Document:

EXHIBIT

10.24

 

 

ADMINISTRATION AGREEMENT

 

among

 

HARLEY-DAVIDSON

MOTORCYCLE TRUST 2003-2,

 

as Issuer,

 

HARLEY-DAVIDSON CREDIT

CORP.,

 

as Administrator,

 

HARLEY-DAVIDSON CUSTOMER

FUNDING CORP.,

 

as Trust Depositor,

 

and

 

BNY MIDWEST TRUST

COMPANY,

 

as Indenture Trustee

 

 

Dated as of May 1, 2003

 

 

 

TABLE OF CONTENTS

 

	

  SECTION 1.

  	

  DUTIES OF THE

  ADMINISTRATOR

  
	

  SECTION 2.

  	

  RECORDS

  
	

  SECTION 3.

  	

  COMPENSATION

  
	

  SECTION 4.

  	

  ADDITIONAL INFORMATION TO

  BE FURNISHED TO THE ISSUER

  
	

  SECTION 5.

  	

  INDEPENDENCE OF THE

  ADMINISTRATOR

  
	

  SECTION 6.

  	

  NO JOINT VENTURE

  
	

  SECTION 7.

  	

  OTHER ACTIVITIES OF

  ADMINISTRATOR

  
	

  SECTION 8.

  	

  TERM OF AGREEMENT;

  RESIGNATION AND REMOVAL OF ADMINISTRATOR

  
	

  SECTION 9.

  	

  ACTION UPON TERMINATION,

  RESIGNATION OR REMOVAL

  
	

  SECTION 10.

  	

  NOTICES

  
	

  SECTION 11.

  	

  AMENDMENTS

  
	

  SECTION 12.

  	

  SUCCESSORS AND ASSIGNS

  
	

  SECTION 13.

  	

  GOVERNING LAW

  
	

  SECTION 14.

  	

  HEADINGS

  
	

  SECTION 15.

  	

  COUNTERPARTS

  
	

  SECTION 16.

  	

  SEVERABILITY

  
	

  SECTION 17.

  	

  NOT APPLICABLE TO

  HARLEY-DAVIDSON CREDIT IN OTHER CAPACITIES

  
	

  SECTION 18.

  	

  LIMITATION OF LIABILITY

  OF OWNER TRUSTEE AND INDENTURE TRUSTEE

  
	

  SECTION 19.

  	

  THIRD-PARTY BENEFICIARY

  
	

  SECTION 20.

  	

  SURVIVABILITY

  

 

 

 

This Administration

Agreement, dated as of May 1, 2003, among Harley-Davidson Motorcycle Trust

2003-2 (the

“Issuer”), Harley-Davidson Credit Corp. (together with its

successors and assigns “Harley-Davidson Credit”) in its capacity

as administrator, the “Administrator”), Harley-Davidson Customer

Funding Corp. (the “Trust Depositor”) and BNY Midwest Trust

Company, not in its individual capacity but solely as Indenture Trustee

(together with its successors and assigns, the “Indenture Trustee”).

 

W I T N E S S E T H:

 

WHEREAS, the Issuer is issuing 1.34% Harley-Davidson

Motorcycle Contract Backed Notes, Class A-1 Notes, 2.07% Harley-Davidson

Motorcycle Contract Backed Notes, Class A-2 Notes and 1.89% Harley-Davidson

Motorcycle Contract Backed Notes, Class B Notes (collectively, the “Notes”)

pursuant to the Indenture, dated as of the date hereof (the “Indenture”), between the

Issuer and the Indenture Trustee (capitalized terms used herein that are not

otherwise defined shall have the meanings ascribed thereto in the Indenture);

 

WHEREAS, the Issuer has entered into certain

agreements in connection with the issuance of the Notes including (i) a Sale

and Servicing Agreement, dated as of the date hereof (the “Sale and Servicing Agreement”),

among the Issuer, the Indenture Trustee, the Trust Depositor and

Harley-Davidson Credit, as servicer (in such capacity, the “Servicer”), and (ii) the

Indenture (collectively referred to hereinafter as the “Transaction Documents”);

 

WHEREAS, pursuant to the Transaction Documents, the

Issuer and the Owner Trustee are required to perform certain duties in

connection with (i) the Notes and the collateral therefor pledged pursuant to

the Indenture (the “Collateral”) and (ii) the beneficial

ownership interest in the Issuer (the registered holder of such interest being

referred to herein as the “Owner”);

 

WHEREAS, the Issuer and the Owner Trustee desire to

have the Administrator perform certain of the duties of the Issuer and the

Owner Trustee referred to in the preceding clause and to provide such

additional services consistent with the terms of this Agreement and the

Transaction Documents as the Issuer and the Owner Trustee may from time to time

request; and

 

WHEREAS, the

Administrator has the capacity to provide the services required hereby and is

willing to perform such services for the Issuer and the Owner Trustee on the

terms set forth herein;

 

NOW, THEREAFTER, in consideration of the mutual

covenants contained herein, and other good and valuable consideration, the

receipt and adequacy of which are hereby acknowledged, the parties hereto agree

as follows:

 

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Section 1.              Duties of

the Administrator.

 

(a)           Duties

with respect to the Indenture.

 

(i)            The Administrator agrees

to perform all its duties as Administrator and the duties of the Issuer and the

Owner Trustee under the Transaction Documents. 

In addition, the Administrator shall consult with the Owner Trustee

regarding the duties of the Issuer or the Owner Trustee under the

Indenture.  The Administrator shall

monitor the performance of the Issuer and shall advise the Owner Trustee when

action is necessary to comply with the respective duties of the Issuer and the

Owner Trustee under the Indenture.  The

Administrator shall prepare for execution by the Issuer or shall cause the

preparation by other appropriate persons of, all such documents, reports,

filings, instruments, certificates and opinions that it shall be the duty of

the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the

Indenture.  In furtherance of the

foregoing, the Administrator shall take all appropriate action that the Issuer

or the Owner Trustee is required to take pursuant to the Indenture including,

without limitation, such of the foregoing as are required with respect to the

following matters under the Indenture (references are to Sections of the

Indenture):

 

(A)          the duty to cause the

Note Register to be kept and to give the Indenture Trustee notice of any

appointment of a new Note Registrar and the location, or change in location, of

the Note Register (Section 2.04);

 

(B)           the notification of

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

 

(C)           the fixing or

causing to be fixed of any special record date and the notification of the

Indenture Trustee and Noteholders with respect to special payment dates, if any

(Section 2.07(c));

 

(D)          the preparation of or

obtaining of the documents and instruments required for execution and

authentication of the Notes and delivery of the same to the Indenture Trustee

(Section 2.02);

 

(E)           the preparation,

obtaining or filing of the instruments, opinions and certificates and other

documents required for the release of Collateral (Section 2.12);

 

(F)           the maintenance of

an office in the City of Wilmington, Delaware, for registration of transfer or

exchange of Notes (Section 3.02);

 

(G)           the duty to cause

newly appointed Paying Agents, if any, to deliver to the Indenture Trustee the

instrument specified in the Indenture regarding funds held in trust (Section

3.03);

 

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(H)          the direction to the

Indenture Trustee to deposit monies with Paying Agents, if any, other than the

Indenture Trustee (Section 3.03);

 

(I)            the obtaining and

preservation of the Issuer’s qualification to do business in each jurisdiction

in which such qualification is or shall be necessary to protect the validity

and enforceability of the Indenture, the Notes, the Collateral and each other

instrument and agreement included in the Collateral (Section 3.04);

 

(J)            the preparation of

all supplements and amendments to the Indenture and all financing statements,

continuation statements, instruments of further assurance and other instruments

and the taking of such other action as is necessary or advisable to protect the

Collateral other than as prepared by the Servicer (Section 3.05);

 

(K)          the delivery of the

Opinion of Counsel on the Closing Date and certain other statements as to

compliance with the Indenture (Sections 3.06 and 3.09);

 

(L)           the identification

to the Indenture Trustee in an Officer’s Certificate of a Person with whom the

Issuer has contracted to perform its duties under the Indenture (Section

3.07(b));

 

(M)         the notification of

the Indenture Trustee and each Rating Agency of an Event of Termination under

the Sale and Servicing Agreement;

 

(N)          the duty to cause the

Servicer to comply with Article Five and Article Nine of the Sale and Servicing

Agreement (Section 3.14);

 

(O)          the preparation and

obtaining of documents and instruments required for the release of the Issuer

from its obligations under the Indenture (Section 3.10(b) and Section 3.11(b));

 

(P)           the delivery of

written notice to the Indenture Trustee and each Rating Agency of each Event of

Default under the Indenture and each Event of Termination by the Servicer under

the Sale and Servicing Agreement (Section 3.18);

 

(Q)          the monitoring of the

Issuer’s obligations as to the satisfaction and discharge of the Indenture and

the preparation of an Officer’s Certificate and the obtaining of the Opinion of

Counsel and the Independent Certificate relating thereto (Section 4.01);

 

(R)           the compliance with

any written directive of the Indenture Trustee with respect to the sale of the

Collateral in a commercially reasonable manner if an Event of Default shall

have occurred and be continuing (Section 5.04);

 

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(S)           the preparation and

delivery of notice to Noteholders of the removal of the Indenture Trustee and

the appointment of a successor Indenture Trustee (Section 6.08);

 

(T)           the preparation of

any written instruments required to confirm more fully the authority of any

co-trustee or separate trustee and any written instruments necessary in

connection with the resignation or removal of the Indenture Trustee or any

co-trustee or separate trustee (Sections 6.08 and 6.10);

 

(U)          the furnishing of the

Indenture Trustee with the names and addresses of Noteholders during any period

when the Indenture Trustee is not the Note Registrar (Section 7.01);

 

(V)           the opening of one

or more accounts in the Indenture Trustee’s name, the preparation and delivery

of Issuer Orders, Officer’s Certificates and Opinions of Counsel and all other

actions necessary with respect to investment and reinvestment of funds in the

Trust Accounts (Sections 8.02 and 8.03);

 

(W)         the preparation of an

Issuer Request and Officer’s Certificate and the obtaining of an Opinion of

Counsel and Independent Certificates, if necessary, for the release of the

Collateral (Sections 8.04 and 8.05);

 

(X)          the preparation of

Issuer Orders and the obtaining of Opinions of Counsel with respect to the

execution of supplemental indentures and the mailing to the Noteholders of

notices with respect to such supplemental indentures (Sections 9.01, 9.02

and 9.03);

 

(Y)           the execution and

delivery of new Notes conforming to any supplemental indenture (Section 9.06);

 

(Z)           the duty to notify

Noteholders of redemption of the Notes or to cause the Indenture Trustee to

provide such notification (Section 10.02);

 

(AA)       the preparation and

delivery of all Officer’s Certificates, Opinions of Counsel and Independent

Certificates with respect to any requests by the Issuer to the Indenture

Trustee to take any action under the Indenture (Section 11.01(a));

 

(BB)        the preparation and

delivery of Officer’s Certificates and the obtaining of Independent

Certificates, if necessary, for the release of property from the lien of the

Indenture (Section 11.01(b));

 

(CC)        the notification of

the Rating Agencies, upon the failure of the Issuer, the Owner Trustee or the

Indenture Trustee to provide notification;

 

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(DD)       the preparation and

delivery to Noteholders and the Indenture Trustee of any agreements with

respect to alternate payment and notice provisions (Section 11.06);

 

(EE)         the recording of the

Indenture, if applicable (Section 11.14); and

 

(FF)         the appointment of a

successor Indenture Trustee.

 

(ii)           The Administrator

will:

 

(A)          except as otherwise

expressly provided in the Indenture, pay the Indenture Trustee’s fees and

reimburse the Indenture Trustee upon its request for all reasonable expenses,

disbursements and advances incurred or made by the Indenture Trustee in

accordance with any provision of the Indenture (including the reasonable

compensation, expenses and disbursements of its agents and counsel), except any

such expense, disbursement or advance as may be attributable to its negligence

or bad faith;

 

(B)           indemnify the

Indenture Trustee and its agents for, and hold them harmless against, any loss,

liability or expense incurred without negligence or bad faith on their part,

arising out of or in connection with the acceptance or administration of the

transactions contemplated by the Indenture, including the reasonable costs and

expenses of defending themselves against any claim or liability in connection

with the exercise or performance of any of their powers or duties under the

Indenture; and

 

(C)           indemnify the Owner

Trustee and its agents for, and hold them harmless against, any loss, liability

or expense incurred without negligence or bad faith on their part, arising out

of or in connection with the acceptance or administration of the transactions

contemplated by the Trust Agreement, including the reasonable costs and

expenses of defending themselves against any claim or liability in connection

with the exercise or performance of any of their powers or duties under the

Trust Agreement.

 

(b)           Additional

Duties.

 

(i)            In addition to the

duties set forth in Section 1(a)(i), the Administrator shall perform such

calculations and shall prepare or shall cause the preparation by other

appropriate persons of, and shall execute on behalf of the Issuer or the Owner

Trustee, all such documents, reports, filings, instruments, certificates and

opinions that the Issuer or the Owner Trustee are required to prepare, file or

deliver pursuant to the Transaction Documents or under Section 5.03 of the

Trust Agreement, and at the request of the Owner Trustee shall take all

appropriate action that the Issuer or the Owner Trustee are required to take

pursuant to the Transaction Documents. 

In furtherance thereof, the Owner Trustee shall, on behalf of the

Issuer, execute and deliver to the Administrator

 

6

 

and to each successor Administrator appointed pursuant

to the terms hereof, one or more powers of attorney substantially in the form

of Exhibit

A hereto, appointing the Administrator the attorney-in-fact of the

Issuer for the purpose of executing on behalf of the Owner Trustee and the

Issuer all such documents, reports, filings, instruments, certificates and

opinions.  Subject to Section 5, and in

accordance with the directions of the Issuer, the Administrator shall

administer, perform or supervise the performance of such other activities in

connection with the Collateral (including the Transaction Documents) as are not

covered by any of the foregoing provisions and as are expressly requested by

the Issuer and are reasonably within the capability of the Administrator.

 

(ii)           Notwithstanding

anything in this Agreement or the Transaction Documents to the contrary, the

Administrator shall be responsible for promptly notifying the Owner Trustee in

the event that any withholding tax is imposed on the Trust’s payments (or

allocations of income) to the Owner as contemplated in Section 5.01(c) of the

Trust Agreement.  Any such notice shall

specify the amount of any withholding tax required to be withheld by the Owner

Trustee pursuant to such provision.

 

(iii)          Notwithstanding

anything in this Agreement or the Transaction Documents to the contrary, the

Administrator shall be responsible for performance of the duties of the Owner

Trustee set forth in Section 5.03(a), (b), (c) and (d), the penultimate sentence

of Section 5.03 and Section 5.04(a) of the Trust Agreement with respect to,

among other things, accounting and reports to the Owner; provided, however, that the

Owner Trustee shall retain responsibility for the distribution of information

forms necessary to enable the Owner to prepare its federal and state income tax

returns.

 

(iv)          The Administrator

shall satisfy its obligations with respect to clauses (ii) and (iii) above by

retaining, at the expense of the Trust payable by the Administrator, a firm of

independent public accountants (the “Accountants”) acceptable to the Owner

Trustee, which shall perform the obligations of the Administrator thereunder.

 

(v)           The Administrator

shall perform the duties of the Administrator specified in Section 10.02 of the

Trust Agreement required to be performed in connection with the resignation or

removal of the Owner Trustee, and any other duties expressly required to be

performed by the Administrator under the Trust Agreement.

 

(vi)          In carrying out the

foregoing duties or any of its other obligations under this Agreement, the

Administrator may enter into transactions or otherwise deal with any of its

Affiliates; provided,

however, that the terms of any such transactions or dealings shall

be in accordance with any directions received from the Issuer and shall be, in

the Administrator’s opinion, no less favorable to the Issuer than would be

available from unaffiliated parties.

 

7

 

(c)           Non-Ministerial

Matters.

 

(i)            With respect to

matters that in the reasonable judgment of the Administrator are

non-ministerial, the Administrator shall not take any action unless within a

reasonable time before the taking of such action, the Administrator shall have

notified the Owner Trustee of the proposed action and the Owner Trustee shall

not have withheld consent or provided an alternative direction.  For the purpose of the preceding sentence, “non-ministerial

matters” shall include, without limitation:

 

(A)          the amendment of or

any supplement to the Indenture;

 

(B)           the initiation of

any claim or lawsuit by the Issuer and the compromise of any action, claim or

lawsuit brought by or against the Issuer (other than in connection with the

collection of the Contracts);

 

(C)           the amendment,

change or modification of any other Transaction Documents;

 

(D)          the appointment of

successor Note Registrars, successor Paying Agents and successor Indenture

Trustees pursuant to the Indenture or the appointment of successor

Administrators or a successor Servicer, or the consent to the assignment by the

Note Registrar, Paying Agent or Indenture Trustee of its obligations under the

Indenture; and

 

(E)           the removal of the

Indenture Trustee.

 

(ii)           Notwithstanding

anything to the contrary in this Agreement, the Administrator shall not be

obligated to, and shall not, (A) make any payments to the Noteholders under the

Transaction Documents, (B) sell the Collateral pursuant to clause (iv) of

Section 5.04 of the Indenture, (C) take any other action that the Issuer

directs the Administrator not to take on its behalf or (D) take any other

action which may be construed as having the effect of varying the investment of

the Holders.

 

Section 2.              Records. 

The Administrator shall maintain appropriate books of account and

records relating to services performed hereunder, which books of account and

records shall be accessible for inspection by the Issuer and the Owner Trustee

at any time during normal business hours.

 

Section 3.              Compensation. 

As compensation for the performance of the Administrator’s obligations

under this Agreement and as reimbursement for its expenses related thereto, the

Administrator shall be entitled to a monthly fee which shall be solely an

obligation of the Trust Depositor and shall be in an amount as shall be agreeable

to the Trust Depositor and the Administrator.

 

8

 

Section 4.              Additional

Information to be Furnished to the Issuer.  The

Administrator shall furnish to the Issuer from time to time such additional information

regarding the Collateral as the Issuer shall reasonably request.

 

Section 5.              Independence

of the Administrator.  For all purposes of this

Agreement, the Administrator shall be an independent contractor and shall not

be subject to the supervision of the Issuer or the Owner Trustee with respect

to the manner in which it accomplishes the performance of its obligations

hereunder.  Unless expressly authorized

by the Issuer, the Administrator shall have no authority to act for or

represent the Issuer or the Owner Trustee in any way and shall not otherwise be

deemed an agent of the Issuer or the Owner Trustee.

 

Section 6.              No Joint

Venture.  Nothing contained in this Agreement (i)

shall constitute the Administrator and either of the Issuer or the Owner Trustee

as members of any partnership, joint venture, association, syndicate,

unincorporated business or other separate entity, (ii) shall be construed to

impose any liability as such on any of them or (iii) shall be deemed to confer

on any of them any express, implied or apparent authority to incur any

obligation or liability on behalf of the others.

 

Section 7.              Other

Activities of Administrator.  Nothing

herein shall prevent the Administrator or its Affiliates from engaging in other

business or, in its sole discretion, from acting in a similar capacity as an

administrator for any other Person or entity even though such person or entity

may engage in business activities similar to those of the Issuer, the Owner

Trustee or the Indenture Trustee.

 

Section 8.              Term of

Agreement; Resignation and Removal of Administrator. 

This Agreement shall continue in force until the termination of the

Issuer, upon which event this Agreement shall automatically terminate.

 

(a)           Subject

to Section 8(d) and Section 8(e), the Administrator may resign its duties

hereunder by providing the Issuer with at least 60 days’ prior written notice.

 

(b)           Subject

to Section 8(d) and Section 8(e), the Issuer may remove the Administrator

without cause by providing the Administrator with at least 60 days’ prior

written notice.

 

(c)           Subject

to Section 8(d) and Section 8(e), at the sole option of the Issuer, the

Administrator may be removed immediately upon written notice of termination

from the Issuer to the Administrator if any of the following events shall

occur:

 

(i)            the

Administrator shall default in the performance of any of its duties under this

Agreement and, after notice of such default, shall not cure such default within

ten days (or, if

 

9

 

such default

cannot be cured in such time, shall not give within ten days such assurance of

cure as shall be reasonably satisfactory to the Issuer);

 

(ii)           a

court having jurisdiction in the premises shall enter a decree or order for

relief, and such decree or order shall not have been vacated within 60 days, in

respect of the Administrator in any involuntary case under any applicable

bankruptcy, insolvency or other similar law now or hereafter in effect or

appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or

similar official for the Administrator or any substantial part of its property

or order the winding-up or liquidation of its affairs; or

 

(iii)          the

Administrator shall commence a voluntary case under any applicable bankruptcy,

insolvency or other similar law now or hereafter in effect, shall consent to

the entry of an order for relief in an involuntary case under any such law, or

shall consent to the appointment of a receiver, liquidator, assignee, trustee,

custodian, sequestrator or similar official for the Administrator or any

substantial part of its property, shall consent to the taking of possession by

any such official of any substantial part of its property, shall make any

general assignment for the benefit of creditors or shall fail generally to pay

its debts as they become due.

 

The Administrator agrees that if any of the events

specified in clauses (ii) or (iii) above shall occur, it shall give written

notice thereof to the Issuer and the Indenture Trustee within seven days after

the occurrence of such event.

 

(d)           No

resignation or removal of the Administrator pursuant to this Section shall be

effective until (i) a successor Administrator shall have been appointed by the

Issuer and (ii) such successor Administrator shall have agreed in writing to be

bound by the terms of this Agreement in the same manner as the Administrator is

bound hereunder.

 

(e)           The

appointment of any successor Administrator shall be effective only after the

satisfaction of the Rating Agency Condition with respect to the proposed

appointment.

 

(f)            Subject

to Section 8(d) and 8(e), the Administrator acknowledges that upon the

appointment of a Successor Servicer pursuant to the Sale and Servicing

Agreement, the Administrator shall immediately resign and such Successor

Servicer shall automatically become the Administrator under this Agreement.

 

Section 9.              Action

upon Termination, Resignation or Removal. 

Promptly

upon the effective date of termination of this Agreement pursuant to Section 8

or the resignation or removal of the Administrator pursuant to Section 8(a),

(b) or (c) respectively, the Administrator shall be entitled to be paid all

fees and reimbursable expenses accruing to it to the date of such termination,

resignation or removal.  The

Administrator shall forthwith upon such termination pursuant to Section 8

deliver to the Issuer all property and documents of or relating to the

 

10

 

Collateral then in

the custody of the Administrator.  In

the event of the resignation or removal of the Administrator pursuant to

Section (a), (b) or (c), respectively, the Administrator shall cooperate with

the Issuer and take all reasonable steps requested to assist the Issuer in

making an orderly transfer of the duties of the Administrator.

 

Section

10.            Notices.  

All notices, demands, certificates, requests and communications

hereunder (“notices”) shall be in writing and shall be effective (a) upon

receipt when sent through the U.S. mails, registered or certified mail, return

receipt requested, postage prepaid, with such receipt to be effective the date

of delivery indicated on the return receipt, or (b) one Business Day after

delivery to an overnight courier, or (c) on the date personally delivered to an

Authorized Officer of the party to which sent, or (d) on the date transmitted

by legible telecopier transmission with a confirmation of receipt, in all cases

addressed to the recipient at the address for such recipient set forth in the

Sale and Servicing Agreement.

 

Each party hereto may, by notice given in accordance

herewith to each of the other parties hereto, designate any further or

different address to which subsequent notices shall be sent.

 

Section

11.            Amendments. 

This Agreement may be amended from time to time by a written amendment

duly executed and delivered by the parties hereto, with the written consent of

the Owner Trustee but without the consent of the Noteholders, for the purpose

of adding any provisions to or changing in any manner or eliminating any of the

provisions of this Agreement or of modifying in any manner the rights of the

Noteholders; provided that such amendment will not, in the Opinion of Counsel

satisfactory to the Indenture Trustee, materially and adversely affect the

interest of any Noteholder.  This

Agreement may also be amended by the parties hereto with the written consent of

the Owner Trustee and the Required Holders for the purpose of adding any

provisions to or changing in any manner or eliminating any of the provisions of

this Agreement or of modifying in any manner the rights of Noteholders; provided,

however, that no such amendment may (i) increase or reduce in any

manner the amount of, or accelerate or delay the timing of, collections of

payments on the Contracts or distributions that are required to be made for the

benefit of the Noteholders or (ii) reduce the aforesaid percentage of the

holders of Notes which are required to consent to any such amendment, without

the consent of the holders of all outstanding Notes.  Notwithstanding the foregoing, the Administrator may not amend

this Agreement without the permission of the Trust Depositor, which permission

shall not be unreasonably withheld.

 

Section

12.            Successors and Assigns. 

This

Agreement may not be assigned by the Administrator unless such assignment is

previously consented to in writing by the Issuer, the Indenture Trustee and the

Owner Trustee and subject to the satisfaction of the Rating Agency Condition in

respect thereof.  An assignment with

such consent and satisfaction, if accepted by the assignee, shall bind the

assignee hereunder in the same manner as the Administrator is bound

hereunder.  Notwithstanding the

foregoing, this Agreement may be assigned by the

 

11

 

Administrator without

the consent of the Issuer or the Owner Trustee to a corporation or other

organization that is a successor (by merger, consolidation or purchase of

assets) to the Administrator; provided that such successor organization

executes and delivers to the Issuer, the Owner Trustee and the Indenture

Trustee an agreement, in form and substance reasonably satisfactory to the

Owner Trustee and the Indenture Trustee, in which such corporation or other

organization agrees to be bound hereunder by the terms of said assignment in

the same manner as the Administrator is bound hereunder.  Subject to the foregoing, this Agreement

shall bind any successors or assigns of the parties hereto.

 

Section

13.            Governing

Law.  THIS AGREEMENT SHALL BE CONSTRUED IN

ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, WITHOUT REFERENCE TO ITS

CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE

PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section

14.            Headings. 

The section and subsection headings hereof have been inserted for

convenience of reference only and shall not be construed to affect the meaning,

construction or effect of this Agreement.

 

Section

15.            Counterparts. 

This Agreement may be executed in several counterparts, each of which

shall be an original and all of which shall constitute but one and the same

agreement.

 

Section 16.            Severability. 

Any provision of this Agreement that is prohibited or unenforceable in

any jurisdiction shall be ineffective to the extent of such prohibition or

unenforceability without invalidating the remaining provisions hereof and any

such prohibition or unenforceability in any jurisdiction shall not invalidate

or render unenforceable such provision in any other jurisdiction.

 

Section

17.            Not

Applicable to Harley-Davidson Credit in Other Capacities. 

Nothing in this Agreement shall affect any obligation Harley-Davidson

Credit may have in any other capacity.

 

Section

18.            Limitation

of Liability of Owner Trustee and Indenture Trustee.

 

(a)           Notwithstanding

anything contained herein to the contrary, this instrument has been

countersigned by Wilmington Trust Company not in its individual capacity but

solely in its capacity as Owner Trustee of the Issuer and in no event shall

Wilmington Trust Company in its individual capacity or any beneficial owner of

the Issuer have any liability for the representations, warranties, covenants,

agreements or other obligations of the Issuer hereunder, as to all of which

recourse shall be had solely to the assets of the Issuer.  For all purposes of this Agreement, in the

performance of any duties or obligations of the Issuer hereunder, the Owner

 

12

 

Trustee shall be

subject to, and entitled to the benefits of, the terms and provisions of

Articles Six, Seven and Eight of the Trust Agreement.

 

(b)           Notwithstanding anything contained

herein to the contrary, this Agreement has been countersigned by BNY Midwest

Trust Company not in its individual capacity but solely as Indenture Trustee

and in no event shall BNY Midwest Trust Company have any liability for the

representations, warranties, covenants, agreements or other obligations of the

Issuer hereunder or in any of the certificates, notices or agreements delivered

pursuant hereto, as to all of which recourse shall be had solely to the assets

of the Issuer.

 

Section

19.            Third-party

Beneficiary.  The Owner Trustee is a third-party

beneficiary to this Agreement and is entitled to the rights and benefits

hereunder and may enforce the provisions hereof as if it were a party hereto.

 

Section

20.            Survivability. 

The obligations of the Administrator described in Section 1(a)(ii)

hereof shall survive termination of this Agreement.

 

[signature page follows]

 

13

 

IN WITNESS WHEREOF, the

parties hereto have caused this Agreement to be duly executed and delivered as

of the day and year first above written.

 

	

   

  	

   

  	

  HARLEY-DAVIDSON

  MOTORCYCLE TRUST

  2003-2

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: 

  	

  Wilmington Trust

  Company, not in its

  individual capacity but solely as Owner

  Trustee

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: 

  	

   

  
	

   

  	

   

  	

   

  	

  Printed Name:

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  Title:

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  HARLEY-DAVIDSON

  CUSTOMER FUNDING

  CORP., as Trust Depositor

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: 

  	

   

  
	

   

  	

   

  	

   

  	

  Printed Name:  Perry A. Glassgow

  
	

   

  	

   

  	

   

  	

  Title:  Treasurer

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  BNY MIDWEST TRUST COMPANY,

  not in

  its individual capacity but solely as Indenture

  Trustee

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: 

  	

   

  
	

   

  	

   

  	

   

  	

  Printed Name:  Cynthia L. Davis

  
	

   

  	

   

  	

   

  	

  Title:  Assistant Vice President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  HARLEY-DAVIDSON CREDIT

  CORP.,

  as Administrator

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: 

  	

   

  
	

   

  	

   

  	

   

  	

  Printed Name:  Perry A. Glassgow

  
	

   

  	

   

  	

   

  	

  Title:  Treasurer

  
									

 

 

Signature Page to

Administration Agreement

 

 

 

LIMITED POWER OF ATTORNEY

 

	

  State of Illinois

  	

  )

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  )

  	

  SS.

  
	

   

  	

   

  	

   

  
	

  County of Cook

  	

  )

  	

   

  

 

KNOW ALL PERSONS BY THESE PRESENTS, that Wilmington

Trust Company, a Delaware banking corporation (the “Owner Trustee”), whose

principal executive office is located at Wilmington Trust Company, Rodney

Square North, 1100 North Market Street, Wilmington, Delaware Attention:  Trust Administration, by and through its

duly elected and authorized officer,                         ,  a

                   ,  on behalf of itself and of Harley-Davidson

Motorcycle Trust 2003-2 (the “Trust”) as Issuer under the

Administration Agreement, dated as of May 1, 2003 (the “Administration Agreement”),

among the Trust, Harley-Davidson Customer Funding Corp., BNY Midwest Trust

Company, as Indenture Trustee, and Harley-Davidson Credit Corp., as

Administrator, does hereby nominate, constitute and appoint Harley-Davidson

Credit Corp., a Nevada corporation, each of its officers from time to time and

each of its employees authorized by it from time to time to act hereunder,

jointly and each of them severally, together or acting alone, its true and

lawful attorney-in-fact, for the Owner Trustee and the Issuer in their name,

place and stead, in the sole discretion of such attorney-in-fact, to perform

such calculations and prepare or cause the preparation by other appropriate

persons of, and to execute on behalf of the Issuer or the Owner Trustee, all

such documents, reports, filings, instruments, certificates and opinions that

the Issuer or the Owner Trustee is required to prepare, file or deliver

pursuant to the Administration Agreement, and to take any and all other action,

as such attorney-in-fact may deem necessary or desirable in accordance with the

directions of the Owner Trustee and in connection with its duties as

Administrator or successor Administrator under the Administration

Agreement.  Capitalized terms used

herein that are not otherwise defined shall have the meanings ascribed thereto

in the Administration Agreement.

 

The Owner Trustee hereby ratifies and confirms the

execution, delivery and performance (whether before or after the date hereof)

of the above-mentioned documents, reports, filings, instruments, certificates and

opinions, by the attorney-in-fact and all that the attorney-in-fact shall

lawfully do or cause to be done by virtue hereof.

 

 

 

The Owner Trustee hereby agrees that no person or

other entity dealing with the attorney-in-fact shall be bound to inquire into

such attorney-in-fact’s power and authority hereunder and any such person or

entity shall be fully protected in relying on such power of authority.

 

This Limited Power of Attorney may not be assigned

without the prior written consent of the Owner Trustee.  It is effective immediately and will

continue until it is revoked.

 

This Limited Power of Attorney shall be governed and

construed in accordance with the laws of the State of Illinois without

reference to principles of conflicts of law.

 

Executed as of this 20th day of May, 2003.

 

	

   

  	

   

  	

  Wilmington Trust Company, not in its individual

  capacity but solely as Owner Trustee

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By: 

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  Printed Name: 

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  Title: 

  	

   

  	

   

  
								

 

 

 

CERTIFICATE OF

ACKNOWLEDGMENT OF

NOTARY PUBLIC

 

	

  State of Delaware

  	

  )

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  )

  	

  SS.

  
	

   

  	

   

  	

   

  
	

  County of New Castle

  	

  )

  	

   

  

 

On May    , 2003 before me,

                                                                              

[Insert name and

title of notary]

personally appeared

                                      

 

o            personally

known to me, or

 

o            proved

to me on the basis of satisfactory evidence to be the person(s) whose name(s)

is/are

 

subscribed to the within instrument and acknowledged to me that

he/she/they executed the same in his/her/their authorized capacity(ties), and

that by his/her/their signature(s) on the instrument the person(s), or the

entity upon behalf of which person(s) acted, executed the instrument.

 

WITNESS my hand

and official seal.

 

	

   

  	

  Signature: 

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  [SEAL]Exhibit 10.5

                              TERMINATION AGREEMENT

         THIS TERMINATION AGREEMENT ("Termination Agreement") is made as of May
5, 2003 by and between the Estate of David Sowers, Deceased, by and through the
Estate's Personal Representative, Sandra Sowers, having an address at 4411 NW
105th Terrace, Coral Springs, Florida 33065 (hereinafter "Licensor"), P.D.C.
Innovative Industries, Inc., a Nevada corporation, with its principle place of
business located at 3838 NW 126th Avenue, Coral Springs, Florida 33065
(hereinafter "Licensee"), Medical Marketing Innovations, Inc., a Florida
corporation and wholly -owned subsidiary of Global, defined below, having its
principle place of business located at 7150 West 20th Avenue, Suite 302,
Hialeah, Florida 33016 (hereinafter "MMI") and Global Medical Marketing, Inc., a
Florida corporation and the parent company of MMI, having its principle place of
business located at 7150 West 20th Avenue, Suite 302, Hialeah, Florida 33016
("Global")(the signatories to this Termination Agreement being referred to
individually as a "Party" hereto and collectively as "Parties" hereto).

                              W I T N E S S E T H:

         WHEREAS, Licensor, Licensee and MMI previously entered into an
Exclusive Patent Sub- License and Royalty Agreement dated as of November 21,
2002 ("Agreement"); and

         WHEREAS, Licensor, Licensee and MMI wish to terminate the Agreement and
their respective rights and obligations thereunder as of the date of execution
of this Termination Agreement;

         NOW, THEREFORE, for and in consideration of the covenants, conditions
and undertakings hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which is acknowledged by the
Parties hereto, the Parties agree as follows (capitalized terms not defined
herein shall have the same meaning as set forth in the Agreement):

         1. The Agreement and the respective rights and obligations of each of
the Licensor, Licensee, and MMI thereunder is hereby terminated.

         2. Each of the Parties represents and warrants to the other Parties
hereto that such Party has not incurred, directly or indirectly, any obligation
or liability, contingent or otherwise, under the Agreement to any of the other
Parties, and agrees to indemnify and hold harmless each of such other Parties,
and their respective officers, directors, employees, agents, and personal
representatives, heirs, successors, and assigns, as the case may be, in
connection with any breach of the foregoing representation and warranty.

         3. The Licensor and Licensee agree that Global and/or MMI, as may be
determined by Global, shall be afforded the opportunity on a non-exclusive basis
to sell and market the Hypo- Pro 2000 on such terms and conditions as the
Licensee and Global and/or MMI may later agree after such time if and when the
Hypo-Pro may receive approval by the U.S. Food and Drug Administration.

         4. In consideration for Global agreeing to cause MMI to terminate the
Agreement and

                                   Page 1 of 5

<PAGE>

relinquish its exclusive rights thereunder, Licensee agrees to herewith transfer
to Global 10,000,000 shares of Global restricted common stock and relinquish all
of its right, title and interest thereto. Concurrent with the execution of this
Termination Agreement by all Parties hereto, Licensee shall deliver to Global
the share certificate(s) representing all of such shares, together with a stock
power for each such certificate executed in blank with signature medallion
guaranteed by a commercial bank, and a corporate resolution authorizing such
transfer.

         5. Except for the prospective sales and marketing of the Hypo-Pro which
may be undertaken by Global and/or MMI as provided for in paragraph 3 above, and
as set forth below, the rights and obligations of each of the Licensor and
Licensee as to the Technology, Patent Rights, Improvements and Related
Technology and Components shall, upon execution hereof by all of the Parties
hereto, be as set forth in the June 8 Agreement, as amended. Notwithstanding the
foregoing, neither the: (a) royalty payment provisions set forth in the June 8
Agreement, as modified in the Amendment and Revision; or (b) anti-dilution
provisions contained in the June 8 Agreement shall be applicable or effective,
and the Licensor is not and shall not be entitled to any shares of the
Licensee's common stock pursuant to such anti-dilution provision, and waives any
and all claims, if any, arising from and pertaining to such provision.

         6. Any notice, or other communication required or permitted to be given
to any Party hereto shall be deemed to have been properly given and to be
effective on the date of delivery if delivered in person or by courier or by
first-class certified mail, postage paid, or via telecopier (with a printed
transmission confirmation of receipt provided to the sender thereof) to the
respective address given below, or to such other address as it shall designate
by written notice given to the other party as follows:

In the case of the Licensor:

         Sandra Sowers, Personal Representative for the Estate of David Sowers
         4411 NW 105th Terrace
         Coral Springs, Florida 33065
         Telecopier No. (954) 752-9736

In the case of the Licensee:

         P.D.C. Innovative Industries, Inc. 3838 NW 126th Avenue Coral Springs,
         Florida 33065
         Attention: Michael Hiler, Chief Executive Officer
         Telecopier No. (954) 341-5361

                                   Page 2 of 5

<PAGE>

In the case of the MMI:

         Medical Marketing Innovations, Inc.
         7150 West 20th Avenue, Suite 302
         Hialeah, Florida 33016
         Attention:  President
         Telecopier No. (305-558-5977)

In the case of the Global:

         Global Medical Marketing, Inc.
         7150 West 20th Avenue, Suite 302
         Hialeah, Florida 33016
         Attention: Chief Executive Officer
         Telecopier No. (305-558-5977)

         7. This Termination Agreement shall be deemed made in, interpreted and
construed in accordance with the laws of the State of Florida without regard to
choice or conflict of law principles.

         8. No amendment or modification hereof shall be valid or binding upon
the Parties unless made in writing and signed by each of the Licensor, Licensee,
MMI and Global.

         9. This Termination Agreement embodies the entire understanding of the
Parties and shall supersede all previous communications, representations, or
understandings, either oral or written, between the Parties relating to the
subject matter hereof. This Termination Agreement is binding upon and shall
inure to the benefit of the Parties, their respective successors and permitted
assigns. This Termination Agreement and the Parties' respective rights and
obligations hereunder shall not be assigned by any of the Parties hereto without
the prior written consent of the other Parties hereto.

         10. In the event any one or more of the provisions contained in this
Termination Agreement shall for any reason be held to be invalid, illegal, or
unenforceable in any respect, such invalidity, illegality, or unenforceability
shall not affect any other provisions hereof, but this Termination Agreement
shall be construed as if such invalid or illegal or unenforceable provisions had
never been contained herein.

         11. Any controversy, claim, action and/or proceeding relating to or
arising out of this Termination Agreement, its interpretation, performance, or
termination, or the breach thereof, shall be brought solely in the federal
and/or state courts located in Broward County, Florida. The prevailing party in
any such action and/or proceeding shall be entitled to recover its reasonable
attorney's fees and costs from the other party/parties. Each of the Parties
hereto consents to the jurisdiction of such courts.

                                   Page 3 of 5

<PAGE>

         12. As each of the Parties hereto have had the opportunity to review
this Termination Agreement with their own separate, distinct counsel, the rule
of construction that ambiguities shall be construed against the drafter shall
not be applicable.

         13. This Termination Agreement may be executed in counterparts and via
telecopier.

         IN WITNESS WHEREOF, each of the Parties hereto have executed this
Termination Agreement (in the case of each of the Licensee, MMI, and Global, by
their respective officers hereunto duly authorized), on the date first set forth
above.

                                     ESTATE OF DAVID SOWERS

                                     By: /s/ Sandra Sowers
                                         --------------------------------------
                                         Sandra Sowers, Personal Representative
                                         for the Estate of David Sowers

STATE OF FLORIDA                    )
                                    )   SS:
COUNTY OF BROWARD                   )

         The foregoing instrument was acknowledged before me this 5th day of May
2003 by Sandra Sowers as Personal Representative for the Estate of David Sowers,
who is personally known to me or has produced Florida driver's license as
identification and did/did not take an oath.

                                     /s/ Maria Galus
                                     ------------------------------
  My Commission Expires:             Notary Public, State of Florida

                                     P.D.C. INNOVATIVE INDUSTRIES, INC.

                                     By: /s/ Michael Hiler
                                         -------------------------------------
                                         Michael Hiler, Chief Executive Officer

STATE OF FLORIDA                    )
                                    )  SS:
COUNTY OF BROWARD                   )

         The foregoing instrument was acknowledged before me this 5th day of May
2003, by Michael Hiler as Chief Executive Officer of P.D.C. Innovative
Industries, Inc., a Nevada corporation, on behalf of such corporation, who is
personally known to me or has produced Florida Driver's License as
identification and did/did not take an oath.

                                     /s/ Maria Galus
                                     -------------------------------
My Commission Expires:               Notary Public, State of Florida

                                   Page 4 of 5

<PAGE>

                                     MEDICAL MARKETING INNOVATIONS, INC.

                                     By: /s/ John Carlson
                                         -----------------------------
                                         John Carlson, President

STATE OF FLORIDA              )
                              ) SS:
COUNTY OF MIAMI-DADE          )

         The foregoing instrument was acknowledged before me this 5th day of May
2003, by John Carlson as President of Medical Marketing Innovations, Inc., a
Florida corporation, on behalf of such corporation, who is personally known to
me or has produced ________________________ as identification and did/did not
tak an oath.

                                     /s/ David Warshopsky
                                     -----------------------
My Commission Expires:               Notary Public, State of Florida

                                     GLOBAL MEDICAL MARKETING, INC.

                                     By:/s/ Ron Epstein
                                     ----------------------------
                                     Ron Epstein,
                                     Chief Executive Officer

STATE OF FLORIDA              )
                              ) SS:
COUNTY OF MIAMI-DADE          )

The foregoing instrument was acknowledged before me this 5th day of May 2003 by
Ron Epstein as Chief Executive Officer of Global Medical Marketing, Inc., a
Florida corporation, on behalf of such corporation, who is personally known to
me or has produced __________________ as identification and did/did not take an
oath.

                                     /s/ David Warshopsky
                                     --------------------------
My Commission Expires:               Notary Public, State of Florida

                                   Page 5 of 5

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