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Exhibit 10.2    
    

SECURITY TRUSTEE AGREEMENT  

        THIS SECURITY TRUSTEE AGREEMENT dated as of January 22, 2004 (this
"Agreement") is among (i) Deutsche Trustee Company Limited as security trustee (in such capacity, together with its successors and assigns, the  "Security
Trustee") for the Holders (as hereinafter defined), (ii) Deutsche Bank Trust Company Americas, as Trustee pursuant to the terms of the
Indenture (as defined below) for the Holders (the "Trustee"), for itself and on behalf of the Holders, (iii) Concordia Bus Nordic AB, a company
incorporated in Sweden (the "Company"), and (iv) the Guarantors as defined in the Indenture described below. 

RECITALS:  

        A.    WHEREAS, the Company, the Guarantors and the Trustee have entered into an Indenture (the
"Indenture", a form of which is attached) dated as of January 22, 2004, under which the Company issued its 9.125% Senior Secured Notes due
August 1, 2009 (the "Notes") which are guaranteed by the Guarantors. 

        B.    WHEREAS, in order to secure the obligations of the Company and the Guarantors under the Indenture, and the Notes, the
Company and the Guarantors have executed and delivered certain security documents in favor of the Security Trustee for the benefit of the Trustee and the Holders as more particularly set forth in the
Indenture (the "Security Documents"). 

        C.    WHEREAS, the Trustee and the Holders desire that the Security Trustee act on behalf of the Trustee and the Holders
regarding the Collateral (as defined in the Indenture) and the parties have entered into this Agreement to further define the rights, duties, authority and responsibilities of the Security Trustee. 

        NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged the parties hereto agree
as follows: 

ARTICLE I

DEFINITIONS; REPRESENTATIONS  

1.1   Definitions  

        As used in this Agreement, the following terms shall have the meanings assigned to them below. Any capitalized term used herein which is not defined in this
Agreement shall have the meaning assigned to it in the Indenture. 

        "Obligations" shall mean collectively all indebtedness, obligations and liabilities of the Company and the Guarantors to the Trustee, the
Holders and/or the Security Trustee under and pursuant to the Indenture, the Notes, this Agreement and/or the Security Documents. 

1.2   Representations  

        Each party hereto represents and warrants to each other party hereto that: it has all requisite power and authority to enter into this Agreement; this Agreement
has been duly and validly authorized, executed and delivered by it; and this Agreement constitutes its valid and legally binding obligation enforceable in accordance with its terms. 

1

 

ARTICLE II

APPOINTMENT AND AUTHORIZATION OF SECURITY TRUSTEE  

        The Trustee, on its behalf and on behalf of the Holders, designates and appoints the Security Trustee to act as the security trustee for it under this Agreement
and in respect of the Collateral under the Security Documents, and the Trustee and each Holder authorizes the Security Trustee, as security trustee acting on behalf of itself and for the Trustee and
each Holder, to execute and deliver each of the Security Documents and all other instruments relating to the Collateral and to take such action under the provisions of the Security Documents and all
other instruments relating thereto, and to exercise such powers and perform such duties as are expressly delegated to the Security Trustee by the terms hereof and thereof, together with such other
powers as are reasonably incidental thereto. The Company and each Guarantor acknowledges and consents to the foregoing designation, appointment and authorization of the Security Trustee by the
Trustee. The Trustee and each Holder, and the Company and each Guarantor, acknowledge and agree that the Security Trustee shall hold the Collateral for the benefit of itself, the Holders and the
Trustee. 

        The
Company and each Guarantor acknowledge and agree (i) that the Security Documents do, and may, provide benefits not only to the Holders but also to the Trustee and the Security
Trustee and secure obligations owed not only to the Holders but also to the Trustee and the Security Trustee pursuant to the Security Documents and (ii) that the Security Trustee shall hold the
Collateral for the benefit of the Security Trustee as well as the Holders and the Trustee. 

ARTICLE III

SECURITY TRUSTEE PROVISIONS  

3.1   Delegation of Duties  

        The Security Trustee may exercise its powers and execute any of its duties under this Agreement and the Security Documents by or through employees, custodians,
agents or attorneys-in-fact and shall be entitled to take and to rely on advice of counsel concerning all matters pertaining to such powers and duties. The Security Trustee may
utilize the services of such Persons as the Security Trustee in its sole discretion may determine, and all fees and expenses of such Persons shall be borne by the Company and the Guarantors pursuant
to the terms of the Security Documents and this Agreement. 

3.2   Exculpatory Provisions  

        The Security Trustee and its officers, directors, employees, agents, custodians, attorneys-in-fact and affiliates shall not be
(i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or the other Security Documents, the Indenture or the Notes
(except for its or such Person's liability for its own or such Person's own gross negligence or willful misconduct) or (ii) responsible or liable in any manner to the Trustee or any Holder for
(a) any recitals, statements, representations or warranties made by the Company, a Guarantor or any officer thereof contained in any Security Document, the Indenture or the Notes or in any
certificate, report, statement or other document referred to or provided for in, or received by, the Security Trustee under or in connection with this Agreement, any Security Document, the Indenture
or the Notes, (b) for the legality, value, validity, effectiveness, genuineness, enforceability or sufficiency of the Security Documents, (c) for any failure of the Company or any
Guarantor to perform its obligations thereunder, (d) the existence, genuineness, value or protection of any Collateral securing the Notes, or (e) the creation, perfection, priority,
sufficiency or protection of any of the Liens, or for any defect of deficiency as to any such matters, or for any failure to demand, collect, foreclose or realize upon or otherwise enforce any of the
Liens or Security Documents or any delay in doing so. The Security 

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Trustee
shall not be under any obligation to the Trustee or the Holders to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this
Agreement, the Security Documents, the Indenture or the Notes. 

3.3   Reliance by Security Trustee  

        Except for the gross negligence or willful misconduct of the Security Trustee, the Security Trustee shall be entitled to rely, and shall be fully protected in
relying, upon (i) any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or facsimile message, statement, order or other document or conversation believed by
it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and (ii) any advice and/or statements of legal counsel (including, without limitation,
counsel to the Company or any Guarantor), independent accountants or other experts selected by the Security Trustee; and the Security Trustee shall not be liable to any other person for any action
taken or omitted under, in connection with, or pursuant to this Agreement, the Security Documents, the Indenture or the Notes in accordance with any such writing, resolution, notice, consent,
certificate, letter, telecopy, telex or facsimile message, statement, order or other document or conversation or any advice or statement of legal counsel, independent accountants or other experts.
Notwithstanding any other provision of this Agreement or any Security Document, the Security Trustee (i) shall not take any action in respect of any Collateral or the Trustee's or the Holders'
rights or interests therein upon any advice, instruction or direction from the Company or any Guarantor lest it shall have first received advice or concurrence of the Trustee to take such action and,
(ii) shall be fully justified in failing or refusing to take action under this Agreement or the Security Documents, and shall
suffer no liability for so doing, unless it shall first receive such advice or concurrence of the Trustee, as is contemplated by Article IV hereof and it shall first be indemnified to its
reasonable satisfaction by Persons satisfactory to the Security Trustee against any and all liability and expense which may be incurred by it by reason of taking, continuing to take or refraining from
taking any such action. The Security Trustee, in all cases, shall be fully protected in acting, or in refraining from acting, under this Agreement and the Security Documents in accordance with
Article IV, and any action taken or failure to act pursuant thereto shall be binding upon the Trustee and the Holders. The Security Trustee shall be at liberty to accept as sufficient evidence
a certificate signed or purported to be signed on behalf of the Trustee to the effect that any particular dealing, transaction, step or thing is, in the opinion of the Trustee, authorized, requested,
suitable or expedient or as to any other fact or matter upon which the Security Trustee may require to be satisfied and the Security Trustee shall be in no way bound to call for further evidence or to
be responsible for any loss that may be occasioned by acting on any such certificate. 

3.4   Indemnification  

        The Company and each Guarantor jointly and severally agree to indemnify the Security Trustee in its capacity as such from and against, and hold it harmless
against, any and all liabilities, or the obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time be imposed
on, incurred by or asserted against the Security Trustee in any way relating to or arising out of, in connection with or pursuant to this Agreement, the Security Documents, the Indenture or the Notes
in connection with the exercise or performance of any of its powers or duties thereunder, and any loss, liability, expense or claim arising out of its possession or control of the Collateral,  provided
that neither the Company nor any Guarantor shall be liable for the payment of any portion of such liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements to the extent resulting from the Security Trustee's gross negligence or willful misconduct. This Section 3.4 shall survive
the termination of this Agreement. 

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3.5   Deduction from Proceeds  

        The Security Trustee shall be entitled to deduct all amounts owing to it pursuant to this Agreement, the Security Documents, the Indenture or the Notes or any
other indemnification provision granted to it pursuant to, or in connection with, this Agreement, the Security Documents, the Indenture or the Notes from any proceeds from enforcement of, or other
realization upon, the Collateral and any amounts distributed to, or received by, it pursuant to the Security Documents. 

3.6   Provision of Information  

        The Trustee shall provide the Security Trustee with all necessary directions and information as it may reasonably require for the purposes of carrying out its
duties and obligations under this Agreement. The Company and the Guarantors shall provide the Security Trustee with all necessary information as it may reasonably require for the purposes of carrying
out its duties and obligations under this Agreement. 

ARTICLE IV

ACTIONS BY SECURITY TRUSTEE  

4.1   Duties; Obligations  

        The only duties and obligations which the Security Trustee shall have are those set forth in this Agreement and in the Security Documents. The Security Trustee
shall not be required to take any action or exercise any rights, remedies, powers or discretions under or in connection with this Agreement beyond those which the Trustee shall specifically instruct
the Security Trustee in writing to take or exercise and then only to the extent stated in the Trustee's specific instructions in writing. Notwithstanding the foregoing, the Security Trustee may
refrain from doing anything which would or might in its opinion be contrary to this Agreement, the Security Documents, the Indenture or the Notes any law of any jurisdiction or any directive or
regulation of any agency of any state, or which would or might otherwise render it liable to any person and may do anything which is, in its opinion, necessary to comply with any such law, directive
or regulation. 

4.2   Requesting Instructions  

        The Security Trustee may at any time request directions from the Trustee as to any course of action or other matter relating to the performance of its duties
under this Agreement and the Security Documents and the Trustee shall promptly comply with such request. 

4.3   Administrative Actions  

        The Security Trustee shall have the right to take such actions, or omit to take such actions, hereunder and under the Security Documents not inconsistent with the
instructions of the Trustee, or the terms of the Security Documents and this Agreement or which is, in the reasonable opinion of the Security Trustee, necessary to comply with any law, directive or
regulation, including without limitation actions the Security Trustee deems necessary or appropriate to perfect or continue the perfection of the Liens on the Collateral for the benefit of the Trustee
and the Holders or to protect or insure the Collateral. Except as provided above and as otherwise provided pursuant to applicable law, the Security Trustee shall have no duty as to the collection or
protection of the Collateral or any income thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of rights pertaining to the Collateral beyond the safe
custody of any Collateral in the Security Trustee's possession. 

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4.4   Exercise of Remedies  

        Except as otherwise provided in Section 4.3, the Security Trustee shall only be authorized to take such actions under the Security Documents and to enforce
or prepare to enforce the remedies available under such Security Documents as are approved in a written notice by the Trustee. In furtherance of the foregoing, the Security Trustee agrees to make such
demands and give such notices under the Security Documents as may be requested by, and to take such action to enforce the Security Documents and to foreclose upon, collect and dispose of the
Collateral or any portion thereof as may be directed by the Trustee; provided, however, that the Security Trustee shall not be required to take any
action that is in its opinion contrary to the terms of the Indenture, the Security Documents or this Agreement or the law of any jurisdiction or any directive or regulation of any agency or state, and
the Security Trustee shall not be required to take any action unless indemnified in accordance with the provisions of Sections 3.3. 

4.5   Sharing and Application of Proceeds  

        The Trustee, on behalf of itself and the Holders, agrees all amounts owing with respect to the Obligations shall be secured pro
rata in favor of the Security Trustee without distinction as to whether some Obligations are then due and payable and other obligations are not then due and payable. Upon any
realization upon the Collateral by the Security Trustee, the Trustee and the Holders agree that the proceeds thereof shall be applied in accordance with Section 506 of the Indenture. 

4.6   Resignation or Termination of Security Trustee  

        The Security Trustee may resign as Security Trustee upon not less than 30 days' written notice to the Trustee (with a copy to the Company on behalf of
itself and each Guarantor), such resignation to take effect upon the acceptance by a successor Security Trustee of its appointment as the Security Trustee hereunder. In addition, the Trustee may
remove the Security Trustee, with or without cause, upon not less than 3 days' written notice by giving written notice thereof to the Security Trustee. Upon any such resignation or removal, the
Trustee shall have the right to appoint a successor Security Trustee which meets the eligibility requirements of Section 4.8. If no successor Security Trustee shall have been so appointed and
shall have accepted such appointment in writing within 30 days after the retiring Security Trustee's giving of notice of resignation or its removal, then the retiring Security Trustee may, on
behalf of the Trustee and the Holders, appoint a successor Security Trustee which meets the eligibility requirements of Section 4.8, and the Company and the Guarantors agree to pay such
reasonable fees and expenses of any such appointee as shall be necessary to induce such appointee to agree to become a successor Security Trustee hereunder. Upon acceptance of appointment as Security
Trustee and notice of such appointment to the Trustee (with a copy to the Company on behalf of itself and each Guarantor), such successor shall thereupon and forthwith succeed to and become vested
with all the rights, powers and privileges, immunities and duties of the retiring Security Trustee, and the retiring Security Trustee, upon the signing, transferring, assigning and setting over to
such successor Security Trustee of all rights, moneys and other collateral held by it or under its control in its capacity as Security Trustee, shall be discharged from its duties and obligations
hereunder. After any retiring Security Trustee's resignation or removal as Security Trustee, Articles III and IV of this Agreement shall inure to its benefit as to any actions taken or omitted to be
taken by it while it acted as Security Trustee. 

4.7   Succession of Successor Security Trustee  

        Any successor Security Trustee appointed hereunder shall execute, acknowledge and deliver to the Trustee and the predecessor Security Trustee an instrument
accepting such appointment, and thereupon such successor Security Trustee, without any further act, deed, conveyance or transfer, shall become vested with the title to the Collateral, and with all the
rights, powers, duties and obligations of the 

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predecessor
Security Trustee in the trust hereunder, with like effect as if originally named as Security Trustee herein. 

        Upon
the request of any such successor Security Trustee, however, the Trustee and the predecessor Security Trustee shall promptly execute and deliver such instruments of conveyance and
further assurance and do such other things as may reasonably be required for more fully and certainly vesting and confirming in such successor Security Trustee its interest in the Collateral and all
such rights,
powers, duties and obligations of the predecessor Security Trustee hereunder, and the predecessor Security Trustee shall also promptly assign and deliver to the successor Security Trustee any and all
Collateral subject to the Lien and security interest under any Security Document which may then be in its possession or under its control. 

4.8   Eligibility of Security Trustee  

        Any successor Security Trustee shall be a bank or trust company in good standing, organized under the laws of the United States of America or of any state
thereof, or a member state in the European Union (as comprised on the date hereof) having capital, surplus and undivided profits aggregating at least $500,000,000 (or the foreign currency equivalent
thereof), willing and able to accept the duties hereunder upon reasonable and customary terms and entitled pursuant to applicable legislation to act as a trustee in any jurisdiction in which any
Collateral may be located and to carry out the functions of a custodian trustee. 

4.9   Successor Security Trustee by Merger  

        Any corporation or other Person into which the Security Trustee may be merged or with which it may be consolidated, or any corporation or other Person resulting
from any merger or consolidation to which the Security Trustee shall be a party, or any state or national bank or trust company in any manner succeeding to the corporate trust business of the Security
Trustee as a whole or substantially as a whole, if eligible as provided in Section 4.8, shall be the successor of the Security Trustee hereunder without the execution or filing of any paper or
any further act on the part of any of the parties hereto, anything to the contrary contained herein notwithstanding. 

4.10 Compensation and Reimbursement of Security Trustee  

        The Company and the Guarantors agree jointly and severally: 

	(a)
	to
pay to the Security Trustee all of its out-of-pocket expenses, including but not limited to fees and expenses of its counsel, pursuant to the terms of the
Security Documents and/or resulting from or relating to its acting as Security Trustee pursuant to this Agreement and under the Security Documents including, for the avoidance of doubt, fees and
expenses relating to its appointment as Security Trustee and the arrangements related thereto;

	(b)
	to
pay to the Security Trustee from time to time compensation for all services rendered by it hereunder as agreed separately between the parties in writing; and

	(c)
	to
reimburse the Security Trustee upon its request for all expenses, disbursements and advances incurred or made by or on behalf of the Security Trustee in accordance with or pursuant
to any provision of this Agreement or any Security Document, except any such expense, disbursement or advance as may be attributable solely to its gross negligence or willful misconduct. 

        All
payments in respect of the above obligations will be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental
charges of whatever nature, including penalties, interest and any other liabilities related thereto ("Taxes") imposed or levied by or on behalf of any
relevant jurisdiction or any political subdivision or authority thereof or therein having power to tax, unless the Company or relevant Guarantor is compelled by law to deduct 

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or
withhold such Taxes. In such event, the Company and/or Guarantor will pay such additional amounts ("Additional Amounts") as may be necessary to
ensure that the net amounts received by the Security Trustee after such withholding or deduction will equal the respective amounts that would have been receivable in the absence of such withholding or
deduction. 

4.11 Money Held in Trust  

        Money received by the Security Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Security Trustee shall
be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company and the Trustee in writing. 

4.12 Holders May Act  

        Whenever any right or remedy or action hereunder may be exercised or taken, or any notice, request, order, direction, instruction, consent, waiver, certification
or expression of opinion may be made or given, by the Trustee hereunder, the same may be taken, made or given by all of the Holders (acting together) or by the Holders of a majority in aggregate
principal amount of the Outstanding Notes
pursuant (and subject) to Section 512 of the Indenture in lieu of the Trustee and with the same effect as if taken, made or given by the Trustee. Directions given to the Security Trustee by all
of the Holders or the Holders acting in reliance on Section 512 of the Indenture shall be binding on each of the Holders. 

4.13 Limitation of Liability of Guarantors  

        Any term or provision of this Agreement to the contrary notwithstanding, the maximum aggregate amount of the obligations guaranteed by any Guarantor under
Sections 3.4 and 4.10 of this Agreement shall not exceed the maximum amount that can be hereby guaranteed without rendering the Guarantee of such Guarantor hereunder voidable under applicable law,
including stipulations in applicable companies laws regarding prohibited financial assistance in the form of providing security or guarantees for the obligations of a third party and laws relating to
fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 

ARTICLE V

GENERAL PROVISIONS  

5.1   Consents, Amendments, Waivers  

        No amendment or waiver of any other provision of this Agreement shall be effective unless the same shall be in writing and signed by the Trustee and the Security
Trustee; provided that no amendment of Sections 3.4 or 4.10 hereof shall be effective as against the Company and the Guarantors unless the same shall be in writing and signed by the Company and the
Guarantors. 

5.2.  Applicable Law; Submission to Jurisdiction  

        This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without regard to the principles thereof regarding
conflicts of laws). 

        Each
of the parties hereto submits to the jurisdiction of any federal or state court in the Borough of Manhattan, The City of New York and waives, to the extent possible, any objection
which it may now or hereafter have to the laying of venue of any such proceeding or any claim of inconvenient forum in any suit or proceeding arising out of or relating to this Agreement. 

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5.3.  Parties in Interest  

        All terms of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto. 

5.4.  Counterparts  

        This Agreement and any amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each of which, when so executed and
delivered, shall be an original, but all of which together shall constitute but one and the same instrument. In proving this Agreement it shall not be necessary to produce or account for more than one
such counterpart signed by the party against whom enforcement is sought. 

5.5.  Headings  

        The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part hereof. 

5.6.  Notices  

        All notices and communications provided for hereunder shall be in writing and in English and sent (a) by facsimile if the sender on the same day sends a
confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered or certified mail with return receipt
requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 

        (i)    if
to the Trustee, to Deutsche Bank Trust Company Americas, 60 Wall Street New York, NY 10005, United States of America (fax: +1 212 797 8614) or at such other address
as the Trustee shall have specified to the Security Trustee and the Company (on behalf of itself and the Guarantors) in writing, 

        (ii)   if
to the Security Trustee, to Deutsche Trustee Company Limited, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom, Attention: The Managing
Director (fax: +44 20 7547 6149) or at such other address as the Security Trustee shall have specified to the Trustee and the Company (on behalf of itself and the Guarantors) in writing or 

        (iii)  if
to the Company or any Guarantor, to Concordia Bus Nordic AB, Solna Strandväg 78, SE-171 54 Solna, Sweden (fax: + 47 67 83
29 30) or at such other address such Obligor shall have specified to the Trustee and the Security Trustee in writing. 

        Notices
under this Section 5.6 will be deemed given only when actually received. 

        [Remainder
of Page Intentionally Blank] 

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        IN WITNESS WHEREOF, intending to be legally bound hereby, the parties hereto have caused this Agreement to be executed by their respective
duly authorized officers as of the date first written above. 

	 	 	DEUTSCHE TRUSTEE COMPANY LIMITED,

as Security Trustee
	

 	
 	

By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 
	

 	
 	

By:	

 
	

 	
 	

Name:	

 
	 	 	Title	 
	

 	
 	
DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee
	

 	
 	

By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 
	

 	
 	

By:	

 
	

 	
 	

Name:	

 
	 	 	Title	 
	 	 	 	 

9

 

	

 	
 	
CONCORDIA BUS NORDIC AB, as the Company
	

 	
 	

By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 
	

 	
 	

The initial Guarantors:
	

 	
 	
CONCORDIA BUS NORDIC HOLDING AB
	

 	
 	
By:	

 
	

 	
 	

Name:	

 
	 	 	Title	 
	

 	
 	
SWEBUS AB
	

 	
 	
By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 
	

 	
 	
SWEBUS BUSCO AB
	

 	
 	
By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 
	

 	
 	
SWEBUS EXPRESS BUS AB
	

 	
 	
By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 
	 	 	 	 

10

 

	

 	
 	
INTERBUS AB
	

 	
 	
By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 
	

 	
 	
INGENIØR M.O. SCHØYENS BILCENTRALER AS
	

 	
 	
By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 
	

 	
 	
CONCORDIA BUS FINLAND OY AB
	

 	
 	
By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 
	

 	
 	
SWEBUS FASTIGHETER AB
	

 	
 	
By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 
	

 	
 	
ALPUS AB
	

 	
 	
By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 
	 	 	 	 

11

 

	

 	
 	
ENKÖPING-BÅLSTA FASTIGHETSBOLAG AB
	

 	
 	
By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 
	

 	
 	
MALMFÄLTENS OMNIBUS AB
	

 	
 	
By:	

 
	

 	
 	

Name:	

 
	 	 	Title:	 

12

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Exhibit 10.2QuickLinks
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Exhibit 10.3    
    

 
 

AMENDED AND RESTATED
  SUBORDINATED LOAN AGREEMENT    
    

        This agreement amends and restates, and replaces in its entirety, the Senior Subordinated Loan Agreement between Concordia Bus AB ("Concordia") as the lender and
Concordia Bus Nordic AB ("CB Nordic") signed by the borrower on 28 February 2002, and replaced by agreement signed 22 December 2003 (the "Initial Restatement Date"): 

	1.
	Concordia
has on 2002-02-27 given a Senior Subordinated Loan to CB Nordic of SEK 501.299.922 (the "Loan"). 

CB
Nordic used the money to repay the Senior Debt Facility to Nordea Norway and to purchase used buses in connection to the Stockholm bus traffic contract, starting 2002-03-04. 

	2.1
	The
Loan bears interest at an annual rate of 11% and is based on the outstanding debt throughout the loan period. The interest is fixed until further notice. The change in interest
from the original agreement became effective from the Initial Restatement Date and is not retrospective to prior to such date.

	2.2
	Interest
will be paid two times a year, August 14 and February 14, and upon full repayment of loan. Interest will be non cumulative and accumulated on a monthly basis. The first
interest payment falling due 2002-08-14.

	3.
	The
Loan will be payable on demand, and if not previously repaid, will be repaid in full at maturity on 2010-02-14.

	4.1
	Pursuant
to an indenture made among CB Bus Nordic and various parties thereto as guarantors (the "Guarantors") and Deutsche Bank Trust Company Americas as trustee (the "Trustee"),
dated January 22, 2004 (as the same may be amended and supplemented from time to time, the "Indenture") CB Nordic has issued senior secured notes in the initial aggregate principal amount of
€130,000,000 and may issue further notes thereunder (such initially issued notes and such further notes being referred to herein as the "Notes").

	4.2
	The
Loan and all of Concordia's rights pursuant to this agreement shall be fully subordinated to the Notes and the obligations of CB Nordic under the Indenture on the terms, and shall
otherwise be subject to the terms and conditions, set forth in Annex A attached hereto and hereby made a part of this agreement. References herein to this agreement shall include references to this
agreement including Annex A hereto.

	5.
	All
terms of this agreement shall be binding upon, and inure to the benefit of and be enforceable by, the respective successors and assigns of the parties hereto, and any transferee or
assignee of the rights under the Loan shall take such rights subject to this agreement, including the terms and conditions of Annex A hereto.

	6.
	This
agreement shall be governed by and construed in accordance with Swedish law.

	7.
	All
amendments to this agreement and any waiver with regard to this Agreement shall be made only in writing, and only by an agreement signed by all the parties hereto.

	8.
	If,
at any time, one or more provisions of this agreement is or becomes invalid, illegal or unenforceable in any respect under the laws of any jurisdiction, such provision shall, as to
such jurisdiction, be ineffective to the extent necessary without affecting or impairing the validity, legality and enforceability of the other provisions hereof or of such provision in any other
jurisdiction. The parties agree that such illegal, invalid or unenforceable provision shall be deemed replaced by another provision which comes as close as possible to the purpose of this agreement. 

 

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

	Concordia Bus Nordic AB	 	Concordia Bus AB
	

By:	

/s/  [ILLEGIBLE]      
	
 	

By:	

/s/  [ILLEGIBLE]      

	

Place and date	
 	

Place and date
	[ILLEGIBLE] 21.01.04	 	[ILLEGIBLE] 21.01.04
	
	 	

	

Accepted and agreed:	
 	

 	

 
	
Deutsche Bank Trust Company Americas,
 as trustee	
 	

 	

 
	

	
 	

 	

 
	

Place and date	
 	

 	

 
	

	
 	

 	

 
	

	
 	

 	

 
	

Place and date	
 	

 	

 
	

	
 	

 	

 

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ANNEX A  

 SUBORDINATION STATEMENT  

        Capitalized terms used in this Annex A have the meanings given to such terms in the Amended and Restated Subordinated Loan Agreement (the "Agreement") to which
this statement is attached. 

        Concordia
acknowledges receipt of a copy of the Indenture and the form of the Notes and is familiar with the terms and conditions thereof. 

        In
consideration of the Trustee entering into the Indenture, for itself and on behalf of the holders from time to time of the Notes (the "Holders"), and the initial Holders purchasing
the Notes, Concordia does hereby as lender under the Agreement and the Loan irrevocably and unconditionally confirm and undertake to and agree with the Trustee, for itself and on behalf of the
Holders, and to and with the Holders that: 

	(a)
	All
of Concordia's rights in connection with the Agreement, including the Loan thereunder, shall be subject in right of payment to the extent and in the manner hereinafter set forth
and shall rank junior to and shall be subordinated to the rights of the Trustee and the Holders under the Indenture and the Notes, in each case until all obligations under the Indenture and the Notes
are unconditionally and irrevocably fully paid or discharged in cash, and Concordia shall not be entitled to receive any payments, other than payments permitted pursuant to the immediately succeeding
sentence, by way of principal, interest or otherwise, whether in cash, by transfer of assets or otherwise, as long as any amount is owing by CB Nordic or any Guarantor under the Indenture or the
Notes. In accordance with section 1009(2)(c) of the Indenture, so long as no Default or Event of Default (as such terms are defined in the Indenture) has occurred and is continuing or would be
caused thereby, the foregoing shall not prohibit payments of amounts due under the Loan, in an aggregate amount of up to the value of interest payments required to be made in respect of the Parent
Notes (as such term is defined in the Indenture), to be applied to such payment, provided that no such payment may be made by CB Nordic more than 7 days in advance of the date of such interest payment
on the Parent Notes becomes due and payable. Any payment received by us in connection with the Agreement, including the Loan, in violation of this commitment shall forthwith be paid to the Trustee on
behalf of itself and the Holders for reduction of the amount outstanding under the Indenture and/or the Notes.

	(b)
	Concordia
agrees that it will not, and does explicitly waive the right to, (i) declare any breach or default in connection with the Agreement, terminate the Agreement or
accelerate the Loan or any part thereof or otherwise declare any of the Loan prematurely payable or due; (ii) declare bankruptcy of CB Nordic or commence any proceedings against CB Nordic in
respect of the Agreement or the Loan, or enforce the Agreement or the Loan by attachment or execution or by initiating or supporting any proceeding or action in respect of the bankruptcy, insolvency,
liquidation, dissolution, winding-up, administration, receivership or judicial reorganization of CB Nordic or any of its assets; (iii) take any action against any assets of CB Nordic or demand
or receive any security in respect of the Agreement or the Loan; or (iv) commence any other action or proceeding against CB Nordic, or sue, claim, take or recover (including by exercising any
right or set off) against CB Nordic, or obtain or enforce any judgment against CB Nordic, in respect of the Agreement or the Loan or any part thereof or take any other enforcement action in respect of
the Agreement or the Loan or any part thereof.

	(c)
	Concordia
agrees that no security shall be granted under the Agreement or in respect of the Loan without the prior written consent of the Trustee.

	(d)
	Concordia
hereby agrees that the subordination effected hereby shall be in addition to and shall not prejudice or affect any security or any right or remedy of the Trustee or the
Holders in respect of the Indenture or the Notes whether from CB Nordic or any Guarantor or any other person nor shall the provisions hereof be prejudiced or affected by (i) any security or
right or remedy of the Trustee or the Holders in respect of the Indenture or the Notes; (ii) any time or indulgence granted by the Trustee or the Holders to the CB Nordic or any Guarantor or to
any other person; 

 

(iii) any
variation, amendment, supplement or extension of the terms of any security in respect of the Indenture of the Notes, or any dealing with, exchange, release or invalidity of any such
security; (iv) any arrangement or compromise made between the Trustee and/or the Holders and any of CB Nordic or the Guarantors or any other person; (v) any omission on the part of the
Trustee or any Holder to enforce any of their rights against any of CB Nordic or the Guarantors or any other person or any security; (vi) the filing for bankruptcy or insolvency proceedings in
relation to CB Nordic and/or any Guarantor; and (vii) any other fact or circumstance whatsoever whether or not similar to any of the foregoing which could or might in any way diminish
Concordia's obligations hereunder or the rights of the Trustee or the Holders under this Subordination Statement or the remainder of the Agreement. 

        Concordia
acknowledges and agrees that the Trustee, for itself and on behalf of the Holders, and each of the Holders is intended to be a beneficiary of this Subordination Statement and
that this statement is a contract for their benefit. 

2

 

        This
Subordination Statement shall be governed by Swedish law with Stockholm district court as nonexclusive legal venue. 

	22 January 2004
	
CONCORDIA BUS AB
	

By:	
 	

/s/  [ILLEGIBLE]      

	

Name:	
 	

/s/  [ILLEGIBLE]      

	

Acknowledged and agreed:
	
CONCORDIA BUS NORDIC AB
	
By:	
 	

/s/  [ILLEGIBLE]      

	

Name:	
 	

/s/  [ILLEGIBLE]      

	

Accepted and agreed:
	
DEUTSCHE BANK TRUST COMPANY AMERICAS,

as trustee
	

By:	
 	

 
	 	 	

	Name:	 	 
	 	 	

	

By:	
 	

 
	 	 	

	Name:	 	 
	 	 	

3

QuickLinks

Exhibit 10.3

AMENDED AND RESTATED SUBORDINATED LOAN AGREEMENT

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"}]]