Document:

Exhibit 10.57

    

    

    
      TRI-RAIL DOWNTOWN MIAMI LINK

      ACCESS, OPERATING AND FUNDING AGREEMENT

    

    

    

    
      by and among

      

      

      FLORIDA EAST COAST RAILWAY, L.L.C.,

      

      

      ALL ABOARD FLORIDA-OPERATIONS LLC and the

      

      

      SOUTH FLORIDA REGIONAL TRANSPORTATION AUTHORITY

    

    

    

    
      
        

      

    

    Table of Contents

    

    

    	 	
            Definitions

          
	
            Section I.

          	
            Transaction Milestones

          
	
            Section II.

          	
            Scope of Operating Rights

          
	
            Section III.

          	
            Use of Corridor, Viaduct/Station Segment and MiamiCentral Station

          
	
            Section IV.

          	
            Track and Station Maintenance

          
	
            Section V.

          	
            Lease, Easement Agreement and Bill of Sale

          
	
            Section VI.

          	
            Design and Construction of Station and Track Improvements

          
	
            Section VII.

          	
            FDG Flagler Station II LLC (i.e. Parallel Infrastructure)

          
	
            Section VIII.

          	
            Liability and Insurance

          
	
            Section IX.

          	
            Default/Remedies

          
	
            Section X.

          	
            Term

          
	
            Section XI.

          	
            Dispute Resolution

          
	
            Section XII.

          	
            Assignment

          
	
            Section XIII.

          	
            Compliance with Applicable Law and Rules

          
	
            Section XIV.

          	
            Compliance with Combined Operating and Safety Rules

          
	
            Section XV.

          	
            General

          
	
            Section XVI.

          	
            Financing of the Tri-Rail Improvements

          
	
            Section XVII.

          	
            Notices

          
	
            Section XVIII.

          	
            Casualty Losses

          
	
            Section XIX.

          	
            Capital Improvements

          
	
            Section XX.

          	
            Abandonment and Sale of the Corridor

          
	
            Section XXI.

          	
            Representations and Warranties

          
	
            Section XXII.

          	
            Miscellaneous

          
	 	 
	 	
            List of Exhibits

          
	 	 
	
            Exhibit A

          	
            Description of Tri-Rail Improvements and the Corridor

          
	
            Exhibit A-1

          	
            Tri-Rail Trackage Improvements

          
	
            Exhibit A-2

          	
            The MiamiCentral Project

          
	
            Exhibit B

          	
            Cost of Tri-Rail Station Improvements and Contributions by SFRTA and Local Funding Partners

          
	
            Exhibit C

          	
            Cost of Tri-Rail Trackage Improvements

          
	
            Exhibit D

          	
            Operations and Maintenance Costs and MiamiCentral Station Common Area Maintenance Costs

          
	
            Exhibit E

          	
            SFRTA Payment Procedures and Payment Dispute Resolution Process

          
	
            Exhibit F

          	
            VTMI Cost Proposal

          
	
            Exhibit G

          	
            AAF and FECR Format

          
	
            Exhibit H

          	
            Development Agreement

          
	
            Exhibit I

          	
            Easement Agreement/Lease Issues and Drawing

          
	
            Exhibit J

          	
            Description of Excess Liability Insurance Policies

          
	
            Exhibit K

          	
            Track Charts for Viaduct/Station Segment

          
	
            Exhibit L

          	
            Letter Dated April 25, 2014, from Jack Stephens to Vincent Signorello

          

    

    

    
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      TRI-RAIL DOWNTOWN MIAMI LINK

        ACCESS, OPERATING AND FUNDING AGREEMENT

      

      

    

    
      This TRI-RAIL DOWNTOWN MIAMI LINK ACCESS, OPERATING AND FUNDING AGREEMENT (the “Agreement”) is made as of the Effective Date (as
        defined herein) by and among FLORIDA EAST COAST RAILWAY, L.L.C., a Florida limited liability company whose address is 7411 Fullerton Street, Suite 300, Jacksonville, Florida 32256 (“FECR”), ALL ABOARD FLORIDA-OPERATIONS LLC, a Delaware limited
        liability company whose address is 2855 Lejeune Road, 4th Floor, Coral Gables, Florida 33134 (“AAF”), and SOUTH FLORIDA REGIONAL TRANSPORTATION AUTHORITY, a regional transportation authority created pursuant to Fla. Stat. §§ 343.51—343.58 whose
        address is 800 N.W. 33rd Street, Pompano Beach, Florida 33064 (“SFRTA”).

      

      

    

    
      WITNESSETH:

      

      

    

    WHEREAS, FECR
      owns the Corridor (as defined herein) and FECR currently operates Freight Railroad Service on, along, over, under and across the Corridor;

    

    

    WHEREAS, FECR
      granted to AAF a permanent, perpetual and exclusive easement on, along, over, under and across the Corridor for Passenger Railroad Service (as defined in that certain Second Amended and Restated Grant of Passenger Easement dated June 13, 2014)
      (“Passenger Easement”);

    

    

    WHEREAS, AAF
      is constructing the MiamiCentral Station (as defined herein) and access to a platform and trackage thereon in order to connect from the Corridor to the MiamiCentral Station;

    

    

    WHEREAS, AAF,
      FECR and SFRTA desire to operate on the Corridor for the provision of Intercity Passenger Railroad Service by AAF, Commuter Railroad Service by SFRTA and Freight Railroad Service by FECR, on the terms and subject to the conditions set forth in this
      Agreement;

    

    

    WHEREAS, AAF
      and SFRTA desire to jointly use the Viaduct/Station Segment, as defined herein, and portions of the MiamiCentral Station, subject to the conditions set forth in this Agreement;

    

    

    NOW, THEREFORE,
      in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

    
      

      

      DEFINITIONS AND INTERPRETATIONS

    

    

    

    
      These definitions shall apply to this Agreement:

      

      

      “AAF Exclusive Tracks” – shall have the meaning set forth in Section IV.1.d. herein.

      

      

      “AAF Lender” – shall have the meaning set forth in Section XVI.2. herein.

      
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     “AAF Rail Corridor Invitee” – shall mean any Rail Corridor Invitee who is an AAF Intercity Rail Passenger or
      is otherwise present on the Corridor or the Viaduct/Station Segment at the request of, or pursuant to a contract with, or otherwise for the purpose of doing business with or at the behest of AAF, including persons who are vendors or employees of
      vendors at the MiamiCentral Station and/or any other station that AAF may construct on the Corridor. For the avoidance of doubt “AAF Rail Corridor Invitee” does not include patrons at any station (except those patrons who are also AAF’s Intercity
      Rail Passengers); commercial or residential tenants of the developments in and around the stations or their invitees, or any third parties performing work at a station or in the Corridor, such as employees and invitees of PI or related entities,
      utilities and fiber optic companies or others who may be performing work in the Corridor, or invitees or employees of FDOT and any county or municipality performing work in the Corridor.

    

    

    “AAF’s Intercity Rail Passenger(s)” – shall mean all persons, ticketed or unticketed, using the AAF Intercity
      Passenger Rail Service on the Corridor, the Viaduct/Station Segment or in the MiamiCentral Station:

    

    

    (i)          on board trains, locomotives, rail cars, or rail equipment employed in AAF Intercity Passenger Railroad Service or entraining thereon and detraining therefrom;

    

    

    
      (ii)         on or
          about the Corridor, the Viaduct/Station Segment or in the MiamiCentral Station for any purpose related to the AAF Intercity Passenger Railroad Service, including parking or purchasing tickets therefor, and coming to, waiting for, leaving from
          locomotives, rail cars, or rail equipment; or

      

      

      (iii)         meeting,
          assisting, or in the company of any person described in clause (i) or (ii).

      

      

    

    
      “Access Fee” – shall have the meaning set forth in Section V.2. herein.

      

      

      “Additional Costs” – shall have the meaning set forth in Section II.9.d. herein.

      

      

      “Additional Non-SFRTA Commuter Rail Costs” – shall have the meaning set forth in Section II.9.e. herein.

      

      

      “Additional Trains” – shall have the meaning set forth in Section II.9.d. herein.

      

      

      “Ancillary Agreements” – shall collectively mean the Loan Agreement (if SFRTA elects to execute); the Revenue Agreements, as amended;
        the Tri-Rail Trackage Improvements Agreement; the Development Agreement; and the Joinder.

      

      

      “Approved Plans and Specifications” – shall have the meaning set forth in the Development Agreement.

       

      “Assignment Conditions” – shall have the meaning set forth in Section VIII.2.b. herein.

      
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    “Bill of Sale” – shall mean a bill of sale for the material and fixtures included within that portion of the
      Tri-Rail Station Improvements paid for by SFRTA which shall be used exclusively by SFRTA.

    

    

    “Change Orders” – shall have the meaning set forth in the Development Agreement and shall include Change
      Directives as defined in the Development Agreement for the purposes of this Agreement.

    

    

    “City Easement” – shall mean that certain Aerial Easement dated as of October 27, 2015 and recorded on
      November 18, 2015 in Official Records Book 29857, Page 2608 of the Public Records of Miami-Dade County, Florida.

    

    

    “Combined Operating Rules” – shall have the meaning set forth in Section II.2 herein.

    

    

    “Commuter Rail Passenger(s)” – shall mean all persons, ticketed or unticketed, using the Commuter Railroad
      Service on the Corridor, the Viaduct/Station Segment or in the MiamiCentral Station:

    

    

    (i)          On board trains, locomotives, rail cars, or rail equipment employed in Commuter Railroad Service or entraining thereon and detraining therefrom;

    

    

    (ii)         On or about the Corridor, the Viaduct/Station Segment or in the MiamiCentral Station for any purpose related to the Commuter Railroad Service, including parking or purchasing tickets therefor, and coming to, waiting for, leaving from
        locomotives, rail cars, or rail equipment; or

    

    

    (iii)        Meeting, assisting, or in the company of any person described in subsection (i) or subsection (ii).

    

    

    “Commuter Railroad Service” – shall mean the operation of trains transporting passengers and making frequent
      stops within urban areas (and their immediate suburbs) along the Corridor and the Viaduct/Station Segment for the purpose of embarking and disembarking such passengers including the non-revenue movement of trains for storage or maintenance. For
      clarity, Commuter Railroad Service shall not include the operation of trains by AAF transporting passengers in Intercity Passenger Railroad Service between passenger rail stations established by AAF at Miami, Fort Lauderdale, West Palm Beach or
      future stations, but shall include the provision of Non-SFRTA Commuter Railroad Service by AAF or a third party designated by AAF (including SFRTA).

    

    

    “Corridor” – shall mean the portion of the FECR-owned corridor, approximately 8 miles in length, from the
      Existing Iris Crossing to Station 19262+30.00 (the beginning of the Viaduct/Station Segment, as defined below), that will be shared by FECR freight trains and Tri-Rail Service along the East/West Segment and by FECR freight trains, SFRTA Commuter
      Railroad Service trains, AAF and Non-SFRTA Commuter Railroad Service trains, if applicable, along the North/South Segment and as more particularly shown in Exhibit A.

    

    

    
      
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      “Cost of Tri-Rail Station Improvements” – shall mean $48.9 million, as more particularly described in Exhibit B which is to be funded
        by the contributions more particularly described in Exhibit B, plus the cost of any Change Orders.

      

      

      “Cost of Tri-Rail Trackage Improvements” – shall mean $16.19 million, as more particularly described in Exhibit C, plus the cost of any
        Change Orders approved by both AAF and SFRTA.

      

      

      “Credit Amount” – shall have the meaning set forth in Section XX.4. herein

      

      

      “DCA” – shall mean the Design and Construction Agreement described in Section VI.1. herein.

      

      

      “DCRE” – shall mean that certain Declaration of Covenants, Restrictions and Easements entered into by DT Miami LLC, a Delaware limited
        liability company (“DT Miami”) and recorded in Official Records Book 30057, Page 1740, of the Public Records of Miami Dade County, Florida, as amended, which agreement sets forth the structure in which the different elements, Station (including
        Tri-Rail Station Improvements), Residential, Office, Retail and Shared Facilities of the MiamiCentral Project, are integrated and the easements, covenants and costs allocated to the ownership entities.

      

      

      “Declarant” – shall have the meaning set forth in the DCRE.

      

      

      “Deficiency” – shall have the meaning set forth in Section I.6.e.

      

      

      “Development Agreement” – shall have the meaning set forth in Section VI.2. herein.

      

      

      “Dispatch Costs” – shall mean the cost incurred by FECR for dispatching services in the Corridor and the Viaduct/Station Segment.

      

      

      “Dispute Resolution Process” – shall mean the process outlined in Section XI and Exhibit E.

      

      

      “Dual Obligee Rider” – shall have the meaning set forth in Section VI.2. herein

      

      

      “Easement” – shall have the meaning set forth in Section V.1.a. herein.

      

      

      “Easement Agreement” – shall have the meaning set forth in Section V.1.a. herein.

      

      

      “East/West Segment” – shall have the meaning set forth in Exhibit D.

         

      “Effective Date” – shall have the meaning set forth in Section X.2 herein.

      

      

      “Embankment” – shall mean the embankment constructed to support the track beginning at Station 19262+30 and ending at Station
        19276+20.27 (the transition point to the Viaduct).

      

      

      “Escalation Percentage” – shall have the meaning set forth in Section IV.2.C.

      

      

      “Escrow Agreement” – shall mean the agreement described in Section I.2.e.

      
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      “Existing IRIS Crossing” – the existing, at-grade railroad crossing between the SFRC and the Corridor located in Miami-Dade County.

      

      

      “FDOT” – shall mean the Florida Department of Transportation.

      

      

      “FECR Operating Rules” – the operating rules adopted by FECR and provided, in writing, to SFRTA as indicated herein.

      

      

      “FECR Rail Corridor Invitee” – shall mean any Rail Corridor Invitee who is present on the Corridor or the Viaduct/Station Segment at
        the request of, or pursuant to a contract with, or otherwise for the purpose of doing business with or at the behest of FECR. For the avoidance of doubt “FECR Rail Corridor Invitee” does not include patrons at any station; commercial or residential
        tenants of the developments in and around the stations or their invitees, or any third parties performing work at a station or in the Corridor, such as employees and invitees of PI or related entities, utilities and fiber optic companies or others
        who may be performing work in the Corridor, or invitees or employees of FDOT and any county or municipality performing work in the Corridor.

      

      

      “Final Acceptance” – shall have the meaning set forth in the Development Agreement.

      

      

      “FRA” – shall mean the Federal Railroad Administration.

      

      

      “FRA Acceptance” – shall have the meaning set forth in Section I.6.f.

      

      

      “Freight Railroad Service” – shall mean any and all uses and purposes that are related to or ancillary to current and future freight
        railroad operations on, along, over, under and across the Corridor, including operating trains, rail cars, business cars, locomotives, hi-rail vehicles and other rail equipment for the movement of freight in overhead and local service;
        interchanging rail cars with other freight railroads; providing pickups, setoffs, transloading services or storage in transit; and any and all other activities that are ancillary or related to the transportation of freight on or along the Corridor.

      

      

      “Future New River Bridge” – shall mean the bridge proposed to be constructed by FDOT over the New River in Fort Lauderdale, FL (“New
        River”) adjacent to the existing FECR bridge over the New River.

      

      

      “Intercity Passenger Railroad Service” – shall mean all passenger service on the Corridor and the Viaduct/Station Segment other than
        Commuter Railroad Service and is characterized by making less frequent stops along the Corridor and the Viaduct/Station Segment than the Commuter Railroad Service.”

      

      

      “Interest Amount” – shall have the meaning set forth in Section XVI.2 herein.

      

      

      “Insurance Coverage Limit” – shall have the meaning set forth in Section VIII.4.c. herein.

      

      

      “Joinder” – shall have the meaning set forth in Section VI.2. herein.

    

    

    

    
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      “Joint Infrastructure” – shall mean the Corridor and that portion of the Viaduct/Station Segment that does not contain AAF Exclusive
        Tracks or SFRTA Exclusive Tracks and portions of the MiamiCentral Station used by both AAF and SFRTA, such as, but not limited to, stairs, elevators and escalators.

      

      

      “Lease” – – shall have the meaning set forth in Section V.1.b. herein.

      

      

      “Legislative Amendments” – shall mean the changes to the Florida statutes that make such statutes consistent with the requirements for
        Liability and Insurance that are set forth in Section VIII of this Agreement.

      

      

      “Lender” – shall mean the lender or lenders of AAF or AAF’s affiliates for the MiamiCentral Station or the trustee with respect to the
        bond holders.

      

      

      “Limited Covered Accident” – shall mean:

    

    
      

      

      a)          A
          collision directly between the trains, locomotives, rail cars, or rail equipment of SFRTA and FECR only, where the collision is caused by or arising from the willful misconduct of FECR or its subsidiaries, agents, licensees, employees, officers,
          or directors (as adjudicated pursuant to a final and non-appealable court order) or where punitive damages or exemplary damages are awarded due to the conduct of FECR or its subsidiaries, agents, licensees, employees, officers, or directors (as
          adjudicated pursuant to a final and non-appealable court order); or

    

    

    

    b)          A collision directly between the trains, locomotives, rail cars, or rail equipment of SFRTA and AAF only, where the collision is caused by or arising from the willful misconduct of AAF or its subsidiaries, agents, licensees,
        employees, officers, or directors (as adjudicated pursuant to a final and non-appealable court order) or where punitive damages or exemplary damages are awarded due to the conduct of AAF or its subsidiaries, agents, licensees, employees, officers,
        or directors (as adjudicated pursuant to a final and non-appealable court order).

    
      

      

      “Loan Agreement” – shall mean the agreement governing financing of the Tri-Rail Station Improvements, as described in Section XVI.2.

      

      

      “Local Government Prompt Payment Act” – shall have the meaning set forth in Exhibit E.

      

      

      “Memorandum of Lease” – shall mean the memorandum of lease to be recorded in the Public Records of Miami-Dade County Florida to provide
        notice of the Lease.

      

      

      “MiamiCentral Project” – shall mean the project in Downtown Miami that includes the MiamiCentral Station, office, residential and/or
        retail components of the project, as currently identified in Exhibit A.

    

    

    

    
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       “MiamiCentral Station” – shall mean the All Aboard Florida station in Downtown Miami, which includes the Tri-Rail Station
        Improvements, as identified in Exhibit A and defined as the “Station Element” in the DCRE.

      

      

      “MiamiCentral Station Common Area Maintenance Costs” – shall have the meaning set forth in Section IV.1.a. herein.

      

      

      “Monthly Dispatch Costs” – shall have the meaning set forth in Section II. 11. herein.

      

      

      “New IRIS Improvements” – shall mean the new connection between the SFRC and the Corridor located northeast of the Existing IRIS
        Crossing for the transfer of trains from and to the FDOT-owned SFRC from and to a portion of the Corridor and other improvements on either: (1) the Corridor to accommodate the operation of SFRTA Commuter Railroad Service on the Corridor; or (2) on
        the SFRC.

      

      

      “Non-Disturbance Agreement” – shall have the meaning in Section I.l.d. herein.

      

      

      “Non-SFRTA Commuter Railroad Service” – shall have the meaning set forth in Section II.9.e. herein.

      

      

      “Non-SFRTA Commuter Railroad Service Operator” – shall mean the operator of the Non-SFRTA Commuter Railroad Service.

      

      

      “North/South Segment” – shall have the meaning set forth in Exhibit D.

      

      

      “Notification” – shall have the meaning set forth in Section IV.6.

      

      

      “O/M and Dispatch Invoice Format” – shall have the meaning set forth in Section IV.2.c.ii. herein.

      

      

      “Omni CRA” – shall mean the Omni Community Redevelopment Agency.

      

      

      “Operating Agreement” or “Agreement”– shall mean this Agreement.

      

      

      “Operating and Maintenance Costs” – shall have the meaning set forth in Section IV.2.c.i. herein.

      

      

      “Other Train” – shall have the meaning set forth in Section VIII.1.g.

      

      

      “Outstanding Monies” – shall have the meaning set forth in Section I.6.e.

      

      

      “Overall Maintenance Costs” – shall mean collectively the Operating and Maintenance Costs and Dispatch Costs.

      

      

      “Parking Garage” – shall mean the to-be-constructed building containing approximately 1,100 parking spaces, which will be available to
        SFRTA and AAF passengers, located two blocks from the MiamiCentral Station at the corner of N.W. 6th Street and N.W. 2nd Avenue.

      

      

      “Parties” – shall mean FECR, AAF and SFRTA.

      
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      “Passenger Easement” – shall have the meaning set forth in the Second WHEREAS clause.

      

      

      “Payment Conditions” shall have the meaning set forth in Section I.2. herein.

      

      

      “PI” – shall have the meaning set forth in Section VII herein.

      

      

      “PTC” – shall mean Positive Train Control.

      

      

      “Rail Corridor Invitee” – shall mean all persons who are on or about the Corridor, the Viaduct/Station Segment or the MiamiCentral
        Station in which the AAF, SFRTA or the Non-SFRTA Commuter Railroad Service Operator has an easement interest, a lease, a right to operate or a right of access: (i) at the behest of one of AAF, SFRTA, FECR or the Non-SFRTA Commuter Railroad Service
        Operator for any purpose by one of the entities listed here; (ii) other persons who are entitled to be on or about the Corridor or (iii) meeting, assisting or in the company of a person described in clause (i) or (ii) above.

      

      

      “Rail Facilities” – shall mean the track and infrastructure and any other equipment, fixtures, buildings, and track materials used in
        the operation of a railroad.

      

      

      “Required Amount” – shall have the meaning set forth in Section I.6.e.

      

      

      “Revenue Agreements” – shall mean those agreements, as amended, between SFRTA and various local government funding partners for a
        portion of the Cost of the Tri-Rail Station Improvements. The local funding partners are Miami-Dade County, the City of Miami, the Miami Downtown Development Authority, the Omni CRA, SEOPW CRA and the Bayfront Park Management Trust.

      

      

      “RTC” – shall have the meaning set forth in Section II.9.d. herein.

      

      

      “Self-Insurance Retention Account” or “SIRA” – shall have the meaning set forth in Section VIII.4.C.

      

      

      “SEOPW CRA” – shall mean Southeast Overtown/Park West Community Redevelopment District.

      

      

      “SFRC” – shall mean South Florida Rail Corridor.

      

      

      “SFRC Insurance Program” – shall have the meaning set forth in Section VIII.4.c. herein.

      

      

      “SFRTA Exclusive Tracks” – shall have the meaning set forth in Section IV.1.d. and as shown in Exhibit K.

       

      “SFRTA PTC Equipment” – shall have the meaning set forth in Section II.7.

      
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      “SFRTA Rail Corridor Invitee” – shall mean any Rail Corridor Invitee who is SFRTA’s Commuter Rail Passenger or is otherwise present on
        the Corridor or the Viaduct/Station Segment at the request of, or pursuant to a contract with, or otherwise for the purpose of doing business with or at the behest of SFRTA. For the avoidance of doubt “SFRTA Rail Corridor Invitee” does not include
        patrons at any station (except those patrons who are also SFRTA’s Commuter Rail Passengers); commercial or residential tenants of the developments in and around the stations or their invitees, or any third parties performing work at a station or in
        the Corridor, such as employees and invitees of PI or related entities, utilities and fiber optic companies or others who may be performing work in the Corridor, or invitees or employees of FDOT and any county or municipality performing work in the
        Corridor.

       

      “SFRTA Request” – shall have the meaning set forth in Section II.9.d. herein.

      

      

      “SFRTA Trained Personnel” – shall have the meaning in Section II.6. herein.

      

      

      “SFRTA VTMI Contract” – shall have the meaning in Section IV.l.d. herein.

      

      

      “Shared Facilities Manager” – shall have the meaning set forth in the DCRE.

      

      

      “Special Train” – shall mean a train that is not to be added to the regular schedule of operations on the Corridor and the
        Viaduct/Station Segment and is operated by either FECR, AAF or SFRTA on a limited basis.

      

      

      “Station Maintenance Standards” – shall have the meaning set forth in Section IV.1.b. herein.

      

      

      “Station/Track Availability” – shall have the meaning set forth in Section I.6. herein.

      

      

      “STB” – shall mean Surface Transportation Board.

      

      

      “Suspension Maintenance Costs” – shall have the meaning set forth in Section XX.4 herein.

      

      

      “Term Sheet” – shall mean that Term Sheet outlining terms for the Tri-Rail Downtown Miami Link Service Project approved by the SFRTA
        Governing Board on December 11, 2015.

      

      

      “TIGER Grant” – shall mean the 2013 TIGER Grant awarded to FDOT for the South Florida Freight & Passenger Rail Enhancement project
        (TIGER Grant No. FR-TII-0026-14-01-00) that includes funding for construction of the New Iris Improvements.

      

      

      “Tri-Rail Improvements” – shall mean collectively, the “Tri-Rail Trackage Improvements” and the “Tri-Rail Station Improvements.”

    

    

    

    
      “Tri-Rail Station Improvements” – shall mean those improvements to be designed and constructed by AAF for SFRTA at the MiamiCentral
        Station, including the portion of Viaduct to be used by SFRTA and other improvements, including exclusive and shared escalators, all as more particularly described in Exhibit A.

      

      

      “Tri-Rail Trackage Improvements” – shall mean those Corridor improvements (including but not limited to the Embankment and the track,
        grade crossings and signal improvements on the Corridor and the Viaduct/Station Segment) and PTC infrastructure improvements deemed necessary by, and constructed by, AAF to facilitate the SFRTA Commuter Railroad Service in the event that any such
        PTC infrastructure improvements in addition to those required for FECR and AAF operations on the North/South Segment, the East/West Segment and the Viaduct/Station Segment are required for the SFRTA Commuter Railroad Service, as more particularly
        described in Exhibit A.

    

    

    

    
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      “Tri-Rail Trackage Improvements Agreement” – shall mean the agreement between AAF and SFRTA for the design and construction of the
        Tri-Rail Trackage Improvements.

      

      

      “Undercutting” – shall mean the process by which ballast under the track is removed with an off-track undercutter which travels and
        removes the ballast without removing the track, and then the fouled ballast is replaced with new ballast.

      

      

      “Undercutting Expenses” – shall having the meaning set forth in Section IV.2.g.

      

      

      “Viaduct” – shall mean the elevated structure (not including the track placed thereon) beginning its elevation at Station 19276+20.27
        and ending at Station 19296+10.86 (the bumpers at the MiamiCentral Station) and comprising a portion of the Viaduct/Station Segment.

      

      

      “Viaduct/Station Segment” – shall mean the Embankment, Viaduct, the AAF Exclusive Tracks, and the SFRTA Exclusive Tracks. The
        Viaduct/Station Segment shall commence at Station 19262+30.00 and terminate at Station 19296+10.86 for a total of 3,380.86 feet, and shall include the track and ancillary rail facilities at the MiamiCentral Station, according to the track map
        attached as Exhibit K.

      

      

      “VTMI Corridor Amendment” – shall have the meaning in Section IV.2.C. herein.

      

      

      “VTMI Viaduct/Station Segment Amendment” – shall have the meaning in Section IV.l.d. herein.

    

    

    

    
      References herein to any agreement or contract mean such agreement or contract as amended. As used in this Agreement: the word “days”
        refers to “calendar days”, the word “including” means “including without limitation,” and terms such as “herein”, “hereof, “hereby”, “hereunder” and “hereinafter” refer to this Agreement as a whole and not to the particular sentence, paragraph or
        Section where such words appear, unless the context otherwise requires. All personal pronouns used in this Agreement shall include the other genders whether used in the masculine or feminine or neuter gender, and the singular shall include the
        plural, and vice versa, unless the context otherwise requires.

      

      

      References herein to approvals to be granted or decisions to be made shall refer to the person(s) so authorized by each Party. In the
        case of SFRTA, it shall mean the SFRTA Governing Board or person(s) with sufficient delegated authority from same.

      

      

      I.          Transaction Milestones.

    

    
      

      

      The purpose of this Section is to outline the various key milestones in the transaction, when they shall occur and what the Parties’
        obligations are in connection with the milestones.

    

    

    

    
      12

      
        

      

    

    1.          Agreements to be Executed. Within ninety (90) days of the execution of this Agreement, the Parties, as their interests may appear, shall execute the
      following agreements, unless AAF and SFRTA agree to extend that time frame:

    

    

    
      a.          The
          Easement Agreement executed by SFRTA, and FECR and AAF, as their interests may appear, and then recognized by the Declarant and the Shared Facilities Manager as to the assignment of certain rights by AAF to SFRTA under the DCRE.

      

      

      b.          The
          Lease and Memorandum of Lease executed by SFRTA and FECR and AAF, as their interests may appear, and then recognized by the Declarant, and the Shared Facilities Manager as to the assignment of certain rights by AAF to SFRTA under the DCRE.

      

      

      c.          The Bill
          of Sale executed by AAF.

      

      

      d.          A
          non-disturbance agreement, executed by the Lender which provides that the Lender shall not disturb SFRTA during the term of the Easement Agreement in the event of a foreclosure of the fee interest in the Station Element, the Viaduct/Station
          Segment and/or the Corridor (the “Non-Disturbance Agreement”).

      

      

      e.          The
          Tri-Rail Trackage Improvements Agreement executed by AAF and SFRTA.

    

    

    

    Failure of the Parties to execute the Easement Agreement and Lease and Memorandum of Lease
      within the timeframes stated herein, shall be grounds for termination of this Agreement by any of the Parties and return of any and all monies paid by SFRTA to AAF during that period of time.

    

    

    2.          Payment for the Tri-Rail Station Improvements. SFRTA shall be obligated to AAF for the payment of the Cost of the Tri-Rail Station Improvements, as outlined in
        the Agreement, upon the satisfaction or waiver by SFRTA and/or AAF, as applicable, in writing, of the following requirements:

    
      

      

      a.          Execution
          of this Agreement by all Parties;

      

      

      b.          Execution
          of the Loan Agreement, if between SFRTA and the AAF Affiliate, by SFRTA and the AAF Affiliate, if SFRTA elects to obtain such a loan from the AAF Affiliate;

      

      

      c.          Execution
          of the Development Agreement by SFRTA and AAF and the Joinder by AAF and AAF’s construction manager and the Dual Obligee Rider and General Purpose Rider by AAF, AAF’s construction manager and the surety;

    

    

    

    
      13

      
        

      

    

    
      d.          Execution
          of the amendments to the Revenue Agreements, as outlined in Section XVI.3. of the Agreement, which AAF and SFRTA shall diligently and in good faith pursue, and execution of the Revenue Agreement between SEOPW CRA, the City of Miami and SFRTA;

      

      

      e.          Execution
          of an escrow agreement by AAF, SFRTA and a mutually agreed upon escrow agent, under the terms of which the Parties will deliver the executed Lease, Memorandum of Lease, the Easement Agreement, the Bill of Sale, and the Non-Disturbance Agreement
          and the One Million Dollars ($1,000,000.00) Access Fee and which specifies the conditions upon which those documents and the Access Fee will be released from escrow (the “Escrow Agreement”).

    

    

    

    The items listed in Section I.2.a.-e. shall collectively be referred to as the “Payment
      Conditions.”

    

    

    
      3.          Payment for the Tri-Rail Trackage Improvements. SFRTA shall have no obligation for the payment of any monies to AAF for the Cost of the Tri-Rail Trackage Improvements, as
          outlined in this Agreement, until AAF and SFRTA have entered into the Tri-Rail Trackage Improvements Agreement which shall govern the design and construction of the Tri-Rail Trackage Improvements.

      

      

      4.          Delivery of Bill of Sale. Subject to satisfaction of the Escrow Conditions, as defined in the Escrow Agreement, the Escrow Agent shall deliver the Bill of Sale to SFRTA no later
          than five (5) business days after receiving the necessary authorization from AAF and FECR pursuant to the Escrow Agreement.

       

      5.          Delivery of Lease, Memorandum of Lease and Easement Agreement. Subject to satisfaction of the Escrow Conditions, the Escrow Agent shall deliver the Easement Agreement, the Lease
          and the Memorandum of Lease to SFRTA no later than five (5) business days after receiving the necessary authorization from AAF and FECR pursuant to the Escrow Agreement. If the Escrow Agent delivers the Lease, the Easement Agreement and the
          Memorandum of Lease, SFRTA shall record the Easement Agreement and pay any associated recordation fee, including documentary stamp tax, if applicable, and the Memorandum of Lease in the public records of Miami-Dade County no later than ten (10)
          business days after receipt. If AAF determines that any amendments to the Easement Agreement, Lease and/or the Memorandum of Lease are required, AAF shall deliver the amendments thereto to SFRTA, and SFRTA shall provide written approval or
          objections within thirty (30) days thereafter. If SFRTA provides written objections to the amendments, AAF and SFRTA agree to work diligently to reach mutual agreement on the wording of the applicable amendments. If written approval is provided
          and/or objections resolved, then the amendments to the Easement Agreement and the Memorandum of Lease or amended agreements shall be recorded by AAF in the public records of Miami-Dade County no later than ten (10) days following receipt of such
          written approval. Any unresolved dispute between AAF and SFRTA regarding any or all of the applicable provisions in the amendments shall be subject to the Dispute Resolution Process. AAF and FECR represent that they shall not take any actions
          prior to recordation of the Easement that would materially and adversely affect SFRTA’s title to the Easement or the ability of SFRTA to utilize the Easement for the provision of the SFRTA Commuter Railroad Service.

      

      

      
        14

        
          

        

      

      6.          Station/Track Availability. SFRTA shall be permitted to have access to the MiamiCentral Station, the Viaduct/Station Segment and the Corridor for the purpose of commencing
          revenue service to the said station upon the occurrence of the following (“Station/Track Availability”):

    

    
      

      

      a.          Issuance
          of a Temporary Certificate of Occupancy for the MiamiCentral Station;

      

      

      b.          Final
          Acceptance of the Tri-Rail Station Improvements has occurred;

      

      

      c.          SFRTA
          has approved invoices for the entire Cost of the Tri-Rail Station Improvements;

      

      

      d.          SFRTA
          has paid the entire Cost of the Tri-Rail Trackage Improvements and has issued final acceptance (as that term is defined in the Tri-Rail Trackage Improvements Agreement) for the Tri-Rail Trackage Improvements;

      

      

      e.          SFRTA
          has paid to AAF all of the money due from SFRTA for the Tri-Rail Station Improvements, including funds for the Change Orders, and SFRTA has paid to AAF all the funds SFRTA has received under the Revenue Agreements for the Tri-Rail Station
          Improvements from the local government funding partners other than the SEOPW CRA, in an aggregate amount equal to or greater than $31 million, plus the cost of any Change Orders (the “Required Amount”). If AAF has not received the Required Amount
          as set forth above due to the failure of one or more of said local government funding partners to pay monies when due under the applicable Revenue Agreement(s) (the “Outstanding Monies”), then the Parties agree to make all good faith efforts to
          resolve any issues with the applicable local government funding partner(s), with it being understood that AAF’s Lender may enforce its rights under the Loan Agreement as to the Revenue Agreements but SFRTA shall not be required to initiate legal
          proceedings against the applicable local government funding partner(s). If SFRTA has paid to AAF the Required Amount less $1 million (the “Deficiency”) from its funds and funds from the local government funding partners other than the SEOPW CRA,
          as set forth above, and all the other conditions listed herein regarding Station/Track Availability have been satisfied, then this Section I.6.e. shall be deemed to have been satisfied no later than one hundred twenty (120) days following the
          satisfaction of all of the other conditions of Station/Track Availability regardless of whether or not the Deficiency has been paid by the local government funding partner(s).

    

    
      

      

      If a letter(s) of credit has been posted to address the Deficiency, or a portion thereof, it shall be recognized
        towards satisfaction of the Deficiency, with it being understood that Station/Availability will not be deemed to have occurred until AAF has been paid in an aggregate amount equal to or greater than $30 million ($5 million of which may be satisfied
        by a letter(s) of credit), plus the cost of any Change Orders, from the local government funding partners other than the SEOPW CRA. Letters of credit shall include provisions that: (i) AAF can draw upon the letter of credit upon production of a
        certificate stating it has not received the funds under the Revenue Agreements represented by the letter of credit(s) and (ii) that the letter of credit shall remain in effect for one (1) year following Final Acceptance.

    

    
       

      
        15

        
          

        

      

      f.          Any
          issues presented by the FRA with respect to the operation of the SFRTA trains at the MiamiCentral Station or on the Corridor or the Viaduct/Station Segment that are within the control of AAF have been resolved, and the Tri-Rail Improvements are
          ready for train operations in an FRA-compliant condition (“FRA Acceptance”);

      

      

      g.          SFRTA
          has paid the Access Fee into escrow; and

      

      

      h.          SFRTA
          has paid the closing costs for the Loan Agreement, if with the AAF Lender.

       

      i.           SFRTA
          has provided AAF and FECR with evidence of the SFRTA Insurance Program.

    

    

    

    II.            Scope of Operating Rights.

    
      

      

      Subject to Station/Track Availability, the following provisions shall apply to the operation of the SFRTA Commuter Railroad Service,
        the AAF Intercity Passenger Railroad Service, and the Non-SFRTA Commuter Railroad Service, as defined in this Agreement, on the Corridor and Viaduct/Station Segment and the operation of the FECR Freight Railroad Service on the Corridor:

    

    

    

    1.          Operations.

    
      

      

      a.          SFRTA
          will have the right to operate SFRTA Commuter Rail Service trains with its contractors on the Corridor and the Viaduct/Station Segment, on the relevant portions of the Joint Infrastructure and only on the SFRTA Exclusive Tracks, and at the
          MiamiCentral Station with no access fee beyond the Access Fee; provided that SFRTA shall have the right to operate the SFRTA Commuter Railroad Service on the North/South Segment and the exclusive right to operate Commuter Rail Service on the
          East/West Segment and shall have the exclusive right to use the Tri-Rail Station Improvements (except for the Joint Infrastructure) and the SFRTA Exclusive Tracks; and provided further that all trains operated by SFRTA over the Corridor and the
          Viaduct/Station Segment and at the MiamiCentral Station shall be powered by diesel locomotives. For the avoidance of doubt, AAF has access and the right to access the MiamiCentral Station over the Joint Infrastructure and AAF Exclusive Tracks.
          SFRTA may exercise the rights granted to it by AAF and FECR in this Section II.1, solely for the purpose of providing the SFRTA Commuter Railroad Service.

         

      
        16

        
          

        

      

      b.          AAF
          shall have the right to operate Intercity Passenger Railroad Service on the Corridor and the Viaduct/Station Segment, on the relevant portions of the Joint Infrastructure and on the AAF Exclusive Tracks, and on its portion of the MiamiCentral
          Station and the Joint Infrastructure. AAF or its designee shall have the right to operate the Non-SFRTA Commuter Railroad Service on the North/South Segment and the Viaduct/Station Segment, on the relevant portions of the Joint Infrastructure and
          on the AAF Exclusive Tracks and on AAF’s portion of the MiamiCentral Station excluding the Tri-Rail Station Improvements for which SFRTA has the exclusive right of use for the provision of the SFRTA Commuter Railroad Service. Notwithstanding the
          foregoing, neither AAF nor its designee for the operation of the Non-SFRTA Commuter Railroad Service shall have authority to construct or operate any station for serving passengers using the Non-SFRTA Commuter Railroad Service on either the
          North/South Segment or the East/West Segment without first obtaining SFRTA’s written approval, except AAF and any AAF-designated operator of Non-SFRTA Commuter Railroad Service may access the MiamiCentral Station from any stations located outside
          of the Corridor.

       

      c.          FECR
          shall have the exclusive right to provide Freight Railroad Service on the Corridor.

       

    

    
      2.          As described in the terms
          of this Agreement, FECR (or AAF, if such responsibility is delegated to AAF by FECR or transferred to AAF) shall have exclusive control of the day-to-day management and operation (dispatching, maintenance and security) of the Corridor and
          day-to-day management and operation of dispatching of the Viaduct/Station Segment. FECR will issue nondiscriminatory Combined Operating Rules (as defined below), timetables, practices, regulations, bulletins, instructions and orders governing
          train operations on the Corridor and the Viaduct/Station Segment. AAF shall have exclusive control of the day-to-day management and operation (maintenance and security) of the Viaduct/Station Segment. Both AAF and FECR shall adopt operating
          rules, as more particularly outlined herein and shall reach agreement on a final FECR and supplemental AAF set of operating rules that shall govern the Corridor and Viaduct/Station Segment (the “Combined Operating Rules”).

      

      

      3.          Dispatching of all
          passenger trains (including trains in Commuter Railroad Service) on the Corridor and the Viaduct/Station Segment and at the MiamiCentral Station and freight trains on the Corridor shall be performed by FECR (subject to AAF’s rights to dispatch if
          those rights are transferred to AAF). The dispatching protocol will be established by mutual agreement of the Parties provided, however, that such protocol shall accord first priority to AAF’s Intercity Passenger Railroad Service trains, second
          priority to SFRTA trains, third priority to any Non-SFRTA Commuter Railroad Service trains, and fourth priority to FECR Freight Railroad Service trains, subject to the following conditions:

    

    

    

    a.          All trains shall be dispatched across the Existing Iris Crossing on a first-come, first-serve basis, as they have been historically dispatched.

    

    

    b.          Dispatching over the New Iris Improvements shall be as follows: entry onto the SFRC shall be controlled by SFRTA and entry onto the Corridor shall be controlled by FECR.

     

    
      17

      
        

      

    

    

    

    
      4.          SFRTA will have the right
          to operate a maximum of twenty-eight (28) Commuter Railroad Service trains per day (whether revenue or non-revenue service trains) on the Corridor and the Viaduct/Station Segment and at the MiamiCentral Station, unless the Parties agree to
          increase the number of trains SFRTA operates pursuant to the process outlined in Section II.9. The Parties specifically agree that, subject to approval by (which approval may be withheld in FECR’s or the dispatcher’s sole discretion), and
          coordination of the following “emergency train movements” with, the FECR dispatcher, in the event that: (i) an SFRTA Commuter Railroad Service train becomes disabled on the Corridor and/or the Viaduct/Station Segment, SFRTA may operate additional
          non-revenue service trains to rescue and/or remove the disabled equipment; or (ii) one of the units of a scheduled non-revenue movement of a double-trainset at the beginning or conclusion of an operating day is disabled and not ready for movement
          at the scheduled time, SFRTA may also move that non-revenue train over the Viaduct/Station Segment and the Corridor.

      

      

      5.          AAF, FECR and SFRTA shall
          each develop a security plan for their respective operations. FECR shall provide officers to patrol the Corridor, which officers, upon noting an issue, will call the local jurisdiction in charge to respond to the situation. If SFRTA requests
          additional security personnel, FECR will be reimbursed by SFRTA for the incremental cost in security personnel requested by SFRTA that are needed to monitor the Corridor due to their respective use. Except for FECR’s security personnel costs
          outlined herein, each Party shall be responsible for its own security costs. In the event that SFRTA provides security personnel related to the operation of its trains on the Corridor, FECR shall grant access and other rights to such personnel as
          are necessary to permit them to fulfill their assigned responsibilities, subject to the terms of this Agreement, the Easement Agreement and the Ancillary Agreements.

      

      

      6.          SFRTA personnel shall be
          trained and conversant in the Combined Operating Rules (“SFRTA Trained Personnel”). FECR and AAF shall provide SFRTA with the Combined Operating Rules and an AAF Employee Code of Conduct, at least one-hundred and eighty (180) days prior to
          commencement of SFRTA Commuter Rail Service pursuant to this Agreement, and shall provide any amendments thereto in a timely fashion thereafter. FECR and AAF shall have the right to remove an AAF or SFRTA employee, including SFRTA contractors’
          employees, from the Corridor, or the Viaduct/Station Segment or the MiamiCentral Station if he or she fails to comply with Combined Operating Rules or AAF Employee Code of Conduct. SFRTA shall cooperate with FECR by assisting in the removal of
          such employee which may include the reallocation of, or change in, such employee’s duties.

      

      

      7.          SFRTA’s locomotives and cab
          cars shall be equipped with PTC equipment which is compatible with the PTC facilities on the Corridor and Viaduct/Station Segment, if applicable (“SFRTA PTC Equipment”). The cost of acquisition, installation and maintenance of the SFRTA PTC
          Equipment shall be borne by SFRTA. SFRTA shall have no other capital PTC obligations associated with the initial installation of PTC equipment on the North/South Segment for the SFRTA Commuter Rail Service or on the East/West Segment, except for
          any PTC costs included in the Cost of the Tri-Rail Trackage Improvements and/or any capital improvements required as a result of changes in law or regulation or written requirements issued by FRA prior to the initial installation of PTC equipment
          on the Corridor. Allocation of any future expenses associated with the maintenance and/or replacement of PTC capital improvements on the Corridor and Viaduct/Station Segment will be as follows:

       

      a.          SFRTA shall be responsible for 100% of all future replacement PTC capital costs on the
          East/West Segment; and

      

      

      
        18

        
          

        

      

    

    

       

    
      b.          SFRTA
          and AAF shall share (50/50) in the cost of future replacement PTC capital costs on the North/South Segment and Viaduct/Station Segment, except for any capital costs associated with any PTC or PTC-related software, which shall be borne 100% by
          AAF.

      

      

      c.          SFRTA
          and AAF shall also share maintenance costs for the PTC system installed on the Corridor and Viaduct/Station Segment, including hardware and software, based upon an allocation to be agreed upon by SFRTA and AAF (except each party bears sole
          responsibility for the maintenance of any PTC or PTC-related equipment on its rolling stock), which allocation shall be determined within thirty (30) days following the Effective Date, unless such time period is extended by the Parties.

       

      d.          The
          Parties agree that if AAF operates, or permits a third party to operate the Non-SFRTA Commuter Railroad Service, the Parties shall re-apportion such capital and maintenance costs to account for the presence of such third party operator.

    

    
      

      

      8.          FECR shall clear tracks and
          assist with mechanical failures of SFRTA trains and shall be reimbursed for actual expenses incurred in connection therewith. In the event such work is performed by FECR, FECR shall provide SFRTA with an invoice, including sufficient back up
          documentation, to account for any such expense reimbursement requests.

      

      

      9.          Schedule Changes.

    

    
      

      

      a.          The
          timetable schedules for the Parties’ respective operations will be mutually agreed upon between the Parties within sixty (60) days following the Effective Date, unless such time period is extended by the Parties. If the Parties cannot reach
          mutual agreement of the timetable schedule(s) then this provision shall be subject to the Dispute Resolution Process in Section XI herein.

       

      b.          Subject
          to providing thirty (30) days prior notice to SFRTA of changes to its schedule (which notice is not required for Special Trains or emergency operations), FECR may periodically make changes, additions or deletions to its timetable schedules
          without the prior approval of the other Parties, provided that the changes do not unreasonably interfere with the other Parties’ use of the Corridor or Viaduct/Station Segment.

      

      

      c.          Subject
          to thirty (30) days’ prior advance written notice to SFRTA (which notice is not required for Special Trains), AAF may periodically make changes, additions or deletions to its timetable schedules for Intercity Passenger Railroad Service without
          the prior approval of the other Parties provided that the changes, additions, or deletions do not unreasonably interfere with the other Parties’ use of the Corridor or the Viaduct/Station Segment.

      

      

      
        19

        
          

        

      

      d.          If SFRTA
          desires to make changes to its timetable schedule, SFRTA will request approval of the schedule change by providing AAF and FECR thirty (30) days prior advance written notice, which notice shall include (i) a rail traffic controller (“RTC”) model
          establishing that the modified schedule or the additional trains do not adversely impact the other Parties’ operations and (ii) a detailed description of any proposed infrastructure improvements to accommodate the change. If SFRTA requests
          (“SFRTA Request”) a modified timetable schedule, or an increase in the number of SFRTA trains operating between the Existing Iris Crossing and the MiamiCentral Station in excess of the number of SFRTA trains specified in Section II.4, not
          including emergency train movements (“Additional Trains”), which, when including the Additional Trains, the aggregate of all SFRTA trains shall not exceed thirty (30) trains (including Commuter Railroad Service revenue service trains and Commuter
          Railroad Service non-revenue service trains), AAF and FECR agree to determine, in a timely manner, whether any additional capacity (in excess of the then current capacity and the reserved capacity for AAF and FECR) is needed to accommodate the
          SFRTA Request and what, if any capital or Operating and Maintenance Costs would be associated with the SFRTA Request (“Additional Costs”). If AAF and FECR determine there are Additional Costs, and SFRTA agrees to pay the Additional Costs, the
          Parties agree that no further costs, including any additional access fees, shall be owed by SFRTA for implementation of the SFRTA Request and that FECR and AAF shall proceed diligently to implement the changes necessary to implement the SFRTA
          Request.

      

      

      e.           If AAF
          desires to operate, or to have a third party designee other than SFRTA operate, trains in Commuter Railroad Service (the “Non-SFRTA Commuter Railroad Service”), on the North/South Segment and/or the Station/Viaduct Segment, subject to the
          limitations herein including Section II.1, or modify its timetable schedule for the Non-SFRTA Commuter Railroad Service, AAF or its designee shall provide the proposed schedule for such trains to SFRTA and FECR thirty (30) days prior advance
          written notice, which notice shall include (i) a RTC model establishing that the additional trains or the modified schedule do not adversely impact the other Parties’ operations and (ii) a detailed description of any proposed infrastructure
          improvements to accommodate the change. If AAF or its designee desires operation of Non-SFRTA Commuter Railroad Service trains or a modified schedule, SFRTA and FECR agree to determine, in a timely manner, but no later than sixty (60) days from
          notice from AAF or its designee, whether any additional capacity (in excess of the then current capacity and the reserved capacity for AAF and FECR) is needed to accommodate the AAF operation and what, if any, capital or Operating and Maintenance
          Costs would be associated with the AAF operation of the Non-SFRTA Commuter Railroad Service (“Additional Non-SFRTA Commuter Rail Costs”). If the Parties determine there are Additional Non-SFRTA Commuter Rail Costs, and AAF or its designee agrees
          to pay the Additional Non-SFRTA Commuter Rail Costs, the Parties agree that AAF or its designee shall proceed diligently to implement the changes necessary to implement the operation of the Non-SFRTA Commuter Railroad Service. If the Parties are
          unable to agree on whether any additional improvements are required or the Additional Non-SFRTA Commuter Rail Costs required, the Parties shall promptly submit the matter to the Dispute Resolution Process. After the commencement of the initial
          operation of any Non-SFRTA Commuter Railroad Service, in the event that AAF or its designee desires to operate additional Non-SFRTA Commuter Railroad Service trains (above the original amount identified by AAF), then the Parties shall undertake
          the same analysis to determine the additional costs to be borne by AAF or its designee in implementing the additional trains. For the avoidance of doubt, nothing herein shall be construed to entitle SFRTA or FECR to prohibit AAF’s operation of
          Non-SFRTA Commuter Railroad Service trains; provided however that no such trains may operate until the improvements identified pursuant to this section, if any, have been completed.

       

      
        20

        
          

        

      

      f.          FECR,
          AAF, SFRTA and the Non-SFRTA Commuter Railroad Service Operator, shall each have the right to operate Special Trains on the Corridor on reasonable notice to the other Parties, provided that no such Special Trains shall unreasonably interfere with
          the scheduled operations of the other Parties on the Corridor. Any Special Train operated by SFRTA shall stop at every commuter station located on or along the segment of the Corridor which that train traverses and which are operational at the
          time the Special Train is operating. The foregoing provisions in this Section II.9 are not intended to limit the number of SFRTA Commuter Railroad Service trains that may operate on any rail corridor owned by FECR (including a portion of the
          Corridor, as defined herein) between the MiamiCentral Station and the Town of Jupiter in Palm Beach County as part of the Tri-Rail Coastal Link Service (in the event an agreement encompassing such services is mutually agreed upon by the Parties)
          or any other additional SFRTA Commuter Railroad Service. Any such additional service provided by SFRTA trains not contemplated by this Agreement shall be subject to a separate agreement or agreements between and among FECR, SFRTA and AAF.

    

    
      

      

      10.          AAF will continue to have
          the exclusive right to provide Intercity Passenger Railroad Service on the Corridor and Viaduct/Station Segment; provided however, AAF shall not be entitled to add additional Intercity Passenger Railroad Service stations along the Corridor
          without the prior consent of SFRTA (this is in addition to the restrictions outlined in Section II.1.b herein), which consent shall not unreasonably be withheld. SFRTA shall not be permitted to construct stations along the Corridor without the
          prior consent of FECR and AAF, which consent shall not be unreasonably withheld once SFRTA agrees it is responsible for any upfront capital costs and incremental operating/maintenance costs resulting from an additional station being added to the
          Corridor. The requirement for prior consent does not apply to the MiamiCentral Station.

    

    

    

    11.          With
        respect to dispatching expenses, SFRTA shall pay $250,000.00 annually towards the Dispatch Costs, which is based upon the fully burdened rate for one Chief Dispatcher and one Dispatcher, which amount shall escalate at the Escalation Percentage each
        year. SFRTA shall pay FECR on the first day of each calendar month one-twelfth (1/12) of said amount (“Monthly Dispatch Costs”), which shall be invoiced by FECR on the O/M and Dispatch Invoice Format. SFRTA’s required contribution to the Dispatch
        Costs shall be reevaluated every three (3) years from the Effective Date and may increase if SFRTA requests a modified schedule or Additional Trains. Notwithstanding the foregoing, in the event that Non-SFRTA Commuter Railroad Service commences
        operation to and from the MiamiCentral Station, the Parties shall renegotiate the foregoing Dispatch Costs to take into account the number of trains operated in such service.

    

    

    
      
        21

        
          

        

      

      III.          Use of Corridor, Viaduct/Station Segment and MiamiCentral Station.

      

      

    

    
      1.          AAF Operations.

      

      

    

    a.          Subject to the provisions of this Agreement and the limitations set forth in Section II.9 above, and as between the Parties hereto, AAF has the exclusive right to provide Intercity Passenger Railroad Service on, along and over
        the Corridor and the Viaduct/Station Segment. Subject to the limitations set forth in Section II.9, above AAF may operate such passenger trains in either direction on, along and over the Corridor, the Viaduct/Station Segment and at the MiamiCentral
        Station, and may operate or permit a third party to operate, Non-SFRTA Commuter Railroad Service on the North/South Segment, the Viaduct Station Segment and the MiamiCentral Station, except on the SFRTA Exclusive Tracks, and the SFRTA exclusive
        portions of the Tri-Rail Station Improvements. AAF or its designee shall have the right of ingress and egress to any tracks, switches, turnouts, or other rail facilities on, along or near the Corridor that are not SFRTA Exclusive Tracks and to any
        additional tracks, switches, turnouts, or other rail facilities that AAF or its designee may install, place or construct on, along and over the Corridor and the Viaduct/Station Segment pursuant to the Passenger Easement and/or the AAF/FECR Joint
        Use Agreement dated June 13, 2014, as amended from time to time; provided, however, that “rail facilities” as used in the previous sentence shall not include any passenger rail stations on the Corridor other than the MiamiCentral Station except as
        approved by SFRTA.

    

    

    b.          AAF shall have the right to grant rights to operate to one or more designees, Intercity Passenger Railroad Service or Commuter Railroad Service over the Corridor, Viaduct/Station Segment, and on AAF’s Exclusive Track and the
        MiamiCentral Station, other than on the SFRTA’s Exclusive Tracks. Unless otherwise provided in this Agreement or in an agreement with such designee(s) to which AAF, FECR and SFRTA are parties, trains operated by, or moving in the account of, such
        designees shall be considered as trains of AAF for purposes of this Agreement; provided, however, that SFRTA shall not be, or be deemed to be, a designee of AAF to operate the Non-SFRTA Commuter Railroad Service under the Easement Agreement, Lease
        or this Agreement unless SFRTA and AAF enter into a separate agreement regarding same. Such designee(s) shall at all times conduct passenger operations in accordance with (i) all applicable government regulations, (ii) the terms and conditions set
        forth in this Agreement (or such other agreement(s) to which such designee, AAF, FECR and SFRTA are parties), and (iii) all applicable operating rules and standards established from time to time pursuant to this Agreement, and shall not
        unreasonably interfere with the use of the Corridor and the Viaduct/Station Segment by FECR for Freight Railroad Service or by SFRTA for Commuter Railroad Service. AAF shall obtain such designee’s written agreement to comply with the terms of this
        Agreement and shall provide SFRTA with a copy of such executed, written agreement. Failure of the designee to comply with the terms of this Agreement shall be treated as a failure of AAF to comply and therefore, shall be considered a breach of this
        Agreement by AAF and SFRTA shall have all rights to pursue AAF granted to it under this Agreement for the failure of its designee.

    

    

    
      22

      
        

      

    

    c.          Subject to Section XX below, AAF shall not have the right or the authority to use, or to permit any other operator of Intercity Passenger Railroad Service or any operator of Non-SFRTA Commuter Railroad Service to use, the
        SFRTA Exclusive Tracks or the portion of the Tri-Rail Station Improvements (other than the Joint Infrastructure) designated for SFRTA’s exclusive use in Section II.1.a., without SFRTA’s explicit, prior written consent given in its sole discretion
        thereto.

    

    

    2.          FECR Operations.

    
      

      

      a.          Subject
          to the provisions of the Passenger Easement, the Easement Agreement and this Agreement, FECR shall have the exclusive right to provide Freight Railroad Service on, along and over the Corridor. FECR may operate freight trains in either direction
          on, along and over the Corridor. FECR shall have the right of ingress and egress to any tracks, switches, turnouts, or other Rail Facilities on, along or near the Corridor, and to any additional tracks, switches, turnouts, or other Rail
          Facilities that FECR may install, place or construct on, along and over the Corridor during the term of this Agreement.

      

      

      b.          The
          Freight Railroad Service operated by FECR on the Corridor may include both overhead and local train movements. FECR shall have the right to serve all existing or future freight shippers, receivers and terminal facilities (including any existing
          or future intermodal facilities, automotive transfer facilities, transload operations, ports, industrial facilities or facilities of any type) that connect to or are located on, along or near the Corridor and to interchange traffic with other
          freight rail carriers at any point on or along the Corridor. Subject to the terms of this Agreement, FECR shall have the right to grant trackage rights to other freight rail carriers, and to perform haulage services for the account of other
          freight rail carriers, on, along or over any portion of the Corridor. Unless otherwise provided in this Agreement or in an agreement with such designee(s) to which AAF, SFRTA, and FECR are all parties, trains operated by, or moving in the account
          of, other freight railroads shall be considered as trains of FECR for purposes of this Agreement. Such other freight rail carrier(s) shall at all times conduct their freight operations in accordance with (i) all applicable government regulations,
          (ii) the terms and conditions set forth in this Agreement (or such other agreement(s) to which such other freight rail carrier, AAF, FECR and SFRTA are all parties), and (iii) all applicable operating rules and standards established from time to
          time pursuant to this Agreement, and shall not unreasonably interfere with the use of the Corridor by AAF for Intercity Passenger Railroad Service or Non-SFRTA Commuter Railroad Service, or by SFRTA for Commuter Railroad Service. FECR shall
          obtain such designee’s written agreement to comply with the terms of this Agreement and shall provide SFRTA with a copy of such executed, written agreement. Failure of the designee to comply with the terms of this Agreement shall be treated as a
          failure of FECR to comply and therefore, shall be considered a breach of this Agreement by FECR and SFRTA shall have all rights to pursue FECR granted to it under this Agreement for the failure of its designee.

    

    
      

      

      
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      3.          SFRTA Operations. Subject to the provisions of the Easement Agreement, the Lease and this Agreement, SFRTA shall have the right to provide the SFRTA Commuter Railroad Service on,
          along and over the Corridor and the Viaduct/Station Segment, within the MiamiCentral Station and between the MiamiCentral Station and SFRTA stations on the SFRC. SFRTA may operate trains in the SFRTA Commuter Railroad Service in either direction
          on, along and over the Corridor and the Viaduct/Station Segment and within the MiamiCentral Station. SFRTA shall have the right of ingress and egress to any tracks, switches, turnouts, or other rail facilities on, along or near the Corridor or
          Viaduct/Station Segment or the MiamiCentral Station. The rights granted to SFRTA by this Agreement do not include the right to use the Corridor or Viaduct/Station Segment for Intercity Passenger Railroad Service or Freight Railroad Service or
          Non-SFRTA Commuter Railroad Service, and shall not be exercised in a manner that unreasonably interferes with the use of the Corridor by AAF for Intercity Passenger Railroad Service or Non-SFRTA Commuter Railroad Service or by FECR for Freight
          Railroad Service. SFRTA shall not provide, or authorize any third party to provide, Freight Railroad Service, Intercity Passenger Railroad Service on, along or over the Corridor or the Viaduct/Station Segment and shall not authorize a third party
          (except a designee permitted pursuant to Section XII of this Agreement, to exercise all or any portion of the rights granted to SFRTA under this Agreement to provide SFRTA Commuter Railroad Service without the prior written approval of AAF and
          FECR and subject to the limitations in Section II.9.

      

      

      4.          Other Passenger and Freight Railroad Service.

      

      

    

    
      a.          Nothing
          in this Agreement shall (or shall be construed to) limit, restrict, alter, modify or otherwise affect the rights granted to AAF pursuant to the Passenger Easement to install, place, construct, occupy, use, operate, alter, maintain, repair, renew
          and replace such additional rail lines, facilities, platforms, signals and communications facilities and equipment, utilities, stairways, escalators, elevators, structures and/or improvements on, along, over or across the Corridor, the
          Viaduct/Station Segment or the MiamiCentral Station, except with respect to the Tri-Rail Station Improvements (other than the Joint Infrastructure) and the SFRTA Exclusive Tracks which shall require SFRTA’s prior written approval, as AAF, in its
          sole judgment, determines are necessary or desirable or legally required in connection with Intercity Passenger Railroad Service. AAF’s exercise of such rights shall at all times (i) comply with the terms of this Agreement, the Passenger Easement
          and the Easement Agreement, and (ii) be exercised in a manner that does not unreasonably interfere with the use of the Corridor, by FECR for Freight Railroad Service or (iii) be exercised in a manner that does not unreasonably interfere with the
          use of the Corridor, Viaduct/Station Segment and the MiamiCentral Station by SFRTA for the SFRTA Commuter Railroad Service.

      

      

      b.          Nothing
          in this Agreement shall (or shall be construed to) limit, restrict, alter, modify or otherwise affect the right of FECR to install, place, construct, occupy, use, operate, alter, maintain, repair, renew and replace such additional rail lines,
          signals and communications facilities and equipment, utilities, structures and/or improvements on, over or across the Corridor as FECR, in its sole judgment, determines are necessary or desirable or legally required in connection with Freight
          Railroad Service including without limitation rail lines, signals and communications facilities and equipment, utilities, structures and/or improvements to serve new customers, terminals or port facilities, intermodal facilities and transload
          facilities. FECR’s exercise of such rights shall at all times: (x) comply with the terms of this Agreement, the Passenger Easement and the Easement Agreement; and (y) be exercised in a manner that does not unreasonably interfere with the use of
          the Corridor by AAF or by SFRTA in accordance with the terms of this Agreement.

      
        24

        
          

        

      

    

    
      

      

      5.          Qualification of Employees. All employees of AAF (or its designee), any operator of Non-SFRTA Commuter Railroad Service, FECR and SFRTA, or employees of entities under contract
          with any of the foregoing, who operate trains, locomotives, rail cars and rail equipment on, along and over the Corridor shall be qualified for operation thereover. As used in this Section III.5, qualification pertains only to the employee’s
          operation of trains, locomotives, rail cars and rail equipment on, along and over the Corridor and Viaduct/Station Segment in accordance with FRA and the Combined Operating Rules and practices. AAF, any operator of Non-SFRTA Commuter Railroad
          Service and SFRTA shall make such arrangements with FECR as may be necessary to have their employees so qualified. FECR shall provide reasonable cooperation and assistance in the qualification of AAF, Non-SFRTA Commuter Railroad Service and SFRTA
          train and engine crews for service on the Corridor and Viaduct/Station Segment. AAF, any operator of Non-SFRTA Commuter Railroad Service and SFRTA shall reimburse FECR, upon receipt of invoices therefor, for any reasonable costs incurred by FECR
          in qualifying AAF, Non-SFRTA Commuter Railroad Service and SFRTA employees, respectively, as well as the cost of pilots furnished by FECR (if required) until such time as such AAF, Non-SFRTA Commuter Railroad Service or SFRTA employees are deemed
          by the appropriate examining officer of FECR to be properly qualified for operation on the Joint Infrastructure. Either AAF, an operator of Non-SFRTA Commuter Railroad Service or SFRTA (or all of them) may assume responsibility for qualifying
          that Party’s train and engine crews for service on the Corridor or Viaduct/Station Segment by establishing a testing and qualification program for that Party’s crews that is reasonably acceptable to FECR.

    

    
      

      

      IV.          Track and Station Maintenance.

      

      

    

    1.          MiamiCentral Station Maintenance Costs.

    
      

      

      a.          SFRTA
          and AAF shall apportion common area maintenance costs at the MiamiCentral Station which shall include (i) actual station maintenance costs, including the cost of all utilities for the common areas, but not costs related to the rest of the
          non-station development, including only the applicable retail, office, commercial spaces, in accordance with the formula in Exhibit D, and (ii) a proportionate share of the shared facilities costs for the MiamiCentral Project as set forth in the
          DCRE (together the, “MiamiCentral Station Common Area Maintenance Costs”), which will be paid monthly by SFRTA to AAF. Such monthly payments shall begin on Station/Track Availability. The allocation formula is set forth in Exhibit D attached
          hereto. Note the costs set forth in Exhibit D are only an estimate and SFRTA will be responsible for the actual costs. For the purposes of this Section IV.1.a., if AAF operates or permits a third party to operate Non-SFRTA Commuter Railroad
          Service to or from the MiamiCentral Station, the Parties shall re-apportion the common area maintenance costs at the MiamiCentral Station to account for the presence of such third party operator at the MiamiCentral Station. AAF and SFRTA shall
          also apportion any assessments against the MiamiCentral Station (or Station Element, as it is referred to in the DCRE), using the formula in Exhibit D.

       

      
        25

        
          

        

      

      b.          AAF
          shall prepare, in conjunction with SFRTA, a protocol and set of requirements for maintenance of the Station Element (as defined in the DCRE) used in providing and operating passenger rail service (the “Station Maintenance Standards”). In the
          event that SFRTA elects to maintain any of the portion of the Tri-Rail Station Improvements that are used exclusively by SFRTA, then SFRTA shall maintain such elements to the Station Maintenance Standards. AAF shall establish at the beginning of
          each SFRTA fiscal year commencing with Station/Track Availability, an estimated budget for such costs attributable to AAF and SFRTA, and upon receipt of an invoice from AAF in the O/M and Dispatch Invoice Format (which shall be in the format
          attached hereto as Exhibit G) for that fiscal year, SFRTA shall pay to AAF on the first day of each calendar month one-twelfth (1/12) of the total amount of the estimated annual budget attributable to SFRTA (“Monthly Station O/M Costs”). If
          Station/Track Availability occurs in the middle of a SFRTA fiscal year, the Parties shall develop an estimated budget for the portion of the SFRTA fiscal year, and SFRTA shall pay an equal monthly share of such Monthly Station O/M costs for the
          remainder of that SFRTA fiscal year. Subsequent to the expiration of the third year after the certificate of occupancy has been received for the components of the MiamiCentral Project, the Parties shall amend this process to limit annual
          increases in controllable Station O/M Costs, i.e. those costs that are not set by other third parties outside of AAF’s control, such as property taxes, so that SFRTA shall have some limitation on these costs for budgeting purposes. Within thirty
          (30) days following the end of each SFRTA fiscal year, AAF or the Shared Facilities Manager, as applicable, shall provide SFRTA with a statement of the actual MiamiCentral Station Common Area Maintenance Costs incurred during the prior fiscal
          year, using the O/M and Dispatch Invoice Format included in Exhibit G of this Agreement. AAF shall determine and notify SFRTA in writing (the “Notification”) as to whether the payments made by SFRTA during the prior fiscal year based on the
          estimated budget have resulted in: (i) overpayment by SFRTA, in which case AAF or Shared Facilities Manager, as applicable, shall promptly refund the excess payment amount to SFRTA but no later than sixty (60) calendar days after the date of the
          Notification; or (ii) underpayment by SFRTA in which case SFRTA shall promptly pay AAF the amount due in accordance within the time frames required by the Local Government Prompt Payment Act and the process outlined in Exhibit E, following
          SFRTA’s receipt of a complete invoice from AAF or the Shared Facilities Manager. Any disputes regarding the amount owed or due to AAF as a result of such determination shall be governed by the Local Government Prompt Payment Act and the process
          outlined in Exhibit E and shall not be subject to the suspension of the Easement outlined in Section IX.2; provided, however, that any failure on the part of SFRTA to pay an amount determined to be due by such Dispute Resolution Process shall be
          an Event of Default. AAF shall be required to (i) keep accurate books and records reflecting the O/M Costs in accordance with sound and generally accepted accounting principles consistently applied, and (ii) make such records, and reasonable
          supporting detail, available for examination during normal business hours upon reasonable notice by SFRTA and its representatives; provided that any such examination or audit shall be at SFRTA’s sole cost and expense, unless the audit discloses a
          discrepancy of 10% or more in the actual costs reported by AAF or the Shared Facilities Manager for the O/M Costs, in which event AAF or the Shared Facilities Manager shall be responsible for all third party auditor costs incurred by SFRTA which
          are associated with the audit. In addition, if the audit discloses any (i) overpayment by AAF or the Shared Facilities Manager, then AAF or the Shared Facilities Manager shall refund the excess payment amount to SFRTA within thirty (30) days of
          the written notice of the audit determination from SFRTA and agreement as to such excess payment; or (ii) underpayment by SFRTA, then SFRTA shall promptly pay AAF the amount due in accordance within the time frames required by the Local
          Government Prompt Payment Act and Exhibit E.

    

    
      

      

      
        26

        
          

        

      

      c.          SFRTA
          shall be responsible for security and all maintenance required for the Tri-Rail Station Improvements, excluding maintenance of the elevators and escalators (which are included in the Common Area Station Maintenance), and any other portion of the
          MiamiCentral Station which it occupies solely, based upon the station area maintenance cost allocation methodology set forth in Exhibit D, and consistent with the Station Maintenance Standards, regarding maintenance activities.

      

      

      d.          SFRTA
          and AAF (including if there is Non-SFRTA Commuter Railroad Service) shall share the cost of maintaining the Joint Infrastructure portion of the Viaduct/Station Segment based on a 50/50 percentage allocation. SFRTA and AAF shall each maintain its
          exclusive tracks and infrastructure, unless the Parties reach mutual agreement otherwise to maintain such tracks and infrastructure collectively. If AAF permits any Non-SFRTA Commuter Railroad Operator to use the Viaduct/Station Segment, then
          SFRTA and AAF shall address a reallocation of the share of maintenance costs within sixty (60) days of the Non-SFRTA Commuter Railroad Service commencing revenue service over such Segment. It is understood and specifically agreed, subject to the
          requirements of Section XX, that AAF and SFRTA shall have the exclusive right to use the tracks constructed and dedicated to their use throughout the term of this Agreement. Specifically, commencing at Station 19251+7.13, one track is for SFRTA’s
          exclusive use by SFRTA for the provision by SFRTA of the SFRTA Commuter Railroad Service which expands into two tracks for SFRTA’s exclusive use for the provision by SFRTA of its Commuter Railroad Service (“SFRTA Exclusive Tracks”), and
          commencing at Station 19246+83.72, one track is for AAF’s exclusive use for either or both of Intercity Passenger Service or Non-SFRTA Commuter Railroad Service and which expands into two (2) tracks and then three (3) tracks for AAF’s exclusive
          use for either or both of Intercity Passenger Service or Non-SFRTA Commuter Railroad Service (“AAF Exclusive Tracks”). The Viaduct/Station Segment shall be maintained to FRA Class 4 standards. AAF shall, in its sole discretion, select the entity
          which shall provide maintenance on the Viaduct/Station Segment. If AAF elects, in its sole discretion, to contract the maintenance of the Viaduct/Station Segment to SFRTA, SFRTA shall attempt to negotiate an amendment to Agreement No. 14-012
          between SFRTA and VTMI for Maintenance of Way Services (the “SFRTA VTMI Contract”), the terms of which must be agreeable to AAF (the “VTMI Viaduct/Station Segment Amendment”). The VTMI Viaduct/Station Segment Amendment shall contain provisions
          similar to those outlined in Section IV.2, below, unless clearly inapplicable. If SFRTA is unable to reach an agreement with VTMI, AAF shall obtain the services of another contractor (which may be FECR) to provide maintenance services for the
          Viaduct/Station Segment at a cost mutually agreeable to both AAF and SFRTA. All such maintenance services shall be inclusive of any utility costs.

    

    

    

    
      27

      
        

      

    

    
      e.          Utilities.

      

      

    

    i.          FECR shall initiate, contract for and obtain, in its name, all utility services, including gas, electricity, telephone, water and sewer connections and services, required to support Intercity Passenger Railroad Service,
        Commuter Railroad Service and Freight Railroad Service on, along and over the Corridor. FECR shall pay directly to the providers of such services all charges for such services as they become due and payable. The cost and expense for such services
        shall be considered a cost of maintenance of the Corridor and shall be allocated among the Parties and any provider of Non-SFRTA Commuter Railroad Service, if applicable, in the manner set forth in Exhibit D to this Agreement.

    

    

    
      ii.          AAF
          shall separately initiate, contract for and obtain all utility services, including gas, electricity, telephone, water and sewer connections and services, required for AAF’s exclusive areas with the MiamiCentral Station and the AAF’s Exclusive
          Tracks on the Viaduct Station Segment. AAF shall pay directly to the providers of such services all charges for such services. AAF shall also separately initiate, contract for and obtain, in its name, all utility services, including gas,
          electricity, telephone, water and sewer connections and services, required for the common areas at the MiamiCentral Station. AAF shall pay directly to the providers of such services all charges for such services for the common areas and the cost
          and expense for such services shall be allocated among AAF and SFRTA using the allocation in Exhibit D for common area maintenance costs. In the event the Non-SFRTA Commuter Railroad Service is initiated, the MiamiCentral Common Area Maintenance
          Costs shall be reapportioned to account for the presence of such third party operator at the MiamiCentral Station.

      

      

      iii.          SFRTA
          shall separately initiate, contract for and obtain all utility services, including gas, electricity, telephone, water and sewer connections and services, required for the Tri-Rail Station Improvements at the MiamiCentral Station and the SFRTA
          Exclusive Tracks on the Viaduct Station Segment. SFRTA shall pay directly to the providers of such services all charges for such services.

      

      

      iv.          In the
          event that SFRTA cannot separately contract for the some or all of the utility services in paragraph iii, above, then AAF shall contract for them and SFRTA shall pay AAF its share of the costs based on usage.

    

    
      

      

      2.          Trackage and Related
            Infrastructure Costs.

    

    
      

      

      a.          The
          Corridor shall be maintained to FRA Class 4 standards.

      

      

      b.          Maintenance
          of each Party’s respective rolling stock, onboard PTC and other associated rolling stock and locomotive equipment shall be performed by and at the cost of that Party.

      

      

      
        28

        
          

        

      

      c.          FECR
          shall have the exclusive right to perform the work associated with the maintenance of the Corridor. The sums which SFRTA shall pay to FECR for such maintenance shall be the amounts set forth in Exhibit D escalating annually at the percentage
          increase in the Association of American Railroads (“AAR”) Annual Index of Chargeout Prices and Wage Rates (1997=100)-East, with 2015 used as the base, (the “Escalation Percentage”) for the first three (3) years and thereafter unless mutually
          agreed to the contrary, provided, however, after the 3-year period from the Effective Date, the Parties will evaluate whether the Escalation Percentage should be adjusted. Notwithstanding the foregoing, if AAF operates or designates a third party
          to operate Non-SFRTA Commuter Railroad Service on the North/South Segment, the Viaduct/Station Segment or at the MiamiCentral Station, the Parties shall renegotiate the percentage allocation for the costs of maintenance of the Corridor. If FECR
          elects to contract the maintenance of the Corridor to SFRTA, SFRTA shall attempt to negotiate an amendment to the SFRTA VTMI Contract the terms of which must be agreeable to FECR. The contract terms between SFRTA and VTMI for maintenance of the
          Corridor (“VTMI Corridor Amendment”), shall include the following:

    

    
      

      

      i.          All
          costs associated with maintaining and repairing the Corridor, such as trackage, signals and communication facilities on the Corridor shall be allocated based on the percentage set forth on Exhibit D attached hereto (“Operating and Maintenance
          Costs”). FECR shall offset the Operating and Maintenance Costs assessed to FECR, SFRTA and AAF with funds received by governmental authorities with respect to grade crossings.

    

    

    

    ii.          The format for invoicing the Operating and Maintenance Costs is attached as Exhibit G hereto (“O/M and Dispatch Invoice Format”).

    

    

    
      iii.          VTMI
          shall invoice the Operating and Maintenance costs in accordance with the process outlined as follows: VTMI and the Parties have established a budget for such costs attributable to FECR, AAF, and SFRTA, and upon receipt of an invoice from VTMI in
          the O/M and Dispatch Invoice Format for the SFRTA fiscal year, SFRTA, FECR and AAF shall pay to VTMI on the first day of each calendar month one-twelfth (1/12) of the total amount of the annual budget attributable to such Party (“Monthly O/M
          Costs”). The established budget shall be subject to the Escalation Percentage each SFRTA fiscal year. The allocation of these costs shall be as shown in Exhibit D. Any disputed amounts, by any Party, shall be addressed using the Dispute
          Resolution Process. SFRTA’s, AAF’s or FECR’s failure to address the disputed amounts by using the process in Exhibit E shall be an Event of Default. If the Non-SFRTA Commuter Railroad Service commences, the allocation will be revised accordingly
          to reflect the presence of that service.

      

      

      iv.          In its
          management of the Corridor, FECR may request SFRTA to cause VTMI to make additional replacements or repairs needed within the Corridor. Any unforeseen or extraordinary operating and maintenance Costs may be billed by VTMI using the O/M and
          Dispatch Invoice Format including all supporting documentation required pursuant to Exhibit G of this Agreement. Within twenty-five (25) business days of the receipt of the invoice, FECR and AAF, as applicable, shall pay to VTMI their respective
          share of said costs less any disputed amounts. SFRTA shall pay to VTMI its respective share of said costs less any disputed amounts pursuant to the Local Government Prompt Payment Act. Any disputes regarding the amount owed or due from SFRTA as a
          result of such determination shall be governed by the Local Government Prompt Payment Act and shall not be subject to the suspension of the Easement outlined in Section IX.2.

      

      

      
        29

        
          

        

      

      v.          VTMI
          shall provide notice to FECR and AAF of all proposed maintenance activities.

      

      

      vi.          Other
          than as set forth in the VTMI Corridor Amendment, VTMI shall not perform any work on the Corridor without the approval of SFRTA, FECR and AAF, which approval shall not be unreasonably withheld.

    

    
      

      

      d.          If
          negotiations between SFRTA and VTMI are unsuccessful and the VTMI Corridor Amendment is not entered into, or if FECR does not agree to the terms of the VTMI Corridor Amendment, FECR agrees to perform the work associated with the VTMI Corridor
          Amendment at the same cost as proposed by VTMI in the VTMI Proposal (see Exhibit F), escalated in accordance with the Escalation Percentage.

      

      

      e.          If
          negotiations are successful between VTMI and SFRTA, SFRTA shall provide a copy of the proposed VTMI Corridor Amendment to AAF and FECR for their written approval of the terms of the VTMI Corridor Amendment. AAF and FECR agree to provide approval
          or objections in writing within fourteen (14) days after receipt of the VTMI Corridor Amendment from SFRTA. SFRTA shall use commercially reasonable efforts to have the VTMI Corridor Amendment revised to address any objections.

      

      

      f.          The VTMI
          Corridor Amendment shall provide that, if FECR determines that VTMI has failed to perform its duties under the VTMI Corridor Amendment, for reasons set forth in a communication to VTMI, AAF and SFRTA and which include a reasonable basis for that
          determination, FECR may give notice to SFRTA that it requires termination of the VTMI Corridor Amendment, which shall constitute termination for cause. If FECR requires the VTMI Corridor Amendment to be terminated for convenience or without
          cause, it shall be solely and entirely responsible for any and all costs permitted under law that are associated with the termination, including but not limited to mobilization costs, and FECR agrees to indemnify and hold harmless SFRTA for any
          costs, including but not limited to attorneys’ fees and damages, which SFRTA may incur as a result of the termination of the VTMI Corridor Amendment based on FECR’s requirement that SFRTA terminate such agreement for convenience or without cause.
          The foregoing notwithstanding, FECR, SFRTA and AAF will negotiate mutually agreeable termination language to be included in the VTMI Corridor Amendment. Upon termination of the VTMI Corridor Amendment, FECR shall perform the duties set forth
          therein at the same costs as VTMI would have performed the duties pursuant to the VTMI Corridor Amendment and AAF and SFRTA shall pay their allocated amounts to FECR.

      

      

      
        30

        
          

        

      

      g.          The
          Parties agree to place in their budget and record in their books of account an Undercutting expense in the amount of $505,000 (with each Party contributing one-third of the amount) for Corridor undercutting (“Undercutting Expense”) on the
          Effective Date. As funds are used to pay for such work, each of the Parties shall replenish its share of the Undercutting Expense through a rebudget and rerecording of that expense no later than the first day of the following SFRTA fiscal year.
          The Parties agree that they shall collectively analyze the amount to be budgeted on an annual basis. The Parties agree that in any one (1) year, no more than $1 million of Undercutting can be performed. Further, the Parties agree that in the
          first year of SFRTA operations on the Corridor, no more than $505,000 of Undercutting can be performed if recommended by FECR or VTMI (whoever is then currently performing the Corridor maintenance) and approved using the approval process stated
          herein. If FECR recommends Undercutting is required in any one fiscal year up to a cap of $1 million per year, FECR shall provide notice prior to April of any given fiscal year for such Undercutting to be performed in the following fiscal year
          and the Parties shall meet and reach mutual agreement as to the necessity thereof, or failing that mutual agreement, then agreement by a majority of the Parties, on the amount of the Undercutting for the upcoming fiscal year (not to exceed the $1
          million cap in any SFRTA fiscal year). In that event, the Parties agree to contribute the additional funds, with each paying one-third of the amount, to bring the Undercutting Expense amount to $1 million and to replenish the Undercutting Expense
          amount on their respective books for the following year. The foregoing shall be analyzed every three (3) years and adjusted as required.

      

      

      h.          FECR and
          AAF shall be third party beneficiaries to the VTMI Corridor Amendment.

        

       

      i.          AAF, any
          Non-SFRTA Commuter Railroad Operator and/or SFRTA shall be responsible, as applicable, for increased costs, outlined in Exhibit D (Operations and Maintenance), associated with FRA regulations or other laws uniquely applicable to Intercity
          Passenger Railroad Service, or Commuter Railroad Service, apportioned based on timetable trains.

      

      

      j.          FECR and
          AAF shall be invoiced jointly by VTMI for their costs and FECR and AAF shall be jointly and severally liable for the failure to pay any and all invoices when due.

      

      

      k.          FECR
          shall have the right to perform, at its sole cost and expense, any additional maintenance in the Corridor, subject to prior mutual written agreement of the Parties, and subject to the requirement that such additional maintenance not unreasonably
          interfere with the operations of Intercity Passenger Railroad Service or Commuter Railroad Service except to the extent contemplated herein or agreed upon by all Parties.

    

    
      

      

      
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      V.          Lease, Easement Agreement and Bill of Sale.

    

    
      

      

      1.           Lease
          and Easement Agreement

      

      

    

    a.          Within the timeframes outlined in Section I, SFRTA, and AAF and FECR, as to their respective interests, shall execute an easement agreement (the “Easement Agreement”) in order to grant SFRTA a permanent perpetual easement (the
        “Easement”) on, along, over, under and across the Corridor, the Viaduct/Station Segment into and including a portion of the MiamiCentral Station, all as shown in the drawing attached hereto as Exhibit I, which shall include the facilities and
        property to be for exclusive use of SFRTA and the property and facilities to be shared with AAF, including the rights to the required Shared Facilities (as defined in the DCRE) to be utilized by SFRTA and access into the MiamiCentral Station,
        including, but not limited to, the stairways, elevators and escalators to the SFRTA platforms identified on the Approved Plans and Specifications, subject to the terms of this Agreement, the Easement Agreement and the Ancillary Agreements. The term
        of the Easement Agreement shall be perpetual, subject to the terms and conditions of this Agreement, and shall include the terms and conditions that are described in Exhibit I.

    

    

    b.          AAF and SFRTA shall execute the Lease which shall grant SFRTA a lease (the “Lease”) on, along, over, under and across the platforms and a portion of the track on the Viaduct/Station Segment into the MiamiCentral Station to and
        including the facilities and property to be for the exclusive use of SFRTA and the property and facilities to be shared with AAF, all as shown in the drawing attached hereto as Exhibit I. The term of the Lease shall be coextensive with the term of
        the DCRE, including any renewals thereof, subject to the terms and conditions of this Agreement, and shall include the terms and conditions that are described in Exhibit I.

    

    

    c.          AAF agrees to amend the Lease and Easement Agreement, as necessary, to grant those rights to SFRTA as may be reasonably necessary for SFRTA to utilize the Tri-Rail Improvements, including the Viaduct/Station Segment, pursuant
        to the terms of this Agreement.

    

    

    d.          The Easement and Lease as to the portion located over aerial and ground easements shall be subject to conditions imposed by the City of Miami in the City Easement.

    

    

    e.          Notwithstanding any other provision of this Agreement, of the Easement Agreement or of the Lease, FECR and/or AAF shall have the right to suspend operation of SFRTA trains over the Corridor and the Viaduct/Station Segment in
        the event of: (i) failure of SFRTA to pay its monthly share to VTMI for the Operating and Maintenance Costs (if VTMI maintains the Corridor) or (ii) failure by SFRTA to pay two (2) or more consecutive monthly invoices submitted by (A) FECR or AAF
        for the Operations and Maintenance Costs (if FECR or AAF maintains the Corridor) and/or Dispatch Costs, as defined herein, or (B) AAF or the Shared Facilities Manager for the MiamiCentral Station Common Area Maintenance Costs, in accordance with
        the Local Government Prompt Payment Act. Any such failure described in the foregoing sentence shall be treated as an Event of Default and addressed as outlined in Section IX herein.

    

    

    
      32

      
        

      

    

    f.          The Parties agree that no provisions in the Easement Agreement and/or Lease shall conflict with any provisions in this Agreement, subject to the DCRE.

    

    

    2.          As
        a condition of this Agreement, and in order to gain access and use of the Easement Agreement and Lease, SFRTA shall pay to AAF a one-time fee of One Million Dollars ($1,000,000.00) (the “Access Fee”) upon the placement into escrow of the Lease and
        the Easement Agreement. SFRTA agrees that if, at the time of Station/Track Availability, it is necessary to revise the Easement Agreement or the Lease legal description(s) to comport with the as-builts, SFRTA will approve such changes in the legal
        descriptions pursuant to the process outlined in Section I.5.

    

    

    3.          SFRTA
        shall cooperate with AAF in securing an agreement with FDOT that will: (a) grant AAF the right to operate on the Future New River Bridge if and when that bridge is constructed; (b) assure that the bridge shall have the necessary infrastructure and
        capacity to handle AAF’s Intercity Passenger Rail operations in addition to any SFRTA Commuter Railroad Service; and (c) provide that the bridge and associated infrastructure shall facilitate AAF’s access between its trackage and the Future New
        River Bridge trackage, with no maintenance payments or other access fee payable by AAF for use of the future New River Bridge. The Parties specifically acknowledge that the cost of construction of any track and signal, infrastructure, as may be
        required to allow AAF to have access to the infrastructure on the Future New River Bridge, shall be the subject of an agreement between and among FDOT, FECR and AAF (and possibly SFRTA) and that SFRTA shall cooperate with AAF and FECR in securing
        such an agreement.

    

    

    VI.          Design and Construction of Stations and Track Improvements.

    

    

    
      1.          FDOT has engaged FECR to
          perform the design and construction of the New Iris Improvements pursuant to that certain Design and Construction Agreement dated June 5, 2015 (the “DCA”) between FECR and FDOT, which shall also govern the arrangements between and among the
          parties to the DCA related to the construction of the New Iris Improvements. All engineering associated with the New Iris Improvements shall be performed to the satisfaction of FECR’s chief engineer and in accordance with the terms of the DCA.
          FDOT shall be responsible for all costs associated therewith, which costs are currently anticipated to be funded pursuant to the TIGER Grant and other participating entities, including FECR, CSXT and SFRTA.

      

      

      2.          With respect to the
          Tri-Rail Station Improvements, on or prior to the payment of any monies by SFRTA to AAF for the Tri-Rail Station Improvements, except as outlined in Section II.l.b herein: (i) AAF and SFRTA will enter into an agreement which shall govern the
          arrangements between AAF and SFRTA related to the design and construction of the Tri-Rail Station Improvements, SFRTA’s inspection rights related to the work to be performed by AAF on behalf of SFRTA and any other necessary provisions (the
          “Development Agreement”) in substantially the form attached hereto as Exhibit H; (ii) AAF, SFRTA and AAF’s general contractor will enter into an agreement addressing compliance with s. 255.05, F.S., the surety bond requirements of s. 255.05, F.S.
          (the “Joinder”), in substantially the form attached hereto as Exhibit A to the Development Agreement, and (iii) AAF’s general contractor and its surety will enter into a dual obligee rider adding SFRTA as an additional obligee to the Performance
          and Payment Bond No. 09042373 (the “Dual Obligee Rider”), in substantially the form attached hereto as Exhibit A-1 to the Development Agreement.

      

      

      
        33

        
          

        

      

      3.          AAF, FECR and SFRTA shall
          enter into Tri-Rail Trackage Improvements Agreement, which shall provide that SFRTA shall be solely responsible for the Cost of the Tri-Rail Trackage Improvements, including the Embankment, as provided for herein, but SFRTA shall not have any
          liability for any additional costs (in excess of the Cost of the Tri-Rail Trackage Improvements) associated with the Tri-Rail Trackage Improvements, except for any changes to the work requested solely by SFRTA.

      

      

      4.          Construction related
          matters and changes to the Approved Plans and Specifications requested by SFRTA or made by AAF shall be pursuant to the terms of the Development Agreement.

    

    

    

    VII.          FDG Flagler Station II LLC.

    
      

      

      FDG Flagler Station II LLC (“PI”) has an easement on the Corridor for non-rail uses. PI shall have the right to continue to access the
        Corridor and grant easements, licenses and leases to its affiliates or third parties pursuant to the terms of those certain agreements between AAF, PI and FECR, provided that such agreements, or any actions or activities permitted by them, do not
        unreasonably interfere with the rail operations of SFRTA, AAF or FECR. Further, SFRTA, AAF and FECR shall not unreasonably interfere with PI’s rights unless PI is compensated for such reduction of rights based on the fair market value of such
        rights at the time of any such interference. AAF, FECR and SFRTA agree that they must coexist in good faith in the use of the Corridor.

    

    
      

      

      VIII.          Liability and Insurance

    

    
      

      

      1.          Allocation of Liability
            Between and Among SFRTA, AAF, FECR and Non-SFRTA Commuter Rail Operator.

    

    

    

    
      SFRTA shall indemnify AAF and FECR, and AAF
        and FECR shall indemnify SFRTA in accordance with the terms specified in this Section VIII.1.

      

      

    

    
      a.          Except
          as specifically provided in this Section VIII., SFRTA shall forever protect, defend, indemnify, and hold harmless FECR, its officers, agents, and employees, successors and assigns, from and against any liability, cost, and expense, including, but
          not limited to SFRTA’s Commuter Rail Passengers, and Rail Corridor Invitees, in or on or about the Corridor or Viaduct/Station Segment, regardless of whether the loss, damage, destruction, injury, or death giving rise to any such liability, cost,
          or expense is caused in whole or in part, and to whatever nature or degree, by the fault, failure, negligence, misconduct, nonfeasance, or misfeasance of FECR, or its officers, agents, and employees, successors and assigns, or any other person or
          persons whomsoever.; or

      

      

      
        34

        
          

        

      

      b.          Except
          as specifically provided in this Section VIII., SFRTA shall forever protect, defend, indemnify, and hold harmless AAF, and its officers, agents, and employees, successors and assigns, from and against any liability, cost, and expense, including,
          but not limited to, SFRTA’s Commuter Rail Passengers, and Rail Corridor Invitees, in or on or about the Corridor or Viaduct/Station Segment, regardless of whether the loss, damage, destruction, injury, or death giving rise to any such liability,
          cost, or expense is caused in whole or in part, and to whatever nature or degree, by the fault, failure, negligence, misconduct, nonfeasance, or misfeasance of AAF or its officers, agents, and employees, successors and assigns, or any other
          person or persons whomsoever.

      

      

      c.          The
          assumption of liability of SFRTA may not in any instance exceed the following parameters of allocation of risk:

    

    
      

      

      i.          SFRTA
          shall be solely responsible for any loss, injury, or damage to SFRTA’s Commuter Rail Passengers, or Rail Corridor Invitees, or trespassers (other than passengers or invitees of the Non-SFRTA Commuter Railroad Service), regardless of circumstances
          or cause, subject to the terms and provisions of this Section VIII.1.

      

      

      ii.          FECR
          shall, with respect to a Limited Covered Accident, protect, defend, and indemnify SFRTA for the amount of the SIRA.

      

      

      iii.          AAF
          shall, with respect to a Limited Covered Accident, protect, defend, and indemnify SFRTA for the amount of the SIRA.

    

    
      

      

      d.          When
          only one train is involved in an incident, including incidents with trespassers or at grade crossings, SFRTA shall be solely responsible for any loss, injury, or damage if the train is an SFRTA train.

      

      

      e.          When an
          incident occurs with only FECR’s train involved, including incidents with trespassers or at grade crossings, FECR shall be solely responsible for any loss, injury, or damage, except for SFRTA’s Commuter Rail Passengers, SFRTA employees and SFRTA
          Rail Corridor Invitees; or

      

      

      f.          When an
          incident occurs with only AAF’s train involved, including incidents with trespassers or at grade crossings, AAF shall be solely responsible for any loss, injury, or damage, except for SFRTA’s Commuter Rail Passengers, SFRTA employees and SFRTA
          Rail Corridor Invitees.

      

      

      g.          For the
          purposes of this subsection:

      

      

    

    
      i.          An
          “Other Train” is a train that is neither SFRTA’s train, nor FECR’s train, nor AAF’s train, nor a train of a Non-SFRTA Commuter Rail Service Operator nor a train of any other operator of Intercity Rail Passenger Service, and shall be treated as a
          train of the Party to this Agreement that made the initial request for the train to operate on the Corridor or the Viaduct/Station Segment.

      

      

      
        35

        
          

        

      

      ii.          Allocation
          of liability in an incident involving any Other Train that is an SFRTA train, pursuant to the definition of “Other Train,” and is involved in an incident shall be treated as an SFRTA train, solely for purposes of any allocation of liability
          between SFRTA and FECR, and SFRTA and FECR shall share responsibility equally as to third parties outside the Corridor or Viaduct/Station Segment who incur loss, injury, or damage as a result of any incident involving both SFRTA’s train and
          FECR’s train, and the allocation as between SFRTA and FECR, regardless of whether the Other Train is treated as a SFRTA train, shall remain one-half each as to third parties outside the Corridor or Viaduct/Station Segment who incur loss, injury,
          or damage as a result of the incident. The involvement of any Other Train shall not alter the sharing of equal responsibility as to third parties outside the Corridor or Viaduct/Station Segment who incur loss, injury, or damage as a result of the
          incident; or

      

      

      iii.          Allocation
          of liability in an incident involving any Other Train that is an SFRTA train, pursuant to the definition of “Other Train,” and is involved in an incident shall be treated as an SFRTA train, solely for purposes of any allocation of liability
          between SFRTA and AAF only, and SFRTA and AAF shall share responsibility equally as to third parties outside the Corridor or Viaduct/Station Segment who incur loss, injury, or damage as a result of any incident involving both a SFRTA train and
          AAF’s train, and the allocation as between SFRTA and AAF regardless of whether the Other Train is treated as a SFRTA train, shall remain one-half each as to third parties outside the Corridor or Viaduct/Station Segment who incur loss, injury, or
          damage as a result of the incident. The involvement of any Other Train shall not alter the sharing of equal responsibility as to third parties outside the Corridor or Viaduct/Station Segment who incur loss, injury, or damage as a result of the
          incident.

    

    
      

      

      h.          When
          more than one train is involved in an incident:

      

      

    

    
      i.          If only
          SFRTA’s train and FECR’s train, or only an Other Train that is an SFRTA train by definition, and FECR’s train, are involved in an incident, SFRTA shall be responsible for its property and all of its people, all SFRTA’s Commuter Rail Passengers,
          SFRTA employees and SFRTA Rail Corridor Invitees, FECR shall be responsible for its property and all of its employees and FECR Rail Corridor Invitees, and SFRTA and FECR shall each share one-half responsibility as to the Joint Infrastructure and
          Rail Corridor Invitees who are not SFRTA Rail Corridor Invitees or FECR Rail Corridor Invitees, including but not limited to trespassers or third parties outside the Corridor or Viaduct/Station Segment who incur loss, injury, or damage as a
          result of the incident; or

      

      

      
        36

        
          

        

      

      ii.          If only
          SFRTA’s train and AAF’s train, or only an Other Train that is by definition an SFRTA train and AAF’s train, are involved in an incident, SFRTA shall be responsible for its property and all of its people, all SFRTA’s Commuter Rail Passengers,
          SFRTA employees and SFRTA Rail Corridor Invitees, and AAF shall be responsible for its property and all of its employees, AAF’s Intercity Rail Passengers and AAF Rail Corridor Invitees, and SFRTA and AAF shall each share one-half responsibility
          as to the Joint Infrastructure and Rail Corridor Invitees who are not SFRTA Rail Corridor Invitees or AAF Rail Corridor Invitees, including but not limited to trespassers or third parties outside the Corridor or Viaduct/Station Segment who incur
          loss, injury, or damage as a result of the incident.

      

      

      iii.          If a
          FECR train, a SFRTA’s train and an AAF’s train are involved in an incident, SFRTA shall be responsible for its property and all of its people, all SFRTA’s Commuter Rail Passengers, SFRTA employees and SFRTA Rail Corridor Invitees, and AAF shall
          be responsible for its property and all of its employees, AAF’s Intercity Rail Passengers and AAF Rail Corridor Invitees, FECR shall be responsible for its property and all of its employees and FECR Rail Corridor Invitees and SFRTA, FECR and AAF
          shall each share one-third responsibility as to the Joint Infrastructure and Rail Corridor Invitees who are not SFRTA Rail Corridor Invitees or AAF Rail Corridor Invitees or FECR Rail Corridor Invitees, including but not limited to trespassers or
          third parties outside the Corridor or Viaduct/Station Segment who incur loss, injury, or damage as a result of the incident.

      

      

      iv.          If
          SFRTA’s train, FECR train, and AAF’s train are involved in an incident, the allocation of liability among SFRTA, FECR, and AAF, shall be one-third each as to third parties outside the Corridor or Viaduct/Station Segment who incur loss, injury, or
          damage as a result of the incident.

      

      

    

    i.          If SFRTA’s train, FECR’s train, and any Other Train are involved in an incident, the allocation of liability between SFRTA, FECR and the Other Train, shall be one-third each as to third parties outside the Corridor or
        Viaduct/Station Segment who incur loss, injury, or damage as a result of the incident; or

    

    

    j.          If SFRTA’s train, AAF’s train, and any Other Train are involved in an incident, the allocation of liability among SFRTA, AAF and the Other Train, shall be one-third each as to third parties outside the Corridor or
        Viaduct/Station Segment who incur loss, injury, or damage as a result of the incident.

    

    

    k.          Notwithstanding anything to the contrary set forth in this Section VIII., SFRTA shall not be obligated to indemnify FECR and AAF for any amount in excess of the Insurance Coverage Limit. Whether or not SFRTA maintains the
        insurance coverage required pursuant to Section VIII.4. of this Agreement to cover the indemnification obligations of Section VIII.1. of this Agreement, SFRTA shall remain responsible for the indemnification obligations set forth in Section VIII.1.
        up to the Insurance Coverage Limit.

    
      37

      
        

      

    

    
      

      

       

      

      

    

  

  
    

    

    1.          Non-SFRTACommuter Railroad Service.

    

    

    i.          The Parties agree that if the Non-SFRTA Commuter Rail Service is provided by an entity under contract with AAF, the Parties shall use good faith efforts to negotiate an agreement for allocation of liability between the Non-SFRTA Commuter
        Rail Service Operator and SFRTA.

    

    

    ii.          If the Parties are unable to reach agreement prior to the start of operations by the Non-SFRTA Commuter Rail Service Operator, SFRTA may elect (at its sole discretion) to either: (x) treat the Non-SFRTA Commuter Rail Service Operator for the
        purposes of this Section VIII the same as AAF, and give the same rights and obligations to that entity as are provided in this Section VIII to AAF; or (y) elect to leave the resolution of any matters involving Non-SFRTA Commuter Rail Service
        including Commuter Rail Passengers of the Non-SFRTA Commuter Rail Service to the allocation of liability that is provided under the applicable laws of the State of Florida.

    

    

    m.          Order of Preference of Agreements between AAF and FECR. In the event of a conflict between this Agreement and the Joint Use Agreement between AAF and FECR
        dated June 13, 2014, then the terms and conditions of the Joint Use Agreement shall govern, as between AAF and FECR.

    

    

    2.          Assignment to
        FDOT.

    

    

    
      a.          In the event FDOT
          agrees to the Assignment Conditions outlined in Section VIII.2.b.(i)-(v) below, then SFRTA’s obligation to indemnify AAF and FECR as described in Section VIII.1 above and to provide the insurance described in Section VIII.4.c-e shall terminate
          upon such assignment to FDOT. If FDOT does not agree to the Assignment Conditions outlined in Section VIII.2.b.(i)-(v) below, then SFRTA shall continue to indemnify AAF and FECR as described in Section VIII.1, above and to provide the insurance
          described in Section VIII.4.c-e.

      

      

      b.          If FDOT agrees to the
          following conditions listed in items (i) – (v), below (the “Assignment Conditions”), then SFRTA shall have the right to assign to FDOT, subject to FDOT’s approval but not subject to further approval by the rest of the Parties, the Lease or
          Easement or applicable portions thereof:

    

    

    

    
      (i)          FDOT agrees to
          indemnify AAF and FECR pursuant to the Legislative Amendments;

      

      

      (ii)          FDOT agrees to
          permit the application of the SFRC Insurance Program (which is defined as FDOT’s statutory self-insurance retention fund of $10 million and the excess liability insurance policies described in Exhibit J) to the SFRTA Commuter Railroad Service
          over the Corridor and Viaduct/Station Segment, with AAF and FECR as insureds on Schedule A as addressed herein;

      

      

      
        38

        
          

        

      

      (iii)          FDOT agrees to
          accept the assignment of the Lease or Easement or applicable portions thereof;

      

      

      (iv)          FDOT agrees that it
          will grant AAF the right to operate on the Future New River Bridge if and when that bridge is constructed, that the bridge shall have the necessary infrastructure and capacity to handle AAF’s Intercity Passenger Rail operations in addition to any
          SFRTA Commuter Railroad Service, will facilitate AAF’s access between its trackage and the Future New River Bridge trackage, with no maintenance payments or other access fee payable by AAF for use of the future New River Bridge; and

      

      

      (v)          FDOT and SFRTA amend
          the Operating Agreement between SFRTA and FDOT for the South Florida Rail Corridor dated June 13, 2013, to allow for SFRTA to continue assuming the obligations under the Easement and/or Lease or applicable portions thereof, assigned to FDOT to
          operate the SFRTA Commuter Railroad Service as permitted in the Agreement.

    

    

    

    c.          Nothing herein shall be construed to suggest that, as of the Effective Date of this Agreement, FDOT has already agreed to accept the assignment conditions contained in Section VIII.2.b.

    

    

    3.          Legislative Amendments. If the Florida Legislature concludes that it would prefer to have specific legislative authority for the indemnification provided by SFRTA
        pursuant to this Agreement, rather than relying on the common law rights of SFRTA to undertake indemnification obligations by agreement, upon adoption of the Legislative Amendments, the liability of the Parties shall be governed by those
        Legislative Amendments.

    

    

    4.          Insurance

    

    

    
      a.          AAF shall carry Two
          Hundred Ninety-Five Million Dollars ($295,000,000.00) per occurrence in railroad liability insurance which amount shall be adjusted in accordance with applicable law. AAF shall name the other Parties as insureds under Schedule A at no cost to
          SFRTA and shall bear the cost of any deductible or self-insured retention that AAF may elect to carry as part of its insurance program.

      

      

      b.          FECR shall carry Two
          Hundred Million Dollars ($200,000,000.00) per occurrence in railroad liability insurance.

      

      

      c.          SFRTA shall obtain a
          railroad liability policy of Two Hundred Ninety-Five Million Dollars ($295,000,000.00) per occurrence which amount shall be adjusted in accordance with applicable law (“Insurance Coverage Limit”), with a Five Million Dollars ($5,000,000.00)
          self-insurance retention account (“SIRA”) which in combination with the coverages below, as described in Exhibit J, shall comprise the SFRTA Insurance Program. Since the SIRA is a part of the SFRTA Insurance Program, all definitions, terms,
          conditions, restriction, exclusions and obligations and duties included in any and all of the policies of insurance procured by SFRTA for the SFRTA Insurance Program shall apply to the SIRA and its application to Claims (as defined in Section
          VIIL8.a.) against the Parties. SFRTA shall name FECR and AAF as insureds on Schedule A on any policies it procures pursuant to this Section VIII.4.C, at no cost to AAF and FECR, and shall ensure that all policies shall have a waiver of exclusion
          for punitive damages and FELA coverage. Such policies shall also include terrorism coverage. In addition, in the event SFRTA requires any of its contractors that are providing services related to the SFRTA Commuter Rail Service on the Corridor or
          the Viaduct/Station Segment or at the MiamiCentral Station to provide a Commercial General Liability (“CGL”) insurance policy, SFRTA shall require those contractors to include AAF and FECR as an additional insured on each of their policies.

    

    

    

    
      39

      
        

      

    

    The SFRTA Insurance Program shall include the following elements:

    

    

    
      (i)          The railroad
          liability policy shall include coverage for pollution, including without limitation, coverage applicable in the event of a railroad accident, derailment or overturn; evacuation expense coverage;

      

      

      (ii)          All SFRTA railroad
          liability policies shall include: an Occurrence form; no rail exclusions; no other endorsements limiting coverage with respect to obligations under agreement; insurers waive right of subrogation against FECR and AAF (unless securing such waiver
          causes SFRTA to incur any additional cost, in which event AAF and/or FECR shall bear such cost or waive the requirement); a statement that the policy is primary and non-contributing with respect to insurance carried by FECR and AAF (unless such
          statement is not commercially available from SFRTA’s insurers or securing such statement causes SFRTA to incur any additional cost, in which event FECR and/or AAF shall bear such cost or waive the requirement); a severability of interest
          endorsement; FECR and AAF to be included on Schedule A of each policy;

      

      

      (iii)          Insurance companies
          used by SFRTA shall be rated A- and Class VII or better;

      

      

      (iv)          The insurance
          companies shall be required to provide thirty (30) days’ notice to AAF and FECR prior to cancellation, substitution or material alteration;

      

      

      (v)          SFRTA shall provide a
          certificate of insurance annually reflecting requirements/endorsements identified herein. All Parties shall provide the other Parties with evidence of insurance with the premium paid in advance and pay costs in advance.

    

    

    

    
      d.          The Parties
          specifically agree that the foregoing obligations of SFRTA to maintain insurance for the benefit of FECR and AAF pursuant to the SFRTA Insurance Program, shall survive and remain in full force and effect even if it is determined by a court of
          competent jurisdiction that SFRTA does not have authority to indemnify AAF and FECR as described in Section VIII.1.a. and b, above.

      

      

      
        40

        
          

        

      

      e.          If a court determines
          that SFRTA’s contractual obligation to indemnify FECR and AAF as described in Section VIII.1., above, is invalid, and such determination is upheld on appeal, if SFRTA elects to pursue an appeal, and AAF and FECR demonstrate that either of their
          premium for the insurance described in Section VIII.4.a. and Section VIII.4.b., above, increases by more than One Hundred Thousand Dollars ($100,000.00) as a result, then SFRTA shall pay the differential in the premium if AAF and/or FECR, as
          applicable, demonstrates through documentation from its underwriters that the premium increase results from the court’s ruling related to SFRTA’s contractual indemnification.

      

      

      f.          If the Florida Supreme
          Court has overturned its decision in Fla. DOT v. Schwefringhaus, 2016 Fla. LEXIS 721 (Fla. Apr. 7, 2016), and a court of competent jurisdiction has
          determined that payment of funds from the SIRA is an indemnification obligation and not part of the SFRTA Insurance Program, then the SFRTA Commuter Railroad Service shall be suspended until such time as: (i) SFRTA has satisfied any claim that
          SFRTA was unable to pay due to the Court’s decision; and (ii) SFRTA has replaced the SIRA with a letter of credit, commercial general liability insurance policy or other equivalent instrument that will be sufficient to satisfy any such claims in
          the future

    

    

    

    
      5.            Property Insurance. AAF and SFRTA shall obtain and maintain current broad form property insurance the term and coverages of which shall be agreed upon by AAF and SFRTA prior to the placement
          of the referenced insurance (“Property Insurance”) for the areas in which they exclusively operate in the MiamiCentral Station and the Viaduct/Station Segment, as more particularly described herein. FECR shall also obtain and maintain property
          insurance over the Corridor (“FECR Property Insurance”). AAF shall obtain and maintain Property Insurance over the Joint Infrastructure on the Viaduct/Station Segment (“AAF Property Insurance”) with an allocation of the cost of such insurance to
          SFRTA, and SFRTA shall be an additional insured under the AAF Property Insurance. Insurance on the common areas within the MiamiCentral Station shall be insured pursuant to the terms of the DCRE. If FECR desires to allocate a portion of the FECR
          Property Insurance premium to SFRTA, then SFRTA shall be made an additional named insured under the FECR Property Insurance. AAF and FECR shall each be made an additional named insured under the SFRTA Property Insurance. If the cost of the
          property insurance separately for the exclusive use areas, on the one hand, and for the jointly used common areas, on the other, is unreasonably more expensive than procuring insurance for the entire rail-related sections of the MiamiCentral
          Station, AAF or the Shared Facilities Manager shall secure one property insurance policy for the entire MiamiCentral Station. If that occurs, AAF and SFRTA will agree on a formula for sharing the premium cost for that policy. In the event of
          addition of Non-SFRTA Commuter Rail Service, AAF and SFRTA will adjust the formula to account for the presence of such additional service. In the event that AAF or the Shared Facilities Manager obtains the property insurance described in the
          DCRE, then the Parties shall not be required to procure additional property insurance as described in this Section VIII.

      

      

      6.           The Parties shall maintain a Commercial
          General Liability (“CGL”) policy to cover the MiamiCentral Station and future stations (if applicable) on the Corridor at mutually agreed upon terms or SFRTA shall use its SIRA to meet this requirement, at its sole discretion.

      

      

      
        41

        
          

        

      

      7.             Sovereign Immunity.

    

    

    

    
      a.           SFRTA hereby
          knowingly and expressly agrees that it will not raise the defense of sovereign immunity with respect to a breach of this Agreement and the indemnification obligation set forth in Section VIII, as well as any breach of the Ancillary Agreements,
          the Lease and the Easement Agreement. It is the intention of the parties that neither SFRTA nor any other entity acting on its behalf will assert a sovereign immunity defense in any action or proceeding concerning the enforcement of this
          Agreement, including the indemnification obligation set forth in Section VIII, as well as enforcement of the Ancillary Agreements, the Lease and the Easement Agreement.

      

      

      b.           With respect to tort
          claims presented by third parties (that is, parties other than the Parties to this Agreement) against SFRTA or its contractors, nothing herein shall be deemed to waive or otherwise be interpreted as waiving SFRTA’s or SFRTA’s contractors’
          sovereign immunity protections or increasing the limits of liability, all as set forth in s. 768.28, Florida Statutes, as such may be amended from time to time.

      

      

      c.           Furthermore, the
          Parties expressly agree that this Agreement, the Lease, the Memorandum of Lease, the Easement Agreement and the Ancillary Agreements are not intended to create any third party beneficiaries.

    

    

    

    8.            
        Occurrence/Claim Notification Process.

    

    

    a.         For the purposes of this Section 8, the following definitions shall apply:

    

    

    
      i.           “Occurrence” shall
          have the meaning ascribed to it in the railroad liability policies obtained by SFRTA to satisfy its obligation under this Agreement to provide insurance coverage to AAF and FECR in Section VIII.4. above.

      

      

      ii.          “Claim” shall mean
          either a written notice provided by a person or entity asserting they sustained bodily injury and/or property damage as a result of an incident, accident, or Occurrence on or about the Corridor, Viaduct/Station Segment, MiamiCentral Station or
          Parking Garage, and which Claim has been received by an Executive Officer of the applicable Party, or a summons and complaint served on SFRTA, FECR or AAF, which complaint contains allegations that the plaintiff(s) sustained bodily injury and/or
          property damage as a result of an incident, accident, or Occurrence on or about the Corridor, Viaduct/Station Segment, MiamiCentral Station or Parking Garage.

    

    

    

    b.         The following Occurrence/Claims notification process is intended to enable SFRTA to:

    

    

    
      i.          meet its obligations
          under its railroad liability insurance policies to provide notice to its insurance carriers of Occurrences arising on or about the Corridor, Viaduct/Station Segment, MiamiCentral Station and Parking Garage to preserve coverage under such
          policy(ies) in the event the Occurrence results in a Claim; and

      

      

      
        42

        
          

        

      

      ii.          provide SFRTA with
          information regarding an Occurrence/Claim that will allow SFRTA to investigate, preserve evidence, determine if a Claim is subject to coverage, take steps to arrange for a legal defense of the Claim and otherwise manage the Occurrence/Claim.

    

    

    

    
      c.          FECR and AAF shall use
          commercially reasonable efforts to cooperate with respect to the Occurrence/Claim process, including notifying SFRTA as soon as reasonably practicable (ninety (90) days in the case of a pollution discharge Claim) of any Occurrence/Claim if FECR
          or AAF believes, through its own investigation or otherwise, that the Occurrence/Claim is subject to the terms of this Agreement.

      

      

      d.         SFRTA shall be
          responsible for notifying its railroad liability insurance carriers of all Occurrences/Claims received from FECR or AAF involving fatalities, bodily injuries or property damage losses; provided however, FECR and AAF may, but shall not be
          obligated to, notify SFRTA’s railroad liability insurance carriers of such Occurrences/Claims.

      

      

      e.         The requirement that
          FECR or AAF provide notice of an Occurrence/Claim to SFRTA is in addition to and not intended to alter or supersede any incident reporting requirements FECR or AAF has under 49 C.F.R. Part 225 - Railroad Accidents/Incidents: Reports
          Classification, and Investigations.

      

      

      f.          AAF or FECR shall
          provide SFRTA with the following information along with the notice of an Occurrence/Claim within a reasonably practicable timeframe after the information becomes known to FECR or AAF:

    

    

    

    
      i.          Date of Loss

      

      

      ii.         Location

      

      

      iii.        Claimant(s)

      

      

      iv.        Date Reported

      

      

      v.         Brief description of
          Occurrence/Claim

      

      

      vi.        Injuries or damages
          alleged

      

      

      vii.       Copies of any
          non-confidential written reports prepared by or for AAF or FECR regarding the Occurrence

      

      

      viii.      Any written
          communications received from a claimant or a claimant’s attorney

      

      

      ix.         Any summons or
          complaint received

         

      x.          Any video recordings
          depicting the Occurrence/Claim

    

    

    

    
      43

      
        

      

    

    g.         Upon receiving the Occurrence/Claim, SFRTA shall:

    

    

    
      i.          if a Claim is not a
          summons or complaint, have ten (10) business days to perform its own investigation of the Claim to determine whether the Claim is subject to coverage pursuant to Section VIII of this Agreement. FECR or AAF shall cooperate and assist SFRTA in its
          investigation, as reasonably requested. Following its investigation, but no later than fifteen (15) business days following SFRTA’s receipt of the Claim, SFRTA shall provide FECR and AAF with written notice of its coverage determination. If SFRTA
          determines there is no coverage, FECR or AAF may contest SFRTA’s determination through the dispute resolution procedure contained in Section XI of this Agreement or exercise any other remedies provided to them in this Agreement. If, during
          SFRTA’s investigation of the Claim, FECR or AAF is served with a summons and complaint and FECR and AAF is required to incur legal expenses in preparing a response to the complaint, and, thereafter, SFRTA, a Court, or an arbitrator determines
          FECR or AAF is entitled to coverage, SFRTA shall reimburse FECR or AAF for any legal expenses incurred up until such time as SFRTA assumes the defense of the complaint.

      

      

      ii.          if the Claim is a
          summons and complaint upon which a coverage determination has already been made by pursuant to Section VIII.8.g.i., above, either provide a defense to FECR or AAF or, if coverage had previously been denied, SFRTA shall advise FECR or AAF of
          SFRTA’s previous non-coverage determination. In the event SFRTA is required to provide a defense to FECR and AAF for any Claim, FECR and AAF shall use commercially reasonable efforts to cooperate with and act in good faith with respect to SFRTA’s
          defense on behalf of FECR and AAF.

      

      

      iii.          notify FECR and AAF
          in writing as soon as reasonably practicable (ninety (90) days in the case of a pollution discharge Claim) of SFRTA receiving any Occurrence/Claim against SFRTA, AAF or FECR regardless of the severity of the injury or value of loss that arises
          from an Occurrence/Claim on or about the Corridor, Viaduct/Station Segment, MiamiCentral Station and Parking Garage and provide the information contained in Section VIII.8.f. above along with the notice of an Occurrence/Claim within a reasonably
          practicable timeframe after the information becomes known to SFRTA.

    

    

    

    h.           Within sixty (60) days of the end of each annual policy period, SFRTA will provide AAF and FECR with a written reminder to submit to SFRTA notices of Occurrence of any events that arose during the then-current policy period that have not
        been previously provided to SFRTA and notices of Occurrence of any events that may arise prior to the end of such policy period.

    

    

    
      44

      
        

      

    

    i.          The Parties agree that each will use commercially reasonable efforts to comply with all of the obligations set forth herein. Notwithstanding anything to the contrary in this Section VIII.8., this Occurrence/Claims process is not intended to
        modify or limit any of SFRTA’s obligations under this Section VIII., including, but not limited to, SFRTA’s indemnification and insurance coverage obligations. Failure of FECR or AAF to comply with the terms of this Section VIII.8. shall not
        constitute a defense by SFRTA to the indemnification and insurance coverage obligations set forth herein except that the failure of FECR or AAF to comply with the notification provisions of this Section VIII.8. will constitute a defense to SFRTA’s
        indemnification and insurance coverage obligations above the SIRA amount in the following circumstances: (i) SFRTA did not have knowledge of the Occurrence/Claim prior to receipt of notification thereof by FECR or AAF, and (ii) a final and
        nonappealable court order has adjudicated that SFRTA’s rail liability insurance carrier is not required to provide insurance coverage under the policies identified in Exhibit J (or successor policies) solely due to SFRTA’s failure to provide proper
        notification of the Occurrence/Claim to its carrier, which improper notification was a direct result of FECR’s or AAF’s failure to comply with the terms of this Section VIII.8.

    
      

      

      IX.          Default/Remedies.

      

      

    

    1.        The following will
        be Events of Default by SFRTA:

    
      

      

      a.          failure to pay the Access Fee, or the
          entire Cost of the Tri-Rail Trackage Improvements or the entire Cost of the Tri-Rail Station Improvements when required to do so by this Agreement, the Easement Agreement, the Lease, the Memorandum of Lease or the Ancillary Agreements,

      

      

      b.          failure to pay sums due pursuant to this
          Agreement in accordance with the Local Government Prompt Payment Act, and such failure continues for twenty (20) days after written notice from AAF or FECR to SFRTA;

      

      

      c.          failure to pay Operating and Maintenance
          Costs as required by this Agreement and within the stated timeframes;

      

      

      d.          failure to promptly perform or comply
          with any of the nonmonetary obligations of SFRTA that are specifically set forth in this Agreement, and such failure continues uncured for a period of thirty (30) days after written notice from AAF or FECR to SFRTA, unless:

      

      

      (i)          such failure, by its
          nature, is not capable of being cured within such period (including but not limited to any failure for which a cure is conditioned upon approval by an applicable regulatory agency or other third party with jurisdiction with respect to which SFRTA
          does not have control over such approval), and

      

      

      
        45

        
          

        

      

      (ii)         within such period,
          SFRTA commences to cure such failure and thereafter diligently prosecutes the cure thereof, and

      

      

      (iii)        SFRTA causes such
          failure to be cured no later than ninety (90) days after the date of such notice from FECR or AAF,

      

      

      e.          failure of SFRTA to pay applicable
          insurance premium amounts or maintain applicable insurance coverage in accordance with Section VIII.4,

      

      

      f.          failure of SFRTA to indemnify FECR and
          AAF in accordance with Section VIII.1. as supplemented by Section VIII.4.f., or

      

      

      g.         breach of a representation or warranty set
          forth in Section XXI, shall constitute an immediate Event of Default.

      

      

      2.         Upon the occurrence of any Event of
          Default set forth in Section IX.1 or upon the events described in Section V.1.e., above, AAF and FECR shall be entitled to suspend operation of SFRTA trains over the Easement and access to the MiamiCentral Station. Prior to recommencing the SFRTA
          Commuter Rail Service, SFRTA shall be required to pay any and all unpaid Suspension Maintenance Costs, if applicable, together with interest at twelve (12%) percent annually from the time of such payments. The foregoing remedy shall not preclude
          AAF or FECR from pursuing any other remedies permitted by law with respect to any Event of Default set forth in paragraph IX.1, above. AAF’s or FECR’s election not to enforce one or more of the remedies upon an event of default shall not
          constitute a waiver thereof.

      

      

      3.         The following will be Events of Default by
          AAF or FECR:

      

      

      a.         failure to pay sums due
          pursuant to this Agreement no later than twenty-five (25) business days after they are due and such failure continues for twenty (20) days after written notice from SFRTA to AAF and/or FECR,

      

      

      b.         failure to pay
          applicable VTMI Operating and Maintenance Costs within twenty-five (25) business days after they are due, and such failure continues twenty (20) days after written notice to AAF and/or FECR;

      

      

      c.         failure to promptly
          perform or comply with any of the nonmonetary obligations set forth in the Easement, as applicable, and/or this Agreement as they apply to AAF and/or FECR, and such failure continues uncured for a period of thirty (30) days after written notice
          from SFRTA to AAF and/or FECR, unless (A) such failure, by its nature, is not capable of being cured within such period (including but not limited to any failure for which a cure is conditioned upon approval by an applicable regulatory agency or
          other third party with jurisdiction with respect to which AAF and/or FECR do not have control over such approval), and (B) within such period, AAF and/or FECR commences to cure such failure and thereafter diligently prosecutes the cure thereof,
          and (C) AAF and/or FECR causes such failure to be cured no later than ninety (90) days after the date of such notice from SFRTA, or

      

      

      
        46

        
          

        

      

      d.         failure of AAF and/or
          FECR to complete the Tri-Rail Station Improvements or the Tri-Rail Trackage Improvements within two (2) years of the Effective Date, unless SFRTA has failed to pay the entire Cost of the Tri-Rail Station Improvements or the Cost of the Tri-Rail
          Trackage Improvements.

      

      

      e.         failure of AAF and/or
          FECR to pay applicable insurance premium amounts or maintain applicable insurance coverage either of which shall constitute an immediate event of default.

      

      

      f.          breach of a
          representation or warranty set forth in Section XXI.

      

      

      4.      Upon the occurrence of any Event of Default
          set forth in Section IX.3 above, SFRTA shall have the right to pursue all remedies permitted by law against the defaulting party other than the right to suspend service of FECR or AAF or prevent their access to the Corridor and Viaduct/Station
          Segment. SFRTA’s election not to enforce its remedies upon an event of default shall not constitute a waiver.

      

      

      5.      If AAF Lender fails to fund under the Loan
          and Security Agreement, AAF shall provide SFRTA ninety (90) days to obtain alternative financing and during that time, (a) SFRTA shall not be subject to any delay costs relating to the Tri-Rail Station Improvements and (b) SFRTA shall not be
          required to pay AAF the portion of construction invoices that were to be paid from the AAF Loan unless SFRTA receives payments under the Revenue Agreements during the ninety (90) day period in which it is seeking alternative financing, with it
          being understood that all invoices, subject to review and approval, shall remain due and owing to AAF.

      

      

      X.    Term.

      

      

      1.          Term of Agreement. The term of this Agreement shall be thirty (30) years from the Effective Date, and the Parties shall commence renegotiation of this Agreement in the twenty-seventh (27th)
          year of that Term, with the requirement that, if the Parties are unable to resolve all issues by the conclusion of the twenty-ninth (29th) year of the Term, any outstanding issues shall be referred to binding dispute resolution in accordance with
          Dispute Resolution Process. If the dispute remains unresolved by the end of the 30th year of the term, the Parties agree that the terms of this Agreement, as then currently amended, shall apply until such dispute is resolved thus avoiding a
          termination of this Agreement on the basis of failure to resolve said issues.

      

      

      2.          Effective Date. This Agreement shall become effective on the date upon which the Agreement is executed by all Parties (the “Effective Date”). The obligations of the Parties to perform under
          this Agreement shall be determined in accordance with Section I. It is agreed that SFRTA may not start operations until Station/Track Availability.

      

      

      3.          Termination. Termination of this Agreement shall not relieve or release any Party hereto from any obligation assumed or from any liability which may have arisen or been incurred by such Party
          under the terms of this Agreement prior to termination of the Agreement.

      

      

      
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      XI.           Dispute
          Resolution.

      

      

      If not addressed by the Dispute Resolution Process described in Exhibit E, and if disputes cannot be resolved through discussions amongst the
        relevant Parties’ principals, the applicable Parties shall enter into arbitration governed by the American Arbitration Association rules whereby a single, neutral, mutually-agreed upon arbitrator shall hear the dispute. If the applicable Parties
        cannot mutually agree upon an arbitrator, they shall request a Miami-Dade County court to select a neutral arbitrator to hear the dispute. The arbitration hearing shall be completed within one-hundred twenty (120) days of the initial notice of
        arbitration and the arbitrator shall render a decision within forty-five (45) days thereafter.

      

      

      In the event that either Party to the dispute believes that discovery is required prior to the submission of evidence in the proceeding, each
        Party shall be limited to: two (2) depositions, ten (10) interrogatories (including sub-parts) and ten (10) requests for admission. All such discovery shall be conducted on a schedule and in a manner that is designed to permit completion of the
        hearing and issuance of a decision by the arbitrator in accordance with the schedule described herein.

      

      

      XII.         
          Assignment

      

      

      FECR may assign its interest in this Agreement, the Easement Agreement and/or the Ancillary Agreements, to an affiliate or in connection with
        sale or transfer of all or substantially all of its shares or assets. AAF may assign (in whole or in part) its interest in this Agreement, the Easement Agreement, the Lease and/or the Ancillary Agreement(s) to an affiliate or in connection with
        sale or transfer of all or a portion of the property subject to the terms and conditions of this Agreement, the Ancillary Agreements, and the Easement Agreement and/or the Lease, as the Easement Agreement or Lease is applicable. AAF or FECR may
        sell the Corridor or the Viaduct/Station Segment provided that this Agreement and the Ancillary Agreements are assigned as a part of the sale. All assignments by FECR or AAF are subject to the assignee(s) agreeing to be bound by the terms of this
        Agreement, the Ancillary Agreement(s), the Easement and/or the Lease, as the Easement Agreement or Lease is applicable. SFRTA shall be provided written notice of any such assignment or sale by AAF or FECR in a reasonable time following same, but
        failure to do so shall not constitute a default. SFRTA may not sell or assign its rights under the Agreements or any rights granted in connection therewith, except to its successor or FDOT, as described in Section VIII.2.

      

      

      XIII.       
          Compliance with Applicable Law and Rules.

      

      

      The Parties each shall comply in all material respects with the provisions of all applicable federal, state and local laws, regulations and
        rules, including without limitation the Federal Locomotive Inspection Act, the Federal Safety Appliance Act, as amended, regulations or written directions issued from time to time by the FRA, and environmental laws and regulations, in each case
        relating to the operation, condition, inspection and safety of its trains, locomotives, rail cars and equipment while such trains, locomotives, rail cars, and equipment are being operated on, along and over the Corridor, the Viaduct/Station
        Segment, and into the MiamiCentral Station. As between or among the Parties hereto, each of the Parties shall bear responsibility for all fines and penalties imposed upon such Party or its parent corporation, subsidiaries or affiliates, or their
        respective directors, officers, agents and employees under such laws, rules and regulations by any public authority or court having jurisdiction, to the extent attributable to the failure of the Party to comply with its obligations under this
        Section XIII.

      

      

      
        48

        
          

        

      

      XIV.        Compliance
          with Combined Operating and Safety Rules.

      

      

      In its use of the Corridor, the Viaduct/Station Segment and the MiamiCentral Station each of the Parties shall comply in all material respects
        with the safety rules and operating rules in the Combined Operating Rules, and the regulations, special instructions, bulletins and orders established by FECR in conjunction with AAF. The movement of trains providing Intercity Passenger Railroad
        Service, Commuter Railroad Service and Freight Railroad Service, including locomotives, rail cars, and rail equipment on, along and over the Corridor and Viaduct/Station Segment shall at all times be subject to the orders of the FECR. Such safety
        rules, operating rules, regulations, special instructions, bulletins and orders, and their application by FECR, shall not discriminate between trains operating in Intercity Passenger Railroad Service, Commuter Railroad Service and Freight Railroad
        Service; provided, however, that FECR’s dispatchers shall at all times comply with the dispatching priorities stated in Section II.3 of this Agreement. Neither FECR’s nor AAF’s nor SFRTA’s trains nor trains of any operator of Non-SFRTA Commuter
        Rail Service shall contain locomotives, rail cars or rail equipment that exceed the width, height, weight or other restrictions of the Corridor and Viaduct/Station Segment (as set forth in the operating rules and timetables established by FECR and
        AAF). No AAF or SFRTA or Non-SFRTA Commuter Rail Service train shall contain locomotives, rail cars or rail equipment that are subject to speed restrictions or other movement restrictions that would prevent such train from operating at the maximum
        authorized track speeds provided for in the applicable operating rules and timetables, without the prior consent of FECR. All AAF trains and SFRTA and Non-SFRTA Commuter Rail Service trains operating in revenue service shall be powered to permit
        operation at the maximum speeds for such trains as shown in the timetables published by AAF, FECR and SFRTA from time to time.

      

      

      XV.         General.

      

      

      1.          Force Majeure. The obligations, other than payment obligations, of the Parties to this Agreement shall be subject to force majeure, including flood, earthquake, hurricane, tornado or other
          severe weather or climate condition, riot, washout, explosion, Acts of God, acts of terrorism or public enemy, war, blockage, insurrection, vandalism or sabotage, fire, strike, lockout or labor dispute, embargoes or STB service orders, or
          governmental laws, orders or regulations, and other causes or circumstances beyond the control of a Party (in each case, a “Force Majeure Event”), but only as long as, and to the extent that, such Force Majeure Event shall reasonably prevent
          performance of such obligations by the affected Party. In the event that a Force Majeure Event impairs any Party’s ability to fulfill its obligations to another Party under this Agreement, said Party shall (i) promptly notify the other Parties of
          the existence and anticipated duration of such Force Majeure Event, and (ii) take all commercially reasonable measures to restore performance of its obligations in a timely manner. No Party shall have any liability to another Party for any loss
          or damage to the extent arising out of or resulting from any unplanned service interruption or delay due to Force Majeure Events for the duration of such service interruption or delay. FECR shall promptly advise the designated officers of AAF and
          SFRTA of the resumption of normal service on the Corridor.

      

      

      
        49

        
          

        

      

      2.          Liens.

      

      

      a.          AAF shall have the
          right to create, or suffer the creation of, mortgages, liens and encumbrances on (i) the Corridor, Viaduct/Station Segment and MiamiCentral Station and (ii) any rail, ties, ballast, switches and crossovers, other track material, signals and
          communications facilities, utilities, structures, and/or improvements (including, without limitation, platforms, stairways, escalators, and elevators) constructed or placed on the Station and owned by AAF, in each case as reasonably necessary or
          desirable or legally required in connection with financing arrangements to which AAF is a party. If any mechanic’s, materialman’s or similar lien is filed against the Corridor and/or Viaduct/Station Segment on account of, in connection with or as
          a result of (i) the construction, installation, maintenance, modification or relocation of any rail, ties, ballast, switches and crossovers, other track material, signals and communications facilities, utilities, structures, and/or improvements
          constructed or placed on the MiamiCentral Station by AAF, or (ii) the operation of Passenger Service on the Corridor or Viaduct/Station Segment, and the underlying obligation is an obligation of AAF under this Agreement, then AAF shall promptly
          take all necessary action to remove or bond over such lien at no cost to FECR and SFRTA, and AAF shall indemnify, defend and hold harmless FECR and SFRTA, and their respective affiliates, officers, directors, managers, agents, employees and
          representatives from and against any claim, liability, costs (including reasonable attorneys’ fees), suits and causes of action arising from or related to the lien and removal thereof.

      

      

      b.          FECR shall have the
          right to create, or suffer the creation of, mortgages, liens and encumbrances on any rail, ties, ballast, switches and crossovers other track material, signals and communications facilities, utilities, structures, and/or improvements constructed
          or placed on the Corridor and owned by FECR, as reasonably necessary or desirable or legally required in connection with financing arrangements to which FECR is a party. If any mechanic’s, materialman’s or similar lien is filed against the
          Corridor on account of, in connection with or as a result of (i) the construction, installation, maintenance, modification or relocation of any rail, ties, ballast, switches and crossovers, other track material, signals and communications
          facilities, utilities, structures, and/or improvements constructed or placed on the Corridor by FECR, or (ii) the operation of Freight Railroad Service on the Corridor, and the underlying obligation is an obligation of FECR under this Agreement,
          then FECR shall promptly take all necessary action to remove or bond over such lien at no cost to AAF or SFRTA, and FECR shall indemnify, defend and hold harmless AAF, SFRTA and their respective affiliates, officers, directors, managers, agents,
          employees and representatives from and against any claim, liability, costs (including reasonable attorneys’ fees), suits and causes of action arising from or related to the lien and removal thereof.

      

      

      c.          If any mechanic’s,
          materialman’s or similar lien is filed against the Corridor, the Viaduct/Station Segment or the MiamiCentral Station on account of, in connection with or as a result of (i) the construction, installation, maintenance, modification or relocation
          of any rail, ties, ballast, switches and crossovers, other track material, signals and communications facilities, utilities, structures, and/or improvements constructed or placed on the Corridor, the Viaduct/Station Segment or at the MiamiCentral
          Station by SFRTA, or (ii) the operation of Commuter Railroad Service on the Corridor or the Viaduct/Station Segment or at the MiamiCentral Station, and the underlying obligation is an obligation of SFRTA under this Agreement, then SFRTA shall
          promptly take all necessary action to remove or bond over such lien at no cost to AAF and FECR, and SFRTA shall indemnify, defend and hold harmless AAF, FECR and their respective affiliates, officers, directors, managers, agents, employees and
          representatives from and against any claim, liability, costs (including reasonable attorneys’ fees), suits and causes of action arising from or related to the lien and removal thereof.

      

      

      
        50

        
          

        

      

      d.          SFRTA shall not be
          permitted to mortgage or place, or permit the placement of, a lien of any nature on the Corridor or the Viaduct/Station Segment.

      

      

      XVI.        Financing
          of the Tri-Rail Improvements.

      

      

      1.         SFRTA will pay for the Cost of Tri-Rail Trackage Improvements and the Cost of Tri-Rail Station Improvements, subject to the terms
        of this Agreement and the Ancillary Agreement(s).

      

      

      2.          In the event some or all of the monies owed pursuant to the Revenue Agreements are not available to pay invoices received from
        AAF, as described herein, during the construction of the Tri-Rail Station Improvements, or upon completion of same, SFRTA will enter into the Loan Agreement as described herein. Specifically, an AAF affiliate (“AAF Lender”) or a third-party lender
        (“Third-Party Lender”) will finance SFRTA’s debt for the Tri-Rail Station Improvements through a separate financing agreement in an amount of approximately $48,630,000 (the “Loan Agreement”). The terms of the Loan Agreement with the AAF Lender will
        include an interest rate on the Loan of zero percent (0%) until Final Acceptance of the Tri-Rail Station Improvements, and then 9.65 percent (9.65%) per annum over the remainder of the Loan Term, as defined in the Loan Agreement with the AAF
        Lender, with SFRTA’s potential financing costs under the Loan Agreement with the AAF Lender capped at no more than One Million Five Hundred Thousand and no/100 Dollars ($1.5 million) for one (1) year after Final Acceptance (the “Interest Amount”).
        The Loan Term shall not be less than one (1) year after Final Acceptance, but not longer than three (3) years after Final Acceptance. In the event SFRTA enters into the Loan Agreement with a Third-Party Lender, the terms of that Loan Agreement will
        apply. In the event SFRTA refinances the AAF Loan, SFRTA shall pay the AAF Lender the outstanding balance of the Loan and all accrued interest owed at the time of refinancing. In that event, SFRTA shall have no further obligation to AAF or the AAF
        Lender for any portion of the Interest Amount that was not part of the accrued interest owed at the time of refinancing.

      

      

      
        51

        
          

        

      

      3.         SFRTA will use the proceeds of the Revenue Agreements, the Loan Agreement (if needed) and SFRTA funds to pay any monies owed to AAF
        during the construction, or upon completion, of the Tri-Rail Station Improvements (subject to the limitation in Section XVI. No monies received shall be paid until SFRTA has been provided with the documents listed on Exhibit B to the Development
        Agreement and AAF identifying the Tri-Rail Station Improvements completed for which repayment is sought. For any construction invoice, or portion thereof, in which SFRTA is to use SFRTA funds to pay, AAF and SFRTA agree that the Local Government
        Prompt Payment Act timeframes shall apply. For any construction invoice, or portion thereof, in which SFRTA is to use the proceeds from either the Revenue Agreements or the Loan Agreement, SFRTA shall have ninety (90) days to pay such construction
        invoice, which allows both the entity under the Revenue Agreement and the SFRTA to be afforded sufficient time for payment of the construction invoices or portion thereof from such sources. Notwithstanding any other provision to the contrary in
        this Agreement, if SFRTA fails to pay the invoice within the applicable time frame SFRTA will be charged a five (5%) percent late fee on the unpaid invoice. The Parties agree that SFRTA and AAF will work jointly to diligently seek amendments to the
        Revenue Agreements to address processing construction invoices on a monthly basis, and to relieve SFRTA of any repayment obligation under the Revenue Agreements in the event of a default by AAF that results in SFRTA’s inability to provide the SFRTA
        Commuter Rail Service and the Tri-Rail Station Improvements and an assignment provision in all of the Revenue Agreements to permit the applicable lender to seek enforcement of any applicable Revenue Agreements if there is a default by any of the
        funding entities pursuant to the Revenue Agreements. In the event the Loan Agreement is with the Third-Party Lender, AAF will not be responsible for the payment of any interest owed pursuant to that Loan Agreement.

      

      

      In the event a party to the Revenue Agreements (not SFRTA) defaults, SFRTA shall be liable to AAF for the pass-through of all monies received
        pursuant to any Revenue Agreements, but shall have no liability for the underfunded portion of the Tri-Rail Station Improvements or the Loan Agreement (if from an AAF Lender) resulting from the default by the other party to the Revenue Agreement or
        revenues not received pursuant to the Revenue Agreements due to lower than estimated tax increment revenues generated from future improvements on the MiamiCentral Project and, which underfunded portion exists at the expiration of any Revenue
        Agreement. In the event of a default of any Revenue Agreement, SFRTA shall send a demand letter to the defaulting party(ies) and, upon the request of the applicable lender (AAF or Third-Party Lender), SFRTA shall assign its rights to enforce the
        applicable Revenue Agreement(s) to the applicable lender. SFRTA shall cooperate with the applicable lender, which shall not be interpreted to mean that SFRTA is undertaking any financial obligation not otherwise specified herein, and the lender’s
        efforts to address the default(s), but shall have no obligation, financial or otherwise, to participate in any type of dispute resolution, including mediation, arbitration or litigation. In the Event of Default by AAF that results in SFRTA not
        being able to operate the SFRTA Commuter Railroad Service or not receiving the Tri-Rail Station Improvements, SFRTA shall not be liable for any money borrowed up to and including the date of the AAF default.

      

      

      XVII.      Notices.

      

      

      Any notices or communications hereunder shall be in writing and delivered personally, by national overnight courier, via facsimile or
        electronic mail (provided that, in conjunction with facsimile or electronic mail notice, such notice also is promptly sent in accordance with one of the other foregoing methods), addressed to the Parties at the addresses listed below, or to such
        other addresses as a Party may from time to time designate in writing in accordance with this Section XVII. Notices shall be deemed received upon actual receipt of the notice by the party being sent the notice.

      

      

      
        52

        
          

        

      

      If to FECR, to:

      

      

      Florida East Coast Railway, L.L.C. 

        Attention: Vice President - Engineering

        7411 Fullerton Street, Suite 300 

        Jacksonville, FL 32256

      

      

      With a copy to:

      

      

      Florida East Coast Railway, L.L.C. 

        Attention: General Counsel

        7411 Fullerton Street, Suite 300

        Jacksonville, FL 32256

      

      

      If to AAF, to:

      

      

      All Aboard Florida- Operations LLC

        c/o Florida East Coast Industries, Inc. 

        Attention: General Counsel

        2855 Lejeune Road, 4th Floor 

        Coral Gables, Florida 33134

      

      

      If to SFTRA:

      

      

      South Florida Regional Transportation Authority (SFRTA) 

        800 N.W. 33rd Street

        Pompano Beach, Florida 33064 

        Attn: Executive Director

      

      

      With a copy to:

      

      

      South Florida Regional Transportation Authority (SFRTA) 

        800 N.W. 33rd Street 

        Pompano Beach, Florida 33064 

        Attn: General Counsel

      

      

      Any Party may provide changes to its address or addresses by furnishing notice of such change to the other Parties in the same manner as
        provided above for all other notices.

      

      

      XVIII.     Casualty Losses.

      

      

      In the event that any portion of the
        Corridor, Viaduct/Station Segment or MiamiCentral Station is damaged or destroyed by any incident or occurrence not covered by Section VIII, including without limitation, flood, fire, civil disturbance, vandalism, earthquake, storm, sabotage or act
        of God, then unless the Parties mutually agree in writing not to repair or replace such portion of the Corridor, Viaduct/Station Segment, or MiamiCentral Station, FECR or AAF, as applicable, shall either: (i) repair, or cause to be repaired, that
        portion of the Corridor, Viaduct/Station Segment or MiamiCentral Station so damaged or destroyed to substantially the same condition as existed prior to such incident or occurrence; or (ii) replace, or cause to be replaced, such portion with
        property of like kind, condition or quality. The cost and expense of such repair or replacement that is not covered by insurance shall be apportioned between the Parties as follows: (i) the cost and expense of any repair or replacement required for
        the exclusive use or benefit of one Party shall be borne and paid entirely by the Party for whose exclusive use or benefit such repair or replacement is made; (ii) the cost and expense of any repair or replacement required for the exclusive use or
        benefit of two Parties shall be borne and paid equally by those two Parties; or (iii) the cost and expense of any repair or replacement required for the use or benefit of all three Parties shall be borne and paid equally by all three Parties. For
        the purposes of this Section, the use by the Non-SFRTA Commuter Rail Operator shall be included in the costs borne by AAF.

      

      

      
        53

        
          

        

      

      XIX.       Capital Improvements.

      

      

      1.         Mandated Capital Improvements. If any additional
        capital improvements to the Corridor and/or the Viaduct/Station Segment (including additional main line tracks, passing sidings, signals or communications facilities, switches and crossovers, and other facilities) shall be required by any law,
        rule, regulation or ordinance promulgated by any governmental entity having jurisdiction following the commencement of Intercity Passenger Railroad Service and/or Commuter Railroad Service on, along and over the Corridor or the Viaduct/Station
        Segment (collectively, “Mandated Capital Improvements”), then such Mandated Capital Improvements shall be constructed, installed or placed on, along and over the Joint Infrastructure. Mandated Capital Improvements shall be constructed, installed or
        placed on, along and over the Corridor by FECR and over the Viaduct/Station Segment by AAF, and the cost and expense thereof shall be apportioned between the Parties and the operator of Non-SFRTA Commuter Railroad Service in the following manner:
        (i) the cost and expense of Mandated Capital Improvements that are required, or are used or useful, solely in connection with Intercity Passenger Railroad Service shall be borne entirely by AAF; (ii) the cost and expense of Mandated Capital
        Improvements that are required, or are used or useful solely in connection with, Freight Railroad Service shall be borne entirely by FECR; (iii) the cost and expense of Mandated Capital Improvements that are required, or are used or useful solely
        in connection with, Commuter Railroad Service provided by SFRTA shall be borne entirely by SFRTA; (iv) the cost and expense of Mandated Capital Improvements that are required, or are used or useful solely in connection with, Non-SFRTA Commuter
        Railroad Service shall be borne entirely by AAF or its designee; (v) the cost and expense of Mandated Capital Improvements that are required, or are used and useful solely in connection with, more than one of the services (i.e., Intercity Passenger
        and Freight; Intercity Passenger and SFRTA Commuter; Intercity Passenger and Non-SFRTA Commuter Railroad Service; Freight and SFRTA Commuter; or Freight and Non-SFRTA Commuter Railroad Service) shall be allocated equally between or among the
        Parties providing such service; (vi) the cost and expense of Mandated Capital Improvements that are required, or are used or useful in connection with, three forms of service shall be allocated equally among all three Parties; and (vii) the cost
        and expense of Mandated Capital Improvements that are required, or are used or useful in connection with, all four forms of service shall be allocated equally among AAF, FECR, SFRTA and the Non-SFRTA Commuter Railroad Service Operator (with AAF or
        its designee being solely liable for any allocation applicable to the Non-SFRTA Commuter Railroad Service Operator). Upon being placed into service, such Mandated Capital Improvements shall become a part of the Corridor, the Viaduct/Station Segment
        and/or the MiamiCentral Station.

      

      

      
        54

        
          

        

      

      2.         Replacement Capital Improvements. In fulfilling
        its responsibility to repair and maintain the Corridor and, if applicable, the Viaduct/Station Segment, FECR may from time to time propose capital improvements, including without limitation rehabilitating, replacing or renewing rail, ties, ballast,
        switches and crossovers, other track material, structures, and/or improvements (collectively, “Replacement Capital Improvements”), to the Corridor or Viaduct/Station Segment as may in its reasonable judgment be necessary or desirable to support the
        continued efficient and economical movement of passenger and/or freight trains on, along and over the Corridor or Viaduct/Station Segment and/or to maintain the operating speeds and schedules contemplated by this Agreement. AAF and SFRTA shall also
        have the right to propose such Replacement Capital Improvements. FECR, AAF or SFRTA (as applicable) shall present such proposed Replacement Capital Improvements to the other Parties. Such Replacement Capital Improvements shall be approved if the
        Parties agree, in their reasonable judgment, that such improvements are necessary or desirable to support the efficient and economical movement of Intercity Passenger, Commuter Railroad and/or Freight trains on, along and over the Joint
        Infrastructure, and/or to maintain the operating speeds, schedules and transit times contemplated by this Agreement. FECR may, in its discretion, determine the priority and timing of implementing such Replacement Capital Improvements; provided,
        however, that FECR shall not, without the prior approval of AAF and SFRTA, exceed the budget for capital improvements approved for any calendar year. The cost and expense of Replacement Capital Improvements shall be apportioned in a manner mutually
        agreed by the Parties, which shall take into account the presence of Non-SFRTA Commuter Rail Operator, if any, and the units related to which shall not be apportioned to SFRTA. If the Parties cannot agree upon an apportionment of the costs of such
        Replacement Capital Improvements, then the manner in which the cost and expense of such Replacement Capital Improvements is apportioned shall be determined in accordance with the procedures set forth in Exhibit E. FECR shall cause or arrange the
        construction, installation or placement of Replacement Capital Improvements in a manner, and at such times, as will not unreasonably interfere with the Intercity Passenger Railroad Service of AAF, the Commuter Railroad Service of SFRTA or the
        Freight Railroad Service of FECR, respectively.

      

      

      XX.         Abandonment and Sale of the Corridor.

      

      

      1.         Subject to obtaining any required regulatory approval or exemption, each Party shall have the right at any time during the term of
        this Agreement to abandon or discontinue Freight Railroad Service, Commuter Railroad Service or Intercity Passenger Railroad Service (as applicable) on, along and over all or any portion of the Corridor, the Viaduct/Station Segment or the
        MiamiCentral Station.

      

      

      2.         In the event that AAF abandons or discontinues Intercity Passenger Railroad Service and/or terminates or causes the termination of
        Non-SFRTA Commuter Railroad Service on, along and over all or any portion of the Corridor or Viaduct/Station Segment and MiamiCentral Station, AAF shall continue to make such portion of those facilities available to the other Parties at such other
        Parties’ option pursuant to the terms hereof, and this Agreement shall continue to apply in all respects to such portion of such for so long as the other Parties desire to continue using it and shall maintain such portion of those facilities in a
        manner such that it does not interfere with the other Parties ability to provide their respective service. In the event that an applicable AAF financing agreement (except the Loan Agreement) requires the sale, dismantling or other disposition of a
        segment of such infrastructure upon abandonment or discontinuance of Intercity Passenger Railroad Service on, along and over such segment, then AAF may sell, dismantle or otherwise dispose of such segment of such infrastructure; provided, that
        sufficient rail ties, ballast, switches and crossovers, other track material, signals and communications facilities, utilities, structures, and other improvements remain to enable FECR and SFRTA to continue to provide uninterrupted Freight Railroad
        Service or Commuter Railroad Service, respectively, in the same manner and under the same conditions as prior to any such sale, dismantling or other disposition.

      

      

      
        55

        
          

        

      

      3.          In the event that FECR abandons or discontinues Freight Railroad Service on, along and over all or any portion of the Corridor,
        FECR shall continue to make such portion of the Corridor available to the other Parties at such other Parties’ option pursuant to the terms hereof, and this Agreement shall continue to apply in all respects to such portion of such for so long as
        the other Parties desire to continue using it. In the event that an applicable FECR financing agreement requires the sale, dismantling or other disposition of a segment of the Corridor , upon abandonment or discontinuance of Freight Railroad
        Service, on, along and over such segment, then FECR may sell, dismantle or otherwise dispose of such segment of such infrastructure; provided, that sufficient rail ties, ballast, switches and crossovers, other track material, signals and
        communications facilities, utilities, structures, and other improvements remain to enable AAF and SFRTA to continue to provide uninterrupted Intercity Passenger Railroad Service or Commuter Railroad Service, respectively, in the same manner and
        under the same conditions as prior to any such sale, dismantling or other disposition.

      

      

      4.          Notwithstanding the limitation described in Section III.1.c, above, if SFRTA suspends provision of the SFRTA Commuter Rail Service
        for a continuous period of two (2) or more years during the earlier of the (i) first eighteen (18) years following the initiation of SFRTA Commuter Rail Service on the Corridor and the Viaduct/Station Segment or (ii) the time period when the bonds
        issued by SEOPW CRA and/or the City of Miami are outstanding, AAF shall have the right to permit a Non-SFRTA Commuter Railroad Service Operator that is providing service on behalf of a public entity for a public purpose to use the Tri-Rail
        Improvements, including but not limited to, the SFRTA Exclusive Tracks or the portion of the Tri-Rail Station Improvements that are designated for SFRTA’s exclusive use. If SFRTA recommences the SFRTA Commuter Rail Service prior to the expiration
        of the two (2) year period, SFRTA shall be required to pay any and all unpaid Overall Maintenance Costs, MiamiCentral Station Common Area Maintenance Costs, utility costs and any and all costs incurred by AAF during such suspension period to
        maintain SFRTA Exclusive Tracks or other areas exclusive to SFRTA (“Suspension Maintenance Costs”), together with interest at twelve (12%) percent annually from the time of such payments. If AAF has operated the Non-SFRTA Commuter Rail Service from
        the SFRTA Exclusive Tracks or the portion of the Tri-Rail Station Improvements that are designated for SFRTA’s exclusive use and received compensation for any portion of the Suspension Maintenance Costs incurred during the period of suspension
        (“Credit Amount”), SFRTA shall be required to pay the Suspension Maintenance Costs less the Credit Amount, including applicable interest, prior to being granted access to recommence SFRTA Commuter Rail Service. After the expiration of the two (2)
        year period, SFRTA shall not be entitled to recommence SFRTA Commuter Rail Service without the consent of AAF which consent may be denied, conditioned or withheld in its sole discretion. In the event of any such suspension of service, SFRTA shall
        have no obligations to pay for Suspension Maintenance Costs or associated interest during the suspension, but shall not be entitled to recommence SFRTA Commuter Rail Service until paid pursuant to the terms of this Section. SFRTA shall be
        responsible for the reduced insurance and indemnification obligations provided in Section VIII herein during any suspension.

      

      

      
        56

        
          

        

      

      In no event shall SFRTA’s rights as holder of the Easement Agreement and/or Lease described in this Agreement terminate except by Agreement of
        all of the Parties to such Lease and/or Easement Agreement, except those rights shall no longer be exclusive as described herein if SFRTA fails to recommence SFRTA Commuter Railroad Service prior to the expiration of the two (2) year period and
        SFRTA shall only be entitled to recommence SFRTA Commuter Rail Service as set forth above.

      

      

      XXI.       Representations and Warranties.

      

      

      1.         AAF’s Representations and Warranties. AAF
        represents and warrants that as of the date hereof, and as of the date of execution of this Agreement:

      

      

      a.          Good Standing. AAF is a
        limited liability company duly organized, validly existing, and in good standing under the laws of the State of Delaware and authorized to do business in the State of Florida.

      

      

      b.          Authority. AAF has the power
        and authority to enter into this Agreement, the Lease, the Easement Agreement, and all of the Ancillary Agreements (as applicable) and, subject to any necessary regulatory authority, to carry out the obligations of AAF under this Agreement, the
        Lease, the Easement Agreement and all of the Ancillary Agreements.

      

      

      c.          Binding Agreement. This
        Agreement has been duly authorized, executed and delivered by AAF and is a legal, valid and binding agreement of AAF, enforceable against AAF in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency,
        reorganization or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered a proceeding in equity or at law). Neither the execution
        and delivery of this Agreement by AAF, the consummation by AAF of the transactions contemplated thereby, nor compliance or performance by AAF with any of the provisions thereof does or will violate any judgment, order, law or regulation applicable
        to AAF or any provisions of AAF’s certificate of organization, or result in any material breach of, or constitute a material default under any agreements to which AAF is a party or by which any of the Corridor, the Viaduct/Station Segment or the
        MiamiCentral Station is bound.

      

      

      d.          Non-Carrier Status. As of the date of execution of this Agreement, AAF is not a rail carrier providing
        transportation subject to the jurisdiction of the STB and has not received any notice from the STB that the STB is pursuing a determination, or has determined, that AAF is a rail carrier subject to the jurisdiction of the STB. 

      
        57

        
          

        

      

      2.         FECR’s Representations and Warranties. FECR
        represents and warrants that as of the date hereof, and as of the date of execution of this Agreement:

      

      

      a.          Good Standing. FECR is a
        limited liability company duly organized, validly existing, and in good standing under the laws of the State of Florida.

      

      

      b.         Authority. FECR has full
        corporate power and authority to enter into this Agreement, the Easement Agreement and all of the Ancillary Agreements to which it is a party and, subject to any necessary regulatory authority, to carry out the obligations of FECR under this
        Agreement, the Easement Agreement and all of the Ancillary Agreements to which it is a party.

      

      

      c.          Binding Agreement. This
        Agreement has been duly authorized, executed and delivered by FECR and is a legal, valid and binding agreement of FECR, enforceable against FECR in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy,
        insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered a proceeding in equity or at law). Neither the
        execution and delivery of this Agreement by FECR, the consummation by FECR of the transactions contemplated thereby, nor compliance or performance by FECR with any of the provisions thereof does or will violate any judgment, order, law or
        regulation applicable to FECR or any provisions of FECR’s certificate of organization, or result in any material breach of, or constitute a material default under any agreements to which FECR is a party or by which any of the Corridor, the
        Viaduct/Station Segment or the MiamiCentral Station is bound.

      

      

      3.         SFRTA’s Representations and Warranties. SFRTA
        represents and warrants that as of the date hereof:

      

      

      a.          Good Standing. SFRTA is a
        regional transportation authority duly organized, validly existing, and in good standing under the laws of the State of Florida.

      

      

      b.          Authority. SFRTA has full
        power and authority to enter into this Agreement, the Lease, the Easement Agreement, the Loan Agreement and all of the Ancillary Agreements and, subject to any necessary regulatory authority, to carry out the obligations of SFRTA under this
        Agreement, the Lease, the Easement Agreement, the Loan Agreement and all of the Ancillary Agreements, including, but not limited to, the obligation to indemnify and to obtain and maintain the SFRTA Insurance Program.

      

      

      c.           Binding Agreement. This
        Agreement has been duly authorized, executed and delivered by SFRTA and is a legal, valid and binding agreement of SFRTA, enforceable against SFRTA in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy,
        insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered a proceeding in equity or at law). Neither the
        execution and delivery of this Agreement by SFRTA, the consummation by SFRTA of the transactions contemplated thereby, nor compliance or performance by SFRTA with any of the provisions thereof does or will violate any judgment, order, law or
        regulation applicable to SFRTA or any provisions of SFRTA’s statutory authority, or result in any breach of or constitute a default under any agreements to which SFRTA is a party.

      
        58

        
          

        

      

      d.           Non-Carrier Status. As of
        the date of execution of this Agreement, SFRTA is not a rail carrier providing transportation subject to the jurisdiction of the United States Surface Transportation Board.

       

      e.           SFRTA Indemnities Not Inconsistent
            with Law. None of SFRTA’s indemnities contained in this Agreement are inconsistent with or in contravention of applicable law as of the date of this Agreement.

      

      

      4.         Accuracy as of Date of Execution. All
        representations and warranties by the respective parties contained herein (as updated) are intended to remain true and correct as of the date of execution of this Agreement. In the event a party has knowledge that a representation and warranty in
        this Article XXI is no longer true and correct after the date of execution of this Agreement, such party shall immediately give the other parties written notice of such variance.

      

      

      XXII.      Miscellaneous.

      

      

      1.         The terms and conditions of this Agreement shall not supersede the terms and conditions of the April 25, 2014 letter to, and
        acknowledged by, Vincent Signorello, on behalf of Florida East Coast Industries, LLC, from Jack Stephens on behalf of SFRTA (the “Letter”), in the event that AAF pursues a RIFF Loan (as defined in the Letter). A copy of the Letter is attached to
        this Agreement as Exhibit L.

      

      

      2.        Subject to the dispatching priority described in Section II.3, of this Agreement, AAF and FECR shall be permitted to grant rights to
        other carriers for operations over the Corridor. Unless otherwise stated in Section II.3, the grantee of the applicable Party shall have the same priority as the granting Party that, subject to applicable law, does not unreasonably interfere with
        the operation of the SFRTA Commuter Railroad Service on the Corridor. SFRTA shall not be permitted to grant third-party operating rights over the Corridor.

      

      

      3.         Additions. Both FECR and AAF shall have the
        right to construct such additions and betterments on the Corridor and AAF shall have the right to construct such additions and betterments on the Viaduct/Station Segment and at the MiamiCentral Station provided, however, such additions and
        betterments shall not unreasonably interfere with the SFRTA Commuter Rail Service. In addition, and in recognition of FECR’s common carrier obligation to provide service to shippers upon reasonable request, if FECR receives a request to provide
        service to a shipper and the provision of that service will unreasonably interfere with the operation of the SFRTA Commuter Railroad Service, the Parties shall meet and confer and use all commercially reasonable efforts to develop a means for FECR
        to provide such service to such a shipper that will reduce, to the fullest extent possible, the interference with the operation of the SFRTA Commuter Rail Service. If the Parties cannot agree upon a solution as described in the previous sentence,
        they shall submit the matter to a neutral individual mediator whose decision, if not acceptable to both Parties, shall be submitted to the STB with a request for determination of whether the recommended course of conduct will allow FECR to fulfill
        its common carrier obligation.

      

      

      
        59

        
          

        

      

      4.         Property Taxes. SFRTA shall cooperate with AAF
        and FECR in establishing SFRTA’s government ownership or other property rights in the Easement Agreement and the Tri-Rail Improvements, as applicable, to the extent such ownership or property rights have been granted by AAF or FECR, so that no
        property taxes shall be payable by SFRTA or AAF on the portion of improvements owned by SFRTA.

      

      

      5.         Ticket Vending System. In the event that SFRTA
        secures a new ticket vending system to replace its current ticket vending system that is in place as of the date of this Agreement, SFRTA will use all commercially reasonable efforts to configure such new ticket vending system so that commuters can
        jointly purchase both SFRTA and AAF tickets with it being understood that SFRTA and AAF will develop a system for revenue distribution. Notwithstanding the foregoing, SFRTA and AAF acknowledge and agree that any such arrangement will be structured
        in such a way as to avoid any determination by the STB that SFRTA or AAF has become a rail carrier providing transportation subject to the jurisdiction of the STB by virtue of its participation in any such arrangement.

      

      

      6.         Exhibits. All Exhibits are attached hereto and
        incorporated herein.

      

      

      7.         Cooperation with Audits. AAF and FECR agree to
        cooperate with SFRTA regarding any audits and/or reviews it is required to undertake by law or pursuant to any agreements relating to the Commuter Railroad Service provided to SFRTA pursuant to this Agreement.

      

      

      8.         Amendment or Waiver. This Agreement may be
        amended or modified at any time and in any and all respects only by an instrument in writing executed by all of the Parties. In each instance in which any Party is entitled to enforce any right or benefit under this Agreement, that Party may: (i)
        extend the time for the performance of any of the obligations or other acts of the other Parties hereunder; and/or (ii) waive, in whole or in part, compliance with any of the terms and conditions of this Agreement by such other Party. Any agreement
        on the part of any Party to grant any such extension or waiver shall be valid only if set forth in an instrument in writing signed and delivered on behalf of that Party. Neither the failure on the part of any Party to exercise nor any delay in
        exercising any exception, reservation, right, privilege, license, remedy or power under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any exception, reservation, right, privilege, license, remedy or
        power under this Agreement preclude any other or further exercise of the same or of any other exception, reservation, right, privilege, license, remedy or power, nor shall any waiver of any exception, reservation, right, privilege, license, remedy
        or power with respect to any occurrence be construed as a waiver of such exception, reservation, right, privilege, license, remedy or power with respect to any other occurrence.

      

      

      9.         Governing Law. The laws of the State of Florida
        shall govern the validity of this Agreement, the construction of its terms, and the interpretation of the rights and duties of the Parties hereto except to the extent that Federal law supersedes or preempts such state law. Venue for legal
        proceedings under this Agreement shall be in Miami-Dade County, Florida.

      

      

      
        60

        
          

        

      

      10.       Entire Agreement. This Agreement, together with
        the Ancillary Agreements, supersedes all previous oral and written agreements between and representations by or on behalf of the Parties, and constitutes the entire agreement of the Parties with respect to the subject matter hereof.

      

      

      11.       Severability. If any provision of this Agreement
        or the application thereof to any Party hereto or to any circumstance shall be determined by a court of competent jurisdiction to be invalid or unenforceable to any extent or for any reason, the remainder of this Agreement or the application of the
        provisions thereof to such Party or circumstance, other than those determined to be invalid or unenforceable, shall not be affected thereby and shall be enforced to the fullest extent permitted by law. In such event, the Parties shall promptly
        enter into such other agreement(s) as their respective legal counsel may deem appropriate in order to replace such invalid or unenforceable provisions in a manner that produces a result which is substantially equivalent to the terms of this
        Agreement in all material respects.

      

      

      12.       Joint Venture. Nothing herein shall be
        interpreted as creating an association, partnership, joint venture or other joint undertaking between or among AAF, FECR and/or SFRTA.

      

      

      13.       Interpretation. The Parties acknowledge that the
        language used in this Agreement was developed, negotiated and chosen by all Parties and expresses their mutual intent, and that, in interpreting this Agreement, no rule of strict construction shall be applied in favor of or against any Party
        hereto.

      

      

    

    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

    
      
        61

        
          

        

      

    

    IN WITNESS WHEREOF, the Parties hereto set their hands and official seals the day and year first above written:

    

    
      

      

      SOUTH FLORIDA REGIONAL TRANSPORTATION AUTHORITY

      

      

    

    	
            ATTEST:

          	 	
            SOUTH FLORIDA REGIONAL TRANSPORTATION AUTHORITY, an agency of the State of Florida

          
	 	 	 
	
            By: 

          	
            /s/ Jack L Stephens

          	 	 	 
	
             

          	
            Jack L Stephens, Executive Director

          	 	
            By:

          	[ILLEGIBLE]
	
            Approved by General Counsel as to legal form and sufficiency:

          	 	 	
            Commissioner Steven Abrams

          
	 	 	 	SERTA Board Member
	
            /s/ Teresa J. Moore

          	 	 	 
	
            Teresa J. Moore, Esq.

            General Counsel

          	 	 	 

    
      

         

      
        62

        
          

        

      

      ALL ABOARD FLORIDA- OPERATIONS LLC

      

      

    

    	
            /s/ Brenaa Johnson

          	 	
            All Aboard Florida – Operations LLC, a Delaware limited liability company

          
	
            Brenaa Johnson

          	 	 	 
	
            /s/ Jessica Perez

          	 	
            By:

          	
            /s/ P. Michael Reininger

          
	
            Jessica Perez

          	 	 	
            P. Michael Reininger, President

          
	 	 	 	 
	 	 	
            Dated

          	
            8/1/16

          

    
      
        63

        
          

        

      

      FLORIDA EAST COAST RAILWAY, L.L.C.

         

    

    	
            /s/ Sandy Kelley

          	 	
            FLORIDA EAST COAST RAILWAY, L.L.C, a Florida limited liability company

          
	 	 	 	 
	
            /s/ Robert Ledoux

          	 	
            By:

          	
            /s/ James R. Hertwig

          
	 	 	 	
            James R. Hertwig, President

          
	 	 	 	 
	 	 	
            Dated

          	
            8/8/16

          

    
       

      64Exhibit 10.58

     

    Vehicle Terms and Conditions

     

    All Aboard Florida - Operations LLC

     

    and

     

    Siemens Industry, Inc.

     

    August 15, 2014

    
      1

      
        

      

    

    CONTENTS

     

    	
            SECTION

          	
            PAGE

          
	 	 
	
            1.

          	
            DEFINITIONS AND INTERPRETATION

          	
            1

          
	
            2.

          	
            CONDITIONS PRECEDENT

          	
            15

          
	
            3.

          	
            REPRESENTATIONS AND WARRANTIES

          	
            16

          
	
            4.

          	
            THE REQUIREMENTS

          	
            19

          
	
            5.

          	
            OPTIONS

          	
            22

          
	
            6.

          	
            FINANCIAL STANDING

          	
            24

          
	
            7.

          	
            TESTING AND CERTIFICATION

          	
            25

          
	
            8.

          	
            DELIVERY AND ACCEPTANCE

          	
            26

          
	
            9.

          	
            CONTRACTOR’S OBLIGATIONS AND PROCEDURES

          	
            30

          
	
            10.

          	
            OWNER’S OBLIGATIONS

          	
            32

          
	
            11.

          	
            DELIVERY SCHEDULE

          	
            32

          
	
            12.

          	
            PLANS AND MANUALS

          	
            33

          
	
            13.

          	
            CHANGES

          	
            34

          
	
            14.

          	
            EXTENSIONS OF TIME

          	
            36

          
	
            15.

          	
            PAYMENT

          	
            38

          
	
            16.

          	
            TITLE

          	
            40

          
	
            17.

          	
            INSPECTION AND TESTING

          	
            41

          
	
            18.

          	
            FORCE MAJEURE

          	
            42

          
	
            19.

          	
            INTELLECTUAL PROPERTY RIGHTS

          	
            43

          
	
            20.

          	
            OWNER’S TERMINATION RIGHTS

          	
            45

          
	
            21.

          	
            CONSEQUENCES OF OWNER TERMINATION

          	
            47

          
	
            22.

          	
            OWNER EVENTS OF DEFAULT

          	
            49

          
	
            23.

          	
            LIQUIDATED AND ASCERTAINED DAMAGES

          	
            50

          
	
            24.

          	
            INSURANCE

          	
            51

          
	
            25.

          	
            INDEMNITY

          	
            51

          
	
            26.

          	
            LIMITATIONS OF LIABILITY

          	
            52

          
	
            27.

          	
            WARRANTIES

          	
            53

          
	
            28.

          	
            BUY AMERICA

          	
            55

          
	
            29.

          	
            CARGO PREFERENCE

          	
            56

          
	
            30.

          	
            SUSPENSION AND DEBARMENT

          	
            56

          
	
            31.

          	
            CONFIDENTIALITY OF INFORMATION

          	
            56

          
	
            32.

          	
            ENTIRE AGREEMENT

          	
            57

          
	
            33.

          	
            NOTICES

          	
            57

          
	
            34.

          	
            CONTRACTOR TO INFORM ITSELF FULLY

          	
            58

          
	
            35.

          	
            COSTS

          	
            59

          
	
            36.

          	
            GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL

          	
            59

          
	
            37.

          	
            DISPUTE RESOLUTION PROCEDURE

          	
            59

          
	
            38.

          	
            SURVIVAL

          	
            60

          
	
            39.

          	
            THIRD PARTY BENEFICIARIES

          	
            60

          
	
            40.

          	
            RECORDS

          	
            60

          
	
            41.

          	
            NO AGENCY

          	
            61

          
	
            42.

          	
            ASSIGNMENT; SUBCONTRACTING

          	
            61

          
	
            43.

          	
            TIME IS OF THE ESSENCE

          	
            61

          
	
            44.

          	
            WAIVER

          	
            61

          
	
            45.

          	
            AMENDMENTS

          	
            61

          
	
            46.

          	
            PRESS RELEASES

          	
            62

          
	
            47.

          	
            COUNTERPARTS

          	
            62

          
	
            48.

          	
            SEVERABILITY

          	
            62

          
	
            EXHIBIT 1

          	
            64

          
	
            Train Technical Specification

          	
            64

          
	
            EXHIBIT 2

          	
            65

          
	
            Maintenance Facility Layout and Commissioning Equipment

          	
            65

          
	
            Part 1 – 

          	
            Maintenance Facility Layout

          	
            65

          
	
            Part 2 – 

          	
            Commissioning Equipment to be Provided by Owner

          	
            66

          

    
      
        

      

    

    	
            Part 3 - Commissioning Equipment to be Provided by Contractor

          	
            68

          
	
            EXHIBIT 3

          	
            71

          
	
            Certificates

          	
            71

          
	
            Part 1 - Form of Conditional Acceptance Certificate

          	
            71

          
	
            Part 2 - Form of Final Acceptance Certificate

          	
            73

          
	
            Part 3 - Form of Fleet Acceptance Certificate

          	
            74

          
	
            Part 4 - Form of Phase 1 Spare Parts Compliance Certificate

          	
            75

          
	
            Part 5 - Form of Special Tools Compliance Certificate

          	
            76

          
	
            Part 6 - Federal Railroad Administration - Buy America Certification

          	
            77

          
	
            EXHIBIT 4

          	
            79

          
	
            Delivery Schedule

          	
            79

          
	
            EXHIBIT 5

          	
            81

          
	
            Milestones

          	
            81

          
	
            EXHIBIT 6

          	
            85

          
	
            Manuals

          	
            85

          
	
            EXHIBIT 7

          	
            87

          
	
            Part 1 – Prices

          	
            87

          
	
            Part 2 – Regulated Labor Rates

          	
            88

          
	
            EXHIBIT 8

          	
            89

          
	
            Part 1 - Change Notices

          	
            89

          
	
            Part 2 - Phase 2 Order

          	
            91

          
	
            Part 3 - Option Order

          	
            92

          
	
            EXHIBIT 9

          	
            93

          
	
            Form of Right of Access Agreement in respect of the Maintenance Facilities

          	
            93

          
	
            EXHIBIT 10

          	
            94

          
	
            Contractor’s Minimum Insurance Requirements

          	
            94

          
	
            EXHIBIT 11

          	
            98

          
	
            Escalation Formula

          	
            98

          
	
            EXHIBIT 12

          	
            100

          
	
            Escrow Agreement

          	 
	
            EXHIBIT 13

          	
            114

          
	
            Maintenance Term Sheet

          	 

    
      
        

      

    

    THIS AGREEMENT IS ENTERED INTO AS OF THIS 15TH DAY OF AUGUST, 2014 (THIS “AGREEMENT”)

     

    BETWEEN:

     

    
      	(1)	
              ALL ABOARD FLORIDA - OPERATIONS LLC, a Delaware limited liability company (the “Owner”); and

            

    

     

    
      	(2)	
              SIEMENS INDUSTRY, INC., a Delaware corporation (the “Contractor”).

            

    

     

    WHEREAS:

     

    
      	(A)	
              The Owner wishes to buy a new fleet of trains in accordance with the terms and conditions of this Agreement.

            

    

     

    
      	(B)	
              The parties are entering into this Agreement following a competitive process commenced by issuing a request for proposal issued by the Owner in August 2012.

            

    

     

    
      	(C)	
              The Contractor is a designer and manufacturer of railway rolling stock and has agreed with the Owner to design, manufacture, test, certify, commission and sell to the Owner the fleet of trains referred to in
                Recital (A) above.

            

    

     

    
      	(D)	
              The Contractor and the Owner intend to enter into one or more contracts for the maintenance of the Trains, Vehicles and Supplied Equipment (the “MTC”).

            

    

     

    IT IS AGREED:

     

    
      	1.	
              DEFINITIONS AND INTERPRETATION

            

    

     

    
      		1.1	
              In this Agreement (including the Recitals), unless the context otherwise requires, the following words and expressions shall have the respective meanings set forth below:

            

    

     

    “Aggregate Contract Price” means the aggregate of:

     

    
      		(a)	
              the Phase 1 Train Price; and

            

    

     

    
      		(b)	
              the Phase 1 Supplied Equipment Price,

            

    

     

    as set out in Part 1 of Exhibit 7 (Prices) as such amounts may be increased to include the price of all Phase 2 Orders and the Option
      Orders pursuant to Section 5 (Options);

     

    “Applicable Laws and Regulations” means all or any:

     

    
      		(a)	
              federal, state, local or municipal statute, law, code, regulation, ordinance, or rule; and

            

    

     

    
      		(b)	
              mandatory regulations, rules or directives of any Governmental Authority or industry body (e.g., the Association of American Railroads) only to the extent such industry body is authorized by a Governmental Agency
                or is delegated rulemaking authority by a Governmental Agency,

            

    

     

    at any time in force and which are or may govern the parties’ obligations and performance under this Agreement, and the design,
      manufacture, delivery, and testing of the Vehicles, the Trains or the Supplied Equipment, as (a) or (b) may be amended, extended or re-enacted from time to time;

     

    “Available Infrastructure” means sufficient sections of the relevant parts of the
      Owner Network that have received all Relevant Approvals and comply with the infrastructure parameters for the Owner Network approved for testing of rolling stock in accordance with all Applicable Laws and Regulations to allow the testing set forth in
      the Test Plan to be undertaken (including 79mph for testing on the Miami-West Palm Beach route);

    
      1

      
        

      

    

    “Business Day” means any day other than a Saturday, Sunday or other day on which
      commercial banks are authorized to close under the laws of, or are in fact closed in, New York City;

     

    “Change” means an amendment (whether by addition, amendment, substitution,
      omission or otherwise) of whatever nature to this Agreement, which in order to be effective is executed by both parties’ authorized representatives, including to:

     

    
      		(a)	
              the Train Technical Specification;

            

    

     

    
      		(b)	
              the Delivery Schedule; and

            

    

     

    
      		(c)	
              any of the obligations of the Contractor or the Owner under this Agreement; 

            

    

     

    “Change Confirmation Notice” means a notice issued pursuant to Section 13.8;

     

    “Change in Law” means:

     

    
      		(a)	
              the application to any person of any Applicable Laws and Regulations which did not apply to them on the date of this Agreement;

            

    

     

    
      		(b)	
              any change to Applicable Laws and Regulations; or

            

    

     

    
      		(c)	
              any change in the application or interpretation of Applicable Laws and Regulations by a Governmental Authority including a Mandatory Modification;

            

    

     

    “Change Notice” means a written proposal made by the Owner or the Contractor to
      amend this Agreement in accordance with Section 13, In the form set out in Part 1 of Exhibit 8 (Part 1 – Change Notices);

     

    “Change of Control” means the direct or indirect acquisition of Control of a
      party at such time by a person or group of persons acting jointly or in concert who, immediately before such time, did not directly or indirectly Control such first-mentioned party.

     

    “Conditional Acceptance” means the conditional acceptance of a Train by the Owner
      under this Agreement in accordance with Section 8.2, evidenced by the Owner’s signature of a Conditional Acceptance Certificate or by the Owner placing the Train or Vehicle in passenger revenue service;

     

    “Conditional Acceptance Certificate” means a certificate in the form set out in
      Part 1 of Exhibit 3 (Certificates);

     

    “Conditional Acceptance Statement” has the meaning given to it in Section 8.2.3;

     

    “Contract Documents” means:

     

    
      		(a)	
              this Agreement;

            

    

     

    
      		(b)	
              the Guarantee (to the extent required pursuant to Section 6); and

            

    

     

    
      		(c)	
              all Change Confirmation Notices;

            

    

     

    “Contractor Event of Default” means any of the events set out in Section 20.1;

    
      2

      
        

      

    

    “Contractor Software” means software provided by the Contractor that is
      proprietary to the Contractor and has been installed in or on a Train, Vehicle, Part or item of Supplied Equipment;

     

    “Contractor Termination Notice” has the meaning given to it in Section 22.1;

     

    “Contractor Group” means the Contractor and its ultimate holding company (if any)
      from time to time, and any company which is, from time to time, a Subsidiary of the Contractor;

     

    “Control”, “Controlling” or “Controlled” means the ability or power directly or
      indirectly to direct or cause the direction of the management and policies of a corporation, company or other entity, whether (i) through the ownership of more than fifty percent (50%) of the voting securities entitled to the right to elect or
      appoint, directly or indirectly, the majority of the board of directors, or a similar managing authority, (ii) by contract or (iii) otherwise;

     

    “Defect” means, in relation to a Train, Vehicle, Part or item of Supplied
      Equipment, that such Train, Vehicle, Part or item of Supplied Equipment, does not comply with the Train Technical Specification or the requirements of this Agreement or is not Fit for Purpose, whether as a result of inaccurate design, defective
      materials, bad workmanship or negligent performance of the Contractor or its employees, Sub-Contractors or suppliers or the employees of any of them;

     

    “Delivery” or “Delivers” means:

     

    
      		(a)	
              the delivery by the Contractor of a Train or Vehicle to the Owner’s Maintenance Facility or such other suitable location as the parties may agree upon and completion of the joint inspection by the Owner and the
                Contractor under Section 8.1.1; or

            

    

     

    
      		(b)	
              the delivery of the Supplied Equipment to the Owner under Sections 8.5 and 8.6;

            

    

     

    “Delivery Documentation” means all relevant design plans for the Trains, the
      History Book, the Plans, the draft Operations and Maintenance Manuals, changes to documentation as a result of any Changes applied to the Trains, or Service Bulletins;

     

    “Delivery Schedule” means the delivery schedule in Exhibit 4 (Delivery Schedule)
      setting out the quantities and formations of the Vehicles and Trains to be delivered in accordance with this Agreement;

     

    “Designated Jurisdiction” means any country or territory to the extent that such
      country or territory itself is the subject of any Sanction;

     

    “Discloser” has the meaning given to it in Section 31.1;

     

    “Discriminatory Change in Law” means a Change in Law the terms of which apply to:

     

    
      		(a)	
              any rolling stock manufacturer in relation to the design, manufacture, testing, and/or supply of rolling stock, spare parts and special tools in the United States (but not a Change in Law that applies more
                generally to other businesses, companies, suppliers and/or manufacturers, including to entities not involved in rolling stock manufacture (for example, changes to federal minimum wage requirements)); or

            

    

     

    
      		(b)	
              the Contractor as a result of federal law requirements placed on the Owner in connection with the FRA, including RRIF loans;

            

    

    
      3

      
        

      

    

    
      		(c)	
              require an amendment to the Train Technical Specification which, either alone or when combined with previous such amendments, costs the Contractor $75,000 or more,

            

    

     

    other than those Changes in Law that were known to the Contractor as of the date of this Agreement or should have been known to the
      Contractor as of such date as a prudent and experienced manufacturer of diesel/electric locomotives and passenger coaches;

     

    “Disqualified Entity” means any person:

     

    
      		(a)	
              that (i) for purposes of the Owner, is or becomes an owner of a passenger railroad in the United States and (ii) for purposes of the Contractor, is a competitor of the Contractor in the rail electrification, rail
                automation, signalling or rolling stock manufacturing sectors.in the United States;

            

    

     

    
      		(b)	
              named on the list of “Specially Designated Nationals and Blocked Persons” maintained by the United States Department of the
                Treasury’s Office of Foreign Assets Control (“OFAC”) available at http://www.treas.gov/offices/eotffc/ofac/sdn/index.html, or as otherwise published from time to time;

            

    

     

    
      		(c)	
              that is (i) an agency of the government of a country, (ii) an organization controlled by a country, or
                (iii) a person resident in a country that is subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html, or as otherwise published from time to
                time, as such program may be applicable to such agency, organization or person;

            

    

     

    
      		(d)	
              that is currently the subject of any Sanctions or in violation of any Sanctions, nor is located, organized or resident in a Designated Jurisdiction; or

            

    

     

    
      		(e)	
              that has made any payment, directly or indirectly, to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official
                capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”);

            

    

     

    “Escrow Agent” means Escrow Associates or any other agent as may be agreed by the
      Parties;

     

    “Escrow Agreement” means an escrow agreement in the form set out in 0, to be
      executed and dated by the Owner, the Contractor and the Escrow Agent in accordance with Sections 3.1.14 and 3.3.8;

     

    “Escrow Materials” means those materials to be placed in escrow pursuant to the
      Escrow Agreement;

     

    “Escrow Release Event” has the meaning set out in the Escrow Agreement;

     

    “Final Acceptance” means the final acceptance of a Train by the Owner under this
      Agreement in accordance with Section 8.3, evidenced by the Owner’s signature of the Final Acceptance Certificate in relation to such Train;

     

    “Final Acceptance Certificate” means a certificate in the form set out in Part 2 of
      Exhibit 3 (Certificates);

    
      4

      
        

      

    

    “Fit for Purpose” means:

     

    
      		(a)	
              in relation to each Train:

            

    

     

    
      		(i)	
              the Train complies with all Applicable Laws and Regulations as at the date of Conditional Acceptance for such Train; and

            

    

     

    
      		(ii)	
              such Train meets the Train Technical Specification and can operate in revenue earning service with passengers;

            

    

     

    
      		(b)	
              in relation to each Spare Part or any Key Component, that such Spare Part or any Key Component, if incorporated into a Train, would not of itself prevent such Train from being Fit for Purpose as defined in (a)
                above; and

            

    

     

    
      		(c)	
              in relation to a Special Tool, that such Special Tool is able to perform to its specification in accordance with the Operation and Maintenance Manual;

            

    

     

    “Fleet Acceptance” means satisfaction by the Phase 1 Trains of the fleet
      acceptance criteria set out in Section 8.4;

     

    “Fleet Acceptance Certificate” means a certificate in the form of Part 3 of
      Exhibit 3 (Certificates);

     

    “Force Majeure Event” means the occurrence of any of the following events, in
      each case to the extent beyond the reasonable control of a party (such party known herein as the “excused party”):

     

    
      		(a)	
              acts of war (whether declared or undeclared), civil disturbance, invasion, armed conflict, terrorism, rebellion, revolution, riot, insurrection, sabotage, civil commotion, violent act of foreign enemy, or other
                hostilities;

            

    

     

    
      		(b)	
              acts of God, flood, fire, storm, earthquake, wind, hurricanes, tornadoes, volcanic eruption, landslide or other natural disaster or severe weather;

            

    

     

    
      		(c)	
              embargo or trade sanctions;

            

    

     

    
      		(d)	
              explosions, radioactive or chemical contamination or ionizing radiation or electromagnetic pulse or biological contamination;

            

    

     

    
      		(e)	
              strikes or industrial action or other failures of normal sources of supply;

            

    

     

    
      		(f)	
              a legally imposed quarantine;

            

    

     

    
      		(g)	
              vandalism, theft, or other criminal activities by third parties,

            

    

     

    
      		(h)	
              major delays that continue for a duration longer than three (3) consecutive days or accidents occurring in connection with transportation of single-sourced supplies or the Trains;

            

    

     

    
      		(i)	
              failures in communication lines, or power or other utility failures that continue for a duration longer than twenty four (24) hours; or

            

    

     

    
      		(j)	
              delays that continue for a duration longer than fifteen (15) consecutive days in providing licenses, clearances, approvals or permits by Governmental Authorities;

            

    

     

    where failure to perform is not caused by the negligence or intentional misconduct of the excused party, and the excused party has
      exercised all reasonable efforts to avoid or remedy such force majeure event.

     

    “FRA” means the Federal Railroad Administration of the United States Department
      of Transportation or any successor agency thereto;

    
      5

      
        

      

    

    “GAAP” means generally accepted accounting principles in the United States in
      effect and applicable to that accounting period with respect to which reference to GAAP is being made;

     

    “Governmental Authority” means any federal, state or local government, any
      political subdivision thereof or any federal, state or local governmental agency, department, or other authority or organization or other similar entity which has been authorized or delegated rule-making power by any federal, state or local
      governmental body or whose directions, instructions, rulings, have the legal effect of laws or regulations of the federal, state or local government and are directly enforceable against a party in connection with the performance of this Agreement, or
      any other entity which has the appropriate legal authority for the granting of a Relevant Approval in each case to the extent acting in its capacity as a relevant authority under Applicable Laws and Regulations;

     

    “Guarantee” means, if required by Section 6.4, the parent company guarantee of
      the Contractor’s obligations under this Agreement, with a value equal to the Remaining Contract Value provided by the Guarantor in favor of the Owner in a form reasonably satisfactory to the Owner. The guarantee shall provide that the obligations of
      the Guarantor will be co-extensive with those of the Contractor under this Agreement, will be a primary obligation of the Guarantor and will be subject to the same rights, defenses and limitations of liability afforded the Contractor under this
      Agreement;

     

    “Guarantor” means, if required by Section 6.4, Siemens Corporation;

     

    “History Book” means the history book for each Vehicle which shall contain the
      following information:

     

    
      		(a)	
              certified weight;

            

    

     

    
      		(b)	
              list of serially numbered apparatus;

            

    

     

    
      		(c)	
              list of equipment configurations, adjustment points and initial settings;

            

    

     

    
      		(d)	
              description of modification and completion dates of incorporation;

            

    

     

    
      		(e)	
              list of defects noted and the disposition of each;

            

    

     

    
      		(f)	
              list of non-conformances;

            

    

     

    
      		(g)	
              provision for recording malfunctions, inspection, servicing, and major overhaul;

            

    

     

    
      		
              (h)

            	
              summary and records of each vehicle pre-delivery and commissioning test;

            

    

     

    
      		(i)	
              record of certifications for certifiable items;

            

    

     

    
      		(j)	
              list of outstanding tests, modifications and defects; and

            

    

     

    
      		(k)	
              list of repairs;

            

    

     

    “Indemnified Parties” means the Owner and the Owner Group and all of the Owner
      and the Owner Group’s respective employees, servants, agents, directors, officers and subcontractors;

     

    “Insolvency Event” means:

     

    
      		(a)	
              an involuntary proceeding has been commenced or an involuntary petition has been filed, and either the proceeding or petition continues undismissed for sixty (60) days seeking (i) liquidation, reorganization or
                other relief of such party under any insolvency law or (ii) the appointment of a receiver, trustee, liquidator, custodian, sequestrator, conservator or similar official for such party or for a substantial part of such party’s assets; or

            

    

    
      6

      
        

      

    

    
      		(b)	
              A party (i) applies for or consents to the appointment of a receiver, trustee, liquidator, custodian, sequestrator, conservator or similar official for such party or for a substantial part of such party’s assets,
                or (ii) is not paying its debts as they become due, unless such debts are the subject of a bona fide dispute, or (iii) makes a general assignment for the benefit of creditors, or (iv) consents to the institution of, or fails to consent in a
                timely and appropriate manner, to any proceeding or petition with respect to it as described in subsection (a) above, or (v) commences the voluntary proceeding under any insolvency law, or files a voluntary petition seeking liquidation,
                reorganization, an arrangement with creditors or order for relief under any insolvency law, or (vi) files and answer admitting the material allegations of the petition filed against it in any proceeding referred to in the four going
                subsections (i) through (v), inclusive, of this subsection (b) and in any case referred to in the foregoing subsections (i) through (v), such action has not been cured within twenty (20) days thereafter.

            

    

     

    “Intellectual Property Rights” means all legal and/or equitable rights in or in
      relation to any and all patents (including applications), utility models, circuit layouts, rights in designs (registered and unregistered), copyrights (including moral rights), rights in inventions, solutions, know-how, trade secrets and other
      confidential information, rights in databases and all other intellectual property rights of a similar or corresponding character which may now or in the future exist in any part of the world;

     

    “July Non-Disclosure Agreement” has the meaning given to it in Section 6.1;

     

    “Key Component” has the meaning given to it in Section 27.4.1;

     

    “Key Component Warranty Period” has the meaning given to it in Section 27.4.1;

     

    “Lead Time” means the time from when the order is placed to the time when the
      order is delivered;

     

    “Licensed Items” means the Delivery Documentation, and the Software;

     

    “Licensed Purposes” means the purposes set out in Section 19.3.1;

     

    “Limited Notices to Proceed” means, collectively, (i) that certain Limited Notice
      to Proceed (LNTP 1) dated as of August 22, 2013, (ii) that certain Limited Notice to Proceed (LNTP 2) dated as of January 23, 2014 and (iii) that certain Limited Notice to Proceed (LNTP3), dated as of May 9, 2014, in each case, between the Owner and
      the Contractor.

     

    “Maintenance Facilities” means, together, (i) the Phase 1 Maintenance Facility
      and (ii) the maintenance facility to be constructed by the Owner at the Orlando International Airport, or any other reasonably equivalent facilities provided by the Owner;

     

    “Mandatory Modification” means a Modification which is required to be made under
      any Applicable Laws and Regulations or by any Governmental Authority and which is carried out in accordance with Section 13;

     

    “Milestone” means:

     

    
      		(a)	
              in the case of the Trains and Vehicles, the achievement of each of the stages in the design, manufacture, testing, commissioning, delivery and acceptance of the Trains; and

            

    

     

    
      		(b)	
              in the case of the Supplied Equipment, the achievement of each of the stages in the manufacture, delivery and acceptance of the Supplied Equipment,

            

    

    
      7

      
        

      

    

    in ease case as more particularly set out in Exhibit 5 (Milestones);

     

    “Milestone Payment” means the sum corresponding to each Milestone as set out in
      the table in Exhibit 5 (Milestones);

     

    “Modification” means any change, modification or addition to the Vehicles, the
      Trains, any Part or the items of Supplied Equipment including Mandatory Modifications;

     

    “month”, “months” and “monthly”
      means a period beginning on a particular day in one calendar month and ending on the day prior to the numerically corresponding day in the next calendar month following that on which it started; provided that if there is no such numerically
      corresponding day in the next calendar month following that on which it started, it shall end on the last day in such next calendar month;

     

    “Monthly Progress Report” has the meaning given to it in Section 11.2;

     

    “MTC” has the meaning given to it in the recitals;

     

    “Net Assets” means total assets less
      total liabilities;

     

    “Operation and Maintenance Manuals” means the documents which fully describe how
      the Vehicles, the Trains and any items of Supplied Equipment should be operated, serviced, maintained, repaired and overhauled, to be produced by the Contractor (in electronic format) and agreed with the Owner in accordance with Sections 12.6 and
      12.9 including the manuals set out in Part 2 of Exhibit 6 and the manuals required by the Train Technical Specification;

     

    “Option Manuals” means each additional copy of Manuals to be supplied by the
      Contractor pursuant to an Option Order;

     

    “Option Order” means an order for Option Trains and/or Option Spare Parts and/or
      Option Manuals as specified in the form set out In Part 3 of Exhibit 8;

     

    “Option Price” means the price of each of the individual items in an Option Order
      as calculated in accordance with the terms of Section 5.2 and the applicable prices set out in Part 1 of Exhibit 7 (Prices);

     

    “Option Spare Part” means each additional Spare Part to be supplied by the
      Contractor pursuant to an Option Order;

     

    “Option Train” means each additional Train or Vehicle to be supplied by the
      Contractor pursuant to an Option Order;

     

    “Owner Documents” means any addenda, clarifications or additional information
      supplied to the Contractor by the Owner prior to the date of this Agreement;

     

    “Owner Group” means the Owner and its ultimate holding company (if any) from time
      to time, and any company which is, from time to time, a Subsidiary of the Owner;

     

    “Owner Network” means:

     

    
      		(a)	
              for Phase 1 Trains only, the Miami-West Palm Beach railroad to be operated by the Owner or a member of the Owner Group; and

            

    

     

    
      		(b)	
              for Phase 2 Trains, the Miami-Orlando railroad to be operated by the Owner or a member of the Owner Group;

            

    

     

    
      		(c)	
              for Phase 1 Trains and Phase 2 Trains, signalling, way side equipment, communications systems, platform, tunnels, and bridges;

            

    

    
      8

      
        

      

    

    “Part” means any part, component (which may comprise a number of parts and
      including a Key Component), an assembly or sub-assembly which if so specified in the Train Technical Specification is incorporated in, or fixed to, or should have been fixed to, or is designated for incorporation in or fixing to any Train, Vehicle,
      Special Tool or Spare Part, or any furnishing or equipment furnished with such Train, Vehicle, Special Tool or Spare Part under this Agreement;

     

    “Performance Audit” means the auditing by the Owner of any or all of the
      following:

     

    
      		(a)	
              the physical condition of the Trains; and

            

    

     

    
      		(b)	
              the formulation and terms of any proposed Change;

            

    

     

    “Permitted Delay” means, subject to each party’s duty to mitigate the effects of
      such delay or failure in the performance of some or all of the parties’ obligations under this Agreement, any delay or failure in the performance of some or all of the Contractor’s obligations under and in accordance with this Agreement including
      (directly or indirectly) the Delivery Schedule (unless any of the following have arisen in whole or in part due to any act, omission, neglect or default of the Contractor or any of its Sub-Contractors or its or their employees or suppliers but only
      to the extent of such act, omission, neglect or default, being due to the Contractor’s non-performance of its obligations under this Agreement) as a direct result of any of the following:

     

    
      		(a)	
              any breach or non-performance by the Owner (or any of the Owner’s agents, advisors, consultants, employees, sub-contractors other than the Contractor or any of the Sub-contractors) of any of the Owner’s
                obligations under this Agreement which prevents or delays the Contractor from performing or procuring the performance of some or all of its obligations under this Agreement including the Delivery Schedule;

            

    

     

    
      		(b)	
              the occurrence of a Force Majeure Event which delays or prevents the performance of some or all of the Contractor’s or the Owner’s obligations in accordance with this Agreement including the Delivery Schedule;

            

    

     

    
      		(c)	
              by no less than fifteen (15) days before the Scheduled Delivery Date of the first Phase 1 Train set forth in the Delivery Schedule or any time thereafter for any Train, Vehicle or Supplied Equipment, the
                Maintenance Facility is not sufficiently functional to commission, test and maintain the Trains or Vehicles or does not comply with the equipment list and conceptual layout diagram set forth in Exhibit 2 (Maintenance Facility Layout and
                Commissioning Equipment), Applicable Laws and Regulations or any other applicable requirements of this Agreement;

            

    

     

    
      		(d)	
              the Owner Network does not represent Available Infrastructure by:

            

    

     

    
      		(i)	
              with respect to the Phase 1 Trains, the first required date for testing of the first Phase 1 Train on the Owner Network set forth in the Test Plan/Delivery Schedule;

            

    

     

    
      		(ii)	
              with respect to the Phase 2 Trains, the first required date for testing of the first Phase 2 Train on the Owner Network set forth in the Test Plan/Delivery Schedule;

            

    

     

    
      		(e)	
              the occurrence of a Discriminatory Change in Law;

            

    

     

    “person” means any person (including the “Contractor” and the “Owner”) and shall be construed as including references to an individual, firm, company, limited liability company, corporation, partnership,
      unincorporated association or body of persons or any Governmental Authority or any of its agencies;

    
      9

      
        

      

    

    “Phase 1 Maintenance Facility” means the maintenance facility to be completed by
      the Owner at the West Palm Beach Yard;

     

    “Phase 1 Order” means the Phase 1 Trains, the Phase 1 Supplied Equipment, the
      Operation and Maintenance Manuals and all other deliverables to be supplied by the Contractor under this Agreement as set out in the Delivery Schedule to be supplied pursuant to this Agreement;

     

    “Phase 1 Spare Parts” means “Spare Parts” as listed in Appendix N to Exhibit 1
      (Train Technical Specification) in relation to the Phase 1 Trains;

     

    “Phase 1 Spare Parts Compliance Certificate” means a compliance certificate in
      the form set out in Part 4 of Exhibit 3 (Certificates);

     

    “Phase 1 Spare Parts Price” means the aggregate price of all the Phase 1 Spare
      Parts supplied under this Agreement on the basis of the prices listed in Part 1 of Exhibit 7 (Prices);

     

    “Phase 1 Supplied Equipment” means the Phase 1 Spare Parts and the Special Tools;

     

    “Phase 1 Supplied Equipment Price” means the aggregate of the Phase 1 Spare Parts
      Price and the Special Tools Price;

     

    “Phase 1 Train” means the following Trains to be delivered in the Phase 1 Order
      in the consists identified in the Train Technical Specification:

     

    
      		(a)	
              10 locomotives;

            

    

     

    
      		(b)	
              10 economy class coaches (type 1);

            

    

     

    
      		(c)	
              5 economy class coaches (type 2-1); and

            

    

     

    
      		(d)	
              5 business class coaches (type 3-1),

            

    

     

    the detailed specifications of which are set out in the Train Technical Specification;

     

    “Phase 1 Train Price” means the aggregate price of the Phase 1 Trains as set out
      in Part 1 of Exhibit 7 (Prices);

     

    “Phase 2 Order” means the Phase 2 Trains and all other deliverables to be
      supplied by the Contractor under this Agreement as specified in the form set out in Part 2 of Exhibit 8;

     

    “Phase 2 Price” means the price of the Phase 2 Order as calculated in accordance
      with the terms of Section 5.1;

     

    “Phase 2 Spare Parts” means each additional Spare Part to be supplied by the
      Contractor pursuant to the Phase 2 Order;

     

    “Phase 2 Train Price” means the aggregate price of the Phase 2 Trains as set out
      in Part 1 of Exhibit 7 (Prices);

     

    “Phase 2 Trains” means each additional Train or Vehicle to be supplied by the
      Contractor pursuant to the Phase 2 Order;

     

    “Plan To Cure” has the meaning given to it in Section 20.2(b)(i);

     

    “Plans” means the plans identified in Appendix D (List of CDRLs for Locomotive)
      and Appendix E (List of CDRLs for Coaches) to the Train Technical Specification in Exhibit 1.

    
      10

      
        

      

    

    “Potential Permitted Delay” has the meaning given to it in Section 14.1;

     

    “Punch List” means a list of any minor defects in material, workmanship and
      function identified during the Conditional Acceptance testing process, the existence, correction and completion of which will have no effect on the normal, uninterrupted, and safe use and operation of the Trains in passenger revenue service;

     

    “Quality Assurance Plan” means the quality assurance plan identified in Appendix
      D (List of CDRLs for Locomotive) and Appendix E (List of CDRLs for Coaches) to the Train Technical Specification in Exhibit 1;

     

    “Recipient” has the meaning given to it in Section 31.1;

     

    “Regulated Labor Rates” means the labor rates set out in Part 2 of Exhibit 7
      (Regulated Labor Rates) which shall include or shall be deemed to include any applicable overhead;

     

    “Relevant Approval” means such consents, approvals, permissions, authorizations,
      acceptances, certifications, licenses, exemptions, permits, and/or letters of no objection issued by Governmental Authority as are required;

     

    “Remaining Contract Value” means for any point of time under this Agreement the
      aggregate of:

     

    
      		i.	
              the Phase 1 Train Price;

            

    

     

    
      		ii.	
              the Phase 1 Spare Parts Price;

            

    

     

    
      		iii.	
              the Phase 1 Supplied Equipment Price;

            

    

     

    
      		iv.	
              the Phase 2 Price, provided the Phase 2 Order has been placed; and

            

    

     

    
      		v.	
              the Option Price, provided one or more Option Orders have been placed.

            

    

     

    less the aggregate amount paid for items (i) through (v) by Owner to Contractor at such point
      of time.

     

    “Replacement Part” has the meaning given to it in Section 27.3.3;

     

    “RRIF” means the Railroad Rehabilitation & Improvement Financing program
      established by the Transportation Equity Act for the 21st Century (TEA-21) and amended by the Safe Accountable, Flexible and Efficient Transportation Equity Act: a Legacy for Users (SAFETEA-LU) under which the FRA is authorized to provide direct
      loans and loan guarantees to finance development of railroad infrastructure;

     

    “Sanction(s)” means, with respect to any person, any international economic
      sanction administered or enforced by the United States Government (including, without limitation, OFAC), the United Nations Security Council, the European Union, or other relevant sanctions authority, in each case to the extent applicable to such
      person;

     

    “Schedule of Finishes” means
      the Exhibit describing the materials, colors, patterns, finishes, textures and the light reflecting values;

     

    “Scheduled Acceptance Date” means, in relation to:

     

    
      		(a)	
              each Phase 1 Train, the date set out for the Conditional Acceptance of such Phase 1 Train in the Delivery Schedule;

            

    

    
      11

      
        

      

    

    
      		(b)	
              each item of Phase 1 Supplied Equipment, the date set out for delivery and issue of the Supplied Equipment Compliance Certificate in relation to such item of Phase 1 Supplied Equipment in the Delivery Schedule;

            

    

     

    
      		(c)	
              the Operation and Maintenance Manuals, the date set out in Section 12.6 (Plans and Manuals); and

            

    

     

    
      		(d)	
              the Phase 2 Trains and the Option Trains, the date determined in accordance with the Delivery Schedule or the definition of Lead Time, as applicable;

            

    

     

    “Scheduled Delivery Date” means, in relation to each Phase 1 Train, the date set
      out for Delivery of such Train in the Delivery Schedule;

     

    “Scheduled Final Acceptance Date” means in relation to:

     

    
      		(a)	
              each Phase 1 Train, the date set out for the Final Acceptance of such Phase 1 Train in the Delivery Schedule; and

            

    

     

    
      		(b)	
              the Phase 2 Trains and the Option Trains, the scheduled dates for Final Acceptance for such trains as agreed pursuant to Section 5;

            

    

     

    “Security Interest” means any right of ownership, mortgage, pledge, lien, charge,
      hypothecation, attachment, security interest, assignment by way of security or collateral assignment, financing statement under the enacted Uniform Commercial Code of any jurisdiction, filing of a mortgage or other instrument with the Surface
      Transportation Board of the United States Department of Transportation (or any successor agency thereto), right of possession, right of detention, right of set-off or other encumbrance or form of security arrangement;

     

    “Selected Items” has the meaning given to it in Section 21.1.1;

     

    “Service Bulletins” means such bulletins as are issued by the Contractor from
      time to time in relation to (i) the on-going operation and maintenance of the Trains, Vehicles and the Supplied Equipment and (ii) the Delivery Documentation;

     

    “Software” means Contractor Software and Third-Party Software;

     

    “Source Code” means, with respect to any software, the source code version of
      that software, being all logic, logic diagrams, flow charts, orthographic representations, algorithms, routines, sub-routines, utilities, models, file structures, coding sheets, coding, source codes, listings, functional specifications and program
      specifications and all other materials and documents necessary to enable a reasonably skilled programmer to maintain, amend and enhance that software without reference to any other person or document, and whether in eye-readable or machine-readable
      form;

     

    “Spare Part” means any Phase 1 Spare Part and, if ordered pursuant to Section 5,
      any Phase 2 Spare Part or Option Spare Part;

     

    “Special Tools” means “Specialized Tools” as listed in Appendix N to Exhibit 1
      (Train Technical Specification);

     

    “Special Tools Compliance Certificate” means a compliance certificate in the form
      set out in Part 5 of Exhibit 3 (Certificates);

     

    “Special Tools Price” means the aggregate price of all the Special Tools supplied
      under this Agreement on the basis of the prices listed in Part 1 of Exhibit 7 (Prices);

     

    “Sub-Contract” means any contract awarded or to be awarded by the Contractor in
      relation to or connected with the carrying out of Its obligations to provide services to design and manufacture a fleet of trains under this Agreement and any sub-contract of any tier;

    
      12

      
        

      

    

    “Sub-Contractor” means any person with whom the Contractor has entered into a
      Sub-Contract and any sub-contractor of any tier. For the avoidance of doubt, Sub-Contractor does not include direct or indirect sourcing suppliers of the Contractor;

     

    “Subsidiary” of a person means a corporation, partnership, joint venture, limited
      liability company or other business entity now or hereafter, directly or indirectly, owned or Controlled by, or owning or Controlling, or under common Control with one of the parties, but such corporation, company or other entity shall be deemed to
      be a Subsidiary only so long as such ownership or Control exists;

     

    “Supplied Equipment” means the Phase 1 Supplied Equipment and, if ordered
      pursuant to Section 5, the Phase 2 Spare Parts and the Option Spare Parts;

     

    “Supplied Equipment Compliance Certificate” means the Phase 1 Spare Parts
      Compliance Certificate or the Special Tools Compliance Certificate;

     

    “System Safety Plan” means the system safety program identified in Appendix D
      (List of CDRLs for Locomotive) and Appendix E (List of CDRLs for Coaches) to the Train Technical Specification in Exhibit 1;

     

    “Termination Notice” has the meaning given to it in Section 20.2.1;

     

    “Test Plan” means the Train test plan to be produced by the Contractor and agreed
      with the Owner in accordance with Section 12, based upon the plans outlined in Appendices I (Test Matrix Locomotive) and J (Test Matrix Coaches) of Exhibit 1 (Train Technical Specification) for locomotives and coaches;

     

    “Third-Party Software” means software provided by the Contractor that is licensed
      from third-party suppliers and has been installed in or on a Train, Vehicle, Part or item of Supplied Equipment;

     

    “Trademarks” means all trade names, service marks, business names (including
      internet domain names), brands, trademarks, logos, owned by or provided by the Owner or any member of the Owner Group (whether registered or not and including applications to register or rights for registration) which may now or in the future exist
      anywhere in the world;

     

    “Train” means the Phase 1 Trains and, if ordered pursuant to Section 5, the Phase
      2 Trains and Option Trains;

     

    “Train Technical Specification” means the specification set out in Exhibit 1
      (Train Technical Specification);

     

    “Training Commencement Date” has the meaning given to it in Section 4.6.2;

     

    “Training Date” has the meaning given to it in Section 4.6.2;

     

    “Training Plan” has the meaning given to it in Section 4.6.1;

     

    “USA Patriot Act” means The Uniting and Strengthening America by Providing
      Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

     

    “Vehicle” means any coach or locomotive that forms part of a Phase 1 Train, a
      Phase 2 Train or part of any Phase 2 Order or Option Order;

    
      13

      
        

      

    

    “Vendor Financing Security Agreement” means that certain Security Agreement dated
      on or about the date of this Agreement, between the Owner and Siemens Financial Services, Inc., together with all supplements, schedules and exhibits relating thereto, as amended from time to time; and

     

    “Warranty Period” means:

     

    
      		(a)	
              with respect to each Train, the period starting from the date of Conditional Acceptance of such Train and ending on the date which is twenty-four (24) months thereafter or in the event the Train is not placed into
                passenger revenue service, the Warranty Period means for that Train, the period starting from the date of Conditional Acceptance of such Train and ending twenty-four (24) months after such Train is placed into passenger revenue service,
                provided that the warranty period may not total more than twenty-eight (28) months; and

            

    

     

    
      		(b)	
              with respect to Supplied Equipment, the period starting on the date that the Supplied Equipment has been delivered to the Maintenance Facility until twenty-four (24) months after such Delivery date,

            

    

     

    
      	1.2	
              Construction

            

    

     

    In this Agreement, unless otherwise indicated:

     

    
      		1.2.1	
              the headings in this Agreement are only for convenience and shall not affect its interpretation;

            

    

     

    
      		1.2.2	
              the singular includes the plural and vice versa;

            

    

     

    
      		1.2.3	
              a reference to a Section or to an Exhibit shall be to a section of or, as the case may be, an exhibit to, this Agreement and references to this Agreement include its recitals and exhibits;

            

    

     

    
      		1.2.4	
              references to (or to any specified provision of) this Agreement or any other document shall be construed as references to this Agreement, that provision or that document as in force for the time being and as from
                time to time amended;

            

    

     

    
      		1.2.5	
              references to a party or person shall include its legal representatives, successors, permitted transferees and permitted assignees; and

            

    

     

    
      		1.2.6	
              references to a statute shall include any subordinate legislation made from time to time under it and shall be construed so as to refer to such statute as it is amended or modified from time to time;

            

    

     

    
      		1.2.7	
              the terms “include” or “including” are to be construed as meaning “including, without limitation”.

            

    

     

    
      	1.3	
              Precedence

            

    

     

    
      		1.3.1	
              In the event of any inconsistency or discrepancy between the documents forming part of this Agreement, the following order of precedence shall apply;

            

    

     

    
      		(a)	
              the Sections of this Agreement;

            

    

     

    
      		(b)	
              the Train Technical Specification; and

            

    

     

    
      		(c)	
              the Exhibits to this Agreement (other than the Train Technical Specification at Part 1 of Exhibit 1),

            

    

    
      14

      
        

      

    

    
      		1.3.2	
              Where this Agreement, including the Train Technical Specification, includes a requirement which is below the level of an Applicable Law and Regulation, the Applicable Law and Regulation shall apply, subject to
                Section 13.

            

    

     

    
      		1.3.3	
              Where the Train Technical Specification proposes the use of a particular material or part, the Contractor shall be responsible for ensuring such material or part complies with Applicable Laws and Regulations.

            

    

     

    
      	1.4	
              Notification of errors and discrepancies

            

    

     

    Each party agrees to notify the other party in writing immediately upon becoming aware of a discrepancy or error within the Sections of
      this Agreement, between the Sections and the Exhibits, between the provisions of any Exhibit or within any Exhibit and, subject to Section 1.5, the parties shall discuss in good faith how to resolve such discrepancy or error.

     

    
      	1.5	
              Errors and discrepancies in the Train Technical Specification

            

    

     

    The Contractor has found no material discrepancies or material errors within the Train Technical Specification which would prevent the
      Contractor from being able to comply in full with the Train Technical Specification. If any discrepancy or error is discovered within the Train Technical Specification, the parties shall decide how such discrepancy or error should be addressed within
      28 days of the discovery of such discrepancy or error. The Contractor shall comply with such decision at its own cost.

     

    
      	1.6	
              Notice to Proceed

            

    

     

    Within no more than five (5) days from the execution of this Agreement, the Owner will send the Contractor a notice to proceed for the
      Phase 1 Order, which upon receipt by Contractor will authorize Contractor to commence work under this Agreement. In the event the Owner places a Phase 2 Order or Option Orders, the Owner will send to the Contractor a notice to proceed for such Phase
      2 Order or Option Orders accordingly.

     

    
      	2.	
              CONDITIONS PRECEDENT

            

    

     

    
      		2.1	
              The rights and obligations of the parties under this Agreement shall be conditional upon the Owner entering into a financing agreement with Siemens Financial Services, Inc. for the financing of the Phase 1 Trains
                and the satisfaction of all relevant conditions precedent to such agreement other than the execution and delivery of this Agreement.

            

    

     

    
      		2.2	
              Shortly after the execution of this Agreement, the Owner and the Contractor will commence negotiations in good faith on the MTC. The Owner and the Contractor agree that the Maintenance Term Sheet set out in 0 will
                be used as the basis for the MTC with the understanding that there may be changes from the Maintenance Term Sheet in the schedule, scope, and terms and conditions that would need to be reflected in the final execution version of the MTC.
                The parties will negotiate any such changes in good faith.

            

    

     

    
      		2.3	
              Notwithstanding the foregoing, the Owner and the Contractor agree that the Owner may solicit bids from other rolling stock maintenance providers, provided that prior to the Owner accepting any such bid, the Owner
                will give the Contractor prompt and sufficient written notice of the Owner’s preferred bid based upon the same or similar terms of the MTC that the Owner and Contractor will negotiate in accordance with Section 2.2 hereinabove to enable the
                Contractor to prepare a comparable bid for consideration by the Owner. If the Contractor agrees to the price, and substantially the scope, schedule and terms and conditions of preferred bid, the Owner shall award the maintenance to the
                Contractor and the Owner and the Contractor will execute the MTC based upon the comparable bid.

            

    

    
      15

      
        

      

    

    
      		2.4	
              In the event the Owner and the Contractor do not enter into the MTC in accordance with Section 2.2 or the Owner does not award the maintenance to the Contractor and enter into the MTC with the Contractor under
                Section 2.3, the Owner and Contractor will execute a management agreement of the maintenance work. The management agreement is required to preserve the collateral for the financing agreement with Siemens Financial Services, Inc. The
                management agreement will be in effect for the longer of the duration of the financing agreement between the Owner and Siemens Financial Services, Inc. or until the Owner has made all payments due thereunder unless the management agreement
                is terminated by mutual agreement of the Owner and the Contractor.

            

    

     

    
      		2.5	
              The pricing contained in this Agreement is conditioned upon a full service maintenance contract for the Trains, Vehicles and Supplied Equipment being awarded by Owner to Contractor under Sections 2.2 or 2.3, and
                such MTC being entered into by and between Owner and Contractor by December 31, 2014. In event that Owner and Contractor do not enter into such MTC, the parties agree that an additional charge of up to five percent (5%) of the Phase 1 Train
                Price.

            

    

     

    
      	3.	
              REPRESENTATIONS AND WARRANTIES

            

    

     

    
      		3.1	
              Representations and warranties by the Contractor

            

    

     

    The Contractor represents and warrants to the Owner that as of the date of this Agreement:

     

    
      		3.1.1	
              the Contractor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;

            

    

     

    
      		3.1.2	
              the Contractor has the power to carry on its business as it is now being conducted and has all licenses, consents, approvals, permits, authorizations, exemptions and certifications required for that purpose and
                for the proposed activities under this Agreement;

            

    

     

    
      		3.1.3	
              the Contractor is duly qualified to do business, and is in good standing, in the State of Florida and will remain in good standing throughout the duration of this Agreement and for as long thereafter as any
                obligations remain outstanding under this Agreement that require that the Contractor is qualified to do business in Florida;

            

    

     

    
      		3.1.4	
              the Contractor has the full power, right and authority to (i) execute, deliver and perform its obligations under this Agreement and the Contract Documents and (ii) carry out and consummate the transactions
                contemplated thereby;

            

    

     

    
      		3.1.5	
              the execution, delivery and performance by the Contractor of this Agreement has been duly authorized by all necessary corporate and other action. Each person executing this Agreement on the Contractor’s behalf has
                been duly authorized to execute and deliver the same on the Contractor’s behalf and this Agreement has been duly executed and delivered by the Contractor;

            

    

     

    
      		3.1.6	
              executing and delivering this Agreement and performing its obligations under this Agreement will not:

            

    

     

    
      		(a)	
              conflict with the terms of the Contractor’s organizational documents;

            

    

     

    
      		(b)	
              conflict with or result in a breach of any existing contract or in the creation of any Security Interest over the Contractor or any of its property; or

            

    

    
      16

      
        

      

    

    
      		(c)	
              contravene any provision of any Applicable Law or Regulation binding on the Contractor;

            

    

     

    
      		3.1.7	
              there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Contractor, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or
                against the Contractor or any of its Subsidiaries that either individually or in the aggregate would have a material adverse effect upon the Contractor’s ability to perform its obligations under this Agreement;

            

    

     

    
      		3.1.8	
              the reviewed financial statements of the Contractor have been prepared in accordance with GAAP and present in all material respects a true and fair view of the financial condition of the Contractor as of the dates
                the financial statements were prepared. To the best of the Contractor’s knowledge, having made all prudent inquiries as of the date of this Agreement, there has been no change in the financial condition of the Contractor since the date of
                the reviewed financial statements provided by the Contractor to the Owner pursuant to the July Non-Disclosure Agreement that would have a material adverse effect upon the Contractor’s ability to perform its obligations under this Agreement;

            

    

     

    
      		3.1.9	
              all written information supplied by the Contractor, or any of its representatives or advisors, to the Owner in connection with this Agreement was true and accurate in all material respects both when given and on
                the date on which this representation is made and there are no other facts or matters the omission of which made any statement or information contained in the written information provided to Owner or to any of its representatives or
                advisors misleading in any material respect as of the relevant date of delivery thereof or the date on which this representation is made and all expressions of opinion contained therein were honestly made on reasonable grounds after due and
                careful enquiry;

            

    

     

    
      		3.1.10	
              none of the Contractor Events of Default has happened and the Contractor is not aware that a Contractor Event of Default is likely to happen;

            

    

     

    
      		3.1.11	
              the Contractor is in compliance with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter V, as
                amended) and any other enabling legislation or executive order relating thereto and (ii) the USA Patriot Act;

            

    

     

    
      		3.1.12	
              neither the Contractor, nor to the knowledge of the Contractor, any director, officer, agent or employee
                thereof, (i) is a person named on the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC available at http://www.treas.gov/offices/eotffc/ofac/sdn/index.html, or as otherwise published from time to time or (ii)
                is (a) an agency of the government of a country, (b) an organization controlled by a country or (c) a person resident in a country that is subject to a sanctions program identified on the list maintained by OFAC and available at
                http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html, or as otherwise published from time to time, as such program may be applicable to such agency, organization or person. No part of the proceeds of the payments made hereunder
                will, to the knowledge of the Contractor, be used to finance any operations, investments or activities in, or make any payments to, any such country, agency, organization, or person.

            

    

     

    
      		3.1.13	
              no part of the proceeds of the payments made hereunder will be used, directly or, to the knowledge of the Contractor, indirectly, for any payments to any governmental official or employee thereof, political party,
                official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA; and

            

    

    
      17

      
        

      

    

    
      		3.1.14	
              the Contractor will ensure that it will execute the Escrow Agreement within fourteen (14) days of the designs for the Phase 1 Trains having been “frozen” (as such date is agreed by the parties).

            

    

     

    
      		3.2	
              The Contractor acknowledges and agrees that the Owner is relying on the representations and warranties above and is entering into this Agreement on the basis of them.

            

    

     

    
      		3.3	
              Representations and warranties by the Owner

            

    

     

    The Owner represents and warrants to the Contractor that as of the date of this Agreement:

     

    
      		3.3.1	
              the Owner is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware;

            

    

     

    
      		3.3.2	
              the Owner has the full power, right and authority to (i) execute, deliver and perform its obligations under this Agreement and the Contract Documents and (ii) carry out and consummate the transactions contemplated
                thereby;

            

    

     

    
      		3.3.3	
              the execution, delivery and performance by the Owner of this Agreement has been duly authorized by all necessary organizational and other action. Each person executing this Agreement on the Owner’s behalf has been
                duly authorized to execute and deliver the same on the Owner’s behalf and this Agreement has been duly executed and delivered by the Owner;

            

    

     

    
      		3.3.4	
              executing and delivering this Agreement and performing its obligations under this Agreement will not:

            

    

     

    
      		(a)	
              conflict with the terms of the Owner’s organizational documents;

            

    

     

    
      		(b)	
              conflict with or result in a breach of any existing contract to which the Owner is a party;

            

    

     

    
      		3.3.5	
              the Owner is a wholly-owned Subsidiary of All Aboard Florida Holdings LLC;

            

    

     

    
      		3.3.6	
              this Agreement constitutes the legal, valid and binding obligation of the Owner, enforceable against the Owner in accordance with its terms, subject only to applicable bankruptcy, insolvency and similar laws
                affecting the enforceability of the rights of creditors generally and general principles of equity;

            

    

     

    
      		3.3.7	
              there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Owner, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against
                the Owner that either individually or in the aggregate would have a material adverse effect upon the Owner’s financial condition or business or its ability to perform its obligations under this Agreement; and

            

    

     

    
      		3.3.8	
              the Owner will ensure that it will execute the Escrow Agreement within fourteen (14) days of the designs for the Phase 1 Trains having been “frozen” (as such date is agreed by the parties).

            

    

     

    
      		3.4	
              The Owner acknowledges and agrees that the Contractor is relying on the representations and warranties above and is entering into this Agreement on the basis of them.

            

    

    
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      	4.	
              THE REQUIREMENTS

            

    

     

    
      		4.1	
              The Trains

            

    

     

    
      		4.1.1	
              The Contractor will design, engineer, manufacture, test, commission, deliver, tender for acceptance and sell, the Trains and the Supplied Equipment all in accordance with:

            

    

     

    
      		(a)	
              the Delivery Schedule;

            

    

     

    
      		(b)	
              the Plans;

            

    

     

    
      		(c)	
              all Applicable Laws and Regulations; and

            

    

     

    
      		(d)	
              otherwise in accordance with this Agreement,

            

    

     

    such that they shall be Fit for Purpose. The Trains will be tested in accordance with Sections 7 and 8.

     

    
      		4.2	
              Schedule of Finishes

            

    

     

    The Contractor will produce a Schedule of Finishes (in accordance with the Train Technical Specification) together with appropriate visual
      renders, swatches and samples for the Trains for approval by the Owner no later than one (1) month after the date of this Agreement for the exterior of the coaches and three (3) months after the date of this Agreement for the interior. For the Phase
      1 locomotives, the exterior finishes must be agreed by the parties within six (6) months of the date of this Agreement. The Owner shall, if changes are required to the Schedule of Finishes, the visual renders, swatches and samples for the Trains,
      notify the Contractor of any changes in writing no later than two (2) weeks after receiving the items from the Contractor. The Contractor and the Owner agree to discuss such changes in good faith and following such discussions, the parties will reach
      agreement on the change, if any, and the Contractor shall incorporate any changes into the TTS, and provide the Owner with the final version of the Schedule of Finishes, the visual renders, swatches and samples for the Trains within two (2) weeks of
      reaching such agreement.

     

    
      		4.3	
              Design Review

            

    

     

    
      		4.3.1	
              The Trains are designed to be in operation for an average of thirty (30) years, if the Train is operated and maintained in accordance with all Applicable Laws and Regulations and the Operation and Maintenance
                Manuals.

            

    

     

    
      		4.3.2	
              Without prejudice to the Contractor’s obligations under Section 4.1, the Contractor shall produce for review by the Owner the design descriptions for each train component and system which shall demonstrate to the
                reasonable satisfaction of the Owner that the requirements of the Train Technical Specification in relation to that train component or system have been understood by the Contractor and that the Contractor’s proposals will lead to a
                technical solution which (upon implementation) will satisfy the requirements of the Train Technical Specification, and will allow the Trains to be operated and maintained in accordance with the Operation and Maintenance Manuals, the Plans
                and all other documentation produced pursuant to this Agreement. The design descriptions shall include, but not be limited to, detailed technical proposals and functionality analyses.

            

    

     

    
      		4.3.3	
              The Contractor shall provide such level of information during the process referred to in Section 4.3.1 so as to allow the Owner to reasonably satisfy itself that the resulting design will meet the Contractor’s
                obligations and be Fit for Purpose.

            

    

    
      19

      
        

      

    

    
      		4.3.4	
              In accordance with Section 13.11, the Contractor shall, at a time consistent with the Delivery Schedule and subject to the prior written approval of the
                Owner, incorporate any relevant improvements and/or modifications in relation to the design, testing and manufacturing process of the Trains, which it identifies (or a reasonable manufacturer should have identified), at a time consistent
                with the Delivery Schedule, in the design, manufacturing, testing and operation of any other rolling stock being designed, tested, operated or maintained by the Contractor.

            

    

     

    
      		4.4	
              Relevant Approvals

            

    

     

    
      		4.4.1	
              Except as set forth in Section 4.4.3, the Contractor shall be responsible for obtaining all Relevant Approvals in order to manufacture, deliver, tender for acceptance and sell the Trains at its own cost.

            

    

     

    
      		4.4.2	
              The Owner shall be responsible for obtaining all Relevant Approvals (if any) to own, operate and maintain the Trains including obtaining all Relevant Approvals for the construction, provisioning, and the operation
                of Owner Network and Maintenance Facility.

            

    

     

    
      		4.4.3	
              Owner shall be the interfacing party with FRA and shall provide any necessary submissions to the FRA with respect to compliance of the Trains on Owner’s Network In accordance with the applicable FRA regulations;
                provided that Contractor will provide to Owner such documentation or information as may be in Contractor’s possession which may be required for such FRA submissions. Owner shall be responsible for obtaining all FRA approvals necessary (if
                any) for compliance of the Trains in accordance with the applicable FRA regulations, subject to Contractor’s obligation to comply with FRA requirements as follows:

            

    

     

    
      		(a)	
              the Contractor shall be required to perform its obligations under this Agreement and, in doing so, comply with all Applicable Laws and Regulations, including all mandatory FRA requirements that relate to the
                design, manufacture and/or delivery of the Trains, Vehicles and the Supplied Equipment;

            

    

     

    
      		(b)	
              the Contractor shall provide all reasonable assistance and support required by the Owner in liaising with the FRA; and

            

    

     

    
      		(c)	
              the Owner shall not be responsible for any delay in obtaining any required approval from the FRA that directly results from the Contractor’s failure to comply with Sections 4.4.3 (a) and 4.4.3 (b).

            

    

     

    
      		4.4.4	
              The parties acknowledge that the FRA has reviewed this Agreement for the purposes of determining whether to provide the Owner with a RRIF loan, and they have received a memorandum, dated August 8, 2014, from the
                FRA (“Memorandum”) detailing proposed changes to the Agreement which the FRA believes would be necessary in the event that Owner finances and/or refinances all or any portion of the Trains, Vehicles and Supplied Equipment with a RRIF loan,
                The parties will use their reasonable efforts to agree on any amendments resulting from that process provided that the Owner shall issue a Change Notice in relation to those amendments where the Contractor will incur costs or suffer a delay
                to performance if they are implemented.

            

    

     

    
      		4.4.5	
              Whenever it is necessary for the Owner to make a formal submission to a Governmental Authority for any Relevant Approvals in relation to the operation of the Trains, the Contractor shall use its reasonable efforts
                to assist the Owner in preparing such submission and providing supporting documentation in a timely fashion so as to allow the Owner sufficient time to obtain such Relevant Approvals.

            

    

    
      20

      
        

      

    

    
      		4.5	
              Storage

            

    

     

    
      		4.5.1	
              The Contractor shall be responsible for providing, at its own cost, for the storage of each of the Vehicles and Trains and each item of Supplied Equipment in a secure and appropriate facility at all times until
                such items are Delivered.

            

    

     

    
      		4.5.2	
              Following Delivery, the Owner shall be responsible for providing, at its own cost, for the storage of each of the Vehicles and Trains and each item of Supplied Equipment in the Maintenance Facility or other
                location as the Owner may select. The parties will agree a joint protocol for any necessary movement of Trains within the storage facility, for the presenting and returning of Trains before and after testing under Sections 7 and 8 and for
                providing the Contractor with any necessary access to the facilities to undertake any work on the Trains and the Supplied Equipment.

            

    

     

    
      		4.6	
              Training

            

    

     

    
      		4.6.1	
              The Contractor shall, at its own cost, organize and provide to the Owner for agreement in accordance with this Section (and, once agreed, implement and comply with) a training plan covering amongst other things
                the proposed curriculum and training itinerary, including appropriate training of a mutually agreed upon number of employees or contractors of the Owner to administer such program in the future, i.e., “Train the Trainer”) (the “Training
                Plan”). The total number of training hours included in the Training Plan shall be 1200. The Training Plan will train such employees or contractors of the Owner (including the Owner’s train operators, vehicle maintenance staff, mechanical
                staff and the train operator’s trainers) and such other persons as the Owner reasonably considers necessary to operate the Trains and Supplied Equipment on the operations and features of the Trains. The Contractor shall develop such
                Training Plan in conjunction with the Owner and incorporate any amendments reasonably required by the Owner.

            

    

     

    
      		4.6.2	
              The Contractor shall commence the Training Plan no later than six (6) months prior to the Scheduled Delivery Date for the first Phase 1 Train or such other mutually agreed upon date (the “Training Commencement
                Date”) specified in the Delivery Schedule. The Owner shall have the participants available for training on the dates set forth in the Training Plan (the “Training Dates”) and ensure that such employees and/or contractors have the requisite
                qualifications and experience reasonably specified by the Contractor in the Training Plan. Such training will be provided at the Maintenance Facilities or at any other location as may be agreed by the parties at the Owner’s cost. For the
                avoidance of doubt, all training materials referred to in the Training Plan or required for the training shall be provided by the Contractor at its own cost.

            

    

     

    
      		4.6.3	
              Any further training which the Owner requires the Contractor to provide in addition to the training provided under the Training Plan (the “Additional Training”) shall, subject to Section 4.6.4, be at the Owner’s
                cost on the basis of the relevant Regulated Labor Rates.

            

    

     

    
      		4.6.4	
              When Additional Training is required as a result of changes to any Train made by the Contractor in order to comply with the TTS, such Additional Training shall be provided at the Contractor’s cost.

            

    

     

    
      		4.6.5	
              If any training is cancelled or postponed on less than 15 days’ written notice because the Contractor’s staff is not available for such training on the Training Commencement Date or any Training Date thereafter,
                the Contractor shall be responsible for any reasonable cancellation or postponement costs incurred by the Owner. If any training is cancelled or postponed on less than 15 days’ written notice because the Owner’s employees and/or contractors
                are not available for such training on the Training Commencement Date or any Training Date thereafter, the Owner shall be responsible for any reasonable cancellation or postponement costs incurred by the Contractor.

            

    

    
      21

      
        

      

    

    
      		4.7	
              Access to Maintenance Facilities

            

    

     

    The Owner will provide the Phase 1 Maintenance Facility as set forth in Exhibit 2 (Maintenance Facility Layout and Commissioning
      Equipment) and ensure that the Phase 1 Maintenance Facility is sufficiently functional to commission, test and maintain Trains and Vehicle no less than fifteen (15) days before the Scheduled Delivery Date of the first Phase 1 Train. The Owner will
      provide the Contractor with such access to the Maintenance Facilities as the Contractor reasonably requires during normal business hours in order to comply with its obligations under this Agreement, and the Contractor shall execute and shall have any
      of its Sub-Contractors, suppliers, agents, or representatives that require access to the Maintenance Facilities execute access agreements with Florida East Coast Industries LLC in substantially the form set out in 0 (Form of Right of Access Agreement
      in Respect of the Maintenance Facilities). Notwithstanding the foregoing, the parties acknowledge that Florida East Coast Industries LLC is reviewing Exhibit 9 (Form of Right of Access Agreement in Respect of the Maintenance Facilities). In the event
      Florida East Coast Industries LLC proposes changes to Exhibit 9 (Form of Right of Access Agreement in Respect of the Maintenance Facilities) after its review, the parties will in good faith enter into discussions, the goal of which is to agree on the
      form of Exhibit 9 (Form of Right of Access Agreement in Respect of the Maintenance Facilities). The Owner shall be responsible for the security, safety, permits, certificates, Relevant Approvals, compliance with Applicable Laws and Regulations
      related to the condition and maintenance of the Maintenance Facilities. The Owner shall be responsible for providing the equipment and tools listed in Part 2 of Exhibit 2 (Maintenance Facility Layout and Commissioning Equipment) in relation to the
      Phase 1 Trains for the Maintenance Facilities. The Contractor shall be responsible for the providing the tools listed in Part 2 of Exhibit 2 (Maintenance Facility Layout and Commissioning Equipment) in relation to Phase 1 Trains.

     

    
      	5.	
              OPTIONS

            

    

     

    
      		5.1	
              Phase 2 Trains

            

    

     

    
      		5.1.1.	
              The Phase 2 Trains consist of:

            

    

     

    
      		(a)	
              ten (10) café coaches (type 5-1);

            

    

     

    
      		(b)	
              twenty (20) economy class coaches (type 1);

            

    

     

    
      		(c)	
              five (5) economy class coaches (type 2-1);

            

    

     

    
      		(d)	
              ten (10) business class coaches (type 4);

            

    

     

    
      		(e)	
              five (5) business class coaches (type 3-1); and

            

    

     

    
      		(f)	
              eleven (11) locomotives.

            

    

     

    
      		5.1.2.	
              The Contractor hereby grants to the Owner an option to purchase the Phase 2 Trains and the Phase 2 Spare Parts at the pricing set forth in Part 1 of Exhibit 7 (Prices), if the Phase 2 Order is received by the
                Contractor on or before March 1, 2015.

            

    

     

    
      		5.1.3.	
              If the Phase 2 Order is received by the Contractor after March 1, 2015, the Owner will pay in addition to the prices set forth in Part 1 of Exhibit 7 (Prices):

            

    

     

    
      		(a)	
              a restart fee of $11,000,000; and

            

    

    
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      		(b)	
              a price escalation as calculated by the Escalation Formula set forth in Exhibit 11 (Escalation).

            

    

     

    
      		5.1.4.	
              If the Phase 2 Order is received by the Contractor on or before March 1, 2015, the Phase 2 Trains will be Delivered in accordance with Exhibit 4 (Delivery Schedule).

            

    

     

    
      		5.1.5.	
              If the Phase 2 Order is not received by the Contractor on or before March 1, 2015, the delivery schedule will be mutually agreed upon between the Owner and the Contractor. The date of Delivery will be principally
                consistent with the methodology of Phase 1 Train Delivery; however, such dates for Delivery of the Phase 2 Order will be dependent upon the Lead Times of materials and availability of the production facilities at the time of the Phase 2
                Order. After the Owner places the Phase 2 Order, the Contractor will provide the Owner with a Primavera schedule, which will set forth the Delivery Schedule for the Phase 2 Order.

            

    

     

    
      		5.1.6.	
              The parties acknowledge that a Phase 2 Order may request the Contractor to supply the Phase 2 Spare Parts specified in Appendix N of Exhibit 1 (Train Technical Specifications); however, the Phase 2 Spare Parts
                must be ordered at the same time as the Phase 2 Trains. The price for Phase 2 Spare Parts is set forth in Part 1 of Exhibit 7 (Prices), if the Phase 2 Order is received by the Contractor on or before March 1, 2015. If the Phase 2 Order is
                received by the Contractor after March 1, 2015, the Owner will pay in addition to the prices set forth in Part 1 of Exhibit 7 (Prices), a price escalation as calculated by the Escalation Formula set forth in Exhibit 11 (Escalation).

            

    

     

    
      		5.1.7.	
              When the Phase 2 Order is placed, the Aggregate Contract Price shall be increased by the Phase 2 Price.

            

    

     

    
      		5.2	
              Additional Vehicles and Trains

            

    

     

    
      		5.2.1	
              The Option Trains consist of:

            

    

     

    (a) Additional passenger coaches:

     

    Minimum order is ten (10) and the maximum order is forty-seven (47), consequently, multiple orders may be placed, provided that each
      order quantity is no less than ten (10) coaches and the total number of coaches for all orders does not exceed forty-seven (47).

     

    (b) Additional diesel electric locomotives:

     

    Minimum order is two (2) locomotives and the maximum order is six (6) locomotives, consequently, multiple orders may be placed, provided
      that each order quantity is no less than two (2) locomotives and the total number of locomotives for all orders does not exceed six (6).

     

    
      		5.2.2	
              The Contractor hereby grants to the Owner an option to purchase the Option Trains at the pricing set forth in Part 1 of Exhibit 7 (Prices), which shall be subject to price escalation as calculated by the
                Escalation Formula set forth in Exhibit 11 (Escalation).

            

    

     

    
      		5.2.3	
              If the Option Order is not received by the Contractor as of a date which would allow for continuous production, in addition to the price paid under Section 5.2.2, the Owner will pay a restart fee of $11,000,000.

            

    

    
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      		5.2.4	
              The parties acknowledge that an Option Order may request the Contractor to supply Option Spare Parts. The parties, acting reasonably and taking into account the number of Phase 1 Spare Parts, which were provided
                for the number of Trains in the Phase 1 Order, shall agree upon the required number of any Option Spare Parts.

            

    

     

    
      		5.2.5	
              For all Option Orders received by the Contractor, a Delivery Schedule will be mutually agreed upon between the Owner and the Contractor. The date of Delivery will be principally consistent with the methodology of
                Phase 1 Train Delivery; however, such dates for Delivery of the Option Order will be dependent upon the Lead Times of materials and availability of the production facilities at the time of the Option Order. After the Owner places the Option
                Order, the Contractor will provide the Owner with a Primavera schedule, which will set forth the Delivery Schedule for the Option Order.

            

    

     

    
      		5.2.6	
              All Option Orders must be received by the Contractor no later than five (5) years from the date of this Agreement.

            

    

     

    
      		5.2.7	
              Where an Option Order is placed, the Aggregate Contract Price shall be increased by the Option Price.

            

    

     

    
      	6.	
              FINANCIAL STANDING

            

    

     

    
      		6.1	
              During the term of this Agreement but only to the extent that Phase 2 Orders or Option Orders remain unfulfilled and/or Trains or Vehicles continue to be the subject of the acceptance tests pursuant to Section 8,
                the Owner may from time to time review the current annual report of the Contractor. The Owner shall upon no less than twenty (20) days’ written notice, request to review the current annual report of the Contractor, subject to the terms of
                the non-disclosure agreement signed by the Owner and dated July 2014 (the “July Non-Disclosure Agreement”). The Owner may request that employees of the Owner’s Group and auditors
                retained by the Owner or the Owner’s Group may also review the annual report so long as such entities execute a nondisclosure agreement on substantially similar terms to the July Non-Disclosure Agreement. The Owner shall be liable for the
                Owner Group’s or auditors’ compliance with any non-disclosure agreement.

            

    

     

    
      		6.2	
              Upon the Owner’s compliance with Section 6.1, the Contractor shall make the Contractor’s annual report available to the Owner or the Owner Group or auditors at a mutually convenient location of the Contractor
                Group. The Owner, the Owner Group or auditors may only review the annual report and cannot make copies or take notes. A representative of the Contractor or Subsidiary may be present at all times. The annual report will be made available for
                review no more frequently than twice every twelve (12) months.

            

    

     

    
      		6.3	
              In the event that this Agreement is assigned by the Contractor to a Subsidiary of the Contractor, the Contractor represents and warrants to the Owner that the value of the Net Assets of the assignee is three times
                the Remaining Contract Value and the Contractor shall confirm agreement with the assignee that the Owner shall have access to the current annual report of the assignee in line with the approach outlined in Section 6.1 subject only to the
                Owner entering into a non-disclosure agreement on substantially similar terms to the July Non-Disclosure Agreement with such assignee.

            

    

     

    
      		6.4	
              Where the test in Section 6.3 has not been met, the Contractor or assignee shall, if requested by the Owner, deliver to the Owner the Guarantee in accordance with Section 42.2 and the Owner shall no longer have
                the right to review the annual report of the Contractor.

            

    

    
      24

      
        

      

    

    
      	7.	
              TESTING AND CERTIFICATION

            

    

     

    
      		7.1	
              The parties will bear their own expenses for testing on the Trains and Vehicles according to the Test Plan and in accordance with:

            

    

     

    
      		7.1.1	
              the Plans;

            

    

     

    
      		7.1.2	
              the Delivery Schedule; and

            

    

     

    
      		7.1.3	
              all Applicable Laws and Regulations,

            

    

     

    and the Contractor will provide the Owner with all necessary test records confirming successful completion of any such testing.

     

    
      		7.2	
              Any certificate, document, approval, consent or notice issued or inspection, audit or review undertaken by, the Owner under this Agreement shall not release, diminish or in any other way affect the obligations of
                the Contractor nor shall it result in the Owner assuming any responsibility for the adequacy, completeness, condition or performance of the Trains or equipment.

            

    

     

    
      		7.3	
              The Owner shall procure at its own expense the PTC, cab signalling, and voice radio equipment for installation in the locomotives by the Contractor. The Owner will deliver the equipment to the Contractor at its
                own cost to the Contractor’s manufacturing site in Sacramento, California. The licensing fees for the PTC, cab signalling, and voice radio equipment are to be paid by the Owner. The provisioning, commissioning, validation and/or testing
                (including communication with the on-board units) of wayside equipment is normally provided by the supplier of the equipment and is not included in the Contractor’s scope. The pricing contained in Exhibit 7 (Prices) does not include the
                cost to engineer, integrate, install, test or validate service of the PTC, cab signalling equipment or voice radio equipment. The Contractor shall provide the engineering, installation, testing and validation services associated with
                implementing such systems in the locomotives upon the parties’ final agreement on the technical details, schedule and price associated with the services described in this Section 7.3. Because the supplier of the PTC, cab signalling
                equipment, and voice radio equipment have not yet been finally selected by the Owner, and as a result, the technical details are not finalized, the parties have agreed to an allowance:

            

    

     

    
      		7.3.1	
              For the PTC equipment: A one-time charge for engineering and integration of the onboard PTC equipment mechanically and electrically into the locomotive is yet to be determined. The price per locomotive for the
                installation and routine testing of the PTC equipment is yet to be determined. The Owner is responsible to procure the testing and validation of the PTC equipment with back-office server/dispatch system with the PTC equipment supplier, and
                it is not included in the Contractor’s scope or the allowance.

            

    

     

    
      		7.3.2	
              For the cab signalling: A one-time charge for engineering and integration of the cab signalling equipment mechanically and electrically into the locomotive is yet to be determined. The price per locomotive for the
                installation and routine testing of the cab signalling equipment is yet to be determined.

            

    

     

    
      		7.3.3	
              For the voice radio equipment: A one-time charge for engineering and integration of the voice radio equipment mechanically and electrically into the locomotive is yet to be determined. The price per locomotive for
                the installation and routine testing of the cab signalling equipment is yet to be determined.

            

    

    
      25

      
        

      

    

    
      		7.4	
              Within thirty (30) days from the execution of this Agreement, the Owner shall select the suppliers for the cab signalling equipment, and voice radio equipment and confirm the relevant specifications and supply
                arrangements for each of cab signalling equipment, and voice radio equipment in order for the Contractor to support the implementation of those systems in the locomotives. If the Owner does not select the suppliers and confirm the relevant
                specifications and supply arrangements within the time period set forth above, the Contractor shall be entitled to an extension of time as a Permitted Delay. Potential changes to the delivery and acceptance schedule may also apply,
                depending on the discussions with the corresponding suppliers. The space requirements for the onboard PTC equipment shall be agreed upon by the Owner and Contractor within forty-five (45) days from the execution of this Agreement. The
                parties acknowledge that the PTC equipment cannot be implemented when the Trains are in production. If production of the Train is underway or completed prior to the implementation of the PTC in the Trains, the parties will work together to
                minimize any resulting cost and schedule impact including, if necessary, the possible retrofit of the PTC equipment after the trains have been delivered to the Owner.

            

    

     

    
      	8.	
              DELIVERY AND ACCEPTANCE

            

    

     

    
      		8.1	
              Delivery and General Acceptance Provisions

            

    

     

    
      		8.1.1	
              The Contractor shall deliver the Trains and tender the Trains for acceptance in accordance with the Delivery Schedule.

            

    

     

    
      		8.1.2	
              On the day of delivery of any Train or Supplied Equipment to the Maintenance Facilities or such other suitable location mutually agreed upon by the Owner and the Contractor the condition of each Train and item of
                Supplied Equipment shall be jointly inspected by the Owner and the Contractor. If either party observes any damage or defect on any Train or item of Supplied Equipment (a “Delivery Condition Defect”) it shall be logged on a joint inspection
                report. The Contractor shall be entirely responsible for the rectification of all Delivery Condition Defects at its own cost. The Contractor shall be provided access to the Maintenance Facilities during normal business hours in order to
                commission and test the Train or Vehicle.

            

    

     

    
      		8.1.3	
              Unless otherwise agreed between the Contractor and the Owner, the Contractor shall not be entitled to Deliver a Train under this Section 8 prior to its respective Scheduled Delivery Date or Deliver any item of
                Supplied Equipment prior to its Scheduled Acceptance Date.

            

    

     

    
      		8.1.4	
              The Trains are to be tendered for Conditional Acceptance, Final Acceptance and Fleet Acceptance. Once delivered in accordance with Section 8.1.1, the testing of any Train for Conditional Acceptance in accordance
                with Section 8.2 shall commence within thirty (30) days of the date of delivery of such Train; provided that the Contractor has provided the Owner with a Test Plan for such Train no later than thirty (30) days prior to the date of delivery
                of such Train.

            

    

     

    
      		8.1.5	
              In any seven (7) day period, the Contractor shall not tender for Conditional Acceptance or Final Acceptance any more than two Trains unless otherwise agreed.

            

    

     

    
      		8.1.6	
              The Contractor shall manufacture and deliver all of the Phase 1 Spare Parts to Phase 1 Maintenance Facility on the dates set out in the Delivery Schedule and in any event not later than the date upon which the
                first Train to be delivered under this Agreement is tendered for Conditional Acceptance.

            

    

     

    
      		8.1.7	
              The Contractor shall manufacture and deliver each of the Special Tools to the Phase 1 Maintenance Facility on the dates set out in the Delivery Schedule and no less than four (4) weeks before the date upon which
                the first Train to be delivered under this Agreement is tendered for Conditional Acceptance.

            

    

     

    
      		8.1.8	
              The Owner acknowledges that the acceptance tests for the Phase 2 Trains under this Section 8 shall wherever practicable be the same as those for Phase 1 Trains but with the necessary amendments made in the case
                where a Phase 2 Train constitutes an additional Vehicle rather than a Train.

            

    

    
      26

      
        

      

    

    
      		8.1.9	
              Both Delivery of the Trains and the issuance of any Conditional Acceptance Certificate, Final Acceptance Certificate or Fleet Acceptance Certificate by the Owner pursuant to this Section 8 shall be without
                prejudice to the Owner’s rights to make any claim under this Agreement and shall not in any way:

            

    

     

    
      		(a)	
              release, diminish or in any other way affect the obligations of the Contractor under this Agreement; or

            

    

     

    
      		(b)	
              result in the Owner assuming any responsibility for the adequacy, completeness, condition or performance of the Trains or the Supplied Equipment.

            

    

     

    
      		8.2	
              Conditional Acceptance

            

    

     

    
      		8.2.1	
              The Owner acting reasonably shall not be obliged to accept a Train for Conditional Acceptance nor to issue a Conditional Acceptance Certificate unless:

            

    

     

    
      		(a)	
              the Train has successfully completed all testing in accordance with the Test Plan necessary for Conditional Acceptance;

            

    

     

    
      		(b)	
              such Train has achieved all Relevant Approvals in accordance with Section 4.4.1;

            

    

     

    
      		(c)	
              such Train has successfully completed the relevant Burn-In Procedure outlined in Appendix M to the Train Technical Specification in Exhibit 1 (Train Technical Specifications);

            

    

     

    
      		(d)	
              such Train is Fit for Purpose in accordance with clause (a) of the definition of “Fit for Purpose”;

            

    

     

    
      		(e)	
              all compression load and functional and static tests have successfully been passed, either at the Contractor’s manufacturing facility or at another certified testing facility;

            

    

     

    
      		(f)	
              the requisite Delivery Documentation has been delivered to the Owner;

            

    

     

    
      		(g)	
              such Train conforms to the Train Technical Specification, except for the Punch List items;

            

    

     

    
      		(h)	
              the performance and reliability of all the Trains that have previously achieved Conditional Acceptance prior to the date that the Contractor is tendering a Train for Conditional Acceptance is
                in accordance with the reliability plan described in the Train Technical Specification;

            

    

     

    
      		(i)	
              the Contractor has provided a certification to the Owner that such Train complies with all of the above requirements; and

            

    

     

    
      		(j)	
              the Owner has received the Phase 1 Supplied Equipment in accordance with the mutually agreed upon schedule.

            

    

     

    
      		8.2.2	
              Where the conditions specified in Sections 8.2.1 (a) to 8.2.1 (b) above have been fulfilled with respect to a Train, the Owner shall promptly issue a Conditional Acceptance Certificate to the Contractor with
                respect to such Train and Conditional Acceptance of such Train shall occur. If the Owner uses a Train in revenue passenger service, such Train shall be deemed to have received Conditional Acceptance. In the event that there are Punch List
                items mutually agreed upon by the parties that are outstanding, the Owner shall issue a Conditional Acceptance Certificate and be entitled to retain a reasonable amount from any related Milestone Payment but no event shall that amount
                exceed $25,000 pending completion of the relevant Punch List items by the Contractor, that is agreed by both parties to be sufficient and reasonable to cover the costs that the Owner would reasonably and properly incur to carry out such
                completion work. Any dispute as to what constitutes a reasonable amount may be referred by either party to resolution in accordance with Section 8.2.4.

            

    

    
      27

      
        

      

    

    
      		8.2.3	
              In the event that the Train does not receive Conditional Acceptance and has not been deemed to have received Conditional Acceptance under Section 8.2.2, the Owner shall within seven (7) days of the issue of the
                certification by the Contractor pursuant to Section (i), issue a written statement (the “Conditional Acceptance Statement”) setting out the specific reasons why it believes that the conditions specified in Sections 8.2.1 (a) to 8.2.1 (b)
                have not been satisfied and, as appropriate, the outstanding conditions to be satisfied and tasks to be performed by the Contractor and any agreed timetable to apply to the satisfaction of such conditions and tasks.

            

    

     

    
      		8.2.4	
              In circumstances where the Owner does not issue a Conditional Acceptance Certificate or the Train has not achieved Conditional Acceptance with respect to a Train in accordance with the terms of Sections 8.2.1 or
                8.2.2 and the Contractor, acting reasonably, disputes the reasons provided by the Owner, it shall notify the Owner of this in writing (the “Non-Consensus Alert”) within seven (7) days of receipt of the Conditional Acceptance Statement from
                the Owner. The Owner’s and the Contractor’s project managers shall meet no later than seven (7) days following the date of the Non-Consensus Alert (or such other date agreed between the parties) to seek to resolve the dispute outlined in
                the Non-Consensus Alert. If the Owner’s and the Contractor’s project managers cannot resolve the dispute within two (2) days, the managing director of the Contractor and the chief operating officer of the Owner (or equivalent from time to
                time) (the “Senior Representatives”) shall meet to attempt to resolve the dispute before taking any further action. If the Senior Representations cannot resolve the dispute within seven (7) days, either party may refer the dispute to be
                resolved In accordance with Section 37 (Dispute Resolution Procedure). During this period of time, no liquidated damages shall accrue; provided that liquidated damages shall be due and payable for this period of time to the extent that any
                Non-Consensus Alert dispute is resolved in favor of the Owner.

            

    

     

    
      		8.2.5	
              If the Contractor reasonably believes that the conditions specified in Sections 8.2.1 (a) to 8.2.1 (j) above have been satisfied, the Contractor may issue a notice to the Owner requiring the Owner to issue a
                certificate pursuant to Section 8.2.2 or to issue a written response to the Contractor setting out the reasons for the Owner refusing to issue such a certificate. If, within seven (7) days of receipt of a notice under this Section 8.2.5,
                the Owner neither issues a certificate pursuant to Section 8.2.2, nor issues such a written response, the Owner shall be deemed for the purposes of Section 8.2.2 to have issued a certificate pursuant to Section 8.2.2. dated as of the date
                the acceptance testing was performed.

            

    

     

    
      		8.2.6	
              If the Owner has advised the Contractor pursuant to Section 8.2.3 above that a Train has failed to comply with either Sections 8.2.1 or 8.2.2 and the Contractor has not provided the Owner with a Non-Consensus
                Alert within the period set forth in Section 8.2.5 which remains unresolved, the Contractor shall promptly and at its own cost cure any such non-compliance in the Train and ensure that the Train shall comply with Section 8.2.1. Following
                the curing of any such non-compliance the Contractor shall re-tender the Train for acceptance and the provisions of this Section 8.2 shall apply again with respect to such delivery.

            

    

    
      28

      
        

      

    

    
      		8.2.7	
              To the extent set out in the Test Plan, the Owner shall at Its own cost be responsible for the provision of (or procuring the provision of) all train operator and other staff and suitable windows of uninterrupted
                access to the Owner’s Network and Available Infrastructure required for the purpose of carrying out the testing of all Trains, provided that the Owner shall not be responsible for the cost of any additional train operators, staff or train
                paths over and above those set out in the Test Plan if the Trains fail the original tests or do not comply with the agreed timetables for any other reason.

            

    

     

    
      		8.2.8	
              If a Train fails to pass any of the tests set out in the Test Plan, the Contractor shall notify the Owner as soon as practicable, and in any event no later than two (2) Business Days after such failure. The
                Contractor shall repeat such test as soon as is reasonably practicable and shall continue to repeat it until such Train passes the relevant test and shall advise the Owner of any special measures required to be adopted by the Owner until
                the test is passed.

            

    

     

    
      		8.2.9	
              Where a Train has achieved Conditional Acceptance running at 79 mph and at that time the Available Infrastructure did not allow for running at 125 mph, the Contractor shall ensure that all such Phase 1 Trains are
                tested at 125 mph within four weeks of sufficient sections of the Owner Network being completed to allow running at 125 mph. In no event shall the failure of the Available Infrastructure to allow for the running at 125 mph, prevent the
                Train(s) from receiving a Conditional Acceptance Certificate.

            

    

     

    
      		8.3	
              Final Acceptance

            

    

     

    
      		8.3.1	
              Following the issuance of a Conditional Acceptance Certificate with respect to a Train, the Owner may commence operation of such Train in passenger service and the Contractor shall be entitled to have a
                representative participating in such operation as an observer (such observer shall at all times comply with the reasonable instructions of the Owner) for the purposes of monitoring compliance with the provisions of Section 8.3.2.

            

    

     

    
      		8.3.2	
              Final Acceptance of a Train shall occur when:

            

    

     

    
      		(a)	
              all non-compliances have been cured by the Contractor pursuant to Section 8.2.6;

            

    

     

    
      		(b)	
              the Punch List items have been rectified;

            

    

     

    
      		(c)	
              the Contractor has provided a certification to the Owner that such Train complies with all of the above requirements; and

            

    

     

    
      		(d)	
              the Owner, acting reasonably, confirms in writing that it is satisfied that the conditions set out in Sections 8.3.2(a) and 8.3(b) above have been met.

            

    

     

    For the avoidance of doubt, the Milestone Payment payable on Final Acceptance shall not become payable until the requirements of this
      Section 8.3.2 have been satisfied in full with respect to such Train.

     

    
      		8.3.3	
              Where the conditions specified in Sections (a) to 8.3(d) above have been fulfilled with respect to a Train, the Owner shall issue a Final Acceptance Certificate to the Contractor with respect to such Train and
                Final Acceptance of such Train shall occur within seven (7) days. If the Owner fails to issue a Final Acceptance Certificate within seven (7) days of the issue of the certification by the Contractor pursuant to Section 8.3.2(c) and the
                conditions of Sections (a) to 8.3(d) above have been fulfilled with respect to a Train, the Train shall be deemed to have achieved Final Acceptance.

            

    

    
      29

      
        

      

    

    
      		8.4	
              Fleet Acceptance

            

    

     

    
      		8.4.1	
              The Contractor shall make a submission for Fleet Acceptance to the Owner once the following fleet acceptance criteria have been satisfied:

            

    

     

    
      		(a)	
              all Phase 1 Trains have achieved Final Acceptance;

            

    

     

    
      		(b)	
              all Phase 1 Train has achieved all Relevant Approvals in accordance with Section 4.4.1;

            

    

     

    
      		(c)	
              receipt by the Owner of all the Delivery Documentation;

            

    

     

    
      		(d)	
              where the Phase 1 Trains have met the requirements of the reliability plan described in the Train Technical Specification; and

            

    

     

    
      		(e)	
              the Contractor has provided a certification to the Owner that such Train complies with all of the above requirements.

            

    

     

    
      		8.4.2	
              Where the conditions specified in Sections (a) to (e) above have been fulfilled with respect to the Phase 1 Trains, the Owner shall issue a Fleet Acceptance Certificate to the Contractor and Fleet Acceptance shall
                occur within seven (7) days.

            

    

     

    
      		8.4.3	
              The provisions of Sections 8.4.1 to 8.4.2 (inclusive) shall apply equally to the Phase 2 Trains subject only to such changes as are necessary to give effect to this Section.

            

    

     

    
      		8.5	
              Phase 1 Spare Parts

            

    

     

    
      		8.5.1	
              Upon delivery of the Phase 1 Spare Parts, the Contractor shall issue a Phase 1 Spare Parts Compliance Certificate.

            

    

     

    
      		8.5.2	
              The Owner shall be entitled to reject the delivery of a Phase 1 Spare Part if it is not accompanied by a Phase 1 Spare Parts Compliance Certificate.

            

    

     

    
      		8.5.3	
              The price for the Phase 1 Spare Parts shall be the Phase 1 Spare Parts Price which shall be payable in accordance with Section 15 (Payment).

            

    

     

    
      		8.6	
              Special Tools

            

    

     

    
      		8.6.1	
              Upon delivery of each Special Tool, the Contractor shall, where applicable provide a Special Tools instruction document for such Special Tool.

            

    

     

    
      		8.6.2	
              The Owner shall be entitled to reject the delivery of a Special Tool if it is not accompanied by a Special Tools Compliance Certificate.

            

    

     

    
      		8.6.3	
              Conditioned upon the Owner making its staff available, the Contractor shall ensure that sufficient numbers of the Owner’s staff (or other staff nominated by the Owner) will be trained to operate the Special Tools
                pursuant to Section 4.6 by the time they are to be used.

            

    

     

    
      		8.6.4	
              The price for the Special Tools shall be the Special Tools Price which shall be payable In accordance with Section 15 (Payment).

            

    

     

    
      	9.	
              CONTRACTOR’S OBLIGATIONS AND PROCEDURES

            

    

     

    
      		9.1	
              The Contractor shall at all times in performing its obligations under this Agreement:

            

    

     

    
      		9.1.1	
              perform its obligations in accordance with all due skill, care, diligence, prudence and foresight to be expected of appropriately qualified and experienced professional designers and engineers with experience in
                carrying out work of a similar scope, type, nature and complexity to that required from the Contractor under this Agreement;

            

    

    
      30

      
        

      

    

    
      		9.1.2	
              comply in all respects with the standards or methods of performance detailed in the Train Technical Specification;

            

    

     

    
      		9.1.3	
              ascertain and comply in all respects with all Applicable Laws and Regulations including, but not limited to, those pertaining to performing its obligations in a safe manner and free from any material risk to the
                health and well-being of persons using, operating or maintaining, or involved in the management of the Trains;

            

    

     

    
      		9.1.4	
              without prejudice to the foregoing, exercise all due skill, care, diligence and safety practice in the performance of its obligations under this Agreement and not in any manner endanger the health and safety or
                unreasonably interfere with the proper performance of the duties of the Owner’s employees or those of any third parties;

            

    

     

    
      		9.1.5	
              comply with any applicable safety requirements and the System Safety Plan; and

            

    

     

    
      		9.1.6	
              use materials and goods which are new and of sound and good quality and in accordance with the Quality Assurance Plan such that the Trains will be of new manufacture and of sound and good quality.

            

    

     

    
      		9.2	
              The Contractor shall supply the part numbers and original equipment manufacturer serial numbers (if applicable) for all Parts and Supplied Equipment provided under this Agreement.

            

    

     

    
      		9.3	
              The Contractor shall ensure that all of its employees, Sub-Contractors, suppliers of Parts or agents have the requisite training, skills and competencies to carry out the obligations under this Agreement. Without
                prejudice to the foregoing the Contractor shall ensure that its employees, Sub-Contractors, suppliers of Parts or agents comply with all Applicable Laws and Regulations in undertaking the obligations in Section 9.1.3.

            

    

     

    
      		9.4	
              The Contractor shall produce and maintain a History Book for each Vehicle until such Vehicle has achieved Final Acceptance and all discrepancies are resolved. The History Book shall be provided to the Owner with
                the Vehicle and shall be provided in a three-ring binder and in agreed electronic format. Documentation recording changes (including but not limited to configuration and software revision) made during the Warranty Period shall be submitted
                for inclusion in the History Book.

            

    

     

    
      		9.5	
              The Contractor shall use commercially reasonable efforts to assist the Owner in complying with the Owner’s obligations to complete all necessary filings and registrations with the FRA, as well as filings or
                registrations with respect to the Phase 1 Trains pursuant to the requirements of the Vendor Financing Security Agreement, and generally to cooperate with the Owner in connection with the requirements of any federal financing arrangements,
                including any RRIF loan agreement.

            

    

     

    
      		9.6	
              The Contractor shall assist the Owner in complying with those requirements of any security required to be put in place by the FRA in connection with the granting of any RRIF loan such requirements to be notified
                by the Owner to the Contractor.

            

    

     

    
      		9.7	
              The Contractor shall maintain compliance with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR Subtitle B, Chapter
                V, as amended) and any other enabling legislation or executive order relating thereto and (ii) the USA Patriot Act.

            

    

     

    
      		9.8	
              No part of the proceeds of the payments made hereunder will be used, directly or, to the knowledge of the Contractor, indirectly, for any payments to any governmental official or employee, political party,
                official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA.

            

    

    
      31

      
        

      

    

    
      		9.9	
              Prior to freezing the vehicle design, the Contractor will provide the Owner with the clearance diagram and the platform interface diagram for the Train.

            

    

     

    
      		9.10	
              The Contractor shall provide, at its own expense, all equipment for the Phase 1 Maintenance Facility specified in Part 3 of Exhibit 2 (Maintenance Facility Layout and Commissioning Equipment).

            

    

     

    
      		9.11	
              The obligations of the Contractor under this Section 9 are without prejudice to the obligations of the Contractor set forth elsewhere in this Agreement.

            

    

     

    
      	10.	
              OWNER’S OBLIGATIONS

            

    

     

    
      		10.1	
              Subject to the terms of this Agreement, the Owner shall buy the Trains designed, manufactured, tested, commissioned and sold in accordance with this Agreement, the Train Technical Specification and the Delivery
                Schedule. On completion of each Milestone, the Owner undertakes to pay the Contractor in accordance with the terms of this Agreement the amounts, and otherwise upon the terms, set out in Exhibit 5 (Milestones).

            

    

     

    
      		10.2	
              The Owner shall comply with all Applicable Laws and Regulations governing the operations of the Trains and in the performance of its obligations under this Agreement.

            

    

     

    
      		10.3	
              The Owner shall ensure that all of its employees, sub-contractors or agents have the requisite training, skills and competencies to carry out the operations of the Trains on the Owner Network. Without prejudice to
                the foregoing the Owner shall ensure that its employees, sub-contractors or agents comply with all Applicable Laws and Regulations.

            

    

     

    
      		10.4	
              Without prejudice to the foregoing, exercise all due skill, care, diligence and safety practice in the performance of its obligations under this Agreement and not in any manner endanger the health and safety or
                unreasonably interfere with the proper performance of the duties of the Contractor’s employees or those of any third parties.

            

    

     

    
      		10.5	
              The Owner shall review and if required approve documentation in order to facilitate the achievement of Milestones of the Delivery Schedule including but not limited to designs, design review documentation,
                drawings, certifications for Conditional Acceptance, Final Acceptance and Change Notices.

            

    

     

    
      		10.6	
              The Owner shall provide, at its own expense, all equipment for the Phase 1 Maintenance Facility specified in Part 2 of Exhibit 2 (Maintenance Facility Layout and Commissioning Equipment).

            

    

     

    
      		10.7	
              The obligations of the Owner under this Section 10 are without prejudice to the obligations of the Owner set forth elsewhere in this Agreement.

            

    

     

    
      	11.	
              DELIVERY SCHEDULE

            

    

     

    
      		11.1	
              The parties acknowledge that the Delivery Schedule as of the date hereof is included in Exhibit 4 (Delivery Schedule).

            

    

     

    
      		11.2	
              Within seven (7) days following the last day of each month, the Contractor shall submit to the Owner a report (a “Monthly Progress Report”) for review.

            

    

    
      32

      
        

      

    

    
      		11.3	
              The Monthly Progress Report shall contain:

            

    

     

    
      		11.3.1	
              an updated Delivery Schedule so as to reflect:

            

    

     

    
      		(a)	
              any agreed amendments to the Delivery Schedule;

            

    

     

    
      		(b)	
              any Mandatory Modifications;

            

    

     

    
      		(c)	
              any Changes agreed in accordance with Section 13 which affect the Delivery Schedule; and

            

    

     

    
      		(d)	
              any Permitted Delay established in accordance with Section 14.9; and

            

    

     

    
      		11.3.2	
              a separate parallel program showing the actual progress of construction, which for the avoidance of doubt shall not amend the Delivery Schedule.

            

    

     

    
      		11.4	
              Upon receipt of the Monthly Progress Report (as updated in accordance with 11.3.1) the Owner may, acting reasonably, provide the Contractor with any comments, provided that, no such comments may result in any
                revisions to the Monthly Progress Report, unless a Change to the Delivery Schedule is made.

            

    

     

    
      		11.5	
              Notwithstanding any other provisions of this Agreement, there shall be no change to any Scheduled Delivery Date or Scheduled Acceptance Date other than in accordance with Sections 13 or 14 or with the express
                written consent of the Owner which may be withheld in its absolute discretion.

            

    

     

    
      	
              12.

            	
              PLANS AND MANUALS

            

    

     

    Plans

     

    
      		12.1	
              The Contractor shall provide the Owner with drafts of the Plans by the corresponding dates set forth in each respective Appendix of Exhibit 1 (Train Technical Specification).

            

    

     

    
      		12.2	
              The Owner shall, acting reasonably, notify the Contractor of any amendments required to the draft Plans within six (6) weeks of receiving the draft Plans from the Contractor.

            

    

     

    
      		12.3	
              The Contractor and Owner agree to discuss such comments in good faith and, following such discussion, the Contractor shall incorporate the amendments required by the Owner and provide the Owner with updated
                versions of the Plans for agreement (in hard copy and electronic form) within four (4) weeks of the Owner notifying the Contractor of any amendments. Once agreed by the Owner, the final versions shall be deemed to be the final Plans for the
                purposes of this Agreement.

            

    

     

    
      		12.4	
              Once agreed pursuant to Section 12.3 above the Contractor shall:

            

    

     

    
      		12.4.1	
              provide the Owner with an electronic copy of each of the Plans; and

            

    

     

    
      		12.4.2	
              comply with the provisions of the Plans at all times throughout the course of this Agreement unless otherwise agreed with the Owner.

            

    

     

    
      		12.5	
              Notwithstanding the provisions of Section 19 (Intellectual Property Rights), the Owner shall be entitled, free of charge, to duplicate as many copies of the Plans as it requires.

            

    

     

    Operation and Maintenance Manuals

     

    
      		12.6	
              The Contractor shall provide drafts of the Operation and Maintenance Manuals, and all documentation comprised therein necessary to permit:

            

    

     

    
      		12.6.1	
              the operation and use of the Trains and Vehicles (including all Parts) and the Supplied Equipment; and

            

    

     

    
      		12.6.2	
              the maintenance, overhaul and repair of the Trains, Vehicles and the Supplied Equipment, in accordance with the process in Section 12.9.

            

    

    
      33

      
        

      

    

    
      		12.7	
              Such documentation shall be presented in a clear format and all information provided shall be adequate to allow any qualified and experienced professional third party (with experience in carrying out maintenance
                of rolling stock of a similar type, nature and complexity to that provided under this Agreement) successfully to operate the Train, the Vehicles and the Supplied Equipment and understand and comply with the maintenance requirements.

            

    

     

    
      		12.8	
              The Contractor shall supply to the Owner electronic versions in the English language of each of the Train Operator’s Manual and the Maintenance Manual.

            

    

     

    Notwithstanding the provisions of Section 19 (Intellectual Property Rights), the Owner shall be entitled, free of charge, to duplicate as
      many copies of the Operation and Maintenance Manuals as it requires.

     

    
      		12.9	
              The Contractor shall provide the following to the Owner:

            

    

     

    
      		12.9.1	
              no later than twelve (12) weeks prior to Conditional Acceptance of the first Train, draft Operations and Maintenance Manuals;

            

    

     

    
      		12.9.2	
              no later than Fleet Acceptance, final Operations and Maintenance Manuals, based on the templates of such documents specified in Exhibit 6 (Plans/Manuals). The Operation and Owner shall notify the Contractor of any
                amendments required within four (4) weeks of receiving any drafts from the Contractor. The Contractor and the Owner agree to discuss such amendments in good faith and, following such discussion, the Contractor shall incorporate the
                amendments required by the Owner and provide the Owner with the final version of the Operation and Maintenance Manuals as agreed by the Owner. The final versions agreed by the Owner shall be the Operation and Maintenance Manuals for the
                purposes of this Agreement.

            

    

     

    Updates to Operation and Maintenance Manuals

     

    
      		12.10	
              The cost of producing all of the Delivery Documentation shall be included in the Aggregate Contract Price. Title to copies of all the initial versions of the Delivery Documentation (including the full sets of the
                same supplied to the Owner pursuant to this Section 12) shall vest in, and remain with, the Owner from the date of delivery pursuant to this Agreement and title to copies all such subsequent versions of the Delivery Documentation shall vest
                in, and remain with, the Owner on the date on which such versions are delivered to the Owner. For avoidance of doubt the Intellectual Property Rights in the Delivery Documentation shall remain and vest in the Contractor.

            

    

     

    
      	13.	
              CHANGES

            

    

     

    
      		13.1	
              If the Owner wishes to introduce a Change of any kind, the Owner shall complete the relevant sections of a Change Notice to specify the proposed Change, the action that the Contractor should undertake and the
                reasons for the Change.

            

    

     

    
      		13.2	
              The Contractor shall respond to the Change Notice in full to the Owner as soon as reasonably practicable and in any event within twenty one (21) days (or such other time period as is agreed by the parties) and the
                Contractor’s response will state:

            

    

     

    
      		13.2.1	
              the effect (if any) of the Change, the Train Technical Specification, the Delivery Schedule and each Scheduled Acceptance Date;

            

    

     

    
      		13.2.2	
              if Implementation of the Change will result in any increase in cost or any increase in any element of the Aggregate Contract Price, including the basis on which the increase is calculated provided that any costs
                associated with additional labor will be consistent with the Regulated Labor Rates; and

            

    

    
      34

      
        

      

    

    
      		13.2.3	
              if implementation of the Change will result in a cost saving or any reduction in any element of the Aggregate Contract Price, including the basis on which the reduction is calculated.

            

    

     

    
      		13.3	
              If the Contractor wishes to introduce a Change of any kind, the Contractor shall complete the relevant sections of a Change Notice and send a copy to the Owner. The Change Notice shall specify the proposed Change,
                the action the Contractor will be required to undertake and reasons for the Change in addition to the information that the Contractor would have been required to provide pursuant to Section 13.2 if the Change Notice had been submitted by
                the Owner.

            

    

     

    
      		13.4	
              On receipt of the Contractor’s response to a Change Notice pursuant to Section 13.2 or a Change Notice from the Contractor pursuant to Section 13.3, the Owner shall within 14 days either:

            

    

     

    
      		13.4.1	
              if satisfied with the information provided pursuant to Section 13.2, notify the Contractor that it wishes to proceed with the Change in which case Section 13.7 shall apply;

            

    

     

    
      		13.4.2	
              if not satisfied with the information provided pursuant to Section 13.2, require (acting reasonably) the Contractor to reconsider and make a further proposal in relation to the relevant Change in which case the
                provisions of Section 13.6 shall apply;

            

    

     

    
      		13.4.3	
              inform the Contractor in writing that it does not wish the Change to be carried out, in which case the Contractor and the Owner will perform their obligations in accordance with the terms of this Agreement without
                the benefit of the Change; or

            

    

     

    
      		13.4.4	
              inform the Contractor in writing that the Owner does not consider the Change to be necessary in which case the Contractor and the Owner will perform their obligations in accordance with the terms of this Agreement
                without the benefit of the Change.

            

    

     

    
      		13.5	
              The Owner shall have the right to require the Contractor to produce any information or any other supporting documentation reasonably required to evaluate the requested Change Notice or the information provided
                pursuant to Section 13.2 in relation to cost, time and any other consequences specified in the Contractor’s response to a Change Notice pursuant to Section 13.2 or a Change Notice from the Contractor pursuant to Section 13.3, with respect
                to quotations submitted.

            

    

     

    
      		13.6	
              If Section 13.4.2 applies, then:

            

    

     

    
      		13.6.1	
              the Owner and the Contractor shall negotiate in good faith for a period of up to twenty eight (28) days after receipt by the Owner of the Contractor’s proposal in order to seek terms with respect to the relevant
                Change which are acceptable to them. At the end of such period, if the parties have agreed to amend the terms of the Change Notice with respect to the relevant Change the Contractor shall issue to the Owner a new Change Notice (the “Revised
                Change Notice”); and

            

    

     

    
      		13.6.2	
              if the Owner accepts the Revised Change Notice and wishes to authorize the relevant Change then Section 13.7 shall apply.

            

    

     

    
      		13.7	
              Where, in relation to any Change, the Contractor and the Owner agree a Change Notice or a Revised Change Notice the Contractor and the Owner shall agree and enter into such amendments to the terms of this
                Agreement to give effect thereto.

            

    

    
      35

      
        

      

    

  

  
     

    
      		13.8	
              Where the Parties reach an agreement in accordance with Section 13.7 above, the Owner shall issue a Change Confirmation Notice documenting the agreed Change. The Change Confirmation Notice shall:

            

    

     

    
      		13.8.1	
              attach a copy of the Change Notice or Revised Change Notice;

            

    

     

    
      		13.8.2	
              record the agreed instructions (including the date from which the Change will become effective); and

            

    

     

    
      		13.8.3	
              be signed by both parties.

            

    

     

    
      		13.9	
              Each party shall pay its own costs and expenses, in each case of any nature whatsoever, incurred in connection with the consideration of each Change Notice or Revised Change Notice and any response thereto.

            

    

     

    
      		13.10	
              Where any Mandatory Modification is required, (i) either the Owner or the Contractor shall complete the relevant sections of a Change Notice and send a copy thereof to the other party and (ii) all other relevant
                Change Notice procedures set forth in this Section 13 shall be followed in order for such Mandatory Modification to be implemented with respect to the relevant Train, Vehicle and/or Supplied Equipment.

            

    

     

    
      		13.11	
              Where any Mandatory Modification is required as a result of:

            

    

     

    
      		13.11.1	
              a failure by the Contractor to comply with this Agreement or a Change in Law (other than a Discriminatory Change in Law) the Contractor shall implement the Mandatory Modification at its own cost; and

            

    

     

    
      		13.11.2	
              any other reason (including a Discriminatory Change in Law), the Contractor shall implement the Mandatory Modification at the cost of the Owner,

            

    

     

    to ensure that the Mandatory Modification is carried out to the Trains, the Vehicles and the Supplied Equipment in accordance with all
      relevant Applicable Laws and Regulations and within any time limits set out in such Applicable Laws and Regulations for the completion of such Mandatory Modification. In the event the Mandatory Modification is not required to be completed under
      Applicable Laws and Regulations until after the Scheduled Acceptance Date for the first Train the Contractor shall nevertheless ensure the Mandatory Modification is completed by the Scheduled Acceptance Date for each Train.

     

    
      		13.12	
              Any dispute, controversy or claim, of whatever nature between the parties arising out of, under or in connection with a Change, shall be dealt with in accordance with Section 37 of this Agreement.

            

    

     

    
      	14.	
              EXTENSIONS OF TIME

            

    

     

    
      		14.1	
              If the Delivery Schedule is, or is reasonably likely to be, delayed for any of the reasons set out in the definition of Permitted Delay (a “Potential Permitted
                  Delay”) then Contractor may be entitled to treat such Potential Permitted Delay as a Permitted Delay for the purposes of this Agreement.

            

    

     

    
      		14.2	
              Either party shall give written notice (except in cases of emergency, when shorter, oral notice may be given, but which shall be confirmed in writing as soon as reasonably practicable thereafter) to the other of
                the details of any Potential Permitted Delay as soon as that party becomes aware of such Potential Permitted Delay or as soon as that party can reasonably foresee a Potential Permitted Delay occurring.

            

    

     

    
      		14.3	
              On receipt of any notice under Section 14.2, the Owner shall allocate a unique number to the claim (and provide notice thereof to the Contractor). The Owner shall maintain a sequentially numbered register of all
                claims made, and extensions of time granted, under this Section 14. All subsequent correspondence between the parties in relation to any claim made, or extension of time granted, under this Section 14 shall bear the relevant allocated
                number.

            

    

    
      36

      
        

      

    

    
      		14.4	
              Any notice given under Section 14.2 shall not in any event be given later than fourteen (14) days after the party becomes aware of the actual or likely occurrence of such Potential Permitted Delay, and in either
                case that notice shall:

            

    

     

    
      		14.4.1	
              state the current view of the likelihood and probable extent of the delay; and

            

    

     

    
      		14.4.2	
              specify whether that party is of the opinion that the Contractor may become, entitled to treat such Potential Permitted Delay as a Permitted Delay.

            

    

     

    
      		14.5	
              The affected party shall use, and continue to use, commercially reasonable efforts to avoid or reduce the effects or likely effects of any Potential Permitted Delay.

            

    

     

    
      		14.6	
              As soon as practicable, but, in any event within twenty one (21) days after the date by which notice is given under Section 14.2, the Contractor shall give the Owner in writing:

            

    

     

    
      		14.6.1	
              full details of the cause and extent of the delay and the effects of the delay on the Contractor’s ability to comply with its obligations under this Agreement;

            

    

     

    
      		14.6.2	
              (other than in relation to a delay caused by clause (b) of the definition of Permitted Delay) full details of the Contractor’s reasonable actual increased costs arising from such delay;

            

    

     

    
      		14.6.3	
              details of the documents that will be relied upon to support any claim of the Contractor for an extension of time and impact costs based on the Potential Permitted Delay; and

            

    

     

    
      		14.6.4	
              details of the measures which the Contractor has adopted and/or proposes to adopt to avoid or reduce the effects of the Potential Permitted Delay or its ability duly to comply with its obligations under this
                Agreement if the Contractor knows.

            

    

     

    
      		14.7	
              Where either a Potential Permitted Delay has a continuing effect or the Contractor is unable to determine whether the effect of the Potential Permitted Delay will actually cause it not to be able to comply with
                some or all of its obligations under this Agreement, such that it is not practicable for the Contractor to submit full and detailed particulars in accordance with Section 14.6, then, within fourteen (14) days after the date notice is given
                under Section 14.2, the Contractor shall instead submit to the Owner:

            

    

     

    
      		14.7.1	
              a statement to that effect with reasons, together with interim written particulars (including details of the likely consequences of the Potential Permitted Delay on the Contractor’s ability to comply with some or
                all of its obligations under this Agreement and an estimate of the likelihood and likely extent of the delay and cost); and

            

    

     

    
      		14.7.2	
              thereafter, at intervals update the statement. If the Contractor is able to determine the effect of the Potential Permitted Delay within twenty eight (28) days, submit to the Owner the items referred to in Section
                14.6.

            

    

     

    
      		14.8	
              The Contractor shall not be entitled to an extension of time or impact costs if and to the extent that the Potential Permitted Delay is directly attributable to any breach, act or omission by the Contractor of its
                obligations under this Agreement.

            

    

     

    
      		14.9	
              If the Owner believes that the Contractor is fairly entitled to treat the Potential Permitted Delay as a Permitted Delay and as a result thereof an extension of time and/or cost relief (to any Scheduled Acceptance
                Date or to any other Milestone) under this Section 14, then, within fourteen (14) days, or such further time as may be reasonable in the circumstances, after:

            

    

    
      37

      
        

      

    

    
      		14.9.1	
              receipt of final, full and detailed particulars of the cause and actual effect of any Potential Permitted Delay pursuant to Section 14.6; or

            

    

     

    
      		14.9.2	
              where an event has a continuing effect or where the Owner anticipates a significant delay before the actual effect of a Potential Permitted Delay becomes ascertainable and the Owner considers that an interim
                extension of time and/or cost relief should be granted, receipt of such particulars pursuant to Section 14.7 as, in the Owner’s opinion, are sufficient for the Owner to determine whether the Contractor is fairly entitled to such an interim
                extension of time,

            

    

     

    the Owner shall:

     

    
      		(a)	
              determine, grant and notify to the Contractor that extension by written notice and any such extension shall amend the Delivery Schedule accordingly and the Contractor shall be entitled to treat such delay as a
                Permitted Delay for the period of the extension; and

            

    

     

    
      		(b)	
              (other than in relation to a delay caused by clause (b) of the definition of Permitted Delay) pay to the Contractor its reasonable actual increased costs arising from such delay for which the Contractor has
                provided the Owner with satisfactory evidence that such costs have been or will be incurred.

            

    

     

    
      		14.10	
              If the Owner decides that the Contractor is not entitled to an extension of time and/or cost relief, the Owner shall notify the Contractor accordingly within seven (7) days in writing after receipt of notice under
                Section 14.2.

            

    

     

    
      		14.11	
              Any extension of time given by the Owner under Section 14.9 to a particular Scheduled Acceptance Date or any other Milestone shall not of itself entitle the Contractor to any extension to any other Scheduled
                Acceptance Date or any Milestone or any other period. The Contractor must make a claim under this Section 14.11 for an extension of time and impact cost to each date or period to which it believes it is, or may become, entitled under
                Section 14.11.

            

    

     

    
      		14.12	
              Any extension of time granted and compensation paid by the Owner to the Contractor shall, except as expressly provided elsewhere in this Agreement, be in full compensation and satisfaction for any loss sustained
                or sustainable by the Contractor with respect to any matter or thing in connection with which that extension is granted.

            

    

     

    
      		14.13	
              The Contractor may not make a claim for an extension of time or compensation under this Section 14.13 in circumstances where the occurrence of a Potential Permitted Delay has resulted in the Owner or the
                Contractor (as the case may be) issuing a Change Notice. In those circumstances, any claim for an extension of time shall be made, and any extension of time shall be granted, in accordance with the request in the Change Notice.

            

    

     

    
      		14.14	
              If the Contractor believes that a decision of the Owner under this Section 14 (Extensions of Time) is incorrect or not made in accordance with the terms of this Agreement, the provisions of Section 37 (Dispute
                Resolution Procedure) shall apply.

            

    

     

    
      	15.	
              PAYMENT

            

    

     

    
      		15.1	
              The Owner shall, in accordance with the provisions of this Section 15, pay to the Contractor the Phase 1 Train Price, the Phase 1 Spare Parts Price and the Special Tools Price in the manner set out in this Section
                15 as appropriate.

            

    

    
      38

      
        

      

    

    
      		15.2	
              In the event of an uncured Contractor Event of Default under Sections 20.1.1 and 20.1.3 (b), the Owner may withhold payments due and payable under Section 15.1 to the Contractor and place such payments in escrow
                with a third party commercial bank until the Contractor cures the Contractor Event of Default. The escrowed funds will be disbursed by the escrow agent once the Contractor cures the Contractor Event of Default. Should the Contractor dispute
                that a Contractor Event of Default has occurred, the parties will resolve the dispute under Section 37 (Dispute Resolution Procedure). In the event the Contractor fails to cure the Event of Default, the Owner may terminate the Contractor
                under Section 20.2.1 (a). The funds in escrow will be disbursed by the escrow agent to the Owner in accordance with Section 21.

            

    

     

    
      		15.3	
              On the completion of each Milestone, the Contractor shall submit an invoice for the amount set out against the relevant Milestone in Exhibit 5 (Milestones) (setting out in reasonable detail a description of the
                Milestone achieved) to the Owner at the address specified in Section 33 provided that no invoice shall be submitted by the Contractor prior to the “Earliest Date” for such Milestone as set out in the sixth column of the Milestone Schedule
                table in Exhibit 5 (Milestones). Subject to Section 15.8, the Owner agrees to pay each invoice within thirty (30) days of receipt of an invoice which complies with this Section 15.3. The Contractor shall reduce the invoice for Milestone 1
                to take account of all amounts previously paid by the Owner pursuant to the Limited Notices to Proceed.

            

    

     

    
      		15.4	
              Subject to Section 15.8 the Owner shall, with respect to the Phase 1 Spare Parts, on receipt by it of an appropriate invoice in accordance with Section 15.2 with respect to the Phase 1 Spare Parts received by it
                accompanied by a Phase 1 Spare Parts Compliance Certificate, pay to the Contractor within thirty (30) days of receipt by it of such invoice the relevant proportion of the Phase 1 Spare Parts Price.

            

    

     

    
      		15.5	
              Subject to Section 15.8 the Owner shall, with respect to the Special Tools, on receipt by it of an appropriate invoice in accordance with Section 15.2 with respect to the Special Tools received by it accompanied
                by a Special Tools Compliance Certificate, pay to the Contractor within thirty (30) days of receipt by it of such invoice the relevant proportion of the Special Tools Price.

            

    

     

    
      		15.6	
              Method of Payment

            

    

     

    Subject to Section 15.9, all payments required to be made under this Agreement will be made in U.S. Dollars on the relevant due date by
      wire transfer of immediately available funds to

     

    Siemens Industry, Inc.

     

    Citibank NY–SwiftCode CITIUS33

     

    A#30824174

     

    ABA 021000089

     

    If the due date for any payment falls on a day which is not a Business Day, payment shall be made on the next Business Day.

     

    If Contractor’s wire transfer details change, Contractor will notify Owner in writing pursuant to Section 33 (Notices).

     

    
      		15.7	
              Late Fees

            

    

     

    If any party fails to pay any amount payable under this Agreement on the date when it is due, a late payment fee of the lesser of one
      percent (1%) of such total amount payable calculated on a compound basis monthly for such amount or the interest rate allowable under New York law. Late Fees shall not be due or payable during the process of resolution of disputed charges to the
      extent that the dispute is resolved in favor of the payer.

    
      39

      
        

      

    

    
      		15.8	
              Disputed Invoices

            

    

     

    The Owner shall notify the Contractor in writing of any disputed amounts or invoices stating the reasons for such dispute within five (5)
      Business Days of receipt of such invoice, and any dispute shall be resolved in accordance with Section 37 (Dispute Resolution Procedure). In the event of any disputed invoice, the undisputed element of such invoice shall be paid by the Owner in
      accordance with this Section 15 (Payment).

     

    
      		15.9	
              Set-Off

            

    

     

    
      		15.9.1	
              Subject to Section 15.9.2 and any other express right stated otherwise in this Agreement, no party shall be entitled to set-off any liability for payment under this Agreement against any sum owed to it by the
                other parties under this Agreement.

            

    

     

    
      		15.9.2	
              In the event that any undisputed amount is past due and payable by the Contractor to the Owner under this Agreement, such sum may be deducted by the Owner from any sum owing under this Agreement to the Contractor.

            

    

     

    
      		15.10	
              Payments Without Prejudice

            

    

     

    Payment of invoices by the Owner and acceptance of payment by the Contractor shall be without prejudice to any claims or rights which the
      one may have against the other and shall not, by itself, constitute any admission by either party as to the proper performance by the other party of its obligations under this Agreement.

     

    
      		15.11	
              Sales Tax

            

    

     

    The parties agree that the sale, delivery, acceptance, title transfer and transfer of risk of loss of each Vehicle, Train, item of
      Supplied Equipment, manual or other item conveyed from the Contractor to the Owner under the terms of this Agreement, including all work and services provided under the Limited Notices to Proceed, shall take place in the State of Florida. The Owner
      shall provide the Contractor with a certificate of sales tax exemption for Florida.

     

    
      	16.	
              TITLE

            

    

     

    
      	16.1	
              In relation to each Vehicle or Train, prior to the date of Delivery of a Vehicle or Train, the Contractor shall bear all risk of loss of or damage to that Vehicle and Train and all materials which are, or are to
                be, incorporated into or fixed to such Vehicle and Train and such risk of loss or damage shall pass to the Owner on Delivery except for loss or damage attributable to acts or omissions of the Contractor.

            

    

     

    
      	16.2	
              Title to each Vehicle and Train shall pass to the Owner on the date of Conditional Acceptance of such Vehicle or Train (with full title guarantee subject to any Security Interest created by/on behalf of the Owner
                pursuant to the Contract Documents) notwithstanding that the payment due with respect to that Vehicle or Train on the final Milestone relative thereto is not then due for payment.

            

    

     

    
      	16.3	
              In relation to the Supplied Equipment, title to and risk in each such item shall pass to the Owner by Delivery on the date of Delivery of the relevant Supplied Equipment Compliance Certificate. Prior to such date,
                the Contractor shall bear all risk of loss of or damage to such items and all materials which are, or are to be, incorporated into or fixed to such items.

            

    

    
      40

      
        

      

    

    
      	16.4	
              Except as provided under this Agreement, passing of title under this Agreement shall be without prejudice to the Owner’s rights under this Agreement and shall not discharge the Contractor from any of its
                obligations.

            

    

     

    
      	17.	
              INSPECTION AND TESTING

            

    

     

    
      		17.1	
              In order to verify performance of and compliance with this Agreement, the Owner shall be entitled, either itself or using such agents or third party representatives as it may authorize:

            

    

     

    
      		17.1.1	
              upon not less than seven (7) days written notice to inspect or witness any aspect of the design, manufacture, testing, certification or commissioning of the Trains, Vehicles or Supplied Equipment, or their
                components during the Contractor’s normal business hours and in compliance with the Contractor’s safety and security policies; and

            

    

     

    
      		17.1.2	
              upon reasonable prior notice, to inspect any of the Delivery Documentation and the Contractor’s other books and records relating to this Agreement and to take copies and extracts from the same to discuss with any
                financing party.

            

    

     

    Where such inspection reasonably requires the attendance or participation by the Contractor, the Contractor shall provide such attendance
      or participation by appropriately qualified individuals at its own cost. No such inspection shall unreasonably disrupt the normal business operations of the Contractor. Any corrective action found to be required as a consequence of such inspection in
      the performance of or compliance with the Contractor’s obligations under this Agreement shall be carried out by the Contractor at its own expense. Notwithstanding the foregoing, the Owner or its agents or third party representatives may not require
      the opening or disassembling of work including the Trains, Vehicles or Supplied Equipment or their components. The Owner shall be entitled to undertake or witness such inspection on the premises of the Contractor or a Sub-Contractor or supplier of a
      Key Component. Any third party or witness shall execute a non-disclosure agreement with Contractor with terms substantially similar to Section 31 (Confidentiality). Notwithstanding the foregoing, the Contractor may prohibit any third party or witness
      from inspecting or witnessing the inspection if such third party is a competitor of the Contractor or Supplier.

     

    
      		17.2	
              The Contractor acknowledges that notwithstanding such rights of inspection as are provided for in this Agreement, the Owner will be relying on the skill and judgement of the Contractor, and that the Contractor
                accordingly has sole responsibility to ensure that the Trains, Vehicles and Supplied Equipment conform in all respects with this Agreement irrespective of any consultation with, or other action which involves, the Owner.

            

    

     

    
      		17.3	
              The Owner shall be entitled to have representatives including a resident engineer (“Resident Representatives”) present at all times at the Contractor’s
                premises provided that the Resident Representatives’ behavior does not unreasonably disrupt the Contractor’s commercial or industrial operation.

            

    

     

    
      		17.4	
              Each time there is a major event in the production of the Trains, a design review or any other significant event at which the Contractor would reasonably expect the Owner to wish to attend, it shall provide the
                Owner with reasonable notice of the date upon which such event or review is due to take place and the Owner or any nominees or representatives shall be entitled to attend.

            

    

     

    
      		17.5	
              The Owner will bear its own inspection and witnessing costs pursuant to Section 17.1 and 17.3.

            

    

    
      41

      
        

      

    

    
      	18.	
              FORCE MAJEURE

            

    

     

    
      		18.1	
              Relief from obligations

            

    

     

    
      		18.1.1	
              Neither party shall be entitled to bring a claim for a breach of obligations (other than a payment obligation) under this Agreement against the other party or incur any liability to the other party for any losses
                or damages incurred by that other party to the extent that a Force Majeure Event occurs and the excused party is prevented from carrying out its obligations by that Force Majeure Event or its consequences.

            

    

     

    
      		18.1.2	
              In the event that a Force Majeure Event prevents a supplier of the Contractor from carrying out its obligations in support of the Contractor, it is agreed that the Contractor shall not receive Force Majeure Event
                relief to the extent that the goods, materials or services that were to be provided by the supplier in question can reasonably be procured from an alternative supplier.

            

    

     

    
      		18.2	
              Notification of Force Majeure

            

    

     

    
      		18.2.1	
              If either party becomes aware of a Force Majeure Event which has materially affected or is likely to affect materially its ability to perform its obligations under this Agreement, it shall serve notice in writing
                upon the other party:

            

    

     

    
      		(a)	
              specifying the Force Majeure Event;

            

    

     

    
      		(b)	
              detailing why the Force Majeure Event will prevent it performing its obligations; and

            

    

     

    
      		(c)	
              setting out its proposals to mitigate the consequences of the Force Majeure Event.

            

    

     

    
      		18.2.2	
              As soon as practicable and no later than five (5) days following such notification the parties shall consult with each other in good faith and use commercially reasonable efforts to agree upon appropriate terms to
                mitigate the consequences of any Force Majeure Event and to facilitate the continued performance of this Agreement.

            

    

     

    
      		18.2.3	
              The excused party shall provide periodic written updates (on at least a weekly basis or such other period as the parties may agree) on the consequences of the Force Majeure Event and such excused party’s ability
                or inability to recommence performance of its obligations in full under this Agreement.

            

    

     

    
      		18.3	
              Cessation of Force Majeure

            

    

     

    The excused party shall notify the other party as soon as practicable after the Force Majeure Event ceases or no longer causes the excused
      party to be unable to comply with its obligations under this Agreement. Following such notification this Agreement shall continue to be performed on the terms existing immediately prior to the occurrence of the Force Majeure Event.

     

    
      		18.4	
              Termination for Force Majeure

            

    

     

    
      		18.4.1	
              In the event that the excused party is precluded from substantially performing in accordance with the terms of this Agreement because of a Force Majeure Event for a period of one hundred eighty (180) consecutive
                days, or three hundred sixty-five (365) days in the aggregate, then either party may terminate this Agreement by notice with immediate effect.

            

    

    
      42

      
        

      

    

    
      		18.4.2	
              Where this Agreement is terminated pursuant to Section 18.4.1, the Owner shall pay the Contractor the fair value (as such value will be agreed by the parties) in respect of each partially completed Train or item
                of Supplied Equipment (the “Force Majeure Acquired WIP”), (which may be less than the aggregate of the Milestone Payments that would be payable in relation to such Train or items of Supplied Equipment). Upon receipt of payment, the
                Contractor will provide Owner with title to the Force Majeure Acquired WIP.

            

    

     

    
      		18.4.3	
              In the event of termination of this Agreement pursuant to Section 18.4.1 in circumstances where the excused party was the Contractor, the Owner is free to complete or procure the completion of any Force Majeure
                Acquired WIP. Any such completion shall be a Licensed Purpose for the purposes of Section 19, provided that, should the Owner procure completion of any Force Majeure Acquired WIP through a third party, the Owner shall remain liable for such
                third party’s compliance with the terms of the Intellectual Property Rights license granted by the Contractor under Section 19.

            

    

     

    
      		18.4.4	
              In the event of termination of this Agreement pursuant to Section 18.4.1 in circumstances where the excused party was the Owner, the Owner shall not complete or procure the completion of any Force Majeure Acquired
                WIP other than through the engagement of the Contractor or any Subsidiary of the Contractor.

            

    

     

    
      	19.	
              INTELLECTUAL PROPERTY RIGHTS

            

    

     

    
      		19.1	
              Nothing in this Agreement shall operate to transfer any Intellectual Property Rights of the Owner to the Contractor, including without limitation the Intellectual Property Rights of the Owner in the design of the
                appearance and furnishings of the interior of the cafe coaches and the Owner Documents, and the Owner Documents shall at all times remain the absolute property of the Owner. The Contractor recognizes that it has and shall have no
                Intellectual Property Rights in the Owner’s design (as may be modified by the Contractor) of the appearance and furnishings of the interior of the cafe coaches. Except as necessary to satisfy its obligations under this Agreement, the
                Contractor shall not use, reproduce, disseminate, adapt or transmit in any form or by any means any Intellectual Property Rights of the Owner or any part thereof or permit the same to be so used, reproduced, disseminated, adopted or
                transmitted or published. Immediately upon termination of this Agreement for whatever reason the Contractor shall return all of the Owner Documents to the Owner.

            

    

     

    
      		19.2	
              The Contractor hereby grants to the Owner a perpetual, irrevocable (provided that Owner complies with the license terms herein), non-exclusive, royalty-free license to use those Intellectual Property Rights with
                respect to the Licensed Items to carry out the Licensed Purposes.

            

    

     

    
      		19.3	
              The license granted under Section 19.2 shall include all Intellectual Property Rights arising before or after the commencement of this Agreement to the extent necessary for the Licensed Purposes (which, for the
                avoidance of doubt, includes all Intellectual Property Rights in all Mandatory Modifications carried out by the Contractor and/or its Sub-Contractors) under this Agreement and shall extend to license use by a third-party representative or
                agent on behalf of the Owner.

            

    

     

    
      		19.3.1	
              The Licensed Purposes are as follows:

            

    

     

    
      		(a)	
              to use and operate the Licensed Items;

            

    

     

    
      		(b)	
              to test, maintain, service, repair, modify (including undertaking Mandatory Modifications), refurbish, lease, overhaul or undertake any related activity in relation to the Vehicles, the Trains and any items of
                Supplied Equipment, or have such actions performed by a third-party representative or agent, to the extent reasonably necessary to allow the Owner to conduct its day-to-day business, including the need to comply with all Applicable Laws and
                Regulations;

            

    

    
      43

      
        

      

    

    
      		(c)	
              to train personnel of the Owner or the Owner’s subcontractors, representatives or agents to carry out any of the activities described in (a) and (b) above or in connection with any of the other Licensed Purposes;

            

    

     

    
      		(d)	
              to supply additional parts, items of supplied equipment or additional equipment that might interface with the Trains;

            

    

     

    
      		(e)	
              to perform a Performance Audit; and

            

    

     

    
      		(f)	
              to use and copy the Delivery Documentation, and Software and other materials licensed under Section 19.2 to the extent necessary in connection with any of the Licensed Purposes; provided that the Contractor shall
                have no liability for any modifications to the Delivery Documentation made by the Owner.

            

    

     

    
      		19.3.2	
              Upon written request from the Owner, the Contractor shall provide such written acknowledgements and confirmations as the Owner may reasonably request in order for the Owner to comply with the requirements of any
                financing, including the RRIF loan and the financing provided by Siemens Financial Services, Inc. to finance the Owner’s purchase of the Phase 1 Trains.

            

    

     

    
      		19.4	
              Upon the occurrence of any Escrow Release Event, the provisions of the Escrow Agreement will apply in relation to the Intellectual Property Rights with respect to the Licensed Items.

            

    

     

    19.5

     

    
      		19.5.1	
              The Contractor shall ensure that the versions of the Source Code in escrow are up to date on any termination or expiration of this Agreement.

            

    

     

    
      		19.5.2	
              All costs incurred by the Contractor in placing the Escrow Materials into escrow and the annual escrow fee shall be assumed by the Contractor and all other fees payable under the Escrow Agreement shall be the
                liability of the Owner.

            

    

     

    
      		19.5.3	
              The Escrow Materials shall be the Contractor’s Information subject to the protections of Section 31 without further identification of the materials as confidential.

            

    

     

    
      		19.5.4	
              The Escrow Materials shall be updated as is reasonably necessary to reflect any updates or additions relevant to the Phase 2 Trains or the Option Orders.

            

    

     

    
      		19.6	
              Without prejudice to the indemnity contained in Section 25.2, if the use by the Owner or any licensee of the Intellectual Property Rights with respect to the Licensed Items will infringe or make unauthorized use
                of any Intellectual Property Rights of any person, the parties shall confer and work in good faith to determine the most practicable solution for both parties and, thereafter, the Contractor shall, at its own cost and expense;

            

    

     

    
      		19.6.1	
              procure a license for the Owner (or any other party referred to in Section 19.2) to use such Intellectual Property Rights on substantially the same terms as those set out in Section 19.2; or

            

    

    
      44

      
        

      

    

    
      		19.6.2	
              modify or replace the Licensed Item so as to avoid the infringement , provided that:

            

    

     

    
      		(a)	
              the performance or functionality of any of the Licensed Items is not reduced or adversely affected; and

            

    

     

    
      		(b)	
              the modification complies at all times with all the requirements of this Agreement.

            

    

     

    
      		19.7	
              Without prejudice to the indemnity contained in Section 25.2, if the Contractor does not comply with its obligations under Section 19.6, the Contractor agrees to continue to indemnify the Owner and the Indemnified
                Parties pursuant to Section 25.2.

            

    

     

    
      		19.8	
              The Contractor shall with respect to all Contractor Software, for a period of twenty (20) years:

            

    

     

    
      		19.8.1	
              retain updated copies, in machine readable form, of the final structure of the Contractor Software, and of the intermediate stages leading to the final structure (including the Source Code and object codes); and

            

    

     

    
      		19.8.2	
              retain updated usable copies of any ancillary computer programs used to generate such codes (including compilers),

            

    

     

    to the extent such material is not retained as part of the Escrow Materials.

     

    
      		19.9	
              No rights to use the Trademarks are granted to the Contractor under this Agreement except as expressly directed in writing by the Owner from time to time. The Contractor shall not, and shall ensure that its
                Sub-Contractors shall not, use any of the Trademarks except as directed by the Owner. In the event that the Contractor acquires any rights in any Trademark, it hereby assigns all such rights to the Owner.

            

    

     

    
      		19.10	
              In the event of a termination of this Agreement for a Contractor Event of Default or for a Force Majeure Event where the Contractor is the excused party, the Contractor shall, to the extent possible, assign in
                whole and, where assignment in whole is not possible, assign in part, to the Owner its rights to any licenses to Third-Party Software or other Intellectual Property Rights of third parties to the extent that such Third-Party Software or
                Intellectual Property Rights relate to the operation or maintenance of the Vehicles, Trains or Supplied Equipment with immediate effect from the date of such termination. Where reasonably requested by the Owner, the Contractor agrees to
                cooperate and assist the Owner in the Owner’s efforts to enter into escrow agreements with third-party owners of Third-Party Software or Intellectual Property Rights that are similar to the Escrow Agreement.

            

    

     

    
      	20.	
              OWNER’S TERMINATION RIGHTS

            

    

     

    
      		20.1	
              Each of the following shall constitute a Contractor Event of Default:

            

    

     

    
      		20.1.1	
              the occurrence of an Insolvency Event in relation to the Contractor, and such Insolvency Event has not been rectified within thirty (30) days of notification from the Owner to the Contractor of the Owner’s
                intention to terminate this Agreement pursuant to this Section 20.1.1;

            

    

     

    
      		20.1.2	
              the Contractor fails to obtain Conditional Acceptance from the Owner for any Train by the date which occurs 180 days following the Scheduled Acceptance Date for such Train as such date may be extended from time to
                time pursuant to a Change or by a Permitted Delay in accordance with the terms of this Agreement;

            

    

     

    
      		20.1.3	
              the Contractor is in breach of:

            

    

     

    
      		(a)	
              its obligation to pay any undisputed amount in excess of $250,000 under this Agreement and the breach is not remedied by the Contractor after having been required to do so by notice from the Owner to the
                Contractor by such date as is specified in the notice which shall not be less than sixty (60) days from the date of such notice; or

            

    

    
      45

      
        

      

    

    
      		(b)	
              any other material obligation under this Agreement, if such breach Is capable of remedy, the breach is not remedied by the Contractor after having been required to do so by notice from the Owner to the Contractor
                by such date as is specified in the notice which shall not be less than thirty (30) days from the date of such notice;

            

    

     

    
      		20.1.4	
              any liability of the Contractor under this Agreement exceeds the limit applicable to such liability set out in Section 26.1;

            

    

     

    
      		20.1.5	
              the Contractor fails to effect and maintain the insurance policies required by Section 24;

            

    

     

    
      		20.1.6	
              the Contractor assigns or sub-contracts this Agreement otherwise than in accordance with Section 42 (Assignment; Sub-Contracting); and

            

    

     

    
      		20.1.7	
              a Change of Control of the Contractor occurs where control is assumed by a Disqualified Entity.

            

    

     

    
      		20.2	
              Termination Notice

            

    

     

    
      		20.2.1	
              If a Contractor Event of Default has occurred and the Owner wishes to terminate this Agreement it shall serve a termination notice on the Contractor (the “Termination Notice”). The Termination Notice shall specify
                the Contractor Event of Default that has occurred, giving reasonable details, and either:

            

    

     

    
      		(a)	
              in the case of a Contractor Event of Default under Sections 20.1.1, 20.1.2, 20.1.3 and 20.1.4 that this Agreement is to terminate on the date set out in the Termination Notice; or

            

    

     

    
      		(b)	
              in the case of a Contractor Event of Default under Sections 20.1.5, 20,1.6, 20.1.7 and 20.1.8 that this Agreement will terminate on the date falling thirty (30) days after the date of the Termination Notice,
                unless:

            

    

     

    
      		(i)	
              the Contractor puts forward a plan to cure (a “Plan To Cure”) acceptable to the Owner in its reasonable discretion within thirty (30) days of the date of
                service of the Termination Notice, such Plan To Cure to include at a minimum:

            

    

     

    
      		(A)	
              the criteria for success for the Plan To Cure;

            

    

     

    
      		(B)	
              the time period for achievement of success;

            

    

     

    
      		(C)	
              the resources to be allocated to the Plan To Cure;

            

    

     

    
      		(D)	
              any changes to performance arising, if required, during the Plan To Cure; and

            

    

     

    
      		(E)	
              if applicable, the investment to be made by the Contractor as part of the Plan To Cure; and

            

    

     

    
      		(ii)	
              the Contractor rectifies in accordance with the Plan To Cure the relevant Contractor Event of Default within thirty (30) days of the date of service of the Termination Notice or the period set forth in the Plan To
                Cure.

            

    

    
      46

      
        

      

    

    
      		20.2.2	
              Where the Owner serves a Termination Notice in accordance with Section 20.2(b) and the Contractor either:

            

    

     

    
      		(a)	
              rectifies the Contractor Event of Default within the thirty (30) day period specified in the Termination Notice; or

            

    

     

    
      		(b)	
              implements the Plan To Cure agreed by the Owner in accordance with its terms,

            

    

     

    the Termination Notice will be deemed to be revoked and this Agreement will continue.

     

    
      		20.2.3	
              Where the Owner serves a Termination Notice in accordance with Section 20.2(b) and the Contractor fails either to:

            

    

     

    
      		(a)	
              rectify the Contractor Event of Default within the thirty (30) day period specified in the Termination Notice; or

            

    

     

    
      		(b)	
              implement any Plan To Cure agreed by The Owner in accordance with its terms,

            

    

     

    this Agreement will terminate on the date falling thirty (30) days after the date of receipt of the Termination Notice by the Contractor
      unless the Owner notifies the Contractor otherwise.

     

    
      		20.2.4	
              Where the Owner serves a Termination Notice in accordance with Section 20.2(a), this Agreement will terminate on the date set out in such Termination Notice.

            

    

     

    
      		20.3	
              Voluntary Termination By The Owner

            

    

     

    
      		20.3.1	
              Without prejudice to Section 20.1, the Owner shall have the right to terminate this Agreement at any time provided that the Owner has complied with this Section 20.3.

            

    

     

    
      		20.3.2	
              If the Owner wishes to terminate this Agreement under this Section 20.3, it must give notice to the Contractor stating:

            

    

     

    
      		(a)	
              that it is terminating this Agreement under this Section 20.3; and

            

    

     

    
      		(b)	
              the date on which this Agreement will terminate.

            

    

     

    
      		20.3.3	
              This Agreement will terminate on the date given in the notice provided under Section 20.3.2 and when it does, the provisions of Sections 22.3 and 22.4 shall apply.

            

    

     

    
      	21.	
              CONSEQUENCES OF OWNER TERMINATION

            

    

     

    
      		21.1	
              Should the Owner terminate this Agreement by issuing a Termination Notice pursuant to Section 20.2 then, without prejudice to the Owner’s right to liquidated damages, the Owner may acting in its sole discretion:

            

    

     

    
      		21.1.1	
              elect to take the benefit of any work carried out by the Contractor prior to the date of the Termination Notice with respect to any Trains which are partially completed or have not achieved Conditional Acceptance
                (the “Termination Items”) in which case the Contractor shall at the Owner’s option either:

            

    

     

    
      		(a)	
              deliver to the Owner; or

            

    

    
      47

      
        

      

    

    
      		(b)	
              upon written notice of not less than ten (10) Business Days (other than in the circumstances envisaged in Section 20.1.1 when such notice shall not be required),

            

    

     

    permit the Owner to enter and take possession from the Contractor’s premises (during normal business hours or such other hours as the
      Owner has notified the Contractor in advance but in no event less than 24 hours) of such Termination Item (in its then state of completion) and any Parts and materials (but not Software) or Supplied Equipment intended to be incorporated in or fixed
      to or supplied with such Termination Items and information supplied in connection therewith (such Termination Item, Parts, Supplied Equipment and other materials and information referred to herein as the “Selected Items”).Where a Termination Notice has been served as a result of an Insolvency Event in respect of the Contractor pursuant to Section 20.1.1
      and immediately upon giving notice of its election to take the benefit of and possess the Selected Items, title to the Selected Items shall be transferred to the Owner (with full title guarantee without further act and notwithstanding that the Owner
      may not have paid the Contractor in full for the Selected Items). On acquiring possession of the Selected Items, the Owner shall pay to the Contractor an amount representing the fair market value of the Selected Items less an amount equal to
      installments already paid by the Owner with respect to such Selected Items. The Owner shall be entitled to set-off any amounts payable by it to the Contractor under this Section 21.1.1 against any amounts payable by the Contractor to the Owner under
      Section 21.2. If the parties are unable to agree to an amount representing the fair market value of the Selected Items, either party may refer the matter for resolution in accordance with Section 37.

     

    
      		21.2	
              Subject to Section 26, the Contractor shall pay compensation to the Owner to cover all direct costs, losses and expenses suffered or incurred by the Owner arising from any Contractor Event of Default and/or the
                resulting termination including the costs of procuring a replacement contract including any increase in price of the replacement contract (which may include the costs of completing partially-built Trains, project management, legal (up to a
                maximum amount of $250,000) and technical advisor-related costs and fees in relation to such replacement contract).

            

    

     

    
      		21.3	
              Termination under this Agreement shall not affect the accrued rights and liabilities of the parties as of the date of termination.

            

    

     

    
      		21.4	
              Notwithstanding the other provisions of this Section 21, in no circumstance following the issue of a Termination Notice shall the Owner be required to:

            

    

     

    
      		21.4.1	
              issue a Conditional Acceptance Certificate, a Final Acceptance Certificate or a Fleet Acceptance Certificate; or

            

    

     

    
      		21.4.2	
              make any further payment (except in relation to any amount which is then due and payable but unpaid, including any amount due under Section 21.1.1) in relation to any Trains or Supplied Equipment, 

            

    

     

    provided that, if the Contractor cures the Contractor Event of Default that gave rise to the relevant Termination Notice, the rights of the Owner set forth in
      this Section 21.4 shall not apply.

     

    
      		21.5	
              Upon acquisition of the Selected Items pursuant to Section 21.1.1, the Owner is free to complete or procure the completion of any Selected Item and the Contractor acknowledges that any such completion pursuant to
                this Section shall constitute a Licensed Purpose for the purposes of Section 18.4.4; provided that, should the Owner procure completion of any Selected Items through a third party, the Owner shall remain responsible for such third party’s
                compliance with the terms of the Intellectual Property Rights license granted by the Contractor under Section 19.

            

    

    
      48

      
        

      

    

    
      	22.	
              OWNER EVENTS OF DEFAULT

            

    

     

    
      		22.1	
              The Contractor shall have the right to terminate this Agreement by notice in writing to the Owner (the “Contractor Termination Notice”) in the event that:

            

    

     

    
      		22.1.1	
              any undisputed sum in an aggregate amount of not less than $250,000 payable by the Owner to the Contractor under this Agreement remains unpaid from whatever source for a period of sixty (60) days after the due
                date for payment of that amount provided the Contractor has notified the Owner in writing of the non-receipt of that amount on its due date and the Owner has failed to pay the Contractor within sixty (60) days of that notification;

            

    

     

    
      		22.1.2	
              an Insolvency Event occurs in relation to the Owner and such Insolvency Event has not been rectified within thirty (30) days of notification from the Contractor to the Owner of the Contractor’s intention to
                terminate this Agreement pursuant to this Section 22.1.2; and

            

    

     

    
      		22.1.3	
              the Owner is in breach of a material obligation under this Agreement which substantially frustrates the ability of the Contractor to perform its obligations for a period of thirty (30) days and, if such breach is
                capable of remedy, the breach is not remedied by the Owner after having been required to do so by notice from the Contractor to the Owner by such date as is specified in the notice which shall not be less than sixty (60) days from the date
                of such notice.

            

    

     

    
      		22.1.4	
              A Change of Control of the Owner occurs where control is assumed by a Disqualified Entity and such change is not rectified by the Owner within thirty (30) days of notification from the Contractor requiring such
                rectification.

            

    

     

    
      		22.2	
              The Contractor may elect to suspend the Contractor’s performance, in lieu of termination of the Agreement under Section 22.1. The Contractor shall provide notice in writing to the Owner of the Contractor’s
                election to suspend (the “Contractor Suspension Notice”). The Owner will reimburse the Contractor for reasonable demobilization costs and expenses incurred to wind down production
                and store materials. In the event the Owner cures its default within 180 days (“Suspension Period”), and notifies the Contractor in writing that the Owner requests the Contractor to
                recommence work, the Contractor will provide an estimate of the time and costs including overhead and profit to recommence the work. The work will be recommenced upon payment by the Owner of the recommencement fee. If the Owner fails to
                cure the relevant default prior to the expiration of the Suspension Period, the Agreement will terminate in accordance with Section 22.1.

            

    

     

    
      		22.3	
              The Owner shall pay the direct costs and expenses reasonably and properly incurred by the Contractor as a direct result of the termination of this Agreement provided that the Contractor shall use commercially
                reasonable efforts to mitigate such costs and expenses.

            

    

     

    
      		22.4	
              In the event of a termination pursuant to Sections 20.3 or 22.1, the Contractor shall transfer to the Owner each partially completed Train or item of Supplied Equipment which had been paid for by the Owner prior
                to the date of the Contractor Termination Notice provided that the Owner shall not complete or procure the completion of any such partially completed Train or item of Supplied Equipment other than through the engagement of the Contractor or
                any Subsidiary of the Contractor.

            

    

    
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      	23.	
              LIQUIDATED AND ASCERTAINED DAMAGES

            

    

     

    
      		23.1	
              Subject to Section 23.4 if the Contractor is delayed in performing its obligations under this Agreement, the Contractor shall pay liquidated damages as set forth herein. Whether the Contractor is delayed in
                performing its obligations under this Agreement will be determined on the basis of whether Conditional Acceptance has occurred on or before the relevant acceptance date of such Train. Liquidated and ascertained damages (as compensation for
                loss and not as a penalty) shall be payable by the Contractor to the Owner from the Scheduled Acceptance Date of such Train until the date upon which a Conditional Acceptance Certificate is Issued in relation to that Train, at the
                applicable daily rates of:

            

    

     

    
      		23.1.1	
              $5,000 per day for the first sixty (60) days of delay;

            

    

     

    
      		23.1.2	
              $10,000 per day for the subsequent sixty (60) days of delay; and

            

    

     

    
      		23.1.3	
              $22,500 per day thereafter.

            

    

     

    
      		23.2	
              Notwithstanding any other provision of this Agreement, amounts payable by the Contractor under Section 23.1 shall be invoiced by the Owner weekly and paid by the Contractor within fifteen (15) days of receipt by
                the Contractor of such invoice.

            

    

     

    
      		23.3	
              Upon the Contractor becoming liable to pay liquidated and ascertained damages under Section 23.1 in an amount in aggregate equal to or in excess of fifteen percent (15%) of the limit set out in Section 23.4, the
                Contractor shall consult with the Owner to discuss and implement a recovery plan. Any such consultation shall be without prejudice to the Owner’s rights under Section 23.1.

            

    

     

    
      		23.4	
              The aggregate amount of all liquidated and ascertained damages payable by the Contractor pursuant to Section 23.1 shall not exceed the following:

            

    

     

    
      		23.4.1	
              in respect of liquidated and ascertained damages relating to the Phase 1 Trains, 15% of the Phase 1 Train Price;

            

    

     

    
      		23.4.2	
              in respect of liquidated and ascertained damages relating to the Phase 2 Trains, 15% of the Phase 2 Train Price; and

            

    

     

    
      		23.4.3	
              in respect of liquidated and ascertained damages relating to the Option Trains 15% of the Option Price for the Option Trains.

            

    

     

    
      		23.5	
              The Contractor agrees:

            

    

     

    
      		23.5.1	
              that the amount of the liquidated and ascertained damages are fair and reasonable and represent a genuine pre-estimate of the loss suffered;

            

    

     

    
      		23.5.2	
              that the amount and enforceability of liquidated and ascertained damages provided for herein have been carefully negotiated and represent a liability which the’ Contractor willingly undertakes in order to
                compensate the Owner with respect to the Contractor’s delay in performance of its obligations under this Agreement;

            

    

     

    
      		23.5.3	
              that both the Contractor and the Owner each possess extensive commercial experience and expertise and are being advised by their own legal accounting, technical, financial, economic and other commercial
                professionals in relation to their rights and obligations pursuant to this Agreement;

            

    

     

    
      		23.5.4	
              to pay the liquidated and ascertained damages under this Section 23 without any duress, coercion, undue influence or any other form of unconscionable conduct or impermissible or objectionable persuasion on the
                part of the Owner;

            

    

    
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      		23.5.5	
              that the Contractor willingly entered into the obligation to pay the liquidated and ascertained damages under this Section 23 with the intention that it is a legally binding, valid and enforceable contractual
                provision against the Contractor in accordance with its terms; and

            

    

     

    
      		23.5.6	
              to exclude and expressly waive the right of the benefit of, to the extent permissible, the application or operation of any legal rule relating to the characterization of liquidated and ascertained amounts payable
                under a contract upon a breach occurring as penalties or the enforceability or recoverability of such liquidated amounts.

            

    

     

    
      		23.6	
              The liquidated and ascertained damages payable under this Section 23 shall be the Owner’s sole and exclusive remedy for damages resulting from the Contractor’s delay in performing its obligations under this
                Agreement. For avoidance of doubt, the Owner maintains its rights of termination under Section 20.1.2 and to seek damages for claims compensable under terms of this Agreement.

            

    

     

    
      	24.	
              INSURANCE

            

    

     

    The Contractor shall comply with Exhibit 10 (Insurance).

     

    
      	25.	
              INDEMNITY

            

    

     

    
      		25.1	
              The Contractor shall, to the extent permitted by law, protect, indemnify and save the Indemnified Parties harmless from and against any and all liabilities, damages, claims, demands, liens,
                encumbrances, judgments, awards, losses, costs, expenses and suits or actions or proceedings, including reasonable expenses, costs and attorneys’ fees incurred by the Indemnified Parties, in the defense, settlement or satisfaction thereof,
                for any injury, death, loss or damage to persons or property of any kind whatsoever, arising out of or resulting from the intentional misconduct or negligent acts, errors or omissions of the Contractor in the performance of its duties under
                this Agreement, including intentional misconduct, negligent acts, errors or omissions of its officers, employees, servants, agents, Subcontractors and Suppliers.

            

    

     

    
      		25.2	
              The Contractor agrees at its own expense to defend, indemnify and hold the Indemnified Parties harmless from any action against the Indemnified Parties brought by any third party claiming that the use of any
                Intellectual Property Rights in the Licensed Items for the Licensed Purposes by the Indemnified Party infringes or violates the Intellectual Property Rights of such party in the United States.

            

    

     

    
      		25.3	
              Each party shall at all times take all reasonable steps to minimize and mitigate any injury or loss for which it is entitled to bring a claim against the other party pursuant to this Agreement.

            

    

     

    
      		25.4	
              If either party (the “Reporting Party”) becomes aware of a matter which might give rise to a claim against the Contractor pursuant to this Section 25:

            

    

     

    
      		25.4.1	
              the Reporting Party shall promptly notify the other party in writing but in no event more than ten (10) days after the Reporting Party becomes aware of an applicable claim (giving reasonable particulars);

            

    

     

    
      		25.4.2	
              where the Contractor assumes the defense of a claim pursuant to its indemnification obligations, the Contractor shall keep the Owner informed of the progress of the relevant claim and the Owner shall make
                available copies of such documents and information in the Owner’s possession or control that are relevant to the claim and such of the Owner’s personnel as a reasonably required to testify or consult with the Contractor (or its counsel)
                provided that (i) the Contractor shall be responsible for the reasonable costs and expenses incurred in providing such documents and information and making available such personnel and (ii) the Owner shall be entitled to participate in such
                defense, compromise, or settlement at its own expense;

            

    

    
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      		25.4.3	
              where the Contractor fails, in the Owner’s reasonable judgment, to take reasonable and appropriate action to defend, compromise or settle such claim, the Contractor shall, at its own cost, provide any assistance
                required by the Owner to dispute, resist, appeal, compromise, defend, remedy or mitigate the relevant claim, including payment of the costs of the Owner’s counsel incurred in carrying out any such action; and

            

    

     

    
      		25.4.4	
              The Contractor shall not be entitled to settle a third party claim in excess of $50,000 without Owner consent which may not be unreasonably withheld.

            

    

     

    
      	26.	
              LIMITATIONS OF LIABILITY

            

    

     

    
      		26.1	
              Subject to Section 26.2, the Contractor’s maximum aggregate liability to the Owner under this Agreement (including pursuant to Section 23) shall be subject to a cap of 100% of the amount of the Aggregate Contract
                Price.

            

    

     

    
      		26.2	
              The cap set out in Section 26.1 shall not apply to the following and the following shall not accrue towards any limitations of liability set out in this Agreement:

            

    

     

    
      		26.2.1	
              costs or expenses incurred by the Contractor in performing its obligations including to design, build, manufacture, commission, test and provide warranty services under this Agreement;

            

    

     

    
      		26.2.2	
              any claims or losses arising as a consequence of the Contractor’s fraud, corruption or willful misconduct;

            

    

     

    
      		26.2.3	
              Section 25 (Indemnity); and

            

    

     

    
      		26.2.4	
              any proceeds which were or could have been recoverable by the Contractor under any insurance policies required to be maintained under this Agreement, provided that where the Contractor has let lapse or not taken
                out any such Insurance policies or where any such insurance policies will no longer respond to a claim from the Contractor as a result of any act or omission of the Contractor, such sum as would have been recovered by the Contractor had
                such insurance been in effect will be deemed for the purpose of this Section 26 to be a sum recoverable under the relevant insurance policies.

            

    

     

    
      		26.3	
              NEITHER PARTY WILL BE LIABLE UNDER THIS AGREEMENT WHETHER IN CONTRACT, WARRANTY, TORT, STRICT LIABILITY, FAILURE OF A REMEDY TO ACHIEVE ITS INTENDED OR ESSENTIAL PURPOSES OR ANY OTHER LEGAL THEORY FOR ANY SPECIAL,
                INDIRECT, INCIDENTAL, EXEMPLARY, COLLATERAL OR CONSEQUENTIAL DAMAGES, OR FOR ANY OTHER LOSS OR COST OF A SIMILAR TYPE INCLUDING, LOSS OF USE, REVENUE, PROFITS OR FAILURE TO REALIZE SAVINGS, OR FOR COSTS OF CAPITAL OR OF SUBSTITUTE USE OR
                PERFORMANCE, ARISING FROM OR RELATED TO A BREACH OF THIS AGREEMENT OR THE OPERATION OR USE OF THE VEHICLES, TRAINS, SUPPLIED EQUIPMENT, SOFTWARE, DELIVERY DOCUMENTATION OR SUPPORT SERVICES, EVEN IF SUCH OTHER PARTY HAS BEEN ADVISED OF THE
                POSSIBILITY OF SUCH DAMAGES. THE FOREGOING DISCLAIMER OF DAMAGES SHALL NOT APPLY WITH RESPECT TO LIABILITY ARISING OUT OF, RESULTING FROM OR RELATING TO INDEMNITY OBLIGATIONS OF THE CONTRACTOR UNDER SECTION 25 TO THE EXTENT SUCH INDEMNITY
                OBLIGATION RELATES TO A THIRD-PARTY CLAIM THAT IS (A) AWARDED BY A COURT OF FINAL JURISDICTION OR (B) PART OF A SETTLEMENT AGREEMENT SIGNED BY THE CONTRACTOR; LIQUIDATED DAMAGES PAYABLE UNDER SECTION 23 (LIQUIDATED DAMAGES); AND CLAIMS BY A
                PARTY UNDER SECTION 31 (CONFIDENTIALITY OF INFORMATION).

            

    

    
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      		26.4	
              No party shall be entitled to recover (by way of indemnity or otherwise) more than once with respect to the same claim. There shall be no duplication by reason of there being multiple beneficiaries to a claim
                hereunder.

            

    

     

    
      		26.5	
              The Contractor and the Owner have the duty to mitigate any damages and losses with respect to claims pursuant to this Agreement, except with respect to any claims for liquidated damages under Section 23 for which
                the Owner has no duty to mitigate.

            

    

     

    
      		26.6	
              The amounts of the insurance coverage specified in Exhibit 10 (Insurance) are not a limitation of the Contractor’s obligations or liability under this Agreement.

            

    

     

    
      	27.	
              WARRANTIES

            

    

     

    
      		27.1	
              The Contractor hereby agrees that, in relation to each Train, upon the date of the Conditional Acceptance of such Train, the Contractor shall warrant and undertake to the Owner that:

            

    

     

    
      		27.1.1	
              Contractor is selling such Train with full title guarantee and free and clear of all encumbrances except with respect to any encumbrance created by, or attributable to, the Owner;

            

    

     

    
      		27.1.2	
              in the case of a Train which achieves Conditional Acceptance, subject to the terms of such Conditional Acceptance, such Train is complete and in all respects in accordance with the Train Technical Specification,
                except for the Punch List items, the other requirements of this Agreement, Relevant Approvals and all other Applicable Laws and Regulations in relation to such Train have been complied with; and

            

    

     

    
      		27.1.3	
              the Train is Fit for Purpose.

            

    

     

    
      		27.2	
              Third Party Warranties

            

    

     

    The Contractor shall extend to the Owner the benefit of any guarantee or warranty which may have been expressly given to the Contractor by
      any of the Sub-Contractors with respect to each Train, Vehicle, Part or item of Supplied Equipment, and shall use its best efforts to extend to the Owner the benefit of any guarantee, condition or warranty which may have been expressly given to the
      Contractor by any other person with respect to each Train, Vehicle, Part or item of Supplied Equipment.

     

    
      		27.3	
              General Defects Warranty

            

    

     

    
      		27.3.1	
              The Contractor shall, at its own expense, without delay remedy any Defect which is identified and made known to the Contractor in any Train, Vehicle, Part or item of Supplied Equipment during the Warranty Period.

            

    

     

    
      		27.3.2	
              If (i) the Contractor fails to commence its obligations under Section 27.3.1 within five (5) days of receiving written notice from the Owner of any Defect or (ii) the Contractor fails to remedy any Defect within
                sixty (60) days of receiving written notice from the Owner of any Defect, in each case, the Owner may proceed to remedy such Defect at the Contractor’s expense. If the Owner remedies a Defect in accordance with this Section 27.3.1, the
                Contractor’s remaining warranty obligations under this Section 27 shall not be affected; provided, however, that the Contractor will have no obligations under Section 27.3.3 to warrant any repairs provided by third parties hired by the
                Owner including replacement parts. If the Contractor fails to remedy any Defect within ten (10) days of receiving written notice from the Owner of any Defect, then the Warranty Period for the relevant Train, Vehicle, Part, component or item
                of Supplied Equipment, as the subject of the Defect, shall be suspended until such time that the Defect is fully remedied and the Warranty Period will be extended on a day-for-day basis. If any Defect is disputed, then the Contractor or the
                Owner may refer the matter For resolution in accordance with Section 37. If it is determined that there was no Defect, Owner agrees to reimburse Contractor for all the reasonable expenses Contractor Incurred In investigating the alleged
                Defect Including those related physical Inspect of applicable Train, Vehicle, Part or item of Supplied Equipment. The provisions of this Section shall have no bearing upon the relevant performance requirements to be included within the MTC.

            

    

    
      53

      
        

      

    

    
      		27.3.3	
              If the Contractor replaces a Part pursuant to Section 27.3.1 during the Warranty Period, the Part serving as a replacement (the “Replacement Part”) will be covered by a warranty period of twelve (12) months or the
                remaining balance of the Warranty Period if longer. The provisions of this Section 27.3.3 shall commence on the date that the Part Is replaced with the Replacement Part.

            

    

     

    
      		27.4	
              Key Components Warranty

            

    

     

    
      		27.4.1	
              If, with respect to a Vehicle, Train, Part or item of Supplied Equipment, a Defect arises in any of the key components specified in the schedule below (the “Key Components”) during the warranty period (specified
                in the schedule below) of such Key Component (the “Key Component Warranty Period”), the Contractor agrees, subject to such Key Component having been at all times maintained in accordance with the Operation and Maintenance Manuals, to remedy
                the Defect and to undertake necessary rectification of such Key Component in such Vehicle or Train. In addition, the Contractor agrees to use commercially reasonable efforts to undertake such work as may be necessary in order to permit the
                Train to continue in operation in compliance with the terms of this Agreement pending such rectification, all at the Contractor’s own expense. Within forty-five (45) days of having been notified of such Defect by the Owner, the Contractor
                shall submit to the Owner a plan for rectification of such Defect as soon as is practicable and the parties shall negotiate and agree upon such plan in good faith, within a period of fourteen (14) days of the Contractor’s submission of such
                plan. If the parties are unable to agree a plan within such fourteen (14) days either party may refer the matter for resolution in accordance with Section 37.

            

    

     

    	 	
            KEY COMPONENTS

          	
            KEY COMPONENT

              WARRANTY PERIOD

          
	 	 	 
	 	
            •     Carbody structure

          	
            5 years

          
	 	
            •     Truck frame and axles

          	
            5 years

          
	 	
            •     Traction motors

          	
            5 years

          
	 	
            •     Couplers

          	
            5 years

          
	 	
            •     Gearbox

          	
            5 years

          

     

    
      		27.5	
              Exemptions

            

    

     

    
      		27.5.1	
              The Contractor will not be liable under this Section 27 to the extent that any Defect is the result of:

            

    

     

    
      		(a)	
              any material failure of the Owner to observe or perform the Owner’s obligations under this Agreement;

            

    

     

    
      		(b)	
              any material failure by the Owner to comply with Applicable Laws and Regulations affecting the warranties; or

            

    

     

    
      		(c)	
              accidents or vandalism,

            

    

    
      54

      
        

      

    

    other than to the extent that any of the above has arisen as a result of the act, omission, neglect or default of the Contractor, or any
      of its Sub-Contractors (including any member of the Contractor Group acting as a sub-contractor to the Contractor), suppliers or agents, or due to the Contractor’s performance, non-performance or alleged performance.

     

    
      		27.5.2	
              The warranty shall not apply to a failure of any Train, Vehicle, Part or Item of Supplied Equipment where such failure results from:

            

    

     

    
      		(a)	
              use in a manner other than its designed purpose, negligence of the Owner or its agents, subcontractors (other than the Contractor), repairs not conducted in accordance with the Contractor-provided maintenance
                manuals by adequately trained personnel, vehicular or other similar accidents; or

            

    

     

    
      		(b)	
              acts of God, storm, earthquake, wind, hurricane, tornado, landslide, fire, explosion or other natural disaster or severe weather without limitation, electrical surges from an external power source, unless, in each
                case, the Train, Vehicle, Part or item of Supplied Equipment was designed to withstand such event(s).

            

    

     

    
      		27.6	
              Assignment of Warranties

            

    

     

    The Contractor agrees that the Owner shall be entitled to assign to an Operator or any member of the Owner Group absolutely with full
      title free and clear of any encumbrances the whole of the rights, title in and the benefit and any associated rights and remedies of the rights which the Owner may now have or become entitled to under this Section 27.

     

    
      		27.7	
              DISCLAIMER

            

    

     

    EXCEPT AS SPECIFIED IN THIS SECTION 27, THE TRAINS, VEHICLES, PARTS AND ITEMS OF SUPPLIED EQUIPMENT, PROVIDED UNDER THIS AGREEMENT ARE
      PROVIDED “AS IS.” THE OWNER IS LIMITED TO THE WARRANTIES SPECIFIED IN THIS SECTION 27 AND IN SECTION 3 WHICH ARE THE OWNER’S SOLE AND EXCLUSIVE WARRANTIES. CONTRACTOR MAKES NO OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION,
      WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, COURSE OF DEALING OR USAGE OF TRADE.

     

    
      		27.8	
              Survival

            

    

     

    The provisions of this Section 27 shall survive termination and expiry of this Agreement.

     

    
      	28.	
              BUY AMERICA

            

    

     

    
      		28.1	
              This Agreement is subject to the FRA’s RRIF domestic buying preference policy (“RRIF Buy America”) as set forth in the FRA’s Notice Regarding Consideration and Processing of Applications for Financial Assistance
                under the Railroad Rehabilitation and Improvement Financing (RRIF) Program, 75 Federal Register 60165, 60166 (2010), as may be amended from time to time, and implementing guidance provided by the FRA, including guidance available at http://www.fra.dot.gov/Page/P0694.

            

    

     

    
      		28.2	
              The Contractor shall be required to:

            

    

     

    
      		28.2.1	
              provide to the Owner any certification required pursuant to the requirements referred to in Section 28.1, including the forms of “Buy America” certification set out in Part 6 of Exhibit 3 (Federal Railroad
                Administration – Buy America Certification), which shall be provided (i) with respect to the “Pre-Award Certification”, on or prior to the date of execution of this Agreement and (ii) with respect to the “Post-Delivery Certification”, upon
                delivery of each Vehicle or Train, as applicable; and

            

    

    
      55

      
        

      

    

    
      		28.2.2	
              provide (i) all assistance necessary to facilitate the Owner or any Governmental Authority’s audit of the Contractor’s compliance with the requirements referred to in Section 28.1, and (ii) any information and
                documentation reasonably necessary for the purposes of any such audit.

            

    

     

    
      	29.	
              CARGO PREFERENCE

            

    

     

    
      		29.1	
              As required by 46 C.F.R. Part 381, the Contractor agrees:

            

    

     

    
      		29.1.1	
              to utilize privately owned United States-flag commercial vessels to ship at least fifty (50) % of the gross tonnage (computed separately for dry bulk carriers, dry cargo liners and tankers) involved whenever
                shipping any equipment, materials, or commodities pursuant to this Agreement to the extent such vessels are available at fair and reasonable rates for United States-flag commercial vessels;

            

    

     

    
      		29.1.2	
              to furnish within twenty (20) days following the date of loading for shipments originating within the United States, or within thirty (30) working days following the date of loading for shipment originating
                outside the United States, a legible copy of a rated “on-board” commercial ocean bill-of-lading In English for each shipment of cargo described in clause (a) above to the recipient (through the prime contractor In the case of subcontractor
                bills-of-lading) and to the Division of Cargo Preference and Domestic Trade, Maritime Administration, 1200 New Jersey Avenue, S.E., Washington, DC 20590, marked with appropriate Identification of the project as follows: “FRA [BORROWER] RRIF
                Financing”; and

            

    

     

    
      		29.1.3	
              to insert the substance of the provisions of the clause in all subcontracts issued pursuant to this contract.

            

    

     

    
      	30.	
              SUSPENSION AND DEBARMENT

            

    

     

    The Contractor certifies, by entering into this Agreement, that neither it, any Sub-Contractors, nor their principals are presently
      debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from entering into this Agreement by any federal agency or by any department, agency or political subdivision of the State of Florida, or delinquent on a
      federal government debt, and the Contractor shall provide any other evidence required by any Governmental Authority in connection with the granting of an RRIF loan. For purposes of this Section 30, the term “principal” for purposes of this Agreement
      means an officer, director, owner, partner, key personnel, employee or other person with primary management or supervisory responsibilities, or a person who has a critical influence on or substantive control over the operations of the Contractor or
      Sub-Contractor.

     

    
      	31.	
              CONFIDENTIALITY OF INFORMATION

            

    

     

    
      		31.1	
              During the performance of this Agreement, it may be necessary for either party (the “Discloser”) to make information available to the other party (the “Recipient”). For the purposes of this Section 31, “Information” means all information supplied by or on behalf of the Discloser
                (whether before or after the date of this Agreement), whether in writing, orally or in any other form, directly or indirectly from or pursuant to discussions with the Recipient or in response to observations from the Recipient. Such
                information includes all work products (including design submittals, plans, programs, drawings, manuals, reports, models, software, and products), analyses, compilations, studies and other documents whether prepared by or on behalf of the
                Discloser and which contain or otherwise reflect or are derived from such information.

            

    

    
      56

      
        

      

    

    
      		31.2	
              The Recipient agrees to use all Information solely for the performance of the work under this Agreement and to hold all Information in confidence and not to disclose same to any third party without the prior
                written consent of the Discloser, except that Information may be disclosed or provided:

            

    

     

    
      		31.2.1	
              to the Recipient’s and its affiliate’s (including subsidiaries, holding companies and subsidiaries of such holding companies) directors, officers, employees, consultants and agents, including accountants, legal
                counsel and other advisers who have a need to know the Information;

            

    

     

    
      		31.2.2	
              by the Owner as Recipient to third parties and/or Governmental Authorities or otherwise as Owner may require for the completion, operation, maintenance or improvement of any Trains, Vehicles or Supplied Equipment
                in the event of, or following, termination of this Agreement;

            

    

     

    
      		31.2.3	
              by the Owner as Recipient to any lenders or grantors to the extent that such Information is reasonably required in connection with arranging financing or grants for the Owner’s development of Phase 1 and Phase 2
                of the planned railroad;

            

    

     

    
      		31.2.4	
              to the Recipient’s sub-contractors or their respective sub-contractors to the extent such Information is necessary for the performance by the Recipient of its obligations under this Agreement or in the case of the
                owner the operation of Phase 1 and/or Phase 2 of the railroad including the Maintenance Facilities;

            

    

     

    
      		31.2.5	
              by the Recipient to the extent that (i) it is required to disclose such Information pursuant to an Applicable Law and Regulation or by any subpoena or similar legal process or by any Governmental Authority
                provided that the Recipient in making such disclosure shall (a) give the Discloser as much prior written notice thereof as is reasonably practicable so that the Discloser may seek such protective orders or other protection as it, in its
                sole discretion and at its sole expense, may elect and (b) reasonably cooperate with the Discloser in protecting such confidential or proprietary nature of the Information which must be so disclosed; provided that, neither the Owner nor the
                Contractor shall be required to join the other party in pursuing any protective order, other protection or associated legal action; (ii) the Discloser confirms in writing that such Information is not to be treated as confidential (such
                confirmation not to be unreasonably withheld or delayed); (iii) such Information is or comes into the public domain other than as a result of any disclosure prohibited by this Agreement or (iv) is received by the Recipient independently
                from a third party free to disclose lawfully such information to the Recipient,

            

    

     

    provided that, in the cases of Sections 31.2.1, 31.2.2, 31.2.3 and 31.2.4, the persons to whom such Information is disclosed will be informed of the confidential nature of such
      Information and will so provide such Information subject to the same or similar requirements to maintain confidentiality as contained in this Agreement.

     

    
      	32.	
              ENTIRE AGREEMENT

            

    

     

    This Agreement supersedes any previous written or oral agreement between the parties in relation to the matters dealt with in this
      Agreement and the Contract Documents contain the whole agreement between the parties relating to the subject matter of this Agreement as of the date hereof.

    
      57

      
        

      

    

    
      	33.	
              NOTICES

            

    

     

    
      	
              33.1

            	
              Unless otherwise expressly provided herein, all notices and other communications to be given under or in connection with this Agreement shall be in writing and signed by or on behalf of the party giving it and
                shall be delivered by hand or overnight courier service, as follows:

            

    

     

    
      		33.1.1	
              if to the Contractor, to:

            

    

     

    Siemens Industry, Inc.

      7464 French Road

      Sacramento, CA 95828

      Attention: Michael Cahill (copied to the Legal Department)

     

    
      		
              33.1.2

            	
              if to the Owner, to:

            

    

     

    All Aboard Florida - Operations LLC

      c/o AAF Holdings LLC

      2855 Le Jeune Road, 4th Floor,

      Coral Gables, FL 33134

      Attention: Eugene Skoropowski (copied to Myles Tobin)

     

    or such person or address as the parties may from time to time notify in writing to one another.

     

    
      		33.2	
              All such notices and other communications sent by hand or overnight courier service shall be deemed to have been given when received; provided that if not
                given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient. In no event shall a voice mail message be effective as a notice, communication
                or confirmation hereunder.

            

    

     

    
      	34.	
              CONTRACTOR TO INFORM ITSELF FULLY

            

    

     

    
      		34.1	
              The Contractor shall be deemed to have inspected and examined to the extent reasonably practicable:

            

    

     

    
      		34.1.1	
              all documents provided by Owner, specifications and material requirements associated with this Agreement as of the date of this Agreement, including the Train Technical Specifications;

            

    

     

    
      		34.1.2	
              all Applicable Laws and Regulations;

            

    

     

    
      		34.1.3	
              all right of access for the existing infrastructure of the Owner Network, for the delivery of the Vehicles, the Trains and Supplied Equipment; and

            

    

     

    
      		34.1.4	
              the existing infrastructure of the Owner Network, and the Maintenance Facility Layout and Commissioning Equipment in Exhibit 2 (Maintenance Facility Layout and Commissioning Equipment).

            

    

     

    
      		34.1.5	
              and to have obtained for itself all necessary information as to risks, contingencies and other circumstances which may influence or affect its ability to perform its obligations under this Agreement.

            

    

    
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      		34.2	
              Other than to the extent provided otherwise in this Agreement, the Owner shall not grant any extension of time or additional payment on grounds of a misunderstanding or misinterpretation of any such matter, nor
                shall the Contractor be released from any of the risks accepted or obligations undertaken by it in relation to this Agreement on the grounds that it did not or could not have reasonably foreseen any matter which might affect or have
                affected the design, manufacture, testing, certification, commissioning, Modification, supply of equipment or method of overhaul of the Trains.

            

    

     

    
      	35.	
              COSTS

            

    

     

    Except as otherwise set forth in this Agreement, each party shall be responsible for its own costs incurred in connection with the
      execution and implementation of this Agreement.

     

    
      	36.	
              GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL

            

    

     

    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY AND
      UNCONDITIONALLY (A) WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND (B) CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE FEDERAL COURTS LOCATED IN THE STATE OF NEW YORK, CITY OF NEW YORK,
      BOROUGH OF MANHATTAN, IN ANY ACTION TO ENFORCE, INTERPRET OR CONSTRUE ANY PROVISION OF THIS AGREEMENT.

     

    
      	37.	
              DISPUTE RESOLUTION PROCEDURE

            

    

     

    
      		37.1	
              The parties agree to attempt to amicably resolve any disagreement or dispute that may arise between them regarding the interpretation of any provision of this Agreement (the “Dispute”). Either party may request a formal review of the Dispute by submitting a written request to the other party together with a full written description of its position in relation to the Dispute (the “Review Request”). Upon receipt of a Review Request, the following procedures shall apply:

            

    

     

    
      		37.1.1	
              the party receiving the Review Request (“Party in Receipt”) will within five (5) Business Days of receipt of the Review Request meet either in person or by conference call to review the Review Request;

            

    

     

    
      		37.1.2	
              the Party in Receipt will within five (5) Business Days after the meeting or conference call referred to in Section 37.1.1, provide a written response that fully describes its position in relation to the Dispute;

            

    

     

    
      		37.1.3	
              in the event the matter remains unresolved to either party’s satisfaction for a period of ten (10) Business Days after receipt of the information provided pursuant to Section 37.1.2, the parties shall arrange for
                their respective CEOs or similar senior-level representatives having responsibility for this Agreement, to meet in person or by conference call to attempt to resolve the Dispute; and

            

    

     

    
      		37.1.4	
              if the Dispute remains unresolved after the process described in subsection 37.1.3 is followed, either party has the right to pursue all remedies that it has available to it under this Agreement and by law.

            

    

     

    
      		37.2	
              Subject to the provisions of this Agreement, the parties shall continue the performance of their obligations during the resolution of any Dispute unless and until this Agreement is terminated or expires in
                accordance with its terms.

            

    

    
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      	38.	
              SURVIVAL

            

    

     

    Termination of this Agreement shall not affect any accrued rights and obligations under this Agreement as of the date of termination. The
      termination of this Agreement for any reason shall not affect the continuing rights and obligations of the parties under:

     

    
      		38.1.1	
              Section 19 (Intellectual Property Rights);

            

    

     

    
      		38.1.2	
              Section 21 (Consequences of Owner Termination);

            

    

     

    
      		38.1.3	
              Section 25 (Indemnity);

            

    

     

    
      		38.1.4	
              Section 27 (Warranties);

            

    

     

    
      		38.1.5	
              Section 29 (Confidentiality of Information); and

            

    

     

    
      		38.1.6	
              Section 36 (Governing Law; Submission to Jurisdiction; Waiver of Jury Trial),

            

    

     

    or under any other provision of this Agreement which is said to survive termination or which is required to give effect to such
      termination or the consequences of such termination.

     

    
      	39.	
              THIRD PARTY BENEFICIARIES

            

    

     

    No provisions of this Agreement shall in any way inure to the benefit of any third party, including the public at large, so as to render
      such person a third-party beneficiary of this Agreement or of any one or more of the terms and conditions of this Agreement or otherwise give rise to any cause of action in any person not a party to this Agreement, except as expressly provided
      elsewhere in this Agreement.

     

    
      	40.	
              RECORDS

            

    

     

    
      		40.1	
              Without prejudice to the provisions of Section 19 (Intellectual Property Rights), the Contractor shall keep full written records relating to the design, manufacture, testing, certification and commissioning as
                appropriate for the Trains, Vehicles and Supplied Equipment including, but not limited to, the Delivery Documentation in a secure location for the duration of any applicable warranty period and otherwise as required by all Applicable Laws
                and Regulations and shall at its own cost:

            

    

     

    
      		40.1.1	
              retain such records while any Vehicle or Train shall remain in service;

            

    

     

    
      		40.1.2	
              at any time at the Owner’s reasonable request, make them available for inspection; and

            

    

     

    
      		40.1.3	
              subject to, and in conformance with Section 31, make them available to any Governmental Authority,

            

    

     

    and the Contractor grants to the Owner a licence to use and copy such records and documentation.

     

    
      		40.2	
              Upon Conditional Acceptance of the last Phase 1 Train or Phase 2 Train, as applicable, the Contractor will provide the Owner, free of charge, with copies of its full written records which demonstrate the
                satisfaction of the Milestones with respect to the Trains and the Supplied Equipment.

            

    

     

    
      		40.3	
              To the extent that the design and other records of the Contractor are to be either created or maintained on a computer or other electronic storage device then the Contractor shall agree with the Owner a procedure
                for back-up and off-site storage for copies of such design and other records and shall adhere to such agreed procedure and shall cause its Sub-Contractors to implement and adhere to such agreed procedure.

            

    

    
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      	41.	
              NO AGENCY

            

    

     

    The parties will act as and be deemed to be independent contractors. Neither party nor any of its employees will act as, nor be deemed to
      be, an agent or employee of the other party. All personnel used by the Contractor in the performance of its obligations under this Agreement shall be employees of the Contractor or a permitted Sub-Contractor or agent of the Contractor and shall be
      suitably qualified to perform such obligations.

     

    
      	42.	
              ASSIGNMENT; SUBCONTRACTING

            

    

     

    
      		42.1	
              Subject to Sections 42.2 and 42.3, neither party will assign or subcontract its rights or obligations under this Agreement without the prior written consent of the other party, which consent shall not be
                unreasonably withheld or delayed, and no such assignment or subcontract will be effective until approved in writing by the other party.

            

    

     

    
      		42.2	
              Each party may assign its rights under this Agreement without the prior written consent of the other party where the assignment by the Owner to an assignee is a member of the Owner Group or the assignment by the
                Contractor is to a Subsidiary of the Contractor, except that where the assignee is a Subsidiary of the Contractor either (i) such assignee must satisfy the Financial test in Section 6.3 or (ii) within ten (10) Business Days of such
                assignment, the Contractor or assignee shall provide a Guarantee validly executed by the Guarantor to the Owner pursuant to Section 6.4.

            

    

     

    
      		42.3	
              The Owner shall be entitled to grant any Security Interest over this Agreement and the Trains without the approval of the Contractor, provided that such Security Interest shall not be granted to a Disqualified
                Entity.

            

    

     

    
      		42.4	
              The Contractor may Sub-Contract or otherwise use Sub-Contractors to perform any portion of its obligations under this Agreement without the prior written approval of the Owner; provided, however, that the
                Contractor will not be relieved of any duty or liability relating to such obligations by reason of such Subcontracting.

            

    

     

    
      	43.	
              TIME IS OF THE ESSENCE

            

    

     

    Time is of the essence with respect to either party’s performance of its obligations under this Agreement.

     

    
      	44.	
              WAIVER

            

    

     

    No failure to exercise nor any delay in exercising, on the part of the parties, any right, power or privilege under this Agreement will
      operate as a waiver thereof; further, no single or partial exercise of any right, power or privilege under this Agreement will preclude any other or further exercise thereof or the exercise of any other right, power or privilege available to it.
      Unless stated otherwise in this Agreement, all remedies under this Agreement are cumulative and are not exclusive of any other remedies that may be available to the parties, whether at law, in equity or otherwise.

     

    
      	45.	
              AMENDMENTS

            

    

     

    Any modification or amendment of any provisions of this Agreement shall be effective only if in writing, signed by authorized
      representatives of both the Owner and the Contractor, and specifically referencing this Section 45.

    
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      	46.	
              PRESS RELEASES

            

    

     

    Each party shall have the right to issue a press release regarding this Agreement upon the prior written approval of the other party,
      which shall not be unreasonably withheld or delayed. No other information relating to this Agreement will be released for publication, advertising or any other purpose without the prior written approval of the other party, which shall not be
      unreasonably withheld or delayed.

     

    
      	47.	
              COUNTERPARTS

            

    

     

    This Agreement may be executed in any number of counterparts, all of which when taken together shall constitute one and the same
      instrument. Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

     

    
      	48.	
              SEVERABILITY

            

    

     

    If any provision of this Agreement is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the
      remaining provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

     

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      62

      
        

      

    

    IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed by their
      respective authorized officers as of the day and year first written above.

    	 	 	 
	 	
            ALL ABOARD FLORIDA - OPERATIONS LLC, as Owner

          
	 	 	 
	 	
            By:

          	
            /s/DON ROBINSON

          
	 	 	
            Name: DON ROBINSON

          
	 	 	
            Title: President + C.O.O

          
	 	 	 
	 	
            SIEMENS INDUSTRY, INC., as Contractor

          
	 	 	 
	 	
            By:

          	
            /s/ MICHAEL CAHILL

          
	 	 	
            Name: MICHAEL CAHILL

          
	 	 	
            Title: PRESIDENT, RAIL SYSTEMS DIVISION

          
	 	 	 
	 	
            By:

          	
            /s/ CHRISTOPHER HALLENS

          
	 	 	
            Name: CHRISTOPHER HALLENS

          
	 	 	
            Title: VICE PRESIDENT, FINANCE BUS ADMIN, RAIL SYSTEMS DIVISION

          

  

   

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