Document:

Third Amendment to Amended and Restated Note Purchase and Private Shelf

 Exhibit 10.2 
 Prudential Investment Management, Inc. (“PIM”) 
 The Prudential Insurance Company of America (“Prudential”) 
 Prudential Retirement Insurance and
Annuity Company (“PRIAC”) 
 Each Prudential Affiliate under the Note Agreement referred to below 
 c/o Prudential Capital Group 
 Four Embarcadero Center, Suite 2700 
 San Francisco, California 94111 
 February 12, 2010 
 NORTHWEST PIPE COMPANY 
 5721 SE Columbia Way, Suite 200 
 Vancouver, Washington 98661 
  

	 	Re:	Third Amendment to Amended and Restated Note Purchase and Private Shelf Agreement dated as of May 31, 2007 

 Ladies and Gentlemen: 
 Reference
is made to the Amended and Restated Note Purchase and Private Shelf Agreement, dated as of May 31, 2007 (as amended, restated, supplemented or otherwise modified from time to time, the “Note Agreement”), by and between
Northwest Pipe Company, an Oregon corporation (the “Company”), on the one hand, and PIM, Prudential, PRIAC and each Prudential Affiliate (as therein defined) that becomes bound by certain provisions thereof (together with PIM,
Prudential and PRIAC and their respective successors and Transferees, collectively, the “Purchasers”), on the other hand. Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Note Agreement
(after giving effect to any amendments of such terms in this letter agreement). 
 1. Amendments. Pursuant to the request
of the Company and the provisions of paragraph 11C of the Note Agreement, and subject to the terms and conditions of this letter agreement, the Purchasers hereby agree with the Company that the Note Agreement shall be amended as follows: 

(a) A new paragraph 2C is hereby added to paragraph 2, in proper numeric order, to read as follows: 
 “2C. Interest Enhancement Payments. 
 The Company agrees that it will pay from time to time additional interest on each of the Notes outstanding as of the Third
Amendment Effective Date equal to a per annum rate of 1.75% (the “Interest Enhancement Rate”), computed on the principal amount outstanding from time to time of each such Note beginning on the Third Amendment Effective Date, and
such additional interest with respect to any such Note will be payable (any payment from time to time of such additional interest being referred to as an “Interest Enhancement Payment”) from time to time on each interest payment
date for such Note in the manner specified herein or in such Note, as applicable. Notwithstanding the foregoing, if the Company demonstrates compliance with each of the financial covenants set forth in paragraph 6A as of December 31, 2010 at
the time it delivers its financial statements and related Officer’s Certificate for the fiscal

 Northwest Pipe Company 
 February 12, 2010 
 Page 2 
  

	 	 
year ended December 31, 2010 in accordance with paragraphs 5A and 5A(ii), then the Interest Enhancement Rate shall be adjusted to 1.50% beginning on such date of delivery. Any failure by the
Company in making any Interest Enhancement Payment (or any portion thereof) on any Note for more than five (5) Business Days after the same becomes due and payable shall constitute an “Event of Default” for purposes of paragraph
7A(ii). 

 (b) Paragraph 6A(1) is hereby amended and restated in its entirety as follows: 
 “6A(1). Consolidated Total Debt to EBITDA Ratio. 
 (a) The Company will not, at any time during the measurement dates set forth below, permit the ratio of (i) Consolidated Total Debt at such time to (ii) Consolidated EBITDA for the period of
four consecutive fiscal quarters of the Company then most recently ended, to be greater than the amount set forth opposite such measurement date(s): 
  

			
	 Period
	  	Ratio
	 From 10/1/09 to 12/31/09
	  	4.65:1.00
	 From 10/1/10 and at all times thereafter
	  	4.00:1.00

 (b) The Company
will not, at any time during the measurement dates set forth below, permit the ratio of (i) Consolidated Total Debt at such time to (ii) Annualized Consolidated EBITDA at such time, to be greater than the amount set forth opposite such
measurement date(s): 
  

			
	 Period
	  	Ratio
	 From 1/1/10 to 3/31/10
	  	4.50:1.00
	 From 4/1/10 to 6/30/10
	  	4.25:1.00
	 From 7/1/10 to 9/30/10
	  	4.00:1.00

 ”

 (c) Paragraph 6A(2) is hereby amended and restated in its entirety as follows: 
 “6A(2). Consolidated Tangible Net Worth. 
 The Company will not, at any time, permit Consolidated Tangible Net Worth to be less than the sum of (i) $245,00,000, plus (ii) 50% of the consolidated net income of the Company and its
Subsidiaries (but only if a positive number) for each fiscal quarter of the Company ended after December 31, 2009 through and including the most recently ended fiscal quarter of the Company at such time, plus (iii) 100% of the net proceeds
from any Equity Offering of the Company consummated after December 31, 2009.” 
 (d) Paragraph 6A(3) is hereby amended
and restated in its entirety as follows: 
 “6A(3). Consolidated Fixed Charge Coverage Ratio. 
 Beginning with the fiscal quarter ending December 31, 2010 and continuing with each fiscal quarter thereafter, the Company will not
permit the Consolidated Fixed Charge Coverage Ratio calculated as of the end of each such fiscal quarter to be less than 1.25:1.00 at such time.” 

 Northwest Pipe Company 
 February 12, 2010 
 Page 3 
  

 (e) Paragraph 6A(4) is hereby amended and restated in its entirety as follows: 

“6A(4). Consolidated Senior Funded Debt to EBITDA Ratio. 
 (a) The Company will not, at any time during the measurement dates set forth below, permit the ratio of (i) Consolidated Senior Funded
Debt at such time to (ii) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Company then most recently ended, to be greater than the amount set forth opposite such measurement date(s): 
  

			
	 Period
	  	Ratio
	 From 10/1/09 to 12/31/09
	  	4.65:1.00
	 From 10/1/10 and at all times thereafter
	  	3.50:1.00

 (b) The Company
will not, at any time during the measurement dates set forth below, permit the ratio of (i) Consolidated Senior Funded Debt at such time to (ii) Annualized Consolidated EBITDA at such time to, to be greater than the amount set forth
opposite such measurement date(s): 
  

			
	 Period
	  	Ratio
	 From 1/1/10 to 3/31/10
	  	4.50:1.00
	 From 4/1/10 to 6/30/10
	  	4.25:1.00
	 From 7/1/10 to 9/30/10
	  	3.75:1.00

 ”

 (f) A new paragraph 6A(5) is hereby added to paragraph 6, in proper numeric order, to read as follows: 
 “6A(5). Minimum Consolidated EBITDA. 
 The Company shall maintain a minimum Consolidated EBITDA equal to or greater than (i) $4,750,000 for the fiscal quarter ending on March 31, 2010, (ii) $12,200,000 for the cumulative two
fiscal quarters ending on June 30, 2010, and (iii) $21,000,000 for the cumulative three fiscal quarters ending on September 30, 2010.” 

 Northwest Pipe Company 
 February 12, 2010 
 Page 4 
  

 (g) A new paragraph 6A(6) is hereby added to paragraph 6, in proper numeric order, to read
as follows: 
 “6A(6). Maximum Consolidated Rent and Lease Expense Ratio. 
 Beginning with the fiscal quarter ending December 31, 2010 and continuing with each fiscal quarter thereafter, the Company shall not
permit the ratio of (i) Lease Rentals at the end of each such fiscal quarter to (ii) total revenue of the Company and its Subsidiaries (determined on a consolidated basis in accordance with GAAP), in each case for the period of four
(4) consecutive fiscal quarters ended as of the end of such fiscal quarter, to exceed 6.00%.” 
 (h) A new defined
term, “Annualized Consolidated EBITDA” is hereby added to paragraph 10B, in the proper alphabetic order, to read as follows: 
 ““Annualized Consolidated EBITDA” shall mean the Consolidated EBITDA for the applicable fiscal year-to-date, multiplied by (i) four (4) for purposes of determining
compliance with paragraphs 6A(1) and 6A(4) for the first quarter of the Company’s fiscal year, (ii) two (2) for purposes of determining compliance with paragraphs 6A(1) and 6A(4) for the second quarter of the Company’s fiscal
year, and (iii) 1.3333 for purposes of determining compliance with paragraphs 6A(1) and 6A(4) for the third quarter of the Company’s fiscal year.” 
 (i) The defined term “Consolidated EBITDAR” appearing in paragraph 10B is hereby deleted. 
 (j) The defined term “Consolidated Fixed Charges” appearing in paragraph 10B is hereby amended and restated in its entirety to read as follows: 
 ““Consolidated Fixed Charges” shall mean in respect of the Company and the Subsidiaries, determined on
a consolidated basis in accordance with GAAP, the sum of (a) consolidated interest expense for the period of four consecutive fiscal quarters ended on the date of determination, plus (b) consolidated cash income taxes paid during
the period of four consecutive fiscal quarters ended on the date of determination, plus (c) consolidated current maturities of long-term debt (including Capitalized Lease Obligations) as set forth on the Company’s balance sheet on
the date of determination.” 
 (k) The defined term “Consolidated Fixed Charge Coverage Ratio” appearing in
paragraph 10B is hereby amended and restated in its entirety to read as follows: 
 ““Consolidated
Fixed Charge Coverage Ratio” shall mean the ratio of (a) Consolidated EBITDA less an amount equal to the greater of $4,000,000 or the Consolidated Maintenance Capital Expenditures for the same consecutive four fiscal quarters;
to (b) Consolidated Fixed Charges.” 

 Northwest Pipe Company 
 February 12, 2010 
 Page 5 
  

 (l) A new defined term, “Consolidated Maintenance Capital Expenditures” is hereby
added to paragraph 10B, in the proper alphabetic order, to read as follows: 
 ““Consolidated Maintenance Capital
Expenditures” shall mean expenditures for the required maintenance of property, plant and equipment of the Company and its Subsidiaries on a consolidated basis.” 
 (m) A new defined term, “Third Amendment Effective Date” is hereby added to paragraph 10B, in the proper alphabetic order, to read
as follows: 
 ““Third Amendment Effective Date” shall mean February 12, 2010.” 
 2. Limitation of Modifications. Each amendment and/or other modification set forth in this letter agreement shall be limited
precisely as written and shall not be deemed to be (a) an amendment, consent or waiver of any other terms or conditions of the Note Agreement or any other document related to the Note Agreement or (b) a consent to any future amendment,
consent or waiver. Except as expressly set forth in this letter, the Note Agreement and the documents related to the Note Agreement shall continue in full force and effect. 
 3. Representations and Warranties. The Company hereby represents and warrants as follows: (a) no Default or Event of Default has
occurred and is continuing (other than the Defaults or Events of Default which may have existed prior to, but not after, the effectiveness of this letter agreement), or would result from the transactions contemplated by this letter agreement;
(b) the Company’s execution, delivery and performance of the Note Agreement, as modified by this letter agreement, have been duly authorized by all necessary corporate and other action and do not and will not require any registration with,
consent or approval of, or notice to or action by, any Person (including any governmental authority) in order to be effective and enforceable; (c) the Note Agreement, as modified by this letter agreement, constitutes the legal, valid and
binding obligation of the Company, enforceable against the Company in accordance with its terms except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws of general application relating to or affecting the
enforcement of creditors’ rights or by general principles of equity; and (d) each of the representations and warranties set forth in paragraph 8 of the Note Agreement is true, correct and complete as of the date hereof (except to the
extent such representations and warranties expressly relate to another date, in which case such representations and warranties are true, correct and complete as of such other date). 
 4. Conditions to Effectiveness. This letter agreement shall become effective on the date on which: (a) the Purchasers shall have
received a fully executed and delivered counterpart of this letter agreement executed by the Company, (b) the Purchasers shall have received a fully executed and delivered copy of the third amendment to Bank Credit Agreement in form and
substance satisfactory to the Purchasers, and each of the conditions precedent in such amendment shall have been previously or concurrently satisfied; (c) the Company shall have paid to, or as directed by, PIM in immediately available funds an
amendment fee equal to 0.50% of the principal amount outstanding on the Notes; and (d) the Company shall have paid Bingham McCutchen LLP in immediately available funds its accrued and unpaid legal fees and expenses. 

 Northwest Pipe Company 
 February 12, 2010 
 Page 6 
  

 5. Release; Covenant Not to Sue. 
 (a) The Company hereby absolutely and unconditionally waives, releases, remises and forever discharges the Purchasers, and any and all of
their respective participants, parent corporations, subsidiary corporations, affiliated corporations, related funds, insurers, indemnitors, officers, directors, shareholders, trustees, agents, employees, consultants, experts, advisors, attorneys,
and each of their respective successors and assigns (each a “Released Party”), from any and all claims, suits, investigations, proceedings, demands, obligations, liabilities, damages, losses, costs, expenses, or causes of action of
any kind, nature or description, whether based in law, equity, contract, tort, implied or express warranty, strict liability, criminal or civil statute, common law, or under any state or federal law or otherwise, of any kind or character, known or
unknown, past or present, liquidated or unliquidated, suspected or unsuspected, which the Company has had, now has, or might hereafter have, or has made claim to have against any such Released Party with respect to the Note Agreement, the Notes or
any other Transaction Document that, in each case, involve events, acts or omissions that have taken place on or before the date hereof, or with respect to the lender-borrower relationship evidenced by the Transaction Documents with respect to acts,
omissions or events that have taken place on or before the date hereof. It is the intention of the Company in providing this release that the same shall be effective as a bar to each and every claim, demand and cause of action specified, and in
furtherance of this intention it waives and relinquishes all rights and benefits under Section 1542 of the Civil Code of the State of California (or any comparable provision of any other applicable law), which provides: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING
THE RELEASE, WHICH IF KNOWN BY HIM, MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.” 
 The Company
acknowledges that it may hereafter discover facts different from or in addition to those now known or believed to be true with respect to such claims, demands, or causes of action and agrees that this instrument shall be and remain effective in all
respects notwithstanding any such differences or additional facts. The Company understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against
any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. 
 (b) The Company, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each Released Party above that it will not sue
(at law, in equity, in any regulatory proceeding or otherwise) any Released Party on the basis of any claim released, remised and discharged by such Person pursuant to the above release. The Company further agrees that it shall not dispute the
validity or enforceability of the Note Agreement, any of the Notes or any of the other Transaction Documents or any of its obligations thereunder. If the Company, or any of its successors, assigns or other legal representations violates the
foregoing covenant, such Person, for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any Released Party may sustain as a result of such violation, all reasonable attorneys’ fees
and costs incurred by such Released Party as a result of such violation. 

 Northwest Pipe Company 
 February 12, 2010 
 Page 7 
  

 6. Counterparts. This document may be executed in multiple counterparts, which
together shall constitute a single document. 
 7. Governing Law. This letter agreement shall be construed and enforced
in accordance with, and the rights of the parties shall be governed by, the internal laws of the State of New York, excluding choice-of-law principles of the law of such state that would require the application of the laws of a jurisdiction other
than such state. 
 [Remainder of the page intentionally left blank.] 

 If you are in agreement with the foregoing, please sign the enclosed counterpart of this
letter in the space indicated below and return it to the Purchasers at the above address whereupon, subject to the conditions expressed herein, it shall become a binding agreement between the Company, on the one hand, and the Purchasers, on the
other hand. 
  

			
	Sincerely,
	
	PURCHASERS
	
	PRUDENTIAL INVESTMENT MANAGEMENT, INC.
		
	By:	 	  

	Title:	 	Vice President
	
	 THE PRUDENTIAL INSURANCE COMPANY
OF
 AMERICA

		
	By:	 	  

	Title:	 	Vice President
	
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
		
	By:	 	 PRUDENTIAL INVESTMENT MANAGEMENT,
INC., AS
INVESTMENT MANAGER

		
	By:	 	  

	Title:	 	Vice President

 Accepted and agreed to as of the date first appearing above: 
  

			
	NORTHWEST PIPE COMPANY,
	an Oregon corporation
		
	By:	 	  

	Name:	 	Brian W. Dunham
	Title:	 	President and Chief Executive OfficerFinancing commitment agreement, dated December 18 2009

 Exhibit 10.20 
 FI N° 25.350 
 Serapis N° 20080700 
 Autoliv Safety Systems R&D 
 RSFF 
 (France, Germany and Sweden) 
 Deed of Guarantee and Indemnity 
 between 
 European Investment Bank 
 and 
 Autoliv
Inc. 
 Stockholm, 17 December 2009 
 Luxembourg, 18 December 2009 

 MADE BETWEEN: 
 European Investment Bank having its Head Office at 100, boulevard Konrad Adenauer, Luxembourg-Kirchberg, Grand Duchy of Luxembourg, 
 hereinafter called: the “Bank” 
 of the first part,

 Autoliv Inc., a corporation incorporated in Delaware, USA, having its business office at Klarabergsviadukten 70, SE 111 64,
Stockholm, Sweden, 
 hereinafter called: the “Guarantor” 
 of the second part. 
  

 -1- 

 WHEREAS: 
  

	•	 	 By an agreement (the “Finance Contract”) dated on or about 17 December 2009 and made between the Bank and Autoliv AB (publ) (the
“Borrower”) and the Guarantor, the Bank has agreed to establish in favour of the Borrower a credit equivalent to EUR 225 million; 

  

	•	 	 The obligations of the Bank under the Finance Contract are conditional upon the prior execution and delivery by the Guarantor of a guarantee of
performance by the Borrower of its financial obligations under the Finance Contract; 

  

	•	 	 The board of directors of the Guarantor has determined that the issue of a guarantee of the Borrower’s financial obligations is a transaction in
the interests of the Guarantor and has approved the terms of this Deed of Guarantee and Indemnity (this “Guarantee”) and has authorised the signatory/signatories to execute it on that Guarantor’s behalf (Annex I); and

  

	•	 	 The Borrower is indirectly a 100% owned subsidiary of the Guarantor and the Guarantor is the ultimate parent company of the Autoliv group of companies;

  

 -2- 

 NOW THEREFORE it is hereby agreed as follows: 
 ARTICLE 1 
 Finance Contract

 The Guarantor, in its respective capacity as guarantor, acknowledges notice of the provisions of the Finance Contract. 
 Terms defined in the Finance Contract shall have the same meaning when used herein. 
 ARTICLE 2 
 Guarantee

  

	2.01	Payment 

 In consideration
of the credit established by the Bank under the Finance Contract, the Guarantor hereby guarantees the payment of all Guaranteed Sums. The Guarantor undertakes that, if the Borrower should fail to pay any Guaranteed Sum to the Bank, whether upon the
normal due date, upon acceleration or otherwise unless such failure is caused by a technical or administrative error and payment is made within 3 (three) Business Days after the due date, the Guarantor shall pay the sum in question to the Bank as if
it had been the principal obligor (“surety”), in the currency specified in the Finance Contract and to the account specified in the demand. 
 For the purposes of this Guarantee a “Guaranteed Sum” means any principal, interest, commission, indemnity, liquidated damages, charge, expense or other sum which is expressed to be
payable from time to time by the Borrower to the Bank under or pursuant to the Finance Contract and any other sum due from time to time by the Borrower in connection with any advance or credit extended under the Finance Contract. 
 The Guarantor further agrees and undertakes to pay interest to the Bank at the rate and on the terms specified in the Finance Contract for
payment of overdue sums on all sums demanded under this Guarantee from the date of the Bank’s demand until the date of receipt of such sum by the Bank. 
  

	2.02	Nature of the Guarantor’s Liability 

 The obligations of the Guarantor hereunder are those of a primary obligor and not merely those of a surety. They shall not be impaired or discharged by reason of: 
  

	 	(a)	illegality, invalidity or unenforceability in or of the terms of the Finance Contract or any other security for the Borrower’s obligations thereunder;

  

	 	(b)	disability, incapacity or change in status or constitution of the Borrower, the Bank or any other party; 

  

	 	(c)	liquidation or insolvency of the Borrower or any other party; 

  

	 	(d)	time or other indulgence granted by the Bank or any arrangement entered into or composition accepted by the Bank, varying the rights of the Bank under the Finance
Contract or any security arrangement; 

  

	 	(e)	forbearance or delay on the part of the Bank in asserting any of its rights against the Borrower under the Finance Contract; or 

  

	 	(f)	any circumstance, other than actual payment of a Guaranteed Sum, which might otherwise discharge or diminish the obligations of the Guarantor. 

 

 -3- 

	2.03	Indemnity 

 As a
continuing obligation additional to and separate from those set out in Articles 2.01 and 2.02, and without prejudice to the validity or enforceability of those obligations, the Guarantor unconditionally and irrevocably undertakes that, if any
Guaranteed Sum should not be recoverable from the Guarantor under Article 2.01 for whatsoever reason, and whether or not the reason may have been known to the Bank at any material time, the Guarantor shall, upon first written demand by the Bank, and
as if it was a sole and independent obligor, compensate the Bank by way of a full indemnity for all loss resulting from the failure of the Borrower to make payment of any Guaranteed Sum in the amount and currency provided for by or pursuant to the
Finance Contract, whether upon the normal due date, upon acceleration or otherwise. 
  

	2.04	Continuing Security 

 This
Guarantee is a continuing Guarantee and shall endure until all Guaranteed Sums have been fully paid or discharged. No payment or discharge which may be avoided under any enactment relating to insolvency, no payment or discharge made or given which
is subsequently avoided and no release, cancellation or any such discharge of this Guarantee given or made on the faith of any such payment or discharge shall constitute discharge of the Guarantor under this Guarantee or prejudice or affect the
Bank’s right to recover from the Guarantor to the full extent of this Guarantee. The original(s) of this Deed of Guarantee and Indemnity which are in the possession of the Bank shall remain the property of the Bank after any release,
cancellation or discharge of this Guarantee. 
  

	2.05	Application of Payments 

 Any money received in connection with this Guarantee may be placed by the Bank to the credit of a suspense account with a view to preserving the right of the Bank to prove for the whole of the claims against the Borrower or may be applied
by the Bank in or towards satisfaction of such of the Guaranteed Sums as the Bank in its absolute discretion may from time to time determine; provided, however, that if any such money, being freely disposable by the Bank, is not applied towards
satisfaction of the Guaranteed Sums for which payment of the money was made hereunder, the Guarantor’s responsibility in respect of the Guaranteed Sums shall be discharged to the extent of such payment. 
 For the avoidance of doubt, the Bank will not charge the Guarantor interest at the rate and on the terms specified in the Finance Contract
for payment of overdue sums on any amount received in connection with this Guarantee, placed by the Bank to the credit of a suspense account, and which are applied towards satisfaction of the Guaranteed Sums. 
  

	2.06	Covenants of the Guarantor 

 The Guarantor agrees that until all the Guaranteed Sums have been fully paid or discharged: 
  

	 	(a)	it shall not seek to enforce any obligation owed to it by the Borrower which arises by virtue of the discharge by it of its obligations hereunder;

  

	 	(b)	it shall pay to the Bank all dividends in liquidation or otherwise received by it from or for the account of the Borrower in respect of any obligation referred to in
indent (a) above; the Bank shall apply such sums to reduce the outstanding Guaranteed Sums in such sequence as it may decide; and 

  

 -4- 

	 	(c)	it shall not exercise any right of subrogation to the rights of the Bank under the Finance Contract or any security granted in connection therewith.

  

	2.07	Acknowledgement 

 The
Guarantor acknowledges: (i) that it has entered into this Guarantee on the basis of its own assessment of the Borrower and any security provided, and (ii) that it has not been induced to enter into this Guarantee by any representation made
by the Bank. The Bank is not obliged to report to the Guarantor on the financial position of the Borrower or on any security provided, if any. The Bank shall have no liability for granting or disbursing the Loan, for cancelling or not cancelling the
credit or for demanding or not demanding prepayment under the Finance Contract. 
 ARTICLE 3 
 Enforcement of Guarantee 
  

	3.01	Certificate Conclusive 

 Subject to Article 2.01, a certificate of the Bank as to any default by the Borrower in the payment of any Guaranteed Sum as set out in Article 10.01 of the Finance Contract shall, in the absence of manifest error, be conclusive against the
Guarantor. 
  

	3.02	Guarantor’s Obligations Unconditional 

 The Guarantor undertakes to pay all sums due hereunder in full, free of set-off or counterclaim. This Guarantee may be enforced by the Bank upon provision of a statement of the reason for the demand. The
Bank shall not be obliged to take any action against the Borrower or to have recourse to any other guarantee as a condition precedent to the enforcement by the Bank of this guarantee. 
  

	3.03	Guarantor’s Option 

 Where the Bank makes any demand hereunder, the Guarantor may pay to the Bank all outstanding Guaranteed Sums, including sums arising under Article 4.02 of the Finance Contract, in settlement of its obligations hereunder. If the Guarantor
makes such payment, the Bank shall, upon the request and at the expense of the Guarantor, assign to the Guarantor the Bank’s rights under the Finance Contract and under any security therefor. 
  

 -5- 

 ARTICLE 4 
 Amendment to the Finance Contract 
 The Bank may
agree to any amendment or variation to the Finance Contract if: 
  

	(a)	the amendment or variation does not increase the amounts payable by the Guarantor under this Guarantee or change the conditions under which such amounts are payable; or

  

	(b)	the amendment or variation consists in the extension of time for payment of a Guaranteed Sum of up to three months; or 

  

	(c)	the Guarantor has given its prior written consent to the amendment or variation, provided that such consent may not unreasonably be refused or delayed.

 ARTICLE 5 
 Taxes, Charges and Expenses 
 The Guarantor shall bear its own costs of execution
and implementation of this Guarantee and, without prejudice to the terms of Article 2, shall indemnify the Bank against all: 
  

	(a)	taxes and fiscal charges, legal costs and other expenses incurred by the Bank in the execution or implementation of this Guarantee; and 

  

	(b)	losses, charges and expenses to which the Bank may be subject or which it may properly incur under or in connection with the recovery from any person of sums expressed
due under or pursuant to the Finance Contract. 

 Furthermore the Guarantor shall make payments hereunder without withholding or
deduction on account of tax or fiscal charges. 
 ARTICLE 6 
 Law and Jurisdiction 
  

	6.01	Law 

 This Guarantee, its
formation and its validity shall be governed by and construed in all respects in accordance with the laws of England. 
  

 -6- 

	6.02	Jurisdiction 

 The parties
hereto submit to the jurisdiction of the Courts of England and all disputes concerning this Guarantee shall be submitted to such court. 
 The Bank appoints The Securities Management Trust Limited of 8 Lothbury London EC2R 7HH to be its attorney for the purpose of accepting service on its behalf of any writ, notice, order, judgement or other legal process. 
 The Guarantor appoints Autoliv Holdings Limited of 44 Welbeck Street London W1G 8DY to be its attorney for the purpose of accepting
service on its behalf of any writ, notice, order, judgment or other legal process. 
  

	6.03	Invalidity 

 If any
provision hereof is invalid, such invalidity shall not prejudice any other provision hereof. 
  

	6.04	No assignment 

 The
Guarantor shall not assign all or any part of its rights or benefits under this Guarantee. 
 ARTICLE 7

 Final Clauses 
  

	7.01	Notices 

 Notices and
other communications given hereunder (other than such as arise out of litigation) to the Guarantor or to the Bank shall be sent out by facsimile, telex, telegram, registered letter or letter with recorded delivery addressed to it at its address set
out below or at such other address as it shall have previously notified to the other in writing as its new address for such purpose: 
  

			
	 •     For the Bank:
	 	Attention: Ops A
		 	100 boulevard Konrad Adenauer
		 	L-2950 Luxembourg
		 	Facsimile no. +352 4379 63697
		
	 •     For the Guarantor:
	 	Attention: Treasurer
		 	World Trade Center
		 	Klarabergsviadukten 70
		 	Box 703 81
		 	SE – 107 24 Stockholm
		 	Sweden
		 	Facsimile no.: +46 8 24 44 93

  

 -7- 

	7.02	Recitals and Annexes 

 The Recitals form part of this Guarantee. 
 The following Annex is attached hereto: 
  

			
	Annex I:	 	Resolution of Board of Directors of the Guarantor and authorisation of signatory

 IN WITNESS WHEREOF the parties hereto have caused this Guarantee to be executed in four originals in the English language. 
  

			
	 SIGNED as a DEED
 for and on behalf of
 EUROPEAN INVESTMENT BANK
	 	 EXECUTED as a DEED
 for and on behalf of
 AUTOLIV INC.

  

							
	 J. Link
 Director
	 	 E. Falvey
 Senior Legal Counsel
	 	Lars Sjŏbring	 	Jan Carlson

 This 17th day of December 2009, at Stockholm

 This 18th day of December 2009, at Luxembourg 
  

 -8- 

 Annex I 
 Resolution of Board of Directors of the Guarantor 
 and authorisation of signatory 
  

 -9-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}]]