Document:

Exhibit 10.22

 

AMENDED AND RESTATED

SECURITY AGREEMENT -
INTELLECTUAL PROPERTY

 

THIS AMENDED AND RESTATED SECURITY AGREEMENT
- INTELLECTUAL PROPERTY (this “Agreement”), is made and entered into as
of this 28th day of September, 2005, between UNDER ARMOUR, INC. (f/k/a KP
Sports, Inc.), a Maryland corporation (the “Grantor”), and THE CIT
GROUP/COMMERCIAL SERVICES, INC., a New York corporation (“CIT”).

 

WITNESSETH:

 

WHEREAS, Grantor and CIT are parties to a
certain Security Agreement - Intellectual Property, dated as of September 28,
2001 (as amended from time to time, the “Original Security Agreement”),
and recorded on January 15, 2002 in the United States Patent and Trademark
Office at Reel 002431, Frame 0135, by which Grantor granted CIT liens in, and
security interests upon, certain Intellectual Property Collateral as security
for certain obligations of Grantor, all as more particularly described therein;

 

WHEREAS, the indebtedness and obligations
secured by the Original Security Agreement have been amended and restated by
that certain Second Amended and Restated Financing Agreement, dated of even
date herewith (such Second Amended and Restated Financing Agreement, as
amended, supplemented, restated or otherwise modified from time to time, the “Financing
Agreement”), among Grantor, and its wholly-owned domestic subsidiaries that
are parties thereto (each, a “Company” and collectively, the “Companies”),
as the borrowers, and CIT and the other financial institutions that are parties
thereto from time to time, as the lenders (the “Lenders”), and CIT, as
agent for the Lenders (CIT, in such capacity, the “Agent”), pursuant to
which the Lenders have agreed to make loans and extend credit to the Companies
secured by liens in and security interests upon substantially all of the assets
of each Company, including the Intellectual Property Collateral (as defined
herein); and

 

WHEREAS, Grantor and Agent wish to enter into
this Agreement in order to confirm that the Intellectual Property Collateral
continues to secure all obligations and indebtedness owing by the Companies to
the Lenders and the Agent under or in connection with the Financing Agreement;

 

NOW, THEREFORE, in consideration of the
premises and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound
hereby, Grantor agrees with Agent as follows:

 

1.                                       Defined Terms.  All capitalized terms used herein and not
defined herein shall have the meaning ascribed to such terms in the Financing Agreement.

 

2.                                       Grant of
Security Interest.  As security for
the payment and performance of the Obligations, Grantor hereby assigns, grants,
transfers and conveys to Agent a security interest in

 

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and lien on all of Grantor’s right, title and interest in, to and under
the following property, in each case whether now existing or hereafter existing
or in which Grantor now has or hereafter acquires or develops an interest
wherever the same may be located (the “Intellectual Property Collateral”):

 

(a)                                  all
letters patent of the U.S. or any other country, all registrations and
recordings thereof, and all applications for letters patent of the U.S. or any
other country, owned, held (whether pursuant to a license or otherwise) or used
by Grantor in whole or in part, including all existing U.S. patents and patent
applications of Grantor which are described in Schedule A attached
hereto, as the same may be amended or supplemented pursuant hereto from time to
time, and including all patent licenses held by Grantor (unless otherwise
prohibited by any license or related licensing agreement under circumstances
where the granting of the security interest would have the effect under
applicable law of the termination or permitting termination of the license for
breach and where the licensor, other than any affiliate of Grantor, has elected
such termination remedy), together with all reissues, divisions, continuations,
renewals, extensions and continuations-in-part thereof and the inventions
disclosed therein, and all rights corresponding thereto throughout the world,
including the right to make, use, lease, sell and otherwise transfer the
inventions disclosed therein, and all proceeds thereof, including without
limitation all license royalties and proceeds of infringement suits
(collectively, the “Patents”);

 

(b)                                 all
state (including common law), federal and foreign trademarks, service marks and
trade names, corporate names, company names, business names, fictitious
business names, trade styles, trade dress, logos, other source or business
identifiers, domain names, designs and general intangibles of like natures, now
existing or hereafter adopted or acquired, together with and including all
licenses therefor held by Grantor (unless otherwise prohibited by any license
or related licensing agreement under circumstances where the granting of the
security interest would have the effect under applicable law of the termination
or permitting termination of the license for breach and where the licensor has
elected such termination remedy), and all registrations and recordings thereof,
and all applications filed or to be filed in connection therewith, including
registrations and applications in the United States Patent and Trademark
Office, any State of the United States or any other country or any political
subdivision thereof, and all extensions or renewals thereof, including any of
the foregoing which are described in Schedule B attached hereto, as
the same may be amended or supplemented pursuant hereto from time to time, and
the right (but not the obligation) to register claims under any state or
federal trademark law or regulation or any trademark law or regulation of any
foreign country and to apply for, renew and extend any of the same, to sue or
bring opposition or cancellation proceedings in the name of Grantor or in the
name of Agent for past, present or future infringement or unconsented use
thereof, and all rights arising therefrom throughout the world (collectively,
the “Trademarks”);

 

(c)                                  all
copyrights, rights, titles and interests in and to published and unpublished
works of authorship that Grantor now or hereafter owns or uses in its business,
and all copyrights in any original or derivative works of authorship and all
works protectable by copyright that are, or in the future may be, owned,
created, authored (as a work for hire), acquired or used (whether

 

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pursuant to a license or otherwise) by Grantor, in whole or in part,
(collectively, the “Copyrights”), including the Copyrights which are
described in Schedule C attached hereto, as the same may be amended
or supplemented pursuant hereto from time to time;

 

(d)                                 all
copyright registrations and applications for copyright registration that have
been or may hereafter be issued thereon or applied for in the United States or
throughout the world (the “Registrations”), including the Registrations
which are described in Schedule C attached hereto, as the same may
be amended or supplemented pursuant hereto from time to time;

 

(e)                                  all
common law and other rights in and to the Copyrights throughout the world,
including all copyright licenses (unless otherwise prohibited by any license or
related licensing agreement under circumstances where the granting of the
security interest would have the effect under applicable law of the termination
or permitting termination of the license for breach and where the licensor
other than any affiliate of Grantor has elected such termination remedy)
(collectively, the “Copyright Rights”), including the Copyright Rights
which are described in Schedule C attached hereto, as the same may
be amended or supplemented pursuant hereto from time to time;

 

(f)                                    all
inventions, designs, trade secrets, proprietary rights, records, computer
programs, source codes, object codes, data bases and all other intangible
personal property at any time associated or used in connection with or arising
out of the Copyrights, Registrations or Copyright Rights (referred to herein as
“Proprietary Rights”);

 

(g)                                 all
renewals and extensions of any of the Copyrights, Registrations or Copyright
Rights, throughout the world, including all proceeds thereof, the right (but
not the obligation) to renew and extend such Copyrights, Registrations and Copyright
Rights and to register works protectable by copyright and the right (but not
the obligation), to sue or bring opposition or cancellation proceedings and
recover damages for past, present and future infringements or violations of the
Copyrights, Registrations and Copyright Rights; and all of Grantor’s right,
title and interest to make and exploit all derivative works based on or adopted
from all works covered by any of the Copyrights, Registrations, and Copyright
Rights, Proprietary Rights and any other Intellectual Property Collateral (as
hereinafter defined) relating thereto;

 

(h)                                 all
claims, causes of action and rights to sue for past, present and future
infringement or unconsented use of any of the Intellectual Property Collateral
and all rights arising therefrom and pertaining thereto;

 

(i)                                     all
of the goodwill of Grantor’s business symbolized by the Trademarks or
associated therewith;

 

(j)                                     all
general intangibles (as defined in the UCC) and all intangible intellectual and
other similar property of Grantor of any kind or nature, whether now owned or
hereafter acquired or developed, associated with or arising out or used in
connection with of any of the Intellectual Property Collateral and not
otherwise described above; and

 

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(k)                                  all proceeds of any
and all of the foregoing Intellectual Property Collateral, including, without
limitation, license royalties, rights to payment, accounts receivable, proceeds
of infringement suits and all payments under insurance or any indemnity,
warranty or guaranty payable by reason or loss or damage to or otherwise with
respect to the foregoing Intellectual Property Collateral.

 

Notwithstanding the foregoing,
the lien and security interest granted pursuant to this Section 2 shall
not extend to, or attach to, any application for the registration of a
trademark filed in the United States Patent and Trademark Office pursuant to 15
U.S.C. Section 1051(b) (entitled “Trade-Marks Intended For Use In
Commerce”) if and for so long as, and solely to the extent that, such lien and
security interest may cause the cancellation, invalidity or abandonment of such
application for registration pursuant to the provisions of such United States
Trademark Act.

 

3.                                       Representations,
Warranties and Covenants of Grantor. 
Grantor represents, warrants and covenants that:

 

(a)                                  The
Intellectual Property Collateral is, to the best of its knowledge, subsisting
and has not been judged invalid or unenforceable;

 

(b)                                 Grantor
is the sole and exclusive owner of the entire and unencumbered right, title and
interest in and to the Intellectual Property Collateral, free and clear of any
liens, charges and encumbrances; and

 

(c)                                  Grantor
has used, and will continue to use for the duration of this Agreement, proper
statutory notice in connection with its use of the Trademarks;

 

(d)                                 Grantor
will maintain the quality of the products associated with the Trademarks,
generally at a level consistent with the quality as of the effective date of
this Agreement, subject to the introduction of new products from time to time,
and product modifications in the ordinary course of business; and

 

(e)                                  Grantor
has the unqualified right to enter into this Agreement and perform its terms
and has entered and will enter into written agreements with each of its present
and future employees, agents and consultants which will enable it to comply
with the covenants herein contained.

 

4.                                       Visits and
Inspections.  Subject to any limits
expressly set forth in the Financing Agreement, Grantor hereby grants to Agent
and its employees and agents the right at any time during normal business
hours, and from time to time, to visit Grantor’s plants and facilities which
manufacture, inspect or store products sold under any of the Trademarks, and to
inspect the products and quality control records relating thereto at reasonable
times during regular business hours. 
Grantor shall do any and all acts required by Agent to ensure Grantor’s
compliance with paragraph 3(d) of this Agreement.

 

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5.                                       Restrictions
on Future Agreements.  Grantor agrees
that, until all of the Obligations have been satisfied in full and the
Financing Agreement has been terminated in accordance with the terms thereof,
it will not without Agent’s prior written consent, enter into any agreement
which is inconsistent with Grantor’s duties under this Agreement, and Grantor
further agrees that it will not take any action, or permit any action to be
taken by others subject to its control, including licensees, or fail to take
any action, which would affect the validity and enforcement of the rights
granted to Agent under this Agreement.

 

6.                                       After-Acquired
Intellectual Property Rights.  If,
before the Obligations have been satisfied in full, Grantor shall obtain rights
to (i) any new patentable inventions, new trademarks, or new copyrights,
or become entitled to the benefit of any patent application, any patent for any
reissue, division, continuation, renewal, extension or continuation-in-part of
any Patent, any improvement on any Patent, any trademark application or
trademark for any renewal of any Trademark, any copyright application or any
copyright for any renewal or extension of any Copyright,  the provisions of paragraph 1 hereof shall
automatically apply thereto, and Grantor shall give to Agent prompt notice
thereof in writing.  Grantor authorizes
Agent to modify this Agreement by amending Schedules A, B, and C
to include any future patents and patent applications, any future trademarks
and trademark applications, or any future copyrights and copyright applications
which are Intellectual Property Collateral under paragraph 1 hereof or this
paragraph 6.

 

7.                                       Grantor’s
Rights Prior to Default.  Unless and
until there shall have occurred and be continuing an Event of Default, Grantor
shall continue to own, and may use and enjoy the Intellectual Property
Collateral in connection with its business operations, but only in a manner
consistent with the presentation of their current substance, validity and registration.

 

8.                                       Remedies Upon
Event of Default.  If an Event of
Default shall have occurred and be continuing, Agent shall have, in addition to
all other rights and remedies given it by this Agreement, those allowed by law
and, specifically, those of a secured party under the UCC.  Notice of any sale or other disposition of
the Intellectual Property Collateral shall be deemed reasonable and sufficient
if given Grantor at least five (5) days before the time of any intended
public or private sale or other disposition of any of the Intellectual Property
Collateral is to be made.

 

9.                                       Power of
Attorney.  Grantor hereby makes,
constitutes and appoints Agent and any officer or agent of Agent as Agent may
select as Grantor’s true and lawful attorney-in-fact, with full power to do any
or all of the following if an Event of Default shall occur and be continuing:
to endorse Grantor’s name on all applications, documents, papers and
instruments necessary for Agent to use the Intellectual Property Collateral, or
to grant or issue any exclusive or nonexclusive license under the Intellectual
Property Collateral to anyone else as necessary for Agent to assign, pledge,
convey or otherwise transfer title in or dispose of the Intellectual Property
Collateral to anyone else.  Grantor
hereby ratifies all that such attorney shall lawfully do or cause to be done by
virtue hereof.  This power of attorney
shall be irrevocable until all of

 

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the Obligations shall have been satisfied in full and the Financing
Agreement shall have been terminated in accordance with the terms thereof.

 

10.                                 Release
of Security Interest.  This
Agreement, and the liens and security interests granted hereby, shall remain in
full force and effect until the earliest to occur of the following:

 

(a)                                  Agent
is required to release its lien and security interest in the Intellectual
Property Collateral pursuant to Section 6.12 of the Financing Agreement;

 

(b)                                 the
Financing Agreement is terminated pursuant to Section 11 thereof and all
of the Obligations, other than Ledger Debt owing to CIT, are paid and satisfied
in full; or

 

(c)                                  all
of the Obligations are paid and satisfied in full and the Financing Agreement
is terminated in writing;

 

at which time Agent shall, promptly upon the request and at the expense
of Grantor, forthwith execute and deliver to Grantor all releases, termination
statements, and other instruments as may be necessary or proper to release or
reflect the release of Agent’s security interest in the Intellectual Property
Collateral.

 

11.                                 Litigation and
Proceedings.

 

(a)                                  Grantor
shall have the duty, through counsel reasonably acceptable to Agent, to
prosecute diligently any patent application of the Patents, any trademark
application of the Trademarks, or any copyright application of the Copyrights
pending as of the date of this Agreement or thereafter, other than those
discontinued or abandoned in the ordinary course of business, until the
Obligations shall have been paid in full, to make application on unpatented but
patentable inventions, and to preserve and maintain all rights in patent
applications, patents of the Patents, trademark applications, trademarks of the
Trademarks, copyright applications, and copyrights of the Copyrights in the
ordinary course of business.  Any
expenses incurred in connection with such applications shall be borne by
Grantor.  Grantor shall not abandon any
right to file a patent application, or any pending patent application or
patent, any right to file a trademark application, or any pending trademark
application or trademark, or any right to file a copyright application, or any
pending copyright application or copyright, other than those discontinued or
abandoned in the ordinary course of business without the consent of Agent, which
consent shall not be unreasonably withheld.

 

(b)                                 Agent
shall have the right, during the existence of an Event of Default, but shall in
no way be obligated, to bring suit in its own name, as the holder of a security
interest in the Intellectual Property Collateral, to enforce the Patents,
Trademarks, or Copyrights and any license thereunder, in which event Grantor
shall at the request of Agent do any and all lawful acts (including bringing
suit) and execute any and all proper documents reasonably required by Agent in
aid of such enforcement and Grantor shall promptly, upon demand, reimburse and
indemnify the Agent for all costs and expenses incurred in the exercise of its
rights under this

 

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paragraph 11.  Nothing herein
shall be deemed to prohibit Grantor from bringing any such suit in its own name
at any time that an Event of Default does not exist, if Agent declines to
institute suit.

 

12.                                 Agent May Perform.  If Grantor fails to comply with any of its
obligations hereunder, Agent may do so in Grantor’s name or in Agent’s name,
but at Grantor’s expense, and Grantor agrees to reimburse Agent in full for all
expenses, including reasonable attorney’s fees, incurred by Agent in
prosecuting, defending or maintaining the Intellectual Property Collateral or
Agent’s interest therein pursuant to this Agreement.

 

13.                                 Severability.  The provisions of this Agreement are
severable, and if any clause or provision shall be held invalid and
unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect only such clause or provision, or part thereof,
in such jurisdiction, and shall not in any manner affect such clause or
provision in any other jurisdiction, or any other clause or provision of this
Agreement in any jurisdiction.

 

14.                                 Modification.  This Agreement is subject to modification
only by a writing signed by the parties, except as provided in paragraph 6
hereof.

 

15.                                 Binding Effect;
Benefits.  The benefits and burdens
of this Agreement shall inure to the benefit of and be binding upon the
respective successors and permitted assigns of the parties.

 

16.                                 Notices.  All notices, requests and demands hereunder
shall be: (a) addressed to the party to be served at the address shown below,
or to such other address as either party may designate by written notice to the
other in accordance with this provision; and (b) deemed to have been given
or made: if by hand, immediately upon delivery; if by telex or facsimile,
immediately upon sending; if by overnight delivery service, one day after
dispatch; and if by ordinary mail or registered/certified mail-return receipt
requested (with proper postage prepaid), three (3) days after mailing:

 

	
  (i)  If to Agent at:

  	
   

  	
  The CIT Group/Commercial Services, Inc.

  
	
   

  	
   

  	
  Two Wachovia Center

  
	
  Post Office Box 31307

  	
   

  	
   

  
	
   

  	
   

  	
  Charlotte, North Carolina 28202

  
	
   

  	
   

  	
  Attention: Regional Credit Manager

  
	
   

  	
   

  	
  Facsimile No.: 704-339-2250

  

 

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  (ii)  If to Grantor, at:

  	
   

  	
  Under Armour, Inc.

  
	
   

  	
   

  	
  1020 Hull Street

  
	
   

  	
   

  	
  Baltimore, Maryland 21230

  
	
   

  	
   

  	
  Attention: Chief Financial Officer

  
	
   

  	
   

  	
  Facsimile No.: 410-468-2516

  

 

17.                                 Counterparts.  This Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which shall be deemed to be an original, but all of which taken together
shall constitute one and the same agreement. 
Delivery of an executed counterpart of this Agreement by fax shall be
equally as effective as delivery of an original executed counterpart of this
Agreement.

 

18.                                 Governing
Law; Consent to Forum.  THE VALIDITY,
INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK.

 

19.                                 Waiver of Jury
Trial.  EACH PARTY HEREBY WAIVES ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
THEREUNDER.

 

20.                                 Amendment
and Restatement.  This Agreement
amends and restates in its entirety the Original Security Agreement. This
Agreement shall in no way be construed to, nor shall it affect, modify,
diminish or break the continuity of the lien and security interest granted by
Grantor to CIT in the Intellectual Property Collateral pursuant to the Original
Security Agreement, and all such liens and security interests granted
thereunder shall henceforth be deemed held by Agent under this Agreement in its
capacity as agent for the Lenders under the Financing Agreement, and shall
continue in full force and effect and shall secure all Obligations as provided
in this Agreement.

 

WITNESS the execution hereof on the day and
year first above written.

 

	
   

  	
   

  	
  UNDER ARMOUR, INC.

  
	
   

  	
   

  	
  (f/k/a KP Sports, Inc.)

  
	
   

  	
   

  	
  (“Grantor”)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Kevin A. Plank

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  President 

  	
   

  
						

 

8

 

	
   

  	
   

  	
  THE CIT GROUP/COMMERCIAL SERVICES,

  INC., as Agent

  
	
   

  	
   

  	
  (“Agent”)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
    /s/ Timothy Cooper

  	
   

  
	
   

  	
   

  	
   

  	
  Title: 

  	
    Vice President 

  	
   

  
						

 

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STATE OF Maryland

 

CITY OF Balitmore

 

I, Tiffany Lynn Day, a Notary Public of the
State and County aforesaid, certify that Kevin A. Plank personally appeared
before me this day and acknowledged that        he
is                           
President of UNDER ARMOUR, INC., a Maryland corporation, and that by authority
duly given and as the act of the corporation, the foregoing instrument was
signed by him/her in the corporation’s name and sealed with its corporate seal.

 

WITNESS my hand and official stamp or seal,
this 28 day of September, 2005.

 

 

	
   

  	
       /s/ Tiffany
  Lynn Day 

  	
   

  
	
   

  	
  Notary
  Public

  	
   

  
	
   

  	
   

  
	
   

  	
  My Commission Expires:

  	
    June 19, 2006 

  	
   

  
					

 

10

 

STATE OF NORTH CAROLINA

 

COUNTY OF MECKLENBURG

 

I, Keir C. Duncan, a Notary Public of the
State and County aforesaid, certify that Timothy E. Cooper personally appeared
before me this day and acknowledged that       he
is                          
Vice-President of THE CIT GROUP/COMMERCIAL SERVICES, INC., a New York
corporation, and that by authority duly given and as the act of the
corporation, the foregoing instrument was signed by him/her in the corporation’s
name and sealed with its corporate seal

 

WITNESS my hand and official stamp or seal,
this 28 day of September, 2005.

 

 

	
   

  	
      /s/ Keir C. Duncan 

  	
   

  
	
   

  	
  Notary
  Public

  
	
   

  	
   

  
	
   

  	
  My Commission Expires:

  	
    April 6, 2008

  	
   

  
					

 

11Exhibit 10.23

 

The  CIT
Group/Commercial Services, Inc. 

301
South Tryon Street

Charlotte,
North Carolina 28202

 

 

 

September 28,
2005

 

Under Armour, Inc.

Under Armour Retail, Inc.

Under Armour Retail of
Maryland, L.L.C.

Under Armour Retail of
Virginia, LLC

Under Armour Hong Kong,
LLC

1020 Hull Street

Baltimore, Maryland 21230

 

Amended and Restated
Credit Approved Receivables Purchasing Agreement

(the “Agreement”)

 

Ladies and Gentlemen:

 

This letter will confirm
the agreement of Under Armour, Inc., Under Armour Retail, Inc., Under
Armour Retail of Maryland, L.L.C., Under Armour Retail of Virginia, LLC, and
Under Armour Hong Kong, LLC (collectively, “you” or the “Client”)
and The CIT Group/Commercial Services, Inc. (“we” or “CIT”)
concerning our performance of certain services and our purchases of certain of
your accounts receivable as described herein in connection with your inventory
or service sales upon the terms and conditions set forth herein.  All capitalized terms used and not defined in
this Agreement shall have the meanings ascribed to such terms in that certain
Second Amended and Restated Financing Agreement, dated of even date herewith
(such Second Amended and Restated Financing Agreement, as amended,
supplemented, restated or otherwise modified from time to time, the “Financing
Agreement”), among you, us and the other financial institutions that are
parties thereto from time to time (the “Lenders”), and us, as agent for
the Lenders (in such capacity, the “Agent”).  This letter is the CARPA, as defined in the
Financing Agreement.

 

A.                                   From
time to time you will submit to us the names of those of your U.S. and Canadian customers for which you
shall have requested that we make credit investigations, approve credit or
establish credit lines in accordance with our usual business practices.  “Receivable” as used herein

 

1

 

shall mean and include
each separately invoiced account created by, or arising from, your sale of
inventory to or performance of services for (under any of your trade names or
styles or through any of your divisions including, but not limited to, “Under
Armour” and “Under Armour Performance Apparel”) your customers, together with
all related instruments, documents, insurance proceeds and general intangibles
(including all payment intangibles and all other rights to payment); all
proceeds thereof, including all property acquired with such proceeds; all of
your rights to any merchandise which are represented thereby; and all your
right, title, security, guaranties, supporting obligations and letter of credit
rights with respect to each Receivable, including all rights to reclamation and
stoppage in transit.  Except as
hereinafter specifically provided, each Receivable due from those of your U.S. and/or Canadian customers which have
been approved by us for credit in writing, is herein referred to as an “Approved
Receivable”.

 

B.                                     You
hereby sell, assign and transfer to us as absolute owner all of your Approved
Receivables subject to the perfected
security interest granted by you to the Agent as security for the Obligations.  The purchase price of each Approved
Receivable purchased by us hereunder shall be the gross face amount thereof
less any trade and cash discounts, and credits and allowances. You shall
collect our payment of the purchase price owing to you for each Approved
Receivable, for our benefit and on our behalf, from the applicable customer
with payment therefor being remitted directly to the lockbox as prescribed in
the Agent Lockbox Agreement or other lockbox associated with a Depository
Account and for which there shall be in existence a Depository Account Control
Agreement (either such lockbox, the “Lockbox”).  Our obligation to
pay you the purchase price for any Approved Receivable with the source of such
payment being our funds rather than a customer’s funds shall only be as
provided in Paragraphs 5 and 6 below, and only when all requirements of this
Agreement have been satisfied.

 

C.                                     Our
services hereunder will be provided on a non-notification basis; that is, we
will not communicate with your customers without your prior approval except:
(a) in connection with Approved Receivables under collection as delinquent
accounts as described in Paragraph 4 below, and/or (b) to obtain current
information on any customer’s financial condition and creditworthiness. At all
times you will perform your normal accounts receivable bookkeeping, collection
and reporting procedures in connection with your Receivables (both Approved
Receivables and “non-approved Receivables” which are defined in Paragraph E
below).  In order to maintain our credit
approval in connection with any Approved Receivable (unless we withdraw or
limit our credit approval as otherwise provided in this Agreement), you also
agree to perform the following collection and reporting procedures at a minimum
(to the extent permitted by law):

 

(i)                                     Provide
to each customer, with respect to a past due Receivable, a written statement
detailing the delinquency at least once a month.  Each such statement shall age such past due
Receivable(s).

 

(ii)                                  You
shall document all collection-related telephonic communications given to, and
responses received from, your delinquent customers.  You also shall initiate telephonic
communication to each such customer before the Receivable due from

 

2

 

such customer becomes
thirty (30) days past due, and at least two (2) such calls shall be
required in each subsequent thirty (30) day period (i.e., 31-60 days
past due and 61-90 days past due) until the Receivable is ninety (90) days past
due.  All collection calls must involve
your authorized representative speaking with a representative of the delinquent
customer who has authority to approve payments on behalf of the customer,
recording the name of the representative of the delinquent customer, his/her
position with the customer, the date and time of such call, the reason for the
delinquency in payment (e.g., cash flow, dispute, paperwork, etc.), the
commitment to pay date, and a follow-up date.

 

(iii)                               In
the event that your attempts to telephonically communicate with any delinquent
customer are not successful (e.g., the telephone of such delinquent
customer has been disconnected), your records must so indicate, and you shall
then communicate to such delinquent customer in writing.

 

D.                                    For
our services hereunder, you agree to pay us fees as follows with respect to
each Approved Receivable having payment terms of sixty (60) days or less:

 

(i)                                     0.20%
on the gross face amount of all Approved Receivables sold to us during each
calendar month on the first One Hundred Million Dollars ($100,000,000.00) of
Approved Receivables during a Calendar Year (as defined below); and

 

(ii)                                  0.15%
on the gross face amount of all Approved Receivables sold to us during each
calendar month on Approved Receivables in excess of One Hundred Million Dollars
($100,000,000) during a Calendar Year.

 

The fees for
our services under this Agreement shall be due and payable to us no later than
the fifteenth (15th) calendar day of each fiscal month for the fees
earned by us and due us for the preceding calendar month.  In the event such fees are not paid to us as
required by the preceding sentence, all credit approvals given by us and any
credit risk assumed by us as to any Approved Receivables for which such
applicable fees have not been paid to us shall automatically, and without any
further notice or action by us whatsoever, be and become withdrawn, null, void
and of no effect, and any such Approved Receivable shall no longer be deemed an
Approved Receivable. In no event shall the aggregate fees due and payable by
you to us under this Agreement be less than Thirty-Six Thousand U.S. Dollars
($36,000) for each Contract Year or part thereof (the “Minimum Fee”).  If the aggregate fees paid to us by you under
this Agreement during any Contract Year is less than the Minimum Fee, you shall
pay us as of the end of such Contract Year an amount equal to the difference
between the actual fees paid during such Contract Year and the Minimum Fee.

 

“Calendar Year” shall mean each twelve (12) month
period commencing on January 1 of each year and ending on the following December 31.

 

3

 

“Contract Year” shall mean the one (1) year
period from the date hereof until the first anniversary of the date hereof and
each one (1) year period thereafter.

 

“Anniversary
Date” shall mean the last day of each Contract Year.

 

E.                                      You
may request that we collect for you, at your expense, any Receivable for which
we have not assumed the credit risk (a “non-approved Receivable”) in
accordance with our usual practices.  In
such event, any moneys collected by us on any such non-approved Receivables
will be promptly remitted to the Lockbox after our receipt of good funds, less
any additional service charge due and payable to us as provided in Annex A attached hereto and made part hereof.

 

F.                                      You
hereby represent and warrant that: your legal name is exactly as set forth on
the signature page of this Agreement, you are a duly organized and validly
existing corporation or limited liability company under the laws of the
respective state of your incorporation or organization and are duly qualified
to transact business in, and are in good standing in, all states where
required; there are no provisions in your articles of organization or
incorporation or bylaws (or any amendments thereto) or in any of your contracts
or indentures restricting your compliance with, or your undertaking the acts
contemplated by, this Agreement, or requiring the consent or authorization of
your stockholders or of any
other person, firm, entity or corporation other than your board of directors (except such
consents as have already been obtained); each Receivable represents an actual
and bona  fide sale and delivery of inventory or performance of
services in the ordinary course of your business, and the inventory being sold
and the Receivable created therefrom are your exclusive property; as to each
Approved Receivable, the customer is obligated to pay, in United States
Dollars, the full amount stated in the invoice according to its terms without
dispute, offset, deduction, defense or counterclaim; no inventory sold is
subject to any consignment arrangement; all taxes and fees with regard to any Approved
Receivable or the inventory sold or services performed are solely your
responsibility; and none of the Approved Receivables represents sales or
services to any subsidiary, parent or affiliated company.  If you breach any of these representations and
warranties, we shall be released from any credit risk whatsoever on any
Approved Receivable which may be involved.

 

The following are
additional terms and conditions of this Agreement:

 

1.                                       We
shall have the right to adjust customer credit lines from time to time and to
withdraw our credit approval on any Approved Receivable at any time prior to
your shipment of the inventory thereunder to the specified customer.

 

2.                                       Any
order for which you seek our credit approval (except for those under credit
lines which may have been established for your customers) must be submitted to
our Credit Department either via computer on-line terminal access or, if you
are unable to submit your orders via computer, then by telephone or via
telecopier (but, in any event, in writing). 
You have advised us that your selling terms are not in excess of sixty
(60) days.  As to any Approved
Receivable, you agree that you will not, without our prior written
consent: (i) change these terms for any customer in a way that varies from
our existing credit approval, or extend the

 

4

 

maturity date of any
invoice; (ii) change the amount (except for credits you may issue in the
normal course of your business and otherwise in accordance with this Agreement)
or shipping dates; or (iii) grant any other indulgence.  In the event you were to do any of these acts
without such concurrence by us, any credit approval and assumption of credit
risk by us of the respective Approved Receivable(s) shall be and become
automatically and immediately, and without any further notice or action by us
whatsoever, withdrawn, null, void and of no effect.  Our credit approval with respect to any
shipment by you of inventory to, or any performance of services for, a customer
may also be withdrawn by us any time before, but not after, shipment is made or
services are performed and shall be effective only if shipment is made or
services are performed within thirty (30) days from the date specified (for
shipping in the case of shipment of inventory) in the credit approval, or
within thirty (30) days from the date of our credit approval if no delivery or
services performance date is specified therein. 
We shall have no liability whatsoever to you or any person, firm or
entity for our not approving, or our withdrawal of approval of, credit to any
customer in the manner provided in this Agreement.  You agree to notify us promptly of any
matters affecting the value, enforceability or collectibility of any Approved
Receivable.  You also agree to issue
credit memoranda promptly (with duplicates to us) upon accepting returns or
granting allowances in connection with any Approved Receivable.  You further agree to notify us promptly of
any change in your: name, state of incorporation or registration, location of
your chief executive office, place(s) of business, and legal or business
structure, and irrevocably authorize us to file financing statements and all
amendments and continuations with respect thereto, all in order to create,
perfect or maintain our interest in the Approved Receivables and you ratify and
confirm any and all financing statements, amendments and continuations with
respect thereto heretofore and hereafter filed by us pursuant to the foregoing
authorization.

 

3.                                       You
will maintain, in form acceptable to us (in our commercially reasonable
judgment), a detailed ageing of all Receivables (whether or not credit
approved), payments thereon and of customers’ returns, and you will deliver to
us within thirty (30) calendar days after the end of each of your fiscal
months: (a) on a monthly basis for each of your fiscal months upon your
issuance thereof or at any time at our request, in form acceptable to us (in
our commercially reasonable judgment), your aged trial balances of all of your
outstanding Receivables (Approved Receivables, non-approved Receivables and all
other Receivables), (b) on a monthly basis for each of your fiscal months
upon your issuance thereof, in form acceptable to us (in our commercially
reasonable judgment), your sales journal of all your outstanding Receivables
(Approved Receivables,  non-approved
Receivables and all other Receivables), and (c) on a monthly basis, proper
reconciliations between your aged trial balances and your Receivables.  In the event you fail to provide this
information to us by its due date, our credit approvals and assumption of
credit losses shall automatically and immediately cease and be deemed to have
been thereupon withdrawn, void, null and of no effect as to all Approved
Receivables.  Within fifteen (15)
calendar days after the end of each of your fiscal months, you will also
furnish to us: (a) a schedule for the preceding month of each of your
Receivables which you have recorded and clearly identified as Approved
Receivables

 

5

 

(including those under
any credit lines we may have established for your customers) and their
respective sales terms, invoice numbers, dates and amounts; and (b) your
check made payable to the order of The CIT Group/Commercial Services, Inc.
in the aggregate amount of the fees due and payable to us at the rates provided
above for the Approved Receivables of such preceding month.  We may (with prior notice to you) at any time
during normal business hours verify and inspect all of your books, accounts,
records, files, orders, correspondence and papers which we may deem to be
reasonably relevant to the Receivables, Approved Receivables, non-approved
Receivables, the respective customers, and/or this Agreement, and your credit
and collection procedures and business operations, and we may make photocopies
of or extracts from any of the foregoing.

 

4.                                       We
shall have the right to communicate with and, if necessary in our
discretion,  commence collection
proceedings with respect to, any of your customers from which any Approved
Receivable is unpaid if:  (a)  any
portion of such customer’s Approved Receivable whatsoever is past due, or (b) such
customer has undergone an adverse change in its financial condition or business
prospects, or (c)  the customer has called a meeting of its creditors or
ceased to do business, or (d) the customer has suffered a petition in
bankruptcy or insolvency filed by or against the customer under any foreign,
provincial or federal or state law.

 

5.                                       If
any undisputed Approved Receivable remains unpaid for more than ninety (90)
days after its due date, and you shall have delivered to us within ten (10) days
thereof a written Request for Payment of Approved Receivable substantially in
the form of Annex B attached hereto and made a
part hereof, with all of the information and documentation therein specified,
requesting that the purchase price of such overdue and unpaid Approved
Receivable be paid to you, we shall promptly or within fifteen (15) days of our
receipt of such Request for Payment of Approved Receivable (subject to our
verification of any such undisputed Approved Receivable having been credit
approved by us and being overdue and unpaid) pay to you the invoice amount
thereof which shall be the net amount (i.e., the gross face amount of
such overdue, unpaid and undisputed Approved Receivable less any amount
in payment of such Approved Receivable you may have received from or on behalf
of the applicable customer, less any trade and cash discounts and less
any credits or allowances ) of such undisputed Approved Receivable.  You agree that when you deliver to us a
Request for Payment of Approved Receivable of a particular customer, you shall
be deemed to have thereby authorized us to collect all of the other unpaid
Receivables of that customer outstanding at that time.  Approved Receivables that are one
hundred  (100) days or more past due when
submitted on Annex B shall no longer be
Approved Receivables hereunder and we are thereupon released from any liability
therefor whatsoever.

 

6.                                       Our
obligation to remit funds to you for the amount of any Approved Receivable
shall only apply to an Approved Receivable 
(a) which is free of any claims, offsets or liens whatsoever
(except that, to the extent an offset was claimed by the customer under
an Approved Receivable and such offset was taken with your written
consent delivered to us, we remain

 

6

 

obligated under this
Agreement to remit funds to you in payment of such Approved Receivable reduced
by the amount of such offset), and
(b) where the inventory and/or service has been received and accepted by
the customer without return and without dispute or claim as to price, terms,
quality, workmanship, breach of warranty, delivery, quantity or other offset,
and (c) where nonpayment by the customer is due solely to the
customer’s financial inability to pay, and (d) which you shall have sold,
assigned and transferred to us as absolute owner all of your right, title and interest
thereto and therein.  It is expressly
understood that “the customer’s financial inability to pay” any Approved
Receivable does not include any failure (or refusal) to pay arising from
or directly related to (i) changes, of whatever nature, in government or
governmental policy, or (ii) the enactment of laws or regulations or the
taking of any action, of whatever nature including, without limitation, the
taking or nationalizing of private property by any governmental entity whereby
payment may not be made or may be made only upon penalty or (iii) natural
disaster or act of God, uprising, civil war, civil commotion, war, revolution,
invasion and other acts of violence.  If
an Approved Receivable for which we have paid you is later determined to have
been unpaid by the customer for reasons other than solely the customer’s
financial inability to pay, you agree to repurchase such Approved Receivable
from us for the same amount we paid to you therefor (less any remittances we
may have received in connection with such Approved Receivable). You further
agree that in the event any merchandise in connection with an Approved
Receivable is offered to be returned to you by the customer thereunder solely
as a result of such customer’s financial inability to pay for such merchandise,
and for which Approved Receivable we shall have already remitted funds to you
for the amount thereof, or shall be obligated to remit to you, under this
Agreement, then you shall promptly notify us in writing of such offer with all
particulars and, upon our written approval to you of your acceptance of such
offer of return, you may accept the return of such merchandise, provided such
merchandise is returned to you free and clear of all liens and security
interests.  Any merchandise which you may
receive in connection with such approval of return of merchandise under an
Approved Receivable, solely as a result of the customer’s financial
inability to pay, shall: (a) be and at all times be deemed to be our
property; (b) at our option, be promptly delivered by you to us at such
place as we shall reasonably specify; or (c) at our option, be retained by
you for resale by you, employing your best  efforts, and at the
best available price.  In the event of
resale of such returned merchandise to another customer as contemplated by the
preceding sentence, (i) if we shall have already remitted funds to you in
accordance with this Agreement for the amount of such Approved Receivable, then
all proceeds of such resale shall be paid to us or be promptly turned over to
us, or (ii) if we shall not have so remitted to you the amount of such
Approved Receivable but shall be obligated to remit funds to you for the amount
of such Approved Receivable under this Agreement, then all proceeds of such
resale shall be paid to you or be promptly turned over to you, and the
difference (if any) between the invoice amount of such Approved Receivable and
the proceeds of such resale shall be owing by us to you and promptly remitted
by us to you upon the consummation of, and your receipt of the proceeds of,
such resale.  After our payment to you of
any Approved Receivable, any and all checks, cash, notes or other instruments
or 

 

7

 

property received by you
with respect to such Approved Receivable shall be held by you in trust for us,
separate from your own property and funds, and promptly turned over to us.

 

7.                                       In
the event that an Approved Receivable were to become the subject of a dispute
or claim as to price, terms, quality, workmanship, breach of warranty,
delivery, quantity or other offset, such dispute would release us from any
credit risk whatsoever on such Approved Receivable.

 

8.                                       In
the event you have shipped a customer inventory in excess of any particular
single order credit approval or our approved credit line for such customer, all
remittances received from or on behalf of such customer shall first be applied
to payment of Approved Receivables due from such customer until paid in full,
and thereafter any excess shall be applied to payment of non-approved
Receivables.  In the event a petition in
bankruptcy is filed by or against a customer, any distribution, insolvency
dividend, recovery or other payment thereafter received from such proceedings
shall be applied pari  passu to payment of Approved Receivables
and non-approved Receivables due from such customer in the ratio that each
bears to the aggregate amount of such distribution, dividend or other recovery
payment.  In the event we are required to
institute suit to collect any delinquent Receivable, you agree to cooperate
fully with us and our counsel in prosecuting same.

 

9.                                       This
Agreement shall continue in full force and effect for a period of one (1) year
from the date hereof (the “Initial Term”), and from Contract Year to
Contract Year thereafter, unless sooner terminated by you or us as follows:

 

(a)                                  You
may terminate this Agreement as of the end of the Initial Term, or as of any
Anniversary Date with respect to any Contract Year after the Initial Term, by
giving us at least thirty (30) days’ prior written notice.

 

(b)                                 You
may also terminate this Agreement during the Initial Term and at any time
thereafter (an “Early Termination Date”) upon not less than thirty (30)
days prior written notice to us.  Once
given, such notice of termination shall, except as set forth in the next
sentence, be irrevocable and this Agreement shall terminate on the Early
Termination Date.   No later than three (3) business
days before the Early Termination Date, you may, by written notice to us, either
rescind such notice of termination, in which event this Agreement shall not
terminate on the Early Termination Date, or extend the Early Termination Date
to a new Early Termination Date (the “Extended Early Termination Date”)
that is no later than sixty (60) days from the original Early Termination
Date.  This Agreement shall terminate on
the Extended Early Termination Date, unless, no later than three (3) Business
Days before the Extended Early Termination Date, you, by written notice to us,
rescind such notice of termination.  You
may not extend the Extended Early Termination Date.  A termination by one of you shall be deemed
to be a termination by all of you. In the event that this Agreement is
terminated by you during the Initial Term or prior to an Anniversary Date with
respect to any Contract Year, then on the Early Termination Date we shall be
entitled to the unpaid

 

8

 

portion of the Minimum Fee, if any, for the Contract Year in which the
Early Termination Date occurs, as provided in Paragraph D above.

 

(c)                                  We
may terminate this Agreement at any time by giving you written notice stating a
termination date not less than sixty (60) days from the date such notice is
given, or immediately at any time without prior notice but with your payment to
us of the Minimum Fee, if any, as described above, upon the occurrence of any
of the following events: cessation of your business; your failure to meet your
debts generally as they mature; the commencement by or against you of any
bankruptcy, insolvency, arrangement, reorganization, receivership or similar
proceeding under any foreign, federal or state law; material breach by you of
any representation, warranty or covenant contained herein; or your failure to pay
when due any indebtedness or obligation owing by you to us whether under this
Agreement, the Financing Agreement or any other agreements and instruments
entered into in connection therewith.  We
may also terminate this Agreement immediately and without any Minimum Fee
required from you in the event that we shall reasonably determine that any
material provision of this Agreement is not enforceable under applicable law or
would require any filing with, or consent or approval by, any governmental
authority.  Further, if an Event of Default occurs under the Financing Agreement,
then, at our election, this Agreement shall thereupon terminate.

 

(d)                                 Any
termination of this Agreement, however, shall not affect obligations of you or
us incurred hereunder prior to such termination including, without limitation,
our obligation to pay for Approved Receivables arising prior to such
termination date (provided that our assumption of credit risks and losses
hereunder shall cease upon your failure to pay our fees hereunder when due or
to deliver to us the information required by this Agreement, all as hereinabove
provided approval.

 

10.                                 You shall pay to us those reasonable
attorneys’ fees and disbursements incurred by us resulting from our use of
outside counsel or our in-house legal department in connection with the
documentation of this Agreement and any modification, waiver, release or
amendment relating to this Agreement.

 

11.                                 EACH OF US HEREBY WAIVES
ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREUNDER. THE
VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT SHALL BE DETERMINED
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

12.                                 This
Agreement can be modified only in writing signed by you and us.  This Agreement shall bind and benefit each of
your and our respective successors and assigns; provided, however, that neither
you nor we may assign any rights or obligations hereunder without the prior
written consent of the other.   Our
failure or delay to exercise any right or remedy hereunder

 

9

 

shall not constitute a
waiver thereof, nor bar us from exercising any of our rights or remedies
hereunder at any time, nor shall any course of dealing between you and us
change or modify this Agreement. This Agreement will become effective as of the
date set forth on the first page hereof.

 

13.                                 This
accepted Agreement and Annexes attached hereto and made part hereof contain the entire agreement between you and us with
respect to the subject matter of this Agreement.  There are no verbal agreements between you
and us concerning this Agreement or the subject matter hereof.

 

14.                                 This
Agreement amends and restates in its entirety that certain Credit Approved
Receivables Purchasing Agreement, dated December 21, 2001, between Under
Armour and CIT, as previously amended by Amendment No. 1 thereto dated April 15,
2002, by Amendment No. 2 thereto dated June 30, 2004, and by
Amendment No. 3 thereto dated February 28, 2005.

 

15.                                 This
Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which shall be deemed to be an
original, but all of which taken together shall constitute one and the same
agreement.  Delivery of an executed
counterpart of this Agreement by fax shall be equally as effective as delivery
of an original executed counterpart of this Agreement.

 

[Rest of Page Intentionally
Left Blank]

 

10

 

If you
are in agreement with the foregoing, please evidence your agreement by
executing the enclosed copy of this letter agreement in the spaces provided
below and return such fully executed copy to the undersigned.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  THE CIT GROUP/COMMERCIAL
  SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ James A. Martinez Jr.

  	
   

  
	
   

  	
  Name: 

  	
    James A. Martinez Jr.

  	
   

  
	
   

  	
  Title: 

  	
    VP and
  Senior Counsel 

  	
   

  
						

 

 

Read and Agreed to:

 

UNDER ARMOUR, INC.

 

	
  By:

  	
    /s/ Kevin
  A. Plank

  	
   

  
	
  Name:

  	
  Kevin A. Plank

  	
   

  
	
  Title:

  	
    President

  	
   

  
					

 

 

UNDER
ARMOUR RETAIL, INC.

 

	
  By:

  	
    /s/ Kevin
  A. Plank

  	
   

  
	
  Name:

  	
  Kevin A. Plank 

  	
   

  
	
  Title:

  	
    President

  	
   

  
					

 

 

UNDER ARMOUR RETAIL OF MARYLAND,
L.L.C.

 

	
  By:

  	
    /s/ Kevin
  A. Plank

  	
   

  
	
  Name:

  	
  Kevin A. Plank 

  	
   

  
	
  Title:

  	
    President
  of Under Armour Retail, Inc. Sole Member of UA Retail of Maryland LLC

  	
   

  
						

 

 

UNDER ARMOUR RETAIL OF VIRGINIA,
LLC

 

	
  By:

  	
    /s/ Kevin
  A. Plank

  	
   

  
	
  Name:

  	
  Kevin A. Plank 

  	
   

  
	
  Title:

  	
    President
  of Under Armour Retail, Inc. Sole Member of UA Retail of Virgina LLC

  	
   

  
						

 

11

 

UNDER ARMOUR HONG KONG, LLC

 

 

	
  By:

  	
    /s/ Kevin
  A. Plank

  	
   

  
	
  Name:

  	
  Kevin A. Plank 

  	
   

  
	
  Title:

  	
    President
  of Under Armour, Inc. Sole Member of Under Armour Hong Kong LLC

  	
   

  
						

 

12

 

ANNEX A

TO THE
AMENDED AND RESTATED CREDIT APPROVED RECEIVABLES

PURCHASING AGREEMENT

 

ADDITIONAL
TERMS AND CONDITIONS

 

As permitted in Paragraph
5 of the Agreement, Under Armour, Inc., Under Armour Retail, Inc., Under
Armour Retail of Maryland, L.L.C., Under Armour Retail of Virginia, LLC and
Under Armour Hong Kong, LLC (collectively, the “Client”) hereby agrees
that, in the event The CIT Group/Commercial Services, Inc. (“CIT”)
collects any non-approved Receivable on behalf of the Client, CIT shall be
entitled to receive, and the Client shall pay or cause to be paid to CIT, the
following Collection Processing Charge and Collection Service Fee in connection
with each such non-approved Receivable:

 

Collection Processing Charge

 

There shall be a
processing charge of $100 for each non-approved Receivable collection account
turned over to CIT by Client for collection processing by CIT.

 

Collection Service Fee

 

CIT shall also be
entitled to receive a collection service fee of 1% of all moneys collected by
CIT or the Client, net of attorneys’ fees and all other related costs and
expenses incurred by or on behalf of CIT in connection with collection of any
non-approved Receivable.

 

No Fee Period

 

Non-approved Receivables’ collections received by
Client or CIT within ten (10) days of the date any such non-approved
Receivables were turned over to CIT for collection will not be subject to the
Collection Service Fee.

 

1

 

ANNEX B

TO
AMENDED AND RESTATED CREDIT APPROVED RECEIVABLES

PURCHASING
AGREEMENT

 

REQUEST
FOR PAYMENT OF APPROVED RECEIVABLE(S)

 

Confirmatory Assignment Number

 

	
  To:

  	
  The CIT
  Group/Commercial Services, Inc.

  	
  Date:

  

 

Your payment to us for
the outstanding past due Approved Receivable account of                                                                    
(Customer)
                                                                                                                    (Address
of Customer) in the net amount of $
                  
is hereby requested pursuant to the terms of the Amended and Restated Credit
Approved Receivables Purchasing Agreement (the “Agreement”). We hereby confirm
our sale to you of such Approved Receivable(s) of said Customer pursuant to the
terms of the Agreement.

 

Your obligation to pay us
the net amount of such Approved Receivable(s) as the purchase price thereof
arises under your credit approval dated                            in
the amount of $               .

 

As evidence of each past
due Approved Receivable, enclosed are:

 

A.                                   Two
copies of the outstanding invoice and any credit memos;

B.                                     A
notarized statement of the Customer’s account;

C.                                     One
copy of all correspondence to and from the Customer;

D.                                    One
copy of our complete collection file on the Customer;

E.                                      All
guaranties, collateral documents, and security agreements relative thereto;

F.                                      Proof
of delivery to and/or acceptance by Customer; and

G.                                     Copy
of Customer’s purchase order and/or our signed confirmation thereof.

 

We certify that: (i) the
above information and enclosures are true and correct; (ii) our Customer
(account debtor) named in the invoice(s) is indebted to us in the net amount(s)
shown thereon and is not entitled to credits or counterclaims except as
reflected in the amount demanded by us above; (iii) each Approved
Receivable of the Customer for which we hereby request payment from you under
the Agreement is free of any claim, offset or lien whatsoever (except that, to
the extent an offset was claimed by the Customer, such offset was taken with
your written consent delivered to us and enclosed herewith, and such Approved
Receivable is reduced by such offset amount); (iv) nonpayment by the
Customer of the Approved Receivable for which we hereby request payment from
you under the Agreement is due solely to the Customer’s financial inability
to pay; (v) we have sold, assigned and transferred to you as absolute
owner all of our right title and interest in each Approved Receivable of the
Customer for which we hereby request payment from you under the

 

1

 

Agreement, and shall have
delivered to you those UCC releases and financing statements as you shall have
requested to effect each such sale and transfer; and (vi) all of our
representations and warranties in the Agreement are true and correct.

 

UNDER ARMOUR, INC.

UNDER
ARMOUR RETAIL, INC.

UNDER ARMOUR RETAIL OF MARYLAND,
L.L.C.

UNDER ARMOUR RETAIL OF VIRGINIA,
LLC

UNDER ARMOUR HONG KONG, LLC

 

 

	
  By:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
				

 

2

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