AMENDED AND RESTATED COMPREHENSIVE …

1 Execution Version AMENDED AND RESTATED COMPREHENSIVE AGREEMENT. RELATING TO THE I-95/395 HOV/HOT LANES PROJECT. DATED AS OF june 8, 2017 . BY AND BETWEEN. VIRGINIA DEPARTMENT OF TRANSPORTATION, an Agency of the Commonwealth of Virginia AND. 95 EXPRESS LANES LLC, a Delaware limited liability company **THE VIRGINIA DEPARTMENT OF TRANSPORTATION RESERVES THE RIGHT. TO MODIFY ANY OF THE TERMS PRESENTED IN THIS DRAFT. COMPREHENSIVE AGREEMENT**. DMEAST #27287336 v26. TABLE OF CONTENTS. Page ARTICLE 1. RECITALS ..1 ARTICLE 2. DEFINITIONS ..3 ARTICLE 3. BASIC ROLES AND RESPONSIBILITIES ..3 Section Basic Agreement ..3 Section Project Agreements ..4 Section Nature of Parties' Interests Pursuant to This Section Quiet Possession and Enjoyment ..6 ARTICLE 4. GRANT OF PERMIT; TERM.

2 6 Section Grant of Permit ..6 Section Term ..7 ARTICLE 5. Section Tolling of the Project ..7 Section Toll Rates ..11 Section Reserved ..12 Section User Confidentiality ..12 Section Suspension of Tolls ..12 Section Disposition of Gross Revenues ..13 Section Revenue Risk Related to Traffic Volume ..14 Section Failure to Meet OSPS ..17 Section 23 166 Compliance ..18 Section USDOT Reporting Requirements ..18 Section Annual Transit Investment ..19 ARTICLE 6. BASE CASE FINANCIAL MODEL ..20 Section Initial Base Case Financial Model and Base Case Financial Model ..20 Section Base Case Financial Model Section Certain Section Financial Model Disputes ..23 Section Audit of Financial Model ..24 ARTICLE 7. PROJECT FINANCING; FINANCIAL CLOSE; LENDER RIGHTS. AND REMEDIES; REFINANCING.

3 24 Section Concessionaire Responsibility for Project Financing; No Department Liability for Concessionaire Debt ..24 Section Public Section Financial Section Project Financing Agreements; Department's Rights and Section Refinancing Requirements ..41 Section Collateral Agent's Rights ..43 Section TIFIA Credit Assistance Protection ..44 i DMEAST #27287336 v26. ARTICLE 8. DESIGN AND CONSTRUCTION OF THE PROJECT ..48 Section General Obligations of the Section Limited Notices to Proceed to Perform Certain Section Conditions Precedent for Notices to Proceed ..51 Section Design Work ..53 Section Acquisition of Project Right of Way; Utility Relocations; Railroad Easements ..54 Section Governmental Approvals ..57 Section Construction Work and Project Schedule ..58 Section Substantial Completion.

4 59 Section Final Acceptance ..61 Section Liquidated Damages for Delayed Completion ..62 Section Warranties; Defective Design and Section Transportation Management Plan..65 Section Substantial Completion of Segments of the Project ..65 Section Lane Closure Damages ..66 Section Failure to Achieve Substantial Completion and 395 Final Completion by Long Stop Date; Substantial Completion Recovery Plan and 395 Final Completion Recovery Plan ..67 Section Department Allowances and Commercial Commitments for Design-Build Work ..67 Section 395 Early Work ..68 Section 395 Final Completion ..73 Section Provisions Specific to the 395 Project ..76 ARTICLE 9. PROJECT MANAGEMENT; OPERATIONS AND MAINTENANCE ..83 Section Transition of Operations and Maintenance to Concessionaire.

5 83 Section Conditions Precedent to Service Commencement of the Project ..84 Section Concessionaire Obligation to Manage and Section Procedures Relating to Maintenance Work ..92 Section Major Maintenance Reserve Fund ..95 Section Police and Enforcement Section Maintenance by the Department..96 Section Annual Budget ..97 Section ARTICLE 10. CONCESSIONAIRE PROJECT AND QUALITY MANAGEMENT;. DEPARTMENT OVERSIGHT AND OTHER SERVICES ..98 Section Project and Quality Section Right to Oversee Work ..98 Section Department Access and Inspection ..99 Section Compensation for Oversight Services ..99 Section Department Approvals ..100 Section Limitations on the Concessionaire's Right to Rely ..102 Section Suspension of the Work ..103 ii DMEAST #27287336 v26. ARTICLE 11. NON-COMPLIANCE POINTS SYSTEM.

6 104 Section Non-Compliance Points System ..104 Section Assessment of Non-Compliance Points and Cure Periods ..105 Section Notification of Cure ..106 Section Accumulation of Non-Compliance Points ..106 Section Impact of Non-Compliance Section Disputes Regarding the Assessment of Non-Compliance Points ..108 ARTICLE 12. PROJECT ENHANCEMENTS AND SAFETY COMPLIANCE. ORDERS ..108 Section Project Enhancements by the Section Project Enhancements by the Department ..109 Section Safety Compliance Orders ..110 Section Development of Other Facilities ..111 Section Alternative Facilities..112 ARTICLE 13. DELAY EVENTS ..114 Section Delay Event Notice and Determination ..114 Section Delay Events During the Construction Period ..115 Section Delay Events After the Service Commencement Date.

7 116 ARTICLE 14. COMPENSATION EVENTS; DEPARTMENT CHANGES;. DEVIATIONS; NET COST SAVINGS ..116 Section Compensation Section Department Changes ..120 Section Concessionaire Requests for Deviations ..123 Section Net Cost Savings or Positive Net Revenue Impact ..123 ARTICLE 15. INDEMNIFICATION ..124 Section Indemnities of the Concessionaire ..124 Section Defense and Indemnification Procedures ..125 ARTICLE 16. HAZARDOUS SUBSTANCES ..126 Section General Obligations ..126 Section Pre-Existing Hazardous Substances ..128 Section Concessionaire Indemnifications Regarding Hazardous Substances ..129 Section Generator Status ..129 ARTICLE 17. INSURANCE; PERFORMANCE SECURITY ..130 Section Insurance Coverage Required ..130 Section General Requirements Applicable to Insurance.

8 130 Section Proof of Coverage ..132 Section Adjustments in Coverage Amounts ..132 Section Unavailability of Insurance ..133 Section Failure to Obtain Insurance Coverage ..134 Section Restoration; Insurance Proceeds ..134 Section Performance Security ..137 iii DMEAST #27287336 v26. ARTICLE 18. OWNERSHIP AND ACCESS TO Section Maintenance of Records ..140 Section Public Records ..141 Section Ownership of Work Product ..141 Section Ownership of Proprietary Intellectual Property ..142 Section Escrow Documents ..144 Section Source Code Escrow ..148 Section Inspection and Audit ARTICLE 19. DEFAULTS, BREACHES AND REMEDIES ..151 Section Concessionaire Section Department Remedies upon Concessionaire Default ..154 Section Financial Close Liquidated Damages ..155 Section Department Default.

9 155 Section Concessionaire Remedies upon Department Default ..156 Section 395 Concessionaire Breach ..156 Section Limitations on 395 Concessionaire Breach ..158 Section Department Remedies upon 395 Concessionaire Breach ..158 ARTICLE 20. TERMINATION; HANDBACK ..159 Section Termination Upon Expiration of Term ..159 Section Handback Obligations and Reserve ..160 Section Termination for a Significant Force Majeure Event ..161 Section Termination for Failure to Achieve Financial Close; Termination Based on Excess Interest Rate Fluctuation ..161 Section Termination for Concessionaire Default ..163 Section Termination for Department Default ..164 Section Other Termination ..164 Section Concessionaire Actions Upon Termination ..164 Section Liability After Termination; Consequences of Termination.

10 167 Section Exclusive Termination Remedies ..169 Section Determination of Project Value ..169 Section Termination of 395 Project for 395 Concessionaire Breach ..171 ARTICLE 21. DISPUTE RESOLUTION ..171 Section General ..171 Section Litigation; Venue ..172 Section Conduct During Pendency of Dispute ..173 Section Costs of Dispute ARTICLE 22. RESERVED RIGHTS ..173 Section Exclusions from the Concessionaire's Interest ..173 Section Department Reservation of Rights ..173 Section Disgorgement ..174 Section Alternate Treatment of Reserved Section Naming Rights ..174 iv DMEAST #27287336 v26. ARTICLE 23. REPRESENTATIONS, WARRANTIES AND FINDINGS ..175 Section Department Representations and Warranties ..175 Section Concessionaire Representations and Warranties ..176 Section Department's Findings Under the Act.