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Form 10-D Harley-Davidson Motorcyc For: Aug 31

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September 22, 2021 11:31 AM EDT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from
August 1, 2021 to August 31, 2021

Harley-Davidson Motorcycle Trust 2021-A
(Exact name of issuing entity as specified in its charter)
(Commission File Number: 333-230733-03)
(Central Index Key: 0001841508)

Harley-Davidson Customer Funding Corp.
(Exact name of depositor as specified in its charter)
(Commission File Number: 333-230733)
(Central Index Key: 0001114926)

Harley-Davidson Credit Corp.
(Exact name of sponsor specified in its charter)
(Central Index Key: 0001033232)


William S. Jue, General Counsel, (312) 368-9501
(Name and telephone number, including area code, of the person to contact in connection with this filing)

Delaware
(State of other jurisdiction of incorporation or organization of the issuing entity)

86-6361849
(I.R.S. Employer Identification No.)

c/o Wilmington Trust, National Association
1100 North Market Street
Wilmington, Delaware
        

19890-1605
(Address of principal executive offices of the issuing entity)
 (Zip Code)
(302) 636-6000
(Telephone number, including area code)




Registered/reporting pursuant to (check one)Name of exchange (If Section 12(b))
Title of classSection 12(b)Section 12(g)Section 15(d)
Class A-1 Notes¨¨x
Class A-2 Notes¨¨x
Class A-3 Notes¨¨x
Class A-4 Notes¨¨x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨





PART I – DISTRIBUTION INFORMATION

Item 1.        Distribution and Pool Performance Information.

The attached Monthly Report contains the distribution and pool performance information for the distribution period commencing on August 1, 2021 and ending on August 31, 2021 and with respect to the motorcycle contracts which comprise the assets of Harley-Davidson Motorcycle Trust 2021-A.

Item 1A.    Asset-Level Information.

The Asset Data File and Asset Related Document filed as Exhibit 102 and Exhibit 103, respectively, to the Form ABS-EE filed by the issuing entity, Harley-Davidson Motorcycle Trust 2021-A, on September 21, 2021 are hereby incorporated by reference into this Form 10-D.

Item 1121(c) of Regulation AB.     Repurchases and Replacements.

There is no activity to report relating to the repurchase or replacement of underlying assets as required by Item 1121(c) of Regulation AB. The most recent Form ABS-15G relating thereto was filed on April 28, 2021 (Commission File Number: 025-00396) by Harley-Davidson Customer Funding Corp. (Commission File Number: 333-230733; CIK: 0001114926), as securitizer, with respect to all asset-backed securities sponsored thereby.




PART II – OTHER INFORMATION

Item 10.    Exhibits.


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

                    HARLEY-DAVIDSON MOTORCYCLE TRUST 2021-A
                    (Issuing entity)

By: Harley-Davidson Credit Corp.,
    as Servicer

By: /s/ James Darrell Thomas     
James Darrell Thomas
Vice President, Treasurer and Assistant Secretary


Date: September 21, 2021

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EXHIBIT INDEX




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Harley-Davidson Motorcycle Trust 2021-AExhibit 99.1
$82,000,000.00 0.13042% Motorcycle Contract Backed Notes, Class A-1
$243,000,000.00 0.22% Motorcycle Contract Backed Notes, Class A-2
$243,000,000.00 0.37% Motorcycle Contract Backed Notes, Class A-3
$63,580,000.00 0.53% Motorcycle Contract Backed Notes, Class A-4
Monthly Report
For the September 15, 2021 Distribution Date

Capitalized terms are defined in the Sale and Servicing Agreement dated as of February 1, 2021, as filed with the Securities and Exchange Commission as Exhibit 10.2 to the Current Report on Form 8-K filed on February 18, 2021
Beginning of Due Period08/01/2021
End of Due Period08/31/2021
Determination Date09/07/2021
Record Date09/14/2021
Distribution Date09/15/2021
LIBOR Determination Date
LIBOR as of the LIBOR Determination Date
Number of days in Interest Period (ACT/360 basis)30 
Number of days in Interest Period (30/360 basis)30 

Purchases		Number of
Contracts		Cut-Off
Date
Closing Date		Initial
Pool Balance
Initial Contracts37,09301/31/202102/18/2021$663,098,029.08
Subsequent ContractsN/AN/AN/AN/A
Total37,093$663,098,029.08
 I. POOL BALANCE CALCULATION
Aggregate Principal Balance at beginning of Due Period$516,929,762.09 
Monthly principal amounts
Principal collections on Contracts23,209,036.08 
Balance of Contracts liquidated during Due Period134,957.74 
Balance of Contracts purchased by Seller or Servicer during Due Period— 
Other adjustments573.24 
Decline in Aggregate Principal Balance23,344,567.06 
Aggregate Principal Balance at end of Due Period$493,585,195.03 
Pool factor0.7443623 



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 II. NOTE PRINCIPAL BALANCE CALCULATION
Class A-1Class A-2Class A-3Class A-4Total
Original Note balance$82,000,000.00$243,000,000.00$243,000,000.00$63,580,000.00$631,580,000.00
Note balance as of prior Distribution Date— 178,852,605.71 243,000,000.00 63,580,000.00 485,432,605.71 
Principal Distributable Amount *— 23,344,567.06 — — 23,344,567.06 
Note balance at end of Due Period-155,508,038.65 243,000,000.00 63,580,000.00 462,088,038.65 
Note Pool Factor at beginning of Due Period0.0000000 0.7360190 1.0000000 1.0000000 
Note Pool Factor at end of Due Period0.0000000 0.6399508 1.0000000 1.0000000 
* Equals the aggregate Note balance as of prior Distribution Date minus (the Aggregate Principal Balance at end of Due Period less the Overcollateralization Target Amount)


 III. NOTE INTEREST DISTRIBUTABLE CALCULATION
ClassNote Balance at Beginning of Due PeriodNote Interest Carryover Shortfall at Beginning of Due PeriodInterest RateDaysInterest Accrual BasisNote Monthly Interest Distributable AmountNote Interest Carryover Shortfall at End of Due PeriodNote Interest Distributable Amount
A-1— — 0.13042 %30ACT/360— — — 
A-2178,852,605.71 — 0.22 %3030/36032,789.64 — 32,789.64 
A-3243,000,000.00 -0.37 %3030/36074,925.00 -74,925.00 
A-463,580,000.00 -0.53 %3030/36028,081.17 -28,081.17 
Totals$485,432,605.71 -$135,795.81 -$135,795.81 

2

 IV. CALCULATION OF AVAILABLE MONIES AND DISTRIBUTIONS
Available Monies:
Principal collections on Contracts during Due Period$23,155,915.83 
Interest collections on Contracts during Due Period3,188,709.00 
Net Liquidation Proceeds94,313.29 
Aggregate of Purchase Price for Contracts required to be purchased by Seller or Servicer— 
Advances made by Servicer58,242.08 
Amounts paid by Seller in connection with the optional repurchase of the Contracts— 
Investment Earnings - Collection Account567.39 
Total Available Monies$26,497,747.59 
Distribution of Available Monies in order of priority:
Reimbursement Amount for Advances previously made46,991.96 
Monthly Servicing Fee to the Servicer, including any unpaid Servicing Fees430,774.80 
Monthly Indenture Trustee Fee, including any unpaid Indenture Trustee Fees— 
Asset Representation Reviewer Fee— 
Note Interest Distributable Amount135,795.81 
Principal Distributable Amount23,344,567.06 
Total distribution of fees, interest and principal23,958,129.63 
Excess Amounts (Shortfall)2,539,617.96 
Amount withdrawn from Reserve Fund to cover Shortfall— 
Excess Amounts to the Reserve Fund up to the Specified Reserve Fund Balance— 
Unpaid fees, expenses and amounts to the Indenture Trustee— 
Unpaid fees, expenses and amounts to the Asset Representation Reviewer— 
Excess Amounts to Certificateholders2,539,617.96 
Total distribution of Available Monies$26,497,747.59 
3

 V. ACCOUNT BALANCE INFORMATION
Specified Reserve Fund Balance (0.25% of Initial Pool Balance)$1,657,745.07 
Reserve Fund balance as of prior Distribution Date$1,657,745.07 
Additions to Reserve Fund:
Additional deposit - Excess Amounts to Reserve Fund— 
Investment earnings - Reserve Fund36.89 
Total additions36.89 
Withdrawals from Reserve Fund:
Amount withdrawn to cover Shortfall— 
Excess Reserve Fund balance to Certificateholders36.89 
Total withdrawals36.89 
Reserve Fund balance at current Distribution Date$1,657,745.07 
Calculation of Overcollateralization Target Amount:
Overcollateralization Target Amount for current Distribution Date (4.75% of the Initial Pool Balance)$31,497,156.38
AmountPercentage
Overcollateralization Amount at Cutoff Date31,518,029.084.75%
Overcollateralization Target Amount for current Distribution Date31,497,156.386.38%
Overcollateralization Amount at current Distribution Date31,497,156.386.38%

4

 VI. CONTRACT PERFORMANCE INFORMATION
Number of months since Closing Date7 
Monthly lossesNumber of ContractsAmount% of Principal Balance at beginning of Due Period
Beginning of period Principal Balance of Contracts liquidated in the Due Period10$188,077.99 0.036%
Less:
Net Liquidation Proceeds for the Due Period794,313.29 0.018%
Net Liquidation Losses for the Due Period93,764.70 0.018%
Net Liquidation Loss ratio0.218%
Average loss ratioNet Liquidation Loss ratio - current Distribution Date0.218%
Net Liquidation Loss ratio - prior Distribution Date0.334%
Net Liquidation Loss ratio - second prior Distribution Date 0.292%
     Three-month average loss ratio0.281%
Number of ContractsAmount% of Initial Principal Balance
Cumulative losses
Cumulative Liquidated Contracts43$933,973.57 0.141%
Cumulative Net Liquidation Proceeds31472,197.91 0.071%
Cumulative Net Liquidation Losses461,775.66 0.070%
Average net loss (amount of cumulative Net Liquidation Losses / number of cumulative Liquidated Contracts)$10,738.97 
Cumulative loss ratioCumulative loss ratio0.070%
5

DelinquenciesDays DelinquentNumber of ContractsPrincipal BalanceDelinquent Interest Amount% of Principal Balance at Beginning of Due Period
30 - 5989$1,482,048.52 $20,195.51 0.287%
60 - 8926537,013.49 12,146.22 0.104%
90 - 11922475,041.71 15,367.50 0.092%
120+14280,523.69 10,532.85 0.054%
Totals151$2,774,627.41 $58,242.08 0.537%
60+ delinquency amount62$1,292,578.89 0.250%
Average 60+ day delinquency ratio60+ day delinquency ratio - current Distribution Date0.250%
60+ day delinquency ratio - prior Distribution Date0.191%
60+ day delinquency ratio - second prior Distribution Date0.167%
   Three-month average delinquency Ratio0.203%
Current 60+ day delinquency ratio meets or exceeds Delinquency Trigger (6.00%)? Yes or NoNo

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 VII. ADDITIONAL CONTRACT INFORMATION
Contract DataBeginning of Due PeriodEnd of Due Period
Number of Contracts31,353 30,377 
Principal Balance of Contracts516,929,762.09 493,585,195.03 
Weighted average original term72.03 72.09 
Weighted average remaining term58.28 57.32 
Weighted average age13.76 14.77 
One month prepayments (ABS)2.14%2.17 %
Weighted average Contract Rate7.41 %7.42 %

Contract Rate		Principal Balance
of Contracts		% of Principal Balance at
End of Due Period
< 0.000%-0.00%
0.000% - 5.000%123,743,583.73 25.07 %
5.001% - 10.000%273,718,796.87 55.46 %
10.001% - 15.000%96,122,814.43 19.47 %
15.001% - 20.000%— 0.00%
> 20.000%— 0.00%
Advances made by Servicer in current Due Period$58,242.08 
Reimbursement Amount due to Servicer46,991.96 
Number of Contracts purchased by Seller or Servicer— 
Principal Balance of Contracts purchased by Seller or Servicer— 
Purchase Price of Contracts purchased by Seller or Servicer— 

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 VIII. OTHER INFORMATION FOR NOTEHOLDERS
1. Information regarding material changes to the definition or determination of delinquencies, charge-offs and uncollectible accounts:
     
       
None
2. Information regarding any material modifications, extensions or waivers to contract terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time:
     
       
None
3. Information regarding material breaches of contract representations or warranties or transaction covenants:
     
    
None
4. Information regarding any new issuance of asset-backed securities backed by the same contracts:
     
None
5. Information regarding any contract changes (other than in connection with a contract converting into cash in accordance with its terms), such as additions or removals in connection with a
    prefunding period, including any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to
    originate, acquire or select the new pool of contracts:
Not applicable
6. During the pre-funding period, if applicable, information regarding originators, pool contracts or significant obligors pursuant to Item 1121(b) of Regulation AB:
Not applicable
7. Information regarding material changes to derivatives used within the transaction structure, including the counterparty, the operation and material terms of the derivatives instruments:
Not applicable

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HARLEY-DAVIDSON CREDIT CORP.

CERTIFICATE OF SERVICING OFFICER


The undersigned certifies that he is the Vice President, Treasurer and Assistant Secretary of Harley-Davidson Credit Corp., a Nevada corporation (the "Servicer"), and that as such he is duly authorized to execute and deliver this certificate on behalf of the Servicer pursuant to Section 9.02 of the Sale and Servicing Agreement (the "Agreement") dated as of February 1, 2021 by and among Harley-Davidson Customer Funding Corp., as Trust Depositor, the Servicer and Citibank, N.A., as Trustee of Harley-Davidson Motorcycle Trust 2021-A (all capitalized terms used herein without definition having the respective meanings specified in the Agreement), and further certifies that:


1. The Monthly Report for the period from August 1, 2021 to August 31, 2021 attached to this certificate is complete and accurate in accordance with the requirements of Sections 9.01 and 9.02 of the Agreement; and

2. As of the date hereof, no Event of Termination event that with notice or lapse of time or both would become an Event of Termination has occurred.

IN WITNESS WHEREOF, I have affixed hereunto my signature this 9th day of
September 2021.

HARLEY-DAVIDSON CREDIT CORP.


By: /s/ James Darrell Thomas
                            James Darrell Thomas
Vice President, Treasurer and Assistant Secretary

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