Document:

Exhibit 4.13

 

CONFORMED
COPY

 

SUBORDINATION
STATEMENT – SUBORDINATED

SHAREHOLDER LOAN

 

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

 

Lender 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, the Lender 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, until all obligations to the Trustee and the Holders under the
Indenture and any other documents ancillary thereto have been fully and
indefeasibly discharged, that:

 

a)                            All of the Lender’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 the Lender shall not be
entitled to receive any payments under the Agreement, 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 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 
payments of interest (and interest that has been capitalised) to be made
in respect of the Tranche A Facility and the Tranche C Facility 

 

 

of the Mezzanine Facility (as such terms
are defined in the Indenture), to be applied to such payment, provided that no
such payment may be made by Nordic more than 7 days in advance of the date of
such interest payment on the Tranche A Facility and the Tranche C Facility of
the Mezzanine Facility 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)                           The Lender 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 Nordic or commence any proceedings
against 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 Nordic or any of its assets; (iii) take any action
against any assets of Nordic or demand or receive any security in respect of
the Agreement or the Loan; or (iv) commence any other action or proceeding
against Nordic, or sue, claim, take or recover (including by exercising any
right or set off) against Nordic, or obtain or enforce any judgment against
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)                            The Lender 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 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 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 or 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 Nordic or the Guarantors 

 

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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 Nordic or the Guarantors or any other person or any security; (vi) the
filing for bankruptcy or insolvency proceedings in relation to 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
the Lender’s obligations hereunder or the rights of the Trustee or the Holders
under this Subordination Statement or the remainder of the Agreement.

 

d)                           This Subordination Statement
shall not restrict the right of the Lender to create any security interest over
its rights and interests under the Agreement or to transfer or novate its
rights and obligations under the Agreement to any person (for the avoidance of
doubt such security interest or transferred or novated rights or obligations
being subject to this Subordination Statement).

 

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

 

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

 

July 18,
2005

 

The
Lender:

 

Concordia
Bus Nordic Holding AB

 

By:

 

Name: Frode
Larsen

 

 

Acknowledged
and agreed:

 

The
borrower:

 

Concordia
Bus Nordic AB

 

By:

 

Name:
Ragnar Norbäck

 

 

Acknowledged
and agreed:

 

Concordia
Bus AB (publ)

 

By:

 

Name:
Frode Larsen

 

 

Acknowledged
and agreed:

 

Deutsche
Bank Trust Company Americas as trustee

 

By:

 

	
  Name: Leigh Cobb

  	
   

  	
  Clare Benson

  

 

4Exhibit 4.14

 

CONFORMED COPY

 

SALE AND ASSIGNMENT OF THE

 

SHAREHOLDERS’ CONTRIBUTION
LOAN

 

1.                                               Parties

 

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

 

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

 

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

 

2.                                               Background

 

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

 

2.2                                          In February 2003 Nordic undertook to
make a shareholders’ contribution of SEK 108,273,353 (the “Contribution”) to
Bus and this undertaking has been evidenced by a shareholders’ contribution
loan agreement dated on or about the date hereof (the “Contribution Loan
Agreement”). None of that amount has yet been paid by Nordic to Bus, and Bus
consequently has a claim on Nordic in that amount.

 

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

 

3.                                               Sale and Assignment

 

Bus hereby sells and assigns its rights to receive
payment of an amount of SEK 80,000,000 (the “Loan”) of the Contribution to
Holding and Holding hereby assumes all such rights, subject to the terms and
conditions set out

 

 

herein. The sale and assignment shall be effective
as of the date of this Agreement.

 

4.                                               Consideration

 

4.1                                          As consideration for the sale and
assignment pursuant to section 3 above, Holding shall pay to Bus, subject
to the limitations set out in section 5 below, the Net Amount (as defined
below) of all Nordic Payments (as defined below).

 

4.2                                          As security for Holding’s obligation to
make payment on the Loan, subject to the limitations set out in Clause 5 below,
Holding shall grant a second ranking pledge of its rights to the Loan in favour
of Bus, subject to the First Pledge (as defined below).

 

5.                                               Limited
Recourse

 

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

 

5.2                                          For the purposes of this Agreement, the
term “Nordic Payments” means each payment made by Nordic from time to time to
Holding under the Contribution Loan Agreement in respect of the Loan in
accordance with its terms (as amended and restated), and the term “Net Amount”
means, at any time, the amount of each such Nordic Payment to the extent not
required to be applied by Holding in payment of amounts due under the Tranche C
Facility (as defined in the Mezzanine Facility Agreement) in accordance with
the Mezzanine Facility Agreement on or about the date such Nordic Payment is to
be made. The term “First Pledge” means the first ranking pledge of the Loan
made by Holding in favour of the Security Agent to secure the fulfilment by
Holding of its obligations under Tranche C of the Mezzanine Facility.

 

5.3                                          The limitation of Holding’s payment
obligations under this section 5 shall apply irrespective of the Contribution
Loan Agreement (as amended and restated from time to time) being fully complied
with or being prematurely

 

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terminated and irrespective of whether
Holding’s payment obligation is based on a court decision or otherwise.

 

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

 

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

 

6.                                               Confirmation

 

6.1                                          Nordic
hereby confirms that it has been duly notified of the sales and assignments in
this Agreement and that all future
payments on the Contribution (including all accrued interest) will be paid to
Holding or in accordance with the instructions of Holding and, upon the re-transfer
in accordance with clause 5.5, to Bus or in accordance with Bus’ instructions.

 

7.                                               Governing law

 

7.1                                          This Agreement shall be governed by Swedish
law.

 

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

 

 

	
  Date: July 18, 2005

  	
   

  
	
   

  	
   

  
	
  CONCORDIA BUS AB (PUBL)

  	
  CONCORDIA BUS NORDIC HOLDING AB

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ HARALD ARNKVAERN

  	
   

  	
  /s/ HARALD ARNKVAERN

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CONCORDIA BUS NORDIC AB (PUBL)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  RAGNAR NORBÄCK

  	
   

  
					

 

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