Document:

Exhibit 4.17

 

CONCORDIA BUS NORDIC AB (PUBL)

(THE “COMPANY”)

 

AND

 

THE
GUARANTORS PARTY HERETO

 

AND

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS

(THE “TRUSTEE”)

 

 

AMENDMENT
TO INDENTURE

dated January 22, 2004, between Concordia
Bus Nordic AB (publ) and

Deutsche
Bank Trust Company Americas, as Trustee

 

 

August 25,
2005

 

 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated August [•],
2005, among Concorda Bus Nordic AB (publ), a public limited liability company
organized under the laws of Sweden (the “Company”), having
its principal executive office at Solna Strandväg, SE-171 54 Stockholm, Sweden,
the guarantors party thereto (the “Guarantors”) and Deutsche Bank Trust Company
Americas (the “Trustee”), a banking corporation organized
under the laws of the State of New York, having its principal office at 60 Wall
Street, New York, NY 10005.

 

WITNESSETH:

 

WHEREAS,
the Company has heretofore executed and delivered to the Trustee an Indenture
(the “Indenture”), dated January 22, 2004,
providing for the issuance by the Company of €130,000,000 9.125% Senior Secured
Notes due August 1, 2009 (the “Notes”);

 

WHEREAS,
pursuant to Section 902 of the Indenture, the Company and the Trustee may
amend or supplement certain terms and covenants contained in the Indenture with
the written consent of the holders of Notes of at least a majority in principal
amount of the outstanding Notes, subject to certain exceptions specified in Section 902
of the Indenture;

 

WHEREAS,
the Board of Directors of the Company has passed a resolution authorizing the
execution of this Supplemental Indenture;

 

WHEREAS,
as of the date hereof, a majority of holders of Notes eligible to consent in
accordance with the terms of the Indenture have consented to the adoption of
certain amendments (the “Proposed Amendments”) to the Indenture and have not
validly revoked such consents; and

 

WHEREAS,
the Company has delivered to the Trustee the Officers’ Certificate and Opinion
of Counsel contemplated by Sections 903 and 102 of the Indenture.

 

NOW
THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company and the
Trustee mutually covenant and agree for the equal and ratable benefit of the
holders of the Notes as follows:

 

1.                                       CAPITALIZED TERMS.

 

Capitalized
terms used herein without definition shall have the meanings assigned to them
in the Indenture.

 

2.                                       EFFECTIVENESS; CONDITIONS PRECEDENT.

 

2.1                                 The Company
represents and warrants that each of the conditions precedent to the amendment
and supplement of the Indenture (including such conditions pursuant to Section 902
of the Indenture) have been satisfied in all respects. The Company and the
Trustee are today executing this Supplemental Indenture.

 

2.2                                 The Proposed
Amendments will be effective immediately following delivery by the Company to
the Trustee of an Officers’ Certificate confirming the completion of the
closing and settlement of the third party tender offer commenced on July 28,
2005 and

 

 

terminating on August 24, 2005 (the “Third Party Tender Offer”) and payment of both the consent fee
payable in connection with the consent solicitation commenced on July 28,
2005 and terminating on August 24, 2005 and the tender offer price payable
in connection with the Third Party Tender Offer to all holders of Senior Notes
who are entitled to receive such payment. The Company undertakes to provide
such a Certificate immediately upon conclusion of such closing and settlement.

 

3.                                       AMENDMENTS
TO THE INDENTURE.

 

Pursuant
to Section 902 of the Indenture, the Company and the Trustee hereby agree
to amend the Indenture as follows:

 

3.1                                 SECTION 101
(DEFINITIONS)

 

3.1.1                        Deletion of the
definition of “Additional Notes”

 

3.1.2                        Paragraph (2) of
the items deemed not to be Asset Sales in the definition of “Asset Sale” to be deleted and replaced with

 

(2) a
transfer of assets between or among the Company and its Wholly Owned Restricted
Subsidiaries that are Subsidiary Guarantors; provided
that Swebus AB and Swebus Busco AB shall not transfer any assets
other than to the Company unless such transfer does not materially impair the
security granted hereby or by the Security Documents over such transferred
assets (as certified to the Trustee and Security Trustee in an Officers’
Certificate);

 

3.1.3                        Paragraph (4) of
the items deemed not to be Asset Sales in the definition of “Asset Sale” to
be amended so that the final provision will read “and provided further that clause (3) of Section 1014 is
complied with”.

 

3.1.4                        Paragraph (4) of
the definition of “Fixed Charges” to
be deleted and replaced with the following paragraph:

 

(4) the
product of (a) all payments (whether by way of dividends, distributions or
advances, and whether or not in cash), (i) in respect of the Mezzanine
Facility Agreement, other than interest in respect of the Subordinated
Shareholder Loan and (ii) on any series of Preference Shares of such
Person or any of its Restricted Subsidiaries, other than dividend payments on
Equity Interests payable solely in Equity Interests of the Company (other
Disqualified Share Capital) or to the Company or a Restricted Subsidiary of the
Company, times (b) a fraction, the numerator of which is one and the
denominator of which is one minus the then current combined federal, state and
local statutory tax rate of such Person, expressed as a decimal, in each case,
on a consolidated basis and in accordance with GAAP.

 

3.1.5                        Insertion of the
following definition of “Free Cash Flow”:

 

“Free Cash Flow” means Consolidated
Cashflow minus Working Capital Changes and minus the sum of Permitted
Investments and Net Proceeds.

 

 

3.1.6                        Insertion of additional
definition for “Hedging Obligations” as new paragraph (3):

 

(3) any agreement or arrangement designed to protect the Company against
fluctuations in fuel prices.

 

3.1.7                        Insertion of the following
definition of “Intragroup Capital
Contribution”:

 

“Intragroup Capital Contribution” means the amount
of approximately €11,800,000 of an unpaid capital contribution from the Company to the Parent
existing on the date of this Indenture.

 

3.1.8                        Insertion of the
following definition of “Mezzanine Facility”:

 

“Mezzanine Facility” means the Mezzanine Facility provided by the
Mezzanine Facility Agreement dated the date hereof, between Concordia Bus AB, Holding
and those financial institutions that are signatory thereto.

 

3.1.9                        Definition of “Original Notes”
to be deleted and replaced with the following definition:

 

“Original Notes” means the Notes
that are not Exchange Notes.

 

3.1.10                  Paragraph (2) of
definition of “Permitted Investments” to
be deleted and replaced with the following definition:

 

(2) any
Investment by the Company or
any Restricted Subsidiary of the Company in a Person primarily engaged in a
Permitted Business, if (a) such Person is or, as a result of such
Investment becomes, a Restricted Subsidiary of the Company; or (b) as a
result of such Investment such Person is merged, consolidated or amalgamated
with or into, or transfers or conveys substantially all of its assets to, or is
liquidated into, the Company or a Restricted Subsidiary of the Company;

 

3.1.11                  Paragraph (1) of
the definition of “Permitted Liens” to
be deleted and replaced with the following definition:

 

(1) Liens
to secure Indebtedness incurred under a Revolving Credit Facility, provided that (a) such Liens consist
solely of security interests in accounts receivable (and related assets); (b) the
aggregate nominal value of all such accounts receivable is not more than the
amount outstanding under the Revolving Credit Facility at the time such Lien is
created; (c) such Liens rank pari
passu with or are subordinated to the Liens with
respect to the Notes and (d) such Liens do not exceed, in aggregate, SEK
100,000,000;

 

3.1.12                  Paragraph (8) of
the definition of “Permitted Liens” to
be deleted and replaced with the following definition:

 

 

(8) Liens
to secure Indebtedness incurred under (a) Capital Lease Obligations,
mortgage financing or purchase money obligations, in each case, for the purpose
of financing all or any part of the purchase price or cost of construction or
improvement of property, plant or equipment or buses or other vehicles used in
the business of the Company or such Restricted Subsidiary and (b) Attributable
Debt in respect of Sale and Leaseback Transactions, provided that such Liens incurred pursuant to (a) and (b) shall
not exceed in aggregate SEK 100,000,000;

 

3.1.13                  Deletion of
definition of “Qualifying Restricted
Subsidiary”

 

3.1.14                  Insertion of the
following definition of “Restructuring”:

 

“Restructuring” means the exchange of Parent Notes for ordinary
shares of the Indirect Parent, substantially upon the terms and conditions of
the Restructuring Agreement.

 

3.1.15                  Insertion of the
following definition of “Restructuring
Agreement”:

 

“Restructuring Agreement” means the
restructuring agreement dated July 22, 2005 among the Indirect Parent,
Concordia Bus BV, Holding, GS Capital Partners III, L.P. GS Capital Partners II
Offshore, L.P., Goldman Sachs & Co. Verwaltungs GmbH and Schyen Gruppen AS.

 

3.1.16                  Insertion of the
following definition of “Security Agent”:

 

“Security Agent” means the security agent under the Mezzanine
Facility.

 

3.1.17                  Definition of “Subordinated Shareholder Loan” to be
deleted and replaced with the following definition:

 

“Subordinated
Shareholder Loan” means the SEK 501.3 million loan from the Indirect Parent to
the Company, made on February 28, 2002 pursuant to the subordinated loan
agreement executed on February 28, 2002 and amended and restated on 22 December 2003
and further amended on [•], in part to
reflect the assignment of the same from the Indirect Parent to Holding.

 

3.1.18                  Insertion of the
following definition of “Swedish Public
Composition Loan”

 

“Swedish Public Composition Loan” shall mean a loan
from the Indirect Parent to the Company, in an amount equal to the amount the
Indirect Parent remains obligated following the Restructuring to pay to holders
of Parent Notes who did not consent to the Restructuring (“Non-Consenting
Holders”), such loan to be repayable in cash to the Indirect Parent by the
Company on or about the business day prior to the date the Indirect Parent must
make cash payments to Non-Consenting Holders to retire their reduced debt
obligations.

 

3.1.19                  Insertion of the
following definition of “Tranche A”:

 

 

“Tranche A” means Tranche A of the Mezzanine Facility.

 

3.1.20                  Insertion of the
following definition of “Tranche C”:

 

“Tranche C” means Tranche C of the Mezzanine Facility.

 

3.l.21                     Insertion of the following definition of “Working Capital Changes”

 

“Working Capital Changes” means the change in the inventory, current
liabilities and current receivables, each on a basis and determined in accordance
with GAAP.

 

3.2                                 SECTION 301
- TITLE AND TERMS

 

The
first paragraph of Section 301 to be deleted and replaced with the
following paragraph:

 

The
aggregate principal amount at maturity of Notes which may be authenticated and
delivered under this Indenture is limited to €130,000,000 aggregate principal
amount of Notes; except for, Notes authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Notes
pursuant to Sections 304, 305, 906 or 1108 or in connection with an Offer to
Purchase pursuant to Section 1014 or 1015.

 

3.3                                 SECTION 303
- EXECUTION, AUTHENTICATION, DELIVERY AND DATING

 

The
following paragraphs to be
deleted from this section:

 

The
Company shall be entitled, subject to Section 301, to issue Additional
Notes under this Indenture which shall have identical terms as the Notes issued on the
Issue Date, other than with respect to the date of issuance, issue price and
amount of interest payable on the first payment date applicable to such series.
The Notes issued on the Issue Date and any Additional Notes shall be treated as
a single class for all purposes under this Indenture.

 

With
respect to any Additional Notes, the Company shall provide the Trustee with
evidence satisfactory to it that the Additional Notes have been duly authorized
and issued and set forth in a Board Resolution and an Officer’s Certificate or
such other appropriate evidence that the Additional.

 

Notes
have been duly authorized and issued, a copy of each of which shall be
delivered promptly to the Trustee, with the following information:

 

(1)                                  the aggregate
principal amount of such Additional Notes to be authenticated and delivered pursuant to
this Indenture; and

 

(2)                                  the issue price,
the issue date and the common code and ISIN numbers of such Additional Notes and the
amount of interest payable on the first payment date applicable thereto;
provided, however, that no Additional Notes may be issued at a price that would
cause such Additional Notes to have “original issue discount” within the
meaning of Section 1273 of the U.S. Internal Revenue Code of 1986, as
amended.

 

 

3.4                                 SECTION 501
- EVENTS
OF DEFAULT

 

3.4.1                        Inclusion of the
following subsection:

 

(3)                                  the seeking or
making by the Company or any Significant Subsidiary of a composition with its
creditors or the admission by the Company or any such Significant Subsidiary in
writing of its inability to pay its debts generally as they become due;

 

3.4.2                        Paragraph 11(b) to
be deleted and replaced with the following paragraph:

 

(b)                                 a decree or order
adjudging the Company or any such Significant Subsidiary a bankrupt or
insolvent under any applicable Insolvency Law, or appointing a custodian,
receiver, liquidator, assignee, trustee, reconstructor, sequestrator or other
similar official of the Company or any such Significant Subsidiary or of any
substantial part of the property of the Company or any such Significant
Subsidiary, or ordering the winding up or liquidation of the affairs of the
Company or any such Significant Subsidiary, and the continuance of any such
decree or order for relief or any such other decree or order unstayed and in
effect for a period of 90 consecutive days; or

 

3.4.3                        Paragraph 12 to be
deleted and replaced with the following paragraph:

 

(12)                            the commencement
by the Company or any of its Significant Subsidiaries of a voluntary case or
proceeding under any applicable Insolvency Law or of any other case or
proceeding to be adjudicated a bankrupt or insolvent, or the consent by the
Company or any such Significant Subsidiary to the entry of a decree or order
for relief in respect of the Company or any such Significant Subsidiary in an
involuntary case or proceeding under any applicable Insolvency Law or to the
commencement of any bankruptcy or insolvency case or proceeding against the
Company or any such Significant Subsidiary, or the filing by the Company or any
such Significant Subsidiary of a petition or answer or consent seeking reorganization
or relief under any applicable Insolvency Law, or the consent by the Company or
any such Significant Subsidiary to the filing of such petition or to the
appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, reconstructor, sequestrator or similar official of the
Company or any such Significant Subsidiary or of any substantial part of the
property of the Company or any such Significant Subsidiary, or an assignment
for the benefit of creditors generally.

 

Notwithstanding
the foregoing, the occurrence of one of more of the events described in this Section 501
in connection with the Restructuring shall be deemed not to be an Event of
Default.

 

3.5                                 SECTION  502 - ACCELERATION OF MATURITY, RESCISSION AND
ANNULMENT

 

3.5.1                        Subsection (2)(b) of Section 502 to be deleted and replaced
with the following paragraph:

 

 

(b)                                 all Events of
Default, other than the non-payment of the principal, premium, if any, interest
and Additional Amounts, if any, of such Notes which have become due solely by
such declaration of acceleration, have been cured or waived as provided in Section 513.

 

3.6                                 SECTION 1008
- LIMITATION ON INDEBTEDNESS AND ISSUANCE OF DISQUALIFIED SHARE CAPITAL AND
PREFERRED SHARES

 

3.6.1                        Subsection (2) to
be deleted and replaced in its entirety with the following:

 

So
long as no Default or Event of Default will have occurred and be continuing or
would be caused thereby, clause (1) of this Section 1008 will not
prohibit the incurrence of any of the following items of Indebtedness
(collectively, “Permitted Debt”):

 

(a)                                  the incurrence by
the Company of Indebtedness represented by the Original Notes and the Exchange
Notes issued in exchange therefore and Indebtedness of Guarantors pursuant to
their Note Guarantees;

 

(b)                                 the incurrence by
the Company and its Restricted Subsidiaries of Permitted Refinancing
Indebtedness in exchange for, or the net proceeds of which are used to refund,
refinance or replace, Indebtedness (other than intercompany Indebtedness
between or among the Company and any of its Restricted Subsidiaries) that was
permitted by this Indenture to be incurred under clause (1) of this Section 1008
or sub-clauses (a), (1) or (m) of this paragraph;

 

(c)                                  the incurrence by
the Company or any Subsidiary Guarantor of intercompany Indebtedness between or
among the Company and any of its Wholly Owned Restricted Subsidiaries;
provided, however, that (a) if the Company or a Subsidiary Guarantor is
the obligor on such Indebtedness, such Indebtedness shall be expressly subordinated
to the prior payment in full in cash of all Obligations with respect to the
Notes; and (b) (i) any subsequent issuance or transfer of Equity
Interests that results in any such Indebtedness being held by a Person other
than the Company or a Wholly Owned Restricted Subsidiary that is a Guarantor
thereof and (ii) any sale or other transfer of any such Indebtedness to a
Person that is not either the Company or a Wholly Owned Restricted Subsidiary
that is a Subsidiary Guarantor thereof; shall be deemed, in each case, to
constitute an incurrence of such Indebtedness by the Company or such Restricted
Subsidiary, as the case may be, that was not permitted by this clause (c);

 

(d)                                 the incurrence by
the Company or any of its Restricted Subsidiaries of Hedging Obligations (i) that
are incurred for the purpose of fixing or hedging interest rate risk with
respect to any floating rate Indebtedness, or fixing or hedging foreign
currency exchange rate risk with respect to any Indebtedness, in each case that
is permitted by the terms of this Indenture to be outstanding or (ii) that
are incurred for the purpose of fixing or hedging fuel price risk incurred in
the ordinary course of business provided that
if in accordance with GAAP such incurrence must be recorded as a liability
in the

 

 

balance sheet of the
Company or one of its Restricted Subsidiaries, such Hedging Obligations so
recorded shall not exceed EUR 15,000,000 at any time outstanding;

 

(e)                                  the guarantee by the
Company of Indebtedness of a Restricted Subsidiary of the Company that was
permitted to be incurred by another provision of this Section;

 

(f)                                    the incurrence by
the Company or any Subsidiary Guarantor of additional Indebtedness in an
aggregate principal amount (or accreted value, as applicable) at any time
outstanding, including all Permitted Refinancing Indebtedness incurred to
refund, refinance or replace any Indebtedness incurred pursuant to this clause
(f), not to exceed SEK 245,000,000;

 

(g)                                 the accrual of
interest, the accretion or amortization of original issue discount, the
capitalization of interest, the payment of interest on any Indebtedness in the
form of additional Indebtedness with the same terms as the Indebtedness on
which such interest accrued, and the payment of dividends on Disqualified Share
Capital in the form of additional shares of the same class of Disqualified
Share Capital, provided, in each such case, that the amount thereof is included
in Fixed Charges of the Company as accrued;

 

(h)                                 the incurrence of
Indebtedness of the Company or any of its Restricted Subsidiaries representing
or comprising Obligations under performance and surety bonds provided by the
Company or any of its Restricted Subsidiaries in the ordinary course of
business;

 

(i)                                     the incurrence of
Indebtedness by the Company or any of its Restricted Subsidiaries represented
by letters of credit, bankers’ acceptances, surety bonds, performance bonds or
similar instruments for the account of the Company or such Restricted
Subsidiary, as the case may be, in order to provide for security for workers;
compensation claims, payment obligations in connection with self-insurance or
similar requirements in the ordinary course of business;

 

(j)                                     the incurrence of
Indebtedness by the Company or any of its Restricted Subsidiaries arising from
agreements either providing for indemnification, adjustment of purchase price,
earn out or other similar obligations, in each case incurred or assumed in
connection with the disposition of any business or assets of the Company or a
Restricted Subsidiary of the Company or the disposition of a Restricted
Subsidiary, other than Guarantees of Indebtedness incurred by any Person
acquiring all or any portion of such business, assets or Restricted Subsidiary
for the purpose of financing such acquisition, provided, however, that the
maximum assumable liability in respect of all such Indebtedness will at no time
exceed the gross proceeds actually received by the Company and its Restricted
Subsidiaries in connection with such disposition;

 

(k)                                  Guarantees by any
Restricted Subsidiary made in compliance with Section 1017;

 

(1)                                  Indebtedness of
the Company represented by the Subordinated Shareholder Loan;

 

 

(n)                                 Indebtedness of
the Company represented by the Intragroup Capital Contribution; and

 

(o)                                 Indebtedness of
the Company represented by the Swedish Public Composition Loan.

 

3.7                                 SECTION 1009
- LIMITATION ON RESTRICTED PAYMENTS

 

3.7.1                        Subsections (2)(b), (c) and (f) to be deleted and replaced with
the following paragraphs:

 

(b)                                 payments of
dividends or distributions in order to provide funds to pay amounts required to
be paid by the Indirect Parent in connection with its reporting obligations
under United States federal securities laws or amounts required by the Indirect
Parent or Holding to pay costs associated with its activities as a holding
company, provided that such
amounts have actually been incurred by the Indirect Parent, or Holding, as the
case may be, or are expected to be incurred within 7 days of such payment and
provided further that such amounts do not exceed an aggregate of SEK 10,000,000
in any financial year;

 

(c)                                  payments of
dividends or distributions, or payments or prepayments of amounts due or
outstanding under the Subordinated Shareholder Loan and the Intragroup Capital
Contribution, in an aggregate amount of up to the value of all cash interest
payments required to be made in respect of the Mezzanine Facility, to be
applied to the cash interest balance outstanding (whether relating to the then
current period, or any prior period in which any cash interest was not paid
when due), provided that any such
payment made by the Company or any Restricted Subsidiary is made into a bank
account, in the name of Holding, held with Danske Bank which is pledged to the
Mezzanine Facility Security Agent for the benefit of the Mezzanine Facility
lenders.

 

(f)                                    the defeasance of,
redemption or any payment in respect of the Intragroup Capital Contribution and
the Swedish Composition Loan;

 

3.7.2                        Insertion of the
following paragraphs:

 

(h)                                 the payment of
distributions, dividends or contributions of up to 50% of Free Cash Flow in
excess of the sum of SEK 100,000,000 and amounts paid in respect of the
Intragroup Capital Contribution as permitted by clause (c) hereof, in any
given fiscal year;

 

(i)                                     any such further distribution
or payment to Holding, in relation to Excess Proceeds (as defined in clause (4) of
Section 1014), required by Section 1014; and

 

(j)                                     payments in accordance
with the Agreed Costs Schedule referenced in the Mezzanine Facility.

 

 

3.8                                 SECTION 1013
- LIMITATION ON TRANSACTIONS WITH AFFILIATES AND RELATED PERSONS

 

3.8.1                        Insertion of the
following as subsection l(c):

 

(c)                                  Notwithstanding
the preceding provisions, the Company may enter into any Affiliate Transaction
in connection with the Restructuring, including, without limitation,
transactions related to the Subordinated Shareholder Loan, the Swedish
Composition Loan, the Intragroup Capital Contribution and the Mezzanine
Facility, without complying with the preceding provisions.

 

3.8.2                        Subsection 2(a) to
be deleted and replaced with the following subsection:

 

(a)                                  reasonable fees
and compensation paid to and indemnity provided on behalf of, officers,
directors, employees or consultants of the Company or any Restricted Subsidiary
of the Company in the ordinary course of business and consistent with the past
practice of the Company or such Restricted Subsidiary, and all reasonable fees
and compensation paid in respect of the Management Services Agreement to
current and future employees, all as determined in good faith by the Company’s
board of directors or senior management;

 

3.9                                 1014 -
LIMITATION ON CERTAIN ASSET SALES

 

Subsection (4) to
be deleted and replaced with the following subsection:

 

(4)                                  Any Net Proceeds
from Asset Sales that are not applied or invested as provided in the preceding
paragraph will constitute “Excess Proceeds”. When the aggregate amount of
Excess Proceeds exceeds SEK 10,000,000, the Company will make an “Asset Sale
Offer” to all Holders of Notes and on a pro rata basis to all holders of other
Indebtedness that ranks equally in right of payment with the Notes and, with
respect to Indebtedness of any Subsidiary Guarantor, that ranks equally with
the Subsidiary Guarantee of such Subsidiary Guarantor, containing provisions
similar to those set forth in this Indenture with respect to offers to purchase
or redeem with the proceeds of sales of assets, to purchase the maximum
principal amount of Notes and such other equal-ranking Indebtedness that may be
purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer
will be equal to 100% of principal amount plus accrued and unpaid interest, if
any, Special Interest, if any, and Additional Amounts, if any, to the date of
purchase, and will be payable in cash in the manner specified in this
Indenture. If any Excess Proceeds remain after consummation of an Asset Sale
Offer, the Company shall use such Excess Proceeds to make a distribution to
Holding in order to reduce the amounts outstanding in relation to the Mezzanine
Facility; provided that if all amounts borrowed
(and all other amounts payable) under the Mezzanine Facility have been fully
repaid, the Company may use such Excess Proceeds for any purpose not otherwise
prohibited by this Indenture. If the aggregate principal amount of Notes and
such other equal-ranking Indebtedness tendered into such Asset Sale Offer
exceeds the amount of Excess Proceeds, the Trustee will select the Notes and
such other equal-ranking Indebtedness to be purchased on a pro rata basis. Upon
completion of each Asset Sale Offer, the amount of Excess Proceeds will be
reset at zero.

 

 

3.10                           1025
- ADVANCES TO SUBSIDIARIES

 

This
section to be deleted and replaced with the following section:

 

All
advances to Restricted Subsidiaries made by the Company after the Issue Date
will be evidenced by intercompany notes or loan agreements in favor of the
Company. Each intercompany note will be issued and each intercompany loan
agreement will be executed by the relevant Restricted Subsidiary of the Company
in favor of the Company to evidence advances by the Company and will provide
that such advances will be payable upon demand.

 

4.                                       RATIFICATION
OF INDENTURE; SUPPLEMENTAL INDENTURE PART OF INDENTURE.

 

Except
as expressly amended hereby, the Indenture is in all respects ratified and
confirmed and all the terms, conditions and provisions thereof shall remain in
full force and effect. This Supplemental Indenture shall form a part of the
Indenture for all purposes, and every holder of Notes heretofore or hereafter
authenticated and delivered shall be bound hereby. All agreements of the
Company and the Guarantors in this Supplemental Indenture shall bind its
successors. All agreements of the Trustee in this Supplemental Indenture shall
bind its successors.

 

5.                                       GOVERNING LAW.

 

THIS
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

 

6.                                       TRUSTEE MAKES NO
REPRESENTATION.

 

The
Trustee shall not be responsible in any manner for or in respect of, and makes
no representation as to the validity or sufficiency of this Supplemental
Indenture or the recitals contained herein, all of which recitals are made by
the Company and the Guarantors solely.

 

7.                                       AGENT FOR SERVICE;
SUBMISSION TO JURISDICTION.

 

By
the execution and delivery of this Supplemental Indenture, the Company (i) acknowledges
that it has, by separate written instrument, irrevocably designated and
appointed CT Corporation System as its authorized agent upon which process may
be served in any suit or proceeding arising out of or relating to this
Supplemental Indenture that may be instituted in any Federal or State court in
the Borough of Manhattan, The City of New York or brought under Federal or
State securities laws or brought by the Trustee in its capacity as a trustee
hereunder, and acknowledges that CT Corporation System has accepted such
designation, (ii) submits to the jurisdiction of any such court in any
such suit or proceeding and waives, to the extent possible, any objection which
it may now or hereafter have to the laying of venue of any such

 

 

proceeding or any claim of
inconvenient forum, and (iii) agrees that service of process upon CT
Corporation System shall be deemed in every respect effective service of
process upon it in any such suit or proceeding. The Company further agrees to
take any and all action, including the execution and filing of any and all such
documents and instruments, as may be necessary to continue such designation and
appointment of CT Corporation System in full force and effect so long as this
Supplemental Indenture shall be in full force and effect.

 

8.                                       MULTIPLE
ORIGINALS.

 

8.1                                 The parties may
sign any number of copies of this Supplemental Indenture.   Each signed copy shall be an original, but
all of them together represent the same agreement. One signed copy is enough to
prove this Supplemental Indenture.

 

8.2                                 This Supplemental
Indenture may be executed in one or more counterparts and when a counterpart
has been executed by each party, all such counterparts
taken together shall constitute one and the same agreement.

 

9.                                       EFFECT
OF HEADINGS.

 

The
Section headings herein are for convenience only and shall not effect the
construction thereof.

 

10.                                 CONFLICTS.

 

To
the extent of any inconsistency between the terms of the Indenture or the Notes
and this Supplemental Indenture, the terms of this Supplemental Indenture will
control.

 

11.                                 ENTIRE
AGREEMENT.

 

This
Supplemental Indenture constitutes the entire agreement of the parties hereto
with respect to the amendments to the Indenture set forth herein. A copy of
this Supplemental Indenture shall be attached by the Trustee to the Indenture
and by the Company on its duplicate thereof.

 

12.                                 ENFORCEABILITY

 

In
case any provision in this Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions hereof or of the Indenture shall not in any way be affected or
impaired thereby.

 

 

IN WITNESS WHEREOF, the
parties hereto have caused this Supplemental Indenture to be duly executed on
their respective behalf, by their respective representative thereunto duly
authorized, on the date first above written.

 

	
   

  	
  CONCORDIA BUS NORDIC AB (PUBL)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK TRUST COMPANY AMERICAS,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

(Signature
page to Supplemental Indenture.)Exhibit 4.18

 

	
  Utskriftsdatum/

  	
   

  	
  PANTFÖRSKRIVNING

  
	
  Print-out Date

  	
   

  	
  Deed of Pledge

  

 

	
  Pantsättara/

  pledgor

  	
  Namn/Name

  Concordia Bus Nordic Holding AB

  	
   

  	
  Organisationsnr/Registration Number

  556028-1122

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Postadress/Address

  Solna Strandväg 78

  	
   

  	
  Telefon/Phone
08-546 300 00

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Postnr/Postal Number Ortsadress/ Number/City

  171 54 Solna

  	
   

  	
  Kontaktman/Contact
  Person
Lo Coucy

  

 

Till säkerhet för samtliga förpliktelser som
Concordia Bus Nordic Holding AB (nedan “Pantsättaren”) har eller kan komma att få gentemot
Citicorp Trustee Company Limited (“Bolaget”), pantförskrivs, på de
villkor som anges i denna handling, nedan beskrivna egendom.

 

The assets described below is hereby pledged as security for all the
obligations Concordia Bus Nordic Holding AB (below the “Pledgor”) has or may
have towards Citicorp Trustee Company Limited (the “Company”) on the conditions
set out in this document.

 

Pantsättaren skall ersätta
Bolaget för kostnad och arbete, som sammanhänger med anskaffande och vidmakthällande av avtalad
säkerhet,
vård och realisation av pant. Detsamma gäller för kostnad som Bolaget kan ha åsamkats för försäkring av pantsatt
egendom. Bolaget har rätt att ur panten erhålla betalning för sådan kostnad.

 

The Pledgor shall reimburse the Company for expenses and work related
to obtaining and maintenance of agreed security, care and realisation of the
pledge. The same will apply to costs incurred by the Company for insurance of
pledged assets. The Company is entitled to payment for such costs.

 

Denna pantförskrivning följer de allmänna villkor som
anges på nästa sida, vilket bland annat innebär att Bolagets skyldighet att vårda panten är begränsad.

 

This pledge follows the general terms
on the next page, which amongst other things means that the Company’s
obligation to care for the pledge will be limited.

 

	
  Beskrivning

  av panten

  Desciption of pledged
  assets

  	
   

  	
  Konto nr 1345-01-11647
  samt konto nr 1345-01-11639 i Östgöta Enskilda Bank, Danske Bank A/S,
  Danmark, Sverige Filial samt de medel som vid varje tid finns krediterade på
  dessa konton, inklusive upplupen ränta enligt villkoren för respektive konto

   

  Account no. 1345-01-11647 and account no. 1345-01-11639
  in Östgöta Enskilda Bank, Danske Bank A/S, Denmark, Sweden Branch and all
  present and future credit balances, including all interest payable according
  to the terms of the respective accounts, from time to time standing to the
  credit of the accounts.

  
	
   

  	
   

  	
   

  
	
  Underskrift

  Signature

  	
   

  	
  Ort/City, datum/Date

  Stockholm July 18, 2005

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Pantsättare/Pledgor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Namnförtydligande/Clarification
  to Signature

  Harald Arnkvaern

  

 

 

ALLMÄNNA VILLKOR/GENERAL TERMS

 

1.                                      AVKASTNING
AV PANT M M/PROCEEDS OF THE PLEDGE

 

Pantförskrivningen omfattar även pantens avkastning och alla andra rättigheter som grundas på panten samt sådan egendom som kan träda
istället för pantsatt egendom, t.ex. försäkringsersättning. Som
framgår av punkt 2 är Bolaget dock inte skyldig att tillse att sådana rättigheter tillvaratas. Med pant avses i det följande allt som enligt ovan omfattas av
pantförskrivningen.

 

The pledge also includes the proceeds from the pledged assets and all
other rights based on the pledge as well as such assets that may replace the
pledged asset, i.e. insurance proceeds. As stated under section 2, the
Company has no obligation to ensure that such rights are exercised. In this
document, “pledged assets” shall be defined as including everything which
according to the abovet is included in the pledge.

 

2.                                      BOLAGETS
PANTVÅRD/THE
COMPANY’S DUTY OF CARE FOR
THE PLEDGED ASSET

 

Bolagets
pantvård omfattar endast
skyldighet att väl förvara pant som överlämnats till Bolaget. I övrigt
har Bolaget inget ansvar avseende vård
av pantsatt egendom.

 

The Company’s duty to care for the pledged assets only entails an
obligation to keep the pledged assets that have been handed over to the
company.

 

3.                                      ORDNINGSFÖLJD VID lANSPRÅKSTAGANDE AV SÄKERHETER/ORDER OF EXERCISING SECURITIES

 

Om Pantsättaren inte fullgör förpliktelse för vilken säkerhet ställts, får Bolaget bestämma i vilken ordningsföljd ställda säkerheter (pant,
borgen m m) skall tas i anspråk.
Bolaget får bestämma i vilken ordningsföljd Pantsättarens förpliktelser
skall betalas genom ianspråkstagande
av säkerheter.

 

If the Pledgor does not fulfil the obligation secured by the pledge,
the Company may decide in which order the granted securities (pledges,
guarantees etc) will be exercised. The Company may decide in which order the
Pledgor’s obligations shall be discharged through the exercise of the
securities.

 

4.                                      HUR PANT TAS I ANSPRÅK AV BOLAGET/HOW THE COMPANY MAY EXERCISE THE PLEDGE

 

Om Pantsättaren inte fullgör förpliktelse för vilken
pant utgör säkerhet får Bolaget ta panten i anspråk på så sätt Bolaget finner lämpligt. Bolaget skall härvid förfara med omsorg. Om panten utgörs av tillgodohavande på
konto får Bolaget, utan att bristande fullgörande föreligger av förpliktelse
för vilken pant utgör säkerhet, göra sig betalt
för belopp (för vilkets betalande den pantsatta egendomen
utgör säkerhet) i anslutning till att detsamma förfaller genom att ta ut sådant belopp från kontot.

 

If the Pledgor does not fulfil the obligations secured by the pledge,
the Company may exercise the pledge in any way the Company finds appropriate.
The Company shall hereby act with due care. If the pledged assets consists of a
credit balance on an account, the Company is entitled to apply any such credit
balance towards repayment of obligations secured by the pledged assets as and
when such obligations fall due, without the Pledgor being in breach of a
secured obligation.

 

 

5.                                      RÄTT FÖR BOLAGET ATT I VISSA
FALL TECKNA PANTSÄTTARENS NAMN/THE COMPANY’S RIGHT TO
SIGN ON BEHALF OF THE PLEDGOR

 

Bolaget
bemyndigas oåterkalleligen
att självt eller genom någon som Bolaget utser teckna Pantsättarens namn då detta erfordras för att genomföra realisation av pant eller för att eljest tillvarata eller utöva rätt avseende
pantsatt egendom.

 

The Company is hereby irrevocably authorised
either by itself or by someone assigned by the Company to sign on behalf of the
Pledgor as required in order to exercise the pledge or other rights in relation
to pledged assets.

 

6.                                      PANTSATT EGENDOM/PLEDGED ASSETS

 

Pantsättaren får inte förfoga över i denna
generella pantförskrivning
pantsatt egendom.

 

The Pledgor may not dispose of the assets
pledged by this general deed of pledge.

 

7.                                       FÖRSÄKRING/INSURANCE

 

Om pant
består av pantbrev eller
inteckning, skall den intecknade egendomen - så länge förpliktelse, för vilken panten utgör säkerhet inte fullgjorts - vara försäkrad hos försäkringsgivare som Bolaget godkänner på de villkor Bolaget anser erforderliga.

 

If the pledge consists of a mortgage
certificate or mortgage, the mortgaged asset shall - as long as the secured
obligation has not been discharged - be insured at an insurance institution
accepted by the Company on terms the Company finds sufficient.

 

Motsvarande
gäller om säkerhet består av byggnad på ofri grund, varor eller andra lösören. För fast egendom, tomträtt och byggnad skall försäkringen alltid omfatta brandrisk såvida det inte är fråga om obebyggd tomtmark. Om det inte visas
att försäkring gäller enligt ovan, har Bolaget rätt att ombesörja försäkring.

 

The corresponding will apply if the security
consists of buildings on non-freehold property, goods or other personal
property (Sw. lösöre). The insurance for real property, leasehold property and
buildings shall always cover fire risks, unless the real property is a vacant
lot. If it is not shown that such insurance exists, as described above, the
Company is entitled to arrange for appropriate insurance.

 

9.                                      FORCE MAJEURE M M/FORCE
MAJEURE

 

Bolaget är inte ansvarigt för skada som beror av svenskt eller utländskt lagbud, svensk eller utländsk myndighetsåtgärd, krigshändelse, strejk, lockout, bojkott, blockad eller annan liknande omständighet. Förbehållet i fråga om strejk, lockout, bojkott och blockad gäller även om Bolaget självt
vidtar eller är föremål för sådan konfliktåtgärd.

 

The Company is not responsible for damage
caused by Swedish or foreign legal enactment, Swedish or foreign acts of
authorities, events of war, strikes, lock-outs, boycotts, blockades or other
similar circumstances. The limitation for strike, lock-out, boycott and
blockade is applicable even if the Company itself takes steps towards or is the
object of such act of conflict.

 

 

Skada, som kan uppkomma i
andra fall skall ersättas av Bolaget endast i den mån skadan orsakats av
att Bolaget inte varit normalt aktsamt. Bolaget är i intet fall ansvarigt för indirekt skada
eller foljdskada.

 

Damage inflicted by other causes shall be reimbursed by the Company
only if the damage has been caused by lack of due care. The Company is by no
means responsible for indirect damage or consequential damage.

 

10.                               MEDDELANDEN
M M/MESSAGES

 

Meddelanden som avsänts av Bolaget med
rekommenderat brev eller vanligt brev skall anses ha nått Pantsättaren om brevet sänts
till den adress som Pantsättaren uppgivit senast den tredje dagen efter avsändandet om
adressaten är i Sverige och senast den sjätte dagen efter avsändandet om
adressaten är utanför Sverige. Meddelande genom telefax skall anses ha kommit Pantsättaren tillhanda
vid avsändandet
om det sänts till av Pantsättaren uppgivet telefaxnummer. Om ett
telefaxmeddelande når Pantsättaren efter normal kontorstid skall meddelandet
anses ha kommit mottagaren tillhanda vid början av påföljande bankdag.

 

Messages sent by the Company via registered mail (Sw. rekommenderat
brev) or regular mail shall be deemed to have been received by the Pledgor if
the letter has been sent to the address that the Pledgor has provided no later
than three days after the letter was sent, if the addressee is located in
Sweden, and no later than six days after the letter was sent if the addressee
is located outside of Sweden. Messages sent by fax shall be deemed to have
reached the Pledgor when sent, if sent to a fax number provided by the Pledgor.
If a message sent by fax reaches the Pledgor after normal office hours, the
message shall be considered to be received by the Pledgor at the beginning of
the following business day.

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