

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	[                                            ],
	 	not in its individual capacity but solely as Indenture Trustee
	 	 
	 	By:	                                
	 	Authorized Signatory

 

    D-6

     

    

 

EXHIBIT E

 

FORM OF NOTE DEPOSITORY AGREEMENT

 

    E-1Exhibit 4.3

 

 

ASSET REPRESENTATIONS REVIEW
AGREEMENT

 

HARLEY-DAVIDSON
MOTORCYCLE TRUST [             ],

 

as Issuer

 

and

 

HARLEY-DAVIDSON CREDIT CORP.,

 

as Servicer

 

[_____________________],

 

as Indenture Trustee

 

and

 

[_______________________________],

 

as Asset Representations Reviewer

 

 

 

 

Dated as of [__________]

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I. USAGE AND DEFINITIONS

    
	 1
	 	 	 
	Section 1.01	Usage and Definitions	1
	Section 1.02	Definitions	1
	 	 	 
	ARTICLE II. ENGAGEMENT; ACCEPTANCE

    
	 2
	 	 	 
	Section 2.01	Engagement; Acceptance	2
	Section 2.02	Confirmation of Status	2
	 	 	 
	ARTICLE III. ASSET REPRESENTATIONS REVIEW PROCESS	3
	 	 	 
	Section 3.01	Review Notices and Identification of Review Contracts	3
	Section 3.02	Review Materials	3
	Section 3.03	Performance of Reviews	3
	Section 3.04	Review Report	4
	Section 3.05	Review Representatives	5
	Section 3.06	Dispute Resolution	5
	Section 3.07	Limitations on Review Obligations	5
	 	 	 
	ARTICLE IV. ASSET REPRESENTATIONS REVIEWER

    
	6
	 	 	 
	Section 4.01	Representations and Warranties of the Asset Representations Reviewer	6
	Section 4.02	Fees and Expenses	7
	Section 4.03	Limitation on Liability	8
	Section 4.04	Indemnification by Asset Representations Reviewer	8
	Section 4.05	Indemnification of Asset Representations Reviewer	8
	Section 4.06	Inspections of Asset Representations Reviewer	9
	Section 4.07	Delegation of Obligations	9
	Section 4.08	Confidential Information	9
	Section 4.09	Personally Identifiable Information	11
	 	 	 
	ARTICLE V. REMOVAL, RESIGNATION

    
	12
	 	 	 
	Section 5.01	Eligibility of the Asset Representations Reviewer	12
	Section 5.02	Resignation and Removal of Asset Representations Reviewer	12
	Section 5.03	Successor Asset Representations Reviewer	13
	Section 5.04	Merger, Consolidation or Succession	13
	 	 	 
	ARTICLE VI. OTHER AGREEMENTS

    
	14
	 	 	 
	Section 6.01	Independence of the Asset Representations Reviewer	14
	Section 6.02	No Petition	14
	Section 6.03	Limitation of Liability of Owner Trustee	14
	Section 6.04	Termination of Agreement	14

 

    1

     

    

 

	ARTICLE VII. MISCELLANEOUS PROVISIONS

    
	14 
	 	 	 
	Section 7.01	Amendments	14
	Section 7.02	Assignment; Benefit of Agreement; Third Party Beneficiaries	15
	Section 7.03	Notices	15
	Section 7.04	GOVERNING LAW	15
	Section 7.05	WAIVER OF JURY TRIAL	16
	Section 7.06	No Waiver; Remedies	16
	Section 7.07	Severability	16
	Section 7.08	Headings	16
	Section 7.09	Counterparts	16
	 	 	 
	Schedule A – Review Materials
	Schedule B – Representations, Warranties
    and Tests

 

    2

     

    

 

This ASSET REPRESENTATIONS
REVIEW AGREEMENT (this “Agreement”), entered into as of the [___] day of [__________], 20[__], by and among HARLEY-DAVIDSON
MOTORCYCLE TRUST [_________] (together with its successors and assigns, the “Issuer”), HARLEY-DAVIDSON CREDIT CORP.
(solely in its capacity as Servicer, together with its successor and assigns, the “Servicer”), [_______________________],
as Indenture trustee (the “Indenture Trustee”), and [_____________________________] (the “Asset Representations
Reviewer”).

 

WHEREAS, the Issuer will
engage the Asset Representations Reviewer to perform reviews of certain Contracts for compliance with certain representations and warranties
made with respect thereto; and

 

WHEREAS,
the Asset Representations Reviewer desires to perform such reviews of Contracts in accordance with the terms of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

ARTICLE I.

 

USAGE AND DEFINITIONS

 

Section 1.01     Usage
and Definitions.

 

Unless otherwise defined
in this Agreement, capitalized terms used herein (including in the preamble above) shall have the meanings assigned to them in the Sale
and Servicing Agreement.

 

Section 1.02     Definitions.

 

Whenever used in this Agreement,
the following words and phrases shall have the following meanings:

 

“Annual Fee”
has the meaning stated in Section 4.02(a).

 

“Confidential Information”
has the meaning stated in Section 4.08(b).

 

“Eligible Representations”
shall mean those representations identified within the “Tests” included in Schedule B.

 

“Information Recipients”
has the meaning stated in Section 4.08(a).

 

“Indemnified Person”
has the meaning stated in Section 4.05(a).

 

“Indenture”
means the Indenture, dated as of [__________], 20[__], between the Issuer and the Indenture Trustee, as the same may be amended, supplemented
or modified from time to time.

 

“Indenture Trustee”
means [__________], as indenture trustee under the Indenture, and any successor thereto.

 

“Issuer PII”
has the meaning stated in Section 4.09(a).

 

“PII”
has the meaning stated in Section 4.09(a).

 

    1

     

    

 

“Review”
means the completion by the Asset Representations Reviewer of the procedures listed under “Tests” in Schedule B for each
Review Contract as further described in Section 3.03.

 

“Review Contracts”
means those Contracts identified by the Servicer as requiring a Review by the Asset Representations Reviewer following receipt of a Review
Notice as further described in Section 3.01.

 

“Review Fee”
has the meaning stated in Section 4.02(b).

 

“Review Materials”
means the documents, data, and other information required for each “Test” in Schedule A.

 

“Review Notice”
means a notice delivered to the Asset Representations Reviewer by the [Indenture Trustee] pursuant to Section [ ] of the [Indenture].

 

“Review Report”
has the meaning stated in Section 3.04.

 

“Sale and Servicing
Agreement” means the Sale and Servicing Agreement, dated as of [__________], 20[__], between the Issuer, Harley-Davidson Customer
Funding Corp., as Trust Depositor, and the Servicer, as the same may be amended, supplemented or modified from time to time.

 

“Tests” mean the
procedures listed in Schedule B as applied to the process described in Section 3.03.

 

“Test Complete”
has the meeting stated in Section 3.03(c).

 

“Test Fail” has
the meaning stated in Section 3.03(a).

 

“Test Pass” has
the meaning stated in Section 3.03(a).

 

ARTICLE II.

 

ENGAGEMENT; ACCEPTANCE

 

Section 2.01     Engagement;
Acceptance.

 

The Issuer hereby engages
[_______________________] to act as the Asset Representations Reviewer for the Issuer. [_______________________] accepts the engagement
and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement.

 

Section 2.02     Confirmation
of Status.

 

The parties confirm
that the Asset Representations Reviewer is not responsible for (a) reviewing the Contracts for compliance with the representations
and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance
with the representations or warranties constitutes a breach of the Transaction Documents.

 

    2

     

    

 

ARTICLE III.

 

ASSET REPRESENTATIONS REVIEW PROCESS

 

Section 3.01     Review
Notices and Identification of Review Contracts.

 

On receipt of
a Review Notice from the Indenture Trustee according to Section 7.04 of the Indenture, the Asset Representations Reviewer will start
a Review. Once the Review Notice is issued, the Servicer will provide the list of Review Contracts to the Asset Representations Reviewer
within sixty (60) days.

 

The Asset Representations
Reviewer will not be obligated to start a Review until a Review Notice, the related list of Review Contracts, and the initial delivery
of the Review Materials as described in Section 3.02 is received. The Asset Representations Reviewer is not obligated to verify
the accuracy or completeness of the list of Review Contracts provided by the Servicer.

 

Section 3.02     Review
Materials.

 

(a)            Access
to Review Materials. Within sixty (60) days of the delivery of a Review Notice, the Servicer will provide the Asset Representations
Reviewer with access to the Review Materials for all Review Contracts in one or more of the following ways: (i) by providing access
to the Servicer’s systems, either remotely or at an office of the Servicer, (ii) by electronic posting to a password-protected
website to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at an office of the
Servicer or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove
Personally Identifiable Information from the Review Materials without changing the meaning or usefulness of the Review Materials. The
Asset Representations Reviewer shall be entitled to rely in good faith, without independent investigation or verification, that the Review
Materials are accurate and complete in all material respects, and not misleading in any material respect.

 

(b)            Missing
or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if any Review
Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer
determines any missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in
any event no less than twenty (20) days before completing the Review. The Servicer will have fifteen (15) days to give the Asset Representations
Reviewer access to the missing Review Materials or other documents or information to correct the insufficiency. If the missing Review
Materials or other documents have not been provided by the Servicer within fifteen (15) days, the related Review Report will report a
Test Fail for each Test that requires use of the missing or insufficient Review Materials.

 

Section 3.03     Performance
of Reviews.

 

(a)            Test
Procedures. For a Review, the Asset Representations Reviewer will perform, for each Review Contract, the procedures listed under
 “Tests” in Schedule B for each Eligible Representation. In the course of its review, the Asset Representations Reviewer will
use the Review Materials listed in Schedule A. For each Test and Review Contract, the Asset Representations Reviewer will determine if
the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”).

 

    3

     

    

 

(b)            Review
Period. The Asset Representations Reviewer will complete the Review within sixty (60) days of receiving access to the Review Materials.
However, if additional Review Materials are provided to the Asset Representations Reviewer as described in Section 3.02(b), the
Review period will be extended for an additional thirty (30) days.

 

(c)            Completion
of Review for Certain Review Contracts. Following the delivery of the list of the Review Contracts and before the delivery of
the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Review
Contract is paid in full by the Obligor or purchased from the Issuer in accordance with the terms of the Transaction Documents. On
receipt of such notice, the Asset Representations Reviewer will immediately terminate all Tests of the related Review Contract, and
the Review of such Review Contracts will be considered complete (a “Test Complete”). In this case, the related
Review Report will indicate a Test Complete for such Review Contract and the related reason.

 

(d)            Previously
Reviewed Contracts; Duplicative Tests. If any Review Contract was included in a prior Review, the Asset Representations Reviewer
will not conduct additional Tests on such Review Contract, but will include the previously reported Test results in the Review Report
for the current Review. If the same Test is required for more than one representation and warranty, the Asset Representations Reviewer
will only perform the Test once for each Review Contract, but will report the results of the Test for each applicable representation
and warranty on the Review Report.

 

(e)            Termination
of Review. If a Review is in process and the Notes will be paid in full on the next Distribution Date, the Servicer or the Administrator
will notify the Asset Representations Reviewer no less than ten (10) days before that Distribution Date. On receipt of such notice,
the Asset Representations Reviewer will terminate the Review immediately and will not be obligated to deliver a Review Report.

 

(f)            Review
Systems; Personnel. The Asset Representations Reviewer will maintain business process management and/or other systems necessary to
ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations
Reviewer will ensure that these systems allow for each Review Contract and the related Review Materials to be individually tracked
and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained
to conduct Reviews as required by this Agreement.

 

Section 3.04     Review
Report.

 

Within
five (5) days after the end of the applicable Review period under Section 3.03(b), the Asset Representations Reviewer will
deliver to the Issuer, the Servicer, the Trust Depositor, and the Indenture Trustee a Review Report indicating for each Review Contract
whether there was a Test Pass, Test Fail or Test Complete for each related Test. For each Test Fail or Test Complete, the Review Report
will indicate the related reason, including (for example) whether the Review Contract was a Test Fail as a result of missing or incomplete
Review Materials. The Review Report will contain a summary of the Review results to be included in the Issuer’s Form 10-D
report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review
Report does not contain any PII. On reasonable request of the Servicer, the Asset Representations Reviewer will provide additional details
on the Test results.

 

    4

     

    

 

Section 3.05     Review
Representatives.

 

(a)            Servicer
Representative. The Servicer will designate one or more representatives who will be available to assist the Asset Representations
Reviewer in performing the Review, including responding to requests and answering questions from the Asset Representations Reviewer about
access to Review Materials on the Servicer’s originations, receivables or other systems, obtaining missing or insufficient Review
Materials and/or providing clarification of any Review Materials or Tests.

 

(b)            Asset
Representations Review Representative. The Asset Representations Reviewer will designate one or more representatives who will be
available to the Issuer, the Servicer and the Administrator during the performance of a Review.

 

(c)            Questions
About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written
questions or requests for clarification of any Review Report from the Servicer until the earlier of (i) the payment in full of
the Notes and (ii) one year after the delivery of the Review Report. The Asset Representations Reviewer will not be obligated
to respond to questions or requests for clarification from Noteholders or any other Person and will direct such Persons to submit
written questions or requests to the Servicer.

 

Section 3.06     Dispute
Resolution.

 

If a Review Contract
that was the subject of a Review becomes the subject of a dispute resolution proceeding under Section [__] of the Sale and Servicing
Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding.
The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding
will be considered expenses of the requesting party for the dispute resolution and will be paid by a party to the dispute resolution
as determined by (i) in the case of arbitration, the arbitrator, and (ii) in the case of mediation, as mutually agreed upon
by the parties as part of the mediation. If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer
according to Section 4.02(d) of this Agreement.

 

Section 3.07     Limitations
on Review Obligations.

 

(a)            Review
Process Limitations. The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency Trigger
has occurred or whether the required percentage of Noteholders has voted to direct a Review under the Indenture; (ii) to determine
which Contracts are subject to a Review, (iii) to obtain or confirm the validity of the Review Materials, (iv) to obtain missing
or insufficient Review Materials except as specifically described herein,(v) to take any action or cause any other party to take
any action under any of the Transaction Documents to enforce any remedies for breaches of representations or warranties about the Eligible
Representations, (vi) to determine the reason for the delinquency of any Review Contract, the creditworthiness of any Obligor, the
overall quality of any Review Contract or the compliance by the Servicer with its covenants with respect to the servicing of such Review
Contract, or (vii) to establish cause, materiality or recourse for any failed Test as described in Section 3.03.

 

(b)            Testing
Procedure Limitations. The Asset Representations Reviewer will only be required to perform the “Tests” listed under Schedule
B, and will not be obligated to perform additional procedures on any Review Contract or to provide any information other than a Review
Report. However, the Asset Representations Reviewer may provide additional information in a Review Report about any Review Contract that
it determines in good faith to be material to the Review.

 

    5

     

    

 

(c)            Maintenance
of Review Materials. It will maintain copies of any Review Materials, Review Reports and other documents relating to a Review, including
internal correspondence and work papers, for a period of two years after the delivery of any Review Report.

 

ARTICLE IV.

 

ASSET REPRESENTATIONS REVIEWER

 

Section 4.01     Representations
and Warranties of the Asset Representations Reviewer.

 

The Asset Representations
Reviewer hereby makes the following representations and warranties as of the Closing Date:

 

(a)            Organization
and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a [_____________] in good
standing under the laws of State of [_____________]. The Asset Representations Reviewer is qualified as a foreign [_____________] in
good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its
properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the
qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset
Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(b)            Power,
Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its
obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement.
This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations
Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’
rights or by general equitable principles.

 

(c)            No
Conflicts and No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations
Reviewer’s obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, loan
agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in
the creation or imposition of a Lien on the properties or assets of the Asset Representations Reviewer under the terms of any indenture,
loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer
or (iv) violate a law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a federal
or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations
Reviewer or its property that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have
a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

 

(d)            No
Proceedings. To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or threatened
in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Asset Representations Reviewer or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent
the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably
be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under,
or the validity or enforceability of, this Agreement.

 

    6

     

    

 

(e)            Eligibility.
The Asset Representations Reviewer meets the eligibility requirements in Section 5.01, and will notify the Issuer and the Servicer
promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section 5.01.

 

Section 4.02     Fees
and Expenses.

 

(a)            Annual
Fee. As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee
(the “Annual Fee”) with respect to each Annual Period prior to the termination of the Issuer, in an amount equal to $[_______].
The Annual Fee will be paid by the Servicer on the Closing Date and on each anniversary of the Closing Date until this Agreement is terminated.

 

(b)            Review
Fee. Following the completion of a Review and the delivery of the related Review Report pursuant to Section 3.04, or the termination
of a Review according to Section 3.03(e), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer
will be entitled to a fee of $[____] for each Review Contract for which the Review was started (the “Review Fee”).
However, no Review Fee will be charged for any Review Contract (i) which was included in a prior Review, (ii) for which no
Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Review according to Section 3.03(e),
or (iii) due to missing or insufficient Review Materials under Section 3.02(b).

 

(c)            Reimbursement
of Travel Expenses. If the Servicer provides access to the Review Materials at one of its properties, the Servicer will reimburse
the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Review upon receipt of a detailed
invoice.

 

(d)            Dispute
Resolution Expenses. If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.06
of this Agreement and its reasonable out-of-pocket expenses for participating in the proceeding are not paid by a party to the dispute
resolution within ninety (90) days after the end of the proceeding, the Servicer will reimburse the Asset Representations Reviewer for
such expenses upon receipt of a detailed invoice.

 

(e)            Payment
of Invoices. When applicable pursuant to this Section 4.02 and Section 4.05, the Asset Representations Reviewer will invoice
the Servicer at the notices address set forth in Section 11.04 of the Sale and Servicing Agreement, and all such invoices are payable
within thirty (30) days of receipt. In the event fees, expenses and indemnities of the Asset Representations Reviewer are not paid by
the Servicer within thirty (30) days following the Servicer’s receipt of an invoice, the Asset Representations Reviewer will submit
invoices to the Issuer (with a copy to the Administrator) at the notices address set forth in Section 11.04 of the Sale and Servicing
Agreement, and the Issuer shall [or will cause the Administrator to,] pay all such invoices according to the priority of payments described
in Section 7.05 of the Sale and Servicing Agreement on the payment date following the month in which the invoice was received by
the Issuer. However, if a Review is terminated according to Section 3.03(e), the Asset Representations Reviewer must submit its
invoice to the [Issuer][Administrator] for fees, expenses and indemnities remaining unpaid no later than ten (10) Business Days
before the final payment date to be reimbursed on such final payment date. The Servicer acknowledges and agrees that its obligation to
reimburse the Asset Representations Reviewer for its fees and expenses pursuant to this Agreement shall not be limited to or reduced
by any reduction in Available Amounts on deposit in the related Collection Account. [For the avoidance of doubt, the aggregate limit
on the fees, expenses and indemnities of the Asset Representations Reviewer specified in Section [ ] of the Sale and Servicing Agreement
shall not be applied to amounts payable by the Servicer to the Asset Representations Reviewer pursuant to this Section 4.02.]

 

    7

     

    

 

Section 4.03     Limitation
on Liability.

 

The Asset Representations
Reviewer will not be liable to any Person for any action taken, or not taken, under this Agreement or for errors in judgment. However,
the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under
this Agreement. The Asset Representations Reviewer will not be liable for any errors in any review materials relied on by it to perform
a review or for the noncompliance or breach of any representation made about the Contracts. In no event will the Asset Representations
Reviewer be liable for special, indirect or consequential losses or damages (including lost profit), even if the Asset Representations
Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

 

Section 4.04     Indemnification
by Asset Representations Reviewer.

 

The Asset Representations
Reviewer will indemnify each of the Issuer, [the Underlying Trust, the Underlying Trustee,] the Seller, the Servicer, the Administrator,
the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses (including
reasonable legal fees and expenses), losses, damages and liabilities (a) resulting from the willful misconduct, bad faith or negligence
of the Asset Representations Reviewer in performing its obligations under this Agreement, (b) resulting from the Asset Representations
Reviewer’s breach of any of its representations or warranties in this Agreement, and (c) in connection with the enforcement
of this indemnity. The Asset Representations Reviewer’s obligations under this Section 4.04 will survive the termination of
this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

 

Section 4.05     Indemnification
of Asset Representations Reviewer.

 

(a)            Indemnification.
The Administrator, will, or will cause the Issuer to, indemnify the Asset Representations Reviewer and its officers, directors, employees
and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from
the performance of its obligations under this Agreement (including the fees and expenses of defending itself against any loss, damage
or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s
willful misconduct, bad faith or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations
or warranties in this Agreement.

 

(b)            Proceedings.
Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made
under Section 4.05(a), notify the Issuer and the Administrator of the Proceeding. The Servicer may participate in and assume the
defense and settlement of a Proceeding at its expense. If the Servicer notifies the Indemnified Person of its intention to assume the
defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Servicer assumes the defense
of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Servicer will not be liable for fees and expenses
of counsel to the Indemnified Person unless there is a conflict between the interests of the Servicer or the Issuer, as applicable, and
an Indemnified Person. If there is a conflict, the Servicer will, or will cause the Issuer to, pay for the reasonable fees and expenses
of separate counsel to the Indemnified Person. No settlement of a Proceeding may be made without the approval of the Servicer and the
Indemnified Person, which approval will not be unreasonably withheld, conditioned or delayed.

 

    8

     

    

 

(c)            Survival
of Obligations. The Servicer’s obligations under this Section 4.05 will survive the resignation or removal of the Asset
Representations Reviewer and the termination of this Agreement. The Servicer acknowledges and agrees that its obligation to indemnify
the Asset Representations Reviewer shall not be limited to or reduced by any reduction in Available Amounts on deposit in the related
Collection Account. [For the avoidance of doubt, the aggregate limit on the fees, expenses and indemnities of the Asset Representations
Reviewer specified in Section [ ] of the Sale and Servicing Agreement shall not be applied to amounts payable by the Servicer to
the Asset Representations Reviewer pursuant to this Section 4.05.]

 

Section 4.06     Inspections
of Asset Representations Reviewer.

 

The Asset Representations
Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized representatives of
the Issuer, the Servicer or the Administrator, during the Asset Representations Reviewer's normal business hours, to examine and review
the books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the
performance of the Asset Representations Reviewer's obligations under this Agreement, (b) payments of fees and expenses of the Asset
Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement. In
addition, the Asset Representations Reviewer will permit the Issuer's, the Servicer's or the Administrator's representatives to make copies
and extracts of any of those documents and to discuss them with the Asset Representations Reviewer's officers and employees. Each of the
Issuer, the Servicer and the Administrator will, and will cause its authorized representatives to, hold in confidence the information
except if disclosure may be required by law or if the Issuer, the Servicer or the Administrator reasonably determines that it is required
to make the disclosure under this Agreement or the other Transaction Documents. The Asset Representations Reviewer will maintain all relevant
books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations
under this Agreement.

 

Section 4.07     Delegation
of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person
without the consent of the Issuer and the Servicer, which consent will not be unreasonably withheld or delayed.

 

Section 4.08     Confidential
Information.

 

(a)            Treatment.
The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and
under the terms and conditions of this Section 4.08, and will implement and maintain safeguards to further assure the confidentiality
of the Confidential Information. The Confidential Information will not, without the prior
consent of the Issuer and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees,
agents, representatives or affiliates, including legal counsel (collectively, the "Information Recipients") other than
for the purposes of performing Reviews of Review Contracts or performing its obligations under this Agreement. The Asset Representations
Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by the Issuer or its
Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the
preparation of research reports, newsletters or other publications or similar communications.

 

    9

     

    

 

(b)            Definition.
 "Confidential Information" means oral, written and electronic materials (irrespective of its source or form of communication)
furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this
Agreement, including:

 

(i)            lists
of Review Contracts and any related Review Materials;

 

(ii)          origination
and servicing guidelines, policies and procedures, and form contracts; and

 

(iii)         notes,
analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information supplied by or on behalf
of the Servicer or its representatives.

 

However, Confidential
Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure
by the Information Recipients, (B) was available to, or becomes available to, the Information Recipients on a non-confidential basis
from a Person or entity other than the Issuer or the Servicer before its disclosure to the Information Recipients who, to the knowledge
of the Information Recipient is not bound by a confidentiality agreement with the Issuer or the Servicer and is not prohibited from transmitting
the information to the Information Recipients, (C) is independently developed by the Information Recipients without the use of the
Confidential Information, as shown by the Information Recipients' files and records or other evidence in the Information Recipients' possession
or (D) the Issuer or the Servicer provides permission to the applicable Information Recipients to release.

 

(c)            Protection.
The Asset Representations Reviewer will take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of
Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable
standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional
requirements in Section 4.09.

 

(d)            Disclosure.
If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative,
governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential
Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation,
rule or order, will use its reasonable efforts to provide the Issuer and the
Servicer with notice of the requirement and will cooperate, at the Servicer's expense,
in the Issuer's and the Servicer's pursuit of a proper protective order or other relief for the disclosure of the Confidential
Information. If the Issuer or the Servicer is unable to obtain a protective order or other proper remedy by the date that the
information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential
Information that it is advised by its legal counsel it is legally required to disclose.

 

(e)            Responsibility
for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this Section 4.08 by its Information
Recipients.

 

(f)            Violation.
The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer and the Servicer
and the Issuer and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuer or the
Servicer to enforce this Section 4.08, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney's
fees, incurred for the enforcement.

 

    10

     

    

 

Section 4.09     Personally
Identifiable Information.

 

(a)            Definitions.
 "Personally Identifiable Information" or "PII" means information in any format about an identifiable
individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned
attribute associated with or identifiable to an individual and any information that when used separately or in combination with other
information could identify an individual. "Issuer PII" means PII furnished by the Issuer, the Servicer or their Affiliates
to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing
its obligations under this Agreement.

 

(b)            Use
of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII except as provided in this Agreement.
The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed
in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these purposes. The Asset Representations Reviewer
must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer's business, including any legally
required codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer will
protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and procedures that
comply with applicable law and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate
practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality
and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect
against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards
include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g.,
intrusion protection, data storage protection and data transmission protection) and physical security measures.

 

(c)            Additional
Limitations. In addition to the use and protection requirements described in Section 4.09(b), the Asset Representations Reviewer's
disclosure of Issuer PII is also subject to the following requirements:

 

(i)            The
Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for
the Asset Representations Reviewer personnel who require Issuer PII to perform a Review, (B) with the prior
consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII will be limited
to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will inform
personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuer
PII on the proper use and protection of Issuer PII.

 

(ii)            The
Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the prior
consent of the Issuer.

 

(d)            Notice
of Breach. The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected security
breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where
applicable, immediately take action to prevent any further breach.

 

    11

     

    

 

(e)            Return
or Disposal of Issuer PII. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the completion
of the Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer's possession or under its
control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned
to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to
the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations
Reviewer's further use or disclosure of Issuer PII to that required by applicable law.

 

(f)            Compliance;
Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset Representations
Reviewer's compliance with this Section 4.09. The Asset Representations Reviewer and the Issuer agree to modify this Section 4.09
as necessary for either party to comply with applicable law.

 

(g)            Audit
of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer and its authorized representatives
to audit the Asset Representations Reviewer's compliance with this Section 4.09 during the Asset Representations Reviewer's
normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year
unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described in
this Section 4.09 with the inspections described in Section 4.06. The Asset Representations Reviewer will also permit the
Issuer during normal business hours on reasonable advance written notice to audit any service providers used by the Asset
Representations Reviewer to fulfill the Asset Representations Reviewer's obligations under this Agreement.

 

(h)            Affiliates
and Third Parties. If the Asset Representations Reviewer processes the PII of the Issuer's Affiliates or a third party when performing
a Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an
intended third-party beneficiary of this Section 4.09, and this Agreement is intended to benefit the Affiliate or third party. The
Affiliate or third party may enforce the PII related terms of this Section 4.09 against the Asset Representations Reviewer as if
each were a signatory to this Agreement.

 

ARTICLE V.

 

REMOVAL, RESIGNATION

 

Section 5.01     Eligibility
of the Asset Representations Reviewer.

 

The
Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Trust Depositor, the Servicer, the
Indenture Trustee, the Owner Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, hired
by the Sponsor or any underwriter to perform any due diligence on the Contracts prior to the Closing Date.

 

Section 5.02     Resignation
and Removal of Asset Representations Reviewer.

 

(a)            No
Resignation. The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is legally
unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of
its obligations under this Agreement permitted under applicable law. In such event, the Asset Representations Reviewer will deliver a
notice of its resignation to the Issuer and the Servicer, together with an Opinion of Counsel supporting its determination.

 

    12

     

    

 

(b)            Removal.
If any of the following events occur, the Issuer, by notice to the Asset Representations Reviewer, may remove the Asset Representations
Reviewer and terminate its rights and obligations under this Agreement:

 

(i)            the
Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.01;

 

(ii)            the
Asset Representations Reviewer breaches any of its representations, warranties, covenants or obligations in this Agreement; or

 

(iii)            an
Insolvency Event of the Asset Representations Reviewer occurs.

 

(c)            Notice
of Resignation or Removal. The Issuer will notify the Servicer, the Owner Trustee and the Indenture Trustee of any resignation or
removal of the Asset Representations Reviewer. Any resignation, removal or substitution of the Asset Representations Reviewer will be
reported on the Form 10-D for that month.

 

(d)            Continue
to Perform After Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective, and the
Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations
Reviewer has accepted its engagement according to Section 5.03(b).

 

Section 5.03     Successor
Asset Representations Reviewer .

 

(a)            Engagement
of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer, the Issuer
will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.01.

 

(b)            Effectiveness
of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset
Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing
to perform the obligations of the Asset Representations Reviewer under this Agreement or entering into a new agreement with the Issuer
on substantially the same terms as this Agreement.

 

(c)            Transition
and Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with
the Issuer and the Servicer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset
Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset
Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer’s obligations under
this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable
detail of the expenses from the Issuer and the Servicer or the successor Asset Representations Reviewer.

 

Section 5.04     Merger,
Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated,
(b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to
the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.01, will be
the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer, the
Servicer and the Administrator an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement
(unless the assumption happens by operation of law).

 

    13

     

    

 

ARTICLE VI.

 

OTHER
AGREEMENTS

 

Section 6.01     Independence
of the Asset Representations Reviewer.

 

The Asset Representations
Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer for the manner in which it accomplishes
the performance of its obligations under this Agreement. Unless expressly authorized by the Issuer, the Asset Representations Reviewer
will have no authority to act for or represent the Issuer and will not be considered an agent of the Issuer. Nothing in this Agreement
will make the Asset Representations Reviewer and the Issuer members of any partnership, joint venture or other separate entity or impose
any liability as such on any of them.

 

Section 6.02     No
Petition.

 

Each of the parties
agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of all
securities issued by the Seller, the Issuer or by a trust for which the Seller was a depositor, it will not start or pursue against, or
join any other Person in starting or pursuing against the Seller or the Issuer, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.02 will survive the termination
of this Agreement.

 

Section 6.03     Limitation
of Liability of Owner Trustee .

 

This Agreement
has been signed on behalf of the Issuer by [__________], not in its individual capacity but solely in its capacity as Owner Trustee of
the Issuer. In no event will [__________] in its individual capacity or a beneficial owner of the Issuer be liable for the Issuer’s
obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits
of, the Trust Agreement.

 

Section 6.04     Termination
of Agreement.

 

This Agreement
will terminate, except for the obligations under Section 4.04, on the earlier of (a) the payment in full of all outstanding
Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement.

 

ARTICLE VII.

 

MISCELLANEOUS
PROVISIONS

 

Section 7.01     Amendments.

 

(a)            The
parties may amend this Agreement:

 

(i)            to
clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent
with the other terms of this Agreement or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset
Representations Reviewer, in each case without the consent of the Noteholders or any other Person;

 

    14

     

    

 

(ii)            to
add, change or eliminate terms of this Agreement, in each case without the consent of the Noteholders or any other Person, if the Administrator
delivers an Officer’s Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will not
have a material adverse effect on the Noteholders; or

 

(iii)            to
add, change or eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under Section 7.01(a)(ii),
with the consent of a majority of the principal amount of the Notes of the Controlling Class then outstanding, acting together as
a single class.

 

Section 7.02     Assignment;
Benefit of Agreement; Third Party Beneficiaries.

 

(a)            Assignment.
Except as stated in Section 5.04, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of
the Issuer and the Servicer.

 

(b)            Benefit
of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted
successors and assigns. The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries
of this Agreement and may enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have
any right or obligation under this Agreement.

 

Section 7.03     Notices.

 

(a)            Notices
to Parties. All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing and
will be considered given:

 

(i)            for
overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail;

 

(ii)            for
a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)            for
an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)            for
an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement
of confirmation of receipt) stating that the electronic posting has occurred.

 

(b)            Notice
Addresses. Any notice, request, demand, consent, waiver or other communication will be addressed as stated in the Sale and Servicing
Agreement or the Administration Agreement, as applicable, or to another address as a party may give by notice to the other parties.

 

Section 7.04     GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

    15

     

    

 

Section 7.05     WAIVER
OF JURY TRIAL. Each party irrevocably waives, to the fullest extent permitted by law, THE
right to trial by jury in legal proceeding relating to this agreement.

 

Section 7.06     No
Waiver; Remedies. No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a
waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy
or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers,
rights and remedies under law.

 

Section 7.07     Severability.
If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and
will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 7.08     Headings.
The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 7.09     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. The words “execution”, “signed”, “signature” and words of like import in this
Agreement or in any other certificate, agreement or document related to this Agreement shall include, in addition to manually executed
signature pages, images of manually executed signatures transmitted by facsimile or other electronic format (including “pdf”,
 “tif” or “jpg”) and other electronic signatures (including DocuSign and AdobeSign). The use of electronic signatures
and electronic records (including any contract or other record created, generated, sent, communicated, received or stored by electronic
means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping
system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, any State law based on the Uniform Electronic Transactions Act or the UCC.

 

[Remainder of Page Left Blank]

 

    16

     

    

 

IN WITNESS WHEREOF, the Issuer, the Servicer, the
Administrator and the Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto
duly authorized as of the date first above written.

 

	 	HARLEY-DAVIDSON MOTORCYCLE TRUST [______], as Issuer

 

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

 

	 	By:	 
	 	 	Name:
 Title:

 

	 	HARLEY-DAVIDSON CREDIT CORP., as Servicer

 

	 	By:	 
	 	 	Name:

Title:

 

	 	[____________________________________],

                         as Asset Representations Reviewer

 

	 	By:	 
	 	 	Name:

Title:

 

     

     

    

 

Schedule A

 

Review Materials

 

     

     

    

 

Schedule B

 

Representations and Warranties and Tests

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