Document:

Exhibit 4.11

 

CONFORMED
COPY

 

SALE AND ASSIGNMENT AGREEMENT 

 

AND LIMITED RECOURSE NOTE

 

1.                                               Parties

 

1.1                                          Concordia Bus AB (publ) (“Bus”),
556576-4569, a public company incorporated under Swedish law;

 

1.2                                          Concordia Bus Nordic Holding
AB (“Holding”), 556028-1122, a private company incorporated under Swedish law;
and

 

1.3                                          Concordia Bus Nordic AB (publ)
(“Nordic”), 556031-8569, a public company incorporated under Swedish law.

 

2.                                               Background

 

2.1                                          Concordia owns 100 percent of
the shares in Holding and Holding owns 100 percent of the shares in Nordic.

 

2.2                                          Pursuant to a loan agreement
dated 27 February 2002, as amended and restated on 22 January 2004
(the “Loan Agreement”) Bus has extended to Nordic a senior subordinated loan of
SEK 501,299,922 (the “Loan”) the outstanding amount of which, together with all
accrued but unpaid interest, is SEK 166,927,467 at the date hereof (the “Outstanding
Amount”) (which as of July 15 2005 corresponds to approximately Euro 17,758,241).

 

2.3                                          As part of a refinancing of
the Bus group, in part under a mezzanine facility agreement (the “Mezzanine
Facility Agreement”) entered into on or about the dated hereof, Bus has
resolved to sell and assign the Loan to Holding.

 

 

3.                                               Amendments

 

In connection with the sale and assignment entered
into pursuant to this Agreement, the Loan Agreement has been amended and
restated on the date hereof in the form attached hereto as Appendix 1.

 

4.                                               Sale and Assignment

 

Bus hereby sells and assigns all its rights
under the Loan to Holding and Holding hereby assumes all such rights, subject
to the terms and conditions set out herein. The sale and assignment shall be effective
as of the date of this Agreement.

 

5.                                               Consideration

 

5.1                                          As consideration for the sale
and assignment pursuant to section 4 above, Holding shall pay to Bus,
subject to the limitations set out in section 6 below, the Net Amount (as
defined below) of all Nordic Payments (as defined below).

 

5.2                                          As security for Holding’s
obligation to pay the Consideration, subject to the limitations set out in
Clause 6 below, Holding shall grant a second ranking pledge of the Loan in
favour of Bus, subject to the First Pledge (as defined below).

 

6.                                               Limited
Recourse

 

6.1                                          Notwithstanding any provision
of this Agreement or in any other agreement between Bus and Holding, Bus agrees
that the obligation of Holding and its successors under this Agreement, shall
be limited to the payment of the Net Amount (as defined below) of each Nordic
Payment (as defined below), and in each case to the extent that such Net Amount
of a Nordic payment is available to Holding.

 

6.2                                          For the purposes of this Agreement,
the term “Nordic Payments” means each payment made by Nordic from time to time to
Holding under the Loan Agreement in accordance with its terms (as amended and
restated), and the term “Net Amount” means, at any time, the amount of each such
Nordic

 

2

 

Payment to the extent not required to be
applied by Holding in payment of amounts due under the Tranche C Facility (as
defined in the Mezzanine Facility Agreement) in accordance with the Mezzanine
Facility Agreement on or about the date such Nordic Payment is to be made. The
term “First Pledge” means the first ranking pledge of the Loan made by Holding
in favour of the Security Agent to secure the fulfilment by Holding of its
obligations under Tranche C of the Mezzanine Facility.

 

6.3                                          The limitation of Holding’s
payment obligations under this section 6 shall apply irrespective of the
Loan Agreement (as amended and restated) being fully complied with or being
prematurely terminated and irrespective of whether Holding’s payment obligation
is based on a court decision or otherwise.

 

6.4                                          Holding’s obligations under
this Agreement shall be limited to the Net Amount of Nordic Payments and
Holding shall not be obliged to pay any interest on overdue payments.

 

6.5                                          On and with effect from the
date on which Bus submits a Utilisations Request in respect of the Tranche A
Facility, Holding hereby sells and assigns all its rights under the Loan Agreement
to Bus and Bus hereby assumes all such rights, subject to the terms and
conditions set out herein. All references in the Loan Agreement to the Lender
shall thereafter be construed as references to Bus. Upon such re-transfer,
Holding’s obligation under this Agreement shall be discharged in full and
Holding shall have no further obligations hereunder.

 

7.                                               Confirmation

 

7.1                                          Nordic
hereby confirms that it has been duly notified of the sales and assignments in
this Agreement and that all future payments
under the Loan (including all accrued interest) will be paid to Holding or in
accordance with the instructions of Holding and, upon the re-transfer in
accordance with clause 6.5, to Bus or in accordance with Bus ́ instructions.

 

8.                                               Governing law

 

8.1                                          This Agreement shall be
governed by Swedish law.

 

3

 

This document has been executed in three identical copies of which the
parties have taken one each.

 

 

	
  Date: July 18, 2005

  	
   

  
	
   

  	
   

  
	
  CONCORDIA BUS AB (PUBL)

  	
  CONCORDIA BUS NORDIC HOLDING AB

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ FRODE LARSEN

  	
   

  	
  /s/ FRODE LARSEN

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CONCORDIA BUS NORDIC AB (PUBL)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  RAGNAR NORBÄCK

  	
   

  

 

4

 

Appendix 1

 

[copy of amended and
restated loan agreement]

 

5Exhibit 4.12

 

CONFORMED
COPY

 

AMENDED
AND RESTATED

SUBORDINATED SHAREHOLDER LOAN AGREEMENT

 

This agreement
amends and restates, and replaces in its entirety, the Senior Subordinated Loan
Agreement between Concordia Bus AB (“Bus”) as the lender and Concordia Bus
Nordic AB (“Nordic”) as the borrower signed by the borrower on 28 February 2002,
and replaced by agreement signed 22 December 2003 (the “Initial
Restatement Date”) and amended and restated on 22 January 2004. Unless
otherwise specified, defined terms used in this agreement shall have the
meanings assigned to them in the Mezzanine Facility Agreement entered into on or
about July 18, 2005 between, inter alia,
Bus, Concordia Bus Nordic Holding AB and certain lenders named in that
agreement (the “Mezzanine Facility Agreement”).

 

1.                                               Bus has on 27 February 2002 granted a Senior
Subordinated Loan to Nordic of SEK 501,299,922, of which SEK 166,927,467 is
outstanding at the date hereof (as the same may be increased in accordance with
this agreement or decreased as a result of repayments under Clause 4) (the “Loan”).
On the date hereof the amount of accrued and unpaid interest on the Loan is SEK
6,338,670. Prior to this agreement becoming effective, Bus has transferred to
Concordia Bus Nordic Holding AB (“Holding”) all of its rights under this
Agreement. This Agreement restates and replaces the terms and conditions of the
Loan whereby Nordic is the borrower and Concordia Bus Nordic Holding AB is the
lender (the “Lender”).

 

2.                                               For so long as the Tranche C Facility is outstanding:

 

2.1                                          the Loan shall bear interest
at an annual rate of 11% per annum (calculated on a 360-day basis) on the
principal amount of the Loan;

 

2.2                                          interest shall be paid
semi-annually in arrears, two business days before each Interest Payment Date,
and upon the date the Loan is to be repaid in full (the “Interest Date”);

 

2.3                                          the Loan shall be repaid in
full on 15 October 2010 and prior to such date the Lender shall not demand
the repayment of any principal amount of the Loan and Nordic shall not be
entitled to prepay any amount of the Loan outstanding; and

 

 

2.4                                          without prejudice to Clause
2.2, any interest that is not paid when due shall be added to the principal
amount of the Loan and shall bear interest in accordance with the terms of the
Mezzanine Facility Agreement.

 

3.                                               For so long as the Tranche A
Facility is outstanding:

 

3.1                                          the Loan shall bear interest
at an annual rate of 11% per annum on the principal amount of the Loan;

 

3.2                                          interest shall be paid
semi-annually in arrears on each Interest Date;

 

3.3                                          on each Interest Date, Nordic
shall repay an amount of the Loan outstanding which when taken together with
the interest payment calculated pursuant to sub-Clause 3.1 above, is equal to
the Cash Interest payable on the Tranche A Facility on the corresponding Interest
Payment Date (as defined in the Mezzanine Facility Agreement); and

 

3.4                                          without prejudice to Clause 3.2,
any interest that is not paid when due shall be added to the principal amount
of the Loan and shall bear interest in accordance with the terms of the
Mezzanine Facility Agreement.

 

4.                                               Subject to sub-Clause 3.3 above, the Loan shall be repaid
in full on the date which is two Business Days prior to the earlier of 1 February 2010
and the date on which the Tranche A Advance is required to be repaid. Save as
provided in Clause 3.3 and Clause 4, Nordic may not repay the Loan without the
consent of Bus.

 

5.                                               Pursuant to an indenture made among Nordic and various
parties thereto as guarantors (the “Guarantors”) and Deutsche Bank Trust Company
Americas as trustee (the “Trustee”), dated 22 January 2004 (as the same
may be amended and supplemented from time to time, the “Indenture”) Nordic has
issued senior secured notes in the initial aggregate principal amount of
€ 130,000,000 and may issue further notes thereunder (such initially
issued notes and such further notes being referred to herein as the “Notes”).

 

6.                                               The Loan and all of the Lender’s rights pursuant to this
agreement shall be fully subordinated to the Notes and the obligations of
Nordic under the Indenture on the terms, and shall otherwise be subject to the
terms and conditions, set forth in Annex A attached hereto and hereby made a
part of this agreement. References herein to this agreement shall include
references to this agreement including Annex A hereto.

 

2

 

7.                                               All terms of this agreement shall be binding upon, and
inure to the benefit of and be enforceable by, the respective successors and permitted
assigns of the parties hereto, and any transferee or assignee of the rights
under the Loan shall take such rights subject to this agreement, including the
terms and conditions of Annex A hereto.

 

8.                                               This agreement shall be governed by and construed in
accordance with Swedish law.

 

9.                                               All amendments to this agreement and any waiver with regard
to this Agreement shall be made only in writing, and only by an agreement
signed by all the parties hereto. Neither Holding nor Bus may assign or
transfer its rights or obligations hereunder without the prior written consent
of Bus.

 

10.                                        If, at any time, one or more provisions of this agreement
is or becomes invalid, illegal or unenforceable in any respect under the laws
of any jurisdiction, such provision shall, as to such jurisdiction, be ineffective
to the extent necessary without affecting or impairing the validity, legality
and enforceability of the other provisions hereof or of such provision in any
other jurisdiction. The parties agree that such illegal, invalid or
unenforceable provision shall be deemed replaced by another provision which
comes as close as possible to the purpose of this agreement.

 

3

 

This agreement
has been established in three copies, of which each of the parties have received
a copy.

 

 

	
  Concordia
  Bus Nordic AB

  	
   

  	
  Concordia
  Bus Nordic Holding AB

  
	
   

  	
   

  	
   

  
	
  By:
  Ragnar Norbäck

  	
   

  	
  By:
  Frode Larsen

  
	
  Place
  and date: Stockholm July 18, 2005

  	
   

  	
  Place
  and date: Stockholm July 18, 2005

  

 

 

Concordia Bus
AB

 

By: Frode
Larsen

Place and
date: Stockholm July 18, 2005

 

 

Accepted and
agreed:

 

 

Deutsche Bank
Trust Company Americas, as trustee

 

By: Leigh Cobb

Place and
date:

 

4

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