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Exhibit 4.2  

 
 

    List of Shares Held 2003  

   Contents  

	I.	Fully, proportionally and equity consolidated subsidiaries and affiliates accounted for in the Consolidated Financial Statements
	

 	

1.	
 	

Fully consolidated subsidiaries (Section 290, Paragraph 2 of the German Commercial Code)
	

 	

 	
 	

/*/ Germany
	

 	

 	
 	

/*/ Europe (excluding Germany)
	

 	

 	
 	

/*/ North America
	

 	

 	
 	

/*/ South America
	

 	

 	
 	

/*/ Asia, Pacific Area, Africa
	

 	

2.	
 	

Proportionally consolidated affiliates (Section 310 of the German Commercial Code)
	

 	

 	
 	

/*/ Germany
	

 	

 	
 	

/*/ Europe (excluding Germany)
	

 	

 	
 	

/*/ South America
	

 	

 	
 	

/*/ Asia, Pacific Area, Africa
	

 	

3.	
 	

Equity consolidated subsidiaries (Section 312 of the German Commercial Code)
	

 	

 	
 	

/*/ Germany
	

 	

 	
 	

/*/ Europe (excluding Germany)
	

 	

 	
 	

/*/ South America
	

 	

 	
 	

/*/ Asia, Pacific Area, Africa
	

 	

4.	
 	

Equity consolidated affiliates (Section 312 of the German Commercial Code)
	

 	

 	
 	

/*/ Germany
	

 	

 	
 	

/*/ Europe (excluding Germany)
	

II.	

Other subsidiaries, affiliates and other participating interests
	

 	

1.	
 	

Non-consolidated minor subsidiaries

(Section 296 [2] of the German Commercial Code)
	

 	

 	
 	

/*/ Germany
	

 	

 	
 	

/*/ Europe (excluding Germany)
	

 	

 	
 	

/*/ North America
	

 	

 	
 	

/*/ South America
	

 	

 	
 	

/*/ Asia, Pacific Area, Africa
	

 	

2.	
 	

Non-consolidated minor affiliates

(Section 311 [2] of the German Commercial Code)
	

 	

3.	
 	

Participating interests of between 5 and 20 percent in major corporations (Section 285, No. 11 of the German Commercial Code)
	

 	

 	
 	

/*/ Germany
	

III.	

Information on subsidiaries

(exemptions under Section 264, Paragraph 3 and Section 264 b of the German Commercial Code)
	

 	

 	
 	

/*/ Germany

2

   BASF Group and BASF Aktiengesellschaft List of Shares Held 2003  

Pursuant to Section 313, Paragraph 2 and Section 285, No. 11 of the German Commercial Code 

I. Fully, proportionally and equity consolidated subsidiaries and affiliates accounted for in the Consolidated Financial
Statements  

	1.
	Fully
consolidated subsidiaries (Section 290, Paragraph 2 of the German Commercial Code) 

	Company and headquarters
 
	 	Capital

held

(%)
	 	Thereof

BASF AG

(%)
	 	Stock-

holders'

equity

(millions)
	 	Net

income

(millions)
	 	Currency

(ISO code)

	Germany	 	 	 	 	 	 	 	 	 	 
	Achte BASF Finanzbeteiligungsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	1.8	 	7.8	 	EUR
	BASF Agro Trademarks GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	0.0	 	0.0	 	EUR
	BASF Beteiligungsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	1,749.0	 	(99.0	)	EUR
	BASF CIS Trading GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	2.7	 	(0.8	)	EUR
	BASF Coatings AG

Münster	 	100.0	 	 	 	239.6	 	*	 	EUR
	BASF Drucksysteme GmbH

Stuttgart	 	100.0	 	 	 	38.6	 	*	 	EUR
	BASF Handels- und Export GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	1.5	 	*	 	EUR
	BASF Immobilien-Gesellschaft mbH & Co. Pigment KG

Ludwigshafen (Rhine)	 	100.0	 	 	 	9.1	 	(0.7	)	EUR
	BASF Immobilien-Gesellschaft mbH & Co.

Drucksysteme KG,

Ludwigshafen (Rhine)	 	100.0	 	 	 	6.2	 	1.9	 	EUR
	BASF IT Services GmbH

Ludwigshafen (Rhine)	 	100.0	 	 	 	23.3	 	9.3	 	EUR
	BASF PharmaChemikalien GmbH & Co. KG

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	37.9	 	(18.2	)	EUR
	BASF Pigment GmbH

Ludwigshafen (Rhine)	 	100.0	 	 	 	11.8	 	*	 	EUR
	BASF Plant Science GmbH

Ludwigshafen (Rhine)	 	91.0	 	 	 	3.1	 	*	 	EUR
	BASF Plant Science Holding GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	183.5	 	0.1	 	EUR
	BASF Schwarzheide GmbH

Schwarzheide	 	100.0	 	 	 	209.1	 	*	 	EUR
	Chemische Fabrik Wibarco GmbH

Ibbenbüren	 	100.0	 	 	 	10.0	 	2.6	 	EUR
	Dr. Wolman GmbH

Sinzheim	 	100.0	 	 	 	4.8	 	2.0	 	EUR
	 	 	 	 	 	 	 	 	 	 	 

3

 

	Elastogran GmbH

Lemförde	 	100.0	 	 	 	42.4	 	*	 	 
	GEWOGE Wohnungsunternehmen der BASF GmbH

Ludwigshafen (Rhine)	 	97.0	 	 	 	41.1	 	*	 	EUR
	Guano-Werke GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	1,908.0	 	45.6	 	EUR
	Haidkopf GmbH Kassel	 	100.0	 	 	 	0.2	 	*	 	EUR
	LUWOGE Wohnungsunternehmen der BASF GmbH

Ludwigshafen (Rhine)	 	100.0	 	 	 	41.7	 	*	 	EUR
	Ultraform GmbH & Co. KG

Ludwigshafen (Rhine)	 	100.0	 	100.0	 	19.1	 	5.6	 	EUR
	Untertage-Speicher-Gesellschaft mbH Kassel

	 	100.0	 	 	 	1.4	 	2.7	 	EUR
	WINGAS GbR

Kassel

	 	65.0	 	 	 	0.0	 	*	 	EUR
	WINGAS GmbH

Kassel

	 	65.0	 	 	 	123.5	 	*	 	EUR
	Wintershall AG

Kassel

	 	100.0	 	 	 	2,065.7	 	*	 	EUR
	Wintershall Erdgas Beteiligungs-GmbH Kassel

	 	100.0	 	 	 	207.7	 	*	 	EUR
	Wintershall Explorations- und Produktions-Beteiligungsgesellschaft mbH, Kassel	 	100.0	 	 	 	46.6	 	*	 	EUR
	Wintershall Erdgas Verwaltungs-GmbH Kassel	 	100.0	 	 	 	156.5	 	*	 	EUR
	* Profit/loss transfer agreement	 	 	 	 	 	 	 	 	 	 
	
Europe (excluding Germany)	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF (Schweiz) AG

Wädenswil/Au, Switzerland

	 	100.0	 	100.0	 	19.4	 	4.4	 	CHF
	BASF A/S

Copenhagen, Denmark

	 	100.0	 	100.0	 	73.8	 	1.7	 	DKK
	BASF AB

Göteborg, Sweden

	 	100.0	 	100.0	 	88.2	 	16.0	 	SEK
	BASF Agri-Production S.A. S.

Gravelines, France

	 	100.0	 	 	 	47.9	 	7.1	 	EUR
	 	 	 	 	 	 	 	 	 	 	 

4

 

	BASF Agro B.V.

Arnhem, the Netherlands

	 	100.0	 	 	 	1,246.4	 	0.2	 	EUR
	BASF Agro Hellas Industrial and Commercial S.A.

Athens, Greece

	 	100.0	 	100.0	 	6.3	 	1.4	 	EUR
	BASF Agro S.A. S.

Tassin-La-Demi-Lune, France

	 	100.0	 	 	 	61.7	 	(1.3	)	EUR
	BASF Agro SpA

Cesano Maderno, Italy

	 	100.0	 	100.0	 	7.9	 	(0.8	)	EUR
	BASF Agrochemical Products B.V. Arnhem, the Netherlands

	 	100.0	 	 	 	258.0	 	(0.6	)	USD
	BASF Antwerpen N.V.

Antwerp, Belgium

	 	100.0	 	 	 	1,239.9	 	261.0	 	EUR
	BASF AS

Asker, Norway	 	100.0	 	100.0	 	63.1	 	14.7	 	NOK
	BASF Belgium S.A.

Brussels, Belgium

	 	100.0	 	100.0	 	22.2	 	2.7	 	EUR
	BASF Coatings Holding B.V. Maarssenbroek, the Netherlands

	 	100.0	 	 	 	204.5	 	21.9	 	EUR
	BASF Coatings Ltd.

Deeside, United Kingdom

	 	100.0	 	 	 	4.9	 	1.1	 	GBP
	BASF Coatings S.A. S.

Clermont de l'Oise, France

	 	100.0	 	 	 	53.1	 	10.9	 	EUR
	BASF Coatings SpA

Burago Molgora, Italy

	 	100.0	 	 	 	10.9	 	(1.3	)	EUR
	BASF Coatings S.A.

Guadalajara, Spain

	 	99.7	 	 	 	44.2	 	12.3	 	EUR
	BASF Coordination Center Comm. V. Antwerp, Belgium

	 	100.0	 	73.4	 	8,216.7	 	217.2	 	EUR
	BASF Curtex S.A.

	 	100.0	 	 	 	25.7	 	3.5	 	EUR
	L'Hospitalet de Llobregat, Spain	 	 	 	 	 	 	 	 	 	 
	BASF Drukinkt B.V.

	 	100.0	 	 	 	6.5	 	1.0	 	EUR
	Doetinchem, the Netherlands	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

5

 

	BASF Española S.A.

Tarragona, Spain

	 	100.0	 	 	 	216.3	 	19.5	 	EUR
	BASF France S.A. S.

Levallois-Perret, France	 	100.0	 	100.0	 	49.0	 	7.2	 	EUR
	BASF Health & Nutrition A/S

Ballerup, Denmark

	 	100.0	 	100.0	 	209.1	 	12.2	 	DKK
	BASF Holding Española S. L.

Barcelona, Spain

	 	100.0	 	100.0	 	27.2	 	21.0	 	EUR
	BASF Hungaria Kft. Budapest, Hungary

	 	100.0	 	100.0	 	2,400.4	 	336.9	 	HUF
	BASF Interservice SpA

Cesano Maderno, Italy

	 	100.0	 	90.0	 	86.8	 	2.5	 	EUR
	BASF Intertrade AG

Zug, Switzerland	 	100.0	 	100.0	 	32.1	 	30.5	 	CHF
	BASF IT Services B.V.

Arnhem, the Netherlands	 	100.0	 	100.0	 	99.2	 	13.5	 	EUR
	BASF Italia SpA

Cesano Maderno, Italy

	 	100.0	 	 	 	48.4	 	1.7	 	EUR
	BASF Nederland B.V.

Arnhem, the Netherlands

	 	100.0	 	100.0	 	1,585.2	 	4.8	 	EUR
	BASF Austria Gesellschaft m. b. H.

	 	100.0	 	1.00	 	12.7	 	1.1	 	EUR
	Vienna, Austria	 	 	 	 	 	 	 	 	 	 
	BASF Operations B.V.

Arnhem, the Netherlands

	 	100.0	 	 	 	2.8	 	0.2	 	EUR
	BASF OY

Helsinki, Finland

	 	100.0	 	100.0	 	11.6	 	(10.6	)	EUR
	BASF plc

Wembley, United Kingdom

	 	100.0	 	 	 	109.5	 	11.9	 	GBP
	BASF Polska Sp. z. o. o.

Warsaw, Poland

	 	100.0	 	100.0	 	70.1	 	10.2	 	PLN
	BASF Printing Systems Ltd.

Horsham, United Kingdom

	 	100.0	 	 	 	6.2	 	(0.6	)	GBP
	BASF SONATRACH Propanchem S.A. Tarragona, Spain

	 	51.0	 	 	 	47.4	 	(23.7	)	EUR
	 	 	 	 	 	 	 	 	 	 	 

6

 

	BASF Systèmes d'Impression S.A. S. Clermont de l'Oise, France

	 	100.0	 	 	 	23.3	 	(1.2	)	EUR
	BASF UK Holdings Ltd.

Cheadle, United Kingdom

	 	100.0	 	100.0	 	30.8	 	–	 	GBP
	BASF Vernici e Inchiostri SpA

Cinisello Balsamo, Italy

	 	100.0	 	 	 	19.6	 	0.3	 	EUR
	Elastogran France S.A.

Mitry-Mory, France

	 	100.0	 	 	 	4.7	 	0.1	 	EUR
	Elastogran Italia SpA (ELIT)

Villanova d'Asti, Italy

	 	100.0	 	 	 	21.7	 	2.4	 	EUR
	Elastogran S.A.

Rubí (Barcelona), Spain

	 	100.0	 	 	 	11.1	 	2.8	 	EUR
	Elastogran U. K. Ltd. (EUK)

Alfreton, United Kingdom

	 	100.0	 	 	 	2.6	 	0.1	 	GBP
	Frank Wright Limited

Ashbourne, United Kingdom

	 	100.0	 	 	 	11.8	 	0.6	 	GBP
	Société Foncière et Industrielle S.A. S.

Clermont de l'Oise, France	 	100.0	 	 	 	7.3	 	0.1	 	EUR
	Wintershall Nederland Petroleum B.V.

The Hague, the Netherlands	 	100.0	 	 	 	20.3	 	18.5	 	EUR
	Wintershall Nederland-Group

	 	100.0	 	 	 	135.9	 	44.6	 	EUR
	 	Includes:	 	 	 	 	 	 	 	 	 	 
	 	Wintershall Dubai

Petroleum B.V.

The Hague, the Netherlands	 	100.0	 	 	 	20.3	 	1.6	 	EUR
	 	Wintershall Nederland B.V.

The Hague, the Netherlands	 	100.0	 	 	 	59.3	 	4.1	 	EUR
	 	Wintershall Nederland

Transport and Trading B.V.

The Hague, the Netherlands	 	100.0	 	 	 	7.1	 	2.3	 	EUR
	 	Wintershall Noordzee B.V.

The Hague, the Netherlands	 	100.0	 	 	 	65.2	 	36.5	 	EUR
	Wintershall Oil AG

Zug, Switzerland	 	100.0	 	 	 	2.7	 	1.0	 	CHF
	Wintershall Petroleum (E & P) B.V.

The Hague, the Netherlands

	 	100.0	 	 	 	10.9	 	(7.2	)	USD
	ZAO BASF

Moscow, Russia	 	100.0	 	100.0	 	16.1	 	3.6	 	EUR
	 	 	 	 	 	 	 	 	 	 	 

7

 

	
North America	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASFIN Corporation

Mount Olive,

New Jersey	 	100.0	 	100.0	 	3,094.7	 	0.0	 	USD
	BASF Americas Group

	 	100.0	 	 	 	2,759.0	 	(59.6	)	USD
	 	Includes:	 	 	 	 	 	 	 	 	 	 
	 	BASF Americas Corporation

Mount Olive, New Jersey	 	100.0	 	 	 	3,140.0	 	11.6	 	USD
	 	BASF Corporation

Mount Olive,

New Jersey	 	100.0	 	 	 	840.6	 	(110.4	)	USD
	 	BASF AgGenetics LLC

Research Triangle Park, North Carolina	 	100.0	 	 	 	(3.4	)	0.2	 	USD
	 	BASF Canada Inc.

Toronto, Ontario, Canada	 	100.0	 	100.0	 	139.8	 	30.3	 	CAD
	 	BASF FINA Petrochemicals Ltd. Partnership

Port Arthur, Texas	 	60.0	 	 	 	143.4	 	16.7	 	USD
	 	BASF Plant Science Holding's Inc.

Mount Olive, New Jersey	 	100.0	 	 	 	0.1	 	0.0	 	USD
	 	BASF Plant Science LLC

Mount Olive, New Jersey	 	100.0	 	 	 	(10.3	)	(5.7	)	USD
	 	BASF Printing Systems LLC

Charlotte, North Carolina	 	100.0	 	 	 	1.8	 	0.3	 	USD
	 	BASF Properties Inc.

Toronto, Ontario, Canada	 	100.0	 	 	 	3.6	 	0.2	 	CAD
	 	BodyShopmall.com Inc.

Toronto, Ontario, Canada	 	100.0	 	 	 	(0.5	)	(0.2	)	CAD
	 	BodyShopmall.com LLC

Southfield, Michigan	 	100.0	 	 	 	11.1	 	2.0	 	USD
	 	Micro Flo Company LLC

Memphis, Tennessee	 	100.0	 	 	 	90.5	 	18.0	 	USD
	 	Sabina Petrochemicals LLC*

Wilmington, Delaware	 	23.4	 	 	 	(62.0	)	(29.2	)	USD
	 	Thousand Springs Trout Farms Inc.

Wilmington, Delaware	 	100.0	 	 	 	0.0	 	0.0	 	USD
	 	Tradewinds Chemicals Corporation

Mount Olive, New Jersey	 	100.0	 	 	 	359.4	 	1.9	 	USD
	 	BASF de Mexico Group	 	100.0	 	 	 	1,650.8	 	(318.0	)	MXN
	BASF Coatings de Mexico, S.A. de C. V.

Mexico City, Mexico	 	100.0	 	 	 	377.2	 	88.1	 	MXN
	BASF Interservicos, S.A. de C. V.

Mexico City, Mexico	 	100.0	 	0.01	 	(26.8	)	(28.3	)	MXN
	BASF de Mexico, S.A. de C. V.

Mexico City, Mexico	 	100.0	 	100.0	 	1,651.7	 	(318.0	)	MXN
	 	 	 	 	 	 	 	 	 	 	 

8

 

	BASF Mexicana, S.A. de C. V.

Mexico City, Mexico	 	100.0	 	 	 	2,168.0	 	(261.5	)	MXN
	* Proportionally consolidated affiliate	 	 	 	 
	
South America	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF Argentina S.A.

Buenos Aires, Argentina	 	100.0	 	99.9	 	137.9	 	169.1	 	ARS
	BASF S.A. Group

Brazil	 	100.0	 	 	 	974.7	 	42.8	 	BRL
	 	Includes:	 	 	 	 	 	 	 	 	 	 
	 	BASF S.A.

São Bernardo do Campo, Brazil	 	100.0	 	 	 	832.5	 	(193.2	)	BRL
	 	BASF Poliuretanos Ltda.

Maua, Brazil	 	100.0	 	 	 	30.7	 	8.1	 	BRL
	BASF Chile S.A.

Santiago, Chile	 	100.0	 	99.9	 	22,889.0	 	1,509.0	 	CLP
	BASF de Costa Rica, S.A.

San José, Costa Rica	 	100.0	 	100.0	 	4,421.4	 	960.7	 	CRC
	BASF Peruana S.A.

Lima, Peru	 	99.8	 	99.8	 	28.4	 	3.6	 	PEN
	BASF Quimica Colombiana S.A.

Bogotá, Colombia	 	100.0	 	100.0	 	65,891.0	 	14,800.0	 	COP
	Wintershall BM-C-10 Ltda.

Rio de Janeiro, Brazil	 	100.0	 	 	 	(172.4	)	(172.9	)	BRL
	Wintershall Energía S.A.

Buenos Aires, Argentina	 	100.0	 	 	 	577.3	 	258.8	 	ARS
	
Asia, Pacific Area, Africa	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF (China) Company Ltd.

Peking, China	 	100.0	 	100.0	 	1,182.4	 	16.5	 	CNY
	BASF (Malaysia) Sdn. Bhd.

Petaling Jaya, Malaysia	 	100.0	 	 	 	95.5	 	19.5	 	MYR
	BASF (Thai) Ltd.

Bangkok, Thailand	 	100.0	 	100.0	 	1,398.6	 	173.8	 	THB
	BASF Agro Ltd.

Tokyo, Japan	 	100.0	 	 	 	229.0	 	173.0	 	JPY
	BASF Australia Group	 	 	 	 	 	 	 	 	 	 
	 	Includes:	 	 	 	 	 	 	 	 	 	 
	 	BASF Australia Ltd.

Melbourne, Victoria, Australia	 	100.0	 	100.0	 	32.0	 	9.6	 	AUD
	 	Cyanamid Agriculture PTY. Ltd.

Baulkham Hills, New South Wales, Australia	 	100.0	 	 	 	9.0	 	0.6	 	AUD
	BASF Chemicals Company Ltd.

Shanghai, China	 	100.0	 	 	 	767.0	 	0.0	 	CNY
	BASF China Limited

Kowloon, Hong Kong, China	 	100.0	 	100.0	 	265.7	 	113.1	 	HKD
	BASF Colorants and Chemicals Co., Ltd.

Pudong, Shanghai, China	 	100.0	 	 	 	995.6	 	191.8	 	CNY
	 	 	 	 	 	 	 	 	 	 	 

9

 

	BASF Company Ltd. Seoul,

South Korea	 	100.0	 	 	 	399,840.0	 	(24,016.0	)	KRW
	BASF FZE

Dubai, UAE Dubai	 	100.0	 	100.0	 	6.2	 	5.2	 	AED
	BASF India Ltd. Mumbai,

India	 	52.7	 	52.7	 	2,458.5	 	338.9	 	INR
	BASF Japan Ltd.

Tokyo, Japan	 	100.0	 	100.0	 	18,601.0	 	1,735.0	 	JPY
	BASF New Zealand Ltd.

Auckland, New Zealand	 	100.0	 	100.0	 	12.7	 	2.0	 	NZD
	BASF Pakistan (Private) Ltd.

Karachi, Pakistan	 	51.0	 	51.0	 	302.5	 	77.4	 	PKR
	BASF PETRONAS Chemicals Sdn. Bhd.

Petaling Jaya, Malaysia	 	60.0	 	60.0	 	1,157.5	 	(26.2	)	MYR
	BASF Philippines, Inc.

Canlubang, Calamba Laguna, Philippines	 	100.0	 	100.0	 	741.5	 	17.5	 	PHP
	BASF Services (Malaysia) Sdn. Bhd.

Petaling Jaya, Malaysia	 	100.0	 	100.0	 	228.8	 	0.1	 	MYR
	BASF Singapore Pte. Ltd.

Singapore	 	100.0	 	100.0	 	15.2	 	2.5	 	SGD
	BASF South Africa (Pty.) Ltd.

Halfway House, South Africa	 	100.0	 	100.0	 	141.1	 	22.8	 	ZAR
	BASF South East Asia Pte. Ltd.

Singapore	 	100.0	 	100.0	 	402.4	 	70.8	 	SGD
	BASF Styrenics Holding Company Port Louis, Mauritius

	 	100.0	 	100.0	 	43.5	 	0.0	 	USD
	BASF Styrenics Private Ltd. Mumbai, India

	 	100.0	 	 	 	639.1	 	(200.5	)	INR
	BASF Taiwan Ltd.

Taipei, Taiwan	 	100.0	 	100.0	 	465.6	 	328.7	 	TWD
	BASF Trading (Shanghai) Co. Ltd.

Shanghai, China	 	100.0	 	 	 	52.1	 	28.9	 	CNY
	BASF Türk Kimya Sanayi ve Ticaret Ltd. Sti.

Istanbul, Turkey	 	100.0	 	99.0	 	3,585,349.0	 	196,905.0	 	TRL
	BASF Vitamins Company Ltd.

Shenyang, China	 	98.0	 	60.0	 	163.4	 	0.5	 	CNY
	P. T. BASF Indonesia

Jakarta, Indonesia	 	97.0	 	97.0	 	194,156.0	 	39,565.0	 	IDR
	Yangzi-BASF Styrenics Co. Ltd.

Nanjing, China	 	60.0	 	50.0	 	1,505.8	 	150.4	 	CNY
	
2. Proportionally consolidated affiliates (Section 310 of the German Commercial Code)
	

BASF GE Schwarzheide GmbH & Co. KG

Schwarzheide	
 	

50.0	
 	

50.0	
 	

15.3	
 	

4.1	
 	

EUR
	 	 	 	 	 	 	 	 	 	 	 

10

 

	Wintershall Erdgas Handelshaus GmbH (WIEH)

Berlin	 	50.0	 	 	 	0.1	 	*	 	EUR
	
Europe (excluding Germany)	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	ELLBA C. V.

Rotterdam, the Netherlands	 	50.0	 	 	 	150.8	 	41.7	 	EUR
	Produits et Engrais Chimiques du Rhin S.A. (PEC Rhin)

Ottmarsheim, France	 	50.0	 	50.0	 	27.9	 	5.9	 	EUR
	Wintershall Erdgas Handelshaus AG

Zug, Switzerland	 	50.0	 	 	 	15.4	 	64.8	 	CHF
	
North America	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	Polioles, S.A. de C. V.

Mexico City, Mexico	 	50.0	 	 	 	827.1	 	34.6	 	MXN
	
Asia, Pacific Area, Africa	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF Inoac Polyurethanes, Ltd. (BIP)

Shinshiro-Shi, Aichi, Japan	 	50.0	 	 	 	3,708.0	 	290.0	 	JPY
	BASF NOF Coatings Co., Ltd.

Tokyo, Japan	 	50.0	 	 	 	19,963.0	 	230.0	 	JPY
	BASF-YPC Company Ltd.

Nanjing, China	 	50.0	 	10.0	 	7,034.5	 	0.0	 	CNY
	ELLBA Eastern Private Ltd.

Singapore	 	50.0	 	 	 	59.9	 	0.0	 	USD
	Shanghai Gao Qiao-BASF Dispersions Co. Limited

Shanghai, China	 	50.0	 	40.0	 	359.0	 	57.7	 	CNY
	
3. Equity consolidated subsidiaries (Section 312 of the German Commercial Code)
	

BASF Future Business GmbH

Ludwigshafen (Rhine)	
 	

100.0	
 	

100.0	
 	

25.7	
 	

*	
 	

EUR
	BASF Venture Capital GmbH

Ludwigshafen (Rhine)	 	100.0	 	 	 	22.8	 	(3.1	)	EUR
	Lucura Rückversicherungs GmbH

Ludwigshafen (Rhine)	 	100.0	 	 	 	34.7	 	4.7	 	EUR
	Tensid-Chemie Vertriebsgesellschaft mbH

Cologne	 	100.0	 	 	 	2.3	 	*	 	EUR
	Wintershall Lenkoran GmbH

Kassel	 	100.0	 	 	 	0.0	 	0.0	 	EUR
	Wintershall Wolga Petroleum GmbH**

Kassel	 	100.0	 	 	 	18.2	 	2.9	 	EUR
	* Profit/loss transfer agreement	 	 	 	 	 	 	 	 	 	 
	** Including earnings of consolidated subsidiaries/Group	 	 	 	 	 	 	 	 	 	 
	
Europe (excluding Germany)	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF Coatings Refinish AG

Wädenswil/Au, Switzerland	 	100.0	 	 	 	1.2	 	0.1	 	CHF
	 	 	 	 	 	 	 	 	 	 	 

11

 

	BASF Coatings Refinish Ltd.

Didcot, United Kingdom	 	100.0	 	 	 	3.1	 	0.1	 	GBP
	BASF Coatings Refinish SpA

Burago Molgora, Italy	 	100.0	 	 	 	8.6	 	0.2	 	EUR
	BASF Ireland Limited

Dublin, Ireland	 	100.0	 	100.0	 	2.5	 	0.3	 	EUR
	BASF Sistemas de Impresión, S.A.

Vilanova del Valles, Spain	 	100.0	 	 	 	5.1	 	0.1	 	EUR
	
South America	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF Ecuatoriana S.A.

Quito, Ecuador	 	100.0	 	99.9	 	3.7	 	0.4	 	EUR
	BASF Poliuretanos S.A.

Buenos Aires, Argentina	 	100.0	 	3.2	 	(45.3	)	(40.8	)	ARS
	BASF Venezolana, S.A.

Caracas, Venezuela	 	100.0	 	100.0	 	6,523.3	 	2,669.5	 	VEB
	Wintershall BM-C-19 Ltda.

Rio de Janeiro, Brazil	 	100.0	 	 	 	0.2	 	0.0	 	BRL
	Wintershall BM-ES-7 Ltda.

Rio de Janeiro, Brazil	 	100.0	 	 	 	0.2	 	0.0	 	BRL
	Wintershall BM-S-14 Ltda.

Rio de Janeiro, Brazil	 	100.0	 	 	 	0.2	 	0.0	 	BRL
	* Profit/loss transfer agreement

** Including earnings of consolidated subsidiaries/Group	 	 	 	 	 	 	 	 	 	 
	
Asia, Pacific Area, Africa	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	BASF Polyurethanes (Taiwan) Co. Ltd.

Hsinchu, Taiwan	 	100.0	 	100.0	 	87.9	 	21.0	 	TWD
	BASF JCIC Neopentylglycol Company Ltd.

Jilin City, China	 	60.0	 	50.0	 	134.2	 	24.3	 	CNY
	BASF Polyurethanes (Malaysia) Sdn. Bhd.

Petaling Jaya, Malaysia	 	100.0	 	 	 	11.3	 	2.2	 	MYR
	BASF Shanghai Coatings Company Ltd.

Shanghai, China	 	60.0	 	 	 	98.7	 	26.2	 	CNY
	
4. Equity consolidated affiliates (Section 312 of the German Commercial Code)
	

Germany	
 	

 	
 	

 	
 	

 	
 	

 	
 	

 
	Solvin GmbH & Co. KG*

Hanover	 	25.0	 	25.0	 	352.1	 	(5.6	)	EUR
	Basell N.V.*

Hoofddorp, the Netherlands	 	50.0	 	17.8	 	3,075.7	 	(69.3	)	EUR
	Svalöf Weibull AB*

Svalöv, Sweden	 	40.0	 	 	 	539.0	 	0.0	 	SEK
	* Including earnings of consolidated subsidiaries/Group	 	 	 	 	 	 	 	 	 	 

12

   II. Other subsidiaries, affiliates and other participating interests  

	1.
	Non-consolidated
minor subsidiaries (Section 296 [2] of the German Commercial Code) 

	Company and headquarters
 
	 	Capital

held (%)
	 	Thereof

BASF AG (%)

	Germany	 	 	 	 
	ART-Autolack-Systeme GmbH

Dortmund	 	100.0	 	 
	Ausbildungsplatzinitiative Pfalz GmbH

Ludwigshafen (Rhine)	 	97.0	 	97.0
	BASF Akquisitions- und Objektverwertungs-gesellschaft mbH,

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF Chemikalien GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF ChemTrade GmbH

Burgbernheim	 	100.0	 	100.0
	BASF Immobilien-Gesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF Innovationsfonds GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF Isocyanate China Investment GmbH

Ludwigshafen (Rhine)	 	100.0	 	 
	BASF Jobmarkt GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF Katalysatorproduktionsgesellschaft Cologne mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF Lizenz GmbH

Ludwigshafen (Rhine)	 	100.0	 	 
	BASF Mobilienleasing GmbH

Ludwigshafen (Rhine)	 	100.0	 	 
	BASF Performance Polymers GmbH

Rudolstadt	 	100.0	 	 
	BASF Power GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	BASF Spezialdünger – Pensionsverwaltung GmbH

Münster	 	100.0	 	 
	Dr. Heinrich von Brunck Gedächtnisstiftung für Werksangehörige der BASF GmbH,

Ludwigshafen (Rhine)	 	95.0	 	95.0
	Gesellschaft zur Förderung der Lackkunst mbH

Münster	 	100.0	 	 
	Gewerkschaft des konsolidierten Steinkohlenbergwerks Breitenbach GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	Gewerkschaft Röchling GmbH

Kassel	 	100.0	 	 
	Glasurit GmbH

Münster-Hiltrup	 	100.0	 	 
	Guano-Werke Pensionsverwaltung GmbH

Ludwigshafen (Rhine)	 	100.0	 	 
	 	 	 	 	 

13

 

	Guano-Werke Vermögensverwaltung AG

Ludwigshafen (Rhine)	 	99.8	 	 
	Ink Logistic Management GmbH

Stuttgart	 	100.0	 	 
	K + E Druckfarben Vertriebsgesellschaft mbH

Stuttgart	 	100.0	 	 
	LUCARA Immobilienverwaltungs GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	ME Projektabwicklung GmbH

Ludwigshafen (Rhine)	 	100.0	 	 
	Metanomics GmbH & Co. KGaA

Berlin-Charlottenburg	 	80.0	 	 
	Metanomics Health GmbH

Berlin	 	65.1	 	 
	Metanomics Verwaltungsgesellschaft mbH

Berlin-Charlottenburg	 	100.0	 	 
	Neunte BASF Chemiebeteiligungsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	Neunte BASF Erwerbsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	Neunte BASF Finanzbeteiligungsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	PEG Personalentwicklungsgesellschaft mbH

Cologne	 	100.0	 	 
	Projektentwicklungs-GmbH Friesenheimer Insel

Ludwigshafen (Rhine)	 	100.0	 	100.0
	R-M Autolacke Vertriebs GmbH

Heusenstamm	 	100.0	 	 
	SEWOGE Service- und Wohnungsunternehmen GmbH

Schwarzheide	 	100.0	 	100.0
	SGS-Schwarzheider Gastronomie und Service GmbH

Schwarzheide	 	100.0	 	 
	Simpex GmbH

St. Ingbert	 	100.0	 	 
	SunGene GmbH & Co. KGaA

Gatersleben	 	66.0	 	 
	SunGene Verwaltungsgesellschaft mbH

Gatersleben	 	100.0	 	 
	Ultraform Verwaltungsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	Vitamultina Pharmazeutische und Nahrungsergänzungsprodukte GmbH

Ludwigshafen (Rhine)	 	100.0	 	100.0
	Wintershall Bank GmbH

Kassel	 	100.0	 	 
	Wintershall Libyen Oil & Gas GmbH

Kassel	 	100.0	 	 
	Wintershall Nordkaspische Exploration und Production GmbH

Ludwigshafen (Rhine)	 	100.0	 	 
	 	 	 	 	 

14

 

	Wintershall Urengoi GmbH

Kassel	 	100.0	 	 
	Wintershall Vermögensverwaltungsgesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	 
	Zweite BASF Immobilien-Gesellschaft mbH

Ludwigshafen (Rhine)	 	100.0	 	95.0
	
Europe (excluding Germany)	
 	

 	
 	

 
	ART Autolack-Systeme, S.A.

Guadalajara, Spain	 	99.7	 	 
	Auto Make-up S.A.R.L.

Maurepas, France	 	100.0	 	 
	Awiag Ltd.

Valetta, Malta	 	100.0	 	 
	BASCOM AG

Wädenswil/Au, Switzerland	 	100.0	 	 
	BASF Automotive Coatings Services S.A.R.L.

Clermont de l'Oise, France	 	100.0	 	 
	BASF Automotive Coatings Services S.R.O.

Bratislava, Slovakia	 	100.0	 	 
	BASF Automotive Coatings Services Sp. z. o. o.

Swarzedz, Poland	 	100.0	 	 
	BASF Automotive Storitve ZA Avtomobilske d. o. o.

Ljubljana, Slovenia	 	100.0	 	 
	BASF Biocides Ltd.

Ruddington, United Kingdom	 	100.0	 	100.0
	BASF Coatings Nederland B. V.

Maarssenbroek, the Netherlands	 	100.0	 	 
	BASF Coatings Refinish GmbH

Eugendorf, Austria	 	100.0	 	 
	BASF Coatings Refinish Norden AB

Hisings Kaerra, Sweden	 	100.0	 	 
	BASF Coatings Refinish S.A./N.V.

Brussels, Belgium	 	100.0	 	 
	BASF Coil Coatings SpA

Caronno Pertusella, Italy	 	100.0	 	 
	BASF Colorants Trading S. A.

San Vittore, Switzerland	 	100.0	 	100.0
	BASF Curtex Productos Químicos Ltda

Porto, Portugal	 	100.0	 	 
	BASF Croatia d. o. o.

Zagreb, Croatia	 	100.0	 	100.0
	BASF Drucksysteme Austria GmbH

Vienna, Austria	 	100.0	 	 
	BASF Drucksysteme Schweiz GmbH

Wädenswil/Au, Switzerland	 	95.0	 	 
	BASF EOOD

Sofia, Bulgaria	 	100.0	 	100.0
	BASF Finance Europe N.V.

Arnhem, the Netherlands	 	100.0	 	100.0
	 	 	 	 	 

15

 

	BASF IT Services Holding Ltd.

Cheadle, United Kingdom	 	100.0	 	 
	BASF IT Services Ltd.

Wilmslow, United Kingdom	 	100.0	 	 
	BASF IT Services N.V.

Antwerp, Belgium	 	100.0	 	 
	BASF IT Services S.A.

Barcelona, Spain	 	100.0	 	 
	BASF IT Services SpA

Cesano Maderno, Italy	 	100.0	 	 
	BASF Jugoslavija d. o. o.

Belgrade, Serbia-Montenegro	 	100.0	 	100.0
	BASF Masterbatch N.V.

Kuurne, Belgium	 	100.0	 	 
	BASF Portuguesa Lda.

Prior Velho, Portugal	 	100.0	 	70.5 _>
	BASF Printing Systems Ireland Ltd.

Blackrock, Ireland	 	100.0	 	 
	BASF Printing Systems S.A.

Vilvoorde, Belgium	 	99.9	 	 
	BASF Schou Tryksystemer A/S

Vamdrup, Denmark	 	100.0	 	 
	BASF Slovenija d. o. o.

Ljubljana, Slovenia	 	100.0	 	100.0
	BASF Slovensko spol. s r. o.

Bratislava, Slovakia	 	100.0	 	100.0
	BASF spol. s r. o.

Prague, Czech Republic	 	100.0	 	100.0
	BASF SRL

Bucharest, Romania	 	100.0	 	100.0
	BASF Styrodur Iberica, S. L.

Tudela, Spain	 	100.0	 	 
	BASF Tovarystvo z Obmezenoju Vidpovdal'nistju

Kiev, Ukraine	 	100.0	 	99.0
	BASF Trading Centre-Distribuicao de productos químicos especials Lda.

Marinha Grande, Portugal	 	100.0	 	 
	BASF Wostok OOO

Moscow, Russia	 	100.0	 	 
	Boots Galenika d.o.o.

Belgrade, Serbia-Montenegro	 	51.0	 	51.0
	BTC Specialty Chemical Distribution S. L.

Barcelona, Spain	 	100.0	 	 
	BTC Specialty Chemical Distribution SpA

Cesano Maderno, Italy	 	100.0	 	 
	BTC Specialty Chemical Distribution B. V.

Arnhem, the Netherlands	 	100.0	 	 
	BTC Specialty Chemical Distribution GmbH

Vienna, Austria	 	100.0	 	 
	 	 	 	 	 

16

 

	BTC Specialty Chemical Distribution Ltd.

Cheshire, United Kingdom	 	100.0	 	 
	BTC Specialty Chemical Distribution S.A. S.

Levallois Perret, France	 	100.0	 	 
	BTC Specialty Chemical Distribution Benelux S.A.

Brussels, Belgium	 	100.0	 	 
	BTC Specialty Chemical Distribution A/S

Copenhagen, Denmark	 	100.0	 	 
	COMPAREX Information Systems Ltd.

Cheadle, United Kingdom	 	100.0	 	 
	Couleurs-Paris S.A.R.L.

Clermont de l'Oise, France	 	100.0	 	 
	Cyanamid Agro S.A./N.V.

Gembloux, Belgium	 	100.0	 	 
	Cyanamid Ireland Limited

Clonee, Ireland	 	100.0	 	 
	Cyanamid Russ A/O

Moscow, Russia	 	100.0	 	100.0
	Cyanamid Slovakia S.R.O.

Bratislava, Slovakia	 	100.0	 	100.0
	Elastogran Kemipur Poliuretan System Kft.

Solymar, Hungary	 	90.0	 	 
	Fishburn Printing Ink Company, Ltd.

Cheadle, United Kingdom	 	100.0	 	 
	Frank Wright (Feed Supplements) Limited

Ashbourne, United Kingdom	 	100.0	 	 
	Frank Wright (Transport) Limited

Ashbourne, United Kingdom	 	100.0	 	 
	Frank Wright Feeds (International) Limited

Ashbourne, United Kingdom	 	100.0	 	 
	Haus am Kai 1, OOO

Moscow, Russia	 	100.0	 	19.6
	Himmoba AG

Wädenswil/Au, Switzerland	 	100.0	 	 
	Inmont Limited

Cheadle, United Kingdom	 	100.0	 	 
	Knoll Polska Sp. z. o. o.

Warsaw, Poland	 	100.0	 	100.0
	Lipogene AB

Svalöv, Sweden	 	91.0	 	 
	Minden Farmaceutical Lda.

Lisbon, Portugal	 	100.0	 	100.0
	Organchemie Gesellschaft m. b. H.

Vienna, Austria	 	100.0	 	1.0
	Plant Science Sweden AB

Svalöv, Sweden	 	91.0	 	 
	R-M Automotive Refinish Limited

Enfield, United Kingdom	 	100.0	 	 
	 	 	 	 	 

17

 

	Valentine Limited

Cheadle, United Kingdom	 	100.0	 	 
	WINGAS Belgium S. P. R. L. /B. V. B. A.

Brussels, Belgium	 	65.4	 	 
	Wintershall Gas spol. s r. o.

Prague, Czech Republic	 	100.0	 	 
	Wintershall Services B. V.

The Hague, the Netherlands	 	100.0	 	 
	North America	 	 
	Automotive Refinish Technologies, LLC

Dearborn, Michigan	 	100.0	 	 
	Automotive Refinish Technology, Inc. (ART)

Toronto, Ontario, Canada	 	100.0	 	 
	BASF Nichiyu Coatings North America Inc.

Mount Olive, New Jersey	 	100.0	 	 
	BASF Pipeline Holding LLC

Houston, Texas	 	100.0	 	 
	BASF Venture Capital America Inc.

Santa Barbara, California	 	100.0	 	 
	BASF Venture Capital Canada Inc.

Toronto, Ontario, Canada	 	100.0	 	 
	BF Textile Colours Holding Inc.

Wilmington, North Carolina	 	100.0	 	100.0
	DNA Landmarks Inc.

St.-Jean-sur-Richelieu, Quebec, Canada	 	81.9	 	 
	Micro Flo de Mexico S.A. de C.V.

Mexico City, Mexico	 	100.0	 	 
	Transpharm Inc.

Mount Olive, New Jersey	 	100.0	 	 
	South America	 	 	 	 
	Aislapol S.A.

Santiago, Chile	 	100.0	 	99.9
	Basanil S.A.

Buenos Aires, Argentina	 	100.0	 	100.0
	BASF Bolivia S. R. L.

La Paz, Bolivia	 	100.0	 	100.0
	BASF de El Salvador, S.A. de C.V.

San Salvador, El Salvador	 	100.0	 	100.0
	BASF de Guatemala S.A. de C.V.

Guatemala City, Guatemala	 	100.0	 	99.0
	BASF de Nicaragua S.A.

Managua, Nicaragua	 	99.9	 	 

18

  

	Company and headquarters
 
	 	Capital

held (%)
	 	Thereof

BASF AG (%)

	BASF Dominicana, S.A.

Santo Domingo, Dominican Republic	 	100.0	 	100.0
	BASF Panama S.A.

Panama City, Panama	 	100.0	 	100.0
	BASF Uruguaya S.A.

Montevideo, Uruguay	 	100.0	 	100.0
	Cyanamid El Salvador S. R. L.

San Salvador, El Salvador	 	100.0	 	100.0
	Cyanamid de Uruguay S.A.

Montevideo, Uruguay	 	100.0	 	 
	Tintas Graficas S.A.

Santiago, Chile	 	92.5	 	 
	Tintas Graficas S.A.

San Luis, Argentina	 	92.5	 	 
	Wintershall BM-ES-1 Ltda.

Rio de Janeiro, Brazil	 	100.0	 	 
	Wintershall do Brasil Serviços Ltda.

Rio de Janeiro, Brazil	 	100.0	 	 
	
Asia, Pacific Arca, Africa	
 	

 	
 	

 
	ART Automotive Refinish Technologies (PTY) Ltd.

Milnerton, South Africa	 	100.0	 	 
	BASF (Ethiopia) Ltd. P.L.c.

Addis Ababa, Ethiopia	 	100.0	 	100.0
	BASF (Ghana) Ltd.

Accra, Ghana	 	100.0	 	100.0
	BASF (Nigeria) Ltd.

Lagos, Nigeria	 	100.0	 	100.0
	BASF Agro Ltd.

Seoul, South Korea	 	100.0	 	 
	BASF Animal Nutrition (Pty.) Ltd.

Beaconvale, South Africa	 	100.0	 	 
	BASF Bangladesh Ltd.

Dacca, Bangladesh	 	76.4	 	76.4
	BASF Chemdyes Sdn. Bhd.

Perai, Malaysia	 	51.0	 	51.0
	BASF Chemicals and Polymers (Pvt.) Ltd.

Karachi, Pakistan	 	100.0	 	100.0
	BASF Coatings International Trade (Shanghai) Co. Ltd.

Shanghai, China	 	100.0	 	 
	BASF Coatings (Pty.) Ltd.

Kinshasa, Democratic Republic of Congo (Zaire)	 	100.0	 	 
	BASF Coatings (Pty.) Ltd.

Wetherill Park, New South Wales, Australia	 	51.0	 	 
	BASF Coatings + Inks Philippines Inc.

Makati, Metro Manila, Philippines	 	100.0	 	 
	BASF Coatings Inc.

Canlubang, Calamba, Laguna, Philippines	 	100.0	 	 
	 	 	 	 	 

19

 

	BASF Coatings (Pvt.) Ltd.

Mumbai, India	 	100.0	 	 
	BASF Coatings PMB (Pty.) Ltd.

Vanderbijlpark, South Africa	 	100.0	 	 
	BASF Colorants Pte. Ltd.

Singapore	 	100.0	 	100.0
	BASF East Africa Ltd.

Nairobi, Kenya	 	100.0	 	100.0
	BASF East Asia Regional Headquarters Limited

Hong Kong, China	 	100.0	 	100.0
	BASF Idemitsu Co. Ltd.

Tokyo, Japan	 	67.0	 	67.0
	BASF Industries Private Ltd.

Mumbai, India	 	100.0	 	100.0
	BASF Iran AG

Teheran, Iran	 	100.0	 	100.0
	BASF Ltd.

Cairo, Egypt	 	100.0	 	99.0
	BASF Maroc S.A.

Casablanca, Morocco	 	100.0	 	100.0
	BASF Polyurethanes (China) Co. Ltd.

Panyu Guangdong, China	 	100.0	 	 
	BASF S. P. A.

Hydra, Algeria	 	100.0	 	100.0
	BASF Tai Ching Crop Protection Chemicals Corp.

Taipai, Taiwan	 	55.0	 	55.0
	BASF Takeda Vitamins Ltd.

Tokyo, Japan	 	66.0	 	 
	BASF Textile and Leather Centre Asia Sdn. Bhd.

Petaling Jaya, Malaysia	 	100.0	 	100.0
	BASF-Finlay (Private) Limited

Colombo, Sri Lanka	 	66.7	 	66.7
	Cyanamid Agricultural Products Sdh. Bhd.

Petaling Jaya, Malaysia	 	100.0	 	100.0
	Cyanamid Limited

Lilongwe, Malawi	 	100.0	 	 
	Cyanamid Zimbabwe (PVT) Ltd.

Workington, Zimbabwe	 	100.0	 	 
	CSJ K. K.

Tokyo, Japan	 	100.0	 	 
	Elastogran Polürethan Sanayi ve Ticaret A. S.

Pendik-Istanbul, Turkey	 	100.0	 	 
	ME Vitamin Pte. Ltd. i. L.

Singapore	 	100.0	 	100.0
	Shanghai BASF Polyurethane Company

Shanghai, China	 	70.0	 	 
	
2. Non-equity-consolidated minor affiliates (Section 311 [2] of the German Commercial Code)
	

Germany	
 	

 	
 	

 
	 	 	 	 	 

20

 

	Aurentum Innovationstechnologien GmbH

Mainz	 	25.2	 	 
	Axaron Bioscience AG

Heidelberg	 	43.5	 	43.5
	Basell Bayreuth Chemie GmbH

Eschborn	 	47.0	 	 
	Basell Chemie Cologne GmbH

Wesseling	 	50.0	 	 
	Basell Deutschland GmbH

Mainz	 	50.0	 	 
	Basell Germany Holding GmbH

Düsseldorf	 	50.0	 	 
	Basell Holding Middle East GmbH

Wesseling	 	50.0	 	 
	Basell Polyolefine GmbH

Kehl	 	50.0	 	 
	BASF GE Schwarzheide Beteiligungs GmbH

Schwarzheide	 	50.0	 	50.0
	CWD Chemie-Wirtschaftsdatenbanken GmbH

Frankfurt (Main)	 	50.0	 	50.0
	CWK Software und Service GmbH

Mannheim	 	27.2	 	 
	DATASOUND Gesellschaft zur Entwicklung und Vermarktung

digitaler Audio- und Informationssysteme, Ludwigshafen (Rhine)	 	25.0	 	 
	DyStar Textilfarben GmbH*

Frankfurt (Main)	 	30.0	 	30.0
	DyStar Textilfarben GmbH & Co. Germany KG*

Frankfurt (Main)	 	30.0	 	30.0
	Emsland-Erdölleitung GmbH

Osterwald	 	25.0	 	 
	Envimax GmbH

Heddesheim	 	50.0	 	 
	Erdgasverkaufsgesellschaft mbH

Münster	 	28.8	 	 
	Gesellschaft für Wohnungs-, Gewerbe- und Städtebau Aktiengesellschaft

Ludwigshafen (Rhine)	 	30.0	 	 
	Ginger GmbH

Ludwigshafen (Rhine)	 	22.0	 	22.0
	KGS KETO-Gulonsäure Vertriebsgesellschaft beschränkt haftende OHG

Krefeld	 	33.3	 	33.3
	M-Exchange AG

Frankfurt (Main)	 	46.5	 	 
	Projektförderung Initiative für Beschäftigung GmbH

Münster	 	25.0	 	 
	PSG Procurement Service GmbH

Lohmar	 	50.0	 	 
	RAIL4Chem Eisenbahnverkehrsgesellschaft mbH

Essen	 	25.0	 	25.0
	 	 	 	 	 

21

 

	Rheingas Erdgasleitungsgesellschaft mbH i. L.

Hanover	 	50.0	 	50.0
	Solvin Europe GmbH

Hanover	 	25.2	 	25.2
	Stuttgarter IT Gesellschaft mbH

Stuttgart	 	50.0	 	 
	S. T. E. P. Personalentwicklungsgesellschaft mbH

Ludwigshafen (Rhine)	 	33.4	 	33.4
	Thermische Rückstandsverwertung Verwaltungs-GmbH

Wesseling	 	30.0	 	 
	Thermische Rückstandsverwertung GmbH & Co KG (TRV)

Wesseling	 	30.0	 	 
	WV Elektro GmbH & Co. Handels-KG

Frankfurt (Main)	 	50.0	 	 
	WV Energie AG

Frankfurt (Main)	 	50.0	 	 
	WV Service GmbH

Frankfurt (Main)	 	50.0	 	 
	WV Versicherungsmakler GmbH

Frankfurt (Main)	 	25.0	 	 
	* Included under other assets	 	 	 	 
	
Europe (excluding Germany)	
 	

 	
 	

 
	Amylogene Handelsbolaget

Svalöv, Sweden	 	45.5	 	 
	Basell Arabia Holding B. V.

Hoofddorp, the Netherlands	 	50.0	 	 
	Basell Belgium S.A.

Brussels, Belgium	 	50.0	 	 
	Basell Benelux B. V.

Rotterdam, the Netherlands	 	50.0	 	 
	Basell Brindisi SpA

Milan, Italy	 	50.0	 	 
	Basell Coordination Company N.V.

Zaventem, Belgium	 	50.0	 	 
	Basell Europe Holding B. V.

Hoofddorp, the Netherlands	 	50.0	 	 
	Basell Finance Company B. V.

Hoofddorp, the Netherlands	 	50.0	 	 
	Basell Finance Italia S. R. L.

Milan, Italy	 	50.0	 	 
	Basell Fos S.A.

Levallois-Perret, France	 	50.0	 	 
	Basell France S.A.

Levallois-Perret, France	 	50.0	 	 
	Basell Iberica Poliolefinas Holding S. L.

Barcelona, Spain	 	50.0	 	 
	Basell International Holding B. V.

Hoofddorp, the Netherlands	 	50.0	 	 
	 	 	 	 	 

22

 

	Basell Investissements S.A.

Paris, France	 	50.0	 	 
	Basell Italia S. R. L.

Cesano Maderno, Italy	 	50.0	 	 
	Basell Italy Holding SpA

Milan, Italy	 	50.0	 	 
	Basell Nederland B. V.

Arnhem, the Netherlands	 	50.0	 	 
	Basell Nordic AB

Göteborg, Sweden	 	50.0	 	 
	Basell Orlen Polyolefins Sp. z. o. o.

Plock, Poland	 	50.0	 	 
	Basell Plasticos, Lda

Lisbon, Portugal	 	50.0	 	 
	Basell Poliolefinas Comercial Española S. L.

Barcelona, Spain	 	50.0	 	 
	Basell Poliolefinas Iberica S.A.

Barcelona, Spain	 	50.0	 	 
	Basell Polipropilene S. R. L.

Milan, Italy	 	50.0	 	 
	Basell Polyethylene S.A.

Strasbourg, France	 	50.0	 	 
	Basell Polyolefine Italia SpA

Milan, Italy	 	50.0	 	 
	Basell Polyolefines France S.A.

Paris, France	 	50.0	 	 
	Basell Polyolefins Company N.V.

Zaventem, Belgium	 	50.0	 	 
	Basell Polyolefins UK Ltd.

Manchester, United Kingdom	 	50.0	 	 
	Basell Polypropylene S.A.

Lillebonne, France	 	50.0	 	 
	Basell Polypropylene Ltd.

Manchester, United Kingdom	 	50.0	 	 
	Basell Production France S.A.

Levallois-Perret, France	 	50.0	 	 
	Basell Service Company B. V.

Hoofddorp, the Netherlands	 	50.0	 	 
	Basell Taiwan Holding B. V.

Hoofddorp, the Netherlands	 	50.0	 	 
	Basell Technology Company B. V.

Hoofddorp, the Netherlands	 	50.0	 	 
	Basell (Thailand) Holdings B. V.

Hoofddorp, the Netherlands	 	50.0	 	 
	Basell UK Holding Ltd.

Carrington, United Kingdom	 	50.0	 	 
	Basell UK Ltd.

Cheadle, United Kingdom	 	50.0	 	 
	 	 	 	 	 

23

 

	BASF Huntsman Shanghai Isocyanate Investment B. V.

Arnhem, the Netherlands	 	50.0	 	 
	BASF Naber S.A.

Valencia, Spain	 	50.0	 	 
	BASF Nutrition Animale S.A. S.

Chateau Gontier, France	 	50.0	 	 
	BASF Poligrafia Polska Sp. z. o. o.

Lodz, Poland	 	50.0	 	 
	Compagnie Industrielle des Polyethylenes de Normandie

Notre-Dame de Gravenchon, France	 	25.0	 	 
	CSEBER Csomagoloeszköz Begyüjtesi Rendeszer KHT

Budapest, Hungary	 	22.8	 	 
	Compleyo Industrial Taqsa AIE

Tarragona, Spain	 	42.5	 	 
	Elastokam OOO

Nishnekamsk Promsona, Russia	 	50.0	 	 
	ELLBA B. V.

Rotterdam, the Netherlands	 	50.0	 	 
	Gestio de residus especiales de Catalunya S.A.

Tarragona, Spain	 	33.3	 	 
	Hisane A. I. E.

Reus (Tarragona), Spain	 	37.5	 	 
	Indurisk Rückversicherungs-GmbH

Luxembourg, Luxembourg	 	50.0	 	 
	Lameskin S. R. L.

Milan, Italy	 	50.0	 	 
	L5C Production B. V.

The Hague, the Netherlands	 	30.0	 	 
	L8B Production B. V.

The Hague, the Netherlands	 	25.0	 	 
	N.V. Noordwinning K 13

The Hague, the Netherlands	 	30.3	 	 
	Noordwinning L8AB. V.

The Hague, the Netherlands	 	30.3	 	 
	Omnexus N.V. i. L.

Amsterdam, the Netherlands	 	21.0	 	21.0
	OOO Achimgaz

Novy Urengoy, Russia	 	50.0	 	 
	P2A (Groep) B. V.

The Hague, the Netherlands	 	22.2	 	 
	P6-(Groep) B. V.

The Hague, the Netherlands	 	27.0	 	 
	Q4 (Groep) B. V.

The Hague, the Netherlands	 	29.9	 	 
	Q8 (Groep) B. V.

The Hague, the Netherlands	 	30.0	 	 
	Retiflex SpA

Milan, Italy	 	50.0	 	 
	 	 	 	 	 

24

 

	SCI de Plastiques de Normandie

Lillebonne, France	 	50.0	 	 
	Severoceska Plynarenska A. S.

Usti Nad Labem, Czech Republic	 	20.2	 	 
	Societe Civile Immobiliere des Plastiques de Normandie

Lillebonne, France	 	41.4	 	 
	Societe du Craqueur de L'Aubette SAS

Berre L'Etang, France	 	25.0	 	 
	Stredoceska Plynarenska A.S.

Prague, Czech Republic	 	31.0	 	 
	Société de participation dans l'industrie et le Transport du Petrole

Neuilly-sur-Seine, France	 	27.2	 	 
	TDP A. I. E.

Tarragona, Spain	 	25.0	 	 
	Transformadora de Propileno A. I. E.

Tarragona, Spain	 	25.0	 	 
	Texmet SpA

Lamezia Terme, Italy	 	50.0	 	 
	UNA S.A.

Barcelona, Spain	 	25.0	 	 
	WIEE Romania SRL

Bucharest, Romania	 	50.0	 	 
	Wirom Gas S.A.

Bucharest, Romania	 	25.0	 	 
	Wolgodeminoil OOO

Volgograd, Russia	 	50.0	 	 
	
North America	
 	

 	
 	

 
	Aislantes y Acusticos de Monterrey, S.A. de C.V.

Santa Catarina, N. L. C. P., Mexico	 	50.0	 	 
	Basell American Finance Corporation

Wilmington, Delaware	 	50.0	 	 
	Basell Asia-Pacific Inc.

Wilmington, Delaware	 	50.0	 	 
	Basell Canada Inc.

Mississauga, Ontario, Canada	 	50.0	 	 
	Basell Capital Corporation

Wilmington, Delaware	 	50.0	 	 
	Basell de Mexico, S.A. de C.V.

Colonia del Valle, Mexico	 	50.0	 	 
	Basell Finance USA Inc.

Albany, New York	 	50.0	 	 
	Basell Impact Holding Company

Wilmington, Delaware	 	50.0	 	 
	Basell North America Inc. (US)

Wilmington, Delaware	 	50.0	 	 
	Basell Polyethylene Inc.

Wilmington, Delaware	 	50.0	 	 
	Basell USA Inc.

Wilmington, Delaware	 	50.0	 	 
	 	 	 	 	 

25

 

	BasellTech USA Inc.

Wilmington, Delaware	 	50.0	 	 
	CHD Enterprises Inc.

Wilmington, Delaware	 	50.0	 	 
	Indelpro S.A. de C.V.

Garza Garzia, Mexico	 	24.5	 	 
	Polymer Resource Group Inc.

Wilmington, Delaware	 	50.0	 	 
	
South America	
 	

 	
 	

 
	Basell Brasil Poliolefinas Ltda.

São Paulo, Brazil	 	50.0	 	 
	Petroken Petroquimica Ensenada S.A.

Buenos Aires, Argentina	 	25.0	 	 
	Polibrasil Participacoes S.A.

São Paulo, Brazil	 	25.0	 	 
	Tintas Graficas Vencedor S.A.

San Juan de Lurigancho Lima, Peru	 	46.2	 	 
	Ingredia S.A.

Caracas, Venezuela	 	37.2	 	 
	
Asia, Pacific Area, Africa	
 	

 	
 	

 
	Basell Australia Holding PTY

Melbourne, Victoria, Australia	 	50.0	 	 
	Basell Australia PTY Ltd.

Melbourne, Victoria, Australia	 	50.0	 	 
	Basell China Ltd.

Hong Kong, China	 	50.0	 	 
	Basell Korea Ltd.

Seoul, South Korea	 	50.0	 	 
	BASF AKZO Nobel Automotive OEM Coatings PTY. Limited

Melbourne, Victoria, Australia	 	50.0	 	 
	BASF Kanoo Gulf FZE

Dubai, UAE Dubai	 	49.0	 	 
	BASF Kanoo Gulf LLC

Dubai, UAE Dubai	 	49.0	 	49.0
	BASF Tunisie S.A.

Megrine, Tunisia	 	49.0	 	49.0
	Chunichi Paint Co., Ltd.

Nagoya, Japan	 	50.0	 	 
	Kartal Kimya San. ve Tic. A. S.

Istanbul, Turkey	 	25.1	 	25.1
	Kyushu Nissan Paint Co., Ltd.

Fukuoka, Japan	 	50.0	 	 
	Machino-Basell India Ltd.

Delphi, India	 	25.0	 	 
	Nisso BASF Agro Co., Ltd.

Tokyo, Japan	 	45.0	 	45.0
	NOF Kansai Marine Coatings Co., Ltd.

Tokyo, Japan	 	25.0	 	 
	 	 	 	 	 

26

 

	NOF (Thailand) Ltd.

Bangkok, Thailand	 	20.0	 	 
	Pigment Manufacturers of Australia Ltd. i. L.

Laverton, Victoria, Australia	 	50.0	 	 
	Poly Pacific Polymers Sdh. Bhd.

Kuala Lumpur, Malaysia	 	25.0	 	 
	Poly Pacific PTY Ltd.

Dandenong, Victoria, Australia	 	25.0	 	 
	Shanghai Lianheng Isocyanate Company

Shanghai, China	 	35.0	 	 
	Taiwan NOF Coatings Ltd.

Taipei, Taiwan	 	35.0	 	 
	Vitacolor Industries, Inc.

Manila, Philippines	 	40.0	 	40.0
	Yasar BASF Automotive Coatings Company Ltds.

Izmir, Turkey	 	50.0	 	 
	
3. Participating interest of between 5 and 20 percent in major corporations (Section 285, No. 11 of the German Commercial Code)

	
Company and headquarters
 
	
 	

Capital

held

(%)
	
 	
Thereof

BASF AG

(%)
	
 	

Stock-

holders'

equity

(millions)
	
 	

Net

income

(millions)
	
 	

Currency

(ISO code)

	Germany	 	 	 	 	 	 	 	 	 	 
	K + S Aktiengesellschaft

Kassel	 	10.0	 	10.0	 	513.4*	 	103.8*	 	EUR
	VNG-Verbundnetz Gas AG

Leipzig	 	15.8	 	465.3	 	105.0	 	EUR	 	 

27

   III. Information on subsidiaries  

The
German subsidiaries listed below, which have the legal form of either a corporation or a partnership, make use of the exemptions offered by Section 264, Paragraph 3 or Section 264 b of the German
Commercial Code, respectively. 

Company and headquarters  

	Germany
	BASF Coatings AG Münster
	

BASF Drucksysteme GmbH Stuttgart
	

BASF PharmaChemikalien GmbH & Co. KG Ludwigshafen (Rhine)
	

BASF Pigment GmbH Ludwigshafen (Rhine)
	

BASF Schwarzheide GmbH Schwarzheide
	

Elastogran GmbH Lemförde GEWOGE Wohnungsunternehmen der BASF GmbH Ludwigshafen (Rhine)
	

Haidkopf GmbH Kassel
	

LUWOGE Wohnungsunternehmen der BASF GmbH Ludwigshafen (Rhine)
	

Tensid-Chemie Vertriebsgesellschaft mit beschränkter Haftung Cologne
	

Ultraform GmbH & Co. KG Ludwigshafen (Rhine)
	

WINGAS GmbH Kassel
	

Wintershall AG Kassel
	

Wintershall Erdgas Beteiligungs-GmbH Kassel
	

Wintershall Erdgas Handelshaus GmbH Berlin
	

Wintershall Explorations- und Produktions-Beteiligungsges. mbH Kassel
	

Wintershall Libyen Explorations- und Produktions-GmbH Kassel
	

 

28

QuickLinks

List of Shares Held 2003Exhibit 4.15

 

 

 

Grupo TMM, S.A.,

as Issuer

The Guarantors Named Herein,

as Guarantors

and

The Bank of New York,

as Trustee

Indenture

Dated as of
             
   , 2004*

Senior Secured Notes due 2007

 

 

 

* To be dated the Settlement Date.

 

 

TABLE OF CONTENTS

 

	
  ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

  	
   

  
	
  SECTION
  1.01   DEFINITIONS

  	
   

  
	
  SECTION
  1.02   COMPLIANCE CERTIFICATES AND OPINIONS

  	
   

  
	
  SECTION
  1.03   FORM OF DOCUMENTS DELIVERED TO TRUSTEE

  	
   

  
	
  SECTION
  1.04   NOTICES, ETC. TO TRUSTEE AND COMPANY

  	
   

  
	
  SECTION
  1.05   NOTICE TO HOLDERS; WAIVER

  	
   

  
	
  SECTION
  1.06   CONFLICT WITH TRUST INDENTURE ACT

  	
   

  
	
  SECTION
  1.07   EFFECT OF HEADINGS AND TABLE OF CONTENTS

  	
   

  
	
  SECTION
  1.08   SUCCESSORS AND ASSIGNS

  	
   

  
	
  SECTION
  1.09   SEPARABILITY CLAUSE

  	
   

  
	
  SECTION
  1.10   BENEFITS OF INDENTURE

  	
   

  
	
  SECTION
  1.11   GOVERNING LAW

  	
   

  
	
  SECTION
  1.12   SUBMISSION TO JURISDICTION

  	
   

  
	
  SECTION
  1.13   LEGAL HOLIDAYS

  	
   

  
	
  SECTION
  1.14   APPOINTMENT OF AGENT FOR SERVICE

  	
   

  
	
  SECTION
  1.15   COUNTERPART ORIGINALS

  	
   

  
	
   

  	
   

  
	
  ARTICLE TWO NOTE FORMS

  	
   

  
	
  SECTION
  2.01   FORMS GENERALLY

  	
   

  
	
  SECTION
  2.02   FORM OF FACE OF NOTE

  	
   

  
	
  SECTION
  2.03   FORM OF REVERSE OF NOTE

  	
   

  
	
  SECTION
  2.04   FORM OF GUARANTEE

  	
   

  
	
  SECTION
  2.05   FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION

  	
   

  
	
   

  	
   

  
	
  ARTICLE THREE THE NOTES

  	
   

  
	
  SECTION
  3.01   TITLE AND TERMS.

  	
   

  
	
  SECTION
  3.02   DENOMINATIONS; PAYMENT CURRENCY

  	
   

  
	
  SECTION
  3.03   EXECUTION, AUTHENTICATION, DELIVERY AND DATING

  	
   

  
	
  SECTION
  3.04   TEMPORARY NOTES

  	
   

  
	
  SECTION
  3.05   NOTE REGISTRAR AND PAYING AGENT

  	
   

  
	
  SECTION
  3.06   PAYING AGENT TO HOLD MONEY IN TRUST.

  	
   

  
	
  SECTION
  3.07   HOLDER LISTS.

  	
   

  
	
  SECTION
  3.08   TRANSFER AND EXCHANGE.

  	
   

  
	
  SECTION
  3.09   MUTILATED, DESTROYED, LOST AND STOLEN NOTES

  	
   

  
	
  SECTION
  3.10   PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED

  	
   

  
	
  SECTION
  3.11   PERSONS DEEMED OWNERS

  	
   

  
	
  SECTION
  3.12   CANCELLATION

  	
   

  

 

i

 

	
  SECTION
  3.13   COMPUTATION OF INTEREST

  	
   

  
	
  SECTION
  3.14   RANKING; SUBORDINATION.

  	
   

  
	
  SECTION
  3.15   CUSIP NUMBERS.

  	
   

  
	
   

  	
   

  
	
  ARTICLE FOUR REDEMPTION OF NOTES

  	
   

  
	
  SECTION
  4.01   APPLICABILITY OF ARTICLE

  	
   

  
	
  SECTION
  4.02   RIGHT OF REDEMPTION

  	
   

  
	
  SECTION
  4.03   ELECTION TO REDEEM; NOTICE TO TRUSTEE

  	
   

  
	
  SECTION
  4.04   SELECTION BY TRUSTEE OF NOTES TO BE REDEEMED

  	
   

  
	
  SECTION
  4.05   NOTICE OF REDEMPTION

  	
   

  
	
  SECTION
  4.06   DEPOSIT OF REDEMPTION PRICE

  	
   

  
	
  SECTION
  4.07   NOTES PAYABLE ON REDEMPTION DATE

  	
   

  
	
  SECTION
  4.08   NOTES REDEEMED IN PART

  	
   

  
	
  SECTION 4.09   OPTIONAL REDEMPTION DUE TO CHANGES IN TAX
  TREATMENT

  	
   

  
	
   

  	
   

  
	
  ARTICLE FIVE COVENANTS

  	
   

  
	
  SECTION
  5.01   PAYMENTS OF PRINCIPAL, PREMIUM, IF ANY, AND INTEREST

  	
   

  
	
  SECTION
  5.02   MAINTENANCE OF OFFICE OR AGENCY

  	
   

  
	
  SECTION
  5.03   MONEY FOR NOTE PAYMENTS TO BE HELD IN TRUST

  	
   

  
	
  SECTION
  5.04   EXISTENCE

  	
   

  
	
  SECTION
  5.05   MAINTENANCE OF PROPERTIES; INSURANCE

  	
   

  
	
  SECTION
  5.06   PAYMENT OF TAXES

  	
   

  
	
  SECTION
  5.07   ANNUAL OFFICERS’ CERTIFICATE TO TRUSTEE

  	
   

  
	
  SECTION
  5.08   REPORTS TO BE FURNISHED TO TRUSTEE AND HOLDERS

  	
   

  
	
  SECTION
  5.09   FURTHER ASSURANCES

  	
   

  
	
  SECTION
  5.10   COMPANY TO FURNISH TRUSTEE INFORMATION AS TO NAMES AND
  ADDRESSES OF HOLDERS

  	
   

  
	
  SECTION
  5.11   WAIVER OF STAY, EXTENSION OR USURY LAWS

  	
   

  
	
  SECTION
  5.12   LIMITATION ON RESTRICTED PAYMENTS.

  	
   

  
	
  SECTION
  5.13   LIMITATION ON TRANSACTIONS WITH AFFILIATES

  	
   

  
	
  SECTION
  5.14   LIMITATION ON INDEBTEDNESS.

  	
   

  
	
  SECTION
  5.15   LIMITATION ON DIVIDEND AND OTHER PAYMENT RESTRICTIONS
  AFFECTING RESTRICTED SUBSIDIARIES

  	
   

  
	
  SECTION
  5.16   CHANGE OF CONTROL

  	
   

  
	
  SECTION
  5.17   LIMITATION ON LIENS

  	
   

  
	
  SECTION
  5.18   RESTRICTION ON ASSET DISPOSITIONS AND QUALIFYING
  DISPOSITIONS; APPLICATION OF VAT PROCEEDS.

  	
   

  
	
  SECTION
  5.19   LIMITATION ON SALE AND LEASEBACK TRANSACTIONS

  	
   

  
	
  SECTION
  5.20   LIMITATION ON INVESTMENTS

  	
   

  

 

ii

 

	
  SECTION
  5.21   LIMITATION ON BUSINESS ACTIVITIES

  	
   

  
	
  SECTION
  5.22   PAYMENTS FOR CONSENT

  	
   

  
	
  SECTION
  5.23   ADDITIONAL GUARANTEES; LIMITATION ON ISSUANCES OF GUARANTEES
  BY RESTRICTED SUBSIDIARIES.

  	
   

  
	
   

  	
   

  
	
  ARTICLE SIX REMEDIES

  	
   

  
	
  SECTION
  6.01   EVENTS OF DEFAULT

  	
   

  
	
  SECTION
  6.02   DEFAULT RATE OF INTEREST

  	
   

  
	
  SECTION
  6.03   ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT

  	
   

  
	
  SECTION
  6.04   COLLECTION OF INDEBTEDNESS BY TRUSTEE; TRUSTEE MAY PROVE
  DEBT

  	
   

  
	
  SECTION
  6.05   TRUSTEE MAY FILE PROOFS OF CLAIM

  	
   

  
	
  SECTION
  6.06   TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF NOTES

  	
   

  
	
  SECTION
  6.07   APPLICATION OF MONEY OR PROPERTY COLLECTED

  	
   

  
	
  SECTION
  6.08   LIMITATION ON SUITS

  	
   

  
	
  SECTION
  6.09   RIGHTS OF HOLDERS OF NOTES TO RECEIVE PAYMENT.

  	
   

  
	
  SECTION
  6.10   RESTORATION OF RIGHTS AND REMEDIES

  	
   

  
	
  SECTION
  6.11   RIGHTS AND REMEDIES CUMULATIVE

  	
   

  
	
  SECTION
  6.12   DELAY OR OMISSION NOT WAIVER

  	
   

  
	
  SECTION
  6.13   CONTROL BY HOLDERS

  	
   

  
	
  SECTION
  6.14   WAIVER OF PAST DEFAULTS

  	
   

  
	
   

  	
   

  
	
  ARTICLE SEVEN CONCERNING THE TRUSTEE

  	
   

  
	
  SECTION
  7.01   DUTIES OF TRUSTEE.

  	
   

  
	
  SECTION
  7.02   CERTAIN RIGHTS OF TRUSTEE

  	
   

  
	
  SECTION
  7.03   TRUSTEE NOT RESPONSIBLE FOR RECITALS, ETC

  	
   

  
	
  SECTION
  7.04   TRUSTEE AND OTHERS MAY HOLD NOTES

  	
   

  
	
  SECTION
  7.05   MONEYS HELD BY TRUSTEE OR PAYING AGENT

  	
   

  
	
  SECTION
  7.06   COMPENSATION OF TRUSTEE AND ITS LIEN

  	
   

  
	
  SECTION
  7.07   RIGHT OF TRUSTEE TO RELY ON CERTIFICATE OF CERTAIN OFFICERS

  	
   

  
	
  SECTION
  7.08   PERSONS ELIGIBLE FOR APPOINTMENT AS TRUSTEE

  	
   

  
	
  SECTION
  7.09   RESIGNATION AND REMOVAL OF TRUSTEE; APPOINTMENT OF
  SUCCESSOR.

  	
   

  
	
  SECTION
  7.10   ACCEPTANCE OF APPOINTMENT BY SUCCESSOR TRUSTEE

  	
   

  
	
  SECTION
  7.11   MERGER, CONVERSION OR CONSOLIDATION OF TRUSTEE

  	
   

  
	
  SECTION
  7.12   AUTHENTICATING AGENTS

  	
   

  
	
  SECTION
  7.13   REPORTS BY TRUSTEE

  	
   

  
	
  SECTION
  7.14   TRUSTEE RISK

  	
   

  
	
  SECTION
  7.15   NOTICE OF DEFAULT.

  	
   

  

 

iii

 

	
  SECTION
  7.16   PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE COMPANY.

  	
   

  
	
  SECTION
  7.17   TRUSTEE’S APPLICATION FOR INSTRUCTIONS FROM THE COMPANY.

  	
   

  
	
  SECTION
  7.18   LIMITATION OF LIABILITY.

  	
   

  
	
   

  	
   

  
	
  ARTICLE EIGHT CONCERNING THE HOLDERS

  	
   

  
	
  SECTION
  8.01   EVIDENCE OF ACTION TAKEN BY HOLDERS

  	
   

  
	
  SECTION
  8.02   PROOF OF EXECUTION OF INSTRUMENTS AND OF HOLDING OF NOTES

  	
   

  
	
  SECTION
  8.03   RIGHT OF REVOCATION OF ACTION TAKEN

  	
   

  
	
   

  	
   

  
	
  ARTICLE NINE HOLDERS’ MEETINGS

  	
   

  
	
  SECTION
  9.01   PURPOSES FOR WHICH HOLDERS’ MEETINGS MAY BE CALLED

  	
   

  
	
  SECTION
  9.02   CALL OF MEETINGS BY TRUSTEE

  	
   

  
	
  SECTION
  9.03   COMPANY AND HOLDERS MAY CALL MEETING

  	
   

  
	
  SECTION
  9.04   PERSONS ENTITLED TO VOTE AT MEETING

  	
   

  
	
  SECTION
  9.05   DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF
  MEETING

  	
   

  
	
  SECTION
  9.06   COUNTING VOTES AND RECORDING ACTION OF MEETING

  	
   

  
	
   

  	
   

  
	
  ARTICLE TEN SUPPLEMENTAL INDENTURES AND AMENDMENT OF COLLATERAL
  DOCUMENTS

  	
   

  
	
  SECTION
  10.01   SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS

  	
   

  
	
  SECTION
  10.02   SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS

  	
   

  
	
  SECTION
  10.03   EXECUTION OF SUPPLEMENTAL INDENTURES.

  	
   

  
	
  SECTION
  10.04   EFFECT OF SUPPLEMENTAL INDENTURES

  	
   

  
	
  SECTION
  10.05   CONFORMITY WITH TRUST INDENTURE ACT

  	
   

  
	
  SECTION
  10.06   REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES

  	
   

  
	
   

  	
   

  
	
  ARTICLE ELEVEN SUCCESSOR CORPORATION

  	
   

  
	
  SECTION
  11.01   WHEN COMPANY MAY MERGE, ETC

  	
   

  
	
  SECTION
  11.02   SUCCESSOR CORPORATION

  	
   

  
	
   

  	
   

  
	
  ARTICLE TWELVE SATISFACTION AND DISCHARGE
  OF INDENTURE; UNCLAIMED MONEYS

  	
   

  
	
  SECTION
  12.01   TERMINATION OF COMPANY’S OBLIGATIONS

  	
   

  
	
  SECTION
  12.02   APPLICATION OF TRUST MONEY

  	
   

  
	
  SECTION
  12.03   REPAYMENT TO COMPANY

  	
   

  
	
  SECTION
  12.04   REINSTATEMENT

  	
   

  

 

iv

 

	
  ARTICLE THIRTEEN IMMUNITY OF INCORPORATORS,
  STOCKHOLDERS, OFFICERS AND DIRECTORS

  	
   

  
	
  SECTION
  13.01   PERSONAL IMMUNITY FROM LIABILITY OF INCORPORATORS,
  STOCKHOLDERS, ETC

  	
   

  
	
   

  	
   

  
	
  ARTICLE FOURTEEN GUARANTEE

  	
   

  
	
  SECTION
  14.01   GUARANTEE

  	
   

  
	
  SECTION 14.02   LIMITATION ON GUARANTOR LIABILITY

  	
   

  
	
  SECTION
  14.03   SUCCESSORS AND ASSIGNS

  	
   

  
	
  SECTION
  14.04   NO WAIVER

  	
   

  
	
  SECTION
  14.05   EXECUTION AND DELIVERY OF GUARANTEE

  	
   

  
	
  SECTION
  14.06   GUARANTORS MAY CONSOLIDATE, ETC., ON CERTAIN TERMS

  	
   

  
	
  SECTION
  14.07   RELEASES FOLLOWING SALE OF ASSETS OR CAPITAL STOCK

  	
   

  
	
  SECTION
  14.08   APPLICATION OF CERTAIN TERMS AND PROVISIONS TO THE
  GUARANTORS.

  	
   

  
	
   

  	
   

  
	
  ARTICLE FIFTEEN

  	
   

  
	
  SECTION
  15.01   COLLATERAL; COLLATERAL DOCUMENTS.

  	
   

  
	
  SECTION
  15.02   VOTING RIGHTS AND PAYMENT OF DIVIDENDS AND DISTRIBUTIONS IN
  RESPECT OF COLLATERAL

  	
   

  
	
  SECTION
  15.03   RELEASE OF COLLATERAL.

  	
   

  
	
  SECTION
  15.04   REMEDIES UPON ACCELERATION

  	
   

  
	
  SECTION
  15.05   FURTHER ASSURANCES AND SECURITY

  	
   

  
	
  SECTION
  15.06   OPINIONS AS TO RECORDING.

  	
   

  
	
  SECTION
  15.07   LIMITATION ON DUTY OF TRUSTEE IN RESPECT OF THE COLLATERAL
  PLEDGE.

  	
   

  
	
  SECTION
  15.08   AUTHORIZATION OF ACTIONS TO BE TAKEN BY COLLATERAL AGENT
  UNDER THE COLLATERAL DOCUMENTS

  	
   

  
	
  SECTION
  15.09   AUTHORIZATION OF RECEIPT OF FUNDS BY THE TRUSTEE UNDER THE
  COLLATERAL DOCUMENTS

  	
   

  
	
  SECTION
  15.10   ASSIGNMENT OF RIGHTS, NOT ASSUMPTION OF DUTIES

  	
   

  

 

v

 

CROSS-REFERENCE
TABLE*

 

	
  Trust Indenture Act Sections

  	
   

  	
  Indenture
  Section

  
	
   

  	
   

  	
   

  
	
  310

  	
   

  	
  7.08

  
	
   

  	
   

  	
   

  
	
  310(a)

  	
   

  	
  7.11

  
	
   

  	
   

  	
   

  
	
  310(a)(1)

  	
   

  	
  7.08

  
	
   

  	
   

  	
   

  
	
  (a)(2)

  	
   

  	
  7.08

  
	
   

  	
   

  	
   

  
	
  (a)(3)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (a)(4)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (a)(5)

  	
   

  	
  N.A

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  7.08

  
	
   

  	
   

  	
   

  
	
  310(b)(1)

  	
   

  	
  7.08

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  311(a)

  	
   

  	
  7.16

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  7.16

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  312(a)

  	
   

  	
  3.07

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  N.A

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  N.A

  
	
   

  	
   

  	
   

  
	
  313

  	
   

  	
  7.13

  
	
   

  	
   

  	
   

  
	
  313(a)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  7.15

  
	
   

  	
   

  	
   

  
	
  (d)

  	
   

  	
  N.A

  
	
   

  	
   

  	
   

  
	
  314(a)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  314(a)(4)

  	
   

  	
  5.07

  

 

vi

 

	
  (b)

  	
   

  	
  15.06

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  15.06

  
	
   

  	
   

  	
   

  
	
  (d)

  	
   

  	
  15.03, 15.06

  
	
   

  	
   

  	
   

  
	
  (e)

  	
   

  	
  15.06

  
	
   

  	
   

  	
   

  
	
  (f)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  315

  	
   

  	
  7.02, 7.07, 8.02

  
	
   

  	
   

  	
   

  
	
  315(a)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  7.01(a)

  
	
   

  	
   

  	
   

  
	
  (d)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (e)

  	
   

  	
  7.09

  
	
   

  	
   

  	
   

  
	
  316(a)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  8.02

  
	
   

  	
   

  	
   

  
	
  317(a)

  	
   

  	
  6.04

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  318(a)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  N.A.

  
	
   

  	
   

  	
   

  
	
  (c)

  	
   

  	
  N.A.

  

 

N.A. means not applicable

*This Cross-Reference table shall not, for any purpose, be deemed to be
part of the Indenture

 

vii

 

Indenture, dated as
of            
  , 2004, by and among Grupo TMM, S.A., a corporation duly organized and
existing under the laws of the United Mexican States (herein called the “Company”), having its principal
business office at Avenida de la Cúspide, No. 4755, Colonia Parques del
Pedregal, 14010 Mexico, D.F., TMM Holdings, S.A. de C.V., a corporation duly
organized and existing under the laws of the United Mexican States (herein
called “TMM Holdings”),
each of the other Wholly Owned Subsidiaries of the Company that are listed on
Schedule A hereto as being a guarantor (TMM Holdings and each such other Wholly
Owned Subsidiary, together with any other Subsidiary of the Company that
hereafter becomes a Guarantor in accordance with the terms of this Indenture,
are collectively referred to herein as the “Guarantors”),
having their principal business office at Avenida de la Cúspide, No. 4755,
Colonia Parques del Pedregal, 14010 Mexico, D.F., and The Bank of New York,
a New York banking corporation, as Trustee (herein called the “Trustee”), having its principal trust
office at 101 Barclay Street, Floor 21W, New York, New York 10286, Attention:
Global Finance Unit.

 

The Company
has duly authorized the creation of an issue of Senior Secured Notes due 2007,
such Notes to be issued initially in connection with the exchange (the “Exchange
Offer”)(1) of certain 91⁄2% Notes due 2003 (the “2003
Notes”) issued by the Company pursuant to an indenture dated as
of May 12, 1993 (as amended and supplemented, the “2003 Note Indenture”)
and of certain 101⁄4% Senior Notes due 2006 (the “2006 Notes” and,
together with the 2003 Notes, the “Existing Notes”) issued by the Company
pursuant to an indenture dated as of January 25, 2001 (as amended and
supplemented, the “2006 Note Indenture”, and together with
the 2003 Note Indenture, the “Existing Indentures”) and to Promotora
Servia in payment of the Existing Payable and, to provide therefor, the Company
has duly authorized the execution and delivery of this Indenture.  All things necessary to make the Notes, when
duly issued and executed by the Company, and authenticated and delivered
hereunder, the valid obligations of the Company and the Guarantors, and to make
this Indenture a valid and binding agreement of the Company and the Guarantors,
have been done.

 

Each party
agrees as follows for the benefit of each other and for the equal and ratable
benefit of the Holders (as defined herein) of the Company’s Senior Secured
Notes due 2007 (the “Notes”).

 

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

SECTION
1.01   DEFINITIONS. 
For all purposes of
this Indenture, except as otherwise expressly provided or unless the context
otherwise requires:

 

(1)           the terms defined in this Article
have the meanings assigned to them in this Article and include the plural as
well as the singular;

 

(2)           all other terms used herein which are
defined in the Trust Indenture Act (as hereinafter defined), either directly or
by reference therein, have the meanings assigned to them therein;

 

(1) To be modified in the event the Notes are issued pursuant to a
Bankruptcy Plan.

 

1

 

(3)           all accounting terms not otherwise
defined herein have the meanings assigned to them in accordance with IAS (as
hereinafter defined);

 

(4)           the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a
whole and not to any particular Article, Section or other subdivision;

 

(5)           “or” is not exclusive;

 

(6)           provisions apply to successive events
and transactions;

 

(7)           unless the context otherwise
requires, any reference to a “clause,” an “Article” or a “Section”, or to an
“Exhibit” or a “Schedule”, refers to a clause, an Article or Section of, or to
an Exhibit or a Schedule attached to, this Indenture, as the case may be;

 

(9)           unless the context otherwise
requires, any reference to a statute, rule or regulation refers to the same
(including any successor statute, rule or regulation thereto) as it may be
amended from time to time;

 

(10)         the principal amount of any
non-interest bearing or other discount security at any date shall be the
principal amount thereof that would be shown on a balance sheet of the issuer
dated such date prepared in accordance with IAS; and

 

(11)         the term “including” is not limiting
and means “including, without limitation,” and “including but not limited to.”

 

“Acquired Indebtedness” means
Indebtedness of a Person existing at the time such Person becomes a Restricted
Subsidiary or assumed in connection with the acquisition of assets from such
Person and not incurred in connection with, or in contemplation of, such Person
becoming a Restricted Subsidiary or such acquisition.

 

“Additional
Amounts” shall have the meaning assigned to such term in Section
2.03.

 

“Additional
Notes” means any Notes issued by the Company in payment of any
portion of the interest due on Outstanding Notes pursuant to Section 3.01(c).

 

“Adjusted
Net Assets” of a Guarantor at any date means the amount by which
the fair value of the assets and property of such Guarantor exceeds the total
amount of liabilities, including, without limitation, contingent liabilities
(after giving effect to all other fixed and contingent liabilities incurred or
assumed on such date), but excluding liabilities under any Guarantee, of such
Guarantor at such date.

 

“ADRs” means the American Depositary
Receipts evidencing ADSs issued pursuant to the Deposit Agreement, dated
December 26, 2001, among the Company, Citibank, N.A., as depositary, and
certain owners of ADSs.

 

2

 

“ADSs”
means American depositary shares of the Company, each of which represents one
CPO issued by the Company and held by the CPO Trustee.

 

“Affiliate” of any specified Person
means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person.  For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct
the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the
terms “controlling” and “controlled” have meanings correlative to the
foregoing.

 

“Affiliate Transaction” shall have the
meaning assigned to such term in Section 5.13.

 

“Agent”
means any Note Registrar, Paying Agent or co-registrar.

 

“Agreed Discount Rate” means, with
respect to any Indebtedness to be Incurred pursuant to Section 5.14(b)(vii)(C)
or Section 5.14(b)(ix), the effective annual interest rate (taking into account
any discount on the issuance of such Indebtedness and any payments made in
respect of such Indebtedness) on the Indebtedness to be Incurred.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of
or for beneficial interests in any Global Note, the rules and procedures of the
Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Asset Disposition” means any sale,
lease, conveyance, transfer or other disposition (or series of related sales,
leases, conveyances, transfers or dispositions) by the Company or any
Restricted Subsidiary of (x) any Capital Stock of a Restricted Subsidiary
of the Company (whether or not upon issuance), or (y) any other property
or assets (each referred to for the purposes of this Indenture as a “disposition”) whether for cash or
other consideration, other than (i) a disposition by a Restricted Subsidiary of
the Company to the Company or to a Wholly Owned Subsidiary of the Company, (ii)
a disposition by the Company to a Wholly Owned Subsidiary of the Company, (iii)
a disposition by a Restricted Subsidiary to a Wholly Owned Subsidiary of such
Restricted Subsidiary, (iv) the disposition in any single transaction or
series of transactions of any assets or Capital Stock or other ownership
interest in the ordinary course of business by the Company or its Restricted
Subsidiaries if the gross proceeds thereof do not exceed $500,000 (such
proceeds, to the extent not in cash, to be determined in good faith by the Board
of Directors) in any 12-month period, (v) an exchange of assets, provided the assets received are to be
used in the lines of business engaged in by the Company or any of its
Restricted Subsidiaries on the Initial Issuance Date or reasonably related extensions
of such lines of business, (vi) a Qualifying Disposition or other
disposition that is governed by Article Eleven, (vii) a disposition of
assets in one or a series of related transactions which are no longer used or,
in the reasonable opinion of the Company (which, in the case of each
disposition for gross proceeds in excess of $500,000 will be evidenced by a
Board Resolution as set forth in an Officers’ Certificate delivered to the
Trustee) useful in the business of the Company or any Restricted Subsidiary, provided
the aggregate gross proceeds of all such dispositions of assets pursuant to
this clause (vii) do not exceed $10 million, or (viii) a disposition pursuant
to a Qualifying PEMEX Securitization Transaction; provided, in the case of any
disposition pursuant

 

3

 

to clauses (i), (ii) or (iii) by the Company or by any Restricted
Subsidiary that is a Guarantor, that the Wholly Owned Subsidiary receiving such
assets which was not previously a Guarantor executes and delivers a
supplemental indenture providing for a Guarantee of the Notes as provided in
Section 5.23 or Article Fourteen.

 

“Associate” shall have the meaning
assigned to such term in Rule 12b-2 of the rules and regulations of the
Commission promulgated under the Exchange Act.

 

“Attributable Debt” means, with respect
to a sale and leaseback transaction, as at the time of determination, the
greater of (i) the fair market value of the property subject to such sale
and leaseback transaction (as set forth in a Board Resolution) and
(ii) the present value (discounted at the interest rate borne by the Notes
(assuming the Company pays the minimum cash required to be paid thereon),
compounded annually) of the total obligations of the lessee for rental payments
during the remaining term of the lease included in such sale and leaseback
transaction (including any period for which such lease has been extended).

 

“Authenticating Agent” means any agent
of the Trustee which at any time shall be appointed and acting pursuant to the
provisions of Section 7.12.

 

“Average Life” means as of the date of
determination, with respect to any debt security, the quotient obtained by
dividing (i) the sum of the products of the number of years (calculated to the
nearest one-twelfth) that will elapse from the date of determination to the
dates of each then remaining installment, sinking fund or other required
scheduled principal payment of such debt security multiplied by the amount of
each such principal payment by (ii) the sum of all such principal payments.

 

“Bankruptcy Law” shall have the meaning
assigned to such term in Section 6.01(7).

 

“Benefited Party” shall have the
meaning assigned to such term in Section 14.01.

 

“Board of Directors” means the Board of
Directors of any Person, or any duly authorized committee of such Board or any
officers of such Person duly authorized so to act by such Board; provided, that if the transaction giving
rise to the need for action by the Board of Directors of such Person, together
with any related transactions, involve aggregate value or consideration in
excess of $10 million, “Board of Directors” means the entire Board of Directors
of such Person and not a committee of such Person or an officer of such Board; provided, further,
that any action required to be taken by the Board of Directors of the Company
or any of its Restricted Subsidiaries with respect to the sale or sale and
leaseback of any individual vessel may be taken by the Executive Committee of
such Board of Directors.

 

“Board Resolution” means a copy of a
resolution or resolutions certified by the Secretary or an Assistant Secretary
of any Person to have been duly adopted by the Board of Directors, or by the
Executive Committee of the Board of Directors or any other committee of such
Person to the extent that such other committee has been authorized by the Board
of Directors to adopt a “Board Resolution” for purposes hereof, and to be in
full force and effect on the date of such certification, or a certificate
executed by officers of such Person to the extent that such officers have been
authorized to act for purposes hereof setting forth the action taken

 

4

 

by such officers and stating that the officers are duly authorized to
take such action, in each case as filed with the corporate records of such
Person.

 

“Business Day” means each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in New York, New York are authorized or obligated by or pursuant
to law, regulation or executive order to close.

 

“Capitalized Lease Obligation” of any
Person means any obligation of such Person to pay rent or other amounts under a
lease of (or other agreement conveying the right to use) real or personal property
that is required to be classified and accounted for as a capital lease
obligation on a balance sheet of such Person under IAS and, for purposes of
this Indenture, the amount of such obligation at any date shall be the
capitalized amount thereof at such date, determined in accordance with
IAS.  For purposes of this definition,
with respect to the Company, “Person” shall mean the Company or any Restricted
Subsidiary, as the case may be.

 

“Capital Stock” of any Person means any
and all shares, interests, participations or other equivalents (however
designated) of such Person’s capital stock and warrants, options and similar
rights to acquire such capital stock (other than debt securities convertible or
exchangeable for such capital stock).

 

“Cash Equivalents” means (i) any
evidence of indebtedness, maturing not more than one year after the date of
purchase, issued or fully guaranteed or insured by the United Mexican States,
the United States of America, or an instrumentality or agency thereof, (ii) any
certificate of deposit, Eurodollar time deposit, overnight bank deposit or
bankers’ acceptance maturing not more than one year after the date of purchase,
issued by, or time deposit of, a commercial banking institution which has
combined capital and surplus and undivided profits of not less than
$100,000,000, (iii) commercial paper, maturing not more than 180 days after the
date of purchase, issued by a corporation (other than an Affiliate of the
Company) organized and existing under the laws of the United Mexican States or
the United States of America or any State thereof or the District of Columbia
which is rated, at the time as of which any investment therein is made, “P-1”
(or higher) by Moody’s or “A-l” (or higher) by Standard & Poor’s, 

(iv) money market funds and (v) deposits with financial institutions available
for withdrawal on demand.

 

“Cash Interest Rate” shall have the
meaning assigned to such term in Section 3.01(c)(i).

 

“Change of Control” shall have the
meaning assigned to such term in Section 5.16.

 

“Clearstream”
means Clearstream Banking, société anonyme.

 

“CNBV” means the Comisión Nacional
Bancaria y de Valores of the United Mexican States, or any successor Person
under applicable law.

 

“Collateral”
shall have the meaning assigned to such term in Section 15.01.

 

5

 

“Collateral
Agent” means the beneficiary, depositary, collateral agent or
Person acting in a similar capacity, as the case may be, under the Collateral
Documents, until a successor beneficiary, depositary, collateral agent or
Person acting in a similar capacity, as the case may be, shall have become such
pursuant to the Collateral Documents, and thereafter “Collateral Agent”
shall mean such successor beneficiary, depositary, collateral agent or Person
acting in a similar capacity, as the case may be.  Unless otherwise required by applicable law, the Collateral Agent
shall initially be the Trustee.

 

“Collateral
Documents” means, collectively, (i) the Irrevocable
Administration and Guaranty Trust Agreement relating to the Capital Stock of
TMM Multimodal, (ii) the Irrevocable Administration and Guaranty Trust
Agreement relating to the Capital Stock of Subsidiaries of the Company and of
the Guarantors and other assets, (iii) the Mexican Pledge Agreement Without
Transfer of Possession, (iv) the U.S. Pledge and General Security Agreement and
(v) any other security agreements, trusts or other arrangements from time to
time providing for the pledge of or other grant of a Lien with respect to Collateral
to secure the Notes, the Guarantees, this Indenture and the Collateral
Documents, by and among the Company, the Guarantors, the Trustee and the
Collateral Agents, as applicable, in each case as same may be amended, modified
and/or supplemented and in effect from time to time.

 

“Collateral
Pledge” means the pledge of or other grant of a Lien with
respect to Collateral pursuant to this Indenture and the Collateral Documents
to secure the obligations of the Company and the Guarantors under the Notes,
the Guarantees, this Indenture and the Collateral Documents.

 

“Commission” means the Securities and
Exchange Commission, as from time to time constituted, created under the
Exchange Act or, if at any time after the execution of this instrument such
Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.

 

“Company” means the Person named as the
“Company” in the first paragraph of this Indenture until a successor Person or
Persons shall have become such pursuant to the applicable provisions of this
Indenture and thereafter “Company” shall mean such successor
Person.

 

“Company Request” or “Company Order” means a written request
or order signed in the name of the Company by its Chief Executive Officer, its
Director General, its Chief Operating Officer, or its Chief Financial Officer,
and by its Director of Administration, its Treasurer or any other duly
authorized officer, and delivered to the Trustee.

 

“Consolidated
Amortization Expense” of any Person means, for any period, the
amortization expense of such Person and its Subsidiaries, determined on a
consolidated basis for such period in accordance with IAS.  For purposes of this definition, with respect
to the Company, “Person” shall mean the Company, and “Subsidiaries”
shall mean Restricted Subsidiaries.

 

“Consolidated
Cash Flow Available for Interest Expense” of any Person means,
for any period, the sum (without duplication) of the amounts for such period of
(i) Consolidated

 

6

 

Net Income, (ii) Consolidated Interest Expense, (iii) Consolidated
Income Tax Expense, (iv) Consolidated Depreciation Expense, (v) Consolidated
Amortization Expense and (vi) other non cash items reducing (which shall
be added back) or increasing (which shall be subtracted) Consolidated Net
Income, all as determined on a consolidated basis for such Person and its
Subsidiaries for such period in accordance with IAS.  For purposes of this definition, with respect to the Company, “Person”
shall mean the Company, and “Subsidiaries” shall mean Restricted
Subsidiaries.

 

“Consolidated
Debt Service Coverage Ratio” of any Person means the ratio of
(i) the aggregate amount of Consolidated Cash Flow Available for Interest
Expense of such Person for the four full fiscal quarters for which financial
information in respect thereof is available immediately prior to the date of
the transaction giving rise to the need to calculate the Consolidated Debt
Service Coverage Ratio (the “Transaction Date”) to (ii) the
aggregate Consolidated Interest Expense of such Person for such four fiscal
quarter period; provided that in making the calculation of Consolidated
Interest Expense for purposes of this clause (ii), interest on any Indebtedness
(whether existing or being incurred) bearing a floating interest rate shall be
computed as if the rate in effect on the date of computation had been the
applicable rate for the entire period unless such Person is a party to an
Interest Rate Agreement which will be in effect for at least 12 more months and
which has the effect of reducing the rate below the rate on the date of
computation, in which case such lower rate shall be used.  For purposes of this definition, “Consolidated
Cash Flow Available for Interest Expense” and “Consolidated
Interest Expense” shall be calculated after giving effect on a
pro forma basis for the period of such calculation to (i) the incurrence
of any Indebtedness of such Person or any Subsidiary of such Person during the
period commencing on the first day of the four full fiscal quarters immediately
preceding the Transaction Date for which financial information in respect
thereof is available to and including the Transaction Date (the “Reference
Period”), (ii) the repayment of any Indebtedness of such Person
or a Subsidiary of such Person during the Reference Period with the proceeds of
any Indebtedness referred to in the immediately preceding clause (i) or the
proceeds from the sale or other disposition of assets referred to in clause
(iv) below, (iii) the acquisition by such Person or any Subsidiary of such
Person during the Reference Period of any other Person which, as a result of
such acquisition, becomes a Subsidiary of such Person or the acquisition of
assets during the Reference Period from any Person which constitutes all or
substantially all of an operating unit or business of such Person and (iv) any
sale or other disposition of assets or properties outside the ordinary course
of business by such Person occurring during the Reference Period, as if such
incurrence, repayment, acquisition, sale or disposition occurred on the first
day of the Reference Period.  For
purposes of this definition, with respect to the Company, “Person” shall mean
the Company, and “Subsidiary” shall mean a Restricted
Subsidiary.

 

“Consolidated
Depreciation Expense” of any Person means, for any period, the
depreciation and depletion expense of such Person and its Subsidiaries,
determined on a consolidated basis for such period in accordance with IAS.  For purposes of this definition, with
respect to the Company, “Person” shall mean the Company, and “Subsidiaries”
shall mean Restricted Subsidiaries.

 

“Consolidated
Income Tax Expense” of any Person means, for any period, the
aggregate of the income tax expense of such Person and its Subsidiaries,
determined on a consolidated basis for such period in accordance with IAS.  For purposes of this definition, with

 

7

 

respect to the Company, “Person” shall mean the Company, and “Subsidiaries”
shall mean Restricted Subsidiaries.

 

“Consolidated
Interest Expense” of any Person means, for any period, the
aggregate of (a) the interest expense of such Person and its Subsidiaries
(including, without limitation, amortization of the issuance cost of any
Indebtedness other than the Notes, original issue cost of any Indebtedness
other than the Notes, original issue discount on any Indebtedness, the interest
portion of any deferred payment obligation in accordance with the effective
interest method of accounting, all commissions, discounts and other fees and
charges owed with respect to letters of credit and bankers’ acceptance
financings and the net cost associated with Interest Rate Agreements to the
extent attributed to such period), and (b) the interest expense of such
Person and its Subsidiaries with respect to guaranteed Indebtedness (to the
extent not included in clause (a) above), all as determined on a consolidated
basis for such period in accordance with IAS. For purposes of this definition,
with respect to the Company, “Person” shall mean the Company, and “Subsidiaries”
shall mean Restricted Subsidiaries.

 

“Consolidated Net Income” of a Person
means, for any period, the aggregate of the net income or loss of such Person
and its Subsidiaries for such period, determined on a consolidated basis in
accordance with IAS, provided that (i) the net income (or loss)
of any person which is not a Subsidiary of such Person (or is deemed not to be
a Subsidiary of such Person) or which is accounted for by the equity method of
accounting, shall be included only to the extent of the amount of cash
dividends or distributions paid by such person or its consolidated subsidiaries
to such Person in such period, (ii) the net income (or loss) of any Subsidiary
that is subject to any restriction or limitation on the payment of dividends
and other distributions (including loans or advances) by operation of the terms
of its charter or by agreement, instrument, judgment, decree, order or
governmental regulation applicable to the Subsidiary shall be excluded to the
extent of such restriction or limitation in such period, (iii) the net income
(or loss) of any Person acquired in a pooling of interests transaction for any
period prior to the date of such acquisition shall be excluded, (iv) any cash
gains or losses attributable to dispositions of capital assets shall be
included, including provisions for any such dispositions, and any non-cash
extraordinary items shall be excluded, and (v) the net income (or loss) from
discontinued operations shall be excluded. For purposes of calculating “Consolidated
Net Income” of the Company for any period, each reference in the
foregoing definition to a “Subsidiary” or “Subsidiaries” shall
be deemed a reference to a Restricted Subsidiary.

 

“Consolidated Net Worth” means, with
respect to any Person, as at any date of determination, consolidated
stockholders’ equity of such Person and its Subsidiaries determined on a
consolidated basis in accordance with IAS, but excluding (to the extent
included in computing such consolidated stockholders’ equity) any amounts
attributable to Disqualified Stock of such Person.  For purposes of this definition, with respect to the Company,
“Person” shall mean the Company, and “Subsidiaries” shall mean Restricted
Subsidiaries.

 

“Corporate Trust Office” means the
principal office of the Trustee at which at any particular time its corporate
trust business shall be principally administered, which office as of the date
of execution of this Indenture is 101 Barclay Street, Floor 21W, New York, New
York 10286, Attention:  Global Finance
Unit.

 

8

 

“CPOs” means the Company’s outstanding certificados de participación ordinarios,
or any securities of the Company issued in replacement thereof.

 

“CPO Trustee” means the trustee with
respect to the Company’s outstanding CPOs issued pursuant to the Trust
Agreement, dated as of November 19, 1989, between Nacional Financiera, S.N.C.
and the Company.

 

“Currency Agreement” means any foreign
exchange contract, currency swap agreement or other similar agreement or
arrangement.

 

“Custodian”
means the Trustee, in its capacity as custodian with respect to the Notes in
global form, or any successor entity thereto.

 

“Default” means any event which is, or
after notice or passage of time or both would be, an Event of Default.

 

“Default Rate” shall have the meaning
assigned to such term in Section 6.02.

 

“Defaulted Interest” shall have the
meaning assigned to such term in Section 3.10.

 

“Definitive
Note” means a certificated Note registered in the name of the
Holder thereof and issued in accordance with Section 3.08 hereof.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in
global form, the Person specified in Section 3.05 hereof as the Depositary with
respect to the Notes, and any and all successors thereto appointed as
depositary hereunder and having become such pursuant to the applicable
provisions of this Indenture.

 

“Designated Investment Bank” means the
United States-based branch of any of the following investment banks selected by
the Company: Bear Stearns & Co., Credit Suisse First Boston Corporation,
Houlihan Lokey Howard & Zukin Capital, J.P. Morgan Securities, Lehman
Brothers, Merrill Lynch & Co. or Morgan Stanley & Co., or their
respective successors, provided,
that such investment bank has not been engaged to render investment banking
services to the Company or KCS or their respective subsidiaries in the six months
preceding the date of delivery of such opinion and agrees not to render
investment banking services to the Company or KCS or their respective
subsidiaries in the six month period following the date of delivery of such
opinion; provided,
however, that notwithstanding the limitation of the foregoing
proviso, J.P. Morgan Securities may render services to the Company with respect
to the transactions covered by the engagement letter, dated as of October 1,
2001, between the Company and J.P. Morgan Securities.

 

“Disqualified Stock” of any Person
means any Capital Stock of such Person that, by its terms (or by the terms of
any security into which it is convertible or for which it is exercisable,
redeemable or exchangeable), matures, or is mandatorily redeemable, pursuant to
a sinking fund obligation or otherwise, or is redeemable at the option of the
holder thereof, in whole or in part, on or prior to
               ,
2008, except to the extent that such Capital Stock is solely redeemable with or
exchangeable for, either mandatorily or at the option of such Person, any
Capital Stock of such Person that is not Disqualified Stock.

 

9

 

“Dollars”
or “$”
means the currency of the United States of America.

 

“DTC”
means The Depository Trust Company, a New York corporation, and any successors
thereto.

 

“Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear System.

 

“Event of Default” shall have the
meaning assigned to such term in Section 6.01.

 

“Excess Proceeds” shall have the
meaning assigned to such term in Section 5.18(d).

 

“Excess Proceeds Offer” shall have the
meaning assigned to such term in Section 5.18(d).

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended from time to time, or any successor act.

 

“Exchange Transaction” shall have the
meaning assigned to such term in Section 5.18(e).

 

“Existing Payable” means the
obligations in the amount of $6,500,000 payable by the Company to Promotora
Servia pursuant to the terms of (i) the Tax Benefits Agreement dated
December 5, 2001, between the Company and Promotora Servia, and (ii) the
Termination Agreement dated August 23, 2001, between the Company and Promotora
Servia, as amended and supplemented by amendments, dated October 11, 2001 and August
27, 2002.

 

“Extension Election” shall have the
meaning assigned to such term in Section 3.01(b).

 

“Extension Fee” shall have the meaning
assigned to such term in Section 3.01(b).

 

“Global
Note” has the meaning
assigned to such term in Section 2.01.

 

“Global
Note Legend” means the legend set forth in Section 2.02, which
is required to be placed on all Global Notes issued under this Indenture.

 

“GM Put”
means the obligation of the Company and its Subsidiaries to repurchase shares
of Capital Stock of TMM Multimodal pursuant to the Stockholder Agreement dated
as of June 30, 2000, between the Company, TMM Multimodal and EMD Holdings, Inc.

 

“Group” shall have the meaning assigned
to such term in Section 5.16.

 

“Grupo TFM” means Grupo Transportación
Ferroviaria Mexicana, S.A. de C.V., a corporation organized and existing under
the laws of the United Mexican States.

 

“GTFM Disposition” means any (i) sale,
conveyance, transfer or other disposition (or series of related sales,
conveyances, transfers or other dispositions) of the Capital Stock or

 

10

 

assets of TMM Holdings, TMM Multimodal, Grupo TFM, or TFM (or any
successor of any of them), (ii) merger or consolidation  (or approval of any merger or consolidation)
with or of TMM Holdings, TMM Multimodal, Grupo TFM or TFM (or any successor of
any of them), or (iii) issuance of Capital Stock of (x) TMM Holdings or TMM
Multimodal (or any successor of either of them), or (y) Grupo TFM or TFM (or
any successor of either of them).  In
the case of any issuance of Capital Stock under clause (iii)(y), the Net Cash
Proceeds of such GTFM Disposition shall mean the amount of any dividends or
distributions received by the Company or any Restricted Subsidiary from Grupo
TFM or TFM (or any successor of either of them) on or after the date of such
issuance of Capital Stock of Grupo TFM or TFM (or any successor of either of
them), less the amount of all foreign, Federal, state and local taxes payable
by the Company or any Restricted Subsidiary as a direct consequence of such
GTFM Disposition, including in connection with the payment of such dividends or
distributions (including, without limitation, taxes withheld in connection with
repatriation of such proceeds), net of any tax benefits derived in respect of
such GTFM Disposition or such dividends or distributions (referred to herein as
“group-level taxes”); provided  that the amount of such Net
Cash Proceeds shall be limited to (A) the product of (1) the Company’s and its
Restricted Subsidiaries’ percentage economic interest in Grupo TFM and TFM at
the time of the issuance of such Capital Stock or at the time such dividends or
distributions are made, whichever is greater, and (2) the net proceeds received
by Grupo TFM or TFM from the issuance of such Capital Stock (net of all
foreign, Federal, state and local taxes paid by Grupo TFM or TFM as a direct
consequence of the receipt by Grupo TFM or TFM of proceeds from the issuance of
Capital Stock, including in connection with the payment of such dividends or
distributions (including, without limitation, taxes withheld in connection with
repatriation of such proceeds), net of any tax benefits derived in respect of
such dividends or distributions), less (B) the amount of any group-level taxes
deducted from Net Cash Proceeds pursuant to this provision.  There shall be no duplication of any taxes
that are otherwise deducted pursuant to the preceding sentence.  Net Cash Proceeds as determined under clause
(iii)(y) shall be in addition to, and not in lieu of or in substitution for,
any VAT Proceeds that may be calculated based on dividends or distributions by
Grupo TFM or TFM to the Company or any Restricted Subsidiary.

 

“Guarantee” means, as applied to any
Indebtedness of any other Person (the “Primary Obligor”), (i) a guarantee
(other than by endorsement of negotiable instruments for collection in the
ordinary course of business), direct or indirect, in any manner, of any part or
all of such Indebtedness or (ii) an agreement, direct or indirect, contingent
or otherwise, (A) providing assurance of the payment or performance (or
payment of damages in the event of non-performance) of any part or all of such
Indebtedness, including, without limiting the foregoing, reimbursement
obligations with respect to amounts drawn on letters of credit, (B) to purchase
property, securities or services for the purpose of assuring the holder of such
Indebtedness of the payment of such Indebtedness, or (C) to maintain working
capital, equity capital or other financial statement condition or liquidity of
the Primary Obligor so as to enable the Primary Obligor to pay such
Indebtedness.  Notwithstanding anything
herein to the contrary, a Guarantee shall not include any agreement providing
for indemnification.  The amount of a
guarantee shall be deemed to be the maximum amount of the Indebtedness
guaranteed for which the guarantor could be held liable under such
guarantee.  When used with respect to
the Notes, a “Guarantee” means the guarantee by the Guarantors of all or any part
of the Notes, in accordance with Article Fourteen.

 

11

 

“Guarantee Obligations” shall have the
meaning assigned to such term in Section 14.01.

 

“Guarantors” means those Persons named
as the “Guarantors” in the first paragraph of this Indenture and their
respective successors and assigns, and any other Person that pursuant to
Section 5.23 or Article Fourteen is required to provide a Guarantee of the
Company’s obligations under the Notes, this Indenture and the Collateral
Documents.

 

“Holder” means a Person in whose name a
Note is registered in the Note Register.

 

“IAS” means accounting principles
issued by the International Accounting Standards Committee as in effect from
time to time; provided, that with
respect to the obligations of the Company under Articles Five and Eleven, “IAS”
means accounting principles issued by the International Accounting Standards
Committee as in effect on the date of this Indenture, in each case, as
consistently applied by the Company.

 

“Incurrence” shall have the meaning
assigned to such term in Section 5.14(a).

 

“Indebtedness” with respect to any
Person means (without duplication) any liability, whether or not contingent,
(i) in respect of borrowed money (whether or not the recourse of the lender is
to the whole of the assets of such Person or only to a portion thereof) or
evidenced by bonds, notes, debentures or similar instruments, or (ii)
representing the balance deferred and unpaid of the purchase price of any
property, conditional sales obligations and obligations under any title
retention agreement (but excluding trade account payables and other accrued
current liabilities arising in the ordinary course of business), and shall also
include (without duplication) (a) any Capitalized Lease Obligations, (b) the
maximum fixed repurchase price of any Disqualified Stock of such Person, (c)
obligations of others secured by a Lien to which any property or asset,
including leasehold interests under Capitalized Lease Obligations and any other
tangible or intangible property rights, owned or held by such Person is
subject, whether or not the obligation secured thereby shall have been assumed
(provided, that, if the
obligations have not been assumed, such obligations shall be deemed to be in an
amount equal to the lesser of (x) the amount of the obligation so secured
and (y) the fair market value of the property or properties to which the
Lien relates, as determined in good faith by the Board of Directors of such
Person and as evidenced by a Board Resolution), (d) reimbursement obligations
in respect of letters of credit (other than letters of credit issued for the
benefit of trade creditors in the ordinary course of business of such Person in
connection with obtaining goods, materials or services), (e) net obligations
under Interest Rate Agreements or similar agreements or Currency Agreements of
such Person, (f) Attributable Debt, and (g) guarantees with respect to the
foregoing items (regardless of whether the foregoing items would appear as a
liability on a balance sheet of such Person prepared on a consolidated basis in
accordance with IAS); provided,
that, for the purpose of computing the amount of Indebtedness of such Person
outstanding at any time, such items shall be excluded to the extent that they
would be eliminated as intercompany items for purposes of such Person’s
consolidated financial statements. For purposes of the preceding sentence, the
“maximum fixed repurchase price” of any Disqualified Stock which does not have
a fixed repurchase price shall be calculated in accordance with the terms of
such Disqualified Stock as if such Disqualified Stock were purchased on any
date on which Indebtedness shall be required to be determined pursuant to this
Indenture, and if such

 

12

 

price is based upon, or measured by, the fair market value of such
Disqualified Stock (or any equity security for which it may be exchanged or
converted), such fair market value shall be determined in good faith by the
Board of Directors of such Person and evidenced by a Board Resolution.  The amount of Indebtedness of any Person at
any date will be the outstanding balance at such date of all unconditional
obligations of such Person described above and the maximum liability, assuming
the occurrence of the contingencies giving rise to the obligation, of any
contingent obligations of such Person described above.  Notwithstanding anything in this definition
to the contrary, “Indebtedness” shall not include (i) customer advance payments
and customer deposits received by the Company or any Restricted Subsidiary in
the ordinary course of business or (ii) revenue and costs of voyages in
process.

 

“Indenture” means this instrument as
originally executed or as it may from time to time be supplemented or amended
by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof.

 

“Initial Issuance Date” means the date
of this Indenture.

 

“Initial
Notes” means the Senior Secured Notes due 2007 issued on the
Initial Issuance Date pursuant to the Exchange Offer(2) and to Promotora Servia
in payment of the Existing Payable.

 

“Interest Payment Date” means the
Stated Maturity of an installment of interest on the Notes.

 

“Interest Rate Agreement” means any
interest rate protection agreement, interest rate future agreement, interest
rate option agreement, interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate hedge agreement,
option or future contract or other similar agreement or arrangement.

 

“Investment” means any direct or
indirect advance, loan or other extension of credit or capital contribution to
(by means of any transfer of cash or other property (other than Capital Stock
of the Company which is not Disqualified Stock) to any other Person or any
payment for property or services for the account or use of any other Person),
or any purchase or acquisition of Capital Stock, bonds, notes, debentures or
other securities issued to any other Person. 
For the purposes hereof, the amount of any Investment shall be the
original cost of such Investment, plus the cost of all additions thereto, but
without any other adjustments for increases or decreases in value, or
write-ups, write-downs or write-offs with respect to such Investment; and shall
be reduced by the payment of dividends or distributions in connection with such
Investment or any other amounts received in respect of such Investment.  In determining the amount of any Investment
involving a transfer of any property or asset other than cash, such property
shall be valued at its fair market value at the time of such transfer, as
determined in good faith by the board of directors (or comparable body) of the
Person making such transfer.  If the
Company or any Restricted Subsidiary of the Company sells or otherwise disposes
of any Capital Stock of any direct or indirect Restricted Subsidiary of the
Company such that, after giving effect to any such sale or disposition, such
Person is no longer a Subsidiary of the

 

(2) To be modified if the Notes are issued pursuant to a bankruptcy
proceeding or concurso mercantil.

 

13

 

Company, the Company shall be deemed to have made an Investment on the
date of any such sale or disposition equal to the fair market value of the
Capital Stock of such Restricted Subsidiary not sold or disposed of unless the
transferee of the Capital Stock of such Restricted Subsidiary is a direct or
indirect Wholly-Owned Subsidiary.

 

“J.B. Hunt Agreement” means the
Memorandum of Agreement, dated as of February 28, 2002, as amended by the
Amendment to the Memorandum of Agreement, dated as of December 20, 2002, and
the Second Amendment to the Memorandum of Agreement, dated as of October 14,
2003, together with the Promissory Note, dated as of February 28, 2002, as
amended through the Initial Issuance Date.

 

“KCS”
means Kansas City Southern, a Delaware corporation, and its subsidiaries.

 

“KCS
Transaction” means the transactions contemplated by that certain
Acquisition Agreement dated as of April 21, 2003, by and among KCS, Kara Sub,
Inc., the Company, TMM Holdings and TMM Multimodal.

 

“Lien” means any lien, mortgage, deed
of trust, fideicomiso de garantía,
pledge, assignment (including any assignment of rights to receive payments of
money), security interest, charge or encumbrance of any kind (including any
conditional sale or other title retention agreement or any lease in the nature
thereof), including the creation of any interest in or option on or based on
the value of any asset, and any agreement to give a lien, mortgage, deed of
trust, fideicomiso de garantía,
pledge, assignment (including any assignment of rights to receive payments of
money), security interest, charge or other encumbrance of any kind, or to
create any interest in or option on or based on the value of any asset.  The term “Lien” shall also include any
restriction on the disposition or pledge of any securities, interests or assets
imposed by applicable law or by contract, including, without limitation,
securities received in connection with any Qualifying Disposition and interests
arising in connection with any joint venture agreement, shareholders agreement,
partnership agreement or similar agreement.

 

“Maturity,” when used with respect to
any Note, means the date on which the principal (or a portion thereof) of such
Note becomes due and payable as therein or herein provided, whether at Stated
Maturity or by declaration of acceleration, call for redemption or otherwise,
including any date to which the Maturity may be extended pursuant to
Section 3.01.

 

“Mexican
Government” means the Federal government of the United Mexican
States, including any agency, authority, instrumentality or political
subdivision thereof.

 

“Minimum Cash Rate” shall have the
meaning assigned to such term in Section 3.01(c)(i).

 

“Moody’s” means Moody’s Investors
Service, Inc. or any successor thereto.

 

“Net Cash Proceeds” means cash payments
in U.S. dollars or a currency freely convertible into U.S. dollars received by
the Company or any of its Restricted Subsidiaries (including (x) any cash
payments received by way of deferred payment of principal pursuant to a note or
installment receivable or otherwise or amounts eliminated from any reserve
referred to in

 

14

 

clause (v) below, but only as and when received or eliminated, (y) any
cash dividends or other cash distributions received by the Company or any of
its Restricted Subsidiaries, and (z) any cash payments received upon the
disposition of any non-cash proceeds of any Asset Disposition or Qualifying
Disposition but only as and when received) from any Asset Disposition or
Qualifying Disposition after the Initial Issuance Date (after repayment of any
Indebtedness owed to any Person that becomes due by reason of such Asset
Disposition or Qualifying Disposition other than (A) Indebtedness owed to an
Affiliate or Associate of the Company (other than (x) obligations arising in
the ordinary course of business consistent with past practice owed to a
Restricted Subsidiary that is not a Wholly Owned Subsidiary and (y) any
payments required to be made on the Notes), (B) Indebtedness under the
Receivables Securitization Facility or the J.B. Hunt Note except to the extent
permitted by Section 5.18 and (C) Indebtedness of the Company or any Guarantor
that ranks junior to the Notes or the Guarantees, respectively), in each case
net of the amount of (i) brokers’ and advisors’ fees and commissions payable in
connection with such Asset Disposition or Qualifying Disposition, (ii) all
foreign, Federal, state and local taxes payable as a direct consequence of such
Asset Disposition or Qualifying Disposition, including in connection with the
payment of a dividend, or the making of a distribution, by a consolidated
Subsidiary of the Company of such cash payments to the Company or any
consolidated Subsidiary of the Company (including, without limitation, taxes
withheld in connection with repatriation of such proceeds), net of any tax benefits
derived in respect of such dividend or distribution, (iii) the fees and
expenses attributable to such Asset Disposition or Qualifying Disposition to
the extent not included in clause (i), except to the extent payable to any
Affiliate or Associate of the Company, (iv) any amount required to be paid to
any Person (other than the Company or any of its Restricted Subsidiaries)
owning a beneficial interest in the property or assets sold, and (v) deduction
of appropriate amounts to be provided by the Company or its Restricted
Subsidiaries as a reserve, in accordance with IAS, against any liabilities
retained or created by the Company or any Restricted Subsidiary of the Company
associated with such assets after such Asset Disposition or Qualifying
Disposition, including, without limitation, any indemnification obligation or
purchase price adjustment associated with such Asset Disposition or Qualifying
Disposition. For purposes of the foregoing, Net Cash Proceeds shall be deemed
to include awards of compensation for any asset or property or group thereof
taken by condemnation or eminent domain and insurance proceeds for the loss of
or damage to any asset or property; provided that any such awards or proceeds
that do not exceed $10 million in the aggregate shall not be deemed to be Net
Cash Proceeds unless within 180 days after the receipt thereof such asset or
property has not been replaced or repair or construction has not commenced, provided, however, that if, at any time
such repair or construction is abandoned or otherwise discontinued prior to
completion or is not diligently pursued, such remaining awards or proceeds, as
the case may be, shall constitute Net Cash Proceeds at such time.

 

“Note Linked Securities” means that
certain Note Linked Security Representing The Right To Purchase American
Depositary Shares of the Company, dated as of May 29, 2002, issued to certain
holders in connection with that certain Securities Purchase Agreement, dated as
of May 6, 2002, by and between the Company and certain investors, and that
certain Senior Convertible Note of the Company issued thereunder, dated as of
May 29, 2002.

 

“Note Register” and “Note Registrar” shall have the
respective meanings specified in Section 3.05.

 

15

 

“Notes” means, collectively, the
Initial Notes and the Additional Notes treated as a single class of securities,
as amended or supplemented from time to time in accordance with the terms of
this Indenture.

 

“Notice of
Sale” means each of, or all of, as the context shall require,
the notice of sale, foreclosure request or similar notice to be delivered
pursuant to Section 6.03 by the Trustee to the applicable Collateral Agent in
accordance with the Collateral Documents in the form annexed to the applicable
Collateral Document.

 

“Offer” shall have the meaning assigned
to such term in Section 5.16.

 

“Officers’ Certificate” means a
certificate signed by the Chairman of the Board of Directors, a Vice Chairman
of the Board of Directors, the Director General, the President, or any Vice
President, and the Director of Administration, the Treasurer, the Secretary or
any Assistant Treasurer or Assistant Secretary, of the Company, and delivered
to the Trustee.  Each such Officers’
Certificate shall comply with Section 1.02.

 

“Offset Amount” means, in respect of,
or in satisfaction of the obligations of Grupo TFM, the Company or any
Restricted Subsidiary in respect of, the Put, any amounts that (i) are paid or
agreed to be paid by the Company, any Restricted Subsidiary, Grupo TFM, TFM or
any Subsidiary of TFM to the Mexican Government, or (ii) are offset by the
Company, any Restricted Subsidiary, Grupo TFM, TFM or any Subsidiary of TFM, in
each case in a single transaction or a series of related transactions, with
respect to or against any receipt of proceeds from, or settlement of, the VAT
Claim; provided, that any such amounts paid, agreed to be paid or offset by the
Company, any Restricted Subsidiary, Grupo TFM, TFM or any Subsidiary of TFM
prior to or within three (3) months following receipt of proceeds from, or
settlement of, the VAT Claim shall be deemed to be part of a single transaction
or series of related transactions.

 

“Opinion of Counsel” means a written
opinion of counsel, who may be counsel for or an employee of the Company, which
is acceptable in form and substance to the Trustee.  Each Opinion of Counsel shall comply with Section 1.02.

 

“Outstanding” when used with reference
to Notes means, as of the date of determination, all Notes authenticated and
delivered by the Trustee under this Indenture, except

 

(a)           Notes theretofore canceled by the
Trustee or delivered to the Trustee for cancellation;

 

(b)           Notes or portions thereof for the
payment or redemption of which moneys shall have been deposited in trust with the
Trustee, provided, that if such
Notes are to be redeemed, notice of such redemption shall have been given
pursuant to this Indenture, or provision satisfactory to the Trustee shall have
been made for the giving of such notice; and

 

(c)           Notes in lieu of or in substitution
for which other Notes shall have been authenticated and delivered pursuant to
Section 3.03;

 

16

 

provided, however, that in determining whether
the Holders of the requisite principal amount of the Outstanding Notes have
given any request, demand, authorization, direction, notice, consent or waiver
hereunder, Notes owned by the Company, any Guarantor or any other obligor of
the Notes or any Person that, at such time, is an Affiliate of the Company, of
any Guarantor or of such other obligor, shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes which a Responsible Officer of the
Trustee knows to be so owned shall be so disregarded. Notes so owned which have
been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act
with respect to such Notes and that the pledgee is not the Company, any
Guarantor or any other obligor upon the Notes or any Affiliate of the Company,
of any Guarantor or of such other obligor.

 

“Partial
Qualifying Disposition” means a GTFM Disposition (other than a
disposition to or merger or consolidation with the Company or another
Restricted Subsidiary) involving the Capital Stock of TMM Holdings or TMM
Multimodal in which (i) after giving effect to such transaction, the Company
and its Restricted Subsidiaries control, directly or indirectly, more than 50%
of the Capital Stock of TMM Multimodal which under ordinary circumstances (not
dependent upon the happening of a contingency) has voting power to elect a
majority of the board of directors of TMM Multimodal, (ii) at least 80% of the
consideration received from such transaction is in the form of cash, (iii) the
Company and the Guarantors receive the opinion described in clause (1) under
the definition of a Qualifying Disposition (for the purposes of this
definition, notwithstanding the amount of the consideration for such
transaction and fair market value shall be determined on an enterprise value
basis), and (iv) such transaction is effected in accordance with any applicable
release provisions in this Indenture or in the Collateral Documents.

 

“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who
has an account with the Depositary, Euroclear or Clearstream, respectively
(and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Paying Agent” means any Person
authorized by the Company to pay the principal of, premium, if any, and
interest and Additional Amounts, if any, on the Notes on behalf of the Company.

 

“Person” or “person” means any individual, corporation,
partnership, joint venture, trust, unincorporated organization or other entity
or a government or any agency or political subdivision thereof.

 

“Place of Payment” means the principal
office of the Trustee and such other place or places where the principal of,
premium, if any, and interest and Additional Amounts, if any, on the Notes are
payable.

 

“Predecessor Note” of any particular
Note means every previous Note evidencing all or a portion of the same debt as
that evidenced by such particular Note; and, for the purposes of this
definition, any Note authenticated and delivered under Section 3.03 in exchange
for or in

 

17

 

lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Note.

 

“Principal
Market” means the New York Stock Exchange, Inc. or, if the ADSs
are not traded on the New York Stock Exchange, Inc., then the principal
securities exchange or trading market for the ADSs.

 

“Proceeds Offer Repurchase Date” shall
have the meaning assigned to such term in Section 5.18(d).

 

“Promotora Servia” means Promotora
Servia, S.A. de C.V., a corporation organized and existing under the laws of
the United Mexican States, and its successors and assigns.

 

“Put” means the existing joint and
several obligation of the Company and KCS to purchase the shares of TFM owned
by the Mexican Government pursuant to the Agreements, dated January 31, 1997
and June 9, 1997, among the Mexican Government, Grupo TFM, the Company and KCS.

 

“Qualifying Disposition” means any GTFM
Disposition which (a) is an Exchange Transaction, (b) is a Partial Qualifying
Disposition, (c) is a Receivables Securitization Facility Foreclosure or (d)
meets each of the following requirements:

 

(1)            if the transaction involves more
than $10 million, individually, or if all transactions entered into after the
Initial Issuance Date involve more than $25 million in the aggregate, the
Company and the Guarantors receive an opinion from a Designated Investment Bank
to the effect that the consideration to be received in connection with such
transaction is fair, from a financial point of view, to the Company and its
Restricted Subsidiaries;

 

(2)           the cash consideration to be received
in such transaction is equal to or greater than 35% of the principal amount of
the Outstanding Notes plus accrued and unpaid interest thereon at the time of
the consummation of such transaction, provided, that the amount of any notes or
other obligations received by the Company or any such Restricted Subsidiary
from such transferee that are immediately converted by the Company or such
Restricted Subsidiary into cash (to the extent of the cash received) shall be
deemed to be cash for this purpose;

 

(3)           any consideration other than cash to
be received in such transaction shall be in the form of securities (i) issued
by a Person that is eligible to register securities on Form F-3 or Form S-3
under the Securities Act and such securities so received are either (x) freely
transferable under the Securities Act or (y) entitled to the benefits of a
registration rights agreement pursuant to which the issuer of such securities
is required to effect a registration under the Securities Act of the securities
received in such transaction not later than six months after the closing of the
transaction (subject to customary blackout, hold-back and other similar
provisions) and (ii) constituting no more than 40% of the outstanding
fully-diluted Capital Stock of such Person; and

 

(4)           the party to which such shares of
Capital Stock are sold, issued, conveyed, transferred or otherwise disposed of
or with or into which the Company or any Restricted

 

18

 

Subsidiary (or any successor of any of them) is merged is not,
immediately prior to the transaction, an Affiliate or Associate of the Company.

 

“Qualifying Exchange” means any
exchange by the Company or any Restricted Subsidiary of shares of Capital Stock
(other than Disqualified Capital Stock) of the Company or of Qualifying
Subordinated Indebtedness of the Company for Outstanding Notes, at the option
of the Holder of the Outstanding Notes; provided,
that, in the case of any exchange involving Qualifying Subordinated
Indebtedness, such exchange is not made with an Affiliate or an Associate
unless it is made pursuant to an exchange offer made to all of the holders of
the Notes.

 

“Qualifying PEMEX Securitization Transaction”
means a transaction in which:

 

(1)           certain assets of the Company or a
Restricted Subsidiary used or intended to be used in connection with services
to be rendered to, or contracts with, Petroleos Mexicanos are transferred at
fair market value to a Person formed for the sole purpose of participating in
the Qualifying PEMEX Securitization Transaction;

 

(2)           the Company receives an opinion as to
the fairness of such transaction to the Company from a financial point of view
issued by a Designated Investment Bank;

 

(3)           the assets of such Person shall not
consist of assets transferred to such Person by the Company or any Restricted
Subsidiary except in connection with a Qualifying PEMEX Securitization
Transaction; and

 

(4)           such Person incurs Indebtedness
secured by such assets that is not guaranteed by, does not have recourse to,
and does not constitute Indebtedness of, the Company or any of its Restricted
Subsidiaries.

 

“Qualifying Subordinated Indebtedness”
means Indebtedness of the Company that (i) is subordinated in right of payment
to the Notes, (ii) does not require any principal payments prior to the Stated
Maturity of the principal of the Notes (as such may be extended pursuant to
Section 3.01(b)) and (iii) has aggregate annual cash interest payments not in
excess of the lesser of (a) the sum of (1) 2% of the principal amount of such
Qualifying Subordinated Indebtedness plus (2) the annual cash interest
requirements on all Notes retired by the Company prior to the issuance date of
such Qualifying Subordinated Indebtedness through the application of VAT
Proceeds (less any cash interest requirements in excess of 2% per annum on
Qualifying Subordinated Indebtedness previously issued) and (b) 8% per annum of
the principal amount of such Qualifying Subordinated Indebtedness.

 

“Receivables Securitization Facility”
means the receivables securitization facility established pursuant to the
following documents (and all other documents related to such facility), in each
case as in effect from time to time, and any replacement, refinancing or
extension thereof permitted pursuant to the terms of Section 5.14 (b)(vii)
hereof:  (i) that certain Third Amended
and Restated Master Trust Agreement, dated as of August 19, 2003, by and among
the Company, TMM Logistics, S.A. de C.V., Naviera Del Pacifico, S.A. de C.V. and
The Bank of New York, as trustee, as amended by Amendment Number One to Third
Amended and Restated Master Trust Agreement, dated as of December 29, 2003;
(ii) that certain Amended and Restated Option Agreement, dated as of
October 25, 2002, by and between TMM Multimodal

 

19

 

and The Bank of New York, as amended by that certain Amendment Number
Three to Amended and Restated Option Agreement, dated as of August 19, 2003,
and that certain Amendment Number Four to Amended and Restated Option
Agreement, dated as of December 29, 2003, by and between TMM Multimodal and The
Bank of New York; (iii) that certain Amended and Restated Put Option Agreement,
dated as of October 25, 2002, by and between TMM Multimodal and The Bank of New
York, as amended by that certain Amendment Number Three to Amended and Restated
Put Option Agreement, dated as of August 19, 2003, and that certain Amendment
Number Four to Amended and Restated Put Option Agreement, dated as of December
29, 2003, by and between TMM Multimodal and The Bank of New York; (iv) that
certain Series 2003-A Supplement, dated as of August 19, 2003, as amended by
Amendment Number One to Series 2003-A Supplement, dated as of December 29,
2003, by and among the Company, TMM Logistics, S.A. de C.V., Naviera Del
Pacifico, S.A. de C.V., The Bank of New York, and Maple Bank GmbH;
(v) those certain Series 2003-A Investor Certificates issued by the Company in a principal amount equal to
U.S. $54,000,000.00 and authorized by the Series 2003-A Supplement;
(vi) that certain Amended and Restated
Account Control Agreement, dated as of October 25, 2002, by and among The Bank
of New York, as Trustee, the Company, Naviera del Pacifico, S.A. de C.V.
and TMM Logistics, S.A. de C.V. and Citibank,
N.A., as amended by that certain Amendment Number One to the Amended and
Restated Account Control Agreement, dated as of December 10, 2002 and as
amended by that certain Amendment Number Two to the Amended and Restated
Account Control Agreement, dated as of August 19, 2003; (vii) that
certain Amended and Restated Paying Agency
and Conversion Agreement, dated as
of October 25, 2002, by and among The Bank of New York, as Trustee, the Company
and Naviera del Pacifico, S.A. de C.V. and TMM Logistics, S.A. de C.V. and Citibank, N.A., as amended by that certain
Amendment Number One to the Amended and Restated Paying Agency and Conversion
Agreement, dated as of December 10, 2002 and as amended by that certain
Amendment Number One to the Amended and Restated Paying Agency and Conversion
Agreement, dated as of August 19, 2003; and (viii) that certain Amended
and Restated Guaranty, dated as of October 25, 2002, made by the Company, The
Bank of New York, as Trustee, and the other Beneficiaries as defined therein as
amended by that certain Amendment Number One to the Amended and Restated
Guaranty, dated as of December 10, 2002 and as reaffirmed by that certain
Reaffirmation of Guaranty dated as of May 9, 2003.

 

“Receivables
Securitization Facility Foreclosure” means any disposition of
the Capital Stock of TMM Multimodal upon a foreclosure (or sale in lieu of
foreclosure) of such Capital Stock by the holders of the certificates under the
Receivables Securitization Facility (or by any trustee or collateral agent acting
thereunder) pursuant to the Receivables Securitization Facility or any
Collateral Document relating to the Capital Stock of TMM Multimodal.

 

“Redemption Date,” when used with
respect to any Note to be redeemed, in whole or in part, means the date fixed
for such redemption by or pursuant to this Indenture.

 

“Redemption Price,” when used with
respect to any Note to be redeemed, means the price (exclusive of accrued and
unpaid interest and Additional Amounts, if any) payable in cash at which it is
to be redeemed pursuant to this Indenture.

 

“Refinance”
shall have the meaning assigned to such term in Section 5.14(b)(vii).

 

20

 

“Refinancing Indebtedness” shall have
the meaning assigned to such term in Section 5.14(b)(vii).

 

“Regular Record Date” for the interest
payable on any Interest Payment Date on the Notes means the
            or
           (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date; provided,
that if the Company exercises the Extension Election, the Regular Record Dates
for the Interest Payment Dates occurring during the extended term of the Notes
shall be [          ], [               ] and [            ].

 

“Repurchase Date” shall have the
meaning assigned to such term in Section 5.16.

 

“Repurchase
Price,” when used with respect to any Note to be repurchased,
means the price payable in cash at which it is to be repurchased pursuant to
Section 5.16 or 5.18.

 

“Responsible Officer,” when used with
respect to the Trustee, means any officer within the Corporate Trust Office (or
any successor office) of the Trustee, including, without limitation, any Vice
President, any Assistant Vice President, any Senior Trust Officer, any Trust
Officer or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above designated officers, who shall,
in any case, be responsible for the administration of this Indenture or have
familiarity with it, and also means, with respect to particular corporate trust
matters, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.

 

“Restricted Payments” shall have the
meaning assigned to such term in Section 5.12(a).

 

“Restricted Subsidiary” means any
consolidated Subsidiary of the Company other than (i) Grupo TFM and its
consolidated Subsidiaries and (ii) any Subsidiary of the Company formed solely
for the purpose of, and whose operations consist solely of, participating in a
Qualifying PEMEX Securitization Transaction.

 

“Securities Act” means the Securities
Act of 1933, as amended from time to time, or any successor act.

 

“Special Record Date” for the payment
of any Defaulted Interest on the Notes means a date fixed by the Company
pursuant to Section 3.10.

 

“Standard & Poor’s” means Standard
& Poor’s Ratings Group, a division of McGraw-Hill Inc., or any successor
thereto.

 

“Stated Maturity,” when used with
respect to any Note or any installment of interest thereon, means the date
specified in such Note as the fixed date on which the principal of such Note or
such installment of interest is due and payable.

 

“Subsidiary” means any Person of which
any other Person directly or indirectly owns or controls stock (or other
ownership interests) which under ordinary circumstances (not dependent upon the
happening of a contingency) has voting power to elect a majority of the board
of directors (or equivalent governing body) of such Person.

 

21

 

“Surviving Entity” shall have the
meaning assigned to such term in Section 11.01 (1).

 

“TFM” means TFM, S.A. de C.V., a
corporation organized and existing under the laws of the United Mexican States.

 

“TMM
Holdings” means TMM Holdings, S.A. de C.V., a corporation
organized and existing under the laws of the United Mexican States.

 

“TMM Multimodal” means TMM Multimodal,
S.A. de C.V., a corporation organized and existing under the laws of the United
Mexican States.

 

“Transfer” shall have the meaning assigned
to such term in Section 11.01.

 

“Trustee” means the Person named as the
“Trustee” in the first paragraph of this instrument until a successor Trustee
shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter “Trustee” shall mean such successor Trustee.

 

“Trust Indenture Act” means the Trust
Indenture Act of 1939, as amended, and as in force at the date on which this
Indenture was executed, except as provided in Section 10.05.

 

“U.S. Government Obligations” shall
have the meaning assigned to such term in Section 12.01.

 

“VAT Cash
Proceeds” means VAT Proceeds in U.S. Dollars or a currency
freely convertible into U.S. Dollars (including any cash payments received upon
the disposition or conversion of non-cash VAT Proceeds but only as and when
received).

 

“VAT
Claim” means the claim of TFM against the Mexican Government for
refund of a value added tax payment and a related value added tax certificate
in the original amount of 2,111,111,790 Mexico pesos, including amounts payable
pursuant to the October 11, 2002 judgment, or any similar subsequent judgment,
by the Tribunal Colegiado en Materia
Administrativa del Primer Circuito in favor of TFM related to such
claim.

 

“VAT Proceeds” means the amount
(whether in cash or other property) of:

 

(a) any
dividends or distributions received by the Company or any Restricted Subsidiary
from Grupo TFM or TFM(or any successor of either of them) on or after the date
on which TFM (or its successor) receives any proceeds from the Mexican Government
in connection with the VAT Claim, less the amount of all foreign, Federal,
state and local taxes payable by the Company or any Restricted Subsidiary as a
direct consequence of the receipt of amounts in respect of the VAT Claim or the
payment of any such dividend or distribution) (referred to herein as “group-level taxes”); provided, that the amount of VAT
Proceeds shall be limited to (A) the product of (1) the Company’s and its
Restricted Subsidiaries’ percentage economic interest in Grupo TFM and TFM at
the time such proceeds are received by TFM or at the time such dividends or
distributions are made, whichever is greater, and (2) (x) such proceeds (net of
the amount of legal, accounting, advisors’ and other fees and expenses payable
by the Company, Grupo TFM or TFM in connection with the VAT Claim (provided
that for such

 

22

 

netting purposes the amount of legal, accounting, advisors’ and other
fees of the Company shall not exceed $1,250,000) and all foreign, Federal,
state and local taxes payable as a
direct consequence of the receipt by TFM of amounts in respect of the VAT
Claim, including in connection with the payment of such dividends or
distributions by Grupo TFM or TFM) less (B) the sum of (x) the amount of any
group-level taxes deducted from VAT Proceeds pursuant to this clause, (y) the
amount of any proceeds described in clause (b) below and (z) any Offset Amount
(such amount being referred to herein as the “Maximum VAT Amount”); and

 

(b) any
proceeds otherwise received by the Company or any Restricted Subsidiary from
the Mexican Government in respect of the VAT Claim, less the amount of all
foreign, Federal, state and local taxes payable by the Company or any
Restricted Subsidiary as a direct consequence of the receipt of such proceeds.

 

There shall be
no duplication of any taxes that are otherwise deducted pursuant to the
preceding sentence.  VAT Proceeds shall
be in addition to, and not in lieu of or in substitution for, any Net Cash
Proceeds under clause (iii)(y) of the definition of “GTFM Disposition”
that may be calculated based on dividends or distributions by Grupo TFM or TFM
to the Company or any Restricted Subsidiary. In the event that Grupo TFM or TFM
has received proceeds with respect to the VAT Claim and a GTFM Disposition
covered by clause (iii)(y) of the definition of “GTFM Disposition” has also
occurred, then dividends or distributions received by the Company or any
Restricted Subsidiary from Grupo TFM or TFM shall be deemed to be VAT Proceeds
until the Maximum VAT Amount has been reached.

 

“Volume Weighted Average Price”
means, for any security as of any date, the dollar volume-weighted average
price in Dollars for such security on the Principal Market during the period
beginning at 9:30 a.m.  New York time
(or such other time as the Principal Market publicly announces is the official
open of trading), and ending at 4:00 p.m. 
New York time (or such other time as the Principal Market publicly
announces is the official close of trading) as reported by Bloomberg Financial
Markets (“Bloomberg”)
through its “Volume at Price” functions, or, if the foregoing does not apply,
the dollar volume-weighted average price in Dollars of such security in the
over-the-counter market on the electronic bulletin board for such security
during the period beginning at 9:30 a.m. 
New York time (or such other time as the over-the-counter market
publicly announces is the official open of trading), and ending at 4:00 p.m.
New York time (or such other time as the over-the-counter market publicly
announces is the official close of trading), as reported by Bloomberg, or, if
no dollar volume-weighted average price is reported for such security by
Bloomberg for such hours, the average of the highest closing bid price and the
lowest closing ask price, each in Dollars, of any of the market makers for such
security as reported in the “pink sheets” by the National Quotation Bureau,
Inc.

 

“Voluntary Reduction” shall have the
meaning assigned to such term in Section 3.01(c)(iv).

 

“Wholly Owned Subsidiary” of any Person
shall mean any Subsidiary of such Person of which all of the shares of Capital
Stock (except directors’ qualifying shares) are at the time directly or
indirectly owned by such Person, by one or more Wholly Owned Subsidiaries of
such Person or by such Person and one or more of its Wholly Owned Subsidiaries.

 

23

 

SECTION 1.02   COMPLIANCE CERTIFICATES AND OPINIONS.  Upon any application or request by the
Company to the Trustee to take any action under any provision of this
Indenture, the Company shall furnish to the Trustee an Officers’ Certificate
stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with and an Opinion of
Counsel stating that, in the opinion of such counsel, all such conditions
precedent, if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be
furnished.

 

Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:

 

(1)           a statement that each individual
signing such certificate or opinion has read such covenant or condition and the
definitions herein relating thereto;

 

(2)           a brief statement as to the nature
and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based;

 

(3)           a statement that, in the opinion of
each such individual, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not
such covenant or condition has been complied with; and

 

(4)           a statement as to whether, in the
opinion of each such individual, such condition or covenant has been complied
with.

 

SECTION 1.03   FORM OF DOCUMENTS DELIVERED TO TRUSTEE.  In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person,
it is not necessary that all such matters be certified by, or covered by the
opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with
respect to some matters and one or more other such Persons as to other matters,
and any such Person may certify or give an opinion as to such matters in one or
several documents.

 

Any
certificate, statement or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon a certificate or opinion of or
representations by counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which such officer’s certificate, statement or
opinion is based are erroneous.  Any
certificate, statement or Opinion of Counsel may be based, insofar as it
relates to factual matters, upon a certificate, statement or opinion of or
representations by an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the
Company, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate, statement or opinion or representations with
respect to such matters are erroneous.

 

24

 

Where any
Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this
Indenture, they may, but need not, be consolidated and form one instrument.

 

SECTION 1.04   NOTICES, ETC. TO TRUSTEE AND COMPANY.  Any request, demand, authorization,
direction, notice, consent, waiver or act of Holders or other document provided
or permitted by this Indenture to be made upon, given or furnished to, or filed
with,

 

(1)           the Trustee by any Holder or by the
Company shall be made, given, furnished or filed in writing and hand delivered,
mailed, first class, postage prepaid, or sent by facsimile transmission to or
with the Trustee at the principal office of the Trustee located at 101 Barclay
Street, Floor 21W, New York, New York 10286, Attention: Global Finance Unit,
[telephone number (212)
                 
facsimile number (212)                                 ],
or at any other address previously furnished in writing to any Holder or to the
Company by the Trustee, and unless otherwise herein expressly provided, any
such document shall be deemed to be sufficiently made, given, furnished or
filed upon its receipt by a Responsible Officer of the Trustee, provided, that if receipt of any facsimile
transmission is not confirmed in writing or by facsimile by the Trustee, a copy
of such transmission shall be delivered by hand or mailed, first class, postage
prepaid, to the Trustee, or

 

(2)           the Company by the Trustee or by any
Holder shall be made, given furnished or filed in writing and hand delivered,
mailed, first class, postage prepaid, or sent by facsimile transmission to or
with the Company addressed to it at Avenida de la Cúspide, No. 4755, Colonia
Parques del Pedregal, 14010 Mexico, D.F., Attention: Chief Financial Officer,
telephone number (011) 52-55-5629-8866, facsimile number (011) 52-55-5629-8899,
at the office maintained by the Company pursuant to Section 5.02 hereof or at
any other address previously furnished in writing to the Trustee by the
Company, provided, that if
receipt of any facsimile transmission is not confirmed in writing or by
facsimile by the Company, a copy of such transmission shall be delivered by
hand or mailed, first class, postage prepaid, to the Company.

 

SECTION 1.05   NOTICE TO HOLDERS; WAIVER.

 

(a)           Where
this Indenture provides for notice to Holders of Notes of any event, such
notice shall be sufficiently given (unless otherwise herein expressly provided)
if in writing and mailed, first class, postage prepaid, to each Holder of a
Note affected by such event at the address of such Holder as it appears in the
Note Register, not later than the latest date and not earlier than the earliest
date prescribed for the giving of such notice, and in the event of suspension
of regular mail service or for any other reason it shall be impracticable to
give such notice to Holders of Notes by mail, then such notification to Holders
of Notes shall be made in the manner specified in Section 1.05(b) and such
notification shall constitute sufficient notification for every purpose
hereunder. In any case where notice to Holders of Notes is given by mail,
neither the failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder of a Note shall affect the sufficiency of such
notice with respect to other Holders of Notes or the sufficiency of any notice
by publication to Holders of Notes given as provided in Section 1.05(b).  In computing any time period for the mailing
or giving of notice of

 

25

 

any event hereunder, the computation shall be made by counting back or
forward, as appropriate, from the date of the event in question, without
counting the date of such event but counting as a full day the ending date of
such period no matter when notice was mailed or given on such ending date.

 

(b)           In
case by reason of the suspension of regular mail service or by reason of any
other cause it shall be impracticable to give such notice by mail, then such
notification as shall be made with the approval of the Trustee shall constitute
a sufficient notification for every purpose hereunder.

 

(c)           Where
this Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice.  Waivers of notice by Holders shall be filed
with the Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver.

 

SECTION 1.06   CONFLICT WITH TRUST INDENTURE ACT.  If any provision hereof limits, qualifies or
conflicts with (i) another provision hereof which is required to be included in
this Indenture by any provision of the Trust Indenture Act, or (ii) any
provision of the Trust Indenture Act, such required provision or such provision
of the Trust Indenture Act, as the case may be, shall control.  If any provision of this Indenture modifies
or excludes any provision of the Trust Indenture Act that may be so modified or
excluded, the former provision shall be deemed to apply or be excluded, as the
case may be, to or from this Indenture. 
Until such time as this Indenture shall be qualified under the Trust
Indenture Act, this Indenture, the Company, the Guarantors and the Trustee
shall be deemed for all purposes hereof to be subject to and governed by the
Trust Indenture Act to the same extent as would be the case if this Indenture
were so qualified on the date hereof.

 

SECTION 1.07   EFFECT OF HEADINGS AND TABLE OF CONTENTS.  The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the
construction hereof.

 

SECTION 1.08   SUCCESSORS AND ASSIGNS.  All covenants and agreements in this
Indenture by the Company shall bind its successors and assigns, whether so
expressed or not.

 

SECTION 1.09   SEPARABILITY CLAUSE.  In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

 

26

 

SECTION 1.10   BENEFITS OF INDENTURE.  Nothing in this Indenture or in the Notes,
express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder and the Holders, any benefit or any legal or
equitable right, remedy or claim under this Indenture.

 

SECTION 1.11   GOVERNING LAW.  This Indenture, the Guarantees and the Notes
shall be governed by, construed and enforced in accordance with the laws of the
State of New York, without regard to the conflict of laws principles thereof.

 

SECTION 1.12   SUBMISSION TO JURISDICTION.  Each of the parties to this Indenture hereby
irrevocably submits to the jurisdiction of any New York State or Federal court
sitting in the Borough of Manhattan in The City of New York in any action or
proceeding arising out of or relating to the Notes, the Guarantees, this
Indenture or the Collateral Documents, and all such parties hereby irrevocably
agree that all claims in respect of such action or proceeding may be heard and
determined in such New York State or Federal court and hereby irrevocably
waive, to the fullest extent that they may legally do so, the defense of an
inconvenient forum to the maintenance of such action or proceeding.  EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE NOTES, THE GUARANTEES, THE COLLATERAL DOCUMENTS
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

SECTION 1.13   LEGAL HOLIDAYS.  In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Note shall not be a Business Day at
any Place of Payment, then (notwithstanding any other provision of this
Indenture or of the Notes) payment of the principal of, premium, if any,
interest, if any, or Additional Amounts, if any, on such Note need not be made
at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made
on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided, that no additional interest
shall accrue with respect to the payment due on such date for the period from
and after such Interest Payment Date, Redemption Date or Stated Maturity, as
the case may be.

 

SECTION 1.14   APPOINTMENT OF AGENT FOR SERVICE.  By the execution and delivery of this
Indenture, the Company hereby appoints CT Corporation System as its authorized
agent upon which process may be served in any legal action or proceeding which
may be instituted in any Federal or State court in the Borough of Manhattan,
The City of New York, arising out of or relating to the Notes or this
Indenture, but for that purpose only. 
Service of process upon such agent at the office of such agent at 1633
Broadway, New York, New York 10019, and written notice of said service to the
Company by the Person serving the same addressed as provided by Section 1.04,
shall be deemed in every respect effective service of process upon the Company
in any such legal action or proceeding. Such appointment shall be irrevocable
so long as the Holders of Notes shall have any rights pursuant to the terms
thereof or of this Indenture until the appointment of a successor by the
Company with the consent of the Trustee and such successor’s acceptance of such
appointment.  Each of the Company and
the Guarantors further agree to take any and all actions, including the
execution and filing of any and

 

27

 

all such documents and instruments, as may be necessary to continue
such designation and appointment of such agent or successor.

 

SECTION 1.15   COUNTERPART ORIGINALS.  The parties may sign any number of copies of
this Indenture.  Each signed copy shall
be an original, but all of them together represent the same agreement.

 

ARTICLE TWO

NOTE FORMS

 

SECTION 2.01   FORMS GENERALLY.  The Notes and the Trustee’s certificate of
authentication shall be in substantially the forms set forth in this Article,
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture and may have such letters,
numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the rules of any securities
exchange or as may, consistently herewith, be determined by the officers
executing such Notes as evidenced by their execution of the Notes. Any such
legend or endorsement shall be delivered in writing to the Trustee by the
Company.

 

The Definitive
Notes shall be printed, lithographed or engraved on steel engraved borders or
may be produced in any other manner permitted by the rules of any securities
exchange on which the Notes may be listed, all as determined by the officers
executing such Notes, as evidenced by their execution of such Notes.

 

The terms and provisions
contained in the Notes shall constitute, and are hereby expressly made, a part
of this Indenture and the Company, the Guarantors and the Trustee, by their
execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. 
However, to the extent any provision of any Note conflicts with the
express provisions of this Indenture, the provisions of this Indenture shall
govern and be controlling.

 

Upon their
original issuance, Notes shall be issued in the form of one or more Global
Notes (“Global Notes”) registered in the name of DTC, as Depositary, or its
nominee and deposited with the Trustee, as custodian for DTC, for credit by DTC
to the respective accounts of beneficial owners of the Notes represented thereby
(or such other accounts as they may direct).

 

SECTION 2.02   FORM OF FACE OF NOTE.  [IF THE NOTE IS A GLOBAL NOTE, THEN INSERT:
THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF.  THIS NOTE MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN
WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.]

 

[IF THE NOTE
IS A GLOBAL NOTE AND THE DEPOSITORY TRUST COMPANY IS TO BE THE DEPOSITARY
THEREFOR, THEN INSERT: UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY

 

28

 

TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]

 

Grupo Tmm, S.A.

Senior Secured Note due 2007

 

	
  CUSIP
  NO.                                    

  	
   

  	
   

  	
  $                                    

  
	
   

  	
   

  	
   

  	
   

  
	
  NO.                                 

  	
   

  	
   

  	
   

  

 

Grupo Tmm, S.A., a corporation duly organized and
existing under the laws of the United Mexican States (herein called the
“Company”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to
                    ,
or its registered assigns, the principal sum of
                    
Dollars [IF THIS NOTE IS A GLOBAL NOTE, THEN INSERT: , or such other principal
amount as may be set forth in the records of the Trustee in accordance with the
Indenture,] on
[             
    ,] 2007 (subject to extension to
              ,
2008 as provided in the Indenture), and to pay interest thereon in cash from
                    
    , 2004, or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, or, if the date hereof is
after a Regular Record Date and before the following Interest Payment Date,
then from such following Interest Payment Date, semiannually on
[             
     and              
    ] in each year, commencing
             
    , 2004, at the rate of 101⁄2% per annum (subject to
reduction or increase as provided in the Indenture), until the principal hereof
is paid or made available for payment.

 

On each
Interest Payment Date occurring on or prior to
                ,
2007, the Company may elect to pay interest due on such Interest Payment Date
in cash and through the issuance of (i) Additional Notes, in denominations
of $1.00 and integral multiples thereof, or (ii) ADSs of the Company,
having a value equal to the interest due (in excess of the portion of such
interest paid in cash at the Cash Interest Rate), which ADSs shall be issued at
a 5% discount to the 20 trading day Volume Weighted Average Price per ADS, or
any combination thereof, in each case as more fully set forth in the Indenture;
provided, that, in the event the
Company elects to pay any portion of the interest in Additional Notes or ADSs
on any Interest Payment Date as provided herein, it shall pay cash interest on
such Interest Payment Date at the interest rate of  2% per annum or such higher rate as the Company may elect with
respect to such Interest Payment Date. 
In the event the Company elects to pay any portion of the interest due
on any Interest Payment Date other than in cash, the annual interest rate
applicable for such Interest Payment Date shall be as set forth below:

 

29

 

	
  Interest Payment Date

  	
   

  	
  Applicable
  Interest Rate

  	
   

  
	
  [        ],
  2004

  	
   

  	
  12.00

  	
  %

  
	
  [        ],
  2005

  	
   

  	
  12.00

  	
  %

  
	
  [        ],
  2005

  	
   

  	
  12.00

  	
  %

  
	
  [        ],
  2006

  	
   

  	
  12.00

  	
  %

  
	
  [        ],
  2006

  	
   

  	
  12.50

  	
  %

  
	
  [        ],
  2007

  	
   

  	
  13.00

  	
  %

  

 

This annual
interest rate payable on the Notes will decrease in the event the Company
redeems, repays, repurchases or otherwise retires or offers to repurchase
(provided the Company purchases all Notes validly tendered in accordance with
the terms of such offer to repurchase (or a prorated amount thereof in
accordance with the terms of such offer to repurchase)), the respective principal
amount of Notes set forth below, in each case pursuant to the provisions of
Section 3.01(c)(iv) of the Indenture:

 

	
  Voluntary Reduction Amount

  	
   

  	
  Interest
  Rate Reduction

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Less than $100,000,000

  	
   

  	
  0.00

  	
  %

  
	
  $100,000,000 up to $150,000,000

  	
   

  	
  0.67

  	
  %

  
	
  more than $150,000,000

  	
   

  	
  1.00

  	
  %

  

 

; provided
that such interest rate reduction shall not be more than 1.00% per annum in the
aggregate.

 

The Company
will provide notice to the Trustee of any event giving rise to an interest rate
reduction, the amount of any interest rate reduction and the effective date of
any interest rate reduction as specified in the Indenture.  Following an Event of Default, the rate at
which the Notes accrue interest shall increase by 2.00% per annum. In addition,
following an Event of Default, any unpaid interest and Additional Amounts, if
any, will accrue interest at the Default Rate until such time as full payment
is made thereon.

 

In the event
the Company exercises its option to extend the maturity date of the Notes to
                    ,
2008 as provided in the Indenture, the interest rate shall be 12% per annum
during such extended term (subject to reduction as described above), and such
interest shall be payable quarterly on [                          ],
[                             ]
and
[                            ],
in advance, and only in cash, as provided in the Indenture.

 

The interest
payable pursuant to this Note, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Note (or one or more Predecessor Notes) is registered
at the close of business on the Regular Record Date for such interest, which
shall be the [-] or [-] (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date or
[             ]
if the Company makes the Extension Election. 
Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Note (or one or more
Predecessor Notes) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Company,
notice whereof shall be given to Holders of Notes not less

 

30

 

than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed and upon such notice as
may be required by such exchange, all as more fully provided in such Indenture.

 

Payment of the
principal of (and premium, if any), cash interest and Additional Amounts, if
any, on this Note will be made at the office or agency of the Company
maintained for that purpose in New York, New York, in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts; or at the option of the Company payment of
cash interest and Additional Amounts, if any, may be made by check mailed to
the address of the Person entitled thereto as such address shall appear in the
Note Register; provided that any Holder of more than $2 million in
aggregate principal amount of Notes that has so elected and given wire transfer
instructions to the Company shall be entitled to receive all payments of
principal and interest and Additional Amounts with a Regular Record Date after
the date the Company receives such notice with respect to Notes held by such
Holders by wire transfer of immediately available funds within the United
States to the accounts specified by the Holders thereof.  Until otherwise designated by the Company,
the Company’s office or agency in New York will be the office of the Trustee
maintained for such purpose.  The Notes
will be issued in denominations of $1.00 and integral multiples thereof.  Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

 

Initially, The
Bank of New York, the Trustee under the Indenture, will act as Paying Agent and
Note Registrar.  The Company may change
any Paying Agent or Note Registrar without notice to any Holder.  The Company or any of its Subsidiaries may
act in any such capacity.

 

[IF THIS NOTE
IS A GLOBAL NOTE, INSERT: Partial payment of interest in Additional Notes or
ADRs shall be made by deposit of such Additional Notes or ADRs with the
Custodian for DTC.]  [IF THIS NOTE IS A
DEFINITIVE NOTE, INSERT: Partial payment of interest in Additional Notes or
ADRs shall be made by delivering certificates representing such Additional
Notes or ADRs to the address of the Holder entitled to receive the same as
shown on the Note Register.]

 

Reference is
hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

Unless the
certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, this Note shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

31

 

In Witness Whereof, the Company has caused this
instrument to be duly executed.

 

	
  DATED:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Grupo Tmm, S.A.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
				

 

32

 

SECTION 2.03   FORM OF REVERSE OF NOTE.   This Note is one of a duly authorized issue
of Notes of the Company designated as its Senior Secured Notes due 2007 (herein
called the “Notes”),
limited in aggregate principal amount to $[-], except for Additional Notes and
Notes issued pursuant to Sections 3.04, 3.08, 3.09, 4.08, 5.16, 5.18 and 10.06
of the Indenture, issued under an Indenture, dated as of [-], 2004 (herein
called the “Indenture”),
by and among the Company, the Guarantors and The Bank of New York, as trustee
(herein called the “Trustee,”
which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Guarantors, the Trustee and the
Holders of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered.

 

The Company
hereby further agrees, subject to the limitations and exceptions set forth
below, that if any deduction or withholding for any present or future taxes,
duties, levies, imposts, assessments or other governmental charges of the
United Mexican States (or any political subdivision or taxing authority thereof
or therein) shall at any time be required by such jurisdiction or any such political
subdivision or taxing authority (or by the jurisdiction of incorporation, seat
of management or residence for tax purposes of any successor to the Company (a
“Successor
Jurisdiction”)) in respect of any amounts to be paid by the
Company under the Notes (“Taxes”), then, unless the Company pays
the amount of such deduction or withholding directly to the Mexican Government,
or is entitled to a credit against such payment, the Company will pay in cash
to the Holder of a Note such additional amounts (“Additional Amounts”) as may be necessary in order that
the net amounts paid to the Holder of such Note who, with respect to any such
Tax after such deduction or withholding (including any withholding or deduction
imposed on Additional Amounts), shall be not less than the amounts specified in
such Note to which such Holder would have received if such Taxes had not been
withheld or deducted; provided, however,
that the Company shall not be required to make any payment of Additional
Amounts for or on account of:

 

(a)           any
Tax, which would not have been imposed but for (i) the existence of any present
or former connection between such Holder (or between a fiduciary, settlor,
beneficiary, member or shareholder of, or possessor of a power over, such
Holder, if such Holder is an estate, trust, partnership or corporation) and the
taxing jurisdiction or any political subdivision or territory or possession
thereof or area subject to its jurisdiction, including, without limitation,
such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or
possessor) being or having been a citizen or resident thereof or being or
having been present or engaged in trade or business therein or having or having
had a permanent establishment therein or (ii) the presentation of a Note (where
presentation is required) for payment on a date more than 30 days after the
date on which such payment became due and payable or the date on which payment
thereof is duly provided for, whichever occurs later;

 

(b)           any
estate, inheritance, gift, sale, transfer, personal property or similar tax,
assessment or other governmental charge;

 

(c)           any
Tax, which is payable otherwise than by withholding from payments of (or in
respect of) principal of or interest on the Notes;

 

33

 

(d)           any
Tax, that is imposed or withheld by reason of the failure to comply by the
Holder or the beneficial owner of a Note with a written request of the Company
addressed to the Holder furnished at least 60 days prior to the first payment
date with respect to which the Company applies this clause (d) (or in the event
of any subsequent change in any such requirement at least 60 days prior to the
first payment date for which such change is effective) (i) to provide
information, documents and other evidence concerning the nationality, residence
or identity of the Holder or such beneficial owner or (ii) to make and deliver
any declaration or other similar claim (other than a claim for refund of a Tax,
withheld by the Company) or satisfy any information or reporting requirement,
which, in the case of (i) or (ii), is required or imposed by a statute, treaty,
regulation or administrative practice of the taxing jurisdiction as a
precondition to exemption from all or part of such tax, assessment or other
governmental charge; or

 

(e)           any
combination of items (a), (b), (c) and (d);

 

nor shall
Additional Amounts be paid with respect to any payment of the principal of or
interest on any Note to any Holder who is a fiduciary or partnership or other
than the sole beneficial owner of such payment to the extent such payment would
be required by the laws of the jurisdiction (or any political subdivision or
taxing authority thereof or therein) to be included in the income for tax
purposes of a beneficiary or settlor with respect to such fiduciary or a member
of such partnership or a beneficial owner who would not have been entitled to
such Additional Amounts had it been the Holder of the Note.

 

Notwithstanding
the foregoing, the limitations on the Company’s obligation to pay Additional
Amounts set forth in clause (d) above will not apply if:

 

(i)            the provision of information,
documentation or other evidence described in such clause (d) would be
materially more onerous, in form, in procedure or in the substance of
information disclosed, to a Holder or beneficial owner of a Note than
comparable information or other reporting requirements imposed under United
States tax law (including the United States — Mexico Income Tax Treaty),
regulation and administrative practice (such as Internal Revenue Service Forms
W-8 and W-9); or

 

(ii)           Rule 3.31.9 issued by the Secretaría
de Hacienda y Crédito Público (Ministry of Finance and Public
Credit) on March 6, 2000 or a substantially similar successor of such rule is
in effect, unless (a) the provision of the information, documentation or other
evidence described in clause (d) is expressly required by statute, regulation,
ruling or administrative practice in order to apply Rule 3.31.9 (or successor
rule), the Company cannot obtain such information, documentation or other
evidence on its own through reasonable diligence and the Company otherwise
would meet the requirements for application of Rule 3.31.9 (or successor rule)
or (b) in the case of a Holder or beneficial owner of a Note that is a pension
fund or other tax-exempt organization, payments to such Holder or beneficial
owner would be subject to Taxes at a rate less than that provided by Rule
3.31.9 (or successor rule) if the information, documentation or other evidence
required under clause (d) above were provided.

 

34

 

In addition,
clause (d) above shall be construed to require that a non-Mexican pension or
retirement fund or other Holder or beneficial owner of a Note register with the
Ministry of Finance and Public Credit of Mexico for the purpose of establishing
eligibility for an exemption from or reduction of Taxes.

 

The Company
shall make any required withholding or deduction and remit the full amount
deducted or withheld to the appropriate taxing authority, as and when required
by applicable law.  The Company shall
furnish to the Trustee, within 30 days after the date the payment of any Taxes
is due, evidence of such payment by the Company.  The Company shall deliver copies of such evidence to Holders of
the Notes or the Paying Agent upon request.

 

The Company
shall pay any present or future stamp, court, documentary or other similar
Taxes, charges or levies that arise in the United Mexican States or any of its
political subdivisions (or any Successor Jurisdiction) from the execution,
delivery, registration of, or enforcement of rights under, the Notes, the
Guarantees, this Indenture or the Collateral Documents.

 

The Notes may
be redeemed at the option of the Company in whole but not in part at any time,
upon not less than 30 days’ nor more than 60 days’ notice by mail, at a
Redemption Price equal to the principal amount thereof plus accrued and unpaid
interest and Additional Amounts, if any, to the date fixed for redemption if,
as a result of any change in or amendment to the laws or any regulations or
rulings promulgated thereunder of the Mexican Government (or of any political
subdivision or taxing authority thereof or therein) or any change in the
official application or interpretation of such laws, regulations or rulings, or
any change in the official application or interpretation of, or any execution
of or amendment to, any treaty or treaties affecting taxation to which the
Mexican Government (or such political subdivision or taxing authority) is a
party, which becomes effective on or after the Initial Issuance Date, the
Company is or would be required on the next succeeding Interest Payment Date to
pay additional amounts with respect to the Notes at a rate in excess of that in
effect at the Initial Issuance Date, and the payment of such Additional Amounts
cannot be avoided by the use of any reasonable measures available to the
Company. The Company will also pay to the Holders on the Redemption Date any
Additional Amounts which would otherwise be payable.

 

The Notes are
subject to redemption upon not less than 30 days’ nor more than 60 days’ notice
by mail at any time, in whole or from time to time in part, at the election of
the Company, at a Redemption Price equal to (i) 100% of the principal amount
thereof, plus accrued and unpaid interest and Additional Amounts, if any, to
the Redemption Date, until such time as the Company shall have previously
repaid, redeemed or otherwise retired $150,000,000 in aggregate principal
amount of the Notes, and thereafter (ii) 101% of the principal amount of the
Notes, plus accrued and unpaid interest and Additional Amounts, if any, to the
Redemption Date.  In the case of any
redemption pursuant to this paragraph, interest installments whose Stated
Maturity is on or prior to the applicable Redemption Date will be payable to
the Holders of such Notes, or one or more Predecessor Notes, of record at the
close of business on the relevant Record Dates referred to on the face hereof,
all as provided in the Indenture.

 

35

 

In the event
of redemption of this Note in part only, a new Note or Notes for the unredeemed
portion hereof will be issued in the name of the Holder, or the Person
designated by such Holder, hereof upon the cancellation hereof.

 

The Indenture
provides that, in the event of a Change of Control (as defined in the
Indenture), the Company will be obligated to offer to purchase all of the Notes
then outstanding at a Repurchase Price equal to (i) 100% of the principal
amount thereof plus accrued and unpaid interest and Additional Amounts, if any,
thereon to the Repurchase Date, until such time as the Company shall have
previously repaid, redeemed or otherwise retired an aggregate principal amount
of $150,000,000 of the Notes, and thereafter (ii) 101% of the principal amount
of the Notes plus accrued and unpaid interest and Additional Amounts, if any,
to the Repurchase Date.

 

The Indenture
provides that, subject to certain conditions, in the event of certain Asset
Dispositions and Qualifying Dispositions and receipt by the Company of VAT Cash
Proceeds, the Company will be obligated to offer to purchase on a pro rata
basis Notes at a Repurchase Price equal to 100% of the principal amount thereof
plus accrued interest and Additional Amounts, if any, thereon to the Repurchase
Date, with the Net Cash Proceeds of such Asset Disposition or Qualifying
Disposition or VAT Cash Proceeds.

 

If an Event of
Default shall occur and be continuing, the principal of all the Notes may be
declared due and payable in the manner and with the effect provided in the
Indenture.

 

As provided in
the Indenture and subject to the conditions set forth therein, the Company may
terminate all of its obligations under the Notes, except certain specified
obligations, 91 days following the deposit with the Trustee, in trust, of money
and/or U.S. Government Obligations which, through the payment of interest and
principal in respect thereof in compliance with their terms, will provide money
in an amount sufficient to pay the principal of, and premium, if any, and each
installment of interest and Additional Amounts, if any, on the Outstanding
Notes at maturity or upon redemption.

 

The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of
the Holders of the Notes under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in aggregate principal
amount of the Notes at the time Outstanding. 
The Indenture also contains provisions permitting the Holders of
specified percentages in aggregate principal amount of the Notes at the time
Outstanding, on behalf of the Holders of all the Notes, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. 
Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

 

No reference
herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligations of the Company, which are absolute and
unconditional, to pay the principal of (and premium, if any) and interest and
Additional

 

36

 

Amounts, if any, on this Note at the times, place, and rate, and in the
coin or currency, herein prescribed.

 

As provided in
the Indenture and subject to certain limitations therein set forth, the
transfer of this Note is registrable in the Note Register, upon surrender of
this Note for registration of transfer at the office or agency of the Company
in New York, New York, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Note Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Notes, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees.

 

The Notes are
issuable only in registered form without coupons in denominations of $1.00 and
any integral multiple thereof.  As
provided in the Indenture and subject to certain limitations therein set forth,
Notes are exchangeable for a like aggregate principal amount of Notes of a
different authorized denomination, as requested by the Holder surrendering the
same.

 

No service
charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

 

The Company,
the Guarantors, the Trustee and any agent of the Company, the Guarantors, or
the Trustee may treat the Person in whose name this Note is registered as the
owner hereof for all purposes (subject to the provisions on the face hereof),
whether or not this Note be overdue, and neither the Company, the Guarantors,
the Trustee nor any such agent shall be affected by notice to the contrary.

 

No past,
present or future director, officer, employee, agent, attorney-in-fact,
incorporator or stockholder (direct or indirect) of the Company (or any such
successor entity), as such, shall have any liability for any obligations of the
Company under the Notes or the Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation.

 

All terms used
in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

 

Customary
abbreviations may be used in the name of a Holder of a Security or an assignee,
such as: TEN COM (= tenants in common), TEN ENT (tenants by the entireties), JT
TEN (=joint tenants with right of survivorship and not as tenants in common),
CUST (=Custodian), and U/G/M/A (=Uniform Gifts to Minors Act).

 

Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Notes as
a convenience to the Holders of the Notes. 
No representation is made as to the accuracy of such numbers as printed
on the Notes and reliance may be placed only on the other identification
numbers printed hereon.

 

37

 

[ASSIGNMENT FORM]

If you the
holder want to assign this Note, fill in the form below:

 

I or we assign
and transfer this Note to

 

 

 

 

 

 

 

(Print or type
assignee’s name, address and zip code and social security number or tax ID
number) and irrevocably appoint

 

 

 

agent to
transfer this Note on the books of the Company.  The agent may substitute another to act for him.

 

 

 

	
  Date:

  	
  Your signature: 

  	
   

  	
   

  
	
   

  	
  (Sign exactly as your name appears on the
  other

  side of this Note)

  
	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  

 

38

 

[FORM OF OPTION OF HOLDER TO ELECT PURCHASE]

 

If you wish to
elect to have this Note purchased by the Company pursuant to Section 5.16
(Repurchase Offer upon a Change of Control) or 5.18 (Excess Cash Proceeds
Offer) of the Indenture, check the box:

 

 

	
  o Section 5.16

  	
   

  	
  o 
  Section 5.18

  

 

 

If you wish to
elect to have only part of this Note purchased by the Company pursuant to
Section 5.16 or 5.18 of the Indenture, state the amount:
$                           .

 

 

	
  Date:

  	
  Your signature: 

  	
   

  	
   

  
	
   

  	
  (Sign exactly as your name appears on the
  other

  side of this Note)

  
	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  	
   

  

 

 

SECTION 2.04  
FORM OF GUARANTEE

 

SENIOR
SECURED GUARANTEE

 

For value
received, the undersigned Guarantors (as defined in the Indenture referred to
in the Note upon which this notation is endorsed) hereby unconditionally
guarantee on a senior secured basis (such Guarantee by the Guarantor being
referred to herein as the “Guarantee”) the due and punctual
payment of the principal of, premium, if any and interest and Additional
Amounts, if any, on the Notes, whether at maturity, by acceleration, call for
redemption, upon any Offer or Excess Cash Proceeds Offer or otherwise, the due
and punctual payment of interest on the overdue principal, premium and interest
(including, to the extent lawful and as specified in the Notes, interest on any
overdue interest) and Additional Amounts, if any, on the Notes and the due and
punctual performance of all other obligations of the Company to the Holders or
the Trustee, all in accordance with the terms set forth in Article Fourteen of
the Indenture (as defined below).  This
Guarantee will become effective in accordance with Article Fourteen of the
Indenture and its terms shall be evidenced therein.  The validity and enforceability of any Guarantee shall not be
affected by the fact that it is not affixed to any particular Note.

 

Capitalized
terms used but not defined herein shall have the meanings ascribed to them in
the Indenture dated as of
                             ,
2004 among Grupo TMM, S.A., the Guarantors and The Bank of New York, as
Trustee, as amended or supplemented (the “Indenture”).

 

39

 

The Guarantee
shall be governed by and construed in accordance with the laws of the State of
New York without regard to principles of conflicts of laws to the extent that
the application of the laws of another jurisdiction would be required thereby.

 

The
obligations of the Guarantors to the Holders and to the Trustee pursuant to
this Guarantee and the Indenture are expressly set forth in Article Fourteen of
the Indenture and reference is hereby made to such Indenture for the precise
terms of this Guarantee.

 

No past,
present or future director, officer, employee, agent, attorney-in-fact,
incorporator or stockholder (direct or indirect) of the Guarantors (or any such
successor entity), as such, shall have any liability for any obligations of the
Guarantors under this Guarantee or the Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation.

 

This is a
continuing Guarantee and shall remain in full force and effect and shall be
binding upon the Guarantors and their successors and assigns until full and
final payment of all of the Company’s obligations under the Notes and Indenture
or until released or until the Notes are legally defeased in accordance with
the Indenture, and shall inure to the benefit of the successors and assigns of
the Trustee and the Holders, and, in the event of any transfer or assignment of
rights by any Holder or the Trustee, the rights and privileges herein conferred
upon that party shall automatically extend to and be vested in such transferee
or assignee, all subject to the terms and conditions hereof. This is a
guarantee of payment and not of collectibility.

 

This Guarantee
shall not be valid or obligatory for any purpose until the certificate of
authentication on the Note upon which this Guarantee is noted shall have been
executed by the Trustee under the Indenture by the manual signature of one of
its authorized officers.

 

The
obligations of the Guarantors under this Guarantee shall be limited to the
extent necessary to ensure that it does not constitute a fraudulent conveyance
under applicable law.

 

THE TERMS OF
ARTICLE FOURTEEN OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 

40

 

In Witness Whereof, the Guarantors have caused this
instrument to be duly executed.

 

 

	
  DATED:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Guarantors]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
  ATTEST:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
				

 

 

SECTION 2.05   FORM OF TRUSTEE’S CERTIFICATE OF
AUTHENTICATION.  The
Trustee’s certificate of authentication on all Notes shall be in substantially
the following form:

 

This is one of
the Notes referred to in the within-mentioned Indenture.

 

 

	
   

  	
  The Bank Of New York,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

41

 

ARTICLE THREE

THE NOTES

 

SECTION 3.01  
TITLE AND TERMS.

 

(a)           The Notes shall be known and
designated as the “Senior Secured Notes Due 2007” of the Company.  The aggregate principal amount of Notes
which may be authenticated and delivered from time to time under this Indenture
is limited to
$[                        ],
except for (i) Additional Notes issued in payment of interest on the Notes as
provided in Section 3.01(c), and (ii) Notes authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Notes
pursuant to Sections 3.04, 3.08, 3.09, 4.08, 5.16, 5.18 and 10.06.

 

(b)           The
Stated Maturity of the principal of the Notes shall be
[                       ],
2007, unless extended at the option of the Company as set forth below.  At any time on or prior to the 90th
day prior to the then scheduled Stated Maturity, the Company may elect (the “Extension Election”) to extend the
Stated Maturity of the principal of all of the Notes Outstanding from the then
scheduled Stated Maturity to
[              ],
2008.  In order to validly make the
Extension Election, (i) the Company must provide written notice to the Trustee
and the Holders of the Extension Election not later than 90 days prior to the
then scheduled Stated Maturity of the principal of the Notes, (ii) the Company
must pay to the Holders of the Notes a cash fee (the “Extension Fee”) equal to 4.00% of the
principal amount of the Notes Outstanding on
                       ,
2007; (iii) the Company must deposit with the Trustee not later than
                       ,
2007 an amount in cash sufficient to pay the interest and Additional Amounts,
if any, that would accrue on the Notes during the first quarterly interest
period following such extension (based on the amount of Notes Outstanding on
                       ,
2007); and (iv) no Default or Event of Default shall have occurred and be
continuing on
                       ,
2007 or shall occur as a result of the Company making the Extension
Election.  The Company shall deliver to
the Trustee at the time of such Extension Election an Officers’ Certificate
stating that no Default or Event of Default shall have occurred and be
continuing.  The Extension Fee shall be
paid together with the installment of interest and Additional Amounts, if any,
due on the Interest Payment Date that occurs on
                       ,
2007 to the Holder of record on the Regular Record Date with respect to such
Interest Payment Date.

 

(c)           The
Notes shall bear interest at the rate of 10-1/2% per annum, from the Initial
Issuance Date, or from the most recent Interest Payment Date to which interest
has been paid or duly provided for, as the case may be, payable semiannually in
arrears on
               
        and               
         of each year, commencing
               
        , 2004, until the principal
thereof is paid or made available for payment; provided,
however, that if the Company makes the Extension Election, (i) the
interest rate payable during the additional one year period of the extended
term of the Notes shall be 12.00% per annum; (ii) the interest that would
accrue for the period ending on
[         ] shall be paid,
quarterly in advance, commencing on
[         , 2007], as set forth in
Section 3.01(b); and (iii) the interest due for the remaining term of the Notes
shall be paid quarterly in advance on
[         ],
[         ],
[         ] and
[         ].  The interest due on any Interest Payment Date
occurring on or prior to
                       ,
2007 shall be paid as follows:

 

42

 

(i)            The Company may pay
any portion of the interest due on such Interest Payment Date in cash at the
rate of 10-1/2% per annum; provided,
that the Company shall be required to pay interest at the rate of at least
2.00% per annum (the “Minimum Cash Rate”)
in cash on each Interest Payment Date (the amount of interest that the Company
pays in cash on any such Interest Payment Date, expressed as an annual
percentage rate, is referred to herein as the “Cash Interest Rate”).

 

(ii)           On each Interest
Payment Date occurring on or prior to
                ,
2007, the Company may elect to pay any interest due on such Interest Payment Date
in excess of the portion of such interest paid in cash at the Minimum Cash Rate
through the issuance to the Holders of (x) Additional Notes in a principal
amount equal to the amount of interest due on such Interest Payment Date in
excess of the portion of such interest paid at the Cash Interest Rate, (y) a
number of ADSs equal to the quotient of (A) the interest due on such Interest
Payment Date in excess of the portion of such interest paid at the Cash
Interest Rate and (B) the product of (1) 0.95 and (2) the Volume Weighted
Average Price per ADS for the 20 trading days immediately preceding the Record
Date for such Interest Payment Date, or (z) a combination of (x) and (y), in
any such case in an amount equal to the aggregate amount of interest due on
such Interest Payment Date in excess of the portion of such interest paid at
the Cash Interest Rate.  In the event
that the Company elects to pay any portion of the interest due on any Interest
Payment Date other than in cash as permitted above, the annual interest rate
applicable to the interest due on such Interest Payment Date shall be the
Applicable Rate set forth below minus the Cash Interest Rate for such Interest
Payment Date:

 

	
  Interest Payment Date

  	
   

  	
  Applicable
  Interest Rate

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  [       ],
  2004

  	
   

  	
  12.00

  	
  %

  
	
  [       ],
  2005

  	
   

  	
  12.00

  	
  %

  
	
  [       ],
  2005

  	
   

  	
  12.00

  	
  %

  
	
  [       ],
  2006

  	
   

  	
  12.00

  	
  %

  
	
  [       ],
  2006

  	
   

  	
  12.50

  	
  %

  
	
  [       ],
  2007

  	
   

  	
  13.00

  	
  %

  

 

The Company
shall be responsible for the computation of the principal amount of Additional
Notes or the number of ADSs to be issued on any Interest Payment Date and shall
certify such amount or number to the Trustee. 
To the extent that the computation of the principal amount of Additional
Notes or the number of ADSs to be issued on any Interest Payment Date would
result in the issuance to any Holder of a fractional Additional Note or a
fractional ADS, the Company shall, at its option, either (i) pay cash in
respect of such fraction in an amount equal to the principal amount of such
fractional Additional Note or the Volume Weighted Average Price of such
fractional ADS, as applicable, or (ii) round such fractional Additional Note or
ADS up to the nearest whole Additional Note or ADS. In computing the fractional
Additional Note or

 

43

 

ADS applicable to any Holder, the interest due on all Notes owned
beneficially or of record by such Holder shall be aggregated.

 

The Company
shall deliver a notice to the Trustee and the Holders of any election to pay
any portion of the interest as provided above in Additional Notes or ADSs on an
Interest Payment Date as provided above at least five Business Days prior to
the related Regular Record Date.  Such
notice shall specify the types and percentage amounts of the non-cash interest
to be paid on such Interest Payment Date. 
Any Additional Notes issued in payment of interest shall be delivered to
the Trustee not later than the close of business on the Business Day
immediately preceding the applicable Interest Payment Date and shall be registered
in the name of the Holder entitled to receive such payment of interest.  Each such Note shall be dated as of the
applicable Interest Payment Date in respect of which it is issued, shall accrue
interest from the applicable Interest Payment Date in respect of which it is
issued, shall be an additional obligation of the Company and the Guarantors and
shall be governed by, and entitled to the benefits of, this Indenture, the
Guarantees and the Collateral Documents on the same terms as the Notes in
respect of which such Additional Notes were issued (except, as the case may be,
with respect to the date of issuance and the principal amount thereof).  Any ADSs issued in payment of interest shall
be delivered to the Trustee not later than the close of business on the
Business Day immediately preceding the applicable Interest Payment Date and
shall be registered in the name of the Holder entitled to receive such payment
of interest.  As a condition to the
ability of the Company to elect to issue ADSs in payment of any portion of the
interest due on any Interest Payment Date, the Company shall have in effect as
of such Interest Payment Date a registration statement under the Securities Act
covering the ADSs to be issued or shall provide to the Trustee an Opinion of Counsel
to the effect that no such registration is necessary and that the ADSs to be
issued on such Interest Payment Date will be freely transferable under the
Securities Act by any Holder other than an “affiliate” of the Company.

 

(iii)          Notwithstanding the
foregoing, in the event that the Company makes the Extension Election, (x) the
applicable interest rate for each Interest Payment Date occurring during such
extended term shall be 12.00% per annum (subject to reduction as set forth in
clause (iv), below) and (y) all payments of interest due on each Interest
Payment Date occurring during such extended term
(including                          ,
2007) shall be paid quarterly in advance on
[          ],
[          ],
[          ] and
[          ], and only in cash.

 

(iv)          In the event that
the Company (A) redeems Notes pursuant to Section 4.01, (B) offers to
repurchase Notes pursuant to Section 5.16 or pursuant to an Excess
Proceeds Offer pursuant to Section 5.18 (and the Company purchases all Notes
validly tendered in accordance with the terms of such offer to purchase (or a
prorated amount thereof in accordance with the terms of such offer to
purchase)), or (C) exchanges Notes pursuant to a Qualifying Exchange (each, a “Voluntary Reduction”) and the
cumulative principal amount of all Voluntary Reductions after the Initial
Issuance Date equals the respective amount set forth below, the annual interest
rate payable on the Notes pursuant to this Section 3.01(c) (including after the
exercise of the Extension Election) shall be reduced by the applicable amount
set forth below:

 

44

 

	
  Voluntary Reduction Amount

  	
   

  	
  Interest
  Rate Reduction

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  less than $100,000,000

  	
   

  	
  0.00

  	
  %

  
	
  $100,000,000 up to $150,000,000

  	
   

  	
  0.67

  	
  %

  
	
  more than $150,000,000

  	
   

  	
  1.00

  	
  %

  

 

; provided
that such interest rate reduction shall not be more than 1.00% per annum in the
aggregate.

 

Any such
interest rate reduction shall become effective at the time the Company redeems,
repays, repurchases or otherwise retires the applicable Voluntary Reduction
amount or, in the case of any offer to purchase pursuant to Section 5.16
or 5.18 or otherwise, at the applicable Repurchase Date or expiration date (so
long as all Notes validly tendered for purchase on such Repurchase Date or
expiration date are purchased pursuant to such offer to purchase); provided, that if such date occurs on or
after the Regular Record Date for any payment of interest, such interest rate
reduction shall become effective on the next Interest Payment Date following
the Interest Payment Date related to such Regular Record Date.  In the event of any Voluntary Reduction, the
Company shall give the Trustee an Officers’ Certificate certifying that such
Voluntary Reduction has occurred, that it has complied with the provisions of
this Section 3.01(c)(iv), and the amount of the interest rate reduction and the
effective date of the interest rate reduction. 
The Trustee shall have no duty or responsibility to determine the
accuracy or correctness of this computation and shall be fully protected in
relying on such Officers’ Certificate. 
In the event that any Voluntary Reduction results in an interest rate
reduction, the Trustee shall give notice to all holders of such Voluntary
Reduction, the amount of the interest rate reduction and the effective date of
the interest rate reduction.

 

(d)           The
principal of (and premium, if any), interest and Additional Amounts, if any, on
the Notes shall be payable at the office or agency of the Company in New York,
New York maintained for such purpose and at any other office or agency
maintained by the Company for such purpose; or, at the option of the Company,
payment of interest and Additional Amounts, if any, may be made by check mailed
to the address of the Person entitled thereto as such address shall appear in
the Note Register; provided that any Holder of more than $2
million in aggregate principal amount of Notes that has so elected and given
wire transfer instructions to the Company shall be entitled receive all
payments of principal and interest and Additional Amounts with a Regular Record
Date after the date the Company receives such notice with respect to Notes held
by such Holders by wire transfer of immediately available funds within the
United States to the accounts specified by the Holders thereof.  Payment of any non-cash interest through the
issuance of Additional Notes or the delivery of ADRs shall be effected by
delivery of the certificates representing such Additional Notes or ADRs, in the
case of any Global Notes, to the Custodian and, in the case of any Definitive
Notes, to the Holder entitled thereto by mailing such certificates to the
address shown on the Note Register. 
Until otherwise designated by the Company, the Company’s office or
agency in New York will be the office of the Trustee maintained for such
purpose.  The Notes will be issued in
denominations of $1.00 and integral multiples thereof.  Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

 

45

 

Initially, The
Bank of New York, the Trustee under the Indenture, will act as Paying Agent and
Note Registrar.  The Company may change
any Paying Agent or Note Registrar without notice to any Holder.  The Company or any of its Subsidiaries may
act in any such capacity.  Non-cash
interest, if any, shall be paid by depositing the applicable Additional Notes
and/or ADRs with the Custodian in the case of Global Notes and by mailing the
applicable Additional Notes and/or ADRs to the address of the Person entitled
thereto as such address shall appear in the Note Register.

 

(e)           The
Notes shall be redeemable as provided in Article Four.

 

(f)            The
Initial Notes and the Additional Notes shall be treated as a single class for
all purposes under this Indenture.

 

SECTION 3.02   DENOMINATIONS; PAYMENT CURRENCY.  The Notes shall be issuable only in fully
registered form without coupons and only in denominations of $1.00 and any
integral multiple thereof.  All cash
payments in respect of principal of and premium, if any, and interest and
Additional Amounts on the Notes shall be in United States Dollars.

 

SECTION 3.03   EXECUTION, AUTHENTICATION, DELIVERY AND
DATING.  The Notes shall be
signed on behalf of the Company by its Chief Executive Officer, its Director
General, its Chief Operating Officer, or its Chief Financial Officer, and by
its Director of Administration, its Treasurer or any other duly authorized
officer.  Such signatures may be manual
or facsimile signatures of the present or any future such authorized officers
and may be imprinted or otherwise reproduced on the Notes.

 

Only such
Notes as shall bear a certificate of authentication substantially in the form
hereinbefore recited, manually executed by the Trustee, shall be entitled to
the benefits of this Indenture or be valid or obligatory for any purpose.  Such certificate by the Trustee upon any
Note executed by the Company shall be conclusive evidence that the Note so
authenticated has been duly authenticated and delivered hereunder.

 

Notes bearing
the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company and the Guarantors shall bind the Company and
the Guarantors, notwithstanding that such individuals or any of them have
ceased to hold such offices prior to the authentication and delivery of such
Notes or did not hold such offices at the date of such Notes.

 

At any time
and from time to time after the execution and delivery of this Indenture, the
Company may deliver Notes executed by the Company and the Guarantors to the
Trustee for authentication.  The Trustee
shall thereupon authenticate and deliver such Notes to the Company or as
directed by a Company Order, without any further action by the Company or the
Guarantors.

 

Each Note
shall be dated the date of its authentication.

 

SECTION 3.04   TEMPORARY NOTES.  Pending the preparation of definitive Notes,
the Company may execute, and, upon compliance with Section 3.03, the Trustee
shall

 

46

 

authenticate and deliver, temporary Notes substantially of the tenor of
the definitive Notes in lieu of which they are issued, which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any
authorized denomination, and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Notes may
determine, as evidenced by their execution of such Notes.

 

If temporary Notes
are issued, the Company will cause definitive Notes to be prepared without
unreasonable delay.  After the
preparation of definitive Notes, the temporary Notes shall be exchangeable for
definitive Notes upon surrender of the temporary Notes at the office or agency
of the Company in a Place of Payment. 
Upon surrender for cancellation of any one or more temporary Notes, the
Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a like principal amount of definitive Notes of authorized
denominations and of like tenor.  Until
so exchanged, the temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as definitive Notes.

 

SECTION 3.05   NOTE REGISTRAR AND PAYING AGENT.  The Company shall maintain an office or
agency where Notes may be presented for registration of transfer or for
exchange (“Note Registrar”) and an office or agency where Notes may
be presented for payment (“Paying Agent”).  The Note Registrar shall keep a register of
the Notes and of their transfer and exchange (the “Note Register”).  The Company may appoint one or more
co-registrars and one or more additional paying agents.  The term “Note Registrar”
includes any co-registrar and the term “Paying Agent” includes any additional
paying agent.  The Company may change
any Paying Agent or Note Registrar without notice to any Holder.  The Company shall notify the Trustee in
writing of the name and address of any agent not a party to this
Indenture.  If the Company fails to
appoint or maintain another entity as Note Registrar or Paying Agent, the
Trustee shall act as such.  The Company
or any of its Subsidiaries may act as Paying Agent or Note Registrar.

 

The Company
initially appoints DTC to act as Depositary with respect to the Global Notes.

 

The Company
initially appoints the Trustee to act as the Note Registrar and Paying Agent
and to act as Custodian with respect to the Global Notes.

 

The Company
shall, prior to each Regular Record Date, notify the Paying Agent of any wire
transfer instructions for payments that it receives from Holders.

 

SECTION 3.06   PAYING AGENT TO HOLD MONEY IN TRUST.  The Company shall require each Paying Agent
other than the Trustee to agree in writing that the Paying Agent will hold in
trust for the benefit of Holders or the Trustee all money held by the Paying
Agent for the payment of principal of or interest or Additional Amounts on the
Notes, and will notify the Trustee of any default by the Company in making any
such payment.  While any such default continues,
the Trustee may require a Paying Agent to pay all money held by it to the
Trustee.  The Company at any time may
require a Paying Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying
Agent (if other than the Company or a Subsidiary) shall have no further
liability for the money.  If the Company
or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate
trust fund for the

 

47

 

benefit of the Holders all money held by it as Paying Agent.  Upon any bankruptcy or reorganization
proceedings relating to the Company, the Trustee shall serve as Paying Agent
for the Notes.

 

SECTION 3.07   HOLDER LISTS.  The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the
names and addresses of all Holders and shall otherwise comply with Section
312(a) of the Trust Indenture Act.  If
the Trustee is not the Note Registrar, the Company shall furnish to the Trustee
at least seven Business Days before each Interest Payment Date and at such
other times as the Trustee may request in writing, a list in such form and as
of such date as the Trustee may reasonably require of the names and addresses
of the Holders of Notes and the Company shall otherwise comply with Section
312(a) of the Trust Indenture Act.

 

SECTION 3.08  
TRANSFER AND EXCHANGE.

 

(a)           Transfer
and Exchange of Global Notes.  (i)
Except as provided in this Section 3.08 and the sections of the Indenture
referenced herein, notwithstanding any other provision in this Indenture, no
Global Note may be exchanged in whole or in part for Definitive Notes, and no
transfer of a Global Note in whole or in part may be registered, in the name of
any Person other than the Depositary for such Global Notes or a nominee thereof
unless (i) such Depositary or the Trustee has notified the Company that the
Depositary (A) is unwilling or unable to continue as Depositary for such Global
Notes or (B) has ceased to be clearing agency registered as such under the
Exchange Act, and in either case the Company fails to appoint a successor
Depositary within 120 days of such notice, (ii) the Company executes and
delivers to the Trustee a Company Order stating that it elects to cause the
issuance of the Notes in definitive form and that all Global Notes shall be
exchanged in whole for Definitive Notes (in which case such exchange shall be
effected by the Trustee) or (iii) there shall have occurred and be continuing
an Event of Default with respect to the Notes. 
Notwithstanding the foregoing provisions of this Section 3.08(a), Global
Notes also may be exchanged or replaced, in whole or in part, as provided in
Sections 3.04 and 3.09 hereof.  A Global
Note may not be exchanged for another Note other than as provided in this
Section 3.08(a); however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 3.08(b) or (c) hereof.

 

(b)           Transfer and
Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial
interests in the Global Notes shall be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable Procedures.

 

(i)            If any Global Note
is to be exchanged for other Notes or cancelled in whole, it shall be
surrendered by or on behalf of the Depositary or its nominee to the Trustee, as
Note Registrar, for exchange or cancellation as provided in this Article
Three.  If any Global Note is to be
exchanged for other Notes or cancelled in part, or if another Note is to be
exchanged in whole or in part for a beneficial interest in any Global Note,
then either (i) such Global Note shall be so surrendered for exchange or
cancellation as provided in this Article Three or (ii) the principal amount
thereof shall be reduced or increased by an amount equal to the portion thereof
to be so exchanged or cancelled, or equal to the principal amount of such other
Note to be so exchanged for a beneficial interest therein, as the case may be,
by means of an appropriate endorsement made on the

 

48

 

Global Notes by the Trustee, as Custodian, whereupon the Trustee, in
accordance with the Applicable Procedures, shall instruct the Depositary or its
authorized representative to make a corresponding adjustment to its
records.  Upon any such surrender or
adjustment of a Global Note, the Trustee shall, as provided in this Article
Three, authenticate and deliver any Notes issuable in exchange for such Global
Note (or any portion thereof) to or upon the order of, and registered in such
names as may be directed by, the Depositary or its authorized
representative.  Upon the request of the
Trustee in connection with the occurrence of any of the events specified in Section
3.08(a), the Company shall promptly make available to the Trustee a reasonable
supply of Definitive Notes that are not in the form of Global Notes.  The Trustee shall be entitled to rely upon
any order, direction or request of the Depositary or its authorized
representative which is given or made pursuant to this Article Three if such
order, direction or request is given or made in accordance with the Applicable
Procedures and in accordance with all applicable laws.  Every Note authenticated and delivered upon
registration of transfer of, or in exchange for or in lieu of, a Global Note or
any portion thereof, whether pursuant to this Article Three or otherwise, shall
be authenticated and delivered in the form of, and shall be, a Global Note,
unless such Note is registered in the name of a Person other than the
Depositary for such Global Note or a nominee thereof.

 

(ii)           The Depositary or
its nominee, as registered owner of a Global Note, shall be the Holder of such
Global Note for all purposes under this Indenture and the Notes and owners of
beneficial interests in a Global Note shall hold such interests pursuant to the
Applicable Procedures.  Accordingly, any
such owner’s beneficial interest in a Global Note will be shown only on, and
the transfer of such interest shall be effected only through, records
maintained by the Depositary or its nominee or its Participants.

 

(c)           Cancellation
and/or Adjustment of Global Notes. 
At such time as all beneficial interests in a particular Global Note
have been exchanged for Definitive Notes or a particular Global Note has been
redeemed, repurchased or cancelled in whole and not in part, each such Global
Note shall be returned to or retained and cancelled by the Trustee in
accordance with Section 3.12 hereof.  At
any time prior to such cancellation, if any beneficial interest in a Global
Note is exchanged for or transferred to a Person who will take delivery thereof
in the form of a beneficial interest in another Global Note or for Definitive
Notes, the principal amount of Notes represented by such Global Note shall be
reduced accordingly and an endorsement shall be made on such Global Note by the
Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note, such other Global Note shall be increased accordingly
and an endorsement shall be made on such Global Note by the Trustee or by the
Depositary at the direction to reflect such increase.

 

(d)           General
Provisions Relating to Transfers and Exchanges.  Subject to the other provisions of this Indenture regarding
restrictions on transfer, and authentication, upon surrender for registration
of transfer of any Note at any office or agency of the Company designated
pursuant to Section 5.02 for such purpose, the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one

 

49

 

or more new Notes of any authorized
denominations, of a like aggregate principal amount and bearing such
restrictive legends as may be required by this Indenture.

 

At the option
of the Holder, Notes may be exchanged for other Notes of any authorized
denomination and of a like aggregate principal amount and Stated Maturity, upon
surrender of the Notes to be exchanged at such office or agency.  Whenever any Notes are so surrendered for
exchange, the Company and the Guarantors shall execute and the Trustee shall
authenticate and deliver, the Notes which the Holder making the exchange is
entitled to receive.

 

All Notes
(including the accompanying Guarantees) issued upon any registration of
transfer or exchange of Notes shall be the valid obligations of the Company and
the Guarantors, evidencing the same debt, and entitled to the same benefits
under this Indenture, as the Notes (including the accompanying Guarantees)
surrendered upon such registration of transfer or exchange.

 

Every Note
presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the
Note Registrar duly executed, by the Holder thereof or his attorney duly
authorized in writing.

 

No service
charge shall be made for any registration of transfer or exchange of Notes, but
the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of
transfer or exchange of Notes (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections
3.04, 4.08, 5.16, 5.18 and 10.06 hereof).

 

Neither the
Company nor the Trustee nor any agent of either shall be required (i) to
issue, authenticate, register the transfer of or exchange any Note during a
period beginning at the opening of business 15 days before the day of the
mailing of a notice of redemption hereunder and ending at the close of business
on the day of the mailing of a notice of redemption of Notes selected for
redemption, or (ii) to register the transfer of or exchange any Note so selected
for redemption in whole or in part, except the unredeemed portion of any Note
being redeemed in part.

 

SECTION 3.09   MUTILATED, DESTROYED, LOST AND STOLEN
NOTES.  If any mutilated Note
is surrendered to the Trustee, the Company and the Guarantors shall execute,
and the Trustee shall authenticate and deliver in exchange therefor a new Note
(including the accompanying Guarantees) of like tenor, principal amount and
Stated Maturity and bearing a number not contemporaneously outstanding.

 

If there shall
be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Note and (ii) such security or
indemnity as may be required by them to hold each of them and any agent of
either of them harmless, then, in the absence of notice to the Company or the
Trustee that such Note has been acquired by a bona fide purchaser, the Company
and the Guarantors shall execute and upon its request the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen Note, a
new Note of like tenor, principal amount and Stated Maturity and bearing a
number not contemporaneously

 

50

 

outstanding. If after the delivery of such new Note, a bona fide
purchaser of the original Note in lieu of which such new Note was issued
presents for payment such original Note, the Company and the Trustee shall be
entitled to recover such new Note from the person to whom it was delivered or
any transferee thereof, except a bona fide purchaser of such new Note, and
shall be entitled to recover upon the security or indemnity provided therefor
to the extent of any loss, damage, cost or expense incurred by the Company or
the Trustee in connection therewith.

 

In case any
such mutilated, destroyed, lost or stolen Note has become or is about to become
due and payable, the Company in its discretion may, instead of issuing a new
Note, pay such Note.

 

Upon the
issuance of any new Note under this Section, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee) connected therewith.

 

Except as
provided above, every new Note issued pursuant to this Section in lieu of any
destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Company and the Guarantors, whether or not the
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall
be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Notes duly issued hereunder.

 

The provisions
of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Notes.

 

SECTION 3.10   PAYMENT OF INTEREST; INTEREST RIGHTS
PRESERVED.  Interest on any
Note which is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Person in whose name that Note (or
one or more Predecessor Notes) is registered at the close of business on the
Regular Record Date for such interest.

 

Any interest
on any Note which is payable, but is not punctually paid or duly provided for,
on any Interest Payment Date (which, together with interest on overdue
installments of interest, to the extent legally enforceable under applicable
law, at the Default Rate is herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on
the relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (1) or (2) below:

 

(1)           The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Notes (or their respective Predecessor Notes) are registered at
the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner: The Company
shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Note and the date of the proposed payment, and at
the same time the Company shall deposit with the Trustee an amount of money equal
to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall

 

51

 

make arrangements satisfactory to the Trustee for such deposit prior to
the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest as provided
in this clause (1). Thereupon the Company shall fix a Special Record Date for
the payment of such Defaulted Interest which shall be not more than 15 days and
not less than 10 days prior to the date of the proposed payment and not less
than 10 days after the receipt by the Trustee of the notice of the proposed
payment.  The Company shall promptly
notify the Trustee in writing of such Special Record Date and the Trustee, in
the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor to be
mailed, first class postage prepaid, to each Holder at his address as it
appears in the Note Register, not less than 10 days prior to such Special
Record Date.  Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having
been so mailed, such Defaulted Interest shall be paid to the Persons in whose
names the Notes (or their respective Predecessor Notes) are registered at the
close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (2).

 

(2)           The
Company may make payment of any Defaulted Interest on the Notes in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which such Notes may be listed, and upon such notice as may be required by
such exchange, if, after notice given by the Company to the Trustee of the
proposed payment pursuant to this clause, such manner of payment shall be
deemed practicable by the Trustee.

 

Subject to the
foregoing provisions of this Section, each Note delivered under this Indenture
upon registration of transfer of or in exchange for or in lieu of any other
Note shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Note.

 

SECTION 3.11   PERSONS DEEMED OWNERS.  Prior to due presentation of a Note for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name any Note is registered as the
owner of such Note for the purpose of receiving payment of principal of,
premium, if any, and (subject to Section 3.10) interest and Additional Amounts,
if any, on such Note and for all other purposes whatsoever, whether or not such
Note be overdue, and neither the Company, the Trustee nor any agent of the
Company, or the Trustee shall be affected by notice to the contrary.

 

SECTION
3.12  
CANCELLATION.  All Notes
surrendered for payment, redemption, registration of transfer or exchange
shall, if surrendered to any Person other than the Trustee, be delivered to the
Trustee and shall be promptly canceled by it. 
The Company may at any time deliver to the Trustee for cancellation any
Notes previously authenticated and delivered hereunder which the Company may
have acquired in any manner whatsoever, and all Notes so delivered shall be
promptly canceled by the Trustee.  No
Notes shall be authenticated in lieu of or in exchange for any Notes canceled
as provided in this Section, except as expressly permitted by this
Indenture.  All canceled Notes held by
the Trustee shall be destroyed by the Trustee (subject to the record retention
requirements of the Exchange Act) and, upon written request of the Company, the
Trustee shall deliver to the Company a certificate of destruction in respect
thereof.

 

52

 

SECTION 3.13   COMPUTATION OF INTEREST.  Interest on the Notes shall be computed on
the basis of a 360-day year of twelve 30-day months.

 

SECTION 3.14   RANKING; SUBORDINATION.  The Notes rank pari passu in right of
payment to all existing or future senior Indebtedness of the Company and rank
senior to all of the Company’s existing and future subordinated
Indebtedness.  All Indebtedness, notes,
claims and payments owed by the Company or any Guarantor to any Restricted
Subsidiary of the Company shall be subordinated in right of payment to the
Notes.

 

SECTION 3.15   CUSIP NUMBERS.  The Company in issuing the Notes may use
“CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such
numbers either as printed on the Notes or as contained in any notice and that
reliance may be placed only on the other identification numbers printed on the
Notes and any such redemption shall not be affected by any defect in or
omission of such numbers.  The Company
will promptly notify the Trustee of any change in the “CUSIP” numbers.

 

ARTICLE FOUR

REDEMPTION OF NOTES

 

SECTION 4.01   APPLICABILITY OF ARTICLE.  Redemption of Notes at the election of the
Company as permitted by any provision of this Indenture, shall be made in
accordance with such provision and this Article.

 

SECTION 4.02   RIGHT OF REDEMPTION.

 

(a)           The
Notes may be redeemed at the election of the Company, in whole or from time to
time in part, at any time at a Redemption Price equal to (i) 100% of the
principal amount of the Notes to be redeemed, plus accrued and unpaid interest
and Additional Amounts, if any, to the Redemption Date, until such time as the
Company has repaid, redeemed or otherwise retired $150,000,000 in aggregate
principal amount of the Notes, and thereafter (ii) 101% of the principal amount
of the Notes to be redeemed, plus accrued and unpaid interest and Additional
Amounts, if any, to the Redemption Date.

 

(b)           In
the event of any redemption of the Notes, or repurchase or other retirement of
the Notes pursuant to Sections 5.16 or 5.18, before the Company shall have
previously repaid, redeemed or otherwise retired $150,000,000 in aggregate
principal amount of the Notes and, following such redemption, repurchase or
other retirement, the Company will have previously repaid, redeemed or
otherwise retired more than $150,000,000 in aggregate principal amount of the
Notes, then the additional 1.00% portion of the Redemption Price, Repurchase
Price or other price applicable to the principal amount of the Notes to be
repaid, redeemed or otherwise retired in excess of such $150,000,000 shall be
pro-rated among and paid upon redemption, repurchase or other retirement of all
of the Notes to be repaid, redeemed or otherwise retired in connection with
such redemption, repurchase or retirement.

 

53

 

SECTION 4.03   ELECTION TO REDEEM; NOTICE TO TRUSTEE.  The election of the Company to redeem any
Notes pursuant to Section 4.02 shall be evidenced by a Board Resolution.  In case of any partial redemption at the
election of the Company, the Company shall, at least 60 days prior to the Redemption
Date fixed by the Company (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee by Company Order of such Redemption Date and of
the principal amount of Notes to be redeemed.

 

SECTION 4.04   SELECTION BY TRUSTEE OF NOTES TO BE
REDEEMED.  If less than all
the Notes are to be redeemed, the particular Notes to be redeemed shall be
selected not more than 60 nor less than 30 days prior to the Redemption Date by
the Trustee, from the Outstanding Notes not previously called for redemption,
by such method as the Trustee shall deem fair and appropriate and which may
provide for the selection for redemption of portions (equal to $1.00 or any
integral multiple thereof) of the principal amount of Notes of a denomination
larger than $1.00.

 

The Trustee
shall promptly notify the Company and each Note Registrar in writing of the
Notes selected for redemption and, in the case of any Notes selected for
partial redemption, the principal amount thereof to be redeemed.

 

For all
purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Notes shall relate, in the case of any
Notes redeemed or to be redeemed only in part, to the portion of the principal
amount of such Notes which has been or is to be redeemed.

 

SECTION 4.05   NOTICE OF REDEMPTION.  Notice of redemption shall be given by the
Company by first class mail, postage prepaid, mailed not less than 30 nor more
than 60 days prior to the Redemption Date, to the Trustee and each Holder of
Notes to be redeemed, at his address appearing in the Note Register.

 

All notices of
redemption shall state:

 

(1)           the
Redemption Date;

 

(2)           the
Redemption Price and the amount of accrued and unpaid interest and Additional
Amounts, if any, to the Redemption Date;

 

(3)           if
less than all of the Outstanding Notes are to be redeemed, the identification
(and, in the case of partial redemption, the principal amounts to be redeemed)
of the particular Notes to be redeemed;

 

(4)           that
on the Redemption Date the Redemption Price and accrued and unpaid interest and
Additional Amounts, if any, will become due and payable upon each such Note to
be redeemed and that interest thereon will cease to accrue on and after said
date;

 

(5)           the
place or places where such Notes are to be surrendered for payment of the
Redemption Price and accrued and unpaid interest and Additional Amounts, if
any;

 

54

 

(6)           the CUSIP number or numbers, if any,
of the Notes called for redemption; and

 

(7)           that no representation is made as to
the correctness or accuracy of the CUSIP number, if any, listed in such notice
or printed on the Notes.

 

Notice of
redemption of Notes to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name
and at the expense of the Company.

 

SECTION 4.06   DEPOSIT OF REDEMPTION PRICE.  The Company shall deposit with the Trustee or
with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 5.03) an amount of money in
immediately available funds by 10:00 a.m., New York City time, on such
Redemption Date sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date) accrued and unpaid interest
and Additional Amounts on, all the Notes which are to be redeemed on that date.

 

SECTION 4.07   NOTES PAYABLE ON REDEMPTION DATE.  Notice of redemption having been given as
aforesaid, the Notes so to be redeemed shall on the Redemption Date become due
and payable at the Redemption Price plus accrued and unpaid interest and
Additional Amounts, if any, therein specified, and from and after such date
(unless the Company shall default in the payment of the Redemption Price and
accrued interest and Additional Amounts) such Notes shall cease to bear
interest.  Upon surrender of any such
Note for redemption in accordance with said notice, such Note shall be paid by
the Company at the Redemption Price, together with accrued and unpaid interest,
if any, and Additional Amounts, if any, to the Redemption Date; provided, however, that installments of
interest whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Notes, or one or more Predecessor Notes,
registered as such at the close of business on the relevant Record Dates
according to the terms and the provisions of Section 3.05.

 

Notwithstanding
the foregoing, the Trustee shall not redeem any Notes or mail any notice of
optional redemption during the continuance of a default in payment of interest
on the Notes or of any Event of Default.

 

If any Note
called for redemption shall not be so paid upon surrender thereof for
redemption, the principal (and premium, if any) shall, until paid, bear
interest from the Redemption Date at the Default Rate.

 

SECTION 4.08   NOTES REDEEMED IN PART.   Any Note which is to be redeemed only in part
shall be surrendered at an office or agency of the Company designated for that
purpose pursuant to Section 5.02 (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing), and the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder of such
Note without service charge, a new Note or Notes, of any authorized
denomination as requested by

 

55

 

such Holder, in aggregate principal amount equal to and in exchange for
the unredeemed portion of the principal of the Note so surrendered.

 

SECTION 4.09   OPTIONAL REDEMPTION DUE TO CHANGES IN TAX
TREATMENT.  The Notes may be
redeemed at the option of the Company in whole but not in part at any time at a
Redemption Price equal to 100% of the principal amount thereof, plus accrued
and unpaid interest and Additional Amounts, if any, to the date fixed for
redemption if, as a result of any change in or amendment to the laws or any
regulations or rulings promulgated thereunder of the United Mexican States (or
of any political subdivision or taxing authority thereof or therein) or any
change in the official application or interpretation of such laws, regulations
or rulings, or any change in the official application or interpretation of, or
any execution of or amendment to, any treaty or treaties affecting taxation to
which the United Mexican States (or such political subdivision or taxing
authority) is a party, which change, execution or amendment becomes effective after
the Initial Issuance Date, the Company is or would be required to pay
additional amounts with respect to the Notes in excess of the Additional
Amounts payable on the Initial Issuance Date as described in Section 2.03, and
the payment of such additional amounts cannot be avoided by the use of any
reasonable measures available to the Company. Prior to the giving of notice of
redemption of such Notes pursuant to this Indenture, the Company will deliver
to the Trustee an Officers’ Certificate, stating that the Company is entitled
to effect such redemption based on an Opinion of Counsel that the Company has
or will become obligated to pay such additional amounts as a result of such
change or amendment. Such notice, once delivered by the Company to the Trustee,
will be irrevocable.

 

ARTICLE FIVE

COVENANTS

 

So long as any
of the Notes shall remain Outstanding, each of the Company and, as applicable,
the Guarantors, covenants as follows:

 

SECTION 5.01   PAYMENTS OF PRINCIPAL, PREMIUM, IF ANY,
AND INTEREST.  The Company
will duly and punctually pay or cause to be paid the principal of, premium, if
any, interest and Additional Amounts on the Notes in accordance with the terms
of the Notes and this Indenture.

 

SECTION 5.02   MAINTENANCE OF OFFICE OR AGENCY.  The Company and the Guarantors shall
maintain in New York, New York an office or agency where Notes may be presented
or surrendered for payment, where Notes may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company and
the Guarantors in respect of the Notes and this Indenture may be served.  The Company and the Guarantors shall give
prompt written notice to the Trustee of the location, and any change in the
location, of any such office or agency.

 

The Company and
the Guarantors may also from time to time designate one or more other offices
or agencies where the Notes may be presented or surrendered for any or all such
purposes, and may from time to time rescind such designations; provided, however, that no such designation
or rescission shall in any manner relieve the Company and the Guarantors of

 

56

 

their obligation to maintain an office or agency in accordance with the
requirements set forth above.  The
Company and the Guarantors shall give prompt written notice to the Trustee of
any such designation or rescission and of any change in the location of any
such other office or agency.

 

SECTION 5.03   MONEY FOR NOTE PAYMENTS TO BE HELD IN
TRUST.  If the Company shall
at any time act as its own Paying Agent, it will, on or before each due date of
the principal of (and premium, if any) or interest and Additional Amounts on
any of the Notes, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal (and premium, if any) or
interest and Additional Amounts so becoming due until such sums shall be paid
to such Persons or otherwise disposed of as herein provided and will promptly
notify the Trustee of its action or failure so to act.

 

Whenever the
Company shall have one or more Paying Agents, it will, prior to each due date
of the principal of (and premium, if any) or interest and Additional Amounts,
if any, on any Notes, deposit with a Paying Agent a sum (or in the case of
interest payable in Additional Notes or ADSs, an aggregate amount of such
securities) sufficient to pay the principal (and premium, if any), or interest,
and Additional Amounts, if any, so becoming due, such sum (or Additional Notes
or ADSs) to be held in trust for the benefit of the Persons entitled to such
principal, premium, interest and Additional Amounts and (unless such Paying
Agent is the Trustee) the Company will promptly notify the Trustee of its
action or failure so to act.

 

The Company
will cause each Paying Agent other than the Trustee to execute and deliver to
the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent
will:

 

(1)           hold
all sums and securities held by it for the payment of the principal of (and
premium, if any) or interest and Additional Amounts on Notes in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to, and
such securities distributed to, such Persons or otherwise disposed of as herein
provided;

 

(2)           give
the Trustee notice of any default by the Company (or any other obligor upon the
Notes) in the making of any payment of principal (and premium, if any) or
interest and Additional Amounts; and

 

(3)           at
any time during the continuance of any such default, upon the written request
of the Trustee, forthwith pay to the Trustee all sums and deliver all such
securities so held in trust by such Paying Agent.

 

The Company
may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any
Paying Agent to pay, to the Trustee all sums and securities held in trust by
the Company or such Paying Agent, such sums to be held by the Trustee upon the
same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such
Paying Agent shall be released from all further liability with respect to such
money.

 

57

 

Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest and
Additional Amounts, if any, on any Note and remaining unclaimed for two years
after such principal (and premium, if any) or interest and Additional Amounts,
if any, has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust;
and (except to the extent such money is subject to the Collateral Documents)
the Holder of such Note shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the
Company cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation
in New York, New York, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
repaid to the Company. The Company hereby appoints the Trustee as the initial
Note Registrar and Paying Agent for the Notes.

 

SECTION 5.04   EXISTENCE.  Subject to Article Eleven, the Company will
do or cause to be done all things necessary to preserve and keep in full force
and effect its existence, and the rights (charter and statutory) and franchises
of the Company and each of its Restricted Subsidiaries; provided, however, that the Company shall
not be required to preserve the existence of any of its Restricted Subsidiaries
(subject to Article Eleven) or any such right or franchise if the Company shall
determine that the preservation thereof is no longer desirable in the conduct
of the business of the Company and that the loss thereof is not disadvantageous
in any material respect to the Holders.

 

SECTION 5.05   MAINTENANCE OF PROPERTIES; INSURANCE.   The Company will cause all vessels and
properties used or useful in the conduct of its business or the business of any
of its Restricted Subsidiaries to be maintained and kept in good condition,
repair and working order and supplied with all necessary equipment and will
cause to be made all necessary repairs, renewals, replacements, betterments and
improvements thereof, all as in the reasonable judgment of the Company may be
necessary so that the business carried on in connection therewith may be
conducted in the ordinary course consistent with the Company’s custom and
practice at all times; provided, however,
that nothing in this Section 5.05 shall prevent the Company from
discontinuing the operation or maintenance of any of such vessels or properties
if such discontinuance is, in the reasonable judgment of the Company, desirable
in the conduct of its business or the business of any Restricted Subsidiary; provided,
further, that such discontinuance shall not be materially
disadvantageous to the Holders.

 

For so long as
any vessel or property is deemed to be useful to the conduct of the business of
the Company or any of its Restricted Subsidiaries, the Company will, or will
cause its Restricted Subsidiaries to, maintain appropriate insurance, in
accordance with industry practice, on such vessels and properties.

 

SECTION 5.06   PAYMENT OF TAXES.  The Company will pay or discharge or cause
to be paid or discharged, before the same shall become delinquent, all taxes,

 

58

 

assessments and governmental charges levied or imposed upon the Company
or any Subsidiary or upon the income, profits or property of the Company or any
Subsidiary; provided, however,
that the Company shall not be required to pay or discharge or cause to be paid
or discharged any such tax, assessment or charge whose amount, applicability or
validity is being contested in good faith by appropriate proceedings (including
the making of any deposit or guaranty required by law to pursue such
proceedings).

 

SECTION 5.07   ANNUAL OFFICERS’ CERTIFICATE TO TRUSTEE.  The Company will deliver to the Trustee prior
to April 30 in each year an Officers’ Certificate, complying with Section
314(a)(4) of the Trust Indenture Act, from the principal executive officer,
principal financial officer or principal accounting officer as to his or her
knowledge of the Company’s compliance with all conditions and covenants under
this Indenture.  For the purposes of
such certificate, such compliance shall be determined without regard to any period
of grace or requirement of notice provided under this Indenture.

 

SECTION 5.08   REPORTS TO BE FURNISHED TO TRUSTEE AND
HOLDERS.  For so long as any
of the Notes are outstanding, the Company will deliver to the Trustee and the
Holders:

 

(1)           within
45 Business Days of the close of its fiscal year, or such later time as is then
permitted under Mexican law, an English translation of the unaudited
consolidated financial statements of the Company, together with information
sufficient to ascertain the financial condition and results of operations of
the Company and its Restricted Subsidiaries, accounting for Grupo TFM and its
consolidated subsidiaries under the equity method of accounting;

 

(2)           within
120 days of the close of its fiscal year, or such later time as is then
permitted under Mexican law, an English translation of the audited consolidated
financial statements of the Company, together with information sufficient to
ascertain the financial condition and results of operations of the Company and
its Restricted Subsidiaries, accounting for Grupo TFM and its consolidated
subsidiaries under the equity method of accounting;

 

(3)           within
180 days of the close of its fiscal year, an English translation of the audited
consolidated financial statements of the Company, together with a
reconciliation (in the form required by the Commission) to U.S. generally
accepted accounting principles, together with information sufficient to
ascertain the financial condition and results of operations of the Company and
its Restricted Subsidiaries, accounting for Grupo TFM and its consolidated
subsidiaries under the equity method of accounting;

 

(4)           within
30 Business Days of the close of the relevant quarter, an English translation
of the unaudited quarterly consolidated financial statements of the Company,
for each of the first three fiscal quarters, together with information
sufficient to ascertain the financial condition and results of operations of
the Company and its Restricted Subsidiaries, accounting for Grupo TFM and its consolidated
subsidiaries under the equity method of accounting;

 

(5)           simultaneously
with the delivery of each set of consolidated financial statements referred to
in clauses (2), (3) and (4) above, an Officers’ Certificate stating whether

 

59

 

any Event of Default exists on the date of such certificate and, if any
Event of Default then exists, setting forth the details thereof and the action
which the Company is taking or proposes to take with respect thereto;

 

(6)           without
duplication, copies of such other reports or notices as may be filed or
required to be filed by the Company with the CNBV or the Commission; and

 

(7)           promptly
upon any officer of the Company becoming aware of the existence of an Event of
Default, an Officers’ Certificate setting forth the details thereof and the
action which the Company is taking or proposes to take with respect thereto.

 

The Company
will transmit or cause to be transmitted to the Holders, as soon as practicable
after the mailing of such material to its stockholders, English translations of
copies of all quarterly and annual financial reports distributed to its
stockholders generally.  Reports
pursuant to this Section shall be transmitted by mail to all Holders of Notes,
as the names and addresses of such Holders appear upon the Note Register.
Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to conclusively rely exclusively on Officers’ Certificates).

 

SECTION 5.09   FURTHER ASSURANCES.  From time to time whenever reasonably
demanded by the Trustee, the Company and the Guarantors will make, execute and
deliver or cause to be made, executed and delivered any and all such further
and other instruments and assurances as may be reasonably necessary or proper
to carry out the intention or facilitate the performance of the terms of this
Indenture and the Collateral Documents.

 

SECTION 5.10   COMPANY TO FURNISH TRUSTEE INFORMATION AS
TO NAMES AND ADDRESSES OF HOLDERS. 
The Company shall furnish or cause to be furnished to the Trustee (a)
not more than 15 days before each Regular Record Date, but in any event not
less frequently than semiannually or quarterly if the Company has exercised the
Extension Election, a list in such form as the Trustee may reasonably require,
containing all the information in the possession or control of the Company or
any of its Paying Agents other than the Trustee, as to the names and addresses
of the Holders of Notes to which such Regular Record Date applies as of such
Regular Record Date, and (b) at such other times as the Trustee may request in
writing, within five days after receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 days prior to
the time such list is furnished, excluding from any such list names and
addresses received by the Trustee in its capacity as Note Registrar.

 

SECTION 5.11   WAIVER OF STAY, EXTENSION OR USURY LAWS.  The Company and the Guarantors covenant (to
the extent that they may lawfully do so) that they will not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law or any usury law or other law, which
would prohibit or forgive the Company or any Guarantors from paying all or any
portion of the principal of, premium, if any, or interest and Additional
Amounts, if any, on the Notes or the Guarantees as

 

60

 

contemplated herein, wherever enacted now or at any time hereafter in
force, or which may affect the covenants or the performance of this Indenture
or the Guarantees; and (to the extent that it may lawfully do so) the Company
and each Guarantor hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

 

SECTION
5.12  
LIMITATION ON RESTRICTED PAYMENTS.  The
Company shall not, and shall cause its Restricted Subsidiaries not to, directly
or indirectly, (i) declare or pay any dividend on, or make any distribution to
the holders of, any Capital Stock of the Company, other than (x) dividends
or distributions payable in Capital Stock of the Company (other than
Disqualified Stock) or (y) pro rata dividends or distributions on Capital
Stock (other than Disqualified Stock) of its Restricted Subsidiaries; (ii)
repay, redeem or otherwise acquire or retire for value (other than through the
issuance of Capital Stock of the Company (excluding Disqualified Stock)) any
Capital Stock of the Company or any of its Restricted Subsidiaries, other than
any such repayment, redemption, acquisition or retirement of such Capital Stock
held by (x) the Company or its Restricted Subsidiaries or (y) in the case
of Capital Stock of a Restricted Subsidiary of the Company, any Person that is
not an Affiliate (other than another Restricted Subsidiary) of the Company;
(iii) prepay, repay, redeem, defease or otherwise acquire or retire for value
(other than through the issuance of Capital Stock of the Company (excluding
Disqualified Stock)), prior to any scheduled maturity, scheduled repayment or
scheduled sinking fund payment, any Indebtedness of the Company or any of its
Restricted Subsidiaries that ranks junior in right of payment to the Notes or
the Guarantees, as applicable, except as permitted pursuant to Section
5.14(b)(vii); or (iv) make any Investment in any Affiliate of the Company other
than (A) an Investment by the Company or any of its Restricted Subsidiaries in
the Company or any such Restricted Subsidiaries or in TFM, or in any Subsidiary
in connection with a Qualifying PEMEX Securitization Transaction, or (B) an
Investment by the Company or any Restricted Subsidiary consisting of non-cash
consideration received in connection with a Qualifying Disposition (the
foregoing actions set forth in clauses (i) through (iv), being referred to
hereinafter as “Restricted Payments”)
if at the time of any such Restricted Payment, and after giving effect thereto
on a pro forma basis, (1) a Default or an Event of Default shall have occurred
and be continuing, (2) on a pro forma basis, the Consolidated Debt Service Coverage
Ratio for the Company for the four fiscal quarters immediately preceding such
incurrence for which quarterly financial statements are available in accordance
with Section 5.08, taken as one period, is greater than 2.0 to 1.0, or (3)
the aggregate amount of all Restricted Payments declared or made after the
Initial Issuance Date including such Restricted Payment (the value of any such
payment, if other than cash, shall be the value determined in good faith by the
Board of Directors and evidenced by a Board Resolution) shall exceed the sum
of:

 

(A)          50%
of Consolidated Net Income for the period (treated as one accounting period)
commencing with the first full fiscal quarter after the Initial Issuance Date
and ending on the last day of the last full fiscal quarter immediately
preceding such Restricted Payment for which quarterly or annual financial
statements of the Company are available (or if such Consolidated Net Income is
a deficit, less 100% of such deficit); provided, that Consolidated Net
Income shall be adjusted to exclude any amounts included in clause (C) that
would increase Consolidated Net Income; plus

 

61

 

(B)           100%
of the aggregate net cash proceeds received after the Initial Issuance Date as
a contribution to the common equity capital of the Company or from the issue or
sale of Capital Stock of the Company (other than Disqualified Stock) or from
the issue or sale of Disqualified Stock or debt securities of the Company that
have been converted into such Capital Stock (other than Capital Stock or
Disqualified Stock or convertible debt securities sold to a Restricted
Subsidiary of the Company) after the Initial Issuance Date; plus

 

(C)           an
amount equal to the net reduction in Investments made pursuant to Section
5.20(ii) resulting from dividends, repayments of loans or advances, or other
transfers of assets, in each case to the Company or any Restricted Subsidiary,
not to exceed the amount of such Investments previously made after the Initial
Issuance Date by the Company and its Restricted Subsidiaries in such Person.

 

(b)           The
provisions of this Section 5.12 will not prevent (i) the payment of any
dividend within 60 days after the date of its declaration if the dividend would
have been permitted on the date of declaration, (ii) the purchase, redemption,
acquisition or retirement of any shares of Capital Stock of the Company solely
out of the proceeds of the substantially concurrent sale (other than to a
Restricted Subsidiary of the Company) of shares of Capital Stock (other than
Disqualified Stock), (iii) purchases by the Company of shares of its Capital
Stock pursuant to the terms of the Company’s share repurchase program as in
effect on the Initial Issuance Date or (iv) purchases, reductions or other retirements
of the Company’s Note Linked Securities outstanding on the Initial Issuance
Date. For purposes of calculating the aggregate amount of Restricted Payments
made pursuant to clause (3) of the first paragraph of Section 5.12(a), payments
made under clauses (i), (ii) and (iv) of this Section 5.12(b) shall be included
in such amount and payments made under clause (iii) of this Section 5.12(b)
shall be excluded, provided, that
dividends paid within 60 days of the date of declaration shall be deemed to be
paid at the date of declaration.

 

(c)           Prior
to making any Restricted Payment under this Section 5.12 (other than a
permitted Restricted Payment described in Section 5.12(b)(iii)), the Company
shall deliver to the Trustee an Officers’ Certificate setting forth the
computation by which the amount available for Restricted Payments was
determined.  The Trustee shall have no
duty or responsibility to determine the accuracy or correctness of this
computation and shall be fully protected in relying on such Officers’
Certificate.

 

(d)           Any
payment made by the Company in lieu of or on account of any fractional ADS that
would otherwise be issuable if the Company elects to pay a portion of interest
on the Notes in ADSs shall not constitute a Restricted Payment.

 

SECTION 5.13   LIMITATION ON TRANSACTIONS WITH
AFFILIATES.

 

(a) The
Company shall not, and shall not permit any Restricted Subsidiary of the
Company to, directly or indirectly, sell, lease, transfer or otherwise dispose
of any of its properties or assets to, or purchase or lease any property or
assets from, or enter into any contract, agreement, understanding, loan,
advance or guarantee with, or make any loan, advance or capital contribution
to, or for the benefit of, an Affiliate of the Company, or any direct or

 

62

 

indirect holder of 10% or more of the shares of Capital Stock of the
Company outstanding or any Associate, or with an Affiliate of any such holder
or Associate, including Promotora Servia (an “Affiliate Transaction”).  Notwithstanding the foregoing, Affiliate Transactions shall not
include (i) the payment of reasonable and customary fees to directors or
executive officers of the Company or any Restricted Subsidiary of the Company
for current and future periods; (ii) any transaction between or among the
Company and any of its Restricted Subsidiaries in the ordinary course of
business and consistent with past practices of the Company and its Restricted
Subsidiaries; or (iii) transactions made as part of, or directly relating to, a
Qualifying PEMEX Securitization Transaction.

 

(b) Except for
the Existing Payable, which will be settled on the Initial Issuance Date
through the issuance to Promotora Servia of Notes with a principal amount equal
to the outstanding amount of the Existing Payable, all Indebtedness, notes,
claims and payments owed to Promotora Servia or its Affiliates or Associates,
and any and all consulting fees and other payments and compensation (other than
reasonable and customary compensation as employees or directors for current and
future periods) payable to Promotora Servia or its Affiliates or Associates,
shall be subordinated in right of payment to the Notes and no payment shall be
made to Promotora Servia or its Affiliates or Associates by the Company or any
of its Restricted Subsidiaries in respect of any such amounts until the
Outstanding Notes have been paid in full or such payment has been provided for
in full.(3)

 

SECTION 5.14  
LIMITATION ON INDEBTEDNESS.

 

(a)           The
Company shall not, and shall not permit any Restricted Subsidiary of the
Company to, directly or indirectly, create, incur, issue, suffer to exist,
assume, guarantee or otherwise become directly or indirectly liable with
respect to, any Indebtedness (collectively, an “Incurrence”), other than Indebtedness permitted to be
incurred pursuant to Section 5.14(b).

 

(b)           Indebtedness
may be incurred as follows:

 

(i)            Indebtedness of the
Company and its Restricted Subsidiaries existing on the Initial Issuance Date
as set forth on Schedule 5.14(b)(i) hereto;

 

(ii)           Indebtedness of the
Company evidenced by the Notes and this Indenture and Indebtedness of the
Guarantors evidenced by the Guarantees;

 

(iii)          Indebtedness of the
Company or a Restricted Subsidiary owing to a Restricted Subsidiary or the
Company, provided, that any such
Indebtedness owing by the Company to a Restricted Subsidiary shall be expressly
subordinated to the prior payment in full in cash of all obligations with
respect to the Notes and (A) any subsequent issuance or transfer of
Capital Stock that results in any such Indebtedness being held by a Person
other than the Company or a Restricted Subsidiary and (B) any sale or
other transfer of any such Indebtedness to a Person that is not either the
Company or a Restricted Subsidiary thereof shall be deemed,

 

(3)  Separate subordination
agreement to be signed by Promotora Servia and its affiliates.

 

63

 

in each case,
to constitute an Incurrence of such Indebtedness by the Company or such
Restricted Subsidiary, as the case may be, that was not permitted by this
clause (iii);

 

(iv)          Acquired
Indebtedness of any Person acquired by the Company or any Restricted
Subsidiary, provided, that such
Indebtedness is non-recourse to any assets of the Company or any other
Restricted Subsidiary (other than the assets so acquired), and is not
guaranteed by the Company or any other Restricted Subsidiary;

 

(v)           Guarantees by the
Company or a Restricted Subsidiary of the Company of Indebtedness otherwise
permitted to be Incurred pursuant to any other clause of this Section 5.14;

 

(vi)          Indebtedness of the
Company or a Restricted Subsidiary of the Company in respect of letters of
credit for the benefit of trade vendors issued in the ordinary course of business
in an aggregate amount not exceeding $20 million at any one time outstanding;

 

(vii)         Indebtedness issued
in exchange for, or the proceeds of which are used to repay or refund or
refinance or discharge or otherwise retire for value (“Refinance”), Indebtedness
of the Company or any of its Restricted Subsidiaries permitted under clauses
(i), (ii), (iv), (vii) and (ix) of this paragraph (b) (“Refinancing Indebtedness”) in a
principal amount (or if such Refinancing Indebtedness provides for an amount
less than the principal amount thereof to be due and payable upon a declaration
of acceleration thereof, with an original issue amount), not to exceed the
principal amount of the Indebtedness so Refinanced (or, if the Indebtedness
being Refinanced was issued with original issue discount, the original issue
amount) plus customary fees, expenses and costs related to the Incurrence of
such Refinancing Indebtedness; provided,
that (A) Refinancing Indebtedness of any Restricted Subsidiary of the Company
shall not be used to Refinance outstanding Indebtedness of the Company or any
other Restricted Subsidiaries; (B) if such Refinancing Indebtedness is being
used to Refinance or discharge or otherwise retire the Notes, such Refinancing
Indebtedness shall either (I) be Qualifying Subordinated Indebtedness or (II)
have aggregate annual cash interest payments not in excess of the lesser of (a)
the sum of (1) 2% of the principal amount of such Refinancing Indebtedness plus
(2) the annual cash interest requirements on all Notes retired by the Company
prior to the issuance date of such Refinancing Indebtedness through the
application of VAT Cash Proceeds pursuant to Section 5.18 (less any cash
interest requirements in excess of 2% per annum on Refinancing Indebtedness
previously issued pursuant to this provision) and (b) 8% per annum of the
principal amount of such Refinancing Indebtedness; (C) if such Refinancing
Indebtedness is being used to Refinance Indebtedness other than the Notes, the
scheduled mandatory cash interest and principal payments during the remaining
term of the Notes on such Refinancing Indebtedness has a present value (per
$1,000 principal amount of such Refinancing Indebtedness and based on the
Agreed Discount Rate) at the date of

 

64

 

issuance that
is equal to or less than the present value (per $1,000 principal amount of such
Indebtedness being Refinanced and based on the Agreed Discount Rate) at such
date of the scheduled mandatory cash interest and principal payments during the
remaining term of the Notes on the Indebtedness being Refinanced, provided, further, that any Refinancing
Indebtedness that is Incurred to Refinance Indebtedness Incurred under Section
5.14(b)(ix) shall be subject to the limitations set forth in such Section; and
(D) with respect to any Refinancing Indebtedness which Refinances Indebtedness
which ranks junior in right of payment to the Notes, (x) such Refinancing
Indebtedness is subordinated in right of payment at least to the same extent as
the Indebtedness to be Refinanced if such Indebtedness had remained outstanding
and (y) the Refinancing Indebtedness has an Average Life and a Stated Maturity
which is equal to or greater than the Indebtedness to be Refinanced at the time
of such Incurrence, provided, further that, for the purpose of
determining the amount of Indebtedness that has been Incurred pursuant to any
of foregoing enumerated clauses, there shall be included in each such clause
the principal amount then outstanding of any Indebtedness originally Incurred
pursuant to such clause and thereafter Refinanced pursuant to this clause (vii)
and any subsequent Refinancings thereof;

 

(viii)        Indebtedness of the
Company or any of its Restricted Subsidiaries under Currency Agreements and Interest
Rate Agreements; provided that
the obligations under such agreements are related to payment obligations
incurred in compliance with this Indenture and that such agreements (a) are
designed solely to protect the Company or its Restricted Subsidiaries against
fluctuations in foreign currency exchange rates or interest rates and (b) do
not increase the Indebtedness of the obligor outstanding at any time other than
as a result of fluctuations in foreign currency exchange rates or interest
rates or by reason of fees, indemnities and compensation payable thereunder;

 

(ix)           Indebtedness of the
Company or any of its Restricted Subsidiaries in an aggregate principal amount
at any time outstanding up to the sum of (1) $76,300,000 less (2) the
principal amount of all certificates outstanding under the Receivables
Securitization Facility which Indebtedness Incurred pursuant to this clause
(ix) is (a) Incurred under the Receivables Securitization Facility; or
(b) Incurred other than under the Receivables Securitization Facility and
is unsecured; or (c) Incurred other than under the Receivables Securitization
Facility and (A) has a Stated Maturity which is not earlier than the
Stated Maturity of the Receivables Securitization Facility, (B) has scheduled
mandatory cash payments of principal and interest during the remaining term of
the Notes (as such may be extended pursuant to Section 3.01(b)) that, at the
date of issuance, has a present value (per $1,000 principal amount and computed
based on the Agreed Discount Rate) which is less than or equal to the present
value (per $1,000 face amount and computed based on the Agreed Discount Rate)
at such date of the scheduled mandatory cash payments of principal and interest
during the remaining term of the Notes (as such may be extended pursuant to
Section 3.01(b)) on the certificates issued under the Receivables
Securitization Facility and (C) is secured on terms no more favorable to the
holders of such Indebtedness than to the

 

65

 

holders of the
certificates under the Receivables Securitization Facility; provided, that any amounts Incurred
pursuant to this clause (ix) shall (I) not be used to redeem, repay,
repurchase or otherwise retire any Indebtedness which is subordinated in right
of payment to the Notes and (II) be applied in compliance with the provisions
of this Indenture; and

 

(x)            Indebtedness, to
the extent the net proceeds thereof are promptly applied to defease any of the
Notes as described below under Section 12.01 and to pay fees, expenses,
premiums and other payment obligations under this Indenture related to such
defeasance.

 

Accrual of
interest, accretion or amortization of original issue discount, payment of
interest on any Indebtedness in the form of additional Indebtedness with the
same terms, and payment of dividends on Disqualified Stock in the form of
additional shares of the same class of Disqualified Stock will not be deemed to
be an Incurrence of Indebtedness or an issuance of Disqualified Stock for purposes
of this Section 5.14.

 

(c)          
The Company shall not, directly or indirectly, Incur any Indebtedness of the
Company (other than Indebtedness of the Company which is convertible into
Capital Stock (other than Disqualified Stock) of the Company) which (i) is
subordinate or junior in right of payment of principal, premium, if any, or
interest and Additional Amounts, if any, on the Notes and (ii) requires any
principal payment, redemption payment or sinking fund payment thereon, or
purchase thereof, in whole or in part, to be made prior to the final Stated
Maturity of the Notes; provided
that (i) this Section 5.14(c) shall not prohibit the Incurrence of Indebtedness
owing by the Company to any Restricted Subsidiary and (ii) nothing contained in
this Section 5.14(c) shall permit any Incurrence of Indebtedness that is not
otherwise permitted by Section 5.14(b).

 

SECTION 5.15   
LIMITATION ON DIVIDEND AND OTHER PAYMENT RESTRICTIONS AFFECTING
RESTRICTED SUBSIDIARIES.  The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
directly or indirectly, create or otherwise cause or suffer to exist or become
effective any consensual encumbrance or restriction on the ability of such
Restricted Subsidiary to (a) pay dividends or make any other distributions on
its Capital Stock or any other interest or participation in, or measured by,
its profits, owned by, or pay any Indebtedness owed to, the Company or its
Restricted Subsidiaries, (b) make loans or advances to the Company or its
Restricted Subsidiaries, (c) transfer any of its properties or assets to the
Company or its Restricted Subsidiaries or (d) guarantee any Indebtedness of the
Company or its Restricted Subsidiaries, except for such encumbrances or
restrictions existing under or by reason of: (i) applicable law; (ii) any
instrument governing Acquired Indebtedness permitted to be incurred under
Section 5.14(b)(iv), which encumbrances or restrictions are not applicable to
any Person or the properties or assets of any Person, other than the Person so
acquired, or the property or assets of the Person so acquired or its
consolidated Subsidiaries; (iii) any restrictions existing under agreements in
effect on the date of this Indenture as set forth on Schedule 5.15
hereto; (iv) any restrictions with respect to a Restricted Subsidiary imposed
pursuant to an agreement which has been entered into for the sale or
disposition of all or substantially all the Capital Stock or assets of such
Restricted Subsidiary (which sale or disposition is otherwise permitted by the
terms of this Indenture); (v) any agreement governing Indebtedness restricting
the sale or other disposition of property securing such Indebtedness if

 

66

 

such agreement does not expressly restrict the ability of a Restricted
Subsidiary to pay dividends or to make distributions, loans or advances; (vi)
customary restrictions in leases relating to property covered thereby; or (vii)
this Indenture.

 

SECTION 5.16   CHANGE OF CONTROL.  If (i) any person or group within the meaning
of Section 13(d)(3) of the Exchange Act (a “Group”)
together with any Affiliates and Associates of any thereof, other than (A) the
Serrano Segovia family, its Affiliates and Associates, and (B) the CPO Trustee
and any successor to the CPO Trustee, shall beneficially own (within the
meaning of Rule 13d-3 under the Exchange Act) at least 35% of the total voting
power of all classes of capital stock of the Company entitled to vote generally
in the election of directors of the Company; provided,
that, in the event 100% of the total voting power of all classes of the
Company’s Capital Stock entitled to vote generally in the election of directors
of the Company is held by any other Person, a Change of Control shall be
determined with respect to the Company as if the Company was such other Person;
or (ii) the Company is liquidated or dissolved or the stockholders of the
Company adopt a plan for the liquidation or dissolution of the Company (each, a
“Change of Control”), then
the Company shall make an offer (an “Offer”)
to purchase all of the Notes then outstanding on a date not less than 30 nor
more than 60 days after a Change of Control (the “Repurchase Date”) at a Repurchase Price equal to (i)
100% of their principal amount plus accrued and unpaid interest and Additional
Amounts, if any, to the Repurchase Date, until such time as the Company shall
have previously repaid, redeemed or otherwise retired $150,000,000 in aggregate
principal amount of the Notes, and thereafter (ii) 101% of the principal amount
of the Notes plus accrued and unpaid interest and Additional Amounts, if any,
to the Repurchase Date (subject to the provisions of Section 4.02(b)).

 

(a)           The
Company shall provide the Trustee with notice of an Offer and with all
information required to accompany such notice, not more than ten days after the
Change of Control.

 

(b)           Notice
of an Offer shall be mailed by the Trustee (at the Company’s expense) not more
than ten Business Days after receipt by the Trustee of the notice in accordance
with 5.16(a) to all Holders of the Notes at their last registered addresses
appearing in the Note Register.  The
Offer shall remain open from the time of the mailing until the Repurchase Date.  The notice shall be accompanied by the most
recently filed annual report (including audited consolidated financial
statements) of the Company and the most recent subsequently filed quarterly
report of the Company (or in the event the Company is not required to prepare
any of the foregoing reports, the comparable information required pursuant to
Section 5.08).  The Company shall
provide the Trustee with copies of all materials to be delivered with such
notice.  The notice shall contain all
instructions and materials necessary to enable such Holders to tender Notes pursuant
to the Offer.  The notice shall state:

 

(1)           that
the Offer is being made pursuant to this Section 5.16, the reason for the Offer
and that all Notes properly tendered pursuant to the Offer will be accepted for
payment;

 

(2)           the
material circumstances and relevant material facts regarding such Change of
Control;

 

(3)           the
Repurchase Price and the Repurchase Date;

 

67

 

(4)           the
name and address of the Paying Agent and the Trustee and that Notes must be surrendered
to the Paying Agent to collect the Repurchase Price;

 

(5)           that
any Note not tendered or accepted for payment will continue to accrue interest;

 

(6)           that
any Note accepted for payment pursuant to the Offer shall cease to accrue
interest after the Repurchase Date;

 

(7)           that
each Holder electing to have a Note purchased pursuant to an Offer will be
required to surrender the Note, with the form entitled “Option of Holder to
Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the
address specified in the notice prior to the close of business on the
Repurchase Date;

 

(8)           that
Holders will be entitled to withdraw their election if the Paying Agent
receives, not later than the close of business on the Business Day immediately
preceding the Repurchase Date, facsimile transmission or letter setting forth
the name of the Holder, the principal amount of Notes the Holder delivered for
purchase, the certificate number of Notes the Holder delivered and a statement
that such Holder is withdrawing its election to have such Notes purchased;

 

(9)           that
Holders will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered if such Holders only desire part of such Notes
to be purchased; and

 

(10)         any
other information required by applicable law, rules and regulations.

 

To the extent
that any of the procedures relating to the making and accepting of an Offer
conflict with the provisions of the Exchange Act, other applicable federal or
state law, or the regulations which may be promulgated thereunder, such
provisions of the Exchange Act, other applicable federal or state law, or the
regulations which may be promulgated thereunder shall govern such Offer in lieu
of, and only to the extent of, such conflicting procedures.

 

(c)           On
the Repurchase Date, the Company shall (i) accept for payment Notes or portions
thereof properly tendered pursuant to the Offer, (ii) deposit with the Paying
Agent money sufficient to pay the Repurchase Price of all Notes or portions
thereof so accepted, and to pay the expenses of the Paying Agent to promptly
mail or deliver such payments in accordance with the following sentence, and
(iii) deliver to the Trustee Notes so accepted together with an Officers’
Certificate stating the Notes or portions thereof accepted for payment by the
Company. The Paying Agent shall promptly mail or deliver to Holders of Notes so
accepted payment in an amount equal to the Repurchase Price, and the Company
shall execute and the Trustee shall promptly authenticate and mail or deliver
to such Holders a new Note equal in principal amount to any unpurchased portion
of the Note properly tendered if such Holders only desire portions of their
Notes to be purchased.  The Company will
publicly announce the results of the Offer on or as soon as practicable after
the Repurchase Date.  For purposes of
this Section 5.16, the Trustee shall act as the Paying Agent.

 

68

 

SECTION 5.17   LIMITATION ON LIENS.  The Company shall not, and shall not permit
any Restricted Subsidiary to, create, incur, assume or suffer to exist any Lien
upon any of its property or assets (including assets acquired after the Initial
Issuance Date and Capital Stock of any Restricted Subsidiary of the Company),
except for (i) Liens under the Collateral Documents securing the Notes; (ii)
Liens outstanding on the Initial Issuance Date as set forth on Schedule 5.17
hereto; (iii) Liens for taxes not yet delinquent or which are being contested
in good faith by appropriate proceedings; provided,
that adequate reserves with respect thereto are maintained on the books of the
Company or its Restricted Subsidiaries, as the case may be, in conformity with
IAS; (iv) statutory Liens of landlords and Liens of carriers, warehousemen,
mechanics, materialmen, repairmen or other like Liens arising in the ordinary
course of business and not discharged for a period of not more than 90 days
after notice thereof or which are being contested in good faith by appropriate
proceedings; (v) pledges or deposits in connection with workers’ compensation,
unemployment insurance and other social security legislation; (vi) easements,
rights-of-way, restrictions, minor defects or irregularities in title and other
similar encumbrances incurred in the ordinary course of business which, in the
aggregate, are not substantial in amount and which do not in any case
materially detract from the value of the property subject thereto or materially
interfere with the ordinary conduct of the business of the Company or such
Restricted Subsidiary; (vii) any attachment or judgment Lien not constituting
any Event of Default under clause (9) of Section 6.01; (viii) Liens
securing any Indebtedness permitted to be incurred pursuant to
Section 5.14(b)(vii)(C), 5.14(b)(iv) (provided such Lien shall encumber
only the property so acquired), 5.14(b)(ix) or 5.14(b)(x); (ix) any
interest or title of a lessor pursuant to a lease constituting a Capitalized
Lease Obligation; (x) Liens on any assets acquired by the Company or any
of its Restricted Subsidiaries after the Initial Issuance Date, which Liens
were in existence on or prior to the acquisition of such assets (to the extent
that such Liens were not created in contemplation of such acquisition), provided, that such Liens are limited to
the asset so acquired and the proceeds thereof; (xi) Liens securing
Indebtedness owed to the Company by any of its Restricted Subsidiaries; (xii)
restrictions on the disposition or pledge of securities imposed by applicable
law or by contract with respect to securities received in connection with any
Qualifying Disposition or interests arising in connection with any joint
venture agreement; provided, that (1) any restrictions
with respect to securities received in connection with any Qualifying
Disposition (A) shall comply with the provisions of clause (2) under the
definition of Qualifying Disposition and (B) shall not restrict the pledge of
such securities as required pursuant to Section 5.18 other than to require any
pledgee or subsequent transferee to be bound by such restrictions and (2) any
restrictions with respect to any joint venture agreement entered into after the
Initial Issuance Date shall not restrict the pledge of such interests as
required pursuant to the Collateral Documents; and (xiii) any renewal of or
substitution for any Lien permitted by any of the preceding clauses, provided
that the Indebtedness secured is not increased nor the Lien extended to any
additional assets. This Section 5.17 does not authorize the incurrence of any
Indebtedness not otherwise permitted by Section 5.14.

 

SECTION 5.18  
RESTRICTION ON ASSET DISPOSITIONS AND QUALIFYING DISPOSITIONS; APPLICATION OF
VAT PROCEEDS.

 

(a)           The
Company shall not, and shall not permit any of its Restricted Subsidiaries to,
make (1) any Asset Disposition unless (i) the consideration received from
such Asset Disposition is equal to or greater than the fair market value of the
assets or stock sold (as

 

69

 

determined in good faith by the Board of Directors and evidenced by a
Board Resolution) and (ii) at least 80% of the consideration received from such
Asset Disposition is in the form of cash; provided,
that the amount of (x) any liabilities (as shown on the Company’s or such
Restricted Subsidiary’s most recent balance sheet or in the notes thereto) of
the Company or such Restricted Subsidiary which are assumed by the transferee
of such assets, including any Indebtedness of a Restricted Subsidiary whose
stock is purchased by the transferee, and (y) any notes or other
obligations received by the Company or any such Restricted Subsidiary from such
transferee that are immediately converted by the Company or such Restricted
Subsidiary into cash (to the extent of the cash received) shall be deemed to be
cash for purposes of this Section 5.18(a), or (2) any GTFM Disposition unless
such transaction is a Qualifying Disposition.

 

(b)           The
Company shall apply, or cause its Restricted Subsidiaries to apply, any Net
Cash Proceeds from any Asset Disposition or Qualifying Disposition and any VAT
Cash Proceeds to (x) redeem Notes pursuant to Section 4.01 on a date not less
than 30 nor more than 60 days after the receipt by the Company or any of its
Restricted Subsidiaries of such Net Cash Proceeds or VAT Cash Proceeds or (y)
repurchase Notes pursuant to Section 5.18(d); provided,  that,
such Net Cash Proceeds and VAT Cash Proceeds may be applied, first, if
required by the terms of the Receivables Securitization Facility, to retire or
reduce outstanding obligations under the Receivables Securitization Facility,
and second, on a pro rata basis with the Notes, based upon their then
respective outstanding principal amounts, to make required payments under the
J.B. Hunt Note.  To the extent that the
Company reborrows any amounts under the Receivables Securitization Facility
which had been previously repaid with any Net Cash Proceeds from any Asset
Disposition or Qualifying Disposition or any VAT Cash Proceeds, such action
shall be deemed an Asset Disposition for purposes of this Indenture and any
proceeds received therefrom shall be deemed Net Cash Proceeds of an Asset
Disposition for purposes of this Section 5.18. 
Until such time as the Net Cash Proceeds from any Asset Disposition or
Qualifying Disposition or VAT Cash Proceeds are applied in accordance with this
Section 5.18(b) or Section 5.18(d), such proceeds shall be deposited in a
collateral account subject to a first priority security interest to secure the
Notes pursuant to the Collateral Documents and shall be invested in Cash
Equivalents.

 

(c)           The
Company shall pledge, or cause its Restricted Subsidiaries to pledge, any
non-cash proceeds of any Asset Disposition or Qualifying Disposition and any
non-cash VAT Proceeds received by the Company or any of its Restricted
Subsidiaries to secure the Notes pursuant to the terms of the Collateral
Documents.

 

(d)           In
the event that the Company or any Restricted Subsidiary has Net Cash Proceeds
from an Asset Disposition or a Qualifying Disposition or has VAT Cash Proceeds
that have not been applied as set forth in Section 5.18(b) (in any such case, “Excess Proceeds”), then the Company
shall make an offer (an “Excess Proceeds
Offer”) to purchase on a date not less than 30 nor more than 60
days after the receipt by the Company or any of its Restricted Subsidiaries of
such Excess Proceeds (the “Proceeds Offer
Repurchase Date”) an amount of Notes (together with accrued and
unpaid interest and Additional Amounts, if any, on such Notes, to the Proceeds
Offer Repurchase Date) equal to the amount of such Excess Proceeds, at a
Repurchase Price equal to 100% of the principal amount of the Notes, plus
accrued and unpaid interest and Additional Amounts, if any, to the Proceeds
Offer Repurchase Date.  To the extent
that the Excess Proceeds are insufficient to repurchase all of the outstanding
Notes properly

 

70

 

tendered on the Proceeds Offer Repurchase Date, the Company shall
purchase Notes tendered pursuant to the Excess Proceeds Offer on a pro rata
basis.

 

(i)            The Company shall
provide the Trustee with notice of an Excess Proceeds Offer and with all
information required to accompany such notice, not more than ten days after the
determination that the Company or any Restricted Subsidiary has Excess
Proceeds.

 

(ii)           Notice of an Excess
Proceeds Offer shall be mailed by the Trustee (at the Company’s expense) not
more than ten Business Days after receipt by the Trustee of the notice in
accordance with Section 5.18(d)(i) to all Holders of the Notes at their last
registered addresses appearing in the Notes Register.  The Excess Proceeds Offer shall remain open from the time of the
mailing until the Proceeds Offer Repurchase Date.  The notice shall be accompanied by the most recently filed annual
report (including audited consolidated financial statements) of the Company and
the most recent subsequently filed quarterly report of the Company (or in the
event the Company is not required to prepare any of the foregoing reports, the
comparable information required pursuant to Section 5.08).  The Company shall provide the Trustee with
copies of all materials to be delivered with such notice.  The notice shall contain all instructions
and materials necessary to enable such Holders to tender Notes pursuant to the
Excess Proceeds Offer.  The notice shall
state:

 

(1)           that the Excess
Proceeds Offer is being made pursuant to this Section 5.18, the reason for the
Excess Proceeds Offer, and that all Notes properly tendered pursuant to the
Excess Proceeds Offer will be accepted for payment, subject to proration, if
applicable;

 

(2)           the amount of the
Excess Proceeds, the Repurchase Price and the Proceeds Offer Repurchase Date;

 

(3)           the name and address
of the Paying Agent and the Trustee and that Notes must be surrendered to the
Paying Agent to collect the Repurchase Price;

 

(4)           that any Note not
tendered or accepted for payment will continue to accrue interest;

 

(5)           that any Note
accepted for payment pursuant to the Excess Proceeds Offer shall cease to
accrue interest after the Proceeds Offer Repurchase Date;

 

(6)           that each Holder
electing to have a Note purchased pursuant to an Excess Proceeds Offer will be
required to surrender the Note, with the form entitled “Option of Holder to
Elect Purchase” on the reverse of the Note completed, to the Paying Agent at
the address specified in the notice prior to the close of business on the
Proceeds Offer Repurchase Date;

 

(7)           that Holders will be
entitled to withdraw their election if the Paying Agent receives, not later
than the close of business on the Business Day

 

71

 

immediately preceding the Proceeds Offer Repurchase Date, facsimile
transmission or letter setting forth the name of the Holder, the principal
amount of Notes the Holder delivered for purchase, the certificate number of
Notes the Holder delivered and a statement that such Holder is withdrawing its
election to have such Notes purchased;

 

(8)           that if Notes in a
principal amount in excess of the amount of Excess Proceeds are surrendered
pursuant to the Excess Proceeds Offer, the Company shall purchase Notes on a
pro rata basis;

 

(9)           that Holders whose
Notes are purchased only in part will be issued new Notes equal in principal
amount to the unpurchased portion of the Notes surrendered; and

 

(10)         any other information
required by applicable law, rules and regulations.

 

To the extent
that any of the procedures relating to the making and accepting of an Excess
Proceeds Offer conflict with the provisions of the Exchange Act, other
applicable federal or state law, or the regulations which may be promulgated
thereunder, such provisions of the Exchange Act, other applicable federal or
state law, or the regulations which may be promulgated thereunder shall govern
such Excess Proceeds Offer in lieu of, and only to the extent of, such
conflicting procedures.

 

On the
Proceeds Offer Repurchase Date, the Company shall (i) accept for payment Notes
or portions thereof properly tendered pursuant to the Excess Proceeds Offer,
(ii) deposit with the Paying Agent money sufficient to pay the Repurchase Price
of all Notes or portions thereof so accepted, and to pay the expense of the
Paying Agent to promptly mail or deliver such payments in accordance with the
following sentence, and (iii) deliver to the Trustee Notes so accepted together
with an Officers’ Certificate stating the Notes or portions thereof accepted
for payment by the Company. The Paying Agent shall promptly mail or deliver to
Holders of Notes so accepted payment in an amount equal to the Repurchase
Price, and the Company shall execute and the Trustee shall promptly
authenticate and mail or deliver to such Holders a new Note equal in principal
amount to any unpurchased portion of the Note surrendered if such Holders only
desire portions of their Notes to be purchased.  The Company will publicly announce the results of the Excess
Proceeds Offer on or as soon as practicable after the Proceeds Offer Repurchase
Date.  For purposes of this Section
5.18, the Trustee shall act as the Paying Agent.

 

(e)           Subject to the
provisions of this Section 5.18(e) and Sections 5.18(b) and (c), the Company
and its Restricted Subsidiaries shall be permitted to exchange shares of
Capital Stock (whether outstanding shares or newly issued shares of Capital
Stock (other than Disqualified Stock)) of TMM Multimodal for outstanding Notes
(an “Exchange Transaction”);
provided,
that (A) after giving effect to such Exchange Transaction, the Company and its
Restricted Subsidiaries control, directly or indirectly, more than 50% of the
Capital Stock of TMM Multimodal which under ordinary circumstances (not
dependent upon the happening of a contingency) has voting power to elect a
majority of the board of directors of TMM Multimodal;

 

72

 

(B) (i) such Exchange Transaction is effected pursuant to an exchange
offer made to all Holders of the Notes and the Company receives, at the time of
the commencement of the exchange offer to effect such Exchange Transaction, an
opinion from a Designated Investment Bank to the effect that the consideration
to be received in connection with such Exchange Transaction is fair, from a
financial point of view, to the Company and its Restricted Subsidiaries; or
(ii) the Company receives, at the time of the commencement of the exchange
offer to effect such Exchange Transaction, an opinion from any of Chanin &
Co., Houlihan Lokey Howard & Zukin Capital or The Blackstone Group, or
their respective successors, to the effect that the Exchange Transaction is
fair, from a financial point of view, to the non-exchanging Holders of Notes;
or (iii) (1) the consideration to be paid to the Company or its Restricted
Subsidiaries in connection with the Exchange Transaction consists of both cash
and Notes, (2) the cash consideration comprises at least two-thirds (2/3) of
the total consideration (based on the principal amount of the Notes exchanged
in such Exchange Transaction), (3) the aggregate principal amount of Notes
exchanged in all such Exchange Transactions does not exceed $50,000,000, (4)
unless such Exchange Transaction is effected pursuant to an exchange offer made
to all Holders of the Notes, no Holder participating in such Exchange
Transaction shall be an Affiliate or Associate of the Company and (5) the
Company receives an opinion from a Designated Investment Bank to the effect
that the consideration to be received in connection with such Exchange
Transaction is fair, from a financial point of view, to the Company and its
Restricted Subsidiaries; and (C) for purposes of clause (B)(i) and (B)(iii)(5)
above, the opinion shall be required notwithstanding the amount of the
consideration for such transaction and fair market value shall be determined on
an enterprise value basis.

 

SECTION 5.19   LIMITATION ON SALE AND LEASEBACK
TRANSACTIONS.  The Company
shall not, and shall not permit any Restricted Subsidiary to, enter into any
sale and leaseback transaction unless (i) the Company or such Restricted
Subsidiary could have incurred Indebtedness and secured a Lien on Indebtedness
in an amount equal to the Attributable Debt relating to such sale and leaseback
transaction pursuant to the provisions of Sections 5.14 and 5.17 or (ii) the
proceeds of such sale and leaseback transaction are at least equal to the fair
value (as determined in good faith by the Board of Directors and evidenced by a
Board Resolution) of the property and the Company or such Restricted Subsidiary
applies or causes to be applied an amount in cash equal to the net proceeds
from such sale are applied (A) in the same manner as Net Cash Proceeds pursuant
to Section 5.18(b) or (d) or (B) to purchase assets or business in the
shipping, transportation and distribution services industry, in each case
within 180 days of the effective date of any such sale.

 

SECTION 5.20   LIMITATION ON INVESTMENTS.  The Company shall not, and shall not permit
any of its Restricted Subsidiaries to, make any Investment in any Person
except: (i) any Investment in any Cash Equivalent; (ii) any Investment that
constitutes a Restricted Payment pursuant to Section 5.12 (a)(iv) to the extent
permitted by Section 5.12(a)(iv); (iii) Investments in any Person engaged in
the same or a similar line of business as the Company and its consolidated
Subsidiaries or made for the purpose of maintaining, enhancing the productivity
of or expanding the capabilities of the Company and its consolidated
Subsidiaries in the worldwide transportation, shipping and distribution
services industry, (provided (x) the assets or securities acquired pursuant to
such Investments are pledged as additional Collateral pursuant to Article
Fifteen or (y) such Investments are made as part of, or directly related to, a
Qualifying PEMEX Securitization Transaction); (iv) Investments, not to

 

73

 

exceed $15 million at any one time outstanding, in the publicly traded
equity securities of any other companies (provided such Investments are pledged
as additional Collateral pursuant to Article Fifteen); (v) securities received
as consideration in connection with an Asset Disposition or a Qualifying
Disposition; or (vi) Investments existing on the Initial Issuance Date and set
forth on Schedule 5.20.

 

SECTION 5.21   LIMITATION ON BUSINESS ACTIVITIES.  The Company shall not, and shall not permit
any of the Restricted Subsidiaries to, engage in any type of business other
than the businesses the Company and its consolidated Subsidiaries are engaged
in on the date of this Indenture, other business activities within the worldwide
transportation, shipping and distribution services industry, and other business
activities complementary, incidental or reasonably related thereto.

 

SECTION 5.22   PAYMENTS FOR CONSENT.  None of the Company, any of its consolidated
Subsidiaries or any of their respective Affiliates or Associates shall,
directly or indirectly, pay or cause to be paid any consideration, whether by
way of interest, fee or otherwise, to any Holder of any Notes for or as an
inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture, the Notes, the Guarantees or the Collateral
Documents, unless such consideration is offered to be paid or agreed to be paid
to all Holders of the Notes which so consent, waive or agree to amend in the
time frame set forth in the solicitation documents relating to such consent,
waiver or agreement.

 

SECTION 5.23  
ADDITIONAL GUARANTEES; LIMITATION ON ISSUANCES OF GUARANTEES BY RESTRICTED
SUBSIDIARIES.

 

(a)           The
Company shall cause each of (i) TMM Multimodal, upon the exercise in full of
the GM Put (or the exercise in full by the Company or any Restricted Subsidiary
of the related call option) and the purchase by the Company or a Restricted
Subsidiary of the Capital Stock of TMM Multimodal pursuant to such exercise,
(ii) any Restricted Subsidiary that becomes a Wholly Owned Subsidiary after the
Initial Issuance Date (whether such Restricted Subsidiary became a Subsidiary
or a Restricted Subsidiary of the Company before or after the Initial Issuance
Date), and (iii) any Restricted Subsidiary that receives any assets upon a
disposition of assets by a Guarantor other than in connection with a Qualifying
PEMEX Securitization Transaction, within five Business Days thereafter, to
execute and deliver a supplemental indenture to this Indenture providing for a
Guarantee of the Company’s obligations under the Notes, this Indenture and the
Collateral Documents.  The Company shall
cause any such new Guarantor to pledge or cause to be pledged for the benefit
of the Holders of the Notes and to grant or cause to be granted to the Holders
of the Notes a first priority security interest in all of the assets and
properties of such Guarantor, and in furtherance thereof to enter into one or
more Collateral Documents (or supplements or amendments thereto) in the same
manner specified in Article Fifteen as if such Guarantor were a Guarantor on
the Initial Issuance Date; provided that such Guarantor is not restricted from
granting such pledge and security interest pursuant to any contractual
arrangements with third parties existing as of the Initial Issuance Date.

 

(b)           The
Company will not permit any Restricted Subsidiary, directly or indirectly, to
Guarantee any Indebtedness of the Company (“Guaranteed Indebtedness”) which is

 

74

 

pari passu
with or subordinate in right of payment to the Notes, unless (i) such
Restricted Subsidiary simultaneously executes and delivers a supplemental
indenture to this Indenture providing for a Guarantee of the Company’s
obligations under the Notes, this Indenture and the Collateral Documents by
such Restricted Subsidiary in the form provided herein in an amount at least
equal to the amount of Guaranteed Indebtedness that is Guaranteed by such
Restricted Subsidiary and (ii) such Restricted Subsidiary waives and will
not in any manner whatsoever claim or take the benefit or advantage of any
rights or reimbursements, indemnity or subrogation or any other rights against
the Company or any other Restricted Subsidiary as a result of any payment by
such Restricted Subsidiary under its Guarantee; provided that this paragraph
shall not be applicable to (x) any Guarantee of any Restricted Subsidiary
that existed at the time such Person became a Restricted Subsidiary and was not
incurred in connection with, or in contemplation of, such Person becoming a
Restricted Subsidiary, or (y) any Guarantee by one Restricted Subsidiary
of the Indebtedness of another Restricted Subsidiary if at the time such
Guarantee is provided the other Restricted Subsidiary could have incurred the
Guaranteed Indebtedness pursuant to Section 5.14(b).  If the Guaranteed Indebtedness is (A) pari passu with the
Notes, then the Guarantee of such Guaranteed Indebtedness shall be pari passu with,
or subordinated to, the Guarantee or (B) subordinated to the
Notes, then the Guarantee of such Guaranteed Indebtedness shall be subordinated
to the Guarantee at least to the extent that the Guaranteed Indebtedness is
subordinated to the Notes.

 

Notwithstanding
the foregoing, any Guarantee by a Restricted Subsidiary may provide that it
shall be automatically and unconditionally released and discharged upon
(i) any sale, exchange or transfer, to any Person not an Affiliate of the
Company, of all the Company’s and each Restricted Subsidiary’s Capital Stock
in, or all or substantially all the assets of, such Restricted Subsidiary
(which sale, exchange or transfer is not prohibited by this Indenture) or
(ii) the release or discharge of the Guarantee which resulted in the creation
of such Guarantee, except a discharge or release by or as a result of payment
under such Guarantee.

 

SECTION 5.24  Restriction on
Investment Activity.  The
Company shall not, and shall not permit any Restricted Subsidiary to, become an
investment company required to register as an investment company under the
Investment Company Act of 1940, as amended, provided,
however, that the Company or any Restricted Subsidiary shall not be
deemed to have violated this Section 5.24 so long as the Company or such
Restricted Subsidiary, as the case may be, shall have obtained exemptive relief
or shall otherwise have qualified for any applicable exclusion from investment
company status within one-hundred-and-eighty (180) days after the Company or
such Restricted Subsidiary shall have become such an investment company.

 

ARTICLE SIX

REMEDIES

 

SECTION 6.01   EVENTS OF DEFAULT.  “Event
of Default,” wherever used herein, means any one of the
following events:

 

(1)           default in the
payment of any interest or Additional Amount upon any Note when it becomes due
and payable, and continuance of such default for a period of five Business
Days; or

 

75

 

(2)           default in the
payment of the principal of (or premium, if any, on) any Note when due or at
its maturity; or

 

(3)           default in the
observance or performance by the Company of its obligations under Section 5.04,
Section 5.08(7) or Article Eleven; or

 

(4)           default in the
performance, or breach, of any other covenant or warranty of the Company or the
Guarantors in this Indenture (other than a covenant or warranty a default in
whose performance or whose breach is elsewhere in this Section specifically
dealt with), and continuance of such default or breach for a period of 30 days
after there has been given to the Company by the Trustee or to the Company and
the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Notes a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; or

 

(5)           a default under any
bond, debenture, note or other evidence of indebtedness for money borrowed by
the Company or any Restricted Subsidiary or under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced indebtedness for money borrowed, individually or in the aggregate, in
excess of $10,000,000, whether such indebtedness now exists or shall hereafter
be created, which default shall constitute a failure to pay any portion of the
principal of such indebtedness when due and payable or shall have resulted in
such indebtedness becoming or being declared due and payable prior to the date
on which it would otherwise have become due and payable; or

 

(6)           a default in the
performance, or breach, of any covenant or warranty under any of the Collateral
Documents by the Company or any Restricted Subsidiary (including any failure to
pledge any assets acquired by the Company or any Restricted Subsidiary as required
pursuant hereto or thereto), after giving effect to any notice and cure periods
set forth herein or in such Collateral Documents; or

 

(7)           the entry by a court
having jurisdiction in the premises of (A) a decree or order for relief in
respect of the Company or any Restricted Subsidiary in an involuntary case or
proceeding under any applicable Federal, state or foreign bankruptcy,
insolvency, reorganization or other similar law, including the Ley de Concursos
Mercantiles (each, a “Bankruptcy Law”)
or (B) a decree or order adjudging the Company or any Restricted Subsidiary a
bankrupt or insolvent, or approving as properly filed a petition seeking
reorganization, suspension of payments, arrangement, adjustment or composition
of or in respect of the Company or any Restricted Subsidiary under any
applicable law, or appointing a custodian, receiver, liquidator, assignee, sindico, trustee, sequestrator or other
similar official of the Company or any Restricted Subsidiary or of any
substantial part of its property, or ordering the winding up or liquidation of
its affairs, and the continuance of any such decree or order for relief or any
such other decree or order unstayed and in effect for a period of 90
consecutive days; or

 

(8)           the commencement by
the Company or any Restricted Subsidiary of a voluntary case or proceeding
under any applicable Bankruptcy Law or of any other case

 

76

 

or proceeding to be adjudicated a bankrupt or insolvent, or the consent
by the Company or any Restricted Subsidiary to the entry of a decree or order
for relief in respect of the Company or such Restricted Subsidiary in an
involuntary case or proceeding under any Bankruptcy Law or to the commencement
of any bankruptcy or insolvency case or proceeding against it, or the filing by
it of a petition or answer or consent seeking reorganization or relief under
any applicable Bankruptcy Law, or the consent by it to the filing of such
petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, sindico,
trustee, sequestrator or similar official of the Company or such Restricted
Subsidiary or of any substantial part of its property, or the making by it of
an assignment for the benefit of creditors, or the admission by it in writing
of its inability to pay its debts generally as they become due, or the taking
of corporate action by the Company or such Restricted Subsidiary in furtherance
of any such action; or

 

(9)           a final judgment or
final judgments for the payment of money are entered by a court of competent
jurisdiction against the Company or any Restricted Subsidiary and either (A) an
enforcement proceeding shall have been commenced by any creditor upon such
judgment or (B) such judgment remains unsettled, undischarged or unstayed for a
period (during which execution shall not be effectively stayed) of 60
consecutive days after such judgment becomes final, and the aggregate amount of
all such judgments exceeds $10,000,000; provided, that the entry of any judgment
as a result of (A) a default in the payment of amounts due by the Company
or any Restricted Subsidiary in connection with the Put or due by the Company
or any Restricted Subsidiary to KCS as a result of payments rendered by KCS in
connection with the Put or (B) litigation or other proceedings in
connection with the Put or any disputes with KCS relating to or arising out of
the KCS Transaction or other disputes with KCS existing at the Initial Issuance
Date relating to Grupo TFM or TFM shall not constitute an Event of Default
under this clause (9); provided, further, that the issuance of an order
(whether pre-judgment or after the entry of such judgment) which order will,
upon execution, result in the attachment of assets of the Company or its
Restricted Subsidiaries having a value in excess of (a) $10,000,000, which
attachment represents a Lien on assets of the Company or such Restricted
Subsidiary in which the Collateral Agent has a security interest pursuant to
the Collateral Documents and which has priority over the security interest on
such assets pursuant to the Collateral Documents or (b) $25,000,000, which
attachment represents a Lien on assets of the Company or such Restricted
Subsidiary in which the Collateral Agent does not have a security interest
pursuant to the Collateral Documents shall constitute an Event of Default, provided, that no Default or Event of
Default shall occur under clause (b) above until the 60th day
following such order or if, within such 60 day period, the Company delivers to
the Trustee an opinion from one of the Designated Investment Banks to the
effect that the net value of the equity of the Company (taking into account all
Indebtedness of the Company and its Restricted Subsidiaries and the judgment
that resulted in such order) is equal to at least 5% of the principal amount of
the Notes Outstanding at the date of such opinion; or

 

(10)         the issuance or
reinstatement of any medida cautelar,
suspension order or similar order issued at the request of, or with the
acquiescence of, the Company or any Affiliate or Associate by a court or other
governmental body of competent jurisdiction

 

77

 

that affects or could affect the Company’s or its Restricted
Subsidiaries’ obligations with respect to the Notes, the Guarantees, this
Indenture or the Collateral Documents; or

 

(11)         the failure of the
Company or any of its Restricted Subsidiaries to (i) apply any Net Cash
Proceeds from any Asset Disposition or Qualifying Disposition or any VAT Cash
Proceeds as provided in Section 5.18(b) or (d), which failure continues
for a period of five Business Days after the Company is required to apply such
proceeds pursuant to Section 5.18(b) or (d) or (ii) pledge (as a first priority
Lien) any non-cash proceeds from any Asset Disposition or Qualifying
Disposition or non-cash VAT Proceeds as required by Section 5.18(c) and
the Collateral Documents, which failure continues for a period of five Business
Days after the receipt of such proceeds; or

 

(12)         the failure of the
Company to cause any Restricted Subsidiary that is required to execute and
deliver a Guarantee to execute and deliver such Guarantee and any accompanying
Collateral Document as required by Section 5.23 or Article Fourteen; or

 

(13)         except as permitted
by this Indenture, any Guarantee is held in any judicial proceeding to be
unenforceable or invalid in any material respect or shall cease for any reason
to be in full force and effect or any Guarantor, or any Person acting on behalf
of any Guarantor, shall deny or disaffirm its obligations under its Guarantee.

 

For the
avoidance of doubt, the foregoing clause (9) of this Section 6.01 shall not be
construed to preclude the occurrence of an Event of Default if any of the
events set forth in such clause results in an event that would be an Event of
Default under clauses (7) or (8) of this Section 6.01.

 

SECTION 6.02   DEFAULT RATE OF INTEREST.   Following an Event of Default, the rate at
which the Notes accrue interest shall increase by 2.00% per annum (the “Default Rate”).  In addition, following an Event of Default,
any unpaid interest and Additional Amounts, if any, will accrue interest at the
Default Rate until such time as full payment is made thereon.

 

SECTION 6.03   ACCELERATION OF MATURITY; RESCISSION AND
ANNULMENT.  If an Event of
Default (other than an Event of Default specified in clause (7) or (8) of
Section 6.01) occurs and is continuing, then and in every such case the Trustee
or the Holders of not less than 25% in principal amount of the Outstanding
Notes may declare the principal of all the Notes, together with all accrued and
unpaid interest and Additional Amounts, if any, to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such amounts shall become
immediately due and payable. 
Notwithstanding the foregoing, if an Event of Default specified in
clause (7) or (8) of Section 6.01 occurs and is continuing, the principal of
the Notes, together with all accrued and unpaid interest and Additional
Amounts, if any, shall automatically be accelerated and such amounts, as of the
date of acceleration, shall be and become due and payable immediately, without any
notice or other act on the part of the Trustee or any Holder of the Notes.

 

78

 

Upon any acceleration pursuant to this Section 6.03, the Trustee and
the Collateral Agent, through their agents and attorneys, may proceed, and upon
the request of Holders of not less than a majority in principal amount of the
Outstanding Notes shall proceed, to foreclose on the Collateral.  To institute such foreclosure proceedings,
the Trustee shall deliver a Notice of Sale as prescribed by each applicable
Collateral Document, in each case with a copy to the Company.

 

At any time
after such a declaration of acceleration has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as
hereinafter in this Article provided, the Holders of a majority in principal
amount of the Outstanding Notes, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if:

 

(1)           the
Company has paid or deposited with the Trustee a sum sufficient to pay:

 

(A)          all
overdue interest and Additional Amounts, if any, on all Notes,

 

(B)           the principal of
(and premium, if any, on) any Notes which have become due otherwise than by
such declaration of acceleration and interest thereon at the rate borne by the
Notes,

 

(C)           to the extent that
payment of such interest is lawful, interest upon overdue interest and
Additional Amounts, if any, at the rate borne by the Notes, and

 

(D)          all sums paid or
advanced by the Trustee hereunder and the expenses, disbursements, advances and
reasonable compensation of the Trustee, its agents and counsel; and

 

(2)           all
Events of Default, other than the non-payment of the principal of Notes which
have become due solely by such declaration of acceleration, have been cured or
waived as provided in Section 6.14.

 

No such
rescission shall affect any subsequent default or impair any right consequent
thereon.

 

SECTION 6.04   COLLECTION OF INDEBTEDNESS BY TRUSTEE;
TRUSTEE MAY PROVE DEBT.  The
Company covenants that:

 

(1)           in case default
shall be made in the payment of any installment of interest or Additional
Amounts on any of the Notes, as and when the same shall become due and payable,
and such default shall have continued for a period of five Business Days, and

 

(2)           in case default
shall be made in the payment of the principal of or premium, if any, on any of
the Notes when and as the same shall have become due and payable, whether upon
maturity of the Notes or upon redemption or upon declaration or otherwise,

 

79

 

then, upon
demand of the Trustee, the Company will pay to the Trustee, for the benefit of
the Holders of such Notes, the whole amount that then shall have become due and
payable on such Notes for principal and premium, if any, interest and
Additional Amounts with interest upon the overdue principal and premium, if
any, of each such Note and (to the extent legally enforceable under applicable
law) upon any installments of interest and Additional Amounts, at the rate
borne by the Notes; and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including reasonable
compensation to the Trustee, its agents, attorneys and counsel, and any
expenses or liabilities incurred by the Trustee hereunder.

 

In addition to
the rights and powers set forth in Section 317(a) of the Trust Indenture Act,
the Trustee shall be entitled to file such other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee and of the
Holders of the Notes allowed in any judicial proceeding relative to the
Company, any Guarantor or other obligor upon the Notes, its creditors, or its
property, and to collect and receive any moneys or other property payable or
deliverable on any such claims, and to distribute the same after the deduction
of its charges and expenses; and any receiver, assignee or trustee in
bankruptcy or reorganization is hereby authorized by each of the Holders to
make such payments to the Trustee, and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due it for compensation and expenses, including counsel fees
incurred by it up to the date of such distribution.

 

If an Event of
Default occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy.

 

SECTION 6.05   TRUSTEE MAY FILE PROOFS OF CLAIM.  In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to the Company, any Guarantor
or any other obligor upon the Notes or the property of the Company, any
Guarantor or of such other obligor or their creditors, the Trustee
(irrespective of whether the principal of the Notes shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand on the Company for the payment
of overdue principal or interest) shall be entitled and empowered, by
intervention in such proceeding or otherwise,

 

(i)            to file and prove a
claim for the whole amount of principal (and premium, if any) and interest and
Additional Amounts, if any, owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee and any predecessor trustee (including any
claim for reasonable compensation, expenses, disbursements and advances of the
Trustee and any predecessor trustee, its agents and counsel) and of the Holders
allowed in such judicial proceeding, and

 

(ii)           to collect and
receive any moneys or other property payable or deliverable on any such claims
and to distribute the same; and any custodian,

 

80

 

receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Holder to
make such payments to the Trustee and, in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due it for expenses, disbursements, advances and reasonable
compensation of the Trustee and any predecessor trustee, their agents and
counsel, and any other amounts due the Trustee and any predecessor trustee
under Section 7.06.

 

Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any
Holder thereof or to authorize the Trustee to vote in respect of the claim of
any Holder in any such proceeding.

 

SECTION 6.06   TRUSTEE MAY ENFORCE CLAIMS WITHOUT
POSSESSION OF NOTES.  All
rights of action and claims under this Indenture, the Collateral Documents or
the Notes (including the Guarantees) may be prosecuted and enforced by the
Trustee without the possession of any of the Notes or the production thereof in
any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and
any recovery of judgment shall, after provision for the payment of expenses,
disbursements, advances and reasonable compensation of the Trustee, its agents
and counsel, be for the ratable benefit of the Holders of the Notes in respect
of which such judgment has been recovered.

 

SECTION 6.07   APPLICATION OF MONEY OR PROPERTY
COLLECTED.  Subject to
Article Thirteen, any money or property collected by the Trustee pursuant to
this Article shall be applied in the following order, at the date or dates
fixed by the Trustee and, in case of the distribution of such money or property
on account of principal (or premium, if any), interest or Additional Amounts,
upon presentation of the Notes and the notation thereon of the payment if only
partially paid and upon surrender thereof if fully paid:

 

FIRST: To the
payment of all amounts due the Trustee and any predecessor trustee under
Section 7.06; and

 

SECOND: To the
payment of the amounts then due and unpaid for principal of (and premium, if
any), interest and Additional Amounts on the Notes in respect of which or for
the benefit of which such money or property has been collected, ratably,
without preference or priority of any kind, according to the amounts due and
payable on such Notes for principal (and premium, if any) and interest and
Additional Amounts, respectively; and

 

THIRD:  to the Company or the Guarantors or to such
party as a court of competent jurisdiction shall direct.

 

The Trustee
may fix a record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.07.

 

81

 

SECTION 6.08   LIMITATION ON SUITS.  No Holder of any Note shall have any right
to institute any proceeding, judicial or otherwise, with respect to this
Indenture, the Guarantees or the Collateral Documents, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless:

 

(1)           such Holder has
previously given written notice to the Trustee of a continuing Event of
Default;

 

(2)           the Holders of not
less than 25% in aggregate principal amount of the Outstanding Notes shall have
made written request to the Trustee to institute proceedings in respect of such
Event of Default in its own name as Trustee hereunder;

 

(3)           such Holder or
Holders have offered to the Trustee indemnity reasonably satisfactory against
the costs, expenses and liabilities to be incurred in compliance with such
request;

 

(4)           the Trustee for 60
days after its receipt of such notice, request and offer of indemnity or
security has failed to institute any such proceeding; and

 

(5)           no direction inconsistent
with such written request has been given to the Trustee during such 60-day
period by the Holders of at least a majority in aggregate principal amount of
the Outstanding Notes;

 

it being understood and intended that no one or more Holders shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture, the Guarantees or the Collateral Documents to affect,
disturb or prejudice the rights of any other Holders, or to obtain or to seek
to obtain priority or preference over any other Holders or to enforce any right
under this Indenture, the Guarantees or the Collateral Documents, except in the
manner herein provided and for the equal and ratable benefit of all the
Holders.

 

SECTION 6.09   RIGHTS OF HOLDERS OF NOTES TO RECEIVE
PAYMENT.  Notwithstanding
any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal and interest and Additional Amounts, if any, on
such Note, on or after the respective due dates expressed in such Note
(including in connection with an offer to purchase), or to bring suit for the
enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder, except that no Holder
shall have the right to institute any such suit, if and to the extent that the
institution or prosecution thereof or the entry of judgment therein would under
applicable law result in the surrender, impairment, waiver, or loss of the
Liens pursuant to the Collateral Documents upon any property or assets subject
to the Liens.

 

SECTION 6.10   RESTORATION OF RIGHTS AND REMEDIES.  If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture, the
Guarantees or the Collateral Documents and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company, the Guarantors, the Trustee and
the Holders shall be restored severally and

 

82

 

respectively to their former positions hereunder and thereafter all
rights and remedies of the Trustee and the Holders shall continue as though no
such proceeding had been instituted.

 

SECTION 6.11   RIGHTS AND REMEDIES CUMULATIVE.  Except as otherwise provided with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Notes in the
last paragraph of Section 3.09, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

 

SECTION 6.12   DELAY OR OMISSION NOT WAIVER.  No delay or omission of the Trustee or of
any Holder of any Note to exercise any right or remedy accruing upon any Event
of Default shall impair any such right or remedy or constitute a waiver of any
such Event of Default or an acquiescence therein.  Every right and remedy given by this Article or by law to the
Trustee or to the Holders may be exercised from time to time, and as often as
may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

SECTION 6.13   CONTROL BY HOLDERS.  The Holders of at least a majority in
principal amount of the Outstanding Notes shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to
the Trustee or exercising any trust or power conferred on the Trustee, provided
that:

 

(1)           such direction shall
not be in conflict with any rule of law or with this Indenture,

 

(2)           the Trustee may take
any other action deemed proper by the Trustee which is not inconsistent with
such direction, and

 

(3)           the Trustee may
decline to follow any such direction if the Trustee’s board of directors or
executive committee of directors or Responsible Officers shall determine in
good faith that the action or proceeding so directed would involve it in
personal liability, or if the Trustee in good faith shall determine that the
actions or forbearances specified in or pursuant to such direction would be
unduly prejudicial to the interests of Holders not joining in the giving of such
direction, it being understood that the Trustee shall have no duty to ascertain
whether or not such actions or forbearances are unduly prejudicial to such
Holders.

 

SECTION 6.14   WAIVER OF PAST DEFAULTS.  The Holders of at least a majority in
aggregate principal amount of the Outstanding Notes may on behalf of the
Holders of all the Notes waive any past default hereunder and its consequences,
except a default

 

(1)           in the payment of
the principal of (or premium, if any), interest or Additional Amounts on any
Note, or

 

83

 

(2)           in respect of a
covenant or provision hereof which under Article Ten cannot be modified or
amended without the consent of the Holder of each Outstanding Note affected.

 

Upon any such waiver,
such default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other default or impair any right
consequent thereon.

 

ARTICLE SEVEN

CONCERNING THE TRUSTEE

 

SECTION 7.01  
DUTIES OF TRUSTEE.

 

(a)           If
an Event of Default has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture and use the same
degree of care and skill in their exercise as a prudent person would exercise
or use under the circumstances in the conduct of its own affairs.

 

(b)           Except
during the continuance of an Event of Default:

 

(1)           The Trustee need
perform only those duties that are specifically set forth in this Indenture and
no others.

 

(2)           In the absence of
bad faith on its part, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture, but in the case of any certificate or opinion
which by any provision hereof is specifically required to be furnished to the
Trustee or which the Trustee relies on, the Trustee shall examine the
certificates and opinions submitted to determine whether or not they conform to
the requirements of this Indenture.

 

(c)           The
Trustee may not be relieved from liability for its negligent actions, its
negligent failure to act or its willful misconduct, except that:

 

(1)           This paragraph does
not limit the effect of paragraph (b) of this Section 7.01;

 

(2)           The Trustee shall
not be liable for any error of judgment made in good faith by a Responsible
Officer, unless it is proved that the Trustee was negligent in ascertaining the
pertinent facts;

 

(3)           The Trustee shall
not be liable with respect to any action it takes or omits to take in good
faith in accordance with a direction received by it pursuant to Section 6.13;
and

 

(4)           No provision of this
Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its

 

84

 

duties hereunder or in the exercise of any of its rights or powers if
it shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to
it.

 

(d)           Every
provision of this Indenture that in any way relates to the Trustee is subject
to paragraphs (a), (b) and (c) of this Section 7.01.

 

(e)           The
Trustee may refuse to perform any duty or exercise any right or power unless it
receives security or indemnity satisfactory to it against any loss, cost,
liability or expense.

 

(f)            The
Trustee shall not be liable for interest on any money received by it.

 

(g)           Money
held in trust by the Trustee need not be segregated from other funds except to
the extent required by law.

 

(h)           The
Trustee shall make payments pursuant to Sections 5.01, 5.16 and 5.18 to the
Holders as soon as practicable in accordance with the terms of this Indenture
after receipt from the Company or the Guarantors of the funds.

 

SECTION 7.02   CERTAIN RIGHTS OF TRUSTEE.  Except as otherwise provided in Section 315
of the Trust Indenture Act:

 

(a)           The
Trustee may rely and shall be protected in acting, or refraining from acting,
upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, consent, order, bond, debenture or other paper or document
believed by it to be genuine and to have been signed or presented by the proper
party or parties;

 

(b)           Any
request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by an instrument signed in the name of the Company by the
(i) Chairman of the Board of Directors, a Vice Chairman of the Board of
Directors, its Director General, its President or any Vice President and
(ii) its Director of Administration, its Secretary or an Assistant
Secretary or its Treasurer or an Assistant Treasurer (unless other evidence in
respect thereof be herein specifically prescribed); and any resolution of the
Board of Directors may be evidenced to the Trustee by a copy thereof certified
by the Secretary or an Assistant Secretary of the Company;

 

(c)           Before
it acts or refrains from acting, the Trustee may consult with counsel and the
advice of counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon;

 

(d)           The
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request, order or direction of any of the
Holders, pursuant to the provisions of this Indenture, unless such Holders
shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which may be incurred therein or thereby;

 

85

 

(e)           The
Trustee shall not be liable for any action taken, suffered or omitted by it in
good faith and believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Indenture;

 

(f)            Prior
to the occurrence of an Event of Default hereunder and after the curing or
waiving of all Events of Default, the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval,
appraisal, bond, debenture or other paper or document with respect to the Notes
unless requested in writing to do so by the Holders of not less than a majority
in aggregate principal amount of the Notes then Outstanding; provided, however, that (i) if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled to examine, during normal business hours and upon reasonable notice,
the books, records and premises relevant to such inquiry or investigation,
either personally or by agent or attorney; and (ii) if the payment within a
reasonable time to the Trustee of the costs, expenses or liabilities likely to
be incurred by it in the making of such investigation is, in the opinion of the
Trustee, not reasonably assured to the Trustee by the security afforded to it
by the terms of this Indenture, the Trustee may require reasonable indemnity or
security against such expenses or liabilities as a condition to so proceeding.
The reasonable expense of every such investigation shall be paid by the Company
or, if paid by the Trustee, shall be repaid by the Company upon demand;

 

(g)           The
Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys, and the Trustee
shall not be responsible for any misconduct or negligence on the part of any
agent or attorney appointed with due care by it hereunder;

 

(h)           The
Trustee shall not be deemed to have knowledge of a Default or Event of Default
until a Responsible Officer has received written notice thereof; and

 

(i)            The
Trustee shall not have any duty, express or implied, to monitor the financial
condition of the Company.

 

(j)            The
rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, to
the extent reasonable, and shall be enforceable by, to the extent reasonable,
the Trustee in each of its capacities hereunder, and to each agent, custodian
and other Person employed by it to act hereunder.

 

SECTION 7.03   TRUSTEE NOT RESPONSIBLE FOR RECITALS,
ETC.  The recitals contained
herein and in the Notes and the Guarantees, except the Trustee’s certificate
and the representation as to the power of the Trustee to enter into this Indenture
and accept and execute the trusts hereby created, shall be taken as the
statements of the Company and the Guarantors, and the Trustee assumes no
responsibility for the correctness of the same.  The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Notes other than its certificate of
authentication.  The Trustee shall not
be (i) accountable for the use or application by the Company of any of the
Notes or of the proceeds of such Notes, (ii) accountable for any money paid to
the Company, or upon the Company’s direction, if made

 

86

 

under and in accordance with any provision of this Indenture, or (iii)
responsible for the use or application of any money received by any Paying
Agent other than itself.

 

SECTION 7.04   TRUSTEE AND OTHERS MAY HOLD NOTES.   The Trustee or any Paying Agent or Note
Registrar or any other agent of the Company or the Trustee, in its individual
or any other capacity, may become the owner or pledgee of Notes and, subject to
Sections 7.08 and 7.15, may otherwise deal with the Company, any Guarantor or
any other obligor on the Notes with the same rights it would have if it were
not Trustee, Paying Agent, Note Registrar or such other agent.

 

SECTION 7.05   MONEYS HELD BY TRUSTEE OR PAYING AGENT.  Subject to Sections 12.02 and 12.03, all
moneys received by the Trustee or any Paying Agent shall, until used or applied
as herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the extent
required by law.  Neither the Trustee
nor any Paying Agent shall be under any liability for interest on any moneys
received by it hereunder except such as it may agree with the Company to pay
thereon.  So long as no Event of Default
shall have occurred and be continuing, all interest earned on such moneys shall
be paid to the Company from time to time upon a Company Order.  The provisions of this Section 7.05 shall
not apply to the Company acting as its own Paying Agent pursuant to Section
5.03.

 

SECTION 7.06   COMPENSATION OF TRUSTEE AND ITS LIEN.  The Company covenants and agrees to pay to
the Trustee from time to time, and the Trustee shall be entitled to, reasonable
compensation for all services rendered by it hereunder and under the Collateral
Documents (which shall be agreed to from time to time by the Company and the
Trustee in writing and which shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust), and, except as
herein otherwise expressly provided, the Company will pay or reimburse the
Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any of the provisions
of this Indenture or any of the Collateral Documents (including reasonable
compensation and the expenses and disbursements of its counsel and of all
persons not regularly in its employ) except any such expense, disbursement or
advance as may arise from its negligence or bad faith. If any property other
than cash shall at any time be subject to the lien of this Indenture, the
Trustee, if and to the extent authorized by a receivership or bankruptcy court
of competent jurisdiction or by the supplemental instrument subjecting such
property to such lien, shall be entitled to make advances for the purpose of
preserving such property or of discharging tax liens or other prior liens or
encumbrances thereon.

 

Subject to the
further provisions of this paragraph, the Company and the Guarantors jointly
and severally covenant and agree to indemnify the Trustee for, and to hold it
harmless against, any and all loss, liability, claim, damage or expense
incurred without negligence or bad faith on the part of the Trustee, arising
out of or in connection with the acceptance or administration of the trust or
trusts hereunder, including liability which the Trustee may incur as a result
of failure to withhold, pay or report taxes arising out of the transactions
contemplated by this Indenture (other than taxes based on the Trustee’s income)
and including the costs and expenses of defending itself against any claim or
liability in the premises. The

 

87

 

Trustee shall notify the Company promptly of any claim for which it may
seek indemnity.  The Company shall
defend the claim, and the Trustee shall cooperate in the defense.  The Trustee may have separate counsel, and
the Company shall pay the reasonable fees and expenses of such counsel.  The Company shall have no obligation to pay
for any settlement of any such claim made without its consent.

 

The
obligations of the Company and the Guarantors under this Section 7.06 shall
survive the resignation of the Trustee and/or the satisfaction and discharge or
termination of this Indenture.

 

The
obligations of the Company under this Section 7.06 shall constitute additional
indebtedness hereunder.  Such additional
indebtedness shall be secured by a lien prior to that of the Notes upon all
property and funds held or collected by the Trustee as such, except funds held
in trust for the benefit of the Holders of particular Notes.

 

When the
Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(7) or (8) occurs, the expenses and the compensation for the
services are intended to constitute expenses of administration under any
Bankruptcy Law.

 

SECTION 7.07   RIGHT OF TRUSTEE TO RELY ON CERTIFICATE
OF CERTAIN OFFICERS.  Except
as otherwise provided in Section 315 of the Trust Indenture Act, whenever in
the administration of the provisions of this Indenture the Trustee shall deem
it necessary or desirable that a matter be proved or established prior to
taking or suffering any action hereunder, such matter (unless other evidence in
respect thereof be herein specifically prescribed) may, in the absence of
negligence or bad faith on the part of the Trustee, be deemed to be
conclusively proved and established by an Officers’ Certificate delivered to
the Trustee and such certificate, in the absence of negligence or bad faith on
the part of the Trustee, shall be full warrant to the Trustee for any action
taken, suffered or omitted by it under the provisions of this Indenture upon
the faith thereof.

 

SECTION 7.08   PERSONS ELIGIBLE FOR APPOINTMENT AS
TRUSTEE.   The Trustee hereunder shall at all times be a corporation which
complies with the requirements of the Trust Indenture Act, and has (or in the
case of a corporation included in a bank holding company, the bank holding company
and related entities have) a combined capital and surplus of at least
$50,000,000.  If such corporation
publishes reports of condition at least annually, pursuant to law or to the
requirements of the supervising or examining authority to which it is subject,
then for the purposes of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.  This Indenture shall always have a Trustee which shall be
eligible to act as Trustee under Section 310(a)(1) and Section 310(a)(2) of the
Trust Indenture Act.  If the Trustee has
or shall acquire any “conflicting interest” within the meaning of Section
310(b) of the Trust Indenture Act, the Trustee and the Company shall comply
with the provisions of Section 310(b) of the Trust Indenture Act; provided,
however, that there shall be excluded from the operation of
Section 310(b)(1) of the Trust Indenture Act any indenture or indentures
under which other securities or certificates of interest or participation in
other securities of the Company are outstanding if the requirements for such
exclusion set forth in Section 310(b)(1) of the Trust Indenture Act are met.  If at any time the Trustee shall cease to be
eligible in

 

88

 

accordance with the provisions of this Section 7.08, the Trustee shall
resign immediately in the manner and with the effect hereinbefore specified in
this Article Seven.  The provisions of
Section 310 of the Trust Indenture Act shall apply to the Company, the
Guarantors and any other obligor of the Notes.

 

SECTION 7.09  
RESIGNATION AND REMOVAL OF TRUSTEE; APPOINTMENT OF SUCCESSOR.  

 

(a)           The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign
by giving written notice to the Company and by giving notice of such
resignation to the Holders of Notes in the manner provided in Section
1.05.  Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee by written
instrument executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning trustee and one copy to the
successor trustee.  If no successor
trustee shall have been so appointed and have accepted appointment within 30
days after the delivery of such notice of resignation, the resigning trustee
may petition any court of competent jurisdiction for the appointment of a
successor trustee, or any Holder who has been a bona fide Holder of a Note or
Notes for at least six months may, subject to the requirements of Section
315(e) of the Trust Indenture Act, on behalf of such Holder and all others
similarly situated, petition any such court for the appointment of a successor
trustee. Such court may thereupon after such notice, if any, as it may deem
proper and prescribe, appoint a successor trustee.

 

(b)           In
case at any time either of the following shall occur:

 

(1)           the Trustee shall
cease to be eligible under Section 7.08 and shall fail to resign after written
request therefor by the Company or by any such Holder, or

 

(2)           the Trustee shall
become incapable of acting, or shall be adjudged bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation;

 

then, in
either such case, the Company may remove the Trustee, and appoint a successor
trustee by written instrument, in duplicate, executed by order of the Board of
Directors of the Company, one copy of which instrument shall be delivered to
the trustee so removed and one copy to the successor trustee, or, subject to
the requirements of Section 315(e) of the Trust Indenture Act, any Holder who
has been a bona fide Holder of a Note or Notes for at least six months may, on
behalf of such Holder and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor trustee. Such court may thereupon after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a successor
trustee.

 

(c)           The
Holders of at least a majority in aggregate principal amount of the Notes at
the time Outstanding may at any time remove the Trustee and appoint a successor
trustee by delivering to the trustee so removed, to the successor trustee so
appointed and to the Company, the evidence provided for in Section 8.01 of the
action taken by the Holders.

 

89

 

(d)           Any
resignation or removal of the Trustee and any appointment of a successor
trustee pursuant to this Section shall become effective only upon acceptance of
appointment by the successor trustee as provided in Section 7.10.

 

SECTION 7.10   ACCEPTANCE OF APPOINTMENT BY SUCCESSOR
TRUSTEE.  Any successor
trustee appointed under Section 7.09 shall execute, acknowledge and deliver to
the Company and to its predecessor trustee an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts, duties and obligations of its predecessor hereunder, with like
effect as if originally named as Trustee herein; but, nevertheless, on the
written request of the Company or of the successor trustee, the Trustee ceasing
to act shall, upon payment of any such amounts then due it pursuant to the
provisions of Section 7.06, execute and deliver an instrument transferring to
such successor trustee all the rights, powers and trusts of the Trustee so
ceasing to act. Upon request of any such successor trustee, the Company shall
execute any and all instruments in writing for more fully and certainly vesting
in and confirming to such successor trustee all such rights and powers.  Any Trustee ceasing to act shall, nevertheless,
retain a lien upon all property or funds held or collected by such Trustee to
secure any amounts then due it pursuant to Section 7.06.

 

No successor
trustee with respect to the Notes shall accept appointment as provided in this
Section unless at the time of such acceptance such successor trustee shall with
respect to the Notes be qualified under the Trust Indenture Act and eligible
under Section 7.08.

 

Upon
acceptance of appointment by a successor trustee, the Company shall give notice
of the succession of such trustee hereunder to the Holders of Notes in the
manner provided in Section 1.05.  If the
Company fails to give such notice within 10 days after acceptance of
appointment by the successor trustee, the successor trustee shall cause such
notice to be given at the expense of the Company.

 

SECTION 7.11   MERGER, CONVERSION OR CONSOLIDATION OF
TRUSTEE.  Any corporation
into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder without the execution
or filing of any paper or any further act on the part of any of the parties
hereto, provided that such successor trustee shall be qualified under the Trust
Indenture Act and eligible under the provisions of Section 7.08 hereof and
Section 310(a) of the Trust Indenture Act.

 

SECTION 7.12   AUTHENTICATING AGENTS.  There may be an Authenticating Agent
appointed by the Trustee from time to time with power to act on its behalf and
subject to its direction in connection with the authentication and delivery of
Notes issued upon exchange, transfer or redemption thereof as fully to all
intents and purposes as though such Authenticating Agent (the “Authenticating Agent”) had been
expressly authorized to authenticate and deliver Notes, and Notes so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as though authenticated by the Trustee 

 

90

 

hereunder. For all purposes of this Indenture (except in the case of
original issuance of Notes and the issuance of Notes in replacement of lost,
stolen, mutilated or destroyed Notes), the authentication and delivery of Notes
by an Authenticating Agent appointed pursuant to the provisions of this Section
7.12 shall be deemed to be the authentication and delivery of such Notes “by
the Trustee,” and whenever this Indenture provides (except in the case of
original issuance of the Notes and the issuance of Notes in replacement of
lost, stolen, mutilated or destroyed Notes) that “the Trustee shall
authenticate and deliver” Notes, such authentication and delivery by any
Authenticating Agent shall be deemed to be authentication and delivery by the
Trustee. Any such Authenticating Agent shall at all times be a corporation
organized and doing business under the laws of the United States of America or
any State or the District of Columbia, with a combined capital and surplus of
at least $25,000,000 and authorized under such laws to act as an authenticating
agent, duly registered to act as such, if and to the extent required by
applicable law and subject to supervision or examination by Federal, State or
District of Columbia authority.  If such
corporation publishes reports of its condition at least annually, pursuant to
law or the requirements of such authority, then for the purposes of this
Section 7.12 the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published.  If at
any time an Authenticating Agent shall cease to be eligible to act as such in
accordance with the provisions of this Section 7.12, it shall resign
immediately in the manner and with the effect herein specified in this Section
7.12.

 

Any
corporation into which any Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which any Authenticating Agent shall be
a party, or any corporation succeeding to all or substantially all of the
corporate agency business of any Authenticating Agent, shall be the successor
of the Authenticating Agent hereunder, if such successor corporation is
otherwise eligible to act as such in accordance with the provisions of this
Section 7.12, without the execution or filing of any paper or any further act
on the part of the Trustee or the Authenticating Agent or such successor
corporation.

 

Any
Authenticating Agent may at any time resign by giving written notice of
resignation to the Trustee and to the Company. 
The Trustee may at any time terminate the agency of any Authenticating
Agent by giving written notice of termination to such Authenticating Agent and
to the Company.  Upon receiving such a
notice of resignation or upon a termination, or in case at any time any
Authenticating Agent shall cease to be eligible to act as such in accordance
with the provisions of this Section 7.12, the Trustee may appoint a successor
authenticating agent.  Upon the
appointment, at any time after the original issuance of any of the Notes, of
any successor, additional or new authenticating agent, the Trustee shall give
written notice of such appointment to the Company and shall at the expense of
the Company give notice of such appointment to all Holders of Notes in the
manner provided in Section 1.05.  Any successor
authenticating agent upon acceptance of its appointment pursuant to the
provisions of this Section 7.12 shall become vested with all the rights,
powers, duties and obligations of its predecessor hereunder, with like effect
as if initially named as an Authenticating Agent herein.  No successor authenticating agent shall be
appointed unless eligible to act as such in accordance with the provisions of
this Section 7.12.

 

91

 

Any
Authenticating Agent by the acceptance of its appointment shall be deemed to
have represented to the Trustee that it is eligible for appointment as
Authenticating Agent under this Section 7.12 and to have agreed with the
Trustee that: it will perform and carry out the duties of an Authenticating
Agent as herein set forth, including, among other things, the duties to
authenticate and deliver Notes when presented to it in connection with
exchanges, registrations of transfer or redemptions thereof; it will keep and
maintain, and furnish to the Trustee from time to time as requested by the
Trustee, appropriate records of all transactions carried out by it as
Authenticating Agent and will furnish the Trustee such other information and
reports as the Trustee may reasonably require; and it will notify the Trustee
promptly if it shall cease to be eligible to act as Authenticating Agent in
accordance with the provisions of this Section 7.12. Any Authenticating Agent
by the acceptance of its appointment shall be deemed to have agreed with the
Trustee to indemnify the Trustee against any loss, liability or expense
incurred by the Trustee and to defend any claim asserted against the Trustee by
reason of any acts or failures to act of such Authenticating Agent, but such
Authenticating Agent shall have no liability for any action taken by it in
accordance with the specific written direction of the Trustee.

 

The Trustee
agrees to pay to each Authenticating Agent from time to time reasonable
compensation and expenses for its services (to the extent such compensation is
not paid by the Company), and the Trustee shall be entitled to be reimbursed
for such payments subject to the provisions of Section 7.06.

 

The provisions
of Sections 7.03, 7.04 and 7.07 shall inure to the benefit of each
Authenticating Agent to the same extent that they inure to the benefit of the
Trustee.

 

If an
appointment is made pursuant to this Section 7.12, the Notes may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an
alternate certificate of authentication in substantially the following form:

 

This is one of
the Notes referred to in the within-mentioned Indenture.

 

 

	
   

  	
  The Bank of New York,

  
	
   

  	
  As Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  As
  Authenticating Agent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  	
   

  

 

SECTION 7.13   REPORTS BY TRUSTEE.  On or before [May 1], in every year, so long
as any Notes are outstanding hereunder, the Trustee shall transmit to the
Holders a brief report, dated as of the preceding [April 1], and as otherwise
required by Section 313 of the Trust Indenture Act in accordance with the
procedures set forth in said Section.

 

92

 

SECTION 7.14   TRUSTEE RISK.   None of the provisions contained in this
Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there is
reasonable ground for believing that the repayment of such funds or liability
is not reasonably assured to it. 
Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the requirements of the Trust
Indenture Act.

 

SECTION 7.15   NOTICE OF DEFAULT.  If any Default or any Event of Default
occurs and is continuing and if such Default or Event of Default is actually
known to a Responsible Officer of the Trustee, the Trustee shall mail to each
Holder, in the manner and to the extent provided in Section 313(c) of the Trust
Indenture Act, notice of such Default or Event of Default within 90 days after
it occurs, unless such Default or Event of Default has been cured; provided,
however, that, except in the case of a default in the payment of the
principal of, premium, if any, or interest or Additional Amounts on any Note,
the Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors
and/or Responsible Officers of the Trustee in good faith determines that the
withholding of such notice is in the interest of the Holders.

 

SECTION 7.16   PREFERENTIAL COLLECTION OF CLAIMS AGAINST
THE COMPANY.  The Trustee
shall comply with Section 311(a) of the Trust Indenture Act, excluding any
creditor relationship listed in Section 311(b) of the Trust Indenture Act.  A Trustee who has resigned or been removed
shall be subject to Section 311(a) of the Trust Indenture Act to the extent
indicated therein.

 

SECTION 7.17   TRUSTEE’S APPLICATION FOR INSTRUCTIONS
FROM THE COMPANY.  Any
application by the Trustee for written instructions from the Company may, at
the option of the Trustee, set forth in writing any action proposed to be taken
or omitted by the Trustee under this Indenture and the date on and/or after
which such action shall be taken or such omission shall be effective.  The Trustee shall not be liable for any
action taken by, or omission of, the Trustee in accordance with a proposal
included in such application on or after the date specified in such application
(which date shall not be less than three Business Days after the date any
officer of the Company actually receives such application, unless any such
officer shall have consented in writing to any earlier date) unless prior to
taking any such action (or the effective date in the case of an omission), the
Trustee shall have received written instructions in response to such
application specifying the action to be taken or omitted.

 

SECTION 7.18   LIMITATION OF LIABILITY.  It is understood by the parties hereto other
than The Bank of New York (the “Bank”)
that the sole recourse of the parties hereto other than the Bank in respect of
the obligations of the trust hereunder and under the other documents
contemplated hereby and related hereto to which it is a party shall be to the
parties hereto other than the Bank.  In
addition, the Bank is entering into this Indenture and the other documents
contemplated hereby and related hereto to which it is a party solely in its
capacity as Trustee under this Indenture and not in its individual capacity
(except as expressly stated herein) and in no case shall the Bank (or any
Person acting as successor trustee under this Indenture) be personally liable for
or on account of any of the statements, representations, warranties, covenants
or obligations stated to be those of the Company or the Guarantors hereunder or

 

93

 

thereunder, all such liability, if any, being expressly waived by the
parties hereto and any Person claiming by, through or under such party, provided,
however, that the Bank (or any such successor trustee) shall be
personally liable hereunder and thereunder for its own negligence or willful
misconduct or for its material breach of its covenants, representations and
warranties contained herein or therein, to the extent expressly covenanted or
made in its individual capacity.  In no
event shall the Trustee, in its capacity as Paying Agent, Note Registrar or in
any other capacity hereunder, be liable under or in connection with this
Indenture for indirect, special, incidental, punitive or consequential losses
or damages of any kind whatsoever, including but not limited to lost profits,
whether or not foreseeable, even if the Trustee has been advised of the
possibility thereof and regardless of the form of action in which such damages
are sought.  The provisions of this
Section shall survive the termination of this Indenture and the resignation or
removal of the Trustee.

 

ARTICLE EIGHT

CONCERNING THE HOLDERS

 

SECTION 8.01   EVIDENCE OF ACTION TAKEN BY HOLDERS.  Whenever in this Indenture it is provided
that the Holders of a specified percentage or a majority in aggregate principal
amount of the Notes may take any action (including the making of any demand or
request, the giving of any notice, consent or waiver or the taking of any other
action), such action may be taken by (i) any instrument or any number of
instruments of similar tenor executed in person or by agent or proxy appointed
in writing, (ii) vote of the Holders of Notes at a meeting duly called and held
in accordance with the provisions of Article Nine, or (iii) a combination of
such instrument or instruments and such vote, and the fact that at the time of
taking any such action the Holders of such specified percentage or majority
have joined therein may be evidenced by (a) such instrument or instruments, (b)
the record of such vote, or (c) a combination of such instrument or instruments
and any such record, and except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments and/or such
record are delivered to the Trustee, and where expressly required, to the
Company.

 

SECTION 8.02   PROOF OF EXECUTION OF INSTRUMENTS AND OF
HOLDING OF NOTES.  Subject to
the provisions of Sections 7.01, 7.02 and 9.05 hereof and Section 315 of the
Trust Indenture Act, proof of the execution of any instrument by a Holder or
his agent or proxy and proof of the holding by any Person of any of the Notes
shall be sufficient if made in the following manner:

 

The fact and
date of the execution by any such Person of any instrument may be proved by the
certificate of any notary public or other officer authorized to take acknowledgments
of deeds to be recorded in any State within the United States, that the Person
executing such instrument acknowledged to him the execution thereof, or by an
affidavit of a witness to such execution sworn to before any such notary or
other such officer.  Where such
execution is by an officer of a corporation or association or a member of a
partnership on behalf of such corporation, association or partnership, such
certificate or affidavit shall also constitute sufficient proof of his
authority.  The fact and date of the
execution of any such instrument may also be proved in any other manner which
the Trustee may deem sufficient.

 

94

 

The ownership
of Notes may be proved by the Note Registrar or by a certificate of the Note
Registrar.

 

If the Company shall solicit from the Holders of Notes any request,
demand, authorization, direction, notice, consent, waiver or other act, the
Company may, at its option, by Board Resolution, fix in advance a record date
for the determination of Holders of Notes entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other act, but the
Company shall have no obligation to do so. 
Any such record date shall be fixed at the Company’s discretion in
accordance with Section 316(c) of the Trust Indenture Act.  If such a record date is fixed, such
request, demand, authorization, direction, notice, consent, waiver or other act
may be sought or given before or after the record date, but only the Holders of
Notes of record at the close of business on such record date shall be deemed to
be the Holders of Notes for the purpose of determining whether Holders of the
requisite proportion of Notes Outstanding have authorized or agreed or
consented to such request, demand, authorization, direction, notice, consent,
waiver or other act, and for that purpose the Notes Outstanding shall be
computed as of such record date; provided that no such authorization,
agreement or consent by the Holders on such record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this
Indenture not later than 180 days after the record date.

 

The Trustee
may require such additional proof, if any, of any matter referred to in this
Section 8.02 as it shall deem necessary.

 

The record of
any Holders’ meeting shall be proved as provided in Section 9.06.

 

SECTION 8.03   RIGHT OF REVOCATION OF ACTION TAKEN.  At any time prior to (but not after) the
earlier of (a) the evidencing to the Trustee, as provided in Section 8.01, of
the taking of any action by the Holders of the percentage in aggregate
principal amount of the Notes specified in this Indenture in connection with
such action, and (b) such earlier date as shall be established by the Company
and notice of which shall have been provided to the Holders, any Holder of a
Note the serial number of which is shown by the evidence to be included in the
Notes the Holders of which have consented to such action may, by filing written
notice with the Trustee at its principal office and upon proof of holding as
provided in Section 8.02, revoke such action so far as concerns such Note.
Except as aforesaid, any such action taken by the Holder of any Note shall be
conclusive and binding upon such Holder and upon all future holders and owners
of such Note, and of any Note issued in exchange therefor or in place thereof,
irrespective of whether or not any notation in regard thereto is made upon such
Note or any Note issued in exchange therefor or in place thereof.  Any action taken by the Holders of the
percentage in aggregate principal amount of the Notes specified in this
Indenture in connection with such action shall be conclusively binding upon the
Company, the Trustee and the Holders of all the Notes.

 

ARTICLE NINE

HOLDERS’ MEETINGS

 

SECTION 9.01   PURPOSES FOR WHICH HOLDERS’ MEETINGS MAY
BE CALLED.  A meeting of
Holders may be called at any time and from time to time pursuant to this
Article Nine for any of the following purposes:

 

95

 

(a)           to
give any notice to the Company or to the Trustee, or to give any directions to
the Trustee, or to waive or to consent to the waiving of any default hereunder
and its consequences, or to take any other action authorized to be taken by
Holders pursuant to Article Six;

 

(b)           to
remove the Trustee and appoint a successor trustee pursuant to Article Seven;

 

(c)           to
consent to the execution of an indenture or indentures supplemental hereto or
an amendment or amendments of the Collateral Documents pursuant to Section
10.02; or

 

(d)           to
take any other action authorized to be taken by or on behalf of the Holders of
any specified aggregate principal amount of the Notes under any other provision
of this Indenture or under applicable law.

 

SECTION 9.02   CALL OF MEETINGS BY TRUSTEE.  The Trustee may at any time call a meeting
of Holders to be held at such time and at such place in The City of New York as
the Trustee shall determine.  Notice of
every meeting of Holders, setting forth the time and the place of such meeting
and in general terms the action proposed to be taken at such meeting, shall be
given by the Trustee, in the manner provided in Section 1.05, not less than 20
nor more than 180 days prior to the date fixed for the meeting, to the Holders
of the Notes.

 

SECTION 9.03   COMPANY AND HOLDERS MAY CALL MEETING.  In case the Company, pursuant to a
resolution of its Board of Directors, or the Holders of at least 10% in
aggregate principal amount of the Notes then Outstanding, shall have requested
the Trustee to call a meeting of Holders, by written request setting forth in
general terms the action proposed to be taken at the meeting, and the Trustee
shall not have made the mailing of the notice of such meeting within 20 days
after receipt of such request, then the Company or the Holders of such Notes in
the amount above specified may determine the time and the place in The City of
New York for such meeting and may call such meeting to take any action
authorized in Section 9.01, by giving notice thereof as provided in Section
9.02.

 

SECTION 9.04   PERSONS ENTITLED TO VOTE AT MEETING.  To be entitled to vote at any meeting of
Holders a Person shall, as of the opening of business on the date of such
meeting, be (a) a Holder of one or more Notes or (b) a Person appointed by an
instrument in writing as proxy for the Holder or Holders of such Notes by a
Holder of one or more such Notes.  The
only Persons who shall be entitled to be present or to speak at any meeting of
Holders shall be the Persons entitled to vote at such meeting and their counsel
and any representatives of the Trustee and its counsel and any representatives
of the Company and its counsel.

 

SECTION 9.05   DETERMINATION OF VOTING RIGHTS; CONDUCT
AND ADJOURNMENT OF MEETING. 
Notwithstanding any other provisions of this Indenture, the Trustee may
make such reasonable regulations as it may deem advisable for any meeting of
Holders, in regard to proof of the holding of Notes and of the appointment of
proxies, and in regard to the appointment and duties of inspectors of votes,
the submission and

 

96

 

examination of proxies, certificates and other evidence of the right to
vote, and such other matters concerning the conduct of the meeting as it shall
think fit.  Such regulations may provide
that written instruments appointing proxies, regular on their face, may be
presumed valid and genuine without the proof specified in Section 8.02 or other
proof.  Except as otherwise permitted or
required by any such regulations, the holding of Notes shall be proved in the
manner specified in Section 8.02 and the appointment of any proxy shall be
proved in the manner specified in Section 8.02 or by having the signature of
the Person executing the proxy witnessed or guaranteed by any bank, banker,
trust company or firm satisfactory to the Trustee.

 

The Trustee
shall, by an instrument in writing, appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Company or by Holders
as provided in Section 9.03, in which case the Company or the Holders calling
the meeting, as the case may be, shall in like manner appoint a temporary
chairman.  A permanent chairman and a
permanent secretary of the meeting shall be elected by vote of the Holders of
at least a majority in principal amount of the Notes represented at the meeting
and entitled to vote.

 

At any meeting
each Holder of a Note or proxy shall be entitled to one vote for each $1
principal amount of Notes held or represented by such Holder; provided,
however, that no vote shall be cast or counted at any meeting in
respect of any Note challenged as not Outstanding and ruled by the chairman of
the meeting to be not Outstanding.  The
chairman of the meeting shall have no right to vote other than by virtue of
Notes held by such chairman or instruments in writing as aforesaid duly
designating such chairman as the Person to vote on behalf of other
Holders.  Any meeting of Holders duly
called pursuant to Section 9.02 or 9.03 may be adjourned from time to time, and
the meeting may be held as so adjourned without further notice.

 

At any
meeting, the presence of Persons holding or representing Notes in an aggregate
principal amount sufficient to take action upon the business for the
transaction of which such meeting was called shall be necessary to constitute a
quorum; but, if less than a quorum be present, the Persons holding or
representing at least a majority of the Notes represented at the meeting may
adjourn such meeting with the same effect, for all intents and purposes, as
though a quorum had been present.

 

SECTION 9.06   COUNTING VOTES AND RECORDING ACTION OF
MEETING.  The vote upon any
resolution submitted to any meeting of Holders shall be by written ballots on
which shall be subscribed the signatures of the Holders of Notes or of their
representatives by proxy and the serial numbers and principal amounts of the
Notes held or represented by them.  The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting.  A record in duplicate of the proceedings of
each meeting of Holders shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors
of votes on any vote by ballot taken thereat and affidavits by one or more
persons having knowledge of the facts setting forth a copy of the notice of the
meeting and showing that said notice was given as provided in Section 9.02. The
record shall show the serial numbers of the Notes voting in favor of or against
each resolution. The record shall be signed and verified by the affidavits of
the permanent chairman and secretary of the

 

97

 

meeting and one of the duplicates shall be delivered to the Company and
the other to the Trustee to be preserved by the Trustee, the latter to have
attached thereto the ballots voted at the meeting.

 

Any record so
signed and verified shall, absent manifest error, be conclusive evidence of the
matters therein stated.

 

ARTICLE TEN

SUPPLEMENTAL INDENTURES AND AMENDMENT OF 

COLLATERAL DOCUMENTS

 

SECTION 10.01   SUPPLEMENTAL INDENTURES WITHOUT CONSENT
OF HOLDERS.  Without the
consent of any Holders, the Company, when authorized by a Board Resolution, the
Guarantors and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto or one or more amendments of the
Collateral Documents, in form satisfactory to the Trustee, for any of the
following purposes:

 

(1)           to
evidence the succession of another Person to the Company or the Guarantors, and
the assumption by any such successor of the covenants of the Company or the
Guarantors herein and in the Notes and the Collateral Documents; or

 

(2)           to
add to the covenants of the Company or the Guarantors for the benefit of the
Holders, or to surrender any right or power herein conferred upon the Company
or the Guarantors; or

 

(3)           to
cure any ambiguity, to correct or supplement any provision herein or in the
Collateral Documents which may be inconsistent with any other provision herein,
or to make any other provisions with respect to matters or questions arising
under this Indenture or the Collateral Documents, provided such action
pursuant to this clause (3) shall not adversely affect the interests of the
Holders; or

 

(4)           to
comply with any requirements of the Commission in order to effect or maintain
the qualification of this Indenture under the Trust Indenture Act; or

 

(5)           to
evidence and provide for the acceptance and appointment hereunder of a
successor Trustee with respect to the Notes; or

 

(6)           to
mortgage, pledge, hypothecate or grant a Lien in favor of the Collateral Agent
for the benefit of Trustee and the Holders of the Notes as additional security
for the payment of principal of and interest and Additional Amounts, if any, on
the Notes by the Company or on the Guarantees by the Guarantors under this
Indenture in any property or assets, including any which are required to be
mortgaged, pledged or hypothecated, or in which a Lien is required to be
granted to the Collateral Agent, pursuant to this Indenture or the Collateral
Documents; or

 

(7)           to
release, or to evidence the release of, Collateral as expressly permitted by
Section 15.03 of this Indenture and by the Collateral Documents; or

 

98

 

(8)           to
add Guarantees with respect to the Notes, to secure the Notes or to release
Guarantors from Guarantees as provided by the terms of this Indenture; or

 

(9)           to
add additional Events of Default.

 

Upon the
request of the Company accompanied by a Board Resolution authorizing the
execution of any such amended or supplemental indenture or amendment of any of
the Collateral Documents, and upon receipt by the Trustee of the documents
described in Sections 7.02 and 7.07 hereof, the Trustee shall join with the
Company and the Guarantors in the execution of any amended or supplemental
indenture or amendment of any of the Collateral Documents authorized or
permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee
shall not be obligated to enter into such amended or supplemental indenture or
amendment of any of the Collateral Documents that affects its own rights,
duties or immunities under this Indenture or otherwise.

 

SECTION 10.02   SUPPLEMENTAL INDENTURES WITH CONSENT OF
HOLDERS.

 

(a)           With
the consent of the Holders of not less than a majority in aggregate principal
amount of the Outstanding Notes, by act of said Holders delivered to the
Company and the Trustee, the Company, when authorized by a Board Resolution,
the Guarantors and the Trustee may enter into an indenture or indentures
supplemental hereto or one or more amendments or supplements to the Collateral
Documents for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture or the Collateral
Documents or of modifying in any manner the rights of the Holders under this
Indenture or the Collateral Documents; provided, however, that no such
supplemental indenture or amendment or supplement to the Collateral Documents
shall, without the consent of the Holder of each Outstanding Note affected
thereby,

 

(1)           change
the Stated Maturity of the principal of, or any installment of interest or
Additional Amounts on, any Note, or reduce the principal amount thereof or the
rate of interest thereon or any premium payable upon the redemption thereof, or
change the place of payment where, or the coin or currency in which, any Note
or any premium or the interest or Additional Amounts thereon is payable, impair
the right to institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption, on or after the
Redemption Date or, in the case of an Offer or an Excess Proceeds Offer which has
been made, on or after the applicable Repurchase Date or Proceeds Offer
Repurchase Date), or

 

(2)           reduce
the percentage in principal amount of the Outstanding Notes, the consent of
whose Holders is required for any such supplemental indenture or amendment to
the Collateral Documents, or the consent of whose Holders is required for any
waiver (of compliance with certain provisions of this Indenture or the
Collateral Documents or certain defaults hereunder or thereunder and their
consequences) provided for in this Indenture or the Collateral Documents, or

 

99

 

(3)           modify
any of the provisions of this Section, Section 6.09 or Section 6.14, except to
increase any such percentage or to provide that certain other provisions of
this Indenture or the Collateral Documents cannot be modified or waived without
the consent of the Holder of each Outstanding Note affected thereby, or

 

(4)           make any change in
the ranking of the Notes or the Guarantors that would adversely affect the
Holders of the Notes.

 

(b)           Notwithstanding
the foregoing, except as expressly set forth in the Collateral Documents,
without the consent of the Holders of not less than 66 2/3% in aggregate
principal amount of the Outstanding Notes, the Company and the Guarantors may
not enter into an indenture or indentures supplemental hereto or one or more
amendments or supplements to the Collateral Documents to:

 

(1)                                                                                  release
(other than as expressly permitted by Section 15.03 and the Collateral
Documents), or create any additional Lien in favor of any Person other than the
Collateral Agent, the Holders or the Trustee in the Collateral, or

 

(2)                                                                                  modify
any of the provisions of Section 5.18 or of this Section 10.02(b).

 

(c)           It
shall not be necessary for any act of Holders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be
sufficient if such act shall approve the substance thereof.

 

SECTION 10.03   EXECUTION OF SUPPLEMENTAL INDENTURES.  In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee
shall be entitled to receive, and (subject to Section 7.01) shall be fully
protected in relying upon, an Opinion of Counsel stating that the execution of
such supplemental indenture is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise.

 

SECTION 10.04   EFFECT OF SUPPLEMENTAL INDENTURES.  Upon the execution of any supplemental
indenture under this Article, this Indenture shall be modified in accordance
therewith, and such supplemental indenture shall form a part of this Indenture
for all purposes, and every Holder of Notes theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby.

 

SECTION 10.05   CONFORMITY WITH TRUST INDENTURE ACT.  Every supplemental indenture executed
pursuant to this Article shall conform to the requirements of the Trust
Indenture Act as then in effect.

 

SECTION 10.06   REFERENCE IN NOTES TO SUPPLEMENTAL
INDENTURES.  Notes
authenticated and delivered after the execution of any supplemental

 

100

 

indenture pursuant to this Article may, and shall if required by the
Trustee, bear a notation in form approved by the Trustee and the Company as to
any matter provided for in such supplemental indenture. If the Company shall so
determine, new Notes so modified as to conform, in the opinion of the Trustee
and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Notes.

 

Failure to
make the appropriate notation or issue a new Note shall not affect the validity
and effect of such amendment, supplement or waiver.

 

ARTICLE ELEVEN

SUCCESSOR CORPORATION

 

SECTION 11.01   WHEN COMPANY MAY MERGE, ETC.  The Company shall not consolidate with,
merge with or into, or transfer, directly or indirectly by lease, assignment,
sale or otherwise, including, without limitation, as a result of the merger or
consolidation of a Restricted Subsidiary with any other Person (collectively, a
“Transfer”), all or
substantially all of its assets in one transaction or a series of related
transactions to, any Person or group of affiliated Persons or permit any of its
Restricted Subsidiaries to enter into any such transaction or transactions if
such transaction or transactions in the aggregate would result in a transfer of
all or substantially all of the assets of the Company and its Restricted
Subsidiaries on a consolidated basis, unless:

 

(1)           either
the Company shall be the continuing Person, or the Person formed by such
consolidation or into which the Company is merged or to which all or
substantially all of the assets of the Company are Transferred or to which all
or substantially all of the assets of the Company and its Restricted
Subsidiaries are Transferred (the “Surviving
Entity”) shall be a Person organized and existing under the laws
of the United States of America, any State thereof or the District of Columbia
or the United Mexican States and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, all the obligations of the Company under the Notes
and this Indenture and the Collateral Documents; provided, that a corporation at all times shall be a
co-obligor together with the continuing Person or transferee if the continuing
Person or transferee is itself not a corporation;

 

(2)           immediately
before and immediately after giving effect to such transaction no Default or
Event of Default exists;

 

(3)           immediately
after giving effect to such transaction, the Consolidated Net Worth of the
Company and its Restricted Subsidiaries or the Surviving Entity is equal to or
greater than the Consolidated Net Worth of the Company and its Restricted
Subsidiaries immediately prior to the transaction; and

 

(4)           the
Company has delivered to the Trustee an Officers’ Certificate (attaching the
arithmetic computations to demonstrate compliance with paragraph (3)) and an
Opinion of Counsel, each stating that such consolidation, merger, sale,
assignment, transfer or lease and such supplemental indenture comply with this
Section 11.01 and that all conditions precedent herein provided for relating to
such transactions have been complied with.

 

101

 

Notwithstanding
anything to the contrary contained in this Section 11.01, this Article Eleven
shall not apply to any transfer that is a Qualifying Disposition.

 

SECTION 11.02   SUCCESSOR CORPORATION.  Upon any consolidation or merger or any
Transfer of all or substantially all of the assets of the Company in accordance
with Section 11.01, except as otherwise provided herein, the successor
corporation formed by such consolidation or into which the Company is merged or
to which such Transfer is made, shall succeed to, and be substituted for, and
may exercise every right and power of, the Company under this Indenture with
the same effect as if such successor corporation had been named as the Company
herein.

 

ARTICLE TWELVE

SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS

 

SECTION 12.01   TERMINATION OF COMPANY’S OBLIGATIONS.  The Company may terminate all of its and the
Guarantors’ obligations under the Notes, this Indenture and the Collateral
Documents, except those obligations referred to below, if:

 

(a)           all
Notes previously authenticated and delivered (other than destroyed, lost or
stolen Notes which have been replaced or paid) have been delivered to the
Trustee for cancellation and the Company has paid all sums payable by it
hereunder; or

 

(b)           either
(i) the Notes mature within one year or all of them are to be called for
redemption within one year under arrangements reasonably satisfactory to the
Trustee for giving the notice of redemption or (ii) if the Notes do not mature
or are not to be called for redemption in accordance with clause (i) hereof,
the Company shall have delivered to the Trustee either (A) a ruling directed to
the Trustee received from the Internal Revenue Service to the effect that the Holders
of the Notes will not recognize income, gain or loss for Federal income tax
purposes as a result of the Company’s exercise of its option under this Section
12.01(b)(ii) and will be subject to Federal income tax on the same amount and
in the same manner and at the same times as would have been the case if such
option had not been exercised or (B) an Opinion of Counsel from nationally
recognized United States counsel, to the same effect as the ruling described in
clause (A) above with no material qualifications and an Opinion of Counsel in
the United Mexican States reasonably acceptable to the Trustee confirming that
Holders of the Notes will not recognize income, gain or loss for Mexican taxes
purposes as a result of such legal defeasance and will be subject to Mexican
taxes (including withholding taxes) on the same amounts, in the same manner and
at the same times as would have been the case if such legal defeasance had not
occurred, in the case of either clause (i) or (ii); and

 

(1)  subject
to applicable stock exchange requirements, if any, the Company irrevocably
deposits with the Trustee under the terms of an irrevocable trust agreement in
form and substance satisfactory to the Trustee, as trust funds in trust solely
for the benefit of the Holders for that purpose, money or U.S. Government
Obligations, maturing as to principal and interest in such amounts and at such
times as are sufficient (in the opinion of a nationally recognized firm of
independent certified public accountants expressed in a written certification
thereof delivered to the Trustee), without consideration of any reinvestment of

 

102

 

such interest
on such U.S. Government Obligations, to pay principal of and interest and
Additional Amounts on the Outstanding Notes to maturity or redemption, as the
case may be, and to pay all other sums payable by it hereunder, including
Additional Amounts, if any, provided that the Trustee shall have been
irrevocably instructed to apply such trust funds to the payment of principal
and interest and Additional Amounts, if any, on the Outstanding Notes;

 

(2)           no Default or Event
of Default with respect to this Indenture, the Collateral Documents or the
Notes shall have occurred and be continuing on the date of such deposit or
shall occur as a result of such deposit or shall occur on or before 91 days
after the date of such deposit and such deposit will not result in a breach or
violation of, or constitute a default under, any other agreement or instrument
to which the Company is a party or by which it is bound;

 

(3)           the Company shall
have paid or caused to be paid all sums then payable by the Company hereunder
and under the Notes;

 

(4)           such deposit shall
not cause the Trustee to have a conflicting interest as defined in and for
purposes of the Trust Indenture Act;

 

(5)           the Company has
delivered to the Trustee an Opinion of Counsel from nationally recognized
United States counsel, with no material qualifications, stating that (A) the
deposit shall not result in the Company, the Trustee or the trust becoming or
being deemed to be an “investment company” under the Investment Company Act of
1940, as amended, and (B) upon making the deposit, a valid trust is created at
the time of such deposit and the Holders of the Notes will have the sole
beneficial ownership interest under applicable law in the money or U.S.
Government Obligations so deposited in such trust, except that the Opinion of
Counsel referred to in this clause (B) may contain a qualification that in the
event that a court of competent jurisdiction were to determine that the trust
funds remained property of the Company after such deposit, the Holders of the
Notes will have a nonavoidable first priority perfected security interest under
applicable law in the money or U.S. Government Obligations so deposited, which
security interest will not be subject to any prior rights of holders of any
other Indebtedness; and

 

(6)           the Company shall
take any and all acts necessary to create and perfect, in favor of the Holders
of the Notes, a first priority security interest in the money or U.S.
Government Obligations so deposited and shall take any other action and execute
and deliver any other documents that may reasonably be requested by the Trustee
to effectuate such security interest, and shall do all of the above at such
appropriate time so that such security interest shall attach to the deposit at
the time such deposit is made;

 

and in either
case of (a) or (b) the Company has delivered to the Trustee an Officers’ Certificate
and an Opinion of Counsel each stating that all conditions precedent provided
for herein relating to the satisfaction and discharge of this Indenture have
been complied with.

 

103

 

It is the
intention of the parties hereto that a valid trust for the benefit of the
Holders of the Notes be created at the time that the Company makes the deposit
pursuant to Section 12.0l(b)(1). The security interest in such deposit that is
granted herein to the Holders of the Notes is intended solely as protection for
the Holders of the Notes in the event that a court of competent jurisdiction
were to determine either that (i) such trust had not been validly created or
(ii) such trust is not enforceable.

 

Notwithstanding
the foregoing clause (b), prior to the end of the 91-day period referred to in
clause (b)(2) above, none of the Company’s obligations under this Indenture
shall be discharged, and subsequent to the end of such 91-day period the
Company’s obligations in Sections 3.01, 3.02, 3.03, 3.04, 3.05, 3.06, 3.07,
3.08, 3.09, 5.01, 5.02, 5.04, 5.11, 7.06, 7.09, 7.10, 12.02, 12.03 and 12.04
shall survive until the Notes are no longer Outstanding. Thereafter, only the
Company’s obligations in Sections 7.06, 12.03 and 12.04 shall survive. If and
when a ruling from the Internal Revenue Service or Opinion of Counsel referred
to in clause (b)(ii) above is able to be provided specifically without regard
to, and not in reliance upon, the continuance of the Company’s obligations
under the Notes and Section 5.01, then the Company’s obligations under the
Notes and Sections 5.01 and 5.02 shall cease upon delivery to the Trustee of
such ruling or opinion and compliance with the other conditions precedent
provided for herein relating to the satisfaction and discharge of this
Indenture.

 

After a
deposit and delivery of an Officers’ Certificate and an Opinion of Counsel and
compliance with the other conditions precedent provided for herein relating to
the satisfaction and discharge of this Indenture, the Trustee upon request
shall acknowledge in writing the satisfaction and discharge of the Company’s
obligations under this Indenture except for those surviving obligations
specified above.

 

“U.S. Government Obligations” means
non-callable, direct obligations of the United States of America for the
payment of which the full faith and credit of the United States of America is
pledged.

 

SECTION 12.02   APPLICATION OF TRUST MONEY.   The Trustee shall hold in trust money or U.S.
Government Obligations deposited with it pursuant to Section 12.01. It shall
apply the deposited money and the money from U.S. Government Obligations
through the Paying Agent and in accordance with this Indenture to the payment
of principal of and interest and Additional Amounts on the Notes.

 

SECTION 12.03   REPAYMENT TO COMPANY.  Subject to Section 12.02 the Trustee and the
Paying Agent shall promptly pay to the Company upon written request any excess
money or Notes held by them at any time and they shall thereupon be relieved
from all liability with respect to such money.

 

The Trustee
and the Paying Agent shall pay to the Company upon written request any money
held by them for the payment of principal or interest or Additional Amounts
that remains unclaimed for two years; provided that the Company shall have first
caused notice of such payment to be mailed to each Holder entitled thereto no
less than 30 days prior to such repayment. After payment to the Company,
Holders entitled to the money must look to the Company for payment as general
creditors unless an applicable abandoned property law 

 

104

 

designates another Person, and all liability of the Trustee and the
Paying Agent with respect to such money shall cease.

 

SECTION 12.04   REINSTATEMENT.  If the Trustee or the Paying Agent is unable
to apply any money in accordance with Section 12.02 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
Company’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 12.01 until
such time as the Trustee or the Paying Agent is permitted to apply all such
money in accordance with Section 12.02; provided that if the Company has made any
payment of interest on or Additional Amounts or principal of any Note because
of the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of such Notes to receive such payment from the money held
by the Trustee or the Paying Agent.

 

ARTICLE THIRTEEN

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND

DIRECTORS

 

SECTION 13.01   PERSONAL IMMUNITY FROM LIABILITY OF
INCORPORATORS, STOCKHOLDERS, ETC. 
No recourse under or upon any obligation, covenant or agreement of this
Indenture or any indenture supplemental hereto, or of any Note, or for any
claim based thereon or otherwise in respect thereof, shall be had against any
incorporator or against any past, present or future stockholder, officer,
director, employee or agent, as such, of the Company or the Trustee or any
Paying Agent or Authenticating Agent or of any successor thereto, either
directly or through the Company or the Trustee or any Paying Agent or
Authenticating Agent or any successor thereto, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment
or penalty or otherwise, all such liability and any and all such claims being
hereby expressly waived and released as a condition of, and as a consideration
for, the execution of this Indenture and issue of the Notes.

 

ARTICLE FOURTEEN

GUARANTEE

 

SECTION 14.01   GUARANTEE.  By its execution hereof, the Guarantors acknowledge and agree
that they receive substantial benefits from the Company and that they are
providing their Guarantee for good and valuable consideration, including,
without limitation, such substantial benefits and services. Accordingly,
subject to the provisions of this Article Fourteen, each of the Guarantors
hereby jointly and severally unconditionally guarantees on a senior secured
basis to each Holder of a Note authenticated and delivered by the Trustee and
its successors and assigns that: (i) the principal of, and premium, Additional
Amounts and interest (including, without limitation, any interest that accrued
after, or would accrue but for, the commencement of a proceeding of the type
described in Section 6.01(7) or (8)) on the Notes shall be duly and
punctually paid in full when due, whether at maturity, by acceleration, call
for redemption, upon an Offer, upon an Excess Proceeds Offer or otherwise, and
interest on overdue principal, and premium, if any, Additional Amounts and (to
the extent permitted by law) interest on any interest, if any, on the Notes,
Additional Amounts, if any, and all other obligations (including fees, expenses
or other) of the Company to the Holders, or the Trustee or the 

 

105

 

Collateral Agent hereunder, under the Notes and the Collateral
Documents and the Guarantors under the Notes, this Indenture, the Collateral
Documents and the Guarantees, whether now or hereafter existing, shall be
promptly paid in full or performed, all in accordance with the terms hereof and
thereof; and (ii) in case of any extension of time of payment or renewal of any
Notes or any of such other obligations, the same shall be promptly paid in full
when due or performed in accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration, call for redemption, upon an
Offer, upon an Excess Proceeds Offer or otherwise, subject, however, in the
case of clauses (i) and (ii) above, to the limitations set forth in Section
14.05 (collectively, the “Guarantee
Obligations”). An Event of Default under this Indenture or the
Notes shall constitute an event of default under this Guarantee, and shall
entitle the Trustee or the Holders of Notes to accelerate the obligations of
the Guarantors hereunder in the same manner and to the same extent as the
Guarantee Obligations of the Company. 
Each Guarantee is intended to be superior to or pari passu in right of
payment with all Indebtedness of the respective Guarantor and each Guarantor’s
obligations under this Indenture, the Notes and the Collateral Documents are
independent of any obligation of the Company or any other Guarantor under this
Indenture, the Notes and the Collateral Documents.  Each Guarantor further agrees that the obligations under this
Indenture, the Notes and the Collateral Documents may be extended or renewed,
in whole or in part, without notice or further assent from such Guarantor, and
that each Guarantor will remain bound under this Article Fourteen
notwithstanding any extension or renewal of any obligation under this
Indenture, the Notes and the Collateral Documents.

 

Subject to the
provisions of this Article Fourteen, the Guarantors hereby agree that their
Guarantee hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes, this Indenture or the Collateral
Documents, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Notes with respect to any thereof, the entry of any
judgment against the Company, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or
defense of the Guarantors. The Guarantors hereby expressly waive and
relinquish: (a) any right to require the Trustee, the Holders or the Company
(each, a “Benefited Party”)
to proceed against the Company or any other Person or to proceed against or
exhaust any security held by a Benefited Party at any time or to pursue any
other remedy in any secured party’s power before proceeding against the
Guarantors; (b) any defense that may arise by reason of the incapacity, lack of
authority, death or disability of any other Person or Persons or the failure of
a Benefited Party to file or enforce a claim against the estate (in administration,
bankruptcy or any other proceeding) of any other Person or Persons; (c) demand,
protest and notice of any kind (except as expressly required by this
Indenture), including but not limited to notice of the existence, creation or
incurring of any new or additional Indebtedness or obligation or of any action
or non-action on the part of the Guarantors, the Company, any Benefited Party,
any creditor of the Guarantors or the Company or on the part of any other
Person whomsoever in connection with any obligations the performance of which
are hereby guaranteed; (d) any defense based upon an election of remedies by a
Benefited Party, including but not limited to an election to proceed against
the Guarantors for reimbursement; (e) any defense based upon any statute or
rule of law which provides that the obligation of a surety must be neither
larger in amount nor in other respects more burdensome than that of the
principal; and (f)  the benefits of orden  excusion  y  division
and of prior judgment, levy, execution and other rights provided for in
Articles 2814, 2815, 2817, 2818, 2820, 2821, 2823, 2827 and 2836 of the Civil
Code of the Federal District of Mexico, and 

 

106

 

the corresponding articles of the other states of Mexico, which
articles are not reproduced herein as a result of the express acknowledgment
that the contents of said Articles are known to each Guarantor.  Therefore, each Guarantor hereby irrevocably
and expressly waives its rights under the benefits of, Articles 2846 and 2847
of the Civil Code for the Federal District of Mexico.  Each Guarantor also hereby irrevocably and expressly waives any
requirement of judicial demand for payment, whether under Article 2848 or 2849
of the Civil Code for the Federal District of Mexico or otherwise.  All such Articles are not reproduced herein
as a result of the express acknowledgment of each Guarantor that the contents
of said Articles are known to it.  The
Guarantee shall be discharged upon the payment in full of all Guarantee
Obligations, including the principal, premium, if any, and interest and
Additional Amounts, if any, on the Notes and all other costs provided for under
this Indenture or as provided in Article Fourteen, and after such termination
is not reinstated except as set forth in the second succeeding paragraph.  Each Guarantor waives notice of any default
under the Notes or the obligations under this Indenture, the Notes and the
Collateral Documents.  The obligations
of each Guarantor hereunder shall not be affected by (i) the failure of
any Holder, Trustee or the Collateral Agent to assert any claim or demand or to
enforce any right or remedy against the Company or any other Person under this
Indenture, the Notes, the Collateral Documents or any other agreement or
otherwise; (ii) any extension or renewal of any thereof; (iii) any
rescission, waiver, amendment or modification of any of the terms or provisions
of this Indenture, the Notes, the Collateral Documents or any other agreement;
(iv) the release of any security held by any Holder, the Collateral Agent
or the Trustee for the obligations under this Indenture, the Notes and the
Collateral Documents or any of them; (v) the failure of any Holder, the
Trustee or the Collateral Agent to exercise any right or remedy against any
guarantor of the obligations under this Indenture, the Notes and the Collateral
Documents; or (vi) any change in the ownership of such Guarantor.

 

Each Guarantor
further agrees that its Guarantee herein constitutes a guarantee of payment,
performance and compliance when due (and not a guarantee of collection) and
waives any right to require that any resort be had by any Holder or the Trustee
to any security held for payment of the obligations under this Indenture, the
Notes and the Collateral Documents.

 

If any Holder
or the Trustee is required by any court or otherwise to return to either the
Company or the Guarantors, or any trustee or similar official acting in
relation to either the Company or the Guarantors, any amount paid by the
Company or the Guarantors to the Trustee or such Holder, the Guarantee, to the
extent theretofore discharged, shall be reinstated in full force and effect.
The Guarantors agree that they shall not be entitled to any right of
subrogation in relation to the Holders in respect of any Guarantee Obligations
hereby until payment in full of all such obligations guaranteed hereby. The
Guarantors agree that, as between themselves, on the one hand, and the Holders
of Notes and the Trustee, on the other hand, (x) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article Six
hereof for the purposes hereof, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Guarantee
Obligations, and (y) in the event of any acceleration of such obligations as
provided in Article Six hereof, such Guarantee Obligations (whether or not due
and payable) shall forthwith become due and payable by the Guarantors for the
purpose of the Guarantee.

 

107

 

Each Guarantor
agrees that it shall not be entitled to any right of subrogation, contribution,
exoneration, indemnification or reimbursement in relation to the Holders in
respect of any Guarantee Obligations until payment in full of all Guarantee
Obligations.  If any amount shall be
paid to such Guarantor in violation of the preceding sentence at any time prior
to the later of the payment in full of the Notes and all other amounts payable
under this Indenture and under each Guarantee upon the Stated Maturity of the
Notes, such amount shall be held in trust for the benefit of the Holders and
the Trustee and shall forthwith be paid to the Trustee to be credited and
applied to the Notes and all other amounts payable under each Guarantee,
whether matured or unmatured, in accordance with the terms of this Indenture,
or to be held as security for any obligations under this Indenture, the Notes
and the Collateral Documents or other amounts payable under any Guarantee thereafter
arising.

 

Each Guarantor
further agrees that, as between it, on the one hand, and the Holders and the
Trustee, on the other hand, (x) subject to this Article Fourteen, the
maturity of the Guarantee Obligations may be accelerated as provided in Article Six
for the purposes of each Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the Guarantee
Obligations, and (y) in the event of any acceleration of such Guarantee
Obligations as provided in Article Six, such obligations (whether or not
due and payable) shall, forthwith become due and payable by the Guarantor for
the purposes of each Guarantee.

 

A Guarantor
that makes a distribution or payment under its Guarantee shall be entitled to
contribution from each other Guarantor in a pro rata amount based on the
Adjusted Net Assets of each such other Guarantor for all payments, damages and
expenses incurred by that Guarantor in discharging the Company’s obligations
with respect to the Notes and this Indenture or any other Guarantor with
respect to its Guarantee, so long as the exercise of such right does not impair
the rights of the Holders of the Notes under the Guarantees.

 

Each Guarantor
also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights
under this Section 14.01.

 

SECTION 14.02   LIMITATION ON GUARANTOR LIABILITY.  Each Guarantor, and by its acceptance of
Notes, each Holder, hereby confirms that it is the intention of all such
parties that the Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state
or foreign law to the extent applicable to any Guarantee.  To effectuate the foregoing intention, the
Trustee, the Holders and the Guarantors hereby irrevocably agree that the
obligations of such Guarantor under its Guarantee and this
Article Fourteen shall be limited to the maximum amount as will, after
giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after
giving effect to any collections from, rights to receive contribution from or
payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under this Article Fourteen, result in
the obligations of such Guarantor under its Guarantee not constituting a fraudulent
transfer or conveyance.  Each Guarantor
that makes a payment or distribution under its Guarantee shall be entitled to a

 

108

 

contribution from each other Guarantor in a pro rata amount based on
the Adjusted Net Assets of each such other Guarantor.

 

SECTION 14.03   SUCCESSORS AND ASSIGNS.  This Article Fourteen shall be binding
upon each Guarantor and its successors and assigns and shall inure to the
benefit of the successors and assigns of the Trustee and the Holders and, in
the event of any transfer or assignment of rights by any Holder or the Trustee,
the rights and privileges conferred upon that party in this Indenture and in
the Notes shall automatically extend to and be vested in such transferee or
assignee, all subject to the terms and conditions of this Indenture.

 

SECTION 14.04   NO WAIVER.  Neither a failure nor a delay on the part of
either the Trustee or the Holders in exercising any right, power or privilege
under this Article Fourteen shall operate as a waiver thereof, nor shall a
single or partial exercise thereof preclude any other or further exercise of
any right, power or privilege.  The
rights, remedies and benefits of the Trustee and the Holders herein expressly
specified are cumulative and not exclusive of any other rights, remedies or
benefits which either may have under this Article Fourteen, at law, in
equity, by statute or otherwise.

 

SECTION 14.05   EXECUTION AND DELIVERY OF GUARANTEE.  To evidence the Guarantee set forth in
Section 14.01 hereof, the Guarantors agree that a notation of the Guarantee
substantially in the form included in Section 2.04 shall be endorsed on each
Note authenticated and delivered by the Trustee and that this Indenture shall
be executed on behalf of the Guarantors by an officer of the Guarantors.

 

The Guarantor
agrees that the Guarantee set forth in this Article Fourteen shall remain in
full force and effect and apply to all the Notes notwithstanding any failure to
endorse on each Note a notation of the Guarantees.

 

If an officer
whose facsimile signature is on a Note or a notation of Guarantee no longer
holds that office at the time the Trustee authenticates the Note on which the
Guarantee is endorsed, the Guarantee shall be valid nevertheless.

 

The delivery
of any Note by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Guarantee set forth in this Indenture on behalf
of the Guarantors.

 

In the event
that any Subsidiary subsequent to the date of this Indenture, is required to
become a Guarantor by Section 5.23 hereof, the Company shall cause such
Subsidiary to execute supplemental indentures to this Indenture and Guarantees
in accordance with Section 5.23 hereof and this Article Fourteen, to
the extent applicable.

 

SECTION 14.06   GUARANTORS MAY CONSOLIDATE, ETC., ON
CERTAIN TERMS. 
No Guarantor may consolidate with or merge with or into (whether or not
such Guarantor is the surviving Person), another Person whether or not
affiliated with such Guarantor unless (i) subject to the provisions of the
following Section, the Person formed by or surviving any such consolidation or
merger (if other than such Guarantor) assumes all the obligations of such
Guarantor under the Notes, this Indenture and the Collateral Documents; and (ii) immediately
after giving effect to such transaction, no Default or Event of Default exists.

 

109

 

SECTION 14.07   RELEASES FOLLOWING SALE OF ASSETS OR
CAPITAL STOCK.  In the event
of a sale or other disposition of all of the assets of any Guarantor (other
than to the Company, another Guarantor or a Restricted Subsidiary), by way of
merger, consolidation or otherwise, or a sale or other disposition of all of
the Capital Stock of any Guarantor (other than to, the Company, another
Guarantor or a Restricted Subsidiary), then such Guarantor (in the event of a
sale or other disposition, by way of such a merger, consolidation or otherwise,
of all of the Capital Stock of such Guarantor) or the entity acquiring the property
(in the event of a sale or other disposition of all of the assets of such
Guarantor) will be released and relieved of any obligations under its Guarantee
and any such acquiring entity will not be required to assume any obligations of
such Guarantor under the applicable Guarantee; provided that such sale or
other disposition complies with all applicable provisions of this Indenture
including, without limitation, Section 5.18 and this
Article Fourteen.

 

Any Guarantor
not released from its obligations under its Guarantee shall remain liable for
the full amount of principal of and interest and Additional Amounts on the
Notes and for the other obligations of any Guarantor under this Indenture as
provided in this Article Fourteen.

 

SECTION 14.08  
APPLICATION OF CERTAIN TERMS AND PROVISIONS TO THE GUARANTORS.

 

(a)           For
purposes of any provision of this Indenture that provides for the delivery by
the Guarantors of an Officers’ Certificate and/or an Opinion of Counsel, the
definitions of such terms in Section 1.01 shall apply to the Guarantors as if
references therein to the Company were references to the Guarantors.

 

(b)           Any
request, direction, order or demand that by any provision of this Indenture is
to be made by the Guarantors, shall be sufficient if evidenced as described in
Section 1.04 as if references therein to the Company were references to the
Guarantors.

 

(c)           Any
notice or demand that by any provision of this Indenture is required or
permitted to be given or served by the Trustee or by the holders of Notes to or
on the Guarantors may be given or served as described in Section 1.04 as if
references therein to the Company were references to the Guarantors.

 

(d)           Upon
any demand, request or application by the Guarantors to the Trustee to take any
action under this Indenture, the Guarantors shall furnish to the Trustee such
certificates and opinions as are required in Section 1.02 hereof as if all
references therein to the Company were references to the Guarantors.

 

ARTICLE FIFTEEN

SECURITY

 

SECTION 15.01   COLLATERAL;
COLLATERAL DOCUMENTS.

 

(a)           To secure the due and punctual payment of
principal of and interest, and Additional Amounts on the Notes by the Company
when and as the same shall be due and payable (whether on an Interest Payment
Date, at Stated Maturity, by acceleration, call for 

 

110

 

redemption, upon an Offer or an Excess Proceeds Offer, or otherwise)
and interest on the overdue principal of, and premium, if any, Additional
Amounts, if any, and (to the extent permitted by law) interest on unpaid
interest, if any, on, the Notes and performance of all other obligations of the
Company and the Guarantors to the Holders of the Notes, the Trustee or the
Collateral Agent under this Indenture, the Notes, the Guarantees and the
Collateral Documents, according to the terms hereunder and thereunder, on the
Initial Issuance Date each of the Company and the Guarantors will pledge or
cause to be pledged for the benefit of the Holders of the Notes, and will grant
or cause to be granted to the Collateral Agent for the benefit of the Trustee
and equal and ratable benefit of the Holders of the Notes a first priority
security interest in the assets and securities of the Company and the
Guarantors set forth in the Collateral Documents (all such assets and
securities, together with (i) all other assets and securities acquired
after the Initial Issuance Date, (ii) all dividends or distributions paid
or payable in respect of, or payments or rights to receive payment in respect
of the purchase, redemption or other retirement or acquisition for value of,
any securities included therein, and (iii) all cash, instruments,
securities and other property and proceeds thereof from time to time received,
receivable or otherwise distributed or distributable in respect of or in
exchange for or in payment of any such assets or securities, but excluding, in
any case, such of the foregoing that may be duly released pursuant to Section
15.03, collectively, the “Collateral”).  On the Initial Issuance Date, each of the
Company and the Guarantors shall enter into the applicable Collateral Documents
to create the security interests with respect to the Collateral.  The Trustee, the Guarantors and the Company
hereby acknowledge and agree that the Collateral Agent holds the Collateral in
trust for the benefit of the Holders and the Trustee, among others, pursuant to
the terms of the Collateral Documents.

 

(b)           Each Holder, by its acceptance of a Note, consents and
agrees to the terms of this Article Fifteen and of the Collateral Documents
(including, without limitation, the provisions providing for foreclosure and
release of the Collateral) as the same may be in effect or may be amended from
time to time in accordance with their terms and the terms of this Indenture,
and authorizes and directs the Trustee and the Collateral Agent to enter into
the Collateral Documents and to perform their respective obligations and
exercise their respective rights thereunder in accordance therewith;
provided,
however, that if any provisions of this Article Fifteen or of the
Collateral Documents limit, qualify or conflict with the duties imposed by the
provisions of the Trust Indenture Act, the Trust Indenture Act will control.

 

(c)           As
more fully set forth in, and subject to the provisions of, the Irrevocable
Administration and Guaranty Trust Agreement relating to the Capital Stock of
TMM Multimodal, the Holders, and the Trustee and the Collateral Agent on behalf
of such Holders, will have rights in and to the Collateral thereunder that are
subject to the rights that have been created in favor of the holders of the
certificates under the Receivables Securitization Facility.

 

(d)           As
among the Holders, the Collateral shall be held for the equal and ratable
benefit of the Holders without preference, priority or distinction of any
thereof over any other.

 

(e)           The Company and the Guarantors will do or cause to be done
all such acts and things as may be necessary or reasonably requested by the
Trustee, or as may be required by the provisions of this Article Fifteen or the
Collateral Documents, to assure and confirm to the 

 

111

 

Trustee the security interests in the
Collateral contemplated hereby, or by the Collateral Documents or any part
thereof, as from time to time constituted, so as to render the same available
for the security and benefit of this Indenture and of the Notes and each
Guarantee, according to the intent and purposes herein and therein expressed.
The Company and the Guarantors shall take, or shall cause to be taken, upon
request of the Trustee or the Collateral Agent, any and all actions reasonably
required to cause the Collateral Documents to create and maintain, as security
for the obligations of the Company and the Guarantors under this Indenture, the
Notes, the Guarantees and the Collateral Documents, valid and enforceable first
priority and perfected Liens in and on the Collateral as provided in the
Collateral Documents, in favor of the Collateral Agent for the benefit
of the Trustee and for the equal and ratable benefit of the Holders of the
Notes.

 

(f)            The
Company and the Guarantors shall pledge any additional Collateral, and shall
grant to the Collateral Agent for
the benefit of the Trustee and for the equal and ratable benefit of the Holders
of the Notes a first priority security interest in, any non-cash proceeds of
any Asset Disposition or Qualifying Disposition and any non-cash VAT Proceeds,
and in furtherance thereof the Company and the Guarantors, as applicable, the
Trustee and, if applicable, the Collateral Agent shall, promptly upon receipt
of such non-cash proceeds, enter into either a new Collateral Document or a
supplement or amendment of an existing Collateral Document (whichever
Collateral Document to be determined based on the character and location of the
Collateral) in order to provide for the creation of such security
interest.  Any securities of an issuer
incorporated under the laws of the United States of America or any state
thereof required to be pledged as Collateral hereunder shall be pledged
pursuant to the U.S. Pledge and General Security Agreement.

 

(g)           Any
cash held from time to time as Collateral that (i) was received following
the occurrence and during the continuance of any Default or Event of Default as
a dividend, distribution or payment in respect of the purchase, redemption, or
other retirement or acquisition for value of, any securities constituting
Collateral or (ii) constitutes Net Cash Proceeds of an Asset Disposition
or Qualifying Disposition or VAT Cash Proceeds, in each case, until applied in
accordance with Section 5.18, shall be converted into U.S. Dollars and held in
a cash collateral account for the benefit of the Holders of the Notes pursuant
to the U.S. Pledge and General Security Agreement and shall be invested in Cash
Equivalents.  The Trustee shall give
notice to the applicable Collateral Agent directing such Collateral Agent to
invest such cash in Cash Equivalents; provided
that cash shall not be required to be converted into U.S. Dollars
unless such cash arising from (i) or (ii) above exceeds the U.S. Dollar
equivalent of $10 million.

 

 

SECTION 15.02   VOTING RIGHTS
AND PAYMENT OF DIVIDENDS AND DISTRIBUTIONS IN RESPECT OF COLLATERAL.  So long as no Default or Event of Default
shall have occurred and be continuing, each of the Company and the Guarantors
shall be permitted to receive directly all dividends or distributions paid in
respect of, or payments in respect of the purchase, redemption, or other
retirement or acquisition for value of, any securities constituting Collateral,
except for Net Cash Proceeds of Asset Dispositions or Qualifying Dispositions
and VAT Cash Proceeds which shall be applied in accordance with Section
5.18.  So long as no Default or Event of
Default shall have occurred and be continuing, each of the Company and the
Guarantors shall have the right to vote, or to provide a consent, waiver or 

 

112

 

ratification,
as it sees fit in its sole discretion, any securities constituting Collateral, provided
that no vote may be cast, and no consent, waiver or ratification may be given
or action taken, which would be inconsistent with or violate any provision of
this Indenture, the Notes, the Guarantees or the Collateral Documents.  The Trustee shall notify the applicable
Collateral Agent of a Default or an Event of Default upon obtaining knowledge
thereof.

 

 

SECTION 15.03  
RELEASE OF COLLATERAL.

 

(a)           So
long as no Default or Event of Default shall have occurred and be continuing,
the Company will be entitled, from time to time, to request the Trustee to give
notice to the applicable Collateral Agent directing such Collateral Agent to
cause the release of all or a portion of the Collateral from the Collateral Pledge
in accordance with the following terms hereof; provided, however,
that (x) such request to the Trustee must be in writing and accompanied by
an Officers’ Certificate and an Opinion of Counsel in English (which may be
Mexican counsel to the Company) stating that such release is permitted by this
Indenture and the applicable Collateral Document and (y) the applicable
conditions set forth in this Section 15.03 are met.  The Company shall, as promptly as practicable after such release
pursuant to this Section 15.03 give notice thereof to Holders of the Notes in
the manner provided under Section 1.05 hereof. 
Upon receipt of such Officers’ Certificate and Opinion of Counsel, the
Trustee will direct the Collateral Agent to execute, deliver and acknowledge
any necessary or proper instruments of release to evidence the release of any
Collateral permitted to be released pursuant to this Indenture and the
Collateral Documents.

 

(i)            Releases in
connection with Asset Dispositions and Qualifying Dispositions.   In connection with an Asset Disposition or
a Qualifying Disposition with respect to assets or securities that constitute
Collateral, the Company may request the Trustee to direct the applicable
Collateral Agent to release from the Collateral Pledge the assets or securities
to be sold in such disposition; provided that (A) the Company shall have
delivered to the Trustee, in form and substance satisfactory to it and its
counsel, the Officers’ Certificate and Opinion of Counsel required by Section
15.03(a) and an Opinion of Counsel to the effect that the Notes, the
Guarantees, this Indenture and the Collateral Documents will be secured by a
first priority security interest in the Net Cash Proceeds and the non-cash
proceeds of such Asset Disposition or Qualifying Disposition, and (B)
simultaneously with such release, the Company shall cause such Net Cash
Proceeds to be paid in U.S. Dollars directly into the cash collateral account
as set forth in the U.S. Pledge and General Security Agreement and the non-cash
proceeds are delivered to the applicable Collateral Agent under the Collateral
Documents.

 

(ii)           Releases of Net
Cash Proceeds and VAT Cash Proceeds. 
In connection with any application of Net Cash Proceeds or VAT Cash
Proceeds or any Excess Proceeds Offer pursuant to Section 5.18 following an
Asset Disposition or a Qualifying Disposition, the Company may request the
Trustee to direct the applicable Collateral Agent to release from the
Collateral Pledge the Net Cash Proceeds or VAT Cash Proceeds, as the case may be;
provided that the 

 

113

 

Company shall
have delivered to the Trustee, in form and substance satisfactory to it and its
counsel, the Officers’ Certificate and Opinion of Counsel required by Section
15.03(a).

 

(iii)          Releases of Cash
Held in Cash Collateral Account. 
Upon the cure of any Default or Event of Default as described in clause
(i) of Section 15.01(g) and provided that no other Default or Event of
Default shall have occurred and be continuing, any cash deposited in a
collateral account pursuant to such clause (i) shall be delivered to the
Company and the Lien thereon shall be released.  In addition, to the extent that the Company makes an Excess
Proceeds Offer pursuant to Section 5.18 and the amount required to be paid
pursuant to such Excess Proceeds Offer is less than the amount of cash in the
collateral account, and provided no Default or Event of Default shall have
occurred and be continuing, all cash not applied pursuant to such Excess
Proceeds Offer shall, immediately following the settlement of such Excess
Proceeds Offer, be delivered to the Company and the Lien thereon shall be
released.  In connection with any
release pursuant to this clause (iii), the Company shall have delivered to the
Trustee, in form and substance satisfactory to it and its counsel, the
Officers’ Certificate and Opinion of Counsel required by clause (a) of this
Section 15.03.

 

Notwithstanding
the foregoing, any Net Cash Proceeds resulting from a Qualifying Disposition
shall be subject to any rights of the holders of the certificates under the
Receivables Securitization Facility as provided in Section 5.18(b), provided
the Net Cash Proceeds payable to such holders of certificates shall be the
lesser of (x) the outstanding amount of such certificates and (y) the
Net Cash Proceeds attributable to the portion of the Capital Stock of TMM
Multimodal that has been pledged to secure the obligations of the Company and
the Restricted Subsidiaries under the Receivables Securitization Facility.

 

(b)             The release of any Collateral from the
Collateral Pledge or the release of, in whole or in part, the Liens created by
the Collateral Documents, or the termination of the Collateral Documents, will
not be deemed to impair the Liens on the Collateral in contravention of the
provisions hereof if and to the extent that the Liens on Collateral are
released, or the Collateral Documents are terminated, pursuant to this Section
15.03 and the applicable Collateral Documents. 
The Trustee and each of the Holders acknowledge that a release of
Collateral or a Lien in accordance with the terms of this Section 15.03 and the
Collateral Documents will not be deemed for any purpose to be an impairment of
the Lien on the Collateral in contravention of the terms of this
Indenture.  To the extent applicable,
the Company, the Guarantors and each other obligor on the Notes shall cause
Section 314(d) of the Trust Indenture Act relating to the release of
property or securities from the Lien hereof and of the Collateral Documents to
be complied with. Any certificate or opinion required by Section 314(d) of
the Trust Indenture Act may be made by an officer of the Company, except in
cases which Section 314(d) of the Trust Indenture Act requires that such
certificate or opinion be made by an independent Person, in which case such
independent Person shall be selected by the Company.  In releasing any Collateral pursuant to the terms of this
Indenture, including the provisions of this Section 15.03, or any
Collateral Document, the Trustee shall be entitled to receive, and shall be
fully protected in relying upon, in addition to the documents required by this
Section 15.03, an Officers’ Certificate certifying that 

 

114

 

such release is authorized or permitted by this Indenture and the
Collateral Documents and that all conditions precedent, if any, to such release
have been satisfied.

 

SECTION 15.04   REMEDIES UPON
ACCELERATION.  Upon the
occurrence and during the continuance of an Event of Default and after the
acceleration of the principal amount of the Notes pursuant to Section 6.03
(so long as such acceleration has not been rescinded), the Trustee shall
deliver an appropriate Notice of Sale to the applicable Collateral Agent with a
copy to the Company, in accordance with Section 6.03 hereof.  Thereafter, the Trustee shall take specific
action in accordance with the directions of the Holders of not less than a
majority in principal amount of the Outstanding Notes, subject to the terms set
forth herein and in accordance with applicable law.  In the event that Holders of not less than a majority in
principal amount of the Outstanding Notes fail, within 30 days of a request for
direction by the Trustee, to direct the Trustee to take specific action
hereunder or under the applicable Collateral Documents, the Trustee may retain
an investment banker, broker/dealer, or other expert as the Trustee may
determine, and subject to Sections 7.01 and 7.02, the advice of such
investment banker, broker/dealer or other expert shall be full and complete
authorization and protection in respect of any action taken, suffered or
omitted by the Trustee hereunder, or as agent of the applicable Collateral
Agent under the applicable Collateral Documents, in good faith and in reliance
thereon; provided
that such investment banker, broker/dealer or other expert was selected by the
Trustee with due care.  Upon the receipt
of any Notice of Sale, the Company shall promptly inform the Trustee whether
any of the Collateral is subject to a right of first refusal or other similar
restriction.

 

SECTION 15.05   FURTHER ASSURANCES AND SECURITY.  The
Company and the Guarantors will execute, acknowledge and deliver to the
Trustee, at the Company’s and/or such Guarantors’ expense, at any time and from
time to time such further assignments, transfers, assurances or other
instruments as may be reasonably required by the Trustee, to assure and confirm
to the Trustee, in its capacity as Collateral Agent, the Liens in the Collateral
contemplated hereby and by the Collateral Documents, all to the extent
contemplated hereby and by the Collateral Documents.

 

SECTION 15.06   OPINIONS AS TO RECORDING.

 

(a)           Each
of the Company and the Guarantors represents that it has caused or will promptly
cause to be executed and delivered, filed and recorded and covenants that it
will promptly cause to be executed and delivered and filed and recorded, all
instruments and documents, and represents that it has done and will do or will
cause to be done all such acts and other things, at the Company’s or the
Guarantors’ expense, as applicable, as are necessary to subject the applicable
Collateral to valid Liens and to perfect those Liens to the extent contemplated
hereby and by the Collateral Documents.

 

(b)           The
Company and the Guarantors shall furnish to the Trustee and the Collateral
Agent promptly after the execution and delivery of this Indenture, Opinions of
Counsel of United States and Mexican counsel either (i) stating that in
the opinions of such counsel all action has been taken with respect to the
recording, registering and filing of this Indenture, financing statements or
other instruments or otherwise necessary to make effective the Liens intended
to be created by the Collateral Documents and reciting the details of such
action, 

 

115

 

or (ii) stating that, in the opinions of such counsel, no such action
is necessary to make such Lien effective. 
Such Opinion of Counsel may contain such qualifications, assumptions and
limitations as are customary for such opinions.

 

(c)           The
Company and the Guarantors shall furnish to the Trustee and the Collateral
Agent within three months after each anniversary of the Initial Issuance Date,
Opinions of Counsel of United States and Mexican counsel, dated as of such
date, stating either that (i) in the opinions of such counsel, all action
has been taken with respect to the recording, filing, re-recording, and
refiling of this Indenture and related financing statements, continuation
statements and other instruments and documents as is necessary to maintain the
effectiveness of the Liens intended to be created by the Collateral Documents
and reciting the details of such action or (ii) in the opinions of such
counsel, no such action is necessary to maintain the effectiveness of such
Liens.  Such Opinions of Counsel may
contain such qualifications, assumptions and limitations as are customary for
such opinions.

 

(d)           The
Company and the Guarantors shall otherwise comply with the provisions of
Section 314(b) and, as applicable Sections 314(c), (d) and (e) of the
Trust Indenture Act.

 

SECTION 15.07   LIMITATION ON DUTY OF TRUSTEE IN RESPECT OF THE COLLATERAL PLEDGE.

 

(a)           Beyond
the exercise of reasonable care in the custody thereof, the Trustee shall have
no duty as to any property in the Collateral Pledge under the Collateral
Documents in its possession or control or in the possession or control of any
agent or bailee or any income thereon or as to preservation of rights against prior
parties or any other rights pertaining thereto and the Trustee shall not be
responsible for filing any financing or continuation statements or recording
any documents or instruments in any public office at any time or times or
otherwise perfecting or maintaining the perfection of any security interest in
such property.  The Trustee shall be
deemed to have exercised reasonable care in the custody of such property in its
possession if the property is accorded treatment substantially equal to that
which it accords its own property, and shall not be liable or responsible for
any loss or diminution in the value of any of such property by reason of the
act or omission of any carrier, forwarding agency or other agent or bailee
selected by the Trustee with due care and in good faith.

 

(b)           The
Trustee shall not be responsible for the existence, genuineness or value of any
such property or for the validity, perfection, priority or enforceability of
the Liens in any of the property, whether impaired by operation of law or by
reason of any action or omission to act on its part hereunder, except to the
extent such action or omission constitutes negligence, bad faith or willful
misconduct on the part of the Trustee, for the validity or sufficiency of such
property or any agreement or assignment contained therein, for the validity of
the title of the Company or any Guarantor to such property, for insuring such
property or for the payment of taxes, charges, assessments or Liens upon such
property or otherwise as to the maintenance of such property.  The Trustee shall have no duty to inquire as
to the performance or observance of any of the terms of this Indenture or any
of the Collateral Documents by the Company, any Guarantor or the applicable
Collateral Agent.

 

116

 

(c)           Except
as set forth in the Collateral Documents, the Trustee shall have no duty to
exercise any voting rights with respect to the Collateral or otherwise manage,
monitor, supervise or insure the business to which the Collateral relate.

 

(d)           Other
than as contemplated hereunder, the Trustee shall have no duty to act outside
of the United States in respect of any Collateral located in a jurisdiction
other than the United States.

 

SECTION 15.08   AUTHORIZATION OF ACTIONS TO BE TAKEN BY
COLLATERAL AGENT UNDER THE COLLATERAL DOCUMENTS.  The Trustee, in its capacity as
Collateral Agent, may, in its sole discretion and without the consent of the
Holders, on behalf of the Holders, take all actions it deems necessary or
appropriate in order to (i) enforce any of the terms of the Collateral
Documents and (ii) collect and receive any and all amounts payable in
respect of the obligations of the Company and the Guarantors hereunder and
under the Notes, the Guarantees and the Collateral Documents.  The Trustee, in its capacity as Collateral
Agent, shall have the power to institute and to maintain such suits and
proceedings as such Person may deem expedient to prevent any impairment of the
Collateral by any acts that may be unlawful or in violation of the Collateral
Documents or this Indenture, and such suits and proceedings as the Trustee may
deem expedient to preserve or protect its interests and the interests of the
Holders in the Collateral (including power to institute and maintain suits or
proceedings to restrain the enforcement of or compliance with any legislative
or other governmental enactment, rule or order that may be unconstitutional or
otherwise invalid if the enforcement of, or compliance with, such enactment, rule
or order would impair the security interest hereunder or be prejudicial to the
interests of the Holders or of the Trustee).

 

SECTION 15.09   AUTHORIZATION OF RECEIPT
OF FUNDS BY THE TRUSTEE UNDER THE COLLATERAL DOCUMENTS.  The Trustee, in its capacity as
Collateral Agent, is authorized to receive any funds for the benefit of the
Holders distributed under the Collateral Documents, and to make further
distributions of such funds to the Holders according to the provisions of this
Indenture and the Collateral Documents.

 

SECTION
15.10   ASSIGNMENT OF RIGHTS, NOT ASSUMPTION OF
DUTIES.  Anything herein
contained to the contrary notwithstanding, (a) the Company and the Guarantors
shall remain liable under each of the Collateral Documents to the extent set
forth therein to perform all of their duties and obligations thereunder to the
same extent as if this Indenture had not been executed, (b) the exercise by the
Trustee or the Holders of any of their rights, remedies or powers hereunder
shall not release the Company or the Guarantors from any of their duties or
obligations under each of the Collateral Documents and (c) neither the Holders
nor the Trustee shall have any obligation or liability under any of the
Collateral Documents by reason of or arising out of this Indenture, nor shall
the Holders or Trustee be obligated to perform any of the obligations or duties
of the Company or the Guarantors thereunder or, except as expressly provided
herein with respect to the Trustee, to take any action to collect or enforce any
claim for payment assigned hereunder or otherwise.

 

117

 

In Witness Whereof, the parties hereto have caused this
Indenture to be duly executed as of the day and year first above written.

 

 

	
   

  	
  Grupo Tmm, S.A.,

  
	
   

  	
  as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:  Jacinto Marina

  
	
   

  	
   

  	
  Title:  Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Tmm Holdings, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Operadora De Apoyo Logístico, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Compañía Arrendadora Tmm, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

118

 

	
   

  	
  Transportes Marítimos México, S.A.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  División De Negocios Especializados, S.A.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Inmobiliaria Tmm, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Lacto Comercial Organizada, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

119

 

	
   

  	
  Línea Mexicana Tmm, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Naviera Del Pacifico, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Operadora Marítima Tmm, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Operadora Portuaria De Tuxpan, S.A. De
  C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

120

 

	
   

  	
  Personal Marítimo, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Servicios Administrativos De

  Transportación, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Servicios De Logística De México, S.A. De
  C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Servicios En Operaciones Logísticas, S.A.
  De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

121

 

	
   

  	
  Servicios En Puertos Y Terminales, S.A. De
  C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Terminal Marítima De Tuxpan, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Tmg Overseas, S.A.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Tmm Agencias, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

122

 

	
   

  	
  Tmm Logistics, S.A. De C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Transportación Portuaria Terrestre, S.A. De
  C.V.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The Bank Of New York,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

123

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]