Document:

License Agreement dated December 18, 2003 between Bombardier Inc. and Canada Inc

 Exhibit 10.10 
  
 PRIVILEGED AND CONFIDENTIAL 
  

  
 LICENSE AGREEMENT

  
 Dated December 18, 2003 
  

  
 BETWEEN 
  
 BOMBARDIER INC. 
  
 As Trade-mark Owner 
  
 AND 
  
 4145321 CANADA INC. 
  
 as Licensee 
  

 TABLE OF CONTENTS 
  

			
	 ARTICLE 1 DEFINITIONS
	  	2
		
	 ARTICLE 2 GRANT
	  	4
		
	 ARTICLE 3 QUALITY STANDARDS
	  	7
		
	 ARTICLE 4 MARKING
	  	8
		
	 ARTICLE 5 INSPECTION
	  	8
		
	 ARTICLE 6 REMEDIES
	  	9
		
	 ARTICLE 7 NON-TRANSFERABILITY
	  	9
		
	 ARTICLE 8 CONFORMITY TO LAWS
	  	10
		
	 ARTICLE 9 INDEMNITY
	  	10
		
	 ARTICLE 10 INSURANCE
	  	11
		
	 ARTICLE 11 INTELLECTUAL PROPERTY
	  	12
		
	 ARTICLE 12 REPRESENTATIONS AND WARRANTIES
	  	13
		
	 ARTICLE 13 RIGHT TO DEFEND AND INITIATE LEGAL PROCEEDINGS
	  	14
		
	 ARTICLE 14 TERM
	  	15
		
	 ARTICLE 15 TERMINATION
	  	15
		
	 ARTICLE 16 EFFECTS OF TERMINATION
	  	16
		
	 ARTICLE 17 MISCELLANEOUS
	  	17

  

 LICENSE AGREEMENT 
  
 This license agreement entered into at Montreal, Quebec on December 18,2003, 
  

			
	 BETWEEN:
	  	BOMBARDIER INC., a corporation incorporated under the Laws of Canada, with its registered office at 800 René- Lévesque Blvd. West, Montréal, Quebec, Canada
H3B 1Y8,
		
	 	  	 (hereinafter referred to as “Trade-mark Owner”)

		
	 AND:
	  	 4145321 CANADA INC., a corporation incorporated under the Laws of Canada, with its
registered office at 800
 René-Lévesque Blvd., Montreal, Quebec, Canada H3B 1Y8,

		
	 	  	 (hereinafter referred to as “Licensee”)

  
 WHEREAS Trade-mark Owner is the
owner of the trade-marks set out in Schedule “A” hereto (hereinafter collectively referred to as the “Trade-mark”); 
  
 AND WHEREAS Trade-mark Owner is the owner of the trade names J.A. Bombardier and Bombardier (hereinafter referred to as the Bombardier Name);

  
 AND WHEREAS it is the intention of the parties that Licensee and its
Affiliates (as defined herein) be permitted to use the Trade-mark and the Bombardier Name, subject to the conditions and provisions set forth below; and 
  
 THIS AGREEMENT WITNESSETH THAT, in consideration of the mutual covenants and agreements herein contained and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties covenant and agree as follows: 
  
 ARTICLE 1 
 DEFINITIONS 
  

	1.1	Where used herein, in any schedule hereto or in any amendments hereto or in any communication required or permitted to be given hereunder, the following terms shall have the
following meanings, respectively: 

  

	 	1.1.1 	“10% Owner” means with respect to any Person, a direct or indirect holder of at least 10% of the outstanding capital stock or voting rights, if a
corporation, or the partnership, limited liability company, joint venture or similar interests, if not a corporation, of such Person. 

  

	 	1.1.2 	“Affiliates” has the meaning ascribed thereto under the Canada Business Corporations Act, whether a body corporate or a partnership.

  

	 	1.1.3 	“Agreement” means this license agreement, all schedules hereto and all instruments supplemental hereto or in amendment or confirmation hereof;

  

 “herein”, “hereof, “hereto”, “hereunder” and similar
expressions mean and refer to this Agreement and not to any particular Article, Section, Subsection or other subdivision; “Article”, “Section”, “Subsection” or other subdivision of this Agreement means and refers
to the specified Article, Section, Subsection or other subdivision of this Agreement. 
  

	 	1.1.4 	“Bombardier Family” means any one or all of Laurent Beaudoin and Claire Bombardier Beaudoin, Janine Bombardier, J.R. André Bombardier and Huguette Bombardier Fontaine and Jean-Louis Fontaine, and Members of the Immediate Family of each such Person. 

 

	 	1.1.5 	“Business Day” means a day (other than a Saturday or Sunday) on which banks are open during normal business hours in Montréal, Canada and Boston,
Massachusetts. 

  

	 	1.1.6 	“Closing Date” means the date hereof. 

  

	 	1.1.7	 “Composite Marks” means the composite marks listed in Schedule “D” hereto. 

  

	 	1.1.8	  “Government” means any government, federal, provincial, state or local, whether Canadian or foreign, including any agency, authority, board, body, division,
subdivision, audit group or procuring office and the employees or agents thereof. 

  

	 	1.1.9 	“Laws” means: 

  

	 	1.1.9.1 	all treaties, laws, statutes, codes, ordinances, orders, decrees, rules, regulations and municipal by-laws, whether domestic, foreign or international; and 

 

	 	1.1.9.2 	all judgements, orders, writs, directions, injunctions, decisions, rulings, decrees and awards of any Government or court of law, 

  
 in each case binding on the Party or Person referred to in the context in
which such word is used. 
  

	 	1.1.10 	“Members of the Immediate Family” shall mean, with respect to any individual, each spouse or child or other descendants (by birth or adoption) of such individual,
each trust created solely for the benefit of one or more of the aforementioned Persons and their spouses and each custodian or guardian of any property of one or more of the aforementioned Persons in his capacity as such custodian or guardian.

  

	 	1.1.11 	“Parties” means Trade-mark Owner and Licensee; and “Party” shall mean either one of them as the context may require. 

  

	 	1.1.12 	“Person” means an individual, entity with juridical personality, corporation, company, cooperative, partnership, trust, unincorporated association or Government
authority or body, and pronouns which refer to a Person shall have a similarly extended meaning. 

  

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	 	1.1.13 	“Purchase Agreement” means the amended and restated Purchase Agreement dated as of December 2, 2003 among Trade-mark Owner and
Bombardier Recreational Products Inc. 

  

	 	1.1.14 	“Services” means any services related to the renting, maintenance, repair or servicing of the Wares; 

  

	 	1.1.15 	“Trade-mark” has the meaning ascribed thereto in the recitals to this Agreement; 

  

	 	1.1.16 	“Wares” means any (i) recreational products, including snowmobiles, personal watercrafts, all-terrain vehicles and boats, (ii) outboard engines, (iii)
snow-grooming equipment, (iv) multi-purpose tracked vehicles, (v) karts, (vi) engines that power snowmobiles, personal watercrafts, all-terrain vehicles and boats, motorcycles, karts, scooters and light-weight and ultra-light aircrafts and engines
for small aircraft of the same type as Rotax 936 engines (the wares referred to in (i), (ii), (iii), (iv), (v) and (vi) are hereinafter, collectively, the “BRP Products”) and (vii) clothing, merchandising items, accessories
and parts incorporated in or related to any of the BRP Products. 

  
 ARTICLE 2 
 GRANT 
  

	2.1	 Trade-mark Grant. Subject to the terms, conditions and other provisions set forth in this Agreement, Trade-mark Owner hereby grants to Licensee and
its Affiliates an exclusive, fully-paid, royalty-free, world-wide right to use the Trade-mark in association with the Wares and Services, it being understood, for greater certainty, that Trade-mark Owner retains the exclusive right to use the
Trade-mark with all wares and/or services other than the Wares and Services. Licensee acknowledges that Trade-mark Owner has previously granted a non-exclusive license to the Trade-mark for use in connection with certain Wares to the Fondation J.
Armand Bombardier on June 5, 2003 (the “Fondation J. Armand Bombardier License”), and that the exclusive grant of rights provided to Licensee in this Agreement is subject to that prior grant of rights. Licensee acknowledges that the
Trade-mark is only registered in those countries set out in Schedule A hereto and that Trade-mark Owner makes no representation or warranty as to the availability for registration or registrability of the Trade-mark in any other countries. Licensee
has no right to sub-license use of the Trade-mark save and except as expressly permitted hereunder. Licensee shall have the right to permit the use of the Trade-mark by dealers, distributors and manufacturers of the Wares and providers of Services
(the “Sublicensees”). Such sub-licenses shall be on terms and conditions at least as protective of the Trade-mark Owner as those currently in place. Moreover, Licensee may add or substitute Sub-licensees, provided such parties
perform substantially the same function in the distribution or provision or manufacturing of the Wares and/or the performance of the Services as currently carried out by Sub-licensees, and provided that the new or substitute Sub-licensees are
subject to terms and conditions at least as protective of the Trade-mark Owner as those currently in place for Sub-licensees. In addition, Licensee may renew sublicense agreements with current Sub-licensees, provided that such sub-licenses shall
contain terms and conditions at least as protective of the Trade-mark Owner as those 

  

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currently in place. Licensee shall notify Licensor upon each renewal or replacement of sublicenses. Licensee shall be entitled to otherwise sublicense use of
the Trade-mark with the prior consent of Trade-mark Owner, which consent shall not be unreasonably withheld and which consent or disapproval shall be provided by the Trade-mark Owner within five (5) Business Days of receipt of such request, provided
that reasonably adequate supporting documentation has been provided to Trade-mark Owner, with no approval or disapproval so provided being deemed an approval. The Trade-mark Owner shall be entitled to withhold its consent at its sole and absolute
discretion should Licensee wish to sub-license use of the Trade-mark to any present or future competitor of Trade-mark Owner. All information relating to the sublicenses and Sublicensees shall be deemed Confidential Information of the Licensee.
Licensee also shall be under no obligation to disclose any of its pricing or financial terms with its Sublicensees. 

  

	2.2	Bombardier Name Grant. Subject to the terms, conditions and other provisions set forth in this Agreement, (i) until the earlier of (a) the date on which the Bombardier
Family shall cease to be a 10% Owner of Licensee; or (b) the date of termination of this Agreement in accordance with Article 15 (the “Termination Date”); and (ii) for a period of nine (9) months following thereafter, Trade-mark Owner
hereby grants to Licensee and its Affiliates a non-exclusive (being understood that no other Person except for Trade-Mark Owner’s Affiliates will be granted the right to use the Bombardier Name as part of its corporate name, trade-name or
domain name in connection with a business which relates to the Wares or the Services and that no other Person will be granted the right to use the Bombardier Name as part of any name confusingly similar to J.A. Bombardier Inc., Bombardier
Recreational Products Inc. or Bombardier Produits Récréatifs Inc.), fully-paid, royalty-free right to use the Bombardier Name as part of: (i) its corporate name J.A. Bombardier (J.A.B.) Inc., Bombardier Recreational Products Inc. or
Bombardier Produits Récréatifs Inc. or, in the case of subsidiaries, a corporate name which includes the words “Bombardier Recreational Products” in the English language or in another language; (ii) its trade-name J.A.
Bombardier (J.A.B.), Bombardier Recreational Products or Bombardier Produits Récréatifs; and/or (iii) its domain name on the condition that Licensee always uses the Bombardier Name with a recreational product component in its domain
names, provided that: 

  

	 	2.2.1 	Licensee will use the Bombardier Name in connection with the business related to the Wares and the Services; 

  

	 	2.2.2 	Licensee will use the Bombardier Name, where reasonably possible, in a different type font than that currently used by Trade-mark Owner for its corporate name “Bombardier
Inc.” and generally in a visually distinct manner from such corporate name. Trade-mark Owner hereby approves the use by Licensee hereunder of the phrase “Bombardier Recreational Products” as shown in Exhibit F;

  

	 	2.2.3 	 Licensee will not use any of the sprocket design elements shown in Schedule “Al” or any other design confusingly similar to the sprocket design elements
in close proximity to the Bombardier Name on any business documentation (including, without limitation, letterhead, business cards, contracts, invoices, purchase orders, financing documentation), but shall be permitted to use the Bombardier Name on
marketing, advertising and promotional material which also 

  

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contains the said sprocket design elements. Trade-Mark Owner hereby approves the use by Licensee hereunder of the design elements and corporate logo shown in
Schedule F; 

  

	 	2.2.4 	Within no later than nine (9) months from the Termination Date, Licensee agrees to cease use of the Bombardier Name as its trade name, agrees to change its trade name to a trade
name which does not include the Bombardier Name, and agrees not to carry on business under the Bombardier Name or any trade name that includes the Bombardier Name; 

  

	 	2.2.5 	Licensee agrees that Trade-mark Owner is the exclusive owner of the Bombardier Name and all goodwill associated therewith; 

  

	 	2.2.6 	except as provided in this Agreement, Licensee acquires no right, title or interest in or to the Bombardier Name and Licensee shall not represent that it has any ownership interest
in or to the Bombardier Name; 

  

	 	2.2.7 	Licensee shall not apply to register the Bombardier Name as a trade-mark and Licensee further shall not apply to register any trade-mark that includes or is confusingly similar to
the Bombardier Name; 

  

	 	2.2.8 	Licensee shall not use any word or symbol which is not the Bombardier Name in association with the Bombardier Name in a manner that would be likely to result in the loss of Trade
Name distinctiveness; 

  

	 	2.2.9 	Licensee shall not use any of its domain names comprised of the Bombardier Name as trade-marks, other than as expressly permitted under this Agreement; and 

 

	 	2.2.10 	Licensee acquires no right to sub-license the use of the Bombardier Name. For avoidance of doubt, Licensee shall not be considered to be sublicensing the use of the Bombardier Name
by allowing third parties, such as ad agencies or providers of such goods, to print, use or affix it on advertising, marketing, merchandising, promotional materials and ordinary business documentation on behalf of Licensee. 

 

	 	2.2.11 	Licensee shall use commercially reasonable efforts to, within six (6) months following the date hereof, change the corporate name of any of its Affiliates so that they comply with
the limitations contained in this Section 2.2. 

  

	2.3	 The “JAB” and “BRF” Brands. Licensee shall have a right to use as a brand, trade name, trademark or service mark the terms
“JAB” and “BRP” and logos in a form similar to or based on those shown in Exhibit E and Exhibit F (excluding for the purposes of this Section 2.3, as to Exhibit F, the phrase “Bombardier Recreational Products”) (such
terms and logos collectively, the “Brands”) and register or cause Trade-mark Owner to register on Licensee’s behalf and at Licensee’s costs, the Brands as trade-names and/or trademarks, and Licensee will be the sole and exclusive
owner of all rights, title and interests and all the goodwill associated therewith. The Trade-mark Owner shall have no rights of any kind and no liability whatsoever with respect to Brands, it being understood, for 

  

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greater certainty, that Trade-mark Owner makes no representations or warranties of any kind with respect to the Brands, including without limitation, any
representations or warranties that the Brands will not infringe any third party’s intellectual property rights. 

  

	2.4	No Obligation to Use. For the avoidance of doubt, Licensee may, but is under no obligation to, use the Trade-mark or the Bombardier Name. 

  

	2.5	Website Relationship. Trade-mark Owner hereby agrees that for a term of six (6) months from the Closing Date, Trade-mark Owner will cooperate with Licensee and provide
prominent links to Licensee’s websites on Trade-mark Owner’s websites. 

  
 ARTICLE 3 
 QUALITY STANDARDS 
  

	3.1	Quality Standards and Controls. Licensee covenants and agrees that all Wares or Services it sells or provides under the Trade-mark and/or the Bombardier Name will be
at least as high in average quality as the average quality, as of the Closing Date, of similar products or services sold or provided by Trade-mark Owner or its Affiliates under the Trade-mark. 

  

	3.2	Quality Control Oversight Committee. Licensee shall report to the Trade-mark Owner’s Quality Control Oversight Committee, which committee is composed of members
chosen by Trade-mark Owner (hereinafter called the “Committee”), at each of the Committee’s meetings but no more than four (4) times a year, or at such lesser frequency as may be mutually agreed to between the parties, on the
dates to be set by the Trade-mark Owner on notice of not less than thirty (30) days to Licensee. The reports shall include the information set out in Schedule “B” hereto and any other information that Trade-mark Owner may reasonably
request from time to time, and such reports are to be provided by Licensee ten (10) days prior to the meeting date specified in the notice, to assist Trade-mark Owner in the monitoring of the Licensee’s conformity and compliance with the
quality standards and controls set by Trade-mark Owner pursuant to Section 3.1 hereof. Any reports provided to the Committee are Confidential Information of the Licensee. The first meeting of the Committee will be for coordination purposes only and
will be held within sixty (60) days of the Closing Date. 

  

	3.3	Distribution Channels. For the avoidance of doubt, it is understood and agreed between the Parties that: (i) Licensee may sell or provide Wares and Services (or cause
them to be sold or provided) to and through any type, class or means of wholesale or retail distribution (including on the Internet, successor mediums and other directed or interactive means of sale) and (ii), to the extent consistent with this
Agreement, Licensee shall have the right (and the right to authorize others) to distribute and sell excess inventory, end of season merchandise and other similar inventory through channels of distribution appropriate for the disposition and sale of
such goods, as to each category of Wares. 

  

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 ARTICLE 4 
 MARKING 
  

	4.1	Trade-Mark Marking. When reasonably requested by Trade-mark Owner in writing, Licensee shall use the Trade-mark and the Bombardier Name with appropriate legends as to
the ownership of the Trade-mark and the Bombardier Name and as to Licensee’s status as a licensee thereof, as set out in Schedule “C” hereto, which legends may, from time to time, be amended by Trade-mark Owner on reasonable notice to
Licensee, and Licensee shall thereafter use the amended legends. 

  

	4.2	Advertising. Licensee shall submit once a year to the Committee for information purposes representative samples of advertising and other significant publicity and
promotional materials which include the Trade-mark and/or the Bombardier Name. Mock-ups and proposals for advertising and other publicity and promotional uses in relation only to major seasonal campaigns will be submitted to Trade-mark Owner’s
General Counsel for approval prior to their use by Licensee. The General Counsel of Trade-mark Owner shall approve or disapprove, such approval not to be unreasonably withheld, all such submissions within five (5) Business Days of receipt of such
materials, provided that reasonably adequate supporting documentation has been provided to Trade-mark Owner, no approval or disapproval received within such time period being deemed an approval. Any disapproval must set out in detail reasons for
such disapproval so that Licensee may prepare and submit new materials. Any such approval will only be valid to the extent the final advertising, publicity and promotional materials are substantially similar to the mock-ups and proposals submitted
to Trade-mark Owner for approval. 

  

	4.3	Style Guide. All uses of the Trade-mark by Licensee, including, but not limited to all advertising, publication and other publicity and promotional materials created
and used by Licensee, shall be in accordance with Trade-mark Owner’s Graphic Norms and Guidelines and the BRP division guides in place and in force as of the Closing Date, complete copies of which have been provided to Licensee. Trade-mark
Owner may, from time-to-time, amend its communication policy, including the Graphic Norms and Guidelines, on reasonable notice to the Licensee, and, to the extent that such amendments apply uniformly to Trade-mark Owner’s business and do not
impair the ability of Licensee to use the Trade-mark in association with the Wares and/or Services and are consistent with this Agreement, Licensee shall thereafter use the applicable amended communication policy. Licensee may, from time-to-time,
amend the BRP division guides subject to obtaining Trade-mark Owner’s written consent, which shall not be unreasonably withheld, for an amendment dealing with or related to the Trade-mark, and Licensee shall thereafter use the applicable
amended BRP division guides. 

  
 ARTICLE 5

 INSPECTION 
  

	5.1	 Inspection. Licensee agrees that it will permit Trade-mark Owner or its authorized representative(s) to visit its place(s) of business, once per year
during the Term, during normal business hours and after reasonable notice to Licensee in order to allow Trade-mark Owner or its authorized representative(s) to examine and inspect only those areas of Licensee’s premises where the quality
control of the Wares and/or Services take 

  

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place or if there is no such quality control facility, where the manufacturing takes place, solely for purposes of determining compliance with Section 3.1
above, it being understood, for greater certainty, that nothing in the foregoing shall be construed as providing Trade-mark Owner with access to Licensee’s R&D facilities, or to other trade secrets. All information obtained during such
inspection shall be Confidential Information of the Licensee and may only be used by the Trade-mark Owner for purposes of determining compliance with Section 3.1 above. 

  
 ARTICLE 6 
 REMEDIES 
  

	6.1	Remedies. The Parties agree to attempt to resolve any disagreement between them regarding the application of the provisions of Article 3, Article 4 or Article 5, the
use of any Trade-mark or the Bombardier Name, or the quality of any Wares or Services with which any mark licensed under this Agreement is used by first referring any such disagreement to the Quality Control Oversight Committee. If the Quality
Control Oversight Committee is unable to resolve the disagreement, the Chief Executive Officers of Trade-mark Owner and Licensee shall meet in an attempt to resolve the disagreement. If they are unsuccessful, the disagreement shall be subject to
binding arbitration as provided in Article 17.2. The arbitrator shall provide a decision regarding any such disagreement, including a direction as to the Parties’ future conduct regarding the subject of the disagreement if the use that is the
subject of the disagreement is to continue, it being understood, for greater certainty, that the arbitrator shall not have the authority to terminate this Agreement, unless Trade-mark Owner terminates this Agreement pursuant to Article 15.1 and a
dispute arises between the Parties relating to such termination. 

  
 ARTICLE 7 
 NON-TRANSFERABILITY 
  

	7.1	Third Party Assignment. Unless otherwise provided in this Agreement, Licensee may not assign or otherwise dispose of this Agreement, its rights or obligations
hereunder or any part thereof, unless: 

  

	 	7.1.1 	it obtains the prior written consent of the Trade-mark Owner, which consent may be withheld in Trade-mark Owner’s sole discretion; and 

  

	 	7.1.2 	the assignee agrees in writing to respect all of the terms and conditions of this Agreement and Licensee guarantees without the benefits of division and discussion, all of the
assignee’s obligations under this Agreement. 

  

	7.2	Change of Control. The acquisition of control of Licensee by, or merger of Licensee with, directly or indirectly, any person who is engaged in a business which is in
competition with any principal line of business in which Trade-mark Owner is engaged at such time shall constitute an assignment for the purposes of this Agreement. The term “control” shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of Licensee, whether through the ownership of voting stock or other securities, as manager, trustee or similar capacity, by contract or otherwise. 

  

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	7.3	Assignment to Affiliates. Notwithstanding the terms of Section 7.1, Licensee may, upon written notice to Trade-mark Owner, assign this Agreement, its rights or
obligations hereunder or any part thereof to its Affiliates if such Affiliates agree in writing to respect all of the terms and conditions of the Agreement and Licensee guarantees all of its Affiliates’ obligations under this Agreement. 

  

	7.4	Assignment to Bombardier Recreational Products Inc. For avoidance of doubt, Trade-mark Owner hereby consents to the assignment of this Agreement as part of the
amalgamation of Licensee with Bombardier Recreational Products Inc. following the acquisition of Licensee by Bombardier Recreational Products Inc. 

  

ARTICLE 8 
 CONFORMITY TO LAWS

  

	8.1	Conformity to Laws. Licensee undertakes to conform to all Laws which may apply to the use by it of the Trade-mark in association with the Wares and/or Services.

  
 ARTICLE 9 
 INDEMNITY 
  

	9.1	Indemnification by Licensee. Licensee shall during and after the term of this Agreement, indemnify and hold Trade-mark Owner harmless from any and all claims,
liabilities, judgments, penalties, losses, costs suits, demands, damages and expenses (including reasonable attorneys’ fees, whether or not litigation is instituted) (“Claims”), suffered or incurred by Trade-mark Owner or for which
the Trade-mark Owner shall become liable: 

  

	 	9.1.1 	by reason of any material breach, violation or non-performance on the part of Licensee of any term or condition of this Agreement; or 

  

	 	9.1.2 	by reason of any act or omission, negligent or otherwise, of Licensee or its subcontractors, agents, manufacturers, distributors, consultants or any of them or by reason of any
manufacturing, advertising, sale and distribution of articles and advertising material or resulting from their use by Licensee, its subcontractors, agents, manufacturers, distributors, consultants or any of them or any users; or

  

	 	9.1.3 	arising out of any defects in or failure to perform of any article, alleged or otherwise; or 

  

	 	9.1.4 	arising out of any infringement or breach of any other personal or property right of any person by Licensee or anyone directly or indirectly acting by, through or on behalf of or
pursuant to a contractual or any other relationship with Licensee in connection with the preparation, manufacture, distribution, provision, retail sale, advertising and/or promotion of the articles (other than any infringement or breach of any other
personal or property rights resulting from the fact that Trade- mark Owner did not have the right to consent to, or grant the use of the properties pursuant to this Agreement and, for avoidance of doubt, any infringement by Trade-mark Owner); or

  

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	 	9.1.5 	arising out of or relating directly or indirectly to the website links described in Section 2.5. 

  
 Notwithstanding the foregoing or anything to the contrary in this Agreement, Licensee shall not have any obligation
whatsoever to any Person with respect to any Claims for which indemnification by the Trade-mark Owner is contemplated under the Purchase Agreement or this Agreement. 
  

	9.2	Indemnification by Trade-mark Owner. Trade-mark Owner shall indemnify Licensee and its Affiliates, their respective successors and permitted assigns and their
respective directors, officers, agents and employees against and save and hold each and all of them harmless from any and all Claims arising out of (i) any third party allegation that the use or other exploitation of the Trade-mark or the Bombardier
Name as permitted by this Agreement or as directed by Trade-mark Owner or its agents infringes or misappropriates any trademark, service mark, trade dress, design or other proprietary right of a third party or (ii) any act or omission, negligent or
otherwise, of Trade-mark Owner or its subcontractors, agents, manufacturers, distributors, consultants or any of them. 

  

	9.3	Limitation of Liability. Neither Trade-mark Owner nor Licensee (nor any of their respective Affiliates, successors and permitted assigns, or directors, officers,
agents, employees or shareholders) shall be liable for incidental, indirect, special, exemplary or consequential loss or damages of any nature, or for lost profits, savings or revenues of any kind under this Agreement, however caused and whether or
not the applicable Party has been advised of the possibility of such damages. 

  

	9.4	Indemnification Sole Remedy. The provisions of this Article 9 shall constitute the sole remedy of the Parties against each other with respect to those Claims for which
indemnification is contemplated under this Agreement, other than Claims based on conduct constituting fraud, fraud-in-the-inducement or intentional misrepresentation. 

  

	9.5	Survival. The provisions of this Article 9 and the obligations of Licensee and Trade-mark Owner set forth herein shall survive expiration or other termination of this
Agreement. 

  
 ARTICLE 10 
 INSURANCE 
  

	10.1	 Insurance. Licensee shall procure and maintain at its expense, during the Term and at all times during which Wares bearing the Trade-mark or the
Bombardier Name are being sold by Licensee, product liability insurance from a source of insurance with an AM BEST rating of at least A-VII, providing total coverage in an amount equal to at least $200,000,000. Self-insurance of any part of the
coverage shall initially be for $1,000,000 ($1,000,000 USD with respect to occurrences in the United States of America). Licensee may increase the amounts of any self-insurance subject to such increase being reasonable and customary based on
prevailing market conditions in the reasonable opinion of MARSH or any reputable insurance broker that is a successor of MARSH and Licensee shall notify Trade-mark Owner thereof. Such insurance shall name Trade-mark Owner, its directors, officers,
agents, affiliates, subsidiaries and employees as additional insured. 

  

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The territory shall read worldwide and defence not only undertaken if suit brought back to Canada or United States of America. Licensee shall provide a
certificate from its insurance source to Trade-mark Owner evidencing the insurance coverage required above and confirming that Trade-mark Owner, its directors, officers, agents, affiliates, subsidiaries and employees as additional insured, within a
period of ten (10) days following the execution of this Agreement. Licensee shall, from time to time upon reasonable request by Trade-mark Owner, promptly furnish or cause to be furnished to Trade-mark Owner certificates of insurance (with
applicable riders and endorsements) and proof that premium payments are current. All insurance policies shall provide that the insurer shall endeavour to provide thirty (30) days prior written notice to Trade-mark Owner, by registered or certified
mail, return receipt requested, before making any substantial or adverse modification to the coverage, or reducing the coverage, or cancelling or terminating the insurance. The product liability policy shall contain a Breach of Warranty clause, if
available at no additional cost. The first sentence of this Article 10.1 notwithstanding, Licensee may modify, reduce, cancel or terminate such insurance if (i) Licensee has made a commercially reasonable effort to arrange for similar or better
coverage, to the extent available on a commercially reasonable basis in the market at the time, with no lapse in coverage, or (ii) Licensee shall have obtained the prior written consent of Trade-mark Owner, which consent will not be unreasonably
withheld. 

  
 ARTICLE 11 
 INTELLECTUAL PROPERTY 
  

	11.1	Acknowledgement. Licensee acknowledges that Trade-mark Owner is the exclusive owner of the Trade-mark and the Bombardier Name and agrees not to adopt or use any
other trade-mark or trade-name which would be similar to or confusing with the Trade-mark or the Bombardier Name, subject to Section 11.2 hereafter. Licensee also acknowledges that any use of the Trade-mark or the Bombardier Name at any time by it
and any rights derived therefrom have and will inure to the exclusive and entire benefit of Trade-mark Owner and Licensee shall not claim any rights or interest in the Trade-mark or the Bombardier Name by way of its use of same at any time,
including subsequent to any termination of this Agreement for any reason. Furthermore, subject to Section 11.2 hereafter, Licensee agrees that Licensee shall not use any word or symbol which is not a Trade-mark in association with a Trade-mark in a
manner that would be likely to result in the loss of Trade-mark distinctiveness, and that it will not, directly or indirectly, at any time, including subsequent to any termination of this Agreement for any reason, dispute or contest the validity or
enforceability of the Trade-mark or the Bombardier Name, nor counsel or procure or assist anyone else to do the same, nor directly or indirectly attempt to depreciate the value of the goodwill attaching to the Trade-mark or the Bombardier Name.

  

	11.2	Composite Marks. Notwithstanding Section 11.1, Licensee shall have one year to cease using any currently existing and used Composite Marks and to make necessary
changes to the production line. Notwithstanding Section 11.1, Licensee shall also have the right to sell-off thereafter any existing inventory of Wares bearing Composite Marks. 

  

 - 12 - 

	11.3	Abandonment. Trade-mark Owner shall notify Licensee if it is considering a plan of action which might lead to ceasing use of any Trade-mark or the Bombardier
Name and following receipt of any such notice, Licensee may at its option notify Trade-Mark Owner in writing that Licensee desires to take an assignment of Trade-mark Owner’s right, title and interest in any such mark or name, including any
right available at law to sue for any past infringements thereof. Upon receipt of any such notice from Licensee prior to Trade-mark Owner ceasing to use the Trade-mark or the Bombardier Name, for no additional consideration Trade-Mark Owner will
promptly execute all documents reasonably required, and take all other actions reasonably necessary, to effectuate any such assignment. 

  

	11.4	Filings of New Marks, Filings in New Territories, etc. Subject to the agreement of Trade-mark Owner, such agreement not to be unreasonably withheld, Trade-mark Owner
shall, at Licensee’s written request and at Licensee’s cost and expense and within a reasonable delay: 

  

	 	11.4.1 	file and prosecute applications to register new trade-marks that Licensee may wish to use that comprise or are similar to the Trade-mark or the Bombardier Name;

  

	 	11.4.2 	apply for the registration in the name of Trade-mark Owner of the Trade-mark in any jurisdiction where the Trade-mark is not yet registered; 

  

	 	11.4.3 	renew registrations for the Trade-mark, in the name of Trade-mark Owner, in jurisdictions that are of interest to Licensee, should Trade-mark Owner not otherwise be interested in
renewing such registrations; and 

  

	 	11.4.4 	execute all documents or forms reasonably required to confirm the license or licenses granted under this agreement or to record Licensee as a registered user in any jurisdiction.

  
 Except as set forth above, Trade-mark Owner
will maintain and renew all of its existing and future Trade-mark and Bombardier Name applications and registrations at its own expense. 
  
 ARTICLE 12 
 REPRESENTATIONS AND
WARRANTIES 
  

	12.1	Representations and Warranties by the Licensee. Licensee hereby represents and warrants to Trade-Mark Owner as follows: 

  

	 	12.1.1 	Licensee has full right, power and authority to enter into this Agreement and to perform all of its obligations hereunder. This Agreement has been duly and validly executed by
Licensee and constitutes a valid and binding agreement of Licensee, enforceable against Licensee in accordance with its terms, subject, however, to such limitations with respect to enforcement as are generally imposed by Law on creditors, in
particular in connection with bankruptcy or similar proceedings, and to the extent that equitable remedies such as specific performance and injunction are in the discretion of the competent court. 

  

 - 13 - 

	 	12.1.2 	Licensee is a business duly organized, validly existing and in good standing under the Laws of Canada and has all requisite power and authority to carry on its business as it is
currently conducted and as contemplated by this Agreement. 

  

	12.2	Representations and Warranties by the Trade-mark Owner. Trade-mark Owner hereby represents and warrants to Licensee as follows: 

  

	 	12.2.1 	Trade-mark Owner has full power and authority to enter into this agreement and to perform its obligations hereunder. This Agreement has been duly and validly executed by Trade-mark
Owner and constitutes a valid and binding agreement of Trade-mark Owner, enforceable against Trade-mark Owner in accordance with its terms, subject, however, to such limitations with respect to enforcement as are generally imposed by Law on
creditors, in particular in connection with bankruptcy or similar proceedings, and to the extent that equitable remedies such as specific performance and injunction are in the discretion of the competent court. 

  

	 	12.2.2 	Trade-mark Owner is a business duly organized, validly existing and in good standing under the Laws of Canada and has all requisite power and authority to carry on its business as
it is currently conducted and as contemplated by this Agreement. 

  

	 	12.2.3 	Trade-mark Owner is not a party to or bound by any contract or any other obligation whatsoever that limits or impairs its ability to enter into this Agreement, other than the
Fondation J. Armand Bombardier License. Except for the Fondation J. Armand Bombardier License, Trade-mark Owner has not done or omitted to do and shall not do or omit to do any act or thing by license, grant or otherwise, which shall or may impair
or encumber any of the rights herein granted to Licensee or that would interfere with the full enjoyment by Licensee of such rights. 

  
 ARTICLE 13 
 RIGHT TO DEFEND AND
INITIATE LEGAL PROCEEDINGS 
  

	13.1	Notification. Each of Trade-mark Owner and Licensee shall promptly notify the other of any third party that may or does infringe or misappropriate the
Trade-mark or the Bombardier Name or of any legal or administrative proceedings initiated by third parties relating to the Trade-mark and/or the Bombardier Name. 

  

	13.2	Trade-mark Owner’s Right. Notwithstanding any provisions of the Canadian Trade-marks Act but subject to the terms of this
Agreement, Licensee recognizes Trade-mark Owner’s exclusive and discretionary right to defend against all legal or administrative proceedings initiated by third parties and to initiate and maintain legal or administrative proceedings against
third parties relative to the protection and defence of the Trade-mark and/or the Bombardier Name, including the settlement of any dispute with third parties relating to the Trade-mark or the Bombardier Name. 

  

 - 14 - 

	13.3	Licensee Cooperation. In any legal or administrative proceedings relating to the Trade-mark and/or the Bombardier Name, Licensee shall cooperate with Trade-mark
Owner at Trade-mark Owner’s expense and, at the latter’s reasonable request, shall provide information to Trade-mark Owner to be used in such legal or administrative proceedings, provided that in the case of confidential information of
Licensee, Trade-mark Owner and Licensee will take all reasonable steps to maintain the confidentiality of this information as regards third parties. Furthermore, Licensee shall provide all other reasonable cooperation to Trade-mark Owner at
Trade-mark Owner’s expense so as to protect and maintain the validity and enforceability of the Trade-mark and the Bombardier Name. 

  

	13.4	Licensee. Trade-mark Owner shall notify Licensee that it desires to defend against or settle a legal or administrative proceedings brought by third parties
relating to Trade mark and/or the Bombardier Name within fourteen (14) Business Days of its own notice to Licensee pursuant to Section 13.1 or of receipt of such notification from Licensee pursuant to Section 13.1. If Trade-mark Owner fails to do
so, Licensee may assume the defense and settlement of such trade-mark infringement allegations by third parties, provided that Trade-mark Owner shall be entitled to participate in the defense and settlement of such legal or administrative proceeding
at a later date if it so wishes. Trade-mark Owner will cooperate with and provide requested information to Licensee in any such proceeding at Licensee’s expense. Licensee shall be entitled to retain the entire amount of any recovery or
settlement it obtains in such proceedings. 

  
 ARTICLE 14 
 TERM 
  

	14.1	Term. Subject to termination in accordance with the provisions of Article 15 hereof, this Agreement will be in full force and effect for an initial period
commencing on the Closing Date and expiring on December 31, 2008, and will thereafter automatically renew for consecutive five (5) year terms unless terminated in accordance with the provisions of Article 15 hereof (the “Term”).

  
 ARTICLE 15 
 TERMINATION 
  

	15.1	Termination Upon Default. Trade-mark Owner may terminate this Agreement in the event that Licensee has materially failed to perform or observe or comply with
any of the material provisions hereof or any arbitration order or direction as provided for herein (each, a “Default”) with effect, subject to Article 15.2 below, as of the date of termination mentioned in a written notice of default given
by Trade-mark Owner to Licensee, unless the alleged failure to perform or observe or comply with any of the material provisions hereof is contested in good faith by Licensee . Such date of termination is to be, subject to Article 15.2, not less than
ninety (90) days subsequent to the giving of such notice, provided that Licensee may at its option, subject to Articles 15.2 below, remedy its default within the said delay, in which case, this Agreement shall continue in full force and effect as if
such default had not occurred. 

  

 - 15 - 

	15.2	Termination Upon Bankruptcy. If Licensee is adjudicated or declared bankrupt or makes a voluntary assignment for the benefit of its creditors or if a petition in
bankruptcy is filed against Licensee or Licensee becomes insolvent or makes an arrangement pursuant to any bankruptcy law, or if Licensee discontinues its business or if a receiver is appointed for Licensee, this Agreement and the rights hereby
granted shall automatically terminate forthwith without any notice whatsoever being necessary. In the event this Agreement and the rights granted herein are so terminated, Licensee, its receivers, representatives, trustees, agents, administrators,
successors and/or assigns, shall have no right to sell, exploit or in any way deal with or in any of the wares or services covered by this Agreement or use any tags, labels, cartons, containers, packaging or wrapping materials, advertising,
promotional or display materials pertaining thereto except with and under the special consent and instructions in writing of Trade-mark Owner, which such persons shall be obligated to follow. 

  

	15.3	Termination for Non-Transferability Default. Notwithstanding any other provision of this Agreement, failure to comply with the terms of Article 7.2 will result in
Trade-mark Owner’s absolute discretion to terminate this Agreement on notice with immediate effect, with no right to remedy the breach on the part of Licensee. 

  
 ARTICLE 16 
 EFFECTS OF TERMINATION 
  

	16.1	Undertaking. Subject to the terms of Article 11.3 and this Article 16, if and when the term of this Agreement expires or this Agreement is terminated for any
reason, Licensee agrees and undertakes to cease and desist from all uses of the Trade-mark and the Bombardier Name and further agrees and undertakes that it will at no time adopt or use any trade-mark, trade-name, corporate name or domain name
incorporating, or confusingly similar to, or likely to be confusing with, the Trade-mark or the Bombardier Name in whole or in part. 

  

	16.2	Actions Upon Termination. Upon the expiry or termination of the rights granted hereunder: 

  

	 	16.2.1 	Licensee shall, within three (3) years thereof, in the case of all-terrain vehicles and one (1) year thereof for all other wares comprised in the definition of Wares, remove and
discontinue the use of all signs, stationary, advertising and other material that would make it appear to the public that Licensee is still in any way associated with Trade-mark Owner; and 

  

	 	16.2.2 	Licensee further agrees that Trade-mark Owner has the right to notify any persons it deems necessary or appropriate of the termination of the rights granted hereunder.

  

	16.3	 Manufacturing. With respect to the manufacturing of the Wares bearing the Trade-mark or the Bombardier Name, if and when the term of this Agreement
expires or this Agreement is terminated for any reason, it is understood that necessary changes to the production line will be required in order to remove the Trade-mark and/or the Bombardier Name from various Wares and parts thereof produced. It is
agreed that 

  

 - 16 - 

	 	 
should the Agreement be terminated before the expiry of the term, there shall be a phase-out period not longer than (i) three (3) years, in the case of
all-terrain vehicles; and (ii) one (1) year for all other wares comprised in the definition of Wares, for such purpose. 

  

	16.4	Stock. With respect to Wares bearing the Trade-mark already manufactured, should the Agreement be terminated before expiry of the Term, Licensee shall
have a phase-out period not longer than: (i) three (3) years, in the case of all-terrain vehicles; and (ii) one (1) year for all other wares comprised in the definition of Wares, to use up its stock of such wares in existence at the date of
termination. 

  

	16.5	Sub-licensees. Licensee agrees and undertakes to notify Sub-licensees of the expiry of the term or the termination of this Agreement, as applicable, and to
advise such Sub-licensees that they must immediately cease their use of the Trade-mark upon receipt of such notice with respect thereof. 

  
 ARTICLE 17 
 MISCELLANEOUS

  

	17.1	Confidentiality. 

  

	 	17.1.1 	Each of the Parties acknowledges that during the course of their performance under this Agreement, each Party may learn Confidential Information (defined below). Each of the Parties
agrees to take reasonable steps to protect such Confidential Information and further agrees not to: (i) use such Confidential Information except as expressly provided in this Agreement; (ii) in the case of the Trade-mark Owner, request or use
Licensee’s Confidential Information for any purposes except to determine compliance with this Agreement; (iii) allow any access to Confidential Information provided by the other party except to those authorized and with a need to know as
expressly provided in this Agreement; (iv) disclose such Confidential Information to a third party; or (v) allow a third party access to such Confidential Information (except as may otherwise be required by Law) without, in each case, obtaining the
prior written approval of the other party. 

  

	 	17.1.2 	The restrictions set forth in Article 17.1.1 shall not apply to Confidential Information which (i) a Party has requested be subject to a confidentiality order but nonetheless is
required to be revealed to an adjudicating body in the course of litigation or (ii) is required to be disclosed in order to comply with any applicable Laws, but only to the extent required by such Law; provided, however, that, in the case of the
application of clauses (i) or (ii), the Party revealing or disclosing Confidential Information shall provide prior written notice of such disclosure to the other Party to this Agreement sufficiently in advance of such disclosure to allow the other
Party to respond and to take reasonable and lawful action to avoid and/or minimize the degree of such revelation or disclosure. 

  

	 	17.1.3 	 All Confidential Information is, and shall remain, the property of the Party which supplied it. Each of the Parties shall take reasonable steps to mark its
Confidential Information with appropriate legends, provided, however, that the 

  

 - 17 - 

	 	 
failure so to mark such Confidential Information shall not relieve the other party of its obligations hereunder. 

  

	 	17.1.4 	For the purposes of this Agreement, “Confidential Information” means any and all information that is maintained in confidence, is subject to
reasonable steps to maintain its confidential status, and the confidential status of which is a benefit to the owning party. Confidential Information shall also include non-public information relating to intellectual property and to business plans,
financial matters, products, services, manufacturing processes and methods, costs, sources of supply, distributing arrangements, strategic marketing plans, customer lists, sales, profits, pricing methods, personnel and business relationships.
Confidential Information shall not include any information that: (i) was already known to the receiving party, as established by the receiving party’s written records; (ii) becomes generally available to the public other than as a result of the
receiving party’s breach of this Agreement; (iii) is furnished to the receiving party by a third party who is lawfully in possession of, and who lawfully conveys, such information; or (iv) is subsequently developed by the receiving party
independently of the information received from the disclosing party, as established by the receiving party’s written records. For purposes of this definition, the phrase “receiving party” shall be deemed to include each Affiliate of
the receiving party. 

  

	 	17.1.5 	Except as required by order of a court or Government of competent jurisdiction, this Agreement and its provisions shall be considered Confidential Information.

  

	 	17.1.6 	Notwithstanding the foregoing, the Parties may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated
by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to the Parties relating to such tax treatment and tax structure, all as contemplated by section 1.6011- 4(b)(3)(iii) of the regulations
promulgated under the Internal Revenue Code of 1986, as amended. 

  

	17.2	Dispute Resolution. 

  

	 	17.2.1	 Notice; Negotiation. Any dispute, disagreement, controversy or claim arising out of or in connection with this Agreement, including any question regarding their
negotiation, existence, validity, interpretation, performance, breach or termination, which cannot be resolved by the Parties within fourteen (14) days of receipt of a notice of dispute, shall be referred to the Chief Executive Officers (CEOs) of
the Parties who shall meet at a mutually agreed time and place, within thirty (30) days of receipt of said notice of dispute, to attempt to resolve such dispute, disagreement, controversy or claim within such thirty (30) day period, subject to
obtaining any necessary corporate approvals of such resolution. 

  

	 	17.2.2	  Arbitration. Any dispute, difference, disagreement, controversy or claim arising out of or in connection with this Agreement not resolved
pursuant to the process contemplated by Section 17.2.1 (“Dispute”) including any question regarding their existence, negotiation, interpretation, application, performance, breach, 

  

 - 18 - 

	 	 
validity or termination, shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce (“ICC Rules”) by
three (3) arbitrators. The arbitration process shall commence at the expiration of the thirty (30) day period contemplated by Section 17.2.1, unless the Parties otherwise agree. On or prior to the expiration of such thirty (30) day period, each
Party shall nominate one arbitrator. The two (2) arbitrators so nominated shall appoint the presiding arbitrator. If either Party fails to nominate an arbitrator within thirty (30) days of receiving notice of the appointment of an arbitrator by the
other Party, such arbitrator shall be appointed by the ICC International Court of Arbitration (“ICC Court”). If the two (2) arbitrators nominated by the Parties fail to agree upon a third arbitrator within thirty (30)
days of the appointment of the second arbitrator, the presiding arbitrator shall be appointed by the ICC Court. 

  

	 	17.2.2.1 	Sole Arbitrator. Notwithstanding Section 17.2.2, where the amount in Dispute is less than five million dollars ($5,000,000) exclusive of interest and costs, the
Dispute shall be finally settled under the ICC Rules by a sole arbitrator appointed in accordance with such Rules. 

  

	 	17.2.2.2 	Place and Language of Arbitration. The arbitration shall take place in Montéal, Québec. The language of the arbitration shall be English.

  

	 	17.2.2.3 	Hearing; Award. The hearing on the merits shall take place within one hundred and twenty (120) days of the appointment of either the sole arbitrator or the last of the
three arbitrators, as the case may be. The arbitration award shall be in writing, shall set forth in reasonable detail the basis for the decision and shall be rendered within thirty (30) days of the end of the hearing where there is a sole
arbitrator, and within sixty (60) days of the end of the hearing where there are three arbitrators. 

  

	 	17.2.2.4 	Costs of the Arbitration. The final arbitration award shall include a decision as to which of the Parties shall bear the costs of the arbitration, or in what manner or
proportion the Parties shall bear such costs, including the fees and expenses of the arbitrator(s) and any expert appointed by the arbitrator(s) as well as the reasonable legal and other costs incurred by the Parties for the arbitration.

  

	 	17.2.2.5 	Provisional Measures. For the purposes of any provisional or interim measure in aid of the arbitration proceedings, the Parties hereby submit to the non-exclusive
jurisdiction of the competent court in the judicial district of Montréal, Québec. Without prejudice to such provisional or interim remedies in aid of arbitration as may be available under the jurisdiction of a competent court, the
arbitrator(s) shall have full authority to grant provisional or interim remedies and to award damages for the failure of a Party to respect any order of the arbitrator(s) to that effect. 

  

 - 19 - 

	17.3	Notices. Any notice, consent, authorization, direction or other communication required or permitted to be given hereunder shall be in writing and shall be delivered
either by personal delivery, by registered mail or by telecopier or similar telecommunications device and addressed as follows: 

  

	 	17.3.1 	in the case of Trade-mark Owner, to it at: 

  

													
	 Bombardier
 800
	  	René-Lévesque	  	Blvd.	  	 Inc.
 W.
	  	 
	 Montreal,
 H3B 1Y8
	  	 	  	 	  	 	  	 	  	Quebec	  	 
			
	Attention:	  	Daniel Desjardins, Senior Vice-President and General Counsel	  	 
			
	 Telecopier:
	  	(514) 861-2746	  	 
						
	with a copy to:	  	 	  	 	  	 	  	 	  	 
							
	 Ogilvy
 1981
	  	McGill	  	College	  	Avenue,	  	Suite	  	 Renault
 1100
	  	 
	 Montreal,
 H3A 3C1
	  	 	  	 	  	 	  	 	  	Quebec	  	 
			
	Attention:	  	Paul Raymond and Clemens Mayr	  	 
			
	 Telecopier:
	  	(514)286-5474	  	 

  

	 	17.3.2 	in the case of Licensee, to it at: 

  
 c/o Beaudier Inc. 
 1000 de la
Gauchetière West, Suite 4310 
 Montreal, Quebec 
 H3B 4W5 
  

			
	Attention:	  	Jacques Levesque
		
	Telecopier:	  	(514) 861-0032
	
	with a copy to:

  
 Ropes & Gray LLP

 One International Place 
 Boston, Massachusetts 02110 
  
 Attention: R.
Newcomb Stillwell and Howard S. Glazer 
  
 Telecopier: (617)
951-7050 
  
 and to: 
  
 Osler, Hoskin & Harcourt LLP 
  

 - 20 - 

 1000 de La Gauchètiere Street West 
 Suite 2100 
 Montréal, Quebec H3B 4W5 
  
 Attention: Brian M. Levitt and Warren M. Katz 
  
 Telecopier: (514) 904-8101 
  
 Any notice, consent, authorization, direction or other communication delivered as aforesaid shall be deemed to have been effectively delivered and received, if sent by telecopier on the day of receipt as stipulated on the acknowledgement of
receipt (confirmation of receipt by confirmed facsimile transmission being deemed receipt or in any other manner), if delivered, to have been delivered and received on the date of such delivery or, if sent by registered mail with acknowledgement of
receipt requested, to have been delivered and received on the day of receipt as stipulated on the acknowledgement of receipt. Either Party may change its address for service by notice delivered as aforesaid. 
  

	17.4 	Governing Law. This Agreement shall be governed by, and any dispute, controversy or claim arising out of or in connection with this Agreement, including any question
regarding its negotiation, existence, validity, interpretation, performance, breach or termination, shall be resolved in accordance with the Laws of the Province of Quebec and the Laws of Canada applicable therein and shall be treated, in all
respects, as a Quebec contract. 

  

	17.5 	Further Assurance. Each Party upon the request of the other, whether at or after the Closing Date, shall do, execute, acknowledge and deliver or cause to be done,
executed, acknowledged or delivered all such further acts, deeds, documents, assignments, transfers, conveyances, powers of attorney and assurances as may be reasonably necessary or desirable to effect complete consummation of the transactions
contemplated by this Agreement. 

  

	17.6 	Counterparts. This Agreement may be executed in two counterparts, each of which when so executed shall be deemed an original, and such counterparts together shall
constitute one and the same instrument. 

  

	17.7 	Severability. Any Article, Section, Subsection or other subdivision of this Agreement or any other provision of this Agreement which is, or becomes, illegal, invalid
or unenforceable in any situation in any jurisdiction shall be not affect or impair the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other
situation or in any other jurisdiction. In the event that any provision of this Agreement would, under applicable law, be invalid or unenforceable in any respect, each party hereto intends that such provision will be construed by modifying or
limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. 

  

	17.8 	 Entire Agreement. This Agreement, including, without limitation, the schedules together with the Purchase Agreement, constitutes the entire agreement
between the 

  

 - 21 - 

	 	 
Parties pertaining to the subject matter hereof, and supersedes all prior agreements, understandings, negotiations, drafts and discussions of the Parties.

  

	17.9 	Successors in Interest. This Agreement and the provisions hereof shall ensure to the benefit of and be binding upon the Parties and their respective successors and
assigns. The Licensee may assign this Agreement and all its rights and obligations hereunder as collateral security to any provider of debt financing. 

  

	17.10 	Incorporation of Schedules. The schedules attached to this Agreement shall, for all purposes of this Agreement, form an integral part of it. 

 

	17.11 	Amendment. No amendment shall be binding unless expressly provided in a written instrument duly executed by the Parties. 

  

	17.12 	Waiver. No waiver, whether by conduct or otherwise, of any of the provisions of this Agreement shall be deemed to constitute a waiver of any other provisions (whether
or not similar) nor shall such waiver constitute a continuing waiver unless otherwise expressly provided in an instrument duly executed by the Parties to be bound thereby. 

  

	17.13 	Headings. The headings in this Agreement are inserted for convenience of reference only and shall not affect the interpretation hereof. 

  

	17.14 	Time Periods. Unless otherwise specified, time periods within or following which any payment is to be made or act is to be done shall be calculated by excluding the
day on which the period commences and including the day on which the period ends and by extending the period to the next Business Day following if the last day of the period is not a Business Day. 

  
 [THIS SPACE INTENTIONALLY LEFT BLANK] 
  

 - 22 - 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date and at the place first above-mentioned.

  

			
	BOMBARDIER INC.
		
	 Per:
	 	 /s/ Illegible

	 Name:
	 	 
	 Title:
	 	 
		
	 Per:
	 	 /s/ Illegible

	 Name:
	 	 
	 Title:
	 	 
	
	4145321 CANADA INC.
		
	 Per:
	 	 /s/ Illegible

	 Name:
	 	 
	 Title:
	 	 
		
	 Per:
	 	 /s/ Illegible

	 Name:
	 	 
	 Title:
	 	 

  

 - 23 - 

 SCHEDULE “A-1” 
  
 LIST OF TRADE-MARKS 
  

	 	•	BOMBARDIER 

  

	 	•	CHALLENGER 

  

	 	•	BOMBI 

  

	 	•	[GRAPHIC] 

  

	 	•	BOMBARDIERDIRECT 

  

 SCHEDULE “A-2” 
  
 DETAILS REGARDING REGISTRATIONS/APPLICATIONS FOR REGISTRATION 
 WITH RESPECT TO THE TRADE-MARKS 
  

							
	 	 	 	 	The BOMBARDIER trademark
				
	[GRAPHIC]	 	[GRAPHIC]	 	Sprocket 2	 	Sprocket 3
				
	 	 	[GRAPHIC]	 	Sprocket 2 (Thal)	 	 

  

																	
	 Jurisdiction

	  	 Trademark

	  	 Design

	  	Class(es)

	  	 Status

	  	Appl. Date

	  	Start Date

	  	Appl. No.

	  	Reg. No.

									
	 Argentina
	  	BOMBARDIER	  	 	  	7	  	Registered	  	23-ju__-91	  	30-ju__-93	  	1808781	  	1455832
									
	 Argentina
	  	BOMBARDIER	  	 	  	9	  	Registered	  	23-ju__-91	  	30-ju__-93	  	1808762	  	1455833
									
	 Argentina
	  	BOMBARDIER	  	 	  	12	  	Registered	  	30-nov-8_	  	30-nov-89	  	1698745	  	1779030
									
	 Argentina
	  	BOMBARDIER	  	 	  	39	  	Registered	  	23-ju__-91	  	30-ju__-93	  	1808754	  	1455834
									
	 Australia
	  	BOMBARDIER	  	 	  	12, 25, 28, 37, 39	  	Filed	  	13-févr-03	  	 	  	943_22	  	 
									
	 Australia
	  	BOMBARDIER	  	 	  	12	  	Registered	  	12-nov-93	  	12-nov-91	  	567075	  	A587075
									
	 Australia
	  	BOMBARDIER
& Design	  	Sprocket 2	  	12	  	Registered	  	11-ao__-93	  	11-ao__-93	  	_09130	  	A609130
									
	 Austria
	  	BOMBARDIER
& Design	  	Sprocket 2	  	12	  	Registered	  	29-nov-91	  	29-ma_-92	  	AM5888/
91	  	142177
									
	 Benelux
	  	BOMBARDIER
& Design	  	Sprocket 2	  	12	  	Registered	  	25-juin-91	  	25-juin-91	  	785898	  	502470
									
	 Brazil
	  	BOMBARDIER	  	 	  	3_	  	Filed	  	28-févr-03	  	 	  	82534574
0	  	 
									
	 Brazil
	  	BOMBARDIER	  	 	  	7.35, 7._0	  	Registered	  	5-oct-90	  	31-oct-95	  	81580_18
2	  	81580918
2
									
	 Brazil
	  	BOMBARDIER	  	 	  	7.10, 7.35, 7.60	  	Registered	  	21-oct-91	  	24-juin-97	  	81645__4
4	  	81_45884
4
									
	 Brazil
	  	BOMBARDIER	  	 	  	28.20	  	Registered	  	5-oct-90	  	2_-juin-93	  	81580918
6	  	81580916
6
									
	 Brazil
	  	BOMBARDIER	  	 	  	25.20	  	Registered	  	5-oct-90	  	17-nov-92	  	81580917
4	  	81580917
4
									
	 Brazil
	  	BOMBARDIER	  	 	  	37	  	Filed	  	27-févr-03	  	 	  	82534474
3	  	 

  

																	
	 Jurisdiction

	  	 Trademark

	  	Design

	  	Class(es)

	  	Status

	  	Appl. Date

	  	Start Date

	  	Appl. No.

	  	Reg. No.

									
	 Canada
	  	BOMBARDIER	  	 	  	Wares	  	Registered	  	20-jan_-72	  	29-déc-72	  	349628	  	187538
									
	 Canada
	  	BOMBARDIER	  	 	  	Wares	  	Registered	  	30-ma_-69	  	5-ju__-70	  	322875	  	1_9578
									
	 Canada
	  	BOMBARDIER	  	 	  	Wares	  	Registered	  	17-ju__-42	  	17-ju__-42	  	1_1350	  	170_3
									
	 Canada
	  	BOMBARDIER	  	 	  	Wares	  	Registered	  	5-ju_-69	  	9-janv-70	  	323958	  	1_7310
									
	 Canada
	  	BOMBARDIER
& Design	  	Sprocket
2	  	Wares	  	Registered	  	5-sept-91	  	30-av_-93	  	888853	  	411779
									
	 Canada
	  	BOMBARDIER
& Design	  	Sprocket
1	  	Wares	  	Registered	  	24-mars-69	  	24-déc-69	  	320950	  	167048
									
	 Canada
	  	BOMBARDIER
& Design	  	Sprocket
2	  	Wares	  	Registered	  	9-nov-93	  	31-mars-95	  	741106	  	441491
									
	 Canada
	  	BOMBARDIER
& Design	  	Sprocket
1	  	Wares	  	Registered	  	22-janv-69	  	31-oct-__	  	319174	  	1_5978
									
	 Canada
	  	BOMBARDIER
& Design	  	Sprocket
1	  	Wares	  	Registered	  	9-ma_-69	  	23-___-70	  	322252	  	1_881_
									
	 Canada
	  	BOMBARDIER
& Design	  	Sprocket
1	  	Wares	  	Registered	  	11-ao_t-72	  	2_-ma_-73	  	35_075	  	191285
									
	 Chile
	  	BOMBARDIER	  	 	  	25	  	Registered	  	4-ma_-92	  	15-oct-92	  	206955	  	651550
									
	 Chile
	  	BOMBARDIER	  	 	  	EI	  	Registered	  	1-ju__-92	  	28-juin-95	  	212756	  	447397
									
	 Chile
	  	BOMBARDIER	  	 	  	37	  	Registered	  	1-ju__-92	  	4-déc-92	  	212755	  	854759
									
	 Chile
	  	BOMBARDIER	  	 	  	7, 9, 12	  	Registered	  	27-nov-91	  	20-ju__-94	  	193839	  	428972
									
	 Chile
	  	BOMBARDIER	  	 	  	EC	  	Registered	  	1-ju__-92	  	28-juin-95	  	212757	  	447396
									
	 China P.R.
	  	BOMBARDIER	  	 	  	3_	  	Filed	  	18-févr-03	  	 	  	34_0520	  	 
									
	 China P.R.
	  	BOMBARDIER	  	 	  	37	  	Filed	  	18-févr-03	  	 	  	3460522	  	 
									
	 China P.R.
	  	BOMBARDIER	  	 	  	28	  	Filed	  	18-févr-03	  	 	  	3460521	  	 
									
	 China P.R.
	  	BOMBARDIER	  	 	  	41	  	Registered	  	30-_o__-0_	  	21-mars-03	  	20011601
6_	  	1984042
									
	 China P.R.
	  	BOMBARDIER	  	 	  	12	  	Registered	  	20-ao_t-98	  	28-mars-00	  	98000951
_7	  	1379_08
									
	 China P.R.
	  	BOMBARDIER
& Design	  	Sprocket
3	  	25	  	Registered	  	25-oct-00	  	28-déc-01	  	20001638
70	  	1___102
									
	 China P.R.
	  	BOMBARDIER
& Design	  	Sprocket
3	  	12	  	Registered	  	25-oct-00	  	14-ju__-02	  	20001638
69	  	1807181
									
	 Colombia
	  	BOMBARDIER	  	 	  	7	  	Registered	  	30-janv-92	  	17-nov-93	  	354477	  	143_99
									
	 Colombia
	  	BOMBARDIER	  	 	  	12	  	Registered	  	30-janv-92	  	23-déc-93	  	354476	  	150768
									
	 Costa Rica
	  	BOMBARDIER
& Design	  	Sprocket
2	  	12	  	Registered	  	25-ao__-94	  	29-sept-95	  	 	  	_3266

  

 -2- 

																	
	 Jurisdiction

	  	 Trademark

	  	Design

	  	Class(es)

	  	Status

	  	Appl. Date

	  	Start Date

	  	Appl. No.

	  	Reg. No.

									
	Ecuador	  	BOMBARDIER	  	 	  	12	  	Registered	  	13-févr-03	  	4-juln-03	  	131294	  	23465
									
	 European
 Union
	  	BOMBARDIER	  	 	  	4, 7, _, 12, 25, 28,
35, 36, 37, 39, 41, 42	  	Filed	  	17-déc-20	  	 	  	2980084	  	 
									
	 European
 Union
	  	 BOMBARDIER
 & Design
	  	Sprocket
3	  	4, 7, 9, 12, 25, 28,
35, 36, 37, 39, 41, 42	  	Filed	  	13-févr-03	  	 	  	3051836	  	 
									
	Finland	  	 BOMBARDIER
 & Design
	  	Sprocket
2	  	12	  	Registered	  	10-nov-93	  	6-févr-95	  	5094/93	  	136215
									
	France	  	BOMBARDIER	  	 	  	12, 25	  	Registered	  	10-jul_-98	  	10-jul_-98	  	98741463	  	98741463
									
	France	  	 BOMBARDIER
 & Design
	  	Sprocket
2	  	12	  	Registered	  	25-nov-91	  	25-nov-91	  	320875	  	1707817
									
	Germany	  	 BOMBARDIER
 & Design
	  	Sprocket
2	  	12	  	Registered	  	20-déc-91	  	20-déc-91	  	B944B0/12WZ	  	2033704
									
	Guatemala	  	BOMBARDIER	  	 	  	25	  	Registered	  	10-juln-98	  	13-janv-00	  	4400-98	  	102090
									
	Guatemala	  	BOMBARDIER	  	 	  	12	  	Filed	  	10-juln-98	  	 	  	4402-98	  	 
									
	Hong Kong	  	BOMBARDIER	  	 	  	37	  	Filed	  	13-févr-03	  	 	  	2215/2003	  	 
									
	Hong Kong	  	BOMBARDIER	  	 	  	28	  	Filed	  	13-févr-03	  	 	  	2214/2003	  	 
									
	Hong Kong	  	BOMBARDIER	  	 	  	25	  	Filed	  	13-févr-03	  	 	  	2274/2003	  	 
									
	Hong Kong	  	BOMBARDIER	  	 	  	12	  	Registered	  	7-janv-92	  	7-janv-92	  	130/92	  	3342/95
									
	Hong Kong	  	BOMBARDIER	  	 	  	39	  	Filed	  	13-févr-03	  	 	  	2216/2003	  	 
									
	Iceland	  	BOMBARDIER	  	 	  	12	  	Filed	  	13-févr-03	  	 	  	329/2003	  	 
									
	India	  	BOMBARDIER	  	 	  	12	  	Filed	  	21-févr-03	  	 	  	1177307	  	 
									
	India	  	BOMBARDIER	  	 	  	25	  	Filed	  	21-févr-03	  	 	  	1177308	  	 
									
	Indonesia	  	BOMBARDIER	  	 	  	39	  	Filed	  	7-mars-03	  	 	  	J00
2003.051
70.05225	  	 
									
	Indonesia	  	BOMBARDIER	  	 	  	37	  	Filed	  	7-mars-03	  	 	  	J00
2003.051
71.05228	  	 
									
	Indonesia	  	BOMBARDIER	  	 	  	12	  	Filed	  	7-mars-03	  	 	  	J00
2003.051
69.05224	  	 
									
	Indonesia	  	BOMBARDIER	  	 	  	25	  	Filed	  	7-mars-03	  	 	  	J00
2003.051
74.0522__	  	 
									
	Iran	  	BOMBARDIER	  	 	  	12	  	Filed	  	18-févr-03	  	 	  	8111933	  	 
									
	Israel	  	BOMBARDIER	  	 	  	12	  	Filed	  	13-févr-03	  	 	  	1_2758	  	 
									
	Israel	  	BOMBARDIER	  	 	  	39	  	Filed	  	13-févr-03	  	 	  	1_2761	  	 
									
	Israel	  	BOMBARDIER	  	 	  	25	  	Filed	  	13-févr-03	  	 	  	162759	  	 

  

 - 3 - 

																	
	 Jurisdiction

	  	Trademark

	  	Design

	  	Class(es)

	  	Status

	  	Appl. Date

	  	Start Date

	  	Appl. No.

	  	Reg. No.

									
	 Israel
	  	BOMBARDIER	  	 	  	37	  	Filed	  	13-févr-03	  	 	  	162760	  	 
									
	 Japan
	  	BOMBARDIER	  	 	  	12	  	Registered	  	29-janv-93	  	2_-mars-96	  	8533/93	  	3138247
									
	 Japan
	  	BOMBARDIER	  	 	  	25	  	Registered	  	29-janv-93	  	26-déc-95	  	8534/93	  	3107478
									
	 Japan
	  	BOMBARDIER	  	 	  	12, 28, 37, 39	  	Filed	  	13-févr-03	  	 	  	10825/2003	  	 
									
	 Japan
	  	BOMBARDIER
& Design	  	Sprocket
2	  	12	  	Registered	  	14-déc-93	  	25-avr-97	  	H__ 5-
125198	  	3294288
									
	 Latvia
	  	BOMBARDIER
& Design	  	Sprocket
2	  	12	  	Registered	  	4-mars-98	  	4-mars-98	  	M98420	  	M43837
									
	 Liechtenstein
	  	BOMBARDIER	  	 	  	12	  	Registered	  	13-févr-03	  	13-févr-03	  	12796	  	12796
									
	 Malaysia
	  	BOMBARDIER	  	 	  	12	  	Filed	  	14-févr-03	  	 	  	2003-
01713	  	 
									
	 Mexico
	  	BOMBARDIER	  	 	  	37	  	Filed	  	17-févr-03	  	 	  	588527	  	 
									
	 Mexico
	  	BOMBARDIER	  	 	  	25	  	Filed	  	17-févr-03	  	 	  	588526	  	 
									
	 Mexico
	  	BOMBARDIER	  	 	  	39	  	Filed	  	17-févr-03	  	 	  	588528	  	 
									
	 Mexico
	  	BOMBARDIER	  	 	  	28	  	Filed	  	17-févr-03	  	 	  	588528	  	 
									
	 Mexico
	  	BOMBARDIER
& Design	  	Sprocket
2	  	12	  	Registered	  	9-déc-93	  	9-déc-93	  	185471	  	460721
									
	 Monaco
	  	BOMBARDIER	  	 	  	12, 25	  	Registered	  	7-mars-03	  	7-mars-03	  	23932	  	03.23545
									
	 New Zealand
	  	BOMBARDIER	  	 	  	39	  	Filed	  	14-févr-03	  	 	  	_73498	  	 
									
	 New Zealand
	  	BOMBARDIER	  	 	  	12	  	Registered	  	29-sept-00	  	29-sept-00	  	624291	  	624291
									
	 New Zealand
	  	BOMBARDIER	  	 	  	25	  	Filed	  	14-févr-03	  	 	  	673499	  	 
									
	 New Zealand
	  	BOMBARDIER	  	 	  	37	  	Filed	  	14-févr-03	  	 	  	673497	  	 
									
	 Norway
	  	BOMBARDIER	  	 	  	25, 28, 37, 39	  	Filed	  	13-févr-03	  	 	  	2003
01380	  	 
									
	 Norway
	  	BOMBARDIER	  	 	  	12	  	Registered	  	17-mars-98	  	21-janv-99	  	19980236
6	  	195431
									
	 Paraguay
	  	BOMBARDIER	  	 	  	12	  	Registered	  	22-____-91	  	7-févr-92	  	11281	  	246338
									
	 Paraguay
	  	BOMBARDIER	  	 	  	_	  	Registered	  	22-____-91	  	7-févr-92	  	11280	  	246335
									
	 Paraguay
	  	BOMBARDIER	  	 	  	7	  	Registered	  	22-____-91	  	7-févr-92	  	11263	  	246397
									
	 Peru
	  	BOMBARDIER	  	 	  	12	  	Registered	  	27-ma_-88	  	7-oct-88	  	139498	  	76951
									
	 Philippines
	  	BOMBARDIER
& Design	  	Sprocket
2	  	12	  	Registered	  	2_-janv-94	  	2-avr-97	  	90884	  	54238

  

 - 4 - 

																	
	 Jurisdiction

	  	Trademark

	 	Design

	  	Class(es)

	  	Status

	  	Appl. Date

	  	Start Date

	  	Appl. No.

	  	Reg. No.

									
	 Romania
	  	BOMBARDIER	 	 	  	12, 25 37, 39	  	Filed	  	14-févr-03	  	 	  	M2DD307
44	  	 
									
	 Russian
 Federation
	  	BOMBARDIER	 	 	  	4, 7, 8, 12, 25, 28,
35, 36, 37, 39, 41, 42	  	Filed	  	1-nov-02	  	 	  	2DD27256
30	  	 
									
	 Russian
 Federation
	  	BOMBARDIER	 	 	  	12, 25	  	Registered	  	13-avr-_3	  	13-avr-93	  	93015251	  	123677
									
	 Russian
 Federation
	  	BOMBARDIER
& Design	 	Sprocket
3	  	12, 25	  	Registered	  	13-avr-93	  	13-avr-93	  	93015253	  	125103
									
	 Russian
 Federation
	  	BOMBARDIER
(In Cyrillic)	 	 	  	12, 25	  	Registered	  	13-avr-93	  	13-avr-93	  	9301525D	  	125285
									
	 Saudi Arabia
	  	BOMBARDIER	 	 	  	12	  	Registered	  	24-janv-9_	  	24-janv-9_	  	47538	  	490/18
									
	 Saudi Arabia
	  	BOMBARDIER	 	 	  	37	  	Filed	  	17-févr-03	  	 	  	_1219	  	 
									
	 Saudi Arabia
	  	BOMBARDIER	 	 	  	39	  	Filed	  	17-févr-03	  	 	  	_1220	  	 
									
	 Saudi Arabia
	  	BOMBARDIER	 	 	  	25	  	Filed	  	17-févr-03	  	 	  	_1218	  	 
									
	 Singapore
	  	BOMBARDIER	 	 	  	39	  	Filed	  	13-févr-03	  	 	  	T03/01_1
2B	  	 
									
	 Singapore
	  	BOMBARDIER	 	 	  	37	  	Registered	  	13-févr-03	  	13-févr-03	  	T03/0191
1D	  	T03/_181
1D
									
	 Singapore
	  	BOMBARDIER	 	 	  	25	  	Filed	  	13-févr-03	  	 	  	T03/0191
0F	  	 
									
	 Singapore
	  	BOMBARDIER	 	 	  	12	  	Registered	  	5-déc-94	  	5-déc-94	  	10509/94	  	1050_/94
									
	 Singapore
	  	BOMBARDIER	 	 	  	12	  	Registered	  	20-janv-95	  	20-janv-95	  	495/95	  	495/95
									
	 South Africa
	  	BOMBARDIER	 	 	  	37	  	Filed	  	13-févr-03	  	 	  	2003/027
14	  	 
									
	 South Africa
	  	BOMBARDIER	 	 	  	39	  	Filed	  	13-févr-03	  	 	  	2003/027
15	  	 
									
	 South Africa
	  	BOMBARDIER	 	 	  	12	  	Filed	  	13-févr-03	  	 	  	2003/027
13	  	 
									
	 South Korea
	  	BOMBARDIER	 	 	  	25, 37	  	Filed	  	14-févr-03	  	 	  	45-2003-
494	  	 
									
	 South Korea
	  	BOMBARDIER	 	 	  	12	  	Registered	  	12-mars-90	  	30-Jul_-91	  	90-4983	  	217_98
									
	 South Korea
	  	BOMBARDIER
& Design	 	Sprocket
2	  	37	  	Registered	  	 	  	17-ma_-95	  	93-41702	  	313593
									
	 Spain
	  	BOMBARDIER	 	 	  	12	  	Registered	  	1-févr-02	  	1-févr-02	  	2452591	  	2452591
									
	 Spain
	  	BOMBARDIER	 	 	  	39	  	Registered	  	1-févr-02	  	1-févr-02	  	2452593	  	2452593
									
	 Spain
	  	BOMBARDIER	 	 	  	25	  	Registered	  	1-févr-02	  	1-févr-02	  	2452592	  	2452592
									
	 Switzerland
	  	BOMBARDIER	 	 	  	12, 25, 28, 37, 39	  	Registered	  	13-févr-03	  	13-févr-03	  	942/2003	  	512408
									
	 Taiwan
	  	BOMBARDIER	 	 	  	37	  	Filed	  	14-févr-03	  	 	  	09200840
5	  	 

  

 - 5 - 

																	
	 Jurisdiction

	  	 Trademark

	  	Design

	 	Class(es)

	  	Status

	  	Appl. Date

	  	Start Date

	  	Appl. No.

	  	Reg. No.

	 Taiwan
	  	BOMBARDIER	  	 	 	25	  	Filed	  	14-fèvr-03	  	 	  	09200840
3	  	 
									
	 Taiwan
	  	BOMBARDIER	  	 	 	39	  	Filed	  	14-fèvr-03	  	 	  	09200840
6	  	 
									
	 Taiwan
	  	BOMBARDIER	  	 	 	28	  	Filed	  	14-fèvr-03	  	 	  	09200840
4	  	 
									
	 Taiwan
	  	BOMBARDIER	  	 	 	25	  	Registered	  	_-__pt-9_	  	16-juil-97	  	8544928	  	7_8803
									
	 Taiwan
	  	BOMBARDIER	  	 	 	12	  	Registered	  	19-juln-96	  	1-juil-97	  	8530333	  	7__007
									
	 Taiwan
	  	 BOMBARDIER
 & Design
	  	Sprocket
2	 	12	  	Registered	  	19-juln-98	  	1-juil-97	  	8530334	  	766034
									
	 Taiwan
	  	 BOMBARDIER
 (in Chinese)
	  	 	 	12	  	Registered	  	15-juil-96	  	16-___-97	  	8535004	  	771971
									
	 Thailand
	  	 BOMBARDIER
 & Design
	  	Sprocket
2	 	12	  	Registered	  	11-juil-97	  	11-juil-97	  	33_051	  	Kor
84600
									
	 Thailand
	  	 BOMBARDIER
 (in Thai) & Design
	  	Sprocket
2 (Thai)	 	12	  	Registered	  	18-juil-97	  	18-juil-97	  	339208	  	Kor
81700
									
	 Turkey
	  	BOMBARDIER	  	 	 	12	  	Filed	  	21-fèvr-03	  	 	  	2003/035
34	  	 
									
	 Ukraine
	  	BOMBARDIER	  	 	 	12, 25, 2_, 37	  	Filed	  	14-fèvr-03	  	 	  	20030214
03	  	 
									
	 United Arab Emirates
	  	BOMBARDIER	  	 	 	12	  	Filed	  	30-mars-03	  	 	  	52419	  	 
									
	 United Kingdom
	  	 BOMBARDIER
 & Design
	  	Sprocket
2	 	12	  	Registered	  	25-juin-91	  	25-ju__-91	  	1483921	  	1483921
									
	 United States
	  	BOMBARDIER	  	 	 	9, 25, 28	  	Registered	  	23-mars-98	  	19-dèc-00	  	75454944	  	241340_
									
	 United States
	  	BOMBARDIER	  	 	 	12	  	Registered	  	30-ma_-72	  	11-sept-73	  	72425861	  	968022
									
	 United States
	  	BOMBARDIER	  	 	 	12	  	Registered	  	28-juil-69	  	1-___-72	  	72333664	  	0939566
									
	 United States
	  	 BOMBARDIER
 & Design
	  	Sprocket
3	 	12	  	Registered	  	25-janv-94	  	21-nov-95	  	74483006	  	193_417
									
	 Uruguay
	  	BOMBARDIER	  	 	 	7, 9, 12, 39	  	Registered	  	28-___-91	  	5-juil-9_	  	246_57	  	246957
									
	 Venezuela
	  	BOMBARDIER	  	 	 	12	  	Registered	  	10-mars-92	  	7-oct-94	  	92-04_04	  	169376
									
	 Venezuela
	  	BOMBARDIER	  	 	 	12	  	Filed	  	14-fèvr-03	  	 	  	1431-
2003	  	 
									
	 Vietnam
	  	 BOMBARDIER
 & Design
	  	Sprocket
3	 	12	  	Registered	  	19-mars-93	  	19-mars-93	  	115_3	  	10809

  

 - 6 - 

 The CHALLENGER trademark 
  

															
	 Jurisdiction

	  	 Trademark

	  	Class(es)

	  	Status

	  	Appl. Date

	  	Start Date

	  	Appl. No.

	  	Reg. No.

								
	 Canada
	  	CHALLENGER	  	W	  	Registered	  	23-___-_5	  	30-_uil-97	  	790868	  	47_271
								
	 Germany
	  	CHALLENGER	  	12	  	Registered	  	4-mars-80	  	4-mars-80	  	C29183/12WZ	  	1011454
								
	 New Zealand
	  	CHALLENGER	  	12	  	Registered	  	29-sept-97	  	2_-sept-97	  	282_87	  	282887
								
	 Russian Federation
	  	CHALLENGER	  	12	  	Filed	  	4-dèc-01	  	 	  	2001737_53	  	 
	
	The BOMBI trademark
								
	 Jurisdiction

	  	 Trademark

	  	Class(es)

	  	Status

	  	Appl. Date

	  	Start Date

	  	Appl. No.

	  	Reg. No.

	 Canada
	  	BOMBI	  	Wares	  	Registered	  	11-Aug.-72	  	7-Feb.-75	  	0356080	  	205140
	
	The BOMBARDIERDIRECT trademark
								
	 Jurisdiction

	  	 Trademark

	  	Class(es)

	  	Status

	  	Appl. Date

	  	Start Date

	  	Appl. No.

	  	Reg. No.

	 Canada
	  	BOMBARDIERDIRECT	  	Wares
Services	  	Filed	  	12-January-2001	  	 	  	108896_	  	 
								
	 United States
	  	BOMBARDIERDIRECT	  	2, 4, 6, 7, 8, 9,
11, 12, 1_, 1_,
20, 21, 24,
25,
28, 35, 36, 37,
39, 41, 42	  	Filed	  	12-July-2001	  	 	  	76284058	  	 

  

 - 7 - 

 SCHEDULE “B” 
  
 INFORMATION TO BE INCLUDED IN THE PERIODIC REPORTS SUBMITTED BY 
 LICENSEE TO THE TRADE-MARK OWNER’S QUALITY CONTROL OVERSIGHT 
 COMMITTEE 
  

	1.	Information relating to material recalls of Wares manufactured by Licensee. 

  

	2.	Examples or sample depictions of current uses of the Trade-marks. 

  

	3.	Safety recalls issued by Licensee with regard to Wares manufactured by Licensee. 

  

	4.	Executive summary of insurance claims against Licensee with regard to Wares manufactured by Licensee providing reasonable detail of the number, nature and quantum of such claims per
category of Wares or issue. 

  

 SCHEDULE “C” 
  

					
	1.	  	 BOMBARDIER - Trademark of Bombardier Inc.
 Used under License

			
	2.	  	[GRAPHIC]	  	 - Trademark of Bombardier Inc.
 Used under
License

		
	3.	  	 CHALLENGER - Trademark of Bombardier Inc.
 Used under License

		
	4.	  	 BOMBI – Trademark of Bombardier Inc.
 Used under License

		
	5.	  	 BOMBARDIERDIRECT - Trademark of Bombardier Inc.
 Used under License

  

 SCHEDULE “D” 
  
 COMPOSITE MASKS 
  

									
	 TRADE-MARK

	 	 COUNTRY

	 	 REGISTRATION #

	 	 REGISTRATION
 DATE

	 	 OWNER

					
	 BOMBARDIER
 SKI-DOO
 DESIGN
	 	Canada	 	115,823	 	October 30, 1959	 	Bombardier Inc.
					
	 BOMBARDIER
 BRW & COG
 WHEEL
	 	Austria	 	118599	 	January 20, 1988	 	 Bombardier-Rotax
 Gmbh

					
	 BOMBARDIER
 ROTAX
	 	Uruguay	 	237705	 	March 15, 1991	 	Bombardier Inc.
					
	 BOMBARDIER
 FORMULA
	 	Sweden	 	0316621	 	September 6, 1996	 	Bombardier Inc.
					
	 BOMBARDIER
 PLUS
	 	Switzerland	 	438,036	 	March 17, 1997	 	Bombardier Inc.
					
	 PLUS
 BOMBARDIER
 & DESIGN
	 	Austria	 	163102	 	March 20, 1996	 	Bombardier Inc.
					
	 BV2S
 BOMBARDIER
 VISION AND
 VENTILATION
 SYSTEM
	 	Canada	 	App. No. 1,171,377	 	 Filing Date:
 March 18, 2003
	 	Bombardier Inc.

  

 SCHEDULE “E” 
  
 [GRAPHIC] 
  

 SCHEDULE “F” 
  
 [GRAPHIC] 
  
 BOMBARDIER 
  
 RECREATIONAL PRODUCTS 
  

 Bombardier Recreational Products Inc. 
  
 December 18, 2003 
  
 Bombardier Inc. 
 800 René-Lévesque Blvd. W. 
 Montreal, Quebec 
 H3B 1Y8 
  

			
	 Attention:
	  	Daniel Desjardins, Senior Vice-President and General Counsel
		
	 Re:
	  	Current Uses of Trade-Marks and Bombardier Names

  
 Dear Daniel: 
  
 This is to clarify our mutual understanding with respect to certain matters
relating to the License Agreement between Bombardier Inc. and 4145321 Canada Inc. (the “License Agreement”). 
  
 As you know, Bombardier Inc. is divesting itself of its recreational products business. Upon the Closing of those transactions, certain historical uses of
the Trade-mark and Bombardier Name (as both are defined in the License Agreement) may be occurring that are not specifically permitted under the License Agreement. To allow for an orderly transition, the parties therefore agree that 4145321 Canada
Inc. (the “Licensee”) and its Affiliates will not be in breach of the License Agreement or any other agreement between the parties so long as Licensee and its Affiliates carry out the following actions as soon as possible after the date
hereof but in any event within the time frames set forth below: 
  

	 	•	change, within ninety-six (96) hours of the date hereof, all electronic letterhead templates, electronic memo templates, and electronic fax coversheet templates;

  

	 	•	update, within (3) months of the date hereof, all websites owned or operated by Licensee and its Affiliates to cease non-licensed uses of the Trade-mark and Bombardier Name;

  

	 	•	cease, within six (6) months of the date hereof, all non-licensed uses of the Trade-mark and Bombardier Name in all internal and external business documentation and collateral, in
both electronic and printed form; 

  

	 	•	remove, within nine (9) months of the date hereof, non-licensed uses of the Trade-Mark and Bombardier Name from physical property. This includes signage at non-dealer or distributor
locations (e.g., manufacturing and administrative locations), and vehicles other than the products made or marketed by Licensee and its Affiliates (e.g. security vehicles, internal transportation vehicles, etc.); and 

  

	 	•	within nine (9) months from the date hereof, otherwise make any other changes needed to cease uses of the Trade-Mark or Bombardier Name as of the date hereof that would not
otherwise be permitted under the License Agreement, provided, however, that Licensee and its Affiliates shall also have the right to sell-off thereafter any inventory of Wares that use or are marked with Trade-Mark or the Bombardier Name in a manner
not otherwise permitted in the License Agreement; 

  
 it being
understood, for greater certainty, that the foregoing shall not be construed as permitting use of the Trade-mark or the Bombardier Name on any press releases of Licensee or its Affiliates. 
  
 Kindly acknowledge Bombardier Inc.’s agreement to the foregoing by
countersigning this letter where indicated below. 
  

	
	 Very truly yours,

	
	 /s/ Illegible

  

	cc:	Paul Raymond 

 Clemens Mayr 
  
 Acknowledged and Agreed to: 
  

			
	Bombardier Inc.
		
	By:	 	 /s/ Daniel Desjardins

	 	 	 Daniel Desjardins

	 	 	 Senior Vice-President and
 General CounselSecond Amended and Restated Wholesale Financing Agreement, dated Dec. 18, 2003

 Exhibit 10.11 
  
 Execution Version 
  
 SECOND AMENDED AND RESTATED 
 WHOLESALE FINANCING AGREEMENT 
  
 This
Second Amended and Restated Wholesale Financing Agreement (this “Agreement”) is made as of this      day of December, 2003 by and between BOMBARDIER MOTOR CORPORATION OF AMERICA (the “Supplier”) and
BOMBARDIER CAPITAL INC. (“BC”). 
  
 WHEREAS, (i) the Supplier and
BC entered into a Wholesale Financing Agreement dated August 27, 1998, as amended and restated by the Amended and Restated Wholesale Financing Agreement dated as of November 1, 2002; and (ii) Bombardier Inc. (“BI”), on behalf of the
Supplier, its wholly-owned subsidiary, and BC entered into a Floorplan Repurchase Agreement dated January 7, 2002 (the “Repurchase Agreement”) (collectively, the “Old Financing Agreements”); 
  
 WHEREAS, by this Agreement the Supplier and BC desire to amend, restate and replace in
its entirety each of the Old Financing Agreements with respect to the relationship between the parties; 
  
 WHEREAS, the Supplier wishes to stimulate the sales of its products; 
  
 WHEREAS, the distributor and the dealer network is an essential asset of the Supplier; 
  
 WHEREAS, BC is in direct communication with the distributors and the dealers, and recognizes that it is of the utmost importance to maintain the image and
reputation of the “Bombardier” brands, BC and the Supplier and maintain the best possible relations among BC, the Supplier and the distributors and dealers; 
  
 WHEREAS, BC and the Supplier desire to make arrangements for the financing of sales made by the Supplier to distributors and dealers
and for the increase of business with such distributors and dealers. 
  
 NOW,
THEREFORE, the parties hereto agree as follows: 
  

	1.	Preamble 

  
 The preamble forms an integral part hereof. 
  

	2.	Definitions 

  
 Unless the context requires otherwise, the following definitions shall apply: 
  

	 	a)	“Bridge Period” means, with respect to any Instrument, the number of days from, and including, the first business day after the date of delivery of such Instrument to BC
pursuant to Section 6.1 of this Agreement to, but excluding, the last business day of the month in which such Instrument was delivered; 

  

					
	 US Wholesale Financing Agreement
	  	 	  	 

	 	b)	“Dealers” shall mean and include all and any distributors and dealers who purchase and then sell the Supplier’s products, and each a “Dealer”;

  

	 	c)	“Financing Plan” means the credit plan or plans as established from time to time by BC to finance wholesale transactions with Dealers relating to products manufactured or
distributed and sold to Dealers by the Supplier; 

  

	 	d)	“Instrument” means all and any agreements and contracts in writing or any other documents evidencing the sale of Products, as hereinafter defined, by the Supplier to
Dealers; 

  

	 	e)	“Products” means all and any products or merchandise manufactured or distributed from time to time by the Supplier; 

  

	 	f)	“Sales Program” means any plan, as established by the Supplier, existing now or in the future, to promote the sale of the Supplier’s Products;

  

	 	g)	“Security Interest” means any mortgage, pledge, lien, encumbrance, charge, or other security interest, other than (X) statutory liens that attach by operation of law, in
each case, so long as such liens are in respect of obligations which obligee(s) thereon regard(s) as not yet due and payable, and (Y) liens in favor of BC. 

  

	3.	Object 

  
 Supplier intends to sell Products at wholesale to Dealers, who may require financial assistance from BC in order to make such purchases. To induce BC to
finance the acquisition of Products from Supplier by any Dealer, Supplier agrees to provide certain repurchase benefits specified below and BC agrees to provide financial assistance in accordance with the terms of this Agreement. 
  

	4.	Representations and Warranties 

  
 Supplier represents and warrants with respect to the Products covered by any Instrument at the time of delivery of such Instrument the following:

  

	 	a)	That Supplier transfers to the Dealer all right, title, and interest in and to the relevant Products, contingent upon BC’s financing the transaction; 

 

	 	b)	That Supplier’s title to the relevant Products is free and clear of any Security Interest when transferred to the Dealer and shall remain free and clear of any Security
Interest granted by or arising in respect of obligations of Supplier until the advance made by BC with respect to such Product has been repaid in full; 

  

	 	c)	That the relevant Products have been the subject of a bona fide order placed by the Dealer with the Supplier and accepted by the Supplier and that the Dealer has agreed that the
transaction be financed by BC; 

  

					
	 US Wholesale Financing Agreement
	  	-2-	  	 

	 	d)	That the relevant Products are new, unused, and free of any material defects; and 

  

	 	e)	That the relevant Products have been shipped to the Dealer no more than ten (10) days prior to the relevant Instrument date, and that the relevant Instrument date is no more than
twenty (20) days prior to delivery of such Instrument to BC. 

  
 In the event the Supplier breaches any of the foregoing representations and warranties with respect to any Products, the Supplier will immediately upon demand pay to BC, in cash, an amount equal to the outstanding
balance owed to BC with respect to such Products, plus the costs and expenses, if any, incurred by BC in the enforcement of this Agreement. Upon receipt of such payment, BC shall immediately assign to the Supplier all of its rights, title and
interest in any Instrument in respect of such Products and shall take such further actions as are necessary to effect such assignment. 
  

	5.	Credit Approval 

  

	 	5.1	So long as BC has a live interface with Supplier’s enterprise resource planning (“ERP”) system with not less than the same functionalities for updating Dealer status
as BC has as of the date of this Agreement, if at the time a shipment is being prepared for shipment it is indicated on Supplier’s ERP system that the relevant Dealer’s status would allow that shipment to be approved and funded by BC,
then, to the extent such shipment is made that same business day, the relevant Instruments related to such shipment shall (to the extent such Instruments contain accurate and complete information and meet the requirements of Section 4 above) be
accepted and funded by BC. Should BC become aware of a Dealer default that is not indicated on Supplier’s ERP system (and which event would prevent this shipment to be approved and funded by BC) on the day that a shipment is being prepared for
delivery to such Dealer, BC will contact promptly Supplier in order to mutually agree on possible steps required (including, if such shipment has not already been made, the cancellation of such shipment and of the related Instruments) in order to
reduce or mitigate losses that could be incurred by BC as a result of funding and making such shipment to said Dealer. 

  

	 	5.2	Supplier, in its sole discretion, shall first approve all new Dealer applications. Upon approval of such application by Supplier, Supplier shall submit the application to BC for
credit approval, which shall be granted or denied in accordance with its usual and customary credit policies. Supplier agrees to remit to BC (or to work with BC to obtain from the Dealer) all appropriate financial data and other pertinent
information required by BC. Such information shall include Dealer’s financial statements for the last two years. 

  

	 	5.3	BC shall respond to any request for credit submitted by the Supplier (with respect to a new or an existing Dealer) within a reasonable time after receipt of the request with all
supporting financial information. 

  

					
	 US Wholesale Financing Agreement
	  	-3-	  	 

	6.	Payment to Supplier 

  

	 	6.1	At the option of Supplier, BC shall pay the Supplier the full face value on any accepted Instrument either (a) on the last business day of each month for all Instruments delivered
during such month, or (b) within one (1) business day after the date of delivery of each accepted Instrument to BC. As of the date of this Agreement, fundings by BC are being made as provided under clause 6.1 (a) above. 

  

	 	6.2	In the event that Supplier elects the funding option in 6.1(b) above, in consideration for meeting such funding schedule, Supplier shall, in addition to any other amounts payable by
Supplier to BC hereunder, pay to BC for each month the amount determined according to the following formula: 

  

			
	 (W/X x Y) x (Z/12), where

		
	 W=
	 	total funding pursuant to this Agreement during such month;
		
	 X =
	 	the number of days in such month;
		
	 Y =
	 	the number of days equal to a weighted average (based on the total dollar amount for each Instrument) of the number of days in the Bridge Periods of all Instruments delivered to BC during
such month; and
		
	 Z=
	 	annual “all in” cost of funds rate for such month determined as the weighted average annual Libor rates (determined on the basis of a 360-day year) during such month plus the
weighted average cost of funds spread experienced by BC during such month (such cost of funds spread may vary from time to time, but shall not exceed 2%).

  

	 	6.3	BC shall provide a reasonably detailed calculation of the fee payable by the Supplier hereunder with respect to each calendar month within three (3) business days after the end of
such month. The Supplier shall pay such monthly fee within five (5) business days after receipt of such calculation, provided that such fee is approved by Supplier’s Vice President of Finance (or, if none, the person in a similar function) or
such person’s authorized assistant (which approval shall not be unreasonably withheld or delayed). 

  

	 	6.4	The Supplier may change its funding option on thirty (30) days’ prior written notice to BC; provided, the effective date for any such change shall be the first day of the first
calendar month following the end of such thirty (30) day notice period. 

  

	7.	Financing Rate 

  

	 	7.1	BC and Supplier shall agree in writing from time to time on the rates to be paid by Supplier for the “free floorplanning” period under the Financing Plans. Until a new
rate is agreed upon, the previous rate will apply. 

  

 -4- 

	 	7.2	Upon request in writing by Supplier, BC agrees to confirm in writing to Supplier the applicable rates for Supplier and Dealers in force from time to time and as soon as any
modification or modifications occur in the determination of such rate. 

  

	 	7.3	In addition to the provisions of Section 9.5 of this Agreement relating to curtailment, in the event that Supplier creates a curtailment program to reduce the amount of principal
owed by Dealers for Products in possession of Dealers after a predetermined period, BC agrees to support and administer such curtailment program; provided that BC was involved in its development and believes it reasonable to administrate.

  

	 	7.4	All special curtailment agreements and any waivers of curtailment agreements and any repurchase extensions shall be agreed in writing by BC and Supplier. Curtailment waivers and
repurchase extensions shall be effective to the extent they have been executed by Supplier’s Vice President of Finance (or, if none, the person in a similar function) or such person’s authorized assistant. 

  

	8.	Administration and Services 

  

	 	8.1	BC shall conduct or have conducted floorplan inspections of Dealers in accordance with its policies and procedures as amended from time to time. In the event Product is damaged in
connection with any repossession of Product, BC agrees to provide a copy of its condition report, which shall list the damage to Products, missing parts, and mileage or hour use evident upon a cursory exterior inspection of inventory.

  

	 	8.2	BC shall provide additional services not generally provided for other suppliers. These additional services include, without limitation, credit assessment, invoicing, accounts
receivable, demonstrations and trade-in programs, Sales Program administration, open account management, order entry system, transfers, prepayments, buyouts and special audits. 

  

	 	8.3	An authorized employee of BC shall be available during BC’s normal business hours to confirm to Supplier a Dealer’s current status, in order to complete a transaction
between the Supplier and any Dealer. 

  

	 	8.4	BC endeavors in good faith to use best efforts to collect any and all amounts due on Instruments by the Dealers. 

  

	 	8.5	 BC agrees to stop accruing interest to be charged to Supplier for any Product that is known to be stolen or destroyed by fire. Additionally, BC shall use all
reasonable efforts to determine in good faith consistent with BC’s standard business practices whether Products have been sold out of trust during the free floorplanning period as soon as is reasonably practicable, and BC agrees that Supplier
shall not be responsible for interest accrued after the earlier of (i) satisfaction by the relevant Dealer of its obligations in respect of such Products or 

  

 -5- 

	 	 
(ii) seven (7) days from the date BC reasonably determines that such product was sold out of trust. 

  

	9.	Repossession 

  

	 	9.1	If BC funds a Dealer’s purchase of Products from Supplier, Supplier agrees to repurchase any such Products from BC that BC repossesses (or that come into the possession of a
carrier arranged for by Supplier at BC’s request) at an amount equal to the total unpaid principal owed by the relevant Dealer to BC with respect to such Products, less any scheduled but uncollected curtailment payments owing pursuant to an
election under the terms provided for in Section 9.5 below or in connection with Supplier authorized rental programs or other Financing Programs otherwise agreed between BC and Supplier, if and to the extent each of the following conditions is met:
(i) such Products have been repossessed from a Dealer in connection with a determination by BC that such Dealer is in default of its obligations to BC; (ii) such Products are new and unused (other than normal wear and tear from display or
demonstration or a Supplier authorized rental or demonstration program); and (iii) such repurchase amount, when aggregated with repurchase amounts paid, deemed payable or for which payment has been requested under this Agreement and any similar
agreement between Supplier (or an affiliate of Supplier) and Bombardier Capital Ltd. regarding floorplanned inventory in Canada (such agreement, as modified, supplemented and/or amended from time to time, the “Canadian WFA”) within the
twelve (12) month period preceding the date of demand for repurchase (the “Measurement Period”), does not exceed the greater of (a) US$25,000,000 and (b) ten (10) percent of the average amount of financing outstanding under this Agreement
and the Canadian WFA during the Measurement Period. For the purpose of calculating the average amount of financing outstanding under this Agreement and the Canadian WFA during the Measurement Period as provided for in Section 9.1(b) above, the
amount of financing in Canadian dollars granted by BC to Supplier under the Canadian WFA will be converted to US currency using the exchange rate set by the Bank of Canada for converting Canadian dollars to US dollars on the date of demand of
repurchase. The Supplier shall pay any such repurchase amounts payable hereunder within sixty (60) days after the earlier of (a) Supplier’s receipt of possession of the relevant Product or (b) the date such Product is picked up by a carrier
arranged for by Supplier or (c) five (5) days after BC has confirmed in writing to Supplier that such Products are available for pick up, in each case in lawful money of the United States. Supplier shall have no obligation to repurchase any Products
for which the conditions specified above have not been met. Supplier, at its option (upon request by BC), may provide assistance to BC, at BC’s sole cost, in remarketing Products it is not required to repurchase hereunder to other Dealers in
its network. The outstanding balance owing with respect to any repurchase demand that remains unpaid for thirty (30) days shall begin to accrue interest at a rate equal to the then current Supplier financing rate for such Product, which shall be
payable monthly, in arrears. 

  

 -6- 

	 	9.2	BC must provide 24 hour advance notice to Supplier prior to repossession of any Products from a Dealer, and will endeavor to provide 48 hours notice to Supplier when practicable, in
accordance with standard practice as of the date hereof. 

  

	 	9.3	In connection with any repurchase under Section 9.1 above, Supplier shall reimburse BC for transportation costs and storage fees to designated warehouses. Furthermore, Supplier
shall reimburse BC for transportation costs to a non-designated warehouse if BC obtained prior authorization from Supplier. 

  

	 	9.4	Upon repossession, BC’s representative shall complete a condition report on the Product whenever possible and to the extent and ability of the technical expertise of the
individual completing said report and submit a copy of such to Supplier with the request for payment on the Instrument covering such Product. Supplier has the responsibility and obligation to review and validate any discrepancies in such condition
report within twenty (20) business days of receipt. 

  

	 	9.5	Upon thirty (30) days’ prior written notice to BC, Supplier may make an election (the “Sunset Election”), in its sole discretion, to impose a time limit on its
obligation to repurchase products from BC under this Agreement, such that Supplier shall not be required to repurchase any Products from BC after the conclusion of such period (the “Repurchase Period”) and BC shall agree to such limit;
provided that (i) the Repurchase Period shall be no less than 24 months; (ii) a curtailment program, created and administered in accordance with this Agreement, and reasonably agreeable to both BC and Supplier, shall have been put into effect with
respect to the Dealers, which curtailment program shall provide that affected Dealers shall be required to pay no more than 2% curtailment per month, commencing six months before the end of the Repurchase Period and (iii) the curtailment program and
the Repurchase Period limitation shall not apply to any Products sold prior to the effective date of the Sunset Election. Notwithstanding any other provision in this Agreement to the contrary, the Supplier shall not be required to repurchase any
Products after the end of the related Repurchase Period; provided, in the event BC is unable to enforce its security interest in any Product as a result of bankruptcy proceedings or other litigation, mediation or arbitration affecting the Product
which commence prior to the end of the Repurchase Period, Supplier’s repurchase obligations as to such Product shall be fixed, and shall not be affected by the further passage of time or subsequent failure to receive curtailments, as of the
commencement date of such bankruptcy proceedings or other litigation, mediation or arbitration for no less than sixty (60) days subsequent to the dismissal or other termination of the proceedings giving rise to the stay. 

  

	10.	Adjustments to a Free Floorplanning Program 

  

	 	10.1	 Any change to a Financing Program requiring a manual or specific adjustment (with the exception of repossessed or transferred items), including any change to the
length of the free floorplanning period for any Dealer or under the general terms of any Financing Program, must be approved by the Supplier’s Vice President of Finance (or, if none, the person in a similar function) or such 

  

 -7- 

	 	 
person’s authorized assistant, and such approval shall not be unreasonably withheld or delayed. 

  

	 	10.2	Upon receipt of BC’s request for such a change, the Vice President of Finance (or, if none, the person in a similar function) or any duly authorized assistant may, in his or
her reasonable discretion, approve such adjustment in writing and BC shall attach such writing to subsequent invoices sent to the Supplier in connection with Products subject to such program, and such approval shall not be unreasonably withheld or
delayed. 

  

	11.	Reporting 

  

	 	11.1	BC shall submit to Supplier various reports including units paid and/or transferred, prepaid daily report, outstanding balance report, demo units, distributor statements and units
by region. BC shall be deemed to have complied with the foregoing as long as all information required in such reports appears in BC’s CapitalsurfTM system and is available for review by Supplier’s authorized employees. 

  

	 	11.2	Supplier shall furnish to BC within one hundred twenty (120) days after the end of each fiscal year and within forty five (45) days after the end of each fiscal quarter,
consolidated financial statements of Supplier’s parent as of the end of such fiscal period, fairly representing Supplier’s financial position, prepared in accordance with applicable generally accepted accounting principles
(“GAAP”). The year-end statements, which statements shall consist of a balance sheet and related statements of income, retained earnings and cash flow, each with all footnotes, for the immediately preceding relevant fiscal period, shall be
audited and shall be prepared by an internationally recognized major independent accounting firm. 

  

	12.	Notices 

  
 Any notice to be sent by one party to the other shall be in writing, unless otherwise provided for in this Agreement and shall be addressed as follows:

  

	 	12.1	To BC: 

  
 BOMBARDIER CAPITAL INC. 
 261 Mountain View Drive 
 P.O. Box 991 
 Colchester, VT 05446

 Attn: Director of Operations – Recreational Products Finance 
  

	 	12.2	To the Supplier: 

  
 BOMBARDIER MOTOR CORPORATION OF AMERICA 
 c/o
6090851 CANADA INC. 
 1061 Parent Street 
  

 -8- 

 Saint-Bruno, Quebec, Canada J3V 6P1 
 Attn.: Vice President—Finance and Administration 
 Tel: 450-461-7732 
 Fax: 450-461-7745 
  
 Any notice herein required or permitted to be given under any of the provisions of this Agreement shall be deemed to have been sufficiently and
effectively given if delivered by hand or sent by registered mail, postage prepaid, or facsimile, and (i) a notice that is delivered by hand or by registered mail shall, if delivered on a business day, be deemed to be given and received on that day
and, in any other case, be deemed to be given and received on the first business day following the day on which it is delivered, and (ii) a notice that is delivered by facsimile shall be deemed to be given and received on that day or, if such day is
not a business day or if delivery occurs after 4:00 p.m. Eastern US time on such day shall be deemed to be given and received on the first business day following the day on which it is delivered. 
  
 Either one of the parties may advise the other in the manner aforesaid, of
any change of address for the giving of notices. 
  

	13.	Effective Date and Termination. Either party may terminate this Agreement by written notice to the other party, the termination to be effective one hundred eighty (180) days
after the date of delivery thereof, but such termination shall not affect the Supplier’s liability with respect to Products financed by BC for or financial transactions entered into by BC with any Dealer prior to the effective date of
termination, including, without limitation, Products not delivered or transactions that will not be completed until after the effective date of termination. 

  

	14.	Amendment. This Agreement may not be amended except by written instrument signed by the parties hereto. 

  

	15.	Assignment. This Agreement shall be binding upon and inure to the benefit of the parties named herein and their respective successors and permitted assigns. Neither party may
assign its rights and obligations under this Agreement, including by operation of law, without the prior written consent of the other party, any such attempted assignment being null and void; provided, however, that without any such consent, (i) BC
may assign its rights under this Agreement in connection with any securitization of receivables owed by Dealers hereunder, and (ii) BC may assign its rights and obligations under this Agreement to an entity directly or indirectly acquiring all or
substantially all of BC’s interest in its floorplanning portfolio relating to the Products, whether by merger, sale of substantially all of its assets or otherwise, provided such entity has a credit rating (as published by a nationally
recognized credit rating agency) that is not lower than the credit rating of BC as of the date of such assignment. 

  

	16.	 Waivers. Any failure of BC, on the one hand, or the Supplier, on the other, to comply with any obligation, covenant, agreement or condition herein may be
expressly waived in writing by the Supplier or BC, respectively, but such waiver or failure to insist upon strict 

  

 -9- 

	 	 
compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other
failure. Except as otherwise specifically agreed between Supplier and BC, Supplier waives notice of non-payment, protest, and dishonor of any Instrument, and all other notices Supplier might otherwise be entitled to by law. Supplier waives any
rights Supplier may have to require BC to proceed against any Dealer or to pursue any other remedy in BC’s power. Any delay by BC in repossessing Product that is subject to this Agreement shall not waive or modify Supplier’s obligations
(as such obligations may be limited by the termination of any applicable Repurchase Period) hereunder, so long as BC pursues repossession in good faith. 

  

	17.	Bailment. Until such time as BC has received payment for Products required to be repurchased by the Supplier pursuant to Section 9.1 of this Agreement, such Products shall be
held by Supplier solely as bailee for BC and shall be subject to the superior possessory right of BC. Immediately upon demand from BC, Supplier shall surrender possession of any such unpaid Products pursuant to the instructions of BC, and
Supplier’s repurchase obligations with respect to such surrendered Products shall terminate. Contemporaneously with full and final payment to BC for repurchased Products, the bailment shall terminate and BC shall transfer to Supplier any right,
title, and interest BC may have in and to such Products. 

  

	18.	Set Off and Extensions. Either party (the “Offsetting Party”) may deduct, set off, withhold, or apply any sums or payments due from the other party to the
Offsetting Party, against any sums due from the Offsetting Party to the other party, provided that, the Offsetting Party has notified the other party of its intention to make such set off and the reasons for such set off in writing and has provided
the other party with a 30 day grace period to resolve the issues giving rise to such proposed set off. BC may extend the time for payment of, modify, restructure, or defer the obligations of any Dealer without notice to Supplier and without altering
Supplier’s obligations hereunder, provided that if BC, without Supplier’s consent, waives or reduces any curtailment payments which Supplier would be entitled to deduct (if uncollected) in calculating the appropriate repurchase amount for
any Product, such payments (if uncollected) shall be deemed not to have been waived or reduced in calculating the applicable repurchase amount. 

  

	19.	Governing Law. This Agreement and the legal relations among the parties hereto shall be governed by and construed in accordance with the laws of the State of New York.

  

	20.	Severability. If a court of competent jurisdiction should hold any of the provisions of this Agreement invalid, illegal or unenforceable in any respect, the remaining
provisions shall nevertheless be given full effect and shall be construed as if such invalid, illegal or unenforceable provisions or part of a provision had never been contained in this Agreement. 

  

	21.	 Entire Agreement. This Agreement and the Strategic Alliance Exclusivity Agreement among Supplier, BC and certain other entities party thereto dated as of the
date hereof set forth the entire agreement and understanding of the parties hereto in respect of the subject matter contained herein, and supersede all prior agreements, promises, covenants, 

  

					
	 US Wholesale Financing Agreement
	  	-10-	  	 

	 	 
arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party hereto,
including, without limitation, the Old Financing Agreements, provided that this Agreement shall apply to all Products financed under the Old Financing Agreements, as well as those financed hereunder after the date hereof.

  

	22.	Third Parties. Except as specifically set forth or referred to herein, nothing herein expressed or implied is intended or shall be construed to confer upon or give to any
person or corporation other than the parties hereto and their successors or assigns any rights or remedies under or by reason of this Agreement. 

  

	23.	Independent Parties. Nothing contained in this Agreement shall be construed to constitute the parties hereto or any of them as partners, joint venturers, principal and agent,
or employer and employee. 

  

	24.	Headings. The headings in this Agreement have been included for reference purposes only and shall not determine the meaning or interpretation of this Agreement.

  

	25.	Counterparts. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. 

  
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of this page is intentionally left blank.] 
  

					
	 US Wholesale Financing Agreement
	  	-11-	  	 

 IN WITNESS WHERE OF, the parties hereto have caused this Agreement to be executed as of the date first above
written. 
  

									
	BOMBARDIER CAPITAL INC.	 	 	 	 BOMBARDIER MOTOR
 CORPORATION OF
AMERICA

					
	By:	 	 	 	 	 	By:	 	 
					
	Title:	 	 	 	 	 	Title:	 	 
					
	By:	 	 	 	 	 	By:	 	 
					
	Title:	 	 	 	 	 	Title:	 	 

  
 [WHOLESALE FINANCING
AGREEMENT (U.S.)]

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