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Exhibit 10.29    
    

 
 

ESCROW AGREEMENT    
    

        THIS AGREEMENT (this "Escrow Agreement") is made and entered into
as of January 13, 2004, by and among Grupo TMM, S.A., a corporation (sociedad
anómina) organized under the laws of the United Mexican States (the "Company"), and Wells Fargo Bank, N.A. (the
"Escrow Agent"), in favor of the Supporting Noteholders (as defined below). The Company and the Supporting Noteholders are sometimes referred to herein
as "Parties." 

        For
purposes of this Escrow Agreement, the "Supporting Noteholders" shall mean, as of any date of determination, those holders of Existing
Notes (as defined below) who have executed and delivered the Voting Agreement (as defined below) as an original signatory on or before the date of this Escrow Agreement, together with those additional
holders of Existing Notes who, after the date of this Escrow Agreement but on or before such date of determination, become party to the Voting Agreement and who remain, as of the date of
determination, a party to the Voting Agreement. 

RECITALS:  

        WHEREAS, the Company and the Supporting Noteholders have entered into that certain Voting Agreement, dated as of December 9, 2003 (the
"Voting Agreement"), for purposes of implementing a proposed restructuring (herein, the "Restructuring")
of the 91/2% Notes due 2003 having an aggregate principal amount outstanding of $176,875,000 (the "2003 Notes") and 101/4%
Senior Notes due 2006 having an aggregate principal amount outstanding of $200,000,000 (the "2006 Notes" and, collectively with the 2003 Notes, the
"Existing Notes") issued by the Company, substantially as set forth in that certain Term Sheet, annexed as Annex "A" thereto (the
"Term Sheet"); 

        WHEREAS,
pursuant to the Voting Agreement and Term Sheet, the Company has agreed, subject to the terms and conditions stated therein, (i) to issue to each Supporting Noteholder
who has not, at the time, committed an uncured Noteholder Breach under the terms of the Voting Agreement (an "Eligible Holder"), its  pro rata share
based on its respective claim amount of Existing Notes (inclusive of interest accruals to, but not beyond, December 24, 2003) of
new Senior Secured Notes due 2007 having an original principal amount of $21,094,605 (the "Additional New Notes") and (ii) to deposit in escrow
the Additional New Notes, together with the indenture governing the Additional New Notes (the "Additional New Notes Indenture") and the Mercantile Stock
Pledge Agreement, dated as of the date hereof, securing the Additional New Notes, together with the share certificates constituting the collateral thereunder (the "Additional
New Notes Pledge Agreement"), in each case duly executed and delivered (and duly authenticated with respect to the Additional New Notes) by each of the parties thereto (the
Additional New Notes, Additional New Notes Indenture and Additional New Notes Pledge Agreement, together with the share certificates constituting the collateral thereunder, being referred to herein
collectively as the "Escrowed Documents"); 

        WHEREAS,
the conditions precedent to the deposit in escrow of the Escrowed Documents by the Company have been satisfied; and 

        WHEREAS,
the Escrow Agent is willing to serve as escrow agent pursuant to the terms and conditions hereinafter set forth. 

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        NOW,
THEREFORE, in consideration of the premises and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by each party hereto, it is hereby agreed by and among the Parties and the Escrow Agent as follows: 

1.     Escrow Deposit.  

        (a)   Simultaneously
with the execution hereof, the Company has deposited with the Escrow Agent the Escrowed Documents, to be held and released pursuant to the terms and
conditions of this Escrow Agreement. It is agreed and acknowledged by the Parties that the deposit of the Escrowed Documents, in the form deposited with the Escrow Agent under this Escrow Agreement,
will be deemed to have satisfied the requirements of Section 30 of the Voting Agreement with respect to the deposit of the Escrowed Documents. 

        (b)   Simultaneously
with the execution hereof, the Company has submitted a list of the names and addresses of the Supporting Noteholders who have signed the Voting Agreement,
to the extent such information has been made available to the Company. After the date of this Escrow Agreement, the Company will promptly forward the names and addresses of those additional Supporting
Noteholders who become party to the Voting Agreement to the extent such information is made available to the Company. 

        (c)   Until
such time as the Additional New Notes are released pursuant to this Escrow Agreement, no Supporting Noteholder shall have any interest in or to the Additional New
Notes or the other Escrowed Documents. The provisions of the Additional New Notes Indenture, the Additional New Notes and the other Escrowed Documents shall not become effective or enforceable until
the date such Additional New Notes Indenture, the Additional New Notes and the other Escrowed Documents are released pursuant to Section 2 of this Escrow Agreement. 

2.     Release of Escrowed Documents.  

        (a)   The
Escrow Agent shall release the Escrowed Documents as follows: 

          (i)  upon
receipt by the Escrow Agent of a notice (a "Demand Notice"): 

        (A)  given
by the Required Noteholders (as defined below), stating that the Supporting Noteholders are entitled to receipt of the Escrowed Documents in accordance with the
provisions of the Voting Agreement and stating the reasons therefor, or 

        (B)  given
by the Company, stating that the Company is entitled to receipt of the Escrowed Documents in accordance with the provisions of the Voting Agreement and stating the
reasons therefor; 

the
Escrow Agent shall promptly give a copy of the Demand Notice to the other of the Company or the Supporting Noteholders, as the case may be (the "Other
Party"). If the Escrow Agent does not receive, within five (5) Business Days after giving the copy of the Demand Notice to the Other Party, a written notice of objection
(an "Objection") from the Other Party, or if the Escrow Agent shall within such period receive a written consent of the Other Party to the release
requested in the Demand Notice, then the Escrow Agent shall deliver the Escrowed Documents in accordance with the Demand Notice. If the Other Party is the Supporting Noteholders, any Objection or
written consent shall be given by the Required Noteholders. If the Escrow Agent does receive an Objection within such five (5) Business Day period, then the Escrow Agent shall continue to hold
the Escrowed Documents until otherwise authorized and directed pursuant to clauses (ii) or (iii) below; 

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         (ii)  upon
receipt by the Escrow Agent of a joint written instruction given by the Company and the Required Noteholders (the "Joint
Instructions"), in which event the Escrow Agent shall deliver the Escrowed Documents in accordance with the terms of the Joint Instructions; or 

        (iii)  upon
receipt by the Escrow Agent of a final and non-appealable judgment, order, decree or award of an Applicable Court (as defined in
Section 7(e))(a "Court Order"), in which event the Escrow Agent shall deliver the Escrowed Documents in accordance with the Court Order. Any such
Court Order shall be accompanied by an opinion of U.S. counsel for the Party presenting such Court Order, in form and substance satisfactory to the Escrow Agent, to the effect that such court has
competent jurisdiction and that such Court Order is final and non-appealable. 

3.     Duties and Responsibilities of Escrow Agent.  

        (a)   The
Escrow Agent (i) shall not be responsible for or bound by, and shall not be required to inquire into whether any Party is entitled to receive the Escrowed
Documents pursuant to the Voting Agreement, but shall be obligated only for the performance of such duties as are specifically set forth in this Escrow Agreement, (ii) may conclusively rely on
and shall be protected in acting or refraining from acting upon any written notice, instruction, instrument, statement, request or document furnished to it hereunder and believed by it in good faith
to be genuine and to have been signed or presented by the proper person, and shall have no responsibility for determining the accuracy thereof, and (iii) may consult counsel satisfactory to it,
and an opinion of such 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 accordance with such
opinion of such counsel. 

        (b)   The
Company shall indemnify and hold harmless the Escrow Agent and any of its employees for any action taken or omitted to be taken by the Escrow Agent or any of the
Escrow Agent's employees hereunder, except in the case of gross negligence or willful misconduct in its capacity as escrow agent under this Escrow Agreement. The indemnities set forth in this
Section 30 shall survive the resignation or removal of the Escrow Agent or the termination of this Escrow Agreement. 

        (c)   The
Company shall pay the Escrow Agent's (i) fees and expenses and (ii) reasonable compensation for acting as escrow agent hereunder as the Company and the
Escrow Agent shall agree to in writing. 

        (d)   The
Escrow Agent may at any time resign as escrow agent hereunder by giving thirty (30) days' prior written notice of resignation to each of the Parties. Prior to
the effective date of the resignation as specified in such notice, each of the Parties will issue to the Escrow Agent a Joint Instruction authorizing delivery of the Escrowed Documents to a substitute
escrow agent selected by the Parties. If no successor escrow agent is named by the Parties, the Escrow Agent may apply to an Applicable Court for appointment of a successor escrow agent. 

        (e)   The
Escrow Agent does not have and will not have any interest in the Escrowed Documents, but is serving only as escrow holder, having only possession thereof. 

        (f)    The
Escrow Agent shall not be required to inquire into the propriety of the Escrowed Documents deposited hereunder nor shall the Escrow Agent be required to investigate
any other matter or arrangement by and among the Parties. 

        (g)   In
no event shall the Escrow Agent be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused
by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 

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        (h)   This
Escrow Agreement sets forth exclusively the duties of the Escrow Agent with respect to any and all matters pertinent thereto and no implied duties or obligations
shall be read into this Escrow Agreement. 

4.     Dispute Resolution.  

        It is understood and agreed that if any dispute shall arise with respect to the delivery, ownership, right of possession or disposition of the Escrowed Documents
or if the Escrow Agent shall in good faith be uncertain as to its duties or rights hereunder, the Escrow Agent shall be authorized, without liability to anyone, to (a) refrain from taking any
action other than to continue to hold the Escrowed Documents pending receipt of Joint Instructions pursuant to Section 0 or a Court Order and accompanying opinion of U.S. counsel pursuant to
Section 0, or (b) deposit the Escrowed Documents with an Applicable Court, in which event the Escrow Agent shall give written notice thereof to each of the Parties and thereupon the
Escrow Agent shall be relieved and discharged from all further obligations pursuant to this Escrow Agreement. The Escrow Agent may, but shall be under no duty whatsoever to, institute or defend any
legal proceedings which relate to the Escrowed Documents. The Escrow Agent shall have the right to retain counsel in case it becomes involved in any disagreement, dispute or litigation on account of
this Escrow Agreement or otherwise determines that it is necessary to consult counsel. 

5.     Additional Provisions.  

        (a)   In
the event the Escrowed Documents are released from escrow to the Supporting Noteholders pursuant to this Escrow Agreement, the Additional New Notes shall be
distributed to the Eligible Holders, pro rata, based on the respective claim amount of the Existing Notes held by the Eligible Holders. In addition, the
Additional New Notes Indenture and the Additional New Notes Pledge Agreement shall be deemed to be effective upon such release and the Eligible Holders shall have the right to record and file the
Additional New Notes Pledge Agreement (or financing statements or similar notices evidencing the security interests created hereby) in any appropriate recording or filing office and to advise the
indenture trustee, the collateral agent(s) and any other third parties affected thereby of the effectiveness thereof. The Company covenants and agrees to execute and deliver all further documents and
agreements and take all further action that may be reasonably necessary or desirable, or that the Supporting Noteholders may reasonably request, in order to enforce and effectively implement the terms
and conditions of this Section 50. 

        (b)   In
the event the Restructuring is consummated and the Eligible Holders are entitled to receive the Escrowed Documents, then, in lieu of releasing the Escrowed Documents
to the Eligible Holders, (i) the Escrowed Documents (other than the share certificates) shall be cancelled, (ii) the principal amount of the Additional New Notes shall be added to the
principal amount of the New Notes to be issued by the Company in connection with the Restructuring (and shall be distributed to the holders of Existing Notes in accordance with the terms of the
Restructuring), and (iii) the entire principal amount of the New Notes shall be governed by the New Notes Indenture and secured by the Collateral Documents (as such term is defined in the New
Notes Indenture) executed and delivered in connection with the consummation of the Restructuring. In such event, the Company shall cause the assets pledged under the Additional New Notes Pledge
Agreement to be pledged pursuant to the Collateral Documents securing the New Notes. Upon the issuance of the New Notes in such principal amount and the consummation of the Restructuring, the Escrowed
Documents shall be released to the Company, upon which the Company shall no longer be bound by the terms thereof. In such event, the Additional New Notes, the Additional New Notes Indenture and the
Additional New Notes Pledge Agreement shall be void ab initio and any pledge created thereby shall be cancelled. 

        (c)   The
Company shall, and shall cause the Pledgors to, (i) deliver to the Escrow Agent within thirty (30) days after the date hereof, each of the original
share certificates for the Joint Venture 

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Companies
and a certificate issued by the Secretary of the Board of Directors of each of such Issuing Companies evidencing that the pledge of such shares has been duly registered in the share registry
book of each of such Issuing Companies, as provided in Clause Second (a)(i) and (ii), respectively, of the Additional New Notes Pledge Agreement, (ii) use its and their commercially
reasonable best efforts to obtain the corresponding consent to create the pledge under the Additional New Notes Pledge Agreement from the other shareholders of each of the Joint Venture Companies and
to deliver evidence thereof to the Escrow Agent within thirty (30) days after the date hereof and (iii) deliver to the Escrow Agent within thirty (30) days after the date hereof,
each of the original share certificates for Agencia Marítima Grancolombiana, S.A., Granportuaria, S.A. and Terminal de Contenedores de Cartagena, S.A. and a certificate issued by the
Secretary of the Board of Directors of each of such Issuing Companies evidencing that the pledge of such shares has been duly registered in the share registry book of each of such Issuing Companies
(or otherwise duly perfected). The Parties agree to update Annex "A" to the Additional New Notes Pledge Agreement to reflect the delivery of such original share certificates and other documents and to
provide a copy of such updated Annex "A" to the Escrow Agent at the time such original share certificates and other documents are delivered to the Escrow Agent. The Company also shall, and shall cause
the Pledgors to, execute (before a notary public) and deliver to the Escrow Agent the respective Powers of Attorney in the form attached as Annex "D" to the Additional New Notes Pledge Agreement
within ten (10) days after the date hereof. A default by the Company under this Section 5(c) shall be deemed a Company Default for purposes of Section 30 of the Voting Agreement.
Capitalized terms used in this Section 5(c) that are not otherwise defined herein shall have the meanings ascribed to such terms in the Additional New Notes Pledge Agreement. Copies of such
share certificates, Secretary's certificates, evidence of consents and Powers of Attorney shall be sent simultaneously to the counsel for the Supporting Noteholders. 

        (d)   The
provisions of Section 5(a), (b) and (c) are for the benefit of the Parties and are not binding on the Escrow Agent. 

        (e)   In
the event that either (i) the Escrowed Documents shall be cancelled in accordance with Section 5(b) or (ii) the Escrowed Documents shall be duly
released to the Company in accordance with Section 2 and cancelled by the Company, the Escrow Agent, in its capacity as pledgee under the Additional New Notes Pledge Agreement and as trustee
under the Additional New Notes Indenture, shall execute and deliver such documents and instruments as the Company may reasonably request to evidence the termination of the Escrowed Documents and the
cancellation of any pledge created thereby. 

6.     Notices.  

        All notices, requests, demands, claims and other communications hereunder shall be in writing in English and shall be (a) transmitted by hand delivery, or
(b) mailed by first class, registered or certified mail, postage prepaid, or (c) transmitted by overnight courier, or (d) transmitted by telecopy, and in each case, if to the
Company, at the address set forth below: 

	 	 	Grupo TMM, S.A.

Av. De la Cúspide #4755

Col. Parques del Pedregal

C.P. 14010 Mexico, D.F.
	 	 	Telephone:	011-5255-5629-8866
	 	 	Fax:	011-5255-5666-1486
	 	 	Attention:	Mr. Juan Fernández

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with
a copy (which shall not constitute notice) to: 

	 	 	Milbank, Tweed, Hadley & McCloy LLP

1 Chase Manhattan Plaza

New York, NY 10005
	 	 	Telephone:	212-530-5000
	 	 	Fax:	212-530-5219
	 	 	Attention:	Luc A. Despins, Esq.

Thomas C. Janson, Esq.

if
to a Supporting Noteholder, to the address set forth for such Supporting Noteholder as provided by the Company to the Escrow Agent, to the extent such address has been made available to the
Company, provided, however, that notice to such Supporting Noteholder shall not be valid unless a copy of such notice is also at the same time delivered to: 

	 	 	Akin Gump Strauss Hauer & Feld LLP

590 Madison Avenue

New York, NY 10022
	 	 	Telephone:	212-872-1000
	 	 	Fax:	212-872-1002
	 	 	Attention:	Michael S. Stamer, Esq.

Steven H. Scheinman, Esq.

        In
the case of the Escrow Agent: 

	 	 	Wells Fargo Bank, N.A.

Sixth Street and Marquette Avenue, N9303-120

Minneapolis, MN 55479
	 	 	Telephone:	612-316-1445
	 	 	Fax:	612-667-9825
	 	 	Attention:	Timothy P. Mowdy, Assistant Vice President

        Notices
mailed or transmitted in accordance with the foregoing shall be deemed to have been given upon receipt. Notices by the Supporting Noteholders may be given by the counsel to the
Supporting Noteholders. In addition, a copy of any notice given by any Party to the Escrow Agent in connection with this Escrow Agreement shall simultaneously be given to the other Parties in the
manner set forth above. 

7.     Miscellaneous.  

        (a)    Amendments.    Except as otherwise expressly provided in this Escrow Agreement, this Escrow Agreement shall not
be amended, modified or supplemented, nor may any term or condition hereof be waived (either generally or in a particular instance and either retroactively or prospectively), except in writing signed
by the Company and Supporting Noteholders holding, beneficially or of record, at least 51% in aggregate principal amount of the Existing Notes held by all Supporting Noteholders (as determined at such
time, the "Required Noteholders"); provided, however, that neither this Escrow Agreement nor any term or condition hereof may be amended, modified,
supplemented or waived in any manner that is materially adverse to any Supporting Noteholder without the consent of such Supporting Noteholder. The duties of the Escrow Agent under this Escrow
Agreement may not be altered, amended, modified or revoked except by an instrument in writing executed by the Escrow Agent and each of the Parties. 

        (b)    No Waiver.    Each of the signatories to this Escrow Agreement expressly acknowledges and agrees that, except
as expressly provided in this Escrow Agreement, nothing in this Escrow Agreement is intended to, or does, in any manner waive, limit, impair or restrict the ability of any party to this 

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Escrow
Agreement to protect and preserve all of its rights, remedies and interests, including, without limitation, with respect to its claims against and interests in the Company. The waiver by any
party hereto of a breach of any provision of this Escrow Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach.
No failure on the part of any party hereto to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of
such right, power or remedy by any party hereto preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

        (c)    Complete Agreement.    This Escrow Agreement constitutes the complete agreement between the parties to this
Escrow Agreement with respect to the subject matter hereof and supersedes all prior and contemporaneous negotiations, agreements and understandings, written or oral, with respect to the subject matter
hereof. The provisions of this Escrow Agreement shall be interpreted in a reasonable manner to effect the intent of the parties to this Escrow Agreement. 

        (d)    Governing Law.    This Escrow Agreement, including the validity hereof and the rights and obligations of the
parties hereunder, and all amendments and supplements hereof and all waivers and consents hereunder, shall be construed in accordance with and governed by the domestic substantive laws of the State of
New York without giving effect to any choice of law or conflicts of law provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. The parties
hereto further hereby waive any right to a trial by jury with respect to any lawsuit or judicial proceeding against the Escrow Agent arising or relating to this Escrow Agreement. 

        (e)    Jurisdiction.    By its execution and delivery of this Escrow Agreement, each of the signatories to this Escrow
Agreement irrevocably and unconditionally agrees that any legal action, suit or proceeding against it with respect to any matter under or arising out of or in connection with this Escrow Agreement or
for recognition or enforcement of any judgment rendered in any such action, suit or proceeding, shall be brought exclusively (a) if the Company has commenced a case under Chapter 11 of
the Bankruptcy Code, in the United States Bankruptcy Court in which such case is pending or (b) in a federal or state court of competent jurisdiction in the State of New York if the Company has
not commenced a case under Chapter 11 of the Bankruptcy Code (as the case may be, an "Applicable Court"). The signatories to this Escrow
Agreement hereby consent to the exclusive jurisdiction and venue of such courts and hereby agree not to object or contest the jurisdiction or venue of any such court. 

        (f)    Consent to Service of Process.    Each party to this Escrow Agreement irrevocably consents to service of
process with respect to any action, suit or proceeding against it with respect to any matter under or arising out of or in connection with this Escrow Agreement by certified mail, return receipt
requested,
at the address listed with the signature of each such party on the signature pages to this Escrow Agreement, to the maximum extent permitted by applicable law. Each party agrees that its submission to
jurisdiction and consent to service of process by mail is made for the express benefit of each of the other parties to this Escrow Agreement or the Voting Agreement, as the case may be. The Company
hereby appoints CT Corporation System, with offices at 111 Eighth Avenue, New York, New York 10019 as its authorized agent upon which process may be served in any such action, suit or proceeding, and
represents that it has granted a power of attorney authorizing the appointment of CT Corporation System as its authorized agent for service of process. 

        (g)    Specific Performance.    It is understood and agreed by each of the signatories to this Escrow Agreement that
money damages may not be a sufficient remedy for any breach of this Escrow Agreement by any party and each non-breaching party shall be entitled to seek in an Applicable Court specific
performance, injunctive, rescissionary or other equitable relief as remedy for any such breach. 

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        (h)    Headings and Captions.    The headings and captions of the sections, paragraphs and subsections of this Escrow
Agreement are inserted for convenience only and shall not affect the interpretation hereof. 

        (i)    Successors and Assigns; Several Liability.    This Escrow Agreement is intended to bind and inure to the
benefit of the parties to this Escrow Agreement and their respective successors, permitted assigns, heirs, executors, administrators and representatives. The agreements, representations, warranties,
covenants and obligations of the undersigned parties under this Escrow Agreement are, in all respects, several and not joint. 

        (j)    Counterparts.    This Escrow Agreement may be executed in one or more counterparts, each of which shall be
deemed an original and all of which shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page by telecopy shall be effective as delivery of a manually
executed counterpart. 

        (k)    Third-Party Beneficiaries.    It is expressly understood and agreed that the Supporting Noteholders are and
shall be third party beneficiaries of this Escrow Agreement and shall have the right to enforce the provisions of this Escrow Agreement with the same effect as if such Supporting Noteholders were
signatories hereto. Except as expressly stated in this Escrow Agreement, this Escrow Agreement shall be solely for the benefit of the parties to this Escrow Agreement, and no other Person shall be a
third-party beneficiary hereof. 

        (l)    Severability.    If any provisions of this Escrow Agreement as applied to any party hereto or to any
circumstance shall be adjudged by a court to be invalid or unenforceable, the same shall in no way affect any other provision of this Escrow Agreement, the application of such provision in any other
circumstances or the validity or enforceability of this Escrow Agreement. 

        (m)    Interpretation.    This Escrow Agreement shall be construed reasonably to carry out its intent without
presumption against or in favor of any party hereto. 

        (n)    Attorneys' Fees.    If any action at law or in equity is necessary to enforce or interpret the terms of this
Escrow Agreement against any of the Parties, the prevailing Party shall be entitled to reasonable attorneys' fees, costs and disbursements in addition to any other relief to which such Party may be
entitled. 

        (o)    Judgments.    The Escrow Agent is hereby expressly authorized to comply with and obey any Court Order (as
defined in Section 2(a)(iii)). In case the Escrow Agent obeys or complies with any such Court Order, the Escrow Agent shall not be liable to any of the Parties or to any other person, firm,
corporation or entity by reason of such compliance, notwithstanding that any such Court Order may be subsequently reversed, modified, annulled, set aside, vacated or found to have been entered into
without jurisdiction. 

        (p)    Termination of Escrow.    This Escrow Agreement shall terminate and the Escrow Agent shall have no further
duties hereunder upon the release of all of the Escrowed Documents in accordance with the terms of this Escrow Agreement. 

        (q)    Business Days.    As used herein "Business
Days" shall mean any day other than a Saturday, Sunday or any day which is a legal holiday or a day on which banking institutions in New York, New York
are authorized or obligated by law or governmental action to close. 

        (r)    Certain References.    Whenever the context may require, any pronoun used in this Escrow Agreement shall
include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. The terms "herein", "hereof" or "hereunder"
or similar terms as used in this Escrow Agreement refer to this entire Escrow Agreement and not to the particular provision in which the term is used. Unless otherwise stated, all references 

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herein
to Sections, subsections or other provisions are references to Sections, subsections or other provisions of this Escrow Agreement. 

        IN WITNESS WHEREOF, the parties hereto have executed this Escrow Agreement as of the date first above written. 

	 	 	GRUPO TMM, S.A.
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	

 	
 	

By:	
 	

 	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

 	
 	

Address:	
 	

Avenida de la Cúspide #4755

Col. Parques del Pedregal

C.P. 14010 Mexico, D.F.
	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, N.A.
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	

 	
 	

By:	
 	

 	
 	

 
	 	 	 	 	
 Name:

Title:
	

 	
 	

 	
 	

Address:	
 	

Wells Fargo Bank, N.A.

Sixth Street and Marquette Avenue

N9303-120

Minneapolis, MN 55479

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Exhibit 10.29

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Exhibit 10.30    
    

CONTRATO
DE PRENDA MERCANTIL SOBRE ACCIONES (EL "CONTRATO") QUE CELEBRAN, POR UNA PARTE, TODAS Y CADA UNA DE LAS SOCIEDADES LISTADAS EN EL  ANEXO "A" DEL PRESENTE
CONTRATO (LAS "SUBSIDIARIAS"), EN SU CARÁCTER DE GARANTES
PRENDARIOS, REPRESENTADAS EN ESTE ACTO POR LAS PERSONAS QUE SE SEÑALAN EN EL MISMO ANEXO, RESPECTIVAMENTE, GRUPO TMM, S.A. (INDIVIDUALMENTE LA
"COMPAÑÍA", Y JUNTO CON LAS SUBSIDIARIAS, CONJUNTAMENTE LOS "GARANTES
PRENDARIOS"), REPRESENTADA EN ESTE ACTO POR EL INGENIERO JOSÉ FRANCISCO SERRANO SEGOVIA Y WELLS FARGO BANK, N.A. (INDISTINTAMENTE EL
"ACREEDOR PRENDARIO" O EL "INDENTURE TRUSTEE"), EN SU CARÁCTER DE ACREEDOR PRENDARIO,
REPRESENTADO EN ESTE ACTO POR TIMOTHY P. MOWDY, AL TENOR DE LOS SIGUIENTES ANTECEDENTES, DECLARACIONES Y CLÁUSULAS: 

ANTECEDENTES  

        1.     La
Compañía ha realizado la emisión de sus bonos "senior" garantizados con
vencimiento en 2007 por un monto de EUA$21,094,605 (veintiún millones noventa y cuatro mil seiscientos cinco dólares, moneda de los Estados Unidos de
América ("Dólares")) (los "Bonos Nuevos Adicionales"), dichos bonos
están regulados por un contrato de "indenture" celebrado con esta misma fecha por la Compañía, los Garantes
y el Acreedor Prendario (el "Indenture de los Bonos Nuevos Adicionales"), una copia del mismo en inglés se acompaña a este
Contrato como Anexo "B", el cual será traducido al español en términos de la Cláusula
Décima Quinta del presente Contrato, y los Garantes han otorgado una garantía sobre todas las obligaciones de la Compañía derivadas de los
Bonos Nuevos Adicionales, del Indenture de los Bonos Nuevos Adicionales, o de este Contrato. 

        2.     De
conformidad con los términos del Indenture de los Bonos Nuevos Adicionales, los Garantes Prendarios tienen la obligación de otorgar un
prenda sobre los Activos en Garantía (como dicho término se define más adelante) para garantizar las obligaciones de la
Compañía y de los Garantes bajo los Bonos Nuevos Adicionales, el Indenture de los Bonos Nuevos Adicionales, y este Contrato (las "Obligaciones
Garantizadas"). 

        3.     Los
términos utilizados con mayúscula inicial en el texto de este Contrato que no se definan de otra forma, tendrán el
significado que se les otorga en el Indenture de los Bonos Nuevos Adicionales. 

DECLARACIONES  

        I.     La
Compañía y cada una de las Subsidiarias, a través de su respectivo representante, conjunta e individualmente declara al
resto de las partes al presente Contrato que: 

        I.1.  Es
una persona moral debidamente constituida y existente de conformidad con las leyes de los Estados Unidos Mexicanos, excepto por TMG Overseas, S.A. que es una persona
moral debidamente constituida y existente de conformidad con las leyes de Panamá. 

        I.2.  Su
representante cuenta con las facultades necesarias para la celebración del presente Contrato, mismas que a la fecha no le han sido revocadas,
modificadas, ni limitadas en forma alguna, tal como lo acredita con la copia certificada de la escritura pública que contiene sus facultades, y que se agrega al presente Contrato como
parte integrante del mismo como Anexo "C". 

        I.3.  (i) Es
la única y legítima propietaria de las acciones que se describen en el Anexo
"A" del presente Contrato, en las proporciones y porcentajes que se señalan en dicho Anexo (las "Acciones"),
(ii) dichas Acciones en Prenda: (a) son de su propiedad libres de todo gravamen, 

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garantía
u otra carga o derecho de terceros, con excepción de las restricciones que se describen en el Anexo "A" del
presente Contrato (las "Restricciones Existentes"); y (b) se encuentran totalmente pagadas y liberadas, y (ii) los títulos
de las Acciones en Prenda que entrega en términos del presente Contrato demuestran su propiedad sobre dichas Acciones en Prenda. Con excepción de dichas Acciones en
Prenda o de las acciones que se describen en el Anexo "A" del presente Contrato, los Garantes Prendarios no son dueños en forma alguna de
otras acciones o partes sociales en cualquier otra entidad. 

        I.4.  Es
su voluntad celebrar el presente Contrato con el objeto de otorgar una prenda en primer lugar y grado a favor del Acreedor Prendario sobre las Acciones en Prenda y
todos los derechos relacionados y que se deriven de las mismas, para garantizar el cumplimiento de las Obligaciones Garantizadas. 

        I.5.  La
celebración de este Contrato, el cumplimiento de las obligaciones derivadas del mismo y el otorgamiento de la prenda sobre las Acciones en Prenda, no
contravienen, ni resultan en un incumplimiento de: (i) sus estatutos sociales, (ii) cualquier ley, reglamento, decreto, resolución judicial o autorización
que le sea aplicable, o (iii) cualquier restricción contractual que le sea obligatoria o que le afecte o a cualquiera de sus bienes y/o derechos excepto por las Restricciones
Existentes, y no resultará o requerirá la constitución de algún gravamen, garantía u otra carga sobre cualquiera de sus
activos, salvo por la constitución de la prenda bajo el presente Contrato. 

        I.6.  Cuenta
con facultades y poderes necesarios y suficientes para celebrar este Contrato; ha obtenido las autorizaciones y aprobaciones corporativas y no necesita obtener o
realizar autorizaciones, aprobaciones o registros (salvo los que se mencionan en el presente Contrato) para celebrar este Contrato, crear la prenda sobre las Acciones en Prenda que se describe en el
presente y cumplir con sus obligaciones derivadas del mismo, salvo que, con relación a la ejecución de los Activos en Garantía en la forma prevista en este
Contrato pudiera ser necesario requerir la autorización y/o notificar dicha ejecución o venta a la Comisión Nacional de Inversiones Extranjeras y/o a la
Comisión Federal de Competencia, según sea el caso. 

        I.7.  No
se encuentra pendiente, ni, en su conocimiento, se amenaza presentar en su contra ante tribunal, dependencia gubernamental o árbitro alguno,
acción o procedimiento alguno que pudiera afectar en forma adversa la legalidad o validez del presente Contrato, de las Acciones en Prenda, o de la prenda que se crea por la
celebración del presente Contrato. 

        I.8.  Este
Contrato constituye una obligación legal, válida y vinculatoria de cada Garante Prendario, exigible en su contra de conformidad con
sus términos, salvo que dicha ejecución pudiera verse limitada por concurso mercantil, quiebra u otras leyes similares vigentes o que en el futuro sean vigentes, que en
general afecten los derechos de los acreedores. 

        I.9.  Salvo
por lo que se refiere a las Acciones de ciertas subsidiarias no mexicanas, según se menciona expresamente en el Anexo
"A", la prenda de sus Acciones en Prenda de conformidad con el presente Contrato, se constituye y perfecciona mediante la celebración del presente Contrato, el
endoso en garantía de los títulos de Acciones en Prenda y el registro de la misma en el libro de registro de acciones de la Sociedad Emisora (como dicho
término se define más adelante), de conformidad con la fracción II del artículo 334 de la Ley General de Títulos y
Operaciones de Crédito (la "LGTOC") y constituye una prenda en primer lugar y grado sobre las Acciones en Prenda en beneficio del
Acreedor Prendario. 

        I.10. No
existen deudas pendientes, o cualquier tipo de obligaciones fiscales o laborales que pudieran constituir un gravamen con preferencia en el pago sobre la prenda que
se otorga en el presente Contrato sobre todas las Acciones en Prenda, salvo por acreedores preferentes de conformidad con la legislación aplicable. 

2

 

        Para
efectos de este Contrato "Activos en Garantía" significará, cualquier derecho, título y
participación de cada uno de los Garantes Prendarios sobre los siguientes activos propiedad de los Garantes Prendarios, ya sea que sean de su propiedad en este momento o que sean
adquiridos en un futuro y ya sea que existan en este momento o que lleguen a existir en un futuro: 

          (i)  las
Acciones de cada uno de los Garantes Prendarios, conjuntamente, se denominarán en el presente Contrato como las "Acciones en
Prenda en Prenda; 

         (ii)  cualquier
dividendo o distribuciones en efectivo o en especie en relación con las Acciones en Prenda; 

        (iii)  cualquier
ganancia derivada de las Acciones en Prenda, ya sea en efectivo o en especie, mediante títulos de crédito y/o acciones o
cualquier tipo de recursos derivados de la venta, intercambio, retiro, amortización, redención o cualquier otro tipo de disposición de las Acciones en
Prenda incluyendo cualquier Ganancia Neta en Efectivo de Disposiciones de Activos de los Activos en Garantía; y 

        (iv)  cualquier
Cuenta de Depósito (como dicho término se define más adelante) y (a) todo el efectivo, los cheques, las
letras de cambio, los certificados, los instrumentos y los activos financieros, en su caso, que ocasionalmente se depositen o se mantengan en la Cuenta de Depósito; (b) cualquier
inversión que se mantenga en, o se acredite a dicha Cuenta de Depósito y que haya sido comprada con fondos depositados en dicha Cuenta de Depósito;
(c) todos los intereses, dividendos, distribuciones, efectivo, instrumentos y cualquier otro activo que ocasionalmente se reciba, pueda ser recibido o de otra forma cobrable con respecto a, o a
cambio de cualquiera de los activos mencionados anteriormente; y (d) todos los recursos y todas las ganancias derivadas de los activos mencionados anteriormente en la medida en que no
estén cubiertos por los párrafos (a), (b) y (c) anteriores. 

        II.    El
Acreedor Prendario, por conducto de su representante, declara al resto de las partes al presente Contrato que: 

        II.1. Es
una sociedad legalmente constituida de conformidad con las leyes de los Estados Unidos de América. 

        II.2. Su
representante cuenta con las facultades necesarias para celebrar el presente Contrato y obligarlo en términos del mismo. 

        II.3. Cuenta
con facultades y poderes necesarios y suficientes para celebrar este Contrato; ha obtenido las autorizaciones corporativas y no necesita realizar u obtener
autorizaciones, aprobaciones o registros (salvo los que se mencionan en el presente Contrato) para celebrar este Contrato, y cumplir con sus obligaciones derivadas del mismo. 

        II.4. Este
Contrato constituye una obligación legal, válida y vinculatoria del Acreedor Prendario, exigible en su contra de conformidad con sus
términos, salvo que dicha ejecución pudiera verse limitada por concurso mercantil, quiebra u otras leyes similares vigentes o que en el futuro sean vigentes, que en
general afecten los derechos de los acreedores. 

        En
atención a los antecedentes y declaraciones que anteceden, las partes otorgan y se someten a las siguientes: 

CLÁUSULAS  

        PRIMERA.—Constitución de la Garantía Prendaria.    A
través del endoso en garantía de los títulos de las Acciones en Prenda y de las anotaciones en el registro correspondiente de las Sociedades Emisoras
(según dicho término se define más adelante), de conformidad con la fracción II del artículo 334 de la LGTOC, y con el objeto
de garantizar el cumplimiento de cada Garante Prendario con todas 

3

 

y
cada una de las Obligaciones Garantizadas, cada uno de los mencionados Garantes Prendarios constituyen a favor del Acreedor Prendario, para beneficio del Acreedor Prendario y de los tenedores de los
Bonos Nuevos Adicionales, un derecho real de prenda en primer lugar y grado sobre los Activos en Garantía, sujeto únicamente a las Restricciones Existentes. 

        Los
Garantes Prendarios reconocen y convienen expresamente que la prenda creada mediante la celebración de este Contrato ha quedado debidamente perfeccionada de
conformidad con la fracción II del artículo 334 de la LGTOC y, por lo tanto, estará regida por lo dispuesto en la Sección Sexta del
Capítulo IV del Título Segundo de la LGTOC. En virtud de lo anterior, las partes al Contrato reconocen y convienen que las disposiciones de la Sección
Séptima del Capítulo IV del Título Segundo de la LGTOC no serán aplicables a la prenda creada mediante la celebración de este
Contrato. 

        Asimismo,
las partes convienen que las Acciones en Prenda entregadas conforme a este Contrato quedarán bajo la guarda y custodia del Acreedor Prendario de acuerdo con los
términos de este Contrato y del Indenture de los Bonos Nuevos Adicionales. 

        SEGUNDA.—Perfeccionamiento; Entrega de Documentos.    (a) En este acto, cada uno de los Garantes Prendarios,
según corresponda, entrega al Acreedor Prendario: 

          (i)  todos
y cada uno de los títulos originales de las Acciones en Prenda, mismos que amparan la totalidad de sus respectivas Acciones en Prenda a que se
refiere el Anexo "A" del presente Contrato, debidamente endosados en garantía prendaria en favor del Acreedor Prendario, de conformidad
con la fracción II del Artículo 334 de la LGTOC, en el entendido de que los títulos representativos de las acciones de Autotransportación y
Distribución Logística, S.A. de C.V., Procesos Operativos de Materiales, S.A. de C.V., Seglo, S.A. de C.V., Seglo Operaciones Logísticas, S.A. de C.V.,
Trademex Mexicana, S.A. de C.V. y Servicios Mexicanos en Remolcadores, S.A. de C.V. (las "Empresas Joint Venture") deberán ser entregados
al Acreedor Prendario dentro de los 30 (treinta) días siguientes a la fecha de celebración del presente Contrato; y 

         (ii)  una
constancia emitida por el Secretario del Consejo de Administración de cada una de las sociedades emisoras de las Acciones en Prenda (las
"Sociedades Emisoras") en la que se hace constar que el derecho real de prenda sobre las Acciones en Prenda ha sido debidamente inscrito a favor del
Acreedor Prendario en el libro de registro de acciones o equivalente de cada una de las Sociedades Emisoras, de conformidad con los artículos 24 y 334, fracción II de la
LGTOC, en el entendido de que las constancias emitidas por el Secretario del Consejo de Administración de las Empresas Joint Venture deberán ser entregados al Acreedor
Prendario dentro de los 30 (treinta) días siguientes a la fecha de celebración del presente Contrato. 

        Mediante
la firma del presente Contrato, el Acreedor Prendario acusa recibo de los títulos de las Acciones en Prenda efectivamente entregados cuyos datos de
identificación se señalan en el Anexo "A", de conformidad con el Artículo 337 de la LGTOC. 

        (b)   Cada
uno de los Garantes Prendarios, según corresponda, en este acto acuerda utilizar sus mejores esfuerzos comercialmente razonables para obtener el
consentimiento correspondiente de sus otros accionistas en cada una de las Empresas Joint Venture dentro de los 30 (treinta) días a la fecha de celebración del presente
Contrato y a entregar al Acreedor Prendario una constancia de dicho consentimiento inmediatamente después de haberlo obtenido. 

        TERCERA.—Obligaciones del Acreedor Prendario.    Sujeto a las limitaciones contenidas en el Indenture de los Bonos
Nuevos Adicionales, las partes al Contrato convienen expresamente que el Acreedor Prendario será responsable de la guarda y conservación de los títulos
originales de las Acciones en Prenda, así como de la custodia de los Activos en Garantía. El Acreedor Prendario gozará de los beneficios, derechos y
protecciones de cada una de las disposiciones que para beneficio del Indenture Trustee se establecen en el Indenture de los Bonos Nuevos Adicionales, en cuyo caso como si dichas disposiciones se
encontraran reproducidas por completo en el presente Contrato y cualquier 

4

 

deber
u obligación del Acreedor Prendario se limitarán a lo que dicho Indenture de los Bonos Nuevos Adicionales establece. 

        CUARTA.—Garantía Continua e Indivisibilidad.    Las partes al Contrato convienen expresamente que: 

          (i)  la
garantía prendaria sobre las Acciones en Prenda creada por medio de la celebración de este Contrato constituye una
garantía continua para el pago total de las Obligaciones Garantizadas; 

         (ii)  la
garantía prendaria creada por medio de la celebración de este Contrato sobre las Acciones en Prenda es indivisible y las Acciones en
Prenda garantizan el pago total de todas y cada una de las Obligaciones Garantizadas, sin limitación alguna, y por lo tanto, cada uno de los Garantes Prendarios en este acto renuncia
expresamente al derecho de dividir o reducir la prenda creada por el presente Contrato sobre las Acciones en Prenda en proporción a los pagos parciales que se llegaren a efectuar
respecto de las Obligaciones Garantizadas, de conformidad con lo previsto por el artículo 2890 del Código Civil Federal y artículos correlativos de los
Códigos Civiles del Distrito Federal y de los Estados de la República Mexicana, salvo que se cuente con la autorización previa y por escrito del Acreedor
Prendario; y 

        (iii)  la
garantía prendaria creada por medio de la celebración de este Contrato sobre las Acciones en Prenda permanecerá en
pleno vigor y efecto a partir de esta fecha y hasta la terminación del presente Contrato, sin importar que cualquiera de las partes o cualquier tercero en esta misma fecha o con
posterioridad a la misma garanticen total o parcialmente las Obligaciones Garantizadas, a través de otras prendas o de cualesquiera otras garantías, o que cualquiera de
las partes al Contrato, o cualquier porción de los Activos en Garantía sea terminada o liberada del presente Contrato o de la prenda creada por el mismo. 

        QUINTA.—Ejercicio de Derechos Inherentes a las Acciones en Prenda.    Las partes al Contrato convienen expresamente
lo siguiente: 

        (a)   Sujeto
a lo establecido en el Indenture de los Bonos Nuevos Adicionales, los derechos patrimoniales y corporativos inherentes a las Acciones en Prenda
serán ejercidos por los Garantes Prendarios, siempre y cuando no haya ocurrido y subsista un Incumplimiento (Default) o un Caso de
Incumplimiento (Event of Default).

        Para
los efectos del párrafo anterior, las partes al Contrato acuerdan que los Garantes Prendarios estarán facultados para instruir por escrito al Acreedor
Prendario, con la debida anticipación de conformidad con los estatutos u otros documentos corporativos de la Sociedad Emisora, para que éste ejerza a favor de aquellos
cualesquiera y todos los derechos, ya sean corporativos o económicos, derivados de las Acciones en Prenda, siempre y cuando dicho ejercicio sea conforme a los términos de
este Contrato y del Indenture de los Bonos Nuevos Adicionales. 

        (b)   No
obstante lo anterior, en caso de que el Acreedor Prendario entregue a la Compañía, y a cada uno de los Garantes Prendarios una
notificación en el sentido de que ha ocurrido y subsiste un Incumplimiento (Default) o un Caso de Incumplimiento
(Event of Default) (el "Aviso de Incumplimiento"): 

          (i)  Cada
uno de los Garantes Prendarios reconoce y acepta que todos y cualesquiera derechos, ya sean corporativos o económicos, derivados de las Acciones en
Prenda serán ejercitados única y exclusivamente por el Acreedor Prendario. 

        Con
el fin de permitir al Acreedor Prendario que ejercite todos los derechos inherentes a las Acciones en Prenda, cada uno de los Garantes Prendarios en este acto, designa
irrevocablemente al Acreedor Prendario como su apoderado para actuar en su nombre y representación con el fin de ejercitar cualesquiera derechos de cada uno de los Garantes 

5

 

Prendarios
relacionados con o que deriven de las Acciones en Prenda. Para dicho propósito, en este acto, cada uno de los Garantes Prendarios otorga a favor del Acreedor Prendario un
poder conforme al formato que se adjunta como Anexo "D" al presente Contrato; y 

         (ii)  Cualquier
dividendo o distribución, en efectivo o en especie, a que tenga derecho cualquiera de los Garantes Prendarios relacionados con o que deriven de
las Acciones en Prenda, será recibida directamente por el Acreedor Prendario, quien conservará cualesquiera de dichas cantidades como parte de la prenda, salvo que se
disponga lo contrario en el presente Contrato. 

        SEXTA.—Ejecución de la Garantía Prendaria.    (a) En caso que ocurra y durante
el tiempo que dure un Incumplimiento (Default) o un Caso de Incumplimiento (Event of Default) y
después de que el monto principal de los Bonos Nuevos Adicionales haya sido declarado vencido anticipadamente, de
conformidad con el Indenture de los Bonos Nuevos Adicionales (siempre que dicho vencimiento anticipado no haya sido rescindido) el Acreedor Prendario podrá, y en caso de que sea
requerido bajo el Indenture de los Bonos Nuevos Adicionales deberá, entregar a la Compañía un aviso por escrito, sustancialmente en los
términos del documento que se agrega al presente como Anexo "E" (el "Aviso de Venta"),
notificándole que es su intención ejecutar los Activos en Garantía, de conformidad con lo previsto en el Indenture de los Bonos Nuevos Adicionales. 

        (b)   En
caso que las Obligaciones Garantizadas no sean pagadas en su totalidad, dentro de los 5 (cinco) Días Hábiles siguientes a la fecha en
que reciba el Aviso de Venta, el Acreedor Prendario podrá, comenzando en la fecha que sea 30 (treinta) días después de la fecha en la que el Acreedor
Prendario haya dado el Aviso de Venta de conformidad con la Cláusula Sexta (a) anterior, ejecutar los Activos en Garantía conforme al procedimiento que para tales
efectos señale o autorice la legislación aplicable en vigor en el momento de la ejecución; en el entendido, sin embargo, que en caso de que la
Compañía entregue al Acreedor Prendario dentro de dicho período de 30 (treinta) días una notificación por escrito designando
ciertas Acciones en Prenda en particular que el Acreedor Prendario deba ejecutar antes de ejecutar el resto de los Activos en Garantía (las "Acciones
Designadas"), junto con un avalúo sobre el valor de las Acciones Designadas realizado por un Banco de Inversión Designado (como dicho
término se define más adelante) especificando que el valor comercial justo de las Acciones Designadas no es menor que el 120% (ciento veinte por ciento) del monto en
Dólares de las Obligaciones Garantizadas (incluyendo todos los intereses devengados y no pagados, y los intereses moratorios hasta la fecha en que sea 90 (noventa) días
después de que se haya entregado el Aviso de Venta), el Acreedor Prendario estará obligado a ejecutar las Acciones Designadas antes de realizar la
ejecución sobre el resto de los Activos en Garantía. 

        En
caso de que las Ganancias Netas en Efectivo derivadas de la ejecución de las Acciones Designadas no sean suficientes para pagar las Obligaciones Garantizadas en su
totalidad, la Compañía le podrá entregar al Acreedor Prendario dentro un plazo de 30 (treinta) días siguientes a la
notificación que al respecto le entregue el Acreedor Prendario, una notificación por escrito designando ciertas Acciones en Prenda en particular adicionales que el
Acreedor Prendario pueda ejecutar antes de ejecutar el resto de los Activos en Garantía (las "Acciones Designadas en Segundo Lugar"),
junto con un avalúo sobre el valor de las Acciones Designadas en Segundo Lugar realizado por un Banco de Inversión Designado especificando que el valor comercial justo de
las Acciones Designadas en Segundo Lugar no es menor que el 120% (ciento veinte por ciento) del monto en Dólares de las Obligaciones Garantizadas (incluyendo todos los intereses
devengados y no pagados, y los intereses moratorios hasta la fecha en que sea 90 (noventa) días después de que se haya entregado el Aviso de Venta), en cuyo caso el
Acreedor Prendario estará obligado a ejecutar las Acciones Designadas en Segundo Lugar antes de realizar la ejecución sobre el resto de los Activos en
Garantía. 

        Queda
expresamente acordado que las Acciones Designadas y las Acciones Designadas en Segundo Lugar no podrán incluir Acciones en Prenda que estén sujetas a
Restricciones Existentes (que 

6

 

no
hayan sido renunciadas). En caso de que las Ganancias Netas en Efectivo derivadas de la ejecución de las Acciones Designadas y de las Acciones Designadas en Segundo Lugar,
según sea el caso, no sean suficientes para pagar las Obligaciones Garantizadas en su totalidad, o si la Compañía no entregó a tiempo la
notificación al Acreedor Prendario designando las Acciones Designadas o de las Acciones Designadas en Segundo Lugar, según sea el caso, el Acreedor Prendario a su entera
discreción podrá ejecutar todo o parte del resto de los Activos en Garantía. 

        (c)   El
Banco de Inversión Designado será nombrado y contratado por la Compañía y los gastos y honorarios que
surjan en relación con el avalúo de las Acciones Designadas realizado por el Banco de Inversión Designado serán cubiertos conjunta e
individualmente por los Garantes Prendarios. Para efectos del presente Contrato, "Banco de Inversión Designado" significa la oficina en
los Estados Unidos de América de cualquiera de los siguientes bancos de inversión a elección del Acreedor Prendario; Bear Stearns & Co., Credit
Suisse First Boston Corporation, Houlihan Lokey Howard & Zukin Capital, J.P. Morgan Securities, Lehman Brothers, Merrill Lynch & Co. o Morgan Stanley & Co., o sus respectivos
causahabientes, siempre que dicho banco de inversión no haya sido contratado para prestar servicios de banca de inversión a la Compañía o a
sus subsidiarias 6 (seis) meses antes de la fecha de entrega de dicho avalúo y acuerde no prestar servicios de banca de inversión a la
Compañía o a sus subsidiarias en un periodo de seis meses después de la entrega de dicho avalúo. 

        (d)   En
términos del artículo 344 de la LGTOC, el Acreedor Prendario no podrá hacerse dueño de las Acciones en
Prenda, ni de las cantidades, títulos o derechos relacionados o que deriven de las mismas, sin el consentimiento expreso de cada Garante Prendario, según sea el caso,
manifestado por escrito y con posterioridad a la constitución de la prenda. 

        (e)   Una
vez realizada la venta de los Activos en Garantía, las Ganancias Netas en Efectivo y cualquier ganancia que no sea en efectivo derivada de dicha venta
será mantenida por el Acreedor Prendario como parte de los Activos en Garantía y se aplicará conforme a las disposiciones relativas del Indenture de los
Bonos Nuevos Adicionales. 

        (f)    El
Acreedor Prendario no asumirá responsabilidad alguna respecto del valor de venta de los Activos en Garantía, o respecto de que las
Ganancias Netas en Efectivo obtenidas de la venta de la misma resultaran insuficientes o no para pagar las Obligaciones Garantizadas en su totalidad. En caso de que las Ganancias Netas en Efectivo no
sean suficientes para pagar las Obligaciones Garantizadas en su totalidad, quedarán a salvo los derechos de los tenedores de los Bonos Nuevos Adicionales y del Indenture Trustee para
cobrar a los Garantes Prendarios las cantidades que quedaren insolutas. 

        (g)   Cada
una de las partes al presente Contrato reconoce y acuerda que en la ejecución de los Activos en Garantía conforme a la presente
Cláusula, estará sujeta a, en su caso, (i) las disposiciones aplicables en México que requieran la autorización y/o
notificación ante la Comisión Nacional de Inversiones Extranjeras y/o la Comisión Federal de Competencia; y (ii) a las Restricciones Existentes.
Asimismo, cada uno de los Garantes Prendarios se obliga a realizar sus mejores esfuerzos para obtener cualquier autorización, aprobación gubernamental o renuncia a las
Restricciones Existentes, que en su caso resulten necesarias para la enajenación de los Activos en Garantía bajo el presente Contrato y para dichos efectos, se otorga el
poder, sustancialmente en el formato que se adjunta como Anexo "D", otorgado por cada uno de los Garantes Prendarios a favor del Acreedor Prendario que
deberá autorizar al mencionado Acreedor Prendario a llevar a cabo cualquier acto que sea necesario o conveniente, en la entera discreción del Acreedor Prendario, para
llevar a cabo dicha ejecución. 

        (h)   No
obstante lo anterior, cada una de las partes al presente Contrato reconoce y acepta que los Garantes Prendarios tendrán el derecho, en cualquier
momento antes de llevar a cabo la ejecución (pero nunca con el fin de que se pudiera retrasar o impedir la ejecución), de pagar las Obligaciones Garantizadas en su
totalidad o designar a una persona para realizar dicho pago. En dicho caso, cualquier gasto o costo derivado de cualquier acto relacionado con la ejecución de conformidad con 

7

 

esta
Cláusula Sexta realizado por el Acreedor Prendario o por cualquier tercero que participe en la ejecución de los Activos en Garantía,
será cubierto exclusivamente por los Garantes Prendarios. 

        SÉPTIMA.—Obligaciones de los Garantes Prendarios.    Cada uno de los Garantes Prendarios
deberá, salvo que el Acreedor Prendario consienta por escrito lo contrario o se encuentre permitido en el Indenture de los Bonos Nuevos Adicionales: 

        (a)   En
cuanto tenga conocimiento de cualquier demanda, acción o procedimiento que amenace sus derechos, o que en caso de que sea resuelto en forma adversa
pudiera resultar en un Gravamen (Lien) o que pudiera en cualquier forma afectar a los Activos en Garantía, entregar un aviso detallado
describiendo dicha demanda o proceso al Acreedor Prendario, y salvo que el Acreedor Prendario le indique lo contrario por escrito, defender tales derechos, títulos o
garantías a su costa; 

        (b)   En
todo momento y a su propia costa, defender sus derechos relacionados con los Activos en Garantía (incluyendo su prelación de primer
grado) a favor del Acreedor Prendario, en contra de cualquier demanda y proceso de cualquier persona; 

        (c)   No
vender, ceder, canjear, intercambiar, gravar o de cualquier otra manera disponer de las Acciones en Prenda salvo que se encuentre permitido en el Indenture de los
Bonos Nuevos Adicionales; 

        (d)   No
constituir o permitir que exista un gravamen, garantía, cualquier otra carga o derecho de terceros sobre o relacionado con los Activos en
Garantía diferente de las Restricciones Existentes o según sea permitido en el Indenture de los Bonos Nuevos Adicionales; y 

        (e)   En
el supuesto que durante la vigencia del presente Contrato se: (1) declaren dividendos o distribuciones en efectivo o en especie en relación con
las Acciones en Prenda; o (2) obtengan o documenten cualesquiera utilidades relacionadas con las Acciones en Prenda, ya sea en efectivo o en especie, a través de
títulos de crédito y/o acciones u otros recursos resultantes de la venta, canje, retiro, amortización o cualquier enajenación, intercambio
de las Acciones en Prenda, todos deberán ser entregados al Acreedor Prendario tan pronto como se reciban e inmediatamente formarán parte de los Activos en
Garantía. En cumplimiento de lo anterior, cada Garante Prendario deberá: 

          (i)  constituir
y perfeccionar el derecho de prenda sobre todas las acciones adicionales o cualesquiera otras acciones y/o títulos de crédito
y/o partes sociales de los cuales llegue a ser titular durante la vigencia del presente Contrato que obtenga como consecuencia de y en relación con la titularidad de las Acciones en
Prenda por virtud de un aumento de capital, pago de dividendos en acciones o venta, intercambio, retiro, amortización, redención, retiro o cualquier otra forma de
enajenación, ya sea total o parcial, respecto de las Acciones en Prenda u otras acciones (dichos nuevos títulos de crédito y/o acciones
quedarán en ese momento comprendidos dentro de la definición de "Acciones en Prenda" conforme a este Contrato) con el
objeto de que cada Garante Prendario garantice el cumplimiento de las Obligaciones Garantizadas; 

         (ii)  depositar
las Ganancias Netas en Efectivo de Disposiciones de Activos de los Activos en Garantía en una cuenta de garantía, en nombre de
dicho Garante Prendario y bajo el control del Acreedor Prendario (una "Cuenta de Depósito") en términos de un Contrato de
Control sobre Cuentas de Depósito sustancialmente en términos del formato que se adjunta como Anexo "F", (un
"Contrato de Control") cuyos recursos deberán ser aplicados en términos del Indenture de los Bonos Nuevos Adicionales; y 

        (iii)  en
caso de que ocurra y subsista un Incumplimiento (Default) o un Caso de Incumplimiento (Event
of Default), depositar cualesquiera dividendos, distribuciones y/o 

8

 

ingresos
en efectivo obtenidos de la venta, intercambio, retiro, amortización u otra forma de enajenación de las Acciones en Prenda o cualesquiera otras acciones
adquiridas por dicho Garante Prendario en una Cuenta de Depósito en términos de un Contrato de Control. 

        En
caso de que las Ganancias Netas en Efectivo y/o dividendos, distribuciones y/o ganancias excedan del equivalente de EUA$10,000,000 (diez millones de Dólares) y
estén en moneda distinta a Dólares, dicha cantidad deberá ser convertida a Dólares al momento de su recepción. 

        OCTAVA.—Extinción de la Garantía Prendaria.    (a)    El presente Contrato
mantendrá su vigencia mientras no hayan sido pagadas en su totalidad las Obligaciones Garantizadas, de conformidad con los términos y condiciones establecidos en el
Indenture de los Bonos Nuevos Adicionales. 

        (b)   Las
partes al presente Contrato convienen y se obligan a que, en la fecha en que las Obligaciones Garantizadas sean pagadas en su totalidad en efectivo o el Acreedor
Prendario libere total o parcialmente la garantía prendaria sobre los Activos en Garantía conforme a los términos y condiciones del Indenture de los Bonos
Nuevos Adicionales, el Acreedor Prendario devolverá al Garante Prendario los títulos de las Acciones que correspondan (o la porción restante,
según sea el caso), obligándose las partes a realizar la cancelación del endoso en garantía de las Acciones en Prenda, así
como de la inscripción en los registros de acciones o equivalentes de las Sociedades Emisoras y en los registros públicos correspondientes. 

        (c)   Los
Garantes Prendarios tendrán el derecho a obtener una liberación total o parcial de los Activos en Garantía de
conformidad con los términos y condiciones del Indenture de los Bonos Nuevos Adicionales y, salvo por lo dispuesto en el Indenture de los Bonos Nuevos Adicionales, los Garantes
Prendarios no tendrán derecho alguno a obtener una liberación total y parcial de los Activos en Garantía. 

        NOVENA.—Avisos y Notificaciones.    Cualquier petición, solicitud, autorización,
indicación, aviso, consentimiento o renuncia hecha, otorgada o expedida a: 

        (a)   la
Compañía o cualquier otro Garante Prendario, deberá ser hecha, otorgada o expedida por escrito y entregada personalmente,
por correo certificado o enviada por transmisión facsimilar a la Compañía y a cualquier otro Garante Prendario, dirigida a Avenida de la
Cúspide No. 4755, Colonia Parques del Pedregal, 14010 México, D.F., Atención: Director de Finanzas, número telefónico
(52-55) 5629-8866, número facsimilar (52-55) 5629-8899, con copia a: Haynes & Boone, S.C., Blvd. Manuel Avila Camacho 40, Desp
1801, Colonia Lomas de Chapultepec, 11000, México, D.F. Atención: Romualdo Segovia, número telefónico (52-55)
5540-5558, número facsimilar (52-55) 5540-0630, o a cualquier otro domicilio proporcionado previamente y por escrito al Acreedor Prendario por la
Compañía o cualquier otro Garante Prendario y, salvo que se indique lo contrario en este instrumento, cualquier documento se considerará correctamente
entregado al momento de su recepción por parte de la Compañía, en el entendido que, si la recepción de cualquier transmisión
facsimilar no es confirmada por la Compañía, deberá entregarse una copia de dicho documento personalmente o por correo certificado a la
Compañía; o 

        (b)   al
Acreedor Prendario, deberá ser hecha, otorgada o expedida por escrito y entregada personalmente, por correo certificado o enviada por
transmisión facsimilar al Acreedor Prendario, dirigida a Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue, N9303-120, Minneapolis, MN 55479,
Atención: Timothy Mowdy, número telefónico (612) 316-1445, número facsimilar (612) 667-9827, o a
cualquier otro domicilio proporcionado previamente y por escrito a la Compañía por el Acreedor Prendario y, salvo que se indique lo contrario en este instrumento,
cualquier documento se considerará correctamente entregado al momento de su recepción por parte del Acreedor Prendario, en el entendido que, si la
recepción de cualquier transmisión facsimilar no es confirmada por el Acreedor Prendario, deberá entregarse una copia de dicho documento personalmente o
por correo certificado al Acreedor Prendario. 

9

 

        DÉCIMA.—Cesión.    Las partes de este Contrato en ningún momento
podrán, gravar, ceder o transmitir por cualquier título legal, en todo o en parte, los derechos y obligaciones que les corresponden conforme al presente Contrato. No
obstante lo anterior, el Acreedor Prendario podrá ceder o transmitir de cualquier otra forma sus derechos y obligaciones bajo este Contrato a un Acreedor Prendario sucesor o a un agente
o representante de garantías conforme a los términos y condiciones del Indenture de los Bonos Nuevos Adicionales. 

        DÉCIMA
PRIMERA.—Modificaciones.    Este Contrato no podrán ser reformado, adicionado,
renunciado o modificado en forma alguna salvo mediante acuerdo de todas y cada una de las partes, en el entendido que cualquier reforma, adición, renuncia o modificación
al Contrato será realizadas de conformidad con los términos y condiciones del Indenture de los Bonos Nuevos Adicionales. 

        DÉCIMA
SEGUNDA.—Protocolización y Registro.    De conformidad con lo establecido por
los artículos 2859 y 3069 del Código Civil Federal, así como por el artículo 149 del Código Fiscal de la
Federación, dentro de los 5 (cinco) Días Hábiles siguientes a la celebración del presente Contrato, las partes se obligan a presentar el
presente Contrato para su protocolización ante Notario Público, así como a presentarlo para su inscripción en los Registros
Público de Comercio correspondientes. 

        DÉCIMA
TERCERA.—Independencia de Disposiciones.    Si cualesquiera de las obligaciones, acuerdos u
otras disposiciones previstos en este Contrato por las partes del mismo, para la ejecución del presente Contrato, fuesen declaradas ilegales o de imposible cumplimiento por un tribunal
competente, dicha obligación, acuerdo u otra disposición será considerado e interpretado en forma separada de las demás obligaciones,
acuerdos y disposiciones contenidas en el presente Contrato, y no afectará en forma alguna la validez de las demás obligaciones, acuerdos o disposiciones de este
Contrato. 

        DÉCIMA
CUARTA.—Ley Aplicable; Jurisdicción.    Para todo lo relativo a la
interpretación y/o cumplimiento del presente Contrato, cada una las partes se somete expresamente a lo dispuesto en la LGTOC y a las disposiciones supletorias que señala
el artículo 2o de dicha ley. Para cualquier controversia
que llegare a surgir con motivo del mismo, cada una de las partes conviene expresamente en sujetarse a la jurisdicción y competencia de los tribunales de la Ciudad de
México, Distrito Federal y en este acto expresamente renuncia a cualquier otro fuero o jurisdicción que pudiera llegar a corresponderles conforme a la ley. 

        DÉCIMA
QUINTA.—Traducción de Documentos.    En este acto, las partes
(i) acuerdan expresamente que el Indenture de los Bonos Nuevos Adicionales sea traducido al español por un traductor autorizado, y (ii) acuerdan expresamente que dicha
traducción podrá ser usada en cualquier procedimiento o proceso relacionado con este Contrato. Además, las partes acuerdan llevar a cabo los actos a que se
refiere el inciso (i) que antecede dentro de los 15 (quince) días siguientes a la fecha de firma del presente Contrato. La obtención de dicha
traducción no afectará la validez, entrada en vigor y/o ejecución del presente Contrato. Todos y cada unos de los gastos y costos derivados de los actos
referidos en esta Cláusula Décima Quinta serán cubiertos por la Compañía en forma exclusiva. 

        DÉCIMA
SEXTA—Ejemplares.    Las partes acuerdan que el presente Contrato se celebra en 5 (cinco)
ejemplares originales, quedando uno de ellos en poder de cada una de las partes, mismos que en su conjunto formarán uno y el mismo acuerdo de voluntades. 

        DÉCIMA
SÉPTIMA.—Acuerdo Íntegro.    Este Contrato, junto con los
demás contratos y acuerdos aquí mencionados y con sus Anexos, constituyen el acuerdo y entendimiento íntegros de las partes en relación con
el objeto materia de este Contrato y supersede todos y cada uno de los acuerdos, entendimientos y declaraciones por o entre las partes, ya se escritos u orales, en la medida que se relacionen en
cualquier forma con el objeto materia de este Contrato. 

        DÉCIMA
OCTAVA.—Capacidad del Acreedor Prendario.    Los Garantes Prendarios expresa e
irrevocablemente: (i) reconocen que el Acreedor Prendario cuenta con los nombramientos, la 

10

 

capacidad
y el poder necesarios, para actuar en nombre y representación de los tenedores de los Bonos Nuevos Adicionales para todos los efectos a que haya lugar; (ii) renuncian a
sus respectivos derechos de tomar alguna acción que amenace su legal existencia, sus nombramientos, su capacidad legal o de otro tipo y la autoridad del Acreedor Prendario para actuar
en nombre y representación de los tenedores de los Bonos Nuevos Adicionales; y (iii) reconocen que la institución que actúa como Acreedor Prendario
bajo el presente Contrato (a) lo hace exclusivamente en nombre y representación de los tenedores de los Bonos Nuevos Adicionales y no en nombre propio; y (b) no asume
obligación o responsabilidad personal alguna, directa o indirecta, expresa o implícita, en relación con cualesquiera de las Obligaciones Garantizadas o con
los contratos o documentos de que dichas Obligaciones Garantizadas derivan. 

        Leído
que fue el presente Contrato, las partes lo suscriben en la Ciudad de México, Distrito Federal, el 13 de enero de 2004. 

[resto
de la página dejado en blanco intencionalmente] 

11

 
GARANTES PRENDARIOS  

	Grupo TMM, S.A.	 	Compañía Arrendadora TMM, S.A. de C.V.
	

 Por: José Francisco Serrano Segovia

Cargo: Apoderado	
 	

 Por: José Francisco Serrano Segovia

Cargo: Apoderado
	

Línea Mexicana TMM, S.A. de C.V.	
 	

Inmobiliaria TMM, S.A. de C.V.
	

 Por: José Francisco Serrano Segovia

Cargo: Apoderado.	
 	

 Por: José Francisco Serrano Segovia

Cargo: Apoderado
	

Operadora de Apoyo Logístico, S.A. de C.V.	
 	

Servicios en Puertos y Terminales, S.A. de C.V.
	

 Por: José Francisco Serrano Segovia

Cargo: Apoderado	
 	

 Por: José Francisco Serrano Segovia

Cargo: Apoderado
	

Transportes Marítimos México, S.A.	
 	

Linea Mexicana TMM, S.A. de C.V.
	

 Por: José Francisco Serrano Segovia

Cargo: Apoderado	
 	

 Por: José Francisco Serrano Segovia

Cargo: Apoderado
	

TMM Logistics, S.A. de C.V.	
 	

TMG Overseas, S.A. de C.V.
	

 Por: José Francisco Serrano Segovia

Cargo: Apoderado	
 	

 Por: José Francisco Serrano Segovia

Cargo: Apoderado

	 	 	ACREEDOR PRENDARIO	 	 
	

 	
 	

Wells Fargo Bank, N.A.	
 	

 
	

 	
 	

 Por: Timothy P. Mowdy

Cargo: Vice-Presidente Adjunto	
 	

 

12

  

 
 

Lista de Anexos    
    

	"A"	 	Lista de Garantes Prendarios, Acciones, Sociedades Emisoras, Representantes, participaciones Existentes y otras Acciones y participaciones de los Garantes Prendarios
	"B"	 	Copia del Indenture de los Bonos Nuevos Adicionales
	"C"	 	Copias de los Poderes de los Garantes Prendarios
	"D"	 	Formato de Poder otorgado al Acreedor Prendario
	"E"	 	Formato de Aviso de Venta
	"F"	 	Formato de Contrato de Control sobre Cuentas de Depósito

13

 
 
 

Anexo "A"    
    
    Lista de Garantes Prendarios, Acciones, Sociedades Emisoras, Representantes,
  Restricciones Existentes y otras Acciones y Participaciones de los Garantes Prendarios    

14

 
 
 

Anexo "B"    
    
    Copia del Indenture de los Bonos Nuevos Adicionales    
    

15

 
 
 

Anexo "C"    
    
    Copia de los Poderes de los Garantes Prendarios    
    

16

 
 
 

Anexo "D"    
    
    Formato de Poder otorgado al Acreedor Prendario    
    

	Poder Especial
	 	Special Power-of-Attorney

	En este acto el [Garante Prendario] (el "Otorgante") otorga a [Acreedor Prendario] (el "Apoderado"), un poder especial
irrevocable, tan amplio como en derecho sea necesario, con el fin de que el Apoderado, actuando en nombre y representación del Otorgante ejerza, defienda y exija, estrictamente de conformidad con lo previsto en el contrato de prenda mercantil
sobre acciones celebrado [en esta misma fecha] entre diversos garantes prendarios, entre los cuales se encuentra el Otorgante, y el Apoderado, como acreedor prendario (el "Contrato de Prenda"), el
cumplimiento de todos y cada uno de los derechos del Otorgante relacionados con las acciones propiedad del Otorgante representativas del capital social de [Nombre de la Compañía Emisora] (las "Acciones").	 	[Pledgor] (the "Pledgor") hereby grants to [Pledgee] (the "Attorney-in-fact"), an irrevocable special power of attorney, as broad
and sufficient as may be necessary under applicable law, in order for the Attorney-in-fact to act in the Pledgor's name and on its behalf in order to exercise, enforce and defend, strictly in accordance with the provisions of the mercantile pledge
agreement executed [as of the date hereof] between several pledgors, including the Pledgor, and the Attorney-in-fact, in its capacity as pledgee (the "Pledge Agreement"), the performance of each and
every of the Pledgor's rights in connection with the shares representing the capital stock of [Name of the Issuing Company] owned by it (the "Shares").
	

Dentro de la especialidad del poder, el Apoderado gozará de las siguientes facultades:	
 	

Within the special nature of said power, the Attorney-in-fact shall have the following powers:
	

A) Poder general para pleitos y cobranzas, con todas las facultades generales y aún con las especiales que de acuerdo con la ley requieran cláusula especial, actos de administración y actos de dominio en los términos del
Artículo 2554 del Código Civil para el Distrito Federal y sus artículos correlativos en el Código Civil Federal y en los Códigos Civiles de los Estados de la República Mexicana.	
 	

A) General power for lawsuits and collections, with all the general authority and powers, including those special powers which, according to law, require a special clause, acts of administration and acts of domain, as provided for by the first
paragraph of Article 2554 of the Civil Code for the Federal District and its correlatives in the Federal Civil Code and in the Civil Codes of the other states of the Mexican Republic.
	

De manera enunciativa y no limitativa, se mencionan las facultades siguientes:	
 	

The powers of the Attorney-in-fact hereunder shall include, but not be limited to:
	

I.	
 	

Para intentar y desistirse de toda clase de procedimientos, inclusive amparo;	
 	

I.	
 	

To institute and withdraw from all types of proceedings, including "amparo"
	II.	 	Para transigir;	 	 	 	procedures;
	III.	 	Para comprometer en árbitros;	 	II.	 	To transact;
	IV.	 	Para absolver y articular posiciones;	 	III.	 	To arbitrate;
	V.	 	Para recusar;	 	IV.	 	To make and answer depositions;
	VI.	 	Para hacer cesión de bienes;	 	V.	 	To recuse;
	VII.	 	Para recibir pagos; y	 	VI.	 	To assign property;
	VIII.	 	Para presentar denuncias y querellas en	 	VII.	 	To receive payments; and
	 	 	materia penal y desistirse de ellas cuando lo permita la ley.	 	VIII.	 	To file criminal lawsuits and withdraw from them when permitted by law.
	 	 	 	 	 	 	 

17

 

	

Las facultades que se conceden al Apoderado conforme al presente apartado A), estarán limitadas a la realización de actos o cuestiones relacionadas con las Acciones;	
 	

The powers granted to the Attorney-in-fact under section A) herein, shall be limited to any actions or matters related to the Shares;
	

B) Poder tan amplio como sea necesario para ejercer la totalidad de los derechos corporativos y económicos relativos a las Acciones (incluyendo sin limitación, el derecho de asistir y votar a las asambleas, así como el derecho de
cobrar dividendos y cualesquiera otras cantidades derivadas o que se deriven de la titularidad de las Acciones). En este acto, el Otorgante ratifica todos los actos que el Apoderado realice en ejercicio del presente poder; y	
 	

B) Power of attorney as broad as necessary to exercise all the corporate and economic rights in connection with the Shares (including without limitation, the right to attend and vote in the shareholders meetings, as well as the right to collect any
dividend payments as well as any other amounts arising from or related to the Shares). The Pledgor hereby ratifies all actions that the Attorney-in-fact may reasonably take on the exercise of this power; and
	

C) Poder tan amplio como sea necesario para llevar a cabo, en nombre del Otorgante, cualquier acto que sea necesario o conveniente en la entera discreción del Apoderado para llevar a cabo la ejecución de la Garantía en discr
términos del Contrato de Prenda. En este acto, el Otorgante ratifica todos los actos que el Apoderado realice en ejercicio del presente poder.	
 	

C) Power of attorney as broad as necessary to take any and all such actions in the name of the Pledgor as may be necessary or desirable in the Attorney-in-fact's sole discretion to effect the foreclosure of the Collateral pursuant to the Pledge
Agreement. The Pledgor hereby ratifies all actions that the Attorney-in-fact may reasonably take on the exercise of this power.
	

El presente poder podrá ser ejercido por el Apoderado únicamente en caso que haya entregado a la Compañía y al Otorgante un Aviso de Incumplimiento conforme a lo establecido en la Cláusula Quinta del Contrato de
Prenda.	
 	

The power of attorney granted hereby may only be exercised by the Attorney-in-fact if it has delivered to the Company and the other Pledgor, a Notice of Default pursuant to the provisions set forth in Clause Fifth of the Pledge Agreement.
	

Este poder tiene el carácter de irrevocable, en los términos del artículo 2596 del Código Civil para el Distrito Federal, dado que se otorga como medio para el cumplimiento de diversas obligaciones asumidas por el
Otorgante bajo el Contrato de Prenda.	
 	

This power of attorney is irrevocable, in terms of Article 2596 of the Civil Code for the Federal District, and is granted as means for the fulfillment of several obligations of the Pledgor under the Pledge Agreement.
	

Los términos utilizados con mayúscula inicial en el texto de este poder tendrán el significado que se les otorga en el Contrato de Prenda del cual éste instrumento forma parte como Anexo "D".	
 	

Capitalized terms used herein will have the meaning assigned to such terms in the Pledge Agreement to which this instrument is attached to as Annex "D".
	

México, Distrito Federal a [    ] de enero de 2004.	
 	

Mexico City, Federal District, January [    ], 2004

	 	 	Otorgante/Pledgor	 	 
	

 	
 	

[                        ]	
 	

 
	

 	
 	

 By/Por:                             

Title/Cargo:                        	
 	

 

18

 
 
 

Anexo "E"    
    
    Formato de Aviso de Venta    
    

[MEMBRETE
DEL ACREEDOR PRENDARIO] 

[                        ],
2004 

Grupo
TMM, S.A.

Avenida de la Cúspide, No. 4755

Colonia Parques del Pedregal

14010 México, D.F. 

Atención:
Director de Finanzas 

Estimados
señores: 

        Hacemos
referencia al Contrato de Prenda Mercantil sobre Acciones (el "Contrato") de
fecha                        de 2004, celebrado entre los
Garantes Prendarios y el Acreedor Prendario. Los términos utilizados con mayúscula inicial utilizados y no definidos en este documento tendrán el
significado que se les otorga en el Contrato. 

        En
términos de lo dispuesto en el párrafo (a) de la Cláusula Sexta del Contrato, como resultado de que ha ocurrido y subsiste un
Incumplimiento (Default) o un Caso de Incumplimiento (Event of Default), que consiste en
[                        ], por medio del presente informamos a ustedes que pretendemos ejecutar los Activos en Garantía,
conforme a las disposiciones del Indenture de
los Bonos Nuevos Adicionales y del Contrato. 

	 	 	Atentamente,	 	 
	

 	
 	

WELLS FARGO BANK, N.A.

como Acreedor Prendario	
 	

 
	

 	
 	

 By/Por:                             

Title/Cargo:                        	
 	

 

ccp:
[SUBSIDIARIAS] 

19

 
 
 

Anexo "F"    
    
    Formato de Contrato de Control sobre Cuentas de Depósito    
    

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[TO BE FORMALIZED IN SPANISH BEFORE A NOTARY PUBLIC IN MEXICO] 

MERCANTILE
STOCK PLEDGE AGREEMENT (THE "AGREEMENT") ENTERED INTO BY AND AMONG EACH AND EVERY ONE OF THE COMPANIES LISTED IN  ANNEX "A" HERETO (THE "SUBSIDIARIES") IN THEIR CAPACITY AS PLEDGORS, REPRESENTED HEREIN BY THE PERSONS
MENTIONED IN SUCH ANNEX, RESPECTIVELY, GRUPO TMM, S.A. (INDIVIDUALLY THE "COMPANY", AND TOGETHER WITH THE SUBSIDIARIES, COLLECTIVELY THE
"PLEDGORS") REPRESENTED HEREIN BY JOSÉ FRANCISCO SERRANO SEGOVIA, AND WELLS FARGO BANK, N.A. (THE
"PLEDGEE" OR THE "INDENTURE TRUSTEE"), IN ITS CAPACITY AS PLEDGEE, REPRESENTED HEREIN BY TIMOTHY P.
MOWDY, PURSUANT TO THE FOLLOWING PRECEDENTS, REPRESENTATIONS AND CLAUSES: 

PRECEDENTS  

        1.     The
Company has issued its senior secured notes due 2007 in the aggregate principal amount of $21,094,605 (twenty one million ninety four thousand six hundred five
Dollars legal currency of the United States of America ("U.S. Dollars")) (the "Additional New Notes"),
which notes are governed by an indenture, dated as of the date hereof, by and among the Company, the other Pledgors and the Indenture Trustee (the "Additional New Notes
Indenture") (a copy of which (in English) is attached hereto as Annex "B", and which will be translated into Spanish as provided
in Clause Fifteenth), and the other Pledgors have executed a guarantee of all of the Company's obligations under the Additional New Notes, the Additional New Notes Indenture and this Agreement. 

        2.     In
accordance with the terms of the Additional New Notes Indenture, the Pledgors are obligated to pledge, assign their interest in, and grant a first priority perfected
security interest in and upon, the Collateral (as defined below) to secure the Company's and the Guarantors' obligations under the Additional New Notes, the Additional New Notes Indenture, the
Guarantees and this Agreement (the "Secured Obligations"). 

        3.     Capitalized
terms used herein but not defined herein shall have the meanings assigned to such terms in the Additional New Notes Indenture. 

REPRESENTATIONS  

        I.     The
Company and each and every one of the Subsidiaries, through its representative, hereby jointly and severally represents to the other parties hereto that: 

        I.1   It
is a company duly organized and validly existing under the laws of the United Mexican States, except for TMG Overseas, S.A. which is a company duly organized and
validly existing under the laws of Panama. 

        I.2   Its
representative has all the necessary authority to enter into this Agreement, and such authority has not been revoked, modified or limited in any manner, as evidenced
in the certified copy of the public deed containing its due authorization, attached hereto as Annex "C". 

        I.3   (i) It
is the sole legal owner of the shares described in Annex "A" hereto in the amounts and percentage interest
set forth therein (the "Shares"), (ii) such Shares (a) are owned by it free and clear of any lien, security interest, charge, guaranty,
encumbrance or third party rights other than as described in Annex "A" hereto (the "Existing
Restrictions") and (b) are fully paid and non-assessable and (iii) the Share certificate(s) delivered by it hereunder evidence the ownership of such
Shares. Except for such Shares or as described in Annex "A" hereto, such Pledgor does not own any other shares of, or other equity interest in, any
other entity. 

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        I.4   It
is entering into this Agreement with the purpose of granting a first priority perfected pledge on the Shares in favor of the Pledgee, and all the rights related to,
derived or deriving from or in connection with such Shares, to secure the Secured Obligations. 

        I.5   The
execution and delivery of this Agreement by it and the performance by it of its obligations hereunder, and the granting of the pledge of and security interest in its
Shares hereunder, do not contravene or conflict with (i) its deed of incorporation or by-laws, (ii) any applicable law, rule, decree, judicial order, resolution or
authorization applicable to it, or (iii) any contractual restriction binding on, or affecting it or any of its assets, except for the Existing Restrictions, and will not result in or require
the creation of any lien, security interest or other charge or encumbrance upon or with respect to any of its assets other than the pledge created hereby. 

        I.6   It
has the power and authority to enter into this Agreement, has obtained all requisite corporate authorizations, and no governmental or other authorizations, approvals
or filings are necessary (other than as described herein) to enter into this Agreement, create the pledge over the Shares as contemplated hereby and to perform its obligations hereunder,  except that,
with respect to the foreclosure of the Collateral in the manner contemplated herein, such sale may require authorization by and/or
notification to the Foreign Investments National Commission (Comisión Nacional de Inversiones Extranjeras) and/or the Federal Competition
Commission (Comisión Federal de Competencia). 

        I.7   There
is no action or procedure pending or, to the knowledge of the Pledgors, threatened to be filed against such Pledgor before any governmental agency, court or
arbitrator that would adversely affect the legality and validity of this Agreement or the legality and validity of the Shares and the pledge created herein. 

        I.8   This
Agreement constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms,  except that enforceability may be limited by concurso
mercantil, bankruptcy or other similar laws now or
hereinafter in effect affecting creditor's rights generally. 

        I.9   Except
with respect to the Shares of certain companies that are not Mexican, as expressly mentioned in Annex "A", the
pledge of its Shares pursuant to this Agreement is duly created and perfected by the execution of this Agreement and endorsement in guaranty of the Share certificates and the notations in the registry
of the applicable Issuing Company (as defined below) pursuant to section II of article 334 of the General Law of Negotiable Instruments and Credit Transactions
(Ley General de Títulos y Operaciones de Crédito) ("LGTOC"), and
constitutes a first priority perfected security interest in the Shares for the benefit of the Pledgee. 

        I.10
There are no pending debts or any tax, labor or any other obligations that may constitute a lien with preference in payment to the pledge that is granted herein over any or all of
its Shares, other than any preferred creditors pursuant to applicable law. 

        "Collateral" shall mean all right, title and interest of each of the Pledgors in and to all of the following property of the Pledgors,
whether now owned or hereafter acquired and whether now existing or hereafter coming into existence: 

          (i)  the
Shares owned by each of the Pledgors (referred to herein, collectively, as the "Pledged Shares"); 

         (ii)  any
dividends or distributions in cash or in kind in connection with the Pledged Shares; 

        (iii)  any
profits from the Pledged Shares, whether in cash, or in kind, by negotiable instruments, and/or shares, or other proceeds resulting from a sale, exchange,
amortization, redemption, retirement or any other disposition of the Pledged Shares, including any Net 

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Cash
Proceeds of Asset Dispositions (as said terms are defined in the Additional New Notes Indenture) of the Collateral; and 

        (iv)  any
Deposit Account (as defined below) and (a) all cash, checks, drafts, certificates, instruments and financial assets, if any, from time to time deposited or
held in any such Deposit Account; (b) any and all investments held in or credited to any such Deposit Account and purchased with funds deposited in any such Deposit Account; (c) all
interest, dividends, distributions, cash, instruments and other property from time to time received, receivable or otherwise payable in respect of, or in exchange for, any or all of the foregoing; and
(d) to the extent not covered by subclauses (a), (b) and (c) above, all proceeds and all profits of any or all of the foregoing. 

        II.    The
Pledgee, through its representative, hereby represents to the other parties hereto that: 

        II.1  It
is a corporation duly organized pursuant to the laws of the United States of America. 

        II.2  Its
representative has all the necessary authority to enter into this Agreement and bind the Pledgee as provided herein. 

        II.3  It
has the power and authority to enter into this Agreement, has obtained all requisite corporate authorizations, and no governmental or other authorizations, approvals
or filings are necessary (other than as described herein) to enter into this Agreement and to perform its obligations hereunder. 

        II.4  This
Agreement constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms,  except that enforceability may be limited by concurso
mercantil, bankruptcy or other similar laws now or
hereinafter in effect affecting creditor's rights generally. 

        In
consideration of the foregoing precedents and representations, the parties hereby grant and bind themselves pursuant to the following: 

CLAUSES  

        FIRST.—Creation of the Pledge.    Through the endorsement in guaranty of the Share certificates and the notations in
the registry of the relevant Issuing Companies (as defined below), pursuant to section II of article 334 of the LGTOC and with the purpose of securing the performance of and compliance
by each Pledgor with each and every one of the Secured Obligations, each and every one of the Pledgors creates in favor of the Pledgee, for the benefit of the Pledgee and the holders of the Additional
New Notes, a first priority perfected pledge in the Collateral, subject only to the Existing Restrictions. 

        The
Pledgors hereby acknowledge and agree that the pledge herein created has been duly perfected pursuant to section II of article 334 of the LGTOC, and, therefore, shall
be governed by Section Six of Chapter IV, Second Title of the LGTOC. Pursuant to the foregoing, the parties hereto acknowledge and agree that the regulations of Section Seven of Chapter IV, Second
Title of the LGTOC shall not be applicable to the pledge herein created. 

        Moreover,
the parties agree that the Pledged Shares delivered hereunder shall be kept in custody by the Pledgee in accordance with the terms of this Agreement and the Additional New
Notes Indenture. 

        SECOND.—Perfection; Documents Delivery.    (a) Each and every one of the Pledgors, as applicable, hereby
delivers in favor of the Pledgee: 

          (i)  each
and every one of the original Share certificates evidencing the total amount of its respective Pledged Shares referred to in Annex
"A" hereto, duly endorsed in guaranty in favor of 

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the
Pledgee, pursuant to section II of article 334 of the LGTOC provided that the Share certificates for Autotransportación y Distribución
Logística, S.A. de C.V., Procesos Operativos de Materiales, S.A. de C.V., Seglo, S.A. de C.V., Seglo Operaciones Logisticas, S.A. de C.V., Trademex Mexicana, S.A. de C.V. and Servicios
Mexicanos en Remolcadores, S.A. de C.V. (the "Joint Venture Companies") shall be delivered to the Pledgee within 30 (thirty) days of the date hereof. 

         (ii)  a
certificate issued by the Secretary of the Board of Directors of each and every one of the issuing companies of the Pledged Shares (the
"Issuing Companies") evidencing that the pledge of the Pledged Shares has been duly registered in the share registry book of each of the Issuing
Companies, pursuant
to article 24 and section II of article 334 of the LGTOC provided that the certificates issued by the Secretary of the Board of Directors of the Joint Venture Companies shall be
delivered to the Pledgee within 30 (thirty) days of the date hereof. 

        The
Pledgee acknowledges receipt of the Share certificates actually delivered, which identification data is described in Annex "A" hereto,
pursuant to article 337 of the LGTOC. 

        (b)   Each
and every one of the Pledgors, as applicable, hereby agrees to use its commercially reasonable best efforts to obtain the corresponding consent to the pledge
created hereby from the other shareholders of each of the Joint Venture Companies within 30 (thirty) days of the date hereof and deliver evidence of such consent to the Pledgee immediately after
having obtained it. 

        THIRD.—Pledgee Obligations.    Subject to the limitations contained in the Additional New Notes Indenture, the
parties hereto expressly agree that the Pledgee shall be responsible for the custody of the original Share certificates as well as for the custody of the Collateral. The Pledgee shall enjoy the
benefits, rights and protections of each and every one of the provisions for the benefit of the Indenture Trustee set forth in the Additional New Notes Indenture, in each case as if such provisions
were fully set forth herein and any duties and obligations of the Pledgee are limited as provided therein. 

        FOURTH.—Continuous Pledge; Indivisibility.    The Pledgors expressly agree, represent and covenant that: 

          (i)  the
pledge of the Pledged Shares created hereby constitutes a continuous guaranty of the payment in full of the Secured Obligations; 

         (ii)  the
pledge of the Pledged Shares created hereby is indivisible and the Shares secure the payment in full of each and all of the Secured Obligations, without limitation,
and as a consequence, each and every Pledgor hereby expressly waives its right to divide or reduce the pledge of the Pledged Shares created hereby in proportion to partial payments that may be
performed with respect to the Secured Obligations, in accordance with article 2890 of the Federal Civil Code and correlative articles of the Civil Codes for the Federal District and other
entities of the Mexican Republic, unless it has obtained the express written consent of the Pledgee; and 

        (iii)  the
pledge of the Pledged Shares created hereby will remain in full force and effect as of the date hereof until the termination of this Agreement, even if any of the
parties hereto or other persons as of this date or hereinafter, secure any or all of the Secured Obligations, through other pledges or guarantees, or any of the parties hereto, or any portion of the
Collateral shall be terminated or released from this Agreement or the pledge and security interest created hereby. 

        FIFTH.—Exercise of Share Rights.    The parties expressly hereto agree as follows: 

        (a)   Subject
to the provisions set forth in the Additional New Notes Indenture, the economic and corporate rights relating to and derived from the Pledged Shares will be
exercised by the Pledgors, so long as no Default or Event of Default has occurred and is continuing. 

        For
the above purposes, the parties agree that, the Pledgors will be empowered to instruct in writing to the Pledgee, with the proper notice as required by the by-laws or
other governing 

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documents
of the Issuing Company, on the manner in which the Pledgee shall exercise any of their rights, whether corporate or economic, relating to and derived from the Pledged Shares, so long as such
exercise is made pursuant to the terms hereunder and of the Additional New Notes Indenture. 

        (b)   Notwithstanding
the foregoing, in the event that the Pledgee delivers to the Company and each of the other Pledgors a notice stating that a Default or Event of Default
has occurred and is continuing (the "Notice of Default"): 

          (i)  Each
of the Pledgors hereby acknowledges and accepts that each and all rights, whether economic or corporate, relating to and derived from the Pledged Shares will only
be exercised by the Pledgee. 

In
order to allow the Pledgee to exercise all rights relating to and derived from the Pledged Shares, each of the Pledgors hereby irrevocably appoints the Pledgee as its
attorney-in-fact to act on its behalf in order to exercise the rights of such Pledgor relating to and derived from the Pledged Shares. For such purposes, each of the Pledgors
hereby grants in favor of the Pledgee a power of attorney substantially in the form attached hereto as Annex "D"; and 

         (ii)  Any
dividend or distribution, in cash or in kind, to which any of the Pledgors has rights to arising from the Pledged Shares, will be directly received by the Pledgee,
who will hold such amounts as a part of the pledge, except as otherwise provided herein. 

        SIXTH.—Foreclosure of the Pledge.    (a) Upon the occurrence and during the continuance of a Default or Event
of Default and after the acceleration of the principal amount of the Additional New Notes pursuant to the Additional New Notes Indenture (so long as such acceleration has not been rescinded), the
Pledgee may, and, if required pursuant to the terms of the Additional New Notes
Indenture, shall, deliver to the Company a written notice, substantially in the form of the document attached hereto as Annex "E" (the
"Notice of Sale"), notifying that it intends to foreclose on the Collateral, pursuant to the provisions set forth in the Additional New Notes Indenture. 

        (b)   In
the event that the Secured Obligations are not paid in full, within 5 (five) Business Days following the date in which the Notice of Sale has been given, the Pledgee
may, beginning on the date that is 30 (thirty) days after the date that the Pledgee has given the Notice of Sale in accordance with Clause Sixth (a), foreclose on the Collateral in accordance with the
procedure authorized by applicable law in effect at the time of foreclosure; provided, however, that if the Company delivers to the Pledgee within such
30 day period a written notice designating particular Pledged Shares that the Pledgee must foreclose on before foreclosing on any other Collateral (the "Designated
Shares"), together with an appraisal of the value of the Designated Shares by a Designated Investment Bank (as defined below) specifying that the fair market value of the
Designated Shares is not less than 120% of the amount in U.S. Dollars of the Secured Obligations (including all accrued and unpaid interest, and default interest, through the date that is 90 (ninety)
days after the date the Notice of Sale is given), then the Pledgee shall be required to foreclose on the Designated Shares before foreclosing on any other Collateral. 

        If
the Net Cash Proceeds from the foreclosure on the Designated Shares are insufficient to pay in full the Secured Obligations, then the Company, within 30 (thirty) days after the date
that the Pledgee has given notice thereof to the Company, may by written notice to the Pledgee designate additional particular Pledged Shares that the Pledgee may foreclose on before foreclosing on
any other Collateral (the "Second Designated Shares"), together with an appraisal of the value of the Second Designated Shares by a Designated
Investment Bank specifying that the fair market value of the Second Designated Shares is not less than 120% of the amount in U.S. Dollars of the Secured Obligations (including all accrued and unpaid
interest, and default interest, through the date that is 90 (ninety) days after the date the Notice of Sale is given), in which case the Pledgee shall be required to foreclose on the Second Designated
Shares before foreclosing on any other Collateral. 

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        It
is agreed that the Designated Shares and the Second Designated Shares shall not include any Pledged Shares that are subject to any Existing Restrictions (that have not been waived).
If the Net Cash Proceeds from the foreclosure on the Designated Shares and on the Second Designated Shares, as the case may be, are insufficient to pay in full the Secured Obligations, or if the
Company shall not timely provide notice to the Pledgee designating the Designated Shares or the Second Designated Shares, as the case may be, then the Pledgee in its sole discretion may foreclose on
all or any portion of the remaining Collateral. 

        (c)   The
Designated Investment Bank will be appointed and hired by the Company and the fees and expenses in connection with the appraisal of the Designated Shares by the
Designated Investment Bank will be borne jointly and severally by the Pledgors. For purposes hereof, "Designated Investment Bank" means the United
States-based branch of any of the following investment banks selected by the Pledgee: 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 its subsidiaries in the six months preceding the date of delivery of such appraisal and agrees not to
render investment banking services to the Company or its subsidiaries in the six month period following the date of delivery of such appraisal. 

        (d)   Pursuant
to article 344 of the LGTOC, the Pledgee may not acquire the Shares, nor the amounts, titles or rights that relate to or derive from them, without the
written consent of the applicable Pledgor granted after the perfection of the pledge. 

        (e)   Once
the sale of the Collateral has occurred, the Net Cash Proceeds and any non-cash proceeds from such sale shall be held by the Pledgee as part of the
Collateral and will be applied pursuant to the provisions set forth in the Additional New Notes Indenture. 

        (f)    The
Pledgee will have no liability with respect to the sale value of the Collateral, whether or not the resulting Net Cash Proceeds are not sufficient to pay in full the
Secured Obligations. In the event that the Net Cash Proceeds are not sufficient to pay in full the Secured Obligations, the rights of the holders of the Additional New Notes and Indenture Trustee to
collect the outstanding amounts from the Pledgors will remain in full force and effect. 

        (g)   Each
of the parties hereto acknowledges and agrees that the foreclosure of the Collateral under this Clause shall be subject to, as applicable, (i) provisions of
Mexican law requiring the authorization by and/or notification to the Foreign Investments National Commission and/or the Federal Competition Commission of Mexico and (ii) the Existing
Restrictions. Furthermore, each of the Pledgors agrees to use its best efforts in order to obtain any necessary and proper governmental authorizations and waivers of Existing Restrictions required for
the sale of the Collateral under this Agreement and for such purpose, the power of attorney substantially in the form attached hereto as Annex "D"
granted by each of the Pledgors in favor of the Pledgee shall authorize the Pledgee to take all such actions in the name of the Pledgors as may be necessary or desirable in the Pledgee's sole
discretion to effect such foreclosure. 

        (h)   Notwithstanding
the above, each of the parties hereto acknowledges and agrees that the Pledgors shall have the right, at any time prior to the completion of the
foreclosure (but not later than any time that could delay or impede such foreclosure), to pay in full the Secured Obligations or to designate a person to make such payment. In such case, any and all
costs and expenses derived from any actions related to the foreclosure pursuant to in this Clause Sixth taken by the Pledgee or any third party participating in the bid of the Collateral, shall be
borne exclusively by the Pledgors. 

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        SEVENTH.—Covenants of the Pledgors.    Each of the Pledgors shall, unless otherwise agreed to in writing by the
Pledgee or otherwise permitted by the Additional New Notes Indenture: 

        (a)   Promptly,
upon becoming aware of any suit or proceeding that challenges its rights to, or would, if adversely determined result in a Lien on or otherwise adversely
affect, the Collateral, deliver a detailed notice describing such suit or proceeding to the Pledgee, and unless the Pledgee instructs otherwise in writing, defend such rights, title or interest at its
expense; 

        (b)   At
all times and at its expense, defend its rights, title and interest in and to the Collateral (including the first priority nature thereof) in favor of the Pledgee,
against any suits and proceedings filed by any person; 

        (c)   Not
sell, assign, trade, exchange, encumber or otherwise dispose of the Shares, except as permitted by the Additional New Notes Indenture; 

        (d)   Not
create or permit to exist any liens, security interests, guarantees, charges, encumbrances, warrants, third party rights or other ownership limitations over the
Collateral other than the Existing Restrictions or as permitted by the Additional New Notes Indenture; and 

        (e)   If
during the term of this Agreement (1) any dividends or distributions in cash or in kind in connection with the Pledged Shares shall be paid; or (2) any
profits from the Pledged Shares, whether in cash, or in kind, by negotiable instruments, and/or shares, or other proceeds resulting from a sale, exchange, withdrawal, amortization, redemption,
retirement or any other disposition of the Pledged Shares shall be received or evidenced, then, all of same shall upon receipt be delivered to the Pledgee and shall immediately become part of the
Collateral. In furtherance thereof, each Pledgor shall: 

          (i)  grant
and perfect a pledge on all such additional shares or any other shares acquired and/or negotiable instruments such Pledgor may become owner of during the term
hereof that are obtained as
a consequence of and in connection with the ownership of the Pledged Shares by virtue of a capital increase, dividend payment in shares or sale, exchange, amortization, redemption, retirement or other
disposition, fully or partially, of the Pledged Shares or otherwise (such new negotiable instruments and/or shares will be considered as part of the "Pledged
Shares" hereunder) in order for such Pledgor to secure the payment in full of the Secured Obligations; 

         (ii)  deposit
the Net Cash Proceeds of Asset Dispositions of the Collateral in a cash collateral account in the name of such Pledgor and under the control of the Pledgee (a
"Deposit Account") pursuant to a Deposit Account Control Agreement, substantially in the form of Annex
"F" hereto (a "Control Agreement"), which proceeds shall be applied in accordance with the Additional New Notes Indenture; and 

        (iii)  if
a Default or Event of Default shall have occurred and be continuing, deposit any dividends, distributions and/or profits in cash obtained in connection with the
sale, exchange, amortization, redemption, retirement or other disposition, of the Pledged Shares or any other shares acquired by such Pledgor, in a Deposit Account pursuant to a Control Agreement. 

        If
such Net Cash Proceeds and/or dividends, distributions and/or profits exceed the equivalent of $10 million and are in a currency other than U.S. Dollars, such amounts shall be
converted into U.S. Dollars promptly upon receipt thereof. 

        EIGHTH.—Termination of the Pledge.    (a) This Agreement will remain in full force and effect so long as any
of the Secured Obligations remain outstanding pursuant to the terms and conditions set forth in the Additional New Notes Indenture. 

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        (b)   The
parties hereto agree that, as of the date in which the Secured Obligations are paid in full in cash, or the Pledgee releases part or all of the pledge over the
Collateral pursuant to the terms and conditions of the Additional New Notes Indenture, the Pledgee shall return to the relevant Pledgor, the Shares certificates (or portion thereof, as applicable),
and the parties hereto shall cancel the endorsement of the Pledged Shares (or portion thereof, as applicable), as well as the registration in the relevant registries or books of the Issuing Companies,
and in the relevant Public Registries. 

        (c)   The
Pledgors shall have the right to obtain a release of all or part of the Collateral pursuant to and in accordance with the terms and conditions of the Additional New
Notes Indenture, and, except as set forth in the Additional New Notes Indenture, the Pledgors shall not have any right to obtain a release of all or part of the Collateral. 

        NINTH.—Notices.    Any request, demand, authorization, direction, notice, consent or waiver of any party hereto to
be made upon, given or furnished to: 

        (a)   the
Company or any other Pledgor, shall be made, given or furnished in writing and hand delivered, mailed, first class, postage prepaid, or sent by facsimile
transmission to the Company and any other Pledgor addressed to it at Avenida de la Cúspide, No. 4755, Colonia Parques del Pedregal, 14010 Mexico, D.F., Attention: Chief Financial
Officer, telephone number (52-55) 5629-8866, facsimile number (52-55) 5629-8899, or at any other address previously furnished in writing to the Pledgee
by the Company or any other Pledgor, and unless otherwise herein expressly provided, any such document shall be deemed to be sufficiently made, given or furnished upon its receipt 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, or 

        (b)   the
Pledgee, shall be made, given or furnished in writing and hand delivered, mailed, first class, postage prepaid, or sent by facsimile transmission to the Pledgee,
addressed to it at the principal office of the Pledgee located at Wells Fargo Bank, N.A., Sixth Street and Marquette Avenue, N9303-120, Minneapolis, MN 55479, Attn: Timothy Mowdy,
telephone number (612) 316-1445, facsimile number (612) 667-9827, or at any other address previously furnished in writing to the Company by the Pledgee, and
unless otherwise herein expressly provided, any such document shall be deemed to be sufficiently made, given or furnished upon its receipt by the Pledgee,  provided, that if receipt of any facsimile
transmission is not confirmed in writing or by facsimile by the Pledgee, a copy of such transmission shall be
delivered by hand or mailed, first class, postage prepaid, to the Pledgee. 

        TENTH.—Assignment.    The parties hereto may not encumber, assign or otherwise transfer in full or in part, their
rights and obligations hereunder. Notwithstanding the foregoing, the Pledgee may assign or otherwise transfer its rights and obligations hereunder to a successor trustee or collateral agent pursuant
to and in accordance with the terms and conditions of the Additional New Notes Indenture. 

        ELEVENTH.—Amendments.    This Agreement may not be amended, supplemented, waived or otherwise modified except by
agreement by each of the parties hereto, provided that any amendment of, or supplement, waiver or modification to, this Agreement shall be effected in
accordance with and pursuant to the terms and conditions of the Additional New Notes Indenture. 

        TWELFTH.—Notarization and Registry.    Pursuant to articles 2859 and 3069 of the Federal Civil Code, as well as
article 149 of the Federal Tax Code, within 5 (five) Business Days following the execution of this Agreement, the parties hereto shall deliver this Agreement for its notarization before a
Notary Public, and once it is notarized, register it before the relevant Public Registries of Commerce. 

        THIRTEENTH.—Severability.    If any one or more of the covenants, agreements or other provisions provided in this
Agreement on the part of the parties hereto to be performed hereunder 

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should
be determined by a court of competent jurisdiction to be contrary to law or unenforceable, such covenant, agreement or other provision shall be deemed and construed to be severable from the
remaining covenants, agreements and provisions herein contained and shall in no way affect the validity of the remaining covenants, agreements and provisions of this Agreement. 

        FOURTEENTH.—Applicable Law; Jurisdiction.    For all matters regarding the interpretation and/or enforcement of this
Agreement, each of the parties hereto submits itself to the provisions of the LGTOC and the ancillary provisions set forth in article 2 of the LGTOC. For any controversy or proceedings arising
from this Agreement, each of the parties hereto agrees to submit to the jurisdiction of the courts of Mexico City, Federal District and hereby expressly waives to any other forum or jurisdiction
afforded to them by law. 

        FIFTEENTH.—Translation of Documents.    The parties hereto (i) expressly agree to have the Additional New
Notes Indenture translated into Spanish by a court-approved translator and (ii) expressly agree that such translation may be used in any proceeding in connection with this Agreement. The
parties hereto further agree to carry out the actions referred to in (i) above no later than 15 (fifteen) days after the date hereof. The foregoing shall not affect the validity, effectiveness
or enforceability of this Agreement. Any and all costs and expenses derived from any of the actions referred to in this Clause Fifteenth shall be borne exclusively by the Company. 

        SIXTEENTH.—Counterparts.    The parties agree that this Agreement is executed in multiple counterparts, one for each
of the parties hereto, all being one and the same instrument. 

        SEVENTEENTH.—Entire Agreement.    This Agreement, together with the other agreements referenced herein, and the
Annexes hereto, constitutes the entire agreement and understanding of the parties in respect of the subject matter hereof, and supersedes all prior agreements, understandings or representations by or
among the parties, written or oral, to the extent they relate in any way to the subject matter hereof. 

        EIGHTEENTH.—Capacity of the Pledgee.    The Pledgors hereby expressly and irrevocably (i) acknowledge that
the Pledgee has all necessary appointments, legal capacity and authority to act in the name and on behalf of the holders of the Additional New Notes for all matters arising from or relating to this
Agreement and (ii) waive their respective rights to carry out any action challenging the legal existence, appointments, legal or other capacity and authority of the Pledgee to act in the name
and on behalf of the holders of the Additional New Notes, and (iii) acknowledge that the institution acting as Pledgee hereunder (a) is acting solely as agent for, and in the name and on
behalf of, the holders of Additional New Notes; and (b) assumes no responsibility or liability of any kind, whether
direct or indirect, express or implied, under or in connection with any of the Secured Obligations or any agreements or other documents relating to the Secured Obligations. 

[Remainder
of page intentionally left blank] 

9

 

        The
parties have executed this Agreement in Mexico City, Federal District, on January 13, 2004. 

PLEDGORS  

	Grupo TMM, S.A.	 	Compañía Arrendadora TMM, S.A. de C.V.
	

 By: José Francisco Serrano Segovia

Title: Attorney-in-fact	
 	

 By: José Francisco Serrano Segovia

Title: Attorney-in-fact
	

Línea Mexicana TMM, S.A. de C.V.	
 	

Inmobiliaria TMM, S.A. de C.V.
	

 By: José Francisco Serrano Segovia

Title: Attorney-in-fact	
 	

 By: José Francisco Serrano Segovia

Title: Attorney-in-fact
	

Operadora de Apoyo Logístico, S.A. de C.V.	
 	

Servicios en Puertos y Terminales, S.A. de C.V.
	

 By: José Francisco Serrano Segovia

Title: Attorney-in-fact	
 	

 By: José Francisco Serrano Segovia

Title: Attorney-in-fact
	

Transportes Marítimos México, S.A.	
 	

Línea Mexicana TMM, S.A. de C.V.
	

 By: José Francisco Serrano Segovia

Title: Attorney-in-fact	
 	

 By: José Francisco Serrano Segovia

Title: Attorney-in-fact
	

TMM Logistics, S.A. de C.V.	
 	

TMG Overseas, S.A. de C.V.
	

 By: José Francisco Serrano Segovia

Title: Attorney-in-fact	
 	

 By: José Francisco Serrano Segovia

Title: Attorney-in-fact

	 	 	PLEDGEE	 	 
	

 	
 	

Wells Fargo Bank, N.A.	
 	

 
	

 	
 	

 By: Timothy P. Mowdy

Title: Assistant Vice-President	
 	

 

10

  

 
 

List of Annexes    
    

	"A"	 	List of Pledgors, Shares, Issuing Companies, Representatives, Existing Restrictions and other Shares and Equity Interests Owned by Pledgors
	"B"	 	Copy of the Additional New Notes Indenture
	"C"	 	Copies of the Power of Attorney of the Pledgors
	"D"	 	Form of Power of Attorney granted to the Pledgee
	"E"	 	Form of Notice of Sale
	"F"	 	Form of Deposit Account Control Agreement

11

 
 
 

Annex "A"    
    
    List of Pledgors, Shares, Issuing Companies, Representatives, Existing Restrictions and other Shares and Equity Interests Owned by Pledgors    
    

12

 
 
 

Annex "B"    
    
    Copy of the Additional New Notes Indenture    
    

13

 
 
 

Annex "C"    
    
    Copies of the Power-of-Attorneys of the Pledgors    
    

14

 
 
 

Annex "D"    
    
    Form of Power-of-Attorney granted to the Pledgee    
    

	Poder Especial
	 	Special Power-of-Attorney

	En este acto el [Garante Prendario] (el "Otorgante") otorga a [Acreedor Prendario] (el "Apoderado"), un poder especial
irrevocable, tan amplio como en derecho sea necesario, con el fin de que el Apoderado, actuando en nombre y representación del Otorgante ejerza, defienda y exija, estrictamente de conformidad con lo previsto en el contrato de prenda mercantil
sobre acciones celebrado [en esta misma fecha] entre diversos garantes prendarios, entre los cuales se encuentra el Otorgante, y el Apoderado, como acreedor prendario (el "Contrato de Prenda"), el
cumplimiento de todos y cada uno de los derechos del Otorgante relacionados con las acciones propiedad del Otorgante representativas del capital social de [Nombre de la Compañía Emisora] (las "Acciones").	 	[Pledgor] (the "Pledgor") hereby grants to [Pledgee] (the "Attorney-in-fact"), an irrevocable special power of attorney, as broad
and sufficient as may be necessary under applicable law, in order for the Attorney-in-fact to act in the Pledgor's name and on its behalf in order to exercise, enforce and defend, strictly in accordance with the provisions of the mercantile pledge
agreement executed [as of the date hereof] between several pledgors, including the Pledgor, and the Attorney-in-fact, in its capacity as pledgee (the "Pledge Agreement"), the performance of each and
every of the Pledgor's rights in connection with the shares representing the capital stock of [Name of the Issuing Company] owned by it (the "Shares").
	

Dentro de la especialidad del poder, el Apoderado gozará de las siguientes facultades:	
 	

Within the special nature of said power, the Attorney-in-fact shall have the following powers:
	

A) Poder general para pleitos y cobranzas, con todas las facultades generales y aún con las especiales que de acuerdo con la ley requieran cláusula especial, actos de administración y actos de dominio en los términos del
Artículo 2554 del Código Civil para el Distrito Federal y sus artículos correlativos en el Código Civil Federal y en los Códigos Civiles de los Estados de la República Mexicana.	
 	

A) General power for lawsuits and collections, with all the general authority and powers, including those special powers which, according to law, require a special clause, acts of administration and acts of domain, as provided for by the first
paragraph of Article 2554 of the Civil Code for the Federal District and its correlatives in the Federal Civil Code and in the Civil Codes of the other states of the Mexican Republic.
	

De manera enunciativa y no limitativa, se mencionan entre otras facultades las siguientes:	
 	

The powers of the Attorney-in-fact hereunder shall include, but not be limited to:
	

I.	
 	

Para intentar y desistirse de toda clase de procedimientos, inclusive amparo;	
 	

I.	
 	

To institute and withdraw from all types of proceedings, including "amparo"
	II.	 	Para transigir;	 	 	 	procedures;
	III.	 	Para comprometer en árbitros;	 	II.	 	To transact;
	IV.	 	Para absolver y articular posiciones;	 	III.	 	To arbitrate;
	V.	 	Para recusar;	 	IV.	 	To make and answer depositions;
	VI.	 	Para hacer cesión de bienes;	 	V.	 	To recuse;
	VII.	 	Para recibir pagos; y	 	VI.	 	To assign property;
	VIII.	 	Para presentar denuncias y querellas en	 	VII.	 	To receive payments; and
	 	 	materia penal y desistirse de ellas cuando lo permita la ley.	 	VIII.	 	To file criminal lawsuits and withdraw from them when permitted by law.
	 	 	 	 	 	 	 

15

 

	

Las facultades que se conceden al Apoderado conforme al presente apartado A), estarán limitadas a la realización de actos o cuestiones relacionadas con las Acciones;	
 	

The powers granted to the Attorney-in-fact under section A) herein, shall be limited to any actions or matters related to the Shares;
	

B) Poder tan amplio como sea necesario para ejercer la totalidad de los derechos corporativos y económicos relativos a las Acciones (incluyendo sin limitación, el derecho de asistir y votar a las asambleas, así como el derecho de
cobrar dividendos y cualesquiera otras cantidades derivadas o que se deriven de la titularidad de las Acciones). En este acto, el Otorgante ratifica todos los actos que el Apoderado realice en ejercicio del presente poder; y	
 	

B) Power of attorney as broad as necessary to exercise all the corporate and economic rights in connection with the Shares (including without limitation, the right to attend and vote in the shareholders meetings, as well as the right to collect any
dividend payments as well as any other amounts arising from or related to the Shares). The Pledgor hereby ratifies all actions that the Attorney-in-fact may reasonably take on the exercise of this power; and
	

C) Poder tan amplio como sea necesario para llevar a cabo, en nombre del Otorgante, cualquier acto que sea necesario o conveniente en la entera discreción del Apoderado para llevar a cabo la ejecución de la Garantía en
términos del Contrato de Prenda. En este acto, el Otorgante ratifica todos los actos que el Apoderado realice en ejercicio del presente poder.	
 	

C) Power of attorney as broad as necessary to take any and all such actions in the name of the Pledgor as may be necessary or desirable in the Attorney-in-fact's sole discretion to effect the foreclosure of the Collateral pursuant to the Pledge
Agreement. The Pledgor hereby ratifies all actions that the Attorney-in-fact may reasonably take on the exercise of this power.
	

El presente poder podrá ser ejercido por el Apoderado únicamente en caso que haya entregado a la Compañía y al Otorgante un Aviso de Incumplimiento conforme a lo establecido en la Cláusula Quinta del Contrato de
Prenda.	
 	

The power of attorney granted hereby may only be exercised by the Attorney-in-fact if it has delivered to the Company and the other Pledgor, a Notice of Default pursuant to the provisions set forth in Clause Fifth of the Pledge Agreement.
	

Este poder tiene el carácter de irrevocable, en los términos del artículo 2596 del Código Civil para el Distrito Federal, dado que se otorga como medio para el cumplimiento de diversas obligaciones asumidas por el
Otorgante bajo el Contrato de Prenda.	
 	

This power of attorney is irrevocable, in terms of Article 2596 of the Civil Code for the Federal District, and is granted as means for the fulfillment of several obligations of the Pledgor under the Pledge Agreement.
	

Los términos utilizados con mayúscula inicial en el texto de este poder tendrán el significado que se les otorga en el Contrato de Prenda del cual éste instrumento forma parte como Anexo "D".	
 	

Capitalized terms used herein will have the meaning assigned to such terms in the Pledge Agreement to which this instrument is attached to as Annex "D".
	

México, Distrito Federal a [            ] de enero de 2004.	
 	

Mexico City, Federal District, January [            ], 2004

	 	 	Otorgante/Pledgor	 	 
	

 	
 	

[                        ]	
 	

 
	

 	
 	

 By/Por:                             

Title/Cargo:                        	
 	

 

16

 
 
 

Annex "E"    
    
    Form of Notice of Sale    
    

[LETTERHEAD
OF THE PLEDGEE] 

[                        ],
200            

Grupo
TMM, S.A.

Avenida de la Cúspide, No. 4755

Colonia Parques del Pedregal

14010 Mexico, D.F. 

Attention:
Chief Financial Officer 

Gentlemen:

        We
make reference to the Mercantile Stock Pledge Agreement (the "Agreement") dated as of
[                        
    ], 2004, entered into by and among the Pledgors and the Pledgee. Capitalized terms used herein and not otherwise defined herein will have the meanings attributed thereto in
the Agreement. 

        Pursuant
to paragraph (a) of Clause Sixth of the Agreement, as a result of the occurrence and the continuance of a Default or Event of Default, which consists of
[                        ], we hereby inform you that we intend to foreclose on the Collateral, pursuant to the provisions set
forth in the Additional New Notes Indenture and in the
Agreement. 

	 	 	Very truly yours,	 	 
	

 	
 	

WELLS FARGO BANK, N.A,

as Pledgee	
 	

 
	

 	
 	

 By:                             

Title:                        	
 	

 

cc:
[SUBSIDIARIES] 

17

 
 
 

Annex "F"    
    
    Form of Deposit Account Control Agreement    
    

18

QuickLinks

Exhibit 10.30

Lista de Anexos

Anexo "A" Lista de Garantes Prendarios, Acciones, Sociedades Emisoras, Representantes, Restricciones Existentes y otras Acciones y Participaciones de los Garantes Prendarios

Anexo "B" Copia del Indenture de los Bonos Nuevos Adicionales

Anexo "C" Copia de los Poderes de los Garantes Prendarios

Anexo "D" Formato de Poder otorgado al Acreedor Prendario

Anexo "E" Formato de Aviso de Venta

Anexo "F" Formato de Contrato de Control sobre Cuentas de Depósito

List of Annexes

Annex "A" List of Pledgors, Shares, Issuing Companies, Representatives, Existing Restrictions and other Shares and Equity Interests Owned by Pledgors

Annex "B" Copy of the Additional New Notes Indenture

Annex "C" Copies of the Power-of-Attorneys of the Pledgors

Annex "D" Form of Power-of-Attorney granted to the Pledgee

Annex "E" Form of Notice of Sale

Annex "F" Form of Deposit Account Control Agreement

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