PPT Slide

Defaults and Remedies

Alameda Corridor Transportation Authority

O’Melveny & Myers, LLP

Failure to pay any sums within 15 days after receipt of notice of such failure
Failure to perform any other obligation within 45 days after receipt of written notice -- 45 additional days to diligently pursue cure

Payments not made when due bear interest at Overdue Rate (prime + 5%, not to exceed legal rate permitted in California)
Decrees for specific performance or injunctive relief
In the event of material default or breach by railroad, Ports and ACTA each may
- Terminate railroads’ rights to operate on Rail Corridor, or
- Require railroad to transfer its rights to another railroad
Termination or transfer does not take effect until approved by judicial or regulatory bodies with jurisdiction

Any party may demand arbitration if any dispute or claim not resolved within 30 days of commencement of same