|Exhibit 2.5
|-----------



|
|



|BRIDGE LOAN AGREEMENT
|---------------------



|dated as of
|-----------



|April 23, 2003
|--------------



|among
|-----



|COCA-COLA FEMSA, S.A. DE C.V.
|-----------------------------



|THE LENDERS PARTY HERETO
|------------------------



|JPMORGAN CHASE BANK  as
Administrative Agent
|--------------------------------------------



|and
|---



|BANCO J.P. MORGAN, S.A.,  INSTITUCIÓN
DE BANCA MÚLTIPLE, J.P. MORGAN GRUPO FINANCIERO,  DIVISIÓN FIDUCIARIA  as
Mexican Administrative Agent
|--------------------------------------------------------------------------------------------------------------------------------------------

|
|



|MORGAN STANLEY SENIOR FUNDING,
INC.  Syndication Agent
|------------------------------------------------------



|J.P. MORGAN SECURITIES INC.  and
MORGAN STANLEY SENIOR FUNDING, INC.,  Co-Lead Arrangers and Joint Bookrunners
|--------------------------------------------------------------------------------------------------------------



|BANCO NACIONAL DE MÉXICO,
S.A.,  BBVA BANCOMER,  ING BANK, N.V.,  Senior Arrangers
|----------------------------------------------------------------------------------

|
|



| |  | 
| |  | 



---





|TABLE OF CONTENTS
|-----------------

|
|

|                                         |                                                                     | PAGE
|---------------------------------------- | ------------------------------------------------------------------- | ----
|ARTICLE 1 DEFINITIONS                   
|                                         |                                                                     |     
|Section 1.01.                            | Defined Terms                                                       | 1   
|Section 1.02.                            | Terms Generally                                                     | 17  
|Section 1.03.                            | Accounting Terms                                                    | 17  
|                                        
|ARTICLE 2 THE CREDITS                   
|                                         |                                                                     |     
|Section 2.01.                            | Commitments                                                         | 18  
|Section 2.02.                            | Loans; Notes and other Evidence of Loans.                           | 18  
|Section 2.03.                            | Borrowing Request; Notice of Initial Peso
        Exchange Rate.    | 19  
|Section 2.04.                            | Funding of Loans                                                    | 20  
|Section 2.05.                            | Interest Period Elections                                           | 22  
|Section 2.06.                            | Termination or Reduction of Commitments                             | 23  
|Section 2.07.                            | Payment at Maturity                                                 | 24  
|Section 2.08.                            | Optional and Mandatory Prepayments                                  | 24  
|Section 2.09.                            | Fees                                                                | 25  
|Section 2.10.                            | Interest                                                            | 25  
|Section 2.11.                            | Alternate Rate of Interest                                          | 25  
|Section 2.12.                            | Increased Costs                                                     | 27  
|Section 2.13.                            | Break-Funding Payments                                              | 28  
|Section 2.14.                            | Taxes                                                               | 28  
|Section 2.15.                            | Payments Generally; Pro Rata Treatment;
        Sharing of Set-offs | 30  
|Section 2.16.                            | Lenders Obligation to Mitigate; Replacement
        of Lenders     | 31  
|Section 2.17.                            | Judgment Currency                                                   | 33  
|                                        
|ARTICLE 3 REPRESENTATIONS AND WARRANTIES
|                                         |                                                                     |     
|Section 3.01.                            | Organization; Powers                                                | 33  
|Section 3.02.                            | Authorization; Enforceability                                       | 34  
|Section 3.03.                            | Governmental Approvals; No Conflicts                                | 34  
|Section 3.04.                            | Financial Statements; No Material Adverse
        Change            | 34  
|Section 3.05.                            | Properties                                                          | 35  
|Section 3.06.                            | Litigation and Environmental Matters                                | 35  
|Section 3.07.                            | Compliance with Laws and Agreements                                 | 36  
|Section 3.08.                            | Investment and Holding Company Status                               | 36  
|Section 3.09.                            | Taxes                                                               | 36  
|Section 3.10.                            | Disclosure                                                          | 36  
|Section 3.11.                            | Pari Passu Status                                                   | 36  
|Section 3.12.                            | Subsidiaries                                                        | 37  
|Section 3.13.                            | Insurance                                                           | 37  
|Section 3.14.                            | Labor Matters                                                       | 37  



| |  | 
| |  | 



---





|Section 3.15.                   | Solvency                                       | 37
|------------------------------- | ---------------------------------------------- | --
|Section 3.16.                   | Legal Form                                     | 37
|                               
|ARTICLE 4 CONDITIONS           
|                                |                                                |   
|Section 4.01.                   | Effective Date                                 | 38
|Section 4.02.                   | Conditions To Borrowing                        | 38
|                               
|ARTICLE 5 AFFIRMATIVE COVENANTS
|                                |                                                |   
|Section 5.01.                   | Financial Statements and Other Information     | 40
|Section 5.02.                   | Notice of Material Events                      | 42
|Section 5.03.                   | Existence; Conduct of Business                 | 42
|Section 5.04.                   | Payment of Obligations                         | 43
|Section 5.05.                   | Maintenance of Properties                      | 43
|Section 5.06.                   | Insurance                                      | 43
|Section 5.07.                   | Proper Records; Rights to Inspect and Appraise | 43
|Section 5.08.                   | Compliance with Laws                           | 43
|Section 5.09.                   | Use of Proceeds                                | 43
|Section 5.10.                   | Further Assurances                             | 44
|                               
|ARTICLE 6 NEGATIVE COVENANTS   
|                                |                                                |   
|Section 6.01.                   | Liens                                          | 44
|Section 6.02.                   | Fundamental Changes                            | 45
|Section 6.03.                   | Sale and Leaseback Transactions                | 45
|Section 6.04.                   | Transactions with Affiliates                   | 45
|Section 6.05.                   | Restrictive Agreements                         | 46
|Section 6.06.                   | Restricted Payments                            | 47
|Section 6.07.                   | Interest Expense Coverage Ratio                | 47
|Section 6.08.                   | Leverage Ratio                                 | 47
|Section 6.09.                   | Investments and Acquisitions                   | 47
|Section 6.10.                   | Asset Sales                                    | 48
|Section 6.11.                   | Certain Payments of Debt                       | 49
|Section 6.12.                   | Debt                                           | 49
|Section 6.13.                   | Amendment of Material Documents                | 50
|                               
|ARTICLE 7 EVENTS OF DEFAULT    
|                                |                                                |   
|Section 7.01.                   | Events Of Default                              | 50
|                               
|ARTICLE 8 THE AGENTS           
|                                |                                                |   
|Section 8.01.                   | Appointment and Authorization                  | 53
|Section 8.02.                   | Rights and Powers as a Lender                  | 53
|Section 8.03.                   | Limited Duties and Responsibilities            | 53



| | ii | 
| | -- | 



---





|Section 8.04.           | Authority to Rely on Certain Writings,
        Statements and Advice | 54
|----------------------- | -------------------------------------------------------------------- | --
|Section 8.05.           | Sub-Agents and Related Parties                                       | 54
|Section 8.06.           | Resignation; Successor Administrative Agents                         | 54
|Section 8.07.           | Credit Decisions by Lenders                                          | 55
|                       
|ARTICLE 9 MISCELLANEOUS
|                        |                                                                      |   
|Section 9.01.           | Notices                                                              | 55
|Section 9.02.           | Waivers; Amendments                                                  | 56
|Section 9.03.           | Expenses; Indemnity; Damage Waiver                                   | 57
|Section 9.04.           | Successors and Assigns                                               | 58
|Section 9.05.           | Survival                                                             | 61
|Section 9.06.           | Counterparts; Integration; Effectiveness                             | 61
|Section 9.07.           | Severability                                                         | 61
|Section 9.08.           | Right of Set-off                                                     | 62
|Section 9.09.           | Governing Law; Jurisdiction; Consent to
        Service of Process   | 62
|Section 9.10.           | WAIVER OF JURY TRIAL                                                 | 63
|Section 9.11.           | Headings                                                             | 63
|Section 9.12.           | Confidentiality                                                      | 63



| | iii | 
| | --- | 



---





|SCHEDULES AND EXHIBITS:
|-----------------------

|Schedule 1.01A |  | Acquisition Documents                                      
|-------------- | - | -----------------------------------------------------------
|Schedule 1.01B |  | Initial Material Subsidiaries                              
|Schedule 2.01  |  | Commitments                                                
|Schedule 2.04  |  | Deferred Funding Lenders                                   
|Schedule 3.03  |  | Governmental Approvals                                     
|Schedule 3.06  |  | Disclosed Matters                                          
|Schedule 3.12  |  | Subsidiaries                                               
|Schedule 6.01  |  | Existing Liens                                             
|Schedule 6.05  |  | Existing Restrictions                                      
|Schedule 6.06  |  | Certain Restricted Payments                                
|Schedule 6.12  |  | Existing Debt                                              
|               |   |                                                            
|Exhibit A      |  | Form of Assignment                                         
|Exhibit B-1    |  | Form of Dollar Note                                        
|Exhibit B-2    |  | Form of Peso Note                                          
|Exhibit C-1    |  | Form of Opinion of New York Counsel to the
        Borrower
|Exhibit C-2    |  | Form of Opinion of Mexican Counsel to the
        Borrower 
|Exhibit D-1    |  | Form of Opinion of New York Counsel to the
        Agents  
|Exhibit D-2    |  | Form of Opinion of Mexican Counsel to the
        Agents   
|Exhibit E-1    |  | Form of Borrowing Request                                  
|Exhibit E-2    |  | Form of Interest Period Election Notice                    



| | iv | 
| | -- | 



---





|BRIDGE LOAN
AGREEMENT dated as of April 23, 2003 among COCA-COLA FEMSA, S.A. DE C.V., the  LENDERS
party hereto, BANCO J.P. MORGAN, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, J.P.
MORGAN GRUPO  FINANCIERO, DIVISIÓN FIDUCIARIA, as Mexican Administrative Agent,
and JPMORGAN CHASE BANK, as  Administrative Agent.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|RECITALS
|--------



|The
Borrower proposes to acquire all of the outstanding capital stock of Panamco (as
defined below) pursuant to a merger of a wholly-owned Subsidiary of the Borrower
with and into Panamco, and desires to borrow funds under this Agreement to
finance such acquisition and for the other purposes set forth herein. The
Lenders are willing to make loans hereunder on the terms and subject to the
conditions set forth herein. The parties hereto therefore agree as follows:
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 1  DEFINITIONS
|----------------------



|Section 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings
specified below:
|--------------------------------------------------------------------------------------------------------------



|Acquisition
means the merger between Panamco and a wholly-owned Subsidiary of the Borrower,
all pursuant to the Acquisition Documents.
|----------------------------------------------------------------------------------------------------------------------------------------



|Acquisition
Date has the meaning set forth in Section 2.04(b).
|----------------------------------------------------------------



|Acquisition Documents
means the Merger Agreement and other documents specified in Schedule 1.01A.
|---------------------------------------------------------------------------------------------------



|Adjusted
LIBO Rate means, for any Interest Period, an interest rate per annum
(rounded upwards, if necessary, to the next 0.01%) equal to (a) the LIBO Rate
for such Interest Period multiplied by (b) the Statutory Reserve Adjustment in
effect on the date of the determination.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Adjusted
Net Income has the meaning set forth in Section 6.06.
|----------------------------------------------------------------



|Administrative
Agent means JPMorgan Chase Bank, in its capacity as administrative agent under the
Loan Documents, and its successors in such capacity.
|--------------------------------------------------------------------------------------------------------------------------------------------------------



|Administrative
Questionnaire means an Administrative Questionnaire in a form supplied by
the Administrative Agent.
|--------------------------------------------------------------------------------------------------------------------



|Affected
Facility has the meaning set forth in Section 2.04(b).
|-----------------------------------------------------------------



|Affiliate
means, with respect to a specified Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or
is under common Control with such specified Person. Control means
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability
to exercise voting power, by contract or otherwise. Controlling and
Controlled have meanings correlative thereto.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|COCA-COLA FEMSA BRIDGE LOAN
AGREEMENT
|-------------------------------------



| |  | 
| |  | 



---





|Agents
means the Administrative Agent, the Mexican Administrative Agent and the Syndication
Agent.
|----------------------------------------------------------------------------------------------------



|Alternate
Rate has the meaning set forth in Section 2.11(b).
|--------------------------------------------------------------



|Alternate Rate
Loan means, at any time, any Loan that is bearing interest at a rate based
upon the Alternate Rate at such time.
|---------------------------------------------------------------------------------------------------------------------------------



|Attributable
Debt in respect of a Sale and Leaseback Transaction means, at any date,
the present value of the obligation of the lessee for net rental payments during
the remaining term of the lease included in such Sale and Leaseback Transaction
including any period for which such lease has been extended or may, at the
option of the lessor, be extended. Such present value shall be calculated using
a discount rate equal to the rate of interest implicit in such transaction,
determined in accordance with GAAP.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Applicable
GAAP has the meaning set forth in Section 1.03.
|------------------------------------------------------------



|Applicable Margin
means (as used below, periods are measured from the relevant Borrowing Date for
such Tranche, with, for example, Day 180 meaning the 180th day after
the relevant Borrowing Date) (a) with respect to any Dollar Loan for any day,
the rate per annum set forth below under the caption LIBO Rate
Margin opposite the period in which such day occurs and (b) with respect
to any Peso Loan for any day, the rate per annum set forth below under the
caption TIIE Rate Margin opposite the period in which such day
occurs:
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Period                                  |  | LIBO
        Rate Margin |  | TIIE
        Rate Margin
|--------------------------------------- |  | ------------------------ |  | ------------------------
|relevant Borrowing Date through Day 180 |  | 1.00%                    |  | 0.50%                   
|Day 181 through Day 270                 |  | 2.00%                    |  | 0.95%                   
|Day 271 and thereafter                  |  | 2.50%                    |  | 1.65%                   



|Asset
Amount has the meaning set forth in Section 6.05.
|---------------------------------------------------------



|Asset Swap
means any sale, transfer, lease or other disposition by the Borrower or any of
its Subsidiaries of any asset or assets, including any Equity Interest owned by
the Borrower or any of its Subsidiaries, in which the consideration received for
such asset or assets are in the form of Distribution Assets.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Assignment
means an assignment and assumption agreement entered into by a Lender and an
assignee (with the consent of any party whose consent is required by Section
9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any
other form approved by the Administrative Agent.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Borrower
means Coca-Cola Femsa, S.A. de C.V., a sociedad anónima de capital variable
organized under the laws of Mexico.
|--------------------------------------------------------------------------------------------------------------------------



|Borrowing
means Loans of the same Tranche made on the same day and as to which the same
Interest Period is in effect.
|-----------------------------------------------------------------------------------------------------------------------



| | 2 | 
| | - | 



---





|Borrowing
Dates means the Dollar Borrowing Date and the Peso Borrowing Date; and the
relevant Borrowing Date means, for the Dollar Loans, the Dollar
Borrowing Date and, for the Peso Loans, the Peso Borrowing Date.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Borrowing
Request has the meaning set forth in Section 2.03.
|--------------------------------------------------------------



|Bridge
Maturity Date means the date that is 364 days after the Peso Borrowing
Date; provided that if such day is not a Business Day and a LIBO Business Day,
the Bridge Maturity Date shall be extended to the next succeeding day that is
both a Business Day and a LIBO Business Day unless such next succeeding day
would fall in the next calendar month, in which case the Bridge Maturity Date
shall be the next preceding day that is both a Business Day and a LIBO Business
Day.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Bridge
Refinancing Transactions means, collectively, the prospective issuance by
the Borrower of (i) Dollar-denominated long-term bonds or debentures in the
United States capital markets through an offering registered under the
Securities Act of 1933, as amended, or under Regulation 144A or outside the
United States under Regulation S, in each case promulgated by the SEC
thereunder, and/or (ii) certificados bursátiles or other
Peso-denominated debt securities in the Mexican capital markets and/or (iii) any
other financing by the Borrower, in each case incurred solely for purposes of
refinancing the Loans.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Business
Day means any day that is not a Saturday, Sunday, or other day on which
commercial banks in New York City or Mexico City are authorized or required by
law to remain closed.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Capital
Lease Obligations of any Person means obligations of such Person to pay
rent or other amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof, which
obligations are required under Applicable GAAP to be classified and accounted
for as capital leases on a balance sheet of such Person (including without
limitation any such obligation arising under a Sale and Leaseback Transaction).
The amount of such obligations will be the capitalized amount thereof determined
in accordance with Applicable GAAP.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Change
in Control means the occurrence of either of the following: (a) the
failure of the Borrower at any time to be a Subsidiary of FEMSA or (b) the
failure by The Coca-Cola Company to own, directly or indirectly, beneficially
and of record, full voting shares of capital stock of the Borrower representing
at least 30% of each of the aggregate ordinary voting power and aggregate equity
value represented by the Borrowers issued and outstanding capital stock.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Change
in Law means (a) the adoption of any law, rule or regulation after the
date of this Agreement (including circulars or other rules issued by any
Governmental Authority of Mexico), (b) any change in any law, rule or regulation
or in the interpretation or application thereof by any relevant Governmental
Authority after such date or (c) compliance by any Lender (or, for purposes of
Section 2.12(b), by any lending office of such Lender or by such Lenders
holding company, if any) with any request, guideline or directive (whether or
not having the force of law) of any Governmental Authority made or issued after
such date.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3 | 
| | - | 



---





|CNBV
means the National Banking and Securities Commission (Comisión
Nacional Bancaria y de Valores) of Mexico or any entity succeeding to any or all
of its functions.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Coca-Cola
Facility means a liquidity facility extended by The Coca-Cola Company
and/or any of its Subsidiaries to the Borrower and/or one or more of its
Subsidiaries the proceeds of which shall be used for ongoing working capital,
general corporate and related purposes, and the aggregate principal amount of
which shall not exceed US$250,000,000.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Commitment
means a Dollar Loan Commitment or Peso Loan Commitment, or any combination
thereof (as the context requires).
|--------------------------------------------------------------------------------------------------------------------------



|Consolidated
EBITDA means, for any period, EBITDA of the Borrower and its Subsidiaries
for such period; provided that Consolidated EBITDA (i) for the
fiscal quarters ended June 30, 2002, September 30, 2002 and December 31, 2002
shall be deemed to be US$249,657,504, US$199,780,002 and US$220,686,730,
respectively, (ii) for the fiscal quarter ended March 31, 2003 shall be deemed
to be the sum of (A) EBITDA of the Borrower and its consolidated Subsidiariesplus (B) EBITDA of Panamco and its consolidated Subsidiaries, each determined
for such financial quarter in accordance with Applicable GAAP and (iii) for the
fiscal quarter ended June 30, 2003 shall be deemed to be the sum of (A) EBITDA
of the Borrower and its consolidated Subsidiaries plus (B) EBITDA of Panamco and
its consolidated Subsidiaries from April 1, 2003 through the Acquisition Date,
each determined for such financial quarter in accordance with Applicable GAAP.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Consolidated
Interest Expense means, for any period, Interest Expense of the Borrower
and its Subsidiaries for such period; provided that Consolidated Interest
Expense (i) for the fiscal quarters ended June 30, 2002, September 30,
2002 and December 31, 2002 shall be deemed to be US$30,729,849, US$27,921,840
and US$28,968,628, respectively, (ii) for the fiscal quarter ended March 31,
2003 shall be deemed to be the sum of (A) the Interest Expense of the Borrower
and its consolidated Subsidiaries for such fiscal quarter plus (B) the Interest
Expense of Panamco and its consolidated Subsidiaries for such fiscal quarter,
and (iii) for the fiscal quarter ended June 30, 2003 shall be deemed to be the
sum of (A) the Interest Expense of the Borrower and its consolidated
Subsidiaries for such fiscal quarter plus (B) the Interest Expense of Panamco
and its consolidated Subsidiaries from April 1, 2003 through the Acquisition
Date.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Consolidated
Tangible Assets means at any time the total assets appearing on a
consolidated balance sheet of the Borrower and its Subsidiaries less intangible
assets appearing on such balance sheet, all determined on a consolidated basis
at such time in accordance with Mexican GAAP.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Debt of
any Person means, without duplication, (a) all obligations of such Person for borrowed
money or with respect to advances of any kind, (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of
such Person in respect of the deferred purchase price of property or services (excluding
current trade payables or accounts payable incurred in the ordinary course of business),
(d) all Debt of other Persons secured by any Lien on property owned or acquired by such
Person, whether or not the Debt secured thereby has been assumed,
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4 | 
| | - | 



---





|(e) all Guarantees including an aval by such
Person of Debt of other Persons, (f) all Capital Lease Obligations of such Person, (g)
all Derivatives Obligations of such Person (determined, where applicable, at the net
termination value thereof and giving effect to contractually permitted netting with the
relevant counterparty), (h) all non-contingent obligations of such Person as an account
party in respect of letters of credit and letters of guaranty and (i) all obligations,
contingent or otherwise, of such Person in respect of bankers acceptances.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Default
means any event or condition which constitutes an Event of Default or which upon
notice, lapse of time or both would, unless cured or waived, become an Event of
Default.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Deferred
Funding Amount and Deferred Funding Lender each have the
respective meaning set forth in Section 2.04(b).
|----------------------------------------------------------------------------------------------------------------------



|Derivatives
Obligations of any Person means all obligations of such Person in respect
of any rate swap transaction, basis swap, forward rate transaction, commodity
swap, commodity option, equity or equity index swap, equity or equity index
option, bond option, interest rate option, derivatives transactions with respect
to foreign currency exchange, cap transaction, floor transaction, collar
transaction, currency swap transaction, cross-currency rate swap transaction,
currency option or any other similar transaction (including any option with
respect to any of the foregoing transactions) or any combination of the
foregoing transactions, including without limitation obligations under any
Synthetic Purchase Agreement; provided that in no event shall the term
Derivative Obligations include any swap, option or similar
transaction relating to the price of aluminum or other commodities used in the
business of the Borrower and its Subsidiaries entered into in the ordinary
course of business of such Person or Persons and not for speculative purposes.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Disclosed
Matters means the matters disclosed in Schedule 3.06.
|-----------------------------------------------------------------



|Distribution
Assets means assets consisting of brands, routes, territories or
distribution rights with respect to the distribution or sale of soft drinks,
beer, juices, water and other beverages, together with related assets for
production and distribution in such routes or territories, including Equity
Interests in any Person all or substantially all of whose assets consist of the
foregoing, provided that immediately after giving effect to any such acquisition
of Equity Interests, such Person is a Subsidiary of the Borrower.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Dollar
Amount means, at any time, for any Lender and with respect to any determination
required hereunder:
|------------------------------------------------------------------------------------------------------------



| | (i)
with  respect to any Dollar Commitment or Peso Commitment of such Lender, the  respective
Dollar amount thereof as set forth on Schedule 2.01 or in the  Assignment pursuant to
which such Dollar Commitment or Peso Commitment (or  portion thereof) has been assigned
under Section 9.04
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii)
with respect to any Dollar Loan, the principal amount of such Dollar Loan  then
outstanding; and
| | -----------------------------------------------------------------------------------------------------



| | 5 | 
| | - | 



---





| | (iii)
with respect to any Peso Loan, the Dollar equivalent of the principal amount  thereof
then outstanding, determined using the Peso Spot Rate at the time of  such determination.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Dollar
Borrowing Date has the meaning set forth in Section 4.02.
|------------------------------------------------------------------



|Dollar Loan
means a loan, denominated and payable in Dollars, made pursuant to Article 6.
|-------------------------------------------------------------------------------------------



|Dollar
Loan Commitment means, with respect to each Lender, the commitment, if
any, of such Lender to make a Dollar Loan on the Dollar Borrowing Date,
expressed as an amount representing the maximum principal amount of such Dollar
Loan, as such commitment may be (a) reduced from time to time pursuant to
Section 2.06 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04. The initial amount of
each Lenders Dollar Loan Commitment is set forth on Schedule 2.01, or in
the Assignment pursuant to which such Lender shall have assumed its initial
Dollar Loan Commitment, as applicable.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Dollars,
$ or US$ means the lawful money of the United States.
|--------------------------------------------------------------------



|EBITDA
means, for any period and for any Person, the sum of: (a) operating income of
such Person and its Subsidiaries for such period plus (b) only to the extent
deducted in determining such operating income for such period, (x) depreciation
and amortization of such Person and its Subsidiaries for such period, all as
determined in accordance with Applicable GAAP and (y) all other non-cash items
of such Person and its Subsidiaries reducing such operating income for such
period (not including any such non-cash charges in such period that reflect cash
expenses paid or to be paid in any other period).
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Effective
Date means the date on which each of the conditions specified in Section
4.01 is satisfied (or waived in accordance with Section 9.02).
|---------------------------------------------------------------------------------------------------------------------------------------------------



|Environmental
Laws means all laws, rules, regulations, codes, ordinances, technical
standards (normas técnicas), orders, decrees, judgments, injunctions,
notices or binding agreements issued, promulgated or entered into by any
Governmental Authority, relating in any way to the environment, the preservation
or reclamation of natural resources, the management, release or threatened
release of any Hazardous Material or health and safety matters.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Environmental
Liability means any liability, contingent or otherwise (including any
liability for damages, costs of remediation, fines, penalties or indemnities),
of the Borrower or any of its Subsidiaries directly or indirectly resulting from
or based on (a) violation of any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous
Material, (c) exposure to any Hazardous Material, (d) the release or threatened
release of any Hazardous Material into the environment or (e) any contract,
agreement or other consensual arrangement pursuant to which liability is assumed
or imposed with respect to any of the foregoing.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Equity
Interests means (i) shares of capital stock, partnership interests,
membership interests in a limited liability company, beneficial interests in a
trust or other
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6 | 
| | - | 



---





|equity ownership interests in a Person or (ii) any warrants,
options, convertible bonds or other rights to acquire such shares or interests.
|--------------------------------------------------------------------------------------------------------------------------------------------



|Events
of Default has the meaning specified in Article 7.
|-----------------------------------------------------------



|Excluded
Taxes means, with respect to any Lender Party or other recipient of a
payment made by or on account of any obligation of the Borrower under any Loan
Document (a) Taxes imposed on (or measured by) its net income or net profits by
the jurisdiction (or any subdivision thereof or therein) under the laws of which
such recipient is organized or in which its principal office is located or, in
the case of any Lender, in which its applicable lending office is located, (b)
Taxes imposed as a result of the failure of such Lender Partys
representation in Section 2.14(e) to be accurate as of the date as of which it
is made and (c) Taxes imposed as a result of a failure of such Lender Party
(other than a Lender Party that is a Mexican Bank) to comply with its
obligations set forth in Section 2.14(f), subject to the exceptions and
limitations provided therein; provided that, in the case of clauses (b) and (c)
above, Excluded Taxes shall only be deemed to include withholdings or deductions
payable by the Borrower in respect of payments hereunder, in excess of a rate
equal to the rate applicable if there had been no such failure by such Lender
Party under Section 2.14(e) or Section 2.14(f), as applicable.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Federal
Funds Effective Rate means, for any day, the weighted average (rounded
upwards, if necessary, to the next 0.01%) of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by
Federal funds brokers, as published on the next succeeding Business Day by the
Federal Reserve Bank of New York, or, if such rate is not so published on such
Business Day, the average (rounded upwards, if necessary, to the next 0.01%) of
the quotations for such day for such transactions received by the Administrative
Agent from three Federal funds brokers of recognized standing selected by it.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Federal
Reserve Board means the Board of Governors of the Federal Reserve System of the
United States.
|--------------------------------------------------------------------------------------------------------



|FEMSA
means Fomento Económico Mexicano, S.A. de C.V., a sociedad anónima de
capital variable organized under the laws of Mexico.
|----------------------------------------------------------------------------------------------------------------------------------



|Financial
Officer means the chief financial officer, principal accounting officer,
treasurer or controller of the Borrower.
|-----------------------------------------------------------------------------------------------------------------------------



|Financing
Transactions means (a) the Loan Transactions and (b) the Other Debt Refinancings.
|---------------------------------------------------------------------------------------------



|Fiscal
Quarter means a fiscal quarter of the Borrower.
|--------------------------------------------------------



|Fiscal
Year means a fiscal year of the Borrower.
|--------------------------------------------------



|Foreign
Financial Institution means an institution registered as a foreign
financial institution with the Ministry of Finance in the registry referred to
in Article 197 of Mexicos Income Tax Law and any successor provision
thereof, for purposes of fracción I, inciso a), subinciso 1, of
Article 195 of Mexicos Income Tax Law.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Foreign
Joint Venture has the meaning set forth in Section 6.05.
|------------------------------------------------------------------



| | 7 | 
| | - | 



---





|Governmental
Authority means the executive, legislative and judicial branches of power
of Mexico or any political subdivision thereof, the government of Mexico or any
political subdivision thereof, or the government of any other nation or any
political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including,
without limitation, the United States Federal Reserve Board, Banco de
México, the CNBV and IPAB).
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Guarantee
by any Person (the Guaranteeing Person) means any obligation,
contingent or otherwise, of the Guaranteeing Person guaranteeing any Debt of any
other Person (the Primary Obligor) in any manner, whether directly
or indirectly, and including an aval and any obligation of the Guaranteeing
Person, direct or indirect, (a) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Debt or to purchase (or advance or supply
funds for the purchase of) any security for the payment thereof, (b) to purchase
or lease property, securities or services for the purpose of assuring the owner
of such Debt of the payment thereof, (c) pursuant to a contract of such
Guaranteeing Person, to maintain working capital, equity capital or any other
financial statement condition or liquidity of the Primary Obligor so as to
enable the Primary Obligor to pay such Debt or (d) as an account party in
respect of any letter of credit or letter of guaranty issued to support such
Debt; provided that the term Guarantee shall not include
endorsements for collection or deposit in the ordinary course of business.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Hazardous
Materials means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum
or petroleum distillates, asbestos or asbestos-containing materials,
polychlorinated biphenyls, radon gas, infectious or medical wastes and all other
substances or wastes of any nature regulated pursuant to any Environmental Law.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|IMSS
means the Instituto Mexicano del Seguro Social.
|------------------------------------------------------



|Indemnified
Taxes means all Taxes imposed by Mexico or any other jurisdiction (or any
subdivision thereof or therein) from which or through which any payment is made
or deemed made (for tax purposes) by the Borrower under the Loan Documents,
except Excluded Taxes.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|INFONAVIT
means the Instituto del Fondo Nacional de la Vivienda para los Trabajadores of Mexico.
|--------------------------------------------------------------------------------------------------



|Information
Memorandum means the Confidential Information Memorandum dated January,
2003 relating to the Borrower and the Transactions.
|-----------------------------------------------------------------------------------------------------------------------------------------



|Initial
Peso Exchange Rate has the meaning set forth in Section 2.03(b).
|--------------------------------------------------------------------------



|Interest
and Currency Hedges means agreements, however documented, entered into
with the purpose of hedging interest rate or currency risk with respect to Debt
for borrowed money of the Borrower and its Subsidiaries, and not for speculative
purposes.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8 | 
| | - | 



---





|Interest
Expense means, for any period and for any Person, an amount equal to the
interest expense (including deemed interest expense in respect of Capital Lease
Obligations) of such Person and its Subsidiaries for such period, including fees
or other similar amounts paid in connection with or in addition to interest and
interest paid in respect of factoring or equivalent arrangements even if not
reflected on a Persons balance sheet or financial statements, determined
on a consolidated basis in accordance with Applicable GAAP.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Interest
Period means:
|------------------------



|(a) with
respect to any Borrowing of Dollar Loans, (I) in the case of the first such
Interest Period, the period beginning on the Dollar Borrowing Date and ending on
the numerically corresponding date in the first, third or sixth calendar month
thereafter and (II) in the case of each succeeding such Interest Period, the
period beginning on the last day of the preceding Interest Period and ending on
the numerically corresponding date in the first, third or sixth calendar month
thereafter (or such other period, not longer than six months, as the Borrower
and Administrative Agent may agree in order to facilitate orderly prepayment of
the Loans), in each case as specified by the Borrower in the applicable
Borrowing Request or Interest Period Election with respect to such Borrowing of
Dollar Loans; provided that prior to the 90th day after the Dollar Borrowing
Date, the Borrower shall select Interest Periods for Dollar Loans of one or two
weeks or one month as agreed with the Administrative Agent, and provided further
that:
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i)
if  any Interest Period would end on a day other than a LIBO Business Day, such  Interest
Period shall (subject to clause (iii) below) be extended to the next  succeeding LIBO
Business Day unless (in the case of an Interest Period for  Dollar Loans of one, three or
six months (a monthly Interest  Period)) such next succeeding LIBO Business
Day would fall in the next  calendar month, in which case such monthly Interest Period
shall end on the next  preceding LIBO Business Day;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii)
any  monthly Interest Period that commences on the last LIBO Business Day of a  calendar
month (or on a day for which there is no numerically corresponding day  in the last
calendar month of such monthly Interest Period) shall (subject to  clause (iii) below)
end on the last LIBO Business Day of the last calendar month  of such Interest Period; and
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii)
any  Interest Period for Dollar Loans that would otherwise end after the Maturity  Date
shall end on the Maturity Date.
| | -----------------------------------------------------------------------------------------------------------------------------



|(b) with respect
to any Borrowing of Peso Loans, (I) in the case of the first such Interest Period, the
period beginning on the Peso Borrowing Date and ending on the 28th day thereafter and
(I) in the case of each succeeding such Interest Period, the period beginning on the
last day of the preceding Interest Period and ending on the 28th day thereafter (or such
other period as the Borrower and Administrative Agent (in consultation with the Mexican
Administrative Agent) may agree in order to facilitate orderly prepayment of the Loans),
as specified by the Borrower in the applicable Borrowing Request or Interest Period
Election with respect to such Borrowing of Peso Loans; provided that:
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9 | 
| | - | 



---





| | (i)
if  any such Interest Period would end on a day other than a Peso Business Day, such
Interest Period shall (subject to clause (ii) below) be extended to the next  succeeding
Peso Business Day;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii)
any  such Interest Period that commences on the last Peso Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the  last
calendar month of such Interest Period) shall (subject to clause (iii)  below) end on the
last Peso Business Day of the last calendar month of such  Interest Period; and
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii)
any  Interest Period for Peso Loans that would otherwise end after the Maturity Date
shall end on the Maturity Date.
| | --------------------------------------------------------------------------------------------------------------------------



|Interest
Period Election has the meaning set forth in Section 2.05(a).
|------------------------------------------------------------------------



|Investment
has the meaning set forth in Section 6.09.
|-------------------------------------------------------



|IPAB
means the Instituto para la Protección al Ahorro Bancario of Mexico.
|---------------------------------------------------------------------------



|Joint
Venture Investment Event has the meaning set forth in Section 6.05.
|---------------------------------------------------------------------------



|KOF
Companies means the Borrower and its Subsidiaries.
|--------------------------------------------------------



|Lender
Parties means the Lenders, the Administrative Agent and the Mexican Administrative
Agent.
|--------------------------------------------------------------------------------------------------



|Lenders
means the Persons listed on Schedule 2.01 and any other Person that shall have
become a party hereto pursuant to an Assignment, other than any such Person that
ceases to be a party hereto pursuant to an Assignment.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Leverage
Ratio means, on any day, the ratio of (a) Total Debt as of such day to (b)
Consolidated EBITDA for the period of four consecutive Fiscal Quarters ended on
such day (or, if such day is not the last day of a Fiscal Quarter, ended on the
last day of the Fiscal Quarter most recently ended before such day).
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|LIBO
Adjusted Business Day means any day (i) that is not a Saturday, Sunday, or
other day on which commercial banks in New York City are authorized or required
by law to remain closed and (ii) on which banks are open for dealings in Dollar
deposits in the London interbank market.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|LIBO
Business Day means any Business Day on which banks are open for dealings
in Dollar deposits in the London interbank market.
|----------------------------------------------------------------------------------------------------------------------------------



|LIBO Rate means,
with respect to any Borrowing for any Interest Period, (i) the rate appearing on Page
3750 of the Dow Jones Market Service (or on any successor or substitute page of such
Service, or any successor to or substitute for such Service, providing rate quotations
comparable to those currently provided on such page of such Service, as determined by
the Administrative Agent from time to time for purposes of providing quotations of
interest rates applicable to Dollar deposits in the London interbank market) (Page
3750) at approximately 11:00 a.m., London time, two LIBO Adjusted Business Days
before the beginning of such Interest Period, as the rate for
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10 | 
| | -- | 



---





|Dollar deposits with a maturity most nearly
comparable to such Interest Period or (ii) if such rate does not appear on Page 3750 for
any relevant Interest Period, the LIBO Rate shall be the interest rate per annum
determined by the Administrative Agent to be equal to the arithmetic mean (rounded
upward, if necessary, to the nearest 0.01%) of the rates per annum for Dollar deposits
which appear on the Reuters Screen LIBO Page at or about 11:00 a.m., London time, on the
second LIBO Adjusted Business Day prior to the first day of such Interest Period for a
period equal to (or, if there is no equal, then most nearly equal to) such Interest
Period. If no such rate appears on Page 3750 or on the Reuters Screen LIBO Page for any
relevant Interest Period, the LIBO Rate for such Interest Period shall be the average
(rounded upward, if necessary, to the next higher 0.01%) of the rates per annum at which
deposits in Dollars in a principal amount of US$5,000,000 are offered by four major
banks in the London interbank market (selected by the Administrative Agent after
consultation with the Borrower) to JPMorgan Chase Bank in the London interbank market at
approximately 11:00 a.m., London time, two LIBO Adjusted Business Days before the first
day of such Interest Period and for a period of time most nearly comparable to such
Interest Period.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Lien
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
hypothecation, encumbrance, charge or security interest in, on or of such asset,
(b) the interest of a vendor or a lessor under any conditional sale agreement,
capital lease or title retention agreement (or any financing lease having
substantially the same economic effect as any of the foregoing) relating to such
asset and (c) in the case of securities, any purchase option, call or similar
right of a third party with respect to such securities.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Loans
means the loans made by the Lenders to the Borrower pursuant to Section 2.01.
|-------------------------------------------------------------------------------------



|Loan
Documents means this Agreement and the Notes.
|----------------------------------------------------



|Loan
Transactions means the execution, delivery and performance by the Borrower of the
Loan Documents, the borrowing of Loans and the use of the proceeds thereof.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Long-Term
Debt Rating means the foreign currency rating assigned by S&P or
Moodys (as applicable) of the Borrowers long-term senior unsecured
debt.
|-------------------------------------------------------------------------------------------------------------------------------------------------------



|Material
Adverse Change means any event, change, circumstance or effect that has or could
reasonably be expected to have a material adverse effect on (a) the business, results of
operations or financial condition of the KOF Companies taken as a whole, since September
30, 2002, (b) the ability of the Borrower to perform its obligations under the Loan
Documents, since September 30, 2002, or (c) the rights of Lenders under the Loan
Documents, provided, however, that any event, change, circumstance or effect, to the
extent (i) resulting from any change in U.S. or Mexican generally accepted accounting
principles or official interpretations thereof after December 22, 2002 that apply to the
KOF Companies, (ii) resulting from a downturn in the economy or business conditions in
general in any country in which the Borrower or Panamco or any of their subsidiaries do
business and not specifically relating to the KOF Companies or (iii) resulting from the
public announcement of the Acquisition, shall be excluded in determining whether a
Material Adverse Change has occurred; and provided further that in the case of Panamcos
business, financial condition and results of
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11 | 
| | -- | 



---





|operations in Venezuela, all of the foregoing
shall be determined in accordance  with the provisions of Schedule 3.07A of the Merger
Agreement (other than  (b)(ii) to the extent it relates to exchange controls or (b)(iii)).
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Material
Adverse Effect means a material adverse effect on (a) the business,
results of operations, or financial condition of the KOF Companies taken as a
whole, (b) the ability of the Borrower to perform its obligations under the Loan
Documents or (c) the rights and remedies available to any Lender Party under the
Loan Documents.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Material
Debt means Debt (other than obligations in respect of the Loans) of any
one or more KOF Companies in an aggregate principal amount exceeding
US$20,000,000 (or its equivalent in any other currency).
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Material
Subsidiary means (i) prior to the first date on which financial statements
are delivered pursuant to clause (a) or (b) under Section 5.01, the Persons
listed on Schedule 1.01B hereto and (ii) at any time from and after such first
date, any Subsidiary of the Borrower the total assets or total EBITDA of which
(determined, in the case of any such Subsidiary that has Subsidiaries, on a
consolidated basis for such Subsidiary and its Subsidiaries) are at least 10% of
the consolidated total assets of the Borrower and its consolidated Subsidiaries
or 10% of Consolidated EBITDA respectively, in each case as reflected in the
financial statements of the Borrower then most recently delivered to the Lenders
pursuant to clause (a) or (b) under Section 5.01; provided that solely for
purposes of clauses (h) and (i) of Section 7.01, Material Subsidiary
shall include any group of Subsidiaries of the Borrower with respect to which
any relevant event or condition of the type specified in such clause shall have
occurred and be continuing, if such Subsidiaries taken together would constitute
a Material Subsidiary as defined above.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Merger
Agreement means the merger agreement between the Borrower and Panamco dated
December 22, 2002.
|-------------------------------------------------------------------------------------------------------



|Mexican
Administrative Agent means Banco J.P. Morgan, S.A., Institución de Banca Múltiple,
J.P. Morgan Grupo Financiero, División Fiduciaria, in its capacity as
administrative agent for the Lenders with respect to Peso Loans and its successors in
such capacity.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Mexican
Bank shall be a bank organized pursuant to the laws of Mexico and
authorized to conduct banking activities in Mexico by the Ministry of Finance.
|----------------------------------------------------------------------------------------------------------------------------------------------------------



|Mexican
GAAP has the meaning set forth in Section 1.03.
|---------------------------------------------------------



|Mexico
means the United Mexican States.
|-----------------------------------------



|Ministry of
Finance means the Secretaría de Hacienda y Crédito Público of
Mexico.
|-----------------------------------------------------------------------------------



|Moodys
means Moodys Investors Service, Inc.
|-----------------------------------------------



|Net Proceeds means,
with respect to any event, (a) the cash proceeds received in respect of such event
(including any cash received in respect of such event initially received in a form other
than cash but only as and when such cash is received), net of (b)
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12 | 
| | -- | 



---





|the sum of (i) all fees and out-of-pocket
expenses paid by  the KOF Companies to third parties in connection with such event and
(ii) in the  case of a sale, transfer or other disposition of an asset (including
pursuant to  a sale and leaseback transaction), the amount of (A) all payments required
to be  made by the KOF Companies as a result of such event to repay Debt (other than
Loans) secured by such asset or otherwise subject to mandatory prepayment as a  result of
such event, and (B) all taxes paid (or reasonably estimated to be  payable) by the KOF
Companies that are directly attributable to such event (as  determined reasonably and in
good faith by the chief financial officer of the  Borrower).
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Note
has the meaning set forth in Section 2.02(a). Other Debt
Refinancings means the refinancing of (i) approximately US$270,500,000
outstanding amount of loans under Panamcos existing bank term loans and
(ii) all or a portion of US$156,500,000 of Debt of certain Subsidiaries of
Panamco.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Other
Debt Refinancings Loan means, for any Lender, the loan or loans owing to
such Lender with respect to one or more issues of debt included in the Other
Debt Refinancings and identified as an Other Debt Refinancings Loan
on Schedule 2.04.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Other
Loan Agreement means the Term Loan Agreement dated as of the date hereof
among the Borrower, the lenders party thereto, and the Agents party
thereto, including JPMorgan Chase Bank, as administrative agent.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Other Loan
Documents means the Other Loan Agreement and the Notes (as defined in the Other
Loan Agreement).
|-------------------------------------------------------------------------------------------------------------



|Other
Taxes means any and all present or future recording, stamp, documentary,
excise, transfer, sales, property or similar taxes, charges or levies not based
on net income or profit arising from any payment made under any Loan Document or
from the execution, delivery or enforcement of, or otherwise with respect to,
any Loan Document.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Panama
means the Republic of Panama.
|--------------------------------------



|Panamco
means Panamerican Beverages, Inc., a corporation organized under the laws of Panama.
|----------------------------------------------------------------------------------------------



|Participants
has the meaning specified in Section 9.04(d).
|------------------------------------------------------------



|Person
means any natural person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other
entity.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Peso
Borrowing Date has the meaning set forth in Section 4.02.
|----------------------------------------------------------------



|Peso Business
Day means any day that is not a Saturday, Sunday, or other day on which
commercial banks in Mexico City are authorized or required by law to remain
closed.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13 | 
| | -- | 



---





|Peso
Lender means a Lender with a Peso Loan Commitment or an outstanding Peso Loan.
|-------------------------------------------------------------------------------------



|Peso
Loan means a loan, funded and payable in Pesos, made pursuant to Section 2.01(a).
|----------------------------------------------------------------------------------------



|Peso
Loan Commitment means, with respect to each Lender, the commitment, if
any, of such Lender to make a Peso Loan on the Peso Borrowing Date, expressed as
an amount in Dollars representing the maximum principal amount of such Peso
Loan, as such commitment may be (a) reduced from time to time pursuant to
Section 2.06 and (b) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 9.04. The initial amount in
Dollars of each Lenders Peso Loan Commitment is set forth on Schedule
2.01, or in the Assignment pursuant to which such Lender shall have assumed its
initial Peso Loan Commitment, as applicable.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Peso
Spot Rate means, on any day, the rate at which Pesos may be exchanged into
Dollars, at (i) the spot (same day) rate announced by Banco de México
and (A) quoted at 12:15 p.m. (Mexico City time) on Reuters Monitor Screen (Page
MEX01, or any successor page for quoting such rate) on such day (or, if such day
is not a Peso Business Day, on the immediately preceding Peso Business Day) or
(B) if such rate is not so quoted on Reuters Monitor Screen for the relevant
date of determination, then such spot rate as may be published in the Diario
Oficial de la Federación to be in effect on such day (or, if such day
is not a Peso Business Day, on the immediately preceding Peso Business Day) or
(ii) if such rate is not so published or quoted as described in clause (i) for
the relevant date of determination, the Peso Spot Rate shall be the
rate of exchange at which in accordance with normal banking procedures the
Administrative Agent could purchase Dollars for Pesos on a customary basis in
the Administrative Agents New York City office at 11:00 a.m. (New York
City time) on the date of such determination (or, if such day is not a Peso
Business Day, on the immediately preceding Peso Business Day), and such
determination shall be conclusive absent manifest error.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Pesos
or Ps. means the lawful money of Mexico.
|--------------------------------------------------



|Prepayment
Debt Incurrence means the incurrence by any KOF Company of any Debt, other
than Debt described in clauses (i) or (iii) through (vi), inclusive, of Section
6.12.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Prepayment
Event means:
|-------------------------



| | (a)
any  sale, transfer or other disposition (including pursuant to a sale and leaseback
transaction) of any property of the Borrower or any of its Subsidiaries, except  (i)
Transportation Sale and Leaseback Transactions permitted under clause (i) of  Section
6.03, (ii) dispositions described in Sections 6.10(a), 6.10(b),or  Section 6.10(c) and
(iii) others dispositions to the extent that the aggregate  Net Proceeds of all such
dispositions after the Effective Date excluded under  this clause (iii) does not exceed
US$10,000,000;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b)
the  issuance by any KOF Company of any Equity Interest, or the receipt by any KOF
Company of any capital contribution, other than (i) the issuance of any Equity  Interest
to, or receipt of any capital contribution from, any
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14 | 
| | -- | 



---





| | other KOF
Company,  (ii) the issuance of Equity Interests in connection with the Transactions,
(iii)  any such issuance of any Equity Interest to, or the receipt of any capital
contribution from, The Coca-Cola Company, FEMSA or any of their respective  Subsidiaries
or (iv) the issuance of any Equity Interest other than to the  public, solely to finance
or provide consideration for an Investment permitted  pursuant to Section 6.09(f); or
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c)
any Prepayment Debt Incurrence.
| | -----------------------------------



|Process
Agent has the meaning specified in Section 9.09(d).
|-------------------------------------------------------------



|Register
has the meaning specified in Section 9.04(b).
|--------------------------------------------------------



|Related
Parties means, with respect to any specified Person, such Persons
Affiliates and the respective directors, officers, employees and agents of such
Person and its Affiliates.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Required
Lenders means, at any time, Lenders having outstanding Loans and/or unused
Commitments representing more than 50% of the total Dollar Amount (determined,
in the case of any Peso Loan, at the Peso Spot Rate in effect on the Peso
Borrowing Date) of all outstanding Loans and/or unused Commitments at such time.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Restricted
Payment means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interest in any KOF
Company, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any Equity
Interest in any KOF Company (including, for this purpose, any payment under a
Synthetic Purchase Agreement with respect to an Equity Interest).
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Sale
and Leaseback Transaction means any arrangement under which a Person shall
sell or transfer any property and thereafter rent or lease such property or
other property that such Person intends to use for substantially the same
purpose or purposes as the property sold or transferred.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|SAR
means Sistema de Ahorro para el Retiro.
|---------------------------------------------



|SEC
means the Securities and Exchange Commission.
|---------------------------------------------------



|S&P
means Standard & Poors Ratings Services, a division of The McGraw-Hill Companies,
Inc.
|---------------------------------------------------------------------------------------------



|Specified Priority
      Debt Amount means at any time the sum, without duplication, of
      (A) the aggregate outstanding principal amount of all Debt of the Borrower
      and other obligations secured by Liens in reliance on clause (i) or (x)
      of Section 6.01 (or, in the case of any Interest and Currency Hedge secured
      in reliance on such clause (x), the amount of assets subject to a Lien in
      support of such obligation) plus (B) the aggregate outstanding principal
      amount of all Debt of Subsidiaries of the Borrower at such time, other than
      Debt owed to the Borrower or another Subsidiary of the Borrower, plus
      (C) the aggregate amount of Attributable Debt in respect of all Sale and
      Leaseback Transactions at such time (other than Transportation Sale and
      Leaseback
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15 | 
| | -- | 



---





|Transactions permitted pursuant to clause (i) of Section
      6.03), all determined on a consolidated basis and without duplication in
      accordance with Applicable GAAP at such time.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Statutory
Reserve Adjustment means a fraction (expressed as a decimal), the
numerator of which is the number one and the denominator of which is the number
one minus the aggregate of the maximum reserve percentages (including any
marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Federal Reserve Board to which the Administrative Agent is
subject with respect to eurocurrency funding (currently referred to as
Eurocurrency Liabilities in Regulation D of the Federal Reserve
Board). Such reserve percentages will include those imposed pursuant to such
Regulation D. Loans will be deemed to constitute eurocurrency funding and to be
subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender
under such Regulation D or any comparable regulation.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Subsidiary
means, with respect to any Person (the parent) at any date, (a) any
corporation, limited liability company, partnership or other entity the accounts
of which would be consolidated with those of the parent in the parents
consolidated financial statements if such financial statements were prepared in
accordance with Mexican GAAP as of such date and (b) any other corporation,
limited liability company, partnership or other entity (i) of which securities
or other ownership interests representing more than 50% of the equity or more
than 50% of the ordinary voting power or, in the case of a partnership, more
than 50% of the general partnership interests are, as of such date, owned,
controlled or held, or (ii) that is otherwise Controlled as of such date, by the
parent and/or one or more of its Subsidiaries. For purposes of the
representations and warranties made herein on the Borrowing Dates (except with
respect representations and warranties made pursuant to Article 38), the term
Subsidiary, when used with respect to the Borrower, includes Panamco
and its Subsidiaries.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Syndication
Agent means Morgan Stanley Senior Funding, Inc., in its capacity as syndication
agent for the Lenders.
|--------------------------------------------------------------------------------------------------------------------



|Synthetic
Purchase Agreement means any total return swap or sale and
repurchase agreement with respect to any Equity Interest or debt obligation, or
any other swap, derivative or other agreement or combination of agreements
pursuant to which such Person is or may become obligated to make (i) any payment
in connection with the purchase by any third party, from a Person other than a
KOF Company, of any Equity Interest or debt obligation or (ii) any payment
(other than on account of a permitted purchase by it of any Equity Interest or
debt obligation) the amount of which is determined by reference to the price or
value at any time of any Equity Interest or debt obligation.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Taxes
means any and all present or future taxes, levies, imposts, duties, deductions,
charges or withholdings imposed by any Governmental Authority.
|------------------------------------------------------------------------------------------------------------------------------------------------------



|TIIE Rate means,
for each Interest Period with respect to Peso Loans, the Equilibrium Interbank Interest
Rate (Tasa de Interes Interbancaria de Equilibrio) for a period of 28 days or such other
period so published as is most nearly equal to the relevant Interest Period, as
determined by the Mexican Administrative Agent, all as published by Banco de México
in the Diario Oficial de la Federación on the first Peso Business Day,
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16 | 
| | -- | 



---





|or of most recent publication, prior to the
commencement of the relevant Interest Period, or if such day is not a Peso Business Day,
on the next preceding Peso Business Day on which there was such a quote; provided that
in the event the TIIE Rate shall cease to be published, TIIE Rate shall mean
any rate specified by the Banco de México as the substitute rate therefor.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Total
Debt means, as of any date, the aggregate amount for the KOF Companies at
such date of Debt of the type referred to in clauses (a), (b), (e) and (f) of
the definition thereof, and all obligations of such Persons with respect to any
Synthetic Purchase Agreements, all determined without duplication on a
consolidated basis at such date in accordance with Mexican GAAP.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Tranche,
when used with respect to Loans or Commitments, refers to whether such Loans or
Commitments are Dollar Loans or Peso Loans, or Dollar Loan Commitments or Peso
Loan Commitments, as applicable.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Transactions
means the Acquisition and the Financing Transactions.
|--------------------------------------------------------------------



|Transportation
Sale and Leaseback Transactions means Sale and Leaseback Transactions in
respect of trucks, forklifts and other transportation equipment.
|----------------------------------------------------------------------------------------------------------------------------------------------------------



|United
States means the United States of America.
|---------------------------------------------------



|Venezuelan
Subsidiary means any Subsidiary of the Borrower organized under the laws
of the Republic of Venezuela or any subdivision thereof or directly conducting a
substantial portion of its business in the Republic of Venezuela.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
1.02. Terms Generally. The definitions of terms herein (including those
incorporated by reference to another document) apply equally to the singular and
plural forms of the terms defined. Whenever the context may require, any pronoun
includes the corresponding masculine, feminine and neuter forms. The words
include, includes and including shall be
deemed to be followed by the phrase without limitation. The word
will shall be construed to have the same meaning and effect as the
word shall. Unless the context requires otherwise, Article 1 any
definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document
as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein),
Article 2 any reference herein to any Person shall be construed to include such
Persons successors and assigns, Article 3 the words herein,
hereof and hereunder, and words of similar import, shall
be construed to refer to this Agreement in its entirety and not to any
particular provision hereof, Article 4 all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement and Article 5 the
word property shall be construed to refer to any and all tangible
and intangible assets and properties, including cash, securities, accounts and
contract rights.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 1.03.Accounting Terms. Except as otherwise expressly provided herein, all terms of an
accounting or financial nature shall be construed in accordance with generally accepted
accounting principles as in effect from time to time in Mexico, applied on a basis
consistent (except for changes concurred in by the Borrowers independent
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 17 | 
| | -- | 



---





|public accountants) with the most recent audited
consolidated financial statements of the Borrower and its consolidated Subsidiaries
delivered to the Lenders (Mexican GAAP); provided that, if the Borrower
notifies the Administrative Agent that the Borrower requests an amendment of any
provision hereof to eliminate the effect of any change occurring after the date hereof
in Mexican GAAP or in the application thereof (or if the Administrative Agent notifies
the Borrower that the Required Lenders request an amendment of any provision hereof for
such purpose), regardless of whether such notice is given before or after such change in
Mexican GAAP or in the application thereof, then such provision shall be applied on the
basis of Mexican GAAP as in effect and applied immediately before such change shall have
become effective until such notice shall have been withdrawn or such provision amended
in accordance herewith. Any terms of an accounting or financial nature with respect to
Panamco and its Subsidiaries for periods prior to the Acquisition Date shall be
construed in accordance with generally accepted accounting principles pursuant to which
the audited consolidated financial statements for Panamco and its Subsidiaries referred
to in Article 38 have been prepared (such generally accepted accounting principles for
such Persons and periods, together with Mexican GAAP applied as provided above with
respect to the Persons and periods provided therein, Applicable GAAP).
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 2  THE CREDITS
|----------------------



|Section
2.01. Commitments. Article 6 Subject to the terms and conditions set forth
herein, each Lender with a Dollar Loan Commitment agrees to make a Dollar Loan
in Dollars to the Borrower on the Dollar Borrowing Date in a principal amount
equal to its pro rata portion (in accordance with its respective Dollar Loan
Commitment) of the Dollar amount set forth in the Borrowing Request as the
aggregate amount of the Borrowing of Dollar Loans; provided that the principal
amount of such Dollar Loan does not exceed the amount of its Dollar Loan
Commitment.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a)
Subject to the terms and conditions set forth herein, each Lender with a Peso
Loan Commitment agrees to make a Peso Loan in Pesos to the Borrower on the Peso
Borrowing Date in a principal amount equal to its pro rata portion (in
accordance with its respective Peso Loan Commitment) of the Dollar amount set
forth in the Borrowing Request as the aggregate amount of the Borrowing of Peso
Loans; provided that the principal amount of such Peso Loan does not exceed the
amount of its Peso Loan Commitment multiplied by the Initial Peso Exchange Rate.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b)
Amounts repaid in respect of Loans may not be reborrowed. All Dollar Loans shall
be funded in Dollars, and all Peso Loans shall be funded in Pesos, as more fully
set forth in Section 2.04. The Commitments of the Lenders are several, i.e., the
failure of any Lender to make any Loan required to be made by it shall not
relieve any other Lender of its obligations hereunder, and no Lender shall be
responsible for any other Lenders failure to make Loans as and when
required hereunder.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 2.02.Loans; Notes
      and other Evidence of Loans.
|------------------------------------------------------------



|(a) Each
Lenders Dollar Loan (if any) shall be represented by a promissory note
payable in Dollars to the order of such Lender in substantially the form of
Exhibit B-
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18 | 
| | -- | 



---





|1 hereto and in a principal amount equal to such
Lenders Dollar Loan. Each Peso Lenders Loan (if any) shall be represented by
a promissory note payable in Pesos to the order of such Lender in substantially the form
of Exhibit B-2 hereto and in a principal amount equal to such Peso Lenders Loan.
Each such promissory note referred to in this clause (a) (each, a Note)
shall be executed by the Borrower, shall qualify as a pagaré under Mexican
law and shall include the legend no negociable.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) Upon
any assignment made pursuant to Section 9.04 of Commitments or Loans, the
Borrower shall prepare, execute and deliver, against simultaneous delivery of
the existing Note or Notes, (i) a new Note with respect to each Commitment or
Loan so assigned, payable to the order of the assignee Lender and (ii) if
required, a new Note with respect to each Commitment or Loan so assigned,
payable to the order of the assignor Lender, each dated the date of such Note
being exchanged, in a principal amount equal to the principal amount of the
Commitment or Loan so assigned (or, in the case of the assignor Lender, retained
after such assignment) and otherwise duly completed.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) The
Loans shall be made by the Lenders ratably in accordance with their respective
Commitments. Each Lender at its option may make any Loan by causing any domestic
or foreign branch of such Lender to make such Loan. Any exercise of such option
shall not affect the Borrowers obligation to repay such Loan as provided
herein. Each Lender shall maintain in accordance with its usual practice an
account or accounts evidencing the indebtedness of the Borrower to such Lender
resulting from each Loan made by such Lender, including the amounts of principal
and interest payable and paid to such Lender from time to time.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) The
entries made in good faith in the accounts maintained pursuant to subsection (c)
of this Section shall be prima facie evidence of the existence and amounts of
the obligations recorded therein; provided that any failure by any Lender to
maintain such accounts or any error therein shall not affect the Borrowers
obligation to repay the Loans in accordance with the terms of this Agreement.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 2.03.Borrowing
      Request; Notice of Initial Peso Exchange Rate.
|---------------------------------------------------------------------------



|(a) To
request the Borrowings on the Borrowing Dates, the Borrower shall notify the
Administrative Agent and the Mexican Administrative Agent of such request not
later than (I) in the case of the Dollar Loans, 11:00 a.m., New York City time,
on the latest day that is at least three LIBO Business Days before the proposed
Dollar Borrowing Date and (II) in the case of the Peso Loans, 3:00 p.m., Mexico
City time, two Peso Business Days before the proposed Peso Borrowing Date. Any
such notice (a Borrowing Request) shall be irrevocable, shall
specify the following information in compliance with Section 2.02 and shall be
substantially in the form of Exhibit E-1:
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i)
the aggregate amount of each Borrowing, which in each case shall be  expressed in Dollars;
| | ----------------------------------------------------------------------------------------------



| | (ii)
the  Peso Borrowing Date, which shall be a Peso Business Day, and the Dollar  Borrowing
Date, which shall be not later than the second LIBO Business Day after  the Peso
Borrowing Date;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii)
the  initial Interest Period to be applicable thereto or, if more than one Interest
Period is elected with respect to different portions of such
| | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19 | 
| | -- | 



---





| | Borrowing, the
initial Interest Periods for each portion of such Borrowing, each of which shall  be a
period or periods contemplated by the definition of Interest  Period; and
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv)
the  location and number of the Borrowers accounts to which funds are to be
disbursed, which shall comply with the requirements of Section 2.04.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------



|If no  Interest Period with respect to a
requested Borrowing is specified, the Borrower  will be deemed to have selected an
Interest Period of one month, in the case of  a Borrowing of Dollar Loans, or 28 days, in
the case of a Borrowing of Peso  Loans (subject to the definition of Interest Period).
Promptly after it receives  a Borrowing Request in accordance with this Section, the
Administrative Agent  shall advise each Lender with a Dollar Loan Commitment and the
Mexican  Administrative Agent shall advise each Lender with a Peso Loan Commitment of the
details of such Borrowing Request and the amount of such Lenders Loan or  Loans to
be made pursuant thereto.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b)
Simultaneously with the delivery of the Borrowing Request, the Borrower shall
deliver to each Peso Lender a certificate executed by a Financial Officer
setting forth the amount in Pesos of the Peso Loan to be funded on the Peso
Borrowing Date by each such Peso Lender in respect of its Peso Loan Commitment
and the basis for such calculation in reasonable detail, including the exchange
rate (the Initial Peso Exchange Rate) of Pesos per Dollar that
reflects the Borrowers reasonable, good faith calculation of the
observable exchange rate.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
2.04. Funding of Loans. Article 7 Each Lender shall wire the principal amount of
its Dollar Loan or Loans (if any), in Dollars in immediately available funds, by
12:00 noon, New York City time, on the Dollar Borrowing Date, to the account of
the Administrative Agent designated by it for such purpose by notice to the
Lenders. Each Lender shall wire the principal amount of its Peso Loan (if any),
in Pesos in immediately available funds, by 12:00 noon, Mexico City time, on the
Peso Borrowing Date, to the account of the Mexican Administrative Agent
designated by it for such purpose by notice to the Lenders.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a)
Notwithstanding the foregoing, any Lender listed on Schedule 2.04 as a Deferred Funding
Lender (each, a Deferred Funding Lender) may defer its obligation to fund
all or a portion of its Dollar Loan Commitment or Peso Commitment in such amount and for
such Commitment or Commitments as may be described on such Schedule (for each Deferred
Funding Lender, its Deferred Funding Amount) from the relevant Borrowing
Date to the date of payment of the relevant Affected Facility (as defined below) as
further provided in this clause (b). To defer such funding obligation, each Deferred
Funding Lender shall notify the Administrative Agent and Mexican Administrative Agent by
the relevant time provided for funding in clause (a) above that it will apply the
Deferred Funding Amount of funds to which it will be entitled upon repayment of its
Other Debt Refinancings Loan described on such Schedule 2.04 (but only in respect of
the principal portion thereof) to satisfy its funding obligation with respect to a
portion of its Loan or Loans hereunder in the Deferred Funding Amount. Such notice shall
be deemed to be a representation and warranty by such Deferred Funding Lender that it
has full right, title and interest in and to the relevant Other Debt Refinancings Loan
in aggregate in the Deferred Funding Amount on and as of the relevant Borrowing Date and
a covenant by the Deferred Funding Lender that it will not
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20 | 
| | -- | 



---





|transfer or otherwise encumber any right, title
and interest in and to the relevant Other Debt Refinancing Loans prior to the
refinancing thereof (which covenant shall terminate if the Loans are repaid pursuant to
clause (c) of this Section 2.04 and such refinancing does not occur as contemplated
hereby). Upon the refinancing in full of the issue in which such Other Debt Refinancings
Loan is included (the Affected Facility), such Deferred Funding Lender shall
notify (i) the administrative or paying agent with respect to the Affected Facility that
an amount of the principal of such Other Debt Refinancings Loan to which the Deferred
Funding Lender is entitled, in an amount equal to the Deferred Funding Amount, shall be
applied to discharge in an equal amount the funding obligation of such Deferred Funding
Lender with respect to its relevant Loan or Loans, and paid as directed by the Borrower
and (ii) the Administrative Agent and/or Mexican Administrative Agent (as relevant)
that such refinancing has occurred on such date and its affected Loan or Loans shall be
deemed funded simultaneously therewith for purposes of the calculation of interest
accrued thereon. Such Deferred Funding Lender hereby irrevocably agrees that its right
to receive payment with respect to the principal of such Other Refinancing Debt Loan
shall, to the extent of the Deferred Funding Amount (but not with respect to any
interest, fees or similar amounts calculated on the basis of the outstanding amount
thereof, except to the extent otherwise expressly provided in such notice), be applied
to satisfy such Lenders funding obligation with respect to its Loan or Loans
hereunder in the Deferred Funding Amount. Each Deferred Funding Lender further agrees
that, solely for the period from and including the relevant Borrowing Date and to but
excluding the date of repayment of the Affected Facility, it shall not be entitled to
receive interest hereunder with respect to the Deferred Funding Amount of its affected
Loan or Loans, and that interest on such portion thereof shall commence accruing from
and including the date of such repayment. The Administrative Agent and/or Mexican
Administrative Agent, as relevant, shall make appropriate adjustments to payments of
interest for the first Interest Period with respect to each affected Loan of a Deferred
Funding Lender to reflect the foregoing. In addition, the Borrower shall prepare,
execute and deliver to each Deferred Funding Lender a Note or Notes representing the
Deferred Funding Amount of such Lenders Loans (or, if requested by such Lender,
and against simultaneous delivery of its existing Note or Notes, a new Note or Notes
reflecting the aggregate principal amount of such Loan or Loans) and otherwise duly
completed.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) The
Administrative Agent shall transfer the funds received by it pursuant to clause (a)
above to a separate and segregated account of the Borrower maintained at JPMorgan Chase
Bank in New York City and identified by the Borrower and the Administrative Agent prior
to the Peso Borrowing Date (the New York Funding Account), and such funds
shall be maintained therein until the Borrower notifies the Administrative Agent that
the Acquisition is being consummated and that such funds shall be applied forthwith upon
release in accordance with Section 5.09 hereof (the Acquisition Date).
During the period between the Dollar Borrowing Date and the Acquisition Date, the
Borrower shall invest such funds in overnight or other short-term liquid investments
consistent with liquidation on or prior to the Acquisition Date, and any interest or
other amounts earned thereon shall be added to and considered part of the funds held in
the New York Funding Account. The Mexican Administrative Agent shall (I) hold the funds
received by it pursuant to clause (a) above in a separate and segregated account,
identified by the Mexican Administrative Agent to the Borrower on the Peso Borrowing
Date, at Banco J.P. Morgan, S.A., Institución de Banca Múltiple,
J.P. Morgan Grupo Financiero, in Mexico City and (II) on any Peso Business Day prior to
the Acquisition Date, upon written notice and instruction from the Borrower, release
such
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21 | 
| | -- | 



---





|funds in Pesos to the Borrower to permit the
Borrower to acquire Dollars in foreign exchange transactions arranged by the Borrower,provided that the Dollars so acquired are forthwith deposited into the New York Funding
Account for withdrawal on the Acquisition Date. During the period between the Peso
Borrowing Date and the date on which it releases such funds, the Borrower shall invest
the funds held in such account in such overnight or other short-term liquid investments,
and any interest or other amounts earned thereon shall be added to and considered part
of the funds held with the Mexican Administrative Agent. Notwithstanding the foregoing,
if the Acquisition Date shall not have occurred by the close of business in New York
City on the 10th Business Day after the Peso Borrowing Date, the Loans shall be prepaid
in full on the third LIBO Business Day thereafter, together with interest thereon to the
date of payment.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c)
Unless the Administrative Agent or the Mexican Administrative Agent, as
applicable, receives notice from a Lender before the proposed relevant Borrowing
Date that such Lender will not make its share of the Dollar Loans or Peso Loans
available as provided in this Section 2.04, then the Administrative Agent or
Mexican Administrative Agent (as applicable) may assume that such Lender has
made such share available on such date in accordance with this Section 2.04 and
may, in reliance on such assumption, make a corresponding share of the Dollar
Loans or Peso Loans (as applicable) available to the Borrower. In such event, if
a Lender has not in fact made its share of such Borrowing available to the
Administrative Agent or Mexican Administrative Agent, as applicable, such Lender
and the Borrower severally agree to pay to the Administrative Agent or Mexican
Administrative Agent, as applicable, forthwith on demand such corresponding
amount with interest thereon, for each day from and including the day such
amount is made available to the Borrower to but excluding the date of payment to
such Agent, at Article 8 in the case of such Lender, the greater of the Federal
Funds Effective Rate and a rate determined by such Agent in accordance with
banking industry rules on interbank compensation or Article 9 in the case of the
Borrower, the greater of the Federal Funds Effective Rate and the rate of
interest otherwise applicable to such Loan (including, after the date of any
demand, pursuant to Section 2.10(c)); provided that any such payment by the
Borrower shall be subject to Section 2.13. If such Lender pays such amount to
the Administrative Agent or Mexican Administrative Agent, as applicable, such
amount shall constitute such Lenders Loan included in such Borrowing.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
2.05. Interest Period Elections. Article 10 Each Borrowing shall have an initial
Interest Period as specified in the Borrowing Request. Thereafter, the Borrower
may continue such Borrowing for subsequent Interest Periods, all as provided in
this Section. The Borrower may elect different options with respect to different
portions of the affected Borrowing, in which case each such portion shall be
allocated ratably among the Lenders holding the Loans comprising such Borrowing,
and the Loans comprising each such portion shall be considered a separate
Borrowing.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) To make an
election pursuant to this Section, the Borrower shall notify (i) in the case of Dollar
Loans, the Administrative Agent thereof by telephone or through a notice in writing not
later than 11:00 a.m., New York City time, three LIBO Adjusted Business Days before the
effective date of the proposed election and (ii) in the case of Peso Loans, the Mexican
Administrative Agent thereof by telephone or through a notice in writing not later than
11:00 a.m., Mexico City time, three Peso Business Days before the effective date of the
proposed election (an Interest Period Election). Each such Interest Period
Election shall be irrevocable and shall be confirmed promptly by hand delivery or
telecopy to the Administrative Agent or the Mexican Administrative Agent,
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 22 | 
| | -- | 



---





|as  applicable, of a written Interest Period
Election in the form attached hereto as  Exhibit E-2.
|--------------------------------------------------------------------------------------------------



|(b) Each
telephonic and written Interest Period Election shall specify the following
information in compliance with Section 2.02 and subsection (d) of this Section:
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i)
the  Borrowing to which such Interest Period Election applies and, if different  options
are being elected with respect to different portions thereof, the  portions thereof to be
allocated to each resulting Borrowing (in which case the  information to be specified
pursuant to clause (iii) below shall be specified  for each resulting Borrowing);
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii)
the  effective date of the election made pursuant to such Interest Period Election,
which shall be, in the case of a Dollar Loan, a LIBO Business Day or, in the  case of a
Peso Loan, a Peso Business Day; and
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii)
the Interest Period to be applicable thereto after giving effect to such  election, which
shall be a period contemplated by the definition of Interest  Period.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



|If an  Interest Period Election does not specify
an Interest Period, the Borrower will  be deemed to have selected an Interest Period of
the same duration as for the  prior Interest Period with respect to such Borrowing.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c)
Promptly after it receives an Interest Period Election, the Administrative Agent
(or, in the case of any Interest Period Election for Peso Loans, the Mexican
Administrative Agent) shall advise each Lender with a Loan subject to such
Interest Period Election as to the details thereof and such Lenders
portion of each resulting Borrowing.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) If
the Borrower fails to deliver a timely Interest Period Election before the end
of an Interest Period applicable to a Borrowing, the Borrower will be deemed to
have selected an Interest Period of the same duration as for the prior Interest
Period with respect to such Borrowing.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
2.06. Termination or Reduction of Commitments. Article 11 Unless previously
terminated, the Commitments of each Tranche will terminate on the Borrowing Date
with respect to such Tranche immediately after the relevant Borrowing hereunder.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) The
Commitments will be reduced upon the consummation of any Prepayment Debt
Incurrence occurring after the Effective Date and on or prior to the Borrowing
Dates in an aggregate amount equal to the principal amount of such Prepayment
Debt Incurrence.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) The Borrower
may at any time between the Effective Date and the Peso Borrowing Date terminate or
reduce the Commitments; provided that the amount of each reduction of the Commitments
shall be at least US$10,000,000 or an integral multiple of US$5,000,000 in excess
thereof. The Borrower shall notify the Administrative Agent and the Mexican
Administrative Agent of any election to terminate or reduce the Commitments under this
clause (c) at least three LIBO Adjusted Business Days before
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 23 | 
| | -- | 



---





|the effective date of such termination or
reduction,  specifying such election and the effective date thereof. Promptly after it
receives any such notice, the Administrative Agent and the Mexican  Administrative Agent
shall advise the affected Lenders of the contents thereof.  Each notice delivered by the
Borrower pursuant to this Section will be  irrevocable.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) Any
termination or reduction of the Commitments will be permanent and will be made
ratably among the Lenders in accordance with their respective Commitments prior
to such termination or reduction.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
2.07. Payment at Maturity. Without limitation of Section 2.08, the Borrower
unconditionally promises to pay to the Administrative Agent (or, in the case of
Peso Loans, the Mexican Administrative Agent) on the Bridge Maturity Date, for
the account of each Lender, the then unpaid principal amount of such
Lenders Loan (payable in Pesos, in the case of Peso Loans).
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
2.08. Optional and Mandatory Prepayments. Article 12 Optional Prepayments. The
Borrower will have the right at any time to prepay the Loans in whole or in
part, subject to the provisions of this Section, in each case in an aggregate
principal amount of not less than US$5,000,000 (calculated with respect to the
Peso Loans included in such prepayment using the Dollar Amount thereof at the
date of such prepayment) or, if less, the then outstanding aggregate principal
amount of the Loans. Each such prepayment shall be accompanied by accrued
interest on the amount so repaid to the date of such prepayment.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a)Mandatory Prepayment
      Events. Within five LIBO Business Days after receipt of any Net Proceeds
      by or on behalf of the Borrower or any of its Subsidiaries in respect of
      any Prepayment Event, the Borrower shall prepay Loans in an aggregate principal
      amount equal to such Net Proceeds; provided that if the Borrower
      notifies the Administrative Agent within two LIBO Business Days after receipt
      of such Net Proceeds that the Borrower intends to exchange currency of a
      type different from that in which such Net Proceeds are received in order
      to facilitate prepayment of the Loans, then such prepayment may be deferred
      by up to 30 days after the date of such receipt. Each such prepayment shall
      be accompanied by accrued interest on the amount so repaid to the date of
      such prepayment.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b)Notice and Application
      of Prepayments. The Borrower shall notify the Administrative Agent (and,
      in the case of any Peso Loans, the Mexican Administrative Agent) by telephone
      (confirmed by telecopy) of any prepayment of Loans, which notice shall be
      (i) if such Loans are Dollar Loans, not later than 11:00 a.m., New York
      City time, three LIBO Adjusted Business Days before the date of prepayment
      and (ii) if such Loans are Peso Loans, not later than 11:00 a.m., Mexico
      City time, three Peso Business Days before the date of prepayment. Each
      such notice shall be irrevocable and shall specify the prepayment date and
      the principal amount of each Borrowing or portion thereof to be prepaid.
      Promptly after it receives any such notice, the Administrative Agent (or,
      in the case of Peso Loans, the Mexican Administrative Agent) shall advise
      the affected Lenders of the contents thereof. All prepayments under this
      Agreement shall be applied to prepay all Loans pro rata in accordance
      with the respective outstanding principal amounts thereof at the time such
      payment is made.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 24 | 
| | -- | 



---





|Section
2.09. Fees. The Borrower shall pay to the Administrative Agent and the Mexican
Administrative Agent, each for its own account, fees payable in the amounts and
at the times separately agreed upon by the Borrower and the Administrative Agent
or the Borrower and the Mexican Administrative Agent, as applicable.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
2.10. Interest. Article 13 The Dollar Loans comprising each Borrowing shall bear
interest for each Interest Period in effect for such Borrowing at the Adjusted
LIBO Rate for such Interest Period plus the Applicable Margin for Dollar Loans
for such day (subject to the provisions of Section 2.11).
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) The
Peso Loans comprising each Borrowing shall bear interest for each Interest
Period in effect for such Borrowing at the TIIE Rate plus the Applicable Margin
for the Peso Loans for such day, payable in Pesos.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b)
Notwithstanding the foregoing, if any principal of or interest on any Loan or
any fee or other amount payable by the Borrower hereunder is not paid when due,
whether at stated maturity, upon acceleration or otherwise, all outstanding
Loans and any overdue interest shall bear interest, after as well as before
judgment, to the extent permitted under applicable law, at a rate per annum
equal to Article 14 in the case of overdue principal of or interest on any Loan,
2% plus the rate otherwise applicable to such Loan as provided in the preceding
subsections of this Section (provided that, after the end of the final Interest
Period with respect to such Loan, the LIBO Rate (in the case of Dollar Loans) or
the TIIE Rate (in the case of Peso Loans) for such Loan shall be determined by
the Administrative Agent on the basis of such period, not longer than one month
or 28 days, respectively, as the Administrative Agent may determine in its sole
discretion) or Article 15 in the case of any other amount, the rate that is then
applicable to overdue principal pursuant to clause (i) above (A) in respect of a
Dollar Loan, if such amount is owing in Dollars or (B) in respect of a Peso
Loan, if such amount is owing in Pesos (or, if no such Dollar Loan or Peso Loan,
as applicable, is outstanding at such time, as would be applicable if such Loan
were outstanding).
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c)
Interest accrued on each Loan shall be payable in arrears on the last day of the
Interest Period applicable to the Borrowing of which such Loan is a part and, in
the case of Dollar Loans, if such Interest Period is longer than three months,
each day during such Interest Period that occurs at intervals of three
months duration after the first day of such Interest Period; provided that
Article 16 interest accrued pursuant to Section 2.10(b) shall be payable on
demand and Article 17 upon any repayment of any Loan, interest accrued on the
principal amount repaid shall be payable on the date of such repayment.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) All
interest hereunder will be computed on the basis of a year of 360 days, and will
be payable for the actual number of days elapsed (including the first day but
excluding the last day). Each applicable Adjusted LIBO Rate and (except as
provided in the definition thereof) Alternate Rate shall be determined by the
Administrative Agent, and each applicable TIIE Rate shall be determined by the
Mexican Administrative Agent, and each such determination thereof will be
conclusive absent manifest error.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 2.11.Alternate
      Rate of Interest. (a) If before the beginning of any Interest Period
      for a Borrowing of Dollar Loans:
|----------------------------------------------------------------------------------------------------------------------------------------



| | (i)
the  Administrative Agent determines (which determination will be conclusive absent
manifest error) that, by reason of circumstances affecting
| | --------------------------------------------------------------------------------------------------------------------------------------------------



| | 25 | 
| | -- | 



---





|the London interbank  market, adequate and
reasonable means do not exist for ascertaining the Adjusted  LIBO Rate for such Interest
Period; or
|----------------------------------------------------------------------------------------------------------------------------------------------



| | (ii)
Lenders whose Loans aggregate more than 50% of such Borrowing provide notice to  the
Administrative Agent, with a copy to the Borrower, that the Adjusted LIBO  Rate for such
Interest Period will not adequately and fairly reflect the cost to  such Lenders of
making or maintaining such Loans for such Interest Period;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|then the Administrative Agent shall give notice
thereof to the Borrower and the Lenders by telephone or telecopy as promptly as
practicable thereafter and, from such date (the Alternate Rate Date) until
the Administrative Agent notifies the Borrower and the Lenders that the circumstances
giving rise to such notice no longer exist, (i) any Interest Period Election that
requests the continuation of any Borrowing of Dollar Loans will be ineffective and (ii)
all Dollar Loans will bear interest at the Alternate Rate for such period.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) As
used herein, Alternate Rate means for any Lender and for any day a
rate per annum equal to the sum of (i) the Base Funding Rate for such Lender for
such day plus (ii) the Applicable Margin for Dollar Loans for such date; and
Base Funding Rate means for any Lender and for any day a rate per
annum equal to the Federal Funds Effective Rate for such day; provided that if
any Lender that is required to make or maintain Alternate Rate Loans pursuant to
this Section 2.11 determines in good faith that the Base Funding Rate as so
determined does not accurately reflect the cost to such Lender of obtaining
funds to fund its Loans, then (A) such Lender shall notify the Borrower and the
Administrative Agent of such fact promptly (but in any event within 10 Business
Days) after the Alternate Rate Date and (B) during the 20 Business Days after
the date on which such notice is given (the Negotiation Period), the
Borrower and such Lender shall negotiate in good faith to determine the rate
necessary to compensate such Lender for its cost of obtaining as of the
commencement of the then current Interest Period (and thereafter as of the
commencement of each subsequent Interest Period), funds for such Interest Period
in an amount equal to the applicable principal amount of such Lenders
Dollar Loan or Loans (which may be established with reference to a fluctuating
benchmark or otherwise). If the Borrower and such Lender agree to any such rate
pursuant to the preceding sentence, the rate so agreed shall be the Base Funding
Rate for such Lender for each such day or Interest Period, as applicable. Such
Lender shall notify the Administrative Agent of such Base Funding Rate promptly
upon such determination and on the first day of each Interest Period thereafter,
and, if requested by the Administrative Agent from time to time, shall provide
the Administrative Agent sufficient information to allow it to determine such
Base Funding Rate from time to time. If the Borrower and such Lender do not
agree to such rate, then the Borrower shall, within 10 days after the end of the
Negotiation Period (and on three LIBO Business Days notice to such Lender
and the Administrative Agent), either (and notwithstanding anything to the
contrary in Section 2.16) (x) require such Lender to sell its Dollar Loans in
accordance with Section 2.16 or (y) prepay all Loans of such Lender, with
interest accrued thereon to the date of such prepayment calculated at the
Alternate Rate applicable from time to time during such period calculated using
the Base Funding Rate determined solely for this purpose without regard to theproviso thereof, from and after the date on which such Alternate Rate otherwise
first so applies to but excluding the date of such prepayment.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 26 | 
| | -- | 



---





|Section 2.12. Increased
      Costs. Article 18 If any Change in Law shall:
|---------------------------------------------------------------------------



| | (i)
impose, modify or deem applicable any reserve, assessment (contribution),  special
deposit or similar requirement against assets of, deposits with or for  the account of,
or credit extended by, any Lender (except any such reserve  requirement reflected in the
Adjusted LIBO Rate in the case of Dollar Loans); or
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii)
impose on any Lender, the London interbank market or the Mexican interbank  market, as
may be appropriate, any other condition affecting this Agreement or  Loans made by such
Lender;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|and the  result of any of the foregoing shall be
to increase the cost to such Lender of  making or maintaining any Loan (or of maintaining
its obligation to make Loans)  or to reduce any amount received or receivable by such
Lender hereunder (whether  of principal, interest or otherwise) (excluding, for purposes
of this Section  2.12, any such increased costs resulting from Taxes and Other Taxes
(which shall  be exclusively governed by Section 2.14)), then the Borrower shall pay to
such  Lender such additional amount or amounts as will compensate it for such  additional
cost incurred or reduction suffered in accordance with subsection (c)  of this Section.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) If
any Lender determines in good faith that any Change in Law (other than a Change
in Law with respect to Taxes or Other Taxes, which shall be governed by the
provisions of Section 2.14) regarding capital requirements has or would have the
effect of reducing the rate of return on such Lenders capital or on the
capital of such Lenders holding company, if any, as a consequence of this
Agreement or the Loans made by such Lender, to a level below that which such
Lender or such Lenders holding company could have achieved but for such
Change in Law (taking into consideration such Lenders policies and the
policies of such Lenders holding company with respect to capital
adequacy), then from time to time the Borrower shall pay to such Lender such
additional amount or amounts as will compensate it or its holding company for
any such reduction suffered in accordance with subsection (c) of this Section.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) A
certificate of a Lender setting forth the amount or amounts necessary to
compensate it or its holding company, as the case may be, as specified in
subsection Article 18 or (b) of this Section (and setting forth in reasonable
detail the basis for calculating such increased costs owed to such Lender) shall
be delivered to the Borrower and shall constitute prima facie evidence of any
such amounts payable. The Borrower shall pay such Lender the amount shown as due
on any such certificate within 10 Business Days after receipt thereof.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d)
Failure or delay by any Lender to demand compensation pursuant to this Section
will not constitute a waiver of its right to demand such compensation; provided
that the Borrower will not be required to compensate a Lender pursuant to this
Section for any increased cost or reduction incurred more than 180 days before
it notifies the Borrower of the Change in Law giving rise to such increased cost
or reduction and of its intention to claim compensation therefor. However, if
the Change in Law giving rise to such increased cost or reduction is
retroactive, then the 180-day period referred to above will be extended to
include the period of retroactive effect thereof.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 27 | 
| | -- | 



---





|Section 2.13. Break-Funding
      Payments. If Article 19 any principal of any Loan is repaid on a day
      other than the last day of an Interest Period applicable thereto (including
      as a result of an Event of Default or pursuant to Section 2.11 or Section
      2.16), Article 20 the Borrower fails to borrow, continue or prepay any Loan
      on the date specified in any notice delivered pursuant hereto, or Article
      21 any Loan is assigned on a day other than the last day of an Interest
      Period applicable thereto as a result of a request by the Borrower pursuant
      to Section 2.16, then the Borrower shall compensate each Lender for its
      loss, cost and expense attributable to such event, which shall be deemed
      to include an amount determined by such Lender to be the excess, if any,
      of (a) the amount of interest that would have accrued on the principal amount
      of such Loan had such event not occurred, at the Adjusted LIBO Rate (or,
      in the case of any Peso Loan, the TIIE Rate) that would have been applicable
      to such Loan, for the period from the date of such event to the end of the
      then current Interest Period therefor (or, in the case of a failure to borrow
      or continue, the Interest Period that would have begun on the date of such
      failure), over (b) the amount of interest that would accrue on such principal
      amount for such period at the interest rate which such Lender would bid
      were it to bid, at the beginning of such period, for Dollar deposits of
      a comparable amount and period from other banks in the eurodollar market
      (or, in the case of any Peso Loan, for Peso deposits of a comparable amount
      and period from appropriate sources in the markets or from the sources through
      which such Lender funds its Peso Loan). A certificate of any Lender setting
      forth in reasonable detail the basis for calculating such increased costs
      owed to such Lender that such Lender is entitled to receive pursuant to
      this Section shall be delivered to the Borrower and shall constitute prima
      facie evidence of such amounts payable. The Borrower shall pay such
      Lender the amount shown as due on any such certificate within 10 Business
      Days after receipt thereof.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
2.14. Taxes. (a) All payments by the Borrower under the Loan Documents shall be
made free and clear of and without deduction or withholding for any Indemnified
Taxes or Other Taxes; provided that, if the Borrower shall be required, by law
or otherwise, to deduct any Indemnified Taxes or Other Taxes from such payments,
then (i) the Borrower shall make such deduction or withholding and pay the full
amount deducted to the relevant Governmental Authority in accordance with
applicable law and (ii) the sum payable by the Borrower to the relevant Lender
Party under the Loan Documents shall be increased as necessary so that, after
all required deductions or withholdings (including deductions applicable to
additional sums payable under this Section) are made, each such Lender Party
receives an amount equal to the sum it would have received had no such
deductions or withholdings been made.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) In
addition, the Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.
|---------------------------------------------------------------------------------------------------------------------------------



|(c) The  Borrower
shall indemnify each Lender Party, within 30 days after written demand  therefor, for the
full amount of any Indemnified Taxes or Other Taxes paid by,  or claimed from, or
assessed in respect of, such Lender Party with respect to  any payment by or obligation
of the Borrower under the Loan Documents (including  Indemnified Taxes or Other Taxes
imposed or asserted on or attributable to  amounts payable under this Section) and any
penalties, surcharges, interest and  reasonable costs and expenses arising therefrom or
related thereto, whether or  not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or  asserted by the relevant Governmental Authority. A certificate as to
the amount  of any such payment delivered to the Borrower by a Lender Party, or by the
Administrative Agent on behalf of any Lender
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 28 | 
| | -- | 



---





|Party, shall be conclusive and  binding absent
manifest error. As soon as practicable after such Lender Party  pays any Indemnified
Taxes or Other Taxes to a Governmental Authority, the  Lender Party shall deliver to the
Borrower a copy of a receipt issued by such  Governmental Authority evidencing such
payment, a copy of the return reporting  such payment, or other evidence of such payment
reasonably satisfactory to the  Borrower.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) As
soon as practicable after the Borrower pays any Indemnified Taxes or Other Taxes
to a Governmental Authority, the Borrower shall deliver to the Administrative
Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment,
duly stamped or acknowledged by the relevant Governmental Authority, or other
evidence of such payment, reasonably satisfactory to the Administrative Agent.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) Each
Lender Party hereby represents as of the relevant Borrowing Date (or in the case
of any Lender that is an assignee pursuant to Section 9.04(a), other than any
such assignee Lender that has notified the Borrower and the Administrative Agent
that it is electing to be subject to the proviso in clause (b)(v) of Section
9.04, as of each date the assignment of any Commitment or Loans becomes
effective) that it is either (i) a Mexican Bank or (ii) a Foreign Financial
Institution that is resident (or, if applicable, the main office of which is a
resident) in a country that has entered into a treaty for the avoidance of
double taxation with Mexico.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(f) Each
Lender Party (other than a Lender Party that is a Mexican Bank) shall, at the
request of the Borrower, made pursuant to a written notice given at least 10
days prior to the relevant filing date, use reasonable commercial efforts to
file with the Ministry of Finance or, where applicable, in accordance with the
laws of any jurisdiction outside Mexico from or through which payments hereunder
or under any Notes are made, a form, certificate or other similar document
requested by the Borrower (including without limitation any such form,
certificate or other similar document that may be required to maintain such
Lender Partys status as a Foreign Financial Institution) if (i) such
filing is required under applicable law or a treaty for the avoidance of double
taxation then in effect, (ii) such filing would avoid the need for making any
tax withholding or deduction, or reduce the amount of any such withholding or
deduction which may thereafter accrue to or for the account of such Lender Party
pursuant to this Section and (iii) such filing would not, in the good faith
judgment of such Lender Party, require such Lender Party to disclose any
confidential or proprietary information or be otherwise materially
disadvantageous to such Lender Party. Notwithstanding the foregoing, it is
understood and agreed that nothing in this Section shall interfere with the
rights of any Lender Party to conduct its fiscal or tax affairs in such manner
as it deems appropriate.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(g) If after the
Borrower has paid any Indemnified Taxes for the account of any Lender Party under this
Section 2.14, such Lender Party thereafter receives a cash rebate of such payment (but
not a credit with respect to such payment) from the applicable authority expressly
identified by such authority as being in respect of such Indemnified Taxes for which the
Borrower has made such payment, such Lender Party shall pay to the Borrower, within 60
days after receipt of such rebate, the amount of such rebate. Any Lender Party shall use
reasonable efforts to cooperate, at the request and sole expense of the Borrower, with
the Borrowers efforts to submit a claim for such rebate, provided that such
cooperation shall not, in the good faith judgment of such
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 29 | 
| | -- | 



---





|Lender Party, require  such Lender Party to
disclose any confidential or proprietary information or be  otherwise materially
disadvantageous to such Lender Party.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. Article 22
The Borrower shall make each payment required to be made by it under the Loan
Documents (whether of principal, interest or fees or amounts payable under
Section 2.12, 2.13, or 2.14 or otherwise) on or before the time expressly
required under the relevant Loan Document for such payment (or, if no such time
is expressly required, before 3:00 P.M., New York City time), on the date when
due, in immediately available funds, without set-off or counterclaim. Any amount
received after such time on any day may, in the discretion of the Administrative
Agent, be deemed to have been received on the next succeeding Business Day for
purposes of calculating interest thereon. All such payments shall be made to the
Administrative Agent at its offices at 270 Park Avenue, New York, New York
10017, except that (i) payments in respect of Peso Loans shall be made to the
Mexican Administrative Agent at its offices in Mexico City and (ii) payments
pursuant to Sections 2.12, 2.13, 2.14 and 9.03 shall be made directly to the
Persons entitled thereto. The Administrative Agent and the Mexican
Administrative Agent shall distribute any such payment received by it for the
account of any other Person to the appropriate recipient promptly after receipt
thereof. If any payment under any Loan Document shall be due on a day that is
not (i) in the case of any payment of principal on or interest with respect to
any Dollar Loan, a LIBO Business Day, the date for payment will be extended to
the next succeeding LIBO Business Day, (ii) in the case of any payment of
principal on or interest with respect to any Peso Loan, a Peso Business Day, the
date for payment will be extended to the next succeeding Peso Business Day and
(iii) in the case of any other payment hereunder, a Business Day, the date for
payment will be extended to the next succeeding Business Day, and, in each case,
if such payment accrues interest, interest thereon will be payable for the
period of such extension. All payments with respect to Dollar Loans under each
Loan Document shall be made in Dollars and all payments with respect to Peso
Loans under each Loan Document shall be made in Pesos.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) If at
any time insufficient funds are received by and available to the Administrative
Agent or Mexican Administrative Agent to pay fully all amounts of principal,
interest and fees then due hereunder and payable through the Administrative
Agent or Mexican Administrative Agent, as relevant, the Agent with insufficient
funds shall promptly notify the other such Agent thereof, and the Administrative
Agent and the Mexican Administrative Agent shall jointly apply such funds
Article 23 first, to pay fees then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of fees then due to such
parties, Article 24 second, to pay interest then due hereunder, ratably among
the parties entitled thereto in accordance with the amounts of interest then due
to such parties, Article 25 third, to pay principal then due hereunder, ratably
among the parties entitled thereto in accordance with the amounts of principal
then due to such parties and Article 26 fourth, to pay any other amounts then
due hereunder, ratably among the parties entitled thereto in accordance with the
amounts then due to such parties.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) If
any Lender shall, by exercising any right of set-off or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of
its Loans resulting in such Lender receiving payment of a greater proportion of
the aggregate amount of its Loans and accrued interest thereon than the
proportion received by any other Lender, then the Lender receiving such greater
proportion shall purchase (for cash
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 30 | 
| | -- | 



---





|at face value) participations in the Loans of
other Lenders to the extent necessary so that the benefit of all such payments shall be
shared by the Lenders ratably in accordance with the aggregate amount of principal of
and accrued interest on their respective Loans; provided that Article 27 if any such
participations are purchased and all or any portion of the payment giving rise thereto
is recovered, such participations shall be rescinded and the purchase price restored to
the extent of such recovery, without interest, and Article 28 the provisions of this
subsection shall not apply to any payment made by the Borrower pursuant to and in
accordance with the express terms of this Agreement or any payment obtained by a Lender
as consideration for the assignment of or sale of a participation in any of its Loans
to any assignee or participant, other than to the Borrower or any Subsidiary or
Affiliate thereof (as to which the provisions of this subsection shall apply). The
Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against the Borrower rights of set-off and
counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of the Borrower in the amount of such participation.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c)
Unless, before the date on which any payment is due to the Administrative Agent
or Mexican Administrative Agent (herein, the Relevant Administrative
Agent) for the account of one or more Lender Parties hereunder, the
Relevant Administrative Agent receives from the Borrower notice that the
Borrower will not make such payment, the Relevant Administrative Agent may
assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance on such assumption, distribute to each relevant
Lender Party the amount due to it. In such event, if the Borrower has not in
fact made such payment, each Lender Party severally agrees to repay to the
Relevant Administrative Agent forthwith on demand the amount so distributed to
such Lender Party with interest thereon, for each day from and including the day
such amount is distributed to it to but excluding the day it repays the Relevant
Administrative Agent, at the greater of the Federal Funds Effective Rate and a
rate determined by the Relevant Administrative Agent in accordance with banking
industry rules on interbank compensation.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) If
any Lender fails to make any payment required to be made by it pursuant to
Section 2.04(a), 2.15(c) or 9.03(b), the Relevant Administrative Agent may, in
its discretion (notwithstanding any contrary provision hereof), apply any
amounts thereafter received by the Relevant Administrative Agent for the account
of such Lender to satisfy such Lenders obligations under such Sections
until all such unsatisfied obligations are fully paid.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) All
calculations of ratable amounts required for sharing of payments or otherwise
under this Section 2.15 shall be determined on the basis of the Dollar Amount of
outstanding Loans determined on the date on which any such payment is first
received.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 2.16.Lenders Obligation to Mitigate; Replacement of Lenders. Article 29 If (x) any
Lender requests compensation under Section 2.12, or (y) the Borrower is required to pay
any additional amount to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 2.14 in excess of the amount that the Borrower would be
required to pay if such Lender were a Foreign Financial Institution resident (or, if
applicable, the main office of which is a resident) in a country that has entered into a
treaty for the avoidance of double taxation with Mexico, then such Lender (except in the
case of (y) if the Lender makes the election set forth in the proviso
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 31 | 
| | -- | 



---





|to clause  (b)(v) of Section 9.04) shall use
reasonable efforts to designate a different  lending office for funding or booking its
Loans hereunder or to assign its  rights and obligations hereunder to another of its
offices, branches or  affiliates, if, in the reasonable judgment of such Lender, such
designation or  assignment (a) would eliminate or reduce amounts payable pursuant to
Section  2.12 or Section 2.14, as the case may be, in the future, (b) would not subject
such Lender to any unreimbursed cost or expense and (c) would not otherwise be
materially disadvantageous to such Lender. The Borrower shall pay all reasonable  and
documented costs and expenses incurred by any Lender in connection with any  such
designation or assignment.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) If
(x) any Lender requests compensation under Section 2.12 or (y) the Borrower is
required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.14 in excess of
the amount that the Borrower would be required to pay if such Lender were a
Foreign Financial Institution resident (or, if applicable, the main office of
which is a resident) in a country that has entered into a treaty for the
avoidance of double taxation with Mexico, unless such Lender has made the
election set forth in the proviso to clause (b)(v) of Section 9.04, or (z) any
Lender defaults in its obligation to fund Loans hereunder, then the Borrower
may, at its sole expense, upon notice to such Lender and the Administrative
Agent, require such Lender to assign, without recourse (in accordance with and
subject to the restrictions contained in Section 9.04), all its interests,
rights and obligations under this Agreement to an assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such
assignment); provided that Article 30 the Borrower shall have received the prior
written consent of the Administrative Agent, which consent shall not
unreasonably be withheld, Article 31 such Lender shall have received payment of
an amount equal to the outstanding principal of its Loans, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the
assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrower (in the case of all other amounts) and Article 32 in the
case of any such assignment resulting from a claim for compensation under
Section 2.12 or payments required to be made pursuant to Section 2.14, such
assignment will result in a reduction in such compensation or payments that is
material to the Borrower in its reasonable judgment. A Lender shall not be
required to make any such assignment if, prior thereto, as a result of a waiver
by such Lender or otherwise, the circumstances entitling the Borrower to require
such assignment cease to apply.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) If the
Borrower becomes obligated to pay additional amounts to any Lender pursuant to Section
2.12 or Section 2.14 of this Agreement (in this last case, in excess of additional
amounts that would be paid to such Lender if it were a Foreign Financial Institution
resident (or, if applicable, the main office of which is a resident) in a country that
has entered into a treaty for the avoidance of double taxation with Mexico), the
Borrower shall be entitled to prepay the Loans of any Lender affected by such conditions
by providing five LIBO Business Days prior written notice to the Administrative Agent of
such prepayment (which prepayment shall occur not more than 20 days after the date of
such notice); provided that the Borrower has endeavored in good faith to find an
assignee to purchase the Loans of such Lender pursuant to Section 2.16(a) and has been
unable to find any such assignee for thirty days from the commencement of such efforts;
and provided further, that Lenders claiming equivalent additional amounts shall be
treated equally. On the date of any such prepayment, the Lenders shall be paid the
principal amount of the Loans to be prepaid, together with interest accrued thereon
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 32 | 
| | -- | 



---





|through the date of prepayment and all other
amounts due, with respect to such Loans, hereunder. Payments pursuant to this  Section
2.16(c) shall not be subject to Section 2.15.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
2.17. Judgment Currency. Article 33 If for the purpose of obtaining judgment in
any court it is necessary to convert a sum due from the Borrower under any Loan
Document in the currency expressed to be payable in such Loan Document (the
specified currency) into another currency, the parties hereto agree,
to the fullest extent that they may effectively do so, that the rate of exchange
used shall be that at which in accordance with normal banking procedures the
Administrative Agent (or, in the case of any Peso Loan, the Mexican
Administrative Agent) could purchase the specified currency with such other
currency at (i) where the specified currency is Dollars, the Administrative
Agents New York City office and (ii) where the specified currency is
Pesos, the Mexican Administrative Agents Mexico City office, in each case
at 11:00 a.m. (New York City or Mexico City time, as applicable) on the Peso
Business Day preceding that on which final judgment is given. The obligations of
the Borrower in respect of any sum due to any Lender or any Agent under any Loan
Document shall, notwithstanding any judgment in a currency other than the
specified currency, be discharged only to the extent that on the Business Day
(or Peso Business Day, in the case of any sum where the specified currency is
Pesos) following receipt by such Lender or such Agent (as the case may be) of
any sum adjudged to be so due in such other currency such Lender or Agent (as
the case may be) may in accordance with normal banking procedures purchase the
specified currency with such other currency. If the amount of the specified
currency so purchased is less than the sum originally due to such Lender or such
Agent, as the case may be, in the specified currency, the Borrower agrees, to
the fullest extent that it may effectively do so, as a separate obligation and
notwithstanding any such judgment, to indemnify such Lender or such Agent, as
applicable, against such loss, and if the amount of the specified currency so
purchased exceeds (i) the sum originally due to such Lender or Agent, as
applicable, and (ii) any amounts shared with other Lenders as a result of
allocations of such excess as a disproportionate payment to such Lender under
Section 2.15, such Lender or Agent, as applicable, agrees to remit such excess
to the Borrower.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 3  REPRESENTATIONS AND
WARRANTIES
|-----------------------------------------



|The
Borrower represents and warrants to the Lender Parties that:
|----------------------------------------------------------------



|Section
3.01. Organization; Powers. The Borrower has been duly incorporated, is validly
existing under the laws of Mexico, has all requisite power and authority to
carry on its business as now conducted and, except where failures to do so, in
the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, is qualified to do business and is in good standing in every
jurisdiction where such qualification is required. Each Subsidiary of the
Borrower has been duly incorporated, is validly existing and, where applicable,
in good standing under the laws of the jurisdiction of its organization, has all
requisite power and authority to carry on its business as now conducted and is
qualified to do business in, and is in good standing in, every jurisdiction
where such qualification is required, except where failures to do so, in the
aggregate, could not reasonably be expected to result in a Material Adverse
Effect.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 33 | 
| | -- | 



---





|Section 3.02. Authorization;
      Enforceability. The Transactions to be entered into by each KOF Company
      are within its corporate powers and have been duly authorized by all necessary
      corporate and, if required, stockholder action. This Agreement has been
      duly executed and delivered by the Borrower and constitutes, and each other
      Loan Document to which the Borrower is to be a party, when executed and
      delivered by the Borrower, will constitute, a legal, valid and binding obligation
      of the Borrower, in each case enforceable in accordance with its terms,
      subject to applicable bankruptcy, concurso mercantil, insolvency,
      reorganization, moratorium and other laws affecting creditors rights
      generally and subject to general principles of equity, regardless of whether
      considered in a proceeding in equity or at law.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 3.03. Governmental
      Approvals; No Conflicts. Except as provided in Schedule 3.03, the Transactions
      Article 34 do not require any consent or approval of, registration or filing
      with, or other action by, any Governmental Authority, except such as have
      been obtained or made and are in full force and effect on the date of this
      Agreement or (to the extent not necessary until the relevant Borrowing Date)
      shall be obtained or made on or prior to, and be in full force and effect
      on, the relevant Borrowing Date, Article 35 will not violate any applicable
      law or regulation or the charter, by-laws, estatutos sociales
      or other organizational documents of any KOF Company or any order of any
      Governmental Authority, Article 36 will not violate or result in a default
      under (x) any indenture, instrument or other agreement with respect to Debt
      of the type included in the calculation of Total Debt, in excess
      of US$1,000,000, or (y) any other material agreement, in each case binding
      upon any KOF Company or any of its material properties, or give rise to
      a right thereunder to require any KOF Company to make any material payment
      and Article 37 will not result in the creation or imposition of any Lien
      on any property of any KOF Company.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 3.04.Financial Statements; No Material Adverse Change. Article 38 The Borrower has heretofore
furnished to the Lenders:
|-------------------------------------------------------------------------------------------------------------------------------



| | (i)
the consolidated balance sheet of the Borrower and its consolidated  Subsidiaries as of
December 31, 2001 and the related consolidated statements of  income, changes in
stockholders equity and changes in financial position for  the Fiscal Year then ended,
reported on by Ruiz, Urquiza y Cia., S.C.,  independent public accountants;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii)
the  consolidated balance sheet of the Borrower and its consolidated Subsidiaries as  of
September 30, 2002 and the related consolidated statements of income, changes  in
stockholders equity and changes in financial position for the Fiscal  Quarter then
ended and for the portion of the Fiscal Year then ended;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii)
the  consolidated balance sheet of Panamco and its consolidated Subsidiaries as of
December 31, 2001 and the related consolidated statements of income,  stockholders equity
and cash flows for the Fiscal Year then ended,  reported on by Arthur Andersen LLP,
independent public accountants; and
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv)
the  consolidated balance sheet of Panamco and its consolidated Subsidiaries as of
September 30, 2002 and the related consolidated statements of income,  stockholders equity
and cash flows for the Fiscal Quarter then ended and  for the portion of the Fiscal Year
then ended.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 34 | 
| | -- | 



---





|The  financial statements referred to in clauses
(i) and (ii) above present fairly,  in all material respects, the financial position of
the Borrower and its  consolidated Subsidiaries, as of such dates and their results of
operations and  changes of financial position for such periods in accordance with Mexican
GAAP,  subject to normal year-end adjustments and the absence of footnotes in the case
of the statements referred to in clause (ii) above. The financial statements  referred to
in clauses (iii) and (iv) above present fairly, in all material  respects, the financial
position of Panamco and its consolidated Subsidiaries as  of such dates and their results
of operations and cash flows for such periods in  accordance with generally accepted
accounting principles in the United States at  the date hereof, subject to normal
year-end adjustments.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) The
pro forma consolidated balance sheet as of September 30, 2002 included in the
Information Memorandum has been prepared giving effect (as if such event has
occurred on such date) to Article 39 the consummation of the Acquisition,
Article 40 the maximum borrowings that could be made hereunder and under the
Other Loan Agreement in connection with the Acquisition and the use of proceeds
thereof and Article 41 the payment of fees and expenses in connection with the
foregoing. Such pro forma consolidated balance sheet (i) has been prepared in
good faith based on assumptions believed by the Borrower to be reasonable and
(ii) is based on the best information available to the Borrower after due
inquiry.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) After
giving effect to the Transactions, none of the KOF Companies will have or has,
as of either Borrowing Date, any material contingent liabilities, unusual
long-term commitments or unrealized losses, except as disclosed in the financial
statements referred to above or the notes thereto or in the Information
Memorandum and except for the Disclosed Matters.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) There has not
occurred after December 22, 2002 any Material Adverse Change.
|-------------------------------------------------------------------------------



|Section
3.05. Properties. Each KOF Company has good title to, or valid leasehold
interests in, all real and personal property material to its business, except
for minor defects in title that do not interfere with its ability to conduct its
business as currently conducted or to utilize such properties for their intended
purposes and except where failures to have such title or interests could not
reasonably be expected to result in a Material Adverse Effect.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
3.06. Litigation and Environmental Matters. Article 42 Except for the Disclosed
Matters, there are no actions, suits or proceedings by or before any arbitrator
or Governmental Authority pending against or, to the knowledge of the Borrower,
threatened in writing against or affecting any KOF Company which if decided
adversely to any KOF Company, could reasonably be expected to have a material
adverse effect on (a) the business, condition (financial or otherwise),
operations, results of operations, performance, properties, assets, liabilities
(contingent or otherwise) or prospects of the Borrower or Panamco, in each case
together with its respective Subsidiaries, taken as a whole, whether before or
after giving effect to the Transactions, (b) the Acquisition, (c) the rights of
the Lenders or (d) the ability of the Borrower to perform its financial
obligations under the Loan Documents (excluding in all cases the matters
disclosed on Schedules 3.06, 3.12, 3.13, 3.15 and 3.17 of the Merger Agreement).
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 35 | 
| | -- | 



---





|(a)
Except for the Disclosed Matters and except for other matters that, in the
aggregate, could not reasonably be expected to result in a Material Adverse
Effect, no KOF Company Article 43 has failed to comply with any Environmental
Law or to obtain, maintain or comply with any permit, license or other approval
required under any Environmental Law, Article 44 is subject to any Environmental
Liability, Article 45 has received notice of any claim with respect to any
Environmental Liability or Article 46 knows of any basis for any Environmental
Liability.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) Since
the date of this Agreement, there has been no change in the status of the
Disclosed Matters that, individually or in the aggregate, has resulted in, or
materially increased the likelihood of, a Material Adverse Change.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
3.07. Compliance with Laws and Agreements. Each KOF Company is in compliance
with all laws, regulations and orders of any Governmental Authority applicable
to it or its property (including, without limitation, Environmental Laws, IMSS,
INFONAVIT and SAR rules) and all indentures, agreements and other instruments
binding on it or its property, except where failures to do so, in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect. No
Default has occurred and is continuing.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
3.08. Investment and Holding Company Status. The Borrower is not Article 47 an
investment company as defined in, or subject to regulation under,
the Investment Company Act of 1940 or Article 48 a holding company
or subsidiary company of a holding company as defined in, or subject
to regulation under, the Public Utility Holding Company Act of 1935.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
3.09. Taxes. Each KOF Company has timely filed or caused to be filed all Tax
returns and reports required to have been filed by it and has paid or caused to
be paid all Taxes required to have been paid by it, except Article 49 any Taxes
that are being contested in good faith by appropriate proceedings and for which
the relevant KOF Company has set aside on its books reserves (to the extent
required by Applicable GAAP) or Article 50 to the extent that failures to do so,
in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
3.10. Disclosure. The Information Memorandum and all other reports, financial
statements, certificates or other information furnished by or on behalf of the
Borrower or any of its Subsidiaries to the Administrative Agent or any Lender in
connection with the negotiation of this Agreement or any other Loan Document or
delivered hereunder or thereunder (as modified or supplemented by other
information so furnished), taken as a whole, are true and correct in all
material respects and do not omit to state a material fact necessary to make the
statements contained therein not misleading, in light of the circumstances under
which such statements were made, in each case on the date on which such
information was furnished; provided that, with respect to projected financial
information, the Borrower represents only that such information was prepared in
good faith based on assumptions believed to be reasonable at the time.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
3.11. Pari Passu Status. The obligations of the Borrower under the Loan
Documents constitute direct and unconditional obligations of the Borrower and
rank at all times at least pari passu in right of payment and in all other
respects with all other unsecured, unsubordinated Debt of the Borrower at any
time outstanding.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 36 | 
| | -- | 



---





|Section
3.12. Subsidiaries. Schedule 3.12 sets forth the name of, and the ownership
interest of the Borrower in, each of its Subsidiaries as of each Borrowing Date.
Upon the consummation of the Acquisition, all the Borrowers Subsidiaries,
including Panamco and its Subsidiaries, will be fully consolidated in the
Borrowers consolidated financial statements.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
3.13. Insurance. The Borrower and its Subsidiaries maintain all insurance as
required by law or as usually carried by companies of established repute engaged
in the same or similar business, owning similar properties, and located in the
same general areas as the Borrower and its Subsidiaries, except for any such
failure that could not reasonably be expected to have a Material Adverse Effect.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
3.14. Labor Matters. As of each Borrowing Date, there are no strikes, lockouts
or slowdowns against any KOF Company pending or, to the knowledge of the
Borrower, threatened, except such strikes, lockouts or slowdowns which in the
aggregate would not reasonably be expected to have a Material Adverse Effect.
All payments due from any KOF Company, or for which any claim may be made
against any KOF Company, on account of wages and employee health and welfare
insurance and other benefits (including IMSS, INFONAVIT and SAR), have been paid
or accrued as a liability on the books of such KOF Company, except such payments
which in the aggregate would not reasonably be expected to have a Material
Adverse Effect.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
3.15. Solvency. Immediately after the Transactions to occur on the Borrowing
Dates and Acquisition Date are consummated and after giving effect to the
application of the proceeds of each Loan to be made hereunder, Article 51 the
fair value of the assets of the Borrower, at a fair valuation, will exceed its
debts and liabilities, subordinated, contingent or otherwise and Article 52 the
Borrower will be able to pay its debts and liabilities, subordinated, contingent
or otherwise, as such debts and liabilities become absolute and matured.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
3.16. Legal Form. Article 53 Each of the Loan Documents is in proper legal form
under all applicable laws for the enforcement thereof in accordance with their
respective terms against the parties thereto under such laws. To ensure the
legality, validity, enforceability or admissibility into evidence of the Loan
Documents, it is not necessary that any of such Loan Documents or any other
document be filed or recorded with any applicable Governmental Authority or that
any stamp or similar tax be paid on or in respect of this Agreement or any Note,
or any other such document, except that in the event that any legal proceedings
with respect to any Loan Document are brought in the courts of Mexico, a Spanish
translation of the documents required in such proceedings prepared by a Mexican
court-approved translator would have to be approved by the court after the
defendant had been given an opportunity to be heard with respect to the accuracy
of such translation, and the proceedings would thereafter be based upon the
translated documents. Any judgment against the Borrower obtained in a
non-Mexican state or federal court to which the Borrower is submitting pursuant
to Section 9.09(a) hereof is capable of being enforced in the courts of Mexico,
subject to the satisfaction of all applicable procedural requirements.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a)  Neither the
Borrower nor any of its property has any immunity on the ground of  sovereignty or
otherwise, from the jurisdiction of any court or from any legal  process (whether through
service or notice, attachment prior to judgment,  attachment in aid of execution,
execution or otherwise) under any applicable  laws in respect of the
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 37 | 
| | -- | 



---





|obligations of the Borrower under the Loan
Documents or  from the execution or enforcement of any judgment resulting therefrom, and
if  the Borrower or any of its revenues, assets or properties should become entitled  to
any such right of immunity, the Borrower has effectively waived such right  pursuant to
Section 9.09(d).
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) It is
not necessary in order for any Lender Party to enforce any of its rights or
remedies under the Loan Documents or solely by reason of the execution, delivery
and performance by the Borrower of the Loan Documents, that any Lender Party be
licensed or qualified with any Mexican Governmental Authority or be entitled to
carry on business in any jurisdiction.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 4  CONDITIONS
|---------------------



|Section
4.01. Effective Date. This Agreement shall become effective on the date (the
Effective Date) on which the Administrative Agent (or its counsel)
shall have received from each party hereto either Article 54 a counterpart of
this Agreement signed on behalf of such party or Article 55 written evidence
satisfactory to the Administrative Agent (which may include telecopy
transmission of a signed signature page) that such party has signed a
counterpart of this Agreement. Promptly upon the occurrence of the Effective
Date, the Administrative Agent shall notify the Borrower and the Lenders
thereof, and such notice shall be conclusive and binding.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
4.02. Conditions To Borrowing. The obligations of the Lenders to make Loans
hereunder shall not become effective until the date, if any (in the case of
Lenders with Peso Loan Commitments, the Peso Borrowing Date; and in
the case of Lenders with Dollar Loan Commitments, the Dollar Borrowing
Date) on which each of the following additional conditions is first
satisfied (or waived by the Required Lenders and otherwise in accordance with
Section 9.02):
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) The
Administrative Agent shall have received each of the following, in each  case dated on or
as of the Peso Borrowing Date unless expressly provided  otherwise below:
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i)
for  each Lender a Note representing such Lenders Peso Loans or Dollar Loans,  as
applicable, duly executed by the Borrower and dated the Peso Borrowing Date;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii)
an  opinion of each of Article 56 Cleary, Gottlieb, Steen & Hamilton, special  New
York counsel for the Borrower and Article 57 Lic. Carlos Aldrete Ancira,  corporate
counsel for the Borrower, substantially in the form of Exhibits C-1  and C-2,
respectively;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii)
an  opinion of each of (A) Davis Polk & Wardwell, special New York counsel for  the
Agents and (B) Ritch, Heather y Mueller, S.C., special Mexican counsel for  the Agents,
substantially in the form of Exhibits D-1 and D-2, respectively, and  each covering such
additional matters relating to the Loan Documents or the  Transactions as the Required
Lenders may reasonably request;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 38 | 
| | -- | 



---





| | (iv)
the  following documents and certificates, all in form and substance satisfactory to  the
Administrative Agent and its counsel:
| | ------------------------------------------------------------------------------------------------------------------------------------



| | (A)
the  estatutos sociales of the Borrower, certified by a Mexican notary public as to its
authenticity and certified by an appropriate officer of the Borrower as true and correct
and in full force and effect in its delivered form on the Peso Borrowing Date;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B)
a power of attorney, certified by a Mexican notary public, authorizing the relevant
officers of the Borrower to execute and deliver the Notes (with poder para suscribir títulos
de crédito) and this Agreement and any other document or certificate to be
delivered by the Borrower on or prior to the Peso Borrowing Date in connection with this
Agreement, including authority for acts of administration (poder para actos de
administración); and
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (C)
powers of attorney, certified by a Mexican notary public, in form reasonably
satisfactory to the Administrative Agent, appointing the Process Agent to act as  such on
behalf of the Borrower, together with a letter to such effect and  written evidence of
acceptance by the Process Agent of such appointment;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v)
confirmation that the Borrower shall have received final Long-Term Debt Ratings  (giving
pro forma effect to the Transactions) of BBB- and Baa3, or higher, from  S&P and Moodys,
respectively, with stable outlook in each case; and
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi)
payment of all reasonable and documented fees and other amounts due and payable  to the
Lender Parties on or before the Peso Borrowing Date for which invoices  have been
received by the Borrower not less than five Business Days before the  Peso Borrowing
Date, including, to the extent invoiced, all out-of-pocket  expenses of the Agents
(including fees, charges and disbursements of their  counsel) required to be reimbursed
or paid by the Borrower under the Loan  Documents.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) All
consents and approvals required to be obtained from any Governmental Authority
or other Person prior to the Borrowing Dates in connection with the Transactions
shall have been obtained, and all applicable waiting periods and appeal periods
shall have expired, in each case without the imposition of any burdensome
condition; and no law or regulation shall be applicable, in the reasonable
judgment of the Administrative Agent, and no action, suit, investigation,
litigation or proceeding shall be pending or threatened in writing, in each case
that restrains, prevents or imposes materially adverse conditions upon the
Transactions.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) The
Administrative Agent shall have received confirmation satisfactory to it that  the
Acquisition is expected to be consummated promptly (and in any event within  10 Business
Days) after the Peso Borrowing Date in accordance with the  Acquisition Documents and
applicable law, without any amendment to or waiver of  any material term or condition of
the Acquisition Documents not approved by the  Required Lenders, and that the proceeds of
the Loans are to be applied as  provided in Section 5.09. Copies of
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 39 | 
| | -- | 



---





|the Acquisition Documents and all  certificates,
opinions and other documents delivered thereunder shall be made  available to the
Administrative Agent for inspection.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) There
shall exist no action, suit, investigation, litigation or proceeding pending or
threatened in any court or before any arbitrator or governmental or regulatory
agency or authority that could reasonably be expected, in the determination of
the Required Lenders, to have a material adverse effect on Article 58 the
business, condition (financial or otherwise), operations, results of operations,
performance, properties, assets, liabilities (contingent or otherwise) or
prospects of the Borrower or Panamco, in each case together with its respective
Subsidiaries, taken as a whole, whether before or after giving effect to the
Transactions, Article 59 the Acquisition, Article 60 the rights of the Lenders
under the Loan Documents or Article 61 the ability of the Borrower to perform
its financial obligations under the Loan Documents (excluding in all cases the
matters disclosed on Schedules 3.06, 3.12, 3.13, 3.15 and 3.17 of the Merger
Agreement).
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) There
shall not have occurred after December 22, 2002, in the sole good faith judgment
of the Required Lenders, any Material Adverse Change.
|------------------------------------------------------------------------------------------------------------------------------------------------



|(f) The
representations and warranties of the Borrower set forth in the Loan Documents
shall be true on and as of each Borrowing Date.
|--------------------------------------------------------------------------------------------------------------------------------------



|(g) Immediately
after giving effect to the Borrowings, no Default shall have  occurred and be continuing.
|---------------------------------------------------------------------------------------------------------



|(h) In
the case of the Lenders holding Dollar Loan Commitments, the Dollar Borrowing
Date shall occur not later than the second LIBO Business after the Peso
Borrowing Date.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Each  Borrowing shall be deemed to constitute a
representation and warranty by the  Borrower on the date thereof as to the matters
specified in clauses (c), (f) and  (g) of this Section. Notwithstanding the foregoing,
the obligations of the  Lenders to make Loans shall not become effective unless each of
the foregoing  conditions is satisfied (or waived pursuant to Section 9.02) and the
Borrowing  Dates occur before 5:00 p.m., New York City time, on September 18, 2003.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 5  AFFIRMATIVE COVENANTS
|--------------------------------



|Until all
the Commitments have expired or terminated and the principal of and interest on
each Loan and all fees payable hereunder have been paid in full, the Borrower
covenants and agrees with the Lenders that:
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 5.01.Financial Statements and Other Information. The Borrower will furnish to the
Administrative Agent (for delivery to the Lenders):
|---------------------------------------------------------------------------------------------------------------------------------------------



|(a) within 120
days after the end of each Fiscal Year:
|------------------------------------------------------



| | (i)
in  the case of the Fiscal Year ended December 31, 2002, (A) the audited  consolidated
balance sheet of the Borrower and its consolidated Subsidiaries as  of the end of such
Fiscal Year and the related statements of
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 40 | 
| | -- | 



---





| | income,
stockholders equity and change of financial position for such Fiscal Year  and (B)
the audited consolidated balance sheet of Panamco and its consolidated  Subsidiaries as
at December 31, 2002 and the related statements of income,  stockholders equity and
cash flows for the Fiscal Year then ended, setting  forth in each case in comparative
form the corresponding figures for the  previous Fiscal Year, all reported on by Deloitte
Touche Tohmatsu or other  independent public accountants of recognized national standing
(without a  going concern or like qualification or exception and without any
qualification or exception as to the scope of such audit) as presenting fairly  in all
material respects the financial position, results of operations and  change of financial
position (or cash flows, as applicable) of the Borrower and  its consolidated
Subsidiaries or Panamco and its consolidated Subsidiaries, as  applicable, on a
consolidated basis in accordance with Applicable GAAP;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii)
in  the case of each Fiscal Year from and including the Fiscal Year ending December  31,
2003, the audited consolidated balance sheet of the Borrower and its  consolidated
Subsidiaries as of the end of such Fiscal Year and the related  statements of income,
stockholders equity and change of financial position  for such Fiscal Year setting
forth in each case in comparative form the figures  for the previous Fiscal Year, all
reported on by Deloitte Touche Tohmatsu or  other independent public accountants of
recognized national standing (without a  going concern or like qualification
or exception and without any  qualification or exception as to the scope of such audit)
as presenting fairly  in all material respects the financial position, results of
operations and  change of financial position of the Borrower and its consolidated
Subsidiaries  on a consolidated basis in accordance with Mexican GAAP;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b)  within 60
days after the end of each of the first three Fiscal Quarters of each Fiscal  Year:
|--------------------------------------------------------------------------------------------------



| | (i)
in  the case of the Fiscal Quarter ended March 31, 2003, (A) the consolidated  balance
sheet of the Borrower and its consolidated Subsidiaries as of the end of  such Fiscal
Quarter and the related statements of income, stockholders equity and change of
financial position for such Fiscal Quarter and (B) the  consolidated balance sheet of
Panamco and its consolidated Subsidiaries as at  March 31, 2003 and the related
statements of income, stockholders equity  and cash flows for the Fiscal Quarter
then ended, setting forth in each case in  comparative form the figures for the
corresponding period of (or, in the case of  the balance sheet, as of the end of) the
previous Fiscal Year, all certified by  a Financial Officer as presenting fairly in all
material respects the financial  position, results of operations and change of financial
position (or cash flows,  as applicable) of the Borrower and its consolidated
Subsidiaries or Panamco and  its consolidated Subsidiaries, as applicable, on a
consolidated basis in  accordance with Applicable GAAP, subject to normal year-end
adjustments and the  absence of footnotes;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii)
in  the case of each Fiscal Quarter ending after March 31, 2003, the consolidated
balance sheet of the Borrower and its consolidated Subsidiaries as of the end of  such
Fiscal Quarter and the related statements of income, stockholders equity and change
of financial position for such Fiscal Quarter and for the then  elapsed portion of such
Fiscal Year setting forth in each case in
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 41 | 
| | -- | 



---





| | comparative
form the figures for the corresponding period or periods of (or, in the case of  the
balance sheet, as of the end of) the previous Fiscal Year, all certified by  a Financial
Officer as presenting fairly in all material respects the financial  position, results of
operations and change of financial position of the Borrower  and its consolidated
Subsidiaries on a consolidated basis in accordance with  Mexican GAAP, subject to normal
year-end adjustments and the absence of  footnotes;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c)
concurrently with each delivery of financial statements under clause (a) or (b)
above, a certificate of a Financial Officer Article 62 certifying as to whether
a Default has occurred and, if a Default has occurred, specifying the details
thereof and any action taken or proposed to be taken with respect thereto,
Article 63 setting forth reasonably detailed calculations demonstrating
compliance with Section 6.07 and Section 6.08 and Article 64 listing each
Material Subsidiary as of the date of such financial statements;
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d)
promptly after the same become publicly available, copies of all periodic and
other reports, proxy statements or any other materials filed by the Borrower or
Panamco with the SEC, the CNBV or similar Governmental Authority; provided that
the Borrower may comply with this subsection by delivering a notice, by email or
otherwise, to the Administrative Agent (which shall be promptly forwarded to the
Lenders by the Administrative Agent) that any documents described herein have
been posted on a website identified in such notice and accessible by the Lenders
without charge;
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e)
promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of any KOF Company, or
compliance with the terms of any Loan Document, as the Administrative Agent or
any Lender may reasonably request.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 5.02.Notice of Material Events. The Borrower will furnish to the Administrative Agent and
each Lender prompt written notice of the following:
|-----------------------------------------------------------------------------------------------------------------------------------------------------



|(a) the occurrence
of any Default;
|----------------------------------



|(b) the
filing or commencement of any action, suit or proceeding by or before any
arbitrator or Governmental Authority against or affecting any KOF Company that
in the opinion of the Borrower has a reasonable likelihood of being adversely
determined and that, if adversely determined, could reasonably be expected to
result in a Material Adverse Effect; and
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) any
other development relating to any KOF Company (and not merely to general
economic conditions) that results in, or could reasonably be expected to result
in, a Material Adverse Effect.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Each notice delivered under this Section shall be accompanied
      by a statement of a Financial Officer or other executive officer of the
      Borrower setting forth the details of the event or development requiring
      such notice and any action taken or proposed to be taken with respect thereto.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 5.03.Existence; Conduct of Business. Each of the Borrower and the Material Subsidiaries will
preserve and maintain its legal existence and all of its material rights, licenses,
privileges and franchises, except where failures to do so could not
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 42 | 
| | -- | 



---





|reasonably be expected in the aggregate to
result in a Material  Adverse Effect; provided that the foregoing shall not prohibit any
merger,  consolidation, liquidation or dissolution permitted under Section 6.02.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
5.04. Payment of Obligations. Each of the Borrower and the Material Subsidiaries
will pay its Debt and other obligations, including Tax liabilities, before the
same shall become delinquent or in default, except where Article 65 the validity
or amount thereof is being contested in good faith by appropriate proceedings,
Article 66 the relevant KOF Company has set aside on its books adequate reserves
with respect thereto as required by Applicable GAAP, and Article 67 the failure
to make payment pending such contest could not reasonably be expected to result
in a Material Adverse Effect.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
5.05. Maintenance of Properties. Each of the Borrower and the Material
Subsidiaries will maintain all property material to the conduct of its business
in good working order and condition, ordinary wear and tear excepted, except
where failures to do so could not reasonably be expected in the aggregate to
result in a Material Adverse Effect.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
5.06. Insurance. The Borrower and the Material Subsidiaries will maintain with
insurance companies (believed in good faith by the Borrower to be financially
sound and reputable) that customarily write insurance for the risks covered
thereby such insurance as may be required by law or as is usually carried by
companies of established repute engaged in the same or similar business, owning
similar properties, and located in the same general areas as the Borrower and
the Material Subsidiaries, except where failures to do so could not reasonably
be expected to result in a Material Adverse Effect.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
5.07. Proper Records; Rights to Inspect and Appraise. Each of the Borrower and
the Material Subsidiaries will keep proper books of record and account in which
complete and correct entries are made of all transactions relating to its
business and activities in accordance with Applicable GAAP, except where
failures to do so could not reasonably be expected in the aggregate to result in
a Material Adverse Effect. Each KOF Company will permit any representatives of
the Administrative Agent and Lenders designated by the Administrative Agent,
upon reasonable prior notice, to examine its books and records, and to discuss
its affairs, finances and condition with its financial officers, all at such
reasonable times and as often as reasonably requested but, unless an Event of
Default has occurred and is continuing at the time of such proposed visit or
inspection, no more than twice in any calendar year.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
5.08. Compliance with Laws. Each KOF Company will comply with all laws, rules,
regulations and orders of any Governmental Authority applicable to it or its
property, except where failures to do so, in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 5.09. Use of Proceeds.
      The proceeds of the Loans will be used only Article 68 to pay amounts payable
      under the Acquisition Documents as consideration for the Acquisition, Article
      69 to consummate the Other Debt Refinancings (provided that any proceeds
      that will be so applied on a date other than the Acquisition Date shall
      be held on Borrowers balance sheet until so applied) and Article 70
      to pay fees, expenses and taxes, if any, payable in connection with the
      Transactions. No part of the proceeds of
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 43 | 
| | -- | 



---





|any Loan will be used, directly or  indirectly,
for any purpose that entails a violation of any of the Regulations  of the Federal
Reserve Board, including Regulations U and X.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
5.10. Further Assurances. From time to time, the Borrower and its Subsidiaries
shall do and perform any and all acts and execute any and all documents as may
be reasonably necessary pursuant to applicable law in order to effect the
purposes of this Agreement or to protect the rights or remedies of the Lenders
under the Loan Documents.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 6  NEGATIVE COVENANTS
|-----------------------------



|Until all
the Commitments have expired or terminated and the principal of and interest on
each Loan and all fees payable hereunder have been paid in full, the Borrower
covenants and agrees with the Lenders that:
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
6.01. Liens. Neither the Borrower nor any of its Subsidiaries will create or
permit to exist any Lien on any property now owned or hereafter acquired by it,
or assign or sell any income or revenues (including accounts receivable) or
rights in respect of any thereof, except:
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i)
any Lien on any property of the Borrower or any of its Subsidiaries existing  on the date
hereof and listed in Schedule 6.01;
| | ---------------------------------------------------------------------------------------------------------------------------------



| | (ii)
Liens imposed by law for taxes that are not yet due or are being contested in  good faith
by appropriate proceedings and for which appropriate reserves (if  any) required in
accordance with Applicable GAAP have been made in the financial  statements of the
Borrower and its Subsidiaries;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii)
Liens arising in the ordinary course of the business of the Borrower or any of  its
Subsidiaries that Article 71 do not secure Debt, Article 72 do not secure  any obligation
in an amount exceeding US$10,000,000 and Article 73 do not  materially detract from the
value of the affected property, or interfere with  the ordinary conduct of business, of
the Borrower or any of its Subsidiaries;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv)
deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, performance bonds and other obligations of a like nature (excluding  items
described in clause (vi) below), in each case in the ordinary course of  business;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v)
carriers, warehousemens, mechanics, materialmens,  repairmens
and other like Liens imposed by law, arising in the ordinary  course of business and
securing obligations that are not overdue by more than 60  days or are being contested in
good faith by appropriate proceedings and for  which appropriate reserves (if any) have
been made in the financial statements  of the Borrower and its Subsidiaries;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi)
judgment liens in respect of judgments that do not constitute an Event of  Default under
clause (k) of Article 7 and any deposits to secure surety
| | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | 44 | 
| | -- | 



---





| | and  appeal
bonds with respect to judgments or orders, in the ordinary course of  business and not
representing obligations of the relevant Person exceeding  US$50,000,000 (or its
equivalent in any other currency);
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii)
easements, zoning restrictions, rights-of-way and similar encumbrances on real  property
imposed by law or arising in the ordinary course of business that do  not secure any
monetary obligation and do not materially detract from the value  of the affected
property or interfere with the ordinary conduct of business of  the Borrower or any of
its Subsidiaries;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (viii) Liens on cash
      and cash equivalents securing obligations of the Borrower under Interest
      and Currency Hedges of the Borrower; provided that the aggregate
      amount of cash and cash equivalents subject to such Liens shall at no time
      exceed US$75,000,000 (or the equivalent thereof in any other currency);
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ix)
Liens incurred or deposits made in the ordinary course of business in connection  with
workers compensation, unemployment insurance and other types of  social security;
and
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (x)
Liens not otherwise permitted by the foregoing clauses of this Section 6.01 securing
Debt or other obligations, provided that the Specified Priority Debt Amount shall at no
time exceed the greater of (A) 20% of Consolidated Tangible Assets determined at such
time and (B) US$570,000,000.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
6.02. Fundamental Changes. Article 74 The Borrower will not merge into or
consolidate with any other Person, or liquidate or dissolve, permit any other
Person to merge into or consolidate with it or permit any of its Subsidiaries to
liquidate or dissolve, except that, if at the time thereof and immediately after
giving effect thereto no Default shall have occurred and be continuing, (i) any
Person may merge into the Borrower in a transaction in which the Borrower is the
surviving Person and (ii) any Subsidiary of the Borrower may liquidate or
dissolve if the Borrower determines in good faith that such liquidation or
dissolution is in the best interests of the Borrower and is not materially
disadvantageous to the Lenders.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a)
Neither the Borrower nor any Material Subsidiary will engage to any material
extent in any business except businesses of the types conducted by the Borrower
and its Material Subsidiaries on the Borrowing Dates (including the production,
distribution or sale of soft drinks, beer, juices, water and other beverages)
and businesses reasonably related thereto.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
6.03. Sale and Leaseback Transactions. Neither the Borrower nor any of its
Subsidiaries will enter into any Sale and Leaseback Transaction other than (i)
Transportation Sale and Leaseback Transactions, provided that the aggregate
amount of Attributable Debt outstanding under Transportation Sale and Leaseback
Transactions shall at no time exceed US$30,000,000 (or the equivalent thereof in
any other currency), and (ii) other Sale and Leaseback Transactions; provided
that the Specified Priority Debt Amount shall at no time exceed the greater of
(A) 20% of Consolidated Tangible Assets determined at such time and (B)
US$570,000,000.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 6.04.Transactions with Affiliates. No KOF Company will sell, lease or otherwise transfer any
property to, or purchase, lease or otherwise acquire any property
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 45 | 
| | -- | 



---





|from, or otherwise engage in any other
transaction with, any of its Affiliates,  except Article 75 transactions that are at
prices and on terms and conditions  not less favorable to such KOF Company than could be
obtained on an  arms-length basis from unrelated third parties, Article 76 any
Restricted  Payment permitted by Section 6.06, Article 77 transactions (including Debt
Transactions) between or among any KOF Company and The Coca Cola Company or any  of its
Subsidiaries and Article 78 any issuance of any Equity Interest by any  KOF Company to,
or the receipt directly or indirectly by any KOF Company of any  capital contribution
from, FEMSA.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 6.05. Restrictive
      Agreements. Neither the Borrower nor any of its Subsidiaries will, directly
      or indirectly, enter into or permit to exist any agreement or other arrangement
      that prohibits, restricts or imposes any condition on the ability of any
      Subsidiary of the Borrower to pay dividends or other distributions with
      respect to any shares of its capital stock or to make or repay loans or
      advances to the Borrower or any of its Subsidiaries or to Guarantee the
      Loans or other obligations under the Loan Documents; provided that
      (a) the foregoing shall not apply to restrictions and conditions imposed
      by law or by any Loan Document, (b) the foregoing shall not apply to restrictions
      and conditions existing on the date hereof and identified on Schedule 6.05
      (but shall apply to any amendment or modification expanding the scope of
      any such restriction or condition) and (c) the foregoing shall not apply
      to customary restrictions and conditions contained in agreements relating
      to the sale of a Subsidiary of the Borrower pending such sale, provided
      that such restrictions and conditions apply only to such Subsidiary that
      is to be sold and such sale is permitted hereunder and (d) the foregoing
      shall not apply to shareholder agreements and similar restrictions with
      respect to any non-wholly-owned Subsidiary of the Borrower that is not organized
      under the laws of, and does not have a substantial portion of its assets
      (directly or indirectly, through any of its Subsidiaries) located in, Mexico
      (a Foreign Joint Venture),provided that (A) any
      such restrictions on dividends and distributions shall in any event permit
      the Borrower or its other Subsidiaries to declare annual dividends or distributions
      in an amount of at least 30% of such Foreign Joint Ventures annual
      consolidated net income, determined in accordance with generally accepted
      accounting principles then in effect in the jurisdiction in which such Foreign
      Joint Venture is organized, and (B) immediately after giving effect to any
      Joint Venture Investment Event with respect to any Foreign Joint Venture,
      the aggregate Asset Amount of all Joint Venture Investment Events does not
      exceed 15% of the consolidated total assets of the Borrower and its consolidated
      Subsidiaries at such time, determined for this purpose exclusive of minority
      interests in consolidated Subsidiaries of the Borrower held by Persons other
      than the Borrower and its consolidated Subsidiaries, and otherwise in accordance
      with Mexican GAAP.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|As used in this
Section 6.05:
|-----------------------------



| | Joint
Venture Investment Event means (i) the transaction pursuant to which any Person
becomes a Foreign Joint Venture, including without limitation by acquisition by any KOF
Company of a portion of such Persons capital stock or the issuance by any
Subsidiary of the Borrower of a portion of its capital stock to a Person other than
another KOF Company, and (ii) (after any event described in clause (i)) the making of
any Investment in a Foreign Joint Venture or any of its Subsidiaries by any KOF Company
other than such Foreign Joint Venture or any of its Subsidiaries.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 46 | 
| | -- | 



---





| | Asset
Amount means with respect to any Joint Venture Investment Event, (A) in the case
of any Joint Venture Investment Event under clause (i) of the definition thereof, the
consolidated total assets of such Foreign Joint Venture and its consolidated
Subsidiaries (adjusted to reflect minority ownership by Persons other than a KOF
Company) immediately after giving effect to such transaction, and (B) in the case of any
Joint Venture Investment Event under clause (ii) of the definition thereof, the
aggregate amount of the assets comprising such Investment (including without limitation
the amount of any cash advanced or contributed as a capital contribution), determined,
in the case of each of (A) and (B), at the book value thereof at the time of such Joint
Venture Investment Event in accordance with Mexican GAAP, and, in the case of any Joint
Venture Investment Event in a currency other than Pesos, stated in Pesos at the spot
rate for the conversion of such other currency into Pesos at the time of such Joint
Venture Investment Event.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
6.06. Restricted Payments. No KOF Company will declare or make, or agree to pay
or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so, except that (e) any Subsidiary of the
Borrower may declare and pay dividends with respect to its capital stock and (f)
the Borrower may make Restricted Payments not exceeding in the aggregate the
greater of (A) 25% of Adjusted Net Income for Fiscal Year 2003 and (B) 5.4% of
Consolidated EBITDA for Fiscal Year 2003, each determined on a consolidated
basis in accordance with Applicable GAAP if, both before and immediately after
giving effect to such Restricted Payment, no Event of Default shall be
continuing. As used above, Adjusted Net Income means, for Fiscal
Year 2003, consolidated net income of the Borrower and its consolidated
Subsidiaries determined in accordance with Mexican GAAP; provided that
consolidated net income (i) for the fiscal quarter ended March 31, 2003 shall be
deemed to be the sum of (A) the consolidated net income of the Borrower and its
consolidated Subsidiaries plus (B) the consolidated net income of Panamco and
its consolidated Subsidiaries, each determined for such financial quarter in
accordance with Applicable GAAP, and (ii) for the fiscal quarter ended June 30,
2003 shall be deemed to be the sum of (A) consolidated net income of the
Borrower and its consolidated Subsidiaries plus (B) consolidated net income of
Panamco and its consolidated Subsidiaries from April 1, 2003 through the
Acquisition Date, each determined for such financial quarter in accordance with
Applicable GAAP.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
6.07. Interest Expense Coverage Ratio. The Borrower will not permit the ratio of
Article 79 Consolidated EBITDA to Article 80 Consolidated Interest Expense, in
each case for any period of four consecutive Fiscal Quarters ending during the
Fiscal Year 2003 or the Fiscal Year 2004, to be less than the 3.00.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
6.08. Leverage Ratio. The Borrower will not permit the Leverage Ratio Article 81
at any time during the Fiscal Year 2003, to exceed 3.50 and Article 82 at any
time during the Fiscal Year 2004, to exceed 3.25.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 6.09.Investments and Acquisitions. Neither the Borrower nor any of its Subsidiaries will
purchase, hold or acquire (including pursuant to any merger with any Person that was not
a wholly-owned Subsidiary) any Equity Interest in or evidence of indebtedness or other
security (including any option, warrant or other right to acquire any of the foregoing)
of, make or permit to exist any loan or advance to, Guarantee any obligation of, or make
or permit to exist any investment or other interest in, any other
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 47 | 
| | -- | 



---





|Person, or purchase or otherwise acquire (in one transaction
      or a series of transactions) any assets of any other Person constituting
      a business unit (any of the foregoing, an Investment),
      except:
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) the
Acquisition;
|--------------------



|(b) Investments in
cash and cash equivalents;
|---------------------------------------------



|(c) Investments in
Distribution Assets pursuant to Asset Swaps;
|---------------------------------------------------------------



|(d) Investments
existing on the Peso Borrowing Date;
|----------------------------------------------------



|(e)
Investments by the Borrower and its Subsidiaries in Persons that are
Subsidiaries of the Borrower on the Peso Borrowing Date or that will become
Subsidiaries of the Borrower pursuant to and upon consummation of the
Acquisition;
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(f)
Investments in Persons that, after giving effect to such Investments, become
Subsidiaries of the Borrower, provided that (i) the aggregate amount of all
Investments made or acquired pursuant to this clause (f) does not exceed
US$400,000,000 (in each case determined at the book value thereof at the time
such Investment is made), (ii) such Investments shall be financed through the
issuance of not more than US$200,000,000 aggregate principal amount of Debt
otherwise permitted under this Agreement and none of any remaining amount shall
be financed through the issuance of Equity Interests to the public, (iii) unless
otherwise consented to by the Required Lenders, not more than US$200,000,000 in
the aggregate of such Investments shall be allocable to assets other than
Distribution Assets with respect to routes or territories in Mexico, (iv) all
such Investments are for Persons or assets engaged in businesses of the types
conducted by the Borrower and its Material Subsidiaries on the Borrowing Dates
and (v) prior to the consummation of any such Investment (other than an
Investment in Distribution Assets with respect to routes or territories in
Mexico) the Borrower shall have received confirmation from either S&P or
Moodys (as selected by the Lead Arrangers) that its Long-Term Debt Rating
(after giving pro forma effect to such Investment) shall be at least BBB- and
Baa3, respectively, from such agencies, with stable outlook in each case;
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(g)
Investments received in connection with the bankruptcy or reorganization of, or
settlement of delinquent accounts and disputes with, customers and suppliers, in
each case in the ordinary course of business.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Notwithstanding the foregoing, neither the
Borrower nor any of its Subsidiaries (other than a Venezuelan Subsidiary) shall make or
acquire Investments after the date hereof in Venezuelan Subsidiaries that exceed in the
aggregate US$120,000,000; and  provided that no more than US$50,000,000 aggregate amount
of such Investments may be used for purposes other than the payment of costs and
expenses in connection with the dissolution or termination of the operations of one or
more Venezuelan Subsidiaries.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
6.10. Asset Sales. Without limitation of any provision of Section 6.02, neither
the Borrower nor any of its Subsidiaries will sell, transfer, lease or otherwise
dispose (collectively, dispose; and any such transaction, a
disposition) of any assets, including any Equity Interest owned by
it, nor will any Subsidiary of the Borrower issue any additional Equity Interest
in such Subsidiary, except:
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 48 | 
| | -- | 



---





|(a) sales of
inventory, used surplus or obsolete equipment and dispositions of  cash and cash
equivalents;
|----------------------------------------------------------------------------------------------------------



|(b) dispositions
to the Borrower or one of its Subsidiaries;
|------------------------------------------------------------



|(c) any Asset
Swaps; and
|------------------------



|(d)
dispositions of assets that are not permitted by the foregoing clauses of this
Section; provided that Article 83 each such disposition is made for fair value
and consideration consisting of not less than 75% cash received by the Borrower
or such Subsidiary of the Borrower at the closing thereof and Article 84 the Net
Proceeds thereof are applied to repay the Loans to the extent required in
accordance with Section 2.08.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
6.11. Certain Payments of Debt. No KOF Company will make or agree to pay or
make, directly or indirectly, any payment or other distribution (whether in
cash, securities or other property) of or in respect of principal of or interest
on any Debt, or any payment or other distribution (whether in cash, securities
or other property), including any sinking fund or similar deposit, on account of
the purchase, redemption, defeasance or termination of any Debt (including,
without limitation, any payment in respect of Debt under a Synthetic Purchase
Agreement), except:
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i)
payment of Debt created under the Loan Documents;
| | -----------------------------------------------------



| | (ii)
payment of regularly scheduled interest and principal payments as and when  due in
respect of any Debt;
| | ------------------------------------------------------------------------------------------------------------



| | (iii)
refinancings of Debt with the proceeds of Debt permitted by Section 6.12;
| | -------------------------------------------------------------------------------



| | (iv)
payment of secured Debt that becomes due as a result of the voluntary sale or  transfer
of the property securing such Debt; and
| | ------------------------------------------------------------------------------------------------------------------------------------



| | (v)
the Other Debt Refinancings.
| | --------------------------------



|Section 6.12.Debt. Neither the Borrower nor any of its Subsidiaries will create, incur, assume or
permit to exist any Debt, except:
|-----------------------------------------------------------------------------------------------------------------------------------



| | (i)
Debt created under the Loan Documents;
| | ------------------------------------------



| | (ii) Debt of the Borrower,
      provided that the Net Proceeds thereof are used in full to repay
      the Loans (or, if such Net Proceeds are greater than the aggregate amount
      of the Loans and all interest accrued and owing thereunder, the amount thereof
      necessary to pay such amounts), all in the manner described in Section 2.10(b);
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) Debt of the Borrower
      in an aggregate principal amount not exceeding the sum of (A) US$100,000,000
      plus (B) the amount, if any, by which US$2,050,000,000 exceeds the
      sum of (x) the aggregate initial Dollar Amount of all Loans under this Agreement
      and loans under the Other Loan Agreement and (y) the aggregate initial principal
      amount of any Prepayment Debt Incurrences after the Effective Date and on
      prior to the Peso Borrowing Date (stated in
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 49 | 
| | -- | 



---





| | Dollars at the
Peso Spot Rate in effect on the Peso Borrowing Date), provided that (I) any such Debt is
on terms and conditions reasonably acceptable to the Required Lenders, (II) the Borrower
shall have provided twenty days written notice to the Administrative Agent of any
intention to incur Debt pursuant to this clause (iii), (III) if the aggregate amount of
any such proposed issuance under this clause (iii), together with any prior such
issuances, exceeds the amount (if any) determined pursuant to clause (B) of this clause
(iii), then upon the request of the Lead Arrangers, the Borrower shall have received
confirmation from either S&P or Moodys (as selected by the Lead Arrangers)
that its Long-Term Debt Rating (after giving pro forma effect to the expected use of
proceeds of such Debt) shall be at least BBB- and Baa3, respectively, from such
agencies, with stable outlook in each case and (IV) after giving pro forma effect to
such acquisition and the related financing, no Event of Default shall have occurred and
be continuing;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv)
Debt existing on the date hereof and listed in Schedule 6.12, and any  refinancing by
Panamco of its outstanding 71/4% Bonds due 2009;
| | -------------------------------------------------------------------------------------------------------------------------------------------



| | (v)
Debt of any Subsidiary of the Borrower to the Borrower or any of its other
Subsidiaries; provided that Debt of any Subsidiary of the Borrower to the Borrower shall
be subject to Section 6.09;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi)
Debt of the Borrower under the Coca-Cola Facility; provided that none of such Debt by
its terms matures prior to the Bridge Maturity Date; and
| | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii)
Debt of any Subsidiary of the Borrower not otherwise permitted by the foregoing
provisions of this Section 6.12, provided that (i) the Specified Priority Debt Amount at
no time exceeds the greater of (A) 20% of Consolidated Tangible Assets determined at
such time and (B) US$570,000,000 and (ii) no Debt of any Subsidiary under the Coca-Cola
Facility shall by its terms mature prior to the Bridge Maturity Date.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 6.13. Amendment
      of Material Documents. The Borrower will not amend, modify or waive
      any of its rights under its certificate of incorporation, by-laws,estatutos
      sociales or other organizational documents in any manner that could
      reasonably be expected to have a Material Adverse Effect.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 7  EVENTS OF DEFAULT
|----------------------------



|Section 7.01.Events Of Default.
If any of the following events (Events of Default) shall
occur:
|-------------------------------------------------------------------------------------------------



|(a) the
Borrower shall fail to pay any principal of any Loan when the same shall become
due, whether at the due date thereof or at a date fixed for prepayment thereof
or otherwise;
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 50 | 
| | -- | 



---





|(b) the
Borrower shall fail to pay when due any interest on any Loan or any fee or other
amount (except an amount referred to in clause (a) above) payable under any Loan
Document, and such failure shall continue unremedied for a period of three
Business Days;
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) any
representation or warranty made or deemed made by or on behalf of the Borrower
in any Loan Document or any amendment or modification thereof or waiver
thereunder, or in any report, certificate, financial statement or other document
furnished pursuant to any Loan Document or any amendment or modification thereof
or waiver thereunder, shall prove to have been incorrect in any material respect
when made or deemed made;
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) the
Borrower shall fail to observe or perform any covenant or agreement contained in
Section 5.02, 5.03 (with respect to the existence of the Borrower) or 5.09 or in
Article 6;
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) the
Borrower or any of its Subsidiaries shall fail to observe or perform any
covenant or agreement contained in any Loan Document (other than those specified
in clause (a), (b) or (d) above), and such failure shall continue unremedied for
a period of 30 days after notice thereof from the Administrative Agent to the
Borrower (which notice will be given at the request of any Lender);
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(f) any
KOF Company shall fail to make a payment or payments (whether of principal or
interest and regardless of amount) in respect of Material Debt when the same
shall become due, whether at the due date thereof or at a date fixed for
prepayment thereof or otherwise and such failure shall have continued after any
grace period applicable pursuant to the relevant agreement;
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(g) any
event or condition occurs or continues (after the passage of any grace period
applicable pursuant to the relevant agreement) that results in Material Debt
becoming due before its scheduled maturity or that enables or permits the holder
or holders of Material Debt or any trustee or agent on its or their behalf to
cause Material Debt to become due, or to require the prepayment, repurchase,
redemption or defeasance thereof, before its scheduled maturity; provided that
this clause shall not apply to secured Debt that becomes due as a result of a
voluntary sale or transfer of the property securing such Debt;
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(h) an
involuntary proceeding shall be commenced or an involuntary petition shall be
filed seeking Article 85 liquidation, reorganization or other relief in respect
of the Borrower or any Material Subsidiary or its debts, or of a substantial
part of its assets, under any Federal, state or foreign bankruptcy, concurso
mercantil, insolvency, receivership or similar law now or hereafter in effect or
Article 86 the appointment of a receiver, trustee, síndico,
conciliador, custodian, sequestrator, conservator or similar official for the
Borrower or any Material Subsidiary or for a substantial part of its respective
assets, and, in any such case, such proceeding or petition shall continue
undismissed for 60 days or an order or decree approving or ordering any of the
foregoing shall be entered; or an order for relief shall be entered against the
Borrower or any Material Subsidiary under any applicable bankruptcy laws as now
or hereafter in effect (including the Ley de Concursos Mercantiles);
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 51 | 
| | -- | 



---





|(i) the Borrower or any Material
      Subsidiary shall Article 87 voluntarily commence any proceeding or file
      any petition seeking liquidation, reorganization or other relief under any
      Federal, state or foreign bankruptcy, concurso mercantil, insolvency,
      receivership or similar law now or hereafter in effect, Article 88 consent
      to the institution of, or fail to contest in a timely and appropriate manner,
      any proceeding or petition described in clause (h) above, Article 89 apply
      for or consent to the appointment of a receiver, trustee,síndico,
      conciliador, custodian, sequestrator, conservator or similar official
      for the Borrower or any Material Subsidiary or for a substantial part of
      its respective assets, Article 90 file an answer admitting the material
      allegations of a petition filed against it in any such proceeding, Article
      91 make a general assignment for the benefit of creditors or Article 92
      take any action for the purpose of effecting any of the foregoing;
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(j) the Borrower
shall become unable, admit in writing its inability or fail  generally to pay its debts
as they become due;
|----------------------------------------------------------------------------------------------------------------------------



|(k)
either Article 93 one or more judgments for the payment of money in an aggregate
amount exceeding US$25,000,000 (or its equivalent in any other currency) shall
be rendered against one or more KOF Companies and shall remain undischarged for
a period of 60 consecutive days during which execution shall not be effectively
stayed, or Article 94 a judgment shall have attached or been levied upon any
asset with a value exceeding US$25,000,000;
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(l)
Article 95 any Governmental Authority shall declare a moratorium or other type
of order that affects payments or obligations under the Loan Documents, Article
96 any Governmental Authority shall take any action, that restricts or has the
effect of restricting (A) the exchange of Pesos for Dollars, (B) the transfer of
funds outside of Mexico or (C) the transfer of Pesos within or outside of
Mexico, or affects the schedule of payments of Loans, or limits the foregoing to
impair the practical ability of the Borrower to pay its obligations under the
Loan Documents in US Dollars or Pesos, as required or Article 97 the Borrower
shall voluntarily or involuntarily seek the rescheduling of its debts or the
restructuring or restatement of the currency in which it may pay its obligations
by participating in, or by being required to participate in, any facility or
exercise that is sponsored or mandated, or in which participation is effectively
required, by any Governmental Authority in Mexico;
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(m) the
Borrower or any of its Subsidiaries shall fail to pay when due any and all
amounts payable as required under IMSS, INFONAVIT, or SAR, except to the extent
that such payments are disputed in good faith through appropriate proceedings
and proper reserves therefor are maintained by the relevant Person or Persons,
or the outstanding amount of such due but unpaid payments does not in the
aggregate exceed at any time US$10,000,000;
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(n) a Change in
Control shall occur; or
|---------------------------------------



|(o) the
Dollar Borrowing Date shall not occur on or prior to the second LIBO Business
Day after the Peso Borrowing Date;
|------------------------------------------------------------------------------------------------------------------------



|then, and in every such event (except an event with respect
      to the Borrower described in clause (h) or (i) above), and at any time thereafter
      during the continuance of such event, the Administrative Agent may, and
      at the request of the Required Lenders shall, by notice
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 52 | 
| | -- | 



---





|to the Borrower, take either or both of the
following  actions, at the same or different times: (i) terminate the Commitments, and
thereupon the Commitments shall terminate immediately, and (ii) declare the  Loans then
outstanding to be due and payable in whole (or in part, in which case  any principal not
so declared to be due and payable may thereafter be declared  to be due and payable), and
thereupon the principal of the Loans so declared to  be due and payable, together with
accrued interest thereon and all fees and  other obligations of the Borrower accrued
hereunder, shall become due and  payable immediately, without presentment, demand,
protest or other notice of any  kind, all of which are waived by the Borrower; and in the
case of any event with  respect to the Borrower described in clause (h) or (i) above, the
Commitments  shall automatically terminate and the principal of the Loans then
outstanding,  together with accrued interest thereon and all fees and other obligations
of the  Borrower accrued hereunder, shall automatically become due and payable, without
presentment, demand, protest or other notice of any kind, all of which are  waived by the
Borrower.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 8  THE AGENTS
|---------------------



|Section
8.01. Appointment and Authorization. Each Lender Party irrevocably appoints the
Administrative Agent and, in the case of each Peso Lender, the Mexican
Administrative Agent, as its agent and authorizes the Administrative Agent and,
if applicable, the Mexican Administrative Agent to take such actions on its
behalf and to exercise such powers as are delegated to the Administrative Agent
or the Mexican Administrative Agent, as applicable, by the terms of the Loan
Documents, together with such actions and powers as are reasonably incidental
thereto.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
8.02. Rights and Powers as a Lender. A bank serving as an Agent shall, in its
capacity as a Lender, have the same rights and powers as any other Lender and
may exercise the same as though it were not an Agent. Such bank and its
Affiliates may accept deposits from, lend money to and generally engage in any
kind of business with any KOF Company or Affiliate thereof as if it were not an
Agent.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 8.03.Limited Duties and Responsibilities. No Agent shall have any duties or obligations
except those expressly set forth with respect to such Agent in the Loan Documents.
Without limiting the generality of the foregoing, Article 98 no Agent shall be subject
to any fiduciary or other implied duties, regardless of whether a Default has occurred
and is continuing, Article 99 no Agent shall have any duty to take any discretionary
action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated by the Loan Documents that the Administrative Agent or the
Mexican Administrative Agent is required in writing to exercise by the Required Lenders
(or such other number or group of the Lenders as shall be necessary under the
circumstances as provided in Section 9.02) and Article 100 except as expressly set forth
in the Loan Documents, no Agent shall have any duty to disclose, and shall not be liable
for any failure to disclose, any information relating to any KOF Company that is
communicated to or obtained by the bank serving as an Agent or any of its Affiliates in
any capacity. No Agent shall be liable for any action taken or not taken by it with the
consent or at the request of the Required Lenders (or such other number or group of the
Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in
the absence of its own gross negligence or willful misconduct. The Administrative Agent
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 53 | 
| | -- | 



---





|shall be deemed not  to have knowledge of any
Default unless and until written notice thereof is  given to the Administrative Agent by
the Borrower or a Lender, and no Agent  shall be responsible for or have any duty to
ascertain or inquire into (a) any  statement, warranty or representation made in or in
connection with any Loan  Document, (b) the contents of any certificate, report or other
document  delivered thereunder or in connection therewith, (c) the performance or
observance of any of the covenants, agreements or other terms or conditions set  forth in
any Loan Document, (d) the validity, enforceability, effectiveness or  genuineness of any
Loan Document or any other agreement, instrument or document  or (e) the satisfaction of
any condition set forth in Article 4 or elsewhere in  any Loan Document, other than, in
the case of the Administrative Agent, to  confirm receipt of items expressly required to
be delivered to the  Administrative Agent. Without limitation of the foregoing, the
Syndication Agent  shall have no obligations, duties or responsibilities whatsoever under
the Loan  Documents.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
8.04. Authority to Rely on Certain Writings, Statements and Advice. Each Agent
shall be entitled to rely on, and shall not incur any liability for relying on,
any notice, request, certificate, consent, statement, instrument, document or
other writing believed by it to be genuine and to have been signed or sent by
the proper Person. Each Agent also may rely on any statement made to it orally
or by telephone and believed by it to be made by the proper Person, and shall
not incur any liability for relying thereon. Each Agent may consult with legal
counsel (who may be counsel for any KOF Company), independent accountants and
other experts selected by it, and shall not be liable for any action taken or
not taken by it in accordance with the advice of any such counsel, accountants
or experts.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
8.05. Sub-Agents and Related Parties. The Administrative Agent or Mexican
Administrative Agent may perform any and all of its duties and exercise its
rights and powers by or through one or more sub-agents appointed by it. The
Administrative Agent or Mexican Administrative Agent, as applicable, and any
such sub-agent may perform any and all of the duties of the Administrative Agent
or Mexican Administrative Agent, as applicable, and exercise the rights and
powers of the Administrative Agent or Mexican Administrative Agent, as
applicable, through their respective Related Parties. The exculpatory provisions
of the preceding Sections of this Article shall apply to any such sub-agent and
to the Related Parties of the Agents and any such sub-agent, and shall apply to
activities in connection with the syndication of the credit facilities provided
for herein as well as activities as Agent.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 8.06.Resignation; Successor Administrative Agents. Subject to the appointment and acceptance
of a successor Administrative Agent or Mexican Administrative Agent, as applicable, as
provided in this Section, the Administrative Agent or Mexican Administrative Agent may
resign at any time by giving at least 15 Business Days advance notice to the
Borrower and the Administrative Agent or Mexican Administrative Agent, as applicable,
and 10 Business Days advance notice to the Lenders. Upon any such resignation, the
Required Lenders shall have the right, acting jointly and with the consent of the
Borrower, to appoint a successor to such Administrative Agent or Mexican Administrative
Agent (as applicable). If no successor shall have been so appointed by the Required
Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent or Mexican Administrative Agent (as applicable) gives notice of its
resignation, then the retiring Administrative Agent or Mexican Administrative Agent (as
applicable) may, on behalf of
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 54 | 
| | -- | 



---





|the Lenders,  appoint a successor Administrative
Agent or Mexican Administrative Agent (as  applicable), which shall be (i) in the case of
the Administrative Agent, a bank  with an office in New York, New York, or an Affiliate
of any such bank and (ii)  in the case of the Mexican Administrative Agent, a Mexican
Bank with an office  in Mexico City, or an Affiliate of any such Person. Upon acceptance
of its  appointment as Administrative Agent or Mexican Administrative Agent, as
applicable, by a successor, such successor shall succeed to and become vested  with all
the rights, powers, privileges and duties of the retiring Agent, and  the retiring Agent
shall be discharged from its duties and obligations  hereunder. The fees payable by the
Borrower to any such successor Administrative  Agent or Mexican Administrative Agent (as
applicable) shall be the same as those  payable to its predecessor unless otherwise
agreed by the Borrower and such  successor. After any Administrative Agents or
Mexican Administrative  Agents resignation hereunder, the provisions of this
Article and Section  9.03 shall continue in effect for the benefit of such retiring
Agent, its  sub-agents and their respective Related Parties in respect of any actions
taken  or omitted to be taken by any of them while the retiring Agent was acting as
Administrative Agent or Mexican Administrative Agent, as applicable.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
8.07. Credit Decisions by Lenders. Each Lender acknowledges that it has,
independently and without reliance on any Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit
analysis and decision to enter into this Agreement. Each Lender also
acknowledges that it will, independently and without reliance on any Agent or
any other Lender and based on such documents and information as it shall from
time to time deem appropriate, continue to make its own decisions in taking or
not taking action under or based on this Agreement, any other Loan Document or
related agreement or any document furnished hereunder or thereunder.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|ARTICLE 9 
      MISCELLANEOUS
|------------------------------



|Section
9.01. Notices. Except in the case of notices and other communications expressly
permitted to be given by telephone, all notices and other communications
provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by
telecopy, as follows:
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) if to the
Borrower, to it at Guillermo González Camarena No. 600,  Colonia Centro de Ciudad
de Santa Fe, México, D.F, Mexico 01210,  Attention: Héctor Treviño
Gutiérrez, Chief Financial  Officer, (Telecopy No. 52-55-5292-3475) and Carlos
Aldrete Ancira, Secretary of  the Board of Directors, (Telecopy No. 528-18-328-6181);
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) if to the
Administrative Agent, to JPMorgan Chase Bank, 1111 Fannin, 10th  Floor, Houston, Texas
77002, Attention of Leah E. Hughes (Telecopy No.  713-750-2452) (or, in the case of any
notice by email for purposes of Section  5.01(d) only, Leah.E.Hughes@jpmorgan.com);
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) if to the
Mexican Administrative Agent, to Banco J.P. Morgan, S.A.,  Institución de Banca Múltiple,
J.P. Morgan Grupo Financiero,  División Fiduciaria, at
|--------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 55 | 
| | -- | 



---





|Paseo de las Palmas 405, 15th Floor, C.P. 11000,
Mexico City, Mexico, Attention of David R. Jaime (Telecopy No. 52-55-5283-1620);  and
|--------------------------------------------------------------------------------------------------------------------------------------



|(d) if to any
other Lender, to it at its address (or telecopy number) set forth  in its Administrative
Questionnaire.
|---------------------------------------------------------------------------------------------------------------------



|Any party  hereto may change its address or
telecopy number for notices and other  communications hereunder by notice to the
Administrative Agent, the Mexican  Administrative Agent and the Borrower. All notices and
other communications  given to any party hereto in accordance with the provisions of this
Agreement  will be deemed to have been given on the date of receipt.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
9.02. Waivers; Amendments. Article 101 No failure or delay by any Lender Party
in exercising any right or power hereunder or under any other Loan Document
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right or power, or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other or further exercise thereof or
the exercise of any other right or power. The rights and remedies of the Lender
Parties under the Loan Documents are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No waiver of any provision of
any Loan Document or consent to any departure by the Borrower therefrom shall in
any event be effective unless the same shall be permitted by subsection (a) of
this Section, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. Without limiting the
generality of the foregoing, the making of a Loan shall not be construed as a
waiver of any Default, regardless of whether any Lender Party had notice or
knowledge of such Default at the time.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) This
Agreement and any provision hereof may not be waived, amended or modified except
by an agreement or agreements in writing entered into by the Borrower and the
Required Lenders; provided that no such agreement shall:
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i)
increase the Commitment of any Lender without its written consent;
| | ----------------------------------------------------------------------



| | (ii)
reduce the principal amount of any Loan or reduce the rate of interest thereon,  or
reduce any fee payable hereunder, without the written consent of each Lender  Party
affected thereby;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii)
postpone the maturity of any Loan or any date for the payment of any interest or  fee
payable hereunder, or reduce the amount of, waive or excuse any such  payment, or
postpone the scheduled date of expiration of any Commitment, without  the written consent
of each Lender Party affected thereby;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv)
change Section 2.15(a) or Section 2.15(b) in a manner that would alter the pro  rata
sharing of payments required thereby, or change Section 2.17 without the  written consent
of each Lender;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v)
change any provision of Section 2.03(b) or the definition of Initial Peso  Exchange
Rate without the consent of each Peso Lender (and such agreement  shall not
otherwise require the consent of the Required Lenders); or
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 56 | 
| | -- | 



---





| | (vi)
change any provision of this Section or the percentage set forth in the  definition of
Required Lenders or any other provision of this  Agreement specifying the
number or percentage of Lenders (or Lenders of any  Tranche or Tranches) required to take
any action thereunder, without the written  consent of each Lender, or each Lender of
such Tranche or Tranches, as the case  may be.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|provided further that (A) no such agreement
shall amend, modify or otherwise affect the rights or duties of any Agent without its
prior written consent and (B) any waiver, amendment or modification of this Agreement
that by its terms affects the rights or duties under this Agreement of either the
Dollars Lenders or Peso Lenders (but not both) may be effected by an agreement or
agreements in writing entered into by the Borrower and the requisite percentage in
interest of the affected Lenders that would be required to consent thereto under this
Section if such Lenders were the only Lenders hereunder at the time.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b)
Notwithstanding the foregoing, if the Required Lenders enter into or consent to
any waiver, amendment or modification pursuant to subsection (b) of this
Section, no consent of any other Lender will be required if, when such waiver,
amendment or modification becomes effective, (i) the Commitment of each Lender
not consenting thereto terminates and (ii) all amounts owing to it or accrued
for its account hereunder are paid in full.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
9.03. Expenses; Indemnity; Damage Waiver. Article 102 The Borrower shall pay (a)
all reasonable and documented out-of-pocket expenses incurred by the
Administrative Agent, the Mexican Administrative Agent and their respective
Affiliates, including the reasonable and documented fees, charges and
disbursements of special New York and Mexican counsel for the Agents, in
connection with the syndication of the credit facilities provided for herein,
the preparation and administration of the Loan Documents and any amendments,
modifications or waivers of the provisions thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated) and (b) all
reasonable and documented out-of-pocket expenses incurred by any Lender Party,
including the fees, charges and disbursements of any counsel for any Lender
Party, in connection with the enforcement or protection of its rights in
connection with the Loan Documents (including its rights under this Section) or
the Loans, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of the Loans.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) The Borrower
shall indemnify each of the Lender Parties and their respective Related Parties (each
such Person being called an Indemnitee) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses,
including the reasonable and documented fees, charges and disbursements of counsel for
any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of Article 103 the execution or delivery of any Loan
Document or any other agreement or instrument contemplated hereby, the performance by
the parties to the Loan Documents of their respective obligations thereunder or the
consummation of the Transactions or any other transactions contemplated hereby, Article
104 any Loan or the use of the proceeds therefrom, or Article 105 any actual or
prospective claim, litigation, investigation or proceeding relating to any of the
foregoing, whether based on contract, tort or any other theory and regardless of whether
any Indemnitee is a party thereto; provided that such indemnity shall not be available
to any Indemnitee to the extent that such losses, claims, damages,
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 57 | 
| | -- | 



---





|liabilities or related expenses resulted (x)
from such Indemnitees gross negligence or willful misconduct, (y) pursuant to a
dispute between Indemnitees and not predicated in any substantial manner on actions or
failures to act by the Borrower or (z) solely in the case of any Affiliate of JPMorgan
Chase Bank or Morgan Stanley Senior Funding Inc. (but not JPMorgan Chase Bank or Morgan
Stanley Senior Funding Inc.), pursuant to a dispute involving such Affiliate arising
solely in such Affiliates Related Transaction Capacity and not predicated in any
substantial manner on the Loan Documents, the Other Loan Documents or any commitment
letter or other agreement preliminary or incidental to the Loan Documents and Other Loan
Documents. As used above, a matter is within the Related Transaction Capacity of
an Affiliate of JPMorgan Chase Bank or Morgan Stanley Senior Funding Inc. if, in taking
or failing to take any action, such Affiliate was acting pursuant to its engagement by
one of the parties to the Acquisition as financial advisor, and not pursuant to or
related to the role of JPMorgan Chase Bank or Morgan Stanley Senior Funding Inc. or any
of their respective Affiliates as an Agent, Co-Lead Arranger and Joint Bookrunner,
Lender or similar capacity with respect to the Loan Documents, the Other Loan Documents
or any commitment letter or other agreement preliminary or incidental to the Loan
Documents and Other Loan Documents.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) To the extent that the
      Borrower fails to pay any amount required to be paid by it to the Administrative
      Agent or Mexican Administrative Agent under subsection Article 102 or (a)
      of this Section, each Lender severally agrees to pay to the Administrative
      Agent and/or Mexican Administrative Agent, as applicable, such Lenders
      pro rata share (determined as of the time that the applicable unreimbursed
      expense or indemnity payment is sought) of such unpaid amount;provided
      that the unreimbursed expense or indemnified loss, claim, damage, liability
      or related expense, as the case may be, was incurred by or asserted against
      the Administrative Agent and/or the Mexican Administrative Agent, as the
      case may be, in their capacity as such. For purposes hereof, a Lenders
      pro rata share shall be determined based on the proportion
      of the aggregate Dollar Amount of all Loans represented by the aggregate
      Dollar Amount of such Lenders Loan or Loans at such time (or, if the
      Borrowing Dates have not occurred, of the aggregate Commitments represented
      by its Commitment or Commitments), all determined on the date on which such
      claim arose, as determined in the sole good faith discretion of such Agent.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) To
the extent permitted by applicable law, the Borrower shall not assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or
actual damages) arising out of any failure of such Indemnitee to perform its
obligations or undertakings in connection with, or as a result of, this
Agreement or any agreement or instrument contemplated hereby, the Transactions,
any Loan or the use of the proceeds thereof.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) All
amounts due under this Section shall be payable within ten Business Days after
written demand therefor setting forth a reasonably detailed explanation as to
the reason for any amounts.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 9.04. Successors
      and Assigns. Article 106 The provisions of this Agreement shall be binding
      on and inure to the benefit of the parties hereto and their respective successors
      and assigns permitted hereby, except that the Borrower may not assign or
      otherwise transfer any of its rights or obligations hereunder without the
      prior written consent of each Lender (and any attempted assignment or transfer
      by the
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 58 | 
| | -- | 



---





|Borrower without such consent shall be null and
void).  Nothing in this Agreement, expressed or implied, shall be construed to confer
upon any Person (except the parties hereto, their respective successors and  assigns
permitted hereby and, to the extent expressly provided herein, the  directors, officers,
employees, agents or advisors of the Lender Parties) any  legal or equitable right,
remedy or claim under or by reason of this Agreement.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) Any
Lender may assign to one or more assignees all or a portion of its rights and
obligations under this Agreement (including all or a portion of any Commitment
it has at the time and any Loans at the time owing to it); provided that:
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i)
except in the case of an assignment to a Lender or an Affiliate of a Lender, each of the
Borrower and the Administrative Agent must give their prior written consent to such
assignment (which consent shall not be unreasonably withheld or delayed), provided that
solely for purposes of this clause (b)(i), no collateralized loan obligation fund or
similar Person that purchases or invests in bank loans or similar extensions of credit
and that is managed by a Lender or any of such Lenders other Affiliates shall be
deemed to be an Affiliate of such Lender by virtue of such management;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii)
each  partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lenders rights and obligations under this Agreement; except  that
this clause (ii) shall not prohibit the assignment of a proportionate part  of all the
assigning Lenders rights and obligations in respect of its (I)  Dollar Loan
Commitments or Dollar Loans or (II) Peso Loan Commitments or Peso  Loans;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii)
unless each of the Borrower and the Administrative Agent otherwise consent, the amount
of the Commitment or Loans of the assigning Lender subject to each such assignment
(determined as of the date on which the relevant Assignment is delivered to the
Administrative Agent) shall not be less than US$5,000,000 (or, in the case of Peso
Loans, Ps. 50,000,000); provided that this clause (iii) shall not apply to an assignment
to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount
of the assigning Lenders Commitment or Loans;
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv)
the parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment, together with a processing and recordation fee of US$2,500 which shall be
paid by the parties to such assignment; provided that only one such fee shall be due in
respect of a simultaneous assignment to more than one Affiliate of a Lender;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v)
each such assignee will be either a Mexican Bank or registered as a Foreign Financial
Institution that is resident (or, if applicable, the main office of which is resident)
in a country that has entered into a treaty for the avoidance of double taxation with
Mexico, provided that such registration is required to avoid the imposition of
Indemnified Taxes and Other Taxes covered by Section 2.14 in excess of the rate
applicable to such a registered Foreign Financial Institution or it is otherwise agreed
by such assignee that any amount payable by the Borrower under Section 2.14 to such
assignee shall not be higher than the amount payable to an institution so registered.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 59 | 
| | -- | 



---





| | (vi)
the assignee, if it shall not be a Lender, shall deliver to the  Administrative Agent a
completed Administrative Questionnaire;
| | ------------------------------------------------------------------------------------------------------------------------------------



|provided that no consent of the Borrower
otherwise required under this clause shall be required if an Event of Default is
continuing at the time of such assignment. Subject to acceptance and recording thereof
pursuant to subsection (c) of this Section, from and after the effective date specified
in each Assignment the assignee thereunder shall be a party hereto and, to the extent of
the interest assigned by such Assignment, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the
interest assigned by such Assignment, be released from its obligations under this
Agreement (and, in the case of an Assignment covering all of the assigning Lenders
rights and obligations under this Agreement, such Lender shall cease to be a party
hereto but shall continue to be entitled to the benefits of Sections 2.12, 2.13, 2.14
and 9.03). Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this subsection shall be treated for purposes of
this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with subsection (d) of this Section.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) The
Administrative Agent, acting for this purpose as an agent of the Borrower, shall
maintain at one of its offices in New York City a copy of each Assignment
delivered to it and a register for the recordation of the names and addresses of
the Lenders, their respective Commitments and the principal amounts of the Loans
owing to each Lender pursuant to the terms hereof from time to time (the
Register). The entries in the Register shall be conclusive, absent
manifest error, and the parties hereto may treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender for all
purposes of this Agreement, notwithstanding notice to the contrary. The Register
shall be available for inspection by any party hereto at any reasonable time and
from time to time upon reasonable prior notice.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) Upon
its receipt of a duly completed Assignment executed by an assigning Lender and
an assignee, the assignees completed Administrative Questionnaire (unless
the assignee shall already be a Lender hereunder), the processing and
recordation fee referred to in subsection (a) of this Section and any written
consent to such assignment required by subsection (a) of this Section, the
Administrative Agent shall accept such Assignment and record the information
contained therein in the Register. No assignment shall be effective for purposes
of this Agreement unless it has been recorded in the Register as provided in
this subsection.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) Any Lender may, without
      the consent of the Borrower or any other Lender Party, sell participations
      to one or more banks or other entities (Participants)
      in all or a portion of such Lenders rights and obligations under this
      Agreement (including all or a portion of its Commitments and the Loans owing
      to it); provided that Article 107 such Lenders obligations
      under this Agreement shall remain unchanged, Article 108 such Lender shall
      remain solely responsible to the other parties hereto for the performance
      of such obligations and Article 109 the Borrower and the other Lender Parties
      shall continue to deal solely and directly with such Lender in connection
      with such Lenders rights and obligations under this Agreement. Any
      agreement or instrument pursuant to which a Lender sells such a participation
      shall provide that such Lender shall retain the sole right to enforce the
      Loan Documents and to approveany amendment, modification or waiver
      of any provision of the Loan Documents;provided that such agreement
      or instrument may provide that such Lender will not, without the consent
      of the Participant, agree to
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 60 | 
| | -- | 



---





|any amendment, modification or waiver described
in the first proviso to Section 9.02(a) that affects such Participant. Subject to
subsection (e) of this Section, each Participant shall be entitled to the benefits of
Sections 2.12, 2.13, and 2.14 to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to subsection (a) of this Section. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section
9.08 as though it were a Lender, provided that such Participant agrees to be subject to
Section 2.15(c) as though it were a Lender.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) A
Participant shall not be entitled to receive any greater payment under Section
2.12 or 2.14 than the applicable Lender would have been entitled to receive with
respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrowers prior written
consent.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(f) Any
Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender
to a Federal Reserve Bank, any central bank, or any similar institution and this
Section shall not apply to any such pledge or assignment of a security interest.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
9.05. Survival. All covenants, agreements, representations and warranties made
by the Borrower in the Loan Documents and in certificates or other instruments
delivered in connection with or pursuant to the Loan Documents shall be
considered to have been relied upon by the other parties hereto and shall, from
the date made or entered, survive the execution and delivery of the Loan
Documents and the making of any Loans and shall continue in full force and
effect as long as any principal of or accrued interest on any Loan or any fee or
other amount payable hereunder is outstanding and unpaid or any Commitment has
not expired or terminated. The provisions of Sections 2.12, 2.13, 2.14, 9.03 and
Article 8 shall survive and remain in full force and effect for two years from
the date on which the Commitments have expired or terminated and the principal
of and interest on each Loan have been paid in full.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed
in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. From and after the Borrowing Dates, this
Agreement, the other Loan Documents and any separate letter agreements with
respect to fees payable to the Administrative Agent shall constitute the entire
contract among the parties relating to the subject matter hereof and shall
supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof (except, in the case of commitment letters
and similar agreements between the Borrower and one or more of the Agents and
their affiliates executed solely for the accounts of the parties thereto).
Except as provided in Section 4.01, this Agreement (a) will become effective
when the Administrative Agent shall have signed this Agreement and received
counterparts hereof that, when taken together, bear the signatures of each of
the other parties hereto and (b) thereafter will be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns.
Delivery of an executed counterpart of a signature page of this Agreement by
telecopy will be effective as delivery of a manually executed counterpart of
this Agreement.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 9.07.Severability. If any provision of any Loan Document is invalid, illegal or unenforceable
in any jurisdiction then, to the fullest extent permitted by law, (c) such provision
shall, as to such jurisdiction, be ineffective to the extent (but only to the
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 61 | 
| | -- | 



---





|extent) of such invalidity, illegality or
unenforceability, (d)  the other provisions of the Loan Documents shall remain in full
force and effect  in such jurisdiction and shall be liberally construed in favor of the
Lender  Parties in order to carry out the intentions of the parties thereto as nearly as
may be possible and (e) the invalidity, illegality or unenforceability of any  such
provision in any jurisdiction shall not affect the validity, legality or  enforceability
of such provision in any other jurisdiction.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
9.08. Right of Set-off. If an Event of Default shall have occurred and be
continuing, each Lender is authorized at any time and from time to time, to the
fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held and
other obligations at any time owing by such Lender to or for the credit or the
account of the Borrower against any obligations of the Borrower due hereunder
and held by such Lender, irrespective of whether or not such Lender shall have
made any demand hereunder and although such obligations may be unmatured. The
rights of each Lender under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Lender may have.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
9.09. Governing Law; Jurisdiction; Consent to Service of Process. Article 110
This Agreement shall be construed in accordance with and governed by the law of
the State of New York.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(a) Each
of the parties hereto hereby irrevocably and unconditionally submits, for
itself, to the jurisdiction of the Supreme Court of the State of New York
sitting in New York County and of the United States District Court of the
Southern District of New York, and any relevant appellate court (each, a
New York Court) and to the courts of its own corporate domicile in
respect of actions brought against it as a defendant, in any action or
proceeding arising out of or relating to any Loan Document, or for recognition
or enforcement of any judgment, and each party hereto irrevocably and
unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such courts. Each party hereto agrees
that a final judgment in any such action or proceeding shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) The
Borrower irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection that it may now or hereafter have
to the laying of venue of any suit, action or proceeding arising out of or
relating to any Loan Document in any court referred to in subsection (a) of this
Section and any right to which it may be entitled on account of place of
residence or domicile. Each party hereto irrevocably waives, to the fullest
extent permitted by law, the defense of an inconvenient forum to the maintenance
of any such suit, action or proceeding in any such court.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) The Borrower
hereby irrevocably designates, appoints, authorizes and empowers as its agent for
service of process, CT Corporation System, at its offices currently located at 111
Eighth Avenue, 13th Floor, New York, NY 10011 (the Process Agent), to
receive and forward on its behalf service of any and all process, notices or other
documents that may be served in any suit, action or proceeding relating hereto in any
New York Court (as defined in subsection (b) of this Section). The Borrower consents to
process being served in any suit, action or proceeding of the nature referred to in this
Section 9.09 by serving a copy thereof upon the Process Agent. Without prejudice to the
foregoing, the Lenders agree that to the extent lawful and possible, written notice of
said service upon the Process Agent shall also be mailed by registered or certified
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 62 | 
| | -- | 



---





|airmail, postage prepaid, return receipt
requested, to the Borrower at the  address provided pursuant to Section 9.01. If said
service upon the Process  Agent shall not be possible or shall otherwise be impractical
after reasonable  efforts to effect the same, the Borrower consents to process being
served in any  suit, action or proceeding of the nature referred to in Section 9.09 by
the  mailing of a copy thereof by registered or certified airmail, postage prepaid,
return receipt requested, to the address of the Borrower provided pursuant to  Section
9.01, which service shall be effective 14 days after deposit in the  United States Postal
Service. The Borrower agrees that such service (1) shall be  deemed in every respect
effective service of process upon it in any such suit,  action or proceeding and (2)
shall, to the fullest extent permitted by law, be  taken and held to be valid personal
service upon and personal delivery to it.  Without limitation of the foregoing, each
party hereto irrevocably consents to  service of process in the manner provided for
notices in Section 9.01. Nothing  in any Loan Document will affect the right of any party
hereto to serve process  in any other manner permitted by law.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) To
the extent that the Borrower has or hereafter may be entitled to claim or may
acquire, for itself or any of its assets, any immunity from suit, jurisdiction
of any court or from any legal process (whether through service or notice,
attachment prior to judgment, attachment in aid of execution, or otherwise) with
respect to itself or its property, it hereby irrevocably waives such immunity in
respect of its obligations under the Loan Documents to the extent permitted by
applicable law and, without limiting the generality of the foregoing, agrees
that the waivers set forth in this Section shall be effective to the fullest
extent now or hereafter permitted under the Foreign Sovereign Immunities Act of
1976 of the United States and are intended to be irrevocable for purposes of
such Act.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY LOAN
DOCUMENT OR ANY TRANSACTION CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section
9.11. Headings. Article and Section headings and the Table of Contents herein
are for convenience of reference only, are not part of this Agreement and shall
not affect the construction of, or be taken into consideration in interpreting,
this Agreement.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Section 9.12.Confidentiality. Each Lender Party agrees to maintain the confidentiality of the
Information (as defined below), except that Information may be disclosed Article 111 to
its and its Affiliates directors, officers, employees and agents, including
accountants, legal counsel and other advisors strictly on a need to know basis (it being
understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and will be instructed on and will agree to keep
such Information confidential), Article 112 to the extent requested by any regulatory
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 63 | 
| | -- | 



---





|authority, including the regulatory authority
having jurisdiction over any Affiliate, Article 113 to the extent required by applicable
laws or regulations, or by any subpoena or similar legal process, Article 114 to any
other party to this Agreement, Article 115 in connection with the exercise of any remedy
hereunder or any suit, action or proceeding relating to any Loan Document or the
enforcement of any right thereunder, Article 116 subject to an agreement containing
provisions substantially the same as those of this Section to any actual or prospective
assignee of or Participant in any of its rights or obligations under this Agreement,
Article 117 with the consent of the Borrower or Article 118 to the extent such
Information either (a) becomes publicly available other than as a result of a breach of
this Section or (b) becomes available to any Lender Party on a nonconfidential basis
from a source other than the Borrower. For the purposes of this Section, Information means
all information received from the Borrower relating to the Borrower or its business,
other than any such information that is available to any Lender Party on a
nonconfidential basis before disclosure by the Borrower.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 64 | 
| | -- | 



---





|IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers as of the day and year first
above written.
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | BORROWER
| | --------





| | COCA-COLA FEMSA,
S.A. DE C.V.
| | -----------------------------





| | By: | /s/ Héctor Treviño Gutiérrez 
            Title: Chief Financial Officer
| | --- | ------------------------------------------------------------------------





| | 65 | 
| | -- | 



---





| | ADMINISTRATIVE AGENT
| | --------------------





| | JPMORGAN CHASE BANK,   as Administrative Agent
| | ----------------------------------------------





| | By: | /s/ Linda M. Meyer 
            Title: Vice President
| | --- | -----------------------------------------------------





| | 66 | 
| | -- | 



---





| | MEXICAN ADMINISTRATIVE AGENT
| | ----------------------------





| | BANCO J.P. MORGAN, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, J.P. MORGAN GRUPO FINANCIERO, DIVISIÓN
FIDUCIARIA, as Mexican Administrative Agent
| | ------------------------------------------------------------------------------------------------------------------------------------------





| | By: | /s/ María Elisa Cornejo Mirabal 
            Title: Trustee Delegate
| | --- | --------------------------------------------------------------------





| | 67 | 
| | -- | 



---





| | LENDERS
| | -------





| | JPMORGAN CHASE BANK
| | -------------------





| | By: | /s/ Linda M. Meyer 
            Title: Vice President
| | --- | -----------------------------------------------------





| | 68 | 
| | -- | 



---





| | MORGAN STANLEY SENIOR FUNDING, INC.
| | -----------------------------------





| | By: | /s/ Lucy Galbraith 
            Title: Vice President
| | --- | -----------------------------------------------------





| | 69 | 
| | -- | 



---





| | BANCO NACIONAL DE MÉXICO, S.A., INTEGRANTE DEL GRUPO FINANCIERO BANAMEX
| | -----------------------------------------------------------------------





| | By: | /s/ Leopoldo Amaya González 
            Title: Director de Finanzas Corporativas
| | --- | ---------------------------------------------------------------------------------





| | By: | /s/ Julio Alvarez 
            Title: Vice President
| | --- | ----------------------------------------------------





| | 70 | 
| | -- | 



---





| | BBVA BANCOMER, S.A.
INSTITUCION DE BANCA MULTIPLE
GRUPO FINANCIERO BANCOMER, SUCURSAL GRAN CAIMAN
| | -------------------------------------------------------------------------------------------------





| | By: | /s/ Agustin de la Garza Vidaurri 
            Title: Attorney in Fact
| | --- | ---------------------------------------------------------------------





| | By: | /s/ Sergio del Rio Herrera 
            Title: Attorney in Fact
| | --- | ---------------------------------------------------------------





| | 71 | 
| | -- | 



---





| | ING BANK, N.V. ACTING THROUGH 
      ITS CURACAO BRANCH
| | -------------------------------------------------------





| | By: | /s/ A.B. Rosaria 
            Title: Risk Manager
| | --- | -------------------------------------------------





| | By: | /s/ A.C. Zulia
| | --- | --------------
| |     | Title:        





| | 72 | 
| | -- | 



---





| | THE BANK OF NOVA SCOTIA
| | -----------------------





| | By: | /s/ Robert D. Hirsh 
            Title: Representative
| | --- | ------------------------------------------------------





| | 73 | 
| | -- | 



---





| | BNP PARIBAS PANAMA BRANCH
| | -------------------------





| | By: | /s/ Jorge Dixon
| | --- | ---------------
| |     | Title:         





| | By: | /s/ Leticia Sang 
            Title: Commercial Officer
| | --- | -------------------------------------------------------





| | 74 | 
| | -- | 



---





| | COMERICA BANK
| | -------------





| | By: | /s/ Myrna E. Fernandez-Lynch 
            Title: International Lending Officer
| | --- | ------------------------------------------------------------------------------





| | 75 | 
| | -- | 



---





| | STANDARD CHARTERED BANK
| | -----------------------





| | By: | /s/ Steve Aloupis 
            Title: Senior Vice President
| | --- | -----------------------------------------------------------





| | By: | /s/ Andrew Y. Ng 
            Title: Vice President
| | --- | ---------------------------------------------------





| | 76 | 
| | -- | 



---





| | WACHOVIA BANK, NATIONAL ASSOCIATION
| | -----------------------------------





| | By: | /s/ J. Tyler Rollins 
            Title: Director
| | --- | -------------------------------------------------





| | 77 | 
| | -- | 



---