Document:

Exhibit 10.3

 

 

ADMINISTRATION AGREEMENT

 

among

 

HARLEY-DAVIDSON MOTORCYCLE TRUST 2004-1,

 

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 February 1, 2004

 

 

 

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 February 1, 2004, among
Harley-Davidson Motorcycle Trust 2004-1 (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 1.40% Harley-Davidson Motorcycle
Contract Backed Notes, Class A-1 Notes, 2.53% Harley-Davidson Motorcycle
Contract Backed Notes, Class A-2 Notes and 2.00% 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);

 

3

 

(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);

 

4

 

(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;

 

5

 

(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

  2004-1

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Wilmington Trust Company, not in its

  individual capacity but solely as Owner

  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ 
  Patricia A. Evans

  	
   

  
	
   

  	
   

  	
  Printed Name: Patricia A. Evans

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  
	
   

  	
  HARLEY-DAVIDSON CUSTOMER FUNDING

  CORP., as Trust Depositor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ 
  Perry A. Glassgow

  	
   

  
	
   

  	
   

  	
  Printed Name: Perry A. Glassgow

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
  BNY MIDWEST TRUST COMPANY, not in

  its individual capacity but solely as Indenture

  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/  Cynthia Davis

  	
   

  
	
   

  	
   

  	
  Printed Name: Cynthia Davis

  
	
   

  	
   

  	
  Title: Assistant Vice President

  
	
   

  	
   

  
	
   

  	
  HARLEY-DAVIDSON CREDIT CORP.,

  as Administrator

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/  Perry A. Glassgow

  	
   

  
	
   

  	
   

  	
  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 2004-1 (the “Trust”) as Issuer under the
Administration Agreement, dated as of February 1, 2004 (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
          day of February, 2004.

 

	
   

  	
  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 February        , 2004
  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
10.8

 

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made
as of December 1, 2002 between 1-800 CONTACTS, INC., a Delaware
corporation (the “Company”), and Graham David Mullis (the
“Executive”).  This Agreement shall be
deemed to be effective as of December 1, 2002 (the “Effective Date”),
subject to the Company’s background check being verified to the Company’s good
faith satisfaction.

 

In consideration of the
mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

1.                                       Employment.  The Company shall employ Executive, and
Executive hereby accepts employment with the Company, upon the terms and
conditions set forth in this Agreement, for the period beginning on the
Effective Date and ending as provided in paragraph 4 hereof (the “Employment
Period”).

 

2.                                       Position
and Duties.

 

(a)                                  During
the Employment Period, Executive shall serve as President, 1-800 CONTACTS International
Division, for the Company and shall have the normal duties, responsibilities
and authority of such position.  In
addition, Executive shall spend at least six months in Singapore beginning
December 2002 to assist in the operations at the Clearlab facility.

 

(b)                                 Executive
shall report to the Company’s Chief Executive Officer and such other persons as
the board of directors (“the Board”) may direct from time to time, and
Executive shall devote his best efforts and his full business time and
attention (except for permitted vacation periods and reasonable periods of
illness or other incapacity) to the business and affairs of the Company and its
Subsidiaries (as hereinafter defined). 
Executive shall perform his duties and responsibilities to the best of
his abilities in a diligent, trustworthy, businesslike and efficient manner.

 

(c)                                  For
purposes of this Agreement, “Subsidiaries” shall mean any corporation owned by
the Company, directly or through one or more Subsidiaries.

 

3.                                       Base
Salary and Benefits.

 

(a)                                  During
the first year of the Employment Period, Executive’s base salary shall be
175,000 GBP per annum (the “Base Salary”), which salary shall be payable in
regular installments in accordance with the Company’s general payroll but paid
on the 1st day of each Month. 
Thereafter, the Base Salary shall be such higher rate as the Board may
designate from time to time.  As used in
this Agreement, the term “Base Salary” shall be deemed to include any such
increases as may be designated from time to time by corporate management.  During the Employment Period, Executive
shall be entitled to participate in all of the Company’s employee benefit
programs for which

 

 

management employees of
the Company and its Subsidiaries are generally eligible (including the Company’s
stock option program).

 

(b)                                 In
addition to the Base Salary, the Board will award an annual bonus of up to 10%
of the Executive’s Base Salary to Executive following the end of each fiscal
year during the Employment Period upon the Company achieving certain operating
targets as determined by the Board at the beginning of each fiscal year during
the Employment Period.

 

(c)                                  At
the execution of this Agreement, Executive shall receive 87,500 GBP (the
“Signing Bonus”) which shall be paid on or before December 16, 2002;
provided however, that should Executive resign his employment or be terminated
for Cause prior to May 31, 2003, he shall repay the pro rata portion of the
Signing Bonus to the Company.

 

(d)                                 In
addition to the Base Salary and any bonuses payable to Executive pursuant to
this paragraph, Executive shall be entitled to the following benefits during
the Employment Period:

 

(i)                                     20,000
stock options at a strike price of $25.00 (USD) which shall vest 25% per year
for four years with a five year life, see Exhibit A;

(ii)                                  A
maximum of four weeks vacation each year (20 working days) with salary in
addition to the statutory bank holidays of the UK country, subject to
additional vacation time either upon executive approval or according to the
Company vacation policy; and

(iii)                               Reimbursement for
travel, entertainment and other business expenses reasonably incurred by
Executive; and

(iv)                              32,115
GBP travel budget for personal trips back to the UK or for family to visit in
Singapore during the period specified in 3(c) above;

(v)                                 Life
insurance provided by Company in amount equal to four times Executive’s Base
Salary; and

(vi)                              Payment
of all medical premiums for spouse and children up to the age of 18 years; and

(vii)                           The Company will make 50%
matching contributions of up to 6% of Executive’s annual Base Salary to an
approved personal pension plan nominated by Executive, i.e. total matched
contribution dollars of up to 3% of Executives annual Base Salary (consistent
with Company’s current 401k plan).

 

4.                                       Termination.

 

(a) The Employment Period
shall continue until the earliest of (i) Executive’s resignation upon 60 days’
advance written notice; (ii) Executive’s death, disability or other incapacity,
which cannot be reasonably accommodated, (as determined by the Board in its
good faith judgment); (iii) the Board’s termination of Executive’s employment
for Cause; or (iv) the Board’s termination of Executive’s employment without
Cause.

 

 

(b) In the event of
Executive’s termination without Cause or his resignation based on the Company’s
material breach of this Agreement, which breach has not been cured within 30
days of written notice from Executive, Executive shall be entitled to receive
(i) 85% of his Base Salary and the health and life insurance premiums described
in paragraph 3(d) for a period of 12 months thereafter, and (ii) following the
end of the fiscal year in which Executive’s employment is terminated and the
determination of the amount of bonus to which Executive would have been
entitled if he remained employed by the Company or its Subsidiaries for the
entire fiscal year (the “Bonus Amount”), (A) 50% of the Bonus Amount if such
termination occurs in the first six months of such fiscal year or (B) 100% of
the Bonus Amount if such termination occurs in the second six months of such
fiscal year.

 

(c)                                  For purposes of
this Agreement, “Cause” shall mean (i) the willful and continued failure by
Executive to perform his duties of the position set forth herein or his
continued failure to perform duties reasonably requested or reasonably
prescribed by the Board, (ii) the engaging by Executive in conduct which is
materially monetarily injurious to the Company or any of its Subsidiaries,
(iii) gross negligence or willful misconduct by Executive in the performance of
his duties which results in, or causes, material monetary harm to the Company
or any of its Subsidiaries, or (iv) Executive’s commission of a felony or other
civil or criminal offense involving moral turpitude.  In the case of (i), (ii) and (iii) above, finding of Cause for
termination shall be made only after reasonable notice to Executive and an
opportunity for Executive, together with counsel (if requested by executive),
to be heard before the Board.

 

5.                                       Confidential
Information.  Executive acknowledges
that the information, observations, data, strategic and development plans,
financial condition, business plans, co-developer identities, business records,
customer lists, clients and suppliers, project records, market reports,
employee lists and business manuals, policies and procedures, information
relating to processes, technologies of theory and all other information which
may be disclosed or obtained by Executive while employed by the Company and its
Subsidiaries concerning the business or affairs of the Company or any other
Subsidiary (“Confidential Information”) are the property of the Company or such
Subsidiary.  Therefore, Executive agrees
that he shall not disclose to any unauthorized person or use for his own purposes
any Confidential Information without the prior written consent of the Board,
unless and to the extent that the aforementioned matters become generally known
to and available for use by the public other than as a result of Executive’s
acts or omissions.  Executive shall
deliver to the Company at the termination of the Employment Period, or at any
other time the Company may request, all memoranda, notes, plans, records,
reports, computer tapes, printouts and software and other documents and data
(and copies or reproductions thereof) relating to the Confidential Information,
Work Product (as defined below) or the business of the Company or any
Subsidiary which he may then possess or have under his control.

 

6.                                       Inventions
and Patents.  In accordance with UCA
§34-39-1 et. seq., Executive acknowledges that any invention or part thereof
conceived, developed, reduced to practice, or created by Executive which is:

(a) conceived, developed,
reduced to practice, or created by Executive:

(i) within the
scope of his employment;

 

 

(ii) on Company’s
or its Subsidiaries’ time; or

(iii) with the aid,
assistance, or use of any of Company’s or its Subsidiaries’ property,
equipment, facilities, supplies, resources, or intellectual property;

(b) the result of any
work, services, or duties performed by Executive for Company or its
Subsidiaries;

(c) related to the
industry or trade of the Company or its Subsidiaries; or

(d) related to the
current or demonstrably anticipated business, research, or development of the
Company or its Subsidiaries is an (“Employment invention”) and belongs to the
Company or such Subsidiary.

(e)  (“Intellectual property”) means any and all
patents, trade secrets, know-how, technology, confidential information, ideas,
copyrights, trademarks, and service marks and any and all rights, applications,
and registrations relating to them.

(f) Executive shall
promptly disclose such Employment invention to the Board and perform all
actions reasonably requested by the Board (whether during or after the
Employment Period) to establish and confirm such ownership (including, without
limitation, assignments, consents, powers of attorney and other instruments).

 

7.                                       Non-Compete

 

(a)                                  In
further consideration of the compensation to be paid to Executive hereunder,
Executive acknowledges that in the course of his employment with the Company he
shall become familiar with the Company’s trade secrets and with other
Confidential Information concerning the Company and its Subsidiaries and that
his services shall be of special, unique and extraordinary value to the Company
and its Subsidiaries.  Therefore,
Executive agrees that, during the Employment Period and for 12 months
thereafter, (the “Noncompete Period”), he shall not directly or
indirectly  manage, control,
participate in, consult with, advise, render services for, or in any manner
engage in any activity competing with the businesses of the Company or its
Subsidiaries within any geographical area in which the Company or its
Subsidiaries or the Executive has manufactured, provided, sold or offered or
promoted for sale any of the Company’s products.

 

(b)                                 In
the event Executive plans or desires to form, obtain employment with or
otherwise affiliate with any business in the contact lens industry during the
Noncompete Period, he will first give notice to the Company of his desire and
the Company will then make a good faith assessment regarding whether and under
what circumstances Executive may go forward with such plans without violating
the terms of this Agreement.

 

(c)                                  At
its sole option, the Company may extend the Noncompete Period by an additional
12 months by providing Executive written notice at least 30 days prior to the
expiration of the original Noncompete Period. 
In such an event, Executive will receive 75% of his Base Salary during
the second 12 months of the Noncompete Period.

 

8.                                       Non-Solicitation.  Executive agrees that during the Employment
Period and for 24 months thereafter, Executive shall not directly or indirectly
through another entity (i) hire any person who was an employee of the Company
or any Subsidiary at any time during the three-month period

 

 

prior to the expiration
of the Employment Period or (ii) induce or attempt to induce any customer,
supplier, licensee, licensor, franchisee or other business relation of the
Company or any Subsidiary to cease doing business with the Company or such
Subsidiary, or in any way interfere with the relationship between any such
customer, supplier, licensee or business relation and the Company or any
Subsidiary (including, without limitation, making any negative statements or
communications about the Company or its Subsidiaries) which interference causes
material monetary damage to the Company or its Subsidiaries.

 

9.                                       Enforcement.  If, at the time of enforcement of
paragraph 5, 6, 7 or 8 of this Agreement, a court holds that the
restrictions stated herein are unreasonable under circumstances then existing,
the parties hereto agree that the maximum period, scope or geographical area
reasonable under such circumstances shall be substituted for the stated period,
scope or area. Because Executive’s services are unique and because Executive
has access to Confidential Information and Work Product, the parties hereto
agree that money damages would not be an adequate remedy for any breach of this
Agreement.  Therefore, in the event of a
breach or threatened breach of this Agreement, the Company or its successors or
assigns may, in addition to all other rights and remedies existing in their
favor, apply to any court of competent jurisdiction for specific performance
and/or injunctive or other relief in order to enforce, or prevent any
violations of, the provisions hereof (without posting a bond or other
security).  In addition, in the event of
an alleged breach or violation by Executive of paragraph 7, the Noncompete
Period shall be tolled until such breach or violation has been duly cured.  Executive agrees that the restrictions
contained in paragraphs 7 and 8 are reasonable.

 

10.                                 Executive’s
Representations.  Executive hereby
represents and warrants to the Company that (i) the execution, delivery and
performance of this Agreement by Executive do not and shall not conflict with,
breach, violate or cause a default under any contract, agreement, instrument,
order, judgment or decree to which Executive is a party or by which he is
bound, (ii) Executive is not a party to or bound by any employment
agreement, noncompete agreement or confidentiality agreement with any other
person or entity and (iii) upon the execution and delivery of this Agreement by
the Company, this Agreement shall be the valid and binding obligation of
Executive, enforceable in accordance with its terms.  Executive hereby acknowledges and represents that he fully
understands the terms and conditions contained herein.

 

11.                                 Survival.  Paragraphs 5, 6, 7, 8 and 9 and
paragraphs 11 through 19 shall survive and continue in full force in
accordance with their terms notwithstanding any termination of the Employment
Period.

 

12.                                 Notices.  Any notice provided for in this Agreement
shall be in writing and shall be either personally delivered, or mailed by
first class mail, return receipt requested, to the recipient at the address
below indicated:

 

 

Notices to Executive:

 

Graham David Mullis

18 Levignen Close

Church Crookham

Fleet

Hampshire

GU52 0TW

UK

 

Notices to the Company:

 

1-800 CONTACTS, INC.

66 E. Wadsworth Park Drive, 3rd Floor

Draper, Utah  84020

Attn:  Board of Directors

 

or such other address or
to the attention of such other person as the recipient party shall have
specified by prior written notice to the sending party.  Any notice under this Agreement shall be
deemed to have been given when so delivered or mailed.

 

13.                                 Severability.  Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be
invalid, illegal or unenforceable in any respect under any applicable law or
rule in any jurisdiction, such invalidity, illegality or unenforceability shall
not affect any other provision or any other jurisdiction, but this Agreement
shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein.

 

14.                                 Complete
Agreement.  This Agreement, those
documents expressly referred to herein and other documents of even date
herewith embody the complete agreement and understanding among the parties and
supersede and preempt any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject
matter hereof in any way.

 

15.                                 No
Strict Construction.  The language
used in this Agreement shall be deemed to be the language chosen by the parties
hereto to express their mutual intent, and no rule of strict construction shall
be applied against any party.

 

16.                                 Counterparts.  This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken
together constitute one and the same agreement.

 

 

17.                                 Successors
and Assigns.  This Agreement is
intended to bind and inure to the benefit of and be enforceable by Executive,
the Company and their respective heirs, successors and assigns, except that
Executive may not assign his rights or delegate his obligations hereunder without
the prior written consent of the Company.

 

18.                                 Choice of Law.  All
issues and questions concerning the construction, validity, enforcement and
interpretation of this Agreement and the exhibits and schedules hereto shall be
governed by, and construed in accordance with, the laws of the State of Utah,
without giving effect to any choice of law or conflict of law rules or
provisions (whether of the State of Utah or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of
Utah.

 

19.                                 Amendment
and Waiver.  The provisions of this
Agreement may be amended or waived only with the prior written consent of the
Company and Executive, and no course of conduct or failure or delay in
enforcing the provisions of this Agreement shall affect the validity, binding
effect or enforceability of this Agreement.

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date first written above.

 

 

	
   

  	
  1-800 CONTACTS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name: Jonathan Coon

  
	
   

  	
  Its: Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Graham David Mullis

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