Document:

EXHIBIT
10.1

NINTH
AMENDMENT TO CREDIT AGREEMENT

THIS
NINTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”),
dated as of August 30, 2007, is entered into by and among the lenders
identified on the signature pages hereof (such lenders, together with their respective
successors and permitted assigns, are referred to hereinafter each individually
as a “Lender” and collectively as the “Lenders”), WELLS FARGO FOOTHILL, INC., a California
corporation, as administrative agent for the persons designated in the Credit
Agreement referred to below (in such capacity, together with its successors and
assigns in such capacity, “Agent”), and INFOCUS CORPORATION, an Oregon corporation (“Borrower”).

RECITALS

A.            Borrower, Agent and the Lenders have
previously entered into that certain Credit Agreement dated as of October 25,
2004, as amended by that certain First Amendment to Credit Agreement, Security
Agreement and Waiver, dated as of December 3, 2004, that certain Second
Amendment to Credit Agreement, dated as of December 13, 2004, that certain
Third Amendment to Credit Agreement and Waiver dated May 6, 2005, that certain
Fourth Amendment to Credit Agreement, Second Amendment to Security Agreement
and Waiver dated November 4, 2005, that certain Fifth Amendment to Credit Agreement
dated as of June 7, 2006, that certain Sixth Amendment to Credit Agreement and
Waiver dated as of October 25, 2006, that certain Seventh Amendment to Credit
Agreement and Waiver dated as of February 6, 2007, and that certain Eighth
Amendment to Credit Agreement dated as of March 28, 2007 (as so amended or
otherwise modified or supplemented from time to time, the “Credit Agreement”),
pursuant to which the Lenders have made certain loans and financial
accommodations available to Borrower. 
Terms used herein without definition shall have the meanings ascribed to
them in the Credit Agreement.

B.            The Lenders, Agent and Borrower now
wish to further amend the Credit Agreement on the terms and conditions set
forth herein.

C.            Borrower is entering into this Amendment
with the understanding and agreement that, except as specifically provided
herein, none of Agent’s or any member of the Lender Group’s rights or remedies
set forth in the Credit Agreement or any other Loan Document is being waived or
modified by the terms of this Amendment.

AGREEMENT

NOW, THEREFORE, in
consideration of the foregoing and the mutual covenants herein contained, and
for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereby agree as follows:

1.             Amendment to Credit Agreement.

	
  

  	
  (a)

  	
  Section 2.1(a)
  of the Credit Agreement is hereby amended and restated to read in its
  entirety as follows:

  
	
   

  	
   

  	
   

  
	
   

  	
  “(a)

  	
  Subject to the
  terms and conditions of this Agreement, and during the term of this
  Agreement, each 

  
	
   

  	
  Lender agrees
  (severally, not jointly or jointly and severally) to make advances (“Advances”)
  to Borrower in an amount at any one time outstanding not to exceed such
  Lender’s Pro Rata Share of an amount equal to the lesser of (i) the Maximum Revolver Amount less the Letter of Credit Usage, or (ii)
  the Borrowing Base less the
  Letter of Credit Usage.”

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Clause (y) of Section 2.12(a) of the Credit
  Agreement is hereby amended and restated to read as 

  
	
  follows:

  
				

 

 1
 

 

	
  

  	
  “(y)

  	
  the Letter of Credit Usage would exceed $15,000,000,
  or”

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Clause (z) of Section 2.12(a) of the Credit
  Agreement is hereby amended and restated to read as 

  
	
  follows:

  
	
   

  	
   

  	
   

  
	
   

  	
  “(z)

  	
  the Letter of Credit Usage would exceed the Maximum
  Revolver Amount less the outstanding 

  
	
   

  	
  amount of Advances.”

  
	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  The first sentence of Section 3.3 of the Credit
  Agreement is hereby amended and restated to read as 

  
	
  follows:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “This Agreement shall continue in full force and
  effect for a term ending on February 28, 2008 (the 

  
	
  “Maturity Date”).”

  
	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  Section 6.16(a)(i) of the Credit Agreement is hereby
  amended and restated to read as follows:

  
	
   

  	
   

  	
   

  
	
   

  	
  “(i)

  	
  Minimum EBITDA. EBITDA, measured on a month-end basis, of at least the
  required 

  
	
  amount set forth in the following table for the
  applicable period set forth opposite thereto:

  
				

 

	
  Applicable Amount

  	
   

  	
  Applicable Period

  	
   

  
	
  $

  	
  1,200,000

  	
   

  	
  For the 3 month period 

  ending December 31, 2004

  	
   

  
	
  $

  	
  2,100,000

  	
   

  	
  For the 6 month period 

  ending March 31, 2005

  	
   

  
	
  $

  	
  (29,250,000)

  	
   

  	
  For the 9 month period 

  ending June 30, 2005

  	
   

  
	
  $

  	
  (38,500,000)

  	
   

  	
  For the 12 month period 

  ending September 30, 2005

  	
   

  
	
  $

  	
  (92,500,000)

  	
   

  	
  For the 12 month period 

  ending December 31, 2005

  	
   

  
	
  $

  	
  (80,500,000)

  	
   

  	
  For the 12 month period 

  ending March 31, 2006

  	
   

  
	
  $

  	
  (61,500,000)

  	
   

  	
  For the 12 month period 

  ending June 30, 2006

  	
   

  
	
  $

  	
  (31,000,000)

  	
   

  	
  For the 12 month period 

  ending September 30, 2006

  	
   

  
	
  $

  	
  (5,350,000)

  	
   

  	
  For the 3 month period 

  ending December 31, 2006

  	
   

  
	
  $

  	
  (11,100,000)

  	
   

  	
  For the 3 month period 

  ending March 31, 2007

  	
   

  
	
  $

  	
  (7,400,000)

  	
   

  	
  For the 3 month period 

  ending June 30, 2007

  	
   

  

 

 2
 

 

	
  $

  	
  (5,300,000)

  	
   

  	
  For the 3 month period 

  ending September 30, 2007

  	
   

  
	
  $

  	
  1,300,000

  	
   

  	
  For the 3 month
  period 

  ending December 31, 2007”

  	
   

  

 

(f)            The defined term “Availability Block”
set forth in Schedule 1.1 to the Credit Agreement, and all other references to
such term in the Credit Documents, are hereby deleted.

(g)           The defined term “Maximum Revolver
Amount” set forth in Schedule 1.1 to the Credit Agreement is hereby amended and
restated to read in its entirety as follows:

“ ‘Maximum Revolver Amount’ means $15,000,000.”

(h)           Schedule C-1 to the Credit Agreement
is hereby deleted and replaced with Schedule C-1 attached to this Amendment.

2.             Amendment Fee.  In consideration of the agreements set forth
herein, Borrower agrees to pay to Agent, for the benefit of the Lenders, a
non-refundable amendment fee in the amount of $35,000 (the “Amendment Fee”),
which fee is fully-earned as of and due and payable on the date of this
Amendment.

3.             Effectiveness of this Amendment.  Agent must have received the following items,
in form and content acceptable to Agent, before this Amendment is effective.

(a)           Executed Amendment.  This Amendment, fully executed in a
sufficient number of counterparts for distribution to all parties.

(b)           Payment of Amendment Fee.  The Amendment Fee, which fee may be paid as a
charge to Borrower’s Loan Account.

(c)           Representations and Warranties.  The representations and warranties contained
herein shall be true and correct as of the date hereof.

(d)           Other Documents and Legal Matters.  All other documents and legal matters in
connection with the transactions contemplated by this Amendment shall have been
delivered or executed or recorded.

4.             Representations and Warranties.  Borrower represents and warrants as follows:

(a)           Authority.  Borrower has the requisite corporate power
and authority to execute and deliver this Amendment, and to perform its
obligations hereunder and under the Loan Documents (as amended or modified
hereby and by any amendments thereto referenced herein) to which it is a
party.  The execution, delivery and
performance by Borrower of this Amendment have been duly approved by all
necessary corporate action and no other corporate proceedings are necessary to
consummate such transactions.

(b)           Enforceability.  This Amendment has been duly executed and
delivered by Borrower.  This Amendment
and each Loan Document (as amended or modified hereby) are the legal, valid and
binding obligation of Borrower, enforceable against Borrower in accordance with
its terms, and is in full force and effect.

(c)           Representations and Warranties.  After giving effect to this Amendment, the
representations and warranties contained in each Loan Document (other than any
such representations or warranties 

 3
 

that, by their terms, are
specifically made as of a date other than the date hereof) are correct on and
as of the date hereof as though made on and as of the date hereof.

(d)           Due Execution.  The execution, delivery and performance of
this Amendment are within the power of Borrower, have been duly authorized by
all necessary corporate action, have received all necessary governmental
approval, if any, and do not contravene any law or any contractual restrictions
binding on Borrower.

(e)           No Default.  No event has occurred and is continuing that
constitutes a Default or an Event of Default.

(f)            No Duress.  This Amendment has been entered into without
force or duress, of the free will of Borrower. 
Borrower’s decision to enter into this Amendment is a fully informed
decision and Borrower is aware of all legal and other ramifications of such
decision.

(g)           Counsel.  Borrower has read and understands this Amendment,
has consulted with and been represented by legal counsel in connection herewith
and therewith, and has been advised by its counsel of its rights and
obligations hereunder and thereunder.

5.             Choice of Law.  The validity of this Amendment, its construction,
interpretation and enforcement, the rights of the parties hereunder, shall be
determined under, governed by, and construed in accordance with the internal
laws of the State of New York  governing
contracts only to be performed in that State.

6.             Counterparts.  This Amendment may be executed in any number
of counterparts and by different parties and separate counterparts, each of
which when so executed and delivered, shall be deemed an original, and all of
which, when taken together, shall constitute one and the same instrument.  Delivery of an executed counterpart of a
signature page to this Amendment by telefacsimile or other similar method of
electronic transmission shall be effective as delivery of a manually executed
counterpart of this Amendment.

7.             Reference to and Effect on the
Loan Documents.

(a)           Upon and after the effectiveness of
this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof” or words of like import referring to the Credit Agreement, and each reference
in the other Loan Documents to “the Credit Agreement”, “thereof” or words of
like import referring to the Credit Agreement, shall mean and be a reference to
the Credit Agreement as modified and amended hereby.

(b)           Except as specifically amended above,
the Credit Agreement and all other Loan Documents are and shall continue to be
in full force and effect and are hereby in all respects ratified and confirmed
and shall constitute the legal, valid, binding and enforceable obligations of
Borrower to the Lender Group.

(c)           The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any right, power or remedy of the Agent and Lender Group
under any of the Loan Documents, nor constitute a waiver of any provision of
any of the Loan Documents.

(d)           To the extent that any terms and
conditions in any of the Loan Documents shall contradict or be in conflict with
any terms or conditions of the Credit Agreement, after giving effect to this
Amendment, such terms and conditions are hereby deemed modified or amended
accordingly to reflect the terms and conditions of the Credit Agreement as
modified or amended hereby.

8.             Ratification.  Borrower hereby restates, ratifies and
reaffirms each and every term and condition set forth in the Credit Agreement,
as amended hereby, and the Loan Documents effective as of the date hereof.

 4
 

9.             Estoppel.  To induce Agent and Lender Group to enter
into this Amendment and to continue to make advances to Borrower under the
Credit Agreement, Borrower hereby acknowledges and agrees that, as of the date
hereof, there exists no right of offset, defense, counterclaim or objection in
favor of Borrower as against any member of the Lender Group with respect to the
Obligations.

10.           Integration.  This Amendment, together with the other Loan
Documents, incorporates all negotiations of the parties hereto with respect to
the subject matter hereof and is the final expression and agreement of the
parties hereto with respect to the subject matter hereof.

11.           Severability.  In case any provision in this Amendment shall
be invalid, illegal or unenforceable, such provision shall be severable from
the remainder of this Amendment and the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired
thereby.

12.           Submission of Amendment.  The submission of this Amendment to the
parties or their agents or attorneys for review or signature does not
constitute a commitment by Agent or any of the Lenders to waive any of their
rights and remedies under the Loan Documents, and this Amendment shall have no
binding force or effect until all of the conditions to the effectiveness of
this Amendment have been satisfied as set forth herein.

[Remainder of page intentionally left blank; signature page
follows]

 5

IN WITNESS WHEREOF, the
parties have entered into this Amendment as of the date first above written.

	
   

  	
  INFOCUS CORPORATION,

  
	
   

  	
  an Oregon corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Joseph O’Sullivan

  	
   

  
	
   

  	
  Name: Joseph O’Sullivan

  
	
   

  	
  Title: Acting Chief Operating Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO FOOTHILL, INC.,

  
	
   

  	
  a California corporation,

  
	
   

  	
  as Agent and a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Thomas Forbath

  	
   

  
	
   

  	
  Name: Thomas Forbath

  
	
   

  	
  Title: Vice President

  
					

 

[Signature Page to Ninth
Amendment to Credit Agreement]

Schedule
C-1

Commitments

	
  Lender

  	
   

  	
  Revolver Commitment

  	
   

  	
  Total Commitment

  	
   

  
	
  Wells Fargo Foothill, Inc.

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  $

  	
  15,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  All Lenders

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  $

  	
  15,000,000Exhibit 4.1

Execution Copy

 

TRUST AGREEMENT

by and between

HARLEY-DAVIDSON
CUSTOMER FUNDING CORP.,

as Trust Depositor,

and

WILMINGTON TRUST
COMPANY,

as Owner Trustee

Dated as of August 1, 2007

 

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE ONE

  	
   

  	
  DEFINITIONS

  	
   

  	
  1

  
	
   

  	
  Section
  1.01.

  	
   

  	
  Capitalized
  Terms

  	
   

  	
  1

  
	
   

  	
  Section
  1.02.

  	
   

  	
  Other
  Definitional Provisions

  	
   

  	
  3

  
	
   

  	
  Section
  1.03.

  	
   

  	
  Usage
  of Terms

  	
   

  	
  3

  
	
   

  	
  Section
  1.04.

  	
   

  	
  Section
  References

  	
   

  	
  3

  
	
   

  	
  Section
  1.05.

  	
   

  	
  Accounting
  Terms

  	
   

  	
  3

  
	
  ARTICLE TWO

  	
   

  	
  ORGANIZATION

  	
   

  	
  3

  
	
   

  	
  Section
  2.01.

  	
   

  	
  Name

  	
   

  	
  3

  
	
   

  	
  Section
  2.02.

  	
   

  	
  Office

  	
   

  	
  4

  
	
   

  	
  Section
  2.03.

  	
   

  	
  Purposes
  and Powers

  	
   

  	
  4

  
	
   

  	
  Section
  2.04.

  	
   

  	
  Appointment
  of Owner Trustee

  	
   

  	
  5

  
	
   

  	
  Section
  2.05.

  	
   

  	
  Initial
  Capital Contribution of Owner Trust Estate

  	
   

  	
  5

  
	
   

  	
  Section
  2.06.

  	
   

  	
  Declaration
  of Trust

  	
   

  	
  5

  
	
   

  	
  Section
  2.07.

  	
   

  	
  Liability
  of Trust Depositor

  	
   

  	
  5

  
	
   

  	
  Section
  2.08.

  	
   

  	
  Title
  to Trust Property

  	
   

  	
  5

  
	
   

  	
  Section
  2.09.

  	
   

  	
  Situs
  of Trust

  	
   

  	
  5

  
	
   

  	
  Section
  2.10.

  	
   

  	
  Representations
  and Warranties of the Trust Depositor

  	
   

  	
  5

  
	
   

  	
  Section
  2.11.

  	
   

  	
  Federal
  Income Tax Treatment

  	
   

  	
  6

  
	
   

  	
  Section
  2.12.

  	
   

  	
  Texas
  State Tax Matters

  	
   

  	
  7

  
	
  ARTICLE THREE

  	
   

  	
  TRUST CERTIFICATE AND TRANSFER OF INTERESTS

  	
   

  	
  7

  
	
   

  	
  Section
  3.01.

  	
   

  	
  Initial
  Ownership

  	
   

  	
  7

  
	
   

  	
  Section
  3.02.

  	
   

  	
  The
  Trust Certificate

  	
   

  	
  8

  
	
   

  	
  Section
  3.03.

  	
   

  	
  Authentication
  and Delivery of Trust Certificate

  	
   

  	
  8

  
	
   

  	
  Section
  3.04.

  	
   

  	
  Registration
  of Transfer and Exchange of Trust Certificate

  	
   

  	
  8

  
	
   

  	
  Section
  3.05.

  	
   

  	
  Mutilated,
  Destroyed, Lost or Stolen Trust Certificate

  	
   

  	
  9

  
	
   

  	
  Section
  3.06.

  	
   

  	
  Person
  Deemed Owner

  	
   

  	
  9

  
	
   

  	
  Section
  3.07.

  	
   

  	
  Access
  to List of Certificateholder’s Name and Address

  	
   

  	
  9

  
	
   

  	
  Section
  3.08.

  	
   

  	
  Maintenance
  of Office or Agency

  	
   

  	
  9

  
	
   

  	
  Section
  3.09.

  	
   

  	
  Trust
  Certificate

  	
   

  	
  10

  
	
   

  	
  Section
  3.10.

  	
   

  	
  Appointment
  of Paying Agent

  	
   

  	
  10

  
	
   

  	
  Section
  3.11.

  	
   

  	
  Ownership
  by Trust Depositor of Trust Certificate

  	
   

  	
  10

  
	
  ARTICLE FOUR

  	
   

  	
  ACTIONS BY OWNER TRUSTEE

  	
   

  	
  10

  
	
   

  	
  Section
  4.01.

  	
   

  	
  Prior
  Notice to Owner with Respect to Certain Matters

  	
   

  	
  10

  
	
   

  	
  Section
  4.02.

  	
   

  	
  Action
  by Owner with Respect to Certain Matters

  	
   

  	
  11

  
	
   

  	
  Section
  4.03.

  	
   

  	
  Action
  by Owner with Respect to Bankruptcy

  	
   

  	
  11

  
	
   

  	
  Section
  4.04.

  	
   

  	
  Restrictions
  on Owner’s Power

  	
   

  	
  11

  
	
  ARTICLE FIVE

  	
   

  	
  APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

  	
   

  	
  12

  
	
   

  	
  Section
  5.01.

  	
   

  	
  Application
  of Trust Funds

  	
   

  	
  12

  
	
   

  	
  Section
  5.02.

  	
   

  	
  Method
  of Payment

  	
   

  	
  12

  
	
   

  	
  Section
  5.03.

  	
   

  	
  Accounting and Reports to the
  Certificateholder, Owner, the Internal Revenue Service

  and Others

  	
   

  	
  12

  
	
   

  	
  Section
  5.04.

  	
   

  	
  Signature
  on Returns; Tax Matters Partner

  	
   

  	
  12

  
	
  ARTICLE SIX

  	
   

  	
  AUTHORITY AND DUTIES OF OWNER TRUSTEE

  	
   

  	
  13

  
	
   

  	
  Section
  6.01.

  	
   

  	
  General
  Authority

  	
   

  	
  13

  
	
   

  	
  Section
  6.02.

  	
   

  	
  General
  Duties

  	
   

  	
  13

  
	
   

  	
  Section
  6.03.

  	
   

  	
  Action
  Upon Instruction

  	
   

  	
  13

  
	
   

  	
  Section
  6.04.

  	
   

  	
  No
  Duties Except as Specified in this Agreement or in Instructions

  	
   

  	
  14

  
	
   

  	
  Section
  6.05.

  	
   

  	
  No
  Action Except Under Specified Documents or Instructions

  	
   

  	
  14

  
	
   

  	
  Section
  6.06.

  	
   

  	
  Restrictions

  	
   

  	
  14

  

 

 

	
  

  	
  Section
  6.07.

  	
   

  	
  Pennsylvania
  Motor Vehicle Sales Finance Act Licenses

  	
   

  	
  15

  
	
  ARTICLE SEVEN

  	
   

  	
  CONCERNING THE OWNER TRUSTEE

  	
   

  	
  15

  
	
   

  	
  Section
  7.01.

  	
   

  	
  Acceptance
  of Trusts and Duties

  	
   

  	
  15

  
	
   

  	
  Section
  7.02.

  	
   

  	
  Furnishing
  of Documents

  	
   

  	
  16

  
	
   

  	
  Section
  7.03.

  	
   

  	
  Representations
  and Warranties

  	
   

  	
  16

  
	
   

  	
  Section
  7.04.

  	
   

  	
  Reliance;
  Advice of Counsel

  	
   

  	
  16

  
	
   

  	
  Section
  7.05.

  	
   

  	
  Not
  Acting in Individual Capacity

  	
   

  	
  17

  
	
   

  	
  Section
  7.06.

  	
   

  	
  Owner
  Trustee Not Liable for Trust Certificate, Notes or Contracts

  	
   

  	
  17

  
	
   

  	
  Section
  7.07.

  	
   

  	
  Owner
  Trustee May Own Trust Certificate and Notes

  	
   

  	
  17

  
	
  ARTICLE EIGHT

  	
   

  	
  COMPENSATION OF OWNER TRUSTEE

  	
   

  	
  18

  
	
   

  	
  Section 8.01.

  	
   

  	
  Owner
  Trustee’s Fees and Expenses

  	
   

  	
  18

  
	
   

  	
  Section 8.02.

  	
   

  	
  Indemnification

  	
   

  	
  18

  
	
   

  	
  Section 8.03.

  	
   

  	
  Payments
  to the Owner Trustee

  	
   

  	
  18

  
	
  ARTICLE NINE

  	
   

  	
  TERMINATION OF TRUST AGREEMENT

  	
   

  	
  18

  
	
   

  	
  Section 9.01.

  	
   

  	
  Termination
  of Trust Agreement

  	
   

  	
  18

  
	
  ARTICLE TEN

  	
   

  	
  SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER
  TRUSTEES

  	
   

  	
  19

  
	
   

  	
  Section 10.01.

  	
   

  	
  Eligibility
  Requirements for Owner Trustee

  	
   

  	
  19

  
	
   

  	
  Section 10.02.

  	
   

  	
  Resignation
  or Removal of Owner Trustee

  	
   

  	
  20

  
	
   

  	
  Section 10.03.

  	
   

  	
  Successor
  Owner Trustee

  	
   

  	
  20

  
	
   

  	
  Section 10.04.

  	
   

  	
  Merger
  or Consolidation of Owner Trustee

  	
   

  	
  21

  
	
   

  	
  Section 10.05.

  	
   

  	
  Appointment
  of Co-Trustee or Separate Trustee

  	
   

  	
  21

  
	
  ARTICLE ELEVEN

  	
   

  	
  MISCELLANEOUS

  	
   

  	
  22

  
	
   

  	
  Section 11.01.

  	
   

  	
  Supplements
  and Amendments

  	
   

  	
  22

  
	
   

  	
  Section 11.02.

  	
   

  	
  No
  Legal Title to Trust Estate in Owner

  	
   

  	
  23

  
	
   

  	
  Section 11.03.

  	
   

  	
  Limitations
  on Rights of Others

  	
   

  	
  23

  
	
   

  	
  Section 11.04.

  	
   

  	
  Notices

  	
   

  	
  23

  
	
   

  	
  Section 11.05.

  	
   

  	
  Severability
  of Provisions

  	
   

  	
  23

  
	
   

  	
  Section 11.06.

  	
   

  	
  Counterparts

  	
   

  	
  24

  
	
   

  	
  Section 11.07.

  	
   

  	
  Successors
  and Assigns

  	
   

  	
  24

  
	
   

  	
  Section 11.08.

  	
   

  	
  Covenants
  of the Trust Depositor

  	
   

  	
  24

  
	
   

  	
  Section 11.09.

  	
   

  	
  No
  Petition

  	
   

  	
  24

  
	
   

  	
  Section 11.10.

  	
   

  	
  No
  Recourse

  	
   

  	
  24

  
	
   

  	
  Section 11.11.

  	
   

  	
  Headings

  	
   

  	
  25

  
	
   

  	
  Section 11.12.

  	
   

  	
  Governing
  Law

  	
   

  	
  25

  
	
   

  	
  Section 11.13.

  	
   

  	
  Trust
  Certificate Transfer Restrictions

  	
   

  	
  25

  
	
   

  	
  Section 11.14.

  	
   

  	
  Trust
  Depositor Payment Obligation

  	
   

  	
  25

  

 

EXHIBITS

	
  Exhibit A - Form of Certificate of Trust

  	
   

  	
  A-1

  
	
  Exhibit B - Form of Trust Certificate

  	
   

  	
  B-1

  

 

 ii

TRUST AGREEMENT dated as
of August 1, 2007, between HARLEY-DAVIDSON CUSTOMER FUNDING CORP., a Nevada
corporation, as Trust Depositor (the “Trust Depositor”),
and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as owner trustee
(the “Owner Trustee”).

WHEREAS, in connection
herewith, the Trust Depositor is willing to assume certain obligations pursuant
hereto; and

WHEREAS, in connection
herewith, the Trust Depositor is willing to purchase the 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
August 15, 2007, among the Trust, the Trust Depositor, the Indenture Trustee
and Harley-Davidson Credit, as administrator.

“Agreement” means this 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 a plan’s investment in the entity.

“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 the 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.

 1
 

 “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 August 15, 2007 between the Trust and
The Bank of New York Trust Company, N.A.

“Owner” means the Holder of the
Trust Certificate.

“Owner
Trustee” means
Wilmington Trust Company, a Delaware corporation, not in its individual
capacity but solely as owner trustee under this Agreement, and any successor
Owner Trustee hereunder.

“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 Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001 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.

“Record
Date” means, with
respect to any Distribution Date, the last Business Day of the preceding
calendar month.

“Sale and
Servicing Agreement” means the Sale and Servicing Agreement, dated as of August 15, 2007,
among the Trust, as Issuer, the Trust Depositor, Harley-Davidson Credit, as
servicer, and The Bank of New York Trust Company, 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.

“Tax
Matters Partner”
shall have the meaning provided in Section 5.04(b) hereof.

 2
 

“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 the trust certificate evidencing the beneficial equity interest of  the Owner, 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, the proceeds of the Interest Rate Swap Agreement
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.

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 2007-3”, 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.

 3
 

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
Owner and the Trust Depositor.

Section 2.03.                         Purposes
and Powers.

(a)                                  The
sole purpose of the Trust is to manage the Trust Estate and collect and
disburse the periodic income therefrom for the use and benefit of the Owner,
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 Certificate 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 Yield Supplement
Account and the Reserve Fund and to pay the organizational, start-up and
transactional expenses of the Trust and to pay the balance to the Trust
Depositor pursuant to the Sale and Servicing Agreement;

(iii)                               to assign, grant,
transfer, pledge, mortgage and convey the Trust Estate pursuant to the
Indenture and to hold, manage and distribute to the Owner 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 interest
rate swaps in connection with the Notes;

(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 Owner, the Noteholders and the Swap Counterparty.

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 specifically 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.

 4
 

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 Owner, 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, the Certificateholder shall not be
personally liable for any liability of the Trust.

Section 2.08.                         Title to
Trust Property.  Legal title to the
Trust Estate shall be vested at all times in the Trust as a separate legal
entity except where applicable law in any jurisdiction requires title to any
part of the Trust Estate to be vested in an 
Owner Trustee or Owner Trustees, in which case title shall be deemed to
be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the
case may be.

Section 2.09.                         Situs of
Trust.  The Trust will be located and
administered in the State of Delaware. 
All bank accounts maintained by the Owner Trustee on behalf of the Trust
shall be located in the State of Illinois or the State of Delaware.  The Trust shall not have any employees in any
state other than Delaware; provided, however,
that nothing herein shall restrict or prohibit the Owner Trustee from having
employees within or without the State of Delaware.  Payments will be received by the Trust only
in Delaware and payments will be made by the Trust only from Delaware.  The only office of the Trust will be at the
Owner Trustee Corporate Trust Office.

Section 2.10.                         Representations
and Warranties of the Trust Depositor.

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

 5
 

(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.

(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.

(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 might adversely affect the federal income tax or other
federal, state or local tax attributes of the Trust Certificate.

Section 2.11.                         Federal
Income Tax Treatment.

It is the intention of
the Trust Depositor that 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
Certificate constitutes the sole equity interest in the Trust and must at all
times be held by either the Trust Depositor or its transferee as sole
owner.  The Trust Depositor agrees not to
take any action

 6
 

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.

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 Certificate, agree to treat the Trust
consistent with such intention, unless otherwise required by law.  Notwithstanding anything to the contrary
contained herein, nothing in this Agreement should be read to imply that the
Trust is doing business in Texas or has sufficient nexus with Texas in order
for the Texas franchise tax to apply to the Trust.

ARTICLE THREE

TRUST CERTIFICATE AND TRANSFER OF INTERESTS

Section 3.01.                         Initial
Ownership.

(a)                               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.  The Trust Certificate must at all times be
held by either the Trust Depositor or its transferee as sole owner.

(b)                              No
transfer of the 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 the
Trust Certificate unless, (i) prior to such transfer the Owner Trustee shall
have received an opinion of counsel to the Owner Trustee that the transfer
of the 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 (ii) following
such transfer, there would be no more than one holder of the Trust Certificate
and the holder of the Trust Certificate would not be a Foreign Person, a
partnership, Subchapter S corporation or grantor trust.

 7
 

Section 3.02.                         The Trust
Certificate.  The Trust Certificate
shall be substantially in the form of Exhibit
B hereto.  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.  The Trust Certificate bearing the manual or
facsimile signature of individuals who were, at the time when such signatures
were affixed, authorized to sign on behalf of the Owner Trustee shall be a valid
and binding obligation of the Trust, notwithstanding that such individuals or
any of them have ceased to be so authorized prior to the authentication and
delivery of such Trust Certificate or did not hold such offices at the date of
such Trust Certificate.  The Trust
Certificate shall be dated the date of its authentication.

Section 3.03.                         Authentication
and Delivery of Trust Certificate. 
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 Trust
Assets, simultaneously with the sale, assignment and transfer to the Trust of
the Contracts and other Trust Assets, and the constructive delivery to the
Owner Trustee of the Contract Files and the other Trust Assets, a Trust
Certificate duly authenticated by the Owner Trustee, evidencing the entire
ownership of the Trust, and Notes issued by the Owner Trustee and authenticated
by the Indenture Trustee in aggregate principal amount of, in the case of (i)
Class A-1 Notes, $120,000,000, (ii) Class A-2a Notes, $65,000,000, (iii) Class
A-2b Notes, $120,000,000, (iv) Class A-3 Notes, $230,000,000, (v) Class
A-4 Notes, $174,660,000, (vi) Class B Notes, $50,832,000 and (vii) Class C
Notes, $21,508,000 or 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.

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

(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 authenticate and
deliver), in the name of the designated transferee, the new Trust Certificate
having the same aggregate principal amount.

(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.

 8
 

(d)                              No
service charge shall be made for any registration of transfer or exchange of
the Trust Certificate, 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 of the Trust Certificate.

(e)                               All
Trust Certificates surrendered for registration of transfer shall be canceled
and subsequently destroyed by the Owner Trustee.

Section 3.05.                         Mutilated,
Destroyed, Lost or Stolen Trust Certificate.  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 fractional undivided interest.  In connection with the issuance of any new
Trust Certificate under this Section, 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 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 Certificateholder’s 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 Certificateholder
as of the most recent Record Date in such form as the Servicer or the Trust
Depositor may reasonably require.  The
Certificateholder, by receiving and holding the 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
the Certificateholder hereunder, regardless of the source from which such
information was derived.

Section 3.08.                         Maintenance
of Office or Agency.  The Owner
Trustee shall maintain in Wilmington, Delaware, an office or offices or agency
or agencies where the Trust 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.

 9
 

Section 3.09.                         Trust
Certificate.  The Owner Trustee, on
behalf of the Trust, shall execute, authenticate and deliver, a Trust
Certificate.

Section 3.10.                         Appointment
of Paying Agent.  The Paying Agent
shall make distributions to the Certificateholder pursuant to Section 5.01(a)
and shall report the amounts of such distributions to the Owner Trustee.  The Paying Agent initially shall be The Bank
of New York Trust Company, 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 The Bank of New York Trust Company, 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 be paid to such 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.  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 Trust Certificate. 
The Trust Depositor shall on the Closing Date hold the Trust
Certificate.

ARTICLE FOUR

ACTIONS BY OWNER TRUSTEE

Section 4.01.                         Prior
Notice to Owner 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 at least 30 days before the taking of such action, the
Owner Trustee shall have notified the Certificateholder in writing of the
proposed action, the Indenture Trustee shall have consented to such action in
the event any Notes are outstanding and the Owner shall not have notified the
Owner Trustee in writing prior to the 30th day after such notice is given that
the Owner has 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) and 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);

 10
 

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

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

(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 Owner; 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 the
Agreement, as applicable.

Section 4.02.                         Action by
Owner 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 Owner, 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 Trust Assets 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 assigned
by the Owner.

Section 4.03.                         Action by
Owner 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 approval of
Owner and the delivery to the Owner Trustee by such Owner of a certificate
certifying that such Owner reasonably believes that the Trust is insolvent.

Section 4.04.                         Restrictions
on Owner’s Power.  The Owner 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.

 11
 

ARTICLE FIVE

APPLICATION OF TRUST FUNDS;

CERTAIN DUTIES

Section 5.01.                         Application
of Trust Funds.

(a)                               On
each Distribution Date, the Paying Agent will distribute to the
Certificateholder amounts received pursuant to Section 7.05 of the Sale and
Servicing Agreement with respect to such Distribution Date.

(b)                              On
each Distribution Date, the Paying Agent shall send to the Certificateholder
the statement or statements provided to the Owner Trustee by the Servicer
pursuant to Section 9.01 of the Sale and Servicing Agreement with respect to
such Distribution Date.

(c)                               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 Owner 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 the 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 the paragraph (c).

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 address of such Holder appearing in the Certificate Register.

Section 5.03.                         Accounting
and Reports to the Certificateholder, Owner, the Internal Revenue Service and
Others.  The Administrator 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 Owner, as may be
required by the Code and applicable Treasury Regulations, such information as
may be required to enable the 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(c) with respect to income or
distributions to Owner.  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
Certificateholder shall be designated the “tax matters partner”
of the Trust pursuant to Section 6231(a)(7)(A) of the Code and applicable
Treasury Regulations.

 12
 

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 Owner, 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
Owner 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 Owner 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 Owner 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

 13
 

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 Owner, and shall have no liability to any Person for such
action or inaction.

(d)                              In
the event that the Owner Trustee is unsure as to the applicability of any
provision of this Agreement or any other Transaction Document or any such
provision is ambiguous as to its application, or is, or appears to be, in
conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to
take with respect to a particular set of facts, the Owner Trustee may give
notice (in such form as shall be appropriate under the circumstances) to the
Owner 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 Owner, 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 and (iii) in accordance with any document or
instruction delivered to the Owner Trustee pursuant to Section 6.03.

Section 6.06.                         Restrictions.  The Owner Trustee shall not take any action
(i) that is inconsistent with the purposes of the Trust set forth in Section
2.03 or (ii) that, to the actual knowledge of the Owner Trustee, would result
in the Trust’s becoming taxable as a corporation for federal or state income
tax purposes.  The Owner shall not direct
the Owner Trustee to take actions that would violate the provisions of this
Section.

 14
 

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.

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 moneys 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 (i) for its own willful misconduct or negligence or (ii)
in the case of the inaccuracy of any representation or warranty contained in
Section 7.03 expressly made by the Owner Trustee.  In particular, but not by way of limitation
(and subject to the exceptions set forth in the preceding sentence):

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

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

(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, the Swap
Counterparty or to any Owner, other than as expressly provided for herein or
expressly agreed to in the Transaction Documents;

(f)                                    the
Owner Trustee shall not be liable for the default or misconduct of the
Administrator, the Trust Depositor, the Indenture Trustee or the Servicer under
any of the Transaction

 15
 

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

Section 7.03.                         Representations
and Warranties.  The Owner Trustee
hereby represents and warrants to the Trust Depositor and the Owner that:

(a)                                  It
is a banking corporation duly organized and validly existing in good standing
under the laws of the State of Delaware. 
It has all requisite corporate 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.

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

 16

governing body of any corporate party as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full
force and effect.  As to any fact or
matter the method of determination of which is not specifically prescribed
herein, the Owner Trustee may for all purposes hereof rely on a certificate,
signed by the president or any vice president or by the treasurer or other
authorized officers of the relevant party, as to such fact or matter and such
certificate shall constitute full protection to the Owner Trustee for any
action taken or omitted to be taken by it in good faith in reliance thereon.

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

Section 7.05.                         Not
Acting in Individual Capacity. 
Except as provided in this Article Seven, in accepting the trusts hereby
created, Wilmington Trust Company 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 and countersignature 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 and
countersignature 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 or
the Swap Counterparty under the Indenture or the Sale and Servicing Agreement,
including, without limitation, the existence, condition and ownership of any
Motorcycle; the existence and enforceability of any insurance thereon; the
existence and contents of any Contract on any computer or other record thereof;
the validity of the assignment of any Contract to the Trust or of any
intervening assignment; the completeness of any Contract; the performance or
enforcement of any Contract; the compliance by the Trust Depositor or the
Servicer with any warranty or representation made under any Transaction
Document or in any related document or the accuracy of any such warranty or
representation; or any action of the Administrator, the Indenture Trustee or
the Servicer or any subservicer taken in the name of the Owner Trustee.

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

 17
 

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, the Owner Trustee’s choice of legal counsel shall be subject to the
approval of the Trust Depositor, which approval shall not be unreasonably
withheld.

Section 8.03.                         Payments
to the Owner Trustee.  Any amounts
paid to the Owner Trustee pursuant to this Article shall be deemed not to be a
part of the Trust Estate immediately after such payment.

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) final distribution by the Owner Trustee of all
moneys 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
(ii) the expiration of 21 years from the death of the survivor of the
descendants of Joseph P. Kennedy, the late Ambassador of the United States to
the Court of St. James’s,

 18
 

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 Holder 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 the 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 the 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.

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) having a
combined capital and surplus of at least $50,000,000 and subject to supervision
or examination by federal or state authorities; and having (or having a parent
that has) a rating of at least Baa3 by Moody’s; or (b) which the Rating
Agencies have otherwise indicated in writing is an entity acceptable to act as
Owner Trustee hereunder.  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.

 19
 

Section 10.02.                  Resignation or
Removal of Owner Trustee.  The Owner
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Administrator.  Upon receiving such notice of resignation,
the Administrator shall promptly appoint a successor Owner Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to
the resigning Owner Trustee and one copy to the successor Owner Trustee.  If no successor Owner Trustee shall have been
so appointed and have accepted appointment within 30 days after the giving of
such notice of resignation, the resigning Owner Trustee may petition any court
of competent jurisdiction for the appointment of a successor Owner Trustee.

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

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

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, the Swap
Counterparty and each Rating Agency.  If
the Administrator shall fail to mail such notice within ten days after
acceptance of such appointment by the successor Owner Trustee, the successor
Owner Trustee shall cause such notice to be mailed at the expense of the
Administrator.

 20
 

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 and, provided, further, that the Owner Trustee
shall mail notice of such merger or consolidation to each Rating Agency.

Section 10.05.                  Appointment of
Co-Trustee or Separate Trustee. 
Notwithstanding any other provisions of this Agreement, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust Estate or any financed Motorcycle may at the time be located,
the Administrator and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Administrator and Owner Trustee to act as co-trustee, jointly
with the Owner Trustee, or as separate trustee or separate trustees, of all or
any part of the Trust Estate, and to vest in such Person, in such capacity,
such title to the Trust 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

 21
 

conferred, shall be
vested with the estates or property specified in its instrument of appointment,
either jointly with the Owner Trustee or separately, as may be provided
therein, subject to all the provisions of this Agreement, specifically
including every provision of this Agreement relating to the conduct of,
affecting the liability of or affording protection to, the Owner Trustee.  Each such instrument shall be filed with the
Owner Trustee and a copy thereof given to the Administrator.

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

ARTICLE ELEVEN

MISCELLANEOUS

Section 11.01.                  Supplements and
Amendments.

(a)                               The Agreement may be
amended by the Trust Depositor, and the Owner Trustee, without the consent of
any of the Noteholders, the Swap Counerparty 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, the Swap Counterparty or
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 Modified Required Holders, for the purpose of adding
any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement, or of modifying in any manner the rights of the
Noteholders, the Swap Counterparty or the Certificateholder; provided, however, that no such amendment shall increase or
reduce in any manner the amount of, or accelerate or delay the timing of, (i)
collections of payments on Contracts or distributions that shall be required to
be made for the benefit of the Noteholders, the Swap Counterparty or the
Certificateholder, or (ii) eliminate the Certificateholder 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 Holder of all
outstanding Notes and the Trust Certificate.

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

(d)                              Promptly after the
execution of any such amendment or consent, the Owner Trustee shall furnish
written notification of the substance of such amendment or consent to each
Certificateholder.  It shall not be
necessary for the consent of any Certificateholder, the Swap

 22
 

Counterparty, the Noteholders or the Indenture Trustee pursuant to this
Section to approve the particular form of any proposed amendment or consent,
but it shall be sufficient if such consent shall approve the substance
thereof.  The manner of obtaining such
consents (and any other consents of the 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 Owner.  The Owner
shall not have legal title to any part of the Trust Estate.  The Owner shall be entitled to receive
distributions with respect to their undivided ownership interest herein only in
accordance with Articles Five and Nine. 
No transfer, by operation of law or otherwise, of any right, title or
interest of the Owner 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.  Except for Section
2.07, the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Trust Depositor, the Owner, the Administrator and, to the extent
expressly provided herein, the Indenture Trustee, the Swap Counterparty and the
Noteholders, and nothing in this Agreement (other than Section 2.07), 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. mails, registered or certified mail, return receipt requested, postage
prepaid, with such receipt to be effective the date of delivery indicated on
the return receipt, or (b) one Business Day after delivery to an overnight
courier, or (c) on the date personally delivered to an Authorized Officer of
the party to which sent, or (d) on the date transmitted by legible telecopier
transmission with a confirmation of receipt, in all cases addressed to the
recipient at the address for such recipient set forth in the Sale and Servicing
Agreement.

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

Section 11.05.                  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,

 23
 

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.  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.

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 (i) 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 or (ii) the Rating Agencies
shall not downgrade the then existing rating on the Certificate with respect to
any such payment, distribution or repayment.

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, each Certificateholder, by accepting a Trust
Certificate, and the Indenture Trustee, the Swap Counterparty and each
Noteholder, by accepting the benefits of this Agreement, hereby covenant and
agree that they will not at any time institute against the Trust Depositor or
the Trust, or join in any institution against the Trust Depositor, or the Trust
of, any bankruptcy 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 the 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.

 24
 

Section 11.11.                  Headings.  The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

Section 11.12.                  Governing Law.  THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 11.13.                  Trust
Certificate Transfer Restrictions. 
The Trust Certificate may not be acquired by or for the account of a
Benefit Plan.  By accepting and holding a
Trust Certificate, the Holder thereof shall be deemed 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 for the account of, or with plan 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]

 25

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:

  	
  /s/ Perry A.
  Glassgow

  	
   

  
	
   

  	
  Printed Name:   Perry
  A. Glassgow

  	
   

  
	
   

  	
  Title:  Vice
  President and Treasurer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST
  COMPANY,

  as Owner Trustee 

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J.
  Christopher Murphy

  	
   

  
	
   

  	
  Printed Name:   J.
  Christopher Murphy

  	
   

  
	
   

  	
  Title:  Financial
  Services Officer

  	
   

  
						

 

EXHIBIT A

FORM
OF CERTIFICATE OF TRUST OF

Harley-Davidson Motorcycle Trust 2007-3

This Certificate of Trust
of Harley-Davidson Motorcycle Trust 2007-3 (the “Trust”),
dated                                
, 2007, is being duly executed and filed by Wilmington Trust Company, a
Delaware banking corporation, 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 2007-3.

2.             Delaware Trustee.  The name and business address of the Owner
Trustee of the Trust in the State of Delaware is Wilmington Trust Company,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware l9890.

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 COMPANY,

  not in its individual capacity but solely as

  Owner Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Printed Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
								

 

EXHIBIT B

FORM OF TRUST CERTIFICATE

THIS TRUST CERTIFICATE
REPRESENTS THE 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.

HARLEY-DAVIDSON MOTORCYCLE TRUST 2007-3 CERTIFICATE

	
  NO.                     

  	
   

  	
  Initial Trust Certificate

  
	
   

  	
   

  	
  Fractional Interest 100%

  

 

THIS CERTIFIES THAT
Harley-Davidson Customer Funding Corp. is the registered owner of  100% of the non-assessable, fully-paid,
fractional undivided beneficial interest in the Harley-Davidson Motorcycle
Trust 2007-3 (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 August 1, 2007 (as amended and
supplemented from time to time, the “Trust Agreement”),
between the Trust Depositor, and Wilmington Trust Company, as owner trustee
(the “Owner Trustee”), 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 August 15,
2007 (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 The Bank of New York
Trust Company, N.A., as Indenture Trustee (the “Indenture
Trustee”) or (iii) the Indenture, dated as of August 15, 2007 (the “Indenture”), between the Trust and the Indenture Trustee.

This Trust Certificate is
the duly authorized Trust Certificate designated as “Harley-Davidson
Motorcycle Trust 2007-3 Certificate”  (the “Trust Certificate”).  Issued under the Indenture are seven classes
of notes designated as “[    ]%
Motorcycle Contract Backed Notes, Class A-1”, “[    ]%
Motorcycle Contract Backed Notes, Class A-2a”, “Floating Rate Motorcycle
Contract Backed Notes, Class A-2b”, “Floating
Rate Motorcycle Contract Backed Notes, Class A-3”, “[    ]%  Motorcycle Contract Backed Notes, Class A-4”,
“[    ]% Motorcycle Contract Backed Notes, Class B”
and “[    ]% Motorcycle Contract
Backed Notes, Class C” (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 and all rights to
receive payments which are collected pursuant thereto after the Cutoff Date,
including any liquidation proceeds therefrom, but excluding any rights to
receive payments which were collected pursuant thereto on or prior to the
Cutoff Date), (ii) all rights of the Trust Depositor under any physical damage
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, (iii) all security interests in each such
Motorcycle, (iv) all documents contained in the related Contract Files, (v) all
rights (but not the obligations) of the Trust Depositor under any related
motorcycle dealer agreements between dealers (i.e., the originators of such
Contracts) and Harley-Davidson Credit, (vi) all rights of the Trust Depositor
in the Lockbox, the Lockbox Account and related Lockbox Agreement to the extent
they relate to such Contracts, (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 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 the fifteenth day of each month or if
such day is not a Business Day the next succeeding Business Day commencing
September 17, 2007 (each, a “Distribution Date”)
to the person in whose name this Trust Certificate is registered as of the last
Business Day immediately preceding the calendar month in which such
Distribution Date occurs (each, a “Record Date”),
such Certificateholder’s fractional undivided beneficial interest in the amount
to be distributed to the Certificateholder on such Distribution Date.

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

It is the intention of
Harley-Davidson Credit, the Servicer, the Trust Depositor, Owner Trustee,
Indenture Trustee and the Certificateholder that 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 Certificate constitutes the sole equity interest in the Trust
and must at all times be held by either the Trust Depositor or its transferee as
sole owner.  The Trust Depositor 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.

Each Certificateholder,
by its acceptance of a Trust Certificate or 
beneficial interest in a Trust Certificate, covenants and agrees that
such Certificateholder will not at any time institute against the Trust or the
Trust Depositor, or join in any institution against the Trust or the Trust
Depositor, Harley-Davidson

Credit or the
Servicer any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any United States federal or state
bankruptcy or similar law in connection with any obligations relating to the
Trust Certificate, the Notes, the Trust Agreement or any of the other
Transaction Documents.

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

Reference is hereby made
to the further provisions of this Trust Certificate set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

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.

[REVERSE OF CERTIFICATE]

The 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 the
Trust Certificate and the Modified Required Holders.  Any such consent by the Holder of this Trust
Certificate shall be conclusive and binding on such Holder and on all future
Holders of this Trust Certificate and of any Trust Certificate issued upon the
transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent is made upon this Trust Certificate.  The Trust Agreement also permits the
amendment thereof, in certain limited circumstances, without the consent of the
Holder of any of the Trust Certificate.

As provided in the Trust
Agreement and subject to certain limitations therein set forth, the transfer of
this Trust Certificate is registerable 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 the new Trust Certificate of authorized
denominations evidencing the same aggregate 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.  Harley-Davidson Credit 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 early retirement of the Trust Certificate; 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.

The Trust Certificate may
not be acquired by a Benefit Plan.  The
Holder hereof, by accepting a beneficial interest in this Trust Certificate,
shall be deemed to have represented and warranted that it is not a Benefit Plan
and is not acquiring this Trust Certificate or an interest therein for the
account of, or with plan assets of, a Benefit Plan.

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

	
  Dated:

  	
  Harley-Davidson Motorcycle Trust 2007-3

  	 

	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  By:

  	
  WILMINGTON TRUST COMPANY,
  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 COMPANY,

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.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]