Document:

Pledge Without Transfer of Possession Agreement

 Exhibit 10.3 

Execution Version 

08/30/10 

TO BE FORMALIZED IN SPANISH 

BEFORE A MEXICAN NOTARY PUBLIC 

English Version 

for Information Purposes Only 

PLEDGE WITHOUT TRANSFER OF POSSESSION AGREEMENT (Contrato de Prenda sin Transmisión de Posesión) dated
August 30, 2010 (this “Agreement”), entered into by and among Kansas City Southern de México, S.A. de C.V. (“KCSM”), Arrendadora KCSM, S. de R.L. de C.V. (“Arrendadora”), Highstar Harbor
Holdings Mexico, S. de R.L. de C.V. (“HHH”), MTC Puerta Mexico, S. de R.L. de C.V. (“MTC”), and Vamos a México, S.A. de C.V. (“VAM” and together with KCSM, Arrendadora, HHH and MTC, the
“Pledgors” and each a “Pledgor”), and Scotiabank Inverlat, S.A., Institución de Banca Múltiple, Grupo Financiero Scotiabank Inverlat, as Collateral Agent, acting on its own behalf and on behalf and for
the benefit of the Secured Parties (as defined in the Credit Agreement referred to below), as pledgee (in such capacity, the “Pledgee”), including their successors and assigns, pursuant to the following Recitals, Representations and
Clauses: 
 RECITALS 

(a) WHEREAS, KCSM, as borrower (the “Borrower”), entered into a Credit Agreement dated the date hereof for the
maximum principal amount of US$100,000,000.00 (one hundred million dollars 00/100, currency of the United States of America) (as amended, supplemented, amended and restated, or otherwise modified, from time to time, the “Credit
Agreement”), with the various financial institutions and other persons from time to time parties thereto or that subsequently became parties thereto (including their successors and assigns) (collectively, the “Lenders”),
The Bank of Nova Scotia, as administrative agent (in such capacity, the “Administrative Agent”), the Pledgee, as Collateral Agent, and The Bank of Nova Scotia and Banc of America Securities LLC, as joint lead arrangers and joint
bookrunners. A copy of the Credit Agreement as in effect on the date hereof is attached hereto as Exhibit A. The parties hereto hereby acknowledge that they know the contents of the Credit Agreement as of the date hereof and have
agreed to its terms. 
 (b) WHEREAS, pursuant to the Subsidiary Guaranty dated the date hereof, the Pledgors guaranteed,
jointly and severally, the due and punctual satisfaction of the Obligations (as defined in the Credit Agreement). 
 (c)
WHEREAS, in order to induce the Pledgee, the Administrative Agent, the Lenders and the Issuers (as defined in the Credit Agreement) to execute and deliver the Credit Agreement and to make (or participate in) the Credit Extensions (as defined
in the Credit Agreement) and certain Secured Parties to enter into Hedging Agreements (as defined in the Credit Agreement), each of the Pledgors, pursuant to Section 5.1.8(a), and other applicable

 
provisions of the Credit Agreement, has agreed to enter into this Agreement in order to create a first priority pledge without transfer of possession, in accordance with Title II, Chapter IV,
Section Seventh of the General Negotiable Instruments and Credit Transactions Law (Ley General de Títulos y Operaciones de Crédito; the “LGTOC”), over the Pledged Assets (as defined below) in favor of the
Pledgee, on its own behalf and on behalf and for the benefit of the Secured Parties, to secure the Obligations. 

REPRESENTATIONS 

I. Each Pledgor represents, through its attorney-in-fact, that: 

(a) It is a sociedad anónima de capital variable or a sociedad de responsabilidad limitada de capital variable duly
incorporated and validly existing under the laws of the United Mexican States (“Mexico”), as evidenced by the public deeds attached hereto as Exhibit B. 

(b) It is the owner, free of any liens, charges, encumbrances or ownership limitations (other than the pledge created hereunder) of the
Pledged Assets that it pledges hereunder. 
 (c) The execution, delivery and performance by it of, and the granting of security
interests under this Agreement do not (i) violate (A) its by-laws or any other constitutional documents, (B) any law, regulation, judgment or order applicable to it or (C) any contract, agreement, deed or other instrument to
which it is a party or to which its properties are subject or (ii) result in the creation or imposition of any lien, claim or rights of third parties upon or with respect to any such properties other than the pledge created under this
Agreement, except in the case under clauses (i)(B) or (i)(C) above, where such violation would not reasonably be expected to have a Material Adverse Effect (as defined in the Credit Agreement). 

(d) It has full power and authority to enter into, and perform its obligations hereunder, which constitute valid and binding obligations
of each Pledgor, enforceable against each Pledgor in accordance with their terms, except in any case, as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights
generally. 
 (e) It is not required to obtain any authorization, consent or approval from, or registration with, any individual
or corporation or governmental authority for (i) the execution or the validity or enforceability of this Agreement, (ii) the perfection or maintenance of the pledge created hereby (including the first priority nature of such pledge) or
(iii) for the exercise by the Pledgee of its rights provided for in this Agreement or the remedies in respect of the Pledged Assets pursuant to this Agreement, except for the execution of the public deed that contains this Agreement and
the registration of the first official copy (primer testimonio) of the public deed that contains this Agreement with (A) the Mexican Rail Registry (Registro Ferroviario Mexicano, the “RFM”) maintained by
the Ministry of Communications and Transportations (Secretaría de Comunicaciones y Transportes) pursuant to Article 204, Section IV, of the Rail Service Regulations (Reglamento del Servicio Ferroviario, the
“RSF”), (B) the Public Registry of Property and Commerce (Registro Público de la Propiedad y del Comercio, the “RPPC”) of the corporate domicile of each Pledgor, and (C) the Registry of
Guaranties on Movable Assets (as such term is defined below). 
  

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 (f) In order to secure the full and timely satisfaction of the Obligations, the Pledgors
agree pursuant to this Agreement to grant a first priority pledge without transfer of possession over the Pledged Assets in favor of the Pledgee, acting on its own behalf and on behalf and for the benefit of the Secured Parties. 

(g) Its representatives are duly authorized to execute this Agreement (with the authority to execute acts of ownership) on behalf of each
Pledgor and to bind each Pledgor to the terms of this Agreement, as evidenced by the powers-of-attorney attached hereto as Exhibit C; such authorities have not been revoked or modified in any manner whatsoever. 

(h) By executing this Agreement, each Pledgor expressly recognizes (i) the Pledgee’s authority to act on its own behalf and on
behalf and for the benefit of the Secured Parties, and (ii) the legal capacity and authority of the representatives of the Pledgee to execute this Agreement in the name and on behalf of the Pledgee. 

II. The Pledgee represents, through its attorney-in-fact, that to the date hereof: 

(a) It is a banking institution duly organized and existing under the laws of Mexico, acting as Collateral Agent on its own behalf and on
behalf and for the benefit of the Secured Parties. 
 (b) It executes this Agreement in order to receive the first priority
pledge without transfer of possession granted on the Pledged Assets pursuant to this Agreement, for its benefit and on behalf and for the benefit of the Secured Parties. 

(c) Its representative has sufficient authority to execute this Agreement on its behalf, as evidenced by the powers-of-attorney attached
hereto as Exhibit D; such authority, to this date, has not been revoked or modified in any manner whatsoever. 

NOW, THEREFORE, in consideration of the foregoing Recitals and Representations, the parties hereto agree to the following:

 CLAUSES 

Clause First. Definitions. Capitalized terms used and not otherwise defined herein shall have the meaning given to them in
the Credit Agreement. The following terms shall have the following meanings: 
 “Agreement” has the meaning
specified in the preamble of this Agreement. 
 “Arrendadora” has the meaning specified in the preamble of this
Agreement. 
 “Borrower” has the meaning specified in paragraph (a) of the Recitals of this Agreement.

  

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 “Collateral Agent” has the meaning specified in paragraph (a) of the
Recitals of this Agreement. 
 “Credit Agreement” has the meaning specified in paragraph (a) of the
Recitals of this Agreement. 
 “HHH” has the meaning specified in the preamble of this Agreement. 

“Indemnified Party” has the meaning specified in Clause Twelfth of this Agreement. 

“Issuers” has the meaning specified in the Credit Agreement. 

“KCSM” has the meaning specified in the preamble of this Agreement. 

“Lenders” has the meaning specified in paragraph (a) of the Recitals of this Agreement. 

“LGTOC” has the meaning specified in paragraph (c) of the Recitals of this Agreement. 

“Loan Documents” has the meaning specified in the Credit Agreement. 

“Mexico” has the meaning specified in Representation I (a) of this Agreement. 

“MTC” has the meaning specified in the preamble of this Agreement. 

“Obligations” has the meaning specified in the Credit Agreement. 

“Pledged Assets” has the meaning specified in Clause Second of this Agreement. 

“Pledgee” has the meaning specified in the preamble of this Agreement. 

“Pledgors” has the meaning specified in the preamble of this Agreement. 

“Registry of Guaranties on Movable Assets” means the guaranty section in the public registry of commerce corresponding
to the corporate domicile of the Pledgors, pursuant to the provisions of the amending decree upon which certain provisions to the Commerce Code are added (Decreto por el que se reforman y adicionan algunas disposiciones del Código de
Comercio) as published in the Official Daily Gazette of the Federation on August 27, 2009. 
 “RFM”
has the meaning specified in Representation I (e) of this Agreement. 
 “RPPC” has the meaning specified
in Representation I (e) of this Agreement. 
 “RSF” has the meaning specified in Representation I
(e) of this Agreement. 
 “Secured Parties” has the meaning specified in the Credit Agreement. 

 

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 “VAM” has the meaning specified in the preamble of this Agreement.

 Clause Second. Creation of the Pledge. (a) Each Pledgor hereby grants a first priority pledge without
transfer of possession in favor of the Pledgee, acting on its own behalf and on behalf and for the benefit of the Secured Parties, in accordance with Title II, Chapter IV, Section Seventh of the LGTOC, over (i) in the case of KCSM and
Arrendadora, the locomotives listed and described in Exhibit E and any and all rights they may have in connection thereto, and (ii) in the case of all the Pledgors, all present and future accounts receivable from customers,
received, acquired or owned by, each Pledgor as a result of their operations and business activities, and all cash or payments in kind resulting from the collection of such accounts receivable (such locomotives, rights, cash and payments in kind,
together with the proceeds and products derived of the foregoing, the “Pledged Assets”), to secure the prompt and full satisfaction of the Obligations (including any obligations under the Hedging Agreements (as defined in the Credit
Agreement)). 
 (b) As required under Articles 365, 366 and 376 of the LGTOC and 204, 205, 206 and 212 of the RSF, the Pledgors:

 (1) on the date hereof, execute and formalize this Agreement before a notary public; 

(2) shall file for registration, within fifteen (15) calendar days following the date hereof (with such extensions as
the Pledgee may grant in its sole discretion), this Agreement before the RFM and the RPPC; 
 (3) shall file this
Agreement for registration with the Registry of Guaranties on Movable Assets within fifteen (15) business days after the date on which such registry starts operating (with such extensions as the Pledgee may grant in its sole discretion); and

 (4) shall obtain and deliver to the Pledgee written confirmation, in terms satisfactory to the Pledgee, of the
registration of this Agreement with (A) the RFM, within twenty (20) Business Days from the date of its filing before the RFM (with such extensions as the Pledgee may grant in its discretion), and (B) the RPPC and the Registry of
Guaranties on Movable Assets, within one hundred and twenty (120) calendar days from the date of its filing before the RPPC and the Registry of Guaranties on Movable Assets, respectively (with such extensions as the Pledgee may grant in its
sole discretion). 
 The Pledgors shall pay any registration fees, taxes, notary public fees and any related fees, costs and
expenses incurred in connection with the formalization and registration of this Agreement as aforesaid and pursuant to Clause Fourth hereof. The Pledgee shall in no event be liable for any of such fees, taxes costs or expenses. The rejection or
delay by any registry of the registration of this Agreement shall in no way affect the obligations of the Pledgors under this paragraph (b). 
  

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 Clause Third. Material Possession of Pledged Assets. Each Pledgor, as the case
may be, shall maintain material possession of the Pledged Assets in accordance with Article 346 of the LGTOC (except to the extent that, consistent with industry practices, such Pledgor permits others to use the locomotives that form part of the
Pledged Assets) and will be subject to all obligations and responsibilities established in Articles 361 and 380 of the LGTOC. 

Clause Fourth. Use of the Pledged Assets; Release of Pledged Assets. In accordance with Article 356 of the LGTOC, each
Pledgor, as the case may be, shall: 
 (a) have the right to use the Pledged Assets in the normal course of its business or as
permitted by the Loan Documents (and, consistent with industry practices, to permit others to use the locomotives that form part of the Pledged Assets), as long as the value of the Pledged Assets is reduced solely as a result of such use, and
receive and use the proceeds and products of the Pledged Assets; 
 (b) except for Dispositions (as defined in the Credit
Agreement) of specific Pledged Assets permitted by the Credit Agreement, abstain from carrying any acts which would reasonably be expected to result in a material decrease in the value of the Pledged Assets; 

(c) have the right to receive payments and use any and all proceeds derived from the Pledged Assets in the ordinary course of business or
as permitted by the Loan Documents; and 
 (d) notify the Pledgee within five (5) calendar days after a Responsible Officer
(as defined in the Credit Agreement) obtains knowledge of the occurrence of any act or fact which results in the destruction, loss or material damage or material decrease in value of the Pledged Assets. 

The parties agree that Arrendadora and KCSM may release any of the locomotives listed in Exhibit E hereto from the pledge
created hereby without the prior consent of the Pledgee, if the Pledgor pledges additional locomotives under this Agreement in substitution of the locomotives that it intends to release and such additional locomotives have at least the same book
value as the locomotives to be released. For such purposes: 
 (A) Prior to releasing any locomotives, the relevant Pledgor
shall deliver written notice to the Pledgee indicating the locomotives to be released and listing the new locomotives that, in substitution thereof, will be subject to the pledge hereunder. 

(B) As soon as practicable after receipt of such notice, the Pledgors and the Pledgee shall formalize an amendment agreement before a
notary public, in form and substance reasonably acceptable to the Pledgee, to reflect the release of locomotives and the pledge of the new locomotives. Such amendment agreement shall (a) contain representations by the relevant Pledgor, in terms
satisfactory to the Pledgee, to the effect that (i) such Pledgor is the owner of such new locomotives, (ii) such locomotives are free of any liens or encumbrances (other than those created by such amendment agreement), (iii) no
authorizations are required in order to pledge the new locomotives, (iv) its representative has the authority to pledge the new locomotives, and (v) the book value of the new locomotives to be pledged is at least equal to the book value of
the locomotives to be released, and (b) be accompanied by evidence of ownership of the new locomotives reasonably acceptable by the Pledgee. 
  

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 (C) As required by Articles 365, 366 and 376 of the LGTOC and 204, 205, 206 and 212 of the
RSF, the relevant Pledgor (a) shall file such amendment agreement for registration before the RFM, the RPPC and the Registry of Guaranties on Movable Assets (once and if the Registry of Guaranties on Movable Assets commences operations), within
fifteen (15) calendar days following the date thereof (with such extensions as the Pledgee may grant in its sole discretion) and (b) shall obtain and deliver to the Pledgee written confirmation, in terms satisfactory to the Pledgee, of the
registration of such amendment agreement with (i) the RFM, within twenty (20) Business Days from the date of its filing (with such extensions as the Pledgee may grant in its sole discretion), and (ii) the RPPC and the Registry of
Guaranties on Movable Assets, within one hundred and twenty (120) calendar days following the date of its filing with such registries, respectively (with such extensions as the Pledgee may grant in its sole discretion). 

Should the Pledgors desire to release any other Pledged Assets from the pledge created hereby, the prior written consent of the Pledgee
shall be required. 
 Clause Fifth. Covenants. 

Until the Termination Date (as defined in the Credit Agreement), each Pledgor shall: 

(1) abstain from selling, assigning, disposing of or granting any option rights on the Pledged Assets, except for Dispositions of
specific Pledged Assets permitted by the Loan Documents, as well as from creating or allowing the existence of any lien or limitation of the ownership rights on or with respect to any of the Pledged Assets (other than the pledge without transfer of
possession under this Agreement); 
 (2) except for Dispositions of specific Pledged Assets permitted by the Loan
Documents, abstain from performing acts or from not performing them when such performance or non-performance may reasonably be expected to materially decrease the value of the Pledged Assets or result in a material portion of the Pledged Assets
ceasing to exist; 
 (3) deliver to the Pledgee information related to the Pledged Assets and allow the Pledgee or any third
party designated by the Pledgee to inspect, audit or obtain copies or extracts of all registries and documents in possession of any Pledgor in connection with the Pledged Assets, all on the terms and conditions set forth in Section 7.1.5 of the
Credit Agreement, and at the Pledgee’s request, deliver to the Pledgee certified copies of any such registries and documents, provided that copies of the requested documents shall be delivered within a period of ten
(10) Business Days (with such extensions as the Pledgee may grant in its sole discretion); 
 (4) at any time, at its own
expense, execute and promptly deliver the instruments and additional documents and take all necessary or required additional actions, or reasonably requested by the Pledgee, in order to perfect or protect the security interest granted hereunder or
to allow the Pledgee to exercise its rights and remedies hereunder, including, without limitation, the actions referred to in Clause Second, paragraph (b) of this Agreement; 

 

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 (5) at all times maintain the Pledged Assets in good repair, working order and condition
(ordinary wear and tear excepted) in the manner contemplated by the Credit Agreement and respond for any loss, damage or impairment suffered by any the Pledged Assets; and 

(6) maintain the locomotives that form a part of the Pledged Assets on the railways concessioned to the Borrower or on any other railways
which the Borrower has right to use, or over which such locomotives may operate or in the maneuvering lots of the Borrower, or of clients or suppliers of the Borrower (in the last two cases, exclusively on a temporary basis). 

Clause Sixth. Inspection. The Pledgee shall have the right to appoint a person to inspect the Pledged Assets in order to
establish their value and state of conservation on the terms and conditions set forth in Section 7.1.5 of the Credit Agreement. 

Clause Seventh. Continuing Pledge; Term. (a) The pledge without transfer of possession granted hereunder
shall be in effect and may not be cancelled or reduced prior to the Termination Date, except, as to any specific Pledged Assets, to the extent a Disposition of such Pledged Assets is permitted by the Loan Documents and is consented by the
Pledgee. 
 (b) The parties hereby agree that the Pledged Assets secure the Obligations in their entirety, therefore, the
Pledgors are not entitled to request any full or partial release of the Pledged Assets for any partial payments of the Loans (as defined in the Credit Agreement) and hereby expressly waives, to the greatest extent permitted by law, its rights under
Article 349 of the LGTOC. 
 Clause Eighth. Enforcement. (a) If an Event of Default (as defined in the Credit
Agreement) has occurred and is continuing, the Pledgee may enforce, at the expense of the Pledgors, the pledge granted under this Agreement, following the appropriate extrajudicial or judicial procedures established under Chapters One and Two, Title
Third Bis, Book Fifth of the Commerce Code (Código de Comercio) or, at the election of the Pledgee, such other procedures applicable under applicable law. 

(b) Each Pledgor hereby expressly waives, to the fullest extent permitted by law, to the three (3) years statute of limitations set
forth in Article 375 of the LGTOC, and to any and all notices, advertisements, hearings or law proceedings in connection with the exercise by the Pledgee of any of its rights and remedies hereunder and under applicable law. 

(c) Proceeds resulting from the enforcement of the Pledgee’s rights and remedies hereunder shall be applied in accordance with
Section 4.7 of the Credit Agreement. 
 (d) The Pledgee shall be exclusively entitled to initiate any legal proceeding in
connection with this Agreement in order to protect its rights hereunder, foreclose all or a portion of the Pledged Assets or otherwise. 
  

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 Clause Ninth. Notices. All notices and other communications related to
this Agreement, shall be in writing, in the English and Spanish languages, and shall be delivered or sent to the domiciles or facsimile numbers set forth below, or in any other domicile or facsimile number designated by each party or its
representatives by written notice to the other party. Such notices and communications shall be delivered or sent (i) by hand, (ii) by courier, or (iii) by facsimile. The parties for such effects designate the following domiciles:

 The Pledgors: 
 Kansas City
Southern de México, S.A. de C.V. 
 Arrendadora KCSM, S. de R.L. de C.V. 

Highstar Harbor Holdings México, S. de R.L. de C.V. 

MTC Puerta México, S. de R.L. de C.V. 

Vamos a México, S.A. de C.V. 
 Montes
Urales No. 625 
 Col. Lomas de Chapultepec 

11000, México D.F. 
 Facsimile:
(5255) 9178 5600 ext. 22179 
 Telephone: (5255) 9178 5647 

Attention: Legal Department (Departamento Jurídico) 

The Pledgee: 
 Scotiabank Inverlat, S.A.,
Institución de Banca Múltiple, Grupo Financiero Scotiabank Inverlat 
 Blvd. Manuel Ávila Camacho No. 1, 2nd floor

 Col. Lomas de Chapultepec, P.C. 11009 

México, D.F. 
 Telephone: 5255 52292369

 Facsimile: 5255 52292010 
 Attention:
Marcela Castillo Nogueron
 Email: mcastillon@scotiabank.com.mx 

cc: The Bank of Nova Scotia
 720 King
Street West, 2nd Floor Toronto, Ontario Canada M5V2T3 
 GWS-Agency & U.K. Loan Operations

Telephone: 416 6494006 
 Facsimile: 416
3505701 
 Attention: Russell Tan 

Email: russell_tan@scotiacapital.com 

(b) Any party may change its domicile to receive notices pursuant to this Agreement by giving written notice not less than five
(5) Business Days prior to the date on which such change shall become effective in accordance with the provisions of this Clause Ninth. 
  

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 (c) Any notice, if mailed and properly addressed with postage prepaid or if properly
addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when the confirmation of transmission thereof is received by the transmitter; provided
that, as long as it is authorized by applicable law, the impossibility of delivering notices due to changes in the addresses that have not been notified to the other party hereto, or the refusal of any party to accept any notice, shall be
considered received on the date of such delivery to the prior address or refusal to accept a notice. 
 Clause Tenth.
Expenses. The Pledgors agree to pay or reimburse the Pledgee and the Secured Parties any and all reasonable and documented fees, costs and expenses, of any kind or nature, incurred in connection with the creation, preservation and
protection of the pledge created hereunder, including, without limitation, all taxes and reasonable and documented expenses relating to recording or filing of instruments and documents before the public registries and/or authorities, payment or
termination of any lien or tax on, or related to, the Pledged Assets. The Pledgors additionally agree that in case the Obligations are not timely complied with, the Pledgors shall pay any and all reasonable and documented fees, costs and expenses of
any kind or nature incurred by the Pledgee or the Secured Parties in connection with (i) the enforcement and foreclosure of the pledge on the Pledged Assets, whether by judicial or extrajudicial proceedings, or (ii) any actions, demands,
claims or proceedings arising from or relating to the Pledged Assets. The Pledgors’ obligations under this Clause Tenth shall continue in full force and effect notwithstanding the termination of the Credit Agreement. 

Clause Eleventh. Waiver; Amendment. (a) None of the terms and conditions of this Agreement may be amended, modified,
waived, or varied in any manner whatsoever unless evidenced in writing and duly signed by all the parties hereto. 
 (b) The
omission or delay by the Pledgee in the exercise of any of its rights under this Agreement, or its partial exercise, shall not be deemed or construed as a waiver of such rights, remedies, authority or privileges. The service or demand performed upon
the Pledgors shall not be deemed or construed as a waiver of the rights of the Pledgee to perform any other or subsequent action without the need of notice or demand as long as such action is allowed to be performed by the Pledgee without the need
of notice or demand in accordance with the terms of this Agreement. 
 Clause Twelfth. Indemnity. Each of the
Pledgors, jointly and severally agrees to indemnify and hold harmless the Pledgee, the Secured Parties and their respective affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified
Party”) from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, reasonable fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in
each case arising out of or in connection with or by reason of (including, without limitation, in connection with any litigation or proceeding or preparation of a defense in connection therewith) this Agreement, any of the transactions contemplated
herein, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party's gross negligence, willful misconduct
or bad faith (culpa grave, dolo o 
  

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mala fe). In the case of litigation or other proceeding to which the indemnity in this Clause Twelfth applies, such indemnity shall be effective whether or not such litigation or
proceeding is brought by any party to the Credit Agreement, its directors, partners shareholders or creditors or any Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated. 

Clause Thirteenth. Severability. If any provision of this Agreement shall be invalid, illegal, or unenforceable in any
jurisdiction shall not invalid any other provision of this Agreement, and such prohibition or unenforceability in any jurisdiction shall not void the enforceability of such provision in any other jurisdiction. 

Clause Fourteenth. Assignment. The Pledgors may not assign, transfer or in any other manner dispose of any of their rights
or obligations hereunder without the prior written consent of the Pledgee. The Pledgee may assign its rights hereunder in accordance with the provisions set forth in the Credit Agreement. 

Clause Fifteenth. Insurance. (a) The Pledgors shall maintain the locomotives that form part of the Pledged Assets
insured in the manner provided for in the Credit Agreement 
 (b) Notwithstanding the provisions of the Credit Agreement, the
insurance policy or policies (or their endorsements) covering the locomotives pledged hereunder shall expressly provide that the Pledgee, acting on its own behalf and on behalf and for the benefit of the Secured Parties, is the additional insured
and loss payee. The Pledgors shall deliver evidence of such insurance policies and endorsement to the Pledgee recognizing the Pledgee as the additional insured and loss payee within thirty (30) calendar days following the date of execution of
this Agreement and within such period of time after each insurance policy is renewed or obtained (in each case, with the extensions as the Pledgee may grant in its sole discretion). 

Clause Sixteenth. Release of Pledge. Promptly after the Termination Date, the Pledgee agrees to execute any documents that
are necessary in order to release the pledge created hereunder at the cost and expense of the Pledgors. 
 Clause
Seventeenth. Additional Security. This Agreement and the security hereby created shall be in addition to and not in substitution for or derogation of any other security (whether given by the Pledgors or otherwise) now or from time to time
hereafter held by the Pledgee in respect of or in connection with any or all of the Obligations. 
 Clause Eighteenth.
Novation, Modification, Etc. The pledge contemplated in this Agreement shall not constitute novation, amendment, payment or conveyance as payment of any of the Obligations. 

Clause Nineteenth. Exhibits. All the Exhibits hereto are an integral part of this Agreement, as if such Exhibits were
inserted in the text of this Agreement. 
  

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 Clause Twentieth. Headings. The Clause headings appearing herein are included
solely for convenience and shall not be construed to affect the interpretation of any provision of this Agreement. 
 Clause
Twenty First. Appraiser. (a) In accordance with Article 363 of the LGTOC and Article 1414 Bis of the Commerce Code, the parties hereby agree to designate an expert appraiser authorized by the National Banking and Securities
Commission (Comisión Nacional Bancaria y de Valores), or a Mexican banking institution, (different than the Pledgee or the Secured Parties) that shall be authorized by the Pledgee, as expert appraiser of the Pledged Assets, if
required; provided that the fees and expenses of such expert appraiser shall be paid by the Pledgors, jointly and severally. 

(b) In the event the Pledgors fail to pay the fees and expenses of the expert appraiser, the Pledgee may (but shall not be required to)
pay such fees and expenses, in which event the Pledgee may collect from the Pledgors any amounts paid that are duly documented, plus interest calculated at the default interest rate provided for the Revolving Loans (as such term defined in the
Credit Agreement); provided that (i) such interest shall accrue from date on which such payment was made by the Pledgee, until the amounts owed are paid in full to the Pledgee, and (ii) such amounts shall constitute Obligations.

 Clause Twenty Second. Governing Law and Jurisdiction. This Agreement shall be governed by and construed in
accordance with the federal laws of Mexico. For the interpretation, construction, performance and enforcement of this Agreement, the parties irrevocably submit to the jurisdiction of the federal courts located in the Federal District, and waive any
right to any jurisdiction to which they may be entitled by reason of their respective present or future domicile. 
 [SIGNATURE
PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties execute and deliver this Agreement as of the date
first above written. 
  

					
		  	 PLEDGOR
  

KANSAS CITY SOUTHERN DE MÉXICO, S.A. de C.V.

 
         /s/
Rodrigo Flores León        
 BY: Rodrigo Flores León

TITLE: Attorney-in-Fact
	  	
		  	  
 PLEDGOR

 
 ARRENDADORA KCSM. S. DE R.L. DE C.V.

 
         /s/
Rodrigo Flores León        
 BY: Rodrigo Flores León

TITLE: Attorney-in-Fact
	  	
		  	  
 PLEDGOR

 
 HIGHSTAR HARBOR HOLDINGS MEXICO, S. DE R.L. de
C.V.
  

        /s/ Rodrigo Flores
León        
 BY: Rodrigo Flores León

TITLE: Attorney-in-Fact
	  	

  

 13 

					
		  	 PLEDGOR
  

MTC PUERTA MEXICO, S. DE R.L. de C.V.
  

        /s/ Rodrigo Flores
León        
 BY: Rodrigo Flores León

TITLE: Attorney-in-Fact
	  	
		  	  
 PLEDGOR

 
 VAMOS A MÉXICO, S.A. de C.V.

 
         /s/
Rodrigo Flores León        
 BY: Rodrigo Flores León

TITLE: Attorney-in-Fact
	  	
		  	  
 THE PLEDGEE

 
 Scotiabank Inverlat, S.A., Institución de Banca
Múltiple,
 Grupo Financiero Scotiabank Inverlat,

as Collateral Agent, acting on its own behalf and

on behalf and for the benefit of the Secured Parties

 
         /s/
Oscar Pedro Alvarado Estevez        
 BY: Oscar Pedro Alvarado Estevez

TITLE: Attorney-in-Fact
	  	

  

 14 

 EXHIBIT A 

CREDIT AGREEMENT 
  

 15 

 EXHIBIT B 

CHARTER (CONSTITUTIVA Y ESTATUTOS) OF 

EACH PLEDGOR 
  

 16 

 EXHIBIT C 

POWER-OF-ATTORNEY OF REPRESENTATIVE 

OF EACH PLEDGOR 
  

 17 

 EXHIBIT D 

POWER-OF-ATTORNEY OF 

REPRESENTATIVE OF PLEDGEE 
  

 18 

 EXHIBIT E 

LIST AND DESCRIPTION OF LOCOMOTIVES 
  

 19Stock Pledge Agreement

 Exhibit 10.4 

EXECUTION VERSION 

TO BE EXECUTED IN 

SPANISH AND ENGLISH 

STOCK PLEDGE AGREEMENT 

among 
 MTC
PUERTA MÉXICO, S. DE R.L. DE C.V. 
 AND 

HIGHSTAR HARBOR HOLDINGS MÉXICO, S. DE R.L. DE C.V. 

as Pledgors, 

and 

Scotiabank Inverlat, S.A., Institución de Banca Múltiple, 

Grupo Financiero Scotiabank Inverlat 

in its capacity as Collateral Agent, 

acting on behalf and for the benefit of the Secured Parties, 

as Pledgee, 

and 
 Vamos a
México, S.A. de C.V., 
 as the Company, 

August 30, 2010 

 STOCK PLEDGE AGREEMENT (this “Agreement” ) dated August 30, 2010 entered into
by and among MTC Puerta México, S. de R.L. de C.V and Highstar Harbor Holdings México, S. de R.L. de C.V., as pledgors (each a “Pledgor” and, collectively, the “Pledgors”), Scotiabank Inverlat, S.A.,
Institución de Banca Múltiple, Grupo Financiero Scotiabank Inverlat, in its capacity as Collateral Agent, acting on its own behalf and on behalf and for the benefit of the Secured Parties (as defined in the Credit Agreement referred to
below), as pledgee (the “Pledgee”) and Vamos a México, S.A. de C.V. (the “Company”), pursuant to the following Recitals, Representations and Clauses. 

RECITALS 

(a) WHEREAS, Kansas City Southern de México, S.A. de C.V., as borrower (the “Borrower”), entered into a
Credit Agreement dated the date hereof for the maximum principal amount of US$100,000,000.00 (one hundred million dollars 00/100, currency of the United States of America) (as amended, supplemented, amended and restated, or otherwise modified from
time to time, the “Credit Agreement”), with the various financial institutions and other persons from time to time parties thereto or that subsequently became parties thereto (including their successors and assigns) (collectively,
the “Lenders”), The Bank of Nova Scotia, as administrative agent (in such capacity, the “Administrative Agent”), the Pledgee, as Collateral Agent, and The Bank of Nova Scotia and Banc of America Securities LLC, as
joint lead arrangers and joint bookrunners. A copy of the Credit Agreement as in effect on the date hereof is attached hereto as Exhibit A. The parties hereto hereby acknowledge that they know the contents of the Credit Agreement as of
the date hereof and have agreed to its terms. 
 (b) WHEREAS, pursuant to the Subsidiary Guaranty dated the date hereof,
the Pledgors and the Company guaranteed, jointly and severally, the due and punctual satisfaction of the Obligations (as defined in the Credit Agreement). 

(c) WHEREAS, in order to induce the Pledgee, the Administrative Agent, the Lenders and the Issuers (as defined in the Credit
Agreement) to execute and deliver the Credit Agreement and to make (or participate in) the Credit Extensions (as defined in the Credit Agreement) and certain Secured Parties to enter into Hedging Agreements (as defined in the Credit Agreement), each
of the Pledgors, pursuant to Section 5.1.8 (b) and other applicable provisions of the Credit Agreement, has agreed to enter into this Agreement in order to create a first priority stock pledge, in accordance with the General Negotiable
Instruments and Credit Transactions Law (Ley General de Títulos y Operaciones de Crédito; the “LGTOC”), over the Collateral (as defined below) in favor of the Pledgee, on its own behalf and on behalf and for the
benefit of the Secured Parties, to secure the Obligations. 
 REPRESENTATIONS 

 

	 	I.	Each Pledgor hereby represents that: 

(a) It is duly organized and existing pursuant to the laws of the jurisdiction of its incorporation. 

 (b) Its representatives are duly authorized to execute this Agreement (with the authority to
execute acts of ownership) on behalf of each Pledgor and to bind each Pledgor to the terms of this Agreement; such authorities, to this date, have not been revoked or modified in any manner whatsoever. 

(c) It has full power and authority to enter into, and perform its obligations hereunder, which constitute valid and binding obligations
of each Pledgor, enforceable against each Pledgor in accordance with their terms, except in any case, as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights
generally. 
 (d) The execution, delivery and performance by it of, and the granting of security interests under this Agreement
do not (i) violate (A) its by-laws or any other constitutional documents, (B) any law, regulation, judgment or order applicable to it or (C) any contract, agreement, deed or other instrument to which it is a party or to which its
properties are subject or (ii) result in the creation or imposition of any lien, claim or rights of third parties upon or with respect to any such properties other than the pledge created under this Agreement, except in the case under
clauses (i)(B) or (i)(C) above, where such violation would not reasonably be expected to have a Material Adverse Effect (as defined in the Credit Agreement). 

(e) It is the legal and beneficial owner, free of any liens, options, charges, ownership limitations or encumbrances (except for
the pledge and security interest created under this Agreement) of the shares issued by the Company that are described below (the “Pledged Shares”): 
  

					
	 Shareholder
	  	 Number of

shares (fixed or
variable capital)
	  	 % of total
shares of the
Company

	 MTC Puerta México,
S. de R.L. de C.V.
	  	269,175	  	99.99
	 Highstar Harbor Holdings
México, S. de R.L. de C.V.
	  	1	  	.01
		  	 	  	 
		  		  	100%
		  		  	 

  

 3 

 (f) The Pledged Shares represent all of the outstanding capital stock of the Company and
each of the Pledged Shares has been duly authorized, validly issued and is fully paid and non-assessable. 
 (g) It is willing
to enter into this Agreement in order to create a first priority lien on the Collateral in favor of the Pledgee, to secure the due performance of the Obligations. 

(h) This Agreement and the pledge of the Collateral pursuant hereto creates a valid and perfected first priority security interest in the
Collateral, securing the due performance of the Obligations, and all actions necessary or desirable to perfect and protect such security interest have been duly taken. 

(i) Other than the notices that need to be given pursuant to permit 326-SAT-587 (the “Permit”) issued by the General
Customs Administration of the Ministry of Finance (Administración General de Aduanas de la Secretaría de Hacienda y Crédito Público) (“SHCP”) in connection with the pledge granted hereunder, and,
if such is the case, for any transfer of the Pledged Shares in case of foreclosure, no consent of any other person and no authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is
required (i) for the pledge by each Pledgor of the Collateral pursuant hereto or for the execution, delivery or performance of this Agreement by each Pledgor, (ii) for the perfection or maintenance of the pledge created hereby (including
the first priority nature of such pledge) or (iii) for the exercise by the Pledgee of its voting or other rights provided for in this Agreement or the remedies in respect of the Collateral pursuant to this Agreement. 

(j) By executing this Agreement, each Pledgor expressly recognizes (i) the Pledgee’s authority to act on its own behalf and on
behalf and for the benefit of the Secured Parties, and (ii) the legal capacity and authority of the representatives of the Pledgee to execute this Agreement in the name and on behalf of the Pledgee. 

 

	 	II.	The Company hereby represents that: 

(a) It is duly incorporated and existing under the laws of the United Mexican States (“Mexico”) as a variable capital
stock corporation (sociedad anónima de capital variable). 
 (b) Its representative is duly authorized to enter
into this Agreement, which authority has not been revoked or modified in any manner whatsoever. 
 (c) It has full power and
authority to enter into this Agreement and has obtained the requisite authorizations and approvals to perform its obligations hereunder. 

(d) The execution, delivery and performance by it of, and the granting of security interests under, this Agreement do not
(i) violate (A) its estatutos sociales, (B) any law, 
  

 4 

 
regulation, judgment or order applicable to it, or (C) any contract, agreement, deed or other instrument to which it is a party or to which its properties are subject, or (ii) result in
the creation or imposition of any lien, claim or rights of third parties upon or with respect to any such properties other than the pledge created under this Agreement, except in the case under clauses (i)(B) or (i)(C) above, where such
violation would not reasonably be expected to have a Material Adverse Effect. 
 (e) This Agreement and the pledge of the
Collateral pursuant hereto creates a valid and perfected first priority security interest in the Collateral, securing the due performance of the Obligations, and all filings and other actions necessary or desirable to perfect and protect such
security interest have been duly taken. 
 (f) Other than the notices that need to be given pursuant to the Permit in connection
with the pledge granted hereunder, and, if such is the case, for any transfer of the Pledged Shares in case of foreclosure, no consent of any other person and no authorization, approval or other action by, and no notice to or filing with, any
governmental authority or regulatory body is required (i) for the pledge by the Pledgors of the Collateral pursuant hereto or for the execution, delivery or performance of this Agreement by the Company, (ii) for the perfection or
maintenance of the pledge created hereby (including the first priority nature of such pledge) or (iii) for the exercise by the Pledgee of its voting or other rights provided for in this Agreement or the remedies in respect of the Collateral
pursuant to this Agreement. 
 (g) By executing this Agreement, the Company expressly recognizes (i) the Pledgee’s
authority to act on its own behalf and on behalf and for the benefit of the Secured Parties, and (ii) the legal capacity and authority of the representatives of the Pledgee to execute this Agreement in the name and on behalf of the Pledgee.

  

	 	III.	The Pledgee hereby represents that: 

(a) It is a banking institution duly organized and existing under the laws of Mexico, acting as Collateral Agent on its own behalf and on
behalf and for the benefit of the Secured Parties. 
 (b) It executes this Agreement in order to receive the first priority
pledge granted on the Collateral pursuant to this Agreement, for its benefit and on behalf and for the benefit of the Secured Parties. 

(c) Its representative has sufficient authority to execute this Agreement on its behalf and such authority has not been revoked or
modified in any manner whatsoever. 
  

 5 

 NOW, THEREFORE, in consideration of the foregoing Representations, the parties
hereto agree to the following: 
 CLAUSES 

Clause First. Creation of the Pledge. 

(a) In order to secure the due and prompt satisfaction of any of the Obligations (including any obligations under the Hedging Agreements
(as such term is defined in the Credit Agreement)), each Pledgor, respectively, hereby grants in favor of the Pledgee for its own benefit and for the benefit of the Secured Parties, a first priority duly perfected pledge of, and security interest
in, all of its rights and title in and to the Pledged Shares, the certificates representing the Pledged Shares, and in and to all dividends, distributions (whether in cash, in kind, in other shares or in any other form), cash, instruments, shares
and other property from time to time received, receivable, payable or otherwise distributed in respect of or in exchange for any or all of each Pledgor’s interest in such Pledged Shares and all proceeds of the foregoing (collectively, the
“Collateral”). 
 (b) For purposes of perfecting the pledge and security interest created hereunder, as
required by Article 334, Section II of the LGTOC, on the date hereof, each Pledgor: 
  

	 	(i)	delivers to the Pledgee the original share certificates evidencing the Pledged Shares, respectively, endorsed in guaranty (endosados en prenda) in favor of the
Pledgee; and 

  

	 	(ii)	delivers to the Pledgee, a copy of the entry in the stock registry (libro de registro de acciones) of the Company, containing a notation duly certified by the
Secretary of the Board of Directors and a notary public stating that the Pledged Shares have been pledged in favor of the Pledgee hereunder. 

(c) Each Pledgor agrees to file this Agreement for registration with the Registry of Guaranties on Movable Assets (as defined below)
within fifteen (15) business days after the date on which such registry starts operating (with such extensions as the Pledgee may grant in its sole discretion) and shall obtain and deliver to the Pledgee written confirmation, in terms
satisfactory to the Pledgee, of the registration of this Agreement with the Registry of Guaranties on Movable Assets, within one hundred and twenty (120) calendar days from the date of its filing before the Registry of Guaranties on Movable
Assets (with such extensions as the Pledgee may grant in its sole discretion). “Registry of Guaranties on Movable Assets” means the guaranty section in the public registry of commerce corresponding to the corporate domicile of the
Pledgors, pursuant to the provisions of the amending decree upon which certain provisions to the Commerce Code are added (Decreto por el que se reforman y adicionan algunas disposiciones del Código de Comercio) as published in the
Official Daily Gazette of the Federation on August 27, 2009. 
  

 6 

 Clause Second. Receipt of the Pledged Shares. 

The Pledgors and the Pledgee hereby agree that the execution of this Agreement constitutes the acknowledgment of receipt by the Pledgee of
the share certificates evidencing the Pledged Shares, as set forth in Article 337 of the LGTOC. 
 Clause Third. Voting
Rights.  
 (a) Unless an Event of Default (as defined in the Credit Agreement) has occurred and is continuing, each
Pledgor, respectively, shall be entitled to exercise all voting rights pertaining to its Pledged Shares for a purpose not inconsistent with the terms of the Loan Documents. 

(b) Upon the occurrence and during the continuance of an Event of Default, all rights of each Pledgor, respectively, to exercise the
voting and other corporate rights that it would otherwise be entitled to pursuant to paragraph (a) above shall cease, and all such rights shall thereupon become vested in the Pledgee, which shall thereupon have the sole right to exercise or
refrain from exercising such voting and other corporate rights, in accordance with, but not be limited to, Article 338 of the LGTOC. For such purposes, each Pledgor shall grant to the Pledgee an irrevocable power-of-attorney in terms of Article 2596
of the Federal Civil Code and its correlatives for the other States of Mexico and the Federal District, in order to allow the Pledgee to exercise such voting rights over the Pledged Shares in the terms provided in Exhibit B hereto,
which original notarized power-of-attorney shall be delivered to the Pledgee on the date hereof. The granting of such power of attorney, shall be noted in the stock registry book (libro de registro de acciones) of the Company. 

The Pledgee shall not be held responsible for the exercise of the voting rights pursuant to the foregoing. The exercise of the voting
rights set forth herein by the Pledgee shall not impair the exercise of any other rights and remedies of the Pledgee provided in this Agreement, any other Loan Document or in applicable law. 

Clause Fourth. Distributions.  

(a) Unless an Event of Default has occurred and is continuing, each Pledgor shall have the right to receive any dividends and other
distributions (whether in cash, in kind, in other shares or in any other form) paid or made in respect of its Pledged Shares. All distributions made in respect of or in exchange of the Pledged Shares in any form other than cash, before or after an
Event of Default, shall become a part of the Collateral hereunder and, if received by the Pledgors, shall forthwith be delivered to the Pledgee (together with, if appropriate, proper instruments of assignment, endorsement of the relevant
certificates, notations on the relevant registries and/or powers executed by each Pledgor as applicable) to be held in pledge hereunder, subject to the terms of this Agreement. 

 

 7 

 (b) If an Event of Default has occurred and is continuing, the Pledgee shall be entitled to
receive any and all dividends and other distributions on the Pledged Shares (whether in cash, in kind, in additional shares or in any other form); and any and all cash or other property received in exchange for or in respect of any Pledged Shares
shall be and become part of the Collateral and, if received by the Pledgor, shall forthwith be delivered to the Pledgee (together with, if appropriate, proper instruments of assignment, endorsement of the relevant certificates, notations on the
relevant registries and/or powers executed by each Pledgor as applicable) to be held in pledge hereunder, subject to the terms of this Agreement. 

Clause Fifth. Term. 

The pledge created hereunder shall remain in full force and effect until the Termination Date (as defined in the Credit Agreement) has
occurred, except to the extent a Disposition (as defined in the Credit Agreement) of the Pledged Shares is permitted by the Loan Documents. The number of the Pledged Shares subject to this Agreement shall not be reduced, notwithstanding the
partial payment of the Obligations. 
 Clause Sixth. Covenants of each Pledgor. 

Until the Termination Date has occurred, each Pledgor shall: 

(a) Abstain from Disposing (as defined in the Credit Agreement) or pledging or otherwise encumbering, diminishing or impairing its rights
under the Pledged Shares or the Collateral or agreeing to do so, unless otherwise permitted by the Loan Documents and applicable law, provided that (i) the Pledgors and the Company may be merged or consolidated with or into
affiliated entities of the Borrower, and (ii) the Pledgors and the Company may change their organizational form to the extent permitted by the Loan Documents (in which case, the instruments evidencing the participation of the equity of the
Company or of any company in which the Company merges or consolidates with shall be subject to the pledge hereunder). 
 (b)
Abstain from taking any action or omitting to take any action (other than any action or omission permitted by the Loan Documents) which may result in a substantial decline in the value of the Collateral or which may otherwise have a material adverse
effect on the Collateral. 
 (c) Exercise voting rights or refrain from exercising any voting rights or permit the Pledgee to
exercise such voting rights, in accordance to Clause Third above. 
 (d) Notify the Pledgee in writing of any increase or
decrease of its participation or dilution in the corporate capital of the Company. 
  

 8 

 (e) Promptly deliver or cause to be delivered to the Pledgee upon the subscription (whether
directly or indirectly through any Subsidiary (as defined in the Credit Agreement) or Affiliate (as defined in the Credit Agreement) or in any other manner) and payment of any capital increase in the capital stock of the Company, or upon the payment
of a dividend or distribution in shares paid by the Company, (i) the share certificates received by the Pledgor (or its Subsidiary or Affiliate) evidencing such shares duly endorsed in guarantee (endosados en prenda) in favor of the
Pledgee, and (ii) a copy of the entry in the stock registry (libro de registro de acciones) of the Company containing the notation evidencing that such shares have been pledged in favor of the Pledgee, certified by the Secretary of the
Board of Directors of the Company and a notary public. Any such shares pledged pursuant to this paragraph (e) shall be deemed “Pledged Shares” and be part of the Collateral. 

(f) At any time, and from time to time, at the expense of the Pledgors, promptly execute and deliver further instruments and documents,
and take all further action that may be necessary or desirable, or that the Pledgee may reasonably request, in order to perfect and protect the security interest granted hereby, or to enable the Pledgee to exercise its rights and remedies hereunder.

 Clause Seventh. Novation, Modification, etc. 

Neither the execution of this Agreement, nor the pledge and security interest contemplated herein shall constitute any novation,
modification or payment of the Obligations. 
 The Pledgee hereby waives its right to request the sale of the Collateral under
Article 340 of the Negotiable Instruments Law, provided that such right shall be immediately in effect and reinstated after an Event of Default has occurred and is continuing. 

Clause Eighth. Enforcement. 

(a) If an Event of Default has occurred and is continuing, then the Pledgee may enforce, at the expense of the Pledgor, the pledge granted
hereunder, following the appropriate procedures available under Mexican law. 
 (b) Proceeds resulting from the enforcement of
the Pledgee’s rights and remedies hereunder shall be applied in accordance with Section 4.7 of the Credit Agreement. 

(c) The failure by the Pledgee to exercise any of the rights set forth in this Agreement, shall in no event have the effect of a waiver
of any of them, nor shall the single or partial exercise by the Pledgee of a right resulting from this Agreement, shall exclude any other right, authority or privilege. 
  

 9 

 Clause Ninth. Indemnity and Expenses. 

(a) Each of the Pledgors, jointly and severally, agrees to pay or reimburse the Pledgee and the Secured Parties any and all reasonable and
documented fees, costs and expenses, of any kind or nature, incurred in connection with the creation, preservation and protection of the pledge created hereunder. Each such Pledgor also agrees that in case the Obligations are not timely complied
with, such Pledgor shall pay any and all reasonable and documented fees, costs and expenses of any kind or nature incurred by the Pledgee or the Secured Parties in connection with (i) the enforcement and foreclosure of the pledge on the
Collateral, whether by judicial or extrajudicial proceedings, or (ii) any actions, demands, claims or proceedings arising from or relating to the Collateral. 

(b) Each of the Pledgors, jointly and severally agrees to indemnify and hold harmless the Pledgee, the Secured Parties and their
respective Affiliates and their respective officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses (including, without
limitation, reasonable and documented fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including, without limitation, in
connection with any litigation or proceeding or preparation of a defense in connection therewith) this Agreement, any of the transactions contemplated herein, except to the extent such claim, damage, loss, liability or expense is found in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence, willful misconduct or bad faith (culpa grave, dolo o mala fe). In the case of litigation or other proceeding to
which the indemnity in this Clause Ninth applies, such indemnity shall be effective whether or not such litigation or proceeding is brought by any Secured Party, its directors, partners shareholders or creditors or any Indemnified Party is otherwise
a party thereto and whether or not the transactions contemplated hereby are consummated. 
 Clause Tenth.
Counterparts; Language. 
 This Agreement may be executed in any number of counterparts (whether by facsimile of
otherwise but if by facsimile, with the original signed signature pages being promptly sent to the Pledgee (and the Pledgee is hereby authorized to incorporate such pages into bound originals)) and by the parties hereto on separate counterparts,
each of which when so executed and delivered shall be an original but all counterparts together shall constitute one and the same instrument. This Agreement is executed in both the English and the Spanish languages, provided that in case of
any controversy as to the proper interpretation of any of the provisions of this Agreement, the Spanish version shall prevail. 

Clause Eleventh. Notices. All notices and other communications related to this Agreement, except as otherwise
provided herein, shall be in writing, in the English and Spanish 
  

 10 

 
languages, and shall be delivered or sent to the domiciles or facsimile numbers set forth below, or in any other domicile or facsimile number designated by each party or its representatives by
written notice to the other party. Such notices and communications shall be delivered or sent (i) by hand, (ii) by courier, or (iii) by facsimile. The parties for such effects designate the following domiciles: 

The Pledgors: 
 MTC Puerta
México, S. de R.L. de C.V. 
 Montes Urales número 625 

Col. Lomas de Chapultepec 
 México D.F.,
1100 
 Telephone: 5255 91785647 

Facsimile: 5255 91785600 ext. 22179 
 Attention
to: Legal Department (Departamento Jurídico) 
 Highstar Harbor Holdings, S. de R.L. de C.V. 

Montes Urales número 625 
 Col. Lomas de
Chapultepec 
 México D.F., 1100 

Telephone: 5255 91785647 
 Facsimile: 5255
91785600 ext. 22179 
 Attention to: Legal Department (Departamento Jurídico) 

The Company: 
 Vamos a México,
S.A. de C.V. 
 Montes Urales número 625 

Col. Lomas de Chapultepec 
 México D.F.,
1100 
 Telephone: 5255 91785647 

Facsimile: 5255 91785600 ext. 22179 
 Attention
to: Legal Department (Departamento Jurídico) 
 The Pledgee: 

Scotiabank Inverlat, S.A., Institución de Banca Múltiple, Grupo Financiero Scotiabank Inverlat 

Blvd. Manuel Ávila Camacho No. 1, 2nd floor 

Col. Lomas de Chapultepec, P.C. 11009 

México, D.F. 
 Telephone: 5255 52292369

 Facsimile: 5255 52292010 
  

 11 

 Attention: Marcela Castillo Nogueron

Email: mcastillon@scotiabank.com.mx 

cc: The Bank of Nova Scotia
 720 King
Street West, 2nd Floor Toronto, Ontario Canada M5V2T3 
 GWS-Agency & U.K. Loan Operations

Telephone: 416 6494006 
 Facsimile: 416
3505701 
 Attention: Russell Tan 

Email: russell_tan@scotiacapital.com 

(b) Any party may change its domicile to receive notices pursuant to this Agreement by giving written notice not less than five
(5) Business Days prior to the date on which such change shall become effective in accordance with the provisions of this Clause Ninth. 

(c) Any notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by pre-paid courier service,
shall be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when the confirmation of transmission thereof is received by the transmitter, provided that as long as it is authorized by applicable
law, the impossibility of delivering notices due to changes in the addresses that have not been notified to the other party hereto, or the refusal of any party to accept any notice, shall be considered received on the date of such delivery to the
prior address or refusal to accept a notice. 
 Clause Twelfth. Release of Pledge. 

Promptly after the Termination Date, the Pledgee agrees to execute any documents that are necessary in order to release the pledge created
hereunder at the cost and expense of the Pledgors and shall return to the Pledgors the share certificates evidencing the Pledged Shares. 

Clause Thirteenth. Waivers; Amendment. 

(a) None of the terms and conditions of this Agreement may be amended, modified, waived, or varied in any manner whatsoever unless
evidenced in writing and duly signed by all the parties hereto. 
 (b) The service or demand performed upon the Pledgors shall
not be deemed or construed as a waiver of the rights of the Pledgee to perform any other or subsequent action without the need of notice or demand as long as such action is allowed to be performed by the Pledgee without the need of notice or demand
in accordance with the terms of this Agreement. 
  

 12 

 Clause Fourteenth. Assignment. 

The Pledgors may not assign, transfer or in any other manner dispose of any of their rights or obligations hereunder without the prior
written consent of the Pledgee. The Pledgee may assign its rights hereunder in accordance with the provisions set forth in the Credit Agreement. 

Clause Fifteenth. Exhibits. 

All the Exhibits hereto are an integral part of this Agreement, as if such Exhibits were inserted in the text of this Agreement.

 Clause Sixteenth. Severability. 

In case any provision of this Agreement shall be held invalid, illegal or unenforceable, such provision shall be severable from the rest
of this Agreement, and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Clause Seventeenth. Headings. 

The Clause headings appearing herein are included solely for convenience and are not intended to affect the interpretation of any such
provision of this Agreement. 
 Clause Eighteenth. Governing Law and Jurisdiction. 

This Agreement shall be governed by and construed in accordance with the federal laws of Mexico. For the interpretation, construction,
performance and enforcement of this Agreement, the parties irrevocably submit to the jurisdiction of the federal courts located in the Federal District, and waive any right to any jurisdiction to which they may be entitled by reason of their
respective present or future domicile. 
 [signature pages follow] 

 

 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
their respective duly authorized representatives, as of the date first above written. 
  

	
	 Pledgor
  

MTC PUERTA MÉXICO, S. DE R.L. DE C.V.

 
 /s/ Rodrigo Flores
León
 By: Rodrigo Flores León

Title: Attorney-in-Fact

	  
 Pledgor

 

HIGHSTAR HARBOR HOLDINGS MÉXICO,
S. DE R.L. DE C.V.

 
 /s/ Rodrigo Flores
León
 By: Rodrigo Flores León

Title: Attorney-in-Fact

	  
 The Company

 
 VAMOS A MÉXICO, S.A. de C.V.

 
 /s/ Rodrigo Flores
León
 By: Rodrigo Flores León

Title: Attorney-in-Fact

 

 14 

	
	 Pledgee
  

Scotiabank Inverlat, S.A., Institución de Banca Múltiple,
Grupo Financiero Scotiabank
Inverlat,
 in its capacity as Collateral Agent, acting on its own behalf
and on behalf and for the benefit of the Secured
Parties
  
 /s/
Oscar Pedro Alvarado Estevez
 By: Oscar Pedro Alvarado Estevez

By: Edgar Luises Castro

Title: Attorney-in-Fact

  

 15 

 EXHIBIT A 

COPY OF CREDIT AGREEMENT 
  

 16 

 EXHIBIT B 

FORM OF POWER OF ATTORNEY 
  

 17

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