Document:

Exhibit
4.8

 

CLENE
INC.

Issuer

 

AND

 

[TRUSTEE],

Trustee

 

INDENTURE

 

Dated
as of ___________________, 202___

 

Subordinated
Debt Securities

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	 	Page
	 	 
	ARTICLE
    1 DEFINITIONS	1
	Section
    1.01 Definitions of Terms.	1
	 	 
	ARTICLE
    2 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	5
	Section
    2.01 Designation and Terms of Securities.	5
	Section
    2.02 Form of Securities and Trustee’s Certificate.	8
	Section
    2.03 Denominations: Provisions for Payment.	8
	Section
    2.04 Execution and Authentications.	10
	Section
    2.05 Registration of Transfer and Exchange.	10
	Section
    2.06 Temporary Securities.	12
	Section
    2.07 Mutilated, Destroyed, Lost or Stolen Securities.	12
	Section
    2.08 Cancellation.	13
	Section
    2.09 Benefits of Indenture.	13
	Section
    2.10 Authenticating Agent.	13
	Section
    2.11 Global Securities.	14
	 	 
	ARTICLE
    3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS	15
	Section
    3.01 Redemption.	15
	Section
    3.02 Notice of Redemption.	15
	Section
    3.03 Payment Upon Redemption.	16
	Section
    3.04 Sinking Fund.	17
	Section
    3.05 Satisfaction of Sinking Fund Payments with Securities.	17
	Section
    3.06 Redemption of Securities for Sinking Fund.	17
	 	 
	ARTICLE
    4 COVENANTS	18
	Section
    4.01 Payment of Principal, Premium and Interest.	18
	Section
    4.02 Maintenance of Office or Agency.	18
	Section
    4.03 Paying Agents.	18
	Section
    4.04 Appointment to Fill Vacancy in Office of Trustee.	19
	Section
    4.05 Compliance with Consolidation Provisions.	19
	 	 
	ARTICLE
    5 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE	20
	Section
    5.01 Company to Furnish Trustee Names and Addresses of Securityholders.	20
	Section
    5.02 Preservation Of Information; Communications With Securityholders.	20
	Section
    5.03 Reports by the Company.	20
	Section
    5.04 Reports by the Trustee.	21
	 	 
	ARTICLE
    6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT	21
	Section
    6.01 Events of Default.	21
	Section
    6.02 Collection of Indebtedness and Suits for Enforcement by Trustee.	23

 

    	i

     

    

 

	Section
    6.03 Application of Moneys Collected.	25
	Section
    6.04 Limitation on Suits.	25
	Section
    6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver.	26
	Section
    6.06 Control by Securityholders.	26
	Section
    6.07 Undertaking to Pay Costs.	27
	 	 
	ARTICLE
    7 CONCERNING THE TRUSTEE	27
	Section
    7.01 Certain Duties and Responsibilities of Trustee.	27
	Section
    7.02 Certain Rights of Trustee.	28
	Section
    7.03 Trustee Not Responsible for Recitals or Issuance or Securities.	30
	Section
    7.04 May Hold Securities.	30
	Section
    7.05 Moneys Held in Trust.	30
	Section
    7.06 Compensation and Reimbursement.	31
	Section
    7.07 Reliance on Officer’s Certificate.	31
	Section
    7.08 Disqualification; Conflicting Interests.	32
	Section
    7.09 Corporate Trustee Required; Eligibility.	32
	Section
    7.10 Resignation and Removal; Appointment of Successor.	32
	Section
    7.11 Acceptance of Appointment By Successor.	33
	Section
    7.12 Merger, Conversion, Consolidation or Succession to Business.	35
	Section
    7.13 Preferential Collection of Claims Against the Company.	35
	Section
    7.14 Notice of Default	35
	 	 
	ARTICLE
    8 CONCERNING THE SECURITYHOLDERS	35
	Section
    8.01 Evidence of Action by Securityholders.	35
	Section
    8.02 Proof of Execution by Securityholders.	36
	Section
    8.03 Who May be Deemed Owners.	36
	Section
    8.04 Certain Securities Owned by Company Disregarded.	37
	Section
    8.05 Actions Binding on Future Securityholders.	37
	 	 
	ARTICLE
    9 SUPPLEMENTAL INDENTURES	37
	Section
    9.01 Supplemental Indentures Without the Consent of Securityholders.	37
	Section
    9.02 Supplemental Indentures With Consent of Securityholders.	38
	Section
    9.03 Effect of Supplemental Indentures.	39
	Section
    9.04 Securities Affected by Supplemental Indentures.	39
	Section
    9.05 Execution of Supplemental Indentures.	39
	 	 
	ARTICLE
    10 SUCCESSOR ENTITY	40
	Section
    10.01 Company May Consolidate, Etc.	40
	Section
    10.02 Successor Entity Substituted.	40
	 	 
	ARTICLE
    11 SATISFACTION AND DISCHARGE	41
	Section
    11.01 Satisfaction and Discharge of Indenture.	41
	Section
    11.02 Discharge of Obligations.	42
	Section
    11.03 Deposited Moneys to be Held in Trust.	42
	Section
    11.04 Payment of Moneys Held by Paying Agents.	42
	Section
    11.05 Repayment to Company.	42
	 	 
	ARTICLE
    12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	43
	Section
    12.01 No Recourse.	43
	 	 
	ARTICLE
    13 MISCELLANEOUS PROVISIONS	43
	Section
    13.01 Effect on Successors and Assigns.	43
	Section
    13.02 Actions by Successor.	43
	Section
    13.03 Surrender of Company Powers.	43
	Section
    13.04 Notices.	44
	Section
    13.05 Governing Law.	44
	Section
    13.06 Treatment of Securities as Debt.	44
	Section
    13.07 Certificates and Opinions as to Conditions Precedent.	44
	Section
    13.08 Payments on Business Days.	45
	Section
    13.09 Conflict with Trust Indenture Act.	45
	Section
    13.10 Counterparts.	45
	Section
    13.11 Separability.	45
	Section
    13.12 Compliance Certificates.	45
	 	 
	ARTICLE
    14 SUBORDINATION OF SECURITIES	45
	Section
    14.01 Subordination Terms.	45

 

    	ii

     

    

 

INDENTURE

 

INDENTURE,
dated as of ____________, 202___, among CLENE INC., a Delaware corporation (the “Company”), and [TRUSTEE], as trustee (the
“Trustee”):

 

WHEREAS,
for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance
of subordinated debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount
to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated
by the certificate of the Trustee;

 

WHEREAS,
to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized
the execution of this Indenture; and

 

WHEREAS,
all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW,
THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted
and agreed as follows for the equal and ratable benefit of the holders of Securities:

 

Article
1

 

DEFINITIONS

 

Section
1.01 Definitions of Terms.

 

The
terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless
the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective
meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that
are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933,
as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires),
shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the
execution of this instrument.

 

“Authenticating
Agent” means an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant
to Section 2.10.

 

“Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Board
of Directors” means the Board of Directors (or the functional equivalent thereof) of the Company or any duly authorized
committee of such Board.

 

    	1

     

    

 

“Board
Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors and to be in full force and effect on the date of such certification.

 

“Business
Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions
in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated
by law, executive order or regulation to close.

 

“Certificate”
means a certificate signed by any Officer. The Certificate need not comply with the provisions of Section 13.07.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after
the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.

 

“Company”
means Clene Inc., a corporation duly organized and existing under the laws of the State of Delaware, and, subject to the provisions of
Article Ten, shall also include its successors and assigns.

 

“Corporate
Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located at.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Defaulted
Interest” has the meaning set forth in Section 2.03.

 

“Depositary”
means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global
Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange
Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01
or 2.11.

 

“Event
of Default” means, with respect to Securities of a particular series, any event specified in Section 6.01, continued for
the period of time, if any, therein designated.

 

“Exchange
Act” means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated
by the Commission thereunder.

 

“Global
Security” means a Security issued to evidence all or a part of any series of Securities which is executed by the Company
and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance
with the Indenture, which shall be registered in the name of the Depositary or its nominee.

 

    	2

     

    

 

“Governmental
Obligations” means securities that are (a) direct obligations of the United States of America for the payment of which
its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated
maturity of the Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to
any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian
for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect
of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary
receipt.

 

“herein”,
“hereof” and “hereunder”, and other words of similar import, refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision.

 

“Indenture”
means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental
hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities established as
contemplated by Section 2.01.

 

“Interest
Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means the date
specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date
on which an installment of interest with respect to Securities of that series is due and payable.

 

“Officer”
means, with respect to the Company, the chairman of the Board of Directors, a chief executive officer, a president or a chief financial
officer.

 

“Officer’s
Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided for
in Section 13.07, if and to the extent required by the provisions thereof.

 

“Opinion
of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or
counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements
provided for in Section 13.07, if and to the extent required by the provisions thereof.

 

    	3

     

    

 

“Outstanding”,
when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any particular time, all
Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore
canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously
been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary
amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside
and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities
or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided
in Article Three, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of
or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.07.

 

“Person”
means any individual, corporation, partnership, joint venture, joint-stock company, limited liability company, association, trust, unincorporated
organization, any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

 

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

 

“Responsible
Officer” when used with respect to the Trustee means any officer of the Trustee assigned by the Trustee to administer its
corporate trust matters with respect to this Indenture (which, for the avoidance of doubt, includes without limitation any supplemental
indenture hereto).

 

“Securities”
has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered
under this Indenture.

 

“Securityholder”,
“holder of Securities”, “registered holder”, or other similar term, means the Person
or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with
the terms of this Indenture.

 

“Security
Register” and “Security Registrar” shall have the meanings as set forth in Section 2.05.

 

“Subsidiary”
means, with respect to any Person:

 

(1)
any corporation or company a majority of whose capital stock with voting power, under ordinary circumstances, to elect directors is,
at the date of determination, directly or indirectly, owned by such Person (a “subsidiary”), by one or more
subsidiaries of such Person or by such Person and one or more subsidiaries of such Person;

 

(2)
a partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general partner of such partnership;
or

 

(3)
any partnership, limited liability company or other Person in which such Person, a subsidiary of such Person or such Person and one or
more subsidiaries of such Person, directly or indirectly, at the date of determination, have (x) at least a majority ownership interest
or (y) the power to elect or appoint or direct the election or appointment of the managing partner or member of such Person or, if applicable,
a majority of the directors or other governing body of such Person.

 

    	4

     

    

 

“Trustee”
means, and, subject to the provisions of Article Seven, shall also include its successors and assigns, and, if at any time there is more
than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee”
as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.

 

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

 

Article
2

 

ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE

 

OF
SECURITIES

 

Section
2.01 Designation and Terms of Securities.

 

(1)
The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities
may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by
or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities
of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental hereto:

 

(a)
the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

 

(b)
any limit upon the aggregate principal amount of the Securities of that series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of that series);

 

(c)
the date or dates on which the principal of the Securities of the series is payable;

 

(d)
if the price (expressed as a percentage of the aggregate principal amount thereof) at which such Securities will be issued is a price
other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the
maturity thereof, or if applicable, the portion of the principal amount of such Securities that is convertible into another security
or the method by which any such portion shall be determined;

 

(e)
the rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any;

 

    	5

     

    

 

(f)
the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner
of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom
interest is payable on any such Interest Payment Dates or the manner of determination of such record dates;

 

(g)
the right, if any, to extend the interest payment periods and the duration of such extension;

 

(h)
the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may
be redeemed, converted or exchanged, in whole or in part;

 

(i)
the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption,
or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder
thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of
the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(j)
the form of the Securities of the series including the form of the Certificate of Authentication for such series;

 

(k)
if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the Securities
of the series shall be issuable;

 

(l)
any and all other terms (including terms, to the extent applicable, relating to any auction or remarketing of the Securities of that
series and any security for the obligations of the Company with respect to such Securities) with respect to such series (which terms
shall not be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including any terms which may be
required by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that
series;

 

(m)
whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and
conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities;
and the Depositary for such Global Security or Securities;

 

(n)
whether the Securities will be convertible into or exchangeable for shares of common stock, preferred stock or other securities of the
Company or any other Person and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including
the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the
Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange period;

 

(o)
if other than the full principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;

 

    	6

     

    

 

(p)
any additional or alternative events of default;

 

(q)
additional or alternative covenants (which may include, among other restrictions, restrictions on the Company’s ability or the
ability of the Company’s Subsidiaries to: incur additional indebtedness; issue additional securities; create liens; pay dividends
or make distributions in respect of the capital stock of the Company or the Company’s Subsidiaries; redeem capital stock; place
restrictions on the Company’s Subsidiaries’ ability to pay dividends, make distributions or transfer assets; make investments
or other restricted payments; sell or otherwise dispose of assets; enter into sale-leaseback transactions; engage in transactions with
stockholders or affiliates; issue or sell stock of the Company’s Subsidiaries; or effect a consolidation or merger) or financial
covenants (which may include, among other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain
specified interest coverage, fixed charge, cash flow-based, asset-based or other financial ratios) provided for with respect to the Securities
of the series;

 

(r)
the currency or currencies, including composite currencies, in which payment of the principal of (and premium, if any) and interest,
if any, on such Securities shall be payable (if other than the currency of the United States of America), which unless otherwise specified
shall be the currency of the United States of America as at the time of payment is legal tender for payment of public or private debts;

 

(s)
if the principal of (and premium, if any) or interest, if any, on such Securities is to be payable, at the election of the Company or
any holder thereof, in a coin or currency other than that in which such Securities are stated to be payable, then the period or periods
within which, and the terms and conditions upon which, such election may be made;

 

(t)
whether interest will be payable in cash or additional Securities at the Company’s or the Securityholders’ option and the
terms and conditions upon which the election may be made;

 

(u)
the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal
amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes;

 

(v)
additional or alternative provisions, if any, related to defeasance and discharge of the offered Securities;

 

(w)
the applicability of any guarantees;

 

(x)
any restrictions on transfer, sale or assignment of the Securities of the series;

 

(y)
any other terms of the series; and

 

(z)
the subordination terms of the Securities of the series.

 

All
Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board Resolution
or in any indentures supplemental hereto.

 

    	7

     

    

 

If
any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate
record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or
prior to the delivery of the Officer’s Certificate of the Company setting forth the terms of the series.

 

Securities
of any particular series may be issued at various times, with different dates on which the principal or any installment of principal
is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different
dates on which such interest may be payable and with different redemption dates.

 

Section
2.02 Form of Securities and Trustee’s Certificate.

 

The
Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially
of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth
in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends
or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions
of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule
or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage.

 

Section
2.03 Denominations: Provisions for Payment.

 

The
Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.01(1)(j). The Securities of a particular series shall bear interest payable on the dates and at
the rate specified with respect to that series. Subject to Section 2.01(1)(p), the principal of and the interest on the Securities of
any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency
of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company
maintained for that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed
on the basis of a 360-day year composed of twelve 30-day months.

 

The
interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities
of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close
of business on the regular record date for such interest installment. In the event that any Security of a particular series or portion
thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment
Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security
as provided in Section 3.03.

 

    	8

     

    

 

Any
interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities
of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the
relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election,
as provided in clause (1) or clause (2) below:

 

(1)
The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest,
which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed
to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee
an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special
record date for the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall
promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the
proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder
at his or her address as it appears in the Security Register (as hereinafter defined), not less than 10 days prior to such special record
date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid,
such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are
registered on such special record date.

 

(2)
The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements
of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after
notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable
by the Trustee.

 

Unless
otherwise set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities
pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities
and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which
an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the
first day of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to Section
2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.

 

Subject
to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange
for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried
by such other Security.

 

    	9

     

    

 

Section
2.04 Execution and Authentications.

 

The
Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile signature.

 

The
Company may use the facsimile signature of any Person who shall have been an Officer, notwithstanding the fact that at the time the Securities
shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities
may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date
of its authentication by the Trustee.

 

A
Security shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such
signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that
the holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with
a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance
with such written order shall authenticate and deliver such Securities.

 

In
authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, if requested, and (subject to Section 7.01) shall be fully protected in relying upon, an Opinion
of Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Indenture.

 

The
Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect
the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably
acceptable to the Trustee.

 

Section
2.05 Registration of Transfer and Exchange.

 

(1)
Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose,
for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient
to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered
for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor
the Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers
not contemporaneously outstanding.

 

(2)
The Company shall keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (herein referred
to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register
the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection
by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed
as authorized by Board Resolution (the “Security Registrar”).

 

    	10

     

    

 

Upon
surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute,
the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or
Securities of the same series as the Security presented for a like aggregate principal amount.

 

All
Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so
required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company
or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

(3)
Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer
of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.06, Section 3.03(2) and
Section 9.04 not involving any transfer.

 

(4)
The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the
opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the
same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities
of any series or portions thereof called for redemption, other than the unredeemed portion of any such Securities being redeemed in part.
The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

The
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 Security (including any transfers between
or among depositary participants or beneficial owners of interests in any Global Security) 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.

 

    	11

     

    

 

Section
2.06 Temporary Securities.

 

Pending
the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary
Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in
the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be
appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed
by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect,
as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities
of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to
the holders), at the office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or
agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series,
unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice
from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture
as definitive Securities of such series authenticated and delivered hereunder.

 

Section
2.07 Mutilated, Destroyed, Lost or Stolen Securities.

 

In
case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding
sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new
Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security,
or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security
shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and,
in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction
of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such
substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance
of any substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

In
case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead
of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated
Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require
to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the
destruction, loss or theft of such Security and of the ownership thereof.

 

Every
replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company
whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly
issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any
and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the
replacement or payment of negotiable instruments or other securities without their surrender.

 

    	12

     

    

 

Section
2.08 Cancellation.

 

All
Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company
or any paying agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no
Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On request
of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the
absence of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate
of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate
as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee
for cancellation.

 

Section
2.09 Benefits of Indenture.

 

Nothing
in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities (and, with respect to the provisions of Article Fourteen, the holders of any indebtedness of
the Company to which the Securities of any series are subordinated) any legal or equitable right, remedy or claim under or in respect
of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being
for the sole benefit of the parties hereto and of the holders of the Securities (and, with respect to the provisions of Article Fourteen,
the holders of any indebtedness of the Company to which the Securities of any series are subordinated).

 

Section
2.10 Authenticating Agent.

 

So
long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities
which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled
to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All
references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating
Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital
and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized
or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business
and is subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to
be eligible in accordance with these provisions, it shall resign immediately.

 

    	13

     

    

 

Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may
at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination
to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent,
the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon
acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if
originally named as an Authenticating Agent pursuant hereto.

 

Section
2.11 Global Securities.

 

(1)
If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global Security,
then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that
(i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities
of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: “Except
as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee
of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

(2)
Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the
manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series
selected or approved by the Company or to a nominee of such successor Depositary.

 

(3)
If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary
for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange
Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90
days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred
and is continuing and the Company has received a request from the Depositary or from the Trustee, this Section 2.11 shall no longer be
applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee will authenticate
and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition,
the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that
the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and,
subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will
authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and
in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security.
Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations,
the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global
Security pursuant to this Section 2.11(3) shall be registered in such names and in such authorized denominations as the Depositary, pursuant
to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities
to the Depositary for delivery to the Persons in whose names such Securities are so registered.

 

    	14

     

    

 

Article
3

 

REDEMPTION
OF SECURITIES AND SINKING FUND PROVISIONS

 

Section
3.01 Redemption.

 

The
Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established
for such series pursuant to Section 2.01 hereof.

 

Section
3.02 Notice of Redemption.

 

(1)
In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series
in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause
the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class postage
prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that series
to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in the
Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given,
whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security
of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings
for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the
expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company
shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction.

 

Each
such notice of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are
to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or
agency of the Company, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will
be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking
fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of
that series to be redeemed in part shall specify the particular Securities to be so redeemed.

 

In
case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount
thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities
of such series in principal amount equal to the unredeemed portion thereof will be issued.

 

    	15

     

    

 

(2)
If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice (unless
a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount
of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate
and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000)
or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to
be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or
in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct
the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of
redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such
paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the
Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such
Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such
paying agent to give any notice by mail that may be required under the provisions of this Section.

 

Section
3.03 Payment Upon Redemption.

 

(1)
If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series
to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities
shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption
price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities on
or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at
the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the
date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered
holder at the close of business on the applicable record date pursuant to Section 2.03).

 

(2)
Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall
authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company,
a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so
presented.

 

    	16

     

    

 

Section
3.04 Sinking Fund.

 

The
provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except
as otherwise specified as contemplated by Section 2.01 for Securities of such series.

 

The
minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is
herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash
amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied
to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section
3.05 Satisfaction of Sinking Fund Payments with Securities.

 

The
Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been redeemed
either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking
fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of
such series, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such
purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and
the amount of such sinking fund payment shall be reduced accordingly.

 

Section
3.06 Redemption of Securities for Sinking Fund.

 

Not
less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory
to the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking
fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering
and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s
Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date
the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and
cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section
3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in
Section 3.03.

 

    	17

     

    

 

Article
4

 

COVENANTS

 

Section
4.01 Payment of Principal, Premium and Interest.

 

The
Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that
series at the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal
on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn
on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar
wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions to the Trustee no later than 15
days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided herein and established
with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall
appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire
instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date.

 

Section
4.02 Maintenance of Office or Agency.

 

So
long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each such
series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series
may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer
and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may
be given or served, such designation to continue with respect to such office or agency until the Company shall, by written notice signed
by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or agency
for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall fail
to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands.
The Company initially appoints the Corporate Trust Office of the Trustee as its paying agent with respect to the Securities.

 

Section
4.03 Paying Agents.

 

(1)
If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will
cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject
to the provisions of this Section:

 

(a)
that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities
of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit
of the Persons entitled thereto;

 

    	18

     

    

 

(b)
that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of
the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

 

(c)
that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written
request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(d)
that it will perform all other duties of paying agent as set forth in this Indenture.

 

(2)
If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of
the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit
of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities
of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the
Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall
have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any)
or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and premium, if any)
or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest,
and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act.

 

(3)
Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject
to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company
or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held
by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying
agent shall be released from all further liability with respect to such money.

 

Section
4.04 Appointment to Fill Vacancy in Office of Trustee.

 

The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10,
a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section
4.05 Compliance with Consolidation Provisions.

 

The
Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where
the Company is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless
the provisions of Article Ten hereof are complied with.

 

    	19

     

    

 

Article
5

 

SECURITYHOLDERS’
LISTS AND REPORTS BY THE COMPANY AND THE

 

TRUSTEE

 

Section
5.01 Company to Furnish Trustee Names and Addresses of Securityholders.

 

The
Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in Section
2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities
as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time
that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other
times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form
and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no
such list need be furnished for any series for which the Trustee shall be the Security Registrar.

 

Section
5.02 Preservation Of Information; Communications With Securityholders.

 

(1)
The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders
of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders
of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(2)
The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(3)
Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their
rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations
under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.

 

Section
5.03 Reports by the Company.

 

(1)
The Company covenants and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the Company
files 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 Company is required
to file with the

 

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Commission
pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver to the Trustee
any materials for which the Company has sought and received confidential treatment by the Commission; and provided further, that so long
as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR),
or Interactive Data Electronic Applications (IDEA), or any successor system, such filings shall be deemed to have been filed with the
Trustee for purposes hereof without any further action required by the Company; provided that an electronic link to such filing, together
with an electronic notice of such filing have been sent to the Trustee. For the avoidance of doubt, a failure by the Company to file
annual reports, information and other reports with the SEC within the time period prescribed thereof by the Commission shall not be deemed
a breach of this Section 5.03.

 

(2)
Delivery of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and the information
and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable
from information contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee
is entitled to rely exclusively on an Officer’s Certificate).

 

Section
5.04 Reports by the Trustee.

 

(1)
If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall transmit by mail,
first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated
as of such May 1, which complies with Section 313(a) of the Trust Indenture Act.

 

(2)
The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(3)
A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with
each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify
the Trustee when any Securities become listed on any securities exchange.

 

Article
6

 

REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF

 

DEFAULT

 

Section
6.01 Events of Default.

 

(1)
Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following
events that has occurred and is continuing:

 

(a)
the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall
become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest
payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the
payment of interest for this purpose;

 

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(b)
the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the
same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any
sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such
Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal
or premium, if any;

 

(c)
the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture
or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement
that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series)
for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such
notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified
mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time
Outstanding;

 

(d)
the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an
order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially
all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(e)
a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary
case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company,
and the order or decree remains unstayed and in effect for 90 days.

 

(2)
In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of all
the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than a majority
in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to
the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest
on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall
be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued
and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or
other act on the part of the Trustee or the holders of the Securities.

 

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(3)
At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have
been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered
as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has
paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series
and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration
(with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon
overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit)
and the amount payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to
such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that
series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06.

 

No
such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

(4)
In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been
determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the
Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company
and the Trustee shall continue as though no such proceedings had been taken.

 

Section
6.02 Collection of Indebtedness and Suits for Enforcement by Trustee.

 

(1)
The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a series,
or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become
due and payable, and such default shall have continued for a period of 90 days, or (ii) in case it shall default in the payment of the
principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon
maturity of the Securities of a series or upon redemption or upon declaration or otherwise then, upon demand of the Trustee, the Company
will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been
become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest
upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law)
upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section
7.06.

 

(2)
If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust,
shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree
against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the
manner provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated.

 

    	23

     

    

 

(3)
In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial
proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take
any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such
proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the
holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of
institution of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to
collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction
of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee
shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section
7.06.

 

(4)
All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of
that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial
or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee
of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section
7.06, be for the ratable benefit of the holders of the Securities of such series.

 

In
case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights,
either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained
in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested
in the Trustee by this Indenture or by law.

 

Nothing
contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder
any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder
thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 

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Section
6.03 Application of Moneys Collected.

 

Any
moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium,
if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid,
and upon surrender thereof if fully paid:

 

FIRST:
To the payment of all indebtedness of the Company to which such series of Securities is subordinated to the extent required by Section
7.06 and any subordination terms of the series specified as contemplated by Article Fourteen;

 

SECOND:
To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in
respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according
to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and

 

THIRD:
To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto.

 

Section
6.04 Limitation on Suits.

 

No
holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture or any Security
to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, any Security or for
the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying
such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities
of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its
own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity as it may require
against the costs, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt of such
notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 90 day
period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent
with the request.

 

Notwithstanding
anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive
payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due
dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of
any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such
holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security
of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall
have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the
rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder,
or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all
holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

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Section
6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver.

 

(1)
Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee
or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established with respect to such Securities.

 

(2)
No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event
of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such
default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article or by
law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee
or by the Securityholders.

 

Section
6.06 Control by Securityholders.

 

The
holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance
with Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction
shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability.
Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow any such direction if the Trustee in
good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s
duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders
not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding
affected thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive
any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.01 with respect to
such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the
Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless
such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited
with the Trustee (in accordance with Section 6.01(3))). Upon any such waiver, the default covered thereby shall be deemed to be cured
for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to
their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair
any right consequent thereon.

 

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Section
6.07 Undertaking to Pay Costs.

 

All
parties to this Indenture agree, and each holder of any Securities 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 Trustee for any action taken or omitted by it as 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 any suit instituted by the Trustee, to any suit instituted by any
Securityholder, or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any
series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or
interest on any Security of such series, on or after the respective due dates expressed in such Security or established pursuant to this
Indenture.

 

Article
7

 

CONCERNING
THE TRUSTEE

 

Section
7.01 Certain Duties and Responsibilities of Trustee.

 

(1)
The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events
of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities
of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read
into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has
not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested
in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

 

(2)
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

 

(a)
prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such
Events of Default with respect to that series that may have occurred:

 

(A)
the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions
of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such
duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

 

    	27

     

    

 

(B)
in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture;

 

(b)
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the
Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(c)
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding relating to the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee under this Indenture with respect to the Securities of that series; and

 

(d)
none of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable
ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture
or adequate indemnity against such risk is not reasonably assured to it.

 

Section
7.02 Certain Rights of Trustee.

 

Except
as otherwise provided in Section 7.01:

 

(1)
The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and
to have been signed or presented by the proper party or parties;

 

(2)
Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument
signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically
prescribed herein);

 

(3)
The Trustee may consult with counsel and the written advice of such counsel or, if requested, any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon;

 

    	28

     

    

 

(4)
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order
or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered
to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby;
nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect
to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the
rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of his own affairs;

 

(5)
The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or
within the discretion or rights or powers conferred upon it by this Indenture;

 

(6)
The 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, security, or other papers or documents, unless requested
in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series
affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the 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 Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable
indemnity against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination
shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand;

 

(7)
The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder;

 

(8)
In no event shall the 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, 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 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;

 

(9)
In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action; and

 

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(10)
The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission
or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent
to such transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely
manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing
such instructions or directions. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar
electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such
instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly
from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent
with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use
of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee
acting on unauthorized instructions, and the risk or interception and misuse by third parties.

 

In
addition, the Trustee shall not be deemed to have knowledge of any Event of Default until the Trustee shall have received written notification
in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge.

 

Section
7.03 Trustee Not Responsible for Recitals or Issuance or Securities.

 

(1)
The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for the correctness of the same.

 

(2)
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(3)
The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities,
or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established
pursuant to Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee.

 

Section
7.04 May Hold Securities.

 

The
Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities
with the same rights it would have if it were not Trustee, paying agent or Security Registrar.

 

Section
7.05 Moneys Held in Trust.

 

Subject
to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust
for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The
Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company
to pay thereon.

 

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Section
7.06 Compensation and Reimbursement.

 

(1)
The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee
may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company
will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements
of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance as may arise from its
negligence or bad faith and except as the Company and Trustee may from time to time agree in writing. The Company also covenants to indemnify
the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense
incurred without negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration
of this trust, including the reasonable costs and expenses of defending itself against any claim of liability in the premises.

 

(2)
The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable
expenses, disbursements and advances shall constitute indebtedness of the Company to which the Securities are subordinated. Such additional
indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee
as such, except funds held in trust for the benefit of the holders of particular Securities.

 

(3)
To ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all funds
or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities. When
the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(1)(d) or (1)(e), the
expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to
constitute expenses of administration under any bankruptcy law. The provisions of this Section 7.06 shall survive the termination of
this Indenture and the resignation or removal of the Trustee.

 

Section
7.07 Reliance on Officer’s Certificate.

 

Except
as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably
necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder,
such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith
on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee
and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for
any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

 

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Section
7.08 Disqualification; Conflicting Interests.

 

If
the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act,
the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

Section
7.09 Corporate Trustee Required; Eligibility.

 

There
shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and
doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a
corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination
by federal, state, territorial, or District of Columbia authority.

 

If
such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other
Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company
may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee.
In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 7.10.

 

Section
7.10 Resignation and Removal; Appointment of Successor.

 

(1)
The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving
written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders
of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company
shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by
order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor
trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such
notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee
with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities
for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a
successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(2)
In case at any time any one of the following shall occur:

 

(a)
the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder
who has been a bona fide holder of a Security or Securities for at least six months; or

 

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(b)
the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request
therefor by the Company or by any such Securityholder; or

 

(c)
the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding,
or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; then, in any such case,
the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to
the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may,
on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe,
remove the Trustee and appoint a successor trustee.

 

(3)
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove
the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series
with the consent of the Company.

 

(4)
Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant
to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in
Section 7.11.

 

(5)
Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all
of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

Section
7.11 Acceptance of Appointment By Successor.

 

(1)
In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company
or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to
such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such
successor trustee all property and money held by such retiring Trustee hereunder.

 

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(2)
In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor 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, each successor trustee all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates,
(ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein
or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee
of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that
no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and
delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided
therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor
trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations
vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee
shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property
and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of
such successor trustee relates.

 

(3)
Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the
case may be.

 

(4)
No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and
eligible under this Article.

 

(5)
Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession
of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the
Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee,
the successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

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Section
7.12 Merger, Conversion, Consolidation or Succession to Business.

 

Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the corporate trust business
of the Trustee, including the administration of the trust created by this Indenture, shall be the successor of the Trustee hereunder,
provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09,
without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor
by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated
with the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section
7.13 Preferential Collection of Claims Against the Company.

 

The
Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b)
of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act
to the extent included therein.

 

Section
7.14 Notice of Default

 

If
any Event of Default occurs and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the Trustee
shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the
Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible Officer of the Trustee
or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that, except
in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected
in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or
Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Securityholders.

 

Article
8

 

CONCERNING
THE SECURITYHOLDERS

 

Section
8.01 Evidence of Action by Securityholders.

 

Whenever
in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities
of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver
or the taking of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage
of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such
holders of Securities of that series in person or by agent or proxy appointed in writing.

 

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If
the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver
or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such
series for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver
or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of record
at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders
of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall
be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the
record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six
months after the record date.

 

Section
8.02 Proof of Execution by Securityholders.

 

Subject
to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization)
or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(1)
The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(2)
The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar
thereof.

 

The
Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.

 

Section
8.03 Who May be Deemed Owners.

 

Prior
to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar
may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of
such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone
other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject
to Section 2.03) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor
any Security Registrar shall be affected by any notice to the contrary.

 

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Section
8.04 Certain Securities Owned by Company Disregarded.

 

In
determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any
direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on
the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company
or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such
determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent
or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned
that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish
to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a
Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other
obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection
to the Trustee.

 

Section
8.05 Actions Binding on Future Securityholders.

 

At
any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders
of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection
with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders
of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section
8.02, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall
be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange
therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made
upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of
a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee
and the holders of all the Securities of that series.

 

Article
9

 

SUPPLEMENTAL INDENTURES

 

Section
9.01 Supplemental Indentures Without the Consent of Securityholders.

 

In
addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and
at any time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act
as then in effect), without the consent of the Securityholders, for one or more of the following purposes:

 

(1)
to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

 

(2)
to comply with Article Ten;

 

(3)
to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

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(4)
to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any
series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series
of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit
of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions,
conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company;

 

(5)
to add to, delete from, or revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue,
authentication, and delivery of Securities, as herein set forth;

 

(6)
to make any change that does not adversely affect the rights of any Securityholder in any material respect;

 

(7)
to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section
2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities,
or to add to the rights of the holders of any series of Securities;

 

(8)
to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or

 

(9)
to comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the Trust
Indenture Act.

 

The
Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental
indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any
supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent
of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02.

 

Section
9.02 Supplemental Indentures With Consent of Securityholders.

 

With
the consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the Securities
of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board
Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered
by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity
of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest
thereon, or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders
of which are required to consent to any such supplemental indenture.

 

    	38

     

    

 

 

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

 

Section
9.03 Effect of Supplemental Indentures.

 

Upon
the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall, with
respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of
rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series
affected thereby 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
9.04 Securities Affected by Supplemental Indentures.

 

Securities
of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant
to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets
the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental
indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of
Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated
by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

 

Section
9.05 Execution of Supplemental Indentures.

 

Upon
the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon
the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall
join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be
obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.01, shall receive an Officer’s
Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized
or permitted by the terms of this Article and that all conditions precedent to the execution of the supplemental indenture have been
complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided in connection with
the execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof.

 

    	39

     

    

 

Promptly
after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company
shall (or shall direct the Trustee to) transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance
of such supplemental indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security
Register. Any failure of the Company to mail, or cause the mailing of, such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture.

 

Article
10

 

SUCCESSOR
ENTITY

 

Section
10.01 Company May Consolidate, Etc.

 

Nothing
contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated
with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties,
or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as
an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or
successors) authorized to acquire and operate the same; provided, however, (a) the Company hereby covenants and agrees that, upon any
such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other
disposition, the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in
accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance of all the covenants
and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be
kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the
Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity
formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property
and (b) in the event that the Securities of any series then Outstanding are convertible into or exchangeable for shares of common stock
or other securities of the Company, such entity shall, by such supplemental indenture, make provision so that the Securityholders of
Securities of that series shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities
or property to which a holder of the number of shares of common stock or other securities of the Company deliverable upon conversion
or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation,
merger, sale, conveyance, transfer or other disposition.

 

Section
10.02 Successor Entity Substituted.

 

(1)
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity
by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth
under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted for
the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved
of all obligations and covenants under this Indenture and the Securities.

 

    	40

     

    

 

(2)
In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but
not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(3)
Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into
the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all
or any part of the property of any other Person (whether or not affiliated with the Company).

 

Article
11

 

SATISFACTION
AND DISCHARGE

 

Section
11.01 Satisfaction and Discharge of Indenture.

 

If
at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that
shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental Obligations have
theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged
from such trust, as provided in Section 11.05); or (b) all such Securities of a particular series not theretofore delivered to the Trustee
for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called
for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company
shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination
thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the
Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date
fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with
respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except
for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption
date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of
the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging
this Indenture with respect to such series.

 

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Section
11.02 Discharge of Obligations.

 

If
at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become
due and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust
funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series
not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due
to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all
other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations,
as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall
cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10 and 11.05 hereof that
shall survive until such Securities shall mature and be paid.

 

Thereafter,
Sections 7.06 and 11.05 shall survive.

 

Section
11.03 Deposited Moneys to be Held in Trust.

 

All
moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be
available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to
the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have
been deposited with the Trustee.

 

Section
11.04 Payment of Moneys Held by Paying Agents.

 

In
connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent
under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall
be released from all further liability with respect to such moneys or Governmental Obligations.

 

Section
11.05 Repayment to Company.

 

Any
moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment
of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by
the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on
such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned
or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if then held
by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further
liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment
shall thereafter, as a general creditor, look only to the Company for the payment thereof.

 

    	42

     

    

 

Article
12

 

IMMUNITY
OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section
12.01 No Recourse.

 

No
recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such,
of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise;
it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no
such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors
as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities
or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by
constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director
as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.

 

Article
13

 

MISCELLANEOUS
PROVISIONS

 

Section
13.01 Effect on Successors and Assigns.

 

All
the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors
and assigns, whether so expressed or not.

 

Section
13.02 Actions by Successor.

 

Any
act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer
of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any
corporation that shall at the time be the lawful successor of the Company.

 

Section
13.03 Surrender of Company Powers.

 

The
Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor
corporation.

 

    	43

     

    

 

Section
13.04 Notices.

 

Except
as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted
to be given, made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on
the Company may be given or served by being deposited in first class mail, postage prepaid, addressed (until another address is filed
in writing by the Company with the Trustee), as follows: Any notice, election, request or demand by the Company or any Securityholder
or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for
all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.

 

Section
13.05 Governing Law.

 

This
Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes
shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable.

 

Section
13.06 Treatment of Securities as Debt.

 

It
is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of
this Indenture shall be interpreted to further this intention.

 

Section
13.07 Certificates and Opinions as to Conditions Precedent.

 

(1)
Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company
shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other
than the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been complied with and, if requested,
an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that
in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

(2)
Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or
covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant or
condition; (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 such Person, he has made such examination
or investigation as is reasonably necessary to enable him 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 or not, in the opinion of such Person, such condition or covenant has been
complied with.

 

    	44

     

    

 

Section
13.08 Payments on Business Days.

 

Except
as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security
or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may
be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption,
and no interest shall accrue for the period after such nominal date.

 

Section
13.09 Conflict with Trust Indenture Act.

 

If
and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

 

Section
13.10 Counterparts.

 

This
Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute
but one and the same instrument.

 

Section
13.11 Separability.

 

In
case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to
be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions
of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable
provision had never been contained herein or therein.

 

Section
13.12 Compliance Certificates.

 

The
Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were
outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred during such
fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal
accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance
under this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section
13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture.
If the officer of the Company signing such certificate has knowledge of such an Event of Default, the certificate shall describe any
such Event of Default and its status.

 

Article
14

 

SUBORDINATION
OF SECURITIES

 

Section
14.01 Subordination Terms.

 

The
payment by the Company of the principal of, premium, if any, and interest on any series of Securities issued hereunder shall be subordinated
to the extent set forth in an indenture supplemental hereto relating to such series.

 

    	45

     

    

 

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

 

	 	CLENE
    INC.
	 	 	 
	 	By:	                 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[TRUSTEE], as Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	46

     

    

 

CROSS-REFERENCE
TABLE1

 

	Section
    of Trust Indenture Act of 1939, as Amended	 	Section
    of Indenture
	310(a)	 	7.09
	310(b)	 	7.08
	 	 	7.10
	310(c)	 	Inapplicable
	311(a)	 	7.13
	311(b)	 	7.13
	311(c)	 	Inapplicable
	312(a)	 	5.01
	 	 	5.02(1)
	312(b)	 	5.02(3)
	312(c)	 	5.02(3)
	313(a)	 	5.04(1)
	313(b)	 	5.04(2)
	313(c)	 	5.04(1)
	 	 	5.04(2)
	313(d)	 	5.04(3)
	314(a)	 	5.03
	 	 	13.12
	314(b)	 	Inapplicable
	314(c)	 	13.07(1)
	314(d)	 	Inapplicable
	314(e)	 	13.07(2)
	314(f)	 	Inapplicable
	315(a)	 	7.01(1)
	 	 	7.01(2)
	315(b)	 	7.14
	315(c)	 	7.01
	315(d)	 	7.01(2)
	315(e)	 	6.07
	316(a)	 	6.06
	 	 	8.04
	316(b)	 	6.04
	316(c)	 	8.01
	317(a)	 	6.02
	317(b)	 	4.03
	318(a)	 	13.09

 

 

1
This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any
of its terms or provisions.

 

    	47Exhibit 4.1 

 

 

AMENDED AND RESTATED TRUST AGREEMENT

 

by and between

 

HARLEY-DAVIDSON CUSTOMER FUNDING CORP., 

as Trust Depositor,

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Owner Trustee

 

Dated as of April 1, 2022 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

	ARTICLE One DEFINITIONS	1
	Section
1.01.       Capitalized Terms	1
	Section
1.02.       Other Definitional Provisions	4
	Section
1.03.       Usage of Terms	4
	Section
1.04.       Section References	4
	Section
1.05.       Accounting Terms	4
	ARTICLE Two ORGANIZATION	4
	Section 2.01.       Name	4
	Section
2.02.       Office	4
	Section
2.03.       Purposes and Powers	5
	Section
2.04.       Appointment of Owner Trustee	6
	Section
2.05.       Initial Capital Contribution of Owner Trust Estate	6
	Section
2.06.       Declaration of Trust	6
	Section
2.07.       Liability of Trust Depositor	6
	Section
2.08.       Title to Trust Property	6
	Section
2.09.       Situs of Trust	7
	Section
2.10.       Representations and Warranties of the Trust Depositor	7
	Section
2.11.       Tax Treatment	8
	Section
2.12.       Texas State Tax Matters	8
	ARTICLE Three TRUST CERTIFICATE AND TRANSFER OF INTERESTS	9
	Section
3.01.       Initial Ownership	9
	Section
3.02.       The Trust Certificate	9
	Section
3.03.       Authentication and Delivery of Trust Certificates	9
	Section
3.04.       Registration of Transfer and Exchange of Trust Certificates	10
	Section
3.05.       Mutilated, Destroyed, Lost or Stolen Trust Certificates	12
	Section
3.06.       Person Deemed Owner	12
	Section
3.07.       Access to List of Certificateholders’ Name and Address	12
	Section
3.08.       Maintenance of Office or Agency	13
	Section
3.09.       Trust Certificate	13
	Section
3.10.       Appointment of Paying Agent	13
	Section
3.11.       Ownership by Trust Depositor of Initial Trust Certificate	13
	ARTICLE Four ACTIONS BY OWNER TRUSTEE AND CERTIFICATEHOLDER	14
	Section
4.01.       Prior Notice to Owners with Respect to Certain Matters	14
	Section
4.02.       Action by Owners with Respect to Certain Matters	15
	Section
4.03.       Action by Owners with Respect to Bankruptcy	15
	Section
4.04.       Restrictions on Owners’ Power	15
	Section
4.05.       Majority of the Trust Certificates Control	15
	ARTICLE Five APPLICATION OF TRUST FUNDS; CERTAIN DUTIES	15
	Section
5.01.       Establishment of Trust Account; Application of Trust Funds	15
	Section
5.02.       Method of Payment	17
	Section
5.03.       Accounting and Reports to the Certificateholder, Owners, the Internal Revenue Service
and Others	17
	Section
5.04.       Signature on Returns; Tax Matters Partner	17
	ARTICLE Six AUTHORITY AND DUTIES OF OWNER TRUSTEE	18
	Section
6.01.       General Authority	18
	Section
6.02.       General Duties	18
	Section
6.03.       Action Upon Instruction	18
	Section
6.04.       No Duties Except as Specified in this Agreement or in Instructions	19
	Section
6.05.       No Action Except Under Specified Documents or Instructions	19
	Section
6.06.       Restrictions	20
	Section
6.07.       Pennsylvania Motor Vehicle Sales Finance Act Licenses	20

 

     

     

    

 	Section
6.08.       Succession to Rights of the Indenture Trustee	20
	ARTICLE Seven CONCERNING THE OWNER TRUSTEE	20
	Section
7.01.       Acceptance of Trusts and Duties	20
	Section
7.02.       Furnishing of Documents	21
	Section
7.03.       Representations and Warranties	22
	Section
7.04.       Reliance; Advice of Counsel	22
	Section
7.05.       Not Acting in Individual Capacity	23
	Section
7.06.       Owner Trustee Not Liable for Trust Certificate, Notes or Contracts	23
	Section
7.07.       Owner Trustee May Own Trust Certificate and Notes	24
	ARTICLE Eight COMPENSATION OF OWNER TRUSTEE	24
	Section
8.01.       Owner Trustee’s Fees and Expenses	24
	Section
8.02.       Indemnification	24
	Section
8.03.       Payments to the Owner Trustee	25
	ARTICLE Nine TERMINATION OF TRUST AGREEMENT	25
	Section
9.01.       Termination of Trust Agreement	25
	ARTICLE Ten SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES	26
	Section
10.01.       Eligibility Requirements for Owner Trustee	26
	Section
10.02.       Resignation or Removal of Owner Trustee	26
	Section
10.03.       Successor Owner Trustee	27
	Section
10.04.       Merger or Consolidation of Owner Trustee	27
	Section
10.05.       Appointment of Co-Trustee or Separate Trustee	28
	ARTICLE Eleven MISCELLANEOUS	29
	Section 11.01.       Supplements and Amendments	29
	Section
11.02.       No Legal Title to Trust Estate in Owners	30
	Section
11.03.       Limitations on Rights of Others	30
	Section
11.04.       Notices	30
	Section
11.05.       Severability of Provisions	31
	Section
11.06.       Counterparts; Originals	31
	Section
11.07.       Successors and Assigns	31
	Section
11.08.       Covenants of the Trust Depositor	31
	Section
11.09.       No Petition	32
	Section 11.10.       No Recourse	32
	Section
11.11.       Headings	32
	Section
11.12.       Governing Law	32
	Section
11.13.       Trust Certificate Transfer Restrictions	33
	Section
11.14.       Trust Depositor Payment Obligation	33

 

EXHIBITS

 

	Exhibit A - Form of Certificate of Trust	A-1
	Exhibit B - Form of Trust Certificate	B-1
	Exhibit C - Form of Transferee Certificate	C-1

 

    - II -

     

    

 

AMENDED AND RESTATED TRUST
AGREEMENT dated as of April 1, 2022, between HARLEY-DAVIDSON CUSTOMER FUNDING CORP., a Nevada corporation, as Trust Depositor (the
“Trust Depositor”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as owner trustee (the
“Owner Trustee”).

 

WHEREAS, the Trust Depositor
and the Owner Trustee entered into that certain Trust Agreement, dated as of February 11, 2022 (the “Original Agreement”),
and filed a certificate of trust with the Secretary of State of the State of Delaware pursuant to which the Trust (as defined below) was
created; and

 

WHEREAS, in connection herewith,
the parties have agreed to amend and restate the Original Agreement; and

 

WHEREAS, in connection herewith,
the Trust Depositor is willing to purchase the initial Trust Certificate (as defined herein) to be issued pursuant to this Agreement and
to assume certain obligations pursuant hereto;

 

NOW, THEREFORE, the parties
hereto hereby agree as follows:

 

ARTICLE One

 

DEFINITIONS

 

Section 1.01.     Capitalized
Terms.

 

Except as otherwise provided
in this Agreement, whenever used in this Agreement the following words and phrases, unless the context otherwise requires, shall have
the following meanings:

 

“Administration Agreement”
means the Administration Agreement, dated as of April 1, 2022, among the Trust, the Trust Depositor, the Indenture Trustee and Harley-Davidson
Credit, as administrator.

 

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

 

“Benefit Plan”
means (i) an employee benefit plan (as such term is defined in Section 3(3) of ERISA) that is subject to the provisions
of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii) any entity whose underlying
assets include plan assets by reason of an employee benefit plan’s or a plan’s investment in the entity.

 

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

 

    - 1 -

     

    

 

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

 

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

 

“Certificate of Trust”
means the Certificate of Trust filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute, substantially
in the form of Exhibit A hereto.

 

“Certificate Register”
and “Certificate Registrar” mean the register maintained and the registrar (or any successor thereto) appointed pursuant
to Section 3.04.

 

“Certificateholder”
or “Holder” means with respect to a Trust Certificate the Person in whose name such Trust Certificate is registered
in the Certificate Register.

 

“Clearing Agency”
means an organization registered as a “Clearing Agency” pursuant to Section 17A of the Exchange Act.

 

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

 

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

 

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

 

“Expenses”
shall have the meaning assigned to such term in Section 8.02.

 

“Harley-Davidson
Credit” means Harley-Davidson Credit Corp., a Nevada corporation.

 

“Indemnified Parties”
shall have the meaning assigned to such term in Section 8.02.

 

“Indenture”
means the Indenture, dated as of April 1, 2022, between the Trust and Citibank, N.A., as indenture trustee.

 

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

 

“Owner”
means each Holder of a Trust Certificate.

 

“Owner Trustee”
means Wilmington Trust, National Association, a national banking association, not in its individual capacity but solely as owner trustee
under this Agreement, and any successor Owner Trustee hereunder.

 

    - 2 -

     

    

 

“Owner Trustee Corporate
Trust Office” means the office of the Owner Trustee at which its corporate trust business shall be administered, which initially
shall be 1100 North Market Street, Wilmington, Delaware 19890-1605 Attn: Corporate Trust Administration, or such other office at such
other address as the Owner Trustee may designate from time to time by notice to the Certificateholder, the Servicer, the Indenture Trustee,
the Trust Depositor and Harley-Davidson Credit.

 

“Paying Agent”
means any paying agent or co-paying agent appointed pursuant to Section 3.10.

 

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

 

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

 

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

 

“Sale and Servicing
Agreement” means the Sale and Servicing Agreement, dated as of April 1, 2022, among the Trust, as issuer, the Trust Depositor,
Harley-Davidson Credit, as servicer, and Citibank, N.A., as indenture trustee, as the same may be amended or supplemented from time to
time.

 

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

 

“Statutory Trust
Statute” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same may
be amended from time to time.

 

“Treasury Regulations”
means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of
proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

 

“Trust”
means the trust established by this Agreement.

 

“Trust Certificate”
means a trust certificate evidencing the beneficial equity interest of an Owner in the Trust, substantially in the form of Exhibit B
hereto.

 

“Trust Depositor”
means Harley-Davidson Customer Funding Corp., in its capacity as Trust Depositor hereunder, and its successors.

 

“Trust Estate”
means all right, title and interest of the Trust in and to the property and rights assigned to the Trust pursuant to Article Two
of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and the Certificate Distribution Account
and all other property of the Trust from time to time, including any rights of the Owner Trustee and the Trust pursuant to the Sale and
Servicing Agreement and the Administration Agreement.

 

    - 3 -

     

    

 

Section 1.02.     Other
Definitional Provisions.

 

Capitalized terms used that are not otherwise defined
herein shall have the meanings ascribed thereto in the Sale and Servicing Agreement or, if not defined therein, in the Indenture.

 

Section 1.03.     Usage
of Terms.

 

With respect to all terms in this Agreement, the
singular includes the plural and the plural the singular; words importing any gender include the other genders; references to “writing”
include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual
instruments include all amendments, modifications and supplements thereto or any changes therein entered into in accordance with their
respective terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; and the term
“including” means “including without limitation”.

 

Section 1.04.     Section References.

 

All section references, unless otherwise indicated,
shall be to Sections in this Agreement.

 

Section 1.05.     Accounting
Terms.

 

All accounting terms used but not specifically
defined herein shall be construed in accordance with generally accepted accounting principles in the United States.

 

ARTICLE Two

 

ORGANIZATION

 

Section 2.01.     Name.

 

The Trust created hereby shall
be known as “Harley-Davidson Motorcycle Trust 2022-A”, in which name the Owner Trustee may conduct the activities of
the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued.

 

Section 2.02.     Office.

 

The office of the Trust shall
be in care of the Owner Trustee at the Owner Trustee Corporate Trust Office or at such other address in Delaware as the Owner Trustee
may designate by written notice to the Owners and the Trust Depositor.

 

    - 4 -

     

    

 

Section 2.03.     Purposes
and Powers.

 

(a)            The
sole purpose of the Trust is to manage the Trust Estate and collect and disburse the periodic income therefrom for the use and benefit
of the Owners, and in furtherance of such purpose to engage in the following ministerial activities:

 

(i)            to
issue the Notes pursuant to the Indenture and the Trust Certificates pursuant to this Agreement and to sell the Notes;

 

(ii)           with
the proceeds of the sale of the Notes, to purchase the Contracts, to fund the Reserve Fund, to pay the organizational, start-up and transactional
expenses of the Trust, and to pay the balance to the Trust Depositor pursuant to the Sale and Servicing Agreement;

 

(iii)          to
assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage and distribute to
the Owners pursuant to the Sale and Servicing Agreement any portion of the Trust Estate released from the Lien of, and remitted to the
Trust pursuant to, the Indenture;

 

(iv)          to
enter into and perform its obligations under the Transaction Documents to which it is to be a party;

 

(v)           to
enter into derivative transactions in connection with the Notes or otherwise;

 

(vi)          to
engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing
or are incidental thereto or connected therewith; and

 

(vii)         subject
to compliance with the Transaction Documents, to engage in such other activities as may be required in connection with conservation of
the Trust Estate and the making of distributions to the Owners and the Noteholders.

 

The Trust shall not engage in any activities other
than in connection with the foregoing. Nothing contained herein shall be deemed to authorize the Owner Trustee to engage in any business
operations or any activities other than those set forth in the introductory sentence of this Section. Specifically, the Owner Trustee
shall have no authority to engage in any business operations, or acquire any assets other than those included in the Trust Estate under
Section 1.01, or otherwise vary the assets held by the Trust. Similarly, the Owner Trustee shall have no discretionary duties other
than performing those ministerial acts set forth above necessary to accomplish the purpose of this Trust as set forth in the introductory
sentence of this Section. Notwithstanding Section 2.03(a)(iii) above, the Trust shall not assign, sell or transfer all or any
portion of the Trust Estate except as contemplated or permitted by the Indenture or the Sale and Servicing Agreement, without the prior
consent of the Trust Depositor.

 

    - 5 -

     

    

 

Section 2.04.     Appointment
of Owner Trustee.

 

The Trust Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth
herein, and the Owner Trustee hereby accepts such appointment.

 

Section 2.05.     Initial
Capital Contribution of Owner Trust Estate.

 

The Trust Depositor hereby
sells, assigns, transfers, conveys and sets over to the Owner Trustee, as of the date hereof, the sum of $1. The Owner Trustee hereby
acknowledges receipt in trust from the Trust Depositor, as of the date hereof, of the foregoing contribution, which shall constitute the
initial Trust Estate. The Trust Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request
of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.

 

Section 2.06.     Declaration
of Trust.

 

The Owner Trustee hereby declares
that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the sole purpose of conserving the
Trust Estate and collecting and disbursing the periodic income therefrom for the use and benefit of the Owners, subject to the obligations
of the Trust under the Transaction Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under
the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. Effective as of the date
hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Statute for the sole purpose
and to the extent necessary to accomplish the purpose of this Trust as set forth in the introductory sentence of Section 2.03.

 

Section 2.07.     Liability
of Trust Depositor.

 

(a)            All
liabilities of the Trust, to the extent not paid by a third party, are and shall be obligations of the Trust and when due and payable
shall be satisfied out of the Trust Estate.

 

(b)            Except
as provided in the Statutory Trust Statute, no Certificateholder shall be personally liable for any liability of the Trust.

 

Section 2.08.     Title
to Trust Property.

 

Legal title to the Trust Estate
shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to
any part of the Trust Estate to be vested in an owner trustee or owner trustees, in which case title shall be deemed to be vested in the
Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

 

    - 6 -

     

    

 

Section 2.09.     Situs
of Trust.

 

The Trust will be located
and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in
the State of Illinois or the State of Delaware. The Trust shall not have any employees in any state other than Delaware; provided,
however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware.
Payments will be received by the Trust only in Delaware and payments will be made by the Trust only from Delaware. The only office of
the Trust will be at the Owner Trustee Corporate Trust Office.

 

Section 2.10.     Representations
and Warranties of the Trust Depositor.

 

The Trust Depositor hereby
represents and warrants to the Owner Trustee that:

 

(i)            The
Trust Depositor is duly organized and validly existing as a corporation organized and existing and in good standing under the laws of
the State of Nevada, with power and authority to own its properties and to conduct its business and had at all relevant times, and has,
power, authority and legal right to acquire and own the Contracts.

 

(ii)           The
Trust Depositor is duly qualified to do business as a foreign corporation in good standing and has obtained all necessary licenses and
approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business requires such qualifications,
and where the failure to so qualify or obtain such licenses and approvals would have a material adverse effect on the Trust, the Contracts,
the operations or business of the Trust Depositor, or the ability of the Trust Depositor to perform its obligations under this Agreement.

 

(iii)          The
Trust Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Trust Depositor has
full power and authority to sell and assign the property to be sold and assigned to and deposited with the Owner Trustee on behalf of
the Trust as part of the Trust Estate and has duly authorized such sale and assignment and deposit with the Owner Trustee on behalf of
the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement have been duly authorized by
the Trust Depositor by all necessary corporate action.

 

(iv)          The
consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in
any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time) a default under, the articles
of incorporation or bylaws of the Trust Depositor, or any indenture, agreement or other instrument to which the Trust Depositor is a party
or by which it is bound; nor result in the creation or imposition of any Lien upon any of the properties of the Trust Depositor pursuant
to the terms of any such indenture, agreement or other instrument (other than pursuant to the Transaction Documents); nor violate any
law or any order, rule or regulation applicable to the Trust Depositor of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Trust Depositor or its properties; which breach, default, conflict,
Lien or violation in any case would have a material adverse effect on the Trust, the Contracts, the operations or business of the Servicer,
or the ability of the Trust Depositor to perform its obligations under this Agreement.

 

    - 7 -

     

    

 

 

(v)            There
are no proceedings or investigations pending, or to the Trust Depositor’s best knowledge threatened, before any court, regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Trust Depositor or its properties: (A) asserting
the invalidity of this Agreement, any of the other Transaction Documents or the Trust Certificate, (B) seeking to prevent the issuance
of the Trust Certificate or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction
Documents, (C) seeking any determination or ruling that might materially and adversely affect the performance by the Trust Depositor
of its obligations under, or the validity or enforceability of, this Agreement, any of the other Transaction Documents or the Trust Certificate
or (D) involving the Trust Depositor and which would adversely affect the federal income tax or other federal, state or local tax
attributes of the Trust Certificate.

 

Section 2.11.        Tax
Treatment.

 

It is the intention of the
Trust Depositor that (i) so long as there is only one Certificateholder, the Trust be disregarded as a separate entity pursuant to
Treasury Regulations Section 301.7701-3(b)(1)(ii) as in effect for periods after January 1, 1997 (and, in such case, Trust
items of income, gain, loss and deduction for any month as determined for federal income tax purposes shall be allocated entirely to Harley-Davidson
Credit (or subsequent purchaser of the sole Trust Certificate) as the sole Certificateholder) and (ii) if there is more than one
Certificateholder, the Trust shall be treated as a partnership for purposes of federal income, state and local income and single business
tax and any other income taxes. The parties agree that, unless otherwise required by appropriate tax authorities, the Trust will file
or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Trust as provided
in the preceding sentence for such tax purposes.

 

Section 2.12.        Texas
State Tax Matters.

 

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

 

    - 8 -

     

    

 

ARTICLE Three

 

TRUST CERTIFICATE AND TRANSFER OF INTERESTS

 

Section 3.01.         Initial
Ownership.

 

Upon the formation of the
Trust by the contribution by the Trust Depositor pursuant to Section 2.05 and until the issuance of the Trust Certificate, the Trust
Depositor shall be the sole beneficiary of the Trust.

 

Section 3.02.        The
Trust Certificate.

 

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

 

Section 3.03.         Authentication
and Delivery of Trust Certificates.

 

The Owner Trustee shall cause
to be authenticated and delivered upon the order of the Trust Depositor, in exchange for the Contracts and the other assets included in
the Trust Estate, simultaneously with the sale, assignment and transfer to the Trust of the Contracts and other assets included in the
Trust Estate, and the constructive delivery to the Owner Trustee of the Contract Files and the other assets included in the Trust Estate,
a Trust Certificate duly authenticated by the Owner Trustee, evidencing the entire beneficial equity interest in the Trust.

 

No Trust Certificate shall
be valid for any purpose unless there appears on such Trust Certificate a certificate of authentication substantially in the form set
forth in the form of Trust Certificate attached hereto as Exhibit B, executed by the Owner Trustee or its authenticating agent,
by manual signature, and such certificate upon any Trust Certificate shall be conclusive evidence, and the only evidence, that such Trust
Certificate has been duly authenticated and delivered hereunder. Upon issuance, authorization and delivery pursuant to the terms hereof,
the Trust Certificate will be entitled to the benefits of this Agreement.

 

    - 9 -

     

    

 

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

 

(a)           The
Certificate Registrar shall keep or cause to be kept, a Certificate Register, subject to such reasonable regulations as it may prescribe.
The Certificate Register shall provide for the registration of the Trust Certificate and transfers and exchanges of the Trust Certificate
as provided herein. The Owner Trustee is hereby initially appointed Certificate Registrar for the purpose of registering the Trust Certificate
and transfers and exchanges of the Trust Certificate as herein provided. In the event that, subsequent to the Closing Date, the Owner
Trustee notifies the Servicer that it is unable to act as Certificate Registrar, the Servicer shall appoint another bank or trust company,
having an office or agency located in the City of Chicago, Illinois, agreeing to act in accordance with the provisions of this Agreement
applicable to it, and otherwise acceptable to the Owner Trustee, to act as successor Certificate Registrar hereunder.

 

(b)           Upon
surrender for registration of transfer of the Trust Certificate at the Owner Trustee Corporate Trust Office, the Owner Trustee shall
execute, authenticate and deliver (or shall cause its authenticating agent to execute, authenticate and deliver), in the name of the
designated transferee, one or more new Trust Certificates representing the same aggregate Certificate Interest as the Trust Certificate
being surrendered.

 

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

 

(d)           No
transfer of a Trust Certificate shall be made unless such transfer is made in a transaction which does not require registration or qualification
under the Securities Act of 1933 or qualification under any state securities or “Blue Sky” laws. Neither the Owner Trustee
nor the Certificate Registrar shall effect the registration of any transfer of a Trust Certificate unless, prior to such transfer, the
Owner Trustee shall have received an Opinion of Counsel that (x) the transfer of such Trust Certificate is being made pursuant to
an effective registration under the Securities Act of 1933 or is exempt from the registration requirements of the Securities Act of 1933
and (y) such transfer will not cause the Trust to be treated as an association (or a publicly traded partnership) taxable as a corporation
for federal income tax purposes. Any transferee of a Trust Certificate must be either an Affiliate of the Trust Depositor or a Qualified
Institutional Buyer. Prior to any resale, assignment or transfer of a Trust Certificate described in this Section 3.04, each prospective
purchaser of a Trust Certificate shall have acknowledged, represented and agreed as follows:

 

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

 

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

 

    - 10 -

     

    

 

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

 

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

 

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

 

(e)            No
service charge shall be made for any registration of transfer or exchange of a Trust Certificate (or any interest therein), but the Owner
Trustee may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer
or exchange of a Trust Certificate (or any interest therein).

 

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

 

    - 11 -

     

    

 

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

 

If (i) any mutilated
Trust Certificate is surrendered to the Certificate Registrar, or the Certificate Registrar receives evidence to its satisfaction of the
destruction, loss or theft of any Trust Certificate, and (ii) there is delivered to the Certificate Registrar and the Owner Trustee
such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice that such Trust Certificate
has been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee or its authenticating
agent shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a
new Trust Certificate of like tenor and Certificate Interest. In connection with the issuance of any new Trust Certificate under this
Section 3.05, the Owner Trustee may require the payment by the Holder of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto. Any duplicate Trust Certificate issued pursuant to this Section 3.05 shall constitute
complete and indefeasible evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust
Certificate shall be found at any time.

 

Section 3.06.         Person
Deemed Owner.

 

Prior to due presentation
of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar and any of their respective agents may
treat the Person in whose name any Trust Certificate is registered as the Owner of such Trust Certificate for the purpose of receiving
distributions pursuant to Section 5.01 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar,
any Paying Agent or any of their respective agents shall be affected by any notice of the contrary.

 

Section 3.07.         Access
to List of Certificateholders’ Name and Address.

 

The Owner Trustee shall furnish
or cause to be furnished to the Servicer and the Trust Depositor, within 15 days after receipt by the Certificate Registrar of a written
request therefor from the Servicer or the Trust Depositor, the name and address of the Certificateholders as of the most recent Record
Date in such form as the Servicer or the Trust Depositor may reasonably require. If (i) one or more Certificateholders evidencing,
in the aggregate, not less than 25% of the Certificate Interests or (ii) three or more Certificateholders apply in writing to the
Owner Trustee, and such application states that the applicants desire to communicate with other Certificateholders with respect to their
rights under this Agreement or under the Trust Certificate and such application is accompanied by a copy of the communication that such
applicants propose to transmit, then the Owner Trustee shall, within five Business Days after the receipt of such application, afford
such applicants access during normal business hours to the current list of Certificateholders. The Certificateholder, by receiving and
holding a Trust Certificate, agrees with the Servicer, the Trust Depositor and the Owner Trustee that none of the Servicer, the Trust
Depositor or the Owner Trustee shall be held accountable by reason of the disclosure of any such information as to the name and address
of such Certificateholder hereunder, regardless of the source from which such information was derived.

 

    - 12 -

     

    

 

Section 3.08.         Maintenance
of Office or Agency.

 

The Owner Trustee shall maintain
in Wilmington, Delaware, an office or offices or agency or agencies where the Trust Certificate may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Owner Trustee in respect of the Trust Certificate and this Agreement
may be served. The Owner Trustee hereby designates the Owner Trustee Corporate Trust Office as its office for such purposes. The Owner
Trustee shall give prompt written notice to the Trust Depositor, the Servicer and to the Certificateholder of any change in the location
of the Certificate Register or any such office or agency.

 

Section 3.09.        Trust
Certificate.

 

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

 

Section 3.10.         Appointment
of Paying Agent.

 

The Paying Agent shall make
distributions to the Certificateholder from the Certificate Distribution Account pursuant to Section 5.01(b) and shall report
the amounts of such distributions to the Owner Trustee. The Paying Agent initially shall be Citibank, N.A. and any co-paying agent chosen
by the Paying Agent that is acceptable to the Owner Trustee. Each Paying Agent shall be permitted to resign as Paying Agent upon 30 days’
written notice to the Owner Trustee. In the event that Citibank, N.A. shall no longer be the Paying Agent, the Owner Trustee shall appoint
a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor Paying Agent
or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner Trustee an instrument in which such
successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent
or additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholder in trust for the benefit of the
Certificateholder entitled thereto until such sums shall have been paid to the Certificateholder. The Paying Agent shall return all unclaimed
funds to the Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner
Trustee. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Owner Trustee also in its role as Paying Agent, for so
long as the Owner Trustee shall act as Paying Agent and, to the extent applicable, to any other Paying Agent appointed hereunder. Further,
the rights, protections and immunities granted to the Indenture Trustee under the Indenture shall inure to the benefit of Citibank, N.A.
acting as Paying Agent hereunder. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context
requires otherwise.

 

Section 3.11.        Ownership
by Trust Depositor of Initial Trust Certificate.

 

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

 

    - 13 -

     

    

 

ARTICLE Four

 

ACTIONS BY OWNER TRUSTEE AND CERTIFICATEHOLDER

 

Section 4.01.         Prior
Notice to Owners with Respect to Certain Matters.

 

Subject to the provisions
and limitation of Section 4.04, with respect to the following matters, the Owner Trustee shall not take action unless (i) at
least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholders in writing of the proposed
action, and (ii) the Certificateholders shall not have notified the Owner Trustee in writing prior to the 30th day after such notice
is given that the Certificateholders have withheld consent or provided alternative direction:

 

(a)           the
initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Contracts)
or the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or
lawsuits for collection of the Contracts);

 

(b)           the
election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory
Trust Statute);

 

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

 

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

 

(e)           the
amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision
in a manner or add any provision that would not materially and adversely affect the interests of the Owners; or

 

(f)            the
appointment pursuant to the Indenture of a successor Note Registrar or Indenture Trustee or pursuant to this Agreement of a successor
Certificate Registrar, or the consent to the assignment by the Note Registrar, Indenture Trustee or Certificate Registrar of its
obligations under the Indenture or this Agreement, as applicable.

 

Section 4.02.         Action
by Owners with Respect to Certain Matters.

 

Subject to the provisions
and limitations of Section 4.04, the Owner Trustee shall not have the power, except upon the direction of the Owners, to (a) remove
the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a successor Administrator pursuant to Section 8
of the Administration Agreement, (c) except as expressly provided in the Transaction Documents, sell the Contracts or other assets
included in the Trust Estate after the termination of the Indenture, (d) initiate any claim, suit or proceeding by the Trust or compromise
any claim, suit or proceeding brought by or against the Trust, (e) authorize the merger or consolidation of the Trust with or into
any other statutory trust or entity (other than in accordance with Section 3.10 of the Indenture) or (f) amend the Certificate
of Trust. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the
Owners.

 

    - 14 -

     

    

 

Section 4.03.     Action
by Owners with Respect to Bankruptcy.

 

The Owner Trustee shall not
have the power to commence a voluntary proceeding in a bankruptcy relating to the Trust without the prior written consent of all Owners
(including the Trust Depositor) and the delivery to the Owner Trustee by each such Owner of a certificate certifying that such Owner reasonably
believes that the Trust is insolvent.

 

Section 4.04.     Restrictions
on Owners’ Power.

 

The Owners shall not direct
the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust
or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to the purpose of this Trust as set
forth in Section 2.03, nor shall the Owner Trustee be obligated to follow any such direction, if given.

 

Section 4.05.     Majority
of the Trust Certificates Control.

 

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

 

ARTICLE Five

 

APPLICATION OF TRUST FUNDS;

CERTAIN DUTIES

 

Section 5.01.     Establishment
of Trust Account; Application of Trust Funds.

 

(a)            On
or before the Distribution Date on which the Notes have been paid in full, the Owner Trustee, for the benefit of the Certificateholder,
shall establish and maintain (or shall cause to be established and maintained) in the name of the Trust an Eligible Account (the “Certificate
Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of
the Certificateholder.

 

    - 15 -

     

    

 

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

 

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

 

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

 

(d)           In
the event that any withholding tax is imposed on the Trust’s payment (or allocation of income) to the Certificateholder,
such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance
with this Section. The Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Owners sufficient
funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting
any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).
The amount of any withholding tax imposed with respect to any Certificateholder shall be treated as cash distributed to such Certificateholder
at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding
tax is payable with respect to a distribution, the Paying Agent may in its sole discretion withhold such amounts in accordance with this
paragraph (d).

 

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

 

    - 16 -

     

    

 

Section 5.02.     Method
of Payment.

 

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

 

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

 

The Owner Trustee shall (a) maintain
(or cause to be maintained) the books of the Trust on a calendar year basis and the accrual method of accounting, (b) deliver to
the Owners, as may be required by the Code and applicable Treasury Regulations, such information as may be required to enable each Owner
to prepare its federal and state income tax returns, (c) file such tax returns relating to the Trust and make such elections as from
time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so
as to maintain the federal income tax treatment for the Trust as set forth in Section 2.11, (d) cause such tax returns to be
signed in the manner required by law and (e) collect or cause to be collected any withholding tax as described in and in accordance
with Section 5.01(d) with respect to income or distributions to Owners; provided, however, that the Administrator shall be responsible
for the performance of such duties of the Owner Trustee to the extent set forth in Section 1(b)(iii) of the Administration Agreement.
The Owner Trustee shall elect under Section 1278 of the Code to include in income currently any market discount that accrues with
respect to the Contracts. If applicable, the Owner Trustee shall not make the election provided under Section 754 or Section 761
of the Code.

 

Section 5.04.     Signature
on Returns; Tax Matters Partner.

 

(a)           The
Trust Depositor shall sign on behalf of the Trust the tax returns of the Trust.

 

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

 

    - 17 -

     

    

 

ARTICLE Six

 

AUTHORITY AND DUTIES OF OWNER TRUSTEE

 

Section 6.01.     General
Authority.

 

Subject to the provisions
and limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and directed to execute and deliver the Transaction Documents
to which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Transaction
Documents to which the Trust is to be a party and any amendment or other agreement, as evidenced conclusively by the Owner Trustee’s
execution thereof. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required
of the Trust pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the
Administrator recommends with respect to the Transaction Documents.

 

Section 6.02.     General
Duties.

 

Subject to the provisions
and limitations of Sections 2.03 and 2.06, it shall be the duty of the Owner Trustee to discharge (or cause to be discharged through the
Administrator) all of its responsibilities pursuant to the terms of this Agreement and the Transaction Documents to which the Trust is
a party and to administer the Trust in the interest of the Owners, subject to the Transaction Documents and in accordance with the provisions
of this Agreement. Without limiting the foregoing, the Owner Trustee shall on behalf of the Trust file and prove any claim or claims that
may exist against Harley-Davidson Credit in connection with any claims-paying procedure as part of an insolvency or receivership proceeding
involving Harley-Davidson Credit. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the Transaction Documents to the extent the Administrator has agreed in the Administration Agreement to perform any
act or to discharge any duty of the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall not be held
liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement.

 

Section 6.03.     Action
Upon Instruction.

 

(a)           Subject
to Article Four, in accordance with the terms of the Transaction Documents, the Owners may by written instruction direct the Owner
Trustee in the management of the Trust.

 

(b)           The
Owner Trustee shall not be required to take any action hereunder or under any other Transaction Document if the Owner Trustee shall have
reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner
Trustee or is contrary to the terms hereof or of any other Transaction Document or is otherwise contrary to law.

 

(c)           Whenever
the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or under
any other Transaction Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances)
to the Owners requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith
in accordance with any written instruction of the Owners received, the Owner Trustee shall not be liable on account of such action to
any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under
no duty to, take or refrain from taking such action not inconsistent with this Agreement and the other Transaction Documents, as it shall
deem to be in the best interests of the Owners, and shall have no liability to any Person for such action or inaction.

 

    - 18 -

     

    

 

(d)           In
the event that the Owner Trustee is unsure as to the applicability of any provision of this Agreement or any other Transaction Document
or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or
in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action
that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form
as shall be appropriate under the circumstances) to the Owners requesting instruction and, to the extent that the Owner Trustee acts
or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on account
of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such
notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances)
it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the other Transaction
Documents, as it shall deem to be in the best interests of the Owners, and shall have no liability to any Person for such action or inaction.

 

Section 6.04.     No
Duties Except as Specified in this Agreement or in Instructions.

 

The Owner Trustee shall not
have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of or otherwise deal with the
Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to
which the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or any document or written instruction
received by the Owner Trustee pursuant to Section 6.03; and no implied duties or obligations shall be read into this Agreement or
any other Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation
statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted
to it hereunder or to prepare or file any Commission filing for the Trust or to record this Agreement or any other Transaction Document.
The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge
any liens on any part of the Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the
ownership or the administration of the Trust Estate.

 

Section 6.05.     No
Action Except Under Specified Documents or Instructions.

 

The Owner Trustee shall not
manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers
granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the other Transaction
Documents or (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.03.

 

    - 19 -

     

    

 

Section 6.06.     Restrictions.

 

The Owner Trustee shall not
take any action (i) that is inconsistent with the purposes of the Trust set forth in Section 2.03 or (ii) that, to the
actual knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for federal or state income
tax purposes. The Owners shall not direct the Owner Trustee to take actions that would violate the provisions of this Section.

 

Section 6.07.     Pennsylvania
Motor Vehicle Sales Finance Act Licenses.

 

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

 

Section 6.08.     Succession
to Rights of the Indenture Trustee.

 

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

 

ARTICLE Seven

 

CONCERNING THE OWNER TRUSTEE

 

Section 7.01.     Acceptance
of Trusts and Duties.

 

The Owner Trustee accepts
the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement.
The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Trust Estate upon the terms of the
Transaction Documents and this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any other Transaction
Document under any circumstances, except for its own willful misconduct, bad faith or negligence. In particular, but not by way of limitation
(and subject to the exceptions set forth in the preceding sentence):

 

(a)           the
Owner Trustee shall not be liable for any error of judgment made by a responsible officer of the Owner Trustee;

 

    - 20 -

     

    

 

(b)           the
Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of
the Administrator or the Owners;

 

(c)           no
provision of this Agreement or any other Transaction Document shall require the Owner Trustee to expend or risk funds or otherwise incur
any financial liability in the performance of any of its rights or powers hereunder or under any Transaction Document if the Owner Trustee
shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured or provided to it;

 

(d)           under
no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Transaction Documents, including
the principal of and interest on the Notes;

 

(e)           the
Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof
by the Trust Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate, or for or
in respect of the validity or sufficiency of the Transaction Documents, other than the certificate of authentication on the Trust Certificate,
and the Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder or to any Owner, other than
as expressly provided for herein or expressly agreed to in the Transaction Documents;

 

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

 

(g)           the
Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by the Agreement, or to institute, conduct
or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any other Transaction Document, at the
request, order or direction of any Owner, unless such Owner has offered to the Owner Trustee security or indemnity satisfactory to it
against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee
to perform any discretionary act enumerated in this Agreement or in any other Transaction Document shall not be construed as a duty, and
the Owner Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of any such act.

 

Section 7.02.     Furnishing
of Documents.

 

The Owner Trustee shall furnish
to the Owners, promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents.

 

    - 21 -

     

    

 

Section 7.03.     Representations
and Warranties.

 

The Owner Trustee hereby represents
and warrants to the Trust Depositor and the Owners that:

 

(a)           It
is a national banking association duly formed under the laws of the United States of America and is authorized thereunder to exercise
trust powers. It has all requisite corporate and trust power and authority to execute, deliver and perform its obligations under this
Agreement.

 

(b)           It
has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed
and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

 

(c)           Neither
the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance
by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing
the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents
or bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be
bound or result in the creation or imposition of any lien, charge or encumbrance on the Trust Estate resulting from actions by or claims
against the Owner Trustee individually which are unrelated to this Agreement or the other Transaction Documents.

 

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

 

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

 

Section 7.04.     Reliance;
Advice of Counsel.

 

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

 

    - 22 -

     

    

 

 

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

 

Section 7.05.         Not
Acting in Individual Capacity.

 

Except as provided in this
Article Seven, in accepting the trusts hereby created, Wilmington Trust, National Association acts solely as Owner Trustee hereunder
and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated
by this Agreement or any other Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof.

 

Section 7.06.         Owner
Trustee Not Liable for Trust Certificate, Notes or Contracts.

 

The recitals contained herein
and in the Trust Certificate (other than the signature of the Owner Trustee and the certificate of authentication on the Trust Certificate)
shall be taken as the statements of the Trust Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof.
The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, any other Transaction Document or the
Trust Certificate (other than the signature of the Owner Trustee and the certificate of authentication on the Trust Certificate) or the
Notes, or of any Contract or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect
to the legality, validity and enforceability of any Contract, or the perfection and priority of any security interest created by any Contract
in any Motorcycle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Trust Estate
or its ability to generate the payments to be distributed to the Certificateholder under this Agreement or the Noteholders under the Indenture
or the Sale and Servicing Agreement, including, without limitation, the existence, condition and ownership of any Motorcycle; the existence
and enforceability of any insurance thereon; the existence and contents of any Contract on any computer or other record thereof; the validity
of the assignment of any Contract to the Trust or of any intervening assignment; the completeness of any Contract; the performance or
enforcement of any Contract; the compliance by the Trust Depositor or the Servicer with any warranty or representation made under any
Transaction Document or in any related document or the accuracy of any such warranty or representation; or any action of the Administrator,
the Indenture Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee.

 

    	 	- 23 -	 

     

    

 

Section 7.07.         Owner
Trustee May Own Trust Certificate and Notes.

 

The Owner Trustee in its individual
or any other capacity may become the owner or pledgee of the Trust Certificate or Notes and may deal with the Trust Depositor, the Administrator,
the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee.

 

ARTICLE Eight

 

COMPENSATION OF OWNER TRUSTEE

 

Section 8.01.         Owner
Trustee’s Fees and Expenses.

 

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

 

Section 8.02.         Indemnification.

 

The Trust Depositor shall
be liable as primary obligor for, and shall indemnify the Owner Trustee and its successors, assigns and servants (collectively, the “Indemnified
Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any
and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively, “Expenses”) which may at any time be imposed on, incurred by or asserted against the Owner Trustee or
any Indemnified Party in any way relating to or arising out of this Agreement, the other Transaction Documents, the Trust Estate, the
administration of the Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that the Trust Depositor shall
not be liable for or required to indemnify an Indemnified Party from and against Expenses arising or resulting from any of the matters
described in the third sentence of Section 7.01. The indemnities contained in this Section shall survive the resignation or
termination of the Owner Trustee or the termination of this Agreement. In the event of any claim, action or proceeding for which indemnity
will be sought pursuant to this Section 8.02, the Owner Trustee’s choice of legal counsel shall be subject to the approval
of the Trust Depositor, which approval shall not be unreasonably withheld.

 

    	 	- 24 -	 

     

    

 

Section 8.03.         Payments
to the Owner Trustee.

 

Any amounts paid to the Owner
Trustee pursuant to this Article shall be deemed not to be a part of the Trust Estate immediately after such payment.

 

ARTICLE Nine

 

TERMINATION OF TRUST AGREEMENT

 

Section 9.01.         Termination
of Trust Agreement.

 

(a)            This
Agreement (other than Article Eight) and the Trust shall terminate and be of no further force or effect upon the earlier of (i) the
maturity or other liquidation of the last Contract and the disposition of any amounts received upon liquidation of any property remaining
in the Trust, (ii) final distribution by the Owner Trustee of all monies or other property or proceeds of the Trust Estate in accordance
with the terms of the Indenture, the Sale and Servicing Agreement and Article Five and (iii) the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James’s,
living on the date hereof. The bankruptcy, liquidation, dissolution, death or incapacity of any Owner shall not (i) operate to terminate
this Agreement or the Trust, (ii) entitle such Owner’s legal representatives or heirs to claim an accounting or to take any
action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate or (iii) otherwise
affect the rights, obligations and liabilities of the parties hereto.

 

(b)            Except
as provided in Section 9.01(a), neither the Trust Depositor nor any Owner shall be entitled to revoke or terminate the Trust.

 

(c)            Notice
of any termination of the Trust, specifying the Distribution Date upon which the Certificateholder shall
surrender its Trust Certificate to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner
Trustee by letter to the Certificateholder mailed within five Business Days of receipt of notice
of such termination from the Servicer given pursuant to Section 10.01 of the Sale and Servicing Agreement, stating (i) the Distribution
Date upon or with respect to which final payment of the Trust Certificate shall be made upon presentation and surrender of the Trust Certificate
at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date
otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Trust
Certificate at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar
(if other than the Owner Trustee) and the Paying Agent at the time such notice is given to the Certificateholder.
Upon presentation and surrender of a Trust Certificate, the Paying Agent shall cause to be distributed to the Certificateholder amounts
distributable on such Distribution Date pursuant to Section 5.01.

 

(d)            Upon
the winding up of the Trust and its termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate
of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute.

 

    	 	- 25 -	 

     

    

 

ARTICLE Ten

 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

 

Section 10.01.       Eligibility
Requirements for Owner Trustee.

 

The Owner Trustee shall at
all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; authorized to exercise
corporate trust powers; and (a)(i) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination
by federal or state authorities and (ii) having (or having a parent that has) a rating of at least “Baa3” by Moody’s,
or (b) that satisfies the Rating Agency Condition. If such corporation shall publish reports of condition at least annually pursuant
to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this
Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

 

Section 10.02.       Resignation
or Removal of Owner Trustee.

 

The Owner Trustee may at any
time resign and be discharged from the trusts hereby created by giving written notice thereof to the Administrator. Upon receiving such
notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy
of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner
Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the
resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee.

 

If at any time the Owner Trustee
shall cease to be eligible in accordance with the provisions of Section 10.01 and shall fail to resign after written request therefor
by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent,
or a receiver of the Owner Trustee or of its property shall be appointed or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove
the Owner Trustee. If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the
Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees owed to the
outgoing Owner Trustee.

 

    	 	- 26 -	 

     

    

 

Any resignation or removal
of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become
effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses
owed to the outgoing Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each
Rating Agency.

 

Section 10.03.       Successor
Owner Trustee.

 

Any successor Owner Trustee
appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to the Administrator, and to its predecessor Owner Trustee,
an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee
shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with
all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner
Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents
and statements and monies held by it under this Agreement; and the Administrator and the predecessor Owner Trustee shall execute and deliver
such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor
Owner Trustee all such rights, powers, duties and obligations.

 

No successor Owner Trustee
shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be
eligible pursuant to Section 10.01.

 

Upon acceptance of appointment
by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to the Certificateholder, the Indenture
Trustee, the Noteholders and each Rating Agency.

 

Section 10.04.       Merger
or Consolidation of Owner Trustee.

 

Any corporation into which
the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate
trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, without the execution or filing of any instrument
or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, that such
corporation shall be eligible pursuant to Section 10.01. The Owner Trustee shall, upon any merger, conversion or consolidation described
in this Section 10.04, provide notice to the Administrator detailing such merger, conversion or consolidation, including the full
legal name, entity type and jurisdiction of formation or incorporation, of each entity involved in such merger, conversion or consolidation.
Upon receipt of such notice thereof from the Owner Trustee, the Administrator shall mail notice of such merger or consolidation to each
Rating Agency.

 

    	 	- 27 -	 

     

    

 

Section 10.05.       Appointment
of Co-Trustee or Separate Trustee.

 

Notwithstanding any other
provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of
the Trust Estate or any financed Motorcycle may at the time be located, the Administrator and the Owner Trustee acting jointly shall have
the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Administrator and Owner Trustee
to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Trust Estate,
and to vest in such Person, in such capacity, such title to the Trust Estate or any part thereof and, subject to the other provisions
of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary
or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a request so to
do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall
be required to meet the terms of eligibility as a successor Owner Trustee pursuant to Section 10.01 and no notice of the appointment
of any co-trustee or separate trustee shall be required pursuant to Section 10.03.

 

Each separate trustee and
co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

 

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

 

(b)            no
trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and

 

(c)            the
Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

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

 

    	 	- 28 -	 

     

    

 

Any separate trustee or co-trustee
may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited
by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in
and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor co-trustee or separate
trustee.

 

ARTICLE Eleven

 

MISCELLANEOUS

 

Section 11.01.       Supplements
and Amendments.

 

(a)            This
Agreement may be amended by the Trust Depositor and the Owner Trustee, without the consent of any of the Noteholders or the Certificateholder,
to cure any ambiguity, to correct or supplement any provisions in this Agreement or to add any other provisions with respect to matters
or questions arising under this Agreement that shall not be inconsistent with the provisions of this Agreement; provided, however,
that any such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Noteholder
or the Certificateholder.

 

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

 

(c)            Prior
to the execution of any such amendment or consent, the Trust Depositor shall furnish written notification of the substance of such amendment
or consent, together with a copy thereof, to the Indenture Trustee, the Administrator and each Rating Agency.

 

    	 	- 29 -	 

     

    

 

(d)            Promptly
after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment
or consent to the Certificateholder. It shall not be necessary for the consent of the Certificateholder or the Noteholders pursuant to
this Section 11.01 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent
shall approve the substance thereof. The manner of obtaining such consent (and any other consent of the Certificateholder provided
for in this Agreement or in any other Transaction Document) and of evidencing the authorization of the execution thereof by the Certificateholder
shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

 

(e)            Promptly
after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the
Secretary of State.

 

(f)            Prior
to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely
upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee
may, but shall not be obligated to, enter into any such amendment that affects the Owner Trustee’s own rights, duties or immunities
under this Agreement or otherwise.

 

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

 

No Owner shall have legal
title to any part of the Trust Estate. The Owners shall be entitled to receive distributions with respect to their undivided ownership
interest in the Trust only in accordance with Articles Five and Nine. No transfer, by operation of law or otherwise, of any right, title
or interest of the Owners to and in their ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts
hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate.

 

Section 11.03.       Limitations
on Rights of Others.

 

The provisions of this Agreement
are solely for the benefit of the Owner Trustee, the Trust Depositor, the Owners, the Administrator and, to the extent expressly provided
herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give
to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

 

Section 11.04.       Notices.

 

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

 

    	 	- 30 -	 

     

    

 

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

 

Section 11.05.       Severability
of Provisions.

 

If any one or more of the
covenants, agreements, provisions, or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this Agreement or of the Trust Certificate or the rights of
the Holder thereof.

 

Section 11.06.       Counterparts;
Originals.

 

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

 

Section 11.07.       Successors
and Assigns.

 

All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, each of the Trust Depositor and the Owner Trustee and their respective
successors and permitted assigns and each Owner and its successors and permitted assigns, all as herein provided. Any request, notice,
direction, consent, waiver or other instrument or action by an Owner shall bind the successors and assigns of such Owner.

 

Section 11.08.       Covenants
of the Trust Depositor.

 

In the event that any litigation
with claims in excess of $1,000,000 to which the Trust Depositor is a party which shall be reasonably likely to result in a material judgment
against the Trust Depositor that the Trust Depositor will not be able to satisfy shall be commenced, during the period beginning immediately
following the commencement of such litigation and continuing until such litigation is dismissed or otherwise terminated (and, if such
litigation has resulted in a final judgment against the Trust Depositor, such judgment has been satisfied), the Trust Depositor shall
not pay any dividend to the Servicer, or make any distribution on or in respect of its capital stock to the Servicer, or repay the principal
amount of any indebtedness of the Trust Depositor held by the Servicer, unless after giving effect to such payment, distribution or repayment,
the Trust Depositor’s liquid assets shall not be less than the amount of actual damages claimed in such litigation.

 

    	 	- 31 -	 

     

    

 

Section 11.09.       No
Petition.

 

(a)            The
Trust Depositor will not at any time institute against the Trust any bankruptcy proceedings under any United States federal or state bankruptcy
or similar law in connection with any obligations relating to the Trust Certificate, the Notes, this Agreement or any of the other Transaction
Documents.

 

(b)            The
Owner Trustee, by entering into this Agreement, the Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee and
each Noteholder, by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against
the Trust Depositor or the Trust, or join in any institution against the Trust Depositor, or the Trust of, any bankruptcy, reorganization,
arrangement, insolvency, or liquidation proceedings or other similar proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Trust Certificate, the Notes, this Agreement or any of the other Transaction
Documents.

 

Section 11.10.       No
Recourse.

 

The Certificateholder by accepting
a Trust Certificate acknowledges that such Certificateholder’s Trust Certificate represents beneficial interests in the Trust only
and does not represent interests in or obligations of the Trust Depositor, the Servicer, the Seller, the Administrator, the Owner Trustee,
the Indenture Trustee or any of the respective Affiliates (other than the Trust) and no recourse may be had against such parties or their
assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificate or the other Transaction Documents.

 

Section 11.11.       Headings.

 

The headings of the various
Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

 

Section 11.12.       Governing
Law.

 

THIS AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    	 	- 32 -	 

     

    

 

Section 11.13.       Trust
Certificate Transfer Restrictions.

 

No Trust Certificate or any
interest therein may be acquired or held by or for the account of, or with the assets of, a Benefit Plan. By accepting and holding a Trust
Certificate, the Holder thereof shall be required to have represented and warranted that it is not a Benefit Plan and that it is not acquiring
and will not hold such Trust Certificate or any interest therein for the account of, or with the assets of, a Benefit Plan.

 

Section 11.14.       Trust
Depositor Payment Obligation.

 

The Trust Depositor shall
be responsible for payment of the Administrator’s compensation pursuant to Section 3 of the Administration Agreement and shall
reimburse the Administrator for all expenses and liabilities of the Administrator incurred thereunder.

 

[signature page follows]

 

    	 	- 33 -	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed by their respective officers hereunto duly authorized, as of the day and year first above written.

 

	 	HARLEY-DAVIDSON CUSTOMER FUNDING
	 	CORP., as Trust Depositor
	 	 
	 	By:	 
	 	Printed Name:
	 	Title: 
	 	 
	 	WILMINGTON TRUST, NATIONAL
	 	ASSOCIATION,
	 	as Owner Trustee
	 	 
	 	By: 	 
	 	Printed Name:
	 	Title:

 

Signature Page to Trust Agreement

 

     

     

    

 

	 	Acknowledged and Agreed:
	 	 
	 	CITIBANK, N.A.
	 	 
	 	By:	 
	 	Printed Name:
	 	Title:

 

Signature Page to Trust Agreement

 

     

     

    

 

 

 

 

 

EXHIBIT A

 

Form of
Certificate of Trust of 

Harley-Davidson Motorcycle Trust 2022-A

 

This Certificate of Trust
of Harley-Davidson Motorcycle Trust 2022-A (the “Trust”), dated February 11, 2022, is being duly executed and
filed by Wilmington Trust, National Association, a national banking association, as Owner Trustee, to form a statutory trust under the
Delaware Statutory Trust Act (12 Del. Code, § 3801 et seq.).

 

1.            Name.
The name of the statutory trust formed hereby is Harley-Davidson Motorcycle Trust 2022-A.

 

2.            Delaware
Trustee. The name and business address of the Owner Trustee of the Trust in the State of Delaware
is Wilmington Trust, National Association, 1100 North Market Street, Wilmington, Delaware 19890-1605.

 

IN WITNESS WHEREOF, the undersigned,
being the sole Owner Trustee of the Trust, has executed this Certificate of Trust as of the date first above written.

 

	 	WILMINGTON
    TRUST, NATIONAL ASSOCIATION,
	 	not in its individual capacity but solely as
	 	Owner Trustee

 

 

	 	By:	 

	 	Printed Name:	 

	 	Title:	 

 

     

     

    

 

EXHIBIT B

 

FORM OF TRUST CERTIFICATE

 

THIS TRUST CERTIFICATE REPRESENTS A BENEFICIAL
INTEREST IN THE TRUST (AS DEFINED BELOW) AND IS ENTITLED TO PAYMENTS AS DESCRIBED IN THE SALE AND SERVICING AGREEMENT AND INDENTURE REFERRED
TO HEREIN.

 

THIS TRUST CERTIFICATE DOES NOT REPRESENT AN OBLIGATION
OF OR AN INTEREST IN HARLEY-DAVIDSON CUSTOMER FUNDING CORP., HARLEY-DAVIDSON CREDIT CORP. OR ANY AFFILIATE THEREOF, EXCEPT TO THE EXTENT
SET FORTH IN THE TRUST AGREEMENT. THIS TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE SECURITIES
LAWS AND MAY NOT BE SOLD, TRANSFERRED OR PLEDGED UNLESS THE CONDITIONS SET FORTH IN SECTIONS 3.01, 3.04 AND 11.13 OF THE TRUST AGREEMENT
HAVE BEEN COMPLIED WITH.

 

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

 

HARLEY-DAVIDSON MOTORCYCLE TRUST 2022-A

TRUST CERTIFICATE

 

	NO. 1	Certificate
Interest: 100%

 

THIS CERTIFIES THAT HARLEY-DAVIDSON
CREDIT CORP. is the registered owner of 100% of the non-assessable, fully-paid, fractional undivided beneficial interest in the Harley-Davidson
Motorcycle Trust 2022-A (the “Trust”) formed by Harley-Davidson Customer Funding Corp., a Nevada corporation (the “Trust
Depositor”).

 

The Trust was created pursuant
to a Trust Agreement, dated as of February 11, 2022 (as amended and supplemented from time to time, the “Trust Agreement”),
between the Trust Depositor, and Wilmington Trust, National Association, as owner trustee (the “Owner Trustee”), a
summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized
terms used herein have the meanings assigned to them in (i) the Trust Agreement, (ii) the Sale and Servicing Agreement, dated
as of April 1, 2022 (the “Sale and Servicing Agreement”), among the Trust, the Trust Depositor, Harley-Davidson
Credit Corp. (“Harley-Davidson Credit”), as Servicer (in such capacity, the “Servicer”) and Citibank,
N.A., as Indenture Trustee (the “Indenture Trustee”) or (iii) the Indenture, dated as of April 1, 2022 (the
“Indenture”), between the Trust and the Indenture Trustee.

 

     

     

    

 

This Trust Certificate is
a duly authorized Trust Certificate designated as “Harley-Davidson Motorcycle Trust 2022-A Certificate” (the “Trust
Certificate”). Issued under the Indenture are five classes of notes designated as “1.157% Motorcycle Contract Backed
Notes, Class A-1”, “2.45% Motorcycle Contract Backed Notes, Class A-2a”, “SOFR
+ 0.62% Motorcycle Contract Backed Notes, Class A-2b”, “3.06% Motorcycle Contract Backed Notes, Class A-3”,
and “3.26% Motorcycle Contract Backed Notes, Class A-4” (collectively, the “Notes”). This
Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement
the Holder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Holder is bound. The property of the
Trust includes, among other things, (i) all the right, title and interest of the Trust Depositor in and to the Contracts listed on
the List of Contracts delivered on the Closing Date (including, without limitation, all security interests created thereunder), (ii) all
rights of the Trust Depositor to payments which are collected pursuant thereto after the Cutoff Date, including any liquidation proceeds
therefrom, (iii) all rights of the Trust Depositor under any theft, physical damage, credit life, disability or other individual
insurance policy (and rights under a “forced placed” policy, if any), any debt insurance policy or any debt cancellation
agreement relating to any such Contract, an Obligor or a Motorcycle securing such Contract, (iv) all security interests in each such
Motorcycle, (v) all documents contained in the related Contract Files, (vi) all rights of the Trust Depositor in the Lockbox,
the Lockbox Account and the related Lockbox Agreement to the extent they relate to the Contracts (but excluding payments received on or
before the Cutoff Date), (vii) all rights (but not the obligations) of the Trust Depositor under the Transfer and Sale Agreement,
including but not limited to the Trust Depositor’s rights under Article V thereof, (viii) the remittances, deposits and
payments made into the Trust Accounts from time to time and amounts in the Trust Accounts from time to time (and any investments of such
amounts), (ix) all rights of the Trust Depositor to certain rebates of premiums and other amounts relating to insurance policies,
debt cancellation agreements, extended service contracts or other repair and protection agreements and other items financed under such
Contracts, and (x) all proceeds and products of the foregoing.

 

Under the Trust Agreement,
there will be distributed on each Distribution Date to the person in whose name this Trust Certificate is registered as of the close of
business on the Business Day immediately preceding such Distribution Date (each, a “Record Date”), such Certificateholder’s
fractional undivided beneficial interest in the amount to be distributed to such Certificateholder on such Distribution Date.

 

The holder of this Trust Certificate
acknowledges and agrees that its rights to receive distributions in respect of this Trust Certificate are subordinated to the rights of
the Noteholders to the extent described in the Sale and Servicing Agreement and the Indenture.

 

     

     

    

 

It is the intention of Harley-Davidson
Credit, the Servicer, the Trust Depositor, Owner Trustee, Indenture Trustee and the Certificateholder that, in the event there is
only one Certificateholder, the Trust be disregarded as a separate entity pursuant to Treasury Regulations Section 301.7701-3(b)(1)(ii) as
in effect for periods after January 1, 1997. The Trust Depositor has agreed in the Trust Agreement and the Certificateholder, by
its acceptance of a Trust Certificate, agrees not to take any action inconsistent with such intended federal income tax treatment. Because
for federal income tax purposes the Trust will be disregarded as a separate entity, Trust items of income, gain, loss and deduction for
any month as determined for federal income tax purposes shall be allocated entirely to the Trust Depositor (or subsequent purchaser of
the Trust Certificate) as the sole Certificateholder.

 

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

 

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

 

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

 

     

     

    

 

This Trust Certificate does
not represent an obligation of, or an interest in the Trust Depositor, Harley-Davidson Credit, as the Seller or Servicer, the Owner Trustee,
the Indenture Trustee or any of their respective Affiliates (other than the Trust) and no recourse may be had against such parties or
their assets, except as expressly set forth or contemplated herein or in the Trust Agreement or the other Transaction Documents. In addition,
this Trust Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections
and recoveries with respect to the Contracts and certain other amounts, in each case as more specifically set forth herein and in the
Sale and Servicing Agreement. A copy of each of the Sale and Servicing Agreement and the Trust Agreement may be examined by any Certificateholder
upon written request during normal business hours at the principal office of the Trust Depositor and at such other places, if any, designated
by the Trust Depositor.

 

The Trust Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Trust Depositor
and the rights of the Certificateholder under the Trust Agreement at any time by the Trust Depositor and the Owner Trustee with the consent
of the Holder of this Trust Certificate. Any such consent by the Holder of this Trust Certificate shall be conclusive and binding on such
Holder and on all future Holders of this Trust Certificate and of any Trust Certificate issued upon the transfer hereof or in exchange
herefor or in lieu hereof, whether or not notation of such consent is made upon this Trust Certificate. The Trust Agreement also permits
the amendment thereof, in certain limited circumstances, without the consent of the Holder of this Trust Certificate.

 

As provided in the Trust Agreement
and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registrable in the Certificate Register
upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar, accompanied
by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Holder
hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Trust Certificates evidencing the same
aggregate Certificate Interest in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under
the Trust Agreement is the Owner Trustee.

 

The Owner Trustee, the Certificate
Registrar and any of their respective agents may treat the Person in whose name this Trust Certificate is registered as the owner hereof
for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary.

 

The obligations and responsibilities
created by the Trust Agreement and the Trust created thereby shall terminate upon the payment to the Certificateholder of all amounts
required to be paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held
as part of the Trust Estate. The Servicer may at its option purchase the Trust Estate at a price specified in the Sale and Servicing Agreement,
and such purchase of the Contracts and other property of the Trust will affect final payment of the Trust Certificates; however, such
right of purchase is exercisable only as of any Distribution Date on which the Pool Balance has declined to less than 10% of the Pool
Balance on the Cutoff Date.

 

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

 

     

     

    

 

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

 

THIS TRUST CERTIFICATE SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

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

 

Dated: April 1,
2022             Harley-Davidson
Motorcycle Trust 2022-A

 

	 	By:	 
			Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	 
	 	By:	 
	 		Authorized Signatory

 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is the Trust Certificate
referred to in the within-mentioned Trust Agreement.

 

Wilmington
Trust, National Association, 

not in its individual capacity but solely 

as Owner Trustee

 

 

	By:	 	 
	 	Authorized Signatory	 

 

     

     

    

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

(Please print or type name and address, including
postal zip code, of assignee) 

 

the within Trust Certificate, and all rights
thereunder, hereby irrevocably constituting and appointing 

 

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

 

	Dated:	 	 

  

Signature Guaranteed:

 

 

	NOTICE: Signature(s) must be guaranteed by an eligible guarantor institution.	 	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Trust Certificate in every particular, without alteration or enlargement or any change whatever.

 

     

     

    

 

EXHIBIT C

 

FORM OF TRANSFEREE CERTIFICATE

 

[          ],
20__

 

Harley-Davidson Motorcycle Trust 2022-A, 

as Issuer

 

c/o Wilmington Trust, National Association, 

as Owner Trustee

 

Wilmington Trust, National Association, 

as Owner Trustee

 

Ladies and Gentlemen:

 

All capitalized terms not defined
in this certificate shall have the meaning assigned to them in Sections 1.01 and 1.02 of that certain Amended and Restated Trust Agreement,
dated April 1, 2022, by and between Harley-Davidson Customer Funding Corp., as trust depositor (the “Trust Depositor”),
and Wilmington Trust, National Association, as owner trustee (the “Owner Trustee”). In connection with our proposed purchase
of 100% Certificate Interest Trust Certificate (the “Trust Certificate”) of Harley-Davidson Motorcycle Trust 2022-A (the “Trust”),
a trust formed by the Trust Depositor, we confirm that:

 

(a)            We
acknowledge that the Trust Certificate has not been and will not be registered under the Securities Act or the securities laws of any
jurisdiction.

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

(h)            The
Trust Certificate will not be acquired or held by or for the account of (i) an employee benefit plan (as defined in Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to the provisions of Title I of
ERISA, (ii) a plan described in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code or (iii) any
entity whose underlying assets include plan assets by reason of an employee benefit plan’s or a plan’s investment in the entity.  Each
Person who acquires the Trust Certificate or interest therein will certify that the foregoing conditions are satisfied.

 

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

 

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

 

     

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	By:	 
	 	Name:	 
	 	Title:

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