Document:

Exhibit
4.15

 

CONFORMED COPY

 

SHAREHOLDERS’ CONTRIBUTION
LOAN AGREEMENT

 

This agreement
sets out the terms of the shareholders’ contribution made to Concordia Bus AB (“Bus”)
by Concordia Bus Nordic AB (“Nordic”) in February 2003. Unless otherwise
specified, defined terms used in this agreement shall have the meanings
assigned to them in the Mezzanine Facility Agreement entered into on or about
the date hereof between, inter alia,
Bus, Concordia Bus Nordic Holding AB and certain lenders named in that agreement
(the “Mezzanine Facility Agreement”).

 

1.                                               Nordic has undertaken to make a shareholders’ contribution
to Bus in February 2003 of SEK 108,273,353, which remains outstanding.
Consequently, Bus has a claim on Nordic in the amount of SEK 108,273,353 at the
date hereof (as the same may be increased in accordance with this agreement or
decreased as a result of repayments under Clause 4). Prior to this agreement
becoming effective, Bus has transferred to Concordia Bus Nordic Holding AB (“Holding”)
its rights to receive SEK 80,000,000 of the shareholders’ contribution under
this Agreement (such transferred part of the shareholders’ contribution is
hereinafter referred to as the “Loan”).

 

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

 

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

 

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

 

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

 

2.4                                          without prejudice to Clause
2.2, any interest that is not paid when due shall on the day following the
relevant Interest Date be added to the principal

 

 

amount of the
Loan and shall bear interest in accordance with the terms of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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. Neither Holding nor Bus may assign or
transfer its rights or obligations hereunder without the prior written consent
of Bus.

 

2

 

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 made in three copies, of which each of the parties have received one.

 

 

	
  Concordia
  Bus Nordic AB

  	
  Concordia
  Bus Nordic Holding AB

  
	
   

  	
   

  
	
  /s/ RAGNAR
  NORBÄCK

  	
   

  	
  /s/ HARALD
  ARNKVAERN

  	
   

  
	
  Place and
  date: Stockholm July 18, 2005

  	
  Place and
  date: Stockholm July 18, 2005

  
	
   

  	
   

  
	
   

  	
   

  
	
  Concordia
  Bus AB

  	
   

  
	
   

  	
   

  
	
  /s/ HARALD
  ARNKVAERN

  	
   

  	
   

  
	
  Place and
  date: Stockholm July 18, 2005

  	
   

  
					

 

3Exhibit 4.16

 

CONFORMED COPY

 

Dated 22 July 2005

 

 

CONCORDIA BUS AB

 

CONCORDIA BUS NORDIC AB

 

CONCORDIA BUS BV

 

CONCORDIA BUS HOLDING AB

 

GS CAPITAL PARTNERS III, L.P.

 

GS CAPITAL PARTNERS III OFFSHORE, L.P.

 

GOLDMAN, SACHS & CO. VERWALTUNGS GmbH

 

SCHØYEN GRUPPEN AS

 

CENTAURUS CAPITAL LIMITED

 

CITIGROUP GLOBAL MARKETS LIMITED

 

JP MORGAN CHASE BANK, N.A. AS AGENT

 

 

and

 

 

THE CONSENTING NOTEHOLDERS SIGNATORIES HERETO

 

 

RESTRUCTURING AGREEMENT

 

 

Cadwalader, Wickersham & Taft LLP

265 Strand, London, WC2R 1BH

Tel: +44 (0) 20 7170 8700

 

 

TABLE OF CONTENTS

 

	
  1

  	
  DEFINITIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  2

  	
  CONSENTING NOTEHOLDERS’ AND
  OFFERORS’ OBLIGATIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  3

  	
  SENIOR GROUP MEMBERS’
  OBLIGATIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  4

  	
  BUS’ OBLIGATIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  5

  	
  NORDIC’ S OBLIGATIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  6

  	
  CONTROLLING SHAREHOLDERS’
  OBLIGATIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  7

  	
  REPRESENTATIONS AND
  WARRANTIES OF THE CONSENTING NOTEHOLDERS

  	
   

  
	
   

  	
   

  	
   

  
	
  8

  	
  REPRESENTATIONS AND
  WARRANTIES OF THE SENIOR GROUP MEMBERS

  	
   

  
	
   

  	
   

  	
   

  
	
  9

  	
  REPRESENTATIONS AND
  WARRANTIES OF BUS

  	
   

  
	
   

  	
   

  	
   

  
	
  10

  	
  REPRESENTATIONS AND
  WARRANTIES OF THE CONTROLLING SHAREHOLDERS

  	
   

  
	
   

  	
   

  	
   

  
	
  11

  	
  COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  12

  	
  TERMINATION

  	
   

  
	
   

  	
   

  	
   

  
	
  13

  	
  RELEASES BY
  THE CONTROLLING SHAREHOLDERS

  	
   

  
	
   

  	
   

  	
   

  
	
  14

  	
  RELEASES BY
  CONSENTING NOTEHOLDERS

  	
   

  
	
   

  	
   

  	
   

  
	
  15

  	
  RELEASES BY
  SENIOR GROUP MEMBERS

  	
   

  
	
   

  	
   

  	
   

  
	
  16

  	
  RELEASES BY BUS

  	
   

  
	
   

  	
   

  	
   

  
	
  17

  	
  RELEASES BY NORDIC

  	
   

  
	
   

  	
   

  	
   

  
	
  18

  	
  SHAREHOLDERS’ AGREEMENT

  	
   

  
	
   

  	
   

  	
   

  
	
  19

  	
  IMPLEMENTATION
  OF THE RESTRUCTURING

  	
   

  
	
   

  	
   

  	
   

  
	
  20

  	
  BOARD ISSUES

  	
   

  
	
   

  	
   

  	
   

  
	
  21

  	
  MANAGEMENT INCENTIVE
  PLAN

  	
   

  
	
   

  	
   

  	
   

  
	
  22

  	
  CLOSING ARRANGEMENTS

  	
   

  
	
   

  	
   

  	
   

  
	
  23

  	
  ADDITIONAL MATTERS

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE A

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE B

  	
   

  

 

 

	
  SCHEDULE C

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE D

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE E

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE F

  	
   

  

 

 

THIS RESTRUCTURING AGREEMENT is made on 22 July 2005

 

BETWEEN

 

(1)                                  CONCORDIA BUS AB, a public limited company registered in
Sweden (“Bus”);

 

(2)                                  CONCORDIA BUS NORDIC AB, a public limited company registered in
Sweden (“Nordic”);

 

(3)                                  CONCORDIA BUS BV, a private company registered in The
Netherlands (“BV”);

 

(4)                                  CONCORDIA BUS HOLDING AB, a public limited company registered in
Sweden (“Holding AB”);

 

(5)                                  GS CAPITAL PARTNERS III, L.P., a limited partnership;

 

(6)                                  GS CAPITAL PARTNERS III  OFFSHORE, L.P., a limited partnership;

 

(7)                                  GOLDMAN, SACHS & CO. VERWALTUNGS GmbH,
a private company whose registered address is c/o Goldman, Sachs & Co.
oHG, Messe Turm, Friedrich-Ebert-Anglage 49, 60308 Frankfurt am Main, Germany
(each of GS Capital Partners III, L.P., GS Capital Partners III Offshore, L.P.,
and Goldman, Sachs & Co. Venvaltungs GmbH being the “Goldman Sachs Parties”);

 

(8)                                  SCHØYEN GRUPPEN AS, a private company registered in Norway (“Sch&qout;yen”) and, together with Goldman Sachs, the “Controlling Shareholders”);

 

(9)                                  CENTAURUS CAPITAL LIMITED, a limited liability company;

 

(10)                            CITIGROUP GLOBAL MARKETS LIMITED, a limited liability company;

 

(11)                            JP MORGAN
CHASE BANK, N.A. AS AGENT, a
United States registered corporation, 

 

each
of Centaurus Capital Limited, Citigroup Global Markets Limited and JP Morgan
Chase Bank, N.A. as Agent individually being a “Senior Group
Member”;

 

(12)                            EACH OF THE OTHER PARTIES listed on the signature pages of this
Restructuring Agreement who own or control or advise accounts which hold or
beneficially own one or more of the EUR 160,000,000 11% Senior Subordinated Notes due 2010 (the “Subordinated Notes”), issued pursuant to an indenture dated
as of 7 February 2000 (the “Subordinated Indenture”) (the “Consenting
Subordinated Noteholders”) and/or who own or control or advise
accounts which hold or beneficially own one or more of the EUR 130,000,000
9.125% Senior Secured Notes due 2009 (the “Senior Notes”),
issued pursuant to an indenture dated as of 22 January 2004 (the “Senior Indenture”) (the “Consenting
Senior Noteholders” and being together with the Consenting
Subordinated Noteholders, the “Consenting Noteholders”).

 

 

RECITALS:

 

(A)                              Bus has issued the
Subordinated Notes and as is evidenced by its signature to this Restructuring
Agreement, Bus has agreed to a Restructuring (as defined below) of the
Subordinated Notes.

 

(B)                                Nordic has issued the
Senior Notes. Following discussions among Bus, Nordic, the Controlling
Shareholders, the Ad Hoc Committee (as defined below), and the Senior Group
Members (as defined below) it has been agreed that (i) there will be a
Third Party Tender Offer (as defined below) and (ii) a Revised Consent
Solicitation (as defined below), in respect of the outstanding Senior Notes.

 

(C)                                As of the date hereof,
Bus, Concordia Bus Nordic Holding AB (“Nordic Holding”),
the Lenders (as defined in the Financing Term Sheet attached hereto as Schedule A)
and other parties have entered into the Mezzanine Facility (as defined below).
Tranche A (as defined below) of the Mezzanine Facility provides that, upon the
conclusion of the Restructuring, Bus will borrow EUR 45,000,000 from the
Lenders. Of that EUR 45,000,000 sum, an amount equal to the amount borrowed
under the Bridge Facility (as defined below) will be used to refinance and pay
the costs of the Bridge Facility, approximately EUR 5,000,000 will be retained
to pay Bus’ expenses and the remainder will be indirectly contributed to Nordic
as equity. As described in the Mezzanine
Facility Agreement (as defined below), Bus will then make a share contribution
to Nordic Holding in return for Nordic Holding’s issue of preference shares to
Bus. Nordic Holding will in turn pay in cash certain sums from Tranche A to
Nordic as an equity contribution
to fund the Group’s working capital requirements and as more fully described in
Schedule 6 of the Mezzanine Facility Agreement.

 

(D)                               Tranche C (as defined below) of the Mezzanine
Facility will allow Nordic Holding, in accordance with the terms of the
Mezzanine Facility Agreement, to borrow from the Lenders EUR 25,000,000 which
will, through an equity contribution by Nordic Holding in Nordic, (a) provide liquidity to the
Group, (b) cover some of the costs of the Restructuring, (c) repay an
outstanding loan to Nordic of approximately EUR 4,800,000 and (d) allow Nordic to pay the 1 August 2005
interest payment on the Senior Notes. Tranche C will be available to be drawn
by Nordic Holding upon the date hereof but will be re-financed by Tranche A
upon the conclusion of the Restructuring in accordance with the Mezzanine
Facility Agreement. For the avoidance of doubt, there is no Tranche B to the
Mezzanine Facility Agreement. Tranche C shall also be known in this
Restructuring Agreement as the “Bridge Facility”.

 

(E)                                 In this Restructuring
Agreement, Tranche A and Tranche C of
the Mezzanine Facility Agreement and the Notes Purchase Agreement are referred
to as the “Proposed Financing”. The terms of
the Mezzanine Facility Agreement are set out in the Financing Term Sheet which
is attached hereto as Schedule A.

 

(F)                                 By signing this
Restructuring Agreement, Bus, BV, Holding AB, the Controlling
Shareholders, and the Consenting Noteholders have agreed to implement the
Restructuring which shall involve, among other things, exchange of the
Subordinated Notes (including all principal, all accrued interest and any other
amounts due thereon) by the Consenting Subordinated Noteholders in
consideration for the issuance of ordinary shares of Bus (“Restructuring
Shares”), which will constitute 97.5% of the

 

 

enlarged issued ordinary share capital of Bus immediately following the
Restructuring (subject to the terms of the Management Incentive Plan), in
accordance with the terms and subject to the conditions set forth in this
Restructuring Agreement.

 

(G)                                As a result of the
Restructuring, the Controlling Shareholders will hold, directly or indirectly
through other entities, Restructuring Shares which will constitute 2.5% of the ordinary issued share
capital of Bus immediately following the Restructuring (subject to the terms of
the Management Incentive Plan) in accordance with the terms and subject to the
conditions of this Restructuring Agreement. The Restructuring Shares issued to
Consenting Noteholders shall be of the same class as Restructuring Shares
issued to the Controlling Shareholders, and all Restructuring Shares shall rank
pari passu, one with the other, as with the
existing shares in Bus at the date of this Restructuring Agreement.

 

(H)                               In order to implement
the Restructuring, Bus, Nordic, BV, Holding AB, the Controlling Shareholders,
the Senior Group Members and each of the Consenting Noteholders have agreed, on
the terms and subject to the conditions set forth in this Restructuring
Agreement, to perform each of their respective obligations under this
Restructuring Agreement on a several basis. The parties (other than Nordic and
the Senior Group Members) have also agreed to implement the Restructuring, and
to issue the Restructuring Shares, in a tax efficient manner.

 

NOW,
THEREFORE, in consideration of the premises and the mutual
covenants and agreements hereinafter contained, the sufficiency of which is
hereby acknowledged, THE PARTIES HEREBY AGREE AS FOLLOWS:

 

1                                         DEFINITIONS

 

1.1                                 For the purpose of
this Restructuring Agreement, the following terms shall have the meanings
specified in this Clause 1 (such definitions and the other defined terms used
in this Restructuring Agreement to be equally applicable to both the singular
and plural forms of the terms herein defined):

 

“1933 Act” shall mean the U.S. Securities
Act of 1933, as amended.

 

“1934 Act” shall mean the U.S. Securities
Exchange Act of 1934, as amended.

 

“Ad Hoc Committee” shall mean Avenue Europe
Management LP, Bear Stearns Bank plc, BlueBay Asset Management Limited,
Fidelity Investments International, Fidelity Investment Services Limited, Gruss
Asset Management LP, Henderson Global Investors Limited, Hillside Apex Fund
Limited and Lone Star Management Europe Limited (and such other successor or replacement
institutions as shall be notified in writing to Bus from time to time).

 

“Ad Hoc Committee’s Advisers” shall mean
the Ad Hoc Committee’s Financial Advisers and the Ad Hoc Committee’s Legal
Advisers.

 

“Ad Hoc Committee’s Financial Advisers” shall
mean Houlihan Lokey Howard & Zukin (Europe) Limited.

 

 

“Ad Hoc Committee’s Legal Advisers” shall
mean Cadwalader, Wickersham & Taft
LLP.

 

“Affiliate” shall
mean, with respect to any Person, any other Person controlling, controlled by
or under common control with such Person.

 

“Articles of Association” shall
mean the articles of association of Bus. 

 

“Bridge Facility” shall
mean Tranche C. 

 

“Businesses” shall
have the meaning set forth in Clause 2.1 (n) herein.

 

“Business Day” shall
mean any day of the year on which national banking institutions in New York,
New York, London, England, or Stockholm, Sweden are open to the public for
conducting business and are not required or authorised to close.

 

“Bus” shall mean
Concordia Bus AB.

 

“BV” shall mean
Concordia Bus BV, the ultimate
parent company in the Group.

 

“Cadwalader” shall
mean Cadwalader, Wickersham & Taft
LLP as the Ad Hoc Committee’s Legal Advisers.

 

“Change of Control Offer” shall
mean a Change of Control Offer (as defined in and under the terms of the Senior
Indenture) made in connection with the consummation of the Restructuring.

 

“Claim” means legal
or arbitration proceedings or any other enforcement action of any kind.

 

“C/S Closing” shall
have the meaning ascribed to it in Schedule F.

 

“Consent Fee” shall
have the meaning ascribed to it in Schedule F.

 

“Consenting Noteholder” means
a Consenting Senior Noteholder
or a Consenting Subordinated Noteholder but does not include any Senior Group
Member.

 

“Consenting Senior Noteholder” shall
mean each Senior Noteholder who is either a party to this Restructuring
Agreement or agrees to be bound by the terms of this Restructuring Agreement as
if it were a party as provided
for in Clause 23.2 hereof (and “Consenting
Senior Noteholders” means all of them) but excluding the Senior
Group Members.

 

“Consenting Subordinated Noteholder” shall
mean each Subordinated Noteholder who is either a party to this Restructuring
Agreement or agrees to be bound by the terms of this Restructuring Agreement as
if it were a party as provided for in Clause 23.2 hereof and “Consenting
Subordinated Noteholders” means all of them.

 

“Deed of Adherence” shall
mean the deed of adherence for Subordinated Noteholders and Senior Noteholders
(as the case may be) set out in Schedule D hereto.

 

 

“Default” shall mean a default, Default, or
Event of Default under the terms of the Subordinated Indenture and/or the
Senior Indenture, as the context so requires.

 

“Effective Date” shall mean the date upon
which:

 

(a)                                  In the Proceedings
Steps when:

 

(i)                                     an office copy of
the final and unappealable order from the applicable Swedish court approving
Swedish Reorganisation Proceedings and Public Composition Proceedings in
respect of Bus has been delivered to Bus and to the Ad Hoc Committee in
accordance with this Restructuring Agreement; and

 

(ii)                                  a Private
Subscription has opened and closed as provided in Schedule E by no later than 31 December 2005 (or such later date as
may be agreed between Bus, the Controlling Shareholders and the Ad Hoc
Committee, each acting reasonably); or

 

(b)                                 In the Private
Subscription Steps when a Private Subscription has opened and closed as
provided in Schedule E by no later than 31 December 2005 (or such later
date as may be agreed between Bus, the Controlling Shareholders and the Ad Hoc
Committee, each acting reasonably).

 

“Financing Documents” shall mean those legally
binding and definitive documents which relate to the Proposed Financing, and
which comprise, among other things, the Notes Purchase Agreement, the Mezzanine
Facility Agreement, the security documents relating to the same, all agreements
to be entered into by Bus, Nordic Holding and/or Nordic in connection with the
use of the proceeds of the Mezzanine Facility and any other documents in agreed
form.

 

“Financing Term Sheet” shall have the meaning
set forth in the Recitals and more specifically set forth in Schedule A.

 

“Goldman Sachs” shall mean GS Capital Partners
III, L.P., GS Capital Partners III Offshore, L.P., Goldman, Sachs & Co. Verwaltungs GmbH and their respective
Affiliates.

 

“Goldman Sachs International” means an
unlimited company incorporated under English law with number 2263951.

 

“Governmental Body” shall mean any government
or governmental or regulatory body thereof, or political subdivision thereof,
whether state, local or foreign, or any agency, instrumentality or authority
thereof, or any court or arbitrator (public or private).

 

“Group” shall mean the Parent Companies of
Bus, Bus and their subsidiaries.

 

“Holding AB” shall mean Concordia Bus Holding AB, the immediate shareholder of Bus.

 

“Law” shall mean any federal, state, local or
foreign law (including common law), statute, code, ordinance, rule, regulation
or other requirement.

 

 

“Lender” or “Lenders” shall have the meaning ascribed
to it in the Mezzanine Facility Agreement.

 

“Liability” shall
mean any liability or obligation of a Person whether it is present, future,
prospective or contingent, whether or not its amount is fixed or undetermined,
whether or not it involves the payment of money or the performance of an act or
obligation and whether it arises at common law, in equity or by statute in the
United States, England or Sweden or in any other jurisdiction or in any other
manner whatsoever but such expression does not include any liability which is
barred by statute or is otherwise unenforceable and for the avoidance of doubt
a Person who does not have a legal liability under a contract because such
contract is void or, being voidable, has been duly avoided will not have a
liability for the purposes of this Restructuring Agreement.

 

“Liens” shall mean,
with respect to any property or assets of any Person, any mortgage or deed of
trust, pledge, hypothecation, assignment, deposit arrangement, security
interest, lien, charge, easement, encumbrance, preference, priority, or other
security agreement or preferential arrangement of any kind or any nature
whatsoever.

 

“Long Stop Date” shall
mean 31 December 2005 (or such later date as may be
agreed between Bus, the Controlling Shareholders and the Ad Hoc Committee, each
acting reasonably).

 

“Loss” means any
liability, damage, loss, cost, charge or expense.

 

“Management Incentive Plan” shall
have the meaning set forth in Clause 21
below.

 

“Mezzanine Facility” shall
have the meaning set forth in the Recitals and more specifically set out in the
Mezzanine Facility Agreement dated as of the date hereto and as described in
the Financing Term Sheet attached to this Restructuring Agreement as Schedule A.

 

“Mezzanine Facility Agreement” shall
mean the mezzanine facility agreement executed on the date hereof among the
Lenders, the Facility Agent (as defined therein), the Security Agent (as
defined therein), Bus and Nordic Holding.

 

“Nordic” shall mean
Concordia Bus Nordic AB. 

 

“Nordic Holding” shall
mean Concordia Bus Nordic Holding AB. 

 

“Notes” shall mean
Subordinated Notes and/or Senior Notes.

 

“Notes Purchase Agreement” shall
mean the notes purchase agreement executed on or about the date hereof among
Nordic and the Offerors (as defined therein) which provides for, among other
things, the payment of fees to the Offerors in connection with the Third Party
Tender Offer and the Change of Control Offer.

 

“Offerors” shall
mean Avenue Europe Management LP, Bear Stearns Bank plc, BlueBay Asset
Management Limited, Fidelity Investments International, Fidelity Investment
Services Limited, Hillside Apex Fund Limited and Lone Star Management Europe
Limited who shall together make the Third Party Tender Offer.

 

 

“Order” shall means any order, injunction,
judgment, decree, ruling, writ, assessment or arbitration award.

 

“Ordinary Shares” shall mean the ordinary
shares of Bus.

 

“Parent Companies of Bus” shall mean BV and Holding AB.

 

“Person” shall mean any individual,
corporation, limited liability company, partnership, firm, joint venture,
association, joint-stock company, trust, unincorporated organization,
Governmental Body or other entity.

 

“Private Subscription” shall have the
meaning as set forth in Clause 19.4.

 

“Private Subscription Steps” shall have the
meaning as set forth in Clause 19.4 and more specifically set out in Schedule E.

 

“Proceedings Orders” shall mean a final and
unappealable order of the applicable Swedish Court approving Swedish
Reorganisation Proceedings and Public Composition Proceedings in respect of
Bus.

 

“Proceedings Steps” shall have the meaning
as set forth in Clause 19.3 and
more specifically set out in Schedule E.

.

“Proposed Financing” shall have the meaning
set forth in the Recitals.

 

“Public Composition Proceedings” shall mean
Offentligt Ackord in Sweden.

 

“Released Person” means (i) Goldman
Sachs International, each of the Controlling Shareholders and their respective
Affiliates, BV and Holding AB and any other entity through which either of the
Controlling Shareholders is indirectly interested in shares of Bus, including
Goldman Sachs International (ii) each of The Honourable Richard Simon
Sharp and Steven Richard Sher of Goldman Sachs, Frode Larsen and Harald
Aernkvaern of Sch&qout;yen, whether personally or in their capacities as existing or
former directors of Bus and/or Nordic Holding and/or Bus’ subsidiaries, (iii) Frode
Larsen and Harald Aernkvaern in relation to their existing directorships of
other companies in the Group and (iv) each of Christopher John Hughes,
Antonio Maximillian Alvarez III, Gina Germano, Ragnar Norback and Per Skargard,
whether personally or in their capacities as directors or former directors of
Bus and/or Nordic Holding and/or Bus’ subsidiaries as the case may be.

 

“Representative” shall mean in respect of
the parties hereto any directors, agents, officers, employees and/or
professional advisers.

 

“Requisite Consents” shall have the meaning
ascribed to it in Schedule F.

 

“Restructuring’ shall mean the financial
restructuring of Bus by way of the equitisation of the Subordinated Notes as
implemented by the Proceedings
Steps or the Private Subscription Steps (each as summarised in Schedule E
hereto).

 

“Restructuring Documents” shall mean, among
other things, copies of all the documents required by, or incidental to, the Private
Subscription Steps and/or the

 

 

Proceedings Steps and/or the Revised Consent Solicitation and/or the
Third Party Tender Offer, including any documents in agreed form.

 

“Restructuring Shares” shall
have the meaning as set forth in the Recitals.

 

“Restructuring Steps” shall
mean the Proceedings Steps and/or the Private Subscription Steps, as
applicable.

 

“Restructuring Trustee” shall
mean a trustee acting on behalf of the Consenting Noteholders for the purpose
of delivering the Restructuring Shares to the Consenting Noteholders by means
of the Private Subscription.

 

“Revised Consent Solicitation” shall
mean either (i) the consent solicitation statement first issued by Nordic
on 16 March 2005 relating to the Senior Notes as extended from time to
time and as amended in accordance with this Restructuring Agreement and in a
form which is in all material respects consistent with the Revised Consent
Solicitation (or “C/S”) as
described in Schedule F hereto or (ii) a new consent
solicitation prepared in accordance with this Restructuring Agreement and in a
form which is in all material respects consistent with the Revised Consent
Solicitation (or “C/S”) as
described in Schedule F hereto.

 

“Sch&qout;yen” shall mean
Sch&qout;yen Gruppen AS.

 

“Senior Group Members” shall
mean each of Centaurus Capital Limited, Citigroup Global Markets Limited, and
JP Morgan Chase Bank, N.A., as Agent, each of whom are signatories to this
Restructuring Agreement and a “Senior Group
Member” shall mean any of them individually.

 

“Senior Group Members’ Advisers” shall
mean the Senior Group Members’ Financial Advisers and the Senior Group Members’
Legal Advisers.

 

“Senior Group Members’ Financial Advisers” shall
mean Close Brothers Corporate Finance Limited.

 

“Senior Group Members’ Legal Advisers” shall
mean Bingham McCutchen LLP.

 

“Senior Group Members’ Standstill Period” shall
mean the period commencing on the date of this Restructuring Agreement and
ending on the earliest of (a) the latest to occur of the closing of the
Revised Consent Solicitation and the Third Party Tender Offer, (b) 1 September 2005 or (c) termination
of the obligations of the Senior Group Members under this Restructuring
Agreement, pursuant to Clause 12.4.

 

“Senior Indenture” shall
mean the indenture dated 22 January 2004 pursuant to which Nordic issued
the Senior Notes.

 

“Senior Noteholder” shall
mean a holder of Senior Notes.

 

“Senior Notes” shall
have the meaning set forth in the Recitals.

 

“Senior Supplemental Indenture” shall
have the meaning ascribed to it in Schedule F.

 

 

“Settlement Date” shall
have the meaning ascribed to it in Schedule F.

 

“Shareholder” means
a Person who is the beneficial owner of, or is directly or indirectly able to
direct the exercise of votes attached to, any shares in Bus in issue from time
to time and “Shareholders” means all of them.

 

“Shareholders’ Agreement” shall
have the meaning set forth in Clause 18.

 

“Subordinated Indenture” shall
mean the indenture dated as of 7 February 2000 pursuant to which Bus
issued the Subordinated Notes.

 

“Subordinated Indenture Amendments” shall
mean certain amendments to the Subordinated Indenture as set forth in Schedule B attached hereto.

 

“Subordinated Noteholders” shall
mean holders of the Subordinated Notes.

 

“Subordinated Notes’ Standstill Period” shall
mean the period commencing on the date of this Restructuring Agreement and
ending on the earlier of (i) the Termination Date and (ii) termination
in accordance with Clause 12.1(a) or (b).

 

“Swedish Reorganisation Proceedings” shall
mean Rekonstruktionsförfarande in Sweden.

 

“Tender Offer Price” shall
have the meaning ascribed to it in Schedule F.

 

“Termination Date” shall
mean the earliest of (i) the Long Stop Date and (ii) the Effective
Date.

 

“Third Party Tender Offer” shall
mean a tender offer for the Senior Notes by or on behalf of the Offerors which
is in all material respects consistent with the Third Party Tender Offer (or “T/O”) as described in Schedule F
hereto.

 

“Third Party Tender Offer Documents” shall
mean the documents published by the Offerors in accordance with the Third Party
Tender Offer in order to effect the Third Party
Tender Offer.

 

“T/O Closing” shall
have the meaning ascribed to it in Schedule F.

 

“Tranche A” shall
mean Tranche A of the Mezzanine Facility (as defined in the Mezzanine Facility
Agreement).

 

“Tranche C” shall
mean Tranche C of the Mezzanine
Facility (as defined in the Mezzanine Facility Agreement).

 

“Trustee” shall mean
the trustee under the Senior Indenture and/or the Subordinated Indenture as the
context so requires (and the “Trustees” shall
mean both of them).

 

“Waived Loss” shall mean
a Loss incurred as a direct or indirect result of, or in connection with (i) holding
any Subordinated Notes and/or Senior Notes, (ii) any transaction
concerning any Subordinated Notes and/or Senior Notes (including without
limitation any original subscription for, or any sale or purchase of, any
interest in any such Subordinated Notes and/or Senior Notes and all
transactions to be

 

 

effected in connection with the proposed Restructuring), (iii) any
and all transactions undertaken in connection with this Restructuring Agreement
and/or the Proposed Financing and/or the Revised Consent Solicitation and/or
the Third Party Tender Offer, including without limitation any and all Loss or
liability arising as a consequence of Bus and/or Nordic Holding and/or Nordic entering into
any of the arrangements forming part of the Proposed Financing (including the
Financing Documents) and/or the Restructuring, any and all consequences
accruing to Bus, Nordic Holding, Nordic, or any of their creditors or
subsidiaries from borrowings pursuant to the Proposed Financing, or from
enforcement of any security granted in connection therewith, (iv) any
event or circumstance which directly or indirectly contributed to creating the
conditions in which the proposed Restructuring was required, (v) any
action or omission of a member of the Group which affected the rights of
holders of any Notes or affected the value of any such Notes (including without
limitation any action or omission giving rise to a Default or acceleration of
any kind), (vi) any Claim against any other Person which gives rise to a
right to pursue a Claim against any of the Released Persons, (vii) in the
case of The Honourable Richard Simon Sharp, Steven Richard Sher, Frode Larsen,
Harald Aernkvaern, Christopher John Hughes, Antonio Maximillian Alvarez III and
Gina Germano only, any action or omission (other than in bad faith) during each
of their tenure of office as a director of Bus and/or Holding AB and/or
any of the subsidiaries of Bus (including without limitation making or omitting
to make, or the contents of, any statement, announcement or filing) and, in the
case of Frode Larsen and Harald Aernkvaern only, any action or omission (other
than in bad faith) during their tenure of office in relation to their existing
directorships of other companies in the Group (including without limitation
making or omitting to make, or the contents of, any statement, announcement or
filing), and (viii) any Claim in respect of any payment made to a
Controlling Shareholder or any of its Affiliates (including BV) pursuant to
this Restructuring Agreement or separately by Nordic in relation to matters contemplated by this Restructuring
Agreement.

 

1.2                                 In
this Restructuring Agreement, references to documents in “agreed form” shall
mean a document in the form agreed between Bus, the Ad Hoc Committee and the
Controlling Shareholders (acting jointly) and labelled “Agreed Form” and
initialled by them or on their behalf by their respective advisors.

 

1.3                                 References
in this Restructuring Agreement to any Subordinated Notes and/or Senior Notes
(as the case may be) being “held by” a Consenting Noteholder or Senior Group
Member (as the case may be) include the Consenting Noteholder or Senior Group
Member being entitled to enter into legally binding contractual commitments on
behalf of the Person who is at the date of this Restructuring Agreement the
beneficial owner of the relevant Subordinated Notes and/or Senior Notes (as the
case may be) and references, however expressed, to any “Consenting Noteholder”,
“Senior Group Member”, “it”, “the holder”, “its Subordinated Notes”, “its
Senior Notes”, “Consenting Subordinated Noteholder”, “Consenting Senior
Noteholder”, the “Consenting Subordinated Noteholders’ Subordinated Notes”, the
“Consenting Senior Noteholders’ Senior Notes” or Notes of a Consenting
Noteholder shall include references to, respectively, the relevant beneficial
owner and/or as applicable, the Subordinated Notes and/or Senior Notes
beneficially owned by that Person.

 

 

2                                         CONSENTING NOTEHOLDERS’ AND OFFERORS’ OBLIGATIONS

 

2.1                                 During
the Subordinated Notes’ Standstill Period each Consenting Noteholder (severally
and not jointly):

 

(a)                                  by entering into this
Restructuring Agreement, gives its consents to the Subordinated Indenture
Amendments set out in Schedule B hereto (or any equivalent
waivers);

 

(b)                                 undertakes to vote its
Subordinated Notes in favour of the Proceedings Steps unless holders of more
than 99% of the Subordinated Notes (or such lower number as may be agreed
between Bus and the Ad Hoc Committee, each acting reasonably) accede to this
Restructuring Agreement in accordance with Clause 23.2 hereof;

 

(c)                                  shall subscribe all
of its Subordinated Notes for Restructuring Shares in the Private Subscription
whether or not associated with the Proceedings Steps and not withdraw from the
Private Subscription;

 

(d)                                 undertakes to
implement Clause 19 and Schedule E
hereto and shall take all such other steps and file all such other notices or
directions reasonably requested by Bus in order to give effect to the
Restructuring and take all steps that Bus and the Ad Hoc Committee mutually
agree are necessary (each acting reasonably) to give effect to the
Restructuring as rapidly as possible, whether executed by means of the
Proceedings Steps or by means of the Private Subscription Steps;

 

(e)                                  agrees, in the case
of the Proceedings Steps, to support Bus in
obtaining the Proceedings Orders and giving effect to each, which shall
include, among other things, at the expense of Bus, filing all notices,
directions or affidavits reasonably requested by Bus and directing such
Consenting Noteholder’s legal and financial advisors to support the petitions
to any court in connection with
the Restructuring and do all other things reasonably necessary to assist in the
obtaining of the Proceedings Orders, and agrees upon any occasion upon which
votes are required to be cast at a meeting of creditors pursuant to any
proceedings relating to the Restructuring, to exercise all votes it may have in
respect of the Subordinated Notes or other claims against any company in the
Group in support of the Restructuring;

 

(f)                                    agrees, to the
extent permitted by applicable Law and except as expressly contemplated hereby,
to refrain from voting (or causing a vote to be cast) in favour of, or
otherwise supporting or preparing, directly or indirectly, and if requested by
Bus, to cast all votes controlled by it against, and take all reasonable steps
against, (i) any proposed plan of reorganization for or involving any
company in the Group other than the Restructuring or as is otherwise
contemplated by this Restructuring Agreement (including, without limitation,
the Third Party Tender Offer and the Revised Consent Solicitation), or any
other arrangement or composition for any such company, (ii) any relief in an involuntary case under any
applicable insolvency, bankruptcy or other similar Law with respect to any
company in the Group or all or substantially all of any of such company’s
assets, or (iii) the appointment of an

 

 

administrator, liquidator, custodian or similar official over all or
substantially all of the property, assets and undertakings of any company in
the Group;

 

(g)                                 shall not take or
exercise, and shall vote against, and take all reasonable steps against, if
requested by Bus or Nordic, any action or any remedy against any companies in
the Group or the directors or officers of any such companies as a result of any
Default and including, without limitation, any non-payment of interest due on
the Subordinated Notes on 15 February 2005 or prospective non-payment of
interest in respect of the Subordinated Notes (occurring prior to the
termination of this Restructuring Agreement or in accordance with its terms);

 

(h)                                 consents to the
non-payment by Bus of the interest payment due on the Subordinated Notes on 15 February 2005
and 15 August 2005 (and any penalty interest thereon) and waives, and
shall take any necessary steps to waive, any Default occasioned by the
arrangements contemplated by this Restructuring Agreement, the Restructuring
and/or the Restructuring Steps (including Bus seeking or making a composition
with its creditors as described in the Subordinated Indenture) and shall take
or consent to appropriate actions to rescind any acceleration that may occur as
a result of any such Default not capable by the terms of the Subordinated
Indenture and/or the Senior Indenture of being so waived;

 

(i)                                     hereby irrevocably
waives all and any covenant violations and Defaults (as defined in the
Subordinated Indenture) arising out of the Proposed Financing and the use of
proceeds therefrom;

 

(j)                                     shall
not vote in favour of, and shall cast all votes controlled by it against, and
take all reasonable steps against, any action to be taken by any other
Subordinated Noteholder or any other Person, individually or in the aggregate,
to accelerate the obligations of Bus or its subsidiaries under the Subordinated
Notes for the non-payment by Bus of the interest payment due on the Subordinated
Notes on 15 February 2005 (and any penalty interest thereon);

 

(k)                                  shall not support or
vote to support, and shall vote against as necessary and take all reasonable
steps against, any Subordinated Noteholders or any other Person that takes any
action or exercises any remedy, individually or together with other holders of
the Subordinated Notes or other Person, against Bus or its subsidiaries as a
result of any Default in respect of the Subordinated Notes;

 

(l)                                     with respect to
its Senior Notes and/or Subordinated Notes, shall not make any request to,
instruct or procure the Trustees to take any action, either of the Trustees’
own volition or at the request of any holder(s) of the Subordinated Notes or
the Senior Notes, and shall seek to prevent the Trustees from taking any action
that is inconsistent with the terms and conditions of this Restructuring
Agreement including, without limitation, the terms binding on the Consenting
Noteholders under this Clause 2, or to issue any notice to Bus for immediate
repayment of the Subordinated Notes or the Senior Notes as a result of any
Default and, if such request or notice has already been given, will take steps
to ensure that any such request or notice is revoked or rescinded;

 

 

(m)                               with respect to its
Senior Notes, undertakes (i) to vote all of its Senior Notes in favour of
the Revised Consent Solicitation and not to withdraw any of its Senior Notes
from the Revised Consent Solicitation, (ii) not to tender any of its
Senior Notes in favour of the Third Party Tender Offer and (iii) prior to
the closing of the Third Party Tender Offer and the Revised Consent
Solicitation, not to sell any interest in any of its Senior Notes, provided
that thereafter, such Consenting Noteholder may sell any interest in any of its
Senior Notes, subject to and in accordance with Clause 23.1 hereof.

 

(n)                                 shall not make, seek
to make, cause or procure any payment for the purchase or redemption of any or
all of the Senior Notes other than pursuant to and in accordance with the Third
Party Tender Offer and/or the Change of Control Offer, provided however that
this Clause shall not apply in the event that the Senior Notes are accelerated
by the Senior Group Members;

 

(o)                                 to the extent
permitted by applicable Law, shall not act, whether alone or in concert with
any other Person, to advise, assist or encourage any Person to act in a manner
which could reasonably be expected to frustrate the Restructuring and/or the
Restructuring Steps and/or the Third Party Tender Offer and/or the Revised
Consent Solicitation and/or the provisions of, or any of the events or rights
contemplated by, this Restructuring Agreement; and

 

(p)                                 in its capacity as
Lender (if applicable), covenants, warrants and undertakes not to take or
exercise any rights with respect to the Mezzanine Facility Agreement or any
collateral provided in connection therewith prior to the end of the Senior
Group Members’ Standstill Period.

 

2.2                                 Nothing in Clause 2.1
shall be binding on any Businesses operated by or within the Consenting
Noteholder or Businesses operated by entities controlled by, or under common
control with, the Consenting Noteholder (“Businesses” as
used in this Clause shall mean entities or investment bank desks other than the
Consenting Noteholder (on the basis that a Consenting Noteholder which is an investment bank desk states its
identity) which may own, hold or manage accounts that hold or own Subordinated
Notes or Senior Notes (as the case may be)); provided however, that
nothing in the foregoing proviso shall in any way limit or impair the
representations of each Consenting Noteholder or such Consenting Noteholder’s
obligations hereunder with respect to the principal amount of the Subordinated
Notes and/or Senior Notes set forth above such Consenting Noteholder’s
Restructuring Agreement Signature Page.

 

2.3                                 Promptly following the
date of this Restructuring Agreement, the Consenting Senior Noteholders shall
instruct (but shall not be required to indemnify, but shall, if so required,
hold-harmless and provide with any consents) the Trustee for the Senior Notes (a) to
amend the Amended and Restated Subordinated Shareholder Loan dated January 21,
2004 among Nordic, Bus and the Trustee of the Senior Notes (the “Subordinated
Loan”) to allow for the transfer of the Subordinated Loan from Bus to Nordic
Holding, and (b) to provide
written consent to Nordic, Nordic Holding and Bus for the pledging of the
Subordinated Loan by Nordic Holding in favour of the Lenders.

 

 

2.4                                 The Offerors hereby
jointly and irrevocably undertake as follows:

 

(a)                                  to obtain the
approval of the Luxembourg listing authorities to the Third Party Tender Offer
Documents as promptly as practicable following the date of this Restructuring
Agreement and thereafter cause the Third Party Tender Offer to be commenced within
2 Business Days of receiving such approval of the Third Party Tender Offer
Documents from the Luxembourg listing authorities;

 

(b)                                 not to withdraw the
Third Party Tender Offer and to procure that the Third Party Tender Offer shall
not be withdrawn and ensure or otherwise procure that the Third Party Tender
Offer will be consummated in accordance with its terms;

 

(c)                                  not to take, cause or
procure the taking of any steps or actions which are inconsistent with this
Clause 2.4 or which would
frustrate, prevent or prohibit in any way the consummation of the Third Party
Tender Offer;

 

(d)                                 provided that the
Requisite Consents required for the closing of the Revised Consent Solicitation
have been provided and not withdrawn as at C/S Closing, on the Settlement Date
to pay the Tender Offer Price to all holders of Senior Notes who have validly
tendered in the Third Party Tender Offer and, to the extent the Tender Offer
Price is not so paid, a debt equivalent to the Tender Offer Price shall be
immediately due and payable by the Offerors to such holders of Senior Notes;

 

(e)                                  not to commence,
distribute or publish the Third Party Tender Offer unless its form has first
been approved by the Senior Group Members’ Legal Advisers (provided that such
approval shall not be unreasonably withheld or delayed); and

 

(f)                                    not to modify the
terms of the Third Party Tender Offer except to cure a bona fide error or
ambiguity, provided that any modification with respect to the Tender Offer
Price or the terms which relate to, or provide the obligation to pay, the
Tender Offer Price may not be made except with the consent of the Senior Group
Members.

 

2.5                                 The Offerors hereby
warrant and represent that they, or the party which makes the Third Party
Tender Offer on their behalf, shall have available to it, or them (as the case
may be) sufficient clear, unencumbered cash funds to consummate the Third Party
Tender Offer on the Settlement Date.

 

3                                         SENIOR GROUP MEMBERS’ OBLIGATIONS

 

3.1                                 During
the Senior Group Members’ Standstill Period each Senior Group Member (severally
and not jointly):

 

(a)                                  undertakes to vote
all of its Senior Notes in favour of the Revised Consent Solicitation and not
to withdraw from the Revised Consent Solicitation all or any of its Senior
Notes or any such votes cast by it;

 

(b)                                 undertakes to tender
all of its Senior Notes to the Offerors in favour of the Third Party Tender
Offer within 3 Business Days of
receiving official notice

 

 

of the Third Party Tender Offer and not to withdraw or seek to withdraw
any such Senior Notes from the Third Party Tender Offer;

 

(c)                                  subject to Clause
23.1 undertakes not to sell any interest in any of its Senior Notes;

 

(d)                                 undertakes to take all
such other steps reasonably requested by Nordic in order to give effect to the
Revised Consent Solicitation and as reasonably requested by the Offerors in
order to give effect to the Third Party Tender Offer;

 

(e)                                  agrees, to the extent
permitted by applicable Law and except as expressly contemplated hereby, to
refrain from voting (or causing a vote to be cast) in favour of, or otherwise
supporting or preparing, directly or indirectly, and if requested by Nordic to
cast all votes controlled by it against, (i) any proposed plan of
reorganization for or involving any company in the Group other than the Revised
Consent Solicitation and/or the Third Party Tender Offer, or any other
arrangement or composition for any such company, (ii) any relief in an
involuntary case under any applicable insolvency, bankruptcy or other similar
Law with respect to any company in the Group or all or substantially all of any
of such company’s assets, or (iii) the appointment of an administrator,
liquidator, custodian or similar official over all or substantially all of the
property, assets and undertakings of any company in the Group;

 

(f)                                    shall not take or
exercise, and shall vote against if requested by Nordic, any action or any
remedy against any companies in the Group or the directors or officers of any
such companies as a result of any Default occurring prior to the termination of
this Restructuring Agreement or as a result of it being entered into;

 

(g)                                 shall not seek to
accelerate any payment obligations relating to the Senior Notes and will take
or consent to appropriate actions to rescind any acceleration that may occur as
a result of any such Default;

 

(h)                                 waives all and any
covenant violations and Defaults arising out of the Proposed Financing and the
use of proceeds therefrom and/or howsoever arising under the Senior Indenture;

 

(i)                                     shall not make any
request to or instruct or procure the Trustee for the Senior Notes to take any
action, either of the Trustee’s own volition or at the request of any holder(s)
of the Senior Notes, and shall seek to prevent the Trustee for the Senior Notes
from taking any action that is inconsistent with the terms and conditions of
this Restructuring Agreement including, without limitation, the terms binding
on the Senior Group Members under this Clause 3, or to issue any notice to
Nordic for immediate repayment of the Senior Notes as a result of any Default
and, if such request or notice has already been given, will take steps to
ensure that any such request or notice is revoked or rescinded; and

 

(j)                                     to the extent
permitted by applicable Law, each Senior Group Member shall not act, whether
alone or in concert with any other Person, advise, assist or encourage any
Person to act in a manner which could reasonably be expected to frustrate the
Restructuring and/or the Restructuring Steps and/or the

 

 

Revised Consent Solicitation and/or the Third Party Tender Offer and/or
the provisions contemplated by this Restructuring Agreement.

 

3.2                                 Nothing in Clause 3.1
shall be binding on any Businesses operated by or within the Senior Group
Member’s institution or Businesses operated by entities controlled by, or under
common control with, the Senior Group Member’s institution (“Businesses” as used in this Clause
shall mean entities or investment bank desks other than the Senior Group Member
(on the basis that a Senior Group Member which is an investment bank desk
states its identity) which may own, hold or manage accounts that hold or own
Senior Notes (as the case may be)); provided further, however, that
nothing in the foregoing proviso shall in any way limit or impair the
representations of each Senior Group Member or such party’s obligations
hereunder with respect to the principal amount of the Senior Notes set forth
above each Senior Group Member’s signature blocks in this Restructuring
Agreement.

 

3.3                                 Nothing in Clauses 3.1(d),
3.1(i) or 3.4 shall require any Senior Group Member to incur any
out-of-pocket expense.

 

3.4                                 Promptly following the
date of this Restructuring Agreement, the Senior Group Members shall instruct
(but shall not be required to indemnify, but shall, if so required,
hold-harmless and provide with any consents) the Trustee for the Senior Notes (a) to
amend the Amended and Restated Subordinated Shareholder Loan dated January 21,
2004 among Nordic, Bus and the Trustee of the Senior Notes (the “Subordinated
Loan”) to allow for the transfer of the Subordinated Loan from Bus to Nordic
Holding, and (b) to provide
written consent to Nordic, Nordic Holding and Bus for the pledging of the
Subordinated Loan by Nordic Holding in favour of the Lenders.

 

4                                         BUS’ OBLIGATIONS

 

4.1                                 Bus hereby undertakes
and agrees, until the Termination Date, to:

 

(a)                                  use its reasonable
endeavours to effect those aspects of the Restructuring and/or the
Restructuring Steps which are under its control and to procure the fulfilment
of the conditions set out herein as soon as reasonably practicable;

 

(b)                                 assist the Ad Hoc
Committee and its advisers, to the extent reasonably requested, to identify the
Subordinated Noteholders as soon as reasonably practicable;

 

(c)                                  as permitted under
applicable Law, solicit the Subordinated Noteholders in favour of the
Restructuring and/or the Restructuring Steps;

 

(d)                                 assist the Ad Hoc
Committee and its advisers in preparing any documentation which may reasonably
be required in connection with the Private Subscription Steps and/or the
Proceedings Steps;

 

(e)                                  commence the
Proceedings Steps promptly after the closing of both the Third Party Tender
Offer and the Revised Consent Solicitation;

 

 

(f)                                    use its reasonable
endeavours to obtain the necessary court orders in connection with the
Proceedings Steps as soon as reasonably practicable;

 

(g)                                 consult with the Ad
Hoc Committee as to any discussions with third parties to which Bus is a party
relating to any additional working capital funding required post Restructuring
by the Group and/or any proposed additional liquidity facility for the Group;

 

(h)                                 convene all such
meetings of Bus’ shareholders which are required to pass all necessary
resolutions relating to the Restructuring, including, but not limited to,
making any necessary amendments to the Articles of Association, issuing
Restructuring Shares to Consenting Noteholders, or waiving pre-emptive rights
otherwise applicable to the issuance of Restructuring Shares; and

 

(i)                                     not seek to
acquire, either directly or indirectly, the beneficial ownership of, or right
to direct the disposition or vote in respect of, any of the Subordinated Notes
and/or the Senior Notes (other than by any action to implement the
Restructuring Steps which may be deemed to be such an acquisition).

 

4.2                                 Bus also undertakes to
ensure that the issuance of Restructuring Shares by Bus, as contemplated herein
will be either exempt from the registration requirements of the 1933 Act or
will be registered in accordance with the 1933 Act.

 

4.3                                 During the Senior
Group Members’ Standstill Period, Bus shall provide the other parties to this
Restructuring Agreement with as much notice as is reasonably practicable of any
voluntary insolvency filing which it proposes to make and promptly after
receiving notice of any commencement or any prospective commencement of an
involuntary insolvency proceeding from or by any Person.

 

5                                         NORDIC’S OBLIGATIONS

 

5.1                                 Nordic hereby
undertakes and agrees, until the Termination Date, to:

 

(a)                                  take all requisite
actions as may be necessary to effect the Revised Consent Solicitation and/or
support the Third Party Tender Offer which are under its control;

 

(b)                                 assist the Ad Hoc
Committee and its advisers, to the extent reasonably requested, to identify
Senior Noteholders;

 

(c)                                  finalise the
Restructuring Documents to which it is intended to be a party as contemplated
by the terms of this Restructuring Agreement;

 

(d)                                 distribute the Revised
Consent Solicitation to the holders of the Senior Notes simultaneously with the
commencement of the Third Party Tender Offer;

 

(e)                                  as permitted under
applicable Law, solicit any Senior Noteholders who are not party to this
Restructuring Agreement to support the Revised Consent Solicitation and Third
Party Tender Offer;

 

 

(f)                                    consult with the Ad
Hoc Committee as to any discussions with third parties relating to any
additional working capital funding required post Restructuring by the Group
and/or any proposed additional liquidity facility for the Group;

 

(g)                                 not seek to, nor
acquire or redeem (or cause to be acquired or redeemed), either directly or
indirectly, the Senior Notes or any interests therein and/or beneficial
ownership of, or right to direct the disposition or vote in respect of, any of
the Subordinated Notes and/or the Senior Notes other than in connection with
the Third Party Tender Offer or the Change of Control Offer; and

 

(h)                                 not distribute the
Revised Consent Solicitation to the holders of the Senior Notes unless its form
(save for the terms of the proposed amendments to the Senior Indenture) has
first been approved by the Senior Group Members’ Legal Advisers (provided that
such approval shall not be unreasonably withheld or delayed).

 

5.2                                 Nordic hereby
irrevocably undertakes to Senior Noteholders as follows:

 

(a)                                  Nordic shall, on the
same date as the distribution of the Third Party Tender Offer to Senior
Noteholders, distribute to Senior Noteholders the Revised Consent Solicitation;

 

(b)                                 Nordic shall not
withdraw the Revised Consent Solicitation for the period of 20 Business Days following its
commencement, but shall not extend it;

 

(c)                                  Nordic shall consult
in good faith with the Senior Group Members to finalise the terms of the
Revised Consent Solicitation save with respect to the amendments to the Senior
Indenture proposed therein; and

 

(d)                                 Nordic shall not
modify the terms of the Revised Consent Solicitation after its distribution to
holders of Senior Notes except to cure a bona fide error or ambiguity or to
modify the proposed amendments to the Senior Indenture, provided that any
modification with respect to the terms which relate to, or provide for the
payment of, the Consent Fee or with respect to the timing of or otherwise as to
the effectiveness of, the Senior Supplemental Indenture, may not be made except
with the prior written consent of the Senior Group Members.

 

5.3                                 Nordic
hereby covenants and represents that, following the payment to it by Nordic
Holding of the proceeds of Tranche C, it shall have available to it sufficient
free and unencumbered cleared cash funds to pay the Consent Fee payable with
respect to the Revised Consent Solicitation on the Settlement Date and that it
shall on the Settlement Date pay the Consent Fee to all holders o f the Senior
Notes who have provided (and not withdrawn) consents in response to the Revised
Consent Solicitation as at C/S Closing (assuming that the requisite consents
have been obtained for C/S Closing to occur), and that to the extent the
Consent Fee is not so paid by it, a debt equivalent to the Consent Fee shall be
payable by Nordic to each such holder of Senior Notes provided that if any such
holders have also validly tendered in the Third Party Tender Offer and have
been paid the Tender Offer Price from the Offerors of 104% of the principal face amount of their Senior Notes

 

 

(together with accrued and unpaid interest on those Notes up to T/O
Closing), Nordic’s obligation to such holders in respect of the Consent Fee
shall be deemed satisfied and discharged by such payment of the Tender Offer
Price.

 

6                                         CONTROLLING SHAREHOLDERS’
OBLIGATIONS

 

6.1                                 The
Controlling Shareholders shall until the Termination Date:

 

(a)                                  give
effect to resolutions to issue the Restructuring Shares but shall have no
obligation either to (i) alter the board of Bus and/or Nordic Holding
and/or Nordic except as may be required by this Restructuring Agreement and/or
as agreed in writing by the Controlling Shareholders and the Ad Hoc Committee,
or (ii) give directions to the boards of Bus and/or Nordic in connection
with the Restructuring;

 

(b)                                 refrain from taking
any actions in respect to the unwind of the BV structure which would create any
liabilities against Bus and/or its subsidiaries, and shall not be permitted to
sell or dispose of any of their shares in BV except to each other if relevant;
and

 

(c)                                  not take any steps to
seek to place Bus or any of its subsidiaries into any insolvency proceedings,
other than is expressly contemplated by this Restructuring Agreement.

 

6.2                                 Sch&qout;yen agrees that
for so long as it is a Shareholder of Bus and for the period of two years after
it ceases to be a Shareholder of Bus it shall not, directly or indirectly, own
an interest in, manage, operate, join, control, lend money to or render
financial or other assistance to or participate in or be connected with any
competitor business of Bus or any of its subsidiaries in either Sweden, Norway
or Finland.

 

7                                         REPRESENTATIONS AND
WARRANTIES OF THE CONSENTING NOTEHOLDERS

 

7.1                                 Representations
and Warranties of the Consenting Noteholders

 

Each of the Consenting Noteholders (and, where applicable, in its
capacity as an Offeror, with respect to Clauses 7.1(a), (b) and (d)),
severally and not jointly, hereby represents, warrants and undertakes to each
of Bus, Nordic, BV, Holding AB, the
Controlling Shareholders and the Senior Group Members, as at the date of this
Restructuring Agreement and as at the date it signed this Restructuring
Agreement,

 

(a)                                  it and, if
applicable, the duly authorised attorney acting on its behalf, has all
requisite power, authority and, if applicable, legal capacity to execute and
deliver this Restructuring Agreement, and to consummate the transactions
contemplated hereby. The execution, delivery and performance by each of the
Consenting Noteholders of this Restructuring Agreement has been duly authorised
by all necessary corporate or other organisational action;

 

(b)                                 this Restructuring
Agreement has been and will be, duly and validly executed and delivered by it
and (assuming the due authorisation, execution and

 

 

delivery by the other parties hereto and thereto) this Restructuring
Agreement constitutes when so executed and delivered and will constitute, its
legal, valid and binding obligations enforceable against it in accordance with
its terms, subject to applicable bankruptcy, insolvency, reorganisation,
moratorium, procedural and similar laws affecting creditors’ rights and
remedies generally, and subject, as to enforceability, to general principles of
equity, including principles of commercial reasonableness, good faith and fair
dealing (regardless of whether enforcement is sought in a proceeding at law or
in equity);

 

(c)                                  either (i) it is
the record and beneficial owner of, with fill power to enter into the
Restructuring Agreement and to vote in respect of and/or to dispose of, free
and clear of any and all Liens, that number of Subordinated Notes and/or Senior
Notes (if any) set forth on such Consenting Noteholder’s Restructuring
Agreement Signature Page attached hereto or (ii) it has been engaged
to perform investment management or advisory services on behalf of the
beneficial owner of the Subordinated Notes and/or the Senior Notes with full
power to enter into the Restructuring Agreement and to vote in respect of and/to
dispose of, free and clear of any and all Liens, that number of Subordinated
Notes and/or Senior Notes set forth on such Consenting Noteholder’s
Restructuring Agreement Signature Page attached hereto and in entering
into this Restructuring Agreement will do on the beneficial owner’s behalf so
as to bind it as a Consenting Noteholder and will procure the beneficial owner
to perform its obligations hereunder;

 

(d)                                 it shall agree to
execute and deliver such other documents or agreements and to take such other
action as may be reasonably necessary for the implementation of this
Restructuring Agreement;

 

(e)                                  it will immediately
notify Bus, Nordic, the Senior Group Members, the Controlling Shareholders and
each of the Released Persons in writing if, contrary to the representations and
warranties given by or on behalf of the Consenting Noteholder as part of this
Restructuring Agreement, any Person who is a beneficial owner of, or otherwise
interested in, the Subordinated Notes and/or the Senior Notes effectively
prevents that Consenting Noteholder’s ability in whole or in part to perform or
procure performance of this Restructuring Agreement other than by reason of (i) the
sale, transfer and/or assignment of any of the Subordinated Notes and/or Senior
Notes in accordance with Clause 23.1, Schedule C and Schedule D
hereto, or (ii) the valid exercise of Clause 12 hereof by the Ad Hoc
Committee (acting on behalf of all Consenting Noteholders);

 

(f)                                    it
has familiarised itself with, and agrees to, the terms of the Proposed
Financing as described in Schedule A hereto proposed to be extended
to Bus, Nordic Holding and Nordic, both prior to, and following, the Effective
Date; and

 

(g)                                 the provisions of this
Clause 7 are intended to be directly enforceable by each of the Released
Persons, irrespective of whether or not he or it is a party to this
Restructuring Agreement, pursuant to the Contracts (Rights of Third Parties
Act) 1999.

 

 

7.2                                 Consenting
Noteholder 1933
Act Representations

 

Each of the Consenting Noteholders, severally and not jointly, hereby
represents and warrants to Bus and the Controlling Shareholders, as at the date
of this Restructuring Agreement and as at the date it signed this Restructuring
Agreement, that:

 

(a)                                  it understands and
agrees that the Restructuring Shares it will be acquiring have not been
registered under the 1933 Act and that, accordingly, such Restructuring Shares
will not be transferable except as permitted under various exemptions contained
in the 1933 Act or upon satisfaction of the registration and prospectus
delivery requirements of the 1933 Act.

 

(b)                                 it is either an “accredited
investor” within the meaning of Regulation D under the 1933 Act or is neither a
“U.S. person” within the meaning of Regulation S under the 1933 Act nor a
resident of the United States;

 

(c)                                  neither it, nor any
Person acting on its or their behalf has engaged or will engage in connection
with the issue of the Restructuring Shares in (i) any general solicitation
or general advertising within the meaning of Rule 502(c) under the
1933 Act or (ii) any directed selling efforts within the meaning of Rule 903
under the 1933 Act, unless such solicitation, advertising or selling effort is
then permitted under the 1933 Act.

 

(d)                                 (i) it has such
knowledge and experience in financial and business matters that it is capable
of evaluating the merits and risks of the investment in the Restructuring
Shares and (ii) it must bear the economic risk of their respective
investments in the Restructuring Shares for an indefinite period of time since
the Restructuring Shares have not been registered under the 1933 Act and
therefore cannot be sold unless they are subsequently registered or an
exemption from registration is available.

 

(e)                                  it is acquiring the
Restructuring Shares for investment purposes only, and not with a view to, or
for resale in connection with, any distribution thereof within the United
States within the meaning of the 1933 Act, and it represents and warrants to
Bus that it does not have any contract, undertaking, agreement or arrangement
with any Person to sell, transfer or grant the Restructuring Shares or any
interest therein to any third party.

 

(f)                                    it is acquiring
Restructuring Shares pursuant to an exemption or exemptions from registration
of the Restructuring Shares under the 1933 Act.

 

(g)                                 assuming the accuracy
of the representations and warranties of Bus as set forth in Clause 9 of this
Restructuring Agreement, it believes it has received all the information it
considers necessary and appropriate for deciding whether to acquire the
Restructuring Shares. Such Consenting Noteholder further represents that it has
had an opportunity to ask questions and receive answers from the Group
regarding the terms and conditions of the offering of the Restructuring Shares
and the business, properties, prospects and financial conditions of the Group.
The foregoing, however, does not limit or modify the representations and
warranties of Bus as set forth in Clause 9 of this

 

 

Restructuring Agreement or the right of the Consenting Noteholders to rely thereon.

 

(h)                                 it agrees with Bus as
follows:

 

(i)                                     if Bus delivers
certificates evidencing the Restructuring Shares for which each Consenting
Noteholder has agreed to subscribe, such certificates and each certificate
issued on transfer thereof or in exchange therefor will, to the extent
permitted by Law, bear the following legend:

 

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE OR OTHER SECURITIES LAW, AND MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED OR HYPOTHECATED UNLESS (i) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS
REGISTERED PURSUANT TO, EXEMPT FROM OR NOT SUBJECT TO ANY OTHER APPLICABLE SECURITIES LAWS COVERING SUCH SECURITIES, (ii) THE SALE, TRANSFER,
ASSIGNMENT OR HYPOTHECATION IS MADE OUTSIDE THE UNITED STATES PURSUANT TO
REGULATION S PROMULGATED PURSUANT TO SUCH ACT, (iii) THE SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS MADE
IN ACCORDANCE WITH RULE 144A, IF AVAILABLE, UNDER SUCH ACT, (iv) THE SALE,
TRANSFER, ASSIGNMENT OR HYPOTHECATION IS MADE IN ACCORDANCE WITH RULE 144, IF
AVAILABLE, UNDER SUCH ACT AND THE COMPANY RECEIVES EVIDENCE SATISFACTORY TO THE COMPANY THAT THE
PROVISIONS OF THIS RULE HAVE BEEN COMPLIED WITH, (v) THE SALE,
TRANSFER, ASSIGNMENT OR HYPOTHECATION IS MADE TO THE COMPANY OR SUBSIDIARY OF
THE COMPANY OR (vi) THE
SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS MADE IN ACCORDANCE WITH ANOTHER EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT AND THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF
THESE SECURITIES, REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH
SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND
PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.”

 

(ii)                                  The
certificates representing such Restructuring Shares, and each certificate
issued in transfer thereof or in exchange therefor, will also bear any legend
required under any other applicable securities law.

 

 

(iii)                               Each Consenting
Noteholder consents to Bus making a notation on its records or giving
instructions to any custodian or transfer agent of the Restructuring Shares in
order to implement the restrictions on transfer of the Restructuring Shares set
forth in this Clause 7.

 

(i)                                     any legend shall
be removed or lifted and Bus shall issue a certificate without such legend to
the holder of such Restructuring Shares upon request if (a) the transfer
of such Restructuring Shares has been registered under the 1933 Act and such
transfer is registered pursuant to, exempt from or not subject to any other applicable
securities laws, (b) such Restructuring Shares are sold outside the United
States pursuant to Regulation S, (c) such Restructuring Shares are sold
under Rule 144, if available, promulgated under the 1933 Act and Bus
receives evidence satisfactory to Bus that provisions of Rule 144 have
been complied with, or (d) such
holder provides Bus with an
opinion of counsel (which may be internal counsel) stating that a public sale
or transfer of such Restructuring Shares may be made without registration under
the 1933 Act.

 

7.3                                 With respect to Clause
7.2, the term “Restructuring Shares” shall include the debt obligations that
the Consenting Noteholders will receive in the Public Composition Proceedings.

 

8                                         REPRESENTATIONS AND WARRANTIES OF THE SENIOR GROUP MEMBERS

 

Each of the Senior Group Members, severally and not jointly, hereby
represents, warrants and undertakes to each of Bus, Nordic, BV, Holding AB, the Controlling
Shareholders and the Consenting Noteholders, as at the date of this
Restructuring Agreement and as at the date it signed this Restructuring
Agreement, that:

 

(a)                                  it has all requisite
power, authority and, if applicable, legal capacity to execute and deliver this
Restructuring Agreement. The execution, delivery and performance by each of the
Senior Group Members of this Restructuring Agreement has been duly authorised
by all necessary corporate or other organisational action;

 

(b)                                 this Restructuring
Agreement has been and will be, duly and validly executed and delivered by it
and (assuming the due authorisation, execution and delivery by the other
parties hereto and thereto) this Restructuring Agreement constitutes when so
executed and delivered and will constitute, its legal, valid and binding
obligations enforceable against it in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganisation, moratorium, procedural and
similar laws affecting creditors’ rights and remedies generally, and subject,
as to enforceability, to general principles of equity, including principles of
commercial reasonableness, good faith and fair dealing (regardless of whether
enforcement is sought in a proceeding at law or in equity);

 

(c)                                  either (i) it is
the record and beneficial owner of, with full power to enter into the
Restructuring Agreement and to vote in respect of and/or to dispose of, free
and clear of any and all Liens, the aggregate principal face amount of Senior
Notes set forth above its signature block to this Restructuring

 

 

Agreement or (ii) it has been engaged to perform investment
management or advisory services on behalf of the beneficial owner of the Senior
Notes with full power to enter into the Restructuring Agreement on their behalf
and to vote in respect of and/to dispose of, free and clear of any and all
Liens, the aggregate principal face amount of Senior Notes set forth above its
signature block to this Restructuring Agreement;

 

(d)                                 it shall agree to
execute and deliver such other documents or agreements and to take such other
action as may be reasonably necessary for the implementation of this
Restructuring Agreement and/or the Revised Consent Solicitation and/or the
Third Party Tender Offer provided that this shall not require the Senior Group
Members to incur any out-of-pocket expense;

 

(e)                                  it will immediately
notify Bus, Nordic, the Controlling Shareholders, each of the Released Persons
and Cadwalader (on behalf of the Consenting Noteholders) in writing, if any
Person who is a beneficial owner of, or otherwise interested in, the Senior
Notes effectively prevents that Senior Group Member’s ability in whole or in
part to perform or procure performance of this Restructuring Agreement other
than by reason of (i) the sale, transfer and/or assignment of any of the
Senior Notes in accordance with Clause 23.1, Schedule C and Schedule D
hereto, or (ii) the valid exercise of Clause 12 hereof by the Ad Hoc Committee (acting on behalf of all
Consenting Noteholders) or the Controlling Shareholders (acting jointly); and

 

(f)                                    the provisions of
this Clause 8 (other than (e))
are intended to be directly enforceable by each of the Released Persons,
irrespective of whether or not he or it is a party to this Restructuring
Agreement, pursuant to the Contracts (Rights of Third Parties Act) 1999.

 

9                                         REPRESENTATIONS AND WARRANTIES OF BUS

 

Bus, to the best of its respective knowledge and belief and in relation
to facts pertaining to itself hereby represents and warrants to the Controlling
Shareholders, the Consenting Noteholders and the Senior Group Members, as at
the date of this Restructuring
Agreement, that:

 

9.1                                 So far as it is aware,
having made reasonable inquiries of the chief executive officer and chief
financial officer of Nordic, (a) no Order has been made, petition
presented or resolution passed for its or one of its Restricted Subsidiaries’
(as defined in the Subordinated Indenture or Senior Indenture, as applicable)
insolvency, reorganisation, public composition or liquidation; (b) no insolvency office holder
has been appointed on the whole or part of its or any of its Restricted Subsidiaries’
(as defined in the Subordinated Indenture or Senior Indenture, as applicable)
assets; (c) no enforcement action has been commenced by any secured
creditor (including any security trustee for and on behalf of the Senior
Noteholders) in any jurisdiction; and (d) no proceedings analogous to the
foregoing has been commenced in respect of it or any of its Restricted
Subsidiaries (as defined in the Subordinated Indenture or Senior Indenture, as
applicable) in any jurisdiction.

 

9.2                                 It has all requisite
corporate power, authority and legal capacity to execute and deliver this
Restructuring Agreement, and to perform its obligations hereunder. This

 

 

Restructuring Agreement will be duly and validly executed and delivered
by it and (assuming the due authorisation, execution and delivery by the other
parties hereto) this Restructuring Agreement constitutes when so executed and
delivered its legal, valid and binding obligations enforceable against it in
accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganisation, moratorium, procedural and similar laws affecting creditors’
rights and remedies generally, and subject, as to enforceability, to general
principles of equity, including principles of commercial reasonableness, good
faith and fair dealing (regardless of whether enforcement is sought in a
proceeding at law or in equity).

 

9.3                                 There are 5,000
Ordinary Shares issued and outstanding, no preference shares of Bus issued and
outstanding, and that other than as contemplated hereby there are no agreements
or arrangements in force which provide for the present and future allotment,
issue or transfer of, or grant to any Person the right (whether conditional or
otherwise) to call for the allotment, issue or transfer of any share capital of
Bus (including any option or right of pre-emption or concession).

 

9.4                                 Neither Bus, its
affiliates nor any Person acting on its or their behalf has engaged or will
engage in connection with the issue of the Restructuring Shares in (i) any
general solicitation or general advertising within the meaning of Rule 502(c) under
the 1933 Act or (ii) any directed selling efforts within the meaning of Rule 903
under the 1933 Act.

 

9.5                                 So far as Bus is
aware, having consulted Nordic’s chief executive officer and chief financial
officer, Bus has cancelled, to the extent practicable, all options, warrants or
any other instruments including management fee arrangements issued to any party
by Bus or any of its subsidiaries or Parent Companies of Bus on or prior to the
Effective Date, and Bus warrants that there are no options or warrants in
existence as of the date hereof save to the extent of the Management Incentive
Plan. To the extent that any options or warrants are not cancelled prior to the
Effective Date, Bus agrees that the Consenting Noteholders will be issued
additional Restructuring Shares to preserve the value of the Consenting
Noteholders’ 97.5% equity interest in Bus upon the Effective Date and the
Controlling Shareholders will be entitled to subscribe for new shares on terms
which preserve the value of their 2.5% equity interest in Bus.

 

10                                  REPRESENTATIONS AND
WARRANTIES OF THE CONTROLLING SHAREHOLDERS

 

Each of Goldman Sachs and Sch&qout;yen, severally and not jointly, hereby
represent and warrant to the Consenting Noteholders and the Senior Group
Members, as at the date of this Restructuring Agreement, that:

 

10.1                           (a) No Order has been
made, petition presented or resolution passed for the insolvency,
reorganisation, public composition or liquidation of either of them; (b) no
insolvency office holder has been appointed on the whole or part of the assets
of either of them; (c) no enforcement action has been commenced by any secured or pledge creditor; and
(d) no proceedings analogous to the foregoing has been commenced in respect of either of them.

 

10.2                           It and, if applicable, the
duly authorised attorney acting on its behalf, has all requisite corporate
power, authority and, if applicable, legal capacity to execute and deliver this

 

 

Restructuring Agreement, and to consummate the transactions
contemplated hereby. The execution, delivery and performance by each of Goldman
Sachs and Sch&qout;yen of this Restructuring Agreement has been duly authorised by
all necessary corporate or other organisational action on its behalf. This
Restructuring Agreement has been and will be, duly and validly executed and
delivered by each of Goldman Sachs and Sch&qout;yen and (assuming the due
authorization, execution and delivery by the other parties hereto and thereto)
this Restructuring Agreement constitutes when so executed and delivered and
will constitute, their legal, valid and binding obligations enforceable against
each of Goldman Sachs and Sch&qout;yen in accordance with their respective terms,
subject to applicable bankruptcy, insolvency, reorganisation, moratorium,
procedural and similar laws affecting creditors’ rights and remedies generally,
and subject, as to enforceability, to general principles of equity, including
principles of commercial reasonableness, good faith and fair dealing (regardless
of whether enforcement is sought in a proceeding at law or in equity).

 

10.3                           It neither owns outright,
nor has any beneficial interest in the Subordinated Notes and/or the Senior
Notes as of the date of this Restructuring Agreement (which, for the avoidance
of doubt, in the case of each of the Goldman Sachs Parties applies to those
named entities alone and not any Affiliates of those entities or of Goldman
Sachs International or other entities owned or controlled by either Goldman,
Sachs & Co. or Goldman
Sachs International respectively).

 

11                                  COVENANTS

 

11.1                           General

 

From the date of its signing the Restructuring Agreement and throughout
the remainder of the Subordinated Notes’ Standstill Period except (i) as
otherwise expressly provided by this Restructuring Agreement, (ii) in
connection with the Proposed Financing and/or the Subordinated Indenture and/or
the Revised Consent Solicitation and/or the Third Party Tender Offer, or (iii) with
the prior written consent (such consent not to be unreasonably withheld or
delayed) of the Ad Hoc Committee and the Controlling Shareholders (acting jointly), Bus covenants to the
Controlling Shareholders and to the Consenting Noteholders that Bus shall not,
except as contemplated by this Restructuring Agreement:

 

(a)                                  appoint or remove any
director or officer or pay or agree to pay any performance related bonus to any
director or officer or make any award or grant to any director under any
incentive scheme or bonus plan;

 

(b)                                 enter
into any transactions, other than in the ordinary course of business for
arms-length consideration or in a manner permitted by this Clause 11.1, either
individually, or in a series of transactions, which value in aggregate exceeds
the amount of EUR 1 million in
any twelve month period:

 

(i)                                     giving any
guarantees or fulfilling any obligation(s) to pay damages; or

 

(ii)                                  granting consents for
the lease, sale, pledge, mortgage, encumbrance or transfer of any part of the
property of the Group;

 

 

(c)                                  sell, transfer,
lease, acquire, or otherwise dispose of any shares in any other company or of
all or any material part of its present or future undertaking, material assets,
rights or revenues whether by a single transaction or a series of transactions
whether related or not, save for:

 

(i)                                     disposals on arms
length commercial terms of assets which are surplus to operational
requirements;

 

(ii)                                  arms-length disposals
in the ordinary course of business (for sake of clarity, such disposals include
sales of buses);

 

(iii)                               intra-Group disposals
for the purposes of facilitating the Restructuring;

 

(iv)                              disposals of cash on
terms contemplated and not otherwise prohibited, by this Restructuring
Agreement; and

 

(v)                                 any other disposal for
consideration not exceeding EUR 100,000 subject to an aggregate limit of EUR 1
million in any twelve month period.

 

(d)                                 issue equity (or
otherwise change its capital structure in any way not contemplated by this
Restructuring Agreement including, for the avoidance of doubt, any steps which
may involve the issue of any new debt, shares, warrants or options to acquire
any new shares other than shares issued on the exercise or conversion of
securities existing as at the date of this Restructuring Agreement) or increase
its authorised shares for any purpose other than to facilitate the
Restructuring;

 

(e)                                  pay any dividends;

 

(f)                                    enter into or amend
any employment or collective bargaining agreements;

 

(g)                                 adopt or amend any
management compensation schemes; 

 

and Bus will use reasonable endeavours to:

 

(h)                                 operate its business
and activities in the ordinary course and in such a manner as to ensure that no
act or event occurs during the Subordinated Notes’ Standstill Period without
the consent of the Ad Hoc Committee which would reasonably be expected to
result in a breach of any warranties set out herein;

 

(i)                                     disclose forthwith
in writing to the Ad Hoc Committee and the Controlling Shareholders any matter or
thing which is inconsistent with
Bus’ covenants herein;

 

(j)                                     disclose
forthwith in writing to the Ad Hoc Committee details of any material contingent
liability of which it is aware which may relate to it or any subsidiary, which
may be reasonably expected to have a material adverse effect upon the
Restructuring and/or the Restructuring Steps, and which was not otherwise
notified to the Ad Hoc Committee prior to the date of this Restructuring
Agreement;

 

 

(k)                                  submit
for the Ad Hoc Committee’s review any Restructuring Documents prior to the
release to all Subordinated Noteholders or Senior Noteholders for the purpose
of soliciting those Noteholders’ agreement or approval to such documentation;

 

(l)                                     insofar as it
becomes aware of the identity of the Subordinated Noteholders other than
Consenting Noteholders, and to the extent permitted by its duties of
confidentiality and applicable Law, inform the Ad Hoc Committee of the identity
of the Subordinated Noteholders provided that it shall not be obliged to do so
if it has been specifically requested by a Subordinated Noteholder not to
identify such Subordinated Noteholder;

 

(m)                               agree to the
satisfaction of the Ad Hoc Committee the material terms of any proposals
(provided for in this Restructuring Agreement or otherwise to facilitate the
Restructuring) to be put to its Shareholders for approval;

 

(n)                                 consult with the Ad
Hoc Committee and the Ad Hoc Committee’s Advisers in relation to the
Restructuring Documents;

 

(o)                                 not, except with the
written consent of the Controlling Shareholders, agree to, and will use all
voting powers and contractual rights available to it so as to prevent Nordic
Holding and/or Nordic from agreeing to (i) any alteration of or waiver or
indulgence in relation to any of the terms or timing of the proposed
Restructuring, (ii) any alteration of or waiver or indulgence in relation
to the terms of any of the arrangements (including each of the Financing
Documents) entered into by Bus, Nordic Holding and/or Nordic in connection with
the Restructuring, the Proposed Financing and/or this Restructuring Agreement,
or (iii) any new arrangements or agreements relevant to any of them
except, in each case, agreements which (a) are not financing agreements
(other than bus leases and equivalent arrangements), (b) are entered into in the ordinary course of operating
the bus and transportation businesses of Nordic’s subsidiaries and (c) are
permitted under the Financing Documents;

 

(p)                                 provide to the
Controlling Shareholders, as and when requested by them, all information known
to the directors of Bus or reasonably obtainable by them from Nordic Holding in
relation to any matter relevant to any of the Financing Documents, the
Restructuring or the Proposed Financing, including full details of any
negotiations or material communications with any of their creditors. After the
Effective Date, information provisions by Bus will be governed by the
Shareholders Agreement; and

 

(q)                                 to
make all material securities and other necessary filings and announcements in
connection with the matters contemplated by this Restructuring Agreement as and
when necessary to comply with all applicable laws and regulations and to
refrain from breaching any such laws or regulations by failing to make any such
filings or announcements or making them defectively. It is acknowledged by Bus
that the Controlling Shareholders will not be in a position to procure
compliance with these requirements.

 

 

11.2                        The Proposed Financing

 

(a)                                  Notwithstanding
anything in this Restructuring Agreement to the contrary, the parties hereto
agree the entry by Bus and its subsidiaries into the Financing Documents and
implementation of the Proposed Financing by them will not violate any provision
of the Restructuring Agreement or any of their rights under any of the
Financing Documents.

 

(b)                                 Each Consenting
Noteholder who is participating in the Proposed Financing or Third Party Tender
Offer acknowledges that it has carried out its own due diligence in relation to
the risks associated with the Proposed Financing and the Third Party Tender
Offer and agrees that no Claim will be brought against Bus, BV, Holding AB,
Nordic Holding and/or Nordic or the Senior Group Members or any of their
officers or advisers in respect
of any Loss arising from any matter of which it or its advisers have been made
aware.

 

(c)                                  Each Consenting
Noteholder who is also a Lender or who acquires Restructuring Shares in the
Restructuring or Senior Notes in the Third Party Tender Offer agrees to
exercise all voting powers and enforce all contractual rights the exercise of
which it has the power to control so as to require the Financing Documents to
be performed in accordance with their terms at the date of this Restructuring
Agreement.

 

11.3                        Periodic filing

 

From the date hereof, Bus agrees to file with the U.S. Securities and
Exchange Commission all periodic and other reports required of foreign private
issuers (as that term is defined in the 1934 Act) by the 1934 Act.

 

12                                  TERMINATION

 

12.1                           Subject to Clause 12.8, the
Consenting Noteholders’ obligations to the other parties to this Restructuring
Agreement (save for the obligations of the Offerors set out in Clause 2.4 and
those owed to Nordic and the Senior Group Members) and their rights under this
Restructuring Agreement (without prejudice to their rights in respect of prior
breaches) shall terminate upon the Ad Hoc Committee (acting on behalf of all
Consenting Noteholders) serving a written termination notice in accordance with
Clause 12.5 in the circumstances set out below:

 

(a)                                  Material Adverse Change: a
material adverse change to the financial position or business prospects of Bus
or its subsidiaries taken as a whole occurs between the date hereof and the
Effective Date (which shall not include the making or funding of the Change of
Control Offer under the Third Party Tender Offer and/or the Revised Consent
Solicitation) provided, that this shall not entitle any p arty to serve
notice o f termination where it is a result of a matter disclosed to the Ad Hoc
Committee’s Advisers prior to the date of this Restructuring Agreement;

 

(b)                                 Material Breach of
Obligations: Bus and/or Nordic is in material breach of its obligations
to the Ad Hoc Committee under this Restructuring Agreement

 

 

which is not remedied within 10 Business Days of written notice of the
breach being given to the party in breach; and

 

(c)                                  By Agreement: as may be agreed in writing between the
Ad Hoc Committee, Bus, BV, Holding AB and the Controlling Shareholders (acting
jointly)

 

12.2                           Subject to Clause 12.8, the
Controlling Shareholders’ obligations to the other parties to this
Restructuring Agreement and their rights under this Restructuring Agreement
(without prejudice to their rights in respect of prior breaches) shall
terminate upon them serving a written termination notice in accordance with
Clause 12.5 where (i) there is a refusal by any Lender, or where any of
them intimates that it considers itself entitled to refuse, to advance its
respective portion of Tranche A and/or Tranche C of the Mezzanine Facility or (ii) upon
a termination under Clause 12.1.

 

12.3                           Nothing
in Clauses 12.1 to 12.2 shall:

 

(a)                                  relieve any party to
this Restructuring Agreement of any obligation under this Restructuring Agreement or otherwise to implement
the Third Party Tender Offer or the Revised Consent Solicitation as required
under this Restructuring Agreement or otherwise;

 

(b)                                 allow the termination
of any right or obligation under this Restructuring Agreement as a consequence
of a termination by the Senior Group Members in accordance with Clause 12.4 or otherwise; or

 

(c)                                  allow the termination
by the Ad Hoc Committee of any right or obligation under this Restructuring
Agreement, as a consequence of any failure of any party to this Restructuring
Agreement to perform any of its obligations arising under this Restructuring
Agreement or otherwise, to implement the Third Party Tender Offer or the
Revised Consent Solicitation.

 

12.4                           Subject to Clause 12.8, the
Senior Group Members’ obligations to the other parties to this Restructuring
Agreement and their rights under this Restructuring Agreement (without
prejudice to their rights in respect of prior breaches and without terminating
any other rights they may have otherwise than under this Restructuring
Agreement including under the Third Party Tender Offer) shall terminate upon
the Senior Group Members (acting jointly) serving written termination notice in
accordance with Clause 12.5 where:

 

(a)                                  the Revised Consent
Solicitation is withdrawn, or its withdrawal is announced by Nordic, in breach
of its terms and/or this Restructuring Agreement;

 

(b)                                 the Third Party Tender
Offer is withdrawn, or its withdrawal is announced by the Offerors, in breach
of its terms and/or this Restructuring Agreement;

 

(c)                                  the Revised Consent
Solicitation and/or the Third Party Tender Offer fail to close by 1 September 2005;

 

(d)                                 the Third Party Tender
Offer or the Revised Consent Solicitation are not commenced in accordance with
this Restructuring Agreement;

 

 

(e)                                  Tranche C is not
advanced by the Lenders to Nordic Holding, and Nordic Holding has not
contributed the proceeds thereof to Nordic, by 25 July 2005; or

 

(f)                                    the
Consent Fee and the Tender Offer Price are not paid to the consenting and/or
tendering holders of Senior Notes, as applicable, on the Settlement Date.

 

12.5                           In the event of termination of certain
rights and obligations hereunder by the Ad Hoc Committee, the Controlling
Shareholders (acting jointly) or the Senior Group Members (acting jointly)
pursuant to any provision of Clauses 12.1 to 12.4 above, a written notice
thereof shall forthwith be given to the other parties as detailed in Clause
23.12 hereof.

 

12.6                           Without prejudice to the
foregoing, if the Longstop Date shall occur before the Effective Date, this
Restructuring Agreement shall terminate on the Long Stop Date and shall, except
in respect of prior breaches, cease to have any further force or effect.

 

12.7                           In the event that this
Restructuring Agreement is (or the obligations of any parties hereto are)
validly terminated as provided herein otherwise than as a consequence of
completion of the Restructuring, then each of the relevant parties shall be relieved
of their duties and obligations arising under this Restructuring Agreement after
the date of such termination and such termination shall be without Liability to
any of the other parties hereto; provided, however, that nothing in this
Clause 12.7 shall relieve any party
hereto of any Liability for a breach of this Restructuring Agreement or as
arises under Clauses 23.3, 23.4 and 23.5 hereof.

 

12.8                           For the avoidance of doubt,
after a termination under Clause 12.1, 12.2 or 12.4, the following provisions
shall remain in full force and effect:

 

(a)                                  On a termination
under Clause 12.1(a) or (b), Clauses 1, 3, 5, 6, 7, 8, 9, 10, 11, 13, 15,
17 and 23.3 to 23.16, and, until the earlier of the Settlement Date or
termination under Clause 12.4, Clauses 2.1(f), (g), (h), (j) through (p), 2.2, 2.4
and 2.5 and 23.1 (insofar as it applies to any Senior Group Member).

 

(b)                                 On a termination under
clause 12.1(c); such Clauses as the terminating parties may agree, provided
that the rights and obligations of the Senior Group Members shall survive
unless they otherwise agree, including (without limitation) with respect to
termination under this Clause 12, the Third Party Tender Offer and the Revised
Consent Solicitation (including, until the earliest of the Settlement Date or
termination under Clause 12.4, Clauses 2.1(f), (g), (h), (j) through (p), 2.2,
2.4 and 2.5 and 23.1 (insofar as it applies to any Senior Group Member)).

 

(c)                                  On a termination
under Clause 12.2, following a termination under Clause 12.1(a) or (b),
Clauses 1, 3, 5, 6, 7, 8, 9, 10, 11, 13, 15, 17 and 23.3 to 23.16, and, until
the earlier of the Settlement Date or termination under Clause 12.4, Clauses 2.1(f),
(g), (h), (j) through (p), 2.2, 2.4 and 2.5 and 23.1 (insofar as it applies to
any Senior Group Member).

 

 

(d)                                 On a termination under
Clause 12.4; all Clauses except insofar as they contain covenants on the part
of the Senior Group Members (in their capacity as such), save for Clause 8 which shall continue in fill force
and effect, or contain covenants on the part of Nordic.

 

12.9                           This
Restructuring Agreement will continue in full force and effect from and after
the Effective Date insofar as not previously terminated or performed.

 

13                                  RELEASES BY THE CONTROLLING SHAREHOLDERS

 

13.1                           As
of and from the Effective Date (and with respect to the Senior Group Members,
the Settlement Date) each of the Controlling Shareholders shall irrevocably
release, waive and discharge each of the other parties hereto and their
Affiliates and each of those parties’ Representatives from any and all Claims
accrued up to that time (other than a Claim for any Loss caused by fraud or
wilful misconduct) in connection with such Controlling Shareholders’ investment
and/or shareholdings in the Group other than any Claim for breach of this
Restructuring Agreement.

 

13.2                           The provisions of this
Clause 13 shall not apply to:

 

(a)                                  any Claim in respect
of a Loss insofar as it results directly or indirectly from a Claim against any
Released Person by a company in the Group, a Senior Group Member, a Consenting
Noteholder or a Shareholder or from a Claim against a company in the Group;

 

(b)                                 any
right to require any company in the Group to
perform its obligations under this Restructuring Agreement, the Revised
Consent Solicitation, the Third Party Tender Offer Documents or any of the
Financing Documents;

 

(c)                                  any right to require
any company in the Group to enforce any directors and officers’ insurance to
which it is a party for the benefit of any Released Person; or

 

(d)                                 any future right under
the Shareholders’ Agreement or constitutive documents of Bus.

 

13.3                           Nothing
in this Clause 13 shall limit or
release the obligations of the parties under this Restructuring Agreement.

 

14                                  RELEASES BY CONSENTING NOTEHOLDERS

 

14.1                           From the date on which it
becomes bound by the terms of this Restructuring Agreement (including under
Clause 23.2), each Consenting Noteholder (acting as a holder or former holder
of the Subordinated Notes and, where it holds any, the Senior Notes) will
release and refrain from:

 

(a)                                  pursuing any Claim
(other than a Claim for any Loss caused by the fraud or wilful misconduct of
any Released Person or any Claim for breach of this Restructuring Agreement)
against any Released Person in respect of a Waived Loss and any Claim against
any other Person which, directly or indirectly,

 

 

gives rise to a right for any Person to pursue a Claim against a
Released Person in respect of any Waived Loss; and/or

 

(b)                                 seeking to recoup, in
whole or in part (whether directly or through Bus and/or Nordic) the
contribution made by Bus in accordance with Clause 22.2 hereof or made
separately by Nordic in relation to matters contemplated by this Restructuring
Agreement.

 

14.2                           On any termination under
Clause 12.1, the releases, waivers or discharges given by Consenting
Noteholders in this Clause 14 shall be rescinded forthwith and cease to have
any effect.

 

14.3                           Each Consenting Noteholder
also agrees that during the Subordinated Notes’ Standstill Period and
thereafter, for so long as it is a Shareholder of Bus, it shall not (whether
acting individually, collectively or in concert with other parties) bring any
Claims (other than a Claim for any Loss caused by fraud or wilful misconduct)
against any companies in the Group or their Representatives, any Released Persons
or support any action(s) by companies in the Group to bring Claims against any
Representatives of companies in the Group (other than a Claim for any Loss
caused by fraud or wilful misconduct), and shall use all voting and other
powers and rights available to it to prevent any company in the Group bringing
any Claim against a Released Person in respect of a Waived Loss.

 

14.4                           Each Consenting Noteholder
agrees that, while it is a Shareholder, it will promptly enforce all rights and
exercise all powers available to it to (i) prevent each company in the
Group from seeking to bring any Claim in respect of any payment made pursuant
to this Restructuring Agreement, or any payment made separately by Nordic in
relation to matters contemplated by this Restructuring Agreement, to a
Controlling Shareholder or any company through which it is indirectly
interested in Bus and (ii) cause Bus to comply with Clause 16.

 

14.5                           The provisions of this
Clause 14 are intended to be
directly enforceable by each of the Released Persons, irrespective of whether
or not he or it is a party to this Restructuring Agreement, pursuant to the
Contracts (Rights of Third Parties) Act 1999.

 

14.6                           Nothing in this Clause 14
shall limit or release the obligations of the parties under this Restructuring
Agreement.

 

15                                  RELEASES BY SENIOR GROUP MEMBERS

 

15.1                           From the date on which it
becomes bound by the terms of this Restructuring Agreement, each Senior Group
Member (acting as a holder or former holder of the Senior Notes) will release
and refrain from:

 

(a)                                  pursuing any Claim
(other than a Claim for any Loss caused by the fraud or wilful misconduct of
any Released Person or any Claim for breach of this Restructuring Agreement)
against any Released Person in respect of a Waived Loss and any Claim against
any other Person which, directly or indirectly, gives rise to a right for any
Person to pursue a Claim against a Released Person in respect of any Waived
Loss; and/or

 

 

(b)                                 seeking
to recoup, in whole or in part (whether directly or through Bus and/or Nordic)
the contribution made by Bus and/or Nordic in accordance with Clause 22.2
hereof.

 

15.2                           On any termination under
Clause 12.4, the releases, waivers or discharges given by Senior Group Members
in this Clause 15 shall be rescinded forthwith and cease to have any effect.

 

15.3                           Each Senior Group Member
also agrees that during the Senior Group Members’ Standstill Period, it shall
not (whether acting individually, collectively or in concert with other
parties) bring any Claims (other than a Claim for any Loss caused by fraud or
wilful misconduct) against any companies in the Group or their Representatives,
any Released Persons or support any action(s) by companies in the Group to
bring Claims against any Representatives of companies in the Group (other than
a Claim for any Loss caused by fraud or wilful misconduct), and shall use
(provided it shall not be obliged to incur any out-of-pocket expense) all
voting and other powers and rights available to it to prevent any company in
the Group bringing any Claim against a Released Person in respect of a Waived
Loss.

 

15.4                           Each Senior Group Member
agrees that, while it is a Senior Noteholder, it will (provided it shall not be
obliged to incur any out-of-pocket expense) promptly enforce all rights and
exercise all powers available to it to (i) prevent each company in the
Group from seeking to bring any Claim in respect of any payment made pursuant
to this Restructuring Agreement, or separately by Nordic in relation to matters
contemplated by this Restructuring Agreement, to a Controlling Shareholder or
any company through which it is indirectly interested in Bus and (ii) cause
Nordic to comply with Clause 17.

 

15.5                           The provisions of this
Clause 15 are intended to be directly enforceable by each of the Released Persons,
irrespective of whether or not he or it is a party to this Restructuring
Agreement, pursuant to the Contracts (Rights of Third Parties) Act 1999.

 

15.6                           Nothing in this Clause 15
shall limit or release the obligations of the parties under this Restructuring
Agreement.

 

16                                  RELEASES BY BUS

 

16.1                           From the date on which
shares are issued by Bus pursuant to the Restructuring (and with respect to
Senior Group Members, as from the Settlement Date), Bus shall use reasonable
endeavours to procure its subsidiaries to, and Bus shall, irrevocably release,
waive and discharge each of the other parties hereto and their Affiliates and
every other company in the Group, each of those parties’ Representatives and
the Released Persons from any and all Claims (other than a Claim for any Loss
caused by fraud or wilful misconduct) in connection with their investment
and/or shareholdings in the Group or any securities issued by the Group other
than any Claim for breach of this Restructuring Agreement.

 

16.2                           The provisions of this
Clause 16 are intended to be
directly enforceable by each of the Released Persons, irrespective of whether
or not he or it is a party to this

 

 

Restructuring Agreement, pursuant to the Contracts (Rights of Third
Parties) Act 1999.

 

16.3                           Nothing in this Clause 16 shall limit or release the
obligations of the parties under this Restructuring Agreement.

 

17                                  RELEASES BY NORDIC

 

17.1                           From the Settlement Date,
Nordic shall procure its subsidiaries to, and Nordic shall, irrevocably
release, waive and discharge each of the other parties hereto and their
Affiliates and every other company in the Group, each of those parties’
Representatives and the Released Persons from any and all Claims (other than a
Claim for any Loss caused by fraud or wilful misconduct) in connection with
their investment and/or shareholdings in the Group or any securities issued by
the Group other than any Claim for breach of this Restructuring Agreement.

 

17.2                           The provisions of this
Clause 17 are intended to be directly enforceable by each of the Released
Persons, irrespective of whether or not he or it is a party to this
Restructuring Agreement, pursuant to the Contracts (Rights of Third Parties)
Act 1999.

 

17.3                           Nothing in this Clause 17
shall limit or release the obligations of the parties under this Restructuring
Agreement.

 

18                                  SHAREHOLDERS’ AGREEMENT

 

Upon the date on which the Restructuring is completed by the issue of
Restructuring Shares, and prior to the distribution of any Restructuring Shares
to Consenting Noteholders or to the Controlling Shareholders, all Consenting
Noteholders and the Controlling Shareholders shall enter into a new shareholders agreement in the
agreed form (the “Shareholders’
Agreement”).

 

19                                  IMPLEMENTATION OF THE RESTRUCTURING

 

19.1                           The exchange of the Subordinated
Notes for the Restructuring Shares will be implemented through the
Restructuring Steps (either the Proceedings Steps and the Private Subscription
Steps or the Private Subscription Steps alone as described herein and in Schedule E hereto).

 

19.2                           Should for any reason the
number of Consenting Noteholders who are signatories to this Restructuring
Agreement hold 99% or more of the Subordinated Notes (or such lower number as
may be agreed between Bus and the Ad Hoc Committee, each acting reasonably),
then the Private Subscription Steps alone may be used at the election of Bus
and the Ad Hoc Committee to implement the Restructuring, without the use of
either Swedish Reorganisation Proceedings or Public Composition Proceedings.
Where such an election is not made or cannot be made, then the Restructuring
shall be implemented by the combination of the Proceedings Steps and a Private
Subscription for the Subordinated Notes.

 

 

19.3                           Proceedings Steps

 

(a)                                  The Proceedings Steps
shall comprise a combination of Swedish Reorganisation Proceedings, Public
Composition Proceedings and a Private Subscription for the Subordinated Notes
and shall be undertaken by Bus in conjunction with each other.

 

(b)                                 By signing this
Restructuring Agreement and for the purposes of the Proceedings Steps, each
Consenting Noteholder agrees in the Public Composition Proceedings (i) to
the reduction of the face amount of their Subordinated Notes from 100% down to 25% (or such lower percentage as may be agreed by the court), (ii) such
changes to the reduced debt obligation relating to denomination, priority and
interest as may be agreed by the court, (iii) to irrevocably tender that
reduced debt obligation to Bus in consideration for receiving Restructuring
Shares outside of the Swedish court process via a Private Subscription for the
Subordinated Notes, (iv) not to retain, or expect to receive from Bus any
cash payment in respect of, that reduced debt obligation and (v) to use
all powers and rights available to it to ensure that the Proceedings Steps are
implemented as rapidly as reasonably practicable.

 

19.4                           Private
Subscription Steps

 

(a)                                  The Private
Subscription Steps shall involve Bus offering to Consenting Noteholders an
exchange of their Subordinated Notes for Restructuring Shares by means of a
private subscription of Restructuring Shares for Subordinated Notes (the “Private Subscription”) and each Consenting Noteholder agrees
to use all powers and rights available to it to ensure that the Proceedings
Steps are implemented as rapidly as reasonably practicable. No public
disclosure document will be produced and the Private Subscription shall be
carried out in consultation with
the Restructuring Trustee, upon the terms and subject to the conditions set out
in this Restructuring Agreement and any other necessary subscription documents.

 

(b)                                 The Private
Subscription for the Subordinated Notes may be utilised by Bus on a stand alone
basis where there are more than 99% (or such lower number as may be agreed
between Bus and the Ad Hoc Committee, each acting reasonably) of Subordinated
Noteholders who are signatories to the Restructuring Agreement, or at the
conclusion of the Public Composition Proceedings. In the Private Subscription,
Bus will deliver (directly or indirectly through the Restructuring Trustee
acting on behalf of the Consenting Noteholders) to each of the Consenting
Noteholders a number of Restructuring Shares equal to its pro-rata entitlement
to Restructuring Shares as provided under the terms of this Restructuring
Agreement, with Consenting Noteholders receiving in aggregate 97.5% of the
Restructuring Shares between them and no other Noteholders receiving any shares
in Bus.

 

(c)                                  In the Private
Subscription each Consenting Noteholder agrees:

 

(i)                                     to subscribe
(directly or indirectly through the Restructuring Trustee) for the number of
Restructuring Shares to which it is entitled under the terms of this
Restructuring Agreement; and

 

 

(ii)                                  to transfer its
claims against Bus in respect of the Subordinated Notes to the Restructuring
Trustee. The amount payable by the Restructuring Trustee to Bus in respect of
the subscription price for the Restructuring Shares and the amount payable
respectively by Bus in respect of the Subordinated Notes (whether or not payable now or at a
future date and whether or not fully or partially reduced following the
Proceeding Steps) shall upon the conclusion of the Restructuring Steps be set
off against one another in full discharge of each party’s obligations to the
other in respect thereof.

 

19.5                           On the Effective Date, each Consenting
Noteholder will be allotted and issued the number of Restructuring Shares
(rounded down to the nearest whole number of Restructuring Shares) equal to the
percentage that its aggregate interest in the Subordinated Notes bears to the aggregate
principal amount of all Subordinated Notes held by Consenting Noteholders which
participate in the Private Subscription, whether undertaken on a stand alone
basis or in conjunction with the Proceedings Steps, and the Controlling
Shareholders or their nominated recipients will be allotted and issued
Restructuring Shares in the proportions notified by them to Bus or, in the
absence of notification, equally in numbers which ensure that their aggregate
holdings, including shares held at the date of this Restructuring Agreement,
are 2.5% of all ordinary shares
of Bus in issue immediately after this Clause 19 is implemented.

 

20                                  BOARD ISSUES

 

20.1                           On the
date hereof the Controlling Shareholders shall procure:

 

(a)                                  that their four
nominated non-executive directors of Bus (being The Honourable Richard Simon
Sharp and Steven Richard Sher of Goldman Sachs and Frode Larsen and Harald Aernkvaern
of Sch&qout;yen) shall resign their offices in favour of the election of three
non-executive directors of Bus being Christopher John Hughes, Antonio
Maximillian Alvarez III and Gina Gemano respectively;

 

(b)                                 that their four
nominated non-executive directors of Nordic Holding (being The Honourable
Richard Simon Sharp and Steven Richard Sher of Goldman Sachs and Frode Larsen
and Harald Aernkvaern of Sch&qout;yen) shall resign their offices in favour of the
election of three non-executive directors of Nordic Holding, being Christopher
John Hughes, Antonio Maximillian Alvarez III and Ragnar Norback respectively;
and

 

(c)                                  the resignation of
Per Skargard as a non-executive director of Nordic in favour of Ragnar Norback
and the election of Antonio Maximillian Alvarez III as a non-executive director
of Nordic to serve alongside Christopher John Hughes, who shall continue in
office. For the avoidance of doubt, the resignation of Per Skargard in
accordance with this Clause will not prejudice his entitlement to a
compensation bonus and is being done at the request of Bus and the Controlling
Shareholders.

 

 

20.2                           On the
date hereof:

 

(a)                                  Ragnar Norback shall
be appointed as the new chief executive officer of Bus, Nordic Holding and
Nordic respectively and Per Skargard shall be appointed as the new chief
financial officer of Bus and Nordic, each appointment to take effect
immediately.

 

(b)                                 Bus and its
subsidiaries shall take all necessary steps to ensure that those directors
resigning their offices in accordance with Clause 20.1 hereof shall have the
benefit of appropriate directors’ and officers’ liability insurance coverage
for a period of six years after the signing of this Restructuring Agreement and
Bus shall appoint Advokatfirman Lindahl to act as its agent to ensure that such
obligation is fulfilled.

 

20.3                           Upon the Effective Date, the
board of Bus shall comprise four non-executive directors, each nominated by the
Ad Hoc Committee.

 

21                                  MANAGEMENT INCENTIVE PLAN

 

21.1                           A management incentive plan
in the agreed form has been adopted prior to the date hereof for the top 7
employees in the Group (CEO and CFO of Bus and 5 managing directors of the operating
companies).

 

21.2                           The exercise of the options
under the plan will result in the issuance of new ordinary shires of Bus, which
will dilute, pro rata, and on an equal ranking basis, the shares of the
Controlling Shareholders and the Restructuring Shares of the Consenting
Noteholders respectively.

 

22                                  CLOSING ARRANGEMENTS

 

22.1                           As soon as possible after
completion of the Proceedings Steps or the satisfaction of Clause 19.4(b) hereof,
the Restructuring Shares to
which they are entitled shall be issued to Consenting Noteholders and, if
applicable, to each of Goldman Sachs and Sch&qout;yen or to such person or persons
as they may direct and in such proportions as they may direct, pursuant to the
Private Subscription Steps, but only after each of them and Bus shall have
executed the Shareholders’ Agreement.

 

22.2                           Unless it has previously by
then been paid by Nordic, in which case Bus shall have no liability to the
Controlling Shareholders, Bus shall, on the first business day after the day on
which shares are issued pursuant to the Restructuring, make a payment to each
of the Controlling Shareholders or the person(s) they nominate for the purpose
and (in the proportions notified by them) of EUR 1.5 million in aggregate (but
not with VAT in addition) either in cash or, if agreed by the Controlling
Shareholders, in kind, towards the costs and expenses arising out of the
collapse and/or unwinding of the BV structure and the costs of advice received by either of the Controlling
Shareholders, or which they have procured to be provided to the directors of
Bus, in relation to the Restructuring.

 

22.3                           Bus acknowledges that it
will obtain a significant commercial benefit from the Controlling Shareholders
entering into this Restructuring Agreement and that it considers its obligation
in Clause 22.2, namely the guarantee of Nordic’s obligation to the Controlling
Shareholders, to be reasonable.

 

 

23                                  ADDITIONAL MATTERS

 

23.1                           Restrictions on the Consenting Noteholders and the Senior Group Members

 

(a)                                  Each Consenting
Noteholder and Senior Group Member hereby irrevocably agrees that it shall not
sell, transfer or assign any of its Subordinated Notes and/or its Senior Notes
as the case may be, any interest therein, or any Claim such Consenting
Noteholder has released pursuant to Clause 14.1 or such Senior Group Member has
released pursuant to Clause 15, to any Person (each a “transfer
arrangement”) unless such Person prior to any transfer or assignment
(a) enters into a written undertaking in favour of the other parties
hereto in the form attached at Schedule C agreeing to be bound by
the terms of this Restructuring Agreement as if such Person were a Consenting
Noteholder or a Senior Group Member in respect of the Notes to which the sale,
transfer or assignment relates, (b) procures the completion of an executed
Deed of Adherence in accordance with Schedule D hereto, and (c) the
Claim and the related Notes, and all rights and interests therein, are assigned
to the same Person at the same time, provided that no Senior Group
Member may enter into any transfer arrangement on any basis later than the 15th Business Day after
the date of this Restructuring Agreement.

 

(b)                                 The Restructuring
Shares to be issued to Consenting Noteholders pursuant to the Restructuring
must be issued direct to Consenting Noteholders entitled to them and they shall
be the only Shareholders of those shares. No assignment, transfer o r
declaration oft rust of any interest in any such shares, or of any right to
receive them pursuant to the Restructuring, or any Claim referred to in this
Clause 23.1, will be effected at any time by any Consenting Noteholder or
Shareholder except on terms that (i) the person in whose favour the
assignment, transfer or trust is effected agrees in accordance with a
contractually binding agreement governed by English law, for the benefit of
each of the Released Persons, to be bound by the provisions of Clause 7, 8, 14,
15, 16, 17 and this Clause 23 of this Restructuring Agreement as if he were a
Consenting Noteholder on the basis that each o f the Released Persons may
enforce those provisions directly against him and (ii) all relevant Claims
are transferred to the person to whom the beneficial interest in the Shares is
transferred and at the same time.

 

(c)                                  No Consenting
Noteholder who is also a Lender will syndicate, sub-participate or assign any
right or interest in respect of the Mezzanine Facility except on terms that the
person in whose favour the relevant transaction is effected agrees in
accordance with a contractually binding agreement governed by English law, for
the benefit of each of the Released Persons, to be bound by the provisions of
Clauses 7, 8, 14, 15, 16 and this Clause 23 of this Restructuring Agreement as
if he were a Consenting Noteholder on the basis that each of the Released
Persons may enforce these provisions directly against him.

 

(d)                                 The provisions of this
Clause 23 are intended to be directly enforceable by each of the Released
Persons, irrespective of whether or not he or it is a party to this
Restructuring Agreement, pursuant to the Contracts (Rights of Third Parties)
Act 1999.

 

 

23.2                           Accession to this Restructuring Agreement

 

Consenting Noteholders who are not the original signatories to this
Restructuring Agreement may enter into this Restructuring Agreement by
delivering signature pages executed by them for attachment to this
Restructuring Agreement. All Persons who so enter into this Restructuring
Agreement will be entitled to the benefit of this Restructuring Agreement and
will be subject to the burden of this Restructuring Agreement as if they had
been original signatories to this Restructuring Agreement and shall complete
the Deed of Adherence set out in Schedule D hereto.

 

23.3                           Publicity
and Disclosure

 

(a)                                  The content and
timing of the public disclosure by Bus and Nordic of the terms of the
Restructuring, including this Restructuring Agreement, shall be agreed in
advance between the Ad Hoc Committee, the Controlling Shareholders, Bus, Nordic
and the Senior Group Members, and Bus and Nordic shall ensure that no public
disclosures are made which breach any insider dealing or securities laws
(including making or refraining from making any public statement).

 

(b)                                 Bus and Nordic shall,
until the Termination Date, and subject always to compliance with their obligations
to the United States Securities and Exchange Commission or Luxembourg Stock
Exchange or other applicable Law, consult with the other parties before making
any announcements regarding the Restructuring.

 

(c)                                  Except as may be
required by applicable Law, or in order to enforce this Restructuring Agreement
or to defend any proceedings in respect of the Restructuring, in each case on
advice of counsel, Bus, Nordic, BV and
the Controlling Shareholders shall not disclose except to each other (i) the
identity of the Consenting Noteholders; or (ii) the amount of holdings of
Subordinated Notes and/or Senior Notes of any Consenting Noteholder or Senior
Group Member, without the prior written consent of the Consenting Noteholder or
Senior Group Member. Bus and Nordic shall not be prohibited from disclosing the
approximate aggregate holdings of the Subordinated Notes and/or Senior Notes of
the Consenting Noteholders as a group, or the Senior Group Members’ holdings in
the Senior Notes in the aggregate.

 

23.4                           Survival of Representations and Warranties

 

The parties hereto hereby agree that the representations and warranties
contained in this Restructuring Agreement shall survive the execution and
delivery of this Restructuring Agreement.

 

23.5                           Expenses

 

(a)                                  Subject to Clause
22.2 herein, each party hereto shall be solely responsible for all costs and
expenses incurred by it in connection with the negotiation, preparation and
execution of this Restructuring Agreement and with its compliance with the
terms of this Restructuring Agreement; provided, however that once it is in
receipt of sufficient funds as a result of the Proposed

 

 

Financing, Bus and Nordic shall pay, or procure the payment of, those
professional fees and expenses they have agreed in writing to pay.

 

(b)                                 Notwithstanding,
and without limitation to the generality of, Clause 23.5(a), Nordic agrees:

 

(i)                                     to pay all
outstanding fees and expense of the Senior Group Members’ Advisers up to and
including the date of this Restructuring Agreement incurred in accordance with
the terms of their respective engagement letters with Nordic (including the
negotiation, preparation and execution of this Restructuring Agreement);

 

(ii)                                  during the Senior
Group Members’ Standstill Period, not to terminate the engagement letters
between it and the Senior Group Members’ Advisors; and

 

(iii)                               upon the Settlement Date
to pay all outstanding fees and expense of the Senior Group Members’ Advisers
up to and including the Settlement Date incurred in accordance with the terms
of their respective engagement letters with Nordic (including with respect to
the Senior Group Members’ Financial Advisers, on the basis that the achievement
of the C/S Closing and the T/O Closing will constitute a “Consensual
Restructuring Transaction” for the purposes of their engagement letter).

 

23.6                           Specific Performance

 

Each of the parties hereto acknowledges and agrees that a breach of
this Restructuring Agreement by Bus, Nordic, the Controlling Shareholders, the
Senior Group Members and/or the Consenting Noteholders would cause irreparable
damage to each of the other parties and that they will not have an adequate
remedy at law. Therefore, the obligations of Bus, Nordic, the Controlling
Shareholders, the Senior Group Members and/or the Consenting Noteholders hereto
under this Restructuring Agreement shall be enforceable by a decree or order
for specific performance issued by any court of competent jurisdiction, and
appropriate injunctive relief may be applied for and granted in connection
therewith. Such remedies shall, however, be cumulative and not exclusive and
shall be in addition to any other remedies which any party may have under this
Restructuring Agreement or otherwise.

 

23.7                           Submission to Jurisdiction;
Consent to Service of Process

 

(a)                                  The parties to this
Restructuring Agreement irrevocably agree that the courts of England and Wales
shall have jurisdiction to hear and determine any suit, action or proceeding,
and to settle any disputes, which may arise out of or in connection with this
Restructuring Agreement and, for such purposes, irrevocably submit to the
jurisdiction of such courts.

 

(b)                                 The parties to this
Restructuring Agreement irrevocably waive any objection which they might now or hereafter have to the courts
referred to in Clause 23.7(a) being nominated as the forum to hear and
determine any suit, action or proceeding, and to settle any disputes, which may
arise out of or in connection

 

 

with this Restructuring Agreement and agrees not to claim that any such
court is not a convenient or appropriate forum.

 

(c)                                  Without prejudice to
any other mode of service allowed under any relevant law, each of the parties
hereto hereby consents to process being served by any party to this
Restructuring Agreement in any suit, action or proceeding by the mailing by
registered delivery of a copy thereof to those parties specified under Clause
23.12 hereof, which in the case of a Consenting Noteholder shall be Cadwalader.

 

23.8                           Entire Agreement; Amendments
and Waivers

 

This Restructuring Agreement (including the Schedules and appendices
hereto) and the other agreements referred to herein and other instruments duly
executed by the parties including written arrangements between the Controlling
Shareholders and Nordic relating to Clause 22.2) represents the entire understanding
and agreement between the parties hereto with respect to the subject matter
hereof and can be amended, supplemented or changed, and any provision hereof
can be waived, only by written instrument making specific reference to this
Restructuring Agreement signed by Bus, Nordic, the Controlling Shareholders,
the Senior Group Members and the Ad Hoc Committee. The waiver by any party
hereto of a breach of any provision of this Restructuring Agreement shall not
operate or be construed as a further or continuing waiver of such breach or as
a waiver of any other or subsequent breach. No failure on the part of any party
to exercise, and no delay in exercising, any right, power or remedy hereunder
shall operate as a
waiver thereof, nor shall any single or partial exercise of such right, power
or remedy by such party preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. All remedies hereunder are
cumulative and are not exclusive of any other remedies provided by law.

 

23.9                           Binding Effect; Third Party
Rights;
Assignment

 

This Restructuring Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors and permitted assigns.
Save for each of the Released Persons who shall have the benefit of Clauses 7, 8, 14, 15, 16 and this Clause 23 of
this Restructuring Agreement, and save for Nordic and Nordic Holding who will
have the benefit of Clause 11.2 hereto, nothing in this Restructuring Agreement
shall create or be deemed to create any third party beneficiary rights in any
Person or entity not a party to this Restructuring Agreement pursuant to the
Contracts (Rights of Third Parties) Act 1999 or otherwise. Except for any of
the Consenting Noteholders who may transfer their rights and obligations
hereunder, no assignment or transfer of this Restructuring Agreement or of any
rights or obligations hereunder may be made by any of the parties hereto (by
operation of law or otherwise) without the prior written consent of the other
parties hereto and any attempted assignment without the required consents shall
be void.

 

 

23.10                     Governing law

 

This Restructuring Agreement shall be governed by, and construed in
accordance with, English law.

 

23.11                     Headings

 

The clause headings of this Restructuring Agreement are for reference
purposes only and are to be given no effect in the construction or
interpretation of this Restructuring Agreement.

 

23.12                     Notices

 

All notices and other communications under this Restructuring Agreement
shall be in writing and shall be deemed given when delivered personally or
mailed by certified mail, return receipt requested, to the parties (and shall
also be transmitted by facsimile to the Persons receiving copies thereof) at the following
addresses (or to such other address as a party may have specified by notice
given to the other party pursuant to this provision):

 

If to Bus:

 

c/o Solna Strandväg 78

SE – 171 Solna

Sweden

 

Telephone: +
46 8 546 300 00

Facsimile: + 46 8 546 300 55

Attention: Per Skargard

 

With copies to:

 

Freshfields Bruckhaus Deringer

65 Fleet Street

London EC4Y 1HS

 

Telephone: +44 (0) 20 7936 4000

Facsimile: +44 (0) 20 7832 7001

Attention: Peter Bloxham

 

If to Nordic or Holding AB:

 

c/o Solna Strandväg 78

SE – 171 Solna

Sweden

 

Telephone: +
46 8 546 300 00

Facsimile: + 46 8 546 300 55

Attention: Per Skargard

 

 

With copies to:

 

Clifford
Chance Limited Liability Partnership

10 Upper Bank Street

Canary Wharf

London E14 5JJ

 

Telephone:
+44 (0) 20 7006 1000

Facsimile: +44 (0) 20 7006 5555

Attention: Nicholas Frome, Robert Trefny

 

If
to BV:

 

c/o
Executive Management Trust BV

 

Telephone:
        +31
(0) 20 540 8989 (general)

Facsimile:           +31
(0) 20 540 8909

 

If to
Goldman Sachs, The Honourable Richard Simon Sharp and/or Steven Richard Sher:

 

GS
Capital Partners III, L.P.

GS Capital Partners III Offshore, L.P.

Goldman, Sachs & Co. Venvaltungs GmbH

c/o 133 Fleet Street

London
EC4A 2BB

 

Telephone:
+ 44 20 7774 1000

Facsimile: + 44 20 7774 4477

Attention: The Honourable Richard Simon Sharp

 

With
copies to:

 

Milbank
Tweed Hadley & McCloy LLP

Dashwood House

69 Old Broad Street

London EC2M 1QS

 

Telephone:
+44 (0) 20 7448 3000

Facsimile: +44 (0) 20 7448 3029

Attention: Timothy Emmerson

 

If
to Sch&qout;yen, Frode Larsen and/or Harald Aernkvaern:

 

Sch&qout;yen
Gruppen AS

Lysaker Torg 12

N1327 Lysaker

Norway

 

Telephone:
+ 47 67 83 29 29

Facsimile: + 47 67 83 29 30

Attention: Frode Larsen

 

 

If to any of the Senior Group Members to:

 

c/o Bingham McCutchen LLP

99 Gresham Street

London EC2V 7HG

 

Telephone: +44 (0) 20 7661 5300

Facsimile: +44 (0) 20 7661 5400

Attention: James Roome, James Terry, Philip Knott

 

If to any of the Consenting Noteholders to:

 

The Consenting Noteholders of Concordia Bus AB

c/o Cadwalader, Wickersham & Taft LLP

265 Strand

London WC2R 1BH

 

Telephone: +44 (0) 20 7 170 8700

Facsimile: +44 (0) 20 7170 8600

Attention: Andrew Wilkinson, Justin Bickle

 

23.13                     Severability

 

If any provision of this Restructuring Agreement other than Clauses 14,
15, 22 or 23 is invalid or unenforceable, the balance of this Restructuring
Agreement shall remain in effect.

 

23.14                     Further Assurance

 

Each Party shall do o r procure the doing of all acts and/or execute or
procure the execution of all documents which are reasonably necessary for
giving fill effect to its obligations under this Restructuring Agreement and
securing the full benefit of the rights, powers and remedies conferred upon
them by this Restructuring Agreement.

 

23.15                     Construction

 

The parties hereto have participated jointly in the negotiation and
drafting of this Restructuring Agreement. In the event an ambiguity or question
of intent or interpretation arises, this Restructuring Agreement shall be
construed as if drafted jointly by the parties and no presumption or burden of
proof shall arise favouring or disfavouring any party by virtue o f the
authorship o f any of the provisions o f this Restructuring Agreement. The word
“including” shall mean including without limitation. The parties intend that
each representation, warranty, and covenant contained herein shall have
independent significance. If any party has breached any representation,
warranty, or covenant contained herein in any respect, the fact that there
exists another representation, warranty, or covenant relating to the same
subject matter (regardless of the relative levels of specificity) which the
party has not breached shall not detract from or mitigate the fact that the
party is in breach of the first representation, warranty, or covenant.

 

 

23.16                     Counterparts

 

(a)                                  This Restructuring
Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, and all of which shall constitute one and the same
document.

 

(b)                                 Transmission by fax of
an executed counterpart of this Restructuring Agreement shall be deemed to
constitute due and sufficient delivery of such counterpart.

 

[SIGNATURES BEGIN ON NEXT PAGE]

 

 

RESTRUCTURING AGREEMENT SIGNATURE PAGE

 

IN
WITNESS WHEREOF, the parties hereto have caused this
Restructuring Agreement to be executed by their respective officers thereunto
duly authorised as of the date first written above.

 

 

	
  CONCORDIA
  BUS AB

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ STEVEN SHER

  	
   

  	
   

  	
   

  
	
   

  	
  Name: STEVEN SHER

  	
   

  	
  HARALD ARNKVAERN

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CONCORDIA
  BUS NORDIC AB

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ RAGNAR NORBACK

  	
   

  	
   

  	
   

  
	
   

  	
  Name: RAGNAR NORBACK

  	
   

  	
   

  
	
   

  	
  Title: DIRECTOR

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CONCORDIA
  BUS BV

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ HARALD ARNKVAERN

  	
   

  	
   

  	
   

  
	
   

  	
  Name: HARALD ARNKVAERN 

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CONCORDIA
  BUS HOLDING AB

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ STEVEN SHER

  	
   

  	
   

  	
   

  
	
   

  	
  Name: STEVEN SHER

  	
   

  	
  HARALD ARNKVAERN

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  GS
  CAPITAL PARTNERS III, L.P.

  	
   

  	
   

  
	
  By:

  	
  GS Advisors III, L.L.C. 

  	
   

  	
   

  
	
   

  	
  Its General Partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ STEVEN SHER

  	
   

  	
   

  	
   

  
	
   

  	
  Name: STEVEN SHER 

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
								

 

 

	
  GS
  CAPITAL PARTNERS III OFFSHORE, L.P.

  
	
  By:

  	
  GS Advisors III, L.L.C.

  	
   

  	
   

  
	
   

  	
  Its General Partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ STEVEN SHER

  	
   

  	
   

  	
   

  
	
   

  	
  Name: STEVEN SHER 

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GOLDMAN,
  SACHS & CO. VERWALTUNGS GmbH

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ STEVEN SHER

  	
   

  	
   

  	
   

  
	
   

  	
  Name: STEVEN SHER

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHØYEN GRUPPEN AS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ HARALD ARNKVAERN

  	
   

  	
   

  	
   

  
	
   

  	
  Name: HARALD ARNKVAERN

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CENTAURUS
  CAPITAL LIMITED (as a Senior Group Member in respect of EUR 33,750,000 Senior
  Notes)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ RANDEL FREEMAN

  	
   

  	
   

  	
   

  
	
   

  	
  Name: RANDEL FREEMAN

  	
   

  	
   

  
	
   

  	
  Title: DIRECTOR OF
  CENTAURUS CAPITAL LIMITED

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  CITIGROUP
  GLOBAL MARKETS LIMITED (as a Senior Group Member in respect of EUR 10,205,000
  Senior Notes)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ GAVIN O’NEILL

  	
   

  	
   

  	
   

  
	
   

  	
  Name: GAVIN O’NEILL

  	
   

  	
   

  
	
   

  	
  Title: DIRECTOR ON BEHALF
  OF GLOBAL SPECIAL SITUATIONS GROUP

  
									

 

 

	
  JP MORGAN CHASE BANK, N.A. AS
  AGENT (as a Senior Group Member in respect of EUR 22,600,000 Senior Notes)

  
	
   

  
	
   

  
	
  By:

  	
  /s/ GJ KOOMEN

  	
   

  
	
   

  	
  Name: GJ KOOMEN

  
	
   

  	
  Title: MANAGING DIRECTOR

  
				

 

 

RESTRUCTURING
AGREEMENT SIGNATURE PAGE

 

The undersigned hereby
authorises this Restructuring Agreement Signature Page (or a photocopy
hereof, which shall be valid for all purposes) to be attached to the
Restructuring Agreement dated as of
            July 2005,
or counterparts thereof.

 

	
  Print name of Consenting
  Noteholder

  	
   

  	
  Signature of Consenting
  Noteholder, if an 

  
	
   

  	
   

  	
  individual

  
	
  Bear, Stems & Co Inc

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  If an entity, signature of
  authorized person

  
	
   

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
   

  	
   

  	
  behalf.

  
	
  Record Address of
  Consenting Noteholder

  	
   

  	
   

  
	
   

  	
   

  	
  Name: GREGORY HANLEY

  
	
  383 Madison Avenue

  	
   

  	
   

  	
  Print Name of authorized
  person

  
	
  New York

  	
   

  	
   

  
	
  10179

  	
   

  	
   

  
	
  U.S.A

  	
   

  	
  Title: SENIOR MANAGING DIRECTOR

  
	
   

  	
   

  	
  Title of authorized person

  

 

The Consenting Noteholder shall also complete the following

 

Insert face amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior Subordinated Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125%
  Senior Secured Notes due 2009

  	
   

  	
   

  	
   

  

 

	
  Please provide details of
  the following (where known):

  
	
   

  
	
  Custodian Name:

  	
   

  	
   

  
	
   

  
	
  Custodian Address:

  	
   

  	
   

  
	
   

  
	
  Clearing system through
  which Notes are held (please delete as applicable):

  
	
   

  
	
  Euroclear

  

 

*      Confidential treatment
requested.

 

 

RESTRUCTURING
AGREEMENT SIGNATURE PAGE

 

The undersigned hereby
authorises this Restructuring Agreement Signature Page (or a photocopy
hereof, which shall be valid for all purposes) to be attached to the
Restructuring Agreement dated as of             July 2005, or counterparts thereof.

 

	
  Print name of Consenting
  Noteholder

  	
   

  	
  Signature of Consenting
  Noteholder, if an

  
	
   

  	
   

  	
  individual

  
	
  Shinsei Opportunity Trust - Bluebay High

  	
   

  	
   

  
	
  Yield Sub-Trust

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Caledonian House, PO Box
  1043 GT, 69 Dr

  	
   

  	
  By:

  
	
  Roy’s Drive, George Town,
  Grand Cayman

  	
   

  	
  If an entity, signature of
  authorized person

  
	
   

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
   

  	
   

  	
  behalf.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: GINA GERMANO

  
	
   

  	
   

  	
   

  	
  Print Name of authorized
  person

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: PORTFOLIO MANAGER

  
	
   

  	
   

  	
  Title of authorized person

  

 

The Consenting Noteholder shall also complete the following

Insert face amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior
  Subordinated Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125% Senior Secured Notes due
  2009

  	
   

  	
  [*]

  	
   

  

 

	
  Please provide details of
  the following (where known):

  
	
   

  
	
  Custodian Name:

  
	
   

  
	
  BROWN BROTHERS HARRIMAN

  
	
   

  
	
  Custodian Address:

  
	
   

  
	
  33, BD PRINCE HENRI, B
  P.403 L-2014

  
	
  LUXEMBOURG

  
	
   

  
	
  Clearing system through which
  Notes are held: Euroclear

  

 

*      Confidential treatment
requested.

 

 

RESTRUCTURING
AGREEMENT SIGNATURE PAGE

 

The
undersigned hereby authorises this Restructuring Agreement Signature Page (or
a photocopy hereof, which shall be valid for all purposes) to be attached to
the Restructuring Agreement dated as of
            July 2005, or counterparts thereof.

 

	
  Print name of Consenting
  Noteholder

  	
   

  	
  Signature of Consenting
  Noteholder, if an

  
	
   

  	
   

  	
  individual

  
	
  PM157

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  C/o BlueBay Asset
  Management Limited

  	
   

  	
  By:

  
	
  Times Place

  	
   

  	
  If an entity, signature of
  authorized person

  
	
  45 Pall Mall

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
  London

  	
   

  	
  behalf.

  
	
  SWlY 5JG

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: GINA GERMANO

  
	
   

  	
   

  	
   

  	
  Print Name of authorized
  person

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: PORTFOLIO MANAGER

  
	
   

  	
   

  	
  Title of authorized Person

  

 

The Consenting Noteholder shall also complete the following

 

Insert face amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior
  Subordinated Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125%
  Senior Secured Notes due 2009

  	
   

  	
  [*]

  	
   

  

 

	
  Please provide details of
  the following (where known):

  
	
   

  
	
  Custodian Name:

  
	
   

  
	
  NORTHERN TRUST COMPANY

  
	
   

  
	
  Custodian Address:

  	
  50 BANK STREET, CANARY WHARF, LONDON El4 5NT

  
	
   

  
	
  Clearing system through
  which Notes are held (please delete as applicable): Euroclear

  

 

*      Confidential treatment
requested.

 

 

RESTRUCTURING
AGREEMENT SIGNATURE PAGE

 

The undersigned hereby
authorises this Restructuring Agreement Signature Page (or a photocopy
hereof, which shall be valid for all purposes) to be attached to the Restructuring
Agreement dated as of
            July 2005,
or counterparts thereof.

 

	
  Print name of Consenting
  Noteholder

  	
   

  	
  Signature of Consenting
  Noteholder, if an

  
	
   

  	
   

  	
  individual

  
	
  BlueBay Funds - BlueBay High Yield Bond

  	
   

  	
   

  
	
  Fund

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  33 Boulevard Prince Henri,
  B.P 403, L-2014

  	
   

  	
  By:

  
	
  Luxembourg

  	
   

  	
  If an entity, signature of
  authorized person

  
	
   

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
   

  	
   

  	
  behalf.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: GINA GERMANO

  
	
   

  	
   

  	
   

  	
  Print Name of authorized
  person

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: PORTFOLIO MANAGER

  
	
   

  	
   

  	
  Title of authorized person

  

 

The Consenting Noteholder shall also complete the following

 

Insert face amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior
  Subordinated Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125% Senior
  Secured Notes due 2009

  	
   

  	
  [*]

  	
   

  

 

	
  Please provide details of
  the following (where known):

  
	
   

  
	
  Custodian Name:

  	
  BROWN BROTHERS

  
	
  HARRIMAN

  
	
   

  
	
  Custodian Address:

  	
  33, BD
  PRINCE HENRI, B.P 403 L-2014 

  
	
  LUXEMBOURG

  
	
   

  
	
  Clearing system through
  which Notes are held (please delete as applicable):

  
	
   

  
	
  Euroclear

  

 

*      Confidential treatment
requested.

 

 

RESTRUCTURING AGREEMENT SIGNATURE PAGE

 

The undersigned hereby
authorises this Restructuring Agreement Signature Page (or a photocopy
hereof, which shall be valid for all purposes) to be attached to the
Restructuring Agreement dated as of
            July 2005, or counterparts thereof.

 

	
  Print name of Consenting
  Noteholder

  	
   

  	
  Signature of Consenting
  Noteholder, if an

  
	
   

  	
   

  	
  individual

  
	
  The BlueBay High Yield
  (Master) Fund

  	
   

  	
   

  
	
  Limited

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  If an entity, signature of authorized person

  
	
   

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
   

  	
   

  	
  behalf.

  
	
   

  	
   

  	
   

  
	
  M&C Corporate Services
  Limited, 113 South

  	
   

  	
  Name: GINA GERMANO

  
	
  Church Street, Ugland
  House, PO Box 309,

  	
   

  	
   

  
	
  George Town, Grand Cayman,
  Cayman

  	
   

  	
   

  
	
  Islands, British West
  Indies

  	
   

  	
   

  
	
   

  	
   

  	
  Print
  Name of authorized person

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: PORTFOLIO MANAGER

  
	
   

  	
   

  	
  Title of authorized person

  

 

The Consenting Noteholder shall also complete the following

 

Insert face amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior Subordinated
  Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125%
  Senior Secured Notes due 2009

  	
   

  	
  [*]

  	
   

  

 

	
  Please provide details of
  the following (where known):

  
	
   

  
	
  Custodian Name:

  
	
  CITIGROUP

  
	
   

  
	
  Custodian Address:

  	
  CITIGROUP CENTRE 2, 25
  CANADA SQUARE, CANARY

  
	
  WHARF, LONDON El4 5LB

  
	
   

  
	
  Clearing system through
  which Notes are held (please delete as applicable): Euroclear

  

 

*      Confidential treatment
requested.

 

 

RESTRUCTURING AGREEMENT SIGNATURE PAGE

 

The undersigned hereby
authorises this Restructuring Agreement Signature Page (or a photocopy hereof, which shall be valid for all purposes) to be attached
to the Restructuring Agreement dated as of
            July 2005,
or counterparts thereof.

 

	
  Print name of Consenting
  Noteholder

  	
   

  	
  Signature of Consenting
  Noteholder, if an

  
	
   

  	
   

  	
  individual

  
	
  DCHY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  C/o BlueBay Asset
  Management Limited

  	
   

  	
  By:

  
	
  Times Place

  	
   

  	
  If an entity, signature of
  authorized person

  
	
  45 Pall Mall

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
  London

  	
   

  	
  behalf.

  
	
  SWlY 5JG

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: GINA GERMANO

  
	
   

  	
   

  	
   

  	
  Print Name of authorized
  person

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: PORTFOLIO MANAGER

  
	
   

  	
   

  	
  Title of authorized person

  

 

The Consenting Noteholder shall also complete the following

 

Insert face amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior Subordinated Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125% Senior Secured Notes due
  2009

  	
   

  	
  [*]

  	
   

  

 

	
  Please provide details of
  the following (where known):

  
	
   

  
	
  Custodian Name: 

  	
  JP MORGAN

  
	
  AG

  
	
   

  
	
  Custodian Address:

  	
  JUNGHOFSTRASSE 14, 60311 FRANFURT AM MAIN, 

  
	
  GERMANY

  
	
   

  
	
  Clearing system through
  which Notes are held (please delete as applicable):

  
	
   

  
	
  Euroclear

  
			

 

*      Confidential treatment
requested.

 

 

RESTRUCTURING
AGREEMENT SIGNATURE PAGE

 

The undersigned hereby
authorises this Restructuring Agreement Signature Page (or a photocopy
hereof, which shall be valid for all purposes) to be attached to the Restructuring
Agreement dated as of
            July 2005,
or counterparts thereof.

 

	
  Print name of Consenting
  Noteholder

  	
   

  	
  Signature of Consenting
  Noteholder, if an

  
	
   

  	
   

  	
  individual

  
	
  MELCHIOR CDO I. S .A

  	
   

  	
   

  
	
  33 BOULEVARD DU PRINCE
  HENRI

  	
   

  	
   

  
	
  L-1724 LUXEMBOURG

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  If an entity, signature of
  authorized person

  
	
   

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
   

  	
   

  	
  behalf.

  
	
  Record Address of
  Consenting Noteholder

  	
   

  	
   

  
	
   

  	
   

  	
  Name: DOMINIC POWELL

  
	
   

  	
   

  	
  Print Name of authorized
  person

  
	
   

  	
   

  	
   

  
	
  City, State and Postal
  Code

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: HEAD OF INVESTMENT

  
	
   

  	
   

  	
  SOLUTIONS

  
	
   

  	
   

  	
  Title of authorized person

  
	
  Country

  	
   

  	
   

  

 

The Consenting Noteholder shall also complete the following

 

Insert face amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior Subordinated Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125%
  Senior Secured Notes due 2009

  	
   

  	
   

  	
   

  

 

	
  Please provide details of
  the following (where known):

  
	
   

  	
   

  	
   

  
	
  Custodian Name:

  	
   

  	
  JP MORGAN
  CHASE BANK, LONDON

  
	
  BRANCH

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Custodian Address:

  	
   

  	
  TRINITY TOWER, 9 THOMAS
  MORE STREET ElW

  
	
  9YT

  	
   

  	
   

  

 

Clearing
system through which Notes are held (please delete as applicable): Euroclear /

Clearstream / Depositary Trust Company (DTC)

 

*      Confidential treatment
requested.

 

 

RESTRUCTURING
AGREEMENT SIGNATURE PAGE

 

The
undersigned hereby authorises this Restructuring Agreement Signature Page (or
a photocopy
hereof, which shall be valid for all purposes)
to be attached to the Restructuring Agreement dated as of
            July 2005, or counterparts thereof.

 

	
  Print name of Consenting
  Noteholder

  	
   

  	
  Signature of Consenting
  Noteholder, if an

  
	
   

  	
   

  	
  individual

  
	
  LONE STAR INTERNATIONAL

  	
   

  	
   

  
	
  FINANCE LIMITED

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  If an entity, signature of
  authorized person

  
	
   

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
   

  	
   

  	
  behalf.

  
	
  HSBC HOUSE, HARCOURT
  CENTRE,

  	
   

  	
   

  
	
  HARCOURT ST, DUBLIN 2,
  IRELAND

  	
   

  	
   

  
	
   

  	
   

  	
  Name: EILEEN RONAYNE

  
	
   

  	
   

  	
   

  	
  Print Name of authorized person

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: ALTERNATE DIRECTOR
  FOR JOHN

  
	
   

  	
   

  	
  HENNESSY

  
	
   

  	
   

  	
  Title of authorized person

  

 

The Consenting Noteholder shall also complete the following

 

Insert face amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior Subordinated Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125%
  Senior Secured Notes due 2009

  	
   

  	
   

  	
   

  

 

	
  Please provide details of
  the following (where known):

  
	
   

  
	
  Custodian Name:

  	
   

  	
   

  
	
   

  
	
  Custodian Address:

  	
   

  	
   

  
	
   

  
	
  Clearing system through
  which Notes are held (please delete as applicable):

  
	
   

  
	
  Euroclear / Clearstream / Depositary Trust Company (DTC)

  

 

*      Confidential treatment
requested.

 

 

RESTRUCTURING
AGREEMENT SIGNATURE PAGE

 

The undersigned hereby
authorises this Restructuring Agreement Signature Page (or a photocopy
hereof, which shall be valid for all purposes) to be attached to the
Restructuring Agreement dated as of             
July 2005, or counterparts thereof.

 

	
  Print name of Consenting
  Noteholder

  	
   

  	
  Signature of Consenting
  Noteholder, if an

  
	
   

  	
   

  	
  individual

  
	
  HILLSIDE APEX FUND LIMITED

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  If an entity, signature of
  authorized person

  
	
   

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
   

  	
   

  	
  behalf.

  
	
  C/O APPLEBY CORPORATE
  SERVICES

  	
   

  	
   

  
	
  (CAYMAN) LIMITED

  	
   

  	
   

  
	
  CLIFTON HOUSE, 75 FORT
  STREET

  	
   

  	
  Name: DOUGLAS MACKAY

  
	
  PO BOX 1350 GT, GRAND
  CAYMAN

  	
   

  	
   

  	
  Print Name of authorized
  person

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: ALTERNATE DIRECTOR
  TO

  
	
   

  	
   

  	
  ROBERT KING

  
	
   

  	
   

  	
  Title of authorized person

  

 

The Consenting Noteholder shall also
complete the following

 

Insert face amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior Subordinated Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125%
  Senior Secured Notes due 2009

  	
   

  	
  [*]

  	
   

  

 

	
  Please provide details of
  the following (where known):

  
	
   

  	
   

  
	
  Custodian Name:

  	
  BAFUNGS (GUERNSEY)

  
	
  LIMITED

  	
   

  
	
   

  	
   

  
	
  Custodian Address:

  	
  BARINGS IRELAND, IFSC
  HOUSE, IFSC, DUBLIN 1,

  
	
  IRELAND

  	
   

  
	
   

  	
   

  
	
  Clearing system through
  which Notes are held (please delete as applicable): Euroclear

  
	
   

  	
   

  
	
  Barings (Guernsey) Limited
  e/c 94689

  
			

 

*      Confidential treatment
requested.

 

 

RESTRUCTURING
AGREEMENT SIGNATURE PAGE

 

The undersigned hereby
authorises this Restructuring Agreement Signature Page (or a photocopy
hereof, which shall be valid for all purposes) to be attached to the
Restructuring Agreement dated as of             
July 2005, or counterparts thereof.

 

	
  Print name of Consenting
  Noteholder

  	
   

  	
  Signature of Consenting
  Noteholder, if an

  
	
   

  	
   

  	
  individual

  
	
  GRUSS DISTRESSED
  OPPORTUNITY

  	
   

  	
   

  
	
  MASTER FUND LTD

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  If an entity, signature of
  authorized person

  
	
   

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
   

  	
   

  	
  behalf.

  
	
  Record Address of
  Consenting Noteholder

  	
   

  	
   

  
	
   

  	
   

  	
  Name: HOWARD GUBERMAN

  
	
   

  	
   

  	
   

  	
  Print Name of authorized
  person

  
	
   

  	
   

  	
   

  
	
  City, State and Postal
  Code

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: VICE PRESIDENT

  
	
   

  	
   

  	
  Title of authorized person

  
	
  Country

  	
   

  	
   

  

 

The Consenting Noteholder shall also complete the following

 

Insert face
amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior Subordinated Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125% Senior Secured Notes due
  2009

  	
   

  	
   

  	
   

  

 

	
  Please provide details of
  the following (where known):

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Custodian Name:

  	
  MORGAN

  	
   

  	
   

  	
   

  	
   

  
	
  STANLEY

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Custodian Address:

  	
  1221 AVENUE OF THE AMERICAS,
  NEW YORK, NY

  
	
  10020

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Clearing system through
  which Notes are held (please delete as applicable):

  	
   

  
	
   

  	
   

  
	
  Euroclear

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

*      Confidential treatment
requested.

 

 

RESTRUCTURING
AGREEMENT SIGNATURE PAGE

 

The undersigned hereby
authorises this Restructuring Agreement Signature Page (or a photocopy
hereof, which shall be valid for all purposes) to be attached to the
Restructuring Agreement dated as of             
July 2005, or counterparts
thereof.

 

	
  Print name of Consenting
  Noteholder

  	
   

  	
  Signature of Consenting
  Noteholder, if an

  
	
   

  	
   

  	
  individual

  
	
  AVENUE EUROPE
  INTERNATIONAL

  	
   

  	
   

  
	
  MANAGEMENT LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  If an entity, signature of
  authorized person

  
	
   

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
   

  	
   

  	
  behalf.

  
	
  Record Address of
  Consenting Noteholder

  	
   

  	
   

  
	
  25 KNIGHTSBRIDGE

  	
   

  	
  Name: MARC LASRY

  
	
  LONDON SWlX 7RZ

  	
   

  	
   

  	
  Print Name of authorized
  person

  
	
  UNITED KINGDOM

  	
   

  	
   

  
	
  City, State and Postal
  Code

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
  Title of authorized person

  
	
  Country

  	
   

  	
   

  

 

The Consenting Noteholder shall also complete the following

 

Insert face amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior Subordinated Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125%
  Senior Secured Notes due 2009

  	
   

  	
  [*]

  	
   

  

 

	
  Please provide details of
  the following (where known):

  
	
   

  
	
  Custodian Name:

  
	
  CITIGROUP

  
	
   

  
	
  Custodian Address:

  	
  NEW YORK,

  
	
  NY

  
	
   

  
	
  Clearing system through
  which Notes are held (please delete as applicable):

  
	
   

  
	
  Euroclear

  

 

*      Confidential treatment
requested.

 

 

RESTRUCTURING
AGREEMENT SIGNATURE PAGE

 

The undersigned hereby
authorises this Restructuring Agreement Signature Page (or a photocopy hereof, which shall be valid for
all purposes) to be attached to the Restructuring Agreement dated as of
             July 2005,
or counterparts thereof.

 

	
  Print name of Consenting
  Noteholder 

  	
   

  	
  Signature of Consenting
  Noteholder, if an

  
	
   

  	
   

  	
  individual

  
	
  FIDELITY INVESTMENTS

  	
   

  	
   

  
	
  INTERNATIONAL FOR AND ON

  	
   

  	
   

  
	
  BEHALF OF FIDELITY FUNDS
  SICAV

  	
   

  	
   

  
	
  EUROPEAN HIGH YIELD

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  If an entity, signature of
  authorized person

  
	
   

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
   

  	
   

  	
  behalf.

  
	
  Record Address of
  Consenting Noteholder

  	
   

  	
   

  
	
  Oakhill House, 130
  Tonbridge Road,

  	
   

  	
  Name: RICHARD WANE

  
	
  Hildenborough, Tonbridge,
  Kent, TN11 9DZ

  	
   

  	
   

  
	
  UK

  	
   

  	
   

  	
  Print Name of authorized
  person

  
	
   

  	
   

  	
   

  
	
  City, State and Postal
  Code

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Director for and on
  behalf of Fidelity

  
	
   

  	
   

  	
  Investments International
  for and on behalf of

  
	
   

  	
   

  	
  Fidelity Funds SICAV

  
	
   

  	
   

  	
  Title of authorized person

  
	
  Country

  	
   

  	
   

  

 

The Consenting Noteholder shall also
complete the following

 

Insert face amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior Subordinated Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125%
  Senior Secured Notes due 2009

  	
   

  	
  [*]

  	
   

  

 

	
  Please provide details of
  the following (where known):

  
	
   

  	
   

  
	
  Custodian Name:

  	
  BBH

  
	
   

  	
   

  
	
  Custodian Address:

  	
  BROWN BROTHERS HARRIMAN
  (LUX) SCA, 33

  
	
  BOULEVARD PRINCE HENRI, BP-403,
  L-2014,

  
	
  LUXEMBOURG

  	
   

  
	
   

  	
   

  
	
  Clearing system through
  which Notes are held (please delete as applicable): Euroclear

  

 

*      Confidential treatment
requested.

 

 

RESTRUCTURING
AGREEMENT SIGNATURE PAGE

 

The
undersigned hereby authorises this Restructuring Agreement Signature Page (or
a photocopy hereof, which shall be valid for all purposes) to be attached to
the Restructuring Agreement dated as of             
July 2005, or counterparts thereof.

 

	
  Print name of Consenting
  Noteholder

  	
   

  	
  Signature of Consenting
  Noteholder, if an

  
	
   

  	
   

  	
  individual

  
	
  FIDELITY INVESTMENT
  SERVICES

  	
   

  	
   

  
	
  LIMITED AS AUTHORISED

  	
   

  	
   

  
	
  CORPORATE DIRECTOR FOR AND
  ON

  	
   

  	
   

  
	
  BEHALF OF FIDELITY
  INVESTMENT

  	
   

  	
   

  
	
  FUNDS ICVC - Fidelity
  Extra Income Fund

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  If an entity, signature of
  authorized person

  
	
   

  	
   

  	
  signing on such Consenting
  Noteholders’

  
	
   

  	
   

  	
  behalf.

  
	
  Record Address of
  Consenting Noteholder

  	
   

  	
   

  
	
  Oakhill House, 130
  Tonbridge Road,

  	
   

  	
  Name: RICHARD WANE

  
	
  Hildenborough, Tonbridge,
  Kent, TN11 9DZ

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Print Name of authorized person

  
	
   

  	
   

  	
   

  
	
  City, State and Postal
  Code

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title: Director for and on
  behalf of Fidelity

  
	
   

  	
   

  	
  Investments International
  for and on behalf of

  
	
   

  	
   

  	
  Fidelity Funds SICAV

  
	
   

  	
   

  	
  Title of authorized person

  
	
  Country

  	
   

  	
   

  

 

The Consenting Noteholder shall also complete the following

 

Insert face amount of Notes owned:

 

	
  EUR 160,000,000 11% Senior Subordinated Notes due 2010

  	
   

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EUR 130,000,000 9.125%
  Senior Secured Notes due 2009

  	
   

  	
  [*]

  	
   

  

 

	
  Please provide details of
  the following (where known):

  	
   

  
	
   

  	
   

  
	
  Custodian Name:

  	
  JP

  
	
  MORGAN

  	
   

  
	
   

  	
   

  
	
  Custodian Address:

  	
  JP MORGAN CHASE, 1
  CHASESIDE, BOURNEMOUTH, BH7

  
	
  7DA

  
	
   

  
	
  Clearing system through
  which Notes are held (please delete as applicable): Euroclear

  
			

 

*      Confidential treatment
requested.

 

 

SCHEDULE A

 

FINANCING TERM SHEET

 

Summary of Mezzanine Facility

General Terms and Conditions

 

	
  Purpose:

  	
   

  	
  This term
  sheet (the “Term Sheet”) outlines the key
  features of the two-tranche mezzanine facility that the Lenders propose to
  make available to the applicable Borrower for liquidity, working capital and
  other purposes, as agreed between the Borrowers and the Lenders from time to
  time (the “Mezzanine Facility”).

  
	
   

  	
   

  	
   

  
	
  Borrowers:

  	
   

  	
  Tranche A:
  Concordia Bus AB (“Bus”)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Tranche C:
  Concordia Bus Nordic Holding AB (“Holding”).

  
	
   

  	
   

  	
   

  
	
  Lenders:

  	
   

  	
  The
  financial institutions signatory to a Commitment Letter, whick collectively
  are hereinafter referred to as the “Lenders”.

  
	
   

  	
   

  	
   

  
	
  Security
  Agent:

  	
   

  	
  Citigroup
  Trustee Company Limited.

  
	
   

  	
   

  	
   

  
	
  Facility
  Agent:

  	
   

  	
  Deutsche
  Bank Luxembourg S.A.

  
	
   

  	
   

  	
   

  
	
  Security:

  	
   

  	
  As specified
  in the attachments hereto, relating to Tranches A and C.

  
	
   

  	
   

  	
   

  
	
  Final
  Maturity:

  	
   

  	
  1
  February 2010.

  
	
   

  	
   

  	
   

  
	
  Representations,
  Warranties, Remedies and other Provisions:

  	
   

  	
  The
  Mezzanine Facility Agreement will include information covenants, events of
  default and other provisions based on those which were given in connection
  with the EUR 130
  million 9.125% Senior Secured Notes due August 2009 (the “Senior Notes”) and/or are contained in the indenture to
  the Senior Notes (the “Senior Indenture”),
  but with such modifications as are necessary to take into account the facts
  and financial circumstance relating to each Borrower, to include withholding
  tax gross up, indemnification, breakage and enforcement, modification costs,
  compensation for increased costs, compliance with capital adequacy
  requirements, illegality and market disruption.

  
	
   

  	
   

  	
   

  
	
  Conditions
  to funding of Proposed Financing:

  	
   

  	
  The Lenders’
  several obligations to fund their respective commitments on each date of
  drawdown is subject to the satisfaction (or waiver by each of them) of
  (i) the particular conditions applicable to each Tranche (if any) and
  (ii) the following conditions:

  
	
   

  	
   

  	
  (a)

  	
  a binding
  Restructuring Agreement having been signed, inter alia, by Bus, Concordia Bus
  Nordic AB (“Nordic”), Holding, the
  Controlling Shareholders (as defined therein), the Senior

  

 

 

	
   

  	
   

  	
   

  	
  Group
  Members (as defined therein) and Consenting Noteholders (as defined therein)
  entitled to exercise commitments in respect of not less than 75% in aggregate
  principal amount of the outstanding Subordinated Notes (the “Binding Restructuring Agreement”) and remains in effect,
  providing, inter alia, for the exchange of the existing EUR 160 million 11%
  Senior Subordinated Notes due February 2010 (the “Subordinated
  Notes”) (including all accrued interest) for ordinary shares of
  Bus representing on s primary basis at least 97.5% of the issued ordinary share capital
  of Bus (the “Restructuring”);

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
  none of
  Nordic, Holding, or Bus shall have commenced a voluntary proceeding, nor shall an
  involuntary proceeding have been commenced against any of them, under Chapter
  11 of Title 11 of the U.S. Code or any other applicable insolvency or
  moratorium legislation save for the commencement of Swedish moratorium or
  reorganisation proceedings in respect of Bus;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)

  	
  all
  definitive legal documents with respect to the Proposed Financing (the “Finance Documents”), including legal opinions, shall have
  been prepared and accepted by the Lenders and their legal counsel engaged in
  relation to the Proposed Financing, and each of the Borrowers shall have represented
  in writing to the Lenders that it is in compliance with the terms of the
  Finance Documents;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (d)

  	
  payment
  (simultaneously with drawdown) by the Borrowers in relation to each
  respective Tranche, of the Commitment and Funding Fees in the amount, at the
  time and in the manner set forth in the Fees Letter and all other fees then
  due and payable, plus all other reasonable costs and expenses of the Lenders
  not previously paid arising in connection with the Proposed Financing or the
  Restructuring;

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (e)

  	
  satisfaction
  of all appropriate corporate conditions precedent (i.e. due incorporation;
  due authorisation) in respect of the Borrower; and

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (f)

  	
  Holding,
  after having made all reasonable enquiries of the Finance Director and Chief
  Executive of Nordic, shall have represented in writing to the Lenders that,
  according to the results of such inquiries, (i) all information that has
  been requested by or on behalf of the Lenders (the “Disclosed
  Information”) has been disclosed to the Lenders, (ii) the Disclosed
  Information (except for financial projections) is accurate in all material
  respects, (iii) the Disclosed Information is not rendered misleading by
  the omission of other information, known to Bus or Holding but not disclosed
  and (iv) the financial projections provided to the

  

 

 

	
   

  	
   

  	
   

  	
  Lenders were
  made in good faith by the directors of Nordic and are based on assumptions
  which the directors of Nordic believe to be reasonable and appropriate.

  
	
   

  	
   

  	
   

  	
   

  
	
  Security Agency Fee:

  	
   

  	
  Bus or
  Holding (as applicable) will pay to the Security Agent under the definitive
  agreement for the Mezzanine Facility an annual: security agency fee of EUR
  25,000 (pro-rata in accordance with the amount owed by each of them under the
  Mezzanine Facility). The first payment of such agency fee shall be made on
  the first date a drawing is
  made under the Mezzanine Facility and thereafter such fee shall be paid
  annually in advance (on each anniversary of the initial payment) for as long
  as any amount remains outstanding under the Mezzanine Facility or any
  commitment thereunder remains in force. Upon the first drawdown under the
  Mezzanine Facility, Bus or Holding (as applicable) will also pay to the
  Security Agent all of the costs and expenses (including, without limitation, legal
  fees and an acceptance fee of EUR 30,000) incurred by the Security Agent in
  relation to the Mezzanine Facility pro rata in accordance with the amount
  owed by each of them under the Mezzanine Facility.

  
	
   

  	
   

  	
   

  	
   

  
	
  Facility Agency Fee:

  	
   

  	
  Bus or
  Holding (as applicable) will pay to the Facility Agent under the definitive
  agreement for the Mezzanine Facility an annual Facilities fee of EUR 85,000
  (pro-rata in accordance with the amount owed by each of them under the
  Mezzanine Facility). The first payment of such fee shall be made on the first
  date a drawing is made under the Mezzanine Facility and thereafter such fee
  shall be laid annually in advance (on each anniversary of the initial payment)
  for as long as any amount remains outstanding under the Mezzanine Facility or
  any commitment thereunder remains in force. Upon the first drawdown under the
  Mezzanine Facility, Bus or Holding (as applicable) will also pay to the
  Facility Agent all of the costs and expenses (including, without limitation,
  legal fees) incurred by the Facility Agent in relation to the Mezzanine
  Facility Fro rata in accordance with the amount owed by each of them under he
  Mezzanine Facility.

  
	
   

  	
   

  	
   

  	
   

  
	
  Majority Mezzanine
  Lenders: 

  	
   

  	
  shall mean
  the Majority Tranche A Lenders and the Majority C Lenders.

  

 

 

TRANCHE A

 

	
  Principal
  Amount:

  	
   

  	
  EUR 45 million (inclusive
  of amounts required to refinance Tranche C as provided herein).

  
	
   

  	
   

  	
   

  
	
  Borrower:

  	
   

  	
  Bus.

  
	
   

  	
   

  	
   

  
	
  Purpose:

  	
   

  	
  Funds borrowed under
  Tranche A shall be applied in accordance with the agreed costs schedule (the
  “Agreed Costs Schedule”) produced
  by Alvarez & Marsal Europe Limited as financial advisers
  to Nordic and agreed by Houlihan Lokey Howard & Zukin (Europe) Limited as financial
  advisers to the Lenders and the structure paper (the “Structure Paper”) agreed
  between the Borrowers and the Lenders.

  
	
   

  	
   

  	
   

  
	
  Availability
  and

  Drawdown:

  	
   

  	
  From the date (the “Closing Date”) on which the Restructuring
  closes to the date which is 10 Business Days following the Closing Date.
  Tranche A must be drawn in a single drawing.

  
	
   

  	
   

  	
   

  
	
  Security:

  	
   

  	
  A pledge
  by Bus over its entire shareholding in Holding in favour of the Security
  Agent.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  A first ranking pledge by
  Bus of its rights under the Subordinated Loan Agreement dated 28 February 2002,
  as replaced by the agreement signed on 22 December 2003 and as amended
  from time to time (the “Subordinated
  Shareholder Loan”).

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  A first ranking pledge by Bus of its rights
  and interest under the remaining
  SEK 80 million capital contributions due from Nordic, have been assigned to
  it by Holding (the “Intragroup Capital Contribution”).

  
	
   

  	
   

  	
   

  
	
  Ranking:

  	
   

  	
  Tranche A borrowings shall
  rank as senior secured debt of Bus and benefit from the pledges set out in Security above.

  
	
   

  	
   

  	
   

  
	
  Interest

  Rate:

  	
   

  	
  Tranche A shall bear
  interest at an annual rate equal to the sum of (i) 6-month
  EURIBOR plus 650bps (the “Cash Interest”) and (ii) 650bps (the “Compounded Interest”).
  Cash Interest and Compounded Interest shall be calculated on a 360-day
  basis and shall be paid or credited, respectively, semi-annually in arrears
  on each 15 June and 15 December (each an “Interest Payment Date”), commencing
  15 December 2005. Compound Interest shall accrue and, on each Interest Payment Date, be added to the then accreted principal amount. If Bus shall not have available to it funds
  sufficient to pay when due the Cash Interest component in cash, such Cash
  Interest component shall on such Interest Payment Date be added to the then
  accreted principal mount and shall bear

  

 

 

	
   

  	
   

  	
  interest as if it were
  principal unless and until such unpaid interest is duly paid in cash, which it may be, without any penalty, at any time
  during the succeeding interest payment period.

  
	
   

  	
   

  	
   

  
	
  Optional
  Redemption:

  	
   

  	
  During a one year period
  following the initial draw–Non-callable.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  During a one year period
  following the first anniversary of the initial draw–Callable at par plus the
  sum of 6-month EURIBOR and 650bps.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  During a one year period
  following the second anniversary of the initial draw–Callable at par plus
  0.50 times the sum of 6-month EURIBOR and 650bps.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  During a one year period
  following the third anniversary of the initial draw Callable at par plus 0.25
  times the sum of 6-month EURIBOR and 650bps.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  After the fourth
  anniversary of the initial draw–Callable at par.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  For the avoidance of
  doubt, callable at par means that Tranche A is callable at an amount equal to
  the sum of (i) the then accreted principal, (ii) costs and expenses
  incurred and (iii) interest accrued (including the Cash Interest and
  Compounded Interest components) and unpaid or uncredited until the date of prepayment.

  
	
   

  	
   

  	
   

  
	
  Mandatory
  Redemption:

  	
   

  	
  Change of control (for
  these purposes, defined as the acquisition by a single person or group, other
  than a Permitted Holder (defined as each Consenting Noteholder which signs
  the Restructuring Agreement and receives Restructuring Shares (as defined
  therein)) of 35% or more of Bus’, Holding’s or Nordic’s voting shares,
  pursuant to a bona fide transaction at arm’s length, and the ownership by
  such person or group of a voting share percentage which exceeds that of
  Permitted Holders generally).

  
	
   

  	
   

  	
   

  
	
  Amortisation:

  	
   

  	
  None. Single bullet
  repayment.

  
	
   

  	
   

  	
   

  
	
  Commitment
  Fee:

  	
   

  	
  As detailed in the Fees
  Letter.

  
	
   

  	
   

  	
   

  
	
  Funding
  Fee:

  	
   

  	
  As detailed in the Fees
  Letter.

  
	
   

  	
   

  	
   

  
	
  Majority
  Tranche A Lenders:

  	
   

  	
  662/3%. 

  

 

 

TRANCHE C

 

	
  Principal
  Amount:

  	
   

  	
  EUR 25 million.

  
	
   

  	
   

  	
   

  
	
  Borrower:

  	
   

  	
  Holding.

  
	
   

  	
   

  	
   

  
	
  Use of
  Proceeds:

  	
   

  	
  Funds borrowed under
  Tranche C shall be applied in accordance with the Agreed Costs Schedule and
  the Structure Paper.

  
	
   

  	
   

  	
   

  
	
  Availability
  and Drawdown:

  	
   

  	
  From the date of the
  Mezzanine Facility Agreement to and including the earlier of the Closing Date
  and 31 December 2005.

  
	
   

  	
   

  	
   

  
	
  Security:

  	
   

  	
  A first ranking pledge by
  Holding of its rights under the Subordinated Shareholder Loan.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  A first ranking pledge by
  Holding over the bank account to which all moneys in respect of the Subordinated
  Shareholder Loan and Intragroup Capital Contribution are to be paid.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  A pledge by Holding of its
  rights and interests under Intragroup Capital Contribution, as have been
  assigned to it by Bus.

  
	
   

  	
   

  	
   

  
	
  Ranking:

  	
   

  	
  Tranche C shall rank as
  senior secured debt of Holding and shall benefit from the security outlined
  above.

  
	
   

  	
   

  	
   

  
	
  Interest Rate:

  	
   

  	
  Tranche C shall bear
  interest at an annual rate equal to the sum of (i) 6-month EURLBOR
  plus 650bps (the “Cash Interest”) and
  (ii) 650bps (the “Compounded Interest”). Cash
  Interest and Compounded Interest shall be calculated on a 360-day basis
  and shall be paid or credited, respectively, semi-annually in arrears on each
  15 June and 15 December (each an “Interest
  Payment Date”), commencing 15 December 2005. Compounded
  Interest shall accrue and, on each Interest Payment Date, be added to the then
  accreted principal amount. If Holding shall not have available to it funds
  sufficient to pay when due the Cash Interest component in cash, such Cash
  Interest component shall on such Interest Payment Date be added to the then
  accreted principal amount and shall bear interest as if it were principal
  unless and until such unpaid interest is duly paid in cash, which it may be,
  without any penalty, during the succeeding interest payment period.

  
	
   

  	
   

  	
   

  
	
  Mandatory
  Prepayment:

  	
   

  	
  On the date that Tranche A
  is first drawn, Holding shall
  prepay Tranche C in full, plus all accrued but unpaid Cash Interest and Compound
  Interest thereon.

  

 

 

	
  Mandatory
  Redemption:

  	
   

  	
  Change of control (for
  these purposes, defined as the acquisition by a single person or group, other
  than a Permitted Holder (defined as each Consenting Noteholder which signs
  the Binding Restructuring Agreement and receives Restructuring Shares) of 35%
  or more of Bus’, Holding’s or Nordic’s voting shares, pursuant to a bona fide
  transaction at arm’s length, and the ownership by such person or group of a
  voting share percentage which
  exceeds that of Permitted Holders generally).

  
	
   

  	
   

  	
   

  
	
  Amortisation:

  	
   

  	
  None. Single bullet
  repayment (subject to Mandatory Prepayment
  above).

  
	
   

  	
   

  	
   

  
	
  Commitment
  Fee:

  	
   

  	
  As detailed in the Fees
  Letter.

  
	
   

  	
   

  	
   

  
	
  Funding
  Fee:

  	
   

  	
  As detailed in the Fees
  Letter.

  

 

 

SCHEDULE B

 

SUBORDINATED INDENTURE AMENDMENTS

 

The
proposed Subordinated Indenture Amendments to the Subordinated Indenture will
be contained in a Supplemental Indenture. The following is a summary of the
Subordinated Indenture Amendments. Capitalized terms used but not defined in
the following summary have the meanings assigned to them in the Subordinated
Indenture.

 

The Supplemental Indenture
will, in substance, eliminate the following covenants and other provisions
(and the definitions related thereto) of the Subordinated Indenture:

 

•                  Corporate Existence – clause
1004;

 

•                  Maintenance of Properties – clause
1005;

 

•                  Payment of Taxes and Other Claims – clause
1006;

 

•                  Maintenance of Insurance – clause
1007;

 

•                  Limitation of Indebtedness and Issuance of
Disqualified Share Capital and Preferred Shares – clause 1008;

 

•                  Limitation on Restricted Payments – clause
1009;

 

•                  Limitations on Dividends and Other Payment
Restrictions Affecting Subsidiaries – clause 1010;

 

•                  Limitation on Liens – clause
1011;

 

•                  Limitation on Sale and Leaseback Transactions
– clause 1012;

 

•                  Limitation on Transactions with Affiliates
and Related Persons – clause 1013;

 

•                  Limitation on Sales and Issuance of Equity
Interests in Restricted Subsidiaries – clause 1016;

 

•                  Limitation on Issuances of Guarantees of
Indebtedness – clause 1017;

 

•                  Provision of Financial Information – clause
1019;

 

•                  Statement of Officers as to Default;
Compliance Certificate – clause 1020;

 

Events of
Default

 

•                  Breach of covenant – clauses
501(3) and
(4);

 

•                  Cross-default – clauses 501(5), (6), (9) and
(10);

 

 

•                  Insolvency default – clauses
501(11), (12);

 

Other

 

•                  Acceleration – clause 502;

 

•                  Waiver of Stay or Extension Laws – clause
515;

 

•                  Consolidation, Merger etc – clause
801(1)(b) and (d) (referring to Consolidated Net Worth / Fixed Charge Coverage Ratios);

 

•                  Successor Substituted – clause
802; and

 

•                  Conditions to Defeasance – clause
1304(2)(a).

 

The
Subordinated Indenture Amendments will constitute a single proposal and a
Consenting Noteholder must consent to the Subordinated Indenture Amendments in
their entirety and may not consent selectively with respect to certain
Subordinated Indenture Amendments.

 

Each
of the annexes to the Subordinated Indenture will be supplemented, modified and
amended as necessary to make the terms of such annexes consistent with the
terms of the Subordinated Indenture, as amended by the Subordinated Indenture
Amendments.

 

The Subordinated Indenture
Amendments will be effected by a Supplemental Indenture, which will be executed
at or promptly following the date the requisite consents have been obtained.
Although the Supplemental Indenture will be executed at or promptly following
the date the requisite consents have been obtained, the Subordinated Indenture
Amendments will not become operative until the Effective Date.

 

 

SCHEDULE C

 

FORM OF
NOTICE BY CONSENTING NOTEHOLDER OR SENIOR GROUP

MEMBER IN ACCORDANCE

WITH CLAUSE 23.1

 

[ON
CONSENTING NOTEHOLDER’S OR SENIOR GROUP MEMBER’S

LETTERHEAD]

 

	
  Re:

  	
   

  	
  Concordia Bus AB’s EUR 160 million 11% Senior Subordinated Notes due 2010 (the “Subordinated Notes”) and
  Concordia Bus Nordic AB’s EUR 130 million
  9.125%
  Senior Secured Notes due
  2009 (the “Senior Notes”)

  
	
   

  	
   

  	
   

  
	
  To :

  	
   

  	
   

  
	
   

  	
   

  	
  Concordia Bus AB (“Bus”)

  
	
   

  	
   

  	
  Concordia Bus Nordic AB (“Nordic”)

  
	
   

  	
   

  	
  Concordia Bus Holding AB (“Holding
  AB”)

  
	
   

  	
   

  	
  C/O Solna Strandväg 78

  
	
   

  	
   

  	
  SE — 171 Solna

  
	
   

  	
   

  	
  Sweden

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone: + 46 8 546 300 00

  
	
   

  	
   

  	
  Facsimile: + 46 8 546 300 55

  
	
   

  	
   

  	
  Attention: Per Skargard

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Concordia Bus BV (“BV”)

  
	
   

  	
   

  	
  c/o Executive Management
  Trust BV

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone: + 3 1 (0) 20 540 8989
  (general)

  
	
   

  	
   

  	
  Facsimile: + 3 1 (0) 20 540 8909

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GS Capital Partners III, L.P.

  
	
   

  	
   

  	
  GS Capital Partners III
  Offshore, L.P.

  
	
   

  	
   

  	
  Goldman, Sachs & Co. Verwaltungs GmbH

  
	
   

  	
   

  	
  C/O 133 Fleet Street

  
	
   

  	
   

  	
  London EC4A 2BB

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone: + 44 20 7774 1000

  
	
   

  	
   

  	
  Facsimile: + 44 20 7774 4477

  
	
   

  	
   

  	
  Attention: The Honourable
  Richard Simon Sharp

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Sch&qout;yen Gruppen AS (“Sch&qout;yen”)

  
	
   

  	
   

  	
  Lysaker Torg 12

  
	
   

  	
   

  	
  Nl327 Lysaker

  
	
   

  	
   

  	
  Norway

  

 

 

	
   

  	
   

  	
  Telephone: + 47 67 83 29 29

  
	
   

  	
   

  	
  Facsimile: + 47 67 83 29 30

  
	
   

  	
   

  	
  Attention: Frode Larsen

  

 

We hereby state as follows:

 

1.                                 We have executed a copy of a restructuring
agreement dated as of           
July 2005 among Bus, Nordic, BV, Holding AB, Goldrnan Sachs, Sch&qout;yen,
the Senior Group Members and the Consenting Noteholders signatories thereto
(the “Restructuring Agreement”) in
connection with the Restructuring, inter alia, of
the Subordinated Notes. Capitalised terms used in this notice are defined in
the Restructuring Agreement unless otherwise stated.

 

2.                                 At the time of executing the Restructuring
Agreement we either were the beneficial
owner of, or were performing investment management services on behalf of the
beneficial owner of, in aggregate EUR [•] face amount of Subordinated Notes and/or EUR [•] face amount of Senior Notes as was set
forth upon the signature page thereto. Each of these EUR [•] face amount of
Subordinated Notes and/or EUR [•] face
amount of Senior Notes were offered by us in support of the Restructuring in
accordance with the terms of and
subject to the conditions set forth in the Restructuring Agreement.

 

3.                                  According to Clause 23.1 of the Restructuring
Agreement, we agreed not to sell, transfer or assign any of our Subordinated
Notes and/or Senior Notes or any voting interest therein, or any Claim which we
may have against Bus or any of
its subsidiaries or any Released Persons in accordance with [Clause 14] [Clause
15](1) therein to any Person who was not another Consenting Noteholder during
the term of the Restructuring Agreement unless such Person, prior to any
transfer or agreement, entered into a written undertaking in favour of the
other parties to the Restructuring Agreement as if such Person was a Consenting Noteholder and executed a Deed of Adherence.

 

We hereby give notice in
accordance with CIause 23.1 of the Restructuring Agreement and having regard to
our obligations under Clause 23.1 as aforesaid, that(1)

 

EITHER:

 

On [•], 2005 we sold EUR [•] face amount of our Subordinated Notes and/or EUR [•] face amount of Senior Notes to [•](1) which represented to us that it was a Consenting Noteholder and furnished to us an executed copy of the
Restructuring Agreement, the signature page of which is attached hereto.

 

(1)           Enter name and contact
details for Consenting Noteholder.

 

 

OR:

 

On [•], 2005 we sold EUR [•] face
amount of our Subordinated Notes and/or EUR [•] face amount of Senior Notes to [•](2) which represented to us that it was not a Consenting Noteholder
but which has now signed the Restructuring Agreement and executed the Deed of
Adherence (a copy of which is attached to this notice).

 

Please contact us should you
have any queries.

 

Yours sincerely

 

[CONSENTING
NOTEHOLDER] [SENIOR GROUP MEMBER]

 

	
  cc: Clifford Chance
  Limited Liability Partnership

  
	
  10 Upper Bank Street

  
	
  Canary Wharf

  
	
  London El4 5JJ

  
	
   

  
	
  Telephone: +44 (0) 20 7006
  1000

  
	
  Facsimile: +44 (0) 20 7006
  5555

  
	
  Attention: Nicholas Frome,
  Robert Trefny

  
	
   

  
	
  The Ad Hoc Committee of
  Subordinated Noteholders of Concordia Bus AB

  
	
  c/o Cadwalader, Wickersham & Taft, LLP

  
	
  265 Strand

  
	
  London WC2R 1BH

  
	
   

  
	
  Telephone: +44 (0)20 7 170
  8700

  
	
  Facsimile: +44 (0)20 7170
  8600

  
	
  Attention: Andrew
  Wilkinson, Justin Bickle

  
	
   

  
	
  The Senior Group Members

  
	
  c/o Bingham McCutchen LLP

  
	
  99 Gresham Street

  
	
  London EC2 7HB

  
	
   

  
	
  Telephone: +44 (0)20 7661 5300

  
	
  Facsimile: +44 (0)20 7661
  5400

  
	
  Attention: James Roome,
  James Terry, Philip Knott

  

 

 

(2)           Enter
name and contact details for new beneficial owner of the Subordinated Notes.

 

 

FORM OF
UNDERTAKING BY NEW NOTEHOLDER IN ACCORDANCE

WITH CLAUSE 23.1

 

[ON NEW
NOTEHOLDER’S LETTERHEAD]

 

	
  Re:

  	
   

  	
  Concordia
  Bus AB’s EUR 160 million 11% Senior Subordinated Notes due 2010 (the “Subordinated
  Notes”)

  
	
   

  	
   

  	
   

  
	
  To :

  	
   

  	
   

  
	
   

  	
   

  	
  Concordia Bus AB

  
	
   

  	
   

  	
  Concordia Bus Nordic AB

  
	
   

  	
   

  	
  Concordia Bus Holding AB

  
	
   

  	
   

  	
  c/o Solna Strandväg 78

  
	
   

  	
   

  	
  SE – 171 Solna

  
	
   

  	
   

  	
  Sweden

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone: + 46 8 546 300 00

  
	
   

  	
   

  	
  Facsimile: + 46 8 546 300 55

  
	
   

  	
   

  	
  Attention: Per Skargard

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Concordia Bus BV

  
	
   

  	
   

  	
  c/o Executive Management
  Trust BV

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone: + 31 (0) 20 540 8989
  (general)

  
	
   

  	
   

  	
  Facsimile: + 31 (0) 20 540 8909

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GS Capital Partners III,
  L.P.

  
	
   

  	
   

  	
  GS Capital Partners III
  Offshore, L.P.

  
	
   

  	
   

  	
  Goldman, Sachs & Co. Verwaltungs GmbH

  
	
   

  	
   

  	
  C/O 133 Fleet Street

  
	
   

  	
   

  	
  London EC4A 2BB

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone: + 44 20 7774 1000

  
	
   

  	
   

  	
  Facsimile: + 44 20 7774 4477

  
	
   

  	
   

  	
  Attention: The Honourable
  Richard Simon Sharp

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Sch&qout;yen Gruppen AS

  
	
   

  	
   

  	
  Lysaker Torg 12

  
	
   

  	
   

  	
  Nl327 Lysaker

  
	
   

  	
   

  	
  Norway

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone: + 47 67 83 29 29

  
	
   

  	
   

  	
  Facsimile: + 47 67 83 29 30

  
	
   

  	
   

  	
  Attention: Frode Larsen

  

 

 

We hereby confirm and
undertake as follows:

 

1.                                 We have executed a Deed of Adherence in
connection with the Restructuring of
the Subordinated Notes. Capitalised terms used in this undertaking are defined
in the Restructuring Agreement unless otherwise stated.

 

2.                                  In entering into the Deed of Adherence we
agree to be bound by the terms of the Restructuring Agreement, including
Clauses 7, 14, 16, 17, 22 and 23 thereof and, as if we were, and had been since
the date of the Restructuring Agreement, a Consenting Noteholder in relation to
EUR [•] face amount of Subordinated Notes and EUR [•] face amount of Senior Notes. We
attach an executed copy of the Deed of Adherence and a Restructuring Agreement
Signature Page for your records.

 

3.                                  We confirm that we are either beneficial
owners of, or perform investment management services on behalf of the
beneficial owners of, EUR [•] face
amount of Subordinated Notes and EUR [•] face amount of Senior Notes. Each of these
Subordinated Notes and Senior Notes are offered by us in support of the
Restructuring in accordance with the terms of and subject to the conditions set
forth in the Restructuring
Agreement.

 

Please contact us should you
have any queries.

 

Yours sincerely

 

[NEW
NOTEHOLDER]

 

	
  cc:

  	
  Clifford Chance Limited
  Liability Partnership

  
	
   

  	
  10 Upper Bank Street

  
	
   

  	
  Canary Wharf

  
	
   

  	
  London E14 5JJ

  
	
   

  	
   

  
	
   

  	
  Telephone: +44 (0) 20 7006
  1000

  
	
   

  	
  Facsimile: +44 (0) 20 7006
  5555

  
	
   

  	
  Attention: Nicholas Frome,
  Robert Trefny

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The Ad Hoc Committee of
  Subordinated Noteholders of Concordia Bus AB

  
	
   

  	
  c/o Cadwalader, Wickersham & Taft, LLP

  
	
   

  	
  265 Strand

  
	
   

  	
  London WC2R 1BH

  
	
   

  	
   

  
	
   

  	
  Telephone: +44 (0)20 7 170
  8700

  
	
   

  	
  Facsimile: +44 (0)20 7170
  8600

  
	
   

  	
  Attention: Andrew
  Wilkinson, Justin Bickle

  

 

 

SCHEDULE D

 

FORM OF DEED OF ADHERENCE

 

THIS DEED OF ADHERENCE is made the [•] day of [•] 2005 by [Name of Transferee] (the “Covenantor”) and is supplemental to the
Restructuring Agreement dated the            day
of July 2005 and made between
the parties thereto (the “Restructuring
Agreement”).

 

IT
IS AGREED as
follows:

 

Words
and expressions defined in the Restructuring Agreement shall have the same
meaning in this Deed.

 

The
Covenantor confirms that it has been supplied with a copy of the Restructuring
Agreement and hereby covenants with the parties thereto, and the persons
entitled to enforce certain provisions despite not being parties, to perform
and to be bound by all of the terms of the Restructuring Agreement (including,
without limitation, Clauses 7, 14, 16, 17, 22 and 23 thereof) to the intent and
effect that the Covenantor shall be deemed with effect from the date of this
Deed to be a party to the Restructuring Agreement in the same capacity and with
the same rights and obligations attributable to the original signatory to the
Restructuring Agreement from which the interest being transferred derived.

 

This
Deed of Adherence shall be governed by and construed in accordance with the
laws of England and Wales.

 

IN WITNESS whereof we have executed and delivered this
Deed of Adherence as a deed on the date appearing at the head of the document.

 

EXECUTED AS
A DEED

 

	
  By [Name of Transferee]

  	
   

  	
  )

  
	
  acting by

  	
   

  	
  )

  
	
   

  	
   

  	
  )

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Director/Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Face amount of Subordinated
  Notes subject to this Deed

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Face amount of Senior
  Notes subject to this Deed

  

 

 

SCHEDULE E

 

SUMMARY OF PRIVATE SUBSCRIPTION STEPS AND PROCEEDINGS STEPS

 

(Clause
19 of the Restructuring Agreement)

 

A                                       Proceedings Stem

 

A.1                             Bus must make an application to the District Court in
Stockholm to commence the Swedish Reorganisation
Proceedings promptly after
closing of the Third Party Tender Offer and the Revised Consent Solicitation.
The identity of the administrator to administer those proceedings shall,
subject to the court’s approval, have been previously agreed between Bus and
the Ad Hoc Committee.

 

A.2                             If the court allows Bus to enter into the
proposed Swedish Reorganisation Proceedings, then a moratorium will be granted
to Bus against creditors’ claims and the court will set a date for the meeting
of creditors (borgenärssamrnanträde). The
creditors’ meeting must take place within three weeks from the date of the
decision of the court.

 

A.3                             Bus will, within a further three Business Days, then apply for a Public Composition
procedure of the creditors to take place. If approved, the court will set a
date on which the creditors may vote on the application for a Public
Composition proposal, which meeting shall be held three to five weeks after the
courts’ approval of the Public Composition procedure. The Consenting
Noteholders shall be irrevocably bound to vote in favour of the Public
Composition procedure by virtue of their signatures to the Restructuring
Agreement.

 

A.4                             The Public Composition sought by Bus and
agreed to by the Consenting Noteholders and Bus shall comprise (i) the reduction
o f the face amount of 100% o f the Subordinated Notes from 100% down
to 25% (or such lower percentage as may be agreed by the court), (ii) such
changes to the reduced debt obligation relating to denomination, priority and
interest as may be agreed by the court, (iii) an agreement by each
Consenting Noteholder to irrevocably tender that reduced debt obligation to Bus
in consideration for receiving Restructuring Shares outside of the Swedish
court process on the basis described in B.3 below, (iv) irrevocable agreement by each Consenting
Noteholder not to retain, or expect to receive from Bus, any cash payment in
respect of that reduced debt obligation and (v) agreement from each
Consenting Noteholder and Bus to use all powers and rights available to it to
ensure that the Proceedings Steps are implemented as rapidly as reasonably
practicable.

 

A.5                             The court rules on whether the Public
Composition is approved.

 

A.6                             As part of the Public Composition, releases
shall be given to third parties including the parties to the Restructuring
Agreement and the Released Persons on the terms set out in the Restructuring Agreement.

 

 

B                                       Private Subscription

 

B.l                                  A Private Subscription will be used by Bus to
implement the Restructuring either (i) immediately after the Proceedings
Steps set out in paragraph A above
have closed or (ii) on a stand alone basis, where at 1east 99% of holders
of Subordinated Notes (or such lower number as may be agreed between Bus and
the Ad Hoc Committee, each acting reasonably) have signed, or adhered under
Clause 23 to, the Restructuring Agreement and the Restructuring is capable of
being consummated out of court. In either instance, Bus shall convene a meeting
to authorise the issue of 120,000 ordinary shares in Bus, each such share shall
have a nominal value of SEK 100. The meeting can be convened by circulation of
a Shareholder resolution and other relevant documents (the “Shareholder Documentation”) where no formal meeting is
required.

 

B.2                               The Shareholder Documentation must be filed
and registered promptly at the Swedish Companies’ Registration Office. The
registration of the Shareholder Documentation usually takes up to 14 days.

 

B.3                               Within 24 hours of the Shareholder
Documentation having been registered, Bus will issue 120,000 Restructuring
Shares to Consenting Noteholders and Controlling Shareholders (or their
nominated allottees) who have executed the Shareholders’ Agreement in agreed
form. The allocation of the equity split will be 97.5% of the Restructuring
Shares to the Consenting Noteholders (or their nominated allottees) and 2.5% of
the Restructuring Shares in aggregate to the Controlling Shareholders (or their
nominated allottees).

 

B.4                               Each Consenting Noteholder must surrender the
Subordinated Notes which it owns (or the reduced debt obligation which it shall
receive in place of its Subordinated Notes) as part of the Public Composition
Proceedings referred to in paragraph A above) to the Restructuring Trustee as
part of the Private Subscription process.

 

B.5                               Bus, through the Restructuring Trustee, shall
deliver to the Controlling Shareholders and each Consenting Noteholder (or
their nominated allottees), their entitlement to the Restructuring Shares, determined
in accordance with the Restructuring Agreement and in the aggregate proportions
set out in paragraph B.3 above, once those parties have signed the Shareholders’
Agreement.

 

 

SCHEDULE F

 

STEPS IN CONNECTION WITH IMPLEMENTATION OF CONSENT
SOLICITATION

(THE “C/S”) AND THIRD PARTY TENDER OFFER (THE “T/O”)

 

	
  Time

  	
   

  	
  Event

  
	
  Day 1

  	
   

  	
  C/S and T/O shall commence
  simultaneously and shall

  be distributed together through the clearing systems

  
	
   

  	
   

  	
   

  
	
  Days 1-20, Inclusive

  	
   

  	
  C/S
  and T/O shall remain open and may not be withdrawn

  
	
   

  	
   

  	
   

  
	
  Day 20

  5:00 P.M. GMT

  	
   

  	
  C/IS and T/O
  shall close simultaneously

  (“C/s Closing” and “T/O
  Closing”)

  
	
   

  	
   

  	
   

  
	
  Not later than Day 23

  	
   

  	
  Payment of the Consent Fee
  and the Tender Offer Price

  shall occur with respect
  to both C/S and T/O

  (“Settlement Date”)

  

 

SETTLEMENT DATE ORDER OF EVENTS

 

	
  C/S

  	
   

  	
  T/O

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Tabulation Agent
  determines how many consents have been provided and not withdrawn

  	
   

  	
  1.

  	
  Tabulation Agent
  determines how many Senior Notes have been tendered and not withdrawn

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
  Nordic irrevocably deposits
  with the Trustee for the Senior Notes sufficient funds to pay the Consent Fee
  (as defined below) to all holders of Senior Notes from whom valid consents
  have been delivered and not withdrawn as at C/S Closing, and irrevocably
  instructs the Trustee for the Senior Notes to apply such funds to the payment
  of the Consent Fee to all holders of Senior Notes eligible to receive it

  	
   

  	
  2.

  	
  Offerors irrevocably
  purchase from  all
  holders of Senior Notes who as at
  T/O Closing have tendered (and not withdrawn) their Senior Notes in response
  to the T/O, at the Tender Offer Price (as defined below)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  Tabulation Agent provides
  Clifford Chance with certificate as to the number of consents received

  	
   

  	
   

  	
   

  

 

 

	
  C/S

  	
   

  	
  T/O

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Nordic executes amendments
  to the Senior Indenture (the “Senior Supplemental
  Indenture”) and instructs the Trustee under the Senior Indenture
  to do so

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
  Pre-effective period for
  Senior Supplemental Indenture: the Senior Supplemental Indenture (and the changes
  to be made pursuant thereto) will not take force and effect until after each
  of C/S Closing, T/O Closing, the Settlement Date, and the payment of both the
  Tender Offer Price and the Consent Fee to all holders of Senior Notes who are
  entitled to receive such payment, shall have occurred

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
  Pre-effective period ends
  upon closing and settlement of C/S and T/O

  	
   

  	
   

  	
   

  

 

KEY TERMS

 

	
  C/S

  	
   

  	
  T/O

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Nordic shall ensure that
  T/O will be commenced simultaneously with issue of C/S

  	
   

  	
  1.

  	
  Offerors shall ensure that
  C/S will be commenced simultaneously with issue of C/S

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
  Nordic shall be
  unconditionally obligated to commence and keep open for 20 U.S. business days

  	
   

  	
  2.

  	
  Offerors shall be
  unconditionally obligated to commence and keep open for 20 U.S. business days

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  Consents must be
  accompanied by an undertaking
  not to participate in the Change of Control Offer (holders of Senior Notes
  cannot consent without making undertakings)

  	
   

  	
  3.

  	
  Subject only to C/S
  Closing having occurred (following the receipt of Requisite Consent), and market
  standard terms as to illegality, on the Settlement Date the Offerors shall be
  unconditionally obligated to pay the “Tender Offer Price”, which is
  (a) in the event that the Consent Fee has

  

 

 

	
  C/S

  	
   

  	
  T/O

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  been paid by Nordic in
  relation to the C/S, a price equivalent to the principal face amount of the
  Senior Notes plus any accrued and unpaid interest thereon up to the date of
  T/O Closing, or (b) in
  the event that the Consent Fee has not been paid by Nordic in relation to the
  C/S, a price equivalent to 104% of the principal face amount of the Senior
  Notes plus any accrued and unpaid interest thereon to the date of T/O Closing

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
  The fee for the consents
  (the “Consent Fee”) shall be €40 per €1,000 aggregate principal amount for in
  the Notes Purchase Agreement of Senior Notes with respect to which the
  consents are provided

  	
   

  	
  4.

  	
  Nordic is unconditionally
  obligated to pay to the Offerors the fees provided for in the Notes Purchase
  Agreement

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
  C/S shall be conditional
  only upon receipt of consents from holders of Senior Notes representing at
  least a majority in aggregate principal amount of Senior Notes (“Requisite Consent”),
  and market standard terms as to legality

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
  The proposed amendments
  shall include a clause to the effect that all the amendments shall not take
  effect until after each of C/S Closing, T/O Closing, the Settlement Date, and
  the payment of both the Tender Offer Price and the Consent Fee to all holders
  of Senior Notes who are entitled to receive such payment, shall have occurred

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]