Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.18    
    

 
 

PLEDGE OF ACCOUNTS    
    
    between    
    
    INGENIØR M O SCHØYENS BILCENTRALER AS
  as Pledgor    
    
    and    
    
    Deutsche Trustee Company
Limited
  as Security Trustee    

As
security for the obligations of the

Borrower under a

€ 130,000,000

Indenture

dated 22 January 2004 

 

THIS PLEDGE OF ACCOUNTS (the "Pledge") dated
[    •    ] January 2004 is made between: 

	(1)
	INGENIØR
M O SCHØYENS BILCENTRALER AS, Drammensveien 155 C, N-0277 Oslo, Norway, business enterprise no. NO 915 768 237 as pledgor (the
"Pledgor"); and

	(2)
	Deutsche
Trustee Company Limited, Winchester House, 1 Great Winchester Street, London EC2N 2DB, England (acting on behalf of itself and the Secured Parties) as Security Trustee; 

WHEREAS:  

	(A)
	This
Pledge of Accounts is entered into in connection with an indenture (the "Indenture") dated 22 January, 2004 between Concordia Bus
Nordic AB (the "Issuer"), certain guarantors and Deutsche Bank Trust Company Americas (the "Trustee"),
pursuant to which the Issuer has issued senior secured notes in the aggregate amount of € 130,000,000 (the "Notes");

	(B)
	The
Pledgor has under the Indenture issued a guarantee dated 22 January 2004 (the "Guarantee") in favour of the Security Trustee (acting on behalf of itself and the Secured
Parties), the Trustee and the Holders (collectively the "Secured Parties");

	(C)
	The
Pledgor has agreed to enter into this pledge in favour of the Security Trustee (acting on behalf of itself and the Secured Parties) in respect of accounts no. 7034.05.00200
and 7874.05.54459 (the "Accounts") held with DnB NOR Bank ASA (the "Account Bank") as security for the
Pledgors's obligations under the Guarantee towards the Trustee on behalf of the holders of the Notes; and

	(D)
	This
Pledge is being executed and delivered by the Pledgor pursuant to the Indenture. 

IT IS AGREED AS FOLLOWS:  

1      DEFINITIONS  

In
this Pledge, unless the context otherwise requires: 

	(i)
	words
and expressions defined in the Indenture shall have the same meanings when used herein unless otherwise defined herein;

	(ii)
	"Claims" 

means,
in respect of the Pledgor, any and all claims it may at any time and from time to time have against the Account Bank resulting from or in respect of any balance at any time standing to its
credit on the Accounts (included but not limited to any interest accrued on the Accounts, whether actually booked on the Accounts or not). 

2      REPRESENTATIONS AND WARRANTIES  

The
Pledgor hereby represents and warrants to the Security Trustee that: 

	(i)
	it
is entitled to pledge its Claims to the Security Trustee;

	(ii)
	it
has not assigned, charged, pledged, sold or otherwise encumbered its Claims (save by this Pledge, and a pledge in favour of Nordea Bank Norge ASA who has undertaken to release its
pledge upon repayment of a SEK 1,215,000,000 Amended and Restated Facility dated 15 February 2002, the repayment of which will be made with proceeds from the sale of the Notes). 

2

 

3      PLEDGE  

3.1   Pledge  

As
security for any and all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally) (including, but not limited to, principal, interest,
commissions, costs, expenses and other derived liability) that the Pledgor has or might incur towards the Secured Parties pursuant to the Guarantee and to the Security Trustee under this Pledge
Agreement, the Pledgor hereby grants to the Security Trustee first priority security over the Claims. 

The
Pledgor shall give written notice of this pledge of the Accounts to the Account Bank as set out in Appendix 1 and obtain an acknowledgement of notice of the said pledge form the Account
Bank as set out in Appendix 2. 

4      UNDERTAKING  

4.1   Undertakings  

The
Pledgor hereby undertakes with the Security Trustee that: 

	(i)
	it
will maintain the Accounts with the Account Bank as long as any amount is outstanding to the Security Trustee and/or under the Indenture and make payments thereon in accordance
with the provisions of the Indenture; and

	(ii)
	it
will not assign, charge, pledge or otherwise encumber its Claims except as contemplated in the Indenture and/or this Pledge or otherwise permitted in writing by the Security
Trustee. 

4.2   Further assurances  

The
Pledgor hereby further undertakes forthwith upon demand by the Security Trustee, and at its expense, to execute and do all such assurances, acts and things as the Security Trustee may require for: 

	(i)
	perfecting
or protecting the security created (or intended to be created) by this Pledge;

	(ii)
	preserving
or protecting any of the rights of the Security Trustee under this Pledge;

	(iii)
	ensuring
that the security constituted by this Pledge and its undertakings and obligations under this Pledge shall ensure to the benefit of any such assignee of the Security Trustee
as is referred to in Clause 11 hereof;

	(iv)
	facilitating
the appropriation or realisation of its Claims or any part thereof in the manner contemplated by this Pledge;

	(v)
	the
exercise of any power, authority or discretion vested in the Security Trustee under this Pledge. 

5      CONTINUING SECURITY  

It
is declared and agreed that: 

	(i)
	the
security created by this Pledge shall be held by the Security Trustee as a continuing security for the payment of the obligations of the Pledgor under the Guarantee and the
security so created shall not be satisfied by any intermediate payment or satisfaction of any part of the obligations under the Guarantee;

	(ii)
	the
security so created shall be in addition to and shall not in any way be prejudiced or affected by any of the other Security Documents; 

3

 

	(iii)
	the
Security Trustee shall not be bound to enforce any of the other Security Documents before enforcing the security created by this Pledge;

	(iv)
	no
delay or omission on the part of the Security Trustee in exercising any right, power or remedy under this Pledge shall impair such right, power or remedy or be construed as a
waiver thereof nor shall any single or partial exercise of any such right, power or remedy preclude any further exercise thereof or the exercise of any other right, power or remedy;

	(v)
	the
rights, powers and remedies provided in this Pledge are cumulative and not exclusive of any rights, powers and remedies provided by law and may be exercised from time to time and
as often as the Security Trustee may deem expedient; and

	(vi)
	any
waiver by the Security Trustee of any terms of this Pledge or any consent given by the Security Trustee under this Pledge shall only be effective if given in writing and then
only for the purpose and upon the terms for which it is given. 

6      SECURITY TRUSTEE'S POWERS  

6.1   Powers  

After
the occurrence of an Event of Default (irrespective of whether or not the Security Trustee shall have taken steps to enforce any of the powers specified or referred to in the Indenture and as
long as an Event of Default is in existence) the Security Trustee shall, subject to applicable mandatory law, become forthwith entitled, as and when it may see fit, to put into force and exercise all
or any of the powers possessed by the Security Trustee as pledgee of the Claims and in particular the Security Trustee shall be entitled then or at any later time or times: 

	(i)
	to
apply any and all sums standing to the credit of the Accounts for payment of the outstanding amounts under the Guarantee;

	(ii)
	to
take over, institute, defend, settle or abandon (if necessary using the name of the Pledgor) all such legal or arbitration proceedings in connection with the Claims as the
Security Trustee in its sole and absolute discretion thinks fit;

	(iii)
	generally,
to recover from the Pledgor on demand all Expenses reasonably incurred by the Security Trustee in or about or incidental to the exercise by it of any of the powers
aforesaid;

	(iv)
	generally,
to enter into any transaction or arrangement of any kind and to do anything in relation to the Claims which the Security Trustee may think fit. 

6.2   Liability of the Security Trustee  

Neither
the Security Trustee nor its agents, managers, officers, employees, delegates and advisers shall be liable for any claim, liability, loss, cost, damage or expense incurred or arising in
connection with the exercise or purported exercise of any rights, powers and discretions under this Pledge in the absence of gross negligence or wilful misconduct. 

7      INDEMNITY  

The
Pledgor will fully indemnify and hold harmless each Secured Party in respect of all liabilities and expenses incurred by it (1) in the execution or purported execution of any rights, powers
or discretion in accordance with this Agreement, (2) in the preservation or enforcement of its rights under this Agreement or (3) on the release of any part of the Pledged Shares from
the security created by this Agreement, unless it is finally judicially determined that such liability or expense has resulted from the gross negligence or wilful misconduct of such Secured Party. 

4

 

The
Pledgor shall on demand and on a full indemnity basis pay to the Security Trustee the amount of all costs and expenses and other liabilities (including legal and
out-of-pocket expenses and any tax or value added tax on such costs and expenses) which the Security Trustee or any Secured Party incurs in connection with: 

	(i)
	the
preparation, negotiation, execution and delivery of this Pledge Agreement;

	(ii)
	any
payment of stamp duty or stamp duty reserve tax or registration fees in respect of the pledge created hereunder or any transfer of the Pledged Shares pursuant hereto;

	(iii)
	any
actual or proposed amendment or waiver or consent under or in connection with this Pledge Agreement:

	(iv)
	any
discharge or release of the pledge in this Pledge Agreement; or

	(v)
	the
preservation or exercise (or attempted preservation or exercise) of any rights under or in connection with and the enforcement (or attempted enforcement) of the pledge or any
other right in this Pledge Agreement; 

unless
it is finally judicially determined that such liability or expense has resulted from the gross negligence or wilful misconduct of the Security Trustee. 

8      MISCELLANEOUS  

This
Pledge may be executed in several counterparts, each of which shall be an original, but which together shall constitute one and the same document. 

9      THE NORWEGIAN FINANCIAL AGREEMENTS ACT  

9.1   Liability  

The
liabilities of the Pledgor hereunder shall not exceed € 130,000,000. 

9.2   Waiver of rights  

The
Pledgor specifically waive all rights under the provisions of the Norwegian Financial Agreements Act of 25 June 1999 no. 46 not being mandatory provisions, including the following
provisions (the main contents of the relevant provisions being as indicated in the brackets): 

	(i)
	§ 62 (1) (a) (to be notified of any security the giving of which was a precondition for the issuance of the Notes,
but which has not been validly granted or has lapsed);

	(ii)
	§ 63 (1) - (2) (to be notified of any event of default under the Indenture and to be kept informed thereof);

	(iii)
	§ 63 (3) (to be notified of any extension granted to the Issuer in payment of principal and/or interest);

	(iv)
	§ 63 (4) (to be notified of any of the Issuer's bankruptcy proceedings or debt reorganisation proceedings and/or any
application for the latter);

	(v)
	§ 65 (3) (that the consent of the Pledgor is required for the Pledgor to be bound by amendments to the Indenture that may
be detrimental to our interest);

	(vi)
	§ 66 (1) - (2) (that the Pledgor shall be released from liabilities hereunder if security which was given, or the giving
of which was a precondition for the issuance of the Notes, is released by the Security Trustee without the consent of the Pledgor); 

5

 

	(vii)
	§ 66 (3) (that the Pledgor shall be released from its liabilities hereunder if, without its consent, security the giving
of which was a precondition for the issuance of the Notes, was not validly granted);

	(viii)
	§ 67 (2) (about reduction of the Pledgor's liabilities hereunder);

	(ix)
	§ 67 (4) (that the Pledgor's liabilities hereunder shall lapse after 10 years, as the Pledgor shall remain liable
hereunder as long as any amount is outstanding under the Notes);

	(x)
	§ 70 (as the Pledgor shall have no right of subrogation into the rights of the Security Trustee under the Indenture until
and unless the holders of the Notes shall have received all amounts due or to become due to them under the Notes);

	(xi)
	§ 71 (as the Security Trustee shall have no liability first to make demand upon or seek to enforce remedies against the
Issuer or any other security provided in respect of the Issuer's liabilities under the Indenture before demanding payment under or seeking to enforce the security created hereunder);

	(xii)
	§ 72 (as all interest and default interest due under the Indenture shall be secured hereunder);

	(xiii)
	§ 73 (1) - (2) (as all costs and expenses related to a default under the Indenture shall be secured hereunder); and

	(xiv)
	§ 74 (1) - (2) (as the Pledgor shall make no claim against the Issuer for payment until and unless the holders of the
Notes first shall have received all amounts due or to become due to them under the Notes). 

10    NOTICES  

Every
notice, request, demand or other communication under this Pledge shall be given in writing as specified hereunder or to such other addresses of which the parties may from time to time be given
notice. Communications sent by letter or telefax shall be effective upon receipt. Any communication by telefax from the Pledgor, shall be confirmed by letter if so requested by the Security Trustee. 

Notices
shall be delivered as follows: 

	(i)	 	to the Pledgor, to:	 	(ii)	 	to the Security Trustee, to:
	

 	
 	

Ing. M O Schøyens Bilcentraler AS

Drammensveien 155 C

N-0277Oslo, Norway

Telefax: + 47 2313 2801	
 	

 	
 	

Deutsche Trustee Company Limited

Winchester House

1 Great Winchester Road

London EC2N 2DB

England

Telefax: +44 20 7547 6149

or
in any such case to such other address or telefax number or attention of such other person as may from time to time be notified by the recipient in question to the party giving or making the same
in accordance with this Clause. 

11    SUCCESSORS AND ASSIGNS  

11.1 Successors and assigns  

This
Pledge shall be binding upon and shall ensure to the benefit of the Pledgor and the Security Trustee and their respective successors and permitted assigns and references in this Pledge to any of
them shall be construed accordingly. 

6

 

11.2 Prior consent  

The
Pledgor shall not assign or transfer any of its rights and/or obligations under this Pledge without the prior written consent of the Security Trustee. The Security Trustee may assign and/or
transfer part or all of its rights and/or obligations hereunder simultaneously with an assignment or transfer in accordance with the terms of the Notes. In such case the Pledgor will execute such
documentation as considered necessary by the Security Trustee to effectuate such assignment and/or transfer. 

11.3 Disclosure of information  

The
Security Trustee may disclose to a potential assignee, transferee or sub-participant, such information about the Pledgor as the Security Trustee considers appropriate. 

12    LIMITATION  

The
Pledgor's commitments as Pledgor hereunder may be limited by the applicable regulations in the Norwegian Limited Liability Companies Act No. 44, 1997 (as amended or replaced from time to
time) Chapter 8 insofar as the Pledgor's commitments hereunder would constitute improper financial assistance. 

13    LAW AND JURISDICTION  

13.1 Law and jurisdiction  

This
Pledge shall be governed by and construed in accordance with the laws of Norway. 

The
Pledgor and the Security Trustee accept Oslo City Court as non-exclusive venue, but this choice shall not prevent the Security Trustee to take proceedings against the Issuer or any of
the assets being subject to this Pledge of Accounts in any other court of competent jurisdiction, nor shall the taking of proceedings in any one or more jurisdictions preclude the taking of
proceedings in any other jurisdiction, whether concurrently or not. 

	Signed by:	 	 
	
The Pledgor:	
 	

 
	
Ingeniør M O Schøyens Bilcentraler AS	
 	

 
	

By:	
 	

 
	Name:	 	 
	Title:	 	 
	
The Security Trustee:	
 	

 
	
Deutsche Trustee Company Limited	
 	

 
	

By:	
 	

 
	Name:	 	 
	Title:	 	 

7

 
 
 

Appendix 1    
    

	To:
	DnBNOR
Bank ASA 

Dear
Sirs, 

NOTICE OF PLEDGE OF ACCOUNTS  

We
hereby notify you that by a Pledge of Accounts dated 22 January 2004 made in favour of Deutsche Trustee Company Limited (the "Security
Trustee"): 

	1.
	we
have pledged to the Trustee all the assets from time to time standing to the credit of the bank accounts No 7034.05.00200 and 7874.05.54459 held by ourselves (the
"Accounts"). The pledge includes any and all obligations (including, but not limited to, principal, interest, commissions, costs, expenses and other
derived liability) that we have or might incur towards the Security Trustee pursuant to a guarantee (the "Guarantee") issued by us in favour of the
Security Trustee pursuant to an indenture dated 22 January 2004 between Concordia Bus Nordic AB, certain guarantors and Deutsche Bank Trust Company Americas (the
"Indenture").

	2.
	we
ask you to acknowledge the pledge of the Accounts by us to the Security Trustee, waive any right to set-off or other rights you may have to the credit of the Accounts,
and confirm that you have not been made aware of any other assignment, pledge or charge over the Claims or the Accounts other than a pledge in favour of Nordea Bank Norge ASA, and that the Accounts
will be blocked in favour of the Security Trustee following your receipt of a notice from the Security Trustee that an Event of Default has occurred or is threatening under the Indenture.

	3.
	the
instructions herein contained cannot be revoked or varied by us without the prior written consent of the Security Trustee. 

Please,
will you kindly acknowledge receipt of this Notice of Pledge and indicate your receipt thereof by sending to the Security Trustee an acknowledgement in the form attached hereto. 

	 	 	Yours faithfully

Ingeniør M O Schøyens Bilcentraler AS	 	 
	    	 	 	 	 
	

 	
 	

 [name]	
 	

 

8

 
 
 

Appendix 2    
    

Deutsche
Trustee Company Limited 

Dear
Sirs, 

ACKNOWLEDGEMENT OF NOTICE OF A PLEDGE OF ACCOUNTS  

We
refer to a letter dated 22 January 2004 from Ingeniør M. O. Schøyens Bilcentraler AS to ourselves notifying us of the pledge specified therein. 

We
confirm that: 

	1.
	we
acknowledge the terms of the said notice of pledge of Accounts;

	2.
	the
pledge of the Accounts, currently comprising the following accounts 7034.05.00200 and 7874.05.54459, has been duly registered on each such account; and

	3.
	we
waive any right to set-off or other rights we may have to the credit of the Accounts, and confirm that we have not been made aware of any other assignment, pledge or
charge over the Accounts other than a pledge in favour of Nordea Bank Norge ASA dated 19 February 2002, and that the Accounts will be blocked in favour of the Security Trustee following our
receipt of a notice from the Security Trustee that an Event of Default has occurred or is threatening under the Indenture. 

	 	 	Yours faithfully

for and on behalf of

DnBNOR Bank ASA	 	 
	    	 	 	 	 
	

 	
 	

 [name]	
 	

 

9

QuickLinks

Exhibit 10.18

PLEDGE OF ACCOUNTS between INGENIØR M O SCHØYENS BILCENTRALER AS as Pledgor and Deutsche Trustee Company Limited as Security Trustee

Appendix 1

Appendix 2QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.19  

 
 

INTRAGROUP LOAN PLEDGE AGREEMENT    
    
    Dated 22 January, 2004    
    
    between    
    
    Concordia Bus Nordic AB (publ)    
    
    as Pledgor    
    
    and    

    Deutsche Trustee Company Limited    
    
    as Security Trustee    

PLEDGE OF INTRAGROUP LOANS  

 ADVOKATFIRMAN LINDAHL  

 

        THIS PLEDGE AGREEMENT is dated 22 January, 2004 and made between: 

	(1)
	CONCORDIA BUS NORDIC AB (PUBL) (a company incorporated under the laws of Sweden) of c/o Swebus AB, Solna
Strandväg 78, 171 54 Solna, Sweden (corporate identity no 556031-8569), (the "Pledgor"); and

	(2)
	DEUTSCHE TRUSTEE COMPANY LIMITED of Winchester House; 1 Great Winchester Street; London EC2N 2DB, on its own behalf and
as duly authorized representative of each of the Secured Parties (the "Security Trustee", which expression shall include each successor Security Trustee
appointed from time to time) 

        WHEREAS: 

	a)
	by
an indenture made among the Pledgor, Swebus AB ("Swebus"), Swebus Express AB, Interbus AB, Swebus Fastigheter AB, Swebus Busco AB
("Busco"), Alpus AB, Enköping-Bålsta Fastighets AB, Malmfältens Omnibus AB, Concordia Bus Finland Oy Ab,
Ingenjor M.O: Schoyen Bilcentraler AS, Concordia Bus Nordic Holding AB, and Deutsche Bank Trust Company Americas as trustee (the "Trustee"), dated
22 January, 2004 (the "Indenture") the Pledgor has issued senior secured notes in the aggregate principal amount of
€ 130,000,000 (the "Notes");

	b)
	pursuant
to a promissory note dated 22 January, 2004 issued by Busco (the "Busco Promissory Note"), Busco shall pay to the
Pledgor or order a principal amount of € 87,307,650 together with interest and costs;

	c)
	pursuant
to a second ranking pledge agreement dated 22 January, 2004 between Busco as pledgor and the Pledgor as pledgee (the "Busco Pledge
Agreement") Busco has pledged the buses owned by it to the Pledgor as second ranking security for its obligations under the Busco Promissory Note;

	d)
	pursuant
to a promissory note dated 22 January, 2004 issued by Swebus (the "Swebus Promissory Note"), Swebus shall pay to the
Pledgor or order a principal amount of € 21,826,913 together with interest an costs;

	e)
	pursuant
to a second ranking pledge agreement dated 22 January, 2004 between Swebus as pledgor and the Pledgor as pledgee (the "Swebus Pledge
Agreement") Swebus has pledged a floating charge in an aggregate amount of SEK 100 million (within SEK 100 million) to the Pledgor as second ranking security for
its obligations under the Swebus Promissory Note; and

	f)
	it
is a condition precedent of the Indenture that the Pledgor enters into this Pledge Agreement and hereby secures the Secured Obligations (as defined below). 

        IT IS HEREBY AGREED as follows: 

1.     DEFINITIONS AND INTERPRETATION  

	1.1
	In
this Agreement: 

"Finance Documents" means the Security Documents and the Indenture; 

"Holders" means, from time to time, the holders of the Notes, and a "Holder" means any one of them; 

"Operator" means Swebus AB, Swebus Express AB and Interbus AB; 

"Proceeds" means the proceeds from the sale of the Security Assets, after deduction of all costs and expenses (including legal fees) incurred by the
Secured Parties in connection with the enforcement of this Agreement and the sale of the Security Assets; 

2

 

"Promissory Notes" means both of the Busco Promissory Note and the Swebus Promissory Note; 

"Secured Obligations" means all present and future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in
any other capacity whatsoever) of the Pledgor under or pursuant to the Finance Documents together with all costs, charges and expenses incurred by any Secured Party in connection with the protection,
preservation or enforcement of its respective rights under the Finance Documents; 

"Secured Parties" means all and each of the Security Trustee and the Trustee (as represented by the Security Trustee) on their own behalf and as duly
authorized representative of the Holders; 

"Security Assets" means all the Pledgor's rights under the Busco Promissory Note and the Swebus Promissory Note respectively including all its rights
under the Busco Pledge Agreement and the Swebus Pledge Agreement respectively; and 

"Security Documents" means this Agreement and any other agreement or documents defined as a Security Document in the Indenture. 

	1.2
	In
this Agreement, unless the contrary intention appears, a reference to:

	a)
	a
provision of law is a reference to that provision as amended or re-enacted,

	b)
	a
person includes its successors and assigns, and

	c)
	any
document is a reference to that document as amended, novated or supplemented.

	1.3
	Terms
defined in the Indenture shall have the same meanings when used in this Agreement unless otherwise defined in this Agreement.

	1.4
	If
either the Security Trustee or the Trustee considers that in respect of an amount paid to a Secured Party under a Finance Document there is a reasonable risk that such payment will
be avoided or otherwise set aside on the liquidation or bankruptcy of the payer or otherwise, then that amount shall not be considered to have been irrevocably paid for the purposes of this Agreement. 

2.     PLEDGE  

	2.1
	The
Pledgor hereby irrevocably and unconditionally, on the terms and conditions set out herein, pledges to each of the Secured Parties represented by the Security Trustee in its
capacity as duly authorized representative for the Secured Parties and on its own behalf all of the Pledgor's rights, title and interest in and to the Security Assets for the purpose of constituting a
first ranking pledge to secure the due and punctual performance of the Secured Obligations. 

3.     PERFECTION OF PLEDGE  

	3.1
	The
Pledgor shall immediately at the execution of this Agreement

	a)
	deliver
the Busco Promissory Note and the Swebus Promissory Note to a third party as directed by the Security Trustee:

	b)
	notify
Busco and Swebus of the pledge created hereunder by sending a notice in substantially the form set out in Schedule 1; 

3

 

	c)
	notify
the Operators of the pledge created hereunder in relation to the Busco Pledge Agreement by sending a notice in substantially the form set out in  Schedule 2.

	3.2
	The
Pledgor shall throughout the term of this Agreement do all things and acts requested by the Security Trustee to assist the Security Trustee in taking all actions required to
perfect and maintain the perfection of the pledge created by this Agreement. 

4.     REPRESENTATIONS AND WARRANTIES  

	4.1
	The
Pledgor represents and warrants to each of the Secured Parties that:

	a)
	it
is a limited liability company duly incorporated and validly existing under the laws of Sweden;

	b)
	the
Pledgor has the power to enter into, deliver and perform, and has taken all necessary action to authorize the entry into, delivery and performance of this Agreement and the
transactions contemplated by this Agreement;

	c)
	this
Agreement constitutes legally valid and binding obligations of the Pledgor enforceable in accordance with its terms (except as such enforcement may be limited by any relevant
bankruptcy, insolvency, receivership or similar laws affecting creditors' rights generally);

	d)
	this
Agreement does not and will not breach or constitute a default under the constitutional documents of the Pledgor or any document, instrument or obligation, law or regulation to
which the Pledgor is a party or by which it is bound;

	e)
	this
Agreement constitutes a first ranking pledge enforceable against the Pledgor, a liquidator or receiver of the Pledgor and third party creditors of the Pledgor;

	f)
	all
necessary consents and authorizations required in relation to the entry into, performance, validity and enforceability of this Agreement have been obtained and are in full force
and effect;

	g)
	the
Pledgor is the sole, absolute and beneficial owner of the Security Assets; and

	h)
	other
than as created pursuant to the Security Documents the Security Assets are free from any encumbrances.

	4.2
	The
representations and warranties set out in Clause 4.1 above are made on the date of this Agreement and are deemed to be repeated by the Pledgor on each date for interest
payment under the Indenture with reference to the facts and circumstances then existing. 

5.     COVENANTS BY THE PLEDGOR  

	5.1
	The
Pledgor hereby covenants with each of the Secured Parties that during the continuance of this Agreement the Pledgor will:

	a)
	not
sell, transfer or otherwise dispose of the Security Assets or any part thereof or interest therein or permit the same to occur;

	b)
	not
grant any option in or over the Security Assets;

	c)
	not
create or permit to subsist any Lien on, over, with respect to or otherwise affecting the whole or any part of the Security Assets (other than Permitted Liens under the Indenture); 

4

 

	d)
	not
hold any security from any other person in respect of the Pledgor's liability under this Agreement;

	e)
	the
Pledgor shall at any time, if and when required by the Security Trustee and at the Pledgor's cost, promptly and duly do all such further acts and execute and deliver any and all
such further documents as may in the opinion of the Security Trustee be necessary in order to give full effect to this Agreement and to secure to the Security Trustee the full benefit of the rights,
powers and remedies conferred upon it in this Agreement, and the Pledgor shall use its best endeavors to obtain third party consent where such consent is required in order to give full effect to such
act or document. 

6.     PAYMENTS UNDER THE PROMISSORY NOTES  

	6.1
	Any
and all payments under the Promissory Notes including any payments under the Busco Pledge Agreement and the Swebus Pledge Agreement received by or on behalf of the Security
Trustee shall be applied by the Security Trustee in the manner and order set out in the Indenture. 

7.     CONTINUING SECURITY  

	7.1
	The
security constituted by this Agreement shall be a continuing security and shall not be considered as satisfied or discharged by any intermediate payment or settlement of the whole
or any part of the Secured Obligations and shall be binding until all the Secured Obligations have been irrevocably paid and discharged in full.

	7.2
	Until
all the Secured Obligations have been irrevocably paid and discharged in full any Secured Party may refrain from applying or enforcing any other security, monies or rights held
or received by that Secured Party or apply and enforce the same in such manner and order as the Secured Party or the Security Trustee sees fit and the Pledgor shall not be entitled to the benefit of
the same and waives any right it may have of first requiring a Secured Party or the Security Trustee to proceed against or enforce any other right or security or claim payment from any other person
before enforcing this Agreement.

	7.3
	This
Agreement is in addition to any present and future guarantee, collateral, lien or other security held by the Security Trustee. The Secured Parties' rights hereunder are in
addition to and not exclusive of those provided by law and may be exercised from time to time and as often as the Security Trustee deems expedient. 

8.     EXERCISE OF PLEDGE AND APPLICATION OF MONIES  

	8.1
	Upon
the Security Trustee serving notice on the Pledgor following the occurrence of an Event of Default demanding the immediate repayment of any outstanding amount of the Secured
Obligations and at all times thereafter, so long as the same shall be continuing, the Security Trustee, may, in addition to any other remedies provided herein or in the Indenture or by applicable law
enforce its rights hereunder in such manner, acting with due care as the Security Trustee in its sole discretion deems fit, and the Security Trustee shall not be liable for any loss arising from or in
connection with such enforcement, provided that it has acted with due care.

	8.2
	All
costs and expenses (including legal fees) incurred by the Security Trustee and the Trustee in connection with the enforcement of the security created by this Agreement shall be
borne by the Pledgor and the Pledgor shall indemnify and hold the Security Trustee harmless in respect of such costs and expenses. 

5

 

	8.3
	Chapter
10 Section 2 of the Swedish Commercial Code (Sw: Handelsbalken 10:2) shall not apply to this Agreement.

	8.4
	All
monies received by or on behalf of the Security Trustee, in exercise of the rights, powers and remedies under this Agreement or by law shall be applied by the Security Trustee in
the manner and order set out in the Indenture.

	8.5
	For
the purpose of enforcing the security created by this Agreement upon the occurrence of an Event of Default, the Pledgor irrevocably authorises and empowers the Security Trustee to
act in the name of the Pledgor, and on behalf of the Pledgor to do all acts and take any necessary or appropriate steps in respect of the sale of the Security Assets. The power of attorney set out in
this Clause 8.5 shall be valid for as long as this Agreement remains in force. 

9.     DISCHARGE OF THE SECURITY ASSETS  

	9.1
	Subject
to Clause 7.1, upon the irrevocable payment or discharge in full of the Secured Obligations the Security Trustee shall or shall procure that its nominees or agents
shall (as the case may be) at the request and cost of the Pledgor discharge to the Pledgor all the right, title and interest in or to the Security Assets of the Security Trustee and the Secured
Parties free from the security in this Agreement.

	9.2
	Any
release, discharge or settlement between the Pledgor and the Security Trustee in relation to this Agreement shall be conditional upon no disposition or payment to the Security
Trustee or any Secured Party by the Pledgor or any other person being avoided, set aside or ordered to be refunded pursuant to any law relating to insolvency or for any other reason.

	9.3
	If
any such disposition or payment is avoided, set aside or ordered to be refunded the Pledgor shall retransfer the Security Assets to the Security Trustee and the Security Trustee
shall be entitled to enforce this Agreement against the Pledgor as if such release, discharge or settlement had not occurred and any such disposition or payment not been made. 

10.   THE SECURITY TRUSTEE  

	10.1
	The
Security Trustee shall at all times act as the duly authorised representative (Sw: befullmäktigat ombud) of the
Secured Parties, and shall, when exercising its right and fulfilling its obligations under this Agreement, comply with the relevant provisions of the Security Trustee Agreement (as defined in the
Indenture).

	10.2
	The
Security Trustee may at any time (1) delegate to any person all or any of its rights, powers and discretions under this Agreement on such terms (including the power to
subdelegate) as the Security Trustee sees fit and (2) employ agents, managers, employees, advisers and others on such terms as the Security Trustee sees fit for any of the purposes set out in
this Agreement, provided that in each such case it uses due care in selecting such delegate. 

11.   WAIVERS  

	11.1
	The
liability of the Pledgor under this Agreement shall not be prejudiced, affected or diminished by any act, omission, circumstance or matter which but for this provision might
operate or release or otherwise exonerate the Pledgor from its obligations under this Agreement in whole or in part, including without limitation and whether or not known to the Pledgor or any Secured
Party; 

6

 

	a)
	any
time or waiver granted to or composition with any other person;

	b)
	the
taking, variation, compromise, renewal or release of or refusal or neglect to perfect or enforce any rights, remedies or securities against any other person;

	c)
	any
legal limitation, disability, incapacity or other circumstances or the bankruptcy, liquidation or change in the name or constitution of any person;

	d)
	any
variation or extension, any increase, exchange, renewal, surrender, release or loss of or failure to perfect any security or of any non-observance of any formality in
respect of any instruments; and

	e)
	any
unenforceability or invalidity of the Secured Obligations or of any obligations of any other person or security, to the intent that the Pledgor's obligations under this Agreement
shall remain in full force and this Agreement be construed accordingly as if there were no such unenforceability or invalidity.

	11.2
	Any
waiver by the Security Trustee or any Secured Party of any terms of this Agreement or any consent or approval given by any of them under it shall be effective only if given in
writing and then only for the purpose and upon the terms and conditions (if any) on which it is given. No delay or omission on the part of the Security Trustee or any Secured Party in exercising any
right or remedy under this Agreement shall impair that right or remedy or operate as or be taken to be a waiver of it nor shall any single, partial or defective exercise of any such right or remedy
preclude any other further exercise under this Agreement of that or any other right or remedy. 

12.   INDEMNITY  

	12.1
	The
Pledgor will fully indemnify and hold harmless each Secured Party in respect of all liabilities and expenses incurred by it (1) in the execution or purported execution of
any rights, powers or discretion in accordance with this Agreement, (2) in the preservation or enforcement of its rights under this Agreement, and (3) on the release of any part of the
Security Assets from the security created by this Agreement, unless it is finally judicially determined that such liability or expense has resulted from the gross negligence or wilful misconduct of
such Secured Party.

	12.2
	The
Pledgor shall on demand and on a full indemnity basis pay to the Security Trustee the amount of all costs and expenses and other liabilities (including legal and
out-of-pocket expenses and any tax or value added tax on such costs and expenses) which the Security Trustee or any Secured Party incurs in connection with:

	a)
	the
preparation, negotiation, execution and delivery of this Agreement;

	b)
	any
payment of stamp duty or stamp duty reserve tax or registration fee in respect of this Pledge or any transfer of the Security Assets pursuant hereto;

	c)
	any
actual or proposed amendment or waiver or consent under or in connection with this Agreement:

	d)
	any
discharge or release of the pledge in this Agreement; or

	e)
	the
preservation or exercise (or attempted preservation or exercise) of any rights under or in connection with and the enforcement (or attempted enforcement) of the pledge or any other
right in this Agreement; 

unless
it is finally judicially determined that such liability or expense has resulted from the gross negligence or wilful misconduct of the Security Trustee. 

7

   13.   MISCELLANEOUS  

	13.1
	The
Pledgor may not assign any of its rights under this Agreement. Each Secured Party may assign all or any part of their rights under this Agreement in accordance with, and in
connection with a transfer under the Indenture.

	13.2
	This
Agreement shall remain in full force and effect and notwithstanding any amendments or variations from time to time to any of the Finance Documents and all references to a
Finance Document herein shall be taken as referring to that Finance Document as amended or varied from time to time (including, without limitation, any increase in the amount of the Secured
Obligations).

	13.3
	If
any provision of this Agreement is or becomes illegal, invalid or unenforceable that shall not affect the validity or enforceability of any other provision of this Agreement.

	13.4
	This
Agreement may be executed in any number of counterparts and this shall have the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

	13.5
	All
sums payable by the Pledgor under this Agreement shall be paid without any set-off, counterclaim, withholding or deduction whatsoever unless required by law in which
event the Pledgor will, simultaneously with making the relevant payment under this Agreement, pay to the Security Trustee such additional amount as will result in the receipt by the Security Trustee
of the full amount which would otherwise have been receivable and will supply the Security Trustee promptly with evidence satisfactory to the Security Trustee that the Pledgor has accounted to the
relevant authority for the sum withheld or deducted.

	13.6
	Any
statement, certificate or determination of the Security Trustee as to the amount of the Secured Obligations or (without limitation) any other matter provided for in this
Agreement shall in the absence of manifest error be conclusive and binding on the Pledgor. 

14.   NOTICES  

	14.1
	Each
notice or other communication to be given under this Agreement shall be given in writing in English and, unless otherwise provided, shall be made by fax or letter.

	14.2
	Any
notice or other communication to be given by one party to another under this Agreement shall (unless one party has by 15 days' notice to the other party specified another
address) be given to that other party at the respective addresses given in Clause 14.3.

	14.3
	The
address and fax number of the Pledgor and the Security Trustee are:

	(A)
	Pledgor: 

Concordia
Bus Nordic AB (publ)

Solna Strandväg 78, 171 54 Solna

Attention: Chairman of the Board

Fax: +46 8 546 300 10 

	(B)
	the
Security Trustee: 

Deutsche
Trustee Company Limited

Winchester House

1 Great Winchester Street

London EC2N 2 DB

Attention: Managing Director

Fax: +44 20 7547 6149 

8

 

	14.4
	Any
notice or other communication given by one party to another shall be deemed to have been received:

	a)
	if
sent by fax, with a confirmed receipt of transmission from the sending machine, on the day on which transmitted;

	b)
	in
the case of a notice given by hand, on the day of actual delivery; and

	c)
	if
posted, on the second Business Day or, in the case of airmail, the fifth Business Day following the day on which it was despatched by first class mail postage prepaid or, as the
case may be, airmail postage prepaid, 

provided
that a notice given in accordance with the above but received on a day which is not a Business Day or after normal business hours in the place of receipt shall be deemed to have been received
on the next Business Day. 

15.   LAW AND JURISDICTION  

	15.1
	This
Agreement is governed by and shall be construed in accordance with Swedish law.

	15.2
	The
parties agree that the courts of Sweden shall have jurisdiction to settle any disputes which may arise in connection with this Agreement and that any final
(Sw: lagakraftvunnen) judgement or order of a Swedish court in connection with this Agreement is conclusive and binding on them and may be enforced
against them in the courts of any other jurisdiction. This Clause 15.2 is for the benefit of the Secured Parties only and shall not limit the right of any of the Secured Parties to bring
proceedings against the Pledgor in connection with any Finance Document in any other court of competent jurisdiction or concurrently in more than one jurisdiction. 

Signatories

The
Pledgor 

CONCORDIA BUS NORDIC AB (PUBL)

The
Security Trustee 

DEUTSCHE TRUSTEE COMPANY LIMITED

on its own behalf and as duly authorised

representative of the Secured Parties 

9

 
Schedule 1  

FORM OF NOTICE  

To:

[Busco
and Swebus] 

Dear
Sirs, 

        We
hereby give you notice that by a pledge agreement of 22 January 2004 (the "Pledge Agreement") we have pledged to Deutsche
Trustee Company Limited (the "Security Trustee") as security for our obligations under an indenture dated 22 January 2004, all of our rights
under the Promissory Note issued by you on the 22 January 2004, together with any and all security that we have received for the same as security for your obligations thereunder. 

        The
assets pledged consist inter alia of our claim on you under the Promissory Note, and you are therefore to effect any payment under the Promissory Note directly to the Principal
Paying Agent, as a representative of the Security Trustee (to such account as the Principal Paying Agent may from time to time designate in writing for this purpose) or to such other account or
representative as the Security Trustee may direct. 

        We
kindly request that you confirm your receipt and acknowledgement of the above by returning signed copies of this notification to the Security Trustee and ourselves. 

CONCORDIA BUS NORDIC AB (PUBL)  

BY:  

We
hereby confirm our receipt and acknowledgement of the above. 

[    ]

by:

10

 
Schedule 2  

FORM OF NOTICE  

To:

[Operators]

Dear
Sirs, 

        This
notice is sent to you pursuant to a second ranking pledge agreement (the "Agreement") made between Swebus Busco AB as pledgor (the
"Pledgor") and Concordia Bus Nordic AB (publ) as pledgee on 22 January, 2004. Concordia Bus Nordic AB has pledged it rights under the Agreement to
Deutsche Trustee Company Limited (the "Pledgee"). Under the Agreement, the Pledgor has pledged, subject to the rights of Deutsche Trustee Company
Limited under a first ranking pledge (the "First Pledge"), all its rights, title and interest in and to all of the buses listed in the schedule attached
hereto, as well as all its right, title and interest in and to any buses acquired in the future which are operated by you. The current buses and the future buses mentioned in the preceding sentence
are collectively in this notice referred to as the "Collateral". 

        Upon
the release of the First Pledge and for as long as the pledge created by the Agreement remains in force you must deliver the Collateral (including any equipment, spare parts or
other components or parts forming part of the Collateral) to a third party as directed by the Pledgee). You may specifically not let the Pledgor or Concordia Bus Nordic AB (publ), directly or through
a third party, have access to or come into possession of the Collateral or redeliver the Collateral to the Pledgor, Concordia Bus Nordic AB (publ) or a third party directed by them. 

        Moreover,
upon the release of the First Pledge, only the Pledgee is entitled to receive payments pursuant to any guarantees, indemnities or insurances in respect of the Collateral. The
Collateral shall be kept insured at all times and the Pledgee shall, upon the release of the First Pledge, remain to be recorded as loss-payee in respect of any such insurance. 

        You
are hereby instructed to follow any and all instructions from time to time received by Deutsche Trustee Company Limited 

Date:
22 January, 2004 

Concordia
Bus Nordic AB (publ) 

Name:

        We
hereby acknowledge receipt of this notice and the schedule attached hereto. We confirm that we are holding the Buses listed as such in the schedule and we undertake to act as
aforesaid throughout the term of the Agreement. 

Date:
22 January, 2004 

[Operator] 

Name: 

11

QuickLinks

INTRAGROUP LOAN PLEDGE AGREEMENT Dated 22 January, 2004 between Concordia Bus Nordic AB (publ) as Pledgor and Deutsche Trustee Company Limited as Security Trustee

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]