Document:

EX-10.20

 Exhibit 10.20 

 
  
 CREDIT AGREEMENT 
 Dated as of August 29, 2011 

among 

RAILAMERICA, INC., 

as 
 a Borrower

 RAILAMERICA TRANSPORTATION CORP., 
 as 
 a Borrower 

The Several Lenders 
 from Time to Time Parties Hereto 
 CITIBANK, N.A., 

as Administrative Agent and Collateral Agent 
 CITIGROUP GLOBAL MARKETS INC., 
 as Sole Lead Arranger and Sole Bookrunner

  
  

 TABLE CONTENTS 

 

							
	 	  	 	  	Page	 
	
	SECTION 1. Definitions	  
			
	 1.1.
	  	Defined Terms	  	 	1	  
	 1.2.
	  	Exchange Rates	  	 	35	  
	
	SECTION 2. Amount and Terms of Credit	  
			
	 2.1.
	  	Commitments	  	 	36	  
	 2.2.
	  	Minimum Amount of Each Borrowing; Maximum Number of Borrowings	  	 	37	  
	 2.3.
	  	Notice of Borrowing	  	 	37	  
	 2.4.
	  	Disbursement of Funds	  	 	38	  
	 2.5.
	  	Repayment of Loans; Evidence of Debt	  	 	39	  
	 2.6.
	  	Conversions and Continuations	  	 	40	  
	 2.7.
	  	Pro Rata Borrowings	  	 	41	  
	 2.8.
	  	Interest	  	 	41	  
	 2.9.
	  	Interest Periods	  	 	42	  
	 2.10.
	  	Increased Costs, Illegality, etc.	  	 	42	  
	 2.11.
	  	Compensation	  	 	45	  
	 2.12.
	  	Change of Lending Office	  	 	45	  
	 2.13.
	  	Notice of Certain Costs	  	 	45	  
	 2.14.
	  	Defaulting Lenders	  	 	46	  
	 2.15.
	  	Incremental Facilities	  	 	48	  
	
	SECTION 3. Letters of Credit	  
			
	 3.1.
	  	Letters of Credit	  	 	50	  
	 3.2.
	  	Letter of Credit Requests	  	 	50	  
	 3.3.
	  	Letter of Credit Participations	  	 	51	  
	 3.4.
	  	Agreement to Repay Letter of Credit Drawings	  	 	53	  
	 3.5.
	  	Increased Costs	  	 	54	  
	 3.6.
	  	Successor Letter of Credit Issuer	  	 	55	  
	 3.7.
	  	Cash Collateralization	  	 	55	  
	
	SECTION 4. Fees; Commitments	  
			
	 4.1.
	  	Fees	  	 	56	  
	 4.2.
	  	Voluntary Reduction of Commitments	  	 	56	  
	 4.3.
	  	Mandatory Termination of Commitments	  	 	57	  
	
	SECTION 5. Payments	  
			
	 5.1.
	  	Voluntary Prepayments	  	 	57	  

  
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	 	  	 	  	Page	 
			
	 5.2.
	  	Mandatory Prepayments	  	 	57	  
	 5.3.
	  	Payments Generally	  	 	59	  
	 5.4.
	  	Net Payments	  	 	60	  
	 5.5.
	  	Computations of Interest and Fees	  	 	64	  
	 5.6.
	  	Limit on Rate of Interest	  	 	64	  
	
	SECTION 6. Conditions Precedent to Initial Borrowing	  
			
	 6.1.
	  	Credit Documents	  	 	65	  
	 6.2.
	  	Collateral	  	 	65	  
	 6.3.
	  	Legal Opinions	  	 	65	  
	 6.4.
	  	No Default	  	 	65	  
	 6.5.
	  	No Material Adverse Effect	  	 	65	  
	 6.6.
	  	Existing Credit Agreement	  	 	65	  
	 6.7.
	  	Corporate Documents	  	 	65	  
	 6.8.
	  	Officers’ Certificate	  	 	66	  
	 6.9.
	  	Fees	  	 	66	  
	 6.10.
	  	Representations and Warranties	  	 	66	  
	 6.11.
	  	Solvency	  	 	66	  
	 6.12.
	  	Lien Searches	  	 	66	  
	 6.13.
	  	Perfection Certificate	  	 	66	  
	 6.14.
	  	USA PATRIOT Act	  	 	67	  
	 6.15.
	  	Fixed Asset Security Agreement	  	 	67	  
	 6.16.
	  	Other Pari Passu Lien Secured Party Consent	  	 	67	  
	
	SECTION 7. Conditions Precedent to All Credit Events	  
			
	 7.1.
	  	No Default; Representations and Warranties	  	 	67	  
	 7.2.
	  	Notice of Borrowing; Letter of Credit Request	  	 	67	  
	 7.3.
	  	No Legal Bar	  	 	68	  
	
	SECTION 8. Representations, Warranties and Agreements	  
			
	 8.1.
	  	Corporate Status	  	 	68	  
	 8.2.
	  	Corporate Power and Authority	  	 	68	  
	 8.3.
	  	No Violation	  	 	69	  
	 8.4.
	  	Litigation	  	 	69	  
	 8.5.
	  	Margin Regulations	  	 	69	  
	 8.6.
	  	Governmental Approvals	  	 	69	  
	 8.7.
	  	Investment Company Act	  	 	69	  
	 8.8.
	  	True and Complete Disclosure	  	 	69	  
	 8.9.
	  	Financial Condition; Financial Statements	  	 	70	  
	 8.10.
	  	Tax Returns and Payments	  	 	70	  
	 8.11.
	  	Compliance with ERISA	  	 	70	  
	 8.12.
	  	Subsidiaries and Investments	  	 	71	  
	 8.13.
	  	Intellectual Property	  	 	72	  

  
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	 	  	 	  	Page	 
			
	 8.14.
	  	Environmental Laws	  	 	72	  
	 8.15.
	  	Properties	  	 	72	  
	 8.16.
	  	Solvency	  	 	73	  
	 8.17.
	  	Compliance with Laws and Agreements	  	 	73	  
	 8.18.
	  	Canadian Pension Plans	  	 	73	  
	 8.19.
	  	Labor Matters	  	 	73	  
	 8.20.
	  	Security Documents	  	 	74	  
	 8.21.
	  	Anti-Terrorism Law	  	 	75	  
	 8.22.
	  	No Amendments	  	 	76	  
	 8.23.
	  	Other Pari Passu Lien Obligations	  	 	76	  
	
	SECTION 9. Affirmative Covenants	  
			
	 9.1.
	  	Information Covenants	  	 	76	  
	 9.2.
	  	Books, Records and Inspections	  	 	79	  
	 9.3.
	  	Maintenance of Insurance	  	 	80	  
	 9.4.
	  	Payment of Taxes	  	 	80	  
	 9.5.
	  	Existence	  	 	80	  
	 9.6.
	  	Compliance with Statutes, Obligations, etc.	  	 	80	  
	 9.7.
	  	ERISA	  	 	80	  
	 9.8.
	  	Good Repair	  	 	81	  
	 9.9.
	  	End of Fiscal Years; Fiscal Quarters	  	 	81	  
	 9.10.
	  	Additional Subsidiary Guarantors and Grantors	  	 	81	  
	 9.11.
	  	Use of Proceeds	  	 	82	  
	 9.12.
	  	Further Assurances	  	 	82	  
	 9.13.
	  	Real Property, etc.	  	 	83	  
	 9.14.
	  	[Reserved]	  	 	83	  
	 9.15.
	  	Information Regarding Collateral	  	 	83	  
	 9.16.
	  	Specified Financial Maintenance Covenant	  	 	84	  
	 9.17.
	  	Post Closing Requirements	  	 	84	  
	 9.18.
	  	Fixed Asset Security Agreement	  	 	86	  
	
	SECTION 10. Negative Covenants	  
			
	 10.1.
	  	Limitation on Indebtedness	  	 	86	  
	 10.2.
	  	Limitation on Liens	  	 	89	  
	 10.3.
	  	Limitation on Fundamental Changes	  	 	90	  
	 10.4.
	  	Limitation on Sale of Assets	  	 	92	  
	 10.5.
	  	Limitation on Investments	  	 	94	  
	 10.6.
	  	Limitation on Restricted Payments	  	 	96	  
	 10.7.
	  	Limitations on Debt Payments and Certain Amendments	  	 	98	  
	 10.8.
	  	[Reserved]	  	 	98	  
	 10.9.
	  	Financial Covenant	  	 	99	  
	 10.10.
	  	Transactions with Affiliates	  	 	99	  
	 10.11.
	  	Restrictive Agreements	  	 	101	  
	 10.12.
	  	Changes in Business	  	 	102	  

  
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	 	  	 	  	Page	 
			
	 10.13.
	  	Limitation on Issuance of Capital Stock	  	 	102	  
	
	SECTION 11. Events of Default	  
			
	 11.1.
	  	Payments	  	 	102	  
	 11.2.
	  	Representations, etc.	  	 	102	  
	 11.3.
	  	Covenants	  	 	102	  
	 11.4.
	  	Default Under Other Agreements	  	 	102	  
	 11.5.
	  	Bankruptcy, etc.	  	 	103	  
	 11.6.
	  	ERISA	  	 	103	  
	 11.7.
	  	Guarantee	  	 	104	  
	 11.8.
	  	Security Agreements	  	 	104	  
	 11.9.
	  	Judgments	  	 	104	  
	 11.10.
	  	Change of Control	  	 	104	  
	
	SECTION 12. The Agents	  
			
	 12.1.
	  	Appointment and Authority	  	 	105	  
	 12.2.
	  	Agents Individually	  	 	105	  
	 12.3.
	  	Duties of the Agents; Exculpatory Provisions	  	 	106	  
	 12.4.
	  	Reliance by Agents	  	 	107	  
	 12.5.
	  	Delegation of Duties	  	 	107	  
	 12.6.
	  	Resignation of Agents	  	 	108	  
	 12.7.
	  	Non-Reliance on Agent and Other Lenders	  	 	109	  
	 12.8.
	  	No Other Duties, etc.	  	 	110	  
	 12.9.
	  	Withholding Tax	  	 	110	  
	 12.10.
	  	Security Agreement and Intercreditor Agreement	  	 	111	  
	 12.11.
	  	Indemnification	  	 	111	  
	
	SECTION 13. Miscellaneous	  
			
	 13.1.
	  	Amendments and Waivers	  	 	112	  
	 13.2.
	  	Notices	  	 	113	  
	 13.3.
	  	No Waiver; Cumulative Remedies	  	 	114	  
	 13.4.
	  	Survival of Representations and Warranties	  	 	115	  
	 13.5.
	  	Payment of Expenses and Taxes	  	 	115	  
	 13.6.
	  	Successors and Assigns; Participations and Assignments	  	 	116	  
	 13.7.
	  	Replacements of Lenders under Certain Circumstances	  	 	119	  
	 13.8.
	  	Adjustments; Set-off	  	 	120	  
	 13.9.
	  	Counterparts	  	 	120	  
	 13.10.
	  	Severability	  	 	120	  
	 13.11.
	  	Integration	  	 	120	  
	 13.12.
	  	GOVERNING LAW	  	 	121	  
	 13.13.
	  	Submission to Jurisdiction; Waivers	  	 	121	  
	 13.14.
	  	Acknowledgments	  	 	121	  
	 13.15.
	  	WAIVERS OF JURY TRIAL	  	 	122	  

  
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	 	  	 	  	Page	 
			
	 13.16.
	  	Confidentiality	  	 	122	  
	 13.17.
	  	Citigroup Direct Website Communications	  	 	123	  
	 13.18.
	  	USA PATRIOT Act	  	 	124	  

  
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 SCHEDULES 
  

			
	Schedule 1.1(b)	  	Commitments of Lenders
	Schedule 6.3	  	Local Counsel Jurisdictions
	Schedule 8.12	  	Subsidiaries
	Schedule 8.14	  	Environmental Matters
	Schedule 8.19	  	Labor Matters
	Schedule 9.17(b)	  	Accounts for Control Agreements
	Schedule 10.1	  	Closing Date Indebtedness
	Schedule 10.2	  	Closing Date Liens
	Schedule 10.5	  	Closing Date Investments

 EXHIBITS 
  

			
	Exhibit A	  	Compliance Certificate
	Exhibit B	  	Form of Guarantee
	Exhibit D	  	Form of Perfection Certificate
	Exhibit D-1	  	Form of Perfection Certificate Supplement
	Exhibit F	  	Form of Revolving Only Collateral Security Agreement
	Exhibit G	  	Form of Letter of Credit Request
	Exhibit H-1	  	Form of Legal Opinion of Skadden, Arps, Slate, Meagher & Flom LLP
	Exhibit H-2	  	Form of Legal Opinion of General Counsel
	Exhibit I	  	Form of Assignment and Acceptance
	Exhibit J	  	Form of Promissory Note (Revolving Credit and Swingline Loans)
	Exhibit K	  	Form of Joinder Agreement
	Exhibit L-1	  	Form of Tax Certification
	Exhibit L-2	  	Form of Tax Certification
	Exhibit L-3	  	Form of Tax Certification
	Exhibit L-4	  	Form of Tax Certification
	Exhibit M	  	Form of Solvency Certificate

  
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 CREDIT AGREEMENT, dated as of August 29, 2011, among RAILAMERICA, INC., a Delaware
corporation (“RailAmerica”); RAILAMERICA TRANSPORTATION CORP., a Delaware corporation (“RATC,” together with RailAmerica, the “Borrowers” and each individually, a “Borrower”); the
lenders party hereto from time to time (the “Lenders”), the LETTER OF CREDIT ISSUER party hereto from time to time; CITIBANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and
collateral agent (in such capacity, the “Collateral Agent”) for the Lenders; and CITIGROUP GLOBAL MARKETS INC. (“CGMI”), as sole lead arranger and sole bookrunner (in such capacity, the “Lead
Arranger”). 
 The parties hereto hereby agree as follows: 

SECTION 1. Definitions 
 1.1. Defined Terms. 
 (a) As used herein, the following terms shall have
the meanings specified in this Section 1.1 unless the context otherwise requires (it being understood that defined terms in this Agreement shall include in the singular number the plural and in the plural the singular): 

“ABR” shall mean, for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of
1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1% and (c) the Eurodollar Rate for an Interest Period of one month beginning on such day (or, if such day is not a Business Day, the immediately
preceding Business Day) plus 1.00%. Any change in the ABR due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate or the Federal
Funds Effective Rate. 
 “ABR Loan” shall mean each Loan bearing interest at the rate provided in
Section 2.8(a) and, in any event, shall include all Swingline Loans. 
 “ABR Margin” shall mean a
percentage per annum as determined according to the following grid and the paragraph below: 
  

					
	 Status
	  	ABR Margin	 
		
	 Level I Status
	  	 	2.50	% 
	 Level II Status
	  	 	2.25	% 

 The ABR Margin shall be determined on each Adjustment Date in accordance with the above table (and such
determination shall apply from and including such Adjustment Date to but excluding the next Adjustment Date); provided that Level I Status shall apply (i) if Section 9.1 Financials shall have not been delivered within three Business
Days of the date they are required to be so delivered (without giving effect to any grace period), (ii) at any time that an Event of Default has occurred and is continuing and (iii) prior to the first Adjustment Date. 

“Account” shall mean, individually and collectively, any “Account” referred to in the Revolving Only
Collateral Security Agreement. 

 “Acquired Debt” shall mean any Indebtedness of RailAmerica or a Restricted
Subsidiary; provided that (a) such Indebtedness was Indebtedness of a Person acquired in a Permitted Acquisition or attached to assets acquired in a Permitted Acquisition that, in each case, was existing at the time of such Permitted
Acquisition and was not created in anticipation of such Permitted Acquisition and (b) none of RailAmerica or any Restricted Subsidiary thereof (other than any Restricted Subsidiary that was so acquired in such Permitted Acquisition or
RailAmerica or the Restricted Subsidiary that acquired the assets in the Permitted Acquisition) shall guarantee or otherwise with respect to such Indebtedness. 
 “Adjustment Date” shall mean the third Business Day after any date of delivery of Section 9.1 Financials; provided that the first Adjustment Date shall not occur until the
Section 9.1 Financials so delivered on such date relate to a period that ends on or after the last day of the first full fiscal quarter of Borrower that begins and ends after the Closing Date. 

“Administrative Agent” shall mean Citibank, N.A., as the administrative agent for the Lenders under this Agreement and
the other Credit Documents. 
 “Administrative Agent’s Office” shall mean the office of the Administrative
Agent located at 1615 Brett Road, OPS III, New Castle, Delaware 19720, or such other office as the Administrative Agent may hereafter designate in writing as such to the other parties hereto. 

“Administrative Agent Fee Letter” shall mean the Administrative Agent Fee Letter dated as of the Closing Date, between
the Administrative Agent and the Borrowers. 
 “Affiliate” shall mean, with respect to any Person, any other
Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control a corporation if such Person possesses, directly or indirectly, the power to direct or cause
the direction of the management and policies of such corporation, whether through the ownership of voting securities, by contract or otherwise. 
 “After Acquired Property” means any property of the Borrower or any Credit Party acquired after the Closing Date that is intended to secure the Obligations under this Agreement
pursuant to this Agreement and the Credit Documents. For the avoidance of doubt, in no case and at no time shall After Acquired Property include Buildings or Manufactured (Mobile) Homes. 

“Agents” shall mean the Administrative Agent and the Collateral Agent. 

“Agreement” shall mean this Credit Agreement, as the same may be amended, amended and restated, supplemented or
otherwise modified from time to time. 
 “Applicable Percentage” shall mean, with respect to any Lender, with
respect to Revolving Credit Loans, Letters of Credit Outstanding or Swingline Loans, a percentage equal to a fraction the numerator of which is such Lender’s Commitment and the denominator of which is the Total Commitment (if the Total
Commitment has terminated or expired, the Applicable Percentages shall be determined based upon such Lender’s share of the Total Credit Exposure at that 

  
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time); provided that in the case of Section 2.14 when a Defaulting Lender shall exist, any such Defaulting Lender’s Commitment shall be disregarded in the calculation.

 “Approved Fund” shall mean any Fund that has at least $500.0 million in assets and that is administered or
managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Asset Sale” shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or other disposition of any assets by RailAmerica or any of its Restricted Subsidiaries and
(b) any issuance or sale of any Equity Interests of any Restricted Subsidiary of RailAmerica. 
 “Asset Sale
Proceeds Account” has the meaning given to such term in the Secured Notes Indenture (as in effect on the Closing Date). 
 “Assignment and Acceptance” shall mean an assignment and acceptance substantially in the form of Exhibit I. 

“Authorized Officer” shall mean the Chairman of the Board, the President, the Chief Financial Officer, any Senior Vice
President, the Treasurer or any other senior officer of RailAmerica designated as such in writing to the Administrative Agent by RailAmerica. 
 “Available Amount Basket” shall mean the sum of: 

(1) 50% of the Consolidated Net Income of RailAmerica for the period (taken as one accounting period) from the beginning
of the fiscal quarter in which the Closing Date occurs to the end of the most recent period at the end of which Section 9.1 Financials have been delivered, or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of
such deficit, plus 
 (2) 100% of the aggregate net cash proceeds and the Fair Market Value of marketable
securities or other property received by RailAmerica after the Closing Date (or, in the case of clause (x) below, after June 23, 2009) (other than net cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness
pursuant to Section 10.1(k)) from the issue or sale of: 
 (x) Equity Interests of RailAmerica, excluding
net cash proceeds and the Fair Market Value of marketable securities or other property received from the sale of: 
 (A) Equity Interests to members of management, directors or consultants of RailAmerica and RailAmerica’s Subsidiaries after the Closing Date to the extent such amounts have been applied to Restricted
Payments made from net cash proceeds referred to in Section 10.6(c)(i) and 
 (B) Designated Preferred
Stock 
 or 

  
 -3-

 (y) debt securities or Disqualified Capital Stock of RailAmerica or any
Restricted Subsidiary that have been converted into or exchanged for Equity Interests of RailAmerica; 
 provided,
however, that this clause (2) shall not include the proceeds from (a) Refunding Capital Stock, (b) Equity Interests or converted or exchanged debt securities of RailAmerica sold to a Restricted Subsidiary or RailAmerica, as the
case may be, (c) Disqualified Capital Stock or debt securities that have been converted into or exchanged for Disqualified Capital Stock or (d) Excluded Contributions, plus 

(3) 100% of the aggregate amount of cash and the Fair Market Value of marketable securities or other property contributed
to the capital of RailAmerica following the Closing Date (other than net cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness, Disqualified Capital Stock or preferred stock pursuant to Section 10.1(k)) (other
than by a Restricted Subsidiary and other than in connection with any Excluded Contributions or Refunding Capital Stock), plus 
 (4) 100% of the aggregate amount received in cash and the Fair Market Value of marketable securities or other property received by RailAmerica or a Restricted Subsidiary by means of: 

(A) the sale or other disposition (other than to RailAmerica or a Restricted Subsidiary) of Investments funded by the
Available Amount Basket made by RailAmerica and its Restricted Subsidiaries and repurchases and redemptions of such Investments funded by the Available Amount Basket from RailAmerica and its Restricted Subsidiaries and repayments of loans or
advances which constitute Investments funded by the Available Amount Basket by RailAmerica and its Restricted Subsidiaries, in each case after the Closing Date, or 

(B) the sale (other than to RailAmerica or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary (to the
extent the Investment in such Unrestricted Subsidiary was made by use of the Available Amount Basket) or a dividend or distribution from an Unrestricted Subsidiary, in each case after the Closing Date, plus 

(5) to the extent the Investment in an Unrestricted Subsidiary was made by use of the Available Amount Basket, in the case
of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary, the Fair Market Value of the Investment in such Unrestricted Subsidiary at the time of such redesignation (provided that if such Fair Market Value exceeds $25.0
million, such Fair Market Value shall be confirmed in writing by an independent investment banking firm of nationally recognized standing), at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary, minus

 (6) all Investments and Restricted Payments and payments of Indebtedness that are made through the use of the
Available Amount Basket, Restricted Payments made pursuant to Section 10.6(a), (b) (with respect to the payment of dividends on 

  
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Refunding Capital Stock pursuant to clause (B) thereof only) or (g) and any repurchases of Equity Interests of RailAmerica since June 23, 2009; 

provided that no amount may be used from the Available Amount Basket unless at the time of such use and after giving effect to the Restricted
Payment, Investment or payment of Indebtedness to be made in connection therewith (i) no Default or Event of Default has occurred and is continuing or would occur as a consequence thereof and (ii) on a Pro Forma Basis, as of the last Test
Period at the end of which Section 9.1 Financials were required to have been delivered, the Fixed Charge Coverage Ratio would have been at least 2.0 to 1.0; provided further that, to the extent any amount is expended from the
Available Amount Basket in reliance on clause (2)(x) hereof (to the extent such amount to be so expended was generated by net cash proceeds received prior to the Closing Date), the Consolidated Total Debt to Consolidated EBITDA Ratio at the
time of such expenditure, after giving effect to any such transaction done in connection with such expenditure, shall be no greater than 4.5 to 1.0. 
 “Available Commitment” shall mean an amount equal to the excess, if any, of (a) the amount of the Total Commitment over (b) the sum of (i) the aggregate principal amount of
all Revolving Credit Loans then outstanding and (ii) the aggregate Letters of Credit Outstanding at such time. 

“Bankruptcy Code” shall have the meaning provided in Section 11.5. 

“Board” shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor).

 “Board of Directors” shall mean, with respect to any person, (i) in the case of any corporation, the
board of directors of such person, (ii) in the case of any limited liability company, the board of managers, the sole member or other governing body of such person, (iii) in the case of any partnership, the Board of Directors of the
general partner of such person and (iv) in any other case, the functional equivalent of the foregoing. 

“Borrowers” shall have the meaning provided in the preamble to this Agreement. 

“Borrowing” shall mean and include (a) the incurrence of Swingline Loans from the Swingline Lender on a given date
and (b) the incurrence of one Type of Revolving Credit Loan on a given date (or resulting from conversions on a given date) having, in the case of Eurodollar Loans, the same Interest Period (provided that ABR Loans incurred pursuant to
Section 2.10(b) shall be considered part of any related Borrowing of Eurodollar Loans). 
 “Building”
shall have the meaning provided in Section 8.20(b). 
 “Business Day” shall mean any day excluding
Saturday, Sunday and any day that shall be a legal holiday in the City of New York or a day on which banking institutions are authorized by law or other governmental actions to close; provided that, when used in connection with a Eurodollar
Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 

  
 -5-

 “Capital Expenditures” shall mean, for any period, expenditures (including
the aggregate amounts expended or capitalized under Capital Leases incurred during such period) made by RailAmerica or any of its Restricted Subsidiaries to acquire or construct fixed assets, plant and equipment (including renewals, improvements and
replacements, but excluding repairs) during such period computed in accordance with GAAP; provided that the term “Capital Expenditures” shall not include (a) expenditures made in connection with the replacement,
substitution or restoration of assets to the extent financed (i) from insurance proceeds paid on account of the loss of or damage to the assets being replaced or restored or (ii) with awards of compensation arising from the taking by
eminent domain or condemnation of the assets being replaced, (b) the purchase price of equipment that is purchased simultaneously with the trade-in of existing equipment to the extent that the gross amount of such purchase price is reduced by
the credit granted by the seller of such equipment for the equipment being traded in at such time or (c) the purchase of plant, property or equipment made within one year of the sale of any asset (other than sales of inventory in the ordinary
course of business) to the extent purchased with the proceeds of such sale. 
 “Capital Lease” shall mean, as
applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet of that Person. 

“Capitalized Lease Obligations” shall mean at the time any determination thereof is to be made, the amount of the
liability in respect of a Capital Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP. 

“Cash” shall mean money, currency or a credit balance in any demand or Deposit Account. 

“Cash Collateralize” shall mean, in respect of an obligation, to provide and pledge (as a first priority perfected
security interest) cash collateral in Dollars, at a location and pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent (and “Cash Collateralization” has a corresponding meaning).

 “Cash Management Agreement” shall mean any agreement or arrangement to provide cash management services,
including treasury, depository, overdraft, credit or debit card, purchase card, electronic funds transfer, controlled disbursement services, foreign exchange facilities, merchant services (other than those constituting a line of credit) and other
cash management arrangements. 
 “Cash Management Bank” shall mean any Person that at the time it enters into a
Cash Management Agreement with RailAmerica or any of its Restricted Subsidiaries is a Lender or an Affiliate of a Lender, in its capacity as a party to such Cash Management Agreement. 

“CFC” shall mean each Subsidiary of RailAmerica that is a controlled foreign corporation within the meaning of
Section 957 of the Code. 

  
 -6-

 “Change of Control” shall mean the occurrence of any of the following:

 (1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act, other than one or more Permitted Holders, is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), except that for purposes of this clause such person or group shall be deemed to have
“beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of Voting Stock representing 50% or more
of the voting power of the total outstanding Voting Stock of RailAmerica; 
 (2) during any period of two
consecutive years, individuals who at the beginning of such period constituted the Board of Directors of RailAmerica (together with any new directors whose election to such Board of Directors or whose nomination for election by the stockholders of
RailAmerica was approved by a vote of the majority of the directors of RailAmerica then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved), cease for any
reason to constitute a majority of the Board of Directors of RailAmerica; or 
 (3) at any time a change of
control occurs under the Secured Notes or any Permitted Refinancing Indebtedness in respect thereof or any Indebtedness incurred pursuant to Section 10.1(m). 
 “Closing Date” shall mean August 29, 2011. 

“Closing Date Fixed Asset Security Agreement Amendment” shall mean the amendment to the Fixed Asset Security Agreement
dated as of the Closing Date. 
 “Closing Date Fixed Asset Security Agreement Affirmation” shall mean the
affirmation to the Fixed Asset Security Agreement dated as of the Closing Date. 
 “Code” shall mean the
Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 

“Collateral” shall mean, collectively, all of the property pledged or granted as collateral pursuant to the Security
Documents on the Closing Date or thereafter pursuant to Section 9.10 or 9.12, the Mortgaged Property and all other property of whatever kind and nature subject or purported to be subject from time to time to a Lien under any Security Document.

 “Collateral Agent” shall mean Citibank, N.A., as the collateral agent for the Lenders under this Agreement
and the other Credit Documents; provided that (a) references in this Agreement and the Revolving Only Collateral Security Agreement (and any filings or instruments delivered pursuant to the Revolving Only Collateral Security Agreement)
to the Collateral Agent shall be deemed not to include the Fixed Asset Collateral Agent and (b) for purposes of the definition of the term Applicable Authorized Representative in the Intercreditor Agreement, Citibank, N.A. shall be deemed the
“collateral agent” with respect to the Obligations. 

  
 -7-

 “Commitment” shall mean (a) with respect to each Lender that is a
Lender on the Closing Date, the amount set forth opposite such Lender’s name on Schedule 1.1(b) as such Lender’s “Commitment” and (b) in the case of any Lender that becomes a Lender after the Closing Date, the amount
specified as such Lender’s “Commitment” in the Assignment and Acceptance pursuant to which such Lender assumed a portion of the Total Commitment, in each case of the same may be changed from time to time pursuant to terms hereof. The
aggregate amount of the Commitments as of the Closing Date is $75.0 million. 
 “Commitment Fee Rate” shall
mean a percentage per annum as determined according to the following grid and the paragraph below: 
  

					
	 Status
	  	Commitment Fee
Rate	 
		
	 Level I Status
	  	 	0.75	% 
	 Level II Status
	  	 	0.50	% 

 The Commitment Fee Rate shall be determined on each Adjustment Date in accordance with the above table
(and such determination shall apply from and including such Adjustment Date to but excluding the next Adjustment Date); provided that Level I Status shall apply (i) if Section 9.1 Financials shall have not been delivered within
three Business Days of the date they are required to be so delivered (without giving effect to any grace period), (ii) at any time that an Event of Default has occurred and is continuing and (iii) prior to the first Adjustment Date.

 “Common Stock” shall mean, with respect to any Person, any and all shares, interests, participations and
other equivalents (however designated, whether voting or non-voting) of such Person’s common stock, whether now outstanding or issued after the Closing Date, and includes, without limitation, all series and classes of such common stock.

 “Compliance Certificate” means a certificate substantially in the form of Exhibit A. 

“Consolidated Depreciation and Amortization Expense” shall mean with respect to RailAmerica for any period, the total
amount of depreciation and amortization expense, including any amortization of deferred financing fees and amortization in relation to terminated Hedge Agreements, of RailAmerica and its Restricted Subsidiaries for such period on a consolidated
basis and otherwise determined in accordance with GAAP. 
 “Consolidated EBITDA” shall mean, for any period,
the Consolidated Net Income for such period plus (without duplication) (a) provision for taxes based on income or profits, plus franchise or similar taxes, of RailAmerica and its Restricted Subsidiaries for such period deducted in
computing Consolidated Net Income for such period, plus, (b) Consolidated Interest Expense (and items listed in clause (ii) of the definition of “Fixed Charge Coverage Ratio” to the extent changes in GAAP after the Closing
Date result in such components reducing Consolidated Net Income) of RailAmerica for such period to the extent the same was deducted in calculating such Consolidated Net Income for such period, plus (c) Consolidated Depreciation and
Amortization 

  
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Expense for such period to the extent such depreciation and amortization were deducted in computing Consolidated Net Income for such period, plus (d) any expenses or charges related
to any equity offering, Investment permitted hereunder, acquisition, disposition, recapitalization or Indebtedness permitted to be incurred hereunder (whether or not successful), including Transaction Expenses, that were deducted in computing
Consolidated Net Income for such period, plus (e) the amount of any restructuring charge deducted in such period in computing Consolidated Net Income for such period, including any one-time costs incurred in connection with acquisitions
after the Closing Date, plus (f) any other non-cash charges reducing Consolidated Net Income for such period, excluding any such charge that represents an accrual or reserve for a cash expenditure for a future period, plus
(g) the amount of any non-controlling interest expense deducted in calculating Consolidated Net Income for such period (less the amount of any cash dividends paid to the holders of such minority interests), plus (h) any net loss (or
minus any net gains) resulting from currency exchange risk Hedge Agreements in such period to the extent the same was deducted (or added, in the case of any gain) in computing Consolidated Net Income in such period, plus (i) foreign
exchange loss (or minus any gain) on Indebtedness in such period to the extent the same was deducted (or added, in the case of any gain) in computing Consolidated Net Income in such period, plus (j) the amount of management, monitoring,
consulting and advisory fees and related expenses paid to Sponsor or any of its Affiliates in such period to the extent the same was deducted in computing Consolidated Net Income for such period, plus (k) expenses related to the
implementation of enterprise resource planning system in such period to the extent the same was deducted in computing Consolidated Net Income for such period, less (l) non-cash items increasing Consolidated Net Income of such Person for
such period, excluding any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period to the extent the same was added in computing Consolidated Net Income for such period, all as
determined on a consolidated basis for RailAmerica and the Restricted Subsidiaries in accordance with GAAP. 

“Consolidated First Lien Secured Debt” shall mean, as of any date of determination, the Consolidated Total Debt that is
secured by a Lien on any asset of RailAmerica or any Restricted Subsidiary to the extent not subordinated to any other Lien on such asset, whether contractually or as a matter of law (it being understood that, notwithstanding anything to the
contrary, for the avoidance of doubt, the Secured Notes and all Other Pari Passu Lien Obligations shall be deemed Consolidated First Lien Secured Debt). 
 “Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated First Lien Secured Debt as of the last
day of the most recent Test Period to (b) Consolidated EBITDA for such Test Period; provided that the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio shall be calculated on a Pro Forma Basis. 

“Consolidated Interest Expense” shall mean, with respect to RailAmerica for any period, the sum, without duplication, of
(a) consolidated interest expense of RailAmerica and its Restricted Subsidiaries for such period, to the extent such expense was deducted in computing Consolidated Net Income (including amortization of original issue discount resulting from the
issuance of Indebtedness at less than par, non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark-to-market valuation of Hedge 

  
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Agreements or other derivative instruments pursuant to Financial Accounting Standards Board Statement No. 133—Accounting for Derivative Instruments and Hedging Activities” and
excluding non-cash interest expense attributable to the amortization of gains or losses resulting from the termination prior to or reasonably contemporaneously with the Closing Date of Hedge Agreements), the interest component of Capitalized Lease
Obligations and net payments, if any, pursuant to interest rate Hedge Agreements, and excluding amortization of deferred financing fees and any expensing of bridge or other financing fees), and (b) consolidated capitalized interest of
RailAmerica and its Restricted Subsidiaries for such period, whether paid or accrued less (c) interest income of RailAmerica and its Restricted Subsidiaries for such period. 

“Consolidated Net Income” shall mean, with respect to RailAmerica and the Restricted Subsidiaries for any period, the
aggregate of the Net Income of RailAmerica and its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided, however, that (1) any net after-tax extraordinary,
non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including, without limitation, relating to severance, relocation and new product introductions) shall be excluded, (2) the Net Income for such
period shall not include the cumulative effect of a change in accounting principles during such period, (3) any net after-tax income (loss) from disposed or discontinued operations and any net after-tax gains or losses on disposal of disposed
or discontinued operations shall be excluded, (4) any net after-tax gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions other than in the ordinary course of business, as determined in good faith by
the Board of Directors of RailAmerica, shall be excluded, (5) the Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be
excluded; provided that, to the extent not otherwise included therein for such period, Consolidated Net Income of RailAmerica shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash from
such Person (or to the extent converted into cash) to RailAmerica or a Restricted Subsidiary thereof in respect of such period, (6) solely for purposes of determining the amount of the Available Amount Basket, the Net Income for such period of
any Restricted Subsidiary (other than any Subsidiary Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the date of determination
wholly permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental
regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or in similar distributions has been legally waived; provided that Consolidated Net Income of
RailAmerica will be increased by the amount of dividends or other distributions or other payments actually paid in cash from that Restricted Subsidiary (or to the extent converted into cash) to RailAmerica or a Restricted Subsidiary in respect of
such period, to the extent not already included therein, (7) the effects of adjustments resulting from the application of purchase accounting in relation to any acquisition that is consummated after the Closing Date, net of taxes, shall be
excluded, (8) any net after-tax income (loss) from the early extinguishment of Indebtedness (including under Hedge Agreements) or other derivative instruments shall be excluded, (9) any impairment charge or asset write-off pursuant to
Financial Accounting Standards Board Statement No. 142 and No. 144 and the amortization of intangibles arising pursuant to No. 141 shall be excluded, and (10) any non-cash compensation expense

  
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recorded from grants of stock appreciation or similar rights, stock options or other rights to officers, directors or employees shall be excluded. 

Notwithstanding the foregoing, for the purpose of calculating the Available Amount Basket there shall be excluded from Consolidated Net
Income any income arising from any sale or other disposition of Investments made by RailAmerica and the Restricted Subsidiaries, any repurchases and redemptions of Investments from RailAmerica and the Restricted Subsidiaries, any repayments of loans
and advances which constitute Investments by RailAmerica or any Restricted Subsidiary, any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each case only to the extent such amounts
increase the Available Amount Basket pursuant to clause (4) thereof. 
 “Consolidated Senior Secured Debt”
shall mean, as of any date of determination, the aggregate principal amount of all Indebtedness of RailAmerica and the Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP that is secured by a Lien. 

“Consolidated Senior Secured Debt to Consolidated EBITDA Ratio” shall mean, as of any date of determination, the ratio
of (a) Consolidated Senior Secured Debt as of the last day of the most recent Test Period to (b) Consolidated EBITDA for such Test Period (which for such purposes of Section 10.9 shall exclude amounts earned from, or received from the
assignment of, the tax credits available under Section 45G of the Code); provided that the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio shall be calculated on a Pro Forma Basis. 

“Consolidated Total Debt” shall mean, as of any date of determination, the aggregate principal amount of all
Indebtedness of RailAmerica and the Restricted Subsidiaries determined on a consolidated basis in accordance with GAAP. 

“Consolidated Total Debt to Consolidated EBITDA Ratio” shall mean, as of any date of determination, the ratio of
(a) Consolidated Total Debt as of the last day of the most recent Test Period to (b) Consolidated EBITDA for such Test Period (which for purposes of determining Level I Status and Level II Status shall exclude amounts earned from, or
received from the assignment of, the tax credits available under Section 45G of the Code); provided that the Consolidated Total Debt to Consolidated EBITDA Ratio shall be calculated on a Pro Forma Basis. 

“Credit Documents” shall mean this Agreement, the Security Documents, each Letter of Credit, any promissory notes issued
by the Borrowers hereunder and the Fee Letters. 
 “Credit Event” shall mean and include the making (but not
the conversion or continuation) of a Loan and the issuance, extension or amendment (to the extent such amendment increases the amount thereof) or renewal of a Letter of Credit. 

“Credit Exposure” shall mean with respect to any Lender the sum of the following on such date: (i) the outstanding
amount of Revolving Credit Loans of such Lender plus (ii) the Letter of Credit Exposure of such Lender plus (iii) the Swingline Exposure of such Lender. 

“Credit Party” shall mean each of the Borrowers and the Guarantors. 

  
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 “Default” shall mean any event, act or condition that with notice or lapse
of time, or both, would constitute an Event of Default. 
 “Defaulting Lender” shall mean, at any time, a
Lender as to which the Administrative Agent has notified RailAmerica that (i) such Lender has failed for three or more Business Days to comply with its obligations under this Agreement to make a Revolving Credit Loan, make a payment to the
Letter of Credit Issuer in respect of a L/C Participation and/or make a payment to the Swingline Lender in respect of a Swingline Loan (each a “Revolving Credit Commitment Funding Obligation”), (ii) such Lender has notified the
Administrative Agent, or has stated publicly, that it will not comply with any such Revolving Credit Commitment Funding Obligation hereunder, or has defaulted on its funding obligations under any other loan agreement or credit agreement or other
similar agreement, (iii) such Lender has, for three or more Business Days, failed to confirm in writing to the Administrative Agent, in response to a written request of the Administrative Agent, that it will comply with its Revolving Credit
Commitment Funding Obligations hereunder, or (iv) a Lender Insolvency Event has occurred and is continuing with respect to such Lender (provided that neither the reallocation of Revolving Credit Commitment Funding Obligations provided
for in Section 2.14 as a result of a Lender’s being a Defaulting Lender nor the performance by Non-Defaulting Lenders of such reallocated Revolving Credit Commitment Funding Obligations will by themselves cause the relevant Defaulting
Lender to become a Non-Defaulting Lender). Any determination that a Lender is a Defaulting Lender under any of clauses (i) through (iv) above will be made by the Administrative Agent in its sole discretion acting in good faith. The
Administrative Agent will promptly send to all parties hereto a copy of any notice to RailAmerica provided for in this definition. 
 “Designated Non-Cash Consideration” shall mean the Fair Market Value of non-cash consideration received by RailAmerica or a Restricted Subsidiary in connection with an Asset Sale that is
so designated as Designated Non-Cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, executed by a senior vice president or the principal financial officer of RailAmerica, less the amount of cash
or Permitted Investments received in connection with a subsequent sale of such Designated Non-Cash Consideration. 

“Designated Preferred Stock” shall mean preferred stock of RailAmerica (other than Disqualified Capital Stock) that is
issued for cash (other than to a Credit Party or a Restricted Subsidiary) and is so designated as Designated Preferred Stock pursuant to an Officers’ Certificate executed by a senior vice president or the principal financial officer of
RailAmerica on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in clause (2)(x) of the definition of Available Amount Basket. 

“Disqualified Capital Stock” shall mean, with respect to any Person, any Equity Interest of such Person which, by its
terms, or by the terms of any security into which it is convertible or for which it is puttable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable, other than as a result of a change of control or asset sale,
pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, other than as a result of a change of control or asset sale, in whole or in part, in each case prior to the date 91 days after the Maturity
Date; provided, however, that if such Equity Interest is issued to any plan for the benefit of employees of RailAmerica or its Subsidiaries or by any such plan to 

  
 -12-

 
such employees, such Equity Interest shall not constitute Disqualified Capital Stock solely because it may be required to be repurchased by RailAmerica or its Subsidiaries in order to satisfy
applicable statutory or regulatory obligations. 
 “Dollars” and “$” shall mean dollars in
lawful currency of the United States of America. 
 “Domestic Subsidiary” shall mean each Subsidiary of
RailAmerica that is not a Foreign Subsidiary. 
 “Drawing” shall have the meaning provided in
Section 3.4(b). 
 “Environmental Claims” shall mean any and all administrative, regulatory or judicial
actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigations (other than internal reports prepared by RailAmerica or any of the Subsidiaries (a) in the ordinary course of such Person’s
business or (b) as required in connection with a financing transaction or an acquisition or disposition of Real Estate) or proceedings relating in any way to any Environmental Law or any permit issued, or any approval given, under any such
Environmental Law (hereinafter, “Claims”), including (i) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or damages pursuant to any applicable
Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury or threat of
injury to health, safety or the environment. 
 “Environmental Law” shall mean any applicable Federal, state,
foreign or local statute, law, rule, regulation, ordinance, code and rule of common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof, including any binding judicial or
administrative order, consent decree or judgment, relating to the environment, human health or safety or Hazardous Materials. 

“Equity Interest” shall mean, with respect to any Person, any and all shares, interests, participations or other
equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such Person, including, if such Person is a partnership, partnership interests (whether general or limited) and any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, whether outstanding on the Closing Date or issued after the Closing Date, but excluding debt
securities convertible or exchangeable into such equity. 
 “Equity Rights” shall mean, with respect to any
Person, any subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including any shareholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or securities convertible into,
any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, such Person. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. Section references
to ERISA are to ERISA as in effect at the date of 

  
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this Agreement and any subsequent provisions of ERISA amendatory thereof, supplemental thereto or substituted therefor. 
 “ERISA Affiliate” shall mean each Person (as defined in Section 3(9) of ERISA) that together with a Borrower or a Subsidiary would be deemed to be a “single employer”
within the meaning of Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

“Eurocurrency Liabilities” shall have the meaning assigned to that term in Regulation D of the Board of Governors of the
Federal Reserve System, as in effect from time to time. 
 “Eurodollar Loan” shall mean any Revolving Credit
Loan bearing interest at a rate determined by reference to the Eurodollar Rate. 
 “Eurodollar Margin” shall
mean a percentage per annum as determined according to the following grid and the paragraph below: 
  

					
	 Status
	  	Eurodollar Margin	 
		
	 Level I Status
	  	 	3.50	% 
	 Level II Status
	  	 	3.25	% 

 The Eurodollar Margin shall be determined on each Adjustment Date in accordance with the above table (and
such determination shall apply from and including such Adjustment Date to but excluding the next Adjustment Date); provided that Level I Status shall apply (i) if Section 9.1 Financials shall have not been delivered within three
Business Days of the date they are required to be so delivered (without giving effect to any grace period), (ii) at any time that an Event of Default has occurred and is continuing and (iii) prior to the first Adjustment Date. 

“Eurodollar Rate” shall mean, for any Interest Period, an interest rate per annum equal to the rate per annum obtained
by dividing (a) the rate per annum (rounded upward to the nearest whole multiple of 1/100 of 1% per annum) appearing on Reuters LIBOR01 Page (or any successor page) as the London interbank offered rate for deposits in Dollars at
approximately 11:00 A.M. (London time) two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period or, if for any reason such rate is not available, the average (rounded upward to the nearest whole
multiple of 1/100 of 1% per annum, if such average is not such a multiple) of the rate per annum at which deposits in Dollars is offered by the principal office of each of the Reference Bank in London, England to prime banks in the London
interbank market at 11:00 A.M. (London time) two Business Days before the first day of such Interest Period in an amount substantially equal to the Reference Bank’s Eurodollar Loan comprising part of such Borrowing to be outstanding during such
Interest Period and for a period equal to such Interest Period by (b) a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage for such Interest Period. If the Reuters LIBOR01 Page (or any successor page) is unavailable, the
Eurodollar Rate for any Interest Period shall be determined by the Administrative Agent on the basis of applicable rates furnished to and received by the Administrative Agent 

  
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from the Reference Bank two Business Days before the first day of such Interest Period, subject, however, to the provisions of Section 2.8. 

“Eurodollar Rate Reserve Percentage” for any Interest Period for all Eurodollar Loans comprising part of the same
Borrowing shall mean the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for
determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with respect to liabilities or assets
consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurodollar Loans is determined) having a term equal to such Interest
Period 
 “Event of Default” shall have the meaning provided in Section 11. 

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

“Excluded Contribution” means net cash proceeds, marketable securities or Qualified Proceeds received by RailAmerica
after the Closing Date from: 
 (a) contributions to its common equity capital, and 

(b) the sale (other than to a Subsidiary of RailAmerica or to any management equity plan or stock option plan or any other
management or employee benefit plan or agreement of RailAmerica) of Equity Interests of RailAmerica (other than Disqualified Capital Stock or Designated Preferred Stock or Refunding Capital Stock), 

in each case designated as Excluded Contributions pursuant to an Officers’ Certificate executed by a senior vice president or the principal
financial officer of RailAmerica on the date such capital contributions were made or the date such Equity Interests are sold, as the case may be, which are excluded from the calculation set forth in clause (2) of the definition of Available
Amount Basket. 
 “Excluded Entity” means any Restricted Subsidiary (other than RATC) that RailAmerica has
designated as such in an Officers’ Certificate delivered to the Administrative Agent on or before the Closing Date; provided that (x) no such Restricted Subsidiary shall hold or obtain any assets (other than Equity Interests in
another Restricted Subsidiary that would also qualify as an Excluded Entity) and (y) each such Restricted Subsidiary shall be intended to be dissolved within six months after the Closing Date. 

“Excluded Taxes” shall mean any Taxes imposed on the Administrative Agent or any Lender (which term shall, for the
purpose of this definition, include the Letter of Credit Issuer and any L/C Participant) that is (i) an Other Connection Tax, (ii) in the case of any Non-U.S. Lender, any U.S. federal withholding tax that is imposed on amounts payable to
such Non-U.S. Lender pursuant to any Requirement of Tax Law in effect on the date such Non-U.S. Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that

  
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(X) such Non-U.S. Lender (or its assignor, if any) was entitled, immediately prior to such designation of a new lending office (or assignment), to receive additional amounts or indemnification
payments with respect to such U.S. federal withholding tax pursuant to Section 5.4 or (Y) such assignment was made at the request of any Credit Party; (iii) any Taxes to the extent attributable to a Lender’s failure to comply
with Section 5.4(d) or (e) and (iv) any U.S. federal withholding taxes imposed pursuant to FATCA. 

“Existing Credit Agreement” shall mean the Credit Agreement, dated as of June 23, 2009, among the Borrowers, the
lending institutions, agents and arrangers from time to time parties thereto and Citicorp North America, Inc., as administrative agent and collateral agent, as amended through the Closing Date. 

“Fair Market Value” shall mean the value that would be paid by a willing buyer to an unaffiliated willing seller in a
transaction not involving distress or necessity of either party, determined in good faith by the chief financial officer, chief accounting officer or controller of RailAmerica or the Restricted Subsidiary with respect to valuations not in excess of
$10.0 million or determined in good faith by the Board of Directors of RailAmerica or the Restricted Subsidiary with respect to valuations equal to or in excess of $10 million, as applicable, which determination will be conclusive (unless otherwise
provided in this Agreement). 
 “FATCA” shall mean Sections 1471 through 1474 of the Code as of the date of
this Agreement (and any amended or successor version that is substantively comparable) and any current or future regulations or official interpretations thereof. 
 “Federal Funds Effective Rate” shall mean, for any day, the weighted average of the per annum rates on overnight federal funds transactions with members of the Federal Reserve System
arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day of
such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

“Fee Letters” shall mean the Administrative Agent Fee Letter and the Lender Fee Letter. 

“Fees” shall mean all amounts payable pursuant to, or referred to in, Section 4.1. 

“Final Date” shall mean the date on which the Commitments shall have terminated, no Loans shall be outstanding, the
Letters of Credit Outstanding shall have been reduced to zero and all other Obligations under this Agreement (other than (a) obligations under Secured Hedge Agreements not yet due and payable, (b) obligations under Secured Cash Management
Agreements not yet due and payable and (c) contingent indemnification and expense reimbursement obligations with respect to which no claim has been asserted) shall have been paid in full in cash. 

“Fitch” shall mean Fitch Ratings, Ltd., a division of Fitch, Inc., or any successor by merger or consolidation to its
business. 

  
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 “Fixed Asset Collateral” shall mean (i) the “Notes
Collateral” referred to in the Intercreditor Agreement and (ii) the Mortgaged Property. 
 “Fixed Asset
Collateral Agent” shall have the meaning assigned to the term “Notes Collateral Agent” in the Intercreditor Agreement; provided that, at such time as the Collateral Agent determines that the Fixed Asset Collateral Agent
shall not longer act as the Fixed Asset Collateral Agent with respect to the Fixed Asset Collateral, all references herein to the Fixed Asset Collateral Agent shall be deemed to be to the Collateral Agent 

“Fixed Asset Security Agreement” shall mean the Security Agreement, dated as of June 23, 2009, among the Credit
Parties and U.S. Bank National Association, in its capacity as collateral agent thereunder, as amended by the Closing Date Fixed Asset Security Agreement Amendment and as may be further may be amended, supplemented or otherwise modified from time to
time in accordance with the terms hereof and thereof. 
 “Fixed Asset Security Documents” shall have the
meaning assigned to the term “Notes Security Documents” in the Intercreditor Agreement. 
 “Fixed Charge
Coverage Ratio” shall mean the ratio, for any Test Period, of (a) Consolidated EBITDA for such Test Period to (b) the sum of (i) Consolidated Interest Expense for such Test Period, (ii) all cash dividend payments
(excluding items eliminated in consolidation) on any series of preferred stock (including Designated Preferred Stock) and any Refunding Capital Stock and (iii) all cash dividend payments (excluding items eliminated in consolidation) on any
series of Disqualified Capital Stock for such Test Period, all calculated for RailAmerica and the Restricted Subsidiaries on a consolidated basis; provided that the Fixed Charge Coverage Ratio shall be calculated on a Pro Forma Basis.

 “Foreign Subsidiary” shall mean a Subsidiary (i) that is organized under the laws of a jurisdiction
other than the United States, any state thereof or the District of Columbia, (ii) that is a Subsidiary of a Subsidiary that is a CFC or (iii) that has no material assets other than (A) Equity Interests of one or more Subsidiaries that
are CFCs or (B) Equity Interests of disregarded entities, partnerships or other passthrough entities that, in each case, have no material assets other than Equity Interests of (I) one or more Subsidiaries that are CFCs or (II) other
passthrough entities described in this clause (B). 
 “Fronting Fee” shall have the meaning provided in
Section 4.1(c). 
 “Fund” shall mean any Person that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business. 

“GAAP” shall mean generally accepted accounting principles in the United States of America as in effect from time to
time; provided, however, that if there occurs after the date hereof any change in GAAP that affects in any respect the calculation of any covenant contained in Section 10, the Lenders and the Borrowers shall negotiate in good
faith amendments to the provisions of this Agreement that relate to the calculation of such covenant with the intent of having the respective positions of the Lenders and the Borrowers after such change in GAAP

  
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conform as nearly as possible to their respective positions as of the date of this Agreement and, until any such amendments have been agreed upon, the covenants in Section 10 shall be
calculated as if no such change in GAAP has occurred. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein
shall be made, without giving effect to any election under Statement of Financial Accounting Standards 159 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of RailAmerica
or any Restricted Subsidiary at “fair value,” as defined therein. 
 “Governmental Authority” shall
mean any nation or government, any state, province, territory or other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Guarantee” shall mean the Guarantee, made by each Guarantor in favor of the Administrative Agent for the benefit of the
Secured Parties, substantially in the form of Exhibit B, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Guarantee Obligations” shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent, (a) to purchase any such Indebtedness or any property constituting direct or indirect security therefor,
(b) to advance or supply funds (i) for the purchase or payment of any such Indebtedness or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor, (c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness or (d) otherwise to assure or
hold harmless the owner of such Indebtedness against loss in respect thereof; provided, however, that the term “Guarantee Obligations” shall not include endorsements of instruments for deposit or collection in the ordinary
course of business. The amount of any Guarantee Obligation shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such Guarantee Obligation is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. 
 “Guarantors” shall mean the Subsidiary Guarantors. 

“Hazardous Materials” shall mean (a) any petroleum or petroleum products, radioactive materials, asbestos or
asbestos-containing material, urea formaldehyde foam insulation, transformers or other equipment that contain dielectric fluid containing regulated levels of polychlorinated biphenyls, and radon gas; (b) any chemicals, materials or substances
defined as or included in the definition of “hazardous substances,” “hazardous waste,” “hazardous materials,” “extremely hazardous waste,” “restricted hazardous waste,” “toxic substances,”
“toxic pollutants,” “contaminants,” or “pollutants,” or words of similar import, under any applicable Environmental Law; and (c) any other chemical, material or substance, which is prohibited, limited or regulated
by any Environmental Law. 

  
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 “Hedge Agreements” shall mean with respect to any Person (a) currency
exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency exchange, interest rate or commodity collar agreements and (b) other agreements or arrangements designed to protect
such Person against fluctuations in currency exchange, interest rates or commodity prices. 
 “Hedge Bank”
shall mean any Person that (a) at the time it enters into a Hedge Agreement with RailAmerica or one of its Restricted Subsidiaries is a Lender or an Affiliate of a Lender or (b) with respect to any Hedge Agreement with RailAmerica or one
of its Restricted Subsidiaries entered into prior to the Closing Date, any Person that is a Lender or an Affiliate of a Lender on the Closing Date, in its capacity as a party to such Hedge Agreement. 

“Historical Financial Statements” shall mean as of the Closing Date, the consolidated financial statements of
RailAmerica and its Subsidiaries, for (i) the immediately preceding three fiscal years (which are audited), and (ii) the six months ended June 30, 2011 and the corresponding six months of the prior fiscal year, in each case,
consisting of balance sheets and the related consolidated statements of income, stockholders’ equity and cash flows for such periods. 
 “Increased Amount Date” shall have the meaning provided in Section 2.15. 
 “Indebtedness” of any Person shall mean, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all indebtedness of such Person evidenced by bonds,
debentures, notes or similar instruments, (c) the balance of the deferred purchase price of assets or services that in accordance with GAAP would be included as liabilities in the balance sheet of such Person, (d) the face amount of all
letters of credit issued for the account of such Person and, without duplication, all drafts drawn thereunder, (e) all Indebtedness of a second Person secured by any Lien on any property owned by such first Person, whether or not such
Indebtedness has been assumed, (f) all Capitalized Lease Obligations of such Person, (g) all obligations of such Person under Hedge Agreements, (h) all Disqualified Capital Stock of such Person and (i) without duplication, all
Guarantee Obligations of such Person with respect to the obligations of another Person of a type described in clauses (a) through (h) above; provided that (i) Indebtedness shall not include trade payables and accrued expenses,
arising in the ordinary course of business and any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP, and (ii) for purposes of Section 11.4, the amount of any
Indebtedness in respect of any Hedge Agreement at any time, shall be the amount of any required early termination payment by any Borrower or any Subsidiary at such time. 
 “Indemnified Taxes” shall mean Taxes other than Excluded Taxes. 

“Independent Financial Advisor” shall mean an accounting, appraisal or investment banking firm of nationally recognized
standing that is, in the good faith judgment of RailAmerica, qualified to perform the task for which it has been engaged. 

“Information” shall have the meaning provided in Section 13.16. 

“Intercreditor Agreement” shall mean the Intercreditor Agreement, dated as of June 23, 2009, as amended and
restated as of the Closing Date, among the Collateral Agent, U.S. 

  
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Bank, National Association, in its capacity as trustee for the Secured Notes and Fixed Asset Collateral Agent, as the same may be further amended or supplemented or otherwise modified from time
to time in accordance with the terms hereof and thereof. 
 “Interest Payment Date” shall mean (a) with
respect to any ABR Loan (other than a Swingline Loan), the first day of each January, April, July and October and the Maturity Date, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of
which such Loan is a part and, in the case of a Eurodollar Loan Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’
duration after the first day of such Interest Period and the Maturity Date and (c) with respect to any Swingline Loan, the day that such Loan is repaid and the Maturity Date. 

“Interest Period” shall mean, with respect to any Eurodollar Loan, the interest period applicable thereto, as determined
pursuant to Section 2.9. 
 “Investment” shall have the meaning provided in Section 10.5. 

“Joinder Agreement” shall mean an agreement substantially in the form of Exhibit K. 

“L/C Maturity Date” shall mean the date that is 30 calendar days prior to the Maturity Date. 

“L/C Participant” shall have the meaning provided in Section 3.3(a). 

“L/C Participation” shall have the meaning provided in Section 3.3(a). 

“Lender” shall have the meaning provided in the preamble to this Agreement. 

“Lender Fee Letter” shall mean the Fee Letter dated as of the Closing Date by and among the Borrowers, Citibank, N.A.,
BMO Harris Bank N.A. and Morgan Stanley Bank, N.A. 
 “Lender Insolvency Event” shall mean that (i) a
Lender or its Parent Company is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or
(ii) such Lender or its Parent Company is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender
or its Parent Company, or such Lender or its Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment; provided that a Lender Insolvency Event shall not have
occurred solely by virtue of the ownership or acquisition of any Equity Interest in a Lender or its Parent Company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from
the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or
agreements made with such Lender. 

  
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 “Letter of Credit” shall mean each standby letter of credit issued pursuant
to Section 3.1; provided that only standby letters of credit will be issued pursuant hereto. 
 “Letter of
Credit Commitment” shall mean $10.0 million, as the same may be reduced from time to time pursuant to Section 3.1. 
 “Letter of Credit Exposure” shall mean, with respect to any Lender at any time, such Lender’s Applicable Percentage of the Letters of Credit Outstanding at such time. 

“Letter of Credit Fee” shall have the meaning provided in Section 4.1(b). 

“Letter of Credit Issuer” shall mean Citibank, N.A., any of its Affiliates or any successor pursuant to
Section 3.6. The Letter of Credit Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Letter of Credit Issuer, and in each such case the term “Letter of Credit Issuer” shall
include any such Affiliate with respect to Letters of Credit issued by such Affiliate. In the event that there is more than one Letter of Credit Issuer at any time, references herein and in the other Credit Documents to the Letter of Credit Issuer
shall be deemed to refer to the Letter of Credit Issuer in respect of the applicable Letter of Credit or to all Letter of Credit Issuers, as the context requires. 
 “Letter of Credit Request” shall have the meaning provided in Section 3.2. 
 “Letters of Credit Outstanding” shall mean, at any time, the sum of, without duplication, (a) the aggregate Stated Amount of all outstanding Letters of Credit and (b) the
aggregate amount of all Unpaid Drawings in respect of all Letters of Credit. 
 “Level I Status” shall
mean, on any date, the Consolidated Total Debt to Consolidated EBITDA Ratio as of such date was greater than or equal to 2.50 : 1.0. 
 “Level II Status” shall mean, on any date, the Consolidated Total Debt to Consolidated EBITDA Ratio as of such date was less than 2.50 : 1.0. 

“Lien” shall mean any mortgage, pledge, security interest, hypothecation, assignment, lien (statutory or other) or
similar encumbrance (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement or any lease in the nature thereof). 
 “Loan” shall mean any Revolving Credit Loan or Swingline Loan. 

“Management Group” shall mean, at any time, the Chairman of the Board, any President, any Executive Vice President or
Vice President, any Managing Director, any Treasurer and any Secretary or other executive officer the Borrowers or any Subsidiaries at such time. 
 “Mandatory Borrowing” shall have the meaning provided in Section 2.1(c). 
 “Manufactured (Mobile) Home” shall have the meaning provided in Section 8.20(b). 

  
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 “Material Adverse Effect” shall mean (a) a material adverse effect on
the business, property, results of operations, or financial condition of RailAmerica and its Restricted Subsidiaries, taken as a whole; (b) material impairment of the ability of the Credit Parties to fully and timely perform their material
obligations under any Credit Document; (c) material impairment of the rights of or benefits or remedies available to the Lenders under any Credit Document, taken as a whole; or (d) a material adverse effect on the Collateral or the Liens
in favor of the Secured Parties on the Collateral or the priority of such Liens, taken as a whole. 
 “Maturity
Date” shall mean the date that is five years after the Closing Date, or, if such date is not a Business Day, the immediately preceding Business Day. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business. 

“Mortgage” shall mean an agreement, including, but not limited to, a mortgage, deed of trust or any other document,
creating and evidencing a Lien on Mortgaged Property, with such schedules and including such provisions as shall be necessary to conform such document to applicable local law or as shall be customary under applicable local law. 

“Mortgaged Property” shall mean (a) each real property identified as a Mortgaged Property on Schedule 7(a) to
the Perfection Certificate dated the Closing Date and (b) each real property, if any, which shall be subject to a Mortgage delivered after the Closing Date pursuant to Section 9.17 and Section 9.13. For the avoidance of doubt, in no
case and at no time shall Mortgaged Property include any Buildings or Manufactured (Mobile) Homes. 
 “Net
Income” shall mean, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends. 

“Net Proceeds” means the aggregate cash proceeds received by RailAmerica, any Subsidiary Guarantor or any Restricted
Subsidiary in respect of any Asset Sale effectuated pursuant to Section 10.4(b), including, without limitation, any cash received upon the sale or other disposition of any Designated Non-cash Consideration received in any such Asset Sale, net
of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration, including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions, any relocation
expenses incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements), amounts required to be applied to the repayment of principal,
premium, if any, and interest on Indebtedness secured by a Lien permitted under this Agreement on assets that do not constitute Fixed Asset Collateral required (other than as contemplated by Section 5.2(d)) to be paid as a result of such
transaction and any deduction of appropriate amounts to be provided by the Company as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Company after such sale or
other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 

  
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 “New Commitments” shall have the meaning provided in Section 2.15.

 “New Lender” shall have the meaning provided in Section 2.15. 

“Non-Defaulting Lender” shall mean, at any time, a Lender that is not a Defaulting Lender or a Potential Defaulting
Lender. 
 “Non-U.S. Lender” shall mean a Lender that is not a U.S. person within the meaning of
Section 7701(a)(30) of the Code. 
 “Notice of Borrowing” shall have the meaning provided in
Section 2.3. 
 “Notice of Conversion or Continuation” shall have the meaning provided in
Section 2.6. 
 “Obligations” shall have the meaning assigned to such term in the Revolving Only
Collateral Security Agreement. 
 “Officers’ Certificate” shall mean a certificate signed on behalf of
RailAmerica by two Authorized Officers of RailAmerica, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of RailAmerica. 

“Organizational Documents” shall mean, with respect to any Person, (i) in the case of any corporation, the
certificate of incorporation and by-laws (or similar documents) of such person, (ii) in the case of any limited liability company, the certificate of formation and operating agreement (or similar documents) of such person, (iii) in the
case of any limited partnership, the certificate of formation and limited partnership agreement (or similar documents) of such person, (iv) in the case of any general partnership, the partnership agreement (or similar document) of such person
and (v) in any other case, the functional equivalent of the foregoing. 
 “Other Connection Taxes” shall
mean any Taxes imposed on the Administrative Agent or any Lender (which term shall, for the purpose of this definition, include the Letter of Credit Issuer and any L/C Participant) by a jurisdiction as a result of a current or former connection
between the Administrative Agent or the Lender (as applicable) and the jurisdiction (including being organized or having its principal office or applicable lending office in such jurisdiction) other than any connections arising solely from such
recipient having executed, delivered, enforced, become a party to, performed its obligations or received payments under, received or perfected a security interest under, or engaged in any other transaction pursuant to, any Credit Document.

 “Other Taxes” shall mean any and all present or future stamp, court, documentary, excise, property,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or
otherwise with respect to, any Credit Document. 

  
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 “Parent Company” shall mean, with respect to a Lender, the bank holding
company (as defined in Federal Reserve Board Regulation Y), if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the economic or voting Equity Interests of such Lender. 

“Participant” shall have the meaning provided in Section 13.6(c)(i). 

“PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Section 4002 of ERISA, or any
successor thereto. 
 “Perfection Certificate” shall mean a certificate of the Borrowers in the form of
Exhibit D or any other form approved by the Administrative Agent. 
 “Perfection Certificate
Supplement” shall mean a certificate supplement in the form of Exhibit D-1 or any other form approved by the Administrative Agent. 
 “Permitted Acquisition” shall mean any transaction for the (a) acquisition of all or substantially all of the property of any Person or of any business or division of any Person by
RailAmerica or a Restricted Subsidiary; or (b) acquisition (including by merger or consolidation) of all of the Equity Interests of any Person by RailAmerica or a Restricted Subsidiary; provided that each of the following conditions
shall be met: 
 (a) such acquisition and all transactions related thereto shall be consummated in accordance
with applicable law; 
 (b) in the case of the acquisition of Equity Interests, all of the Equity Interests
acquired or otherwise issued by such Person or any newly formed Subsidiary of a Borrower in connection with such acquisition shall be owned 100% by a Borrower or a Subsidiary Guarantor thereof, such Person or any new formed Subsidiary shall become a
Restricted Subsidiary and the Borrowers shall have taken, or caused to be taken, as of the date such Person becomes a Restricted Subsidiary of such Borrower, such actions necessary for such Person or newly formed Subsidiary to become a Subsidiary
Guarantor set forth in Section 9.10; 
 (c) in the case of an acquisition of assets, such assets shall be
held, after giving effect to such acquisition, by a Borrower or a Subsidiary Guarantor or, to the extent using capacity for Investments in Subsidiaries that are not Guarantors under Section 10.5 (and reducing such capacity), any other
Restricted Subsidiary that is not a Subsidiary Guarantor; 
 (d) such acquisition shall result in the
Administrative Agent for the benefit of the applicable Lenders, being granted a security interest in any assets so acquired to the extent required by Section 9.10 or 9.12; 

(e) the Person or business to be acquired shall be, or shall be engaged in, a business of the type that Borrower and the
Restricted Subsidiaries are permitted to be engaged in under Section 10.12; and 

  
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 (f) no Default or Event of Default shall have occurred and be continuing or
would result therefrom. 
 “Permitted Collateral Liens” shall mean, in the case of Mortgaged Property, the
Liens described in clauses (a), (b), (e), (f), (g) (j) and (l) of the definition of Permitted Liens and the Liens described in clause (a) and (h) of Section 10.2. 

“Permitted Holders” shall mean, collectively, Sponsor, its Affiliates (other than a portfolio company of Sponsor) and
the Management Group. 
 “Permitted Investments” shall mean (1) United States dollars, (2) pounds
sterling, (3) (a) euro, or any national currency of any participating member state in the European Union, (b) Canadian dollars, or (c) in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such local currencies
held by them from time to time in the ordinary course of business, (4) securities issued or directly and fully and unconditionally guaranteed or insured by the United States or Canadian government or any agency or instrumentality thereof the
securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition, (5) certificates of deposit, time deposits and eurodollar time
deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of
$500.0 million, (6) repurchase obligations for underlying securities of the types described in clauses (4) and (5) entered into with any financial institution meeting the qualifications specified in clause (5) above,
(7) commercial paper rated at least “P-2” by Moody’s or at least “A-2” by S&P and in each case maturing within 12 months after the date of creation thereof, (8) marketable short-term money market and similar
securities, having a minimum rating from at least two out of the three ratings agencies as follows: at least “P-2” by Moody’s, at least “A-2’ by S&P or at least “F-2” by Fitch, (9) investment funds
investing 95% of their assets in securities of the types described in clauses (1) through (8) above, (10) readily marketable direct obligations issued by any state of the United States of America or any political subdivision thereof
or any Province of Canada having one of the two highest rating categories obtainable from either Moody’s or S&P with maturities of 24 months or less from the date of acquisition and (11) Indebtedness or preferred stock issued by
Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s with maturities of 12 months or less from the date of acquisition. 
 Notwithstanding the foregoing, Permitted Investments shall include amounts denominated in currencies other than those set forth in clauses (1) through (3) above; provided that such
amounts are converted into any currency listed in clauses (1) through (3) as promptly as practicable and in any event within ten Business Days following the receipt of such amounts. 

“Permitted Liens” shall mean (a) Liens for taxes, assessments or governmental charges or claims not yet overdue for
30 days or which are being contested in good faith and by appropriate proceedings for which appropriate reserves have been established in accordance with GAAP; provided that such proceedings shall suspend the enforcement of such Liens;
(b) Liens in respect of property or assets of RailAmerica or any of its Subsidiaries imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens and other similar Liens, in each case so long as such Liens arise in the
ordinary course of business and do not individually or in the aggregate 

  
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have a Material Adverse Effect; (c) Liens arising from judgments or decrees in circumstances not constituting an Event of Default under Section 11.9; (d) Liens incurred or deposits
made in connection with workers’ compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, contracts (excluding Indebtedness),
government contracts, performance and return-of-money bonds and other similar obligations incurred in the ordinary course of business; (e) ground leases in respect of real property on which facilities owned or leased by RailAmerica or any of
its Subsidiaries are located; (f) easements, rights-of-way, restrictions, minor defects or irregularities in title and other charges or encumbrances not interfering in any material respect with the business of any RailAmerica and its
Subsidiaries, taken as a whole; (g) any interest or title of a lessor or secured by a lessor’s interest under any lease permitted by this Agreement and any rents or deposits paid with respect to any lease; (h) Liens in favor of
customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; (i) Liens on goods the purchase price of which is financed by a documentary letter of credit issued for
the account of RailAmerica or any of its Subsidiaries, provided that such Lien secures only the obligations of RailAmerica or any such Subsidiaries in respect of such letter of credit to the extent permitted under Section 10.1;
(j) leases or subleases granted to others not interfering in any material respect with the business of RailAmerica and its Subsidiaries, taken as a whole, (k) Liens (i) of a collecting bank arising in the ordinary course of business
under Section 4-210 of the Uniform Commercial Code in effect in the relevant jurisdiction covering only the items being collected upon or (ii) in favor of a banking institution arising as a matter of law, encumbering amounts credited to
deposit or securities accounts (including the right of set-off) and which are within the general parameters customary in the banking industry, (l) Permitted Senior Easements; (m) Liens attaching to commodity trading accounts or other
commodity brokerage accounts incurred in the ordinary course of business and (n) Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts
incurred in the ordinary course of business and not for speculative purposes. 
 “Permitted Refinancing
Indebtedness” shall mean any Indebtedness (“Refinancing Indebtedness”) incurred to refinance, refund, renew or extend (including, without limitation, pursuant to any exchange offer) any Indebtedness (the “Initial
Indebtedness”); provided that (a) the principal amount of any Refinancing Indebtedness is not increased above the principal amount of the Initial Indebtedness refinanced thereby (except by the amount of any accrued and unpaid
interest thereon and by the amount of any fees and expenses payable and reasonable premium or contractual premium required to be paid in connection with such refinancing), (b) Initial Indebtedness of the Borrowers or a Subsidiary Guarantor may
not be refinanced with Refinancing Indebtedness incurred or guaranteed by any Restricted Subsidiary that is not a Guarantor, (c) if the Initial Indebtedness is subordinated to the Obligations, then such Refinancing Indebtedness shall be
subordinated to the Obligations to at least the same extent and (d) such Refinancing Indebtedness (x) does not have a final maturity on or prior to the final maturity of the Initial Indebtedness refinanced thereby, (y) does not have a
Weighted Average Life to Maturity that is less than the Weighted Average Life to Maturity of the Initial Indebtedness and (z) does not have any mandatory redemption, mandatory offer to purchase or sinking fund obligation (other than customary
offers to purchase upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default) at a date that is earlier than any mandatory redemption, 

  
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mandatory offer to purchase or sinking fund obligation (other than customary offers to purchase upon a change of control, asset sale or event of loss and customary acceleration rights after an
event of default) in the Initial Indebtedness. 
 “Permitted Senior Easements” shall mean (a) easements
that burden solely an asset which is not used in the operation of a shortline railroad; (b) underground easements; (c) access, pedestrian and vehicular crossing, longitudinal driveway, public and private grade crossing and similar
easements; (d) aerial easements or rights (including leases) granted in connection with communications, fiber optic or utility facilities (including easements for installation of cellular towers); (e) pylon sign and billboard easements and
leases; (f) above-ground drainage or slope easements; (g) scenic and clear vision easements; (h) liens and easements given to a public utility or any municipality or governmental or other public authority when required or requested;
or (i) easements, licenses, rights of way or similar encumbrances granted in the ordinary course of business; provided that in any case except clause (h), no material adverse effect on the fair market value of the property or the use of
the property for railroad operations or the operation of the railroad line would result from granting such easement or other right. 
 “Person” shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust or other enterprise or any Governmental Authority.

 “Plan” shall mean any multiemployer or single-employer plan, as defined in Section 4001 of ERISA and
subject to Title IV of ERISA, that is or was within any of the preceding five plan years maintained or contributed to by (or to which there is or was an obligation to contribute or to make payments to) a Borrower, a Subsidiary or an ERISA Affiliate.

 “Potential Defaulting Lender” shall mean, at any time, a Lender (i) as to which the Administrative
Agent has notified RailAmerica that an event of the kind referred to in the definition of “Lender Insolvency Event” has occurred and is continuing in respect of any Significant Subsidiary of such Lender, (ii) as to which the
Administrative Agent, the Letter of Credit Issuer or the Swingline Lender has in good faith determined and notified RailAmerica and (in the case of the Letter of Credit Issuer or the Swingline Lender) the Administrative Agent that such Lender or its
Parent Company or a Significant Subsidiary thereof has notified the Administrative Agent, or has stated publicly, that it will not comply with its Revolving Credit Commitment Funding Obligations under any other loan agreement or credit agreement or
other similar agreement or (iii) that has, or whose Parent Company has, a non-investment grade rating from Moody’s or S&P or another nationally recognized rating agency. Any determination that a Lender is a Potential Defaulting Lender
under any of clauses (i) through (iii) above will be made by the Administrative Agent or, in the case of clause (ii), the Letter of Credit Issuer or the Swingline Lender, as the case may be, in its reasonable discretion. The Administrative
Agent will promptly send to all parties hereto a copy of any notice to RailAmerica provided for in this definition. 

“Prime Rate” shall mean the rate of interest per annum publicly announced from time to time by the Administrative Agent
as its reference rate in effect at its principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by Citibank, N.A. in connection with extensions of credit to debtors). Any change in such rate
announced by the Administrative Agent shall take effect at the opening of business on the day specified in the public announcement of such change. 

  
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 “Pro Forma Adjustment” shall mean, for any Test Period that includes any of
the four fiscal quarters first ending following any acquisition or disposition of any Restricted Subsidiary or division or line of business, the pro forma increase or decrease in Consolidated EBITDA, projected by RailAmerica in good faith as a
result of reasonably identifiable and factually supportable recurring net cost savings or recurring additional net costs, as the case may be, realizable during such period as a result of such transaction; provided that so long as such net
cost savings or additional net costs will be realizable at any time during such four-quarter period, it shall be assumed, for purposes of projecting such pro forma increase or decrease to Consolidated EBITDA, that such net cost savings or
additional net costs will be realizable during the entire such period; provided further that any such pro forma increase or decrease to Consolidated EBITDA shall be without duplication of net cost savings or additional net costs
actually realized during such period and already included in Consolidated EBITDA. 
 “Pro Forma Adjustment
Certificate” shall mean any certificate of an Authorized Officer of RailAmerica delivered pursuant to Section 9.1(i) or setting forth the information described in clause (iv) to Section 9.1(d). 

“Pro Forma Basis” shall mean, with respect to any financial test specified herein as of any date (a
“Determination Date”) such test shall be determined on a pro forma basis after giving effect to: 
 (A) any acquisition or disposition of any Restricted Subsidiary or division or line of business made following the first day of the most recent Test Period ending prior to the Determination Date (the
“Relevant Test Period”) and on or prior to such Determination Date as though such acquisition or disposition had occurred on the first day of the Relevant Test Period (including any Pro Forma Adjustment relating thereto);

 (B) any designation of a Restricted Subsidiary as an Unrestricted Subsidiary or any redesignation of an
Unrestricted Subsidiary as a Restricted Subsidiary and any Restricted Payment, in each case, following the first day of the Relevant Test Period and on or prior to the Determination Date as though such designation, redesignation or Restricted
Payment had occurred on the first day of the Relevant Test Period; 
 (C) any incurrence or repayment of
Indebtedness during the Relevant Test Period and on or prior to the Determination Date as though such incurrence or repayment had occurred on the first day of the Relevant Test Period; 

(D) any other transaction to occur on or prior to the Determination Date which requires that any financial ratio be
calculated on a Pro Forma Basis as though such Transaction had occurred on the first day of the Relevant Test Period; and 
 (E) any applicable Pro Forma Adjustment. 
 “Qualified Capital
Stock” of any Person shall mean any Equity Interests of such Person that are not Disqualified Capital Stock. 

  
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 “Qualified Proceeds” shall mean assets that are used or useful in, or 100%
of the Equity Interests of any Person engaged in, a Similar Business. 
 “RailAmerica” shall have the meaning
provided in the preamble to this Agreement. 
 “Railroad Assets” shall mean assets that are used or useful in
the operation of shortline or regional railroads and assets reasonably related thereto. 
 “RATC” shall have
the meaning provided in the preamble to this Agreement. 
 “Real Estate” shall have the meaning given to that
term in Section 9.1(g). 
 “Reference Bank” shall mean Citibank, N.A. 

“Refunding Capital Stock” shall have the meaning provided in Section 10.6(b). 

“Register” shall have the meaning provided in Section 13.6(b)(iv). 

“Regulation T” shall mean Regulation T of the Board as from time to time in effect and any successor to all or
a portion thereof establishing margin requirements. 
 “Regulation U” shall mean Regulation U of the
Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements. 

“Regulation X” shall mean Regulation X of the Board as from time to time in effect and any successor to all or
a portion thereof establishing margin requirements. 
 “Regulation Z” shall mean Regulation Z of the
Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements. 

“Related Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the directors,
officers, employees, agents, trustees, advisors of such Person and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise
voting power, by contract or otherwise. 
 “Release” shall mean any release, spill, emission, leaking, pumping,
dumping, emptying, injection, deposit, disposal, discharge, leaching, dispersal or migration on, into or through the environment, on, into, through, or out of any property, facility or equipment. 

“Reportable Event” shall mean an event described in Section 4043 of ERISA and the regulations thereunder.

 “Required Lenders” shall mean, at any date, Lenders having or holding a majority of the Total Commitment at
such date or, if the Total Commitment has been terminated, Lenders having a majority of the Total Credit Exposure at such date. 

  
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 “Requirement of Law” shall mean, as to any Person, the Certificate of
Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon
such Person or any of its property or assets or to which such Person or any of its property or assets is subject. 

“Requirement of Tax Law” shall mean any law, treaty, rule or regulation, official administrative guidance or
determination of an arbitrator or a court or other Governmental Authority relating to Taxes. 
 “Restricted Domestic
Subsidiary” shall mean each Restricted Subsidiary that is also a Domestic Subsidiary. 
 “Restricted Foreign
Subsidiary” shall mean a Foreign Subsidiary that is a Restricted Subsidiary. 
 “Restricted Payment”
shall mean any (a) dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests of RailAmerica or any Restricted Subsidiary, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests in RailAmerica or any Restricted Subsidiary or any option, warrant or other
right to acquire any such Equity Interests in RailAmerica or any Subsidiary, other than dividends or distributions by a Restricted Subsidiary payable to RailAmerica or any Wholly-Owned Subsidiary that is a Subsidiary Guarantor and, in the case of a
dividend or distribution by a Subsidiary that is not a Wholly-Owned Subsidiary, to any other holder of its Equity Interests, so long as RailAmerica or a Wholly-Owned Subsidiary that is a Subsidiary Guarantor receives at least its pro
rata share of such dividend or distribution in accordance with its Equity Interest ownership, (b) designation of any Restricted Subsidiary as an Unrestricted Subsidiary (which shall be deemed to be a Restricted Payment in an amount equal
to the sum of (i) the fair market value of the assets of such designated Subsidiary immediately prior to such designation (such fair market value to be calculated without regard to any guarantee provided by such designated Subsidiary) and
(ii) the aggregate principal amount of any Indebtedness owed by such designated Subsidiary to RailAmerica or any Restricted Subsidiary immediately prior to such designation), all calculated, except as set forth in the parenthetical to clause
(b), on a consolidated basis in accordance with GAAP and (c) any Investment in an Unrestricted Subsidiary (which shall be deemed to be a Restricted Payment in an amount equal to the fair market value of such Investment at the time of such
Investment). 
 “Restricted Subsidiary” shall mean any Subsidiary of RailAmerica other than an Unrestricted
Subsidiary. For the avoidance of doubt, RATC is a Restricted Subsidiary of RailAmerica. 
 “Retired Capital
Stock” shall have the meaning provided in Section 10.6(b). 
 “Revolving Credit Commitment Funding
Obligation” shall have the meaning assigned to such term in the definition of “Defaulting Lender.” 

  
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 “Revolving Credit Loans” shall have the meaning provided in
Section 2.1(a). 
 “Revolving Only Collateral Security Agreement” shall mean the Security Agreement
entered into by the Credit Parties and the Collateral Agent on the Closing Date for the benefit of the Secured Parties, substantially in the form of Exhibit F, as the same may be amended, supplemented or otherwise modified from time to
time; provided that it is acknowledged that such Security Agreement is referred to as the “Revolving Security Agreement” in the Intercreditor Agreement. 
 “Revolving Loan Collateral” shall mean “Collateral” as defined in the Revolving Only Collateral Security Agreement. 

“S&P” shall mean Standard & Poor’s Ratings Services or any successor by merger or consolidation to its
business. 
 “SEC” shall mean the Securities and Exchange Commission or any successor thereto. 

“Section 9.1 Financials” shall mean the financial statements delivered, or required to be delivered, pursuant to
Section 9.1(a) or (b) together with the accompanying Officers’ Certificate delivered, or required to be delivered, pursuant to Section 9.1(d). 
 “Secured Cash Management Agreement” shall mean any Cash Management Agreement that is entered into by and between any Borrower or any of the Restricted Subsidiaries and any Cash Management
Bank. 
 “Secured Hedge Agreement” shall mean any Hedge Agreement that is entered into by and between any
Borrower or any of the Restricted Subsidiaries and any Hedge Bank. 
 “Secured Notes Indenture” shall mean the
Indenture dated as of the Closing Date, among RailAmerica, the guarantors party thereto and U.S. National Bank Association, as trustee, pursuant to which the Secured Notes are issued, as the same may be amended, supplemented or otherwise modified
from time to time. 
 “Secured Notes” shall mean the $592,000,000 in aggregate principal amount of
RailAmerica’s 9.25% Senior Secured Notes due 2017 outstanding on the Closing Date. 
 “Secured Parties”
shall have the meaning assigned to such term in the Revolving Only Collateral Security Agreement. 
 “Security
Agreements” shall mean the (i) Revolving Only Collateral Security Agreement and (ii) Fixed Asset Security Agreement. 
 “Security Documents” shall mean, collectively, (a) the Guarantee, (b) the Security Agreements, (c) the Intercreditor Agreement, (d) the Mortgages, (e) the Closing
Date Fixed Asset Security Agreement Affirmation and (f) each other security agreement or other instrument or document executed and delivered pursuant to Section 9.10, 9.12 or 9.17 or pursuant to any of the

  
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Security Agreements to secure any of the Obligations (for the avoidance of doubt, the Security Documents shall include, but not be limited to, the Fixed Asset Security Documents). 

“Significant Subsidiary” of any Person means a Subsidiary of that Person that would constitute a “significant
subsidiary” of such Person under Rule 1-02 of Regulation S-X promulgated in connection with the U.S. federal securities laws. 
 “Similar Business” shall mean any business conducted or proposed to be conducted by RailAmerica and its Restricted Subsidiaries on the Closing Date or any business that is similar,
reasonably related, incidental or ancillary thereto. 
 “Sole Lead Arranger” shall mean Citigroup Global
Markets Inc., as the sole lead arranger for the Lenders under this Agreement and the other Credit Documents. 

“Solvent” shall mean, with respect to RailAmerica and its Restricted Subsidiaries, on a consolidated basis, that as of
the date of determination, both (i) (a) the sum of RailAmerica’s and its Restricted Subsidiaries’ debts (including contingent liabilities) does not exceed the present fair saleable value of RailAmerica’s and its Restricted
Subsidiaries’ present assets; (b) RailAmerica’s and its Restricted Subsidiaries’ capital is not unreasonably small in relation to their businesses as contemplated on the date of determination; and (c) RailAmerica and its
Restricted Subsidiaries have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise); and
(ii) RailAmerica and its Restricted Subsidiaries are “solvent,” on a consolidated basis, within the meaning given that term and similar terms under applicable laws relating to fraudulent transfers and conveyances. For purposes of this
definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or
matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5). 
 “Specified Financial Maintenance Covenant” shall mean any covenant, undertaking, provision or agreement to maintain any specified financial condition, metric or ratio, whether at all
times or upon one or more occasions; provided that a Specified Financial Maintenance Covenant shall not include any covenant that is identical in all respects to the one contained in Section 10.9. 

“Specified Subsidiary” shall mean, at any date of determination (a) any Subsidiary (i) whose total assets at
the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1 Financials have been delivered were equal to or greater than 10% of the consolidated total assets of RailAmerica and the Subsidiaries
at such date or (ii) whose gross revenues for such Test Period were equal to or greater than 10% of the consolidated gross revenues of RailAmerica and the Subsidiaries for such period, in each case determined in accordance with GAAP or
(b) any Subsidiary when such Subsidiary’s total assets or gross revenues, as applicable, is aggregated with the total assets or gross revenues, as applicable, of each other Subsidiary that is the subject of an event described in
Section 11.5, would constitute a Specified Subsidiary under clause (a) above. 

  
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 “Sponsor” shall mean Fortress Investment Group LLC. 

“Stated Amount” of any Letter of Credit shall mean, at any time, the maximum amount available to be drawn thereunder at
such time, determined without regard to whether any conditions to drawing could then be met. 
 “Status” shall
mean, as to RailAmerica as of any date, the existence of Level I Status or Level II Status, as the case may be, on such date. 
 “Subsidiary” of any Person shall mean and include (a) any corporation more than 50% of whose stock of any class or classes having by the terms thereof ordinary voting power to elect
a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned
by such Person directly or indirectly through Subsidiaries and (b) any partnership, association, joint venture or other entity in which such Person directly or indirectly through Subsidiaries has more than a 50% equity interest at the time.
Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of RailAmerica. 

“Subsidiary Guarantors” shall mean (a) each Domestic Subsidiary (other than an Excluded Entity) on the Closing Date
and (b) each Restricted Domestic Subsidiary that becomes a party to the Guarantee after the Closing Date pursuant to Section 9.10; provided that if an Excluded Entity is not dissolved on or before the six-month anniversary of the
Closing Date, such Excluded Entity shall promptly become a Subsidiary Guarantor, but in any event within ten Business Days after such six-month anniversary. 
 “Successor” shall have the meaning provided in Section 10.3(g). 
 “Swingline Commitment” shall mean $5.0 million. 

“Swingline Exposure” shall mean, with respect, to any Lender at any time, such Lender’s Applicable Percentage of
the outstanding Swingline Loans at such time. 
 “Swingline Lender” shall mean Citibank, N.A., in its capacity
as lender of Swingline Loans hereunder. 
 “Swingline Loans” shall have the meaning provided in
Section 2.1(b). 
 “Swingline Maturity Date” shall mean, with respect to any Swingline Loan, the date that
is ten Business Days prior to the Maturity Date. 
 “Taxes” shall mean any current or future income, stamp or
other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (including additions to tax, interest and penalties with respect thereto), now or hereafter imposed, levied, collected, withheld or assessed by any Governmental
Authority. 

  
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 “Test Period” shall mean, for any date of determination under this
Agreement, the four consecutive fiscal quarters of RailAmerica then last ended. 
 “Total Assets” shall mean
the total assets of RailAmerica and the Restricted Subsidiaries (or, if specified, of the Restricted Foreign Subsidiaries only), as shown on the most recent balance sheet constituting Section 9.1 Financials that been delivered immediately
preceding the date on which any calculation of Total Assets is being made; provided that Total Assets shall be calculated on a Pro Forma Basis. 
 “Total Commitment” shall mean the sum of the Commitments of all Lenders. 
 “Total Credit Exposure” shall mean, at any date, the sum of the Credit Exposures of all Lenders. 
 “Transaction Expenses” shall mean any fees or expenses incurred or paid by RailAmerica or any of its Subsidiaries in connection with the Transactions. 

“Transactions” shall mean (i) the negotiation, execution and delivery of this Agreement, (ii) the repayment in
full of the Existing Credit Agreement and the termination of all commitments thereunder, and (iii) all other transactions in connection with the foregoing. 
 “Transferee” shall have the meaning provided in Section 13.6(e). 
 “Type” shall mean, as to any Loan, its nature as an ABR Loan or a Eurodollar Loan. 
 “Unfunded Current Liability” of any Plan shall mean the amount, if any, by which the present value of the accrued benefits under the Plan as of the close of its most recent plan year,
determined in accordance with Statement of Financial Accounting Standards No. 87 as in effect on the date hereof, based upon the actuarial assumptions that would be used by the Plan’s actuary in a termination of the Plan, exceeds the fair
market value of the assets allocable thereto. 
 “Unpaid Drawing” shall have the meaning provided in
Section 3.4(a). 
 “Unrestricted Subsidiary” shall mean (a) any Subsidiary of RailAmerica that is
formed or acquired after the Closing Date (other than a Subsidiary that becomes or is required to become a Credit Party hereunder or any Subsidiary that is a “Restricted Subsidiary” for the purposes of the Secured Notes or any Permitted
Refinancing Indebtedness in respect thereof or any Indebtedness incurred pursuant to Section 10.1(m)), only if at such time (or promptly thereafter) RailAmerica designates such Subsidiary an Unrestricted Subsidiary in a written notice to the
Administrative Agent, (b) any Restricted Subsidiary (other than a Restricted Subsidiary that is or becomes a Credit Party) subsequently re-designated as an Unrestricted Subsidiary by RailAmerica in a written notice to the Administrative Agent;
provided that no Default or Event of Default would result from such re-designation and (c) each Subsidiary of an Unrestricted Subsidiary, in each case under clause (a), (b) or (c) to the extent such designation is permitted
under Section 10.6; provided, however, that at the time of any written re-designation by RailAmerica to the Administrative Agent that any Unrestricted Subsidiary shall no longer constitute an Unrestricted

  
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Subsidiary, such Unrestricted Subsidiary shall cease to be an Unrestricted Subsidiary to the extent no Default or Event of Default would result from such re-designation. On or promptly after the
date of its formation, acquisition or re-designation, as applicable, each Unrestricted Subsidiary (other than an Unrestricted Subsidiary that is a Foreign Subsidiary) shall have entered into a tax sharing agreement containing terms that, in the
reasonable judgment of the Administrative Agent, provide for an appropriate allocation of tax liabilities and benefits. As of the Closing Date, there are no Unrestricted Subsidiaries. 

“Voting Stock” shall mean, with respect to any Person, as of any date, such Person’s capital stock that is at the
time entitled to vote for the election of directors of such Person. 
 “Weighted Average Life to Maturity” when
applied to any Indebtedness, Disqualified Capital Stock or preferred stock (or commitment therefor), as the case may be, at any date, shall mean the quotient obtained by dividing (1) the sum of the products of the number of years from the date
of determination to the date of each successive scheduled principal payment of or commitment reduction for such Indebtedness or redemption or similar payment with respect to such Disqualified Capital Stock or preferred stock multiplied by the amount
of such payment or reduction, by (2) the sum of all such payments or reductions. 
 “Wholly-Owned
Subsidiary” of any Person shall mean a Subsidiary of such Person, all of the Equity Interests of which (other than directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by any
one or more of such Person and its Wholly-Owned Subsidiaries. 
 The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to Sections of this Agreement unless otherwise
specified. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” 
 1.2. Exchange Rates. For purposes of determining compliance under Section 10.4, 10.5 or 10.6 with respect to any amount in a foreign currency, such amount shall be deemed to equal the Dollar
equivalent thereof based on the average exchange rate for such foreign currency for the most recent twelve-month period immediately prior to the date of determination in a manner consistent with that used in calculating Consolidated EBITDA for the
related period. For purposes of determining compliance with Sections 10.1 and 10.2, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in
effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign
currency, and such refinancing would cause the applicable U.S. dollar denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction
shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. The principal amount of any Indebtedness incurred to refinance
other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to 

  
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the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing. 
 SECTION 2. Amount and Terms of Credit 
 2.1. Commitments.

 (a) (i) Subject to and upon the terms and conditions herein set forth, each Lender severally (and not jointly) agrees to make
a loan or loans denominated in Dollars (each a “Revolving Credit Loan”) to the Borrowers which Revolving Credit Loans (A) shall be made at any time and from time to time on and after the Closing Date and prior to the Business
Day preceding the Maturity Date, (B) may, at the option of the Borrowers be incurred and maintained as, and/or converted into, ABR Loans or Eurodollar Loans, provided that all Revolving Credit Loans made by each of the Lenders pursuant
to the same Borrowing shall, unless otherwise specifically provided herein, consist entirely of Revolving Credit Loans of the same Type, (C) may be repaid and reborrowed in accordance with the provisions hereof, (D) shall not, for any such
Lender, result in such Lender’s Credit Exposure at such time exceeding such Lender’s Commitment at such time and (E) shall not result in the Total Credit Exposure exceeding the Total Commitment at such time. 

(ii) Each Lender may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make
such Loan, provided that (A) any exercise of such option shall not affect the obligation of the Borrowers to repay such Loan and (B) in exercising such option, such Lender shall use its reasonable efforts to minimize any increased
costs to the Borrowers resulting therefrom (which obligation of the Lender shall not require it to take, or refrain from taking, actions that it determines would result in increased costs for which it will not be compensated hereunder or that it
determines would be otherwise disadvantageous to it and in the event of such request for costs for which compensation is provided under this Agreement, the provisions of Section 3.5 shall apply). 

(b) Subject to and upon the terms and conditions herein set forth, the Swingline Lender in its individual capacity agrees, at any time
and from time to time on and after the Closing Date and prior to the Swingline Maturity Date, to make a loan or loans (each a “Swingline Loan” and, collectively, the “Swingline Loans”) to the Borrowers in Dollars,
which Swingline Loans (i) shall be ABR Loans, (ii) shall have the benefit of the provisions of Section 2.1(c), (iii) shall not exceed at any time outstanding the Swingline Commitment, (iv) shall not result at any time in the
Total Credit Exposure at such time exceeding the Total Commitment at such time and (v) may be repaid and reborrowed in accordance with the provisions hereof. On the Swingline Maturity Date, each outstanding Swingline Loan shall be repaid in
full. The Swingline Lender shall not make any Swingline Loan after receiving a written notice from the Borrowers or any Lender stating that a Default or Event of Default exists and is continuing until such time as the Swingline Lender shall have
received written notice of (i) rescission of all such notices from the party or parties originally delivering such notice or (ii) the waiver of such Default or Event of Default in accordance with the provisions of Section 13.1.

 (c) On any Business Day, the Swingline Lender may, in its sole discretion, give notice to the Lenders that all
then-outstanding Swingline Loans shall be funded with a Borrowing 

  
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of Revolving Credit Loans (and, if any Swingline Loan is outstanding on the seventh calendar day following the date of Borrowing of such Swingline Loan, then on the first Business Day following
such seventh calendar day, the Swingline Lender shall be required to give such notice), in which case Revolving Credit Loans constituting ABR Loans (each such Borrowing, a “Mandatory Borrowing”) shall be made on the immediately
succeeding Business Day by all Lenders with Commitments pro rata based on each Lender’s Applicable Percentage, and the proceeds thereof shall be applied directly to the Swingline Lender to repay the Swingline Lender for such
outstanding Swingline Loans. Each Lender hereby irrevocably agrees to make such Revolving Credit Loans upon one Business Day’s notice pursuant to each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and
on the date specified to it in writing by the Swingline Lender notwithstanding (i) that the amount of the Mandatory Borrowing may not comply with the minimum amount for each Borrowing specified in Section 2.2, (ii) whether any
conditions specified in Section 7 are then satisfied, (iii) whether a Default or Event of Default has occurred and is continuing, (iv) the date of such Mandatory Borrowing or (v) any reduction in the Total Commitment or
Availability after any such Swingline Loans were made. In the event that, in the sole judgment of the Swingline Lender, any Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including as a result of the
commencement of a proceeding under the Bankruptcy Code in respect of any Borrower), each Lender hereby agrees that it shall forthwith purchase from the Swingline Lender (without recourse or warranty) such participation of the outstanding Swingline
Loans as shall be necessary to cause such Lenders to share in such Swingline Loans ratably based upon their Applicable Percentages, provided that all principal and interest payable on such Swingline Loans shall be for the account of the
Swingline Lender until the date the respective participation is purchased and, to the extent attributable to the purchased participation, shall be payable to the Lender purchasing the same from and after such date of purchase. 

2.2. Minimum Amount of Each Borrowing; Maximum Number of Borrowings. Each Borrowing of Revolving Credit Loans shall be in a
minimum amount of $1,000,000 and in an integral multiple of $500,000 and Swingline Loans shall be in a multiple of $100,000 (except that Mandatory Borrowings shall be made in the amounts required by Section 2.1(c). More than one Borrowing may
be incurred on any date, provided that at no time shall there be outstanding more than five Borrowings of Eurodollar Loans under this Agreement. 
 2.3. Notice of Borrowing. 
 (a) Whenever the Borrowers desire to incur
Revolving Credit Loans hereunder (other than Mandatory Borrowings or Borrowings to repay Unpaid Drawings), they shall give the Administrative Agent at the Administrative Agent’s Office, (i) prior to 12:00 Noon (New York time) at least
three (3) Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) of each Borrowing of Eurodollar Loans, and (ii) prior to 12:00 Noon (New York time) at least one (1) Business Day’s
prior written notice (or telephonic notice promptly confirmed in writing) of each Borrowing of ABR Loans (each such notice, a “Notice of Borrowing”). Each such Notice of Borrowing, except as otherwise expressly provided in
Section 2.10, shall be irrevocable and shall specify (i) the aggregate principal amount of the Revolving Credit Loans to be made pursuant to such Borrowing, (ii) the date of Borrowing (which shall be a Business Day) and
(iii) whether the respective Borrowing shall consist of ABR Loans or Eurodollar 

  
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Loans and, if Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall promptly give each Lender written notice (or telephonic notice promptly
confirmed in writing) of each proposed Borrowing of Revolving Credit Loans, of such Lender’s Applicable Percentage thereof and of the other matters covered by the related Notice of Borrowing. 

(b) Whenever the Borrowers desire to incur Swingline Loans hereunder, they shall give the Administrative Agent written notice (or
telephonic notice promptly confirmed in writing) of each Borrowing of Swingline Loans prior to 1:00 p.m. (New York time) on the date of such Borrowing. Each such notice shall be irrevocable and shall specify (i) the aggregate principal
amount of the Swingline Loans to be made pursuant to such Borrowing and (ii) the date of Borrowing (which shall be a Business Day). The Administrative Agent shall promptly give the Swingline Lender written notice (or telephonic notice promptly
confirmed in writing) of each proposed Borrowing of Swingline Loans and of the other matters covered by the related Notice of Borrowing. 
 (c) Mandatory Borrowings shall be made upon the notice specified in Section 2.1(c), with the Borrowers irrevocably agreeing, by their incurrence of any Swingline Loan, to the making of Mandatory
Borrowings as set forth in such Section. 
 (d) Borrowings to reimburse Unpaid Drawings shall be made upon the notice specified
in Section 3.4(a). 
 (e) Without in any way limiting the obligation of the Borrowers to confirm in writing any notice they
may give hereunder by telephone, the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice believed by the Administrative Agent in good faith to be from an Authorized Officer
of the Borrowers. In each such case, the Borrowers hereby waive the right to dispute the Administrative Agent’s record of the terms of any such telephonic notice. 
 2.4. Disbursement of Funds. 
 (a) No later than 12:00 Noon (New York time)
on the date specified in each Notice of Borrowing (including Mandatory Borrowings) of Revolving Credit Loans, each Lender will make available its Applicable Percentage, if any, of each Borrowing of Revolving Credit Loans requested to be made on such
date in the manner provided below. No later than 3:00 p.m. (New York time) on the date specified in each Notice of Borrowing relating to Swingline Loans, the Swingline Lender shall make available to the Borrowers its Swingline Loan to be made
on such date, by depositing to the account of RailAmerica designated in the Notice of Borrowing (on behalf of the Borrowers) the amount of such Swingline Loan. 
 (b) Each Lender shall make available all amounts it is to fund to the Borrowers under any Borrowing in Dollars in immediately available funds to the Administrative Agent at the Administrative Agent’s
Office and the Administrative Agent will (except in the case of Mandatory Borrowings and Borrowings to repay Unpaid Drawings) make available to the Borrowers, by depositing to RailAmerica’s account designated in the Notice of Borrowing (on
behalf of the Borrowers) the aggregate of the amounts so made available in Dollars. Unless the 

  
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Administrative Agent shall have been notified by any Lender prior to the date of any such Borrowing that such Lender does not intend to make available to the Administrative Agent its portion of
the Borrowing or Borrowings to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing, and the Administrative Agent, in reliance upon such
assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrowers a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the
Administrative Agent has made available the same to the Borrowers, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the
Administrative Agent’s demand therefor the Administrative Agent shall promptly notify the Borrowers and the Borrowers, jointly and severally, shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent
shall also be entitled to recover from such Lender or the Borrowers, jointly and severally, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the
Borrowers to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the greater of (x) the Federal Funds Effective Rate and (y) a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) if paid by the Borrowers, the then-applicable rate of interest for ABR Loans. 

(c) Nothing in this Section 2.4 shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to
prejudice any rights that the Borrowers may have against any Lender as a result of any default by such Lender hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments
hereunder). 
 2.5. Repayment of Loans; Evidence of Debt. 

(a) The Borrowers, jointly and severally, shall repay to the Administrative Agent in Dollars, for the benefit of the Lenders, on the
Maturity Date, the then-unpaid Revolving Credit Loans. The Borrowers, jointly and severally, shall repay to the Administrative Agent in Dollars, for the account of the Swingline Lender, on the Swingline Maturity Date, the then-unpaid Swingline
Loans. 
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the
indebtedness of the Borrowers to the appropriate lending office of such Lender resulting from each Loan made by such lending office of such Lender from time to time, including the amounts of principal and interest payable and paid to such lending
office of such Lender from time to time under this Agreement. 
 (c) The Administrative Agent shall maintain the Register
pursuant to Section 13.6(b), and a subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, whether such Loan is a Revolving Credit Loan or a Swingline
Loan, the Type of each Loan made and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrowers to each Lender, the Swingline Lender or the Administrative

  
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Agent hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrowers and each Lender’s share thereof. 

(d) The entries made in the Register and accounts and subaccounts maintained pursuant to paragraphs (b) and (c) of this
Section 2.5 shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrowers therein recorded; provided, however, that the failure of any Lender or the
Administrative Agent to maintain such account, such Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrowers to repay (with applicable interest) the Loans made to the Borrowers
in accordance with the terms of this Agreement. 
 2.6. Conversions and Continuations. 

(a) The Borrowers shall have the option on any Business Day to convert all or a portion equal to at least $1,000,000 of the outstanding
principal amount of Revolving Credit Loans made to the Borrowers from one Type into a Borrowing or Borrowings of another Type and the Borrowers shall have the option on any Business Day to continue the outstanding principal amount of any Eurodollar
Loans as Eurodollar Loans for an additional Interest Period; provided that (i) no partial conversion of Eurodollar Loans shall reduce the outstanding principal amount of Eurodollar Loans made pursuant to a single Borrowing to less than
$1,000,000, (ii) ABR Loans may not be converted into Eurodollar Loans if an Event of Default is in existence on the date of the conversion and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion
not to permit such conversion, (iii) Eurodollar Loans may not be continued as Eurodollar Loans for an additional Interest Period if an Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has or
the Required Lenders have determined in its or their sole discretion not to permit such continuation, (iv) no conversion or continuation of Eurodollar Loans may be made on a day other than the last day of the Interest Period applicable thereto
and (v) Borrowings resulting from conversions pursuant to this Section 2.6 shall be limited in number as provided in Section 2.2. Each such conversion or continuation shall be effected by the Borrowers by giving the Administrative
Agent at the Administrative Agent’s Office prior to 12:00 noon (New York time) at least three Business Days’ (or one Business Day’s notice in the case of a conversion into ABR Loans) prior written notice (or telephonic notice promptly
confirmed in writing) (each a “Notice of Conversion or Continuation”) specifying the Revolving Credit Loans to be so converted or continued, the Type of Revolving Credit Loans to be converted or continued into and, if such Revolving
Credit Loans are to be converted into or continued as Eurodollar Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable of any such proposed conversion or
continuation affecting any of its Revolving Credit Loans. 
 (b) If any Event of Default is in existence at the time of any
proposed continuation of any Eurodollar Loans and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such Eurodollar Loans shall be automatically converted on the
last day of the current Interest Period into ABR Loans. If upon the expiration of any Interest Period in respect of Eurodollar Loans, the Borrowers have failed to elect a new Interest Period to be applicable thereto as provided in paragraph
(a) above, 

  
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the Borrowers shall be deemed to have elected to continue such Borrowing of Eurodollar Loans into a Borrowing of Eurodollar Loans with an Interest Period of one month’s duration effective as
of the expiration date of such current Interest Period. 
 2.7. Pro Rata Borrowings. Each Borrowing of Revolving Credit
Loans under this Agreement shall be granted by the Lenders pro rata on the basis of their Applicable Percentages. It is understood that no Lender shall be responsible for any default by any other Lender in its obligation to make Loans
hereunder and that each Lender shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder. 

2.8. Interest. 
 (a) The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all
times be the ABR Margin plus the ABR in effect from time to time. 
 (b) The unpaid principal amount of each Eurodollar Loan
shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Eurodollar Margin in effect from time to time plus the relevant Eurodollar
Rate. 
 (c) If there is an Event of Default or if all or a portion of (i) the principal amount of any Loan or
(ii) any interest payable thereon or Fee shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), the Obligations shall bear interest at a rate per annum that is (x) in the case of overdue principal, the
rate that would otherwise be applicable thereto plus 2% or (y) in the case of any other outstanding amount, to the extent permitted by applicable law, the rate described in Section 2.8(a) plus 2% from and including the date
of such non-payment to but excluding the date on which such amount is paid in full (after as well as before judgment). 
 (d)
Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Commitments; provided that (i) in the event of any repayment or prepayment of any Loan (other than a
prepayment of an ABR Loan that is a Revolving Credit Loan prior to the Maturity Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, (ii) in the event of any conversion
of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion and (iii) interest accrued pursuant to Section 2.8(c) shall be payable
on demand. 
 (e) All computations of interest hereunder shall be made in accordance with Section 5.5. 

(f) The Administrative Agent, upon determining the interest rate for any Borrowing of Eurodollar Loans, shall promptly notify the
Borrowers and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto. 

  
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 2.9. Interest Periods. At the time the Borrowers give a Notice of Borrowing or Notice
of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of Eurodollar Loans (in the case of the initial Interest Period applicable thereto) or prior to 12:00 p.m. (New York time) on the
third Business Day prior to the expiration of an Interest Period applicable to a Borrowing of Eurodollar Loans, the Borrowers shall have the right to elect by giving the Administrative Agent written notice (or telephonic notice promptly confirmed in
writing) the Interest Period applicable to such Borrowing, which Interest Period shall, at the option of the Borrowers, be a one, two, three or six month period or, if agreed to by each Lender and the Administrative Agent (in its capacity as such),
a seven or fourteen day period or a nine or twelve month period. Notwithstanding anything to the contrary contained above: 
 (i) the initial Interest Period for any Borrowing of Eurodollar Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each Interest
Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires; 
 (ii) if any Interest Period relating to a Borrowing of Eurodollar Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the
calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period; 

(iii) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire
on the next succeeding Business Day; provided that if any Interest Period in respect of a Eurodollar Loan would otherwise expire on a day that is not a Business Day but is a day that is after the last Business Day in such month, such Interest
Period shall expire on the next preceding Business Day; and 
 (iv) the Borrowers shall not be entitled to elect
any Interest Period in respect of any Eurodollar Loan if such Interest Period would extend beyond the Maturity Date. 
 2.10.
Increased Costs, Illegality, etc. 
 (a) In the event that (x) in the case of clause (i) below, the
Administrative Agent or (y) in the case of clauses (ii) and (iii) below, any Lender shall have reasonably determined (which determination shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties
hereto): 
 (i) on any date for determining the Eurodollar Rate for any Interest Period that (x) deposits in
the principal amounts of the Loans comprising such Eurodollar Loan Borrowing are not generally available in the relevant market, (y) by reason of any changes arising on or after the Closing Date affecting the interbank eurodollar market,
adequate and fair means do not exist for ascertaining the applicable interest rate on the basis provided for in the definition of Eurodollar Rate or (z) the Administrative Agent is advised in writing by the Required Lenders that the Eurodollar
Rate for such Interest Period 

  
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will not adequately and fairly reflect the cost to such Lenders of making their Loans included in such Borrowing for such Interest Period; or 

(ii) at any time, that such Lender shall incur increased costs or reductions in the amounts received or receivable
hereunder with respect to any Eurodollar Loans (or, in the case of increased costs attributable to Taxes, any Loan) because of (x) any change since the date hereof in any applicable law, governmental rule, regulation, guideline or order (or in
the interpretation or administration thereof and including the introduction of any new law or governmental rule, regulation, guideline or order), such as, for example, without limitation, a change in official reserve requirements, and/or
(y) other circumstances affecting the interbank eurodollar market or the position of such Lender in such market (provided that in the case of any increased costs attributable to Taxes, this clause (ii) shall apply only to the extent
such increased costs resulted from a change in a Requirement of Law after the date such Lender becomes a party hereto, except to the extent such Lender’s assignor, if any, was entitled to compensation for such increased costs immediately prior
to such assignment); provided further that it is understood and agreed that, for the purposes of this Section 2.10(a)(ii), (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines,
requirements and directives thereunder, issued in connection therewith or in implementation thereof and (y) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee
on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in law regardless of the date enacted, adopted,
issued or implemented) or 
 (iii) at any time, that the making or continuance of any Eurodollar Loan has become
unlawful by compliance by such Lender in good faith with any law, governmental rule, regulation, guideline or order (or would conflict with any such governmental rule, regulation, guideline or order not having the force of law even though the
failure to comply therewith would not be unlawful), or has become impracticable as a result of a contingency occurring after the date hereof that materially and adversely affects the interbank eurodollar market; 

then, and in any such event, such Lender (or the Administrative Agent, in the case of clause (i) above) shall within a reasonable time thereafter
give notice (if by telephone, confirmed in writing) to RailAmerica and to the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit to each of the other Lenders). Thereafter (x) in the case of
clause (i) above, Eurodollar Loans shall no longer be available until such time as the Administrative Agent notifies RailAmerica and the Lenders that the circumstances giving rise to such notice by the Administrative Agent no longer exist
(which notice the Administrative Agent agrees to give at such time when such circumstances no longer exist), and any Notice of Borrowing or Notice of Conversion given by the Borrowers with respect to Eurodollar Loans that have not yet been incurred
shall be deemed rescinded by the Borrowers, (y) in the case of clause (ii) above, the Borrowers, jointly and severally, shall pay to such Lender, promptly after receipt of written demand therefor such additional amounts (in the form of an
increased rate of, or a different method of calculating, interest or otherwise as such Lender in its reasonable discretion shall 

  
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determine) as shall be required to compensate such Lender for such increased costs or reductions in amounts receivable hereunder (it being agreed that a written notice as to the additional
amounts owed to such Lender, showing in reasonable detail the basis for the calculation thereof, submitted to RailAmerica by such Lender shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto) and
(z) in the case of clause (iii) above, the Borrowers shall take one of the actions specified in Section 2.10(b) as promptly as possible and, in any event, within the time period required by law. Notwithstanding anything to the
contrary contained herein, this clause (a) shall not apply to any increased costs attributable to (W) any Taxes that are grossed-up or indemnified pursuant to Section 5.4, (X) any Taxes that are described in clauses (ii),
(iii) or (iv) of the definition of the Excluded Taxes, (Y) any Other Connection Taxes that are imposed on or measured by net income or profits (or franchise or similar taxes imposed in lieu thereof) and (Z) any Other Connection
Assignment Taxes as defined in Section 5.4(b). 
 (b) At any time that any Eurodollar Loan is affected by the circumstances
described in Section 2.10(a)(ii) or (iii), the Borrowers may (and in the case of a Eurodollar Loan affected pursuant to Section 2.10(a)(iii) shall) either (x) if the affected Eurodollar Loan is then being made pursuant to a Borrowing,
cancel such Borrowing by giving the Administrative Agent telephonic notice (confirmed promptly in writing) thereof on the same date that the Borrowers were notified by a Lender pursuant to Section 2.10(a)(ii) or (iii) or (y) if the
affected Eurodollar Loan is then outstanding, upon at least three Business Days’ notice to the Administrative Agent, require the affected Lender to convert each such Eurodollar Loan into an ABR Loan; provided that if more than one Lender
is affected at any time, then all affected Lenders must be treated in the same manner pursuant to this Section 2.10(b). 

(c) If, after the Closing Date, the adoption of any applicable law, rule or regulation regarding capital adequacy, or any change therein,
or any change in the interpretation or administration thereof by any Governmental Authority, the National Association of Insurance Commissioners, central bank or comparable agency charged with the interpretation or administration thereof, or
compliance by a Lender or its parent with any request or directive made or adopted after the date hereof regarding capital adequacy (whether or not having the force of law) of any such authority, association, central bank or comparable agency (it is
understood and agreed that, for the purposes of this Section 2.10(c), (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection
therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a change in law regardless of the date enacted, adopted, issued or implemented), has or would have the effect
of reducing the rate of return on such Lender’s or its parent’s or its Related Party’s capital or assets as a consequence of such Lender’s commitments or obligations hereunder to a level below that which such Lender or its parent
or its Related Party could have achieved but for such adoption, effectiveness, change or compliance (taking into consideration such Lender’s or its parent’s policies with respect to capital adequacy), then from time to time, promptly after
demand by such Lender (with a copy to the Administrative Agent), the Borrowers, jointly and severally, shall pay to such Lender such additional amount or amounts as will 

  
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compensate such Lender or its parent for such reduction, it being understood and agreed, however, that a Lender shall not be entitled to such compensation as a result of such Lender’s
compliance with, or pursuant to any request or directive to comply with, any such law, rule or regulation as in effect on the date hereof. Each Lender, upon determining in good faith that any additional amounts will be payable pursuant to this
Section 2.10(c), will give prompt written notice thereof to RailAmerica (on its own behalf) which notice shall set forth in reasonable detail the basis of the calculation of such additional amounts, although the failure to give any such notice
shall not, subject to Section 2.13, release or diminish any of the Borrowers’ obligations to pay additional amounts pursuant to this Section 2.10(c) upon receipt of such notice. 

2.11. Compensation. If (a) any payment of principal of any Eurodollar Loan is made by the Borrowers to or for the account of
a Lender other than on the last day of the Interest Period for such Eurodollar Loan as a result of a payment or conversion pursuant to Section 2.5, 2.6, 2.10, 5.1, 5.2 or a required assignment pursuant to 13.7, as a result of acceleration of
the maturity of the Loans pursuant to Section 11 or for any other reason, (b) any Borrowing of Eurodollar Loans is not made as a result of a withdrawn Notice of Borrowing, (c) any ABR Loan is not converted into a Eurodollar Loan as a
result of a withdrawn Notice of Conversion or Continuation, (d) any Eurodollar Loan is not continued as a Eurodollar Loan as a result of a withdrawn Notice of Conversion or Continuation or (e) any prepayment of principal of any Eurodollar
Loan is not made as a result of a withdrawn notice of prepayment pursuant to Section 5.1 or 5.2, the Borrowers, jointly and severally, shall, after receipt of a written request by such Lender (which request shall set forth in reasonable detail
the basis for requesting such amount), pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that such Lender may reasonably incur as a result of
such payment, failure to convert, failure to continue or failure to prepay, including any loss, cost or expense (excluding loss of anticipated profits) actually incurred by reason of the liquidation or reemployment of deposits or other funds
acquired by any Lender to fund or maintain such Eurodollar Loan. 
 2.12. Change of Lending Office. Each Lender agrees
that, upon the occurrence of any event giving rise to the operation of Section 2.10(a)(ii), 2.10(a)(iii), 2.10(b), 3.5 or 5.4 with respect to such Lender, it will, if requested by the Borrowers, use reasonable efforts (subject to overall policy
considerations of such Lender) to designate another lending office for any Loans affected by such event; provided that such designation is made on such terms that such Lender and its lending office suffer no economic, legal or regulatory
disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this Section 2.12 shall affect or postpone any of the obligations of the Borrowers or the right of any Lender
provided in Section 2.10, 3.5 or 5.4. 
 2.13. Notice of Certain Costs. Notwithstanding anything in this Agreement
to the contrary, to the extent any notice required by Section 2.10, 2.11, 3.5 or 5.4 is given by any Lender more than 180 days after such Lender has knowledge (or should have had knowledge) of the occurrence of the event giving rise to the
additional cost, reduction in amounts, loss, tax or other additional amounts described in such Sections, such Lender shall not be entitled to compensation under Section 2.10, 2.11, 3.5 or 5.4, as the case may be, for any such amounts incurred
or accruing prior to the 180th day prior to the giving of such notice to RailAmerica. 

  
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 2.14. Defaulting Lenders. 

(a) Reallocation of Defaulting Lender Commitment, etc. If a Lender becomes, and during the period it remains, a Defaulting Lender,
the following provisions shall apply with respect to any outstanding Letter of Credit Exposure and any outstanding Swingline Exposure of such Defaulting Lender: 
 (i) the Letter of Credit Exposure and the Swingline Exposure of such Defaulting Lender will, subject to the limitation in the first proviso below, automatically be reallocated (effective on the day such
Lender becomes a Defaulting Lender) among the Non-Defaulting Lenders pro rata in accordance with their respective Commitments; provided that (a) the sum of each Non-Defaulting Lender’s total Credit Exposure may not in
any event exceed the Commitment of such Non-Defaulting Lender as in effect at the time of such reallocation and (b) neither such reallocation nor any payment by a Non-Defaulting Lender pursuant thereto will constitute a waiver or release of any
claim the Borrowers, the Administrative Agent, the Letter of Credit Issuer, the Swingline Lender or any other Lender may have against such Defaulting Lender or cause such Defaulting Lender to be a Non-Defaulting Lender; 

(ii) to the extent that any portion (the “unreallocated portion”) of the Defaulting Lender’s Letter
of Credit Exposure and Swingline Exposure cannot be so reallocated, whether by reason of the first proviso in clause (i) above or otherwise, the Borrowers will, not later than two Business Days after demand by the Administrative Agent (at the
direction of the Letter of Credit Issuer and/or the Swingline Lender, as the case may be), (1) Cash Collateralize the obligations of the Borrowers to the Letter of Credit Issuer and the Swingline Lender in respect of such Letter of Credit
Exposure or Swingline Exposure, as the case may be, in an amount at least equal to the aggregate amount of the unreallocated portion of such Letter of Credit Exposure or Swingline Exposure, or (2) in the case of such Swingline Exposure, prepay
(subject to clause (iii) below) and/or Cash Collateralize in full the unreallocated portion thereof, or (3) make other arrangements satisfactory to the Administrative Agent, and to the Letter of Credit Issuer and the Swingline Lender, as
the case may be, in their sole discretion to protect them against the risk of non-payment by such Defaulting Lender; and 
 (iii) any amount paid by the Borrowers for the account of a Defaulting Lender that was or is a Lender under this Agreement (whether on account of principal, interest, fees, indemnity payments or other
amounts) will not be paid or distributed to such Defaulting Lender, but will instead be retained by the Administrative Agent in a segregated non-interest bearing account until (subject to Section 2.14(f)) the termination of the Commitments and
payment in full of all obligations of the Borrowers hereunder and will be applied by the Administrative Agent, to the fullest extent permitted by law, to the making of payments from time to time in the following order of priority: first to
the payment of any amounts owing by such Defaulting Lender to the Administrative Agent under this Agreement, second to the payment of any amounts owing by such Defaulting Lender to the Letter of Credit Issuer or the Swingline Lender
(pro rata as to the respective amounts owing to each of them) under this Agreement, third to the payment of post-default 

  
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interest and then current interest due and payable to the Lenders hereunder other than Defaulting Lenders, ratably among them in accordance with the amounts of such interest then due and payable
to them, fourth to the payment of fees then due and payable to the Non-Defaulting Lenders that are Lenders hereunder, ratably among them in accordance with the amounts of such fees then due and payable to them, fifth to pay principal
and unreimbursed payments made by the Letter of Credit Issuer pursuant to a Letter of Credit then due and payable to the Non-Defaulting Lenders that are Lenders hereunder ratably in accordance with the amounts thereof then due and payable to them,
sixth to the ratable payment of other amounts then due and payable to the Non-Defaulting Lenders that are Lenders, and seventh after the termination of the Commitments and payment in full of all obligations of the Borrowers hereunder,
to pay amounts owing under this Agreement to such Defaulting Lender or as a court of competent jurisdiction may otherwise direct. 
 (b) Cash Collateral Call. If any Lender becomes, and during the period it remains, a Defaulting Lender or a Potential Defaulting Lender, if any Letter of Credit Exposure, or Swingline Exposure is
at the time outstanding, the Letter of Credit Issuer and the Swingline Lender, as the case may be, may (except, in the case of a Defaulting Lender, to the extent the Commitments have been fully reallocated pursuant to Section 2.14(a)), by
notice to RailAmerica and such Defaulting Lender or Potential Defaulting Lender through the Administrative Agent, require the Borrowers to Cash Collateralize the obligations of the Borrowers to the Letter of Credit Issuer and the Swingline Lender in
respect of such Letter of Credit or Swingline Loan in amount at least equal to the aggregate amount of the unreallocated obligations (contingent or otherwise) of such Defaulting Lender or such Potential Defaulting Lender in respect thereof, or to
make other arrangements satisfactory to the Administrative Agent, and to the Letter of Credit Issuer and the Swingline Lender, in their sole discretion to protect them against the risk of non-payment by such Defaulting Lender or Potential Defaulting
Lender; provided that if the Letter of Credit Exposure and Swingline Exposure of a Defaulting Lender have been fully reallocated pursuant to Section 2.14(a) or if any Defaulting Lender shall become a Non-Defaulting Lender pursuant to
Section 2.14(f), then any Cash Collateral required of Borrowers in connection with such Defaulting Lender shall be returned to Borrowers. 
 (c) Right to Give Drawdown Notices. In furtherance of the foregoing, if any Lender becomes, and during the period it remains, a Defaulting Lender or a Potential Defaulting Lender, each of the
Letter of Credit Issuer and the Swingline Lender is hereby authorized by the Borrowers (which authorization is irrevocable and coupled with an interest) to give, in its discretion, through the Administrative Agent, Notice of Borrowing pursuant to
Section 2.3 in such amounts and in such times as may be required to (i) reimburse an outstanding L/C Participation, (ii) repay an outstanding Swingline Loan, and/or (iii) Cash Collateralize the obligations of the Borrowers in
respect of outstanding Letters of Credit or Swingline Loans in an amount at least equal to the aggregate amount of the obligations (contingent or otherwise) of such Defaulting Lender or Potential Defaulting Lender in respect of such Letter of Credit
or Swingline Loan. 
 (d) Fees. Anything herein to the contrary notwithstanding, during such period as a Lender is a
Defaulting Lender, such Defaulting Lender will not be entitled to any fees accruing during such period pursuant to Section 4.1 (without prejudice to the rights of the Lenders 

  
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other than Defaulting Lenders in respect of such fees), provided that in the case of a Defaulting Lender that was or is a Lender (x) to the extent that a portion of the Letter of
Credit Exposure or the Swingline Exposure of such Defaulting Lender is reallocated to the Non-Defaulting Lenders pursuant to Section 2.14(a), such fees that would have accrued for the benefit of such Defaulting Lender will instead accrue for
the benefit of and be payable to such Non-Defaulting Lenders, pro rata in accordance with their respective Commitments, and (y) to the extent any portion of such Letter of Credit Exposure or Swingline Exposure cannot be so
reallocated, such fees will instead accrue for the benefit of and be payable to the Letter of Credit Issuer and the Swingline Lender, as applicable, as their interests appear (and the pro rata payment provisions of Section 5.3
will automatically be deemed adjusted to reflect the provisions of this Section). 
 (e) Termination of Defaulting Lender
Commitment. The Borrowers may terminate the unused amount of the Commitment of a Defaulting Lender upon not less than three Business Days’ prior notice to the Administrative Agent (which will promptly notify the Lenders thereof), and in
such event the provisions of Section 2.14(a)(iii) will apply to all amounts thereafter paid by the Borrowers for the account of such Defaulting Lender that is a Lender under this Agreement (in each case whether on account of principal,
interest, fees, indemnity or other amounts), provided that such termination will not be deemed to be a waiver or release of any claim the Borrowers, the Administrative Agent, the Letter of Credit Issuer, the Swingline Lender or any Lender may
have against such Defaulting Lender. 
 (f) Cure. If the Borrowers, the Administrative Agent, the Letter of Credit Issuer
and the Swingline Lender agree in writing in their discretion that a Lender that is a Defaulting Lender or a Potential Defaulting Lender should no longer be deemed to be a Defaulting Lender or Potential Defaulting Lender, as the case may be, the
Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any amounts then held in the
segregated account referred to in Section 2.14(a)), such Lender will, to the extent applicable, purchase such portion of outstanding Loans of the other Lenders and/or make such other adjustments as the Administrative Agent may determine to be
necessary to cause the Credit Exposure, Letter of Credit Exposure and Swingline Exposure of the Lenders to be on a pro rata basis in accordance with their respective Commitments, whereupon such Lender will cease to be a Defaulting
Lender or Potential Defaulting Lender and will be a Non-Defaulting Lender (and such Credit Exposure of each Lender will automatically be adjusted on a prospective basis to reflect the foregoing); provided that no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while such Lender was a Defaulting Lender; and provided further, that except to the extent otherwise expressly agreed by the affected parties,
no change hereunder from Defaulting Lender or Potential Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender or Potential
Defaulting Lender. 
 2.15. Incremental Facilities. The Borrowers may by written notice to the Administrative Agent elect
to request, prior to the Maturity Date, an increase to the existing Commitments (any such increase, the “New Commitments”) by an amount not in excess of $15.0 million in the aggregate and not less than $5.0 million individually (or
such lesser amount which shall be approved by Administrative Agent), and integral multiples of $1.0 million in excess of 

  
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that amount. Each such notice shall specify (A) the date (each, an “Increased Amount Date”) on which the Borrowers propose that the New Commitments shall be effective, which
shall be a date not less than 10 Business Days after the date on which such notice is delivered to the Administrative Agent and (B) the identity of each Lender or other Person that is an eligible assignee pursuant to Section 13.6(b) (each,
a “New Lender”) to whom the Borrowers propose any portion of such New Commitments be allocated and the amounts of such allocations; provided that the Borrowers shall first approach the Lenders (other than Defaulting Lenders
and Potential Defaulting Lenders) to provide all of the New Commitments in accordance with their Applicable Percentages (excluding for this purpose the Commitment of any Lender that declines to provide any portion of the New Commitments or any
Defaulting Lenders or Potential Defaulting Lenders) prior to approaching any other Person that is an eligible assignee pursuant to Section 13.6(b) (and no such Person shall be offered to provide the New Commitments on terms (including with
respect to upfront fees and other economic terms) that are more favorable to such Person than the terms offered to the existing Lenders) and no Lender shall provide a New Commitment unless the Administrative Agent, the Swingline Lender and the
Letter of Credit Issuer shall have consented thereto; provided further that any Lender approached to provide all or a portion of the New Commitments may elect or decline, in its sole discretion, to provide a New Commitment. Such New
Commitments shall become effective, as of such Increased Amount Date; provided that (1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Commitments; (2) the New
Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrowers, the Lender providing the New Commitment and Administrative Agent, and each of which shall be recorded in the Register and shall be
subject to the requirements set forth in Section 5.4(c); (3) the Borrowers shall make any payments required pursuant to Section 2.11 in connection with the New Commitments; and (4) the Borrowers shall deliver or cause to be
delivered any legal opinions or other documents reasonably requested by Administrative Agent in connection with any such transaction. 
 On any Increased Amount Date, subject to the satisfaction of the foregoing terms and conditions, (a) each of the Lenders with Commitments shall assign to each of the New Lenders, and each of the New
Lenders shall purchase from each of the Lenders with Commitments, at the principal amount thereof (together with accrued interest), such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order
that, after giving effect to all such assignments and purchases, such Revolving Credit Loans will be held by existing Lenders with Revolving Credit Loans and New Lenders ratably in accordance with their respective Commitments after giving effect to
the addition of such New Commitments to the Commitments, (b) each New Commitment shall be deemed for all purposes a Commitment and each Loan made thereunder shall be deemed, for all purposes, a Revolving Credit Loan and (c) each New Lender
shall become a Lender with respect to the New Commitment and all matters relating thereto. 
 The Administrative Agent shall
notify the Collateral Agent, the Fixed Asset Collateral Agent and the Lenders promptly upon receipt of the Borrowers’ notice of each Increased Amount Date and in respect thereof (y) the New Commitments and the New Lenders and (z) the
respective interests in such Lender’s Revolving Credit Loans, in each case subject to the assignments contemplated by this Section. 

  
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 SECTION 3. Letters of Credit 

3.1. Letters of Credit. 
 (a) Subject to and upon the terms and conditions herein set forth, at any time and from time to time after the Closing Date and thirty calendar days prior to the Maturity Date, (i) the Borrowers may
request that the Letter of Credit Issuer issue for the account of the Borrowers a Letter of Credit or Letters of Credit in Dollars in such form as may be approved by the Letter of Credit Issuer in its reasonable discretion. 

(b) Notwithstanding the foregoing, (i) no Letter of Credit shall be issued the Stated Amount of which, when added to the Letters of
Credit Outstanding at such time, would exceed the Letter of Credit Commitment then in effect; (ii) no Letter of Credit shall be issued, amended (to increase the Stated Amount thereof), extended or renewed if, after giving effect to such
issuance, amendment, extension or renewal, the Total Credit Exposure would exceed the Total Commitment then in effect; (iii) each Letter of Credit shall have an expiration date occurring no later than one year after the date of issuance
thereof, unless otherwise agreed upon by the Administrative Agent and the Letter of Credit Issuer, provided that in no event shall such expiration date occur later than the L/C Maturity Date; (iv) no Letter of Credit shall be issued
if it would be illegal under any applicable law for the beneficiary of the Letter of Credit to have a Letter of Credit issued in its favor; and (v) no Letter of Credit shall be issued by a Letter of Credit Issuer after it has received a written
notice from the Borrowers or any Lender stating that a Default or Event of Default has occurred and is continuing until such time as the Letter of Credit Issuer shall have received a written notice of (x) rescission of such notice from the
party or parties originally delivering such notice or (y) the waiver of such Default or Event of Default in accordance with the provisions of Section 13.1. 
 (c) Upon at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent and the Letter of Credit Issuer (which notice the
Administrative Agent shall promptly transmit to each of the applicable Lenders), the Borrowers shall have the right, on any day, permanently to terminate or reduce the Letter of Credit Commitment in whole or in part, provided that, after
giving effect to such termination or reduction, the Letters of Credit Outstanding shall not exceed the Letter of Credit Commitment. 
 3.2. Letter of Credit Requests. 
 (a) Whenever the Borrowers desire that a
Letter of Credit be issued for their account, they shall give the Administrative Agent and the Letter of Credit Issuer at least five (or such lesser number as may be agreed upon by the Administrative Agent and the Letter of Credit Issuer) Business
Days’ written notice thereof. Each notice shall be executed by the Borrowers and shall be in the form of Exhibit G (each a “Letter of Credit Request”). The Administrative Agent shall promptly transmit copies of each
Letter of Credit Request to each Lender. 
 (b) The making of each Letter of Credit Request shall be deemed to be a
representation and warranty by the Borrowers that the Letter of Credit may be issued in accordance with, and will not violate the requirements of, Section 3.1(b). 

  
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 3.3. Letter of Credit Participations. 

(a) Immediately upon the issuance by the Letter of Credit Issuer of any Letter of Credit, the Letter of Credit Issuer shall be deemed to
have sold and transferred to each other Lender that has a Commitment (each such other Lender, in its capacity under this Section 3.3, an “L/C Participant”), and each such L/C Participant shall be deemed irrevocably and
unconditionally to have purchased and received from the Letter of Credit Issuer, without recourse or warranty, an undivided interest and participation (each an “L/C Participation”), to the extent of such L/C Participant’s
Applicable Percentage of such Letter of Credit, each substitute letter of credit, each drawing made thereunder and the obligations of the Borrowers under this Agreement with respect thereto, and any security therefor or guaranty pertaining thereto
(although Letter of Credit Fees will be paid directly to the Administrative Agent for the ratable account of the L/C Participants as provided in Section 4.1(b) and the L/C Participants shall have no right to receive any portion of any Fronting
Fees). 
 (b) In determining whether to pay under any Letter of Credit, the Letter of Credit Issuer shall have no obligation
relative to the L/C Participants other than to confirm that any documents required to be delivered under such Letter of Credit have been delivered and that they appear to comply on their face with the requirements of such Letter of Credit. Any
action taken or omitted to be taken by the Letter of Credit Issuer under or in connection with any Letter of Credit issued by it, if taken or omitted in the absence of gross negligence or willful misconduct, shall not create for the Letter of Credit
Issuer any resulting liability. 
 (c) In the event that the Letter of Credit Issuer makes any payment under any Letter of
Credit issued by it and the Borrowers shall not have repaid such amount in full to the respective Letter of Credit Issuer pursuant to Section 3.4(a), the Letter of Credit Issuer shall promptly notify the Administrative Agent and each L/C
Participant of such failure, and each L/C Participant shall promptly and unconditionally pay to the Administrative Agent, for the account of the Letter of Credit Issuer, the amount of such L/C Participant’s Applicable Percentage of such
unreimbursed payment in Dollars and in immediately available funds; provided, however, that no L/C Participant shall be obligated to pay to the Administrative Agent for the account of the Letter of Credit Issuer its Applicable
Percentage of such unreimbursed amount arising from any wrongful payment made by the Letter of Credit Issuer under a Letter of Credit as a result of acts or omissions constituting willful misconduct or gross negligence on the part of the Letter of
Credit Issuer. If the Letter of Credit Issuer so notifies, prior to 11:00 a.m. (New York time) on any Business Day, any L/C Participant required to fund a payment under a Letter of Credit, such L/C Participant shall make available to the
Administrative Agent for the account of the Letter of Credit Issuer such L/C Participant’s Applicable Percentage of the amount of such payment on such Business Day in immediately available funds. If and to the extent such L/C Participant shall
not have so made its Applicable Percentage of the amount of such payment available to the Administrative Agent, for the account of the Letter of Credit Issuer, such L/C Participant agrees to pay to the Administrative Agent, for the account of the
Letter of Credit Issuer, forthwith on demand, such amount, together with interest thereon for each day from such date until the date such amount is paid to the Administrative Agent, for the account of the Letter of Credit Issuer at a rate equal to
the greater of (x) the Federal Funds Effective Rate and (y) a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

  
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The failure of any L/C Participant to make available to the Administrative Agent, for the account of the Letter of Credit Issuer, its Applicable Percentage of any payment under any Letter of
Credit shall not relieve any other L/C Participant of its obligation hereunder to make available to the Administrative Agent, for the account of the Letter of Credit Issuer its Applicable Percentage of any payment under such Letter of Credit on the
date required, as specified above, but, except as provided in Section 2.14, no L/C Participant shall be responsible for the failure of any other L/C Participant to make available to the Administrative Agent such other L/C Participant’s
Applicable Percentage of any such payment. 
 (d) Whenever the Letter of Credit Issuer receives a payment in respect of an
unpaid reimbursement obligation as to which the Administrative Agent has received for the account of the Letter of Credit Issuer any payments from the L/C Participants pursuant to paragraph (c) above, the Letter of Credit Issuer shall pay to
the Administrative Agent and the Administrative Agent shall promptly pay to each L/C Participant that has paid its Applicable Percentage of such reimbursement obligation, in Dollars and in immediately available funds, an amount equal to such L/C
Participant’s share (based upon the proportionate aggregate amount originally funded by such L/C Participant to the aggregate amount funded by all L/C Participants) of the principal amount of such reimbursement obligation and interest thereon
accruing after the purchase of the respective L/C Participations. 
 (e) The obligations of the L/C Participants to make
payments to the Administrative Agent for the account of the Letter of Credit Issuer with respect to Letters of Credit shall be irrevocable and not subject to counterclaim, set-off or other defense or any other qualification or exception whatsoever
and shall be made in accordance with the terms and conditions of this Agreement under all circumstances, including under any of the following circumstances: 
 (i) any lack of validity or enforceability of this Agreement or any of the other Credit Documents; 
 (ii) the existence of any claim, set-off, defense or other right that the Borrowers may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any
Person for whom any such transferee may be acting), the Administrative Agent, the Letter of Credit Issuer, any Lender or other Person, whether in connection with this Agreement, any Letter of Credit, the transactions contemplated herein or any
unrelated transactions (including any underlying transaction between the Borrowers and the beneficiary named in any such Letter of Credit); 
 (iii) any draft, certificate or any other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or
inaccurate in any respect; 
 (iv) the surrender or impairment of any security for the performance or observance
of any of the terms of any of the Credit Documents; or 
 (v) the occurrence of any Default or Event of Default;

  
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 provided, however, that no L/C Participant shall be obligated to pay to the Administrative
Agent for the account of the Letter of Credit Issuer its Applicable Percentage of any unreimbursed amount arising from any wrongful payment made by the Letter of Credit Issuer under a Letter of Credit as a result of acts or omissions constituting
willful misconduct or gross negligence on the part of the Letter of Credit Issuer. 
 3.4. Agreement to Repay Letter of
Credit Drawings. 
 (a) The Borrowers, jointly and severally, hereby agree to reimburse the Letter of Credit Issuer, by
making payment in Dollars to the Administrative Agent in immediately available funds for any payment or disbursement made by the Letter of Credit Issuer under any Letter of Credit (each such amount so paid until reimbursed, an “Unpaid
Drawing”) immediately after, and in any event on the date of, such payment, with interest on the amount so paid or disbursed by the Letter of Credit Issuer, to the extent not reimbursed prior to 5:00 p.m. (New York time) on the date of
such payment or disbursement, from and including the date paid or disbursed to but excluding the date the Letter of Credit Issuer is reimbursed therefor at a rate per annum that shall at all times be the ABR Margin plus the ABR as in effect from
time to time, provided that, notwithstanding anything contained in this Agreement to the contrary, (i) unless the Borrowers shall have notified the Administrative Agent and the Letter of Credit Issuer prior to 10:00 a.m. (New York
time) on the date of such drawing that the Borrowers intend to reimburse the Letter of Credit Issuer for the amount of such drawing with funds other than the proceeds of Loans, the Borrowers shall be deemed to have given a Notice of Borrowing
requesting that the Lenders with Commitments make Revolving Credit Loans (which shall be ABR Loans) on the date on which such drawing is honored in an amount equal to the amount of such drawing and (ii) the Administrative Agent shall promptly
notify each relevant L/C Participant of such drawing and the amount of its Revolving Credit Loan to be made in respect thereof, and, subject to the conditions set forth in Section 2.1(a), each L/C Participant shall be irrevocably obligated to
make a Revolving Credit Loan to the Borrowers in the manner deemed to have been requested in the amount of its Applicable Percentage of the applicable Unpaid Drawing by 12:00 noon (New York time) on such Business Day by making the amount of such
Revolving Credit Loan available to the Administrative Agent. Such Revolving Credit Loans shall be made without regard to the minimum Borrowing amount for ABR Loans set forth in Section 2.2 or the delivery of a Compliance Certificate required
pursuant to Section 7.2(a). The Administrative Agent shall use the proceeds of such Revolving Credit Loans solely for the purpose of reimbursing the Letter of Credit Issuer for the related Unpaid Drawing. 

(b) The obligations of the Borrowers under this Section 3.4 to reimburse the Letter of Credit Issuer with respect to Unpaid Drawings
(including, in each case, interest thereon) shall be absolute and unconditional under any and all circumstances and irrespective of any set-off, counterclaim or defense to payment that the Borrowers or any other Person may have or have had against
the Letter of Credit Issuer, the Administrative Agent or any Lender (including in its capacity as a L/C Participant), including any defense based upon the failure of any drawing under a Letter of Credit (each a “Drawing”) to conform
to the terms of the Letter of Credit or any non-application or misapplication by the beneficiary of the proceeds of such Drawing, provided that the Borrowers shall not be obligated to reimburse the Letter of Credit Issuer for any wrongful
payment made by the Letter of Credit Issuer under the Letter of Credit issued by it as a result 

  
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of acts or omissions constituting willful misconduct or gross negligence on the part of the Letter of Credit Issuer (as determined in a final non-appealable judgment by a court of competent
jurisdiction). 
 3.5. Increased Costs. If after the date hereof, the adoption of any applicable law, rule or regulation,
or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or actual compliance by the Letter of
Credit Issuer or any L/C Participant with any request or directive made or adopted after the date hereof (whether or not having the force of law), by any such authority, central bank or comparable agency shall either (a) impose, modify or make
applicable any reserve, deposit, capital adequacy or similar requirement against letters of credit issued by the Letter of Credit Issuer, or any L/C Participant’s L/C Participation therein, or (b) impose on the Letter of Credit Issuer or
any L/C Participant any other conditions affecting its obligations under this Agreement in respect of Letters of Credit or L/C Participations therein or any Letter of Credit or such L/C Participant’s L/C Participation therein, and the result of
any of the foregoing is to increase the cost to the Letter of Credit Issuer or such L/C Participant of issuing, maintaining or participating in any Letter of Credit, or to reduce the amount of any sum received or receivable by the Letter of Credit
Issuer or such L/C Participant hereunder in respect of Letters of Credit or L/C Participations therein, then, promptly after receipt of written demand to the Borrowers by the Letter of Credit Issuer or such L/C Participant, as the case may be (a
copy of which notice shall be sent by the Letter of Credit Issuer or such L/C Participant to the Administrative Agent), the Borrowers, jointly and severally, shall pay to the Letter of Credit Issuer or such L/C Participant such additional amount or
amounts as will compensate the Letter of Credit Issuer or such L/C Participant for such increased cost or reduction, it being understood and agreed, however, that the Letter of Credit Issuer or a L/C Participant shall not be entitled to such
compensation as a result of such Person’s compliance with, or pursuant to any request or directive to comply with, any such law, rule or regulation as in effect on the date hereof. A certificate submitted to the Borrowers by the relevant Letter
of Credit Issuer or a L/C Participant, as the case may be (a copy of which certificate shall be sent by the Letter of Credit Issuer or such L/C Participant to the Administrative Agent), setting forth in reasonable detail the basis for the
determination of such additional amount or amounts necessary to compensate the Letter of Credit Issuer or such L/C Participant as aforesaid shall be conclusive and binding on the Borrowers absent clearly demonstrable error. Notwithstanding anything
to the contrary contained herein, (i) in the case of any increased costs attributable to Taxes, this Section 3.5 shall apply only to the extent such increased costs resulted from a change in Requirement of Law after the date such Lender
becomes a party hereto, except to the extent such Lender’s assignor, if any, was entitled to compensation for such increased costs immediately prior to such assignment and (ii) this Section 3.5 shall not apply to any increased costs
attributable to (W) any Taxes that are grossed-up or indemnified pursuant to Section 5.4, (X) any Taxes that are described in clauses (ii), (iii) or (iv) of the definition of the Excluded Taxes, (Y) any Other Connection
Taxes that are imposed on or measured by net income or profits (or franchise or similar taxes imposed in lieu thereof) and (Z) any Other Connection Assignment Taxes as defined in Section 5.4(b). It is understood and agreed that, for the
purposes of this Section 3.5, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof and
(ii) all requests, rules, guidelines, requirements and directives promulgated by 

  
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the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to be a change in law regardless of the date enacted, adopted, issued or implemented) 
 3.6. Successor Letter of Credit Issuer. A Letter of Credit Issuer may resign as Letter of Credit Issuer upon 60 days’ prior written notice to the Administrative Agent, the Lenders and
RailAmerica. If the Letter of Credit Issuer shall resign as Letter of Credit Issuer under this Agreement, then the Borrowers shall appoint from among the Lenders (with the consent of such Lender) with Commitments a successor issuer of Letters of
Credit, whereupon such successor issuer shall succeed to the rights, powers and duties of the Letter of Credit Issuer, and the term “Letter of Credit Issuer” shall mean such successor issuer effective upon such appointment (except
with respect to Letters of Credit issued by the resigning Letter of Credit Issuer). After the resignation of the Letter of Credit Issuer hereunder, the resigning Letter of Credit Issuer shall remain a party hereto and shall continue to have all the
rights and obligations of a Letter of Credit Issuer under this Agreement and the other Credit Documents with respect to Letters of Credit issued by it prior to such resignation, but shall not be required to issue additional Letters of Credit. After
any retiring Letter of Credit Issuer’s resignation as Letter of Credit Issuer, the provisions of this Agreement relating to the Letter of Credit Issuer shall inure to its benefit as to any actions taken or omitted to be taken by it
(a) while it was Letter of Credit Issuer under this Agreement or (b) at any time with respect to Letters of Credit issued by such Letter of Credit Issuer. 
 3.7. Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that RailAmerica receives notice from the Administrative Agent or the Required Lenders
demanding the deposit of cash collateral pursuant to this paragraph, the Borrowers shall deposit on terms and in accounts satisfactory to the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount
in cash equal to one hundred five percent (105%) of the Letters of Credit Outstanding as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective
immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrowers described in Section 11.5. Funds so deposited shall be
applied by the Administrative Agent to reimburse the Letter of Credit Issuer for Unpaid Drawings for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of outstanding Unpaid Drawings or, if the
maturity of the Loans has been accelerated, be applied to satisfy other Obligations of the Borrowers under this Agreement. If the Borrowers are required to provide an amount of cash collateral under this Section 3.7 as a result of the
occurrence of an Event of Default, such amount plus any accrued interest or realized profits with respect to such amounts (to the extent not applied as aforesaid) shall be returned to the Borrowers within three Business Days after all Events
of Default have been cured or waived. 

  
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 SECTION 4. Fees; Commitments 

4.1. Fees. 
 (a) The Borrowers, jointly and severally, agree to pay to the Administrative Agent in Dollars, for the account of each Lender having a Commitment (in each case pro rata according to the
respective Applicable Percentages of all such Lenders), a commitment fee for each day from and including the Closing Date to but excluding the Maturity Date. Such commitment fee shall be payable in arrears (i) on the first day of each January,
April, July and October (for the three-month period (or portion thereof) ended on the preceding day for which no payment has been received) and (ii) on the Final Date (for the period ended on such date for which no payment has been received
pursuant to clause (i) above), and shall be computed for each day during such period at a rate per annum equal to the Commitment Fee Rate in effect on such day on the Available Commitments in effect on such day. 

(b) The Borrowers, jointly and severally, agree to pay to the Administrative Agent in Dollars for the account of the Lenders pro
rata on the basis of their respective Applicable Percentages, a fee in respect of each Letter of Credit (the “Letter of Credit Fee”), for the period from and including the date of issuance of such Letter of Credit to but
excluding the termination date of such Letter of Credit computed at the per annum rate for each day equal to the Eurodollar Margin for Revolving Credit Loans on the average daily Stated Amount of such Letter of Credit. Such Letter of Credit Fees
shall be due and payable quarterly in arrears on the first day of each April, July, October and January and on the date upon which the Total Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero. 

(c) The Borrowers, jointly and severally, agree to pay to the Administrative Agent in Dollars for the account of the Letter of Credit
Issuer a fee in respect of each Letter of Credit issued by it (the “Fronting Fee”), for the period from and including the date of issuance of such Letter of Credit to but excluding the termination date of such Letter of Credit,
computed at the rate for each day equal to 0.25% per annum on the average daily Stated Amount of such Letter of Credit. Such Fronting Fees shall be due and payable quarterly in arrears on the first day of each April, July, October and January
and on the date upon which the Total Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero. 
 (d) The Borrowers, jointly and severally, agree to pay directly to the Letter of Credit Issuer in Dollars upon each issuance of, drawing under, and/or amendment of, a Letter of Credit issued by it such
Letter of Credit Issuer’s customary fees for issuances of, drawings under or amendments of, Letters of Credit issued by it. 
 (e) The Borrowers, jointly and severally, agree to pay the fees to the Administrative Agent as set forth in the Administrative Agent Fee Letter. 

4.2. Voluntary Reduction of Commitments. Upon at least three Business Days’ prior written notice (or telephonic notice
promptly confirmed in writing) to the Administrative Agent at the Administrative Agent’s Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrowers shall have the right, without premium or
penalty, on any day, permanently to terminate or reduce the Commitments in whole or in part, 

  
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provided that (a) any such reduction shall apply proportionately and permanently to reduce the Commitment of each of the Lenders in accordance with their Applicable Percentages,
(b) any partial reduction pursuant to this Section 4.2 shall be in the amount of at least $1,000,000 and (c) after giving effect to such termination or reduction and to any prepayments of the Loans made on the date thereof in
accordance with this Agreement, the Total Credit Exposure shall not exceed the Total Commitment. 
 4.3. Mandatory
Termination of Commitments. 
 (a) The Total Commitment shall terminate at 5:00 p.m. (New York time) on the
Maturity Date. 
 (b) The Swingline Commitment shall terminate at 5:00 p.m. (New York time) on the Swingline Maturity Date.

 SECTION 5. Payments 
 5.1. Voluntary Prepayments. The Borrowers shall have the right to prepay Revolving Credit Loans and Swingline Loans in whole or in part from time to time on the following terms and conditions:
(a) the Borrowers shall give the Administrative Agent at the Administrative Agent’s Office written notice (or telephonic notice promptly confirmed in writing) of their intent to make such prepayment, the amount of such prepayment and (in
the case of Eurodollar Loans) the specific Borrowing(s) pursuant to which made, which notice shall be given by the Borrowers no later than (i) in the case of Revolving Credit Loans, 10:00 a.m. (New York time) one Business Day (or in the
case of a Eurodollar Loan, three Business Days) prior to, or (ii) in the case of Swingline Loans, 10:00 a.m. (New York time) on, the date of such prepayment and, in the case of a prepayment of Revolving Credit Loans or Swingline Loans shall
promptly be transmitted by the Administrative Agent to each of the Lenders or the Swingline Lender, as the case may be, (b) each partial prepayment of any Borrowing of Revolving Credit Loans shall be in a multiple of $500,000 and in an
aggregate principal amount of at least $1,000,000 and each partial prepayment of Swingline Loans shall be in a multiple of $500,000 and in an aggregate principal amount of at least $500,000; provided that no partial prepayment of Eurodollar
Loans made pursuant to a single Borrowing shall reduce the outstanding Eurodollar Loans made pursuant to such Borrowing to an amount less than $1,000,000 and (c) any prepayment of Eurodollar Loans pursuant to this Section 5.1 on any day
other than the last day of an Interest Period applicable thereto shall be subject to compliance by the Borrowers with the applicable provisions of Section 2.11 and each prepayment of a Eurodollar Loan shall be accompanied by accrued and unpaid
interest thereon. 
 5.2. Mandatory Prepayments. 

(a) Mandatory Prepayments of Loans. If on any date the Total Credit Exposure exceeds the Total Commitment, the Borrowers shall
forthwith repay on such date the principal amount of Swingline Loans and, after all Swingline Loans have been paid in full, Revolving Credit Loans in an amount equal to such excess. If, after giving effect to the prepayment of all outstanding
Swingline Loans and Revolving Credit Loans, the Total Credit Exposure exceeds the Total Commitment, the Borrowers, jointly and severally, shall pay to the Administrative 

  
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Agent an amount in cash equal to such excess and the Administrative Agent shall hold such payment for the benefit of the Lenders as security for the Obligations of the Borrowers hereunder
(including one hundred five percent (105%) of Obligations in respect of Letters of Credit Outstanding) pursuant to a cash collateral agreement to be entered into in form and substance reasonably satisfactory to the Administrative Agent.
Additionally, if on any date the Total Credit Exposure exceeds the Total Commitment for any reason, the Borrowers shall forthwith reduce the Total Credit Exposure in the manner provided above. 

(b) Application to Revolving Credit Loans. With respect to each prepayment of Revolving Credit Loans required by
Section 5.2(a) or (d), the Borrowers may designate the Types of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which made, provided that (x) Eurodollar Loans may be designated for prepayment pursuant to this
Section 5.2 only on the last day of an Interest Period applicable thereto unless all Eurodollar Loans with Interest Periods ending on such date of required prepayment and all ABR Loans have been paid in full; (y) if any prepayment by the
Borrowers of Eurodollar Loans made pursuant to a single Borrowing shall reduce the outstanding amount of the Revolving Credit Loans made pursuant to such Borrowing to an amount less than $1,000,000, such Borrowing shall immediately be converted into
ABR Loans; and (z) each prepayment of any Revolving Credit Loans made pursuant to a Borrowing shall be applied pro rata among such Revolving Credit Loans of each Lender in accordance with their respective Applicable Percentages.
In the absence of a designation by the Borrowers as described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its reasonable discretion with a view, but no obligation, to minimize breakage
costs owing under Section 2.11. 
 (c) Interest Periods. In lieu of making any payment pursuant to this
Section 5.2 in respect of any Eurodollar Loan other than on the last day of the Interest Period therefor so long as no Event of Default shall have occurred and be continuing, the Borrowers at their option may deposit with the Administrative
Agent an amount equal to the amount of the Eurodollar Loan to be prepaid and such Eurodollar Loan shall be repaid on the last day of the Interest Period therefor in the required amount. Such deposit shall be held by the Administrative Agent in a
corporate time deposit account established on terms reasonably satisfactory to the Administrative Agent, earning interest at the then-customary rate for accounts of such type. Such deposit shall constitute cash collateral for the Obligations;
provided that the Borrowers may at any time direct that such deposit be applied to make the applicable payment required pursuant to this Section 5.2. 
 (d) If there shall occur any Asset Sale pursuant to Section 10.4(b), then if RailAmerica or any of its Subsidiaries shall make or offer to make any purchases, acquisitions, prepayments or redemptions
of any Indebtedness that is secured with Fixed Asset Collateral with the Net Proceeds of such Asset Sale, then the Borrowers shall thereupon prepay a principal amount of Loans equal to the product of (A) such Net Proceeds and (B) a
fraction, the numerator of which shall be the aggregate principal amount of Loans then outstanding and the denominator of which shall be the aggregate principal amount of such Indebtedness that is the subject of such offer or such purchase,
acquisition, prepayment or redemption plus the aggregate principal amount of Loans then outstanding. If less than all of the Loans are so prepaid, then the Borrowers 

  
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shall first, prepay all Swingline Loans outstanding and second, prepay all Revolving Credit Loans outstanding. 

5.3. Payments Generally. 
 (a) Except as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrowers, without set-off, counterclaim or deduction of any kind, to the Administrative Agent
for the ratable account of the Lenders entitled thereto, the Letter of Credit Issuer, the Administrative Agent or the Swingline Lender, as the case may be, not later than 12:00 Noon (New York time) on the date when due and shall be made in
Dollars in immediately available funds at the Administrative Agent’s Office, it being understood that written or facsimile notice by the Borrowers to the Administrative Agent to make a payment from the funds in the Borrowers’ account at
the Administrative Agent’s Office shall constitute the making of such payment to the extent of such funds held in such account. The Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received
by the Administrative Agent prior to 2:00 p.m. (New York time) on such day) like funds relating to the payment of principal or interest or Fees ratably to the Lenders entitled thereto. 

(b) Any payments under this Agreement that are made later than 2:00 p.m. (New York time) shall be deemed to have been made on the
next succeeding Business Day. Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of
principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension. 
 (c) (x) Any proceeds of the sale, transfer or other disposition of Collateral outside of the ordinary course of business received by the Administrative Agent after an Event of Default has occurred and is
continuing or (y) any other proceeds of Collateral received by the Administrative Agent after an Event of Default specified in Section 11.5 or a termination of the Total Commitment or acceleration of the Obligations under this Agreement
pursuant to Section 11 has occurred and is continuing shall in the case of either (x) or (y) be applied ratably first, to pay any fees, indemnities, or expense reimbursements including amounts then due to the Administrative
Agent, the Collateral Agent (and, in the case of proceeds of Fixed Asset Collateral, the Fixed Asset Collateral Agent) and the Letter of Credit Issuer from the Credit Parties (other than in connection with Secured Cash Management Agreements and
Secured Hedge Agreements), second, to pay any fees or expense reimbursements then due to the Lenders from the Credit Parties (other than in connection with Secured Cash Management Agreements and Secured Hedge Agreements), third, to pay
interest then due and payable on the Loans ratably, fourth, to prepay principal on the remaining Loans, Unpaid Drawings, Secured Hedge Agreements and Secured Cash Management Agreements, ratably, fifth, to pay an amount to the
Administrative Agent equal to one hundred five percent (105%) of the aggregate undrawn face amount of all outstanding Letters of Credit and the aggregate amount of any unpaid Unpaid Drawings, to be held as cash collateral for such Obligations,
and sixth, to the payment of any other Obligation due to the Administrative Agent or any Secured Party. 
 (d) At the
election of the Administrative Agent, all payments of principal, interest, Unpaid Drawings, Fees, reimbursable expenses (including, without limitation, all reimbursement 

  
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for fees and expenses pursuant to Section 13.5), and other sums payable under the Credit Documents that are not paid when due in accordance with the Credit Documents (after giving effect to
any applicable grace period(s)), may be paid from the proceeds of Borrowings made hereunder whether made following a request by the Borrowers pursuant to Section 2.3 or a deemed request as provided in this Section or may be deducted from any
deposit account of the Credit Parties maintained with the Administrative Agent. The Borrowers hereby irrevocably authorize solely to the extent a payment is not paid by a Credit Party by the time when required to be paid, (i) the Administrative
Agent to make a Borrowing for the purpose of paying each payment of principal, interest and Fees as it becomes due hereunder or any other amount due under the Credit Documents and agree that all such amounts charged shall constitute Loans (including
Swingline Loans) and that all such Borrowings shall be deemed to have been requested pursuant to Section 2.3 and (ii) the Administrative Agent to charge any deposit account of any Credit Party maintained with the Administrative Agent for
each payment of principal, interest and Fees as it becomes due hereunder or any other amount due under the Credit Documents; provided that in either case the Administrative Agent shall promptly notify the Borrowers of any such Borrowing or
charge. 
 (e) Unless the Administrative Agent shall have received notice from the Borrowers prior to the date on which any
payment is due to the Administrative Agent for the account of the Lenders or the Letter of Credit Issuer hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers have made such payment on such
date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Letter of Credit Issuer, as the case may be, the amount due. In such event, if the Borrowers have not in fact made such payment, then each of the
Lenders or the Letter of Credit Issuer, as the case may be, severally (and not jointly) agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Letter of Credit Issuer with interest thereon, for
each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation. 
 5.4. Net Payments. 

(a) Unless required by a Requirement of Tax Law (as determined in good faith by the Administrative Agent or other applicable withholding
agent), all payments made by or on behalf of the Borrowers or any other Credit Party under this Agreement or any other Credit Document shall be made free and clear of, and without deduction or withholding for or on account of, any Taxes. In the
event that an applicable withholding agent is required to deduct or withhold any Indemnified Taxes from or in respect of any payment hereunder or under any other Credit Document (as determined in good faith by the applicable withholding agent),
then: 
 (i) the applicable withholding agent shall deduct or withhold the full amount required to be so withheld
or deducted; 
 (ii) the applicable withholding agent shall timely pay such withheld or deducted amounts directly
to the relevant Governmental Authority in accordance with the applicable Requirement of Tax Law; 

  
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 (iii) if a Credit Party is the applicable withholding agent, such Credit
Party will promptly forward to the Administrative Agent an official receipt or other documentation satisfactory to the Administrative Agent evidencing such payment to such Governmental Authority; and 

(iv) the relevant Credit Party will pay to the Administrative Agent for the account of each affected Lender (which term
shall, for purposes of this Section 5.4, include the Letter of Credit Issuer and any L/C Participant) such additional amount or amounts as are necessary to ensure that the net amount actually received by each such Lender will equal the full
amount such Lender would have received had no such withholding or deduction been required. 
 (b) The Borrowers shall timely pay
any Other Taxes to the relevant Governmental Authority in accordance with applicable Requirements of Tax Law, other than any Other Taxes that are Other Connection Taxes arising as a result of a Lender’s voluntary assignment or transfer of, or
participation in, such Lender’s right’s or obligations hereunder (“Other Connection Assignment Taxes”). 
 (c) The Borrowers shall, jointly and severally, indemnify the Administrative Agent and each Lender, within 20 days after demand therefor, for the full amount of any Indemnified Taxes (including any
Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 5.4) and Other Taxes paid or payable by the Administrative Agent or such Lender, as the case may be, and any reasonable expenses arising therefrom or
with respect thereto, whether or not such any Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the
Borrowers by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(d) (1) Any Lender that is entitled to an exemption from, or reduction of, any applicable withholding tax with respect to any payments
under any Credit Document shall deliver to RailAmerica and the Administrative Agent, at any time or times reasonably requested by RailAmerica or the Administrative Agent, such properly completed and executed documentation reasonably requested by
RailAmerica or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by RailAmerica or the Administrative Agent, shall deliver such other documentation
prescribed by law or reasonably requested by RailAmerica or the Administrative Agent as will enable RailAmerica or the Administrative Agent to determine whether or not such Lender is subject to source withholding or backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth below in the following subparagraph (2) of
this Section 5.4(d)) shall not be required if in the Lender’s judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial
position of such Lender. Upon the reasonable request of RailAmerica or the Administrative Agent, any Lender shall update any form or certification previously delivered pursuant to this Section 5.4(d). If any form or certification

  
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previously delivered pursuant to this Section 5.4(d) expires or becomes obsolete or inaccurate in any respect with respect to a Lender, such Lender shall promptly (and in any event within 10
days after such expiration, obsolescence or inaccuracy) notify RailAmerica and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update the form or certification if it is legally able to do so. 

(2) Without limiting the generality of the foregoing, each Non-U.S. Lender shall, to the extent it is legally able to do so: 

(i) prior to the date on which a Lender becomes a Lender under this Agreement, deliver to RailAmerica and the
Administrative Agent two copies of either (x) in the case of Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest,”
Internal Revenue Service Form W-8BEN or any applicable successor form (together with a certificate substantially in the form of Exhibit L-1, L-2, L-3 or L-4, as applicable, representing that such Non-U.S. Lender
is not a bank for purposes of Section 881(c) of the Code, is not a 10-percent shareholder (within the meaning of Section 871(h)(3)(B) of the Code) of RailAmerica, is not a controlled foreign corporation related to the Borrowers (within the
meaning of Section 864(d)(4) of the Code) and that no interest payments in connection with the Credit Documents are effectively connected with such Non-U.S. Lender’s conduct of a U.S. trade or business (a “U.S. Tax
Certificate”)), (y) Internal Revenue Service Form W-8BEN or Form W-8ECI or any applicable successor form, in each case properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or reduced rate of,
U.S. federal withholding tax on payments by any Borrower under any Credit Document or (z) in the case of a Non-U.S. Lender that is not the beneficial owner (for example, where the Non-U.S. Lender is a partnership or participating Lender
granting a typical participation), Internal Revenue Service Form W-8IMY, accompanied by a Form W-8ECI, W-8BEN, a U.S. Tax Certificate, Form W-9 and/or other certification documents from each beneficial owner, as applicable; provided that, if
the Non-U.S. Lender is a partnership (and not a participating Lender) and one or more beneficial owners of such Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Certificate on behalf of such
beneficial owner(s); and 
 (ii) deliver to RailAmerica and the Administrative Agent two further copies of any
such form or certification (or any applicable successor form) on or before the date that any such form or certification expires or becomes obsolete, and after the occurrence of any event requiring a change in the most recent form previously
delivered by it to RailAmerica and the Administrative Agent. 
 (e) Each Lender that is a U.S. person within the meaning of
Section 7701(a)(30) of the Code shall deliver to RailAmerica and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter as prescribed by applicable law, on
or before the date that any such form or certification expires or becomes obsolete, and after the occurrence of any event involving the Lender requiring a change in the most recent form previously delivered by it or upon the request of RailAmerica

  
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or the Administrative Agent) two duly executed and properly completed copies of Internal Revenue Service Form W-9 or any applicable successor form certifying that it is not subject to backup
withholding. 
 (f) If a payment made to a Lender under any Credit Document would be subject to U.S. federal withholding tax
imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Administrative
Agent and the Borrowers, at the time or times prescribed by law and at such time or times reasonably requested by the Administrative Agent or the Borrowers, such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Administrative Agent or the Borrowers as may be necessary for the Administrative Agent and the Borrowers to comply with their respective
obligations (including any applicable reporting requirements) under FATCA, to determine whether such Lender has complied with such Lender’s obligations under FATCA and to determine the amount to deduct and withhold from such payment, if any.

 (g) If the Borrowers determine in good faith that a reasonable basis exists for contesting any Indemnified Taxes for which
indemnification has been made hereunder, the relevant Lender or the Administrative Agent, as applicable, shall use reasonable efforts to cooperate with the Borrowers in challenging such taxes at the Borrowers’ expense if so requested by the
Borrowers in writing; provided that nothing in this Section 5.4(g) shall obligate the Administrative Agent or any Lender to take any action that, in its reasonable judgment, would be materially disadvantageous to such person. If any
Lender or the Administrative Agent, as applicable, receives a refund of an Indemnified Tax for which a payment has been made by the Borrowers pursuant to this Agreement, which refund in the sole good faith judgment of such Lender or Administrative
Agent, as the case may be, is attributable to such payment made by such Borrowers, then the Lender or the Administrative Agent, as the case may be, shall reimburse the Borrowers for such amount (without interest other than any interest received by
the Governmental Authority with respect to such refund) as the Lender or Administrative Agent, as the case may be, determines to be the proportion of the refund as will leave it, after such reimbursement, in no better or worse net after-tax position
than it would have been in if the Indemnified Taxes giving rise to such refund had not been imposed in the first instance; provided that the Borrowers, upon the request of the Administrative Agent or such Lender, agree to repay the amount
paid over to the Borrowers (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such
refund to such Governmental Authority. Neither a Lender nor the Administrative Agent shall be obliged to disclose any information regarding its tax affairs or computations to the Borrowers in connection with this paragraph (g) or any other
provision of this Section 5.4. 
 (h) The agreements of any Credit Party in this Section 5.4 shall survive the
termination of the Credit Documents and the payment of the Loans and all other amounts payable hereunder. 

  
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 5.5. Computations of Interest and Fees. 

(a) Interest on Eurodollar Loans and, except as provided in the next succeeding sentence, ABR Loans shall be calculated on the basis of a
360-day year for the actual days elapsed. Interest on ABR Loans in respect of which the rate of interest is calculated on the basis of the Prime Rate and interest on overdue interest shall be calculated on the basis of a 365- (or 366-, as the case
may be) day year for the actual days elapsed. 
 (b) Fees and Letters of Credit Outstanding shall be calculated on the basis of
a 360-day year for the actual days elapsed. 
 5.6. Limit on Rate of Interest. 

(a) No Payment Shall Exceed Lawful Rate. Notwithstanding any other term of this Agreement, the Borrowers shall not be obliged to
pay any interest or other amounts under or in connection with this Agreement in excess of the amount or rate permitted under or consistent with any applicable law, rule or regulation. 

(b) Payment at Highest Lawful Rate. If the Borrowers are not obliged to make a payment which they would otherwise be required to
make, as a result of Section 5.6(a), the Borrowers shall make such payment to the maximum extent permitted by or consistent with applicable laws, rules and regulations. 
 (c) Adjustment if Any Payment Exceeds Lawful Rate. If any provision of this Agreement or any of the other Credit Documents would obligate the Borrowers to make any payment of interest or other
amount payable to any Lender in an amount or calculated at a rate which would be prohibited by any applicable law, rule or regulation, then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive
effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, such adjustment to be effected, to the extent necessary, as follows: 

(i) firstly, by reducing the amount or rate of interest required to be paid by the Borrowers to the affected Lender under
Section 2.8; and 
 (ii) thereafter, by reducing any fees, commissions, premiums and other amounts required
to be paid by the Borrowers to the affected Lender. 
 Notwithstanding the foregoing, and after giving effect to all adjustments contemplated
thereby, if any Lender shall have received from the Borrowers an amount in excess of the maximum permitted by any applicable law, rule or regulation, then the Borrowers shall be entitled, by notice in writing to the Administrative Agent to obtain
reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by that Lender to the Borrowers. Any amount or rate of interest referred to in this
Section 5.6(c) shall be determined in accordance with generally accepted actuarial practices and principles as an effective annual rate of interest over the term that any Loan remains outstanding. 

  
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 SECTION 6. Conditions Precedent to Initial Borrowing 

The initial Borrowing of Loans under this Agreement or the initial issuance of any Letter of Credit hereunder is subject to the
satisfaction of the following conditions precedent: 
 6.1. Credit Documents. All legal matters incident to this
Agreement, the extension of the Loans hereunder and the other Credit Documents shall be satisfactory to the Administrative Agent and there shall have been delivered to the Administrative Agent (and if applicable, the Collateral Agent or the Fixed
Asset Collateral Agent, as the case may be) an executed counterpart of each of the Credit Documents by each Credit Party. 

6.2. Collateral. All certificates, agreements, documents (including, unless delivered after the closing date, Section 9.17(b)
control agreements) and instruments, including Uniform Commercial Code or other applicable personal property security financing statements required or reasonably requested by the Collateral Agent or the Fixed Asset Collateral Agent to be delivered,
executed, filed, registered or recorded to create the Liens intended to be created by the Security Agreements and perfect such Liens to the extent required by, and with the priority required by, the Security Agreements shall have been executed,
filed, registered or recorded or delivered to the Collateral Agent or the Fixed Asset Collateral Agent, as the case may be, for filing, registration or recording. 
 6.3. Legal Opinions. The Administrative Agent shall have received the executed legal opinions of (a) Skadden, Arps, Slate, Meagher & Flom LLP, special New York counsel to the
Borrowers, substantially in the form of Exhibit H-1, (b) Scott Williams, General Counsel to the Borrowers, substantially in the form of Exhibit H-2 and (c) the opinions of special local counsel to the Borrowers from
the jurisdictions listed on Schedule 6.3, in form and substance reasonably satisfactory to the Administrative Agent. The Borrowers, the other Credit Parties and the Administrative Agent hereby instruct such counsel to deliver such legal
opinions. 
 6.4. No Default. After giving effect to the Borrowings on the Closing Date and the other transactions
contemplated hereby, no Default or Event of Default shall have occurred and is continuing. 
 6.5. No Material Adverse
Effect. Since December 31, 2010, no event or circumstance shall have occurred or be existing that has resulted in, or would reasonably be expected to result in, a Material Adverse Effect. 

6.6. Existing Credit Agreement. The Administrative Agent shall have received evidence that the Existing Credit Agreement has been,
or concurrently with the Closing Date is being, terminated and all amounts outstanding thereunder are being repaid in full and all liens securing obligations under the Existing Credit Agreement have been, or concurrently with the Closing Date are
being, released. 
 6.7. Corporate Documents. The Administrative Agent shall have received: 

(a) a certificate of the secretary or assistant secretary of each Credit Party dated the Closing Date, certifying
(A) that attached thereto is a true and complete copy of 

  
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each Organizational Document of such Credit Party certified (to the extent applicable) as of a recent date by the Secretary of State of the state of its organization, (B) that attached
thereto is a true and complete copy of resolutions duly adopted by the Board of Directors of such Credit Party authorizing the execution, delivery and performance of the Credit Documents to which such Person is a party and, in the case of the
Borrowers, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect and (C) as to the incumbency and specimen signature of each officer executing any Credit Document or
any other document delivered in connection herewith on behalf of such Credit Party (together with a certificate of another officer as to the incumbency and specimen signature of the secretary or assistant secretary executing the certificate in this
clause (a)); 
 (b) a certificate as to the good standing of each Credit Party (in so-called
“long-form” if available) as of a recent date, from such Secretary of State (or other applicable Governmental Authority); and 
 (c) such other documents as the Lenders, the Letter of Credit Issuer or the Administrative Agent may reasonably request. 
 6.8. Officers’ Certificate. The Administrative Agent shall have received a certificate, dated the Closing Date and signed by the chief executive officer and the chief financial officer of the
Borrowers, confirming compliance with the conditions precedent set forth in this Section 6 and Section 7.1. 
 6.9.
Fees. The Lenders shall have received the fees set forth in the Lender Fee Letter and the Administrative Agent shall have received the fees set forth in the Administrative Agent Fee Letter and all expenses (including the reasonable fees,
disbursements and other charges of counsel) for which invoices have been presented on or prior to the Closing Date shall have been paid. 
 6.10. Representations and Warranties. On the Closing Date the representations and warranties made by each of the Borrowers shall be true and correct in all material respects. 

6.11. Solvency. The Administrative Agent shall have received a solvency certificate in the form of Exhibit M, dated as
of the Closing Date and signed by the chief financial officer of RailAmerica. 
 6.12. Lien Searches. The Administrative
Agent shall have received the results of a recent lien search report in such jurisdictions as may be reasonably requested by the Administrative Agent and such reports shall reflect no Liens other than Liens permitted by Section 10.2 and Liens
securing the Existing Credit Agreement to be terminated on the Closing Date. 
 6.13. Perfection Certificate. The
Administrative Agent and the Collateral Agent shall have received a duly completed and signed Perfection Certificate together with all attachments thereto. 

  
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 6.14. USA PATRIOT Act. The Lenders and the Administrative Agent shall have timely
received the information required under Section 13.18. 
 6.15. Fixed Asset Security Agreement. 

(a) The Closing Date Fixed Asset Security Agreement Amendment shall have been executed by all parties thereto and be in form and
substance reasonably satisfactory to the Administrative Agent. 
 (b) The Closing Date Fixed Asset Security Agreement
Affirmation shall have been executed and delivered by all parties thereto and be in form and substance reasonably satisfactory to the Administrative Agent. 
 6.16. Other Pari Passu Lien Secured Party Consent. 
 (a) The Revolving
Collateral Agent, the Fixed Asset Collateral Agent and the Company shall have entered into the Other Pari Passu Lien Secured Party Consent (as defined in the Fixed Asset Security Agreement) relating to the Obligations (as defined in the Revolving
Only Collateral Security Agreement). 
 (b) The Company shall have delivered an officer certificate pursuant to
Section 8.16 of the Fixed Asset Security Agreement to the Collateral Agent and the Fixed Asset Collateral Agent. 
 SECTION
7. Conditions Precedent to All Credit Events 
 The agreement of each Lender to make any Loan requested to be made by it
on any date (excluding Mandatory Borrowings) and the obligation of the Letter of Credit Issuer to issue, extend, renew or increase the amount of any Letters of Credit on any date is subject to the satisfaction of the following conditions precedent:

 7.1. No Default; Representations and Warranties. At the time of each Credit Event and also after giving effect thereto
(a) no Default or Event of Default shall have occurred and be continuing and (b) all representations and warranties made by any Credit Party contained herein or in the other Credit Documents shall be true and correct in all material
respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects) with the same effect as though such representations and
warranties had been made on and as of the date of such Credit Event (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all
material respects (except that any representation and warranty that is qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all respects) as of such earlier date). 

7.2. Notice of Borrowing; Letter of Credit Request. 
 (a) Prior to the making of each Loan and each Swingline Loan, the Administrative Agent shall have received (a) a Notice of Borrowing (whether in writing or by telephone)

  
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meeting the requirements of Section 2.3 and (b) a fully completed and executed Compliance Certificate. 
 (b) Prior to the issuance of each Letter of Credit, the Administrative Agent and the Letter of Credit Issuer shall have received a Letter of Credit Request meeting the requirements of Section 3.2(a).

 7.3. No Legal Bar. No order, judgment or decree of any Governmental Authority shall purport to restrain any Lender
from making any Loans to be made by it. No injunction or other restraining order shall have been issued or shall be pending or noticed with respect to any action, suit or proceeding seeking to enjoin or otherwise prevent the consummation of, or to
recover any damages or obtain relief as a result of, the transactions contemplated by this Agreement or the making of Loans hereunder. 
 The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by each Credit Party to each of the Lenders that all the applicable conditions specified above exist as
of that time. 
 In addition to the other conditions precedent herein set forth, if any Lender be-comes, and during the period
it remains, a Defaulting Lender or a Potential Defaulting Lender, the Letter of Credit Issuer will not be required to issue any Letter of Credit or to amend any out-standing Letter of Credit to increase the face amount thereof, alter the drawing
terms thereunder or extend the expiry date thereof, and the Swingline Lender will not be required to make any Swingline Loan, unless the Letter of Credit Issuer or the Swingline Lender, as the case may be, is satisfied that any exposure that would
result therefrom is eliminated or fully covered by the Commitments of the Non-Defaulting Lenders or by Cash Collateralization or a combination thereof satisfactory to the Letter of Credit Issuer or Swingline Lender. 

SECTION 8. Representations, Warranties and Agreements 
 In order to induce the Lenders to enter into this Agreement, to make the Loans and issue or participate in Letters of Credit as provided for herein, each Credit Party makes the following representations
and warranties to, and agreements with, the Lenders, all of which shall survive the execution and delivery of this Agreement and the making of the Loans and the issuance of the Letters of Credit: 

8.1. Corporate Status. Each Borrower and each Subsidiary (a) is a duly organized and validly existing corporation or other
entity in good standing under the laws of the jurisdiction of its organization and has the corporate or other organizational power and authority to own its property and assets and to transact the business in which it is engaged and (b) is duly
qualified and is authorized to do business and is in good standing in all jurisdictions where it is required to be so qualified, except where the failure to be so qualified could not reasonably be expected to result in a Material Adverse Effect.

 8.2. Corporate Power and Authority. Each Credit Party has the corporate or other organizational power and authority to
execute, deliver and carry out the terms and provisions of the Credit Documents to which it is a party and has taken all necessary corporate or other 

  
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organizational action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Each Credit Party has duly executed and delivered each Credit Document
to which it is a party and each such Credit Document constitutes the legal, valid and binding obligation of such Credit Party enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or
similar laws affecting creditors’ rights generally and subject to general principles of equity. 
 8.3. No
Violation. Neither the execution, delivery or performance by any Credit Party of the Credit Documents to which it is a party nor compliance with the terms and provisions thereof nor the consummation of the Transactions and the other transactions
contemplated hereby or thereby will (a) contravene any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality; (b) result in any breach of any of
the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of RailAmerica or any of the Restricted
Subsidiaries (other than Liens created under the Credit Documents) pursuant to, the terms of any material indenture (including the Secured Note Indenture, any loan agreement, lease agreement, mortgage, deed of trust, agreement or other material
instrument to which RailAmerica or any of the Restricted Subsidiaries is a party or by which it or any of its property or assets is bound); or (c) violate any provision of the certificate of incorporation, By-Laws or other constitutional
documents of RailAmerica or any of the Restricted Subsidiaries. 
 8.4. Litigation. There are no actions, suits,
investigations or proceedings (including Environmental Claims) pending or, to the knowledge of the Borrowers, threatened with respect to the Borrowers or any of the other Subsidiaries that (i) could reasonably be expected to result in a
Material Adverse Effect or (ii) involves this Agreement or the Transactions. 
 8.5. Margin Regulations. Neither the
making of any extension of credit hereunder nor the use of the proceeds thereof will violate the provisions of Regulation T, U or X of the Board. 
 8.6. Governmental Approvals. No order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, any Governmental Authority is
required to authorize or is required in connection with (a) the execution, delivery and performance of any Credit Document or (b) the legality, validity, binding effect or enforceability of any Credit Document except for (i) those
obtained or made and (ii) filings and recordings in respect of Liens created under the Credit Documents. 
 8.7.
Investment Company Act. None of the Credit Parties is an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 8.8. True and Complete Disclosure. 
 (a) None of the factual information
and data (taken as a whole) heretofore or contemporaneously furnished by RailAmerica, any of the Subsidiaries or any of their respective authorized representatives in writing to the Administrative Agent, the Collateral Agent and/or any Lender on or
before the Closing Date (including all information contained in the Credit 

  
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Documents) for purposes of or in connection with this Agreement or any transaction contemplated herein contained any untrue statement or omitted to state any material fact necessary to make such
information and data (taken as a whole) not misleading at such time in light of the circumstances under which such information or data was furnished, it being understood and agreed that for purposes of this Section 8.8(a), such factual
information and data shall not include projections and pro forma financial information. 
 (b) The projections and pro
forma financial information contained in the information and data referred to in paragraph (a) above were based on good faith estimates and assumptions believed by such Persons to be reasonable at the time made, it being recognized by
the Lenders that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected results. 

8.9. Financial Condition; Financial Statements. (a) The unaudited historical consolidated financial information of
RailAmerica and (b) the Historical Financial Statements, in each case present or will, when provided, present fairly in all material respects the combined financial position of RailAmerica at the respective dates of said information, statements
and results of operations for the respective periods covered thereby. The financial statements referred to in clause (b) of this Section 8.9 have been prepared in accordance with GAAP consistently applied except to the extent provided in
the notes to said financial statements. There has not occurred any change, event, development or circumstance since December 31, 2010, that has had or could reasonably be expected to have a Material Adverse Effect. 

8.10. Tax Returns and Payments. Except for any failures that could not reasonably be expected to, individually or in the
aggregate, have a Material Adverse Effect, RailAmerica and each of its Subsidiaries (a) has timely filed all Tax returns, domestic and foreign, required to be filed by it; (b) has paid all Taxes payable by it that have become due
(including in the capacity of a withholding agent), other than those being contested in good faith by the appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP (provided that such contest suspends
the enforcement or collection of such Taxes); (c) has provided adequate reserves in accordance with GAAP for the payment of all Taxes not yet due and payable; and (d) has not ever been a party to any understanding or arrangement
constituting a “listed transaction” within the meaning of Treasury Regulation Section 1.6011-4(b)(2) or “tax shelter” within the meaning of Section 6662(d)(2)(C)(ii) of the Code and Section 6111(c) or
Section 6111(d) of the Code as in effect immediately prior to the enactment of the American Jobs Creation Act of 2004. 

8.11. Compliance with ERISA. Each Plan is in compliance with ERISA, the Code and any applicable Requirement of Law; no Reportable
Event has occurred (or is reasonably likely to occur) with respect to any Plan; no Plan is insolvent or in reorganization (or is reasonably likely to be insolvent or in reorganization), and no written notice of any such insolvency or reorganization
has been given to any Borrower, any Subsidiary or any ERISA Affiliate; no Plan (other than a multiemployer plan) has an accumulated or waived funding deficiency (or is reasonably likely to have such a deficiency); no Borrower, Subsidiary or ERISA
Affiliate has incurred (or is reasonably likely to incur) any liability to or on account of a Plan pursuant to 

  
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Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201 or 4204 of ERISA or Section 4971 or 4975 of the Code or has been notified in writing that it will incur any liability
under any of the foregoing Sections with respect to any Plan; no proceedings have been instituted (or are reasonably likely to be instituted) to terminate or to reorganize any Plan or to appoint a trustee to administer any Plan, and no written
notice of any such proceedings has been given to any Borrower, any Subsidiary or any ERISA Affiliate; and no lien imposed under the Code or ERISA on the assets of any Borrower or any Subsidiary or any ERISA Affiliate exists (or is reasonably likely
to exist) nor has any Borrower, any Subsidiary or any ERISA Affiliate been notified in writing that such a lien will be imposed on the assets of any Borrower, any Subsidiary or any ERISA Affiliate on account of any Plan, except to the extent that a
breach of any of the representations, warranties or agreements in this Section 8.11 would not result, individually or in the aggregate, in an amount of liability that would be reasonably likely to have a Material Adverse Effect or relates to
any matter disclosed in the financial statements of the Borrowers. No Plan (other than a multiemployer plan) has an Unfunded Current Liability that would, individually or when taken together with any other liabilities referenced in this
Section 8.11, be reasonably likely to have a Material Adverse Effect. With respect to Plans that are multiemployer plans (as defined in Section 3(37) of ERISA), the representations and warranties in this Section 8.11, other than any
made with respect to (a) liability under Section 4201 or 4204 of ERISA or (b) liability for termination or reorganization of such Plans under ERISA, are made to the best knowledge of such Borrower. 

8.12. Subsidiaries and Investments. 
 (a) Subsidiaries. Set forth in Schedule 8.12 is a complete and correct list of all of the Subsidiaries of each Borrower as of the Closing Date, together with, for each such Subsidiary,
(i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding ownership interests in such Subsidiary and (iii) the nature of the ownership interests held by each such Person and the percentage of ownership of such
Subsidiary represented by such ownership interests. Except as disclosed in Schedule 8.12, on the Closing Date: (x) each such Borrower and the other Subsidiaries will own, free and clear of Liens (other than Liens created pursuant to the
Security Documents), and have the unencumbered right to vote, all outstanding ownership interests in each Person shown to be held by it in Schedule 8.12, (y) all of the issued and outstanding capital stock of each such Person organized
as a corporation is validly issued, fully paid and nonassessable and (z) there will be no outstanding Equity Rights with respect to such Person. 
 (b) Investments. Set forth in Schedule 10.5 is a complete and correct list of all Investments that are held by each Borrower or any of the other Subsidiaries in any Person on the Closing
Date and, for each such Investment, (x) the identity of the Person or Persons holding such Investment and (y) the nature of such Investment. Except as disclosed in Schedule 10.5, on the Closing Date each Borrower and the other
Subsidiaries will own, free and clear of all Liens (other than Liens created pursuant to the Security Documents), all such Investments. 
 (c) Restrictions on Subsidiaries. On the Closing Date, to each Borrower’s knowledge, neither the Borrowers nor any of the other Subsidiaries will be subject to any indenture, agreement,
instrument or other arrangement of the type described in Section 10.11. 

  
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 8.13. Intellectual Property. Each Borrower and each of the Restricted Subsidiaries
have obtained all patents, trademarks, servicemarks, trade names, copyrights, licenses and other rights, free from burdensome restrictions, that are necessary for the operation of their respective businesses as currently conducted and as proposed to
be conducted, except where the failure to obtain any such rights could not reasonably be expected to have a Material Adverse Effect. 
 8.14. Environmental Laws. 
 (a) Except as set forth on Schedule 8.14
or as could not reasonably be expected to have a Material Adverse Effect: (i) the Borrowers and each of their Subsidiaries are in compliance with all Environmental Laws in all jurisdictions in which the Borrowers and each of their Subsidiaries
are currently doing business (including having obtained all material permits required under Environmental Laws), (ii) the Borrowers will comply and cause each of their Subsidiaries to comply with all such Environmental Laws (including all
permits required under Environmental Laws) and (iii) none of the Borrowers or their Subsidiaries has become subject to any Environmental Claim or any other liability under any Environmental Law. 

(b) Neither the Borrowers nor any of their Subsidiaries has treated, stored, transported or disposed of, or arranged for disposal or
treatment of, Hazardous Materials at or from any current or, to the knowledge of the Borrowers and any of their Subsidiaries, former real property or facility relating to its business in a manner that could reasonably be expected to have a Material
Adverse Effect, and there has been no Release or threatened Release of Hazardous Materials by the Borrowers or any of their Subsidiaries on, at, under or from any real property or facility presently or, to the knowledge of the Borrowers or any of
their Subsidiaries formerly, owned, leased or operated by any of them which could reasonably be expected to result in a Material Adverse Effect. 
 (c) No Person with an indemnity or contribution obligation to the Borrowers or any of their Subsidiaries relating to compliance with or liability under any Environmental Law is in default with respect to
any such obligation in each case which could reasonably be expected to result in a Material Adverse Effect. 
 (d) Neither the
Borrowers nor any of their Subsidiaries is obligated to perform any action or otherwise incur any expense under any Environmental Law pursuant to any order, decree, judgment or agreement by which it is bound, and neither the Borrowers nor any of
their Subsidiaries is conducting or financing, in whole or in part, any investigation, remedial or corrective action pursuant to any Environmental Law at any location, in each case which could reasonably be expected to result in a Material Adverse
Effect. 
 8.15. Properties. RailAmerica and each of its Subsidiaries have good and marketable title to, leasehold
interest in or easement, rights of way, rights to operate or other similar estates in all properties that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, free and clear of all
Liens (other than any Liens permitted by this Agreement) and except for minor defects in title that do not interfere with their ability to conduct business as currently conducted or to utilize such properties for their

  
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intended purposes or where the failure to have such good title or interest could not reasonably be expected to have a Material Adverse Effect. 

8.16. Solvency. On the Closing Date, immediately after the consummation of the Transactions to occur on the Closing Date, and
immediately following each Credit Event, RailAmerica and its Restricted Subsidiaries, on a consolidated basis, are Solvent. 

8.17. Compliance with Laws and Agreements. RailAmerica and each of its Subsidiaries is in compliance with all laws, regulations
and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 
 8.18.
Canadian Pension Plans. The Canadian Pension Plans are duly registered under the “Income Tax Act (Canada)” and any other applicable laws which require registration, have been administered in accordance with the Income Tax Act
(Canada) and such other applicable laws and no event has occurred which could reasonably be expected to cause the loss of such registered status, except to the extent that any failure to do so or event could not reasonably be expected to have a
Material Adverse Effect. All material obligations of any Credit Party (including fiduciary, funding, investment and administration obligations) required to be performed in connection with the Canadian Pension Plans and the funding agreements
therefore have been performed on a timely basis, except to the extent that any failure to do so could not reasonably be expected to have a Material Adverse Effect. No written promises of benefit improvements under the Canadian Pension Plans have
been made except where such improvements could not reasonably be expected to have a Material Adverse Effect. All contributions or premiums required to be made or paid by the Credit Parties to the Canadian Pension Plans have been made on a timely
basis in accordance with the terms of such plans and all applicable laws, except as could not reasonably be expected to result in a Material Adverse Effect. There have been no improper withdrawals or applications of the assets of the Canadian
Pension Plans. As of the Closing Date, each of the Canadian Pension Plans are fully funded on a solvency basis and going concern basis (using actuarial methods and assumptions which are consistent with GAAP), except as could not reasonably be
expected to result in a Material Adverse Effect. None of the Credit Parties or any of their respective Subsidiaries is subject to the United States Employee Retirement Income Security Act of 1974, as amended. 

8.19. Labor Matters. There are no strikes pending or, to the knowledge of RailAmerica, threatened against RailAmerica or any of
its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. The hours worked and payments made to employees of RailAmerica and its Subsidiaries are not in violation in any material respect
of the Fair Labor Standards Act or any other applicable law dealing with such matters. All material payments due from RailAmerica and any of its Subsidiaries or for which any claim may be made against RailAmerica or any of its Subsidiaries, on
account of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of RailAmerica or such Subsidiary to the extent required by GAAP. Except as set forth on Schedule 8.19,
consummation of the Transactions will not give rise to a right of termination 

  
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or right of renegotiation on the part of any union under any collective bargaining agreement to which RailAmerica or any of its Subsidiaries (or any predecessor) is a party or by which
RailAmerica or any of its Subsidiaries (or any predecessor) is bound, other than collective bargaining agreements that, individually or in the aggregate, are not material to RailAmerica and its Subsidiaries, taken as a whole. 

8.20. Security Documents. 
 (a) Security Agreements. The Security Agreements are effective to create in favor of the Collateral Agent (or, in the case of the Fixed Asset Collateral, the Fixed Asset Collateral Agent) for the
benefit Secured Parties, legal, valid and enforceable Liens on, and security interests in, the Collateral (except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or law)) and, when (i) financing statements are filed in the offices specified on Schedule 6 to the
Perfection Certificate and (ii) upon the taking of possession or control by the Collateral Agent (or, in the case of Fixed Asset Collateral, the Fixed Asset Collateral Agent) of the Collateral with respect to which a security interest may be
perfected only by possession or control (which possession or control shall be given to the Collateral Agent (or, in the case of the Fixed Asset Collateral, the Fixed Asset Collateral Agent) to the extent possession or control by the Collateral Agent
(or, in the case of the Fixed Asset Collateral, the Fixed Asset Collateral Agent) is required by each Security Agreement), the Liens created by the Security Agreements shall constitute fully perfected Liens on, and security interests in, all right,
title and interest of the grantors in the Collateral (other than such Collateral in which a security interest cannot be perfected under the UCC as in effect at the relevant time in the relevant jurisdiction), in each case subject to no Liens other
than Permitted Liens. 
 (b) Each Mortgage is effective to create, in favor of the Fixed Asset Collateral Agent, for its benefit
and the benefit of the Secured Parties, legal, valid and enforceable Liens on, and security interests in, all of the Credit Parties’ right, title and interest in and to the Mortgaged Properties thereunder and the proceeds thereof (except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by
proceedings in equity or law)), subject only to Permitted Collateral Liens or other Liens acceptable to the Collateral Agent, and when the Mortgages are filed in the offices specified on Schedule 6 to the Perfection Certificate dated the
Closing Date (or, in the case of any Mortgage executed and delivered after the date thereof in accordance with the provisions of Sections 9.10, 9.12, 9.13 and 9.17, when such Mortgage is filed in the offices specified in the local counsel opinion
delivered with respect thereto in accordance with the provisions of Sections 9.10, 9.12, 9.13 and 9.17), the Mortgages shall constitute fully perfected Liens on, and security interests in, all right, title and interest of the Credit Parties in the
Mortgaged Properties and the proceeds thereof, in each case prior and superior in right to any other person, other than Liens permitted by such Mortgage. None of the Mortgaged Property upon which a Building or Manufactured (Mobile) Home is located
is material real property or material to the operation of the Borrowers business. A “Building” is defined by the Federal Emergency Management Agency in connection with the National Flood Insurance Program to mean “a walled or
roofed structure” 

  
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and a Manufactured (Mobile) Home is defined by the Federal Emergency Management Agency in connection with the National Flood Insurance Program to mean “a structure built on a permanent
chassis, transported to its site in one or more sections, and affixed to a permanent foundation.” 
 (c) Valid
Liens. Each Security Document delivered pursuant to Sections 9.10 and 9.12 will, upon execution and delivery thereof, be effective to create in favor of the Collateral Agent (or, in the case of the Fixed Asset Collateral, the Fixed Asset
Collateral Agent), for the benefit of the Secured Parties, legal, valid and enforceable Liens on, and security interests in, all of the Credit Parties’ right, title and interest in and to the Collateral thereunder (except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or
law)), and (i) when all appropriate filings or recordings are made in the appropriate offices as may be required under applicable law and (ii) upon the taking of possession or control by the Collateral Agent of such Collateral (or, in the
case of the Fixed Asset Collateral, upon the taking of possession or control by the Fixed Asset Collateral Agent) with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to
the Collateral Agent (or, in the case of Fixed Asset Collateral, the Fixed Asset Collateral Agent) to the extent required by any Security Document), such Security Document will constitute fully perfected Liens on, and security interests in, all
right, title and interest of the Credit Parties in such Collateral, in each case subject to no Liens other than the applicable Permitted Liens. 
 8.21. Anti-Terrorism Law. 
 (a) No Credit Party and, to the knowledge of
RailAmerica, none of their respective Affiliates is in violation of any laws relating to terrorism or money laundering (“Anti-Terrorism Laws”), including Executive Order No. 13224 on Terrorist Financing, effective
September 24, 2001 (the “Executive Order”), and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. 

(b) No Credit Party and, to the knowledge of RailAmerica, no Affiliate or broker or other agent of any Credit Party acting or benefiting
in any capacity in connection with the Loans is any of the following: 
 (1) a person that is listed in the annex
to, or is otherwise subject to the provisions of, the Executive Order; 
 (2) a person owned or controlled by, or
acting for or on behalf of, any person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 
 (3) a person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 

  
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 (4) a person that commits, threatens or conspires to commit or supports
“terrorism” as defined in the Executive Order; or 
 (5) a person that is named as a “specially
designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control (“OFAC”) at its official website or any replacement website or other replacement
official publication of such list. 
 (c) No Credit Party and, to the knowledge of RailAmerica, no broker or other agent of any
Credit Party acting in any capacity in connection with the Loans (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any person described in Section 8.21(b),
(ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order, or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has
the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 

8.22. No Amendments. None of the Secured Notes Indenture or the Fixed Asset Security Documents has been amended, modified, waived
or terminated prior to the Closing Date (other than any supplements to the Secured Notes Indenture or the Fixed Asset Security Documents in order to add guarantors thereto), and the only amendment, waiver or modification to any such document on the
Closing Date shall be pursuant to the Closing Date Fixed Asset Security Agreement Amendment. 
 8.23. Other Pari Passu Lien
Obligations. (i) The Obligations constitute Other Pari Passu Lien Obligations (as defined in the Secured Notes Indenture) for all purposes of the Secured Notes Indenture, the Fixed Asset Security Agreement and the Intercreditor Agreement,
(ii) this Agreement constitutes an Other Pari Passu Lien Agreement (as defined in the Fixed Asset Security Agreement) for all purposes of the Fixed Asset Security Agreement and the Intercreditor Agreement, (iii) the Secured Parties
constitute Noteholder Secured Parties (as defined in the Intercreditor Agreement) and Revolving Secured Parties (as defined in the Intercreditor Agreement), in each case for all purposes of the Intercreditor Agreement and shall constitute
“Secured Parties” as defined in the Fixed Asset Security Agreement, (iv) the Collateral Agent shall be the Authorized Representative (as defined in the Fixed Asset Security Agreement) of the Secured Parties and for purposes of the
Mortgages and (v) the Obligations also constitute “Obligations” under and as defined in the Fixed Asset Security Agreement. 
 SECTION 9. Affirmative Covenants 
 Each Borrower hereby covenants and
agrees that from the Closing Date and thereafter, until the Final Date: 
 9.1. Information Covenants. RailAmerica will
furnish to each Lender and the Administrative Agent: 
 (a) Annual Financial Statements. As soon as
available and in any event on or before the date on which such financial statements are required to be filed with the SEC 

  
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(or, if such financial statements are not required to be filed with the SEC or an extension is granted by the SEC or pursuant to any rule or regulation promulgated thereunder, on or before the
date that is 90 days after the end of each such fiscal year), the consolidated balance sheet of (i) RailAmerica and its consolidated Subsidiaries and (ii) RailAmerica and the Restricted Subsidiaries, in each case as at the end of such
fiscal year, and the related consolidated statement of operations and cash flows for such fiscal year, setting forth comparative consolidated figures for the preceding fiscal year, and certified by independent certified public accountants of
recognized national standing whose opinion shall not be qualified as to the scope of audit or as to the status of RailAmerica or any of the Subsidiaries as a going concern. 

(b) Quarterly Financial Statements. As soon as available and in any event on or before the date on which such
financial statements are required to be filed with the SEC with respect to each of the first three quarterly accounting periods in each fiscal year of RailAmerica (or, if such financial statements are not required to be filed with the SEC or an
extension is granted by the SEC or pursuant to any rule or regulation promulgated thereunder, on or before the date that is 45 days after the end of each such quarterly accounting period), the consolidated balance sheet of (i) RailAmerica
and its consolidated Subsidiaries and (ii) RailAmerica and the Restricted Subsidiaries, in each case as at the end of such quarterly period and the related consolidated statement of operations for such quarterly accounting period and for the
elapsed portion of the fiscal year ended with the last day of such quarterly period, and the related consolidated statement of cash flows for the elapsed portion of the fiscal year ended with the last day of such quarterly period, and setting forth
comparative consolidated figures for the related periods in the prior fiscal year or, in the case of such consolidated balance sheet, for the last day of the prior fiscal year, all of which shall be certified by an Authorized Officer of RailAmerica,
subject to changes resulting from audit and normal year-end audit adjustments. 
 (c) Budgets. Within
60 days after the commencement of each fiscal year of RailAmerica, budgets of RailAmerica and its Restricted Subsidiaries, collectively, in reasonable detail for the fiscal year (including for each fiscal quarter in such fiscal year) as are
customarily prepared by management of RailAmerica for its internal use consistent in scope with the financial statements provided pursuant to Section 9.1(a), setting forth the principal assumptions upon which such budgets are based. 

(d) Certificates. At the time of the delivery of the financial statements provided for in Sections 9.1(a) and (b),
(1) a reasonably detailed narrative discussion of the changes in the financial condition and results of operations of RailAmerica and its Restricted Subsidiaries compared with the budget for such period and (2) a fully executed Compliance
Certificate signed by an Authorized Officer of the Company (which delivery may be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes); provided that the
calculation of the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio for purposes of Section 10.9 need only be included in such Compliance Certificate if (i) the Borrowers are currently required to comply with Section 10.9
or (ii) if required pursuant to Section 7.2(a). 

  
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 (e) [Reserved]. 

(f) Notice of Material Events. Promptly after an Authorized Officer of RailAmerica or any of its Subsidiaries
obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action RailAmerica proposes to take
with respect thereto, (ii) any litigation or governmental proceeding pending against RailAmerica or any of its Subsidiaries that could reasonably be expected to result in a Material Adverse Effect, (iii) any Lien (other than Liens
permitted by Section 10.2) or material claim made or asserted in writing against any material portion of the Collateral, (iv) any loss, damage or destruction to a material portion of the Collateral in the amount of $2.0 million or
more, whether or not covered by insurance and (v) any sale, transfer or other disposition of any material portion of the Accounts outside of the ordinary course of business. 

(g) Environmental Matters. RailAmerica will promptly advise the Lenders in writing after obtaining knowledge of any
one or more of the following environmental matters, unless such environmental matters would not, individually or when aggregated with all other such matters, be reasonably expected to result in a Material Adverse Effect: 

(i) Any pending or threatened Environmental Claim against RailAmerica or any of its Subsidiaries or any Real Estate;

 (ii) Any condition or occurrence on any Real Estate that (x) results in noncompliance by RailAmerica or
any of its Subsidiaries with any applicable Environmental Law or (y) could reasonably be anticipated to form the basis of an Environmental Claim against RailAmerica, any of its Subsidiaries or any Real Estate; 

(iii) Any condition or occurrence on any Real Estate that could reasonably be anticipated to cause such Real Estate to be
subject to any restrictions on the ownership, occupancy, use or transferability of such Real Estate under any Environmental Law; and 
 (iv) The taking of any removal or remedial action in response to the actual or alleged presence of any Hazardous Material on any Real Estate. 

All such notices shall describe in reasonable detail the nature of the claim, investigation, condition, occurrence or removal or remedial
action and the response thereto. The term “Real Estate” shall mean land, buildings and improvements owned or leased by RailAmerica or any of its Subsidiaries, but excluding all operating fixtures and equipment, whether or not
incorporated into improvements. 
 (h) Other Information. Promptly upon filing thereof, copies of any
filings (including on Form 10-K, 10-Q or 8-K) or registration statements with, and reports to, the SEC or any analogous Governmental Authority in any relevant jurisdiction by RailAmerica or any of its Subsidiaries (other than amendments to any
registration statement (to 

  
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the extent such registration statement, in the form it becomes effective, is delivered to the Lenders), exhibits to any registration statement and, if applicable, any registration statements on
Form S-8) and copies of all financial statements, proxy statements, notices and reports that RailAmerica or any of its Subsidiaries shall send to the holders of any publicly issued debt of RailAmerica and/or any of its Subsidiaries (including the
Initial Secured Notes, whether publicly issued or not) in their capacity as such holders (in each case to the extent not theretofore delivered to the Lenders pursuant to this Agreement) and, with reasonable promptness, such other information
(financial or otherwise) as the Administrative Agent or the Collateral Agent on its own behalf or on behalf of any Lender may reasonably request in writing from time to time. 

(i) Pro Forma Adjustment Certificate. Not later than the consummation of the acquisition or disposition by
RailAmerica or any Restricted Subsidiary for which there shall be a Pro Forma Adjustment or not later than any date on which financial statements are delivered with respect to any four-quarter period in which a Pro Forma Adjustment is made as a
result of the consummation of the acquisition or disposition by RailAmerica or any Restricted Subsidiary for which there shall be a Pro Forma Adjustment, a certificate of an Authorized Officer of RailAmerica setting forth the amount of such Pro
Forma Adjustment and, in reasonable detail, the calculations and basis therefor. 
 (j) Perfection Certificate
Supplement. RailAmerica shall concurrently with the delivery of financial statements pursuant to Section 9.1(a), deliver to the Administrative Agent, the Collateral Agent and the Fixed Asset Collateral Agent a Perfection Certificate
Supplement and a certificate of a Authorized Officer and the chief legal officer of RailAmerica certifying that all UCC financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations,
including all refilings, rerecordings and reregistrations, containing a description of the Collateral have been filed of record in each governmental, municipal or other appropriate office in each jurisdiction necessary to protect and perfect the
security interests and Liens under the Security Documents for a period of not less than 18 months after the date of such certificate (except as noted therein with respect to any continuation statements to be filed within such period). 

9.2. Books, Records and Inspections. RailAmerica will, and will cause each of the Subsidiaries to, permit officers and designated
representatives of the Administrative Agent, the Collateral Agent or one or more Lenders to visit and inspect any of the properties or assets of RailAmerica and any such Subsidiary in whomsoever’s possession to the extent that it is within such
party’s control to permit such inspection, and to examine the books of account of RailAmerica and any such Subsidiary and discuss the affairs, finances and accounts of RailAmerica and of any such Subsidiary with, and be advised as to the same
by, its and their officers and independent accountants; provided, however, the Administrative Agent, the Collateral Agent and the Lenders shall be limited to two such examinations per calendar year, which shall be at the sole expense
of the Credit Parties; provided further, however, (i) if an Event of Default has occurred and is continuing there shall be no limitation as to the number and frequency of such examinations at the sole expense of the Credit
Parties and (ii) any examinations made pursuant to clause (i) of this proviso shall not count against the number of examinations permitted under the first proviso of this sentence. 

  
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 9.3. Maintenance of Insurance. RailAmerica will, and will cause each of the
Subsidiaries to, at all times maintain in full force and effect, by financially sound and reputable insurers in such amounts as shall be customary for similar businesses and maintain such other reasonable insurance (including flood insurance, and to
the extent consistent with past practices, self-insurance) of such types, to such extent and against such risks, as are usually insured against by companies engaged in the same or a similar business; and will furnish to the Lenders, upon written
request from the Administrative Agent, the Collateral Agent or the Fixed Asset Collateral Agent, information presented in reasonable detail as to the insurance so carried. 
 9.4. Payment of Taxes. Except for any failures that could not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect, RailAmerica and each of its Subsidiaries
will timely pay and discharge, all Taxes imposed upon it or upon its income or profits, or upon any properties belonging to it, and all lawful claims that, if unpaid, could reasonably be expected to become a Lien upon any properties of RailAmerica
or any of the Subsidiaries; provided that neither RailAmerica nor any of the Subsidiaries shall be required to pay any such Tax, if (x) such Taxes is being contested in good faith and by proper proceedings, (y) if it has maintained
adequate reserves with respect thereto in accordance with GAAP and (z) such proceedings will suspend the enforcement or collection of such Taxes. 
 9.5. Existence. RailAmerica will do, and will cause each Subsidiary to do, or cause to be done, all things necessary to preserve and keep in full force and effect its existence, corporate rights
and authority, except to the extent that the failure to do so could not reasonably be expected to have a Material Adverse Effect; provided, however, that RailAmerica and its Subsidiaries may consummate any transaction permitted under
Section 10.3, 10.4 or 10.5. 
 9.6. Compliance with Statutes, Obligations, etc. RailAmerica will, and will cause
each Subsidiary to, comply with all applicable laws, rules, regulations and orders, including Environmental Laws, except to the extent the failure to do so could not reasonably be expected to have a Material Adverse Effect. 

9.7. ERISA. Promptly after RailAmerica or any Subsidiary or any ERISA Affiliate knows or has reason to know of the occurrence of
any of the following events that, individually or in the aggregate (including in the aggregate such events previously disclosed or exempt from disclosure hereunder, to the extent the liability therefor remains outstanding), would be reasonably
likely to have a Material Adverse Effect, RailAmerica will deliver to each of the Lenders a certificate of an Authorized Officer or any other senior officer of RailAmerica setting forth details as to such occurrence and the action, if any, that
RailAmerica, such Subsidiary or such ERISA Affiliate is required or proposes to take, together with any notices (required, proposed or otherwise) given to or filed with or by RailAmerica, such Subsidiary, such ERISA Affiliate, the PBGC, a Plan
participant (other than notices relating to an individual participant’s benefits) or the Plan administrator with respect thereto: that a Reportable Event has occurred; that an accumulated funding deficiency has been incurred or an application
is to be made to the Secretary of the Treasury for a waiver or modification of the minimum funding standard (including any required installment payments) or an extension of any amortization period under Section 412 of the Code with respect to a
Plan; that a Plan having an Unfunded Current Liability has been or is to be terminated, reorganized, partitioned or declared insolvent under Title IV of ERISA 

  
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(including the giving of written notice thereof); that a Plan has an Unfunded Current Liability that has or will result in a lien under ERISA or the Code; that proceedings will be or have been
instituted to terminate a Plan having an Unfunded Current Liability (including the giving of written notice thereof); that a proceeding has been instituted against RailAmerica, a Subsidiary or an ERISA Affiliate pursuant to Section 515 of ERISA
to collect a delinquent contribution to a Plan; that the PBGC has notified RailAmerica, any Subsidiary or any ERISA Affiliate of its intention to appoint a trustee to administer any Plan; that RailAmerica, any Subsidiary or any ERISA Affiliate has
failed to make a required installment or other payment pursuant to Section 412 of the Code with respect to a Plan; or that RailAmerica, any Subsidiary or any ERISA Affiliate has incurred or will incur (or has been notified in writing that it
will incur) any liability (including any contingent or secondary liability) to or on account of a Plan pursuant to Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201 or 4204 of ERISA or Section 4971 or 4975 of the Code.

 9.8. Good Repair. RailAmerica will, and will cause each of the Restricted Subsidiaries to, ensure that its properties
and equipment used or useful in its business in whomsoever’s possession they may be to the extent that it is within the control of such party to cause same, are kept in good repair, working order and condition, normal wear and tear excepted,
and that from time to time there are made in such properties and equipment all needful and proper repairs, renewals, replacements, extensions, additions, betterments and improvements thereto, to the extent and in the manner as in the judgment of
RailAmerica may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times, except in each case to the extent the failure to do so could not be reasonably expected to have a
Material Adverse Effect. 
 9.9. End of Fiscal Years; Fiscal Quarters. Neither RailAmerica nor any of its Subsidiaries
will change its fiscal year or fiscal quarters. 
 9.10. Additional Subsidiary Guarantors and Grantors. 

(a) Each Borrower will cause any direct or indirect Restricted Domestic Subsidiary formed or otherwise purchased or acquired after the
Closing Date (including pursuant to a Permitted Acquisition) and each Subsidiary that becomes or is designated a Restricted Domestic Subsidiary after the Closing Date to execute a supplement to each of the Guarantee and the Security Agreements,
substantially in the form of Annex B or Annex 1, as applicable, to the respective agreement in order to become a Guarantor under the Guarantee and a grantor under the Security Agreements and to cause such Subsidiary to take all such actions required
under the Security Agreements, to perfect the security interest in the Collateral of such Restricted Domestic Subsidiary. The Borrowers shall also cause to be delivered to the Collateral Agent (or in the case of Equity Interests that would
constitute Fixed Asset Collateral, the Fixed Asset Collateral Agent) for pledging under the applicable Security Agreement (A) the certificates, if any, evidencing all of the Equity Interests of any Subsidiary formed or otherwise purchased or
acquired after the Closing Date, together with undated stock powers or other appropriate instruments of transfer executed and delivered in blank by a duly authorized officer of the holder(s) of such Equity Interests (provided that no more
than 65% of the voting Equity Interests of any Foreign Subsidiary that is a direct Subsidiary of a Domestic Subsidiary shall be required to be so delivered 

  
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and so pledged) and (B) all intercompany notes owing from such Subsidiary to any Credit Party, together with instruments of transfer executed and delivered in blank by a duly authorized
officer of such Credit Party. Notwithstanding the foregoing, the Borrowers shall not be required to, nor shall any Borrower be required to cause any Restricted Subsidiary to, grant any security in any assets of any new direct or indirect Restricted
Domestic Subsidiary or to require any new direct or indirect Restricted Domestic Subsidiary to become a Guarantor under the Guarantee and a grantor under the Security Agreements to the extent that such new Restricted Domestic Subsidiary shall be
restricted from pledging such assets by any valid and enforceable contractual obligation (to the extent such restriction is not overridden by the UCC); provided that (i) the Total Assets of each such new Restricted Subsidiary are less
than $25.0 million and the Total Assets of all such Persons that become Restricted Subsidiaries are less than $75.0 million in the aggregate and (ii) such restriction was not incurred in connection with, or in contemplation of, such Person
becoming a Restricted Subsidiary. 
 (b) With respect to any property acquired after the Closing Date by any Credit Party that
is intended to be subject to the Lien created by any of the Security Documents but is not so subject, promptly (and in any event within 30 days after the acquisition thereof) (i) execute and deliver to the Administrative Agent and the
Collateral Agent (and, in the case of any property that would constitute Fixed Asset Collateral, the Fixed Asset Collateral Agent) such amendments or supplements to the relevant Security Documents or such other documents as the Administrative Agent
or the Collateral Agent (and, in the case of any property that would constitute Fixed Asset Collateral, the Fixed Asset Collateral Agent) shall deem necessary or advisable to grant to the Collateral Agent (or, in the case of any property that would
constitute Fixed Asset Collateral, the Fixed Asset Collateral Agent), for its benefit and for the benefit of the other Secured Parties, a Lien on such property subject to no Liens other than Permitted Liens, and (ii) take all actions necessary
to cause such Lien to be duly perfected to the extent required by such Security Document in accordance with all applicable Requirements of Law, including the filing of financing statements in such jurisdictions as may be reasonably requested by the
Administrative Agent. The Borrowers shall otherwise take such actions and execute and/or deliver to the Collateral Agent (and, in the case of any property that would constitute Fixed Asset Collateral, the Fixed Asset Collateral Agent) such
documents as the Administrative Agent (and, in the case of any property that would constitute Fixed Asset Collateral, the Fixed Asset Collateral Agent) shall require to confirm the validity, perfection and priority of the Lien of the Security
Documents on such after-acquired properties. 
 9.11. Use of Proceeds. The Letters of Credit and the proceeds of all
Loans will be used for working capital needs and general corporate purposes and to effectuate the Transactions. 
 9.12.
Further Assurances. RailAmerica will, and will cause each other Credit Party to, execute any and all further documents, financing statements, agreements and instruments, and take all such further actions (including the filing and recording of
financing statements, fixture filings, mortgages, deeds of trust and other documents), which may be required under any applicable law, or which the Administrative Agent, the Collateral Agent (and, in the case of any property that would constitute
Fixed Asset Collateral, the Fixed Asset Collateral Agent) or the Required Lenders may reasonably request, in order to grant, preserve, protect and 

  
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perfect the validity and priority of the security interests created or intended to be created by the Security Agreements, all at the expense of RailAmerica and the Restricted Subsidiaries;
provided that Mortgages shall not be recorded in any states that the Administrative Agent and the Borrowers agree that there are limits on the ability to record, or that there is an unreasonable administrative burden in connection with,
commercial revolving credit Mortgages. Notwithstanding the foregoing, Mortgages shall not be given if third party consents are required nor will Mortgages be recorded in states with (a) a significant Mortgage recording tax such as Alabama,
Kansas (to the extent they were not recorded under the Secured Notes Indenture) and Virginia or (b) an unreasonable administrative burden in connection with commercial revolving credit mortgages such as New York, unless, in either case, the
Fixed Charge Coverage Ratio for the last Test Period at the end of which Section 9.1 Financials were required to have been delivered falling below 1.75 at which point the Borrower and each Credit Party shall cause, within 30 days, such
Mortgages to be recorded). In the event any Mortgages are recorded in New York at any time, and, to the extent Indebtedness outstanding under the Loans shall at any time be less than $206,041.92 or to the extent otherwise required by law to grant,
preserve, protect or perfect the Liens created by the Mortgage on any Mortgaged Property located in the State of New York and the validity or priority thereof, the Borrower will, and will cause each of its applicable Subsidiaries to, promptly take
all such further actions including the payment of any additional mortgage recording taxes, fees, charges, costs and expenses required so to grant, preserve, protect or perfect the Liens created by such Mortgage to the maximum amount of Indebtedness
by its terms secured thereby and the validity or priority of any such Lien. 
 9.13. Real Property, etc. 

(a) Promptly following the acquisition by the Borrower or the applicable Credit Party of any After Acquired Property (but subject to the
limitations, if applicable, described in the Credit Documents), the Borrower or such Credit Party shall execute and deliver (i) such mortgages, deeds of trust, security instruments, financing statements and certificates and (ii) opinions
of counsel as shall be reasonably necessary to vest in the Fixed Asset Collateral Agent a perfected security interest in such After Acquired Property and to have such After Acquired Property added to the Collateral and thereupon all provisions of
this Agreement relating to the Collateral shall be deemed to relate to such After Acquired Property to the same extent and with the same force and effect; provided, however, that, with respect to After Acquired Property that consists
of real property, any such Mortgages shall not be recorded in states with (a) a significant mortgage recording tax such as Alabama, Kansas (to the extent they were not recorded under the Secured Notes Indenture) and Virginia or (b) an
unreasonable administrative burden in connection with commercial revolving credit mortgages such as New York, unless in either of the foregoing cases the Fixed Charge Coverage Ratio for the last Test Period at the end of which Section 9.1
Financials were required to have been delivered falls below 1.75. Notwithstanding the foregoing, the Borrower shall not be required to obtain any title insurance or surveys with respect to any of such properties nor will mortgages be given if
third party consents are required. 
 9.14. [Reserved]. 

9.15. Information Regarding Collateral. No Credit Party will effect any change (i) in such Credit Party’s legal name,
(ii) in the location of such Credit Party’s chief executive 

  
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office, (iii) in such Credit Party’s identity or organizational structure, (iv) in such Credit Party’s Federal Taxpayer Identification Number or organizational identification
number, if any, or (v) in such Credit Party’s jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction),
until (A) it shall have given the Fixed Asset Collateral Agent and the Administrative Agent not less than 30 days’ prior written notice (in the form of an Officers’ Certificate), or such lesser notice period agreed to by the
Administrative Agent, of its intention so to do, clearly describing such change and providing such other information in connection therewith as the Fixed Asset Collateral Agent or the Administrative Agent may reasonably request and (B) it shall
have taken all action reasonably satisfactory to the Fixed Asset Collateral Agent and the Administrative Agent to maintain the perfection and priority of the security interest of the Collateral Agent (and, in the case of the Fixed Asset Collateral,
the Fixed Asset Collateral Agent) for the benefit of the Secured Parties in the Collateral, if applicable. Each Credit Party agrees to promptly provide the Collateral Agent with certified Organizational Documents reflecting any of the changes
described in the preceding sentence. Each Credit Party also agrees to promptly notify the Collateral Agent and the Fixed Asset Collateral Agent of any change in the location of any office in which it maintains books or records relating to Collateral
owned by it. 
 9.16. Specified Financial Maintenance Covenant. If any Indebtedness incurred (including, for the
avoidance of doubt, through any refinancing, renewal, extension or refunding) pursuant to Section 10.1(i), (k) or (m) shall contain a Specified Financial Maintenance Covenant, such Specified Financial Maintenance Covenant (as such
Specified Financial Maintenance Covenant is in effect on the date of the incurrence of such Indebtedness) shall be incorporated by reference into this Agreement and all aspects of such Specified Financial Maintenance Covenant (as such Specified
Financial Maintenance Covenant is in effect on the date of the incurrence of such Indebtedness) shall be required to be complied with until the repayment in full of such Indebtedness. 

9.17. Post Closing Requirements. 
 (a) The Borrowers shall, and shall cause each applicable Credit Party to, within one hundred-twenty days (120) days after the Closing Date, deliver to the Administrative Agent and the Fixed Asset
Collateral Agent (and with respect to the Mortgages referenced in this Section 9.17(a), to record) each of the following (unless such 120 day period is extended by the Administrative Agent in its reasonable discretion): 

(i) a Mortgage in favor of the Fixed Asset Collateral Agent encumbering the fee, leasehold or other interest, as the case
may be, in each Mortgaged Property, duly executed and acknowledged by the Borrowers or applicable Credit Party that is the owner or holder of the fee, leasehold or other interest constituting each such Mortgaged Property, in form for recording in
the appropriate recording office of the political subdivision where such Mortgaged Property is situated, together with such certificates, affidavits, questionnaires or returns as shall be required in connection with the recording or filing thereof
and such financing statements and other similar statements as are contemplated in respect of each such Mortgage by the local counsel opinion referred to in subparagraph 

  
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(v) below, and any other instruments necessary to grant the interests purported to be granted by each such Mortgage under the laws of any applicable jurisdiction, which Mortgages and financing
statements and other instruments shall be effective to create a Lien on such Mortgaged Property in favor of the Fixed Asset Collateral Agent for the benefit of the Secured Parties, subject to Permitted Collateral Liens; provided that
Mortgages shall not be recorded in any states that the Administrative Agent and the Borrowers agree that there are limits on the ability to record, or that there is an unreasonable administrative burden in connection with, commercial revolving
credit Mortgages; 
 (ii) certificates of insurance (excluding evidence of flood insurance) covering the
Mortgaged Property, which certificates reflect the Fixed Asset Collateral Agent for the benefit of the Secured Parties, as additional insured and loss payee, as applicable, and mortgagee, all in form and substance reasonably acceptable to the
Administrative Agent; 
 (iii) checks or wire transfers to the title insurance company in respect of amounts in
payment of required mortgage recording taxes, recording costs and other fees and charges due in respect of or in connection with the execution, delivery or recording of the Mortgages (other than in New York, Alabama and Virginia), financing
statements and other instruments contemplated by clause (i) of this Section 9.17; 
 (iv) copies of all
Leases (as defined in the Mortgages) and memoranda of leases with respect to each Mortgaged Property with respect to which a Borrower or any Credit Party holds a leasehold interest; 

(v) opinions of counsel for the Borrowers and the Subsidiary Guarantors regarding due authorization, execution, delivery
and enforceability of the Mortgages; and 
 (vi) memoranda of intercreditor agreements in form and substance
reasonably accepted to Fixed Asset Collateral Agent and the Collateral Agent, duly executed and acknowledged by the Fixed Asset Collateral Agent, necessary to ensure and/or demonstrate that the Mortgages shall be subject to the terms of the
Intercreditor Agreement. 
 Neither the Borrowers nor any Credit Party shall be required to obtain any title insurance with
respect to any Mortgaged Properties. Each Lender agrees that neither the Administrative Agent, Collateral Agent, the Sole Lead Arranger, and Joint Bookrunners, the Borrowers (and their Subsidiaries) nor any of their officers, directors, agents,
attorneys or other representatives shall have any liability to any Lender as a result of the foregoing. Notwithstanding the foregoing, no mortgages will be granted by the Borrowers or applicable Credit Party if third party consents are required nor
will Mortgages be recorded in states with (a) a significant Mortgage recording tax such as Alabama, Kansas (to the extent they were not recorded under the Secured Notes Indenture) and Virginia or (b) an unreasonable administrative burden
in connection with commercial revolving credit mortgages such as New York (except in the case of the Alabama, Kansas (to the extent they were not recorded under the Secured Notes Indenture), Virginia and New York Mortgages, the Borrower and each
Credit Party shall cause, within 30 days, such Mortgages to be recorded upon the Fixed Charge Coverage Ratio falling below 1.75 for the last Test Period at the end of which Section 9.1 Financials were required to have been delivered).

  
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 (b) The Borrowers will, and will cause the other applicable Credit Parties to, enter into
control agreements between the applicable Credit Party and the Collateral Agent with respect to the accounts listed on Schedule 9.17(b) within 30 days following the Closing Date (or such later date as the Administrative Agent may agree to), with
each such control agreement in form and substance satisfactory to the Administrative Agent. 
 9.18. Fixed Asset Security
Agreement. If at any time the outstanding principal amount of the Secured Notes is not greater than the Commitments, the Credit Parties will enter into such amendments to the Fixed Asset Security Agreement to the effect that an “Event of
Default” thereunder shall mean an Event of Default hereunder, and such other changes to reflect that the governing document of the Fixed Asset Security Agreement shall be this Agreement and not the Secured Notes Indenture. Such amendments shall
be in form and substance reasonably satisfactory to the Collateral Agent. 
 SECTION 10. Negative Covenants. 

Each Borrower hereby covenants and agrees that on the Closing Date and thereafter until the Final Date: 

10.1. Limitation on Indebtedness. RailAmerica will not, and will not permit any of the Restricted Subsidiaries to, create, incur,
assume or suffer to exist any Indebtedness, except: 
 (a) Indebtedness arising under the Credit Documents;

 (b) subject to compliance with Section 10.5, Indebtedness of (i) RailAmerica to any Restricted
Subsidiary, (ii) RATC or any Subsidiary Guarantor to RailAmerica or any Restricted Subsidiary, (iii) any Restricted Subsidiary of RailAmerica which is not RATC or a Subsidiary Guarantor to any other Restricted Subsidiary of RailAmerica
which is not RATC or a Subsidiary Guarantor and (iv) subject to compliance with the requirements of Section 10.5, any Restricted Subsidiary of RailAmerica which is not RATC or a Subsidiary Guarantor to a Credit Party; provided that
any Indebtedness of any Borrower or any Subsidiary Guarantor that is owed to any Restricted Subsidiary which is not RATC or a Subsidiary Guarantor shall be subordinated in right of payment to the Obligations following an Event of Default;

 (c) Indebtedness in respect of any bankers’ acceptance, letter of credit, warehouse receipt or similar
facilities entered into in the ordinary course of business; 
 (d) Guarantee Obligations incurred by
(i) Subsidiary Guarantors or a Borrower of Indebtedness of Subsidiary Guarantors or a Borrower that is otherwise permitted to be incurred under this Agreement, (ii) Restricted Subsidiaries that are not Subsidiary Guarantors of Indebtedness
of Restricted Subsidiaries that are not Guarantors that is otherwise permitted to be incurred under this Agreement and (iii) subject to compliance with the requirements of Section 10.5, Borrowers or Subsidiary Guarantors in respect of
Indebtedness of Restricted Subsidiaries that are not Subsidiary Guarantors that is otherwise permitted to be incurred under this Agreement; 

  
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 (e) (i) Indebtedness (including Indebtedness arising under Capital Leases)
(A) incurred within 180 days of the acquisition, construction or improvement of fixed or capital assets to finance the acquisition, construction or improvement of such fixed or capital assets or otherwise incurred in respect of Capital
Expenditures and (B) arising under Capital Leases, other than Capital Leases in effect on the date hereof, and (ii) any one or more successive refinancings, refundings, renewals or extensions of any Indebtedness specified in subclause
(i) or (ii) above; provided further that the principal amount thereof is not increased above the principal amount thereof outstanding immediately prior to such refinancing, refunding, renewal or extension; provided
further that the aggregate amount of Indebtedness incurred pursuant to this Section 10.1(e) (together with the amount of refinancing Indebtedness in respect thereof) shall not exceed the greater of (x) $80.0 million and
(y) 5.0% of Total Assets at any time outstanding; 
 (f) Indebtedness outstanding on the Closing Date (other
than any Indebtedness referred to in Section 10.1(i)) and listed on Schedule 10.1 and any one or more successive issuances or incurrences of Permitted Refinancing Indebtedness in respect thereof; 

(g) Indebtedness in respect of Hedge Agreements entered into in the ordinary course of business (and not for speculative
purposes) in order to protect RailAmerica or any of the Restricted Subsidiaries against fluctuations in interest rates, currency exchange rates or commodity prices; 

(h) (A) Acquired Debt; provided that on a Pro Forma Basis after giving effect to the incurrence of such Acquired
Debt and the corresponding Permitted Acquisition, the Fixed Charge Coverage Ratio for the most recent Test Period at the end of which Section 9.1 Financials were required to have been delivered would be (i) at least 2.00 to 1.00 or
(ii) greater than the Fixed Charge Coverage Ratio for such Test Period immediately prior to giving effect to the incurrence of such Acquired Debt and the corresponding Permitted Acquisition and (B) one or more successive issuances or
incurrences of Permitted Refinancing Indebtedness in respect of the Indebtedness referred to in clause (A) of this Section 10.1(h); 
 (i) Indebtedness of the Credit Parties under the Secured Notes and one or more successive issuances or incurrences of Permitted Refinancing Indebtedness in respect thereof; 

(j) Indebtedness of Foreign Subsidiaries in an aggregate amount at any time outstanding not to exceed the greater of
(x) $25.0 million and (y) 15% of Total Assets of Restricted Foreign Subsidiaries; provided that Indebtedness under this clause (j) may be incurred under any debt facility; 

(k) (x) additional Indebtedness not otherwise permitted hereunder in an aggregate amount not to exceed the sum of $100.0
million at any time outstanding and (y) Indebtedness equal to 100% of the net cash proceeds received by RailAmerica after the Closing Date from the issue or sale of Equity Interests of RailAmerica or cash contributed to the capital of
RailAmerica (in each case other than proceeds of Disqualified 

  
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Capital Stock or sales of Equity Interests to RailAmerica or any of its Subsidiaries) as determined in accordance with clause (3) of the definition of “Available Amount Basket” to
the extent such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted Payments or to make Investments or payments of Indebtedness through use of the Available Amount Basket and one or more successive issuances
or incurrences of Permitted Refinancing Indebtedness in respect of the Indebtedness referred to in Section 10.1(k)(y); provided further that the aggregate amount of Indebtedness incurred or guaranteed by Restricted Subsidiaries
that are not RATC or Subsidiary Guarantors pursuant to this clause (k) shall not exceed $50.0 million; 

(l) Indebtedness arising from agreements of RailAmerica or a Restricted Subsidiary providing for indemnification,
adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any
portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; 
 (m) (A)
Indebtedness of one or more Borrowers or Subsidiary Guarantors; provided that (a) such Indebtedness matures on or after the 91st day following the Maturity Date, (b) the Weighted Average Life to Maturity of such Indebtedness is at
least 91 days longer than the Weighted Average Life to Maturity of the Commitments at the time such Indebtedness is incurred, (c) the terms of such Indebtedness do not provide for any mandatory redemption or prepayment or mandatory offer
to purchase or prepay on or prior to the Maturity Date (other than customary offers to purchase upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default), (d) no Restricted Subsidiary of
RailAmerica that is not a Subsidiary Guarantor or a Borrower is a guarantor or obligor with respect to such Indebtedness and (e) on a Pro Forma Basis after giving effect to the incurrence of such Indebtedness and the application of proceeds
therefrom, the Fixed Charge Coverage Ratio for the most recent Test Period at the end of which Section 9.1 Financials were required to have been delivered would be at least 2.00 to 1.00 and (B) one or more successive issuances or
incurrences of Permitted Refinancing Indebtedness in respect of the Indebtedness referred to in clause (A) of this Section 10.1(m); 
 (n) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, provided
that such Indebtedness in extinguished within five Business Days of its incurrence; 
 (o) Indebtedness of
RailAmerica or any Restricted Subsidiary consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; and 

(p) obligations in respect of performance, bid, appeal and surety bonds and completion guarantees provided by RailAmerica
or any Restricted Subsidiary in the ordinary course of business or consistent with past practice or industry practice. 

  
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 10.2. Limitation on Liens. RailAmerica will not, and will not permit any of the
Restricted Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any property or assets of any kind (real or personal, tangible or intangible) of RailAmerica or any Restricted Subsidiary, whether now owned or hereafter acquired,
except: 
 (a) Liens arising under the Credit Documents; 

(b) Permitted Liens; 
 (c) (A) Liens securing Indebtedness permitted pursuant to Section 10.1(e); provided that such Liens attach at all times only to the assets so financed and (B) Liens on the assets of
Foreign Subsidiaries securing Indebtedness permitted pursuant to Section 10.1(j); 
 (d) Liens existing on
the Closing Date and listed on Schedule 10.2;d 
 (e) the replacement, extension or renewal of any
Lien permitted by clause (c), (d), (f) or (j) of this Section 10.2 in each case upon or in the same assets theretofore subject to such Lien or the replacement, extension or renewal (without any increase in the amount of Indebtedness
secured thereby); 
 (f) Liens existing on the assets of any Person that becomes a Subsidiary, or existing on
assets acquired, pursuant to an Investment permitted pursuant to Section 10.5 to the extent the Liens on such assets secure Indebtedness permitted by Section 10.1(h), provided that such Liens attach at all times only to the same
assets that such Liens attached to, and secure only the same Indebtedness that such Liens secured, immediately prior to such Investment and were not created in contemplation thereof; 

(g) additional Liens on assets that do not constitute Collateral so long as the aggregate principal amount of the
obligations so secured does not exceed the greater of (x) $10.0 million and (y) 0.75% of Total Assets; 

(h) Liens on Fixed Asset Collateral securing Indebtedness and other obligations incurred pursuant to Section 10.1(i),
so long as such Liens are subject to the Intercreditor Agreement in the capacity of “Notes Obligations” or “Other Pari Passu Lien Obligations” and are granted pursuant to one or more Fixed Asset Security Documents or are junior
to the Liens securing the Obligations; 
 (i) if such Liens are on assets of a Credit Party, solely to the extent
such Liens are subordinate to the Liens securing the Obligations on terms reasonably satisfactory to the Administrative Agent, Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to RailAmerica or another Restricted
Subsidiary permitted to be incurred under Section 10.1(b); 
 (j) so long as such Liens are subject to the
Intercreditor Agreement in the capacity of “Notes Obligations” or “Other Pari Passu Lien Obligations” and are granted pursuant to one or more Fixed Asset Security Documents or are junior to the Liens securing

  
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the Obligations, Liens on Fixed Asset Collateral; provided that, on a Pro Forma Basis after giving effect to the incurrence of such Indebtedness, (x) the Consolidated Senior Secured
Debt to Consolidated EBITDA Ratio as of the date of incurrence of such Indebtedness would have been less than or equal to 4.00 to 1.00 and (y) the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio as of the date of incurrence of
such Indebtedness would have been less than or equal to 3.50 to 1.00; and 
 (k) so long as such Liens are
subject to the Intercreditor Agreement in the capacity of “Notes Obligations” or “Other Pari Passu Lien Obligations” and are granted pursuant to one or more Fixed Asset Security Documents or are junior to the Liens securing the
Obligations, Liens on Fixed Asset Collateral securing Indebtedness permitted to be incurred pursuant Section 10.1; provided that the proceeds of such Indebtedness are used solely to finance the purchase or acquisition of Railroad Assets
or Equity Interests of a Person 90% of whose assets are Railroad Assets (and/or the repayment of Acquired Debt and/or fees and expenses incurred in connection therewith) and, in each case, such Railroad Assets or the assets of such Person, as the
case may be, are pledged as Fixed Asset Collateral and such Person becomes a Subsidiary Guarantor, and the principal amount of such Indebtedness does not exceed four times the Consolidated EBITDA of such Railroad Assets or Person (determined as of
any references in the definition of Consolidated EBITDA to RailAmerica were to such Railroad Assets or such Person) for the most recently ended four full fiscal quarters for which internal statements are available (with such pro forma adjustments
for such acquisition or purchase as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Pro Forma Basis), without duplication of the Consolidated EBITDA of such Railroad Assets or Person included in
the calculation of the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio or the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio for purposes of any Lien incurred under Section 10.2(j). 

Notwithstanding the foregoing, none of the Liens permitted pursuant to this Section 10.2 may at any time attach to any Credit
Party’s Accounts, other than involuntary Permitted Liens and those permitted under clause (a) above. 
 10.3.
Limitation on Fundamental Changes. RailAmerica will not, and will not permit any of the Restricted Subsidiaries to, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or
dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all its business units, assets or other properties, except that: 

(a) any Subsidiary of RailAmerica or any other Person may be merged or consolidated with or into any Borrower;
provided that (i) such Borrower shall be the continuing or surviving corporation, or the Person formed by or surviving any such merger or consolidation (if other than such Borrower) shall be an entity organized or existing under the laws
of the United States, any state thereof or the District of Columbia (such Person, other than a Borrower, being herein referred to as the “Successor Credit Party”); (ii) the Successor Credit Party shall expressly assume all the
obligations of such Borrower under this Agreement and the other Credit Documents pursuant to a supplement hereto 

  
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or thereto in form reasonably satisfactory to the Administrative Agent; (iii) no Default or Event of Default would result from the consummation of such merger or consolidation; and
(iv) RailAmerica shall have delivered to the Administrative Agent, the Collateral Agent and the Fixed Asset Collateral Agent an Officer’s Certificate and an opinion of counsel, each stating that such merger or consolidation and such
supplement to this Agreement or any Security Document comply with this Agreement; provided further that if the foregoing are satisfied, the Successor Credit Party will succeed to, and be substituted for, such Borrower under this
Agreement; 
 (b) any Subsidiary of RailAmerica (other than RATC) or any other Person may be merged, amalgamated
or consolidated with or into any one or more Subsidiaries of RailAmerica; provided that (i) in the case of any merger or consolidation involving one or more Restricted Subsidiaries, (A) a Restricted Subsidiary shall be the
continuing or surviving corporation or (B) RailAmerica shall take all steps necessary to cause the Person formed by or surviving any such merger or consolidation (if other than a Restricted Subsidiary) to become a Restricted Subsidiary;
(ii) in the case of any merger, amalgamation or consolidation involving one or more Subsidiary Guarantors, a Subsidiary Guarantor shall be the continuing or surviving corporation or the Person formed by or surviving any such merger,
amalgamation or consolidation (if other than a Subsidiary Guarantor), (A) shall be an entity organized under the laws of the United States, any state thereof or the District of Columbia and (B) shall execute a supplement to the Guarantee
Agreement and each of the Security Agreements, in form and substance reasonably satisfactory to the Administrative Agent in order to become a Subsidiary Guarantor and pledgor and grantor of Collateral for the benefit of the Secured Parties;
(iii) no Default or Event of Default would result from the consummation of such merger, amalgamation or consolidation; and (iv) RailAmerica shall have delivered to the Administrative Agent, the Collateral Agent and the Fixed Asset
Collateral Agent an Officers’ Certificate and opinion of counsel each stating that such merger, amalgamation or consolidation and such supplements to any Security Document comply with this Agreement; 

(c) any Restricted Subsidiary that is not a Subsidiary Guarantor may sell, lease, transfer or otherwise dispose of any or
all of its assets (upon voluntary liquidation or otherwise) to a Borrower or any other Restricted Subsidiary; 

(d) any Subsidiary Guarantor may sell, lease, transfer or otherwise dispose of any or all of its assets (upon voluntary
liquidation or otherwise) to a Borrower or any Subsidiary Guarantor; 
 (e) any Restricted Subsidiary (other than
RATC) may liquidate or dissolve if (x) RailAmerica determines in good faith that such liquidation or dissolution is in the best interests of RailAmerica and is not materially disadvantageous to the Lenders and (y) to the extent such
Restricted Subsidiary is a Credit Party, any assets or business not otherwise disposed of or transferred in accordance with Section 10.4 or 10.5, or, in the case of any such business, discontinued without being disposed of or transferred, shall
be transferred to, or otherwise owned or conducted by, another Credit Party after giving effect to such liquidation or dissolution; 

  
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 (f) any merger, dissolution, liquidation, consolidation or disposition of a
Subsidiary, the purpose of which is to effect (i) a disposition permitted by Section 10.4 (other that Section 10.4(d)) shall be permitted or (ii) any Investment permitted by Section 10.5 shall be permitted; and 

(g) RailAmerica and its Restricted Subsidiaries may not sell all or substantially all of their assets unless (x) each
Lender consents thereto and (y)(A) RailAmerica is the surviving corporation or (B) the Person formed by or surviving any such consolidation or merger (if other than RailAmerica) or to which such sale, assignment, transfer, lease, conveyance or
other disposition will have been made is a Person organized or existing under the laws of the United States, any state thereof or the District of Columbia (such Person being herein called the “Successor”) and the Successor expressly
assumes all the obligations of RailAmerica under Credit Documents pursuant to documentation and instruments reasonably satisfactory to the Administrative Agent; provided further that the Borrower agrees to provide any documentation and
other information about the Successor as shall have been reasonably requested in writing by any Lender through the Administrative Agent that such Lender shall have reasonably determined is required by regulatory authorities under applicable
“know your customer” and anti-money laundering rules and regulations, including without limitation the USA Patriot Act. 
 10.4. Limitation on Sale of Assets. RailAmerica will not, and will not permit any of the Restricted Subsidiaries to, (i) convey, sell, lease, assign, transfer or otherwise dispose of any of
its property, business or assets (including receivables and leasehold interests), whether now owned or hereafter acquired or (ii) sell to any Person any shares owned by it of any Restricted Subsidiary’s capital stock, except that:

 (a) RailAmerica and the Restricted Subsidiaries may sell, transfer or otherwise dispose of used, obsolete,
damaged, worn out or surplus equipment, vehicles, inventory and other assets in the ordinary course of business or any disposition of abandoned rail lines or abandoned property or any disposition of inventory or goods held for sale in the ordinary
course of business; 
 (b) RailAmerica and the Restricted Subsidiaries may sell, transfer or otherwise dispose of
other assets for at least Fair Market Value of the assets sold or otherwise disposed of; provided that (i) the consideration received for any such sales, transfers and disposals shall consist of not less than 75% cash consideration or
Permitted Investments; provided that for the purposes of this clause (i) the following shall be deemed to be cash: (A) any liabilities (as shown on RailAmerica’s or such Restricted Subsidiary’s most recent balance sheet
provided hereunder or in the footnotes thereto) of RailAmerica or such Restricted Subsidiary assumed by the transferee with respect to the applicable sale, transfer or disposal, as to which RailAmerica and all of the Restricted Subsidiaries shall
have been released by all applicable creditors in writing, other than liabilities that are by their terms (1) subordinated to the payment in cash of the Obligations or (2) in the case of a sale by a Borrower or a Subsidiary Guarantor, not
secured by the assets that are the subject of such sale, transfer or disposal, (B) any securities received by the Person making such sale, transfer or disposal from the transferee that are converted by such Person into

  
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cash (to the extent of the cash received) within 180 days following the closing of the applicable sale, transfer or disposal and (C) any Designated Non-Cash Consideration received by
RailAmerica or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause (C) that is at that time outstanding, not to
exceed the greater of (x) $45.0 million and (y) 3.0% of Total Assets at the time of the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at
the time received and without giving effect to subsequent changes in value; and (ii) after giving effect to any such sale, transfer or disposition, no Default or Event of Default shall have occurred and be continuing; provided
further that, unless a prepayment of Loans is made pursuant to Section 5.2, the Net Proceeds thereof are used within 365 days of the date such Net Proceeds are received by RailAmerica or a Restricted Subsidiary to make an Investment in
(a) any one or more businesses; provided that such Investment in any business is in the form of the acquisition of Equity Interests and results in RailAmerica or a Restricted Subsidiary, as the case may be, owning an amount of the Equity
Interests of such business such that it constitutes a Restricted Subsidiary, (b) capital expenditures or (c) acquisitions of other assets, in each of (a), (b) and (c), used or useful in a Similar Business; provided
further, that, in the case of each of (a), (b) and (c), to the extent the disposition giving rise to such Net Proceeds was of (I) Fixed Asset Collateral, such Investment is concurrently added to the Fixed Asset Collateral and (II)
Revolving Loan Collateral, such Investment is concurrently added to the Revolving Loan Collateral; provided further the Net Proceeds from any such Asset Sale pursuant to this Section 10.4(b) of Fixed Asset Collateral are paid
directly by the purchaser thereof to the Fixed Asset Collateral Agent to be held in trust in an Asset Sale Proceeds Account for application in accordance with the terms of this Agreement; provided further that RailAmerica shall
immediately after or prior to opening or designating any account or an Asset Sale Proceeds Account send a written notice identifying such account to the Administrative Agent and the Fixed Asset Collateral Agent; provided further that
the Asset Sale Proceeds Account shall not be subject to any Liens, other than the Lien of the Fixed Asset Collateral Agent; provided further that neither RailAmerica nor any Restricted Subsidiary shall commingle the amounts in the
Asset Sale Proceeds Account with any other amounts, other than any other proceeds of an Asset Sale or other sale of Fixed Asset Collateral; provided further that the proceeds of any Asset Sale permitted by Section 10.4 (other than
this Section 10.4(b)) shall not be required to be deposited in the Asset Sale Proceeds Account; 
 (c)
RailAmerica and the Restricted Subsidiaries may make sales of assets to RailAmerica or to any Restricted Subsidiary; provided that no sale of any assets by any Borrower or any Subsidiary Guarantor to any Restricted Subsidiary that is not RATC
or a Subsidiary Guarantor shall be permitted pursuant to this clause (c); 
 (d) (i) mergers, liquidations and
transfers of all or substantially all assets permitted by Section 10.3, (ii) Investments permitted by Section 10.5 and (iii) Restricted Payments permitted by Section 10.6, in each case, shall be permitted; 

  
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 (e) RailAmerica and the Restricted Subsidiaries may sell without recourse
Accounts arising in the ordinary course of business in connection with the compromise, settlement, collection thereof or conversion of Accounts to notes receivable; 

(f) sales, transfers, assignments or other dispositions resulting from any casualty or condemnation of any assets of
RailAmerica or any of its Subsidiaries; 
 (g) the lease, assignment, sublease or license of any real or personal
property in the ordinary course of business; 
 (h) any sale if Equity Interests in, or Indebtedness and other
securities of, an Unrestricted Subsidiary; and 
 (i) RailAmerica and the Restricted Subsidiaries may effect the
unwinding of any Hedge Agreement. 
 10.5. Limitation on Investments. RailAmerica will not, and will not permit any of
the Restricted Subsidiaries to, make any advance, loan, extensions of credit or capital contribution to, or purchase any stock, bonds, notes, debentures or other securities of or any assets of, or make any other investment (including pursuant to any
Guarantee Obligation with respect to the obligations of another Person) (“Investments”) in, any Person, except: 
 (a) extensions of trade credit and asset purchases in the ordinary course of business; 
 (b) Permitted Investments; 
 (c) loans and advances to officers,
directors and employees of RailAmerica or any of its Subsidiaries (i) to finance the purchase of Equity Interests of RailAmerica (so long as the proceeds of such loans or advances are directly reinvested in RailAmerica upon the consummation of
such purchase) and (ii) for additional purposes not contemplated by subclause (i) above in an aggregate principal amount at any time outstanding with respect to this clause (ii) not exceeding $5.0 million; 

(d) Investments existing on the Closing Date and listed on Schedule 10.5 and any extensions, renewals or
reinvestments with respect to any return therefrom (including through a repayment, return of capital, interest or dividends) (but without any increase in the amount thereof and in the case of any reinvestment, only if such reinvestment is made
within 60 days after the date of receipt of any such returned amount); 
 (e) Hedge Agreements permitted by
Section 10.1(g); 
 (f) Investments received in connection with the bankruptcy or reorganization of
suppliers or customers and in settlement of delinquent obligations of, and other disputes with, customers arising in the ordinary course of business or received as a result of a foreclosure by RailAmerica or any Restricted Subsidiary with respect to
any secured Investment or other transfer of title with respect to any secured Investment in default; 

  
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 (g) Investments to the extent that payment for such investments is made
solely with Qualified Capital Stock of RailAmerica; 
 (h) Investments constituting non-cash proceeds of sales,
transfers and other dispositions of assets to the extent permitted by Section 10.4; 
 (i) (i) Investments
in RailAmerica, RATC or any Subsidiary Guarantor, (ii) Investments by any Restricted Subsidiary that is not RATC or a Subsidiary Guarantor in any other Restricted Subsidiary that is not RATC or a Subsidiary Guarantor and (iii) Investments
by RailAmerica, RATC or any Subsidiary Guarantor in any Restricted Subsidiary that is not RATC or a Subsidiary Guarantor in an aggregate principal amount not to exceed the greater of (x) 3.0% of Total Assets and (y) $50.0 million at any
time outstanding; 
 (j) Permitted Acquisitions; 

(k) additional Investments in an aggregate amount, taken together with all other Investments made pursuant to this clause
(k) that are at that time outstanding not to exceed the greater of (x) $25.0 million and (y) 2.0% of Total Assets at the time of such Investment; 
 (l) any Investment in a Similar Business in an aggregate amount, taken together with all other Investments made pursuant to this clause (l) that are at that time outstanding, not to exceed the
greater of (x) $50.0 million and (y) 3.0% of Total Assets at the time of such Investment; 
 (m) any
Investment in one or more Unrestricted Subsidiaries in an aggregate amount, taken together with all other Investments made pursuant to this clause (m) that are at that time outstanding, not to exceed the greater of (x) $10.0 million and
(y) 0.75% of Total Assets at the time of such Investment; 
 (n) Investments constituting Restricted
Payments permitted by Section 10.6; 
 (o) Investments made using the Available Amount Basket; 

(p) any Investment in securities or other assets not constituting cash or Permitted Investments and received in connection
with an Asset Sale made pursuant to Section 10.4; 
 (q) loans to officers, directors and employees for
business-related travel expenses, moving expenses and other similar expenses, in each case incurred in the ordinary course of business; 
 (r) Investments consisting of purchases and acquisitions of inventory, supplies, material or equipment or the licensing or contribution of intellectual property pursuant to joint marketing arrangements
with other Persons other than Affiliates, in each case in the ordinary course of business; 

  
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 (s) endorsements for collection or deposit in the ordinary course of
business; 
 (t) any Investments received in compromise or resolution of (A) obligations of trade creditors
or customers that were incurred in the ordinary course of business of RailAmerica or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor
or customer; or (B) litigation, arbitration or other disputes with Persons who are not Affiliates; 
 (u)
any Investment in a Person (other than RailAmerica or a Restricted Subsidiary) pursuant to the terms of any agreements in effect on the Closing Date and set forth on Schedule 10.5 and any Investment that replaces, refinances or refunds an existing
Investment; provided that the new Investment is in an amount that does not exceed the amount replaced, refinanced or refunded (after giving effect to write-downs or write-offs with respect to such Investment), and is made in the same Person
as the Investment replaced, refinanced or refunded; 
 (v) endorsements for collection or deposit in the ordinary
course of business; and 
 (w) Investments made with Excluded Contributions. 

All Investments shall be measured as of the date made without any adjustments for any subsequent increase or decrease in the value
thereof, but shall be deemed reduced to the extent returned to a Credit Party in the form in which such Investment was originally made (or in cash). 
 10.6. Limitation on Restricted Payments. RailAmerica will not, and will not permit any of the Restricted Subsidiaries to make any Restricted Payment, except for: 

(a) the payment of any dividend or distribution constituting a Restricted Payment within 60 days after the date of
declaration thereof, if at the date of declaration such Restricted Payment would have complied with the provisions of this Agreement; 
 (b) any Restricted Payment in exchange for, or out of the proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary) of, Equity Interests of RailAmerica (other than any
Disqualified Capital Stock) (“Refunding Capital Stock”) and (B) if immediately prior to the redemption, repurchase, retirement or other acquisition of any Equity Interests of RailAmerica (“Retired Capital
Stock”) the Fixed Charge Coverage Ratio for the last Test Period at the end of which Section 9.1 Financials were required to have been delivered would have been at least 2.00 to 1.00, the declaration and payment of dividends on the
Refunding Capital Stock in an aggregate amount per year no greater than the aggregate amount of dividends per annum that was declarable and payable on such Retired Capital Stock immediately prior to such retirement; 

(c) a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of common
Equity Interests of RailAmerica held by any future, 

  
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present or former employee, director or consultant of RailAmerica or any of its Subsidiaries pursuant to any management equity plan or stock option plan or any other management or employee
benefit plan or other agreement or arrangement; provided, however, that the aggregate Restricted Payments made under this clause (c) do not exceed in any calendar year $5.0 million (with unused amounts in any calendar year being
carried over to succeeding calendar years subject to a maximum (without giving effect to the following proviso) of $10.0 million in any calendar year); provided further that such amount in any calendar year may be increased by an
amount not to exceed: 
 (i) the cash proceeds from the sale of Qualified Capital Stock of RailAmerica to members
of management, directors or consultants of RailAmerica or any of its Subsidiaries that occurred after the Closing Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied as a use of the Available
Amount Basket; plus 
 (ii) the cash proceeds of key man life insurance policies received by RailAmerica
and its Restricted Subsidiaries since the Closing Date; less 
 (iii) the amount of any Restricted
Payments previously made pursuant to clauses (i) and (ii) of this Section 10.6(c); 
 provided that
RailAmerica may elect to apply all or any portion of the aggregate increase contemplated by subclauses (i) and (ii) above in any calendar year; 
 (d) the declaration and payment of dividends to holders of any class or series of Disqualified Capital Stock of RailAmerica or any other Restricted Subsidiary issued in accordance with Section 10.1,
to the extent such dividends are included in clauses (ii) and (iii) of the definition of Fixed Charge Coverage Ratio; 
 (e) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Capital Stock) issued by RailAmerica after the Closing Date;
provided that the aggregate amount of dividends paid pursuant to this clause (e) shall not exceed the aggregate amount of cash actually received by RailAmerica from the sale of such Designated Preferred Stock; provided,
however, that for the most recent Test Period at the end of which Section 9.1 Financials were required to be delivered, after giving effect to such issuance on a pro forma basis, RailAmerica and the Restricted Subsidiaries would have had
a Fixed Charge Coverage Ratio of at least 2.00 to 1.00; 
 (f) repurchases of Equity Interests of RailAmerica
deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (g) the payment of dividends on RailAmerica’s Common Stock after the Issue Date, of up to 6% per annum of the net cash proceeds received by RailAmerica in any public offering of its Common Stock
following June 23, 2009 (other than (x) public offerings 

  
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registered on Form S-8, (y) any public sale constituting an Excluded Contribution and (z) any net cash proceeds used to incur Indebtedness pursuant to Section 10.1(k)); 

(h) Restricted Payments that are made with Excluded Contributions; 

(i) other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to
this Section 10.6(i) not to exceed $50.0 million in the aggregate; 
 (j) Restricted Payments by RailAmerica
or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 

(k) the purchase by the Company of fractional shares arising out of stock dividends, splits or combinations or business
combinations; 
 (l) Restricted Payments made from the Available Amount Basket; 

provided, however, that at the time of, and after giving effect to, any Restricted Payment made pursuant to clause (c), (d), (e),
(g) or (i) of this Section 10.6, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 
 10.7. Limitations on Debt Payments and Certain Amendments. 
 (a)
RailAmerica will not, and will not permit any of the Restricted Subsidiaries to, make directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of (or in respect of) any principal of any Indebtedness
incurred or outstanding pursuant to Section 10.1(k), (i) or 10.1(m), or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any Indebtedness incurred pursuant to Section 10.1(k), (i) or 10.1(m); provided that such payments will be allowed (A) to the extent made from the Available
Amount Basket or (B) to the extent both immediately before and immediately after giving effect to such payment, (i) no Default or Event of Default shall have occurred and be continuing and (ii) the Consolidated Total Debt to
Consolidated EBITDA Ratio would be less than 4.0 to 1.0; provided that this clause (B) shall not apply to payments of Indebtedness that is subordinated in right of payment to any of the Obligations. 

(b) RailAmerica will not, and will not permit any Restricted Subsidiary, to amend, modify or waive any of its rights under any agreement
governing or relating to any Indebtedness which is subordinated to the Obligations to the extent any such amendment, modification or waiver would be materially adverse to the Lenders. RailAmerica will not amend the terms of any Indebtedness incurred
or outstanding pursuant to Section 10.1(i), (k) or (m) in a manner that would accelerate the date on which RailAmerica is required to make any payment of principal or interest or any other amount thereon. 

10.8. [Reserved]. 

  
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 10.9. Financial Covenant. (i) Immediately before and after giving effect to any
Credit Event, the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio shall not be greater than the applicable level set forth below; and (ii) so long as any Revolving Credit Loans, any Swingline Loans, any Letters of Credit or Unpaid
Drawings are outstanding as of the last day of any Test Period, the Borrowers shall not permit the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio as of the last day of such Test Period to be greater than the applicable level set forth
below (for the avoidance of doubt, when determining the tests above, the levels in the table below shall apply during each full quarter referenced below and not merely at the end of any Test Period): 

 

									
	 Year
	 	 First Quarter
	 	 Second Quarter
	 	 Third Quarter
	 	 Fourth Quarter

	 2011
	 	N/A	 	N/A	 	5.00:1.00	 	5.00:1.00
	 2012
	 	5.00:1.00	 	4.75:1.00	 	4.75:1.00	 	4.50:1.00
	 2013
	 	4.50:1.00	 	4.25:1.00	 	4.25:1.00	 	4.00:1.00
	 2014
	 	4.00:1.00	 	4.00:1.00	 	4.00:1.00	 	3.75:1.00
	 2015
	 	3.75:1.00	 	3.75:1.00	 	3.75:1.00	 	3.50:1.00
	 Thereafter
	 	3.50:1.00	 	3.50:1.00	 	3.50:1.00	 	3.50:1.00

 10.10. Transactions with Affiliates. 

(a) RailAmerica will not, and will not permit any of its Restricted Subsidiaries to, sell, lease or otherwise transfer any property or
assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates involving aggregate payments or consideration in excess of $5.0 million (provided that
any such transaction involving aggregate payments or consideration in an amount less than $5.0 million shall not involve the sale, lease or transfer of any property or assets constituting Collateral), unless (i) such transactions are at prices
and on terms and conditions not materially less favorable to RailAmerica or such Restricted Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties and (ii) RailAmerica delivers to the Administrative Agent
with respect to any such transaction or series of related transactions involving aggregate payments or consideration in excess of $10.0 million, a resolution adopted by the majority of the Board of Directors of RailAmerica approving such transaction
and a certificate of an Authorized Officer of RailAmerica certifying that such transaction complies with clause (a) hereof. 
 (b) The provisions of paragraph (a) will not apply to: 
 (i)
transactions between or among RailAmerica and/or any of the Restricted Subsidiaries; 
 (ii) Restricted Payments
permitted by Section 10.6 and Investments made pursuant to Section 10.5(c), (g), (i), (m) or (n); 

(iii) the payment of management, consulting, monitoring and advisory fees and related expenses to Sponsor and its
Affiliates in an aggregate amount in any fiscal year not to exceed an amount per annum equal to $2.0 million; 

  
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 (iv) the payment of reasonable and customary fees paid to, and indemnities
provided on behalf of, officers, directors, employees or consultants of RailAmerica or any Restricted Subsidiary; 
 (v) payments by RailAmerica or any Restricted Subsidiary to Sponsor and its Affiliates made for any financial advisory, financing, underwriting or placement services or in respect of other investment
banking activities, including, without limitation, in connection with acquisitions or divestitures, which payments are approved by a majority of the Board of Directors of RailAmerica in good faith; 

(vi) transactions in which RailAmerica or any Restricted Subsidiary, as the case may be, delivers to the Administrative
Agent a letter from an Independent Financial Advisor stating that such transaction is fair to RailAmerica or such Restricted Subsidiary from a financial point of view or meets the requirements of Section 10.10(a); 

(vii) payments or loans (or cancellation of loans) to employees or consultants of RailAmerica, any of its direct or
indirect parents or any Restricted Subsidiary which are approved by a majority of the Board of Directors of RailAmerica in good faith; 
 (viii) any agreement as in effect as of the Closing Date or any amendment thereto (so long as any such amendment, taken as a whole, is no less favorable to RailAmerica and its Restricted Subsidiaries than
the agreement in effect on the date of RailAmerica (as determined by the Board of Directors of RailAmerica in good faith)); 
 (ix) the existence of, or the performance by RailAmerica or any of its Restricted Subsidiaries of its obligations under the terms of any stockholders agreement (including any registration rights agreement
or purchase agreement related thereto) to which it is a party as of the Closing Date and any similar agreements which it may enter into thereafter; provided, however, that the existence of or the performance by RailAmerica or any
Restricted Subsidiary of obligations under any future amendment to any such existing agreement or under any similar agreement entered into after the Issue Date shall only be permitted by this clause (ix) to the extent that the terms of any such
amendment or new agreement, taken as a whole, is no less favorable to RailAmerica and its Restricted Subsidiaries than the agreement in effect on the Closing Date (as determined by the Board of Directors of RailAmerica in good faith); 

(x) transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the
ordinary course of business and otherwise in compliance with the terms of this Agreement which are fair to RailAmerica and the Restricted Subsidiaries, in the reasonable determination of the Board of Directors of RailAmerica or the senior management
thereof, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party (as determined by the Board of Directors of RailAmerica in good faith); 

(xi) the issuance of Equity Interests (other than Disqualified Capital Stock) of RailAmerica to any Affiliate of
RailAmerica; 

  
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 (xii) transactions or payments pursuant to any employee, officer or director
compensation or benefit plans, employment agreements, severance agreement, indemnification agreements or any similar arrangements entered into in the ordinary course of business or approved in good faith by the Board of Directors of RailAmerica;

 (xiii) transactions in the ordinary course with (i) Unrestricted Subsidiaries or (ii) joint ventures
in which RailAmerica or a Subsidiary of RailAmerica holds or acquires an ownership interest (whether by way of Equity Interests or otherwise) so long as the terms of any such transactions are no less favorable to RailAmerica or the Subsidiary
participating in such joint ventures than they are to other joint venture partners; 
 (xiv) transactions with a
Person (other than an Unrestricted Subsidiary of RailAmerica) that is an Affiliate of RailAmerica solely because RailAmerica owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person; and 

(xv) payments permitted pursuant to tax sharing agreements among RailAmerica and its Restricted Subsidiaries. 

10.11. Restrictive Agreements. RailAmerica will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of RailAmerica or any Restricted Subsidiary to create, incur or permit to exist any Lien
upon any of its property or assets, or (b) the ability of any Restricted Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to RailAmerica or any other
Restricted Subsidiary or to Guarantee Indebtedness of RailAmerica or any other Restricted Subsidiary; provided that: 
 (a) the foregoing shall not apply to (i) restrictions and conditions imposed by law or by this Agreement, (ii) restrictions and conditions existing on the Closing Date, (iii) restrictions
and conditions imposed on a Person by any indenture, agreement or other contractual arrangement that was in effect at the time such Person became a Restricted Subsidiary, or imposed on any property that was in effect at the time such property was
acquired, and in each case not entered into in contemplation of such Person becoming such a Restricted Subsidiary or such property being acquired, (iv) customary restrictions and conditions contained in agreements relating to the sale of a
Restricted Subsidiary pending such sale; provided such restrictions and conditions apply only to the Restricted Subsidiary that is to be sold and such sale is permitted hereunder and (v) restrictions and conditions imposed upon
RailAmerica or any of its Subsidiaries pursuant to Indebtedness incurred pursuant to Section 10.1(m) that are not materially more burdensome taken as a whole than that those in this Agreement and the Secured Note Indenture, respectively; and

 (b) clause (a) of the foregoing shall not apply to (x) restrictions or conditions imposed by any
agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing such Indebtedness and (y) customary provisions in leases and other contracts restricting the
assignment thereof. 

  
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 10.12. Changes in Business. RailAmerica and the Subsidiaries, taken as a whole, will
not fundamentally and substantively alter the character of their business, taken as a whole, from the business conducted by RailAmerica and the Subsidiaries, taken as a whole, on the Closing Date and other business activities incidental or related
to any of the foregoing. 
 10.13. Limitation on Issuance of Capital Stock. RailAmerica will not permit any of the
Restricted Subsidiaries to issue any Equity Interest (including by way of sales of treasury stock) or any options or warrants to purchase, or securities convertible into, any Equity Interest, except (a) for stock splits, stock dividends and
additional issuances of Equity Interests which do not decrease the percentage ownership of RailAmerica or any Restricted Subsidiaries in any class of the Equity Interest of such Restricted Subsidiary; and (b) Restricted Subsidiaries of
RailAmerica formed after the Closing Date may issue Equity Interests to RailAmerica or the Restricted Subsidiary of RailAmerica which is to own such Equity Interests. 
 SECTION 11. Events of Default 
 Upon the occurrence of any of the following
specified events (each an “Event of Default”): 
 11.1. Payments. Each Borrower shall (a) default
in the payment when due of any principal of the Loans or (b) default, and such default shall continue for five or more days, in the payment when due of any interest on the Loans or any Fees or any Unpaid Drawings or of any other amounts owing
hereunder or under any other Credit Document; or 
 11.2. Representations, etc. Any representation, warranty or statement
made or deemed made by any Credit Party herein or in any Credit Document or any certificate delivered or required to be delivered pursuant hereto or thereto shall prove to be untrue in any material respect on the date as of which made or deemed
made; or 
 11.3. Covenants. Any Credit Party shall (a) default in the due performance or observance by it of any
term, covenant or agreement contained in Section 2.14(b), Section 9.1(f)(i), Section 9.13, Section 9.16, Section 9.17 or Section 10 or (b) default in the due performance or observance by it of any term, covenant or
agreement (other than those referred to in Section 11.1 or 11.2 or clause (a) of this Section 11.3) contained in this Agreement or any Credit Document and such default shall continue unremedied for a period of at least 30 days after
receipt of written notice by RailAmerica from the Administrative Agent or the Required Lenders; or 
 11.4. Default Under
Other Agreements. (a) RailAmerica or any of the Restricted Subsidiaries shall (i) default in any payment with respect to any Indebtedness (other than the Obligations) having a principal amount in excess of $10.0 million individually or
in the aggregate for RailAmerica and such Subsidiaries, beyond the period of grace, if any provided in the instrument or agreement under which such Indebtedness was created or (ii) default in the observance or performance of any agreement or
condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause,
or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such 

  
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holder or holders) to cause, any such Indebtedness to become due (or to cause RailAmerica or any of its Restricted Subsidiaries to purchase any such Indebtedness) prior to its stated maturity; or
(b) without limiting the provisions of clause (a) above, any such Indebtedness shall be declared to be due and payable, or required to be prepaid other than by a regularly scheduled required prepayment or as a mandatory prepayment, prior
to the stated maturity thereof; or 
 11.5. Bankruptcy, etc. Either Borrower or any Specified Subsidiary shall commence a
voluntary case, proceeding or action concerning itself under (a) Title 11 of the United States Code entitled “Bankruptcy,” or (b) in the case of any Foreign Subsidiary that is a Specified Subsidiary, any domestic or foreign law
relating to bankruptcy, insolvency reorganization or relief of debtors legislation of its jurisdiction of incorporation, in each case as now or hereafter in effect, or any successor thereto (collectively, the “Bankruptcy Code”); or
an involuntary case, proceeding or action is commenced against either Borrower or any Specified Subsidiary and the petition is not controverted within 10 days after commencement of the case, proceeding or action; or an involuntary case, proceeding
or action is commenced against either Borrower or any Specified Subsidiary and the petition is not dismissed within 60 days after commencement of the case, proceeding or action; or a custodian (as defined in the Bankruptcy Code) receiver, receiver
manager, trustee or similar person is appointed for, or takes charge of, all or substantially all of the property of either Borrower or any Specified Subsidiary; or either Borrower or any Specified Subsidiary commences any other proceeding or action
under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to either Borrower or any Specified Subsidiary; or
there is commenced against either Borrower or any Specified Subsidiary any such proceeding or action that remains undismissed for a period of 60 days; or either Borrower or any Specified Subsidiary is adjudicated insolvent or bankrupt; or any order
of relief or other order approving any such case or proceeding or action is entered; or either Borrower or any Specified Subsidiary suffers any appointment of any custodian receiver, receiver manager, trustee or the like for it or any substantial
part of its property to continue undischarged or unstayed for a period of 60 days; or either Borrower or any Specified Subsidiary makes a general assignment for the benefit of creditors; or any corporate action is taken by either Borrower or any
Specified Subsidiary for the purpose of effecting any of the foregoing; or 
 11.6. ERISA. (a) Any Plan shall fail
to satisfy the minimum funding standard required for any plan year or part thereof or a waiver of such standard or extension of any amortization period is sought or granted under Section 412 of the Code; any Plan is or shall have been
terminated or is the subject of termination proceedings under ERISA (including the giving of written notice thereof); an event shall have occurred or a condition shall exist in either case entitling the PBGC to terminate any Plan or to appoint a
trustee to administer any Plan (including the giving of written notice thereof); any Plan shall have an accumulated funding deficiency (whether or not waived); either Borrower or any Subsidiary or any ERISA Affiliate has incurred or is likely to
incur a liability to or on account of a Plan under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201 or 4204 of ERISA or Section 4971 or 4975 of the Code (including the giving of written notice thereof); (b) there could
result from any event or events set forth in clause (a) of this Section 11.6 the imposition of a lien, the granting of a security interest, or a liability, or the reasonable likelihood of incurring a lien, security interest or liability;
and (c) such 

  
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lien, security interest or liability will or would be reasonably likely to have a Material Adverse Effect; or 
 11.7. Guarantee. The Guarantee or any material provision thereof shall cease to be in full force or effect or any Guarantor thereunder or any Credit Party shall deny or disaffirm in writing any
Guarantor’s obligations under the Guarantee; or 
 11.8. Security Agreements. The Security Documents or any material
provision thereof shall cease to be in full force or effect, or shall cease to give the Collateral Agent (or, in the case of Fixed Asset Collateral, the Fixed Asset Collateral Agent), for the benefit of the Secured Parties, the Liens, rights, powers
and privileges purported to be created and granted under such Security Document (including a perfected first priority security interest in and Lien on all of the Collateral thereunder (except as otherwise expressly provided in such Security
Document)) in favor of the Collateral Agent or the Fixed Asset Collateral Agent, as the case may be (other than pursuant to the terms hereof or thereof or as a result of acts or omissions of the Administrative Agent or any Lender) or any grantor
thereunder or any Credit Party shall deny or disaffirm in writing any grantor’s obligations under the Security Agreements; or 
 11.9. Judgments. One or more judgments or decrees shall be entered against RailAmerica or any of the Restricted Subsidiaries involving a liability of $10.0 million or more individually or in the
aggregate for all such judgments and decrees for RailAmerica and the Restricted Subsidiaries (to the extent not paid or fully covered by insurance provided by a carrier not disputing coverage) and any such judgments or decrees shall not have been
satisfied, vacated, discharged or stayed or bonded pending appeal within 60 days from the entry thereof; or 
 11.10. Change
of Control. A Change of Control shall occur; 
 then, and in any such event, and at any time thereafter, if any Event of Default shall then
be continuing, the Administrative Agent shall, upon the written request of the Required Lenders, by written notice to RailAmerica, take any or all of the following actions, without prejudice to the rights of the Administrative Agent or any Lender to
enforce its claims against the Borrowers, except as otherwise specifically provided for in this Agreement (provided that, if an Event of Default specified in Section 11.5 shall occur with respect to either Borrower, the result that would
occur upon the giving of written notice by the Administrative Agent as specified in clauses (i), (ii) and (iv) below shall occur automatically without the giving of any such notice): (i) declare the Total Commitment terminated,
whereupon the Commitments and Swingline Commitment, if any, of each Lender or the Swingline Lender, as the case may be, shall forthwith terminate immediately and any Fees theretofore accrued shall forthwith become due and payable without any other
notice of any kind; (ii) declare the principal of and any accrued interest and fees in respect of all Loans and all Obligations owing hereunder and thereunder to be, whereupon the same shall become, forthwith due and payable without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Borrower; (iii) terminate any Letter of Credit that may be terminated in accordance with its terms; (iv) exercise rights and remedies under
the Credit Documents, at law or in equity; and/or (iv) direct each Borrower to pay (and each Borrower agrees that upon receipt of such notice, or upon the occurrence of an Event of Default specified in Section 11.5 with respect to such
Borrower, it will pay) to the Administrative Agent, at its Administrative Agent’s Office, such additional amounts of cash, to be held as security for the 

  
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Borrowers’ reimbursement obligations for Drawings that may subsequently occur thereunder, equal to the aggregate Stated Amount of all Letters of Credit issued and then outstanding.

 SECTION 12. The Agents 
 12.1. Appointment and Authority. Each Lender hereby irrevocably appoints Citibank, N.A.. to act on its behalf as the Administrative Agent and as the Collateral Agent hereunder and under the other
Credit Documents and authorizes the Agents to take such actions on its behalf and to exercise such powers as are delegated to the Agents by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The
provisions of this Article are solely for the benefit of the Agents and the Lenders, and neither the Borrowers nor any other Credit Party shall have rights as a third party beneficiary of any of such provisions. 

12.2. Agents Individually. 
 (a) Each Person serving as an Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent and the term
“Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each Person serving as an Agent hereunder in its individual capacity. Such Person and its Affiliates may accept
deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any Borrower or any Subsidiary or other Affiliate thereof as if such Person were not an Agent
hereunder and without any duty to account therefor to the Lenders. 
 (b) Each Lender understands that each Person serving an
Agent, acting in its individual capacity, and its Affiliates (collectively, the “Agent’s Group”) are engaged in a wide range of financial services and businesses (including investment management, financing, securities trading,
corporate and investment banking and research) (such services and businesses are collectively referred to in this Section 12 as “Activities”) and may engage in the Activities with or on behalf of one or more of the Credit
Parties or their respective Affiliates. Furthermore, the Agent’s Group may, in undertaking the Activities, engage in trading in financial products or undertake other investment businesses for its own account or on behalf of others (including
the Credit Parties and their Affiliates and including holding, for its own account or on behalf of others, equity, debt and similar positions in any Borrower, another Credit Party or their respective Affiliates), including trading in or holding
long, short or derivative positions in securities, loans or other financial products of one or more of the Credit Parties or their Affiliates. Each Lender understands and agrees that in engaging in the Activities, the Agent’s Group may receive
or otherwise obtain information concerning the Credit Parties or their Affiliates (including information concerning the ability of the Credit Parties to perform their respective Obligations hereunder and under the other Credit Documents) which
information may not be available to any of the Lenders that are not members of the Agent’s Group. No Agent nor any member of the Agent’s Group shall have any duty to disclose to any Lender or use on behalf of the Lenders, and shall not be
liable for the failure to so disclose or use, any information whatsoever about or derived from the Activities or otherwise (including any information concerning the business, prospects, operations, property, financial and other condition or
creditworthiness of any Credit Party or any Affiliate of any Credit Party) or to account for any revenue or profits obtained in connection with the Activities, except that each Agent shall deliver or otherwise make available to each Lender such

  
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documents as are expressly required by any Credit Document to be transmitted by such Agent to the Lenders. 
 (c) Each Lender further understands that there may be situations where members of the Agent’s Group or their respective customers (including the Credit Parties and their Affiliates) either now have
or may in the future have interests or take actions that may conflict with the interests of any one or more of the Lenders (including the interests of the Lenders hereunder and under the other Credit Documents). Each Lender agrees that no member of
the Agent’s Group is or shall be required to restrict its activities as a result of each Person serving as an Agent being a member of the Agent’s Group, and that each member of the Agent’s Group may undertake any Activities without
further consultation with or notification to any Lender. None of (i) this Agreement nor any other Credit Document, (ii) the receipt by the Agent’s Group of information (including Information) concerning the Credit Parties or their
Affiliates (including information concerning the ability of the Credit Parties to perform their respective Obligations hereunder and under the other Credit Documents) nor (iii) any other matter shall give rise to any fiduciary, equitable or
contractual duties (including without limitation any duty of trust or confidence) owing by the any Agent or any member of the Agent’s Group to any Lender including any such duty that would prevent or restrict the Agent’s Group from acting
on behalf of customers (including the Credit Parties or their Affiliates) or for its own account. 
 12.3. Duties of the
Agents; Exculpatory Provisions. 
 (a) Each Agent’s duties hereunder and under the other Credit Documents are solely
ministerial and administrative in nature and no Agent shall have any duties or obligations except those expressly set forth herein and in the other Credit Documents. Without limiting the generality of the foregoing, no Agent shall have any duty to
take any discretionary action or exercise any discretionary powers, but shall be required to act or refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written direction of the Required Lenders (or such
other number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents); provided that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose
such Agent or any of its Affiliates to liability or that is contrary to any Credit Document or applicable law. 
 (b) No Agent
shall be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as such Agent shall believe in good faith shall
be necessary, under the circumstances as provided in Section 13.1 or 11) or (ii) in the absence of its own gross negligence or willful misconduct. Each Agent shall be deemed not to have knowledge of any Default or Event of Default or the
event or events that give or may give rise to any Default or Event of Default unless and until the Borrowers or any Lender shall have given notice to such Agent describing such Default or Event of Default and such event or events. 

(c) No Agent nor any member of the Agent’s Group shall be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty, representation or other information made or supplied in or in connection with this Agreement or any other Credit Document; (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or
in connection herewith or therewith or the adequacy, accuracy and/or completeness of 

  
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the information contained therein; (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any
Default or Event of Default; (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or any other agreement, instrument or document or the perfection or priority of any Lien or security
interest created or purported to be created by the Collateral Documents, or (v) the satisfaction of any condition set forth in Sections 6 and 7 or elsewhere herein, other than (but subject to the foregoing clause (ii) to confirm receipt of
items expressly required to be delivered to such Agent. 
 (d) Nothing in this Agreement or any other Credit Document shall
require any Agent or any of its Related Parties to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender and each Lender confirms to each Agent that it is solely responsible for any such
checks it is required to carry out and that it may not rely on any statement in relation to such checks made by such Agent or any of its Related Parties. 
 12.4. Reliance by Agents. Each Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document
or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Each Agent also may rely upon
any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the
issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless an officer of the Administrative Agent responsible
for the transactions contemplated hereby shall have received notice to the contrary from such Lender prior to the making of such Loan or the issuance of such Letter of Credit, and, in the case of a Borrowing, such Lender shall not have made
available to the Administrative Agent such Lender’s ratable portion of such Borrowing. Each Agent may consult with legal counsel (who may be counsel for the Borrowers or any other Credit Party), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. No Agent shall be deemed to have knowledge of any Secured Cash Management Agreement or any
Secured Hedge Agreement unless and until it has received written notice thereof from the applicable Hedge Bank or Cash Management Bank. 
 12.5. Delegation of Duties. Each Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Credit Document by or through any one or more sub-agents
appointed by such Agent. Each Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. Each such sub-agent and the Related Parties of such Agent and each
such sub-agent shall be entitled to the benefits of all provisions of this Section 12 and Section 13.5 (as though such sub-agents were the “Administrative Agent” or “Collateral Agent” under the Credit Documents) as if
set forth in full herein with respect thereto. 

  
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 12.6. Resignation of Agents. 

(a) Each Agent may at any time give notice of its resignation to the Lenders and RailAmerica. Upon receipt of any such notice of
resignation, the Required Lenders shall have the right to appoint a successor, which shall be a bank with an office in New York City, or an Affiliate of any such bank with an office in New York City and which successor shall be subject to the
approval of RailAmerica (not to be unreasonably withheld or delayed) unless an Event of Default has occurred and is continuing. If no such successor shall have been so appointed by the Required Lenders in accordance with the foregoing sentence and
shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation (such 30-day period, the “Lender Appointment Period”), then the retiring Agent may on behalf of the Lenders, appoint a
successor Agent meeting the qualifications set forth above. In addition and without any obligation on the part of the retiring Agent to appoint, on behalf of the Lenders, a successor Agent, the retiring Agent may at any time upon or after the end of
the Lender Appointment Period notify the Borrowers and the Lenders that no qualifying Person has accepted appointment as successor Agent and the effective date of such retiring Agent’s resignation which effective date shall be no earlier than
three business days after the date of such notice. Upon the resignation effective date established in such notice and regardless of whether a successor Agent has been appointed and accepted such appointment, the retiring Agent’s resignation
shall nonetheless become effective and (i) the retiring Agent shall be discharged from its duties and obligations as Agent hereunder and under the other Credit Documents and (ii) all payments, communications and determinations provided to
be made by, to or through an Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this paragraph. Upon the acceptance of a successor’s appointment
as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties as Agent of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and
obligations as Agent hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable by the Borrowers to a successor Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrowers and such successor. After the retiring Agent’s resignation hereunder and under the other Credit Documents, the provisions of this Section and Section 13.5 shall continue in effect
for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as Agent. 

(b) Any resignation pursuant to this Section by a Person acting as Administrative Agent shall, unless such Person shall notify the
Borrowers and the Lenders otherwise, also act to relieve such Person and its Affiliates of any obligation to advance or issue new, or extend existing, Swingline Loans or Letters of Credit where such advance, issuance or extension is to occur on or
after the effective date of such resignation. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring Letter of Credit Issuer and Swingline Lender, (ii) the retiring Letter of Credit Issuer and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Credit Documents,
(iii) the successor Swingline Lender shall enter into an Assignment and Assumption and acquire from the retiring Swingline Lender each outstanding Swingline Loan of such retiring 

  
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Swingline Lender for a purchase price equal to par plus accrued interest and (iv) the successor Letter of Credit Issuer shall issue letters of credit in substitution for the Letters of
Credit, if any, outstanding at the time of such succession or make other arrangement satisfactory to the retiring Letter of Credit Issuer to effectively assume the obligations of the retiring Letter of Credit Issuer with respect to such Letters of
Credit. 
 In addition to the foregoing, if a Lender becomes, and during the period it remains, a Defaulting Lender or a
Potential Defaulting Lender, the Letter of Credit Issuer and/or the Swingline Lender may, upon prior written notice to RailAmerica and the Administrative Agent, resign as Letter of Credit Issuer or Swingline Lender, respectively, effective at the
close of business New York time on a date specified in such notice (which date may not be less than five (5) Business Days after the date of such notice); provided that such resignation by the Letter of Credit Issuer will have no effect
on the validity or enforceability of any Letter of Credit then outstanding or on the obligations of the Borrowers or any Lender under this Agreement with respect to any such outstanding Letter of Credit or otherwise to the Letter of Credit Issuer;
and provided, further, that such resignation by the Swingline Lender will have no effect on its rights in respect of any outstanding Swingline Loans or on the obligations of the Borrowers or any Lender under this Agreement with respect
to any such outstanding Swingline Loan. 
 Anything herein to the contrary notwithstanding, if at any time the Required Lenders
determine that the Person serving as Administrative Agent is (without taking into account any provision in the definition of “Defaulting Lender” or “Potential Defaulting Lender” requiring notice from the Administrative Agent or
any other party) a Defaulting Lender or a Potential Defaulting Lender, subject to the prior approval of RailAmerica (not to be unreasonably withheld or delayed) with respect to the appointment of the replacement Administrative Agent if no Event of
Default has occurred and is continuing, the Required Lenders (determined after giving effect to Section 13.1(c), may by notice to such Person remove such Person as Administrative Agent and appoint a replacement Administrative Agent hereunder.
Such removal will, to the fullest extent permitted by applicable law, be effective on the earlier of (i) the date a replacement Administrative Agent is appointed and (ii) the date 30 Business Days after the giving of such notice by the
Required Lenders (regardless of whether a replacement Administrative Agent has been appointed). Unless otherwise agreed by the Required Lenders (and, if no Event of Default has occurred and is continuing, with the approval of RailAmerica (not to be
unreasonably withheld or delayed)), upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring
Letter of Credit Issuer and Swingline Lender. 
 12.7. Non-Reliance on Agent and Other Lenders. 

(a) Each Lender confirms to each Agent, each other Lender and each of their respective Related Parties that it (i) possesses
(individually or through its Related Parties) such knowledge and experience in financial and business matters that it is capable, without reliance on any Agent, any other Lender or any of their respective Related Parties, of evaluating the merits
and risks (including tax, legal, regulatory, credit, accounting and other financial matters) of (x) entering into this Agreement, (y) making Loans and other extensions of credit hereunder and under the other Credit Documents and
(z) in taking or not taking actions hereunder and thereunder, 

  
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(ii) is financially able to bear such risks and (iii) has determined that entering into this Agreement and making Loans and other extensions of credit hereunder and under the other Credit
Documents is suitable and appropriate for it. 
 (b) Each Lender acknowledges that (i) it is solely responsible for making
its own independent appraisal and investigation of all risks arising under or in connection with this Agreement and the other Credit Documents, (ii) that it has, independently and without reliance upon any Agent, any other Lender or any of
their respective Related Parties, made its own appraisal and investigation of all risks associated with, and its own credit analysis and decision to enter into, this Agreement based on such documents and information, as it has deemed appropriate and
(iii) it will, independently and without reliance upon any Agent, any other Lender or any of their respective Related Parties, continue to be solely responsible for making its own appraisal and investigation of all risks arising under or in
connection with, and its own credit analysis and decision to take or not take action under, this Agreement and the other Credit Documents based on such documents and information as it shall from time to time deem appropriate, which may include, in
each case: 
 (i) the financial condition, status and capitalization of the Borrowers and each other Credit
Party; 
 (ii) the legality, validity, effectiveness, adequacy or enforceability of this Agreement and each other
Credit Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Credit Document; 

(iii) determining compliance or non-compliance with any condition hereunder to the making of a Loan, or the issuance of a
Letter of Credit and the form and substance of all evidence delivered in connection with establishing the satisfaction of each such condition; and 
 (iv) the adequacy, accuracy and/or completeness of any information delivered by any Agent, any other Lender or by any of their respective Related Parties under or in connection with this Agreement or any
other Credit Document, the transactions contemplated hereby and thereby or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Credit Document. 

12.8. No Other Duties, etc. Anything herein to the contrary notwithstanding, none of the Persons acting as Sole Lead Arranger or
Sole Bookrunner listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Credit Documents, except in its capacity, as applicable, as the Administrative Agent, the Collateral Agent or
as a Lender hereunder. 
 12.9. Withholding Tax. To the extent required by any applicable law, the Administrative Agent
may withhold from any payment to any Lender (which term shall, for purposes of this Section 12.9, include the Letter of Credit Issuer and any L/C Participant) an amount equivalent to any applicable withholding Tax. If the Internal Revenue
Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not 

  
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properly withhold Tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the
Administrative Agent of a change in circumstances which rendered the exemption from, or reduction of, withholding Tax ineffective, or for any other reason), such Lender shall indemnify the Administrative Agent fully for all amounts paid, directly or
indirectly, by the Administrative Agent as Tax or otherwise, including penalties, additions to tax and interest, together with all expenses incurred, including legal expenses, and any out of pocket expenses. Each Lender hereby authorizes the
Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Credit Document against any amount due the Administrative Agent under this Section 12.9. The agreements in this
Section 12.9 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge of any Loans and all other amounts payable any
Credit Document. 
 12.10. Security Agreement and Intercreditor Agreement. The Lenders (and the Secured Parties, by their
acceptance of their status as Secured Parties) hereby (a) authorize and instruct the Collateral Agent to enter into the Revolving Only Collateral Security Agreement, the Closing Date Fixed Asset Security Agreement Affirmation and the
Intercreditor Agreement on their behalf and to act on their behalf thereunder, (b) agree to be bound by the terms of the Security Documents as if they were a party thereto, (c) agree not to contest the Collateral Agent’s actions taken
or omitted to be taken pursuant to the Security Documents or contemplated thereby and (d) until the Collateral Agent determines otherwise, authorize and instruct the Collateral Agent to appoint the Fixed Asset Collateral Agent as its collateral
agent for the purposes of the Fixed Asset Collateral. 
 12.11. Indemnification. The Lenders agree to indemnify each
Agent, in its capacity as such (to the extent not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so), ratably according to their Applicable Percentage in effect on the date on which indemnification is sought
(or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Total Credit Exposure shall have been paid in full, ratably in accordance with their respective portions of the Total Credit Exposure in effect
immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (including at any time
following the payment of the Loans) be imposed on, incurred by or asserted against any Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Credit Documents or any documents contemplated by or referred to
herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by any Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to an Agent resulting from such Agent’s gross negligence or willful misconduct (as determined in a final non-appealable judgment
by a court of competent jurisdiction). The agreements in this Section 12.11 shall survive the payment of the Loans and all other amounts payable hereunder. 

  
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 SECTION 13. Miscellaneous 

13.1. Amendments and Waivers. 
 (a) Neither this Agreement nor any other Credit Document (other than, with respect to the Fixed Asset Security Agreement and the Intercreditor Agreement, the Closing Date Fixed Asset Security Agreement
Amendment and the amendment and restatement of the Intercreditor Agreement occurring on the Closing Date, respectively), nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this
Section 13.1. The Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent may, from time to time, (a) enter into with the relevant Credit Party or Credit Parties written amendments, supplements
or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or of the Credit Parties hereunder or thereunder
or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default or Event
of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall directly (i) forgive any portion of any Loan or waive any required prepayment or cash
collateralization pursuant to Section 5.2(a) or extend the final scheduled maturity date of any Loan or reduce the stated rate, or forgive any portion, or extend the date for the payment, of any interest or Fee payable hereunder (other than as
a result of waiving the applicability of Section 2.8(c)), or extend the final expiration date of any Lender’s Commitment or extend the final expiration date of any Letter of Credit beyond the L/C Maturity Date, or increase the aggregate
amount of the Commitments of any Lender, or amend or modify any provisions of Section 13.8(a), in each case without the written consent of each Lender directly and adversely affected thereby, or (ii) amend, modify or waive any provision of
this Section 13.1 or reduce the percentages specified in the definitions of the terms “Required Lenders,” or “Applicable Percentage” or consent to the assignment or transfer by the Borrowers of their rights and obligations
under any Credit Document to which it is a party (except as permitted pursuant to Section 10.3), in each case without the written consent of each Lender, or (iii) amend, modify or waive any provision of Section 12 as the same applies
to any Agent, or any other provision hereof as the same applies to the rights or obligations of any Agent, in each case without the written consent of such Agent, or (iv) amend, modify or waive any provision of Section 2.3 relating to
Letters of Credit, Section 2.14 or Section 3 without the written consent of the Letter of Credit Issuer, or (v) amend, modify or waive any provisions hereof relating to Swingline Loans (including the applicable provisions of
Section 2.14) without the written consent of the Swingline Lender, (vi) amend, modify or waive any provision of Section 5.2(a), Section 5.3(a) or Section 5.3(c) or Section 10.3(g) without the written consent of each
Lender directly and adversely affected thereby or (vii) release all or substantially all of the Guarantors under the Guarantee (except as expressly permitted by the Guarantee) or, except as permitted in Section 13.1(b), release all or
substantially all of the Collateral granted under either Security Agreement without the prior written consent of each Lender, or (viii) amend Section 2.9 so as to permit Interest Period intervals greater than six months without regard to
the consent of each Lender, without the written consent of each Lender, or (ix) decrease the amount or allocation of any optional or mandatory prepayment to be received by any Lender holding any Loans without the written consent of such Lender.
Any such waiver 

  
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and any such amendment, supplement or modification shall apply equally to each of the affected Lenders and shall be binding upon the Borrowers, such Lenders, the Administrative Agent and all
future holders of the affected Loans. In the case of any waiver, the Borrowers, the Lenders, the Administrative Agent and the Collateral Agent shall be restored to their former positions and rights hereunder and under the other Credit Documents, and
any Default or Event of Default waived shall be deemed to be cured and not continuing, it being understood that no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 

(b) Any Liens granted to the Collateral Agent (or, in the case of Fixed Asset Collateral, the Fixed Asset Collateral Agent) by the Credit
Parties on any Collateral for the benefit of the Secured Parties shall automatically be released (i) upon the Final Date and (ii) if such Collateral constitutes property being sold or disposed of (other than to a Credit Party) (or property
of a Subsidiary Guarantor whose capital stock is being sold in a transaction that will result in such Subsidiary Guarantor being released from the Guarantee in accordance with the terms thereof) to the extent such sale or disposition is in
compliance with the terms of this Agreement. Additionally, the Administrative Agent is hereby authorized in its sole discretion to release any Liens as required to effect any sale or other disposition of such Collateral in connection with any
exercise of remedies of the Collateral Agent (or the Fixed Asset Collateral Agent, as the case may be) and the Lenders pursuant to Section 11. In connection with any release of Liens under the Security Documents, the Administrative Agent shall
be protected in relying on a certificate of an Authorized Officer to the effect that such release is permitted by this Section 13.1(b). 
 (c) Anything herein to the contrary notwithstanding, during such period as a Lender is a Defaulting Lender, to the fullest extent permitted by applicable law, such Lender will not be entitled to vote in
respect of amendments and waivers hereunder and the Commitment and the outstanding Loans or other extensions of credit of such Lender hereunder will not be taken into account in determining whether the Required Lenders or all of the Lenders, as
required, have approved any such amendment or waiver (and the definition of “Required Lenders” will automatically be deemed modified accordingly for the duration of such period); provided, that any such amendment or waiver that
would increase or extend the term of the Commitment of such Defaulting Lender, extend the date fixed for the payment of principal or interest owing to such Defaulting Lender hereunder, reduce the principal amount of any obligation owing to such
Defaulting Lender, reduce the amount of or the rate or amount of interest on any amount owing to such Defaulting Lender or of any fee payable to such Defaulting Lender hereunder, or alter the terms of this proviso, will require the consent of such
Defaulting Lender. 
 13.2. Notices. All notices, requests and demands to or upon the respective parties hereto to be
effective shall be in writing (including by facsimile transmission), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three days after being deposited in the mail, postage prepaid,
or, in the case of telecopy notice, when received, addressed as follows in the case of the Borrowers and the Administrative Agent, and in the case of the other parties hereto to such other address as may be hereafter notified by the respective
parties hereto: 

  
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	The Borrowers:	  	RailAmerica, Inc.
		  	7411 Fullerton Street, Suite 300
		  	Jacksonville, FL 32256
		  	Attention: General Counsel
		  	Telephone: (904) 538-6329
		  	Facsimile: (904) 538-6453
		
		  	with a copy to:
		
		  	Fortress Investment Group LLC
		  	1345 Avenue of the Americas
		  	New York, New York 10105
		  	Attention: R. Nardone
		  	Telecopy: (212) 798-6120
		
		  	with a copy to:
		
		  	Martha Feltenstein
		  	Skadden, Arps, Slate, Meagher & Flom LLP
		  	4 Times Square
		  	New York, NY 10036
		  	Direct Dial: (212) 735-2272
		  	Direct Fax: (917) 777-2272
		  	Email: martha.feltenstein@skadden.com
		
	 The Administrative Agent

or the Collateral Agent:
	  	Citibank, N.A.
		  	1615 Brett Road, OPS III
		  	New Castle, Delaware 19720
		  	Attention: Global Loans, Agency Group
		  	Direct Fax: (212) 994-0961
		  	Email: Agentnotice@citi.com
		
		  	with a copy to:
		
		  	Citibank, N.A.
		  	390 Greenwich St.
		  	New York, New York 10013
		  	Attention: Allen Blankenship
		  	Email: allen.blankenship@citi.com

 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant to
Sections 2.3, 2.6, 2.9, 4.2 and 5.1 shall not be effective until received. 
 13.3. No Waiver; Cumulative Remedies.
No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Credit Documents shall operate as a waiver thereof, nor

  
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shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 13.4. Survival of Representations and Warranties. All representations and warranties made hereunder, in the other Credit Documents and in any document, certificate or statement delivered pursuant
hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder. 
 13.5. Payment of Expenses and Taxes. The Borrowers, jointly and severally, agree (a) to pay or reimburse the Agents for all their reasonable out-of-pocket costs and expenses (other than Taxes)
incurred in connection with the development, preparation and execution of, and any amendment, waiver, supplement or modification to, this Agreement and the other Credit Documents and any other documents prepared in connection herewith or therewith,
and the consummation and administration of this Agreement and the transactions contemplated hereby and thereby, including the reasonable fees, disbursements and other charges of counsel to the Agents, (b) to pay or reimburse each Lender, the
Collateral Agent and the Administrative Agent for all its reasonable and documented costs and expenses incurred in connection with the enforcement or preservation of any rights (including workout proceedings) under this Agreement, the other Credit
Documents and any such other documents, including the reasonable fees, disbursements and other charges of counsel to each Lender and of counsel to the Collateral Agent and the Administrative Agent and (c) to pay, indemnify, and hold harmless
each Lender, the Letter of Credit Issuer, the Collateral Agent and the Administrative Agent and their respective directors, officers, employees, trustees, agents and affiliates from and against any and all other liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever, excluding any Taxes (other than Taxes representing losses or damages with respect to any non-Tax claims), including reasonable and
documented fees, disbursements and other charges of counsel, with respect to the execution, delivery, enforcement, performance and, with respect to each Agent and its directors, officers, employees, trustees and agents, administration of this
Agreement and any actual or proposed use of proceeds of any Loan, the other Credit Documents and any such other documents, including any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law or
any actual or alleged presence of Hazardous Materials related to the Borrowers or any of their Subsidiaries, including any of the foregoing arising out of or based on any Environmental Claim related to the Borrowers or any actual or alleged
presence, Release, or threat of Release of Hazardous Materials the Borrowers or any of their Subsidiaries, (all the foregoing in this clause (c), collectively, the “indemnified liabilities”); provided that the Borrowers shall
have no obligation hereunder to the Administrative Agent, the Collateral Agent or any Lender nor any of their respective directors, officers, employees and agents with respect to indemnified liabilities arising from the gross negligence or willful
misconduct of the party to be indemnified (as determined in a final non-appealable judgment by a court of competent jurisdiction). The agreements in this Section 13.5 shall survive repayment of the Loans and all other amounts payable hereunder.

  
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 13.6. Successors and Assigns; Participations and Assignments. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby (including any Affiliate of the Letter of Credit Issuer that issues any Letter of Credit), except that (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of each Lender (and any attempted assignment or transfer by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance
with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Letter of
Credit Issuer that issues any Letter of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Letter of
Credit Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 (b)

 (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more
assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent (such consent not be unreasonably withheld or delayed)
of: 
 (A) RailAmerica; provided that no consent of RailAmerica shall be required for an assignment to a
Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; provided further that if RailAmerica has not consented to any such assignment or objected thereto by
written notice to the Administrative Agent within 5 Business Days after having received notice thereof, the Administrative Agent shall provide a second notice to RailAmerica (the “Second Consent Notice”); provided
further that RailAmerica shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within 3 Business Days after having received the Second Consent Notice; and

 (B) the Administrative Agent, the Swingline Lender and the Letter of Credit Issuer; 

provided, further, however, that notwithstanding the foregoing or any other provision of this Agreement, in no event shall either
Borrower or any of their Subsidiaries be permitted to be a Lender or a Participant hereunder. 
 (ii) Assignments
shall be subject to the following additional conditions: 
 (A) except in the case of an assignment to a Lender
or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment
(determined as of the date the Assignment 

  
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and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 and integral multiples of $1,000,000 in excess thereof, or if less, all
of such Lender’s remaining Loans and Commitments unless RailAmerica and the Administrative Agent otherwise consents; provided that no such consent of RailAmerica shall be required if an Event of Default has occurred and is continuing;
provided further that contemporaneous assignments to a single assignee made by Affiliates of a Lender shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above; 

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s
rights and obligations under this Agreement; 
 (C) the parties to each assignment shall execute and deliver to
the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500; and 
 (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in a form approved by the Administrative Agent (the “Administrative
Questionnaire”). 
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this
Section, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of
a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.10, 2.11, 3.5, 5.4 and 13.5). Any
assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 13.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (c) of this Section. 
 (iv) The Administrative Agent, acting solely for this
purpose as an agent of the Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments
of, and principal amount (and stated interest) of the Loans and any payment made by the Letter of Credit Issuer under any Letter of Credit owing to each Lender pursuant to the terms hereof from time to time (the “Register”). The
entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent, the Letter of Credit Issuer and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof
as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers, the Letter of Credit Issuer and any Lender, at any reasonable time and from time to
time upon reasonable prior notice. 

  
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 (v) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning
Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written
consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
 (c) 

(i) Any Lender may, without the consent of the Borrowers, the Administrative Agent, the Letter of Credit Issuer or the Swingline Lender,
sell participations to one or more banks or other entities (each, a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans
owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and
(C) the Borrowers, the Administrative Agent, the Letter of Credit Issuer and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this
Agreement or any other Credit Document; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to
Section 13.1(a) that affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.10, 2.11, 3.5 and 5.4 (subject to the requirements of
such Sections) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 13.8(b) as though it were a Lender; provided such Participant agrees to be subject to Section 13.8(a) as though it were a Lender. 
 (ii) A Participant shall not be entitled to receive any greater payment under Section 2.10 or 5.4 than the applicable Lender would have been entitled to receive with respect to the participation sold
to such Participant, except to the extent such entitlement to a greater payment results from a change in any Requirement of Law after the Participant became a Participant. 
 (iii) Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each
Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”). The entries in the Participant Register shall be
conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. Any

  
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such Participant Register shall be available for inspection by the Administrative Agent (and if required by an applicable Requirement of Tax Law or in connection with a Tax audit of any Borrower,
the Borrowers) at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Any Lender may, without the
consent of the Borrowers or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure
obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. In order to facilitate such pledge or assignment, the Borrowers hereby agree that, upon request of any Lender at any time and from time to time after
the Borrowers have made their initial Borrowing hereunder, the Borrowers shall provide to such Lender, at the Borrowers’ own expense, a promissory note, substantially in the form of Exhibit J, as the case may be, evidencing the
Revolving Credit Loans and Swingline Loans, respectively, owing to such Lender. 
 (e) Subject to compliance with
Section 13.16, the Borrowers authorize each Lender to disclose to any Participant, secured creditor of such Lender or assignee (each, a “Transferee”) and any prospective Transferee any and all Information (including any and all
financial information) in such Lender’s possession concerning the Borrowers and the Restricted Subsidiaries that has been delivered to such Lender by or on behalf of the Borrowers and the Restricted Subsidiaries pursuant to this Agreement or
which has been delivered to such Lender by or on behalf of the Borrowers and the Restricted Subsidiaries in connection with such Lender’s credit evaluation of the Borrowers and the Restricted Subsidiaries prior to becoming a party to this
Agreement. 
 13.7. Replacements of Lenders under Certain Circumstances. The Borrowers shall be permitted to replace any
Lender that (a) requests reimbursement for amounts owing pursuant to Section 2.10, 2.12, 3.5 or 5.4, (b) is affected in the manner described in Section 2.10(a)(iii) and as a result thereof any of the actions described in such
Section is required to be taken, (c) becomes a Defaulting Lender, with a replacement bank or other financial institution or (d) in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender”
or “each Lender affected thereby” pursuant to Section 13.1(a), does not consent when the consent of the Required Lenders has been obtained, but the consent of other remaining Lenders has not been obtained; provided that
(i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) the Borrowers shall repay (or the replacement bank or
institution shall purchase, at par) all Loans and other amounts (other than any disputed amounts), pursuant to Section 2.8, 2.10, 2.11, 2.13, 3.3, 3.5, 4.1, 5.4 or 13.5, as the case may be, owing to such replaced Lender prior to the date
of replacement, (iv) the replacement bank or institution, if not already a Lender, and the terms and conditions of such replacement, shall be reasonably satisfactory to the Administrative Agent, (v) the replaced Lender shall be obligated
to make such replacement in accordance with the provisions of Section 13.6 (provided that the Borrowers shall be obligated to pay the registration and processing fee referred to therein) and (vi) any such replacement 

  
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shall not be deemed to be a waiver of any rights that the Borrowers, the Administrative Agent, the Collateral Agent or any other Lender shall have against the replaced Lender. 

13.8. Adjustments; Set-off. 
 (a) If any Lender (a “Benefited Lender”) shall at any time receive any payment of all or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether
voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 11.5, or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in
respect of such other Lender’s Loans, or interest thereon, such benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender’s Loan, or shall provide such other Lenders
with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided,
however, that if all or any portion of such excess payment or benefits is thereafter recovered from such benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but
without interest. 
 (b) After the occurrence and during the continuance of an Event of Default, in addition to any rights and
remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Borrowers, any such notice being expressly waived by the Borrowers to the extent permitted by applicable law, upon any amount becoming due and
payable by the Borrowers hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any
currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the
credit or the account of the Borrowers. Each Lender agrees promptly to notify the Borrowers and the Administrative Agent after any such set-off and application made by such Lender; provided that the failure to give such notice shall not
affect the validity of such set-off and application. 
 13.9. Counterparts. This Agreement may be executed by one or more
of the parties to this Agreement on any number of separate counterparts (including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the
copies of this Agreement signed by all the parties shall be lodged with the Borrowers and the Administrative Agent. 
 13.10.
Severability. Any provision of any Credit Document that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 13.11. Integration. This Agreement and the other Credit Documents represent the agreement of the Borrowers, the Administrative Agent, the Collateral Agent and the Lenders 

  
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with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent, the Collateral Agent or any Lender relative to
subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents. 
 13.12. GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

13.13. Submission to Jurisdiction; Waivers. Each Credit Party hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit
Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York located in the State, County and City of New York, the courts of
the United States of America for the Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or
that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to the Borrowers at the address set forth in Section 13.2 or at such other address of which the Administrative Agent shall have been notified pursuant
thereto; 
 (d) agrees that nothing herein shall affect the right to effect service of process in any other
manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
 (e) waives, to the
maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding any special, exemplary, punitive or consequential damages. 
 13.14. Acknowledgments. Each Borrower hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Credit Documents; 

(b) neither the Administrative Agent, the Collateral Agent nor any Lender has any fiduciary relationship with or duty to
such Borrower arising out of or in connection with this Agreement or any of the other Credit Documents, and the relationship between 

  
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the Administrative Agent, the Collateral Agent and the Lenders, on one hand, and such Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 (c) no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the
transactions contemplated hereby among the Lenders or among the Borrowers and the Lenders. 
 13.15. WAIVERS OF
JURY TRIAL. THE BORROWERS, THE ADMINISTRATIVE AGENT, THE COLLATERAL AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND
FOR ANY COUNTERCLAIM THEREIN. 
 13.16. Confidentiality. Each of the Administrative Agent, the Collateral Agent and
the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority, such
as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of
any remedies hereunder or under any other Credit Document, any action or proceeding relating to this Agreement or any other Credit Document, the enforcement of rights hereunder or thereunder or any litigation or proceeding to which the
Administrative Agent, the Collateral Agent or any Lender or any of its respective Affiliates may be a party, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or
Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement, (ii) any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees,
agents, advisors and other representatives) surety, reinsurer, guarantor or credit liquidity enhancer (or their advisors) to or in connection with any swap, derivative or other similar transaction under which payments are to be made by reference to
the Obligations or to the Borrowers and their obligations or to this Agreement or payments hereunder, (iii) to any rating agency when required by it, (iv) the CUSIP Service Bureau or any similar organization, (g) with the consent of
the Borrowers or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, the Collateral Agent any Lender or any of
their respective Affiliates on a nonconfidential basis from a source other than a Credit Party. For purposes of this Section, “Information” means all information received from a Credit Party or any of its respective Subsidiaries
relating to a Credit Party or any of its respective Subsidiaries or any of their respective businesses, other than any such information that is available to the Administrative Agent, the Collateral Agent or any Lender on a nonconfidential basis
prior to disclosure by any Obligor or any of its respective Subsidiaries; provided that, in the case of information received from a Credit Party or any of its Subsidiaries after the date hereof, such information is clearly identified at the
time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to 

  
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have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own
confidential information. 
 13.17. Citigroup Direct Website Communications. 

(a) Each Credit Party hereby agrees that it will provide to the Administrative Agent all information, documents and other materials that
it is obligated to furnish to the Administrative Agent pursuant to the Credit Documents, including, without limitation, all notices, requests, financial statements, financial and other reports, certificates and other information material, but
excluding any such communication that (i) relates to a request for a new, or a conversion of an existing, Borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (ii) relates
to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (iii) provides notice of any Default or Event of Default under this Agreement or (iv) is required to be delivered to satisfy any
condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder (all such non-excluded communications being referred to herein collectively as “Communications”), by transmitting
the Communications in an electronic/soft medium in a format acceptable to the Administrative Agent to oploanswebadmin@citigroup.com. In addition, each Credit Party agrees to continue to provide the Communications to the Administrative Agent in the
manner specified in the Credit Documents but only to the extent requested by the Administrative Agent. 
 (b) Each Credit Party
further agrees that the Administrative Agent may make the Communications available to the Lenders by posting the Communications on Intralinks, Fixed Income Direct or a substantially similar electronic transmission systems (the
“Platform”). Each Credit Party acknowledges that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution. 

(c) THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE
ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION,
ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. IN NO EVENT
SHALL THE ADMINISTRATIVE AGENT OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, ADVISORS OR REPRESENTATIVES (COLLECTIVELY, “AGENT PARTIES”) HAVE ANY LIABILITY TO THE CREDIT PARTIES, ANY
LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING, WITHOUT LIMITATION, DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE)

  
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ARISING OUT OF THE CREDIT PARTIES’ OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT THE LIABILITY OF ANY AGENT PARTY IS FOUND IN A
FINAL, NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED PRIMARILY FROM SUCH AGENT PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 
 The Administrative Agent agrees that the receipt of the Communications by the Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative
Agent for purposes of the Credit Documents. Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such
Lender for purposes of the Credit Documents. Each Lender agrees (i) to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender’s e-mail address to which the foregoing notice may
be sent by electronic transmission and (ii) that the foregoing notice may be sent to such e-mail address. 
 Nothing herein
shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Credit Document in any other manner specified in such Credit Document. 

13.18. USA PATRIOT Act. Each Lender hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of each
Borrower and other information that will allow such Lender to identify such Borrower in accordance with the Patriot Act. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to
be duly executed and delivered as of the date first above written. 
  

					
	RAILAMERICA, INC.,
	as a Borrower
			
	By:	 	 	 	/s/ Dave Novak
		 	Name:	 	Dave Novak
		 	Title:	 	Senior Vice President, Chief Administrative Officer
	
	RAILAMERICA TRANSPORTATION CORP.,
	as a Borrower
			
	By:	 	 	 	/s/ Dave Novak
		 	Name:	 	Dave Novak
		 	Title:	 	Vice President
	
	CITIBANK, N.A.,
	as Administrative Agent, Collateral Agent, Swingline Lender and as a Lender
			
	By:	 	 	 	/s/ James J. McCarthy
		 	Name:	 	James J. McCarthy
		 	Title:	 	Managing Director and Vice President
	
	CITIBANK, N.A.,
	as Letter of Credit Issuer
			
	By:	 	 	 	/s/ James J. McCarthy
		 	Name:	 	James J. McCarthy
		 	Title:	 	Managing Director and Vice President

  
 S-1

 
					
	MORGAN STANLEY BANK N.A.,
	as a Lender
			
	By:	 	 	 	/s/ Sherrese Clarke
		 	Name:	 	Sherrese Clarke
		 	Title:	 	Authorized Signatory
	
	BMO HARRIS BANK N.A.,
	as a Lender
			
	By:	 	 	 	/s/ William Thomson
		 	Name:	 	William Thomson
		 	Title:	 	Sr. Vice President

  
 S-2Short-term extension of credit facilities under Credit and Security Agreement

 Exhibit 10.1 
 August 31, 2011 
 MISCOR Group, Ltd. 
 800 Nave Road 
 Massillon, OH 44646 
 Attention:  Michael P. Moore 
  

	Re:	Short term extension of credit facilities under Credit and Security Agreement 

 Dear Mr. Moore: 
 Reference is made to that certain Credit and Security Agreement dated as of
January 14, 2008, as amended (the “Credit Agreement”) to which each of MISCOR Group, Ltd., an Indiana corporation (“MISCOR”), Magnetech Industrial Services, Inc., an Indiana corporation (“MIS”) and HK Engine
Components, LLC, an Indiana limited liability company (“HK” and together with MISCOR and MIS, the “Borrowers” and each a “Borrower”), and Wells Fargo Bank, National Association (the “Lender”), acting through
its Wells Fargo Business Credit operating division, are a party. Capitalized terms used herein shall have the meaning assigned to such terms in the Credit Agreement. 
 As you know, the Maturity Date set forth in the Credit Agreement is currently August 31, 2011 and accordingly both the Revolving Note and the Term Note are scheduled to mature and be payable on such
date. The parties have been working through the terms of a possible extension of the credit facilities provided under the Credit Agreement but have not yet reached agreement on those terms. Accordingly, Lender has agreed to extend the term of the
credit facilities until September 30, 2011 and the term “Maturity Date” as the same is defined in the Credit Agreement is hereby amended to mean September 30, 2011. 
 Except as expressly set forth herein, the Credit Agreement and the other Loan Documents related thereto remain in full force and effect in accordance with their terms. The Lender’s agreements herein
shall not constitute a “course of dealing” or any agreement of the part of the Lender to further extend the Maturity Date on either a short term or long term basis. 
 Please acknowledge your agreement to the terms of this letter by executing a copy of the same where indicated below and returning it to the undersigned. 

Sincerely, 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION 

	
	
	/s/ Daniel Manella
	
	 Daniel Manella
 Vice
President

 Acknowledged and agreed to 

 MISCOR Group, Ltd. 
 August 30, 2011 
  Page
 2
 
  

 
this 30th day of August, 2011 
  

									
	MISCOR GROUP, LTD.	 		 	MAGNETECH INDUSTRIAL SERVICES, INC.
					
	By:	 	 /s/ Michael P. Moore
	 		 	By:	 	 /s/ Michael P. Moore

		 	Michael P. Moore, Chief Executive Officer	 		 		 	Michael P. Moore, Chief Executive Officer
				
	HK ENGINE COMPONENTS, LLC	 		 		 	
					
	By:	 	 /s/ Michael P. Moore
	 		 		 	
		 	Michael P. Moore, Chief Executive Officer

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