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Exhibit 10.10    
    

PLEDGE AGREEMENT  

 made on 22 January 2004  

 between  

 CONCORDIA BUS NORDIC AB (PUBL)  

 as Pledgor  

 and  

 DEUTSCHE TRUSTEE COMPANY LIMITED  

 as Security Trustee  

Hannes Snellman

Helsinki  

 

 PLEDGE AGREEMENT  

        THIS AGREEMENT is dated 22 January 2004 and made between: 

	(1)
	CONCORDIA BUS NORDIC AB (PUBL), a public limited liability company duly organised under the laws of Sweden and registered under the
corporate identity number 556031-8569 in the Swedish Trade Register (the "Pledgor"); and

	(2)
	DEUTSCHE TRUSTEE COMPANY LIMITED, a duly authorised representative of each of the Secured Parties (the
"Security Trustee"). 

 WHEREAS  

	(a)
	By
an indenture made between the Pledgor and the Deutsche Bank Trust Company America as trustee (the "Trustee"), dated 22 January 2004 (the "Indenture") the Pledgor has issued
senior secured notes in the initial aggregate principal amount of EUR 130,000,000 (the "Notes").

	(b)
	The
Pledgor owns 2,000 shares of Concordia Bus Finland Oy Ab, a limited liability company duly organised under the laws of Finland (business identity code 0505988-8) (the
"Company"). The Pledgor's 2,000 shares represent 100 per cent of the registered and paid-up share capital of the Company.

	(c)
	It
is a condition precedent of the Indenture that the Pledgor enters into this Agreement and hereby secures the Secured Liabilities. 

        IT IS AGREED as follows: 

1.    DEFINITIONS AND INTERPRETATION  

	1.1
	In this Agreement: 

"Additional Shares" means any future shares of the Company at any time legally and beneficially acquired and owned by the Pledgor in addition to or in
exchange or substitution or replacement of all or any of the Original Shares. 

"Ancillary Rights" means all rights (including, without limitation, the Voting Rights, but other than the Distribution Rights) conferred by Finnish law
upon the holders of shares, such as the right to receive any and all notices convening a general meeting of shareholders of the company and the right to attend and address such meetings
(Fi: Hallinnoimisoikeudet), as well as any rights of holders of shares in the Company under the Articles. 

"Articles" means the articles of association of the Company as currently in force. 

"Distribution Rights" means the Dividends and any stocks, shares, rights, securities, money or property accruing or offered by way of redemption, bonus,
preference, option rights, share premium reserves to or in respect of all allotments, offers, rights, benefits and advantages whatsoever occurring, offered or arising at any time in respect of any
Shares (Fi: Varallisuuspitoiset oikeudet). 

"Dividends" means any dividends or interest paid or payable or made after the date of this Agreement on or in respect of any Shares. 

"Event of Default" means any event which constitutes an Event of Default as defined in the Indenture. 

"Finance Documents" means the Indenture and the Security Documents (as defined in the Indenture). 

2

 

"Holders" means, from time to time, the holders of the Notes. 

"Original Shares" means all 2,000 shares presently issued by the Company. 

"Related Rights" means the Distribution Rights and the Ancillary Rights. 

"Secured Liabilities" means all present and future obligations and liabilities (whether actual or contingent) of the Pledgor to any of the Secured
Parties under or pursuant to the Finance Documents, in each case together with interest, 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 each and all 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 the Shares and the Related Rights pertaining thereto. 

"Security Period" means the period beginning on the date of this Agreement and ending on the date upon which all the Secured Liabilities which have
arisen have been unconditionally and irrevocably paid and discharged in full. 

"Shares" means the Original Shares and any Additional Shares of the Company. 

"Share Certificate" means one (1) Share Certificate representing all the Original Shares. 

"Voting Rights" means the voting rights pertaining to the Shares. 

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

	(a)
	a
provision of law is a reference to that provision as amended or re-enacted from time to time;

	(b)
	a
person includes its successors, transferees and assigns;

	(c)
	any
document, agreement or other instrument is a reference to that document, agreement or other instrument as from time to time amended, novated, varied, restated, replaced or
supplemented, without limitation;

	(d)
	clause
headings are inserted for convenience only and are to be ignored in construing this Agreement and, unless otherwise specified, all references to Clauses are to clauses of this
Agreement;

	(e)
	unless
the context otherwise requires, words denoting the singular number shall include the plural and vice versa;

	(f)
	any
party shall include that party's successors and permitted transferees and assigns;

	(g)
	the
Security Trustee shall be construed as references to the same in its capacity as security trustee or collateral agent under the Indenture and/or the Security Trust Agreement and
shall include any additional and/or successor security trustee or collateral agent, in each case acting in such capacity and on behalf of itself and the Secured Parties.

	(h)
	the
Security Assets include, where the context so requires, references to all or any of the constituent parts thereof; and

	(i)
	such
terms as "this Agreement", "hereunder", "herein" and "hereby" shall, where the context so requires, be construed as including references to any supplemental agreement.

 

	1.3
	Terms defined in the Finance Documents have the same meanings when used in this Agreement unless otherwise defined in this Agreement. 

3

 

	1.4
	If 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 recovered, avoided or otherwise set aside in the liquidation, corporate restructuring (Fi: Yrityssaneeraus)
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 OF SECURITY ASSETS  

	2.1
	As security for the due and punctual payment, discharge and performance of the Secured Liabilities the Pledgor hereby irrevocably and
unconditionally, on the terms and conditions set out herein:

	(a)
	pledges
to the Secured Parties represented by the Security Trustee absolutely all rights, title and interest in and to the Original Shares and the Related Rights pertaining thereto;
and

	(b)
	pledges
in advance to the Secured Parties represented by the Security Trustee any Additional Shares and the Related Rights pertaining thereto. To the extent the pledge in advance
referred to in this Clause 2.1 (b) is not effective under Finnish law, the Pledgor covenants with the Secured Parties to pledge to the Secured Parties any Additional Shares immediately
upon their issue and the Related Rights pertaining thereto by way of a supplemental pledge.

 

	2.2
	Upon the occurrence of an Event of Default, the Secured Parties shall forthwith become entitled, solely and exclusively, to exercise
and utilise any and all Related Rights pertaining to the Shares including the right to receive and retain all Dividends and to apply the proceeds thereof as provided in this Agreement.

	2.3
	Prior to an Event of Default, the Pledgor shall be entitled:

	(a)
	to
exercise the Ancillary Rights in any manner and for any purpose not inconsistent with any provision of the Finance Documents. The Pledgor shall not, however, without the prior
consent of the Security Trustee, exercise the Voting Rights in favour of resolutions having the effect of a violation of any of the undertakings referred to in Clause 4 or the liquidation,
suspension of payment or bankruptcy of the Company except that where a mandatory provision of Finnish law requires a resolution referred herein the Pledgor is entitled to act without prior consent of
the Security Trustee; and if a prior written consent of the Security Trustee is needed, the Pledgor shall advice the Security Trustee in writing at least ten (10) days prior to any general
meeting of the shareholder of the Company of its intention to attend and vote and of how it intends to vote in the matters to be decided by the meeting and the Security Trustee shall be entitled, by
sending a notice to the Pledgor in writing a minimum of five (5) days prior to the general meeting, to order the Pledgor to vote in the way advised by the Security Trustee in such notice of
otherwise in writing. In the absence of any such further instructions from the Security Trustee, the Pledgor is entitled to vote as set forth in the abovementioned notice from the Pledgor to the
Security Trustee.

	(b)
	to
receive and utilise all Dividends in cash. 

4

 

3.    REPRESENTATIONS AND WARRANTIES  

	3.1
	In addition and without prejudice to the representations and warranties of the Pledgor, or made in respect of the Pledgor or the
Company, herein or in any of the other Finance Documents, the Pledgor represents and warrants to each of the Secured Parties that:

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

	(b)
	the
Company is a limited liability company, duly incorporated and validly existing under the laws of Finland;

	(c)
	the
Original Shares are duly authorized and validly issued, are fully paid up and constitute the entire outstanding issued share capital of the Company;

	(d)
	it
is the sole holder and legal and beneficial owner of the Shares, has full title thereto and is entitled to pledge the Shares to the Secured Parties;

	(e)
	it
has the power to enter into, perform and deliver, and has taken all necessary action to authorise the entry into, performance and delivery of this Agreement and the transactions
contemplated by this Agreement;

	(f)
	this
Agreement constitutes legally binding and valid 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);

	(g)
	this
Agreement constitutes a first priority right of pledge enforceable against the Pledgor and a liquidator or receiver of the Pledgor and third party beneficiaries of the Pledgor;

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

	(i)
	there
are no covenants or agreements, which adversely affect the Security Assets; and

	(j)
	other
than as created under or pursuant to this Agreement the Security Assets are free from any encumbrance or attachment.

 

	3.2
	The representations and warranties set out in this Clause 3 are made on the date of this Agreement and are deemed to be repeated
by the Pledgor on each other date during the Security Period on which any of the representations or warranties set out in the Indenture are repeated with reference to the facts and circumstances then
existing. 

4.    UNDERTAKINGS  

	4.1
	In addition and without prejudice to the undertakings of the Pledgor, or made in respect of the Pledgor or the Company, herein or in
any of the other Finance Documents, the Pledgor hereby undertakes to the Secured Parties throughout the Security Period:

	(a)
	to
deliver to and deposit with the Security Trustee, or as the Security Trustee may direct, for the benefit of the Secured Parties on the effective date of this agreement stated at
the beginning of this agreement the Share Certificate and other documents of title or evidence of ownership or other rights in relation to the Shares, each such certificate or document duly endorsed
in blank, to be held by the Security Trustee or its nominees on behalf of the Secured Parties;

	(b)
	to
upon the request by the Security Trusteeprocure that the Company issues interim certificates or share certificates or any other documents of title or evidence of ownership 

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or
other rights in relation to the Shares, duly endorsed in blank, to the extent such certificates have not been issued; 

	(c)
	(c)
to ensure that the Security Assets are free from any restrictions on transfer, save as provided by Finnish law and the Articles; and

	(d)
	to
promptly notify the Security Trustee in writing of any attachment of the Security Assets and of any other fact or circumstance which may adversely affect the pledge created
hereunder or any of the rights of the Secured Parties hereunder.

 

	4.2
	The Pledgor further undertakes to the Secured Parties throughout the Security Period without the prior written consent of the Security
Trustee:

	(a)
	not
to sell, transfer or otherwise dispose of the Security Assets or part thereof or agree to do any such thing;

	(b)
	not
to create or permit to subsist any mortgage, charge, lien, assignment, encumbrance or other security interest or any interest, right or claim of third parties of any kind on,
over, with respect to or otherwise affecting the whole or any part of the Security Assets or any part thereof (other than in favour of the Secured Parties) or agree to do any such thing;

	(c)
	not
to take any action whereby the rights pertaining to the Shares are altered or diluted;

	(d)
	not
to permit or suffer the Company to issue any new shares in the Company or to acquire or to reduce the issued share capital of the company by a cancellation of any Shares or the
reduction of the nominal value thereof;

	(e)
	not
to grant any option or other third party right in relation to the Shares; and

	(i)
	not
to do or cause or permit to be done anything which adversely affects the interests of the Secured Parties hereunder, the validity or enforceability of the pledge created hereunder
or (the value of) the Security Assets. 

5.    CONTINUING SECURITY  

	5.1
	The security constituted by this Agreement shall be a continuing security, shall continue in full force and effect during the Security
Period and shall be in addition to and not adversely affect, or be adversely affected by any other Finance Document, and shall continue in force notwithstanding any intermediate payment or discharge
in whole or in part of the Secured Liabilities until released in accordance with Section 14.

	5.2
	This Agreement is in addition to and is not in any way prejudiced by any present or future guarantee, Security Assets, lien or other
security held by the Security Trustee or any other Secured Party.

	5.3
	The rights of the Secured Parties hereunder are in addition to and not exclusive of those provided by law.

	5.4
	Where any discharge is made in whole or in part or any arrangement is made on the faith of any payment, security or other disposition
which is void or avoided or otherwise set aside or must be restored on insolvency, liquidation or otherwise without limitation, the liability of the Pledgor under this Agreement shall continue as if
such discharge or arrangement had not occurred. 

6.    ENFORCEMENT OF PLEDGE  

In
the event that the Pledgor fails to fulfil the Secured Liabilities or any part thereof, the Security Trustee shall have the right without a judgment or decision of the competent court 

6

 

and
without prior notice (provided that where the giving of such notice can in the opinion of the Security Trustee, to be exercised at its discretion, be done without prejudice to the rights or
interests of the Secured Parties, no sale shall be undertaken without first giving the Pledgor ten (10) days prior notice) to cause the sale of the Security Assets or any part thereof, whether
for cash, notes or other property, and upon such terms, all at the option and in the sole discretion of the Security Trustee, by public or private sale or through a broker or otherwise and to apply
the same in or towards the Secured Liabilities or any part thereof, any costs that the Security Trustee or any other party may incur in connection with defending, protecting, preserving, collecting or
enforcing the Security Assets or the Secured Parties' rights under this Agreement, all at the option and in the sole discretion of the Security Trustee, the balance, if any, being retained by the
Security Trustee and applied in and towards payment of the Secured Liabilities as they fall due, provided that upon the full, unconditional and irrevocable discharge of all Secured Liabilities, any
remaining proceeds shall be released to the Pledgor in accordance with Section 14 below. 

Chapter
10, Section 2 of the Finnish Commercial Code (Fi: Kauppakaari) shall not be applicable to this Agreement. 

7.    APPLICATION OF SECURITY ASSETS  

To
the extent not contrary to mandatory provisions of Finnish law, all moneys received by the Secured Parties hereunder shall, after the security hereby constituted shall have become enforceable but
subject to the payment of any claims having priority to the pledge created hereunder, be applied by the Security Trustee in or towards payment of the Secured Liabilities or such part of them as is
then due and payable in accordance with the Finance Documents. 

8.    WAIVER OF DEFENCES  

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

	(a)
	any
time or waiver granted to, or composition with, the Pledgor or any other person;

	(b)
	the
taking, variation, compromise, exchange, renewal or release of or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the Pledgor,
or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any
security;

	(b)
	any
incapacity or lack of powers, authority or legal personality of or dissolution or change in the members or in status of the Pledgor or any other person;

	(c)
	any
variation (however fundamental) or replacement of a Finance Document or any other document or security, so that references to that Finance Document in this Clause shall include
each variation or replacement thereafter from time to time;

	(e)
	any
unenforceability, illegality, frustration or invalidity of any obligation of any person under any Finance Documents or any other documents or security, to the intent that the
Pledgor's obligations under this Agreement shall remain in full force and be construed accordingly, as if there were no unenforceability, illegality or invalidity; and

	(f)
	any
postponement, discharge, reduction, non-provability or other similar circumstance affecting any obligation of the Pledgor under a Finance Document resulting from any 

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re-organisation,
composition, insolvency, liquidation or dissolution proceedings or from any law, regulation or order so that each such obligation shall be for the purposes of the
Pledgor's obligations under this Agreement be construed as if there were no such circumstance. 

9.    POWER OF ATTORNEY  

	9.1
	The Pledgor for the benefit of the Secured Parties hereby irrevocably appoints the Security Trustee with full right of substitution to
be its attorney and on its behalf and in its name or otherwise (as the attorney may decide) to sign, execute, seal, deliver, acknowledge, file, register and perfect any and all such agreements
(including any agreements to which the Secured Parties themselves are parties) and other documents and to do any and all such acts and things as the Pledgor (as the case may be) itself could (or ought
to) do in relation to the Security Assets or in relation to any matters dealt with in this Agreement that are or, in the opinion of the Security Trustee or any substitute, may be, necessary or
desirable to give full effect to the purposes of this Agreement and the Pledgor will ratify and confirm whatever the attorney or any substitute shall do or cause to be done in pursuance of the powers
conferred to it hereby.

	9.2
	The Security Trustee shall not have any obligation whatsoever to exercise any of the powers conferred upon it by Clause 9.1. No
action taken by or omitted to be taken by the attorney or any substitute shall give rise to any defence, counterclaim or set-off against the Secured Parties or otherwise adversely affect
any of the Secured Liabilities.

	9.3
	The Security Trustee will not exercise the powers conferred upon it by Clause 9.1 unless and until:

	(a)
	[it
has received notice under the terms of [the Indenture/Security Trust Agreement] that] an Event of Default (as defined in the
Indenture) has occurred which is continuing; or

	(b)
	the
Pledgor has failed to comply with any of its obligations under this Agreement. 

10.    EXPENSES AND INDEMNITY  

	10.1
	The Pledgor shall on demand pay and indemnify each Secured Party in respect of all Secured Liabilities and expenses (including legal
fees) incurred by it:

	(a)
	in
the execution or purported execution of any rights, powers or discretion in accordance with this Agreement; or

	(b)
	in
the preservation or enforcement of its rights under this Agreement; or

	(c)
	on
the release of any part of the Security Assets from the security created by this Agreement.

 

	10.2
	No Secured Party shall be liable for any losses arising in connection with the exercise or purported exercise of any of the Secured
Parties' rights, power and discretion under this Agreement except for any losses arising due to gross negligence or wilful misconduct of such Secured Party. 

11.    SET-OFF  

If
an Event of Default occurs and is continuing a Secured Party may set off any matured obligation owed by the Pledgor under any Finance Document against any obligation (whether or not matured) owed
by that Secured Party to the Pledgor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different 

8

 

currencies,
the Secured Party may convert either obligation at its spot market rate of exchange in its usual course of business for the purpose of the set-off. 

12.    INVALIDITY  

Should
any provision of this Agreement be or become invalid, void or unenforceable, all remaining provisions and terms hereof shall remain in full force and effect and shall in no way be invalidated,
impaired or affected thereby. The parties hereto agree that they will negotiate in good faith and will replace the invalid, void or unenforceable provision with a valid and enforceable provision which
reflects as much as possible the intention of the parties as referred in the provision thus replaced. 

13.    NOTICES  

 13.1    Method  

Every
notice or other communication under this Agreement shall be given in writing in English and shall be made by letter or telefax.. 

 13.2    Delivery  

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 address given in Clause 13.3. 

 13.3    Addresses  

The
addresses and telefax numbers of the Security Trustee and the Pledgor are: 

	(A)
	the
Security Trustee 

Deutsche
Trustee Company Limited

Winchester House

1 Great Winchester Street

London EC2N 2DB 

Attention:
The Managing Director

Telefax:: +44 207 547 6149 

	(B)
	the
Pledgor 

Concordia
Bus Nordic AB (publ)

Attention: 

Address:

ifConcordia Bus Nordic AB

Solna Strandväg 78

SE-171 54 Solna

Sweden 

Telephone:

Telefax:: +47 67 83 29 30 

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 13.4    Deemed receipt  

	(a)
	Any
notice or other communication given by the Security Trustee will be deemed to have been received:

	(i)
	if
by letter, on the fifth Business Day from dispatch thereof, and

	(ii)
	if
by telefax, on the day of dispatch. 

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. 

	(b)
	Any
notice or other communication given to the Security Trustee shall be deemed to have been given only on actual receipt. 

14.    RELEASE OF THE SECURITY ASSETS  

Upon
the expiry of the Security Period and once the Secured Liabilities have been unconditionally and irrevocably paid and discharged in full, the Security Trustee shall, at the request of the Pledgor
and subject to the Security Trustee being indemnified in respect of its costs, release to the Pledgor all right, title and interest of the Secured Parties in or to the Security Assets and give such
instructions and directions as the Pledgor may require in order to perfect such release. 

15.    GOVERNING LAW, JURISDICTION  

	(a)
	This
Agreement shall be governed by and construed in accordance with Finnish law.

	(b)
	The
courts of Finland shall have exclusive jurisdiction over matters arising of or in connection with this Agreement. The District Court of Helsinki shall be court of first instance.

	(c)
	The
submission to the jurisdiction of Finnish Courts shall not limit the right of the Secured Parties to take proceedings against the Pledgor in any court, which may otherwise
exercise jurisdiction of the Pledgor or any of its assets. 

This
Agreement has been entered into on the date stated at the beginning of this Agreement. 

CONCORDIA BUS NORDIC AB (PUBL)

By: 

DEUTSCHE TRUSTEE COMPANY LIMITED

By:

10

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Exhibit 10.11    
    

22
January 2004 

FIRST
PRIORITY

PLEDGE OF SHARES 

between

CONCORDIA
BUS NORDIC AB

as Pledgor 

and

Deutsche
Trustee Company Limited

as Security Trustee

as Pledgee 

Related
to a

€ 130,000,000

Indenture

dated 22 January 2004 

 

THIS FIRST PLEDGE OF SHARES AGREEMENT (the "Pledge") is made on the 22 January 2004 between: 

	(1)
	CONCORDIA BUS NORDIC AB, Solna Strandväg 78, SE-171 54 Solna Stockholm, Sweden, business enterprise
no. 556031-8569 as pledgor (the "Pledgor"); and

	(2)
	DEUTSCHE TRUSTEE COMPANY LIMITED of Winchester House, 1 Great Winchester Street, London EC2N 2DB, England (acting on behalf of itself
and the Secured Parties as defined below) (the "Security Trustee"). 

WHEREAS:  

	(A)
	By
an indenture (the "Indenture") between Concordia Bus Nordic AB as issuer (the
"Issuer"), certain guarantors and Deutsche Bank Trust Company Americas as Trustee, the Issuer has issued senior secured notes in the aggregate amount of
€ 130,000,000 (the "Notes");

	(B)
	The
Pledgor owns 750 shares, each in the nominal value of NOK 1,000, which represent 100 per cent of all shares in Ingeniør M O Schøyens Bilcentraler AS with
company no. 915 768 237 ("SBC"), and all such shares shall in accordance with the terms of the Indenture be pledged on first priority free from
liens and encumbrances to the Security Trustee as security for the Secured Obligations;

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

NOW, THEREFORE,  

1      INTERPRETATION AND DEFINITIONS  

	1.1
	Unless
otherwise defined herein, words and expressions defined in the Indenture shall have the same meaning when used herein. 

1.2   IN THE PLEDGE:  

"Act" means the Norwegian Enforcement Act of 1992. 

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

"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 to any of the Secured Parties under or pursuant to the Finance Documents, in each case 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 each and all 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 Shares in SBC now or hereafter held by the Pledgor, being all the issued and outstanding shares in SBC (i.e.
currently 750 shares with a nominal value of NOK 1,000 each). 

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

"Security Period" means the period beginning on the date of this Pledge and ending on the date on which the Security Trustee, after receiving written
confirmation form the Trustee of the same, is satisfied that the Secured Obligations have been unconditionally and irrevocably paid and discharged in full. 

2

 

2      PLEDGE AND GRANT OF SECURITY  

	2.1
	As
first priority security for the Secured Obligations and to secure the performance and observance of and compliance with all of the covenants, terms and conditions contained in the
Indenture and in this Pledge, the Pledgor hereby pledges to the Security Trustee (acting on behalf of itself and the Secured Parties) a first priority pledge over the Security Assets.

	2.2
	The
security interests created by this Pledge shall also cover all rights which derive from the Security Assets including, but not limited to, the right to participate in any new
issuance of shares, bonus shares, convertible debt instrument and other securities of SBC, the right to receive dividends (whether in cash or in kind) and all other rights accruing or offered at any
time in relation to the shares by way of redemption, substitution, exchange bonus or preference as at the date of this Pledge or in the future.

	2.3
	Subject
to an occurrence of an Event of Default and Clause 6 (Enforcement of Security) below, any dividends or distributions
payable in respect of the Security Assets shall be paid directly to the Security Trustee and any such dividends or distributions received by the Security Trustee are hereby pledged as security for the
Secured Obligations.

	2.4
	The
Security Trustee shall, when the Trustee in writing confirms to the Security Trustee that all amounts due by the Pledgor to the Trustee on behalf of the holders of the Notes have
been paid in full, promptly release the security interest created hereby by notifying SBC of such release, with a copy to the Pledgor. 

3      PERFECTION OF SECURITY  

The
Pledgor shall on the date hereof give a written notice to SBC of the pledge of the Security Assets in the form attached hereto as Appendix I and procure that SBC enters the pledge in the
register of shareholders of SBC and that SBC issues a confirmation to the Security Trustee that the pledge has been duly noted with first priority. 

For
the purpose of Clause 9 below, the Pledgor shall on the date hereof deliver to the Security Trustee a signed power of attorney. 

4      REPRESENTATIONS AND WARRANTIES  

        The Pledgor hereby represents and warrants to the Secured Parties that: 

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

	(ii)
	it
has not assigned, charged, pledged, sold or otherwise encumbered the Security Assets (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 loan in the amount 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);

	(iii)
	this
Pledge constitutes the valid, binding and enforceable obligations of the Pledgor;

	(iv)
	no
consent or other approval is required from any public authority in Norway for the execution or delivery of or performance under this Pledge by the Pledgor;

	(v)
	its
entry into and performance of this Pledge and the transactions contemplated hereby do not conflict with (i) any applicable law, regulation or juridicial or official order
of Norway, (ii) its constitutional documents or (iii) any documents which are binding on it or its assets; 

3

 

	(vi)
	its
pledge in accordance with the terms of this Pledge creates valid and perfected first priority liens on the Security Assets pledge by it securing the payment and performance of
the Secured Obligations;

	(vii)
	it
is the legal and beneficial owner of, and has good and marketable title to, the Security Assets;

	(viii)
	it
has not issued or granted any options, warrants, calls or commitments of any character relating to the Security Assets;

	(ix)
	the
Security Assets have been duly and validly issued and are fully paid and non-assessable; and

	(x)
	a
certified copy of the shareholders register of SBC dated at the date hereof gives evidence on all of the issued shares. 

5      COVENANTS OF THE PLEDGOR  

	5.1
	The
Pledgor hereby covenants to the Secured Parties that during the Security Period:

	(i)
	it
shall, at its own cost, warrant and defend the rights and interests of the Security Trustee and Secured Parties conferred by this Pledge with respect to the Security Assets at its
own cost against the claims and demands of all persons whomsoever;

	(ii)
	it
shall not sell, assign, transfer, charge, further pledge or encumber in any manner any part of the Security Assets or suffer to exist any encumbrance on them except for Permitted
Liens under the Indenture and the pledge created hereby;

	(iii)
	it
shall immediately execute a pledge in a form satisfactory to the Security Trustee for the benefit of the Security Trustee and the Secured Parties over any additional shares in
SBC which it may obtain during the Security Period;

	(iv)
	it
will, in the event that SBC is transformed into a public limited liability company (in Norwegian: "allmennaksjeselskap"), inform
the Security Trustee thereof prior to any corporate resolutions concerning any such transformation being passed and will register this Pledge with the Norwegian Register of Securities (VPS) (in
Norwegian: "Verdipapirsentralen") with the same priority. 

6      ENFORCEMENT OF SECURITY  

	6.1
	Upon
the occurrence of an Event of Default the Security Trustee (acting on behalf of itself and the Secured Parties) shall, to the extent possible under Norwegian law be entitled to:

	(i)
	exercise
any and all rights of conversion, exchange, subscription or any other rights, privileges or options pertaining to the Security Assets as if they were the absolute owners
thereof, including, without limitation, the right to exchange at their discretion, any and all of such Security Assets upon the merger, consolidation, reorganisation, recapitalisation or other
readjustment of SBC upon the exercise by the Security Trustee of any right, privilege or option pertaining to the Security Assets; and

	(ii)
	collect
any dividends and distributions due in respect of the Security Assets and apply them against the Secured Obligations. 

4

 

	6.2
	Upon
the occurrence of an Event of Default the Security Trustee shall, having given 14 days' notice to the Pledgor or such lesser period of notice (if any) permitted from time
to time by the Act or other applicable law, be entitled to:

	(i)
	subject
to the provisions of the Act or any succeeding act, require the forced use of the Security Assets and thereby exercise all voting rights in connection therewith or require a
sale by forced auction through the courts or forced sale by a manager appointed by the courts of all or any part of the Security Assets;

	(ii)
	subject
to a separate agreement as provided for in Section 1-3 of the Act having been entered into between the relevant parties after such Event of Default has
occurred, to sell, assign or convert into money all or any part of the Security Assets in such a manner and upon such terms (i.e. by private sale) and for such consideration (whether in cash,
securities or other assets) as is then agreed;

	(iii)
	apply
any and all proceeds of such sales in satisfaction of all amounts owing to the Security Trustee and the Secured Parties in accordance with the Financial Documents; and

	(iv)
	take
any other action in relation to the Security Assets permitted by the Act or the Norwegian Liens Act 1980. 

7      VOTING RIGHTS  

	7.1
	Until
such time as an Event of Default has been declared the Pledgor shall, without the prior written consent of the Security Trustee, be entitled to vote or cause to be voted in
respect of any and all of the Security Assets and give or cause to be given consents, waivers and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or
ratification given or taken which:

	(i)
	would
have the effect of amending the articles of association of SBC in any manner which would be reasonably likely to adversely affect (in terms of value, enforceability or
otherwise) the pledge hereby created;

	(ii)
	would
have the effect of changing the terms of the Security Assets (except to the extent permitted under the terms of the Pledge) or materially prejudicing the security hereunder;

	(iii)
	would
have the effect of impeding the ability of the Security Trustee to transfer any of the Security Assets;

	(iv)
	is
inconsistent with or conflicts with any of the rights under this Pledge;

	(v)
	impairs
the validity or enforceability of the security created hereby;

	(vi)
	is
inconsistent or breaches any provision of the Finance Documents and the Schedules thereto (including without limitation any dividends restriction contained therein); or 

8      FURTHER ASSURANCES  

	8.1
	The
Pledgor shall, at its own expense, take whatever action the Security Trustee may require for:

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

	(ii)
	facilitating
the realisation of the Security Assets or the exercise of any right, power or discretion exercisable by the Security Trustee or any of its delegates or
sub-delegates in respect of the Security Assets, subject to the provisions of the Act; and 

5

 

	(iii)
	including
the execution of any transfer, conveyance, assignment or assurance of any property whether to the Security Trustee or to its nominees, and the giving of any notice, order
or direction and the making of any registration which in any such case the Security Trustee may think expedient. 

9      POWER OF ATTORNEY  

	9.1
	The
Pledgor hereby appoints the Security Trustee (acting on behalf of itself and the Secured Parties) as the Pledgor's attorney-in-fact, with full authority in
the place and stead of the Pledgor and in the name of the Pledgor or otherwise from time to time in the Security Trustee's discretion (acting on behalf of itself and the Secured Parties) but only
after the occurrence and during the continuance of an Event of Default, to take any action and to execute any instrument which the Security Trustee may deem necessary or advisable in order to
accomplish the purposes of this Pledge, including to receive, endorse and collect all instruments made payable to the Pledgor representing any dividend, interest payment or other distribution in
respect of the Security Assets or any part thereof and to give full discharge for the same. This power of attorney is irrevocable. 

10    INDEMNIFICATION  

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 Pledge, (2) in the preservation or enforcement of its rights under this Pledge or (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. 

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;

	(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 Security Assets pursuant hereto;

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

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

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

11    THE NORWEGIAN FINANCIAL AGREEMENTS ACT  

	11.1
	Liability

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

6

 
	11.2
	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);

	(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). 

12    SUCCESSORS AND ASSIGNS  

12.1 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. 

7

 

12.2 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. 

12.3 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. 

13    GOVERNING LAW, JURISDICTION  

This
Pledge shall be governed by Norwegian law, and the parties hereby submit to the Oslo District Court of Norway as the proper legal venue in all matters arising out of or in connection with this
Pledge. 

	SIGNED:

for and on behalf of

Concordia Bus Nordic AB

—as Pledgor	 	 	 	 
	 	 	 	 	

	

SIGNED:

for and on behalf of

Deutsche Trustee Company Limited

—as Security Trustee	
 	

 	
 	

 
	 	 	 	 	

8

 
Appendix I

	To:
	Ingeniør
M O Schøyens Bilcentraler AS

Drammensveien 155 C

N-0277 Oslo

Norway 

Re: Notification of pledge of shares—Assignment of Dividends  

This
is to notify you that pursuant to a share pledge agreement (the "Pledge") dated 22 January 2004 between Concordia Bus Nordic AB (the  "Pledgor") and
Deutsche Trustee Company Limited as Security Trustee, the Pledgor has pledged the entire share capital, being 750 shares, each in the
nominal value of NOK 1,000 (the "Pledged Shares") in Ingeniør M O Schøyens Bilcentraler AS
("SBC") as security for the Secured Obligations (as defined in the Pledge). 

Terms
defined in the Pledge shall have the same meaning herein. 

You
are hereby notified that, pursuant to terms of the Pledge, the Security Trustee is upon the occurrence of an Event of Default, entitled to receive any dividends or other distributions due in
respect of the Security Assets. 

Therefore,
upon and at all times after receipt of written notice from Security Trustee to SBC stating that an Event of Default has occurred, we hereby instruct you to pay any dividends or other
amounts due to us in respect of the Shares to the Security Trustee or as otherwise instructed by the Security Trustee. 

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

Please
ensure that the Pledge is noted in your share register with first priority and that the Security Trustee receives promptly an acknowledgement (in the form attached hereto as Annex 1) of
receipt of this Notice of Assignment, indicating your agreement to the terms hereof to each of the Pledgors and the Security Trustee. 

	Date: 22 January 2004	 	 
	

CONCORDIA BUS NORDIC AB	
 	

 
	    	 	 
	

 Name:	
 	

 

9

 
Annex
1 

	To:	Deutsche Trustee Company Limited
	Att.:	Managing Director
	Fax No.:	+44 20 7547 6149

   

Dear
Sirs 

 
 

ACKNOWLEDGMENT OF NOTICE    
    

We
refer to a Notice of Assignment dated 22 January 2004 from Concordia Bus Nordic AB (the "Pledgor") to ourselves notifying us that any
dividends and other amounts due in respect of 750 shares (the "Shares") in Ingeniør M O Schøyens Bilcentraler AS
("SBC"), being all the issued and outstanding shares in SBC shall as from the date of your written notification to us that an Event of Default has
occurred, be paid to you. 

We
agree to the terms of the said Notice of Assignment and shall comply with the terms thereof. 

We
confirm that, save for the said Notice of Assignment delivered by the Pledgor, we have received (i) no notice of any pledge of the Shares and (ii) no notice of assignment of dividend,
or other distributions except for a pledge dated 21 February 2002 to Nordea Bank Norge ASA. 

Please
find attached hereto a true and correct transcript of our share register evidencing the registration of the Pledge. 

	 	 	Dated 22 January, 2004
	

 	
 	

For and on behalf of

Ingeniør M O Schøyens Bilcentraler AS
	

 	
 	

Sign.:	

 
	 	 	 	

	

 	
 	

Name in

block letters:

cc:
Concordia Bus Nordic AB 

10

QuickLinks

Exhibit 10.11

ACKNOWLEDGMENT OF NOTICE

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