##### 



Exhibit 2(b)(3)
[EXECUTION COPY]

US $300,000,000

LOAN AGREEMENT

Dated as of December 18, 2002

among

GRUMA, S.A. de C.V.,
as Borrower

BANK OF AMERICA, N.A.,
as Administrative Agent

The Several Banks Party Hereto

BANC OF AMERICA SECURITIES LLC,
as Lead Arranger and Sole Book Manager

and

ABN AMRO
BNP PARIBAS
CITI GROUP
RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL
SCOTIABANK INVERLAT, S.A.
and
SOCIÉTÉ GÉNÉRALE,

as Arrangers





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##### 



TABLE OF CONTENTS

|        |  |                                                                   |  |      |    |  |  | 
|------- |  | ----------------------------------------------------------------- |  | ---- | -- |  |  | 
|Section |  |                                                                   |  | Page |    | 
|        |  |                                                                   |  |      |    | 
|        |  | ARTICLE I DEFINITIONS                                             |  |      | 1  |  |  | 
|1.01    |  | Certain Defined Terms                                             |  |      | 1  |  |  | 
|1.02    |  | Other Interpretive Provisions                                     |  |      | 15 |  |  | 
|1.03    |  | Accounting Principles                                             |  |      | 16 |  |  | 
|        |  | ARTICLE II THE LOANS                                              |  |      | 16 |  |  | 
|2.01    |  | Commitments to Make the Loans                                     |  |      | 16 |  |  | 
|2.02    |  | Evidence of Indebtedness                                          |  |      | 17 |  |  | 
|2.03    |  | Procedure for Borrowing                                           |  |      | 17 |  |  | 
|2.04    |  | Continuation and Conversion Elections                             |  |      | 18 |  |  | 
|2.05    |  | Prepayments                                                       |  |      | 19 |  |  | 
|2.06    |  | Termination or Reduction of Commitments; Conversion to Term Loans |  |      | 19 |  |  | 
|2.07    |  | Repayment of the Loans                                            |  |      | 20 |  |  | 
|2.08    |  | Interest                                                          |  |      | 21 |  |  | 
|2.09    |  | Fees                                                              |  |      | 21 |  |  | 
|2.10    |  | Computation of Interest and Fees                                  |  |      | 22 |  |  | 
|2.11    |  | Payments by the Company                                           |  |      | 22 |  |  | 
|2.12    |  | Payments by the Banks to the Administrative Agent                 |  |      | 23 |  |  | 
|2.13    |  | Sharing of Payments, Etc.                                         |  |      | 24 |  |  | 
|        |  | ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY                |  |      | 25 |  |  | 
|3.01    |  | Taxes                                                             |  |      | 25 |  |  | 
|3.02    |  | Illegality                                                        |  |      | 26 |  |  | 
|3.03    |  | Inability to Determine Rates                                      |  |      | 26 |  |  | 
|3.04    |  | Increased Costs and Reduction of Return                           |  |      | 26 |  |  | 
|3.05    |  | Funding Losses                                                    |  |      | 27 |  |  | 
|3.06    |  | Reserves on Loans                                                 |  |      | 27 |  |  | 
|3.07    |  | Certificates of Banks                                             |  |      | 28 |  |  | 
|3.08    |  | Change of Lending Office                                          |  |      | 28 |  |  | 
|3.09    |  | Substitution of Bank                                              |  |      | 28 |  |  | 
|3.10    |  | Survival                                                          |  |      | 28 |  |  | 
|        |  | ARTICLE IV CONDITIONS PRECEDENT                                   |  |      | 29 |  |  | 
|4.01    |  | Conditions to Initial Loans                                       |  |      | 29 |  |  | 
|4.02    |  | Conditions to All Borrowings                                      |  |      | 30 |  |  | 
|        |  | ARTICLE V REPRESENTATIONS AND WARRANTIES                          |  |      | 31 |  |  | 
|5.01    |  | Corporate Existence and Power                                     |  |      | 31 |  |  | 
|5.02    |  | Corporate Authorization; No Contravention                         |  |      | 31 |  |  | 
|5.03    |  | No Additional Governmental Authorization                          |  |      | 32 |  |  | 
|5.04    |  | Binding Effect                                                    |  |      | 32 |  |  | 
|5.05    |  | Litigation                                                        |  |      | 32 |  |  | 





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##### 



|        |  |                                                                      |  |      |    |  |  | 
|------- |  | -------------------------------------------------------------------- |  | ---- | -- |  |  | 
|Section |  |                                                                      |  | Page |    | 
|        |  |                                                                      |  |      |    | 
|5.06    |  | Financial Information; No Material Adverse Effect; No Default        |  |      | 32 |  |  | 
|5.07    |  | Pari Passu                                                           |  |      | 33 |  |  | 
|5.08    |  | Taxes                                                                |  |      | 33 |  |  | 
|5.09    |  | Environmental Matters                                                |  |      | 33 |  |  | 
|5.10    |  | Compliance with Social Security Legislation, Etc.                    |  |      | 34 |  |  | 
|5.11    |  | Assets; Patents; Licenses, Etc.                                      |  |      | 34 |  |  | 
|5.12    |  | Subsidiaries                                                         |  |      | 34 |  |  | 
|5.13    |  | Commercial Acts                                                      |  |      | 34 |  |  | 
|5.14    |  | Proper Legal Form                                                    |  |      | 34 |  |  | 
|5.15    |  | Full Disclosure                                                      |  |      | 34 |  |  | 
|5.16    |  | Investment Company Act                                               |  |      | 35 |  |  | 
|5.17    |  | Margin Regulations                                                   |  |      | 35 |  |  | 
|5.18    |  | ERISA Compliance                                                     |  |      | 35 |  |  | 
|        |  | ARTICLE VI AFFIRMATIVE COVENANTS                                     |  |      | 36 |  |  | 
|6.01    |  | Financial Statements and Other Information                           |  |      | 36 |  |  | 
|6.02    |  | Notice of Default and Litigation                                     |  |      | 37 |  |  | 
|6.03    |  | Maintenance of Existence; Conduct of Business                        |  |      | 38 |  |  | 
|6.04    |  | Insurance                                                            |  |      | 38 |  |  | 
|6.05    |  | Maintenance of Governmental Approvals                                |  |      | 38 |  |  | 
|6.06    |  | Use of Proceeds                                                      |  |      | 38 |  |  | 
|6.07    |  | Application of Cash Proceeds from Sales and Other Dispositions       |  |      | 39 |  |  | 
|6.08    |  | Payment of Obligations                                               |  |      | 39 |  |  | 
|6.09    |  | Pari Passu                                                           |  |      | 39 |  |  | 
|6.10    |  | Compliance with Laws                                                 |  |      | 39 |  |  | 
|6.11    |  | Maintenance of Books and Records                                     |  |      | 39 |  |  | 
|        |  | Subordination of Indebtedness to Gruma Corp.                         |  |      | 40 |  |  | 
|6.13    |  | Further Assurances                                                   |  |      | 40 |  |  | 
|        |  | ARTICLE VII NEGATIVE COVENANTS                                       |  |      | 40 |  |  | 
|7.01    |  | Negative Pledge                                                      |  |      | 40 |  |  | 
|7.02    |  | Investments                                                          |  |      | 42 |  |  | 
|7.03    |  | Mergers, Consolidations, Sales and Leases                            |  |      | 42 |  |  | 
|7.04    |  | Restricted Payments                                                  |  |      | 42 |  |  | 
|7.05    |  | Limitations on Ability to Prohibit Dividend Payments by Subsidiaries |  |      | 43 |  |  | 
|7.06    |  | Limitation on Incurrence of Indebtedness by Subsidiaries             |  |      | 43 |  |  | 
|7.07    |  | Transactions with Affiliates                                         |  |      | 43 |  |  | 
|7.08    |  | No Subsidiary Guarantees of Certain Indebtedness                     |  |      | 44 |  |  | 
|7.09    |  | Interest Coverage Ratio                                              |  |      | 44 |  |  | 
|7.10    |  | Maximum Leverage Ratio                                               |  |      | 44 |  |  | 
|        |  | ARTICLE VIII EVENTS OF DEFAULT                                       |  |      | 44 |  |  | 
|8.01    |  | Events of Default                                                    |  |      | 44 |  |  | 
|8.02    |  | Remedies                                                             |  |      | 46 |  |  | 

ii



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##### 



|        |  |                                                  |  |      |    |  |  | 
|------- |  | ------------------------------------------------ |  | ---- | -- |  |  | 
|Section |  |                                                  |  | Page |    | 
|        |  |                                                  |  |      |    | 
|8.03    |  | Rights Not Exclusive                             |  |      | 47 |  |  | 
|        |  | ARTICLE IX THE ADMINISTRATIVE AGENT              |  |      | 47 |  |  | 
|9.01    |  | Appointment and Authorization                    |  |      | 47 |  |  | 
|9.02    |  | Delegation of Duties                             |  |      | 47 |  |  | 
|9.03    |  | Liability of Administrative Agent                |  |      | 48 |  |  | 
|9.04    |  | Reliance by Administrative Agent                 |  |      | 48 |  |  | 
|9.05    |  | Notice of Default                                |  |      | 48 |  |  | 
|9.06    |  | Credit Decision                                  |  |      | 49 |  |  | 
|9.07    |  | Indemnification                                  |  |      | 49 |  |  | 
|9.08    |  | Administrative Agent in Individual Capacity      |  |      | 50 |  |  | 
|9.09    |  | Successor Administrative Agent                   |  |      | 50 |  |  | 
|9.10    |  | The Lead Arranger and Arrangers                  |  |      | 50 |  |  | 
|        |  | ARTICLE X MISCELLANEOUS                          |  |      | 51 |  |  | 
|10.01   |  | Amendments and Waivers                           |  |      | 51 |  |  | 
|10.02   |  | Notices                                          |  |      | 52 |  |  | 
|10.03   |  | No Waiver; Cumulative Remedies                   |  |      | 53 |  |  | 
|10.04   |  | Costs and Expenses                               |  |      | 53 |  |  | 
|10.05   |  | Indemnification by the Company                   |  |      | 53 |  |  | 
|10.06   |  | Payments Set Aside                               |  |      | 54 |  |  | 
|10.07   |  | Successors and Assigns                           |  |      | 54 |  |  | 
|10.08   |  | Assignments, Participations, Etc.                |  |      | 54 |  |  | 
|10.09   |  | Confidentiality                                  |  |      | 57 |  |  | 
|10.10   |  | Set-off                                          |  |      | 58 |  |  | 
|10.11   |  | Notification of Addresses, Lending Offices, Etc. |  |      | 58 |  |  | 
|10.12   |  | Counterparts                                     |  |      | 58 |  |  | 
|10.13   |  | Severability                                     |  |      | 58 |  |  | 
|10.14   |  | Governing Law                                    |  |      | 58 |  |  | 
|10.15   |  | Consent to Jurisdiction; Waiver of Jury Trial    |  |      | 58 |  |  | 
|10.16   |  | Waiver of Immunity                               |  |      | 59 |  |  | 
|10.17   |  | Payment in Dollars; Judgment Currency            |  |      | 59 |  |  | 

iii



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##### 



|                 |  |                                                                         |  |  |  |  |  | 
|---------------- |  | ----------------------------------------------------------------------- |  |  |  |  |  | 
|SCHEDULES        |  |                                                                         |  |  |  |  |  | 
|                
|Schedule 1.01    |  | Commitments; Pro Rata Shares                                            |  |  |  |  |  | 
|Schedule 5.05    |  | Pending Litigation                                                      |  |  |  |  |  | 
|Schedule 5.12(a) |  | List of Material Subsidiaries                                           |  |  |  |  |  | 
|Schedule 5.12(b) |  | List of Material Subsidiary Agreements containing Dividend Restrictions |  |  |  |  |  | 
|Schedule 7.01    |  | Existing Liens                                                          |  |  |  |  |  | 
|                
|EXHIBITS         |  |                                                                         |  |  |  |  |  | 
|                
|Exhibit A        |  | Form of Notice of Borrowing                                             |  |  |  |  |  | 
|Exhibit B        |  | Form of Notice of Continuation/Conversion                               |  |  |  |  |  | 
|Exhibit C-1      |  | Form of Term Note                                                       |  |  |  |  |  | 
|Exhibit C-2      |  | Form of Revolving Note                                                  |  |  |  |  |  | 
|Exhibit D        |  | Form of Compliance Certificate                                          |  |  |  |  |  | 
|Exhibit E        |  | Form of Assignment and Acceptance                                       |  |  |  |  |  | 
|Exhibit F        |  | Form of Opinion of General Counsel of the Company                       |  |  |  |  |  | 
|Exhibit G        |  | Form of Opinion of Special New York Counsel to the Company              |  |  |  |  |  | 
|Exhibit H        |  | Form of Opinion of Special New York Counsel to the Administrative Agent |  |  |  |  |  | 
|Exhibit I        |  | Form of Opinion of Special Mexican Counsel to the Administrative Agent  |  |  |  |  |  | 

iv



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##### 



LOAN AGREEMENT

This LOAN AGREEMENT is entered into as of December 18, 2002, among GRUMA,
S.A. de C.V., a sociedad anónima de capital variableorganized under the laws
of Mexico (the Company), the several financial institutions from time to time
party to this Agreement (collectively, the Banks and individually, a Bank),
BANK OF AMERICA, N.A., as Administrative Agent for the Banks, and BANC OF
AMERICA SECURITIES LLC, as Lead Arranger and Sole Book Manager.

WHEREAS, the Company desires to obtain Loans from the Banks in an
aggregate principal amount of up to US$300,000,000; and

WHEREAS, the Banks are willing, on the terms and subject to the conditions
hereinafter set forth (including Article IV), to make such Loans to the
Company;

NOW, THEREFORE, in consideration of the mutual agreements, provisions and
covenants contained herein, the parties hereto agree as follows:

ARTICLE I
DEFINITIONS

1.01 Certain Defined Terms. As used in this Agreement and in any
Schedules and Exhibits to this Agreement, the following terms have the
following meanings:



| |                                                                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Administrative Agent means Bank of America in its capacity as
administrative agent for the Banks hereunder, and any successor
administrative agent appointed pursuant to Section 9.09.



| |                                                                                                                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Administrative Agents Payment Office means the address for payments
set forth on the signatures pages hereof, or such other address as the
Administrative Agent may from time to time specify to the other parties
hereto.



| |                                                                                                                                                       
| | ------------------------------------------------------------------------------------------------------------------------------------------------------
| | Administrative Questionnaire means an administrative details form
supplied by the Administrative Agent or the Lead Arranger and completed by
a Bank.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Affiliate means, as to any Person, any other Person which, directly
or indirectly, is in control of, is controlled by, or is under common
control with, such Person. A Person shall be deemed to control another
Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of
the management and policies of the other Person, whether through the
ownership of voting securities, by contract, or otherwise.



| |                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------
| | Agreement means this Loan Agreement, as from time to time amended,
supplemented, restated or otherwise modified.

S-1



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Alternate Base Rate means, for any day, a fluctuating rate of
interest per annum equal to the higher of (a) the rate of interest most
recently announced by Bank of America as its prime rate and (b) the
Federal Funds Rate most recently determined by the Administrative Agent
plus 0.50%. The prime rate is a rate set by Bank of America based upon
various factors, including Bank of Americas costs and desired return,
general economic conditions and other factors, and is used as a reference
point for pricing some loans, which may be priced at, above, or below such
announced rate. Any change in such rate announced by Bank of America shall
take effect at the opening of business on the day specified in the public
announcement of such change.



| |                                                                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Applicable Margin means the margin, expressed as an interest rate
per annum, to be added to the rate of interest selected by the Company in
respect of the Loans as set forth below:



| |                                                                                                                                                                                                                                                                                                           
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) From the Closing Date to the first date after the date hereof on
which the Administrative Agent has received the Companys Compliance
Certificate, the Applicable Margin shall mean a rate per annum equal to (i)
in the case of LIBOR Loans, 1.375%; and (ii) in the case of Base Rate
Loans, 0.375%.



| |                                                                                                                                                                                                                                                                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) On and at all times after the date of delivery of the Companys
Compliance Certificate described in clause (a) above, determined in
accordance with each subsequent Compliance Certificate, and commencing on
the date on which such subsequent Compliance Certificate is delivered
pursuant to Section 6.01(c), the Applicable Margin shall mean a rate per
annum as set forth below:

|                                                                  |  |                   |       |                 |  |  |       |  
|----------------------------------------------------------------- |  | ----------------- | ----- | --------------- |  |  | ----- | -
|                                                                  |  | Applicable Margin
|                                                                  |  |                  
|Maximum Leverage Ratio                                            |  | LIBOR Loans       |       | Base Rate Loans
|                                                                  |  |                   |       |                
|Greater than 3.00 to 1.00                                         |  |                   | 1.625 | %               |  |  | 0.625 | %
|Less than or equal to 3.00 to 1.00, but greater than 2.50 to 1.00 |  |                   | 1.375 | %               |  |  | 0.375 | %
|Less than or equal to 2.50 to 1.00, but greater than 2.00 to 1.00 |  |                   | 1.125 | %               |  |  | 0.125 | %
|Less than or equal to 2.00 to 1.00                                |  |                   | 1.00  | %               |  |  | 0.00  | %



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The Maximum Leverage Ratio used to compute the Applicable Margin for the
Loans shall be equal to the Maximum Leverage Ratio set forth in the
Compliance Certificate most recently delivered to the Administrative Agent
pursuant to Section 6.01(c). Changes in the Applicable Margin for the
Loans resulting from a change in the Maximum Leverage Ratio shall become
effective upon delivery by the Company to the Administrative Agent of a new
Compliance Certificate pursuant to Section 6.01(c). If the Company fails
to deliver a Compliance Certificate within the number of days required
pursuant to Section 6.01(c), the Applicable Margin for the Loans from the
first day after the date on which such Compliance Certificate was required
to be delivered to the date

2



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##### 





| |                                                                                                                                                           
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------
| | the Company delivers to the Administrative
Agent an appropriately completed Compliance Certificate shall be the
highest Applicable Margin set forth above.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (c) Notwithstanding clauses (a) and (b) above, if at any time prior to
the Maturity Date, the Companys long-term senior foreign currency rating
is upgraded to investment grade (BBB- and/or Baa3) by either S&P or
Moodys, the Applicable Margin shall be reduced by 0.25% per annum for so
long as the Company maintains such investment grade rating; provided,
however, that the Applicable Margin shall not be reduced below 0.875%.
|
| | Assignee has the meaning specified in Section 10.08(a).                                                                                                                                                                                                                                                                                                                                                                                  



| |                                                                           
| | --------------------------------------------------------------------------
| | Assignment and Acceptance has the meaning specified in Section
10.08(a).



| |                                                                                                                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Attorney Costs means and includes all reasonable and documented fees
and disbursements of any law firm or other external counsel, and, without
duplication, the allocated cost of internal legal services and all
reasonable and documented disbursements of internal counsel.



| |                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Availability Termination Date means the date which is the earlier of
five Business Days after the Closing Date and 14 days after the date of
execution of this Agreement.



| |                                                                                                                                                                        
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Bank has the meaning specified in the introductory clause hereto,
and includes each Substitute Bank and each Assignee which becomes a Bank
pursuant to Section 10.08.
|
| | Bank of America means Bank of America, N.A., a national banking
association.                                                                                         



| |                                                                                                                                               
| | ----------------------------------------------------------------------------------------------------------------------------------------------
| | Base Rate Loan means a Loan bearing interest at a fluctuating rate
of interest per annum determined by reference to the Alternate Base Rate.



| |                                                                                                                                                                                                                    
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Borrowing means the borrowing hereunder consisting of Loans to the
Company of the same type made on the same day by the Banks under Article
II, and, in the case of LIBOR Loans, having the same Interest Period.



| |                                                                                                             
| | ------------------------------------------------------------------------------------------------------------
| | Borrowing Date means, any date of the borrowing of Loans as
specified in the relevant Notice of Borrowing.



| |                                                                                                                                                                                                                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Business Day means any day other than a Saturday, Sunday or other
day on which commercial banks in New York City or Mexico City, Mexico are
authorized or required by law to close and, if such day relates to any
LIBOR Loan, means any such day on which dealings in Dollar deposits are
conducted by and between banks in the London interbank market.



| |                                                                                                                                                                          
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Capital Adequacy Regulation means any general guideline, request or
directive of any central bank or other Governmental Authority, or any other
law rule or regulation,

3



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##### 





| |                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------
| | whether or not having the force of law, in each
case, regarding capital adequacy of any bank or of any corporation
controlling a bank.



| |                                                                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Capital Expenditures means, the amount of all expenditures of the
Company and its Subsidiaries for fixed or capital assets related to the
Companys Core Business which, in accordance with Mexican GAAP, would be
classified as capital expenditures.



| |                                                 
| | ------------------------------------------------
| | Cash Equivalent Investment means, at any time:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) any direct obligation of (or unconditionally guaranteed by) the
United States of America or a State thereof, any OECD country or other
foreign government in a jurisdiction in which the Company or any of its
Subsidiaries currently has or could have operations (or any agency or
political subdivision thereof, to the extent such obligations are supported
by the full faith and credit of the United States of America or a State
thereof, any OECD country or other foreign government in a jurisdiction in
which the Company or any of its Subsidiaries currently has or could have
operations) maturing not more than one year after such time;



| |                                                                                                 
| | ------------------------------------------------------------------------------------------------
| | (b) commercial paper, maturing not more than 270 days from the date of
issue, which is issued by



| |                                                                               
| | ------------------------------------------------------------------------------
| | (i) any corporation rated A-1 or higher by S&P or P-1 or higher by
Moodys, or
|
| | (ii) any Bank (or its holding company); or                                    



| |                                                                                                                                                                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (c) any certificate of deposit, time deposit or bankers acceptance,
maturing not more than one year after its date of issuance, which is issued
by any bank which has (x) a credit rating of A2 or higher from Moodys or A
or higher from S&P and (y) a combined capital and surplus greater than
US$500,000,000.



| |                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------
| | Closing Date means the date on which all conditions precedent set
forth in Section 4.01 are satisfied or waived by all the Banks.

Code means the Internal Revenue Code of 1986.



| |                                                                                                 
| | ------------------------------------------------------------------------------------------------
| | Commitment means, with respect to each Bank, its Term Commitment and
its Revolving Commitment.

Company has the meaning specified in the introductory clause hereto.



| |                                                                                     
| | ------------------------------------------------------------------------------------
| | Compliance Certificate means a certificate substantially in the form
of Exhibit D.



| |                                                                                                                                                                                                                                               
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Consolidated EBITDA means, for any Measurement Period, for the
Company and its Consolidated Subsidiaries, an amount equal to the sum of
(a) consolidated operating income (determined in accordance with Mexican
GAAP) and (b) the amount of

4



---



##### 





| |                                                                                                  
| | -------------------------------------------------------------------------------------------------
| | depreciation and amortization expense
deducted in determining such consolidated operating income.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Consolidated Interest Charges means, for any Measurement Period,
for the Company and its Consolidated Subsidiaries, the sum of (a) all
interest, premium payments, fees, charges and related expenses of the
Company and its Consolidated Subsidiaries in connection with borrowed
money (including capitalized interest) or in connection with the deferred
purchase price of assets, in each case to the extent treated as interest
in accordance with Mexican GAAP, and (b) the portion of rent expense of
the Company and its Consolidated Subsidiaries with respect to such period
under capital leases that is treated as interest in accordance with
Mexican GAAP.
|
| | Consolidated Net Worth means, at any time, all amounts which, in
accordance with Mexican GAAP, would be included under shareholders
equity on a consolidated balance sheet of the Company and its
Subsidiaries.                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| | Consolidated Subsidiary means, with respect to the Company, any
Subsidiary or other entity the accounts of which would, under Mexican
GAAP, be consolidated with those of the Company in the consolidated
financial statements of the Company and, at any date with respect to any
Person, any Subsidiary or other entity the accounts of which would be
consolidated with those of such Person in the consolidated financial
statements of such Person as of such date.                                                                                                                                                                                                 
|
| | Contractual Obligation means, as to any Person, any provision of
any security issued by such Person or of any agreement, undertaking,
contract, indenture, mortgage, deed of trust or other instrument,
document or agreement to which such Person is a party or by which it or
any of its property is bound.                                                                                                                                                                                                                                                                                                                                                            
|
| | Continuation/Conversion Date means any date on which, under
Section 2.04, the Company converts the Loans from one type to the other,
or continues the Loans as the same type. In the case of a LIBOR Loan,
the Continuation/Conversion Date must be the last day of any Interest
Period for such LIBOR Loan.                                                                                                                                                                                                                                                                                                                                                             
|
| | Control means the 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.                                                                                                                                                                                                                                                                                                                                                                         
|
| | Core Business means with respect to the Company and its
Subsidiaries, the production and distribution of corn flour, the
production and distribution of tortillas and other related products, the
production and distribution of wheat flour and any other food
related business in which the Company and its Subsidiaries are
engaged in, or may engage in, from time to time.                                                                                                                                                                                                                                                                                          

5



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Default means any event or circumstance which, with the giving of
notice, the lapse of time, the making of a determination, or any
combination thereof, would (if not cured, waived or otherwise remedied
during such time) constitute an Event of Default.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| | Disposition or Dispose means the sale, transfer, license or
other disposition (including any sale and leaseback transaction) of any
property by any Person, other than in the ordinary course of business,
including any sale, assignment, transfer or other disposition, with or
without recourse, of any notes or accounts receivable or any rights and
claims associated therewith; provided, however, that any financing
involving, or secured by, the future sale of accounts receivable (or any
similar financing transaction) will not be considered to be a sale or
disposition in the ordinary course of business.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | Dollars and US$ each means lawful money of the United States.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| | Environmental Laws means all federal, national, state, provincial,
departmental, municipal, local and foreign laws, statutes, rules,
regulations, ordinances and codes, together with all orders, decrees,
judgments or injunctions issued, promulgated, approved or entered
thereunder by any Governmental Authority having jurisdiction over the
Company, its Subsidiaries and their respective properties, in each case
relating to environmental, health and land use matters.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | ERISA means the Employee Retirement Income Security Act of 1974
and any regulations issued pursuant thereto.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | ERISA Affiliate means any trade or business (whether or not
incorporated) under common control with the Company within the meaning of
Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the
Code for purposes of provisions relating to Section 412 of the Code).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | ERISA Event means (a) a Reportable Event with respect to a Pension
Plan; (b) a withdrawal by the Company or any ERISA Affiliate from a
Pension Plan subject to Section 4063 of ERISA during a plan year in which
it was a substantial employer (as defined in Section 4001(a)(2) of ERISA)
or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the
Company or any ERISA Affiliate from a Multiemployer Plan or notification
that a Multiemployer Plan is in reorganization; (d) the filing of a
notice of intent to terminate, the treatment of a Plan amendment as a
termination under Sections 4041 or 4041A of ERISA, or the commencement of
proceedings by the PBGC to terminate a Pension Plan or Multiemployer
Plan; (e) an event or condition which might reasonably be expected to
constitute grounds under Section 4042 of ERISA for the termination
of, or the appointment of a trustee to administer, any Pension Plan or
Multiemployer Plan; or (f) the imposition of any liability under Title IV
of ERISA, other than PBGC premiums due but not delinquent under Section
4007 of ERISA, upon the Company or any ERISA Affiliate.

6



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Event of Default means any of the events or circumstances
specified in Section 8.01.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | Existing Facility means the US$400,000,000 Credit Agreement, as
amended, modified, supplemented or restated, dated February 13, 2001,
among the Company, the several banks party thereto, Bank of America, as
Administrative Agent, BancAmerica Securities, Inc., as Lead Arranger and
the Arrangers named therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| | Federal Funds Rate means, for any day, the rate per annum equal to
the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System arranged by Federal funds
brokers on such day, as published by the Federal Reserve Bank on the
Business Day next succeeding such day; provided that (a) if such day is
not a Business Day, the Federal Funds Rate for such day shall be such
rate on such transactions on the next preceding Business Day as so
published on the next succeeding Business Day, and (b) if no such rate is
so published on such next succeeding Business Day, the Federal Funds Rate
for such day shall be the average rate (rounded upward, if necessary, to
a whole multiple of 1/100 of 1%) charged to Bank of America on such day
on such transactions as determined by the Administrative Agent.                                                                                                                                                                                                                  
|
| | Fiscal Quarter means a quarter ending on the last day of March,
June, September or December.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | Fiscal Year means any period of twelve consecutive calendar months
ending on December 31.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| | Gimsa means Grupo Industrial Maseca, S.A. de C.V.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|
| | Governmental Authority means any nation or government, any state,
province or other political or administrative subdivision thereof, any
central bank (or similar monetary or regulatory authority) thereof, any
entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government, and any
corporation or other entity exercising such functions and owned or
controlled, through stock or capital ownership or otherwise, by any of
the foregoing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | Guaranty Obligation means, as to any Person, (a) any obligation,
contingent or otherwise, of such Person guarantying or having the
economic effect of guarantying any
Indebtedness or other obligation payable or performable by another
Person (the primary obligor) in any manner, whether directly or
indirectly, and including any obligation of such Person, direct or
indirect, (i) to purchase or pay (or advance or supply funds for the
purchase or payment of) such Indebtedness or other obligation, (ii) to
purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation
of the payment or performance of such Indebtedness or other obligation,
(iii) 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 Indebtedness or other obligation, or (iv)
entered into for the purpose of assuring in any other manner the obligees
in respect of such Indebtedness or other

7



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | obligation of the payment or
performance thereof or to protect such obligees against loss in respect
thereof (in whole or in part), or (b) any Lien on any assets of such
Person securing any Indebtedness or other obligation of any other Person,
whether or not such Indebtedness or other obligation is assumed by such
Person, provided that the term Guaranty Obligation shall not include
endorsements of instruments for deposit or collection in the ordinary
course of business. The amount of any Guaranty Obligation shall be
deemed to be an amount equal to the stated or determinable amount of the
related primary obligation, or portion thereof, in respect of which such
Guaranty Obligation is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof as determined
by the guarantying Person in good faith.



| |                                                                                                                                                                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | IMSS means the Instituto Mexicano del Seguro Social.                                                                                                                                                                                                                                                                                           
|
| | Indebtedness of any Person means at any date, without duplication,                                                                                                                                                                                                                                                                             
|
| | (a) any obligation of such Person in respect of borrowed money, any
obligation of such Person evidenced by bonds, notes, debentures or
similar instruments,                                                                                                                                                                                      
|
| | (b) any obligation of such Person in respect of a lease or hire
purchase contract which would, under Mexican GAAP (or, in the case of
Persons organized under the laws of any State of the United States, US
GAAP), be treated as a financial or capital lease,                                                                                  
|
| | (c) any indebtedness of others secured by a Lien on any asset of
such Person, whether or not such indebtedness is assumed by such Person,                                                                                                                                                                                                        
|
| | (d) any obligations of such Person to pay the deferred purchase
price of fixed assets or services if such deferral extends for a period
in excess of 60 days and with respect to the Company shall include
guarantees by the Company of obligations of third parties unrelated to
the Companys existing Core Business as of the date hereof, and
|
| | (e) all Guaranty Obligations of such Person in respect of the
foregoing;                                                                                                                                                                                                                                                                         



| |                                                                                                                               
| | ------------------------------------------------------------------------------------------------------------------------------
| | provided, however, that the following liabilities shall be
explicitly excluded from the definition of the term Indebtedness:



| |                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) trade accounts payable, including any obligations in
respect of letters of credit that have been issued in support of
trade accounts payable;
|
| | (ii) expenses that accrue and become payable in the ordinary
course of business;                                                                 
|
| | (iii) customer advance payments and customer deposits received
in the ordinary course of business; and                                           
|
| | (iv) obligations for ad valorem taxes, value-added taxes, or
any other taxes or governmental charges.                                            

8



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Indemnified Liabilities has the meaning set forth in Section
10.05.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | Indemnitees has the meaning set forth in Section 10.05.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| | INFONAVIT means Instituto Nacional del Fondo de Vivienda para los
Trabajadores.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | Interest Coverage Ratio means the ratio of Consolidated EBITDA to
Consolidated Interest Charges.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | Interest Payment Date means (a) as to any LIBOR Loan, the last day
of each Interest Period applicable to such Loan, provided that if any
Interest Period for a LIBOR Loan exceeds three months, the respective
dates that fall every three months after the beginning of such Interest
Period shall also be Interest Payment Dates; and (b) as to any Base Rate
Loan, the last Business Day of each Fiscal Quarter and the Maturity Date.                                                                                                                                                                                                                                                                                                                                                                              
|
| | Interest Period means, as to each LIBOR Loan, the period
commencing on the date such LIBOR Loan is disbursed or converted to or
continued as a LIBOR Loan and ending on the date one, two, three or six
months thereafter, as selected by the Company in its Notice of Borrowing
or Notice of Continuation/Conversion; provided, however, that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | (a) if any Interest Period would otherwise end on a day that is not
a Business Day, that Interest Period shall be extended to the following
Business Day unless the result of such extension would be to carry such
Interest Period into another calendar month, in which event such Interest
Period shall end on the preceding Business Day;                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| | (b) any Interest Period that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest
Period) shall end on the last Business Day of the calendar month at the
end of such Interest Period;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | (c) no Interest Period shall extend beyond the Reduction Date; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | (d) no Interest Period shall extend beyond the Maturity Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| | Investment means, as to any Person, any acquisition or investment
by such Person, whether by means of (a) the purchase or other acquisition
of capital stock or other securities of another Person, (b) a loan,
advance or capital contribution to, guaranty of debt of, or purchase or
other acquisition of any other debt or equity participation or interest
in, another Person, including any partnership or joint venture interest
in such other Person, or (c) the purchase or other acquisition (in one
transaction or a series of transactions) of assets of another Person that
constitute a business unit. For purposes of covenant compliance, the
amount of any Investment shall be the amount actually invested, without
adjustment for subsequent increases or decreases in the value of such
Investment.

9



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | IRS means the United States Internal Revenue Service.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|
| | Lead Arranger means Banc of America Securities LLC, in its
capacity as lead arranger and sole book manager hereunder                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|
| | Lending Office means, as to any Bank, the office or offices of
such Bank specified as its Lending Office in the Administrative
Questionnaire, as from time to time amended, or such other office or
offices as such Bank may from time to time notify the Company and the
Administrative Agent.                                                                                                                                                                                                                                                                                                                                                  
|
| | LIBOR means for any Interest Period with respect to any LIBOR Rate
Loan:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| | (a) the rate per annum equal to the rate determined by the
Administrative Agent to be the offered rate that appears on the page of
the Telerate screen (or any successor thereto) that displays an average
British Bankers Association Interest Settlement Rate for deposits in
Dollars (for delivery on the first day of such Interest Period) with a
term equivalent to such Interest Period, determined as of approximately
11:00 a.m. (London time) two Business Days prior to the first day of such
Interest Period, or                                                                                                                         
|
| | (b) if the rate referenced in the preceding clause (a) does not
appear on such page or service or such page or service shall not be
available, the rate per annum equal to the rate determined by the
Administrative Agent to be the offered rate on such other page
or other service that displays an average British Bankers
Association Interest Settlement Rate for deposits in Dollars (for
delivery on the first day of such Interest Period) with a term equivalent
to such Interest Period, determined as of approximately 11:00 a.m.
(London time) two Business Days prior to the first day of such Interest
Period, or                     
|
| | (c) if the rates referenced in the preceding clauses (a) and (b) are
not available, the rate per annum determined by the Administrative Agent
as the rate of interest at which deposits in Dollars for delivery on the
first day of such Interest Period in same day funds in the approximate
amount of the LIBOR Loan being made, continued or converted and with a
term equivalent to such Interest Period would be offered by Bank of
Americas London Branch to major banks in the London interbank eurodollar
market at their request at approximately 4:00 p.m. (London time) two
Business Days prior to the first day of such Interest Period.
|
| | LIBOR Loan means a Loan bearing interest, at all times during an
Interest Period applicable to such Loan, at a fixed rate of interest
determined by reference to LIBOR.                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| | Lien means any security interest, mortgage, deed of trust, pledge,
charge or deposit arrangement, encumbrance, lien (statutory or other) or
preferential arrangement of any kind or nature whatsoever in respect of
any Property.                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | Loan means a Term Loan or a Revolving Loan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

10



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Loan Documents means this Agreement, the Notes, the Notice of
Borrowing, and each Notice of Continuation/Conversion, in each case as
such Loan Document may be amended, supplemented or otherwise amended from
time to time.                                                                                                                                                                                                                                                                                                                             
|
| | Majority Banks means at any time Banks then holding at least 51%
of the then aggregate unpaid principal amount of the Loans, or, if no
such principal amount is then outstanding, Banks then having at least 51%
of the Commitments.                                                                                                                                                                                                                                                                                                                     
|
| | Material Adverse Effect means (a) a material adverse change in, or
a material adverse effect upon, the operations, business, assets,
liabilities (actual or contingent), properties or condition (financial or
otherwise) or operating results of the Company and its Subsidiaries taken
as a whole; (b) a material impairment of the ability of the Company to
perform its obligations under any Loan Document; or (c) a material
adverse effect upon the legality, validity, binding effect or
enforceability against the Company of any Loan Document.
|
| | Material Subsidiary means, at any time, any Subsidiary of the
Company that meets any of the following conditions:                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | (a) the Companys and its Subsidiaries investments in or advances
to such Subsidiary exceed 10% of the total assets of the Company and its
Consolidated Subsidiaries as of the end of the Companys most recently
completed Fiscal Year; or                                                                                                                                                                                                                                                                                                               
|
| | (b) the Companys and its Subsidiaries proportionate share of the
total assets (after intercompany eliminations) of such Subsidiary exceeds
10% of the total assets of the Company and its Consolidated Subsidiaries
as of the end of the Companys most recently completed Fiscal Year; or                                                                                                                                                                                                                                                               
|
| | (c) the Companys and its Subsidiaries equity in the earnings
before income tax and employee statutory profit sharing of such
Subsidiary exceeds 10% of such earnings of the Company and its
Consolidated Subsidiaries as of the end of the Companys most recently
completed Fiscal Year;                                                                                                                                                                                                                                                                
|
| | all as calculated by reference to the then latest audited financial
statements (or consolidated financial statements, as the case may be) of
such Subsidiary and the then latest audited consolidated financial
statements of the Company and its Subsidiaries.                                                                                                                                                                                                                                                                                            
|
| | Maturity Date means the date which is three years after the
Closing Date, or if such day is not a Business Day, the next succeeding
Business Day.                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | Maximum Leverage Ratio means, as of the end of the most recently
completed Fiscal Quarter, the ratio of (a) Total Funded Debt of the
Company and its Consolidated Subsidiaries on such day to (b) Consolidated
EBITDA of the Company and its Consolidated Subsidiaries determined for
the relevant Measurement Period.                                                                                                                                                                                                                                   

11



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Measurement Period means any period of four consecutive Fiscal
Quarters of the Company, ending with the most recently completed Fiscal
Quarter, taken as one accounting period.                                                                                                                                                                                   
|
| | Mexican GAAP means accounting principles and practices generally
accepted in Mexico.                                                                                                                                                                                                                                                                              
|
| | Mexico means the United Mexican States.                                                                                                                                                                                                                                                                                                                           
|
| | Ministry of Finance means the Ministry of Finance and Public
Credit (Secretaría de Hacienda y Crédito Público)of Mexico.                                                                                                                                                                                                                                          
|
| | Moodys means Moodys Investors Service.                                                                                                                                                                                                                                                                                                                          
|
| | Multiemployer Plan means any employee benefit plan of the type
described in Section 4001(a)(3) of ERISA, to which the Company or any
ERISA Affiliate makes or is
obligated to make contributions, or during the preceding three
calendar years, has made or been obligated to make contributions.                                                                 
|
| | Note means a Revolving Note or a Term Note.                                                                                                                                                                                                                                                                                                                       
|
| | Notice of Borrowing means a notice in substantially the form of
Exhibit A.                                                                                                                                                                                                                                                                                        
|
| | Notice of Continuation/Conversion means a notice in substantially
the form of Exhibit B.                                                                                                                                                                                                                                                                          
|
| | Obligations means all advances, debts, liabilities, obligations,
covenants and duties arising under any Loan Document owing by the Company
to any Bank, the Administrative Agent, or any Indemnified Person, whether
direct or indirect (including those acquired by assignment), absolute or
contingent, due or to become due, now existing or hereafter arising.
|
| | OECD means the Organization for Economic Cooperation and
Development.                                                                                                                                                                                                                                                                                             
|
| | Other Currency has the meaning set forth in Section 10.17(b).                                                                                                                                                                                                                                                                                                     
|
| | Other Taxes means any present or future stamp, court or
documentary taxes or any other excise or property taxes, or charges or
similar levies which arise from any payment made hereunder or any other
Loan Document or from the execution, delivery or registration of, or
otherwise with respect to, this Agreement or any other Loan Document.                 
|
| | Participant has the meaning specified in Section 10.08(e).                                                                                                                                                                                                                                                                                                        
|
| | PBGC means the Pension Benefit Guaranty Corporation referred to
and defined in ERISA and any successor entity performing similar
functions.                                                                                                                                                                                                                       

12



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Pension Plan means any employee pension benefit plan (as such
term is defined in Section 3(2) of ERISA), other than a Multiemployer
Plan, that is subject to Title IV of ERISA and is sponsored or maintained
by the Company or any ERISA Affiliate or to which the Company or any
ERISA Affiliate contributes or has an obligation to contribute, or in the
case of a multiple employer plan (as described in Section 4064(a) of
ERISA) has made contributions at any time during the immediately
preceding five plan years.
|
| | Person means an individual, partnership, corporation, business
trust, joint stock company, trust, unincorporated association, joint
venture or Governmental Authority.                                                                                                                                                                                                                                                                                                                                                         
|
| | Plan means any employee benefit plan (as such term is defined in
Section 3(3) of ERISA) established by the Company or any ERISA Affiliate.                                                                                                                                                                                                                                                                                                                                                                                   
|
| | Process Agent has the meaning specified in Section 10.15(d).                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | Property means any asset, revenue or any other property, whether
tangible or intangible, including any right to receive income.                                                                                                                                                                                                                                                                                                                                                                                                
|
| | Pro Rata Share means, with respect to each Bank, the percentage
(expressed as a decimal, rounded to the ninth decimal place) of the
Commitments set forth opposite the name of such Bank on Schedule 1.01.                                                                                                                                                                                                                                                                                                                     
|
| | Reduction Date means the date which is 24 months after the Closing
Date, or if such day is not a Business Day, the next succeeding Business
Day.                                                                                                                                                                                                                                                                                                                                                                               
|
| | Register has the meaning set forth in Section 10.08(c).                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| | Reportable Event means any of the events set forth in Section
4043(c) of ERISA, other than events for which the 30 day notice period
has been waived.                                                                                                                                                                                                                                                                                                                                                                          
|
| | Requirement of Law means, as to any Person, any law (statutory or
common), treaty, rule or regulation or order, decree or other
determination of an arbitrator or a court or other Governmental
Authority, including any Environmental Law, in each case applicable to or
binding upon such Person or any of its property or to which the Person or
any of its property is subject.                                                                                                                                            
|
| | Responsible Officer means the chief executive officer or the
president of the Company, or the general manager or any other officer
having substantially the same authority and responsibility or the chief
financial officer or the treasurer of the Company, or any other officer
having substantially the same authority and responsibility.                                                                                                                                                                                 
|
| | Restricted Payment means any dividend or other distribution
(whether in cash, securities or other Property) with respect to any
capital stock of the Company or any Subsidiary, or any payment (whether
in cash, securities or other Property), including any sinking fund or
similar deposit on account of the purchase, redemption, retirement,                                                                                                                                                                              

13



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##### 





| |                                                                                                                                               
| | ----------------------------------------------------------------------------------------------------------------------------------------------
| | acquisition, cancellation or termination of any such capital stock or of
any option, warrant or other right to acquire any such capital stock.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Revolving Commitment means, with respect to each Bank, the
obligation of such Bank to make Revolving Loans to the Company hereunder
in a principal amount at any time outstanding not to exceed the amount
set forth opposite such Banks name on Schedule 1.01 under the heading
Revolving Commitments. Revolving Commitments means the aggregate
amount of the Commitments of all Banks.                                                                                                                                                                                                                                                                                                                                                        
|
| | Revolving Loan has the meaning specified in Section 2.01(b).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | Revolving Note means a promissory note (pagaré) of the Company
payable to each Bank, in the form of Exhibit C-2 (as such promissory note
may be replaced from time to time) evidencing the Indebtedness of the
Company to such Bank resulting from such Banks Revolving Loans, and also
means all other promissory notes evidencing Revolving Loans accepted from
time to time in substitution therefor.                                                                                                                                                                                                                                                                                                                                             
|
| | S&P means Standard & Poors Ratings Services, a division of
McGraw-Hill, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| | SAR means Sistema de Ahorro para el Retiro.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| | Subsidiary of a Person means any corporation of which more than
50% of the voting stock or other equity interests (in the case of Persons
other than corporations), is owned or controlled directly or indirectly
by such Person, or one or more of the Subsidiaries of such Person, or a
combination thereof. Unless the context otherwise clearly requires,
references herein to a Subsidiary refer to a Subsidiary of the Company.                                                                                                                                                                                                                                                                                                               
|
| | Substitute Bank means a commercial bank (i) registered with the
Ministry of Finance for purposes of Article 154 of the Mexican Income Tax
Law and (ii) resident (or having its principal office as a resident, if
lending through a branch or agency) for tax purposes in a jurisdiction
(or a branch or agency of a financial institution that is a resident of a
jurisdiction) that is party to an income tax treaty with Mexico on the
date of substitution, acceptable to the Company and the Administrative
Agent, whose consent will not be unreasonably withheld (including a bank
which is already a Bank hereunder) which assumes the Commitment of a
Bank, or is an assignee of the Loan of a Bank, pursuant to the terms of
this Agreement.
|
| | Taxes means any and all present or future taxes, duties, levies,
assessments, imposts, deductions, withholdings or similar charges, and
all liabilities with respect thereto, imposed by Mexico or any political
subdivision or taxing authority thereof or therein, or by any other
jurisdiction as a result of a connection between the Company and such
jurisdiction (including as a result of the Company being engaged in
business or having a permanent establishment or fixed base therein or
making any payment thereunder in or through such jurisdiction) excluding,
in the case of each Bank and the                                                                                                                                       

14



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Administrative Agent, taxes imposed on
or measured by such Banks or the Administrative Agents overall net
income, and franchise taxes imposed on it (in lieu of net income taxes)
by the jurisdiction (or any political subdivision thereof) under the laws
of which such Bank or the Administrative Agent, as the case may be, is
organized or maintains its actual Lending Office.



| |                                                                                                                                                                                                                                                                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Term Commitment means with respect to each Bank, the obligation of
such Bank to make a Term Loan to the Company hereunder in the principal
amount set forth opposite such Banks name on Schedule 1.01 under the heading Term
Commitments. Term Commitments means the aggregate amount of Term
Commitments of all Banks.                                          
|
| | Term Loan has the meaning specified in Section 2.01(a)(i) and
includes with respect to each Bank, its Pro Rata Share of any Revolving
Loans converted to Term Loans pursuant to Section 2.06.                                                                                                                                                                         
|
| | Term
Note means a promissory note (pagaré) of the Company payable to each Bank, in
the form of Exhibit C-1 (as such promissory note may be replaced from time to time), evidencing the Indebtedness of the Company
to such Bank resulting from such Banks Term Loans, and also means all
other promissory notes accepted from time to time in substitution
therefore.
|
| | Total Funded Debt means, at any time, without duplication, the
outstanding principal balance of all Indebtedness for borrowed money of
the Company and its Consolidated Subsidiaries and guarantees by the
Company of obligations of third parties unrelated to the Companys Core
Business.                                                                           
|
| | type means, with respect to any Loan, its character as a Base Rate
Loan or a LIBOR Loan.                                                                                                                                                                                                                                                                              
|
| | Unfunded Pension Liability means the excess of a Pension Plans
benefit liabilities under Section 4001(a)(16) of ERISA, over the current
value of that Pension Plans assets, determined in accordance with the
assumptions used for funding the Pension Plan pursuant to Section 412 of
the Code for the applicable plan year.                                       
|
| | United States and US each means the United States of America.                                                                                                                                                                                                                                                                                                       
|
| | US GAAP means generally accepted accounting principles in the
United States.                                                                                                                                                                                                                                                                                          
|
| | 1.02 Other Interpretive Provisions.                                                                                                                                                                                                                                                                                                                                     
|
| | (a) The meanings of defined terms are equally applicable to the
singular and plural forms of the defined terms.                                                                                                                                                                                                                                                         
|
| | (b) The words hereof, herein, hereunder and similar words
refer to this Agreement as a whole and not to any particular provision of
this Agreement; and Section, paragraph, Schedule and Exhibit references
are to this Agreement unless otherwise specified.                                                                                                     

15



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (c) The terms including and include are not limiting and mean
including without limitation and include without limitation.                                                                                                                                                                                                                                                                                           
|
| | (d) In the computation of periods of time from a specified date to a
later specified date, the word from means from and including; the
words to and until each means to but excluding, and the word
through means to and including.                                                                                                                                                                            
|
| | (e) The captions and headings of this Agreement are for convenience
of reference only and shall not affect the interpretation of this
Agreement.                                                                                                                                                                                                                                                                             
|
| | 1.03 Accounting Principles.                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | (a) Unless the context otherwise clearly requires, all accounting
terms not expressly defined herein shall be construed, and all financial
computations required under this Agreement shall be made, in accordance
with Mexican GAAP, consistently applied. All calculations of financial
ratios will be calculated with reference to the information submitted by
the Company to the Bolsa Mexicana de Valores, S.A. de C.V.
|
| | (b) References herein to Fiscal Year and Fiscal Quarter refer to
such fiscal periods of the Company.                                                                                                                                                                                                                                                                                                                     

ARTICLE II
THE LOANS



| |                                    
| | -----------------------------------
| | 2.01 Commitments to Make the Loans.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) (i) Each Bank severally agrees, on the terms and subject
to the conditions hereinafter set forth, to make a term loan (each
such loan, a Term Loan) to the Company in a single disbursement
on any Business Day prior to Availability Termination Date, in a
principal amount not to exceed such Banks Term Commitment.                                                                                                                                 
|
| | (ii) No amounts prepaid or repaid with respect to any Term
Loan may be reborrowed.                                                                                                                                                                                                                                                                                                                                                                             
|
| | (iii) The Term Loans shall be made from the Banks ratably in
accordance with their Pro Rata Shares.                                                                                                                                                                                                                                                                                                                                                            
|
| | (b) (i) Each Bank severally agrees, on the terms and subject
to the conditions hereinafter set forth, to make revolving loans
(each such loan, a Revolving Loan) to the Company from time to
time, on any Business Day
during the period from the Closing Date to the Maturity Date,
in an aggregate principal amount not to exceed at any time
outstanding such Banks Revolving Commitment; provided, however,
that after giving effect to any Borrowing of

16



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##### 





| |                                                                                                                                              
| | ---------------------------------------------------------------------------------------------------------------------------------------------
| | Revolving Loans, the
aggregate principal amount of all outstanding Revolving Loans shall
not exceed the Revolving Commitments then in effect.



| |                                                                                                                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (ii) Within the limits of each Banks Revolving Commitment,
and subject to the other terms and conditions hereof, the Company
may borrow under this Section 2.01(b), prepay under Section 2.05,
and reborrow under this Section 2.01(b).
|
| | (iii) The Revolving Loans shall be made from the Banks ratably
in accordance with their Pro Rata Shares.                                                                                                                                



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 2.02 Evidence of Indebtedness.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | (a) Each Banks Term Loan shall be evidenced by a Term Note payable
to the order of such Bank in a principal amount equal to such Banks Term
Commitment, initially maturing on the Reduction Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| | (b) Each Banks Revolving Loans shall be evidenced by a Revolving
Note payable to the order of such Bank in a principal amount equal to
such Banks Revolving Commitment, initially maturing on the Reduction
Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| | (c) On the Reduction Date, the existing Notes shall be exchanged for
new Notes dated the Reduction Date and maturing on the Maturity Date,
payable to the order of each Bank in a principal amount equal to such
Banks Term Commitment or Revolving Commitment, as applicable, after
giving effect to the reductions and repayments of the Loans occurring on
the Reduction Date. No later than two weeks prior to the Reduction Date
the Banks will deliver the existing Notes to the Administrative Agent and
the Company will deliver the new Notes to the Administrative Agent. On
the Reduction Date, the Administrative Agent will mark the existing Notes
as cancelled, return such Notes to the Company and deliver the new Notes
to the Banks.
|
| | 2.03 Procedure for Borrowing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| | (a) Each Borrowing shall be made upon the Companys irrevocable
written notice delivered to the Administrative Agent in the form of a
Notice of Borrowing (which notice must be received by the Administrative
Agent prior to 11:00 a.m. (New York City
time) (i) three Business Days prior to the date of a proposed
Borrowing comprised of LIBOR Loans, and (ii) on the requested date of a
proposed Borrowing comprised of Base Rate Loans), specifying:                                                                                                                                                                                                                                                                                             



| |                                                                                                                                                                                                                                                                                                 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) the requested Borrowing Date, which shall be a Business
Day;                                                                                                                                                                                                                                
|
| | (ii) the aggregate amount of the Borrowing, which (A) in the
case of the Borrowing of Term Loans shall not exceed the Term
Commitments and (B) in the case of a Borrowing of Revolving Loans,
(x) shall not exceed the unused portion of the Revolving
Commitments and (y) shall be in a minimum

17



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##### 





| |                                                                                                
| | -----------------------------------------------------------------------------------------------
| | principal amount of
US$5,000,000 or an integral multiple of US$1,000,000 in excess
thereof; and



| |                                                                                                                                                                                                                                                                                     
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (iii) in the case of a Borrowing comprised of LIBOR Loans, the
duration of the initial Interest Period applicable to such Loans.
If the Notice of Borrowing shall fail to specify the duration of
the Interest Period for any Borrowing, such Interest Period shall
be three months.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) The Administrative Agent will promptly notify each Bank of its
receipt of any Notice of Borrowing and of the amount of such Banks Pro
Rata Share of such Borrowing.                                                                                                                                                                                                                                                                                                                                                                                              
|
| | (c) Each Bank will make the amount of its Pro Rata Share of each
Borrowing available to the Administrative Agent for the account of the
Company at the Administrative Agents Payment Office by 11:00 a.m. (New
York City time) on the Borrowing Date in funds immediately available to
the Administrative Agent. The proceeds of all such Loans will then be
made available to the Company by the Administrative Agent, pursuant to
Section 6.06, in like funds as received by the Administrative Agent, by
wire transfer in accordance with the Notice of Borrowing.



| |                                                             
| | ------------------------------------------------------------
| | (d)  (i) All Term Loans shall have the same Interest Period.



| |                                                                                                                                                             
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (ii) After giving effect to any Borrowing of the Revolving
Loans, there may not be more than ten Interest Periods in effect
with respect to Revolving Loans.



| |                                            
| | -------------------------------------------
| | 2.04 Continuation and Conversion Elections.



| |                                                                                                                                                                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a)  (i) The Company may, upon irrevocable written notice to the
Administrative Agent, elect, as of the last day of any Interest Period
for a Borrowing of
LIBOR Loans, to continue such LIBOR Loans for a further Interest
Period or to convert such LIBOR Loans to Base Rate Loans.



| |                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------
| | (ii) The Company may, upon irrevocable written notice to the
Administrative Agent, elect as of any Business Day, to convert Base
Rate Loans to LIBOR Loans.



| |                                                                                                                                                                                                                                                                                                                                                        
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) The Company shall deliver a Notice of Continuation/Conversion to
be received by the Administrative Agent not later than 11:00 a.m. (New
York City time) three Business Days prior to the date of any proposed
conversion of Base Rate Loans to, or continuation of, LIBOR Loans or of
any conversion of LIBOR Loans to Base Rate Loans, specifying:



| |                                                                     
| | --------------------------------------------------------------------
| | (i) the Continuation/Conversion Date, which shall be a
Business Day;

18



---



##### 





| |                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (ii) the principal amount of the Loans to be continued or
converted;                                                                                                            
|
| | (iii) whether the Company is requesting a conversion of LIBOR
Loans to Base Rate Loan or of Base Rate Loans to LIBOR Loans, or a
continuation of LIBOR Loans as LIBOR Loans; and
|
| | (iv) if applicable, the duration of the next Interest Period
with respect thereto.                                                                                              



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (c) If upon the expiration of any Interest Period for a Borrowing of
LIBOR Loans, the Company has failed to select timely a new Interest
Period, the Company shall, subject to clauses (c) and (d) of the
definition of Interest Period, be deemed to have elected to continue
such Borrowing as LIBOR Loans having an Interest Period of one month.
Any such automatic continuation shall be effective as of the last day of
the Interest Period then in effect with respect to the applicable LIBOR
Loans.
|
| | (d) The Administrative Agent will promptly notify each Bank of its
receipt of a Notice of Continuation/Conversion, or, if no timely notice
is provided by the Company, the Administrative Agent will promptly notify
each Bank of the Companys deemed election of continuation.                                                                                                                                                                                                                              
|
| | (e) During the existence of a Default or an Event of Default, no
Loans may be converted to or continued as LIBOR Loans without the consent
of the Majority Banks,
and the Majority Banks may demand that any or all of the then
outstanding LIBOR Loans be converted immediately to Base Rate Loans.                                                                                                                                                                                                          
|
| | (f) After giving effect to the continuation or conversion of any
Borrowing there may not be more than more than ten Interest Periods in
effect with respect to Revolving Loans. All Term Loans, if LIBOR Loans,
shall have the same Interest Period.                                                                                                                                                                                                                                                          

2.05 Prepayments. Subject to Section 3.05, the Company may, at any time
or from time to time, upon not less than three Business Days irrevocable
notice to the Administrative Agent, voluntarily prepay the Term Loans or any
Revolving Loans in whole or in part, in minimum amounts of US$5,000,000 or any
multiple of $1,000,000 in excess thereof. The notice of prepayment shall
specify the date and amount of such prepayment. The Administrative Agent will
promptly notify each Bank of its receipt of any such notice, and of such Banks
Pro Rata Share of such prepayment. The proceeds of each prepayment of the Term
Loans may, at the Companys option, be applied to the first installment, the
final installment or any combination thereof.

2.06 Termination or Reduction of Commitments; Conversion to Term Loans.



| |                                                                                                                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) (i) Prior to the Availability Termination Date, the Company
may, upon three Business Days irrevocable notice to the
Administrative Agent, terminate or reduce the Term Commitments,
provided that any partial reduction of the Term

19



---



##### 





| |                                                                                                                                                                                                    
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Commitments shall
be in a minimum aggregate amount of US$10,000,000 or an integral
multiple of US$5,000,000 in excess thereof;                                                                     
|
| | (ii) The Term Commitments shall automatically terminate at the
close of business on the earlier to occur of (i) the date of the
Borrowing of Term Loans and (ii) the Availability Termination Date.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) The Company may, upon three Business Days irrevocable notice to
the Administrative Agent, terminate the Revolving Commitments or, from
time to time permanently reduce the Revolving Commitments then in effect,
provided that any partial reduction of the Revolving Commitments (i)
shall be in a minimum aggregate amount of US$5,000,000 or an integral
multiple of US$1,000,000 in excess thereof and (ii) the Company shall not
terminate or reduce the Revolving Commitments if, after giving effect to
such termination or reduction, the aggregate amount of Revolving Loans
then outstanding would exceed the Revolving Commitments.                                                                                                                                                                                     
|
| | (c) The Revolving Commitments shall be permanently reduced to
US$75,000,000 on the Reduction Date except to the extent that the
Revolving Commitments have been reduced to, or below, such amount prior
to the Reduction Date pursuant to paragraph (b) above. If on the
Reduction Date, the aggregate amount of Revolving Loans then outstanding
exceeds the amount of the Revolving Commitments then reduced (the excess
amount), Revolving Loans to the extent of such excess amount, if not
prepaid by the Company, will automatically be converted to Term Loans
with an Interest Period coterminous with the Interest Period then in
effect for the Term Loans. Upon such conversion, the amount of the Term
Loan of each Bank then outstanding shall be increased by its Pro Rata
Share of the Revolving Loans being converted.
|
| | (d) The Administrative Agent shall promptly notify the Banks of its
receipt of any notice of termination or reduction of the Commitments.
Any reduction of the Term Commitment or the Revolving Commitments shall
be applied to the Term Commitment or the Revolving Commitment of each
Bank, as applicable, according to its Pro Rata Share.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| | 2.07 Repayment of the Loans.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            



| |                                                                                                                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) (i) The Company shall repay the Term Loans in two
installments. The first installment shall be due and payable on
the Reduction Date and the second and last installment shall be due
and payable on the Maturity Date.                                                                      
|
| | (ii) The first installment shall be equal to US$50,000,000 or
such lesser amount as equals the difference between US$50,000,000
and any prepayments of the Term Loans allocated to the first
installment. The final installment shall be equal to the then
outstanding balance of the Term Loans.

20



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) All Revolving Loans then outstanding shall be repaid on the
Maturity Date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | 2.08 Interest.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | (a) Subject to the provisions of paragraph (c) below, (i) each LIBOR
Loan shall bear interest on the outstanding principal amount thereof for
each Interest Period at a rate per annum equal to LIBOR for such Interest
Period plus the Applicable Margin, and (ii) each Base Rate Loan shall
bear interest on the outstanding principal amount
thereof from the applicable borrowing date or date of conversion at
a rate per annum equal to the Alternate Base Rate plus the Applicable
Margin.                                                                                                                                                       
|
| | (b) Interest on each Loan shall be paid in arrears on each Interest
Payment Date. Interest shall also be paid on the date of any prepayment
of Loans under Section 2.05 for the portion of the Loans so prepaid and
upon payment (including prepayment) in full of the Loans. During the
existence of any Event of Default, interest shall be payable on demand.                                                                                                                                                                                                                                                                                        
|
| | (c) Any overdue principal and, to the extent permitted by applicable
law, overdue interest or other amount payable hereunder shall bear
interest payable on demand, for each day from the date payment thereof
was due to the date of actual payment, at a rate per annum equal to (i)
in the case of the principal amount of any Loan, (A) the interest rate
then in effect plus (B) the Applicable Margin then in effect plus (C) 2%
and (ii) in the case of interest or any other amount, (A) the Alternate
Base Rate plus (B) the Applicable Margin then in effect plus (C) 2%.                                                                     
|
| | (d) Anything herein to the contrary notwithstanding, the obligations
of the Company to any Bank hereunder shall be subject to the limitation
that payments of interest shall not be required for any period for which
interest is computed hereunder, to the extent (but only to the extent)
that contracting for or receiving such payment by such Bank would be
contrary to the provisions of any law applicable to such Bank limiting
the highest rate of interest that may be lawfully contracted for, charged
or received by such Bank, and in such event the Company shall pay such
Bank interest at the highest rate permitted by applicable law.
|
| | 2.09 Fees                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|
| | (a) Up-Front Fees. On the Closing Date, the Company shall pay to
the Administrative Agent for the account of each Bank, based on such
Banks initial Commitment and calculated on the final allocated amount of
such Commitment, an up-front fee as agreed in a letter dated the date
hereof between the Lead Arranger and the Company and the letters dated
the date hereof between the Company and each of the Banks party hereto on
the date hereof.                                                                                                                                                                                                 

21



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##### 





| |                                                                                                                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) (i) The Company agrees to pay to the Administrative Agent for
the account of each Bank a commitment fee on the average daily unused
portion of such Banks Revolving Commitment at a rate per annum equal to
the rate set forth below:

|                                   |  |                |       |  
|---------------------------------- |  | -------------- | ----- | -
|Maximum Leverage Ratio             |  | Commitment Fee
|                                   |  |               
|Greater than 2.50 to 1.00          |  |                | 0.625 | %
|Less than or equal to 2.50 to 1.00 |  |                | 0.375 | %



| |                                                                                                                                                                                                                                                                                              
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (ii) The commitment fee shall accrue from the Closing Date to
the date of termination of the Revolving Commitments and shall be
payable quarterly in arrears on the last day of each calendar
quarter and on the effective date of any termination or reduction
of the Revolving Commitments.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 2.10 Computation of Interest and Fees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| | (a) Computation of interest on Base Rate Loans when the Alternate
Base Rate is determined based on Bank of Americas prime rate shall be
calculated on the basis of a year of 365 or 366 days, as the case may
be, and the actual number of days elapsed (including the first day but
excluding the last day). All other computations of interest and fees
which are computed on a per annum basis shall be calculated on the basis
of a year of 360 days and the actual number of days elapsed (including
the first day but excluding the last day).                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | (b) Each determination of LIBOR by the Administrative Agent shall be
conclusive and binding on the Company and the Banks in the absence of
manifest error.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|
| | (c) The Administrative Agent shall notify the Company and the Banks
of any change in Bank of Americas prime rate used in determining the
Alternate Base Rate promptly following the public announcement of such
change.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | 2.11 Payments by the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| | (a) All payments to be made by the Company shall be made without
condition or deduction for any set-off, counterclaim or other defense.
Except as otherwise expressly provided herein, all payments by the
Company shall be made to the Administrative Agent for the account of the
Banks at the Administrative Agents Payment Office, and shall be made in
Dollars and in immediately available funds, no later than 12:00 noon (New
York City time) on the date specified herein. The Administrative Agent
will promptly distribute to each Bank its Pro Rata Share (or other
applicable share as expressly provided herein) of such payment in like
funds as received by wire to such Banks Lending Office. Any payment
received by the Administrative Agent later than 12:00 noon (New York City
time) may be deemed, at the election of the Administrative Agent,
to have been received on the following Business Day and any
applicable interest or fee shall continue to accrue.

22



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) Subject to the provisions set forth in the definition of
Interest Period herein, whenever any payment is due on a day other than
a Business Day, such payment shall be made on the following Business Day,
and such extension of time shall in such case be included in the
computation of interest.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | (c) Unless the Administrative Agent receives notice from the Company
prior to the date on which any payment is due to the Banks that the
Company will not make such payment in full as and when required, the
Administrative Agent may assume that the Company has made such payment in
full to the Administrative Agent on such date in immediately available
funds and the Administrative Agent may (but shall not be so required), in
reliance upon such assumption, distribute to each Bank on such due date
an amount equal to the amount then due such Bank. If and to the extent
the Company has not made such payment in full to the Administrative
Agent, each Bank shall forthwith on demand repay to the Administrative
Agent amount distributed to such Bank to the extent not paid by the
Company, together with interest thereon at the Federal Funds Rate for
each day from the date such amount is distributed to such Bank until the
date recovered by the Administrative Agent, provided that if any amount
remains unpaid by any Bank for more than five Business Days, such Bank
shall pay interest thereon to the Administrative Agent at a rate per
annum equal to the Alternate Base Rate, plus the Applicable Margin then
in effect, plus 2%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| | 2.12 Payments by the Banks to the Administrative Agent.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | (a) Unless the Administrative Agent receives notice from a Bank, at
least one Business Day prior to any Borrowing Date, that such Bank will
not make available as and when required hereunder to the Administrative
Agent for the account of the Company the amount of such Banks Pro Rata
Share of the Borrowing, the Administrative Agent may assume that each
Bank has made such amount available to the Administrative Agent in
immediately available funds on the Borrowing Date and the Administrative
Agent may (but shall not be so required), in reliance upon such
assumption, make available to the Company on such date a corresponding
amount. If and to the extent any Bank shall not have made its full
amount available to the Administrative Agent in immediately available
funds and the Administrative Agent in such circumstances has made
available to the Company such amount, such Bank shall on the Business Day
following such Borrowing Date make such amount available to the
Administrative Agent, together with interest at the Federal Funds Rate
for each day during such period. If such amount is so made available,
such payment to the Administrative Agent shall constitute such Banks
Loan on the Borrowing Date for all purposes of this Agreement. If such
amount is not made
available to the Administrative Agent on the Business Day following
the Borrowing Date, the Administrative Agent will notify the Company of
such failure to fund and, upon demand by the Administrative Agent, the
Company shall pay such amount to the Administrative Agent for the
Administrative Agents account, together with interest thereon for each
day elapsed since the Borrowing Date, at a rate per annum equal to the
interest rate applicable at the time to the Loans comprised in the
Borrowing; provided that if the Company fails to pay such amount to the
Administrative Agent within five Business Days after the date of
notification of such failure from the Administrative

23



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Agent, the Company
shall pay interest thereon to the Administrative Agent at a rate per
annum equal to the Alternate Base Rate, plus the Applicable Margin then
in effect, plus 2%.                                                                                                                                                                                                                                                                                                            
|
| | (b) If any Bank makes available to the Administrative Agent funds
for any Loan to be made by such Bank as provided in this Article II, and
such funds are not made available to the Company by the Administrative
Agent because the conditions to the applicable Borrowing set forth in
Article IV are not satisfied or waived in accordance with the terms
hereof, the Administrative Agent shall return such funds (in like funds
as received from such Bank) to such Bank, without interest.
|
| | (c) The obligations of the Banks hereunder to make Loans are several
and not joint. The failure of any Bank to make any Loan on any Borrowing
Date shall not relieve any other Bank of any obligation hereunder to make
a Loan on such date, but no Bank shall be responsible for the failure of
any other Bank to make the Loan to be made by such other Bank on the
Borrowing Date.                                                                                                          

2.13 Sharing of Payments, Etc. If, other than as expressly provided
elsewhere herein, any Bank shall obtain on account of the Loans made by it any
payment (whether voluntary, involuntary, through the exercise of any right of
set-off, or otherwise) in excess of its Pro Rata Share (or other share
contemplated hereunder), such Bank shall immediately (a) notify the
Administrative Agent of such fact, and (b) purchase from the other Banks such
interests in the Loans made by them as shall be necessary to cause such
purchasing Bank to share the excess payment pro rata with each of them;
provided, however, that if all or any portion of such excess payment is
thereafter recovered from the purchasing Bank, such purchase shall to that
extent be rescinded and each other Bank shall repay to the purchasing Bank the
purchase price paid therefor, together with an amount equal to such paying
Banks ratable share (according to the proportion of (i) the amount of such
paying Banks required repayment to (ii) the total amount so recovered from the
purchasing Bank) of any interest or other amount paid or payable by the
purchasing Bank in respect of the total amount so recovered. The Company
agrees that any Bank so purchasing an interest from another Bank may, to the
fullest extent permitted by law, exercise all its rights of payment (including
the right of set-off) with respect to such participation as fully as if such
Bank were the direct creditor of the Company in the amount of such
participation. The Administrative Agent will keep records
(which shall be conclusive and binding in the absence of manifest error)
of interests purchased under paragraph (b) above and will in each case notify
the Banks and the Company following any such purchases or repayments. Each
Bank that purchases an interest in the Loans pursuant to paragraph (b) above
shall from and after such purchase have the right to give all notices,
requests, demands, directions and other communications under this Agreement
with respect to the portion of the Obligations purchased to the same extent as
though the purchasing Bank were the original owner of the Obligations
purchased.

24



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##### 



ARTICLE III
TAXES, YIELD PROTECTION AND ILLEGALITY



| |                                                                                                                                                                                                                                                                                                 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 3.01 Taxes.                                                                                                                                                                                                                                                                                     
|
| | (a) Any and all payments by the Company to or for the account of any
Bank or the Administrative Agent under this Agreement and any other Loan
Document shall be made free and clear of, and without deduction or
withholding for, any Taxes. In addition, the Company shall pay all Other
Taxes.
|
| | (b) If the Company shall be required by law to deduct or withhold
any Taxes or Other Taxes from or in respect of any sum payable hereunder
or any other Loan Document to any Bank or the Administrative Agent, then:                                                                            



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) the sum payable shall be increased as necessary so that,
after making all required deductions and withholdings (including
deductions and withholdings applicable to additional sums payable
under this Section 3.01), such Bank or the Administrative Agent, as
the case may be, receives and retains an amount equal to the sum it
would have received and retained had no such deductions or
withholdings been made;                                                                                     
|
| | (ii) the Company shall make such deductions and withholdings;                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | (iii) the Company shall pay the full amount deducted or
withheld to the relevant taxing authority or other authority in
accordance with applicable law; and                                                                                                                                                                                                                                                                                                                                                    
|
| | (iv) in the event of an increase, after the date of this
Agreement, in the Mexican withholding tax rate to a rate in excess
of the rate applicable to each Bank party hereto on the date
hereof, the Company shall also pay to each Bank or the
Administrative Agent for the account of such Bank, at the time
interest is paid, all additional amounts that such Bank specifies
as necessary to preserve the after-
tax yield such Bank would have received if such Taxes or Other
Taxes had not been imposed.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (c) The Company agrees to indemnify and hold harmless each Bank for
the full amount of (i) Taxes and (ii) Other Taxes in the amount that such
Bank specifies as necessary to preserve the after-tax yield such Bank
would have received if such Taxes or Other Taxes had not been imposed,
and any liability (including penalties, interest, additions to tax and
expenses) arising therefrom or with respect thereto, whether or not such
Taxes or Other Taxes were correctly or legally asserted. Payment under
this paragraph (d) indemnification shall be made within 30 days after the
date any Bank or the Administrative Agent makes written demand therefor.
|
| | (d) Within 30 days after the date of any payment by the Company of
Taxes or Other Taxes, the Company shall furnish to the Administrative
Agent (which shall                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

25



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| |                                                                                                                                                                      
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | forward the same to each Bank) the original or a
certified copy of a receipt, or other evidence satisfactory to the
Administrative Agent, evidencing payment thereof.

3.02 Illegality. If any Bank determines that any Requirement of Law has
made it unlawful, or that any Governmental Authority has asserted that it is
unlawful, for any Bank or its applicable Lending Office to make, maintain or
fund LIBOR Loans, or materially restricts the authority of such Bank to
purchase or sell, or to take deposits of, Dollars in the London interbank
market, or to determine or charge interest rates based upon LIBOR, then, on
notice thereof by such Bank to the Company through the Administrative Agent,
any obligation of such Bank to make or continue LIBOR Loans or to convert Base
Rate Loans to LIBOR Loans shall be suspended until the circumstances giving
rise to such determination no longer exist. Upon receipt of such notice, the
Company shall, at its election, upon demand from such Bank (with a copy to the
Administrative Agent), prepay or convert all LIBOR Loans of such Bank to Base
Rate Loans, either on the last day of the Interest Period thereof, if such Bank
may lawfully continue to maintain such LIBOR Loans to such day, or immediately,
if such Bank may not lawfully continue to maintain such LIBOR Loans. Upon any
such prepayment or conversion, the Company shall also pay interest on the
amount so prepaid or converted.

3.03 Inability to Determine Rates. If the Administrative Agent
determines, or in the case of clause (c) below is informed by the Majority
Banks, in connection with any request for a LIBOR Loan or a conversion to or
continuation thereof that (a) Dollar deposits are not being offered to banks in
the London interbank market for the applicable amount and Interest Period of
such LIBOR Loan, (b) adequate and reasonable means do not exist for determining
LIBOR for such LIBOR Loan, or (c) LIBOR for such LIBOR Loan does not adequately
and fairly reflect the cost to the Majority Banks of funding such LIBOR Loan,
the Administrative Agent will promptly notify the Company and each Bank.
Thereafter, the obligation of the Banks to make or maintain LIBOR
Loans shall be suspended until the Administrative Agent revokes such
notice. Upon receipt of such notice, the Company may revoke any pending
request for a Borrowing, conversion or continuation of LIBOR Loans or, failing
that, will be deemed to have converted such request into a request for a
Borrowing comprised of Base Rate Loans or a request for conversion to Base Rate
Loans in the amount specified therein.

3.04 Increased Costs and Reduction of Return.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) If any Bank determines that, due to either (i) the introduction
of or any change in or in the interpretation of any Requirement of Law or
(ii) the compliance by such Bank with any guideline or request from any
central bank or other Governmental Authority (whether or not having the
force of law), there shall be any increase in the cost to such Bank of
agreeing to make or making, funding or maintaining its Loans to the
Company, then the Company shall be liable for, and shall from time to
time, upon demand (with a copy of such demand to be sent to the
Administrative Agent), pay to the Administrative Agent for the account of
such Bank, additional amounts as are sufficient to compensate such Bank
for such increased costs.
|
| | (b) If any Bank determines that (i) the introduction of any Capital
Adequacy Regulation, (ii) any change in any Capital Adequacy Regulation,
(iii) any change in the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

26



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | interpretation or administration of any Capital
Adequacy Regulation by any central bank or other Governmental Authority
charged with the interpretation or administration thereof, or (iv)
compliance by the Bank (or its Lending Office) with any Capital Adequacy
Regulation affects or would affect the amount of capital required or
expected to be maintained by such Bank or any corporation controlling
such Bank and determines that the amount of such capital is increased as
a consequence of its Commitment, Loans or obligations under this
Agreement, then, upon demand of such Bank to the Company through the
Administrative Agent, the Company shall pay to the Administrative Agent
for the account of such Bank, from time to time as specified by such
Bank, additional amounts sufficient to compensate the Bank for such
increase.

3.05 Funding Losses. The Company shall reimburse each Bank and hold each
Bank harmless from (in each case by payment of any relevant amounts to the
Administrative Agent for the account of such Bank) any loss or expense which
the Bank may sustain or incur as a consequence of:



| |                                                                                                                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) the failure of the Company to make on a timely basis any payment
of principal of any Loan;                                                                                                                                       
|
| | (b) the failure of the Company to borrow or continue or convert a
Loan after the Company has given (or is deemed to have given) a Notice of
Borrowing or a Notice of Continuation/Conversion;                                        
|
| | (c) the failure of the Company to make any prepayment in accordance
with any notice delivered under Section 2.05; or                                                                                                                 
|
| | (d) the prepayment (including pursuant to Section 2.05, Section 2.06
or Section 2.07) or other payment (including after acceleration thereof)
of any Loan on a day that is not the last day of the relevant Interest
Period therefor;

including any such loss or expense arising from the liquidation or
reemployment of funds obtained by such Bank to maintain such Loan or from fees
payable to terminate the deposits from which such funds were obtained. The
Borrower shall also pay any customary and reasonable administrative fees
charged by such Bank in connection with the foregoing.

3.06 Reserves on Loans. The Company shall pay to each Bank, as long as
such Bank shall be required to maintain reserves with respect to liabilities or
assets consisting of or including Eurocurrency funds or deposits (currently
known as Eurocurrency liabilities), additional interest on the unpaid
principal amount of such Banks LIBOR Loans equal to the actual costs of such
reserves allocated to such LIBOR Loans by such Bank (as determined by such Bank
in good faith, which determination shall be conclusive, absent manifest error),
payable on each date on which interest is payable on such Loans, provided the
Company shall have received at least 15 days prior written notice (with a copy
to the Administrative Agent) of such additional interest from such Bank. If a
Bank fails to give notice 15 days prior to the relevant Interest Payment Date,
such additional interest shall be payable 15 days from receipt of such notice.

27



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 3.07 Certificates of Banks.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| | (a) Any Bank claiming reimbursement or compensation under this
Article III shall deliver to the Company (with a copy to the
Administrative Agent) a certificate setting forth in reasonable detail
the amount payable to such Bank hereunder and the reasons for such claim
and such certificate shall be conclusive and binding on the Company in
the absence of manifest error.                                                                                                                                     
|
| | (b) Each Bank agrees to notify the Company of any claim for
reimbursement pursuant to Section 3.04 or 3.06 not later than 60 days
after any officer of such Bank responsible for the administration of this
Agreement receives actual knowledge of the event giving rise to such
claim. If any Bank fails so to give notice, the Company shall only be
required to reimburse or compensate such Bank, retroactively, for claims
pertaining to the period of 60 days immediately preceding the date the
claim was made.

3.08 Change of Lending Office. Each Bank agrees that, upon the occurrence
of any event giving rise to an obligation of the Company under Section 3.01,
Section 3.02, Section 3.04 or Section 3.06 with respect to such Bank, it will,
if requested by the Company, use reasonable efforts (subject to overall policy
considerations of such Bank) to designate another Lending Office for any Loans
affected by such event or take other action, provided that such Bank and its
Lending Office suffer no economic, legal or regulatory disadvantage, with the
object of avoiding the consequence of the event giving rise to the obligation
under any such Section. Nothing in this Section shall affect or postpone any
of the Obligations of the Company or the right of any Bank provided in Section
3.01, Section 3.02, Section 3.04 or Section 3.06.

3.09 Substitution of Bank. Upon the receipt by the Company from any Bank
of a claim for compensation under Section 3.01, Section 3.04 or Section 3.06,
or giving rise to the operation of Section 3.02, the Company may (a) request
such Bank to use its best efforts to seek a Substitute Bank willing to assume
such Banks Term Commitment (or, after the date of termination of the Term
Commitments, acquire such Banks Term Loan) and Revolving Commitment and
Revolving Loans or (b) designate a Substitute Bank willing to assume such Term
Commitment (or, after the date of termination of the Term Commitments , acquire
such Banks Term Loan) and Revolving Commitment and Revolving Loans, to which
such Bank shall assign, in accordance with Section 10.08 and without recourse
to or warranty by, or expense to, such Bank, the rights and obligations of such
Bank hereunder (except for such rights as, pursuant to the terms of this
Agreement, survive repayment of the Loans). The Company shall pay to the Bank
being substituted on the date of substitution all interest, fees and other
amounts then owing to such Bank by the Company to the date of substitution.

3.10 Survival. The agreements and obligations of the Company in this
Article III shall survive the payment of all other Obligations.

28



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##### 



ARTICLE IV
CONDITIONS PRECEDENT

4.01 Conditions to Initial Loans. The obligation of each Bank to make its
initial Loan hereunder is subject to the condition that the Administrative
Agent shall have received on or before the Closing Date all of the following,
in form and substance satisfactory to the Administrative Agent and each Bank,
and, except for the Notes, in sufficient copies for each Bank:



| |                                                                                                                                                      
| | -----------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) Loan Agreement and Notes. This Agreement duly executed by the
parties hereto and the Term Notes and Revolving Notes duly executed by
the Company;
|
| | (b) Resolutions; Incumbency.                                                                                                                         



| |                                                                                                                                                                                                                                                                                          
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) Copies of all applicable powers of attorney designating
the Persons authorized to execute this Agreement and the other Loan
Documents on behalf of the Company, duly certified by the Secretary
or an Assistant Secretary of the Company; and                                        
|
| | (ii) A certificate of the Secretary or Assistant Secretary of
the Company certifying the names and true signatures of the
officers of the Company authorized to execute, deliver and perform,
as applicable, this Agreement and all other Loan Documents to be
delivered by it hereunder;



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (c) Organizational Documents. Copies of the estatutos socialesof
the Company as in effect on the Closing Date, certified as of the Closing
Date by the Secretary or an Assistant Secretary of the Company;                                                                                                                                                                                                                                                                                                                                                             
|
| | (d) Governmental Authorizations. Evidence satisfactory to the
Administrative Agent that all approvals, authorizations or consents of,
or notices to, or registrations with, any Governmental Authority
(including exchange control approvals), if any, required in connection
with the execution and performance by the Company of this Agreement have
been obtained and are in full force and effect. If no such approvals,
authorizations, consents, notices or registrations are necessary, a
certificate shall be delivered to the Administrative Agent so stating;
|
| | (e) Process Agent. The acceptance by the Process Agent to act as
agent for service of process for the Company in connection with any
proceeding relating to this Agreement or the Notes brought in New York
together with a copy certified by a Mexican public notary of the
power-of-attorney granted by the Company in favor of the Process Agent;                                                                                                                                                                                                                   
|
| | (f) Legal Opinions. (i) A favorable opinion of Salvador Vargas,
Esq., General Counsel of the Company; substantially in the form of
Exhibit F, (ii) a favorable opinion of Sidley Austin Brown & Wood LLP,
special New York counsel to the Company, substantially in the form of
Exhibit G; (iii) a favorable opinion of Morrison &                                                                                                                                                                                                                                     

29



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Foerster, special New
York counsel to the Administrative Agent, substantially in the form of
Exhibit H and (iv) a favorable opinion of Ritch, Heather y Mueller, S.C.
special Mexican counsel to the Administrative Agent, substantially in the
form of Exhibit I;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | (g) Payment of Fees. Evidence of payment by the Company (or
irrevocable instructions of the Company to use the proceeds of the Loans
for the payment) of (i) all fees payable to the Banks, the Administrative
Agent and the Lead Arranger on the Closing Date, and (ii) all reasonable
costs and expenses to the extent due and payable to the Administrative Agent or the Lead Arranger on the Closing Date,
together with Attorney Costs for the preparation and execution of this
Agreement of the Administrative Agent to the extent invoiced prior to or
on the Closing Date, plus such additional amounts of Attorney Costs as
shall constitute its reasonable estimate of Attorney Costs incurred or to
be incurred by it through the closing proceedings (provided that such
estimate shall not thereafter preclude a final settling of accounts
between the Company and the Administrative Agent);
|
| | (h) Certificate. A certificate signed by a Responsible Officer of
the Company, dated as of the Closing Date, stating that:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) the representations and warranties contained in Article V
are true and correct on and as of such date, as though made on and
as of such date;                                                                                                                                                                                                                                                                                              
|
| | (ii) no Default or Event of Default has occurred and is
continuing; and                                                                                                                                                                                                                                                                                                                                                                        
|
| | (iii) there has occurred since December 31, 2001, (A) no event
or circumstance that has had or could reasonably be expected to
have a Material Adverse Effect and (B) no event or circumstance of
a financial, political or economic nature in Mexico which has had
or could reasonably be expected to have a material adverse effect
on the ability of the Company to perform its obligations under this
Agreement or any other Loan Document;



| |                                                                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) Repayment of Existing Facility. Evidence that the Company has
repaid or has made provision for the repayment of, all amounts
outstanding under the Existing Facility, including by applying the
proceeds of the Loans to part of such repayment; and
|
| | (j) Other Documents. Such other approvals, opinions, documents or
materials as the Administrative Agent or any Bank (through the
Administrative Agent) may reasonably request.                                                                          

4.02 Conditions to All Borrowings. The obligation of each Bank to make
any Loan to be made by it (including its initial Loan) is subject to the
satisfaction of the following conditions on each Borrowing Date:



| |                                                                                                              
| | -------------------------------------------------------------------------------------------------------------
| | (a) Notice of Borrowing. The Administrative Agent shall have
received a Notice of Borrowing from the Company;

30



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) Representations and Warranties. The representations and
warranties of the Company contained in Article V or in any other Loan
Document, or which are contained in any document furnished at any time
under or in connection herewith or therewith, shall
be true and correct in all material respects on and as of the date
of such Borrowing Date, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they
shall be true and correct in all material respects as of such earlier
date, and except that for purposes of this Section 4.02, the
representations and warranties contained in paragraphs (a) and (b) of
Section 5.06 shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b), respectively, of Section 6.01;
and
|
| | (c) No Existing Default. No Default or Event of Default shall exist
or would result from such Borrowing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

ARTICLE V
REPRESENTATIONS AND WARRANTIES

The Company represents and warrants to the Administrative Agent and each
Bank that:

5.01 Corporate Existence and Power. The Company and each of its
Subsidiaries:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) is a corporation duly organized and validly existing under the
laws of its corresponding jurisdiction;                                                                                                                                                                                                                                                                                                                                                                                                               
|
| | (b) has all requisite corporate power and authority and all
requisite governmental licenses, authorizations, consents and approvals
to (i) conduct its business and to own its Properties and (ii) (with
respect to the Company only) to execute, deliver and perform all of its
obligations under this Agreement and the Notes except to the extent that
the failure to obtain any such governmental license, authorization,
consent or approval could not reasonably be expected to have a Material
Adverse Effect; and
|
| | (c) is in compliance with all Requirements of Law except to the
extent that the failure to comply therewith could not reasonably be
expected to have a Material Adverse Effect.                                                                                                                                                                                                                                                                                                                                          

5.02 Corporate Authorization; No Contravention. The execution, delivery
and performance by the Company of this Agreement and each other Loan Document
have been duly authorized by all necessary corporate action, and do not and
will not:



| |                                                                                                                                                                      
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) contravene the terms of the Companys estatutos sociales;                                                                                                        
|
| | (b) conflict with or result in any breach or contravention of, or
the creation of any Lien under, (i) any document evidencing any
Contractual Obligation to which the

31



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| |                                                                                                                                                   
| | --------------------------------------------------------------------------------------------------------------------------------------------------
| | Company is a party or (ii) any order,
injunction, writ or decree of any Governmental Authority to which the
Company or its Property is subject; or
|
| | (c) violate or contravene any Requirement of Law.                                                                                                 

5.03 No Additional Governmental Authorization. No approval (including
exchange control approval), consent, exemption, authorization, registration or
other action by, or notice to, or filing with, any Governmental Authority is
necessary or required in connection with the execution, delivery or performance
by, or enforcement against, the Company of this Agreement or any other Loan
Document other than as have been obtained pursuant to Section 4.01(d).

5.04 Binding Effect. This Agreement has been and each other Loan
Document, when delivered hereunder, will have been, duly executed and delivered
by the Company. This Agreement constitutes, and each other Loan Document when
so delivered will constitute, a legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except
as enforceability may be limited by applicable bankruptcy, insolvency,
concurso mercantil, or similar laws affecting the enforcement of creditors
rights generally or by equitable principles relating to enforceability
(regardless of whether enforcement thereof is sought in a proceeding at law or
in equity).

5.05 Litigation. Except as disclosed in Schedule 5.05 on the date hereof
and as otherwise disclosed by the Company to the Administrative Agent, there
are no actions, suits, proceedings, claims or disputes pending, or to the best
knowledge of the Company, threatened or contemplated, at law, in equity, in
arbitration or before any Governmental Authority, by or against the Company or
any of its Material Subsidiaries, except as disclosed in Schedule 5.05, which:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) purport to affect the legality, validity or enforceability of
this Agreement or any other Loan Document, or any of the transactions
contemplated hereby or thereby; or                                                                                                                                                                                                                                                                                                                                                
|
| | (b) if determined adversely to the Company or such Material
Subsidiary, could reasonably be expected to have a Material Adverse
Effect.                                                                                                                                                                                                                                                                                                                                                                                   
|
| | 5.06 Financial Information; No Material Adverse Effect; No Default.                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | (a) The Companys audited consolidated financial statements for the
Fiscal Year ended December 31, 2001 (copies of which have been furnished
to the Administrative Agent and each Bank) are complete and correct in
all material respects, have been prepared in accordance with Mexican GAAP
and fairly present in accordance with Mexican GAAP the financial
condition of the Company and its Consolidated Subsidiaries as of such
date and the results of their operations for the Fiscal Year ended
December 31, 2001.
|
| | (b) The Companys unaudited financial statements for the Fiscal
Quarter ended September 30, 2002 (copies of which have been furnished to
the Administrative                                                                                                                                                                                                                                                                                                                                                               

32



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Agent and each Bank) are complete and correct in all
material respects, have been prepared in accordance with Mexican GAAP and
fairly present in accordance with Mexican GAAP the financial condition of
the Company and its Consolidated Subsidiaries as of such date and the
results of their operations for the period covered thereby, subject to
the absence of footnotes and to normal year-end audit adjustments.                                          
|
| | (c) Since the date of the most recent audited financial statements,
there has occurred no development, event or circumstance, either
individually or in the aggregate, which has had, or could reasonably be
expected to have, a Material Adverse Effect.                                                                                                                                                                                                         
|
| | (d) As of the Closing Date and each Borrowing Date, neither the
Company nor any of its Material Subsidiaries is in default under or with
respect to any Contractual Obligation in any respect which, individually
or together with all such defaults, could reasonably be expected to have
a Material Adverse Effect, or that would, if such default had occurred
after the Closing Date or such Borrowing Date, create an Event of Default
under Section 8.01(e).

5.07 Pari Passu. The Obligations constitute direct, unconditional and
general obligations of the Company and rank pari passu in all respects with all
other unsecured and unsubordinated Indebtedness of the Company, except those
ranking senior by operation of law (and not by contract or agreement).

5.08 Taxes. The Company and its Material Subsidiaries have filed all tax
returns and reports required to be filed under the laws of Mexico, and have
paid all taxes, assessments, fees and other governmental charges levied or
imposed upon them or their Properties, otherwise due and payable, except (i)
those which are being contested in good faith by appropriate proceedings and
for which adequate reserves have been provided in accordance with Mexican GAAP;
and (ii) those to the extent that non-compliance therewith could not be
reasonably expected to have a Material Adverse Effect.

5.09 Environmental Matters.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) The on-going operations of the Company and each of its Material
Subsidiaries are in compliance in all material respects with all
applicable Environmental Laws except to the extent that the failure to
comply therewith could not reasonably be expected to have a Material
Adverse Effect.                                                                                                                                                                                                                                                                                      
|
| | (b) The Company and each of its Material Subsidiaries have obtained
all environmental, health and safety permits necessary or required for
its operations, all such permits are in good standing, and the Company
and each of its Material Subsidiaries is in compliance with all material
terms and conditions of such permits, except to the extent that the
failure to obtain, and maintain in full force and effect, any such
permit, or to the extent that failure to comply with the material terms
thereof, could not reasonably be expected to have a Material Adverse
Effect.

33



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##### 



5.10 Compliance with Social Security Legislation, Etc. The Company, and
each of its Material Subsidiaries, is in compliance with all Requirements of
Law relating to social security legislation, including all rules and
regulations of INFONAVIT, IMSS and SAR except to the extent that non-compliance
therewith could not be reasonably expected to have a Material Adverse Effect.

5.11 Assets; Patents; Licenses, Etc.



| |                                                                                                                                                                                                                                                                                                                                                              
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) The Company and each of its Material Subsidiaries has good and
marketable title to all real property that is reasonably necessary or
used in the ordinary conduct of their business.                                                                                                                                                                     
|
| | (b) The Company and each of its Material Subsidiaries owns or are
licensed or otherwise has the right to use all of the patents,
contractual franchises, licenses, authorizations and other rights that
are reasonably necessary for the operation of its business, without
conflict with the rights of any other Person.                                    
|
| | 5.12 Subsidiaries.                                                                                                                                                                                                                                                                                                                                           
|
| | (a) A complete and correct list of all Material Subsidiaries of the
Company as of the Closing Date, showing, as to each Material Subsidiary,
the correct name thereof, the jurisdiction of its incorporation and the
percentage of shares of each class outstanding owned by the Company and
each Subsidiary of the Company is set forth in Schedule 5.12(a).
|
| | (b) A list of all agreements, which by their terms, expressly
prohibit or limit the payment of dividends or other distributions to the
Company by a Material Subsidiary
or the making of loans to the Company by a Material Subsidiary is
set forth in Schedule 5.12(b).                                                                                     

5.13 Commercial Acts. The obligations of the Company under this Agreement
and the Notes are commercial in nature and are subject to civil and commercial
law, and the execution and performance of this Agreement constitute private and
commercial acts and not governmental or public acts and the Company is subject
to legal action in respect of its Obligations.

5.14 Proper Legal Form. This Agreement is, and when executed and
delivered, each Note will be, in proper legal form under the laws of Mexico for
the enforcement thereof against the Company under the laws of Mexico, provided
that in the event any legal proceedings are brought in the courts of Mexico, an
official Spanish translation of the documents from a qualified sworn translator
required in such proceedings, including this Agreement, shall be required.

5.15 Full Disclosure. All written information other than forward-looking
information heretofore furnished by the Company to the Administrative Agent or
any Bank for purposes of or in connection with this Agreement is, and all such
information hereafter furnished by the Company to the Administrative Agent or
any Bank will be, true and accurate in all

34



---



##### 



material respects on the date as of
which such information is stated or certified. All written forward-looking
information heretofore furnished in writing to the Administrative Agent or the
Banks has been prepared in good faith based upon assumptions the Company
believes to be reasonable. The Company has disclosed to the Administrative
Agent and the Banks in writing any and all facts known to it that it believes
are reasonably expected to have a Material Adverse Effect.

5.16 Investment Company Act. The Company is not, nor is it controlled by,
an investment company within the meaning of the Investment Company Act of
1940, as amended.

5.17 Margin Regulations. Neither the Company nor any of its Subsidiaries
is generally engaged in the business of purchasing or selling margin stock
(as such term is defined in Regulations T, U or X of the Board of Governors of
the Federal Reserve System of the United States) or extending credit for the
purpose of purchasing or carrying margin stock.

5.18 ERISA Compliance.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) Each Plan is in compliance in all material respects with the
applicable provisions of ERISA, the Code and other Federal or state Laws.
Each Plan that is intended to qualify under Section 401(a) of the Code
has received a favorable
determination letter from the IRS or an application for such a
letter is currently being processed by the IRS with respect thereto and,
to the best knowledge of the Company, nothing has occurred which would
prevent, or cause the loss of, such qualification. The Company and each
ERISA Affiliate have made all required contributions to each Plan subject
to Section 412 of the Code, and no application for a funding waiver or an
extension of any amortization period pursuant to Section 412 of the Code
has been made with respect to any Plan.
|
| | (b) There are no pending or, to the best knowledge of the Company,
threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that could be reasonably expected to
have a Material Adverse Effect. There has been no prohibited transaction
or violation of the fiduciary responsibility rules with respect to any
Plan that has resulted or could be reasonably expected to result in a
Material Adverse Effect.                                                                                                                                                                                                                                                                                                                                      
|
| | (c) (i) No ERISA Event has occurred, or to the best knowledge of
the Company, is reasonably expected to occur; (ii) no Pension Plan has
any Unfunded Pension Liability; (iii) neither the Company nor any ERISA
Affiliate has incurred, or reasonably expects to incur, any liability
under Title IV of ERISA with respect to any Pension Plan (other than
premiums due and not delinquent under Section 4007 of ERISA; (iv) neither
the Company nor any ERISA Affiliate has incurred, or reasonably expects
to incur, any liability (and no event has occurred which, with the giving
of notice, under Section 4219 of ERISA, would result in such liability)
under Section 4201 or 4243 of ERISA with respect to a Multiemployer Plan;
and (v) neither the Company nor any                          

35



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##### 





| |                                                                                                         
| | --------------------------------------------------------------------------------------------------------
| | ERISA Affiliate has engaged in a
transaction that could be subject to Sections 4069 or 4212(c) of ERISA.

ARTICLE VI
AFFIRMATIVE COVENANTS

The Company covenants and agrees that for so long as any Loan or other
Obligation remains unpaid or any Bank has any Commitment hereunder:

6.01 Financial Statements and Other Information.



| |                                                          
| | ---------------------------------------------------------
| | (a) The Company will deliver to the Administrative Agent:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) as soon as available and in any case within 120 days after
the end of each Fiscal Year, consolidated financial statements for
such Fiscal Year audited by independent accountants of recognized
international standing,
including an annual audited consolidated balance sheet and the
related consolidated statements of income, changes in equity and
changes in financial position, prepared in accordance with Mexican
GAAP consistently applied (except as otherwise discussed in the
notes to such financial statements), which financial statements
shall present fairly in accordance with Mexican GAAP the financial
condition of the Company and its Consolidated Subsidiaries as at
the end of the relevant Fiscal Year and the results of the
operations of the Company and its Consolidated Subsidiaries for
such Fiscal Year, reported on by independent accountants of
recognized international standing; and
|
| | (ii) as soon as available and in any event within 120 days
after the end of each Fiscal Year, an English translation of the
audited consolidated financial statements of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           



| |                                                          
| | ---------------------------------------------------------
| | (b) The Company will deliver to the Administrative Agent:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i) as soon as available and in any case within 60 days after
the end of each of the first three Fiscal Quarters, unaudited
consolidated financial statements for each such quarter period for
the Company and its Consolidated Subsidiaries, including therein an
unaudited consolidated balance sheet and the related consolidated
statements of income prepared in accordance with Mexican GAAP,
consistently applied (except as otherwise discussed in the notes to
such statements), which financial statements shall present fairly
in accordance with Mexican GAAP the financial condition of the
Company and its Consolidated Subsidiaries as at the end of the
relevant quarter and the results of the operations of the Company
and its Consolidated Subsidiaries for such quarter and for the
portion of the Fiscal Year then ended except for the absence of
complete footnotes and except for normal, recurring year-end
accruals and subject to normal year-end adjustments; and

36



---



##### 





| |                                                                                                                                                                                                                        
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (ii) as soon as available and in any event within 90 days
after the end of each of the first three Fiscal Quarters, an
English translation of the unaudited quarterly consolidated
financial statements of the Company.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (c) Concurrently with the delivery of the financial statements
pursuant to paragraphs (a)(i) and (b)(i) above, the Company will deliver
to the Administrative Agent a Compliance Certificate, substantially in
the form of Exhibit D, signed by a Responsible Officer of the Company.                                                                                                                                                                     
|
| | (d) The Company will furnish to the Administrative Agent, promptly
after they are publicly available, copies of all financial statements and
financial reports filed by the Company with any Governmental Authority
(if such statement or reports are required
to be filed for the purpose of being publicly available) or filed
with any Mexican or other securities exchange (including the Luxembourg
Stock Exchange) and which are publicly available.
|
| | (e) The Company will furnish to the Administrative Agent, promptly
upon request of the Administrative Agent or any Bank (through the
Administrative Agent), such additional information regarding the
business, financial or corporate affairs of the Company and its Material
Subsidiaries as the Administrative Agent or any Bank may reasonably
request.                                                                                               
|
| | (f) The Administrative Agent will promptly deliver to each of the
Banks copies of the documents provided by the Company pursuant to this
Section 6.01.                                                                                                                                                                                                                                                                                                    

6.02 Notice of Default and Litigation. The Company will furnish to the
Administrative Agent, not later than five Business Days after the Company
obtains knowledge thereof (and the Administrative Agent will notify each Bank
thereof):



| |                                                                                                                                                                                                                                                                                                                                                                                                                      
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) notice of any Default or Event of Default, signed by a
Responsible Officer, describing such Default or Event of Default and the
steps that the Company proposes to take in connection therewith;                                                                                                                                                                                                                 
|
| | (b) notice of any litigation, action or proceeding pending or
threatened against the Company or any of its Material Subsidiaries before
any Governmental Authority, in which there is a probability of success by
the plaintiff on the merits and which, if determined adversely to the
Company or such Subsidiary, individually or in the aggregate, could be
reasonably expected to have a Material Adverse Effect;
|
| | (c) notice of the modification of any consent, license, approval or
authorization referred to in Section 4.01(d); and                                                                                                                                                                                                                                                                                                
|
| | (d) the occurrence of any ERISA Event that, alone or together with
any other ERISA Events that have occurred, could reasonably be expected
to result in liability of the Company and its Subsidiaries in an
aggregate amount exceeding US$5,000,000.                                                                                                                                                                 

37



---



##### 



6.03 Maintenance of Existence; Conduct of Business.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) The Company will, and will cause each of its Material
Subsidiaries to (i) maintain in effect its corporate existence and all
registrations necessary therefor; (ii) take all reasonable actions to
maintain all rights, privileges, titles to property, franchises and the
like necessary or desirable in the normal conduct of its business,
activities or operations; and (iii) keep all its Property in good working
order or condition; provided,
however, that this covenant shall not prohibit any transaction by
the Company or any of its Material Subsidiaries otherwise permitted under
Section 7.03 nor require the Company to maintain any such right,
privilege, title to property or franchise or to preserve the corporate
existence of any Subsidiary, if the Company shall determine in good faith
that the maintenance or preservation thereof is no longer desirable in
the conduct of the business of the Company or its Material Subsidiaries
and that the loss thereof could not reasonably be expected to have a
Material Adverse Effect.
|
| | (b) The Company will, and will cause its Material Subsidiaries to,
continue to engage in business of the same general type as now conducted
by the Company and its Material Subsidiaries.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

6.04 Insurance. The Company will, and will cause each of its Material
Subsidiaries to, maintain insurance with financially sound, responsible and
reputable insurance companies in such amounts and covering such risks as are
usually carried by companies of good repute engaged in similar businesses and
owning and/or operating properties similar to those owned and/or operated by
the Company or such Material Subsidiary, as the case may be, in the same
general areas in which the Company or such Material Subsidiary owns and/or
operates its properties, provided that the Company and its Material
Subsidiaries shall not be required to maintain such insurance if the failure to
maintain such insurance could not reasonably be expected to have a Material
Adverse Effect.

6.05 Maintenance of Governmental Approvals. The Company will maintain in
full force and effect all governmental approvals (including any exchange
control approvals), consents, licenses and authorizations which may be
necessary or appropriate under any applicable law or regulation for the conduct
of its business (except that the failure to maintain any such approval,
consent, license or authorization could not reasonably be expected to have a
Material Adverse Effect) or for the performance of this Agreement and for the
validity or enforceability hereof. The Company will file all applications
necessary for, and shall use its reasonable best efforts to obtain, any
additional authorization as soon as possible after determination that such
authorization or approval is required for the Company to perform its
obligations hereunder.



| |                                                                                                                                                                                                        
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 6.06 Use of Proceeds. (a) The Company will instruct the
Administrative Agent to apply, on or immediately after the Closing Date,
the proceeds of the Term Loans to repay in part the Existing Facility.
|
| | (b) The Company will use the proceeds of the Revolving Loans for
general working capital purposes, including the refinancing of existing
Indebtedness.                                                 

38



---



##### 



6.07 Application of Cash Proceeds from Sales and Other Dispositions. The
Company will, and will cause each of its Subsidiaries to, apply 100% of the net
cash proceeds received from any sale, conveyance, transfer or Disposition of
assets (including from any sale, conveyance, transfer or Disposition resulting
from casualty or condemnation, and including any amounts received under any
insurance policy representing any insurance payments that have not been and
will not be applied in payment for repairs or for the replacement of any
Property which has been damaged or destroyed) to (i) the repayment of any
Indebtedness then outstanding, (ii) investment in assets relating to the
Companys Core Business, or (iii) any combination thereof.

6.08 Payment of Obligations. The Company will, and will cause each of its
Material Subsidiaries to, pay all taxes, assessments and other governmental
charges imposed upon it or any of its Property in respect of any of its
franchises, businesses, income or profits before any penalty or interest
accrues thereon, and pay all claims (including claims for labor, services,
materials and supplies) for sums which have become due and payable and which by
law have or might become a Lien upon its Property, except if the failure to
make such payment has no reasonable likelihood of having a Material Adverse
Effect or if such charge or claim is being contested in good faith by
appropriate provision promptly initiated and diligently conducted and if such
reserves or other appropriate provision, if any, as shall be required by
Mexican GAAP shall have been made therefor.

6.09 Pari Passu. The Company will cause the Loans to rank pari passu in
all respects with all other unsecured and unsubordinated Indebtedness of the
Company, except those ranking senior by operation of law (and not by contract
or agreement).

6.10 Compliance with Laws. The Company will, and will cause each of its
Material Subsidiaries to, comply in all material respects with all applicable
Requirements of Law, including all applicable Environmental Laws and all
Requirements of Law relating to social security, including INFONAVIT, IMSS and
SAR, except where the necessity of compliance therewith is contested in good
faith by appropriate proceedings promptly initiated and diligently conducted
and if such reserves or other appropriate provision, if any, as shall be
required by Mexican GAAP shall have been made therefor.

6.11 Maintenance of Books and Records.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) The Company will, and will cause each of its Mexican Material
Subsidiaries to, maintain books, accounts and other records in accordance
with Mexican GAAP, and the Company will cause its Material Subsidiaries
organized under laws of
any other jurisdiction to maintain their books and records in
accordance with the generally accepted accounting principles of the
applicable jurisdiction.                                                                                                                       
|
| | (b) The Company will, and will cause each Material Subsidiary to,
permit representatives of the Administrative Agent to visit and inspect
any of their respective properties and to examine their respective
corporate, financial and operating books and records, all at such
reasonable times during normal business hours and as often as may be
reasonably desired upon reasonable advance notice to the Company or such
Subsidiary; provided, however, that when an Event of Default exists the
Administrative Agent may

39



---



##### 





| |                                                                                                                           
| | --------------------------------------------------------------------------------------------------------------------------
| | do any of the foregoing at the expense of the
Company at any time during normal business hours and without advance
notice.

6.12 Subordination of Indebtedness to Gruma Corp. The Company will cause
all Indebtedness of the Company to Gruma Corp. to be at all times subordinated
to the Obligations.

6.13 Further Assurances. The Company will, at its own cost and expense,
execute and deliver to the Administrative Agent all such other documents,
instruments and agreements and do all such other acts and things as may be
reasonably required in the opinion of the Administrative Agent or its counsel,
to enable the Administrative Agent or any Bank to exercise and enforce its
rights under this Agreement and any Note and to carry out the intent of this
Agreement.

ARTICLE VII
NEGATIVE COVENANTS

The Company covenants and agrees that for so long as any Loan or other
Obligation remains unpaid or any Bank has any Commitment hereunder:

7.01 Negative Pledge. The Company will not, and will not permit any of
its Material Subsidiaries to, directly or indirectly, create, incur, assume or
suffer to exist any Lien upon or with respect to any of its present or future
Property, except:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) any Lien on any Property (or, in the case of a line of credit
secured by inventory or accounts receivable, class of Property) existing
on the Closing Date and set forth in Schedule 7.01;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | (b) any Lien on any asset securing all or any part of the purchase
price of property or assets (including inventories) acquired or any
portion of the cost of construction, development, alteration or
improvement of any property, facility or asset or
Indebtedness incurred or assumed solely for the purpose of financing
all or any part of the cost of acquiring or constructing, developing,
altering or improving such property, facility or asset, which Lien
attached solely to such property, facility or asset during the period
that such property, facility or asset was being constructed, developed,
altered or improved or concurrently with or within 120 days after the
acquisition, construction, development, alteration or improvement
thereof;
|
| | (c) Liens of a Subsidiary existing prior to the time such Subsidiary
became a Subsidiary of the Company which (i) do not secure Indebtedness
exceeding the aggregate principal amount of Indebtedness subject to such
Lien prior to the time such Subsidiary became a Subsidiary of the
Company, (ii) do not attach to any Property other than the Property
attached pursuant to such Lien prior to the time such Subsidiary became a
Subsidiary of the Company, and (iii) were not created in contemplation of
such Subsidiary becoming a Subsidiary of the Company;                                                                                                                                                                                                

40



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (d) any Lien on any Property existing thereon at the time of the
acquisition of such Property and not created in connection with or in
contemplation of such acquisition;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| | (e) any Lien on any Property (or, in the case of a line of credit
secured by inventory or accounts receivable, class of Property) securing
an extension, renewal, refunding or replacement of Indebtedness or a line
of credit secured by a Lien referred to in clauses (a), (b), (c) or (d)
above, provided that such new Lien is limited to the Property (or, in the
case of a line of credit secured by inventory or accounts receivable,
class of Property) which was subject to the prior Lien immediately before
such extension, renewal, refunding or replacement, and provided that the
principal amount of Indebtedness or the amount of the line of credit
secured by the prior Lien is not increased immediately before or in
contemplation of or in connection with such extension, renewal, refunding
or replacement;
|
| | (f) any Lien securing taxes, assessments and other governmental
charges, the payment of which is not yet due or the payment of which is
being contested in good faith by appropriate proceedings promptly
initiated and diligently conducted and for which such reserves or other
appropriate provision, if any, as shall be required by Mexican GAAP or,
in the case of Material Subsidiaries organized under laws of any other
jurisdiction, the applicable GAAP therein, shall have been made;                                                                                                                                                                                                                                                                                                                                 
|
| | (g) Liens incurred or deposits made in the ordinary course of
business in connection with workers compensation, unemployment insurance
and other types of social security;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|
| | (h) statutory Liens of landlords and Liens of carriers,
warehousemen, mechanics, materialmen, repairmen or the like arising in
the ordinary course of business
for sums not yet due or the payment of which is being contested in
good faith by appropriate proceedings promptly initiated and diligently
conducted and for which such reserves or other appropriate provision, if
any, as shall be required by Mexican GAAP or, in the case of Material
Subsidiaries organized under the laws of any other jurisdiction, the
applicable GAAP therein, shall have been made;                                                                                                                                                                                                                                                      
|
| | (i) any Lien created by attachment or judgment, unless the judgment
it secures shall not, within 60 days after the entry thereof, have been
discharged or execution thereof stayed pending appeal, or shall not have
been discharged within 60 days after the expiration of any such stay; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | (j) Liens on accounts receivable or inventories created to secure
working capital borrowings not exceeding in the aggregate the greater of
(i) US$100,000,000 (or the equivalent in other currencies) or (ii) 15% of
the Consolidated Net Worth of the Company, less the amount of any
Guaranty Obligations incurred by the Company or any of its Consolidated
Subsidiaries for the account of parties other than the Company and its
Consolidated Subsidiaries.                                                                                                                                                                                                                                                                                                                                                                  

41



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7.02 Investments. The Company will not, and will not permit any of its
Material Subsidiaries to, make any Investment, except:



| |                                                                                                                                                                                                    
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) Investments existing on the date hereof;                                                                                                                                                       
|
| | (b) Investments relating to the Companys Core Business;                                                                                                                                           
|
| | (c) Cash Equivalent Investments;                                                                                                                                                                   
|
| | (d) Investments by the Company in any Subsidiary or by any Material
Subsidiary in the Company or in any Subsidiary;                                                                                
|
| | (e) Investments consisting of extensions of credit in the nature of
accounts receivable or notes receivable arising from the sale or lease of
goods or services in the ordinary course of business;
|
| | (f) Capital Expenditures; and                                                                                                                                                                      
|
| | (g) subject to the limitations set forth in Section 7.06, Guaranty
Obligations of the Company and its Material Subsidiaries.                                                                       

7.03 Mergers, Consolidations, Sales and Leases. The Company will not
merge or consolidate with or into, or convey, transfer or lease its properties
and assets substantially as an entirety to any Person, unless immediately after
giving effect to any merger or consolidation:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) no Default or Event of Default has occurred and is continuing;
and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|
| | (b) any corporation formed by any such merger or consolidation with
the Company or the Person which acquires by conveyance or transfer, or
which leases, the properties and assets of the Company substantially as
an entirety shall expressly assume in writing the due and punctual
payment of the principal of, and interest on all Obligations, according
to their terms, and the due and punctual performance of all of the
covenants and obligations of the Company under this Agreement by an
instrument in form and substance reasonably satisfactory to the
Administrative Agent and shall provide an opinion of counsel acceptable
to the Administrative Agent, obtained at the Companys expense, on which
the Administrative Agent and the Banks may conclusively rely.

7.04 Restricted Payments. The Company will not, and will not permit any
Subsidiary to, declare or make, directly or indirectly, any Restricted Payment,
or incur any obligation (contingent or otherwise) to do so, unless the
Companys Maximum Leverage Ratio was less than 3.50 to 1.00; provided, however,
that, notwithstanding this limitation, the Company may only purchase the
capital stock of Gimsa if, on the date on which such purchase is made, (A) no
Default shall have occurred and be continuing, nor would a Default result from
such purchase, and (B) after giving pro forma effect to such purchase, the
Companys Maximum Leverage Ratio would be less than 3.50 to 1:00.

42



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##### 



Notwithstanding the foregoing limitation, the Company or any Subsidiary may
declare or make the following Restricted Payments:



| |                                                                                                                                                                                                                                                                                                                                             
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) each Subsidiary may make Restricted Payments to the Company and
to wholly-owned Subsidiaries (and, in the case of a Restricted Payment by
a non-wholly-owned Subsidiary, to the Company and any Subsidiary and to
each other owner of capital stock of such Subsidiary on a pro rata basis
based on their relative ownership interests);
|
| | (b) the Company and each Subsidiary may declare and make dividend
payments or other distributions payable solely in the common stock of
such Person;                                                                                                                                                                                        
|
| | (c) each Subsidiary, other than Gimsa, may purchase, redeem or
otherwise acquire shares of its common stock or warrants or options to
acquire any such shares with the proceeds received from the substantially
concurrent issue of new shares of its common stock;                                                                         
|
| | (d) the Company and each Subsidiary may purchase any capital stock
otherwise permitted as an Investment pursuant to Section 7.02(e);
provided, however, that the Company may only purchase the capital stock
of Gimsa if, on the date on which such purchase is made, the Company has
complied with clauses (A) and (B) above; and          
|
| | (e) the Company and Gimsa may each purchase any shares of its own
capital stock, provided that, in the event of such purchase, such capital
stock is sold by the Company or Gimsa, respectively, within twelve months
following the date of acquisition of such capital stock.                                                              

7.05 Limitations on Ability to Prohibit Dividend Payments by Subsidiaries.
The Company will not, and will not permit its Material Subsidiaries to, enter
into any agreement that, by its terms, expressly prohibits the payment of
dividends or other distributions to the Company or the making of loans to the
Company, other than in connection with the renewal or extension of any
agreement listed in Schedule 5.12 (b); provided that (i) the amount available
for borrowing under such agreement is not increased as a result of such renewal
or extension and (ii) in connection with any such renewal or extension of an
agreement that does not already contain any such prohibition, the Company will
not, and will not permit its Material Subsidiaries to, agree to or accept the
inclusion of such prohibition.

7.06 Limitation on Incurrence of Indebtedness by Subsidiaries. The
Company will not permit any Consolidated Subsidiary to create, incur, assume or
suffer to exist any Indebtedness if, at the time of such incurrence and after
giving pro forma effect thereto, the aggregate Indebtedness of all Consolidated
Subsidiaries would exceed an amount equal to 25% of the Indebtedness of the
Company and its Consolidated Subsidiaries.

7.07 Transactions with Affiliates. The Company will not, and will not
cause or permit any Material Subsidiary to, enter into any transaction with any
Affiliate of the Company, except upon fair and reasonable terms no less
favorable to the Company or such Subsidiary than

43



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are obtainable in a comparable
arms-length transaction with a Person not an Affiliate of the Company or such
Subsidiary.

7.08 No Subsidiary Guarantees of Certain Indebtedness. Other than in
connection with its purchase of corn for its corn flour production or wheat for
its wheat flour production, the Company will not permit any of its Material
Subsidiaries, directly or indirectly, to guarantee or otherwise become liable
or responsible for, in any manner, any Indebtedness of the Company.

7.09 Interest Coverage Ratio. The Company shall not permit its Interest
Coverage Ratio, as determined for any Measurement Period, to be less than 2.50
to 1.00.

7.10 Maximum Leverage Ratio. The Company shall not on the last day of any
Fiscal Quarter permit its Maximum Leverage Ratio to be greater than 3.50 to
1.00.

ARTICLE VIII
EVENTS OF DEFAULT

8.01 Events of Default. Any of the following event shall constitute an
Event of Default:



| |                                                                                                                                                                                                                                                                                                                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) Non-Payment. The Company fails to pay (i) when and as required
to be paid herein, any amount of principal of any Loan, or (ii) within
five days after the same becomes due, any interest or any other amount
payable hereunder or under any other Loan Document; or                                                                                                                                        
|
| | (b) Representation or Warranty. Any representation or warranty by
the Company made herein or in any other Loan Document, or which is
contained in any certificate, document or financial or other statement by
the Company or any Responsible Officer of the Company, furnished at any
time under this Agreement or any other Loan Document, is incorrect in any
material respect on or as of the date made; or
|
| | (c) Specific Defaults. The Company fails to perform or observe any
term, covenant or agreement contained in Section 6.02(a), 6.03, 6.05,
6.06, 6.09 or 6.12, fails to perform or observe any term, covenant or
agreement contained in Article VII (other than Section 7.05, 7.07 or
7.08) or fails to deliver new Notes in exchange for the existing Notes as
provided in Section 2.02(c); or                  
|
| | (d) Other Defaults. The Company fails to perform or observe any
other term or covenant contained in this Agreement or in any other Loan
Document, and such default continues unremedied for a period of 30 days
after the date upon which written notice thereof is given to the Company
by the Administrative Agent or any Bank; or                                                                           
|
| | (e) Cross-Default. The Company or any of its Material Subsidiaries
(i) fails to make any payment in respect of any Indebtedness (other than
Indebtedness hereunder                                                                                                                                                                                                                                             

44



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | and under the Notes) having an aggregate principal
amount of more than US$20,000,000 (or the equivalent in another currency)
when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise), and such failure continues after the
applicable grace period, if any, specified in the agreement or instrument
relating to such Indebtedness; or (ii) fails to perform or observe any
other condition or covenant, or any other event shall occur or condition
exist, under any agreement or instrument relating to any such
Indebtedness, and such failure continues after the applicable grace or
notice period, if any, specified in the relevant document on the date of
such failure if the effect of such failure, event or condition is to
cause, or to permit the holder or holders of such Indebtedness to cause,
such Indebtedness to be declared to be due and payable prior to its
stated maturity; or                                                      
|
| | (f) Involuntary Proceedings. (i) A decree or order by a court
having jurisdiction has been entered adjudging the Company or any
Material Subsidiary as bankrupt or insolvent, or approving as properly
filed a petition seeking reorganization or concurso mercantil or
bankruptcy of the Company or any Material Subsidiary and such decree or
order shall have continued undischarged and unstayed for a period of 90
days; or (ii) a decree or order of a court having jurisdiction for the
appointment of a receiver or liquidator or visitador, conciliadoror
síndicoor trustee or assignee in bankruptcy or insolvency or any other
similar official of the Company or any Material Subsidiary or of any
substantial part of the Property of the Company or any Material
Subsidiary or for the winding up or liquidation of the affairs of the
Company or any Material Subsidiary has been entered, and such decree or
order has continued undischarged and unstayed for a period of 90 days; or
|
| | (g) Voluntary Proceedings. The Company or any Material Subsidiary
institutes proceedings to be adjudicated a voluntary bankrupt or consents
to the filing of a bankruptcy proceeding against it, or files a petition
or answer or consent seeking reorganization or concurso mercantil or
bankruptcy or consents to the filing of any such petition, or consents to
the appointment of a receiver or liquidator or trustee or visitador,
conciliadoror síndicoor assignee in bankruptcy or insolvency or any
other similar official of it or any substantial part of its Property; or                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | (h) Monetary Judgments. One or more judgments, orders, attachments
(embargo), decrees or arbitration awards are entered against the
Company or any of its Material Subsidiaries involving in the aggregate a
liability (to the extent not covered by independent third-party insurance
as to which the insurer does not dispute coverage) as to any single or
related series of transactions, incidents or conditions, of US$20,000,000
or more (or the equivalent thereof in another currency), and the same
shall remain unsatisfied, unvacated or unstayed pending appeal for a
period of 90 days after the entry thereof; or                                                                                                                                                                                                                                                                                                                                                                      
|
| | (i) Unenforceability. This Agreement or any of the Notes for any
reason ceases to be in full force and effect in accordance with its
respective terms or the binding effect or enforceability thereof is
contested by the Company, or the Company denies that                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

45



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | it has any further
liability or obligation hereunder or thereunder or in respect hereof or
thereof; or                                                                                                                                                                                                                                                                                                                                    
|
| | (j) Expropriation. The Mexican government or an agency or
instrumentality thereof nationalizes, seizes or expropriates all or a
substantial portion of the assets of the Company and its Subsidiaries,
taken as a whole, or of the common stock of the Company, or the Mexican
government or an agency or instrumentality thereof assumes control of the
business and operations of the Company and its Subsidiaries, taken as a
whole; or
|
| | (k) Change of Control. Mr. Roberto Gonzalez Barrera and his family
members (including his spouse, siblings and other lineal descendants,
estates and heirs, or any trust or other investment vehicle for the
primary benefit of any such Person or their respective family members or
heirs) fail to elect the majority of the Board of Directors of the
Company.                                                                         

8.02 Remedies. If any Event of Default occurs, the Administrative Agent
shall, at the request of, or may, with the consent of, the Majority Banks, take
any or all of the following actions:



| |                                                                                                                                                                                                                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) declare the Commitment of each Bank to be terminated, whereupon
such Commitments shall be terminated;                                                                                                                                                                                                                                                         
|
| | (b) declare the unpaid principal amount of all outstanding Loans,
all interest accrued and unpaid thereon, and all other Obligations owing
or payable hereunder or under any other Loan Document to be immediately
due and payable, without presentment, demand, protest or other notice of
any kind, all of which are hereby expressly waived by the Company; and
|
| | (c) exercise on behalf of itself and the Banks all rights and
remedies available to it and the Banks under the Loan Documents or
applicable law;                                                                                                                                                                                                                  

provided, however, that upon the occurrence of any event specified in
Section 8.01(f) or (g), the Commitment of each Bank shall automatically
terminate and the unpaid principal amount of all outstanding Loans and all
interest and other Obligations shall automatically become due and payable
without further act of the Administrative Agent or any Bank.

After the exercise of remedies provided for in Section 8.02 (or after the
Loans have automatically become immediately due and payable), any amounts
received on account of the Obligations shall be applied by the Administrative
Agent in the following order:

First, to payment of that portion of the Obligations constituting fees,
indemnities, expenses and other amounts (including Attorney Costs and amounts
payable under Article III) payable to the Administrative Agent in its capacity
as such;

Second, to payment of that portion of the Obligations constituting fees,
indemnities and other amounts (other than principal and interest) payable to
the Banks (including Attorney Costs

46



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and amounts payable under Article III),
ratably among them in proportion to the amounts described in this clause Second
payable to them;

Third, to payment of that portion of the Obligations constituting accrued
and unpaid interest on the Loans, ratably among the Banks in proportion to the
respective amounts described in this clause Third payable to them;

Fourth, to payment of that portion of the Obligations constituting unpaid
principal of the Loans, ratably among the Banks in proportion to the respective
amounts described in this clause Fourth held by them; and

Last, the balance, if any, after all of the Obligations have been
indefeasibly paid in full, to the Borrower or as otherwise required by law.

8.03 Rights Not Exclusive. The rights provided for in this Agreement and
the other Loan Documents are cumulative and are not exclusive of any other
rights, powers, privileges or remedies provided by law or in equity, or under
any other instrument, document or agreement now existing or hereafter arising.

ARTICLE IX
THE ADMINISTRATIVE AGENT

9.01 Appointment and Authorization. Each Bank hereby irrevocably
appoints, designates and authorizes the Administrative Agent to take such
action on its behalf under the provisions of this Agreement and each other Loan
Document and to exercise such powers and perform such duties as are expressly
delegated to it by the terms of this Agreement or any other Loan Document,
together with such powers as are reasonably incidental thereto. Notwithstanding
any provision to the contrary contained elsewhere in this Agreement or in any
other Loan Document, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, nor shall the
Administrative Agent have or be deemed to have any fiduciary relationship with
any Bank or any Participant, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Loan Document or otherwise exist against the
Administrative Agent. Without limiting the generality of the foregoing
sentence, the use of the term agent herein and in the other Loan Documents
with reference to the Administrative Agent is not intended to connote any
fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable law. Instead, such term is used merely as a matter
of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties.

9.02 Delegation of Duties. The Administrative Agent may execute any of
its duties under this Agreement or any other Loan Document by or through
agents, employees or attorneys-in-fact and shall be entitled to advice of
counsel concerning all matters pertaining to such duties. The Administrative
Agent shall not be responsible for the negligence or misconduct of any agent or
attorney-in-fact that it selects in the absence of gross negligence or willful
misconduct.

47



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9.03 Liability of Administrative Agent. Neither the Administrative Agent
nor any of its Affiliates, officers, directors, employees, agents or
attorneys-in-fact shall (a) be liable for any action taken or omitted to be
taken by any of them under or in connection with this Agreement or any other
Loan Document or the transactions contemplated hereby (except for its own gross
negligence or willful misconduct), or (b) be responsible in any manner to any
Bank or any Participant for any recital, statement, representation or warranty
made by the Company, or any officer thereof, contained in this Agreement or in
any other Loan Document, or in any certificate, report, statement or other
document referred to or provided for in, or received by the Administrative
Agent under or in connection with, this Agreement or any other Loan Document,
or the validity, effectiveness, genuineness, enforceability or sufficiency of
this Agreement or any other Loan Document, or for any failure of the Company to
perform its obligations hereunder or thereunder. The Administrative Agent
shall not be under any obligation to any Bank or any Participant to ascertain
or to inquire as to the observance or performance of any of the agreements
contained in, or conditions of, this Agreement or any other Loan Document, or
to inspect the properties, books or records of the Company or any of its
Subsidiaries.

9.04 Reliance by Administrative Agent.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) The Administrative Agent shall be entitled to rely, and shall be
fully protected in relying, upon any writing, communication, signature,
resolution, representation, notice, consent, certificate, affidavit,
letter, telegram, facsimile, telex or telephone message, electronic mail
message, statement or other document or conversation believed by it to be
genuine and correct and to have been signed, sent or made by the proper
Person or Persons, and upon advice and statements of legal counsel
(including counsel to the Company), independent accountants and other
experts selected by the Administrative Agent. The Administrative Agent
shall be fully justified in failing or refusing to take any action under
this Agreement or any other Loan Document unless it shall first receive
such advice or concurrence of the Majority Banks as it deems appropriate
and, if it so requests, it shall first be indemnified to its satisfaction
by the Banks against any and all liability and expense which may be
incurred by it by reason of taking or continuing to take any such action.
The Administrative Agent shall in all cases be fully protected in
acting, or in refraining from acting, under this Agreement or any other
Loan Document in accordance with a request or consent of the Majority
Banks (or such greater number of Banks as may be expressly required
hereby) and such request and any action taken or failure to act pursuant
thereto shall be binding upon all of the Banks.
|
| | (b) For purposes of determining compliance with the conditions
specified in Section 4.01, each Bank that has executed this Agreement
shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter either sent by the
Administrative Agent to such Bank for consent, approval, acceptance or
satisfaction, or required thereunder to be consented to or approved
by or acceptable or satisfactory to such Bank unless the Administrative
Agent shall have received notice from such Bank prior to the proposed
Closing Date specifying its objection thereto.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

9.05 Notice of Default. The Administrative Agent shall not be deemed to
have knowledge or notice of the occurrence of any Default or Event of Default,
except with respect to

48



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defaults in the payment of principal, interest and fees
required to be paid to the Administrative Agent for the account of the Banks,
unless the Administrative Agent shall have received written notice from a Bank
or the Company referring to this Agreement, describing such Default or Event of
Default and stating that such notice is a notice of default. The
Administrative Agent will notify the Banks of its receipt of any such notice.
The Administrative Agent shall take such action with respect to such Default or
Event of Default as may be directed by the Majority Banks in accordance with
Article VIII; provided, however, that unless and until the Administrative Agent
has received any such direction, the Administrative Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with
respect to such Default or Event of Default as it shall deem advisable or in
the best interest of the Banks.

9.06 Credit Decision. Each Bank acknowledges that neither the
Administrative Agent nor any of its Affiliates, officers, directors, employees,
agents or attorneys-in-fact have made any representation or warranty to it, and
that no act by the Administrative Agent hereinafter taken, including any
consent to and acceptance of any assignment or any review of the affairs of the
Company and its Subsidiaries, shall be deemed to constitute any representation
or warranty by the Administrative Agent to any Bank as to any matter, including
whether the Administrative Agent has disclosed material information in its
possession. Each Bank represents to the Administrative Agent that it has,
independently and without reliance upon the Administrative Agent and based on
such documents and information as it has deemed appropriate, made its own
appraisal of and investigation into the business, prospects, operations,
property, financial and other condition and creditworthiness of the Company and
its Subsidiaries and all applicable bank regulatory laws relating to the
transactions contemplated hereby, and made its own decision to enter into this
Agreement and to extend credit to the Company hereunder. Each Bank also
represents that it will, independently and without reliance upon the
Administrative Agent and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit analysis,
appraisals and decisions in taking or not taking action under this Agreement
and the other Loan Documents, and to make such investigations as it deems
necessary to inform itself as to the business, prospects, operations, property,
financial and other condition and creditworthiness of the Company and its
Subsidiaries. Except for notices, reports and other documents expressly herein
required to be furnished to the Banks by the Administrative Agent, the
Administrative Agent shall not have any duty or responsibility to provide any
Bank with any credit or other information concerning the business, prospects,
operations, property, financial and other condition or creditworthiness of the
Company which may come into the possession of any of the Administrative
Agent or any of its Affiliates, officers, directors, employees, agents or
attorneys-in-fact.

9.07 Indemnification. Whether or not the transactions contemplated hereby
are consummated, the Banks shall indemnify upon demand the Administrative Agent
(to the extent not reimbursed by or on behalf of the Company and without
limiting the obligation of the Company to do so), pro rata, and hold the
Administrative Agent harmless from and against any and all Indemnified
Liabilities; provided, however, that no Bank shall be liable for the payment to
the Administrative Agent of any portion of such Indemnified Liabilities to the
extent determined in a final, nonappealable judgment by a court of competent
jurisdiction to have resulted from the Administrative Agents gross negligence
or willful misconduct. Without limitation of the foregoing, each Bank shall
reimburse the Administrative Agent upon demand

49



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for its ratable share of any
costs or out-of-pocket expenses (including Attorney Costs) incurred by the
Administrative Agent in connection with the preparation, execution, delivery,
modification, amendment or enforcement (whether through negotiations, legal
proceedings or otherwise) of, or legal advice in respect of rights or
responsibilities under, this Agreement, any other Loan Document, or any
document contemplated by or referred to herein, to the extent that the
Administrative Agent is not reimbursed for such expenses by or on behalf of the
Company. The undertaking in this Section 9.07 shall survive the payment of all
other Obligations and the resignation of the Administrative Agent.

9.08 Administrative Agent in Individual Capacity. Bank of America and its
Affiliates may make loans to, issue letters of credit for the account of,
accept deposits from, acquire equity interests in and generally engage in any
kind of banking, trust, financial advisory, underwriting or other business with
the Company and any of the Companys Affiliates as though Bank of America were
not the Administrative Agent hereunder and without notice to or consent of the
Banks. The Banks acknowledge that, pursuant to such activities, Bank of
America or its Affiliates may receive information regarding the Company or any
of its Affiliates (including information that may be subject to confidentiality
obligations in favor of the Company or such Affiliate) and acknowledge that the
Administrative Agent shall be under no obligation to provide such information
to them. With respect to its Loans, Bank of America shall have the same rights
and powers under this Agreement as any other Bank and may exercise such rights
and powers as though it were not the Administrative Agent, and the terms Bank
and Banks include Bank of America in its individual capacity.

9.09 Successor Administrative Agent. The Administrative Agent may resign
as Administrative Agent upon 30 days notice to the Banks. If the
Administrative Agent resigns under this Agreement, the Majority Banks shall
appoint from among the Banks a successor agent for the Banks which successor
agent shall be subject to the prior approval of the Company at all times other
than
during the existence of an Event of Default (which consent of the Company
shall not be unreasonably withheld or delayed). If no successor agent is
appointed prior to the effective date of the resignation of the Administrative
Agent, the Administrative Agent may appoint, after consulting with the Banks
and the Company, a successor agent from among the Banks. Upon the acceptance
of its appointment as successor agent hereunder, such successor agent shall
succeed to all the rights, powers and duties of the retiring Administrative
Agent and the term Administrative Agent shall mean such successor agent and
the retiring Administrative Agents appointment, powers and duties as
Administrative Agent shall be terminated. After any retiring Administrative
Agents resignation hereunder as Administrative Agent, the provisions of this
Article IX and Sections 10.04 and 10.05 shall inure to its benefit as to any
actions taken or omitted to be taken by it while it was Administrative Agent
under this Agreement. If no successor agent has accepted appointment as
Administrative Agent by the date which is 30 days following a retiring
Administrative Agents notice of resignation, the retiring Administrative
Agents resignation shall nevertheless thereupon become effective and the Banks
shall perform all of the duties of the Administrative Agent hereunder until
such time, if any, as the Majority Banks appoint a successor agent as provided
for above.

9.10 The Lead Arranger and Arrangers. The Lead Arranger and the
Arrangers, in such capacities, shall have no right, power, obligation,
liability, responsibility or duty under

50



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this Agreement other than the right to
indemnity under Section 10.05 and the right to costs and expenses under Section
10.04. Each Bank acknowledges that it has not relied, and will not rely, on
the Lead Arranger or any Arranger in deciding to enter into this Agreement or
in taking or not taking action hereunder.

ARTICLE X
MISCELLANEOUS

10.01 Amendments and Waivers. No amendment or waiver of any provision of
this Agreement or any other Loan Document, and no consent to any departure by
the Company therefrom, shall be effective unless the same shall be in writing
and signed by the Majority Banks and the Company and acknowledged by the
Administrative Agent, and then any such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given;
provided, however, that no such waiver, amendment or consent shall, unless
signed by all the Banks and the Company and acknowledged by the Administrative
Agent, do any of the following:



| |                                                                                                                                                                                                                                                                                                                                                                                                                               
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) except as specifically provided herein, increase or extend the
Term Commitment or the Revolving Commitment of any Bank (or reinstate any
Term Commitment terminated or reduced pursuant to Section 2.06(a) or
Section 8.02(a) or any
Revolving Commitment terminated or reduced pursuant to Section
2.06(b) or (c) or Section 8.02(a));                                                                                   
|
| | (b) postpone or delay any date fixed by this Agreement or any Note
for any payment of principal, interest, fees or other amounts hereunder
or under any other Loan Document or any scheduled reduction of the
Revolving Commitments;                                                                                                                                                                                          
|
| | (c) reduce the principal of, or the rate of interest specified
herein on any Loan, or any fees or other amounts payable hereunder or
under any other Loan Document;                                                                                                                                                                                                                                                           
|
| | (d) waive any condition set forth in Section 4.01;                                                                                                                                                                                                                                                                                                                                                                            
|
| | (e) change the definition of Majority Banks or any other provision
of this Agreement specifying the percentage of Commitments or the
percentage or number of Banks required to amend, waive or otherwise
modify any rights hereunder or make any determination or take any action
hereunder;                                                                                                                                
|
| | (f) amend this Section 10.01(a); and                                                                                                                                                                                                                                                                                                                                                                                          
|
| | (g) change or modify Section 2.13 in a manner that would alter the
pro rata sharing of payments required thereby; and provided, further,
that no amendment, waiver or consent shall, unless in writing and signed
by the Administrative Agent in addition to the Majority Banks or all the
Banks, as the case may be, affect the rights or duties of the
Administrative Agent under this Agreement or any other Loan Document.

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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 10.02 Notices.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|
| | (a) Except as otherwise expressly provided herein, all notices,
requests, demands or other communications to or upon any party hereunder
shall be in English and in writing (including facsimile transmission and,
subject to paragraph (c) below, electronic mail) and shall be mailed by
an internationally recognized overnight courier service, transmitted by
facsimile or electronic mail or delivered by hand to such party: (i) in
the case of the Company or the Administrative Agent, at its address,
facsimile number or electronic mail address set forth on the signature
pages hereof or at such other address, facsimile number or electronic
mail address as such party may designate by notice to the other parties
hereto and (ii) in the case of any Bank, at its address, facsimile number
or electronic mail address set forth in the Administrative Questionnaire
or at such other address, facsimile number or electronic mail address as
such Bank may designate by notice to the Company and the Administrative
Agent.                                                             
|
| | (b) Unless otherwise expressly provided for herein, each such
notice, request, demand or other communication shall be effective upon
the earlier to occur of (i) actual receipt and (ii) (A) if sent by
overnight courier service or delivered by hand, when signed
for by or on behalf of the party to whom such notice is directed,
(B) if given by facsimile, when transmitted to the facsimile number
specified pursuant to paragraph (a) above and confirmation of receipt of
a legible copy is received by telephone, return facsimile or electronic
mail, or (C) if given by any other means, when delivered at the address
specified pursuant to paragraph (a) above; provided, however, that
notices to the Administrative Agent under Article II, III or X shall not
be effective until received. Delivery by any Bank by facsimile
transmission of an executed counterpart of any amendment or waiver or any
provision of this Agreement or the Notes or any other Loan Document to be
executed and delivered hereunder shall be effective as delivery of a
manually executed counterpart thereof
|
| | (c) Electronic mail and internet websites may be used only to
distribute routine communications, such as financial statements and other
information, and to distribute Transaction Documents for execution by the
parties thereto, and may not be used for any other purpose.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|
| | (d) Any agreement of the Administrative Agent and the Banks herein
to receive certain notices by telephone, facsimile transmission or
electronic mail is solely for the convenience and at the request of the
Company. The Administrative Agent and the Banks shall be entitled to
rely on the authority of any Person that according to the books and
records of the Administrative Agent is a Person authorized by the Company
to give such notice and the Administrative Agent and the Banks shall not
have any liability to the Company or any other Person on account of any
action taken or not taken by the Administrative Agent or the Banks in
reliance upon such telephonic, facsimile or electronic mail notice. The
obligation of the Company to repay the Loans shall not be affected in any
way or to any extent by any failure by the Administrative Agent and the
Banks to receive written confirmation of any telephonic, facsimile or
electronic mail notice or the receipt by the Administrative Agent and the
Banks of a confirmation which                                             

52



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| |                                                                                                                                                           
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------
| | is at variance with the terms understood by
the Administrative Agent and the Banks to be contained in the telephonic,
facsimile or electronic mail notice.

10.03 No Waiver; Cumulative Remedies. No failure to exercise and no delay
in exercising, on the part of the Administrative Agent or any Bank, any right,
remedy, power or privilege hereunder, shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege.

10.04 Costs and Expenses. The Company agrees:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) to pay or reimburse the Administrative Agent (i) upon demand for
all reasonable and documented costs and expenses (including Attorney
Costs) incurred by the Administrative Agent in connection with the
preparation, negotiation and execution of the Loan Documents (whether or
not consummated) and (ii) within five Business Days after demand for all
reasonable and documented costs and expenses incurred by the
Administrative Agent in connection with any amendment, supplement, waiver
or modification requested by the Company (in each case, whether or not
consummated) to this Agreement or any other Loan Document, including
reasonable Attorney Costs incurred by the Administrative Agent with
respect thereto; and
|
| | (b) to pay or reimburse the Administrative Agent and each Bank
within five Business Days after demand for all reasonable costs and
expenses (including Attorney Costs) incurred by them in connection with
the enforcement, attempted enforcement, or preservation of any rights or
remedies under this Agreement or any other Loan Document during the
existence of an Event of Default or after acceleration of the Loans
(including in connection with any workout or restructuring regarding
the Loans, and including in any insolvency or bankruptcy proceeding
involving the Company).                                                                                                                                            

10.05 Indemnification by the Company. Whether or not the transactions
contemplated hereby are consummated, the Company agrees to indemnify and hold
harmless the Administrative Agent, the Lead Arranger, each Arranger, each Bank
and their respective Affiliates, directors, officers, employees, counsel,
agents and attorneys-in-fact (collectively the Indemnitees) from and against
(a) any and all direct, punitive and consequential damages, claims, demands,
actions or causes of action that are asserted against any Indemnitee by any
Person (other than the Administrative Agent or any Bank) relating, directly or
indirectly, to a claim, demand, action or cause of action that such Person
asserts or may assert against the Company or any of its respective officers or
directors; (b) any and all claims, demands, actions or causes of action that
may at any time (including at any time following repayment of the Obligations
and the resignation of the Administrative Agent or the replacement of any Bank)
be asserted or imposed against any Indemnitee, arising out of or relating to,
the Loan Documents, the Commitments, the use or contemplated use of the
proceeds of any Loan, or the relationship of the Administrative Agent and the
Banks under this Agreement or any other Loan Document; (c) any administrative
or investigative proceeding by any Governmental Authority arising out of or
related to a claim, demand, action or cause of action described in clause (a)
or (b) above; and (d) any and all liabilities (including liabilities under
indemnities), losses, costs or expenses

53



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##### 



(including Attorney Costs) that any
Indemnitee suffers or incurs as a result of the assertion of any foregoing
claim, demand, action, cause of action or proceeding, or as a result of the
preparation of any defense in connection with any foregoing claim, demand,
action, cause of action or proceeding, in all cases, and whether or not an
Indemnitee is a party to such claim, demand, action, cause of action or
proceeding (all the foregoing, collectively, the Indemnified Liabilities), in
all cases, whether or not caused by or arising, in whole or in part, out of the
negligence of the Indemnitee, provided
that no Indemnitee shall be entitled to indemnification for any claim
caused by its own gross negligence or willful misconduct or for any loss
asserted against it by another Indemnitee. No Indemnitee shall be liable for
any damages arising from the use by others of any information or other
materials obtained through IntraLinks or other similar information transmission
systems in connection with this Agreement, nor shall any Indemnitee have any
liability for any indirect or consequential damages relating to this Agreement
or any other Loan Document or arising out of its activities in connection
herewith or therewith (whether before or after the Closing Date). All amounts
due under this Section 10.05 shall be payable within ten Business Days after
demand therefor. The agreements in this Section 10.05 shall survive the
termination of the Commitments and repayment of all Obligations.

10.06 Payments Set Aside. To the extent that the Company makes a payment
to the Administrative Agent or any Bank, or the Administrative Agent or any
Bank exercises its right of set-off, and such payment or the proceeds of such
set-off or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by the Administrative Agent or such Bank in its
discretion) to be repaid to a trustee, receiver or any other party, in
connection with any insolvency, concurso mercantil or bankruptcy proceeding
involving the Company or otherwise, then (a) to the extent of such recovery the
obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or
such set-off had not occurred, and (b) each Bank severally agrees to pay to the
Administrative Agent upon demand its pro rata share of any amount so recovered
from or repaid by the Administrative Agent.

10.07 Successors and Assigns. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, except that the Company may not assign or
transfer any of its rights or obligations under this Agreement without the
prior written consent of the Administrative Agent and each Bank (and any
attempted assignment or transfer by the Company without such consent shall be
null and void). Nothing in this Agreement, expressed or implied, shall be
construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby and, to the extent expressly
contemplated hereby, the Indemnitees) any legal or equitable right, remedy or
claim under or by reason of this Agreement.

10.08 Assignments, Participations, Etc.



| |                                                                                                                                                                                                                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) Any Bank may, with the written consent of the Company and the
Administrative Agent, which consents shall not be unreasonably withheld
and which consent of the Company shall not be required if a Default or
Event of Default shall have occurred and be continuing (it being
understood (x) that any resulting obligation to pay

54



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | increased costs or
reserves pursuant to Section 3.01, 3.04 or 3.07 as of the date of any
assignment would justify the Companys refusal to consent thereto and (y)
that the consent of the Company will be deemed given unless the Company
replies in writing to any request for consent within five Business Days
after actual receipt of such request), and, if demanded by the Company
pursuant to Section 3.10(b) shall, at any time assign to one or more
banks or other financial institutions (i) registered with the Ministry of
Finance for purposes of Articles 179, 195, 196 and 197 of the Mexican
Income Tax Law and (ii) resident (or having its principal office as a
resident, if lending through a branch or agency) for tax purposes in a
jurisdiction (or a branch or agency of a financial institution that is a
resident of a jurisdiction) that is party to an income tax treaty to
avoid double taxation with Mexico on the date of such assignment
(provided, however, that no written consent of the Company or the
Administrative Agent shall be required in connection with any assignment
by a Bank to an Affiliate of the assigning Bank so long as the Company
shall not be required to pay any further amounts pursuant to Section
3.01, 3.04 or 3.07 than would have been required to be paid but for such
assignment) (each an Assignee) all or any part of its Term Loan and its
Revolving Commitment and the other rights and obligations of such Bank
hereunder, in a minimum amount of US$1,000,000 (it being understood that
no Bank may assign all or any part of its Term Loan without concurrently
therewith assigning all or a proportionate part of its Revolving
Commitment and Revolving Loans and vice versa); provided, however, that
the Company and the Administrative Agent may continue to deal solely and
directly with such Bank in connection with the interest so assigned to an
Assignee until (i) written notice of such assignment, together with
payment instructions, addresses and related information with respect to
the Assignee, shall have been given to the Company and the Administrative
Agent by the assigning Bank and the Assignee; (ii) the assigning Bank and
its Assignee shall have delivered to the Company and the Administrative
Agent an Assignment and Acceptance in the form of Exhibit E (Assignment
and Acceptance), together with any Note subject to such assignment; and
(iii) the assigning Bank or the Assignee has paid to the Administrative
Agent a processing fee in the amount of US$3,500.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) From and after the date that the Administrative Agent notifies
the assigning Bank that it has received (and provided its consent with
respect to) an executed Assignment and Acceptance and payment of the
processing fee, (i) the Assignee thereunder shall be a party hereto and,
to the extent that rights and obligations hereunder have been assigned to
it pursuant to such Assignment and Acceptance, shall have the
rights and obligations of a Bank under the Loan Documents, and (ii)
the assigning Bank shall, to the extent that rights and obligations
hereunder and under the other Loan Documents have been assigned by it
pursuant to such Assignment and Acceptance, relinquish its rights and be
released from its obligations under the Loan Documents.
|
| | (c) The Administrative Agent, acting solely for this purpose as an
agent of the Company, shall maintain at the Administrative Agents
Payment Office a copy of each Assignment and Acceptance delivered to it
and a register for the recordation of the names and addresses of the
Banks, and the Commitments of, and principal amount of the Loans owing
to, each Bank pursuant to the terms hereof from time to time (the
Register). The entries in the Register shall be conclusive, absent
manifest error, and the Company, the                                                                                                                                                                                                                                         

55



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Administrative Agent and the Banks
may treat each Person whose name is recorded in the Register pursuant to
the terms hereof as a Bank hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. The Register shall be available
for inspection by the Company and any Bank, at any reasonable time and
from time to time upon reasonable prior notice.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|
| | (d) Within ten Business Days after its receipt of notice by the
Administrative Agent that it has received an executed Assignment and
Acceptance and payment of the processing fee (and provided that it
consents to such assignment in accordance with Section 10.08(a)), the
Company shall execute and deliver to the Administrative Agent a new Term
Note and a new Revolving Note in the amount of such Assignees assigned
Term Loan and Revolving Commitment, respectively and, if the assigning
Bank has retained a portion of its Term Loan and Revolving Commitment,
replacement Notes for the assignor Bank (such Notes to be in exchange
for, but not in payment of, the Notes held by the assigning Bank).
Immediately upon each Assignees making its processing fee payment under
the Assignment and Acceptance, this Agreement shall be deemed to be
amended to the extent, but only to the extent, necessary to reflect the
addition of the Assignee and the resulting adjustment of the Loans and
Commitments arising therefrom.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|
| | (e) Any Bank (the originating Bank) may at any time sell to one or
more commercial banks or other Persons (a Participant) participating
interests in all or any part of its Loans; provided, however, that (i)
the originating Banks obligations under this Agreement shall remain
unchanged, (ii) the originating Bank shall remain solely responsible for
the performance of such obligations, (iii) the Company and the
Administrative Agent shall continue to deal solely and directly with the
originating Bank in connection with the originating Banks rights and
obligations under this Agreement and the other Loan Documents and (iv) no
Bank shall transfer or grant any participating interest under which the
Participant has rights to approve any amendment to, or any consent or
waiver with respect to, this Agreement or any other Loan Document, except
to the extent such amendment, consent or waiver would require unanimous
consent of the Banks as described in the first proviso to Section 10.01.
In the case of any such participation, the Bank selling such
participation shall be entitled to agree to pay over to the Participant
any amounts paid to such Bank pursuant to Sections 3.01 and 3.04, and if
amounts outstanding under this Agreement are due and unpaid, or shall
have been declared or shall have become due and payable upon the
occurrence of an Event of
Default, each Participant shall be deemed to have the right of
set-off in respect of its participating interest in amounts owing under
this Agreement to the same extent as if the amount of its participating
interest were owing directly to it as a Bank under this Agreement,
provided that such agreement or instrument may provide that such Bank
will not, without the consent of the Participant, agree to any amendment,
waiver or other modification that would (i) postpone any date upon which
any payment of money is scheduled to be paid to such Participant or (ii)
reduce the principal, interest, fees or other amounts payable to such
Participant. Subject to paragraph (f) of this Section 10.08, the Company
agrees that each Participant shall be entitled to the benefits of
Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Bank and
had acquired its interest by assignment pursuant to paragraph (a) of this
Section 10.08. To the extent permitted by

56



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | law, each Participant also
shall be entitled to the benefits of Section 10.10 as though it were a
Bank, provided such Participant agrees to be subject to Section 2.13 as
though it were a Bank.                                                                                                                                                                                                                                                                
|
| | (f) A Participant shall not be entitled to receive any greater
payment under Section 3.01, 3.04 or 3.05 than the applicable Bank 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 Companys prior written consent.                                                                                                                     
|
| | (g) Any Bank 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 Bank, including any pledge or assignment to secure
obligations to a Federal Reserve Bank, provided that no such pledge or
assignment shall release a Bank from any of its obligations hereunder or
substitute any such pledgee or assignee for such Bank as a party hereto.                            
|
| | (h) If the consent of the Company to an assignment or to an Assignee
is required hereunder (including a consent to an assignment which does
not meet the minimum assignment threshold specified in Section 10.08(a)),
the Company shall be deemed to have given its consent five Business Days
after the date notice thereof has been actually received by the Company
unless such consent is expressly refused by the Company prior to such
fifth Business Day.

10.09 Confidentiality. Each of the Administrative Agent and the Banks
agrees to maintain the confidentiality of the Information (as defined below),
except that Information may be disclosed (a) to its and its Affiliates,
directors, officers, employees and agents, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential); (b) to the
extent requested by any regulatory authority; (c) to the extent required by
applicable laws or regulations or by any subpoena or similar legal process; (d)
to any other party to this Agreement; (e) in connection with the exercise of
any remedies hereunder or any suit, action or proceeding relating to this
Agreement or the enforcement of rights hereunder; (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i)
any Assignee of or Participant in, or any prospective Assignee of or
Participant in, any of its rights or
obligations under this Agreement or (ii) any direct or indirect
contractual counterparty or prospective counterparty (or such contractual
counterpartys or prospective counterpartys professional advisor) to any
credit derivative transaction relating to obligations of the Company; (g) with
the consent of the Company; or (h) to the extent such Information (i) becomes
publicly available other than as a result of a breach of this Section or (ii)
becomes available to the Administrative Agent or any Bank on a nonconfidential
basis from a source other than the Company. In addition, the Administrative
Agent and the Banks may disclose the existence of this Agreement and
information about this Agreement to market data collectors, similar service
providers to the lending industry, and service providers to the Administrative
Agent and the Banks in connection with the administration and management of
this Agreement, the other Loan Documents, the Commitments, and the Loans. For
the purposes of this Section, Information means all

57



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information received from
the Company relating to the Company its business, other than any such
information that is available to the Administrative Agent or any Bank on a
nonconfidential basis prior to disclosure by the Company; provided that, in the
case of information received from a Bank after the date hereof, such


information is clearly identified in writing at the time of delivery as
confidential. Any Person required to maintain the confidentiality of
Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of
care to maintain the confidentiality of such Information as such Person would
accord to its own confidential information.

10.10 Set-off. In addition to any rights and remedies of the Banks
provided by law, if an Event of Default exists or the Loans have been
accelerated, each Bank is authorized at any time and from time to time, without
prior notice to the Company, any such notice being waived by the Company 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 in any currency,
matured or unmatured) at any time held by, and other indebtedness at any time
owing by, such Bank to or for the credit or the account of the Company against
any and all Obligations owing to such Bank, now or hereafter existing,
irrespective of whether or not the Administrative Agent or such Bank shall have
made demand under this Agreement or any Loan Document and although such
Obligations may be contingent or unmatured. Each Bank agrees promptly to
notify the Company and the Administrative Agent after any such set-off and
application made by such Bank; provided, however, that the failure to give such
notice shall not affect the validity of such set-off and application.

10.11 Notification of Addresses, Lending Offices, Etc. Each Bank shall
notify the Administrative Agent in writing of any changes in the address to
which notices to such Bank should be directed, of addresses of its Lending
Office, of payment instructions in respect of all payments to be made to it
hereunder and of such other administrative information as the Administrative
Agent shall reasonably request.

10.12 Counterparts. This Agreement may be executed in any number of
separate counterparts, each of which, when so executed, shall be deemed an
original, and all of said counterparts taken together shall be deemed to
constitute but one and the same instrument.

10.13 Severability. The illegality or unenforceability of any provision
of this Agreement or any instrument or agreement required hereunder shall not
in any way affect or impair the legality or enforceability of the remaining
provisions of this Agreement or any instrument or agreement required hereunder.

10.14 Governing Law. This Agreement shall be governed by, and construed
in accordance with, the law of the State of New York.

10.15 Consent to Jurisdiction; Waiver of Jury Trial.



| |                                                                                                                                                                                                                                                             
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) Each of the parties hereto hereby irrevocably and
unconditionally submits, in any action or proceeding arising out of or
relating to this Agreement, any other Loan Document or the transactions
contemplated hereby, to the jurisdiction of (i) any New

58



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| |                                                                                                                                                                                                                                                                                                                                                   
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | York State or
federal court sitting in New York City and any appellate court thereof
and (ii), solely with respect to any action or proceeding brought against
it as a defendant, the competent courts of its corporate domicile. For
purposes of clause (ii) above, the Company declares that its corporate
domicile is Garza García, Nuevo León.



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) Each of the parties hereto hereby irrevocably waives, to the
fullest extent it may effectively do so, the defense of an inconvenient
forum to the maintenance of such action or proceeding and any right of
jurisdiction in such action or proceeding on account of its place of
residence or domicile.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|
| | (c) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHTS
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED UPON,
OR ARISING OUT OF, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT OR ACTIONS OF THE
ADMINISTRATIVE AGENT, THE BANKS OR THE COMPANY RELATING THERETO.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| | (d) The Company hereby irrevocably appoints CT Corporation System
(the Process Agent), with an office on the date hereof at 111 Eighth
Avenue, New York, New York 10011, as its agent to receive on behalf of
the company service of the summons and complaint and any other process
which may be served in any action or proceeding brought in any New York
state or federal court sitting in New York City. Such service may be
made by mailing or delivering a copy of such process to the Company, in
care of the process agent at the address specified above for such Process
Agent, and the Company hereby irrevocably authorizes and directs the
Process Agent to accept such service on its behalf. Such appointment
shall be contained in a notarial instrument which complies with the 1940
Protocol on Uniformity of Powers of Attorney to be utilized abroad as
ratified by the United States and Mexico.
|
| | (e) 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

10.16 Waiver of Immunity. The Company acknowledges that the execution and
performance of this Agreement and each other Loan Document is a commercial
activity and to the extent that the Company has or hereafter may acquire any
immunity from any legal action, suit or proceedings, from jurisdiction of any
court or from set-off or any legal process (whether service or notice,
attachment prior to judgment, attachment in aid of execution of judgment,
execution of judgment or otherwise) with respect to itself or any of its
property or assets, whether or not held for its own account, the Company hereby
irrevocably and unconditionally waives and agrees not to plead or claim such
immunity in respect of its obligations under this Agreement or any other Loan
Document.

10.17 Payment in Dollars; Judgment Currency.

59



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| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) All payments by the Company to the Administrative Agent
hereunder shall be made in Dollars and in immediately available funds and
in such funds as are customary at the time for the settlement of
international transactions.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| | (b) If for the purposes of obtaining judgment against the Company
with respect to its obligations under this Agreement or the Notes in any
court it is necessary to convert a sum due under this Agreement in
Dollars into another currency (the Other Currency), the Company agrees,
to the fullest extent permitted by applicable law, that the rate of
exchange used shall be that at which in accordance with normal banking
procedures the Administrative Agent could purchase Dollars with the Other
Currency on the business day preceding that on which final judgment is
given.                                                                                                                                    
|
| | (c) The obligation of the Company in respect of any sum due under
this Agreement or any Note shall, notwithstanding any judgment in any
Other Currency, be discharged only to the extent that on the Business Day
following receipt by the Administrative Agent of any sum adjudged to be
so due in the Other Currency the Administrative Agent may in accordance
with normal banking procedures purchase Dollars with the Other Currency;
if the amount of Dollars so purchased is less than the sum originally due
to the Administrative Agent in Dollars, the Company hereby agrees, as a
separate obligation and notwithstanding any such judgment, to indemnify
the Administrative Agent and the Banks against such loss.

60



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

| |  |                             |  |       
| |  | --------------------------- |  | ------
| |  | GRUMA, S.A. de C.V.        
| |  |                             |  |       
| |  | By:                         |  |       
| |  |                             |  | Title:
| |  |                             |  |       
| |  | By:                         |  |       
| |  |                             |  | Title:
| |  |                             |  |       
| |  | Address for Notices        
| |  |                             |  |       
| |  | GRUMA, S.A. de C.V.        
| |  | Calzada del Valle Ote 407, 
| |  | San Pedro Garza Garcia     
| |  | Nuevo Leon, 662260         
| |  | Mexico                     
| |  | Attention: Eduardo Villegas
| |  | Telephone: 52 81 8399 3339 
| |  | Facsimile: 52 81 8399 3358 

S-1



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                                                |  |                     
| |  | ---------------------------------------------- |  | --------------------
| |  | BANK OF AMERICA, N.A.,                        
| |  | as Administrative Agent                       
| |  |                                                |  |                     
| |  | By:                                            |  |                     
| |  |                                               
| |  | Title:                                         |  |                     
| |  |                                                |  |                     
| |  | Address for Notices                           
| |  |                                                |  |                     
| |  | Bank of America, N.A.                         
| |  | 1455 Market Street                            
| |  | CA5-701-05-19                                 
| |  | San Francisco, California 94013               
| |  | Attention:                                     |  | Ira Chin            
| |  | Telephone:                                     |  | 415 436 2612        
| |  | Facsimile:                                     |  | 415 503 5114        
| |  |                                                |  |                     
| |  | Address to Send Copies of Notices of Borrowing
| |  | and Notices of Conversation/Continuation:     
| |  |                                                |  |                     
| |  | Bank of America, N.A.                         
| |  | 1850 Gateway Boulevard                        
| |  | CA4-706-05-09                                 
| |  | Concord, CA 94520                             
| |  | Attention:                                     |  | Kristine Kelleher,  
| |  |                                                |  | Agency Services West
| |  | Telephone:                                     |  | 925 675 8373        
| |  | Facsimile:                                     |  | 415 323 9205        
| |  |                                                |  |                     
| |  | Payment Office                                
| |  |                                                |  |                     
| |  | Bank of America, N.A.                         
| |  | ABA No.:                                       |  | 111000012           
| |  | Credit Account:                                |  | 3750836479          
| |  | Ref.:                                          |  | Gruma               
| |  | Attention: Credit Services West #5596         

2



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                                        |  |       
| |  | -------------------------------------- |  | ------
| |  | BANC OF AMERICA SECURITIES, LLC,      
| |  | as Lead Arranger and Sole Book Manager
| |  |                                        |  |       
| |  | By:                                    |  |       
| |  |                                        |  | Title:

3



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                     |  |       
| |  | ------------------- |  | ------
| |  | ABN AMRO BANK, N.V.
| |  |                     |  |       
| |  | By:                 |  |       
| |  |                     |  | Title:

4



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                       |  |       
| |  | --------------------- |  | ------
| |  | BANK OF AMERICA, N.A.
| |  |                       |  |       
| |  | By:                   |  |       
| |  |                       |  | Title:

5



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                 |  |       
| |  | --------------- |  | ------
| |  | BANKBOSTON N.A.
| |  |                 |  |       
| |  | By:             |  |       
| |  |                 |  | Title:

6



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                  |  |       
| |  | ---------------- |  | ------
| |  | BANK OF MONTREAL
| |  |                  |  |       
| |  | By:              |  |       
| |  |                  |  | Title:

7



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                                |  |       
| |  | ------------------------------ |  | ------
| |  | BANK ONE, NATIONAL ASSOCIATION
| |  |                                |  |       
| |  | By:                            |  |       
| |  |                                |  | Title:

8



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                                                                                                          |  |                                                                          
| |  | -------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------
| |  | BBVA BANCOMER, S.A., INSTITUCION DE BANCA
MULTIPLE, GRUPO FINANCIERO BBVA BANCOMER
(GRAND CAYMAN BRANCH)
| |  |                                                                                                          |  |                                                                          
| |  | By:                                                                                                      |  |                                                                          
| |  |                                                                                                          |  | Title: David Powell Finneran, Director
Generale Adjunto Banca Corporativa
| |  |                                                                                                          |  |                                                                          
| |  | By:                                                                                                      |  |                                                                          
| |  |                                                                                                          |  | Title: Carlos Velazquez Thierry,
Director Banca Corporativa              

9



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |               |  |       
| |  | ------------- |  | ------
| |  | BNP PARIBAS, 
| |  | PANAMA BRANCH
| |  |               |  |       
| |  | By:           |  |       
| |  |               |  | Title:

10



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |            |  |       
| |  | ---------- |  | ------
| |  | ABN AMRRO,
| |  |            |  |       
| |  | By:        |  |       
| |  |            |  | Title:

11



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                          |  |       
| |  | ------------------------ |  | ------
| |  | CALIFORNIA COMMERCE BANK
| |  |                          |  |       
| |  | By:                      |  |       
| |  |                          |  | Title:

12



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |               |  |       
| |  | ------------- |  | ------
| |  | COMERICA BANK
| |  |               |  |       
| |  | By:           |  |       
| |  |               |  | Title:

13



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                                            |  |       
| |  | ------------------------------------------ |  | ------
| |  | LANDESBANK SCHLESWIG-HOLSTEIN GIROZENTRALE
| |  |                                            |  |       
| |  | By:                                        |  |       
| |  |                                            |  | Title:

14



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                                   |  |       
| |  | --------------------------------- |  | ------
| |  | COOPERATIEVE CENTRALE RAIFFEISEN-
| |  | BOERENLEENBANK B.A. RABOBANK    
| |  | INTERNATIONAL, NEW YORK BRANCH  
| |  |                                   |  |       
| |  | By:                               |  |       
| |  |                                   |  | Title:
| |  |                                   |  |       
| |  | By:                               |  |       
| |  |                                   |  | Title:

15



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                         |  |       
| |  | ----------------------- |  | ------
| |  | THE BANK OF NOVA SCOTIA
| |  |                         |  |       
| |  | By:                     |  |       
| |  |                         |  | Title:

16



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                                   |  |       
| |  | --------------------------------- |  | ------
| |  | SOCIETE GENERALE, NEW YORK BRANCH
| |  |                                   |  |       
| |  | By:                               |  |       
| |  |                                   |  | Title:

17



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                                     |  |       
| |  | ----------------------------------- |  | ------
| |  | WACHOVIA BANK, NATIONAL ASSOCIATION
| |  |                                     |  |       
| |  | By:                                 |  |       
| |  |                                     |  | Title:

18



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##### 



THIS PAGE IS A SIGNATURE PAGE FOR THE LOAN AGREEMENT, DATED AS OF DECEMBER 18, 2002,
AMONG GRUMA, S.A. DE C.V., AS BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT, THE
SEVERAL LENDERS NAMED HEREIN, BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGER AND SOLE
BOOK MANAGER, AND ABN AMRO, BNP PARIBAS, CITI GROUP, RAIFFEISEN-BOERENLEENBANK B.A.,
RABOBANK INTERNATIONAL, SCOTIABANK INVERLAT, S.A, AND SOCIETE GENERALE, AS ARRANGERS.

| |  |                            |  |       
| |  | -------------------------- |  | ------
| |  | WESTLB AG, NEW YORK BRANCH
| |  |                            |  |       
| |  | By:                        |  |       
| |  |                            |  | Title:
| |  |                            |  |       
| |  | By:                        |  |       
| |  |                            |  | Title:

19



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##### 



Schedule 1.01

Commitments; Pro Rata Shares

|                                                                                                        |  |                   |                |            |  |            |                |            |  |   |                |  |  |  |               |  
|------------------------------------------------------------------------------------------------------- |  | ----------------- | -------------- | ---------- |  | ---------- | -------------- | ---------- |  | - | -------------- |  |  |  | ------------- | -
|                                                                                                        |  |                   |                |            |  | Revolver   |                | Term       |  |   |                | 
|Banks                                                                                                   |  | Total Commitments |                | Commitment |  | Commitment |                | Percentage
|                                                                                                        |  |                   |                |            |  |            |                |           
|BANK OF AMERICA, N.A                                                                                    |  | $                 | 29,285,716.00  |            |  | $          | 9,761,905.33   |            |  | $ | 19,523,810.67  |  |  |  | 9.761905333   | %
|ABN AMRO BANK, N.V                                                                                      |  | $                 | 29,285,714.00  |            |  | $          | 9,761,904.67   |            |  | $ | 19,523,809.33  |  |  |  | 9.761904667   | %
|COOPERATIEVE CENTRALE RAIFFEISEN-
BOERENLEENBANK B.A., RABOBANK
INTERNATIONAL, NEW YORK BRANCH        |  | $                 | 29,285,714.00  |            |  | $          | 9,761,904.67   |            |  | $ | 19,523,809.33  |  |  |  | 9.761904667   | %
|SOCIETE GENERALE                                                                                        |  | $                 | 29,285,714.00  |            |  | $          | 9,761,904.67   |            |  | $ | 19,523,809.33  |  |  |  | 9.761904667   | %
|THE BANK OF NOVA SCOTIA                                                                                 |  | $                 | 29,285,714.00  |            |  | $          | 9,761,904.67   |            |  | $ | 19,523,809.33  |  |  |  | 9.761904667   | %
|CITIBANK, N.A                                                                                           |  | $                 | 21,875,000.00  |            |  | $          | 7,291,666.67   |            |  | $ | 14,583,333.33  |  |  |  | 7.291666667   | %
|CALIFORNIA COMMERCE BANK                                                                                |  | $                 | 7,410,714.00   |            |  | $          | 2,470,238.00   |            |  | $ | 4,940,476.00   |  |  |  | 2.470238000   | %
|BNP PARIBAS PANAMA BRANCH                                                                               |  | $                 | 29,285,714.00  |            |  | $          | 9,761,904.67   |            |  | $ | 19,523,809.33  |  |  |  | 9.761904667   | %
|BBVA BANCOMER, S.A. INSTITUCION
DE BANCA MULTIPLE, GRUPO
FINANCIERO BBVA BANCOMER (GRAND
CAYMAN BRANCH) |  | $                 | 15,000,000.00  |            |  | $          | 5,000,000.00   |            |  | $ | 10,000,000.00  |  |  |  | 5.000000000   | %
|BANK OF MONTREAL                                                                                        |  | $                 | 20,000,000.00  |            |  | $          | 6,666,666.67   |            |  | $ | 13,333,333.33  |  |  |  | 6.666666667   | %
|BANK BOSTON, N.A                                                                                        |  | $                 | 10,000,000.00  |            |  | $          | 3,333,333.33   |            |  | $ | 6,666,666.67   |  |  |  | 3.333333333   | %
|BANK ONE, NATIONAL ASSOCIATION                                                                          |  | $                 | 10,000,000.00  |            |  | $          | 3,333,333.33   |            |  | $ | 6,666,666.67   |  |  |  | 3.333333333   | %
|COMERICA BANK                                                                                           |  | $                 | 10,000,000.00  |            |  | $          | 3,333,333.33   |            |  | $ | 6,666,666.67   |  |  |  | 3.333333333   | %
|LANDESBANK SCHLESWIG-HOLSTEIN,
NEW YORK BRANCH                                                          |  | $                 | 10,000,000.00  |            |  | $          | 3,333,333.33   |            |  | $ | 6,666,666.67   |  |  |  | 3.333333333   | %
|WACHOVIA BANK, NATIONAL
ASSOCIATION                                                                     |  | $                 | 10,000,000.00  |            |  | $          | 3,333,333.33   |            |  | $ | 6,666,666.67   |  |  |  | 3.333333333   | %
|WESTLB AG, NEW YORK BRANCH                                                                              |  | $                 | 10,000,000.00  |            |  | $          | 3,333,333.33   |            |  | $ | 6,666,666.67   |  |  |  | 3.333333333   | %
|                                                                                                        |  |                   |                |            |  |            |                |            |  |   |                |  |  |  |               |  
|                                                                                                        |  | $                 | 300,000,000.00 |            |  | $          | 100,000,000.00 |            |  | $ | 200,000,000.00 |  |  |  | 100.000000000 | %

1



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##### 



Schedule 5.05

Pending Litigation

I. StarLink Litigation

StarLink is a genetically modified variety of yellow corn created by Aventis
CropScience USA Holding, Inc. (Aventis) and sold primarily through its
licensee, Advanta USA Corp. or Garst Seed Company (Garst). StarLink was
designed to be resistant to the European Corn Borer. Aventis first obtained the
approval of the Environmental Protection Agency (EPA) to sell StarLink on May
12, 1998. This registration limited the use of StarLink corn to animal feed and
other non-industrial uses. This limitation arose out of the EPAs concern over
the possibility that the Cry9C protein contained in StarLink might be a human
allergen. The EPA required Aventis to undertake a management program designed
to prevent the entry of StarLink corn into the human food supply. On September
18, 2000, a public interest organization, Friends of the Earth, announced that
it had detected traces of the DNA of the Cry9C protein in Kraft Foods, Inc.s
Taco Bell Home Originals sold at supermarkets. Following this announcement,
Azteca Milling, Gruma Corp.s 80% owned corn flour milling subsidiary,
immediately ceased the milling of yellow corn in its Plainview, Texas mill
because StarLink corn is a yellow corn and Plainview, Texas was suspected to be
the involved location in the flour used in Krafts taco shells. Azteca Milling
thereafter conducted tests on its inventory for StarLinks presence. Because
these tests did not rule out the possibility of StarLink being present in its
yellow corn flour, Azteca Milling initiated a voluntary recall of its yellow
corn flour and Mission Foods likewise initiated a voluntary recall of all of
its yellow corn products. As a result, both Azteca Milling and Mission Foods
discontinued selling any yellow corn products for a period of time.

Shortly after the September 18, 2000 media announcement, Azteca Milling,
Mission Foods and other unaffiliated companies were named in certain consumer
lawsuits. In general, these lawsuits allege the purchase and consumption of
yellow corn products possibly containing StarLink corn. Further, the lawsuits
generally seek unspecified damages arising out of the consumers purchase and
consumption of such products including, but not limited to, a return of the
purchase price for such products to the consumers. Each of these cases was
filed as a putative class action. Certain of the cases involve allegations of
personal injuries arising out of the alleged consumption of yellow corn
products possibly containing StarLink corn. Plaintiffs and defendants in all of
these cases reached a settlement, and the settlement has been approved by the
U.S. District Court for the Northern District of Illinois. Several intervenors
are attempting to appeal the settlement approval order. A third party has
assumed full liability for these consumer lawsuits.

Taco Bell Corporation, its franchisees, and its parent company, have made
claims against Gruma and Aventis CropScience USA, Inc. and its affiliates, and
Advanta, USA, Inc., alleging that they lost sales and profits because of
consumer fears that their products

2



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##### 



contained StarLink. One lawsuit has been dismissed without prejudice.
Currently, there are three lawsuits pending. Grumas insurance carrier has
accepted coverage for these claims, but the amounts sought are as yet
unspecified.

II.     Antitrust Lawsuits

Eighteen manufacturers of tortillas and other processed food products have
brought three related antitrust lawsuits against Gruma Corp., Azteca Milling,
and other unrelated companies. The plaintiffs allege that the defendants,
including Gruma Corp. and Azteca Milling, conspired with retailers to restrain
trade in the retail sale of tortillas in Texas, California, Arizona and
Michigan, used market power to exclude plaintiffs from the retail tortilla
market, and otherwise competed unfairly. The plaintiffs seek damages, including
treble damages, greatly in excess of $1 million per Plaintiff, as well as
injunctive relief. Gruma Corp. and Azteca Milling deny these allegations and
are vigorously defending these lawsuits. All three lawsuits have been taken off
the docket, pending discussions between the parties as to arbitration of the
disputes.

III. Mexican Tax Claim

The Mexican tax authorities have disallowed certain deductions Gruma took for
income tax purposes, the effect of which on the computation of prior years
taxable income amounted to Ps.32 million. The authorities are also claiming
Gruma owes related surcharges and penalties. Gruma has brought a proceeding for
annulment of such disallowance notice and are vigorously defending the claim.

3



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##### 



Schedule 5.12 (a)

List of Material Subsidiaries

Gruma Corporation

Grupo Industrial Maseca, S.A. de C.V.

Molinos Nacionales, C.A.

Molinera de México, S.A. de C.V.

Gruma Centro América, S.A.

4



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##### 



Schedule 5.12 (b)

List of Material Subsidiary Agreements containing Dividends
Restrictions

|                  |  |                             |  |                  |  |                     |  | 
|----------------- |  | --------------------------- |  | ---------------- |  | ------------------- |  | 
|                  |  |                             |  |                  |  | TOTAL AMOUNT OF THE
|COMPANY           |  | AGREEMENT                   |  | FACILITIES      
|Gruma Corporation |  | Leases with Philip Morris   |  |                 
|                  |  | Capital Corporation         |  | US$53122,000.00
|Gruma Corporation |  | IDBs                       |  | US$10535,000.00
|Gruma Corporation |  | Rabobank Syndication        |  |                 
|                  |  | Facility                    |  | US$70000,000.00
|Gruma Corporation |  | Private placement with John |  |                 
|                  |  | Hancock                     |  | US$18712,000.00
|Gruma Corporation |  | Lease with GE Capital       |  | US$22145,000.00

5



---



##### 



Schedule 7.01

Existing Liens

|                  |  |                            |  |                           
|----------------- |  | -------------------------- |  | --------------------------
|COMPANY           |  | AGREEMENT                  |  | LIEN                      
|                 
|Gruma Corporation |  | Capital Lease with Philip  |  | Rancho Cucamonga          
|                  |  | Morris Capital
Corporation |  | Building, Land, Equipments
|                  |  |                            |  |                           
|Gruma Corporation |  | Lease with Philip Morris   |  | Evansville Equipment      
|                  |  | Capital Corporation        |  |                           
|                  |  |                            |  |                           
|Gruma Corporation |  | GE Lease                   |  | Rancho Equipment          

6



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##### 



EXHIBIT A

FORM OF NOTICE OF BORROWING

December    , 2002

Bank of America, N.A.,
as Administrative Agent for the Banks
    party to the Loan Agreement
    referred to below
1455 Market Street, 12th Floor
San Francisco, CA 94103
Attention: Ira Chin
Facsimile: 415-503-5114



| | Re: |  | Loan Agreement, dated as of December     , 2002 (as amended,
supplemented or otherwise modified from time to time, the Loan
Agreement), among GRUMA, S.A. de C.V., as borrower (the Company),
the Banks party thereto, Bank of America, N.A., as Administrative
Agent, and Banc of America Securities LLC, as Lead Arranger and Sole
Book Manager
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Ladies and Gentlemen:

The undersigned, GRUMA, S.A. de C.V., refers to the Loan Agreement, the
terms defined therein being used herein as therein defined, and hereby gives
you notice irrevocably, pursuant to Section 2.03 of the Loan Agreement, of the
Borrowing specified herein:



| | (1) |  | The Business Day of the proposed Borrowing is           .                       
| | --- |  | --------------------------------------------------------------------------------
|
| | (2) |  | The aggregate amount of the proposed Borrowing of Term Loans
is US$[          ].

and/or



| | (2) |  | The aggregate amount of the proposed Borrowing of Revolving
Loans is US$[          ].                                    
| | --- |  | -------------------------------------------------------------------------------------------------------------------------
|
| | (3) |  | The proposed Borrowing shall be made as [LIBOR Loans having
an Interest Period of            month[s]] [Base Rate Loans].

The undersigned hereby certifies that the following statements are true on
the date hereof, and will be true on the date of the proposed Borrowing, before
and after giving effect thereto and to the application of the proceeds
therefrom:





---



##### 





| | (a) |  | The representations and warranties of the undersigned
contained in Article V of the Loan Agreement are true and correct in
all material respects; and
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (b) |  | No Default or Event of Default has occurred and is
continuing, or would result from the proposed Borrowing.                                          

Please wire transfer the proceeds of the Borrowing to the accounts of the
following persons at the financial institutions indicated respectively:

|             |  |                   |  |         |  |             |  |                             |  |  |  |  |  |            |  | 
|------------ |  | ----------------- |  | ------- |  | ----------- |  | --------------------------- |  |  |  |  |  | ---------- |  | 
|Amount to be |  | Person to be Paid |  |         |  |            
|             |  |                   |  |         |  |            
|Transferred  |  | Name              |  | ABA No. |  | Account No. |  | Account Name, Address, etc.
|             |  |                   |  |         |  |             |  |                            
|$            |  |                   |  |         |  |             |  |                             |  |  |  |  |  |            |  | 
|             |  |                   |  |         |  |             |  |                            
|             |  |                   |  |         |  |             |  |                             |  |  |  |  |  |           
|             |  |                   |  |         |  |             |  |                             |  |  |  |  |  | Attention:
|             |  |                   |  |         |  |             |  |                             |  |  |  |  |  |           
|$            |  |                   |  |         |  |             |  |                             |  |  |  |  |  |            |  | 
|             |  |                   |  |         |  |             |  |                            
|             |  |                   |  |         |  |             |  |                             |  |  |  |  |  |           
|             |  |                   |  |         |  |             |  |                             |  |  |  |  |  | Attention:
|             |  |                   |  |         |  |             |  |                             |  |  |  |  |  |           

The Company has caused this Notice of Borrowing to be executed and
delivered, and the certification and warranties to be made, by its duly
Responsible Officer this       
        day of       
     .

| |  |                     |  |       
| |  | ------------------- |  | ------
| |  | GRUMA, S.A. DE C.V.
| |  |                     |  |       
| |  | By:                 |  |       
| |  |                     |  |       
| |  |                     |  | Title:

A-2



---



##### 



EXHIBIT B

FORM OF NOTICE OF CONTINUATION/CONVERSION

December    , 2002

Bank of America, N.A.,
as Administrative Agent for the Banks
    party to the Loan Agreement
    referred to below
1455 Market Street, 12th Floor
San Francisco, CA 94103
Attention: Ira Chin
Facsimile: 415-503-5114



| | Re: |  | Loan Agreement, dated as of December     , 2002 (as amended,
supplemented or otherwise modified from time to time, the Loan
Agreement), among GRUMA, S.A. de C.V., as borrower (the Company),
the Banks party thereto, Bank of America, N.A., as Administrative
Agent, and Banc of America Securities LLC, as Lead Arranger and Sole
Book Manager
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Ladies and Gentlemen:

This Notice of Continuation/Conversion is delivered to you pursuant to
Section 2.04 of the Loan Agreement. Unless otherwise defined herein or the
context otherwise requires, terms used herein have the meanings provided in the
Loan Agreement.

The Company hereby requests that on               , 200   ,



| |                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------
| | (1)  US$        of the presently outstanding principal amount
of the Loans originally made on        , 200       
         ,
|
| | (2)  and all presently being maintained as [Base Rate Loans] [LIBOR
Loans],                                                 
|
| | (3)  be [converted into] [continued as],                                                                                    
|
| | (4) [LIBOR Loans having an Interest Period of       
          months] [Base
Rate Loans].                                   





---



##### 



The Company hereby:



| |                                                                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a)  certifies and warrants that no Default or Event of Default has
occurred and is continuing; and                                                                                                                             
|
| | (b)  agrees that if prior to the time of such continuation or conversion
any matter certified to herein by it will not be true and correct at
such time as if then made, it will immediately so notify the
Administrative Agent.

Except to the extent, if any, that prior to the time of the continuation
or conversion requested hereby the Administrative Agent shall receive written
notice to the contrary from the Company, each matter certified to herein shall
be deemed to be certified at the date of such continuation or conversion as if
then made.

The Company has caused this Notice of Continuation/Conversion to be
executed and delivered, and the certification and warranties contained herein
to be made, by its Responsible Officer this       
          day of          , 200         
      .

| |  |                     |        | 
| |  | ------------------- | ------ | 
| |  | GRUMA, S.A. DE C.V.
| |  |                     |        | 
| |  | By:                 |        | 
| |  |                     |       
| |  |                     | Title:

B-2



---



##### 



EXHIBIT C-1
FORM OF TERM NOTE



NO NEGOCIABLE
PAGARÉ Suma Principal: E.U.A. $_________.00
Dólares Monterrey, Nuevo León
[Fecha] Por VALOR RECIBIDO, la suscrita, Gruma,
S..A. DE C.V. (la Sociedad), una sociedad
anónima de capital variable debidamente
constituida y existente bajo las leyes de
los Estados Unidos Mexicanos, POR EL
PRESENTE PAGARÉ PROMETE INCONDICIONALMENTE
PAGAR a la orden de      (el
Banco), la suma principal de
E.U.A$     .00 Dólares
(     de Dólares
00/100), moneda de curso legal de los
Estados Unidos de América, el día
     , la fecha de vencimiento (en lo
sucesivo la [Fecha de Reducción] [Fecha
de Vencimiento]). La Sociedad promete además pagar al Banco
intereses ordinarios sobre la suerte
principal insoluta de este Pagaré, a partir
de la fecha de este Pagaré, en cada Fecha
de Pago de Intereses (según se define más
adelante) y hasta, pero excluyendo, la
[Fecha de Reducción] o [Fecha de
Vencimiento], a una tasa anual igual a
LIBOR (según se define más adelante) para
cada Período de Intereses (según se define
más adelante) o la Tasa de Interés Base
Alterna más el Margen Aplicable (según se
define más adelante). Todos los intereses bajo el presente Pagaré
serán calculados sobre la base de un año de
360 días para el número de días
efectivamente transcurridos durante el
período en el cual dichos intereses sean
pagaderos (incluyendo el primer pero
excluyendo el último día). En caso de que cualquier cantidad pagadera
bajo el presente Pagaré no sea pagada a su
vencimiento (ya sea en la fecha de su
vencimiento, por vencimiento anticipado o
por cualquier otro motivo), la suerte
principal e intereses insolutos de este
Pagaré vencerán anticipadamente y a partir
de ese momento, la Sociedad pagará a la
vista al Banco, en la medida permitida por
la ley aplicable, intereses moratorios
sobre el saldo insoluto del principal e
intereses desde la fecha de vencimiento de
dicha cantidad hasta la fecha de su pago
total a una tasa variable anual igual a:
(i) respecto de la suma principal insoluta
(a) LIBOR o la Tasa de Interés Base Alterna
(según se define más adelante) en vigor,
según sea el caso, más (b) el Margen
Aplicable en vigor más (c) 2.00% (Dos punto
cero por ciento) y (ii) respecto de
cualquier otra cantidad insoluta distinta
del principal (a) la Tasa de lnterés Base
Alterna (según se define más adelante) más
(b) el Margen Aplicable (según se define
más adelante) en vigor más (c) 2.00% (Dos
punto


NOT TRANSFERABLE BY ENDORSEMENT
PROMISORY NOTE Principal Amount: US:$_________.00
Monterrey, Nuevo León
[Date] For VALUE RECEIVED, the undersigned, GRUMA,
S.A. DE C.V. (the Company), a sociedad
anónima de capital variableduly organized
and existing under the laws of the United
Mexican States, HEREBY UNCONDITIONALLY
PROMISES TO PAY to the order of
     (the Bank),
the principal sum of U.S.$     .00
(     Dollars of the
United States of America 00/100), payable
on, the maturity date (hereinafter the
[Reduction Date] the [Maturity Date]). The Company further promises to pay to the
Bank interest on the principal amount
outstanding hereunder, from the date
hereof, on each Interest Payment Date (as
hereinafter defined) until but excluding
the [Reduction Date] or [Maturity Date], at
a rate per annum equal to LIBOR (as
hereinafter defined) for each Interest
Period (as hereafter defined) or the
Alternate Base Rate plus the Applicable
Margin (as hereafter defined). All computations of interest hereunder
shall be made on the basis of a year of 360
days for the actual number of days elapsed
in the period for which any such interest
is payable (including the first day but
excluding the last day). In the event that any amount due hereunder
is not paid in full when due (whether at
stated maturity, by acceleration or
otherwise), the unpaid principal balance
and interest due hereunder of this
Promissory Note shall become forthwith due
and payable and from that moment the
Company shall pay to the Bank, to the
extent permitted by applicable law,
interest on such unpaid principal and
interest amount, from the date such amount
becomes due until the date such amount is
paid in full, payable on demand, at a rate
per annum equal to: (i) for the principal
amount (a) LIBOR or the Alternate Base Rate
(as hereinafter defined) then in effect, as
the case may be, plus (b) the Applicable
Margin (as hereinafter defined) then in
effect plus (c) 2.00% (Two point zero
percent) and (ii) in respect of any other
unpaid amount different than principal (a)
the Alternate Base Rate plus (b) the
Applicable Margin (as hereinafter defined)
then in effect plus (c) 2.00% (Two point
zero percent).




1/6



---



##### 





(cero por ciento). La Sociedad tendrá el derecho, mediante notificación por escrito al Agente Administrativo,
de cambiar la tasa de interés pagadera bajo el presente Pagaré,
de LIBOR a la Tasa de Interés Base Alterna y viceversa. En caso de que
la Sociedad cambie la tasa LIBOR a fin
de que aplique la Tasa de Interés Base Alterna se aplicará lo siguiente mientras la tasa a
plicable sea la Tasa de Interés Base Alterna: (a)  Día Hábil significará cualquier día que sea distinto de un Sábado, Domingo
u otro día en el que los bancos comerciales en la ciudad de Nueva York o México
Distrito Federal estén autorizados o requeridos para cerrar por ley. (b)No serán aplicables las definiciones de Fecha de Pago de Intereses y de
Periodo de Intereses contemplados en el presente Pagaré sino que los intereses
correspondientes serán pagaderos el último Día Hábil (según se define en el
párrafo inmediato anterior) de cada Trimestre Fiscal (según dicho termino se
define posteriormente) hasta la [Fecha de Reducción] o [Fecha de Vencimiento] o
hasta la fecha en que se realice un cambio a tasa LIBOR, según sea el caso. Para
dichos efectos el termino Trimestre Fiscal significará un trimestre,
terminando el último día de Marzo, Junio, Septiembre o Diciembre de cualquier
año calendario. (c)  Margen Aplicable, con respecto
a la Tasa de Interés Base Alterna, significará entre 0% (cero por ciento) y
0.625% (cero punto seiscientos veinticinco por ciento), según sea indicado de
tiempo en tiempo por escrito por la Sociedad al Agente Administrativo
dependiendo de la razón de apalancamiento consolidado de la Sociedad, según sea
determinado por la Sociedad y notificado al Agente Administrativo. Todos los pagos que deban efectuarse bajo el presente Pagaré deberán hacerse
antes de las 12:00 a.m., tiempo de Nueva York a la cuenta número 3750836479, ABA
número 111000012, Ref.: Gruma, S.A. de C.V. en Dallas Texas, que mantiene el
Agente Administrativo (según dicho termino se define más adelante), en Dólares
de los E.U.A., libremente transferibles por valor recibido en la fecha de pago,
sin compensación o retención alguna, y libres y sin deducción alguna por o a
cuenta de cualquier impuesto mexicano presente o futuro o cualquier otro cargo
por cualquier concepto. La Sociedad conviene en pagar directamente a la entidad o autoridad
gubernamental correspondiente dichos impuestos o cargos causados por el Banco. Cualquier pago bajo el presente Pagaré, incluyendo los pagos hechos conforme a
los párrafos anteriores, deberán ser incrementados de tal manera que
adicionalmente a los montos que correspondan para el pago de impuestos mexicanos
o cargos aplicables a los pagos que se efectúen bajo el presente Pagaré, los
pagos que el Banco reciba sean iguales a los pagos que el Banco hubiera recibido
si no se hubieran causado dichos impuestos o cargos. Para efectos de este Pagaré, los
siguientes términos tendrán los
siguientes significados:


The Company shall have the right, by means
of written notice to the Administrative
Agent to convert the interest rate payable
hereunder from LIBOR to the Alternate Base
Rate (as defined herein), and vice versa.
In the event the Company converts from
LIBOR to the Alternate Base Rate (as
defined herein), the following shall apply
so long as the applicable rate is the
Alternate Base Rate: (a)  Business Day shall mean any day other
than a Saturday, Sunday or other day on
which commercial banks in New York City or
Mexico City are authorized or required by
law to close. (b)  The defined terms of Interest Payment
Date and Interest Period shall not be
applicable and the corresponding interest
shall be payable on the last Business Day
(as defined in the immediately preceding
paragraph) of each Fiscal Quarter (as such
term is hereinafter defined) until the
[Reduction Date] [Maturity Date] or until a
conversion to LIBOR occurs, as the case may
be. For such purposes, the term Fiscal
Quarter shall mean a quarter ending on the
last day of March, June, September or
December of any calendar year. (c)  Applicable Margin, with respect to
the Alternate Base Rate, shall mean a
spread between 0% (zero percent) to 0.625%
(zero point six hundred and twenty five
percent) as indicated from time to lime in
writing by the Company to the
Administrative Agent depending on the
Companys consolidated leverage ratio as
determined by the Company and notified to
the Administrative Agent. All payments to be made on or in respect of
this Promissory Note shall be made not
later than 12:00 a.m., New York time, to
the account number 3750836479, ABA number
111000012, Ref.: Gruma, S.A. de C.V. in
Dallas Texas, maintained by the
Administrative Agent (as such term is
hereinafter defined), in freely
transferable United States Dollars for
value received on the date of payment,
without setoff or counterclaim, and free an
clear of and without deduction for any
present and future Mexican taxes or charges
whatsoever. The Company agrees to cause all such taxes
or charges to be paid on behalf of the Bank
directly to the appropriate governmental
agency or authority. All such payments hereunder, including
payments made pursuant to the paragraphs
above, shall be increased so that, after
provisions for Mexican taxes and applicable
charges, including Mexican taxes or charges
on such increase, the amounts received by
the Bank shall equal the amount the Bank
would have received if no Mexican taxes or
charges were due on such payments. For purposes of this Note, the following
terms shall have the following meanings:




2/6



---



##### 





Agente Administrativo significa Bank of
America, N.A., (Bank of America) o
cualquier agente administrativo que lo
suceda. Tasa de Interés Base Alterna significará
para cualquier día, una tasa de interés
anual variable equivalente a la que sea más
alta entre (a) la tasa de intereses más
recientemente anunciada por Bank of
America, como su tasa prime o (b) la Tasa
de Fondos Federales (según dicho termino se
define más adelante) más recientemente
determinada por el Agente Administrativo
más 0.50%. Margen Aplicable, con respecto a LIBOR,
significará entre 1% (uno por ciento) y
1.625% (uno punto seiscientos veinticinco
por ciento), según sea indicado de tiempo
en tiempo por escrito por la Sociedad al
Agente Administrativo dependiendo de la
razón de apalancamiento consolidado de la
Sociedad, según sea determinado por la
Sociedad y notificado al Agente
Administrativo. Día Hábil significará cualquier día que
sea distinto de un sábado, domingo u otro
día en el que los bancos comerciales en la
ciudad de Nueva York o México Distrito
Federal estén autorizados o requeridos para
cerrar por ley y cualquier día en el que se
lleven a cabo operaciones en Dólares en el
mercado interbancario de Londres. Dólares o E.U.A significa la moneda de
curso legal de los Estados Unidos de
America. Tasa de Fondos Federales significará para
cualquier día, la tasa de interés annual
equivalente al promedio ponderado de las
tasas de interés de las operaciones a un
día de los Fondos Federales con miembros
del Sistema de Reserva Federal acordadas
por corredores de fondos Federales en dicho
día, según la publique el Banco de Reserva
Federal el Día Hábil siguiente al día en
que se haga tal determinación; en el
entendido que (a) si dicho día no es un Día
Hábil, la Tasa de Fondos Federales para
dicho día será dicha tasa para dichas
operaciones en el siguiente Día Hábil
anterior según se publicó en el siguiente
Día Hábil, y (b) si dicha tasa de interés
no es publicada durante dicho siguiente Día
Hábil, la Tasa de Fondos Federales para
dicho día será la tasa promedio (redondeada
hacia arriba, si fuera necesario, a un
múltiplo completo de 1/100 de 1%) cobrada a
Bank of America en dicho día para dichas
operaciones según la determine el Agente
Administrativo. Fecha de Pago de Intereses significará el
último día de cada Periodo de Intereses
(según se define más adelante), en el
entendido de que si cualquier Periodo de
Intereses durare más de tres meses, las
respectivas fechas que ocurran cada tres
meses después de iniciado dicho Periodo de
Intereses también serán consideradas Fechas
de Pago de Intereses. Periodo de Intereses significará el
periodo que comienza en la fecha del
presente Pagaré, con respecto al primer
Periodo de Intereses, empezando el día
posterior a la última Fecha de Pago de
Intereses y que termina el primero,
segundo, tercero o sexto mes posterior a
dicha fecha, según se indique de tiempo en
tiempo por


Administrative Agent means Bank of
America, N.A., (Bank of America) or any
successor administrative agent. Alternate Base Rate shall mean for any
day, a fluctuating rate of interest per
annum equal to the higher of (a) the rate
of interest most recently announced by Bank
of America, as its prime rate and (b) the
Federal Funds Rate (as hereinafter defined)
most recently determined by the
Administrative Agent plus 0.50%. Applicable Margin, with respect to LIBOR,
shall mean a spread between 1% (one
percent) to 1.625% (one point six hundred
and twenty five percent) as indicated from
time to time in writing by the Company to
the Administrative Agent depending on the
Companys consolidated leverage ratio as
determined by the Company and notified to
the Administrative Agent. Business Day shall mean any day other
than Saturday, Sunday or other day on which
commercial banks in New York City or Mexico
City, Mexico are authorized or required by
law to close and any such day on which
dealings in Dollar deposits are conducted
by and between banks in the London
interbank market. Dollars or US$ means the lawful
currency of the United States of America. Federal Funds Rate shall mean, for any
date, the rate per annum equal to the
weighted average of the rates on overnight
Federal funds transactions with members of
the Federal Reserve System arranged by
Federal funds brokers on such day, as
published by the Federal Reserve Bank on
the Business Day next succeeding such day;
provided that (a) if such day is not a
Business Day, the Federal Funds Rate for
such day shall be such rate on such
transactions on the next preceding Business
Day as so published on the next succeeding
Business Day, and (b) if no such rate is so
published on such next succeeding Business
Day, the Federal Funds Rate for such day
shall be the average rate (rounded upward,
if necessary, to a whole multiple of 1/100
of 1%) charged to Bank of America on such
day on such transactions as determined by
the Administrative Agent. Interest Payment Date shall mean the last
day of each Interest Period (as hereinafter
defined), provided that if any Interest
Period exceeds three months, the respective
dates that fall every three months after
the beginning of such Interest Period shall
also be Interest Payment Dates. Interest Period shall mean a period
commencing on the date hereof, with respect
to the first Interest Period, and
commencing on the day after the previous
Interest Payment Date thereafter and ending
on the date one, two, three or six months
thereafter, as selected by the Company from
time to time and notified in writing to the
Administrative Agent;




3/6



---



##### 





escrito por la Sociedad al Agente
Administrativo; en el entendido, sin
embargo, que: (a) si cualquier Periodo de
Intereses pudiera de cualquier forma
terminar en un día que no es un Día Hábil,
ese Periodo de Intereses será extendido al
siguiente Día Hábil, a menos de que el
resultado de dicha extensión causare que
dicho Periodo de Intereses ocurraen otro
mes de calendario, en cuyo caso dicho
Periodo de Intereses terminará el Día Hábil
anterior; (b) cualquier Periodo de
Intereses que comience el último Día Hábil
de un mes de calendario (o en un día para
el cual no exista numéricamente un día que
corresponda en el mes de calendario al
final de dicho Periodo de Interés)
terminará el último Día Hábil del mes
calendario al final de dicho Periodo de
Intereses; y (c) ningún Periodo de
Intereses se extenderá más allá de la
[Fecha de Reducción] o [Fecha de
Vencimiento]. LIBOR significa para cada Periodo de
Intereses (a) la tasa de interés annual
equivalente a la tasa de interés
determinada por el Agente Administrativo
que será la tasa de interés ofrecida que
aparezca en la página de la pantalla
Telerate (o cualquier sucesor de la misma)
que muestre el promedio de las Tasas de
Liquidación de Intereses de la Asociación
de Banqueros Británicos para depósitos en
Dólares (para entregar el primer día de
dicho Periodo de Intereses) con un término
equivalente a dicho Periodo de Intereses,
determinado aproximadamente a las 11:00
a.m. (tiempo de Londres) dos Días Hábiles
previos al primer día de dicho Periodo de
Intereses, o (b) si la tasa antes referida
no aparece en dicha página o servicio o si
dicha página o servicio no estuvieren
disponibles, la tasa de interés anual
equivalente a la tasa determinada por el
Agente Administrativo será la tasa de
interés ofrecida en dicha otra página u
otro servicio que muestre el promedio de
las Tasas de Liquidación de Intereses de la
Asociación de Banqueros Británicos para
depósitos en Dólares (para entregar el
primer día de dicho Periodo de Intereses)
con un término equivalente a dicho Periodo
de Intereses, determinado aproximadamente a
las 11:00 a.m. (tiempo de Londres) dos Días
Hábiles previos al primer día de dicho
Periodo de Interés, o (c) si las tasas de
interés antes mencionadas no estuvieren
disponibles, la tasa de interés anual
determinada por el Agente Administrativo
será la tasa de interés a la cual se hagan
los depósitos en Dólares para entregarse el
primer día de dicho Periodo de Intereses
para fondos del mismo día por
aproximadamente la misma cantidad principal
bajo el presente, continuados o convertidos
con un termino equivalente a dicho Periodo
de Intereses que pudieran ser ofrecidos por
la sucursal en Londres de Bank of America a
los principales bancos del mercado
interbancario de eurodólares en Londres, a
solicitud de los mismos, a aproximadamente
las 4:00 p.m. (tiempo de Londres) dos Días
Hábiles previos al primer día de dicho
Periodo de Intereses. Sujeto a las disposiciones establecidas en
la definición de Periodo de Intereses
establecida en el presente Pagaré, en caso
de que cualquier pago bajo el presente
Pagaré venza en un día que no sea un Día
Hábil, entonces, dicho pago deberá
realizarse el Día Hábil siguiente, y dicha
prórroga o reducción de tiempo deberá, en
tal caso,ser incluida para el cómputo de
intereses


provided, however, that: (a) if any
Interest Period would otherwise end on a
day that is not a Business Day, that
Interest Period shall be extended to the
following Business Day unless the result of
such extension would be to carry such
Interest Period into another calendar
month, in which event such Interest Period
shall end on thepreceding Business Day; (b)
any Interest Period that begins on the last
Business Day of a calendar month (or on a
day for which there is no numerically
corresponding day in the calendar month at
the end of such Interest Period) shall end
on the last Business Day of the calendar
month at the end of such Interest Period;
and (c) no Interest Period shall extend
beyond the [Reduction Date] [Maturity
Date]. LIBOR means for any Interest Period (a)
the rate per annum equal to the rate
determined by the Administrative Agent to
be the offered rate that appears on the
page of the Telerate screen (or any
successor thereto) that displays an average
British Bankers Association Interest
Settlement Rate for deposits in Dollars
(for delivery on the first day of such
Interest Period) with a term equivalent to
such Interest Period, determined as of
approximately 11:00 a.m. (London time) two
Business Days prior to the first day of
such Interest Period, or (b) if the rate
referenced above does not appear on such
page or service or such page or service
shall not be available, the rate per annum
equal to the rate determined by the
Administrative Agent to be the offered rate
on such other page or other service that
displays an average British Bankers
Association Interest Settlement Rate for
deposits in Dollars (for delivery on the
first day of such Interest Period) with a
term equivalent to such Interest Period,
determined as of approximately 11:00 a.m.
(London time) two Business Days prior to
the first day of such Interest Period, or
(c) if the rates referenced above are not
available, the rate per annum determined by
the Administrative Agent as the rate of
interest at which deposits in Dollars for
delivery on the first day of such Interest
Period in same day funds in the approximate
amount of the principal amount hereunder
being made, continued or converted and with
a term equivalent to such Interest Period
would be offered by Bank of Americas
London Branch to major banks in the London
interbank eurodollar market at their
request at approximately 4:00 p.m. (London
time) two Business Days prior to the first
day of such Interest Period. Subject to the provisions set forth in the
definition of Interest Period whenever any
payment hereunder shall be stated to be
due, on a day other than a Business Day,
then, such payment shall be made, on the
next succeeding Business Day, and such
extension or reduction of time shall, in
such case be included in the computation of
interest hereunder.




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##### 





bajo el presente Pagaré. Para los efectos del artículo Ciento
Veintiocho de la Ley General de Títulos
y Operaciones de Crédito de México, el
plazo para presentación de este Pagaré
por medio del presente se prórroga
irrevocablemente dos meses después de
la [Fecha de Reducción] [Fecha de
Vencimiento], en el entendido de que
dicha prorroga no impedirá la
presentación de este Pagaré con
anterioridad a dicha fecha, únicamente
por lo que respecta a las cantidades
vencidas y no pagadas bajo el presente
Pagaré.
Este Pagaré se regirá a interpretará,
de conformidad con las leyes del Estado
de Nueva York, Estados Unidos de
América, en el entendido de que, si
cualquier acción o procedimiento en
relación con el presente Pagaré es
iniciado ante cualquier tribunal de los
Estados Unidos Mexicanos, el presente
Pagaré se regirá por las leyes de los
Estados Unidos Mexicanos. Cualquier acción o procedimiento legal
relacionado con y derivado del presente
Pagaré podrá ser iniciado, a elección del
Banco, en cualquier corte federal o estatal
con sede en la Ciudad de Nueva York, Nueva
York, Estados Unidos de América, en los
tribunales de la Ciudad de México, Distrito
Federal, Estados Unidos Mexicanos o en los
tribunales de Garza García, Nuevo León,
Estados Unidos Mexicanos. La Sociedad
renuncia a la jurisdicción de cualesquiera
otros tribunales que pudiere corresponderle
por cualquier otra razón. En caso de que se inicie un juicio por el
tenedor del presente Pagaré para exigir el
pago del mismo, la Sociedad se obliga a
reembolsarle al tenedor del presente
Pagaré, los gastos y honorarios legales
relacionados con dicho juicio por la
cantidad que el tribunal competente
considere razonable. La Sociedad por medio del presente renuncia
a todo procedimiento, presentación,
protesto o notificación de incumplimiento
total o parcial, o rechazo de pago con
respecto al presente Pagaré. La falta de ejercicio por parte del tenedor
de este Pagaré de cualquiera de sus
derechos al amparo del mismo no implicará
una renuncia a dichos derechos en ese o
cualquier otro caso. El presente Pagaré se firma en inglés y en
español, obligando ambas versiones a la
Sociedad, en la inteligencia de que la
versión en inglés prevalecerá, excepto en
el caso de cualquier acción, demanda o
procedimiento ante los tribunales de los
Estados Unidos Mexicanos, en cuyo caso la
versión en español prevalecerá. Este Pagaré consta de 5 páginas, cada una
de las cuales está debidamente firmada.


For the purposes of article
One Hundred and Twenty-Eight
of the Mexican General Law
of Negotiable Instruments
and Credit Transactions (Ley
General de Títulos y
Operaciones de Crédito) the
term for presentation of
this Promissory Note for
payment, is hereby
irrevocably extended two
months after the [Reduction
Date] [Maturity Date], in
the understanding that such
extension will not restrict
the ability of the holder
hereof to present this
Promissory Note before such
date, only with respect to
the amounts due and not paid
hereunder. This Promissory Note shall in all respects
be governed by, and construed in accordance
with, the laws of the State of New York,
United States of America, provided,
however, that if any action or proceeding
in connection with this Promissory Note
shall be brought in any courts in the
United Mexican States, this Promissory Note
shall be deemed to be governed by the laws
of United Mexican States. Any legal action or proceeding arising out
of or relating to this Promissory Note may
be brought, at the election of the Bank, in
any New York State or Federal court sitting
in the City of New York, New York, United
States of America, or in the courts located
in the City of Mexico, Federal District,
United Mexican States or in the courts
located in Garza García, Nuevo León, United
Mexican States. The Company waives the
jurisdiction of any other courts that may
correspond for any other reason. In the event a legal action is brought by
the holder hereof to enforce this
Promissory Note, the Company hereby agrees
to reimburse to the holder hereof the
expenses and attorneys fees related thereto
as the corresponding court considers
reasonable. The Company hereby waives diligence,
presentment, protest or notice of total or
partial non-payment or dishonor with
respect to this Promissory Note. Failure by the holder hereof to exercise
any of its rights hereunder in any instance
shall not constitute a waiver hereof in
that or any other instance. This Promissory Note has been executed in
both English and Spanish versions, both of
which shall bind the Company; provided,
however, that the English version shall be
controlling, except in any action, suit or
proceeding brought in the courts of the
United Mexican States, in which case the
Spanish version shall be controlling. This Promissory Note consists of 5 pages,
each of which is duly signed.




Garza García, Nuevo León, Monterrey,
de ________________ de 200__.
Garza García, Nuevo León, Monterrey, ____________ __, 200__

GRUMA, S.A. DE C.V.



---



By/Por:______________________________

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##### 



EXHIBIT C-2

FORM OF REVOLVING NOTE




NO NEGOCIABLE PAGARÉ Suma Principal: E.U.A. $     .00 Dólares
Monterrey, Nuevo León
[Fecha] Por VALOR RECIBIDO, la suscrita, Gruma, S.A. DE C.V. (la Sociedad), una
sociedad anónima de capital variable debidamente constituida y existente bajo
las leyes de los Estados Unidos Mexicanos, POR EL PRESENTE PAGARÉ PROMETE
INCONDICIONALMENTE PAGAR a la orden de                    (el Banco),
la suma principal de E.U.A$                   .00 Dólares (               de
Dólares 00/100), moneda de curso legal de los Estados Unidos de América, el día
               , la fecha de vencimiento (en lo sucesivo la [Fecha de
Reducción] o la [Fecha de Vencimiento]). La Sociedad promete además pagar al Banco intereses ordinarios sobre la suerte
principal insoluta de este Pagaré, a partir de la fecha de este Pagaré, en cada
Fecha de Pago de Intereses (según se define más adelante) y hasta, pero
excluyendo, la [Fecha de Reducción] o [Fecha de Vencimiento], a una tasa anual
igual a LIBOR (según se define más adelante) para cada Periodo de Intereses
(según se define más adelante) o la Tasa de Interés Base Alterna más el Margen
Aplicable (según se define más adelante). Todos los intereses bajo el presente Pagaré serán calculados sobre la base de
un año de 360 días para el número de días efectivamente transcurridos durante
el periodo en el cual dichos intereses sean pagaderos (incluyendo el primer
pero excluyendo el último día). En caso de que cualquier cantidad pagadera bajo el presente Pagaré no sea
pagada a su vencimiento (ya sea en la fecha de su vencimiento, por vencimiento
anticipado o por cualquier otro motivo), la suerte principal e intereses
insolutos de este Pagaré vencerán anticipadamente y a partir de ese momento, la
Sociedad pagará a la vista al Banco, en la medida permitida por la ley
aplicable, intereses moratorios sobre el saldo insoluto del principal e
intereses desde la fecha de vencimiento de dicha cantidad hasta la fecha de su
pago total a una tasa variable anual igual a: (i) respecto de la suma principal
insoluta (a) LIBOR o la Tasa de Interés Base Alterna (según se define más
adelante) en vigor, según sea el caso, más (b) el Margen Aplicable en vigor más
(c) 2.00% (Dos punto cero por ciento) y (ii) respecto de cualquier otra
cantidad insoluta distinta del principal (a) la Tasa de Interes Base Alterna
(según se define más adelante) más (b) el Margen Aplicable (según se define más
adelante) en vigor más (c) 2.00% (Dos punto


NOT TRANSFERABLE BY ENDORSEMENT PROMISSORY NOTE Principal Amount: US:$     .00
Monterrey, Nuevo León
[Date] For VALUE RECEIVED, the undersigned, GRUMA, S.A. DE C.V. (the Company), a
sociedad anónima de capital variableduly organized and existing under the laws
of the United Mexican States, HEREBY UNCONDITIONALLY PROMISES TO PAY to the
order of                (the Bank), the principal sum of U.S.$
               .00 ( Dollars of the United States of America 00/100), payable on
               , the maturity date (hereinafter the [Reduction Date] or the
[Maturity Date]). The Company further promises to pay to the Bank interest on the principal
amount outstanding hereunder, from the date hereof, on each Interest Payment
Date (as hereinafter defined) until but excluding the [Reduction Date] or
[Maturity Date], at a rate per annum equal to LIBOR (as hereinafter defined)
for each Interest Period (as hereafter defined) or the Alternate Base Rate plus
the Applicable Margin (as hereafter defined). All computations of interest hereunder shall be made on the basis of a year of
360 days for the actual number of days elapsed in the period for which any such
interest is payable (including the first day but excluding the last day). In the event that any amount due hereunder is not paid in full when due
(whether at stated maturity, by acceleration or otherwise), the unpaid
principal balance and interest due hereunder of this Promissory Note shall
become forthwith due and payable and from that moment the Company shall pay to
the Bank, to the extent permitted by applicable law, interest on such unpaid
principal and interest amount, from the date such amount becomes due until the
date such amount is paid in full, payable on demand, at a rate per annum equal
to: (i) for the principal amount (a) LIBOR or the Alternate Base Rate (as
hereinafter defined) then in effect, as the case may be, plus (b) the
Applicable Margin (as hereinafter defined) then in effect plus (c) 2.00% (Two
point zero percent) and (ii) in respect of any other unpaid amount different
than principal (a) the Alternate Base Rate plus (b) the Applicable Margin (as
hereinafter defined) then in effect plus (c) 2.00% (Two point zero percent).




1/5



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##### 





cero por ciento). La Sociedad tendrá el derecho, mediante notificación por escrito al Agente
Administrativo, de cambiar la tasa de interés pagadera bajo el presente Pagaré,
de LIBOR a la Tasa de Interés Base Alterna y viceversa. En caso de que la
Sociedad cambie la tasa LIBOR a fin de que aplique la Tasa de Interés Base
Alterna se aplicará lo siguiente mientras la tasa aplicable sea la Tasa de
Interés Base Alterna: (a)  Día Hábil significará cualquier día que sea distinto de un Sábado,
Domingo u otro día en el que los bancos comerciales en la ciudad de Nueva York
o México Distrito Federal estén autorizados o requeridos para cerrar por ley. (b)  No serán aplicables las definiciones de Fecha de Pago de Intereses y de
Periodo de Intereses contemplados en el presente Pagaré sino que los
intereses correspondientes serán pagaderos el último Día Hábil (según se define
en el párrafo inmediato anterior) de cada Trimestre Fiscal (según dicho termino
se define posteriormente) hasta la [Fecha de Reducción] o [Fecha de
Vencimiento] o hasta la fecha en que se realice un cambio a tasa LIBOR, según
sea el caso. Para dichos efectos el termino Trimestre Fiscal significará un
trimestre, terminando el último día de Marzo, Junio, Septiembre o Diciembre de
cualquier año calendario. (c)  Margen Aplicable significará entre 0% (cero por ciento) y 0.625% (cero
punto seiscientos veinticinco por ciento), según sea indicado de tiempo en
tiempo por escrito por la Sociedad al Agente Administrativo dependiendo de la
razón de apalancamiento consolidado de la Sociedad, según sea determinado por
la Sociedad y notificado al Agente Administrativo. Todos los pagos que deban efectuarse bajo el presente Pagaré deberán hacerse
antes de las 12:00 a.m., tiempo de Nueva York a la cuenta número 3750836479,
ABA número 111000012, Ref.: Gruma, S.A. de C.V. en Dallas Texas, que mantiene
el Agente Administrativo (según dicho termino se define más adelante), en
Dólares de los E.U.A., libremente transferibles por valor recibido en la fecha
de pago, sin compensación o retención alguna, y libres y sin deducción alguna
por o a cuenta de cualquier impuesto mexicano presente o futuro o cualquier
otro cargo por cualquier concepto. La Sociedad conviene en pagar directamente a la entidad o autoridad
gubernamental correspondiente dichos impuestos o cargos causados por el Banco. Cualquier pago bajo el presente Pagaré, incluyendo los pagos hechos conforme a
los párrafos anteriores, deberán ser incrementados de tal manera que
adicionalmente a los montos que correspondan para el pago de impuestos
mexicanos o cargos aplicables a los pagos que se efectúen bajo el presente
Pagaré, los pagos que el Banco reciba sean iguales a los pagos que el Banco
hubiera recibido si no se hubieran causado dichos impuestos o cargos. Para efectos de este Pagaré, los siguientes términos tendrán los siguientes
significados:


The Company shall have the right, by means of written notice to the
Administrative Agent to convert the interest rate payable hereunder from LIBOR
to the Alternate Base Rate (as defined herein), and vice versa. In the event
the Company converts from LIBOR to the Alternate Base Rate (as defined herein),
the following shall apply so long as the as the applicable rate is the
Alternate Base Rate: (a)  Business Day shall mean any day other than a Saturday, Sunday or other
day on which commercial banks in New York City or Mexico City are authorized or
required by law to close. (b)  The defined terms of Interest Payment Date and Interest Period shall
not be applicable and the corresponding interest shall be payable on the last
Business Day (as defined in the immediately preceding paragraph) of each Fiscal
Quarter (as such term is hereinafter defined) until the [Reduction Date] or
[Maturity Date] or until a conversion to LIBOR occurs, as the case may be. For
such purposes, the term Fiscal Quarter shall mean a quarter ending on the
last day of March, June, September or December of any calendar year. (c)  Applicable Margin shall mean a spread between 0% (zero percent) to 0.625%
(cero point six hundred and twenty five percent) as indicated from time to time
in writing by the Company to the Administrative Agent depending on the
Companys consolidated leverage ratio as determined by the Company and notified
to the Administrative Agent. All payments to be made on or in respect of this Promissory Note shall be made
not later than 12:00 a.m., New York time, to the account number 3750836479, ABA
number 111000012, Ref.: Gruma, S.A. de C.V. in Dallas Texas, maintained by the
Administrative Agent (as such term is hereinafter defined), in freely
transferable United States Dollars for value received on the date of payment,
without setoff or counterclaim, and free an clear of and without deduction for
any present and future Mexican taxes or charges whatsoever. The Company agrees to cause all such taxes or charges to be paid on behalf of
the Bank directly to the appropriate governmental agency or authority. All such payments hereunder, including payments made pursuant to the paragraphs
above, shall be increased so that, after provisions for Mexican taxes and
applicable charges, including Mexican taxes or charges on such increase, the
amounts received by the Bank shall equal the amount the Bank would have
received if no Mexican taxes or charges were due on such payments. For purposes of this Note, the following terms shall have the following
meanings:




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Agente Administrativo significa Bank America, N.A., (Bank of America) o
cualquier agente administrativo que lo suceda. Tasa de Interés Base Alterna significará para cualquier día, una tasa de
interés anual variable equivalente a la que sea más alta entre (a) la tasa de
intereses más recientemente anunciada por Bank of America, como su tasa prime
o (b) la Tasa de Fondos Federales (según dicho termino se define más adelante)
más recientemente determinada por el Agente Administrativo más 0.50%. Margen Aplicable significará entre 1% (uno por ciento) y 1.625% (uno punto
seiscientos veinticinco por ciento), según sea indicado de tiempo en tiempo por
escrito por la Sociedad al Agente Administrativo dependiendo de la razón de
apalancamiento consolidado de la Sociedad, según sea determinado por la
Sociedad y notificado al Agente Administrativo. Dia Hábil significará cualquier día que sea distinto de un sábado, domingo u
otro día en el que los bancos comerciales en la ciudad de Nueva York o México
Distrito Federal estén autorizados o requeridos para cerrar por ley y cualquier
día en el que se lleven a cabo operaciones en Dólares en el mercado
interbancario de Londres. Dólares o E.U.A. significa la moneda de curso legal de los Estados Unidos
de América. Tasa de Fondos Federales significará para cualquier día, la tasa de interés
anual equivalente al promedio ponderado de las tasas de interés de las
operaciones a un día de los Fondos Federales con miembros del Sistema de
Reserva Federal acordadas por corredores de fondos Federales en dicho día,
según la publique el Banco de Reserva Federal el Día Hábil siguiente al día en
que se haga tal determinación; en el entendido que (a) si dicho día no es un
Día Hábil, la Tasa de Fondos Federales para dicho día será dicha tasa dichas
operaciones en el siguiente Día Hábil anterior según se publicó en el siguiente
Día Hábil, y (b) si dicha tasa de interés no es publicada durante dicho
siguiente Día Hábil, la Tasa de Fondos Federales para dicho día será la tasa
promedio (redondeada hacia arriba, si fuera necesario, a un múltiplo completo
de 1/100 de 1%) cobrada a Bank of America en dicho día para
dichas operaciones según la determine el Agente Administrativo. Fecha de Pago de Intereses significará el último día de cada Periodo de
Intereses (según se define más adelante), en el entendido de que si cualquier
Periodo de Intereses durare más de tres meses, las respectivas fechas que
ocurran cada tres meses después de iniciado dicho Periodo de Intereses también
serán consideradas Fechas de Pago de Intereses. Periodo de Intereses significará el periodo comienza en la fecha del presente
Pagaré y que termina el primero, segundo, tercero o sexto mes posterior a dicha
fecha, según se indique de tiempo en tiempo por escrito por la Sociedad al
Agente Administrativo; en el entendido, sin embargo, que: (a) si cualquier
Periodo de Intereses pudiera de cualquier forma terminar en un día que no es un
Día Hábil, ese Periodo


Administrative Agent means Bank of America, N.A., (Bank of America) or any
successor administrative agent. Alternate Base Rate shall mean for any day, a fluctuating rate of interest
per annum equal to the higher of (a) the rate of interest most recently
announced by Bank of America, as its prime rate and (b) the Federal Funds
Rate (as hereinafter defined) most recently determined by the Administrative
Agent plus 0.50%. Applicable Margin shall mean a spread between 1% (one percent) to 1.625% (one
point six hundred and twenty five percent) as indicated from time to time in
writing by the Company to the Administrative Agent depending on the Companys
consolidated leverage ratio as determined by the Company and notified to the
Administrative Agent. Business Day shall mean any day other than Saturday, Sunday or other day on
which commercial banks in New York City or Mexico City, Mexico are authorized
or required by law to close and any such day on which dealings in Dollar
deposits are conducted by and between banks in the London interbank market. Dollars or US$ means the lawful currency of the United States of America. Federal Funds Rate shall mean, for any date, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with
members of the Federal Reserve System arranged by Federal funds brokers on such
day, as published by the Federal Reserve Bank on the Business Day next
succeeding such day; provided that (a) if such day is not a Business Day, the
Federal Funds Rate for such day shall be such rate on such transactions on the
next preceding Business Day as so published on the next succeeding Business
Day, and (b) if no such rate is so published on such next succeeding Business
Day, the Federal Funds Rate for such day shall be the average rate (rounded
upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of
America on such day on such transactions as determined by the Administrative
Agent. Interest Payment Date shall mean the last day of each Interest Period (as
hereinafter defined), provided that if any Interest Period exceeds three
months, the respective dates that fall every three months after the beginning
of such Interest Period shall also be Interest Payment Dates. Interest Period shall mean a period commencing on the date hereof and ending
on the date one, two, three or six months thereafter, as selected by the
Company from time to time and notified in writing to the Administrative Agent;
provided, however, that: (a) if any Interest Period would otherwise end on a
day that is not a Business Day, that Interest Period shall be extended to the
following Business Day unless the result of such extension would be to carry




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de Intereses será extendido al siguiente Dia Hábil, a menos de que el resultado
de dicha extensión causare que dicho Periodo de Intereses ocurra en otro mes de
calendario, en cuyo caso dicho Periodo de Intereses terminará el Día Hábil
anterior, (b) cualquier Periodo de Intereses que comience el último Día Hábil
de un mes de calendario (o en un día para el cual no exista numéricamente un
día que corresponda en el mes de calendario al final de dicho Periodo de
Interés) terminará el último Dia Hábil del mes calendario al final de dicho
Periodo de Intereses; y (c) ningún Periodo de Intereses se extenderá más allá
de la [Fecha de Reducción] o [Fecha de Vencimiento]. LIBOR significa para cada Periodo de Intereses (a) la tasa de interés anual
equivalente a la tasa de interés determinada por el Agente Administrativo que
será la tasa de interés ofrecida que aparezca en la página de la pantalla
Telerate (o cualquier sucesor de la misma) que muestre el promedio de las Tasas
de Liquidación de Intereses de la Asociación de Banqueros Británicos para
depósitos en Dólares (para entregar el primer día de dicho Periodo de
Intereses) con un término equivalente a dicho Periodo de Intereses, determinado
aproximadamente a las 11:00 a.m. (tiempo de Londres) dos Días Hábiles previos
al primer día de dicho Periodo de Intereses, o (b) si la tasa antes referida no
aparece en dicha página o servicio o si dicha página o servicio no estuvieren
disponibles, la tasa de interés anual equivalente a la tasa determinada por el
Agente Administrativo será la tasa de interés ofrecida en dicha otra página u
otro servicio que muestre el promedio de las Tasas de Liquidación de Intereses
de la Asociación de Banqueros Británicos para depósitos en Dólares (para
entregar el primer día de dicho Periodo de Intereses) con un término
equivalente a dicho Periodo de Intereses, determinado aproximadamente a las
11:00 a.m. (tiempo de Londres) dos Días Hábiles previos al primer día de dicho
Periodo de Interés, o (c) si las tasas de interés antes mencionadas no
estuvieren disponibles, la tasa de interés anual determinada por el Agente
Administrativo será la tasa de interés a la cual se hagan los depósitos en
Dólares para entregarse el primer día de dicho Periodo de Intereses para fondos
del mismo día por aproximadamente la misma cantidad principal bajo el presente,
continuados o convertidos con un termino equivalente a dicho Periodo de
Intereses que pudieran ser ofrecidos por la sucursal en Londres de Bank of
America a los principales bancos del mercado interbancario de eurodólares en
Londres, a solicitud de los mismos, a aproximadamente las 4:00 p.m. (tiempo de
Londres) dos Días Hábiles previos al primer día de dicho Periodo de Intereses. Sujeto a las disposiciones establecidas en la definición de Periodo de
Intereses establecida en el presente Pagaré, en caso de que cualquier pago bajo
el presente Pagaré venza en un día que no sea un Día Hábil, entonces, dicho
pago deberá realizarse el Día Hábil siguiente, y dicha prórroga o reducción de
tiempo deberá, en tal caso, ser incluida para el cómputo de intereses bajo el
presente Pagaré. Para los efectos del artículo Ciento Veintiocho
de la Ley General de Tíulos y Operaciones de


such Interest Period into another calendar month, in which event such Interest
Period shall end on the preceding Business Day; (b) any Interest Period that
begins on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the calendar month at the end of
such Interest Period) shall end on the last Business Day of the calendar month
at the end of such Interest Period; and (c) no Interest Period shall extend
beyond the [Reduction Date] or [Maturity Date]. LIBOR means for any Interest Period (a) the rate per annum equal to the rate
determined by the Administrative Agent to be the offered rate that appears on
the page of the Telerate screen (or any successor thereto) that displays an
average British Bankers Association Interest Settlement Rate for deposits in
Dollars (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period, determined as of approximately 11:00 a.m.
(London time) two Business Days prior to the first day of such Interest Period,
or (b) if the rate referenced above does not appear on such page or service or
such page or service shall not be available, the rate per annum equal to the
rate determined by the Administrative Agent to be the offered rate on such
other page or other service that displays an average British Bankers
Association Interest Settlement Rate for deposits in Dollars (for delivery on
the first day of such Interest Period) with a term equivalent to such Interest
Period, determined as of approximately 11:00 a.m. (London time) two Business
Days prior to the first day of such Interest Period, or (c) if the rates
referenced above are not available, the rate per annum determined by the
Administrative Agent as the rate of interest at which deposits in Dollars for
delivery on the first day of such Interest Period in same day funds in the
approximate amount of the principal amount hereunder being made, continued or
converted and with a term equivalent to such Interest Period would be offered
by Bank of Americas London Branch to major banks in the London interbank
eurodollar market at their request at approximately 4:00 p.m. (London time) two
Business Days prior to the first day of such Interest Period. Subject to the provisions set forth in the definition of Interest Period
whenever any payment hereunder shall be stated to be due, on a day other than a
Business Day, then, such payment shall be made, on the next succeeding Business
Day, and such extension or reduction of time shall, in such case be included in
the computation of interest hereunder. For the purposes of article One Hundred and Twenty-
Eight of the Mexican General Law of Negotiable




4/5



---



##### 





Crédito de México, el plazo para presentación de este Pagaré por medio del
presente se prórroga irrevocablemente dos meses después de la [Fecha de
Reducción] o [Fecha de Vencimiento], en el entendido de que dicha prorroga no
impedirá la presentación de este Pagaré con anterioridad a dicha fecha,
únicamente por lo que respecta a las cantidades vencidas y no pagadas bajo el
presente Pagaré. Este Pagaré se regirá e interpretará, de conformidad con las leyes del Estado
de Nueva York, Estados Unidos de América, en el entendido de que, si cualquier
acción o procedimiento en relación con el presente Pagaré es iniciado ante
cualquier tribunal de los Estados Unidos Mexicanos, el presente Pagaré se
regirá por las leyes de los Estados Unidos Mexicanos. Cualquier acción o procedimiento legal relacionado con y derivado del presente
Pagaré podrá ser iniciado, a elección del Banco, en cualquier corte federal o
estatal con sede en la Ciudad de Nueva York, Nueva York, Estados Unidos de
América, en los tribunales de la Ciudad de México, Distrito Federal, Estados
Unidos Mexicanos o en los tribunales de Garza García, Nuevo León, Estados
Unidos Mexicanos. La Sociedad renuncia a la jurisdicción de cualesquiera otros
tribunales que pudiere corresponderle por cualquier otra razón. En caso de que se inicie un juicio por el tenedor del presente Pagaré para
exigir el pago del mismo, la Sociedad se obliga a reembolsarle al tenedor del
presente Pagaré, los gastos y honorarios legales relacionados con dicho juicio
por la cantidad que el tribunal competente considere razonable. La Sociedad por medio del presente renuncia a todo procedimiento, presentación,
protesto o notificación de incumplimiento total o parcial, o rechazo de pago
con respecto al presente Pagaré. La falta de ejercicio por parte del tenedor de este Pagaré de cualquiera de sus
derechos al amparo del mismo no implicará una renuncia a dichos derechos en ese
o cualquier otro caso. El presente Pagaré se firma en inglés y en español, obligando ambas versiones a
la Sociedad, en la inteligencia de que la versión en inglés prevalecerá,
excepto en el caso de cualquier acción, demanda o procedimiento ante los
tribunales de los Estados Unidos Mexicanos, en cuyo caso la versión en español
prevalecerá. Este Pagaré consta de 5 páginas, cada una de las cuales está debidamente
firmada.


Instruments and Credit Transactions (Ley General de Títulos y Operaciones de
Crédito) the term for presentation of this Promissory Note for payment, is
hereby irrevocably extended two months after the [Reduction Date] or [Maturity
Date], in the understanding that such extension will not restrict the ability
of the holder hereof to present this Promissory Note before such date, only
with respect to the amounts due and not paid hereunder. This Promissory Note shall in all respects be governed by, and construed in
accordance with, the laws of the State of New York, United States of America,
provided, however, that if any action or proceeding in connection with this
Promissory Note shall be brought in any courts in the United Mexican States,
this Promissory Note shall be deemed to be governed by the laws of United
Mexican States. Any legal action or proceeding arising out of or relating to this Promissory
Note may be brought, at the election of the Bank, in any New York State or
Federal court sitting in the City of New York, New York, United States of
America, or in the courts located in the City of Mexico, Federal District,
United Mexican States or in the courts located in Garza Garcia, Nuevo León,
United Mexican States. The Company waives the jurisdiction of any other courts
that may correspond for any other reason. In the event a legal action is brought by the holder hereof to enforce this
Promissory Note, the Company hereby agrees to reimburse to the holder hereof
the expenses and attorneys fees related thereto as the corresponding court
considers reasonable. The Company hereby waives diligence, presentment, protest or notice of total or
partial non-payment or dishonor with respect to this Promissory Note. Failure by the holder hereof to exercise any of its rights hereunder in any
instance shall not constitute a waiver hereof in that or any other instance. This Promissory Note has been executed in both English and Spanish versions,
both of which shall bind the Company; provided, however, that the English
version shall be controlling, except in any action, suit or proceeding brought
in the courts of the United Mexican States, in which case the Spanish version
shall be controlling. This Promissory Note consists of 5 pages, each of which is duly signed.




Garza García, Nuevo León, Monterrey, de __________________ de 200_.

Garza García, Nuevo León, Monterrey, ___________ __ de 200_.



| | GRUMA, S.A. DE C.V.
| | -------------------



| | By/Por:
Title/Cargo: Apoderado / Attorney-in-Fact
Lugar de Firma/Place of execution: Garza Garcia, Nuevo León
Nuevo León, México
Fecha de Firma/Date of execution:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | By/Por:
Title/Cargo: Apoderado / Attorney-in-Fact
Lugar de Firma/Place of execution: Garza García, Nuevo León
Nuevo León, México
Fecha de Firma/Date of execution:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

5/5



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##### 



EXHIBIT D

COMPLIANCE CERTIFICATE

GRUMA, S.A. DE C.V.

This Compliance Certificate is delivered pursuant to Section 6.01 (c) of
the Loan Agreement, dated as of December   , 2002 (as amended or modified, the
Loan Agreement), among GRUMA, S.A. de C.V. (the Company), Bank of America,
N.A., as Administrative Agent, Banc of America Securities LLC, as Lead Arranger
and the various financial institutions as are, or may from time to time become,
parties thereto (the Banks). Unless otherwise defined herein or the context
otherwise requires, terms used herein or in any of the attachments hereto have
the meanings provided in the Loan Agreement.

The Company hereby certifies, represents and warrants that for the period
(the Computation Period) commencing on         ,    , and ending on        ,    
(such latter date being the Computation Date) no Default or
Event of Default had occurred and was continuing. The Company hereby further
certifies, represents and warrants that as of the Computation Date:



| |                                                                                                                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) The
Interest Coverage Ratio was
          to
          , as
computed on Attachment 1 hereto. The minimum Interest Coverage Ratio
permitted pursuant to Section 7.09 of the Loan Agreement on the

Computation Date was 2.50 to 1.00.



| |                                                                                                                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (b) The
Maximum Leverage Ratio was
          to           , as
computed on Attachment 2 hereto. The Maximum Leverage Ratio permitted
pursuant to Section 7.10 of the Loan Agreement on the Computation Date
was 3.50 to 1.00.

IN WITNESS WHEREOF, the Company has caused this Compliance Certificate to
be executed and delivered, and the certification and warranties contained
herein to be made, by its Responsible Officer on           ,         .

| |  |                     |  |       
| |  | ------------------- |  | ------
| |  | GRUMA, S.A. de C.V.
| |  |                     |  |       
| |  | By                  |  |       
| |  |                     |  |       
| |  |                     |  | Title:





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##### 



Attachment 1
(to    /   /    Compliance
Certificate)

INTEREST COVERAGE RATIO
on               
(the Computation Date)

Interest Coverage Ratio:

|   |  |                                                                               |  |                                                                                                                         |  |    
|-- |  | ----------------------------------------------------------------------------- |  | ----------------------------------------------------------------------------------------------------------------------- |  | ---
|1. |  | Consolidated EBITDA for the Measurement Period ending on
the Computation Date |  |                                                                                                                        
|  
|   |  | (a)                                                                           |  | consolidated operating income (determined
in accordance with Mexican GAAP)                                              |  | US$
|  
|   |  | (b)                                                                           |  | the amount of depreciation and amortization
expense forsuch period deducted in determining
consolidatedoperating income |  | US$
|  
|2. |  | The sum of Item 1(a) and Item 1(b)                                            |  | US$                                                                                                                    

2



---



##### 





|   |  |                                    |  |                                                                                                                                                                                                                                                                                                                                                                                               |  |    
|-- |  | ---------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---
|3. |  | Consolidated Interest Charges      |  |                                                                                                                                                                                                                                                                                                                                                                                              
|  
|   |  | (a)                                |  | all interest, premium payments, fees,
charges and related expenses of the Company
and its Consolidated Subsidiaries for the
Measurement Period ending on the
Computation Date in connection with
borrowed money (including capitalized
interest) or in connection with the
deferred purchase price of assets, in each
case to the extent treated as interest in
accordance with Mexican GAAP. |  | US$
|  
|   |  | (b)                                |  | the portion of rent expense of the
Company and its Consolidated Subsidiaries
with respect to such period under capital
leases that is treated as interest in
accordance with Mexican GAAP                                                                                                                                                                                                     |  | US$
|  
|4. |  | The sum of Item 3(a) and Item 3(b) |  | US$                                                                                                                                                                                                                                                                                                                                                                                          
|  
|5. |  | The ratio of Item 2 to Item 4      |  | to                                                                                                                                                                                                                                                                                                                                                                                           

3



---



##### 



Attachment 2
(to   /   /    Compliance
Certificate)

MAXIMUM LEVERAGE RATIO
on              
(the Computation Date)

Maximum Leverage Ratio:

|   |  |                                                                              |  |                                                                                                                    |  |    
|-- |  | ---------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------ |  | ---
|1. |  | Total Funded Debt of the Company on the Computation
Date                     |  | US$                                                                                                               
|  
|2. |  | Consolidated EBITDA for the Measurement Period ending
onthe Computation Date |  |                                                                                                                   
|  
|   |  | (a)                                                                          |  | consolidated operating income                                                                                      |  | US$
|  
|   |  | (b)                                                                          |  | the amount of depreciation and
amortization expense forsuch period deducted
in determining Consolidated Net Income |  | US$
|  
|3. |  | The sum of Item 2(a) and Item 2(b)                                           |  | US$                                                                                                               
|  
|4. |  | Ratio of Item 1 to Item 3                                                    |  | to                                                                                                                

4



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##### 



EXHIBIT E

FORM OF ASSIGNMENT AND ACCEPTANCE

Reference is made to the Loan Agreement, dated as of December     , 2002 (as
amended, supplemented or otherwise modified from time to time, the Loan
Agreement), among GRUMA, S.A. de C.V. (the Company), the Banks party
thereto, Bank of America, N.A., as Administrative Agent (the Administrative
Agent), and Banc of America Securities LLC, as Lead Arranger and sole book
manager (the Lead Arranger). Unless otherwise defined herein, terms defined
in the Loan Agreement and used herein shall have the meanings given to them in
the Loan Agreement.

(the Assignor) and            (the
Assignee) hereby agree as follows:

1.     The Assignor hereby irrevocably sells and assigns to the Assignee
without recourse to the Assignor, and the Assignee hereby irrevocably purchases
and assumes from the Assignor without recourse to the Assignor, as of the
Effective Date (as defined below), a      % interest (the Assigned Interest) in
and to the Loan(s) made by the Assignor outstanding on the Effective Date in
the aggregate principal amount set forth in Annex 1 hereto, and the Assignors
rights and obligations as a Bank under the respective Loan Agreement.

2.     The Assignor

A.     makes no representation or warranty and assumes no responsibility with
respect to any statements, warranties or representations made in or in
connection with the Loan Agreement or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Loan Agreement or any
other instrument or document furnished pursuant thereto, other than that it is
the legal and beneficial owner of, and has not created any adverse claim upon,
the interest being assigned by it hereunder and that such interest is free and
clear of any such adverse claim; and

B.     makes no representation or warranty and assumes no responsibility with
respect to the financial condition of the Company or the performance or
observance by the Company of any of the obligations under the Loan Agreement to
which it is a party or any other Loan Document (as defined in the respective
Loan Agreement) or any other instrument or document furnished pursuant hereto
or thereto.

C.     attaches the Note(s) held by it and requests that the Administrative
Agent exchange such Note(s) for [a Note] [Notes] of the Company payable to the
Assignee and (if the Assignor has retained any interest in the Commitments and
Loans) [a Note] [Notes] payable to the Assignor in the respective amounts which
reflect the assignment being made hereby (and after giving effect to any other
assignments which have become effective on the Effective Date (defined below)).





---



##### 



3.     The Assignee

A.     represents and warrants that it is a commercial bank registered with
the Ministry of Finance and [resident] [having its principal office as a
resident] for tax purposes in a jurisdiction] [branch or agency of a financial
institution that is a resident of a jurisdiction] that is a party to an income
tax treaty to avoid double taxation with Mexico and is legally authorized to
enter into this Assignment and Acceptance;

B.     confirms that it has received a copy of the Loan Agreement, together
with a copy of the financial statements delivered pursuant to Section 6.01 of
the Loan Agreement and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this
Assignment and Acceptance;

D.     agrees that it will, independently and without reliance upon the
Assignor, the Administrative Agent, the Arranger or any other Bank and based on
such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under
the Loan Agreement and the other Loan Documents and any other instrument or
document furnished pursuant hereto or thereto;

E.     appoints and authorizes the Administrative Agent to take such action as
Administrative Agent on its behalf and to exercise such powers and discretion
under the respective Loan Agreement and the other Loan Documents and any other
instrument or document furnished pursuant hereto or thereto as are delegated to
the Administrative Agent by the terms thereof, together with such powers as are
incidental thereto; and

F.     agrees that it will be bound by the provisions of the Loan Agreement
and will perform in accordance with their respective terms all the obligations
which by the terms of the Loan Agreement are required to be performed by it as
a Bank.

4.     The effective date of this Assignment and Acceptance shall be
     , 200     (the Effective Date). Following the execution of this
Assignment and Acceptance, it will be delivered to the Administrative Agent and
the Company for acceptance by the Administrative Agent and the Company,
effective as of the Effective Date (which shall not, unless otherwise agreed to
by the Administrative Agent, be earlier than five Business Days after the date
of such acceptance and recording by the Administrative Agent). The [Assignor]
[Assignee] agrees to pay the processing fee payable pursuant to Section
10.08(a) of the Loan Agreement.

5.     Upon such acceptance, from and after the Effective Date, the
Administrative Agent shall make all payments in respect of the Assigned
Interest (including payments of principal, interest, fees and other amounts) to
the Assignee whether such amounts have accrued prior to the Effective Date or
accrue subsequent to the Effective Date. The Assignor and the Assignee shall
make all appropriate adjustments in payments by the Administrative Agent for
periods prior to the Effective Date or with respect to the making of this
assignment directly between themselves.

E-2



---



##### 



6.     From and after the Effective Date,

A.     the Assignee shall be a party to the Loan Agreement and, to the extent
provided in this Assignment and Acceptance, have the rights and obligations of
a Bank thereunder and under the other Loan Documents and shall be bound by the
provisions thereof; and

B.     the Assignor shall, to the extent provided in this Assignment and
Acceptance, relinquish its rights and be released from its obligations under
the Loan Agreement.

7.     This Assignment and Acceptance shall be governed by and construed in
accordance with the law of the State of New York.

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

| |                    |        |  | 
| | ------------------ | ------ |  | 
| | [name of Assignor]
| |                    |        |  | 
| | By:                |        | 
| |                    | Title: |  | 
| |                    |        |  | 
| | [name of Assignee]
| |                    |        |  | 
| | By:                |        | 
| |                    | Title: |  | 

ACCEPTED THIS ___ day of

______________________, 200_

GRUMA, S.A. de C.V.

|    |        |  | 
|--- | ------ |  | 
|By: |        | 
|    | Title: |  | 

E-3



---



##### 



BANK OF AMERICA, N.A.,
as Administrative Agent

|    |        |  | 
|--- | ------ |  | 
|By: |        | 
|    | Title: |  | 

E-4



---



##### 



Annex 1
to
Assignment and Acceptance



|1. |  | Borrower:  GRUMA, S.A. de C.V.                                       
|-- |  | ---------------------------------------------------------------------
|  
|2. |  | Date of Loan Agreement:   December     , 2002                        
|  
|3. |  | Assignor:                                                            
|  
|4. |  | Assignee:                                                            
|  
|5. |  | Date of Assignment and Acceptance:                                   
|  
|6. |  | Effective Date:                                                      
|  
|7. |  | Amount Payable by the Assignee to the Assignor on the Effective Date:
|  
|8. |  | Assignees Share:                                                    



| | (a) |  | Assigned Amount:          
| | --- |  | --------------------------
|
| | (b) |  | Assignees Pro Rata Share:



|[9.  |  | Fee:]                
|---- |  | ---------------------
|    
|[10. |  | Interest Rate:]      
|    
|[11. |  | Interest Period:]    
|    
|12.  |  | Payment Instructions:
|    
|     |  | Assignor:            
|    
|     |  | Assignee:            
|    
|13.  |  | Assignees Notice    
|    
|     |  | Instructions:        
|    
|14.  |  | Other Information:   

5



---



##### 



EXHIBIT F

FORM OF OPINION OF
GENERAL COUNSEL TO THE COMPANY

December   , 2002

Bank of America, N.A.,(on behalf of itself, in its capacity
as Administrative Agent and for and on
behalf of the Lead Arranger and the Banks party to the
Loan Agreement referred to below)

Ladies and Gentlemen:

I have acted as in-house Counsel to Gruma, S.A. de C.V. (the Company) in
connection with the Loan Agreement dated as of December      , 2002 (the Loan
Agreement) among the Company, Bank of America, N.A., as Administrative Agent,
Banc of America Securities LLC, as Lead Arranger and the various financial
institutions as are, or may from time to time become, parties thereto (the
Banks).

This opinion is furnished to you pursuant to Section 4.01 (f)(i) of the
Loan Agreement. Except as otherwise specified herein, capitalized terms used
herein shall have the respective meanings ascribed thereto in the Loan
Agreement.

I express no opinion as to any laws other than the laws of the United
Mexican States (Mexico) and I have assumed that there is nothing in any other
law that affects my opinion which is delivered based on the legal provisions as
of the date hereof (and as of the date of execution by the Company of the Loan
Documents). In particular, I have made no independent investigation of the laws
of the United States of America or any jurisdiction thereof as a basis for the
opinions stated herein and do not express or imply any opinion on, or based
upon the criteria or standards provided for in, such laws.

In rendering the opinions expressed below, I have examined originals, or
copies certified to my satisfaction of the (i) Loan Agreement, (ii) the Notes,
(iii) the by-laws (estatutos sociales) of the Company and all amendments
thereto, and (iv) corporate records of the agreements and other





---



##### 



2

instruments, certificates of public officials, corporate resolutions,
certificates and other documents, as I have deemed necessary as a basis for the
opinions hereinafter expressed. As to various questions of fact material to
such opinions, I have, when relevant facts were not independently established,
relied upon certifications by officers of the Company and other appropriate
persons.

In my examination of the documents referred to above, I have assumed the
authenticity of all such documents submitted to me as originals, the
genuineness of signatures on originals (except for the signature of any officer
of the Company), the due authority of the parties executing such documents
(other than the Company), the genuineness of all signatures, stamps and seals
(other than the Company) and the conformity of all copies submitted to me to
their originals or certified copies thereof.

I also have assumed that, except for the Company, the Loan Agreement has
been duly authorized, executed and delivered by each of the parties thereto and
constitute legal, valid, binding and enforceable obligations to such parties,
in accordance with their respective terms under the laws of the State of New
York, and that the Loan Agreement conform to the specimen thereof examined by
me, assumptions which I have not independently verified.

Based upon the foregoing, and having regard to legal considerations which
I deem relevant, I am of the opinion that:



| | (i)   |  | The Company is a corporation duly organized as a limited
liability stock company (Sociedad Anónima de Capital Variable) and
validly existing under the laws of Mexico with full power and
authority under the laws of Mexico to execute, deliver and perform its
obligations under the Loan Agreement and the Notes, and is properly
qualified and entitled to carry on its business.                                                                                                                          
| | ----- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (ii)  |  | The Loan Agreement and the Notes have been duly executed and
delivered by the Company and the obligations expressed to be assumed
by the Company thereunder will constitute legal, valid and binding
obligations of the Company enforceable against the Company in
accordance with their respective terms and the Notes may be enforced
through summary proceedings as a título de créditopursuant to the
Mexican Law of Credit Instruments and Operations (Ley General de
Títulos y Operaciones de Crédito).
|
| | (iii) |  | All necessary actions under the laws of Mexico have been duly
taken by or on behalf of the Company for authorization, execution,
delivery and performance by the Company of the Loan Agreement and the
Notes. No authorizations, filings, registrations, consents or
approvals are required from any Governmental Authority in Mexico in
connection with the execution or delivery of the Loan Agreement and
the Notes.                                                                                          





---



##### 



3



| | (iv)   |  | As of the date hereof (and as of the date of execution by the
Company of the Loan Documents), there is no tax, deduction, or impost
imposed by Mexico or any political subdivision thereof either (i) on
or by virtue of the execution or delivery of the Loan Agreement and
the Notes, or (ii) on any payment to be made by the Company to the
Banks pursuant to the Loan Agreement or the Notes except for
withholding taxes on interest payments made to the Banks as provided
in the Mexican Income Tax Law (Ley del Impuesto Sobre la Renta)and
the conventions for the avoidance of double taxation with respect to
Taxes on income executed by and in effect in México.                                                                                                               
| | ------ |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (v)    |  | The execution and delivery of the Loan Agreement and the Notes by
the Company and the performance of the Companys obligation thereunder
and the consummation of the transactions contemplated in the Loan
Agreement and the Notes, do not and will not conflict with or
constitute a breach of, or result in a default or the creation of any
lien, under (i) the constituent documents and by-laws of the Company;
(ii) any agreement or instrument to which the Company is a party or by
which it or any of its properties is bound; (iii) any judgment or
order of any governmental body, agency or court in Mexico applicable
to the Company or any of its properties; or (iv) any decree, law,
treaty, convention, rule or regulation applicable to the Company or
any of its properties.
|
| | (vi)   |  | Except as disclosed in Schedule 5.05 of the Loan Agreement, as of
the date hereof there is neither pending nor, threatened, any action,
suit or proceeding, against the Company or any of its Material
Subsidiaries or the property of the Company or any of its Material
Subsidiaries before any court or arbitrator or any governmental body,
agency or official in which a decision against the Company or such
Subsidiary could reasonably be expected to have a Material Adverse
Effect or which in any manner draws into question the validity or
enforceability of the Loan Agreement or the Notes.                                                                                                                                                                                     
|
| | (vii)  |  | It is not necessary to ensure the legality, validity,
enforceability or admissibility into evidence of the Loan Agreement or
the Notes that any document be filed, recorded or enrolled with any
Governmental Authority in Mexico or that any stamp, registration or
similar tax be paid on or in respect thereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|
| | (viii) |  | The Company is not entitled to claim for itself or any of its assets
immunity from suit, execution, attachment or other legal process.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|
| | (ix)   |  | The submission by the Company in the Loan Documents to the
jurisdiction of any New York State or federal court sitting in New
York City, or to the jurisdiction of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             





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##### 



4



| |     |  | the courts of Mexico (as the case may be) is valid and binding on
the Company and not subject to revocation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | --- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (x) |  | In the event a judgment of any New York State court or federal
court sitting in the City of New York (each, a New York Court) for
the payment of money were rendered against the Company under any of
the Loan Agreement or the Notes, it would be recognized and enforced
by the courts of Mexico without further review on the merits, pursuant
to Articles 569 and 571 of the Mexican Federal Code of Civil
Procedures and Article 1347A of the Mexican Commerce Code, which
provide, inter alia, that any judgment rendered outside Mexico may be
enforced by Mexican courts, provided that:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) such judgment is final and obtained in compliance
with legal requirements of the jurisdiction of the court
rendering such judgment and in compliance with all legal
requirements of the Loan Agreement and the Notes;                                                                                                                                                                                                      
|
| | (b) such judgment is strictly for the payment of a
certain sum of money and has been rendered in an in personam
action as opposed to an in rem action;                                                                                                                                                                                                                                                                     
|
| | (c) service of process was made personally on the
Company, as applicable, or on the appropriate process agent
(a court of Mexico would consider a service of process upon
the duly appointed agent by means of a notarial instrument
complying with Mexican law, to be personal service of process
meeting procedural requirements of Mexico; service of process
by mail is not considered personal service under Mexican
law);
|
| | (d) such judgment does not contravene public policy
matters under Mexican law, international treaties or
agreements binding upon Mexico or generally accepted
principles of international law;                                                                                                                                                                                                                                 
|
| | (e) the applicable procedures under the law of Mexico
with respect to the enforcement of foreign judgments
(including the issuance of letters rogatory by the competent
authority of such jurisdiction requesting enforcement of such
judgment and the certification of such judgment as authentic
by the corresponding authorities of such jurisdiction in
accordance with the laws thereof), are complied with;              
|
| | (f) the courts of the jurisdiction rendering such
judgment recognize the principles of reciprocity in
connection with enforcement of                                                                                                                                                                                                                                                                                           





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##### 



5



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Mexican judgments; and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| | (g) no judgment or action on the same subject between
the parties thereto in any Mexican court shall have been
initiated or be pending. The obligations of the Company, as
applicable, under the Loan Agreement and the Notes in the
case of a final judgment rendered in a New York Court would
not be governed by Mexican law and enforcement of such
judgment in Mexico would not contravene Mexican law or public
policy, international treaties binding upon Mexico or
generally accepted principles of international law, provided
it complies with (a) through (g) of this paragraph (x).



| | (xi)   |  | In any proceedings taken in Mexico for the enforcement of the
provisions of the Loan Agreement and the Notes, the choice of the laws
of the State of New York or, as the case may be, Mexican Law as
governing law thereof, will be recognized and enforced.                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | ------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (xii)  |  | Neither party to the Loan Agreement nor any party to whom any
Note is issued to, will be deemed to be resident, domiciled or
carrying on any commercial activity in Mexico, or subject to taxation
in Mexico, by reason only of their execution, performance and /or
enforcement of obligations thereunder.                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | (xiii) |  | It is not necessary under the laws of Mexico in order to enable a
party to the Loan Agreement or the Notes to enforce its rights
thereunder that it be resident, domiciled, licensed, authorized,
qualified or otherwise entitled to carry on business in Mexico.                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| | (xiv)  |  | The obligations of the Company under the Loan Agreement and the
Notes will constitute direct and unconditional obligations (except for
those conditions set forth therein) of the Company, and rank and will
rank at least pari passu with all other unsecured and unsubordinated
creditors (contingent or otherwise) of the Company, except for those
whose claims are preferred solely by any suspension of payments,
bankruptcy, concurso mercantil, insolvency, liquidation,
reorganization moratorium or other laws of general application
relating to or affecting the rights of creditors (including claims for
taxes unpaid, wages, social security, housing fund and workers
retirement quotas).
|
| | (xv)   |  | The execution by the Company of the Loan Documents constitutes,
and the exercise by the Company of its rights and the performance by
the Company of its obligations thereunder, constitute private and
commercial acts done and performed for private and commercial
purposes.                                                                                                                                                                                                                                                                                                                                                                                                                              





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##### 



6



| | (xvi)  |  | The Company has not taken any corporate action nor have any
other steps been taken or legal proceedings been started or to the
best of my knowledge threatened against the Company for its
winding-up, dissolution or reorganization or for the appointment of a
receiver, trustee or similar officer of it or any or all of its assets
or revenues.
| | ------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (xvii) |  | The Company is not in breach of or in default under any agreement to
which it is a party or which is binding on it or any of the assets of
the Company to an extent or in a manner which could reasonably be
expected to have a Material Adverse Effect.                                                                                            

This opinion is subject to the following qualifications:



| | a) |  | Covenants of the Company which purport to bind it on matters
reserved by law to shareholders, or which require for their
compliance to bind shareholders to vote or refrain from voting or
require Company to vote or refrain from voting in any of its
Material Subsidiaries, are not enforceable under Mexican Law through
specific performance;                                                                           
| | -- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | b) |  | Unilateral determinations by the Administrative Agent or any
of the Banks are subject to the effect that the Company may be
entitled to request documents supporting such determinations or to
submit to the court evidence to the contrary;                                                                                                                                                                                 
|
| | c) |  | The right of set-off set forth in Section 10.10 of the Loan
Agreement may only be exercised (i) with respect to amounts
ascertained and payable, (ii) provided there is an existing
relationship between the corresponding Bank and the Company, and
(iii) prior notice to the Company from such Bank informing of its
decision to exercise such right;                                                                      
|
| | d) |  | In the event that any legal proceedings are brought in the
courts of Mexico, a Spanish translation of the documents required in
such proceedings, prepared by a 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 the
translation, and proceedings would thereafter be based upon the
translated documents; and
|
| | e) |  | In the event that proceedings are brought before a Mexican
court seeking performance in Mexico of the Companys obligations
under the Loan Agreement and the Notes, the Company, pursuant to the
provisions of Article 8 of the Mexican Monetary Law (Ley Monetaria
de los Estados Unidos Mexicanos), may discharge                                                                                                          





---



##### 



7



| |  |  | its obligations by paying in lawful currency of Mexico any sums
otherwise due and payable in lawful currency other than Mexican
currency, calculated at the rate of exchange published by Banco de
Méxicoon the date such payment is made, therefore, I express no
opinion as to the validity or enforceability of Section 10.16 of
the Loan Agreement with respect to the obligation of the Company to
indemnify the Administrative Agent and the Banks for any loss
suffered as a result of any payment made by the Company in
currencies other than Dollars.
| |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

This opinion is addressed to you solely for your benefit in connection
with the Loan Agreement and the Notes. This opinion may not be for any other
purpose quoted, circulated, filed or referred to in any public document or
relied upon by you for any other purpose or relied upon by or furnished to any
other person, firm or corporation without my prior written consent.

| |  |                   |  |                         
| |  | ----------------- |  | ------------------------
| |  | Very truly yours,
| |  |                   |  |                         
| |  | By:               |  |                         
| |  |                   |  | Salvador Vargas Guajardo





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##### 



EXHIBIT G

FORM OF OPINION OF SPECIAL NEW YORK COUNSEL
TO THE COMPANY

December __, 2002

To the Administrative Agent
and the several financial institutions
party to the Loan Agreement referred to
below and set forth on Schedule I
hereto

Ladies and Gentlemen:

We have acted as special New York counsel to GRUMA, S.A. de C.V., a
sociedad anónima de capital variable(the Company) organized and existing
under the laws of Mexico, in connection with the transactions contemplated in
the Loan Agreement, dated as of December 18, 2002 (the Loan Agreement), among
the Company, the financial institutions from time to time party thereto (the
Banks), Bank of America, N.A., as Administrative Agent, and Banc of America
Securities LLC, as Lead Arranger and Sole Book Manager.

This opinion is delivered to you pursuant to Section 4.01(f)(ii) of the
Loan Agreement. Capitalized terms used herein which are defined in the Loan
Agreement shall have the respective meanings set forth in the Loan Agreement,
unless otherwise defined herein.

In rendering the opinions set forth below, we have examined and relied
upon originals or copies, certified or otherwise identified to our satisfaction
as being true copies, of the following documents:

(a)     the Loan Agreement; and

(b)     such other documents as we have deemed necessary as a basis for the
opinions hereinafter expressed.

We have conducted such examinations of law as we have deemed necessary or
appropriate as the basis for the opinions set forth below. We have relied
upon, and assumed the truth and accuracy of, factual matters set forth in
certificates of the parties to the Loan Agreement, documents and records
supplied to us and the representations and warranties of the parties in the
Loan Agreement. We have assumed





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##### 



the legal capacity of all natural persons, the genuineness of all
signatures, the authenticity of all documents submitted to us as originals, the
conformity to original documents of all documents submitted to us as certified
or photostatic copies, and the authenticity of the originals of such copies.



| |                                                                       
| | ----------------------------------------------------------------------
| | In rendering the opinions set forth herein, we have also assumed that:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)     each party to the Loan Agreement is duly organized, validly
existing, and in good standing under the laws of its
jurisdiction of organization and has the requisite power and
authority to execute and deliver, and perform its obligations
under, the Loan Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | (ii)     the execution and delivery of the Loan Agreement have been
duly authorized by all necessary corporate action and
proceedings on the part of each party thereto; and the Loan
Agreement has been duly executed and delivered by each party
and constitutes the valid and binding obligations of such
parties (other than the Company with respect to matters of the
laws of the State of New York and the federal laws of the
United States of America), enforceable against each party to
the Loan Agreement (other than the Company with respect to
matters of the laws of the State of New York and the federal
laws of the United States of America) in accordance with its
terms;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|
| | (iii)     neither the execution, delivery or performance by the
Company of the Loan Agreement or compliance by it with the
terms and provisions thereof, nor the use of the proceeds of
the Loans as contemplated therein (a) except as addressed in
paragraph 2 below, will contravene or violate any provision of
any law, (b) conflict or be inconsistent with or result in any
breach of any of the terms, covenants, conditions or provisions
of, or constitute a default in respect of, or result in the
creation or imposition of (or the obligation to create or
impose) any Lien upon, any of the property or assets of the
Company pursuant to the terms of any (x) indenture, mortgage,
deed of trust, credit agreement, loan agreement to which the
Company is a party or by which any of its properties or assets
are bound or to which it may be subject or (y) other agreement,
contract or instrument to which the Company is a party or by
which any of its properties or assets are bound or to which it
may be subject or (c) will violate any provision of the
corporate charter (estatutos sociales) or other organizational
documents of the Company; and
|
| | (iv)     except as to governmental or regulatory authorities or
agencies of the United States of America or the State of New
York, which are addressed in paragraph 2 below, no governmental
approval by any Governmental Authority (except as have been
obtained or made and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

2



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##### 





| |                                                                                                                                                                                                                                                                    
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | are in full force and effect), is required to authorize, or is
required in connection with, (a) the execution, delivery and
performance by the Company of the Loan Agreement or (b) the
legality, validity, binding effect or enforceability of the
Loan Agreement.

Our opinion is also subject to the qualification that we express no
opinion as to the effect of (i) whether any party to the Loan Agreement will
comply with the Loan Agreement, (ii) compliance or non-compliance by any party
to the Loan Agreement with any law applicable to it, (iii) the legal or
regulatory status or the nature of the business of any party to the Loan
Agreement, or (iv) the failure of any party to be authorized to do business in
any jurisdiction.

On the basis of the foregoing, and in reliance thereon, and subject to the
limitations, qualifications, assumptions and exceptions set forth herein, we
are of the opinion that as of the date hereof:

1.          The Loan Agreement constitutes the valid and binding obligation of the
Company enforceable against the Company in accordance with its terms, subject
to the following:



| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (i)     (a) the effects of bankruptcy, insolvency, reorganization,
fraudulent conveyance, fraudulent transfer, moratorium or other
similar laws affecting creditors rights generally; (b) general
principles of equity (regardless of whether enforcement is
sought in equity or at law), including the possible
unavailability of specific performance, injunctive relief or
any other equitable remedy; (c) concepts of materiality,
reasonableness, good faith and fair dealing; and (d) the
effects of the possible judicial application of foreign laws
and foreign governments or judicial action affecting creditors
rights;                                                                                                                             
|
| | (ii)     the enforceability of Section 10.05 of the Loan Agreement
and any other similar provisions may be limited by (a) laws
(including any federal or state securities law, rule or
regulation) rendering unenforceable indemnification contrary to
any such laws, rules or regulations and the public policy
underlying such laws, rules or regulations, (b) laws limiting
the enforceability of provisions exculpating or exempting a
party from, or requiring indemnification or contribution of a
party against, liability for its own negligence, misconduct or
bad faith or the negligence, misconduct or bad faith of its
agents and (c) laws requiring collection and enforcement costs
(including fees and disbursements of counsel) to be reasonable;
|
| | (iii)     no opinion is expressed herein as to the enforceability
of provisions in the Loan Agreement to the effect that terms
may not be waived or modified except in writing;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

3



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##### 





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (iv)     no opinion is expressed herein as to (a) the effect of the
laws of any jurisdiction in which the Administrative Agent or
any Bank is located (other than the federal laws of the United
States of America and the laws of the State of New York) that
limit the interest, fees or other charges Administrative Agent
or such Bank may impose, (b) Section 10.15(a) of the Loan
Agreement insofar as such Section relates to the subject
matter jurisdiction of the United States District Court for the
Southern District of New York to adjudicate any controversy
related to the Loan Documents, (c) any provision of the Loan
Agreement governing rights to set-off to be made other than in
accordance with applicable law, or (d) Section 10.17 of the
Loan Agreement.

2.          No order, consent, approval, license, authorization or validation of,
or filing, recording or registration with, or exemption by, any governmental
authority of the State of New York or federal governmental authority of the
United States of America, is required to authorize, or is required in
connection with (i) the execution and delivery of, and the performance of any
of the obligations of the Company under, the Loan Agreement or (ii) the
validity, binding effect or enforceability against the Company of the Loan
Agreement.

In rendering our opinion set forth in paragraph 1 above, as it pertains to
the enforceability of the provision contained in Section 10.14 of the Loan
Agreement pursuant to which the parties thereto agree that the laws of the
State of New York shall govern such documents, we have relied on Section 5-1401
of the New York General Obligations Law, which states in pertinent part that,
The parties to any contract, agreement or undertaking, contingent or
otherwise, in consideration of, or relating to any obligation arising out of a
transaction covering in the aggregate not less than two hundred fifty thousand
dollars, . . . may agree that the law of this state shall govern their rights
and duties in whole or in part, whether or not such contract, agreement or
undertaking bears a reasonable relation to this state. We note that one
United States federal district court sitting in New York, in upholding the
application of Section 5-1401 of the General Obligations Law in a case in which
it found sufficient connections to New York State, suggested that the
enforcement of the election of the parties to a contract to apply New York law
might present a constitutional issue if New York State had no connection to
either of the parties or the transaction and if applying New York law would
violate an important public policy of a more interested state. Lehman Brothers
Commercial Corporation and Lehman Brothers Special Financing Inc. v. Minmetals
International Non-Ferrous Metals Trading Company et al., 2000 U.S. Dist. LEXIS
16445, No. 94 Civ. 8301, 2000 WL 1702039 (S.D.N.Y. Nov. 13, 2000) (the
Minmetal Opinion). The Minmetal Opinion did not address, and we have not
found any judicial interpretation of, what constitutes no connection for
purposes of Section 5-1401 of the New York General Obligations Law.

4



---



##### 



We call to your attention that the Minmetal Opinion stated that even if a
contract were governed by New York law and could have been legally performed in
New York, it is not enforceable under New York law if it is illegal in its
place of performance and the parties entered into the contract knowing that it
was illegal in its place of performance or were deliberately ignorant of such
illegality. For the purposes of our opinion set forth in paragraph 1 above in
respect of the Loan Agreement, we have assumed that the parties did not enter
into the Loan Agreement with knowledge or deliberate ignorance of the
illegality of such documents in its place of performance.

In connection with the provisions of the Loan Agreement which relate to
forum selection (including any waiver of any objection to venue in any court or
of any objection that a court is an inconvenient forum), we note that under
Section 510 of the New York Civil Practice Law and Rules (NYCPLR) a New York
state court may have discretion to transfer the place of trial and under 28
U.S.C. §1404(a) a United States District Court has discretion to transfer an
action from one United States District Court to another, and we offer no
opinion respecting whether a court would exercise such discretion.

We also note that the recognition and enforcement in the New York state or
U.S. federal courts sitting in the State of New York of a foreign judgment
obtained against a party is subject to Article 53 of the NYCPLR, entitled
Recognition of Foreign Country Money Judgments.

The opinions expressed herein are limited to the laws of the State of New
York and the federal laws of the United States of America and we do not express
any opinion herein with respect to any law, other than the laws of the State of
New York and the federal laws of the United States of America.

This opinion is being furnished only to you in connection with the
execution and delivery of the Loan Agreement and is solely for your benefit and
may not be relied upon by you for any other purpose or relied upon by any other
person, firm or entity for any purpose or used, circulated, quoted or otherwise
referred to for any purpose without our prior express written consent, except
that each Assignee who becomes a party to the Loan Agreement in accordance with
Section 10.08(a) thereof may rely on this opinion as if addressed to such
Person on the date hereof.

This opinion is being given as of the date hereof, and we assume no
obligation to update or supplement this opinion to reflect any facts or
circumstances which may hereafter come to our attention with respect to the
matters discussed herein, including any changes in applicable law which may
hereafter occur.

Very truly yours,

5



---



##### 



SCHEDULE I

Bank of America, N.A., as Agent
1455 Market Street
CA4-701-12-09
San Francisco, CA 94013

Banc of America Securities, LLC, as Lead Arranger
Latin America Debt Capital Markets
9 West 57th Street, 32nd Floor
New York, NY 10019

ABN Amro Bank, N.V.
Prol. Paseo de la Reforma 600-320
Col. Santa Fe
Mexico 01210, D.F.

BankBoston, N.A.
100 Rustcraft Road
Dedham, MA 02026

Bank of America, N.A.
Paseo de la Reforma
Mexico City, DF, C.P 06500
Mexico

Bank of Montreal
115 South LaSalle St. SW
Chicago, IL 60603

Bank One, National Association
1 Bank One Plaza, Suite IL-0556
Chicago, IL 60670

BBVA Bancomer, S.A., Institucion De
BancaMultiple Grupo Financiaero BBVA Bancomer(Grand Cayman Branch)
Vasconcelos 101 Ote. 1er Piso
Col. Residencial San Agustin
B6220 Garza
Garcia, N.L.





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##### 



BNP Paribas, Panama Branch
Via Espana, No. 200
Panama
Panama

Citigroup
2029 Century Park East, 42nd Floor
Los Angeles, CA 90087

Comerica Bank
500 Woodward Avenue
International Dept. MC: 3330
Detroit, MI 48226-3330

Cooperatieve Centrale Raiffeisen-
Boerenleenbank B.A. Rabobank
International, New York Branch
245 Park Avenue
New York, NY 10167-0062

Landesbank Schleswig-Holstein Girozentrale,
New York Branch
590 Madison Avenue, 28th Floor
New York, NY 10022

Societe Generale, New York Branch
1221 Avenue of the Americas
New York, NY 10020

The Bank of Nova Scotia
Calzada del Valle 202
Ote. Piso 1
Col. Del Valle, C.P. 66220
Garza Garcia N.L.
Mexico

Wachovia Bank, National Association
191 Peachtree St., NE, 22nd Floor
Atlanta, GA 30303

West LB AG, New York Branch
1211 Avenue of the Americas
New York, NY 10036

2





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##### 



EXHIBIT H

FORM OF OPINION OF NEW YORK COUNSEL
TO THE ADMINISTRATIVE AGENT

December ___, 2002

To the Administrative Agent
and to the Banks listed on Schedule I
Attached hereto



| |  |  | Re: Gruma, S.A. de C.V.
| |  |  | -----------------------

Ladies and Gentlemen:

We have acted as special New York counsel for Bank of America, N.A. (the
Administrative Agent) in connection with the transaction contemplated by the
Loan Agreement, dated as of December      , 2002 (the Loan Agreement), among
Gruma S.A. de C.V. (the Company), the several financial institutions from
time to time party thereto (collectively, the Banks), the Administrative
Agent, and Banc of America Securities LLC, as Lead Arranger and Sole Book
Manager.

This opinion is furnished to you pursuant to Section 4.01(f)(iii) of the
Loan Agreement. Capitalized terms used herein, unless otherwise defined herein,
shall have the meanings ascribed to such terms in the Loan Agreement.

We have examined originals or copies of the following documents, all dated
as of December      , 2002 (the Documents):



| |                                                                       
| | ----------------------------------------------------------------------
| | (i)     Loan Agreement;                                               
|
| | (ii)     Term Notes issued by the Company in favor of the Banks; and  
|
| | (iii)     Revolving Notes issued by the Company in favor of the Banks.

In addition, we have considered such questions of law as we have deemed
necessary for the purpose of rendering the opinions set forth herein.

We have assumed the genuineness of all signatures and the authenticity of
all items submitted to us as originals and the conformity with originals of all
items submitted to us as copies. In making our examination of the Documents, we
have also assumed that:





---



##### 



(a)     each of the parties to the Documents is duly organized, validly
existing and in good standing under the laws of its jurisdiction of
organization;

(b)     each of the parties to the Documents has the power and authority to
execute and deliver, and to perform and observe the provisions of, the
Documents;

(c)     the Documents have each been duly authorized, executed and delivered
by each of the parties thereto;

(d)     each Document constitutes the legal, valid and binding obligation of
each party thereto (other than the Company), enforceable against each such
party in accordance with its terms;

(e)     no registration with, consent or approval of, notice to, or other
action by, any governmental entity is required on the part of the Company for
the execution, delivery or performance by the Company of the Documents, or if
required, such registration has been made, such consent or approval has been
obtained, such notice has been given or such other appropriate action has been
taken;

(f)     the execution, delivery and performance of the Documents by the
Company are not in violation of its estatutos socialesor the laws of Mexico;

(g)     the execution, delivery and performance of the Documents by the
Company will not violate or result in a material breach of any of the terms of
or constitute a material default under or (except as contemplated in the
Documents) result in the creation of any lien, charge or encumbrance on any
property or assets of the Company, pursuant to the terms of any indenture,
mortgage, deed of trust or other agreement or order; and

(h)     for purposes of our opinion regarding enforceability of the New York
choice of law provision in the Loan Agreement and the Notes, no provision of
the Loan Agreement or the Notes violates the public policy of any jurisdiction
other than the State of New York having a substantial relationship to the
transactions contemplated by the Loan Agreement, and no provision of the law of
the State of New York applicable to the Loan Agreement and the Notes violates
the public policy of any such other jurisdiction. We express no opinion as to
the effect on the opinions expressed herein of any laws other than the laws of
the State of New York and federal laws of the United States.

The opinions hereinafter expressed are subject to the following further
qualifications and exceptions:

(1)     The effect of bankruptcy, insolvency, reorganization, arrangement,
moratorium or other similar laws relating to or affecting the rights of
creditors generally, including, without limitation, laws relating to fraudulent
transfers or conveyances, preferences and equitable subordination.





---



##### 



(2)     Limitations imposed by general principles of equity upon the
availability of equitable remedies or the enforcement of provisions of the
Documents; and the effect of judicial decisions which have held that certain
provisions are unenforceable where their enforcement would violate the implied
covenant of good faith and fair dealing, or would be commercially unreasonable,
or where a default under the Documents is not material.

(3)     Except to the extent encompassed by an opinion set forth below with
respect to the Company, we express no opinion as to the effect on the opinions
expressed herein of (1) the compliance or non-compliance of any party to the
Documents with any law, regulation or order applicable to it, or (2) the legal
or regulatory status or the nature of the business of any such party.

(4)     We express no opinion as to the effect of judicial decisions which may
permit the introduction of extrinsic evidence to supplement the terms of the
Documents or to aid in the interpretation of the Documents.

(5)     We express no opinion as to the enforceability of requirements that
provisions of the Documents may only be waived in writing to the extent that an
oral agreement has been entered into modifying provisions of the Documents.

(6)     We express no opinion as to the enforceability of provisions of the
Documents providing for indemnification or contribution, to the extent such
indemnification or contribution is against public policy.

(7)     We express no opinion as to the enforceability of provisions of the
Documents imposing or which are construed as effectively imposing a penalty.

(8)     We express no opinion as to the enforceability of provisions of the
Documents which purport to establish evidentiary standards or to make
determinations conclusive or powers absolute.

(9)     We express no opinion as to the enforceability of any provisions of
the Documents requiring the Company to submit to the jurisdiction of any New
York federal or state court or providing that disputes arising under the
Documents are to be determined by any such court.

(10)     We express no opinion as to the enforceability of provisions of
Documents expressly or by implication waiving broadly or vaguely stated rights,
or waiving rights granted by law, where such waivers are against public policy.

(11)     We express no opinion as to the circumstances under which rights of
setoff may be exercised.

(12)     Our opinion is subject to the qualification that certain provisions
of the Documents may be further limited or rendered unenforceable in whole or
in part under the laws of the State of New York, but, in our opinion, such laws
do not make the remedies





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##### 



afforded by the Documents inadequate for the practical realization of the
benefits intended to be provided thereby.

(13)     We express no opinion as to the enforceability of the waiver of
Sovereign Immunity in Section 10.16 of the Loan Agreement to the extent such
waiver may be limited by the Foreign Sovereign Immunities Act of 1976 (28
U.S.C. § 1602 et seq).

We call to your attention that (1) effective enforcement of a claim
denominated in a foreign currency may be limited by requirements that the claim
(or a judgment in respect of such claim) be converted into Dollars at a rate of
exchange prevailing on a specified date, and (2) we express no opinion as to
whether a court would award a judgement in a currency other than Dollars.

Based upon and subject to the foregoing, we are of the opinion that:

(a)     The Loan Agreement constitutes the valid and binding obligation of the
Company enforceable against the Company in accordance with its terms.

(b)     To the extent that the Term Notes are governed by the laws of the
State of New York, the Term Notes constitute the valid and binding obligations
of the Company enforceable against it in accordance with its terms.

(c)     To the extent that the Revolving Notes are governed by the laws of the
State of New York, the Revolving Notes constitute the valid and binding
obligations of the Company enforceable against it in accordance with its terms.

We express no opinion as to matters governed by any laws other than the
substantive laws of the State of New York (including its applicable
choice-of-law rules) and federal laws of the United States of America, which
are in effect on the date hereof.

This opinion is solely for your benefit and may not be relied upon by, nor
may copies be delivered to, any other person without our prior written consent.

Very truly yours,





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Schedule I

Bank of America, N.A., as Agent
1455 Market Street
CA4-701-12-09
San Francisco, CA 94013

Banc of America Securities, LLC, as Lead
Arranger
Latin America Debt Capital Markets
9 West 57th Street, 32nd Floor
New York, NY 10019

ABN Amro Bank, N.V.
Prol. Paseo de la Reforma 600-320
Col. Santa Fe
Mexico 01210, D.F.

BankBoston, N.A.
100 Rustcraft Road
Dedham, MA 02026

Bank of America, N.A.
Paseo de la Reforma
Mexico City, DF, C.P 06500
Mexico

Bank of Montreal
115 South LaSalle St. SW
Chicago, IL 60603

Bank One, National Association
1 Bank One Plaza, Suite IL-0556
Chicago, IL 60670

BBVA Bancomer, S.A., Institucion De Banca
Multiple Grupo Financiaero BBVA Bancomer
(Grand Cayman Branch)
Vasconcelos 101 Ote. ler Piso
Col. Residencial San Agustin
B6220 Garza
Garcia, N.L.





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##### 



BNP Paribas, Panama Branch
Via España, No. 200
Panama
Panama

Citigroup
2029 Century Park East, 42nd Floor
Los Angeles, CA 90087

Comerica Bank
500 Woodward Avenue
International Dept. MC: 3330
Detroit, MI 48226-3330

Cooperatieve Centrale Raiffeisen-
Boerenleenbank B.A. Rabobank
International, New York Branch
245 Park Avenue
New York, NY 10167-0062

Landesbank Schleswig-Holstein Girozentrale,
New York Branch
590 Madison Avenue, 28th Floor
New York, NY 10022

Societe Generale, New York Branch
1221 Avenue of the Americas
New York, NY 10020

The Bank of Nova Scotia
Calzada del Valle 202
Ote. Piso 1
Col. Del Valle, C.P. 66220
Garza Garcia N.L.
Mexico

Wachovia Bank, National Association
191 Peachtree St., NE, 22nd Floor
Atlanta, GA 30303

West LB AG, New York Branch
1211 Avenue of the Americas
New York, NY 10036





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##### 



EXHIBIT I

FORM OF OPINION OF MEXICAN COUNSEL
TO THE ADMINISTRATIVE AGENT

December ___, 2002

Bank of America, N.A., as Administrative
Agent for the Banks party to the Loan
Agreement referred to below and
set forth on Schedule I hereto

Gruma, S.A. de C.V.

Ladies and Gentlemen:

We have acted as special Mexican counsel to Bank of America, N.A., as
administrative agent (the Agent) in connection with the Loan Agreement dated
as of December      , 2002 (the Loan Agreement) between the Agent, the Banks
listed on the signature pages thereof, the Lead Arranger and the Arrangers
therein specified and Gruma, S.A. de C.V. (the Company). This opinion is
furnished to you pursuant to Section 4.01(f)(iv) of the Loan Agreement. Unless
otherwise defined herein, terms defined in the Loan Agreement are used herein
as therein defined.

In connection with the opinion expressed below, we have reviewed:



| | (1) |  | the Loan Agreement;                                                                                                                                                                                                    
| | --- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | (2) |  | the Term Notes and Revolving Notes;                                                                                                                                                                                    
|
| | (3) |  | the documents furnished pursuant to Section
4.01(b) and (c) of the Loan Agreement; and                                                                                                                                 
|
| | (4) |  | all such other documents, agreements and
instruments, and such treaties, laws, rules and regulations,
and such other documents as we have deemed relevant or
appropriate in connection with the giving of this opinion.





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2

We have assumed, without any independent investigation or verification of
any kind (i) the due authorization, execution and delivery of the Loan
Agreement, the Term Notes and the Revolving Notes of all of the parties thereto
(other than the Company), as well as the power and authority and legal right
thereof under all applicable laws and regulations to enter into, execute,
deliver and perform its obligations under the Loan Agreement, the Term Notes
and the Revolving Notes; (ii) the validity, binding effect and enforceability
of the Loan Agreement, the Term Notes and the Revolving Notes under the laws of
the State of New York of the United States of America, and any other
jurisdiction, other than Mexico; (iii) the genuineness of all signatures and
the authenticity of all opinions, documents and papers submitted to us and (iv)
that copies of all opinions, documents and papers submitted to us are complete
and conform to the originals thereof.

As to questions of fact material to the opinions hereafter expressed, we
have, when relevant facts were not independently established by us, relied upon
certificates of the Company or its officers.

Based upon the foregoing, we are of the opinion that:



|1. |  | The Company is a sociedad anónima de capital variable, duly organized and
validly existing under the laws of Mexico.                                                                                                                                                                                                                                                                                                                                                        
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | The execution, delivery and performance by the Company of the Loan
Agreement, the Term Notes and the Revolving Notes are within the Companys
corporate powers, have been duly authorized by all necessary action, and
do not contravene any law, rule or regulation known to us.                                                                                                                                                                                           
|  
|3. |  | No authorization or approval or other action by, and no notice to or
filing with, any governmental authority or regulatory body in Mexico is
required for the due execution, delivery and performance by the Company of
the Loan Agreement, the Term Notes and the Revolving Notes.                                                                                                                                                                                         
|  
|4. |  | The Loan Agreement, has been duly executed and delivered by the Company
and constitutes the legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms and each of
the Term Notes and the Revolving Notes, when duly executed by duly
authorized attorneys-in-fact of the Company in accordance with the forms
thereof attached to the Loan Agreement, will constitute the legal, valid
and binding obligations of the





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3



|    |  | Company, enforceable against the Company in accordance with its
respective terms.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|5.  |  | The Companys payment obligations under the Loan Agreement, the Term
Notes and the Revolving Notes rank and will, under current law, rank, at
least pari passu in priority of payment and in all other respects with all
other unsecured indebtedness of the Company.                                                                                                                                                                                                                                                                                                       
|   
|6.  |  | There is no tax, impost, deduction or withholding imposed by Mexico or
any political subdivision thereof either (i) on or by virtue of the
execution, delivery or enforcement of the Loan Agreement, Term Notes and
the Revolving Notes or (ii) on any payment to be made by the Company to
the Banks pursuant to the Loan Agreement or the Term Notes and the
Revolving Notes except for withholding taxes on interest payments and
other amounts legally deemed as interest made to the Banks as provided in
the Mexican Income Tax Law (Ley del Impuesto Sobre la Renta).
|   
|7.  |  | The Loan Agreement, the Term Notes and the Revolving Notes are in proper
legal form under the laws of Mexico for the enforcement thereof against
the Company.                                                                                                                                                                                                                                                                                                                                                                                                               
|   
|8.  |  | To ensure the legality, validity, enforceability or admissibility in
evidence of the Loan Agreement, the Term Notes and the Revolving Notes in
Mexico, it is not necessary that the Loan Agreement, the Term Notes and
the Revolving Notes or any other document be filed or recorded with any
court or other authority in Mexico.                                                                                                                                                                                                                                          
|   
|9.  |  | The choice of New York law as the governing law of the Loan Agreement and
the Note is a valid choice of law.                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   
|10. |  | It is not necessary under the laws of Mexico (i) in order to enable the
Agent or any of the Banks to enforce its rights under the Loan Agreement,
the Term Notes and the Revolving Notes or (ii) by reason of the execution,
delivery or performance of the Loan Agreement, the Term Notes and the
Revolving Notes, that it should be licensed, qualified or entitled to
carry on business in Mexico.                                                                                                                                                                       
|   
|11. |  | Each Bank is not and will not, under current law, be deemed a resident,
domiciled or carrying on business in Mexico, by reason solely of the
execution, delivery, performance or enforcement of the Loan Agreement, the
Term Notes and the Revolving Notes.                                                                                                                                                                                                                                                                                                                 





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##### 



4



|12. |  | Any judgment obtained in a State or Federal court sitting in the City of
New York, State of New York, arising out of or in relation to the
obligations of the Company under the Loan Agreement or the Term Notes and
Revolving Notes would be enforceable in Mexico against the Company
pursuant to Articles 569 and 571 of the Federal Code of Civil Procedure of
Mexico and Article 1347A of the Mexican Commerce Code, which provide,
inter alia, that any judgment rendered outside Mexico may be enforced by
Mexican courts, provided that:
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | (a) such judgment is obtained in compliance with legal requirements
of the jurisdiction of the court rendering such judgment and in
compliance with all legal requirements of the Loan Agreement, the Term
Notes and Revolving Notes;                                                                                                                                                                           
|
| | (b) such judgment is strictly for the payment of a certain sum of
money, based on an in personam (as opposed to in rem) action;                                                                                                                                                                                                                                                                                 
|
| | (c) service of process was made personally on the Company or on its
duly appointed process agent;                                                                                                                                                                                                                                                                                                               
|
| | (d) such judgment does not contravene Mexican law, public policy of
Mexico, international treaties or agreements binding upon Mexico
generally accepted principles of international law;                                                                                                                                                                                                                        
|
| | (e) the applicable procedure under the laws of Mexico with respect
to the enforcement of foreign judgments (including the issuance of a
letter rogatory by the competent authority of such jurisdiction
requesting enforcement of such judgment and the certification of such
judgment as authentic by the corresponding authorities of such
jurisdiction in accordance with the laws thereof) is complied with;
|
| | (f) such judgment is final in the jurisdiction where obtained; and                                                                                                                                                                                                                                                                                                                                              
|
| | (g) the courts of such jurisdiction recognize the principles of
reciprocity in connection with the enforcement of Mexican judgments in
such jurisdiction; and                                                                                                                                                                                                                                                   
|
| | (h) the action in respect of which such judgment is rendered is not
subject to legal proceedings in Mexico, among the same parties.                                                                                                                                                                                                                                                                             





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##### 



5

The foregoing opinion is subject to the following qualifications:



|(a) |  | Enforcement of the Loan Agreement, the Term Notes and Revolving Notes may
be limited by bankruptcy, insolvency, concurso mercantil, liquidation,
reorganization, moratorium, tax, labor and other similar laws of general
application relating to or affecting the rights of creditors generally.                                                                                                                                                                                                                
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(b) |  | In any proceedings brought to the courts of Mexico for the enforcement of
the Loan Agreement, the Term Notes and Revolving Notes against the
Company, a Mexican court would apply Mexican procedural law in such
proceedings.                                                                                                                                                                                                                                                                                    
|   
|(c) |  | In the event that proceedings are brought to Mexico seeking performance
of the obligations of the Company in Mexico, pursuant to the Mexican
Monetary Law, the Company may discharge its obligations by paying any sums
due in currency other than Mexican currency, in Mexican currency at the
rate of exchange prevailing in Mexico on the date when payment is made,
and, consequently, Section 10.16 of the Loan Agreement may not be
enforceable in Mexico.                                                 
|   
|(d) |  | Provisions of the Loan Agreement or the Term Notes and Revolving Notes
granting discretionary authority to the Agent or the Banks cannot be
exercised in a manner inconsistent with relevant facts nor defeat any
requirements from a competent authority to produce satisfactory evidence
as to the basis of any determination; in addition, under Mexican law, the
Company will have the right to contest in court any notice or certificate
of the Agent or the Banks purporting to be conclusive and binding.
|   
|(e) |  | In the event the any legal proceedings are brought to the courts of
Mexico, a Spanish translation of the documents required in such
proceedings prepared by a 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 the translation, and proceedings
would thereafter be based upon the translated documents.                                                                                           
|   
|(f) |  | In any bankruptcy proceeding initiated in Mexico pursuant to the laws of
Mexico labor claims, claims of tax authorities for unpaid taxes, Social
Security quotas and Workers Housing Fund quotas will have priority over
claims of the Agent and the Banks.                                                                                                                                                                                                                                                     





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##### 



6



|(g) |  | With respect to provisions contained in the Loan Agreement in connection
with service of process, it should be noted that service of process by
mail does not constitute personal service of process under Mexican law
and, since such service is considered to be a basic procedural
requirement, if for purposes of proceedings outside Mexico service of
process is made by mail, a final judgment based on such process would not
be enforced by the courts of Mexico.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(h) |  | Mexican law does not permit the collection of interest-on-interest.                                                                                                                                                                                                                                                                                                                                                                                                       
|   
|(i) |  | The interest component of the Term Notes or the Revolving Notes will not
be enforceable in Mexico by means of the summary executive legal
proceeding (juicio ejecutivo mercantil).                                                                                                                                                                                                                                                                                        

We express no opinion as to any laws other than the laws of Mexico.

This opinion is addressed to you solely for your benefit and it is not to
be transmitted to anyone else nor is it to be relied upon by anyone else or for
any other purpose or quoted or referred to in any public document or filed with
anyone without our express consent.

Very truly yours,

RITCH, HEATHER Y MUELLER, S.C.By: James E. Ritch Grande Ampudia,
     
a partner.