Document:

Exhibit 10.7

                                                                  EXECUTION COPY

                                 US$4,850,595.80

                       AMENDED AND RESTATED LOAN AGREEMENT

                                     between

                            MASTELLONE HERMANOS S.A.
                                  as Borrower,

                                       and

                              RABOBANK CURACAO N.V.
                                    as Lender

                       ----------------------------------

                          Dated as of November 7, 2003
                       ----------------------------------

         AMENDED AND RESTATED LOAN AGREEMENT, dated as of November 7, 2003, by
and between Mastellone Hermanos S.A., a corporation organized and existing under
the laws of the Republic of Argentina, as borrower (the "Borrower"), and
Rabobank Curacao N.V., a financial entity organized and existing under the laws
of the Netherlands Antilles, as lender (the "Lender").

                                   WITNESSETH

(A) WHEREAS on August 16, 1996, the Lender and the Borrower entered into a loan
agreement for an original principal amount of US$20,900,000 (the "First Credit
Facility"), of which US$4,055,917.40 remains outstanding as of the date hereof
in concept of principal, and US$39,081.02 remains outstanding as of the date
hereof in concept of interest;

(B) WHEREAS on August 16, 1996, the Lender and the Borrower entered into a loan
agreement for an original principal amount of US$4,000,000 (the "Second Credit
Facility" and together with the First Credit Facility, the "Credit Facilities"),
of which US$794,678.40 remains outstanding as of the date hereof in concept of
principal, and US$15,144.80 remains outstanding as of the date hereof in concept
of interest;

(C) WHEREAS as from April 30, 2002, the Borrower is in breach of its payment
obligations under the Credit Facilities, which were accelerated by the Lender by
written notice to the Borrower dated April 23, 2003;

(D) WHEREAS as of the date hereof, (i) the aggregate amount of principal
outstanding under the Credit Facilities arises to the sum of US$4,850,595.80
("Outstanding Principal Amount"), and (ii) the aggregate amount of interest
outstanding under the Credit Facilities arises to the sum of US$54,225.82;

(E) WHEREAS, the Borrower has requested, and the Lender has agreed, to amend and
restate the Credit Facilities in order to refinance the Outstanding Principal
Amount due by the Borrower to the Lender under the Credit Facilities, in
accordance with the terms and subject to the conditions set forth in this
Amended and Restated Loan Agreement (the "Agreement");

         NOW, THEREFORE, in consideration of the premises and mutual agreements
hereinafter contained, the parties hereto agree to extend the tenor and modify
the terms of the Credit Facilities as follows:

         SECTION 1. DEFINITIONS AND PRINCIPLES OF CONSTRUCTION.

         1.1 Defined Terms. As used in this Agreement, the following terms shall
have the following meanings (such meanings to be equally applicable to both the
singular and plural forms of the terms defined, except as otherwise provided):

         "Affiliate" shall mean, with respect to any Person, any other Person
(other than an individual) directly or indirectly controlling, controlled by, or
under direct or indirect common control with, such Person; provided, however,
that for purposes of SECTION 8.4 of this Agreement, an Affiliate of the Borrower
or its Subsidiaries shall include any Person that directly or indirectly holds
more than 10% of

the capital stock and/or votes of each of the Borrower or its Subsidiaries, and
any officer or director of the Borrower or its Subsidiaries or any such Person.
A Person shall be deemed to control another Person if such Person possesses,
directly or indirectly, the power to direct or cause the direction of the
management and policies of such other Person, whether through the ownership of
voting securities, by contract or otherwise.

         "Agreement" shall mean this Amended and Restated Loan Agreement, as
modified, supplemented or amended from time to time.

         "Argentina" shall mean the Republic of Argentina.

         "Argentine Bankruptcy Law" shall mean the Argentine Bankruptcy Law N(0)
24,522 as amended.

         "Argentine GAAP" shall mean generally accepted accounting principles in
Argentina.

         "Assets" shall mean the aggregate (as of the relevant date for
calculation) of all of the assets of the Borrower and its Subsidiaries, on a
Consolidated basis without duplication, which would, in accordance with
Argentine GAAP, be classified as assets of a company conducting a business the
same as or similar to that of the Borrower and its Subsidiaries, after deducting
adequate reserves in each case in which a reserve is proper in accordance with
Argentine GAAP.

         "Auditors" shall have the meaning provided in SECTION 8.9.

         "Basle Accords" shall mean the international banking supervision
standards set by the Basle Committee on Banking Supervision.

         "Basle Bank" shall mean a lending office of a Financial Institution
located in a country outside Argentina in which the central bank or similar
Governmental Authority has adopted the Basle Accords and such applicable lending
office is authorized to take deposits and provide loans to residents in such
country in accordance with the Argentine Decree 1531/98.

         "Board of Directors" shall mean the Board of Directors of the Borrower
and/or its respective Subsidiaries.

         "Borrower" shall mean Mastellone Hermanos S.A.

         "Business Day" shall mean any day except Saturday, Sunday and any day
which shall be in New York, Curacao or Buenos Aires a legal holiday or a day on
which banking institutions are authorized or required by Law or other government
action to close in any such city.

         "Central Bank" shall mean the Central Bank of the Republic of
Argentina.

         "Commercial Companies Law" shall mean the Argentine Commercial
Companies Law N(0) 19,550, as amended.

         "Consolidated" refers to the consolidation of accounts in accordance
with Argentine GAAP with respect to the accounts of the Borrower and those of
its Subsidiaries, whose accounts are required to be consolidated with those of
the Borrower or its Subsidiaries in accordance with the consolidation principles
of Argentine GAAP.

         "Consolidated Subsidiaries" shall mean, as to any Person, all
Subsidiaries of such Person which are consolidated with such Person for
financial reporting purposes in accordance with Argentine GAAP.

         "Contingent Obligation" shall mean, as to any Person, any obligation of
such Person guaranteeing or intended to guarantee any Indebtedness, leases,
dividends or other obligations (the "primary obligations") of any other Person
(the "primary obligor") in any manner, whether directly or indirectly,
including, without limitation, any obligation of such Person, whether or not
contingent, (i) to purchase any such primary obligation or any property
constituting direct or indirect security therefore, (ii) to advance or supply
funds (y) for the purchase or payment of any such primary obligation or (z) to
maintain working capital or equity capital of the primary obligor or otherwise
to maintain the net worth or solvency of the primary obligor, (iii) to purchase
property, securities or services primarily for the purpose of assuring the
holder of such primary obligation of the ability of the primary obligor to make
payment of such primary obligation or (iv) otherwise to assure or hold harmless
the holder of such primary obligation against loss in respect thereof. The
amount of any Contingent Obligation shall be deemed to be an amount equal to the
stated or determinable amount of the primary obligation in respect of which such
Contingent Obligation is made (subject to any limitation therein) or, if not
stated or determinable, the maximum reasonably anticipated liability in respect
thereof (assuming such Person is required to perform thereunder) as determined
by such Person in good faith.

         "Credit Document/s" shall mean and include this Agreement, the Security
Documents, the Note, and all other agreements and instruments executed and/or
delivered, or to be executed and/or delivered, in connection therewith as
amended, supplemented or modified from time to time.

         "Default" shall mean any event, act or condition which, with notice or
lapse of time, or both, would constitute an Event of Default.

         "Directors" shall mean the members of the Board of Directors.

         "Dollars" and the sign "US$" shall mean the lawful currency of the
United States.

         "Event of Default" shall have the meaning provided in SECTION 9 of this
Agreement.

         "Export Contract" shall mean the US$ 27,430,000 export contract
relating to the delivery by Niro of capital goods for the building of a milk
powder production plant in the Province of Buenos Aires, entered into between
Niro and the Borrower on August, 1996.

         "Financial Institution" shall mean any Person duly authorized to
intermediate in the supply and demand of financial resources, in accordance with
applicable Laws.

         "Fixed Assets" shall mean the tangible properties of the Borrower and
its Subsidiaries, consisting of plants, machinery, equipment, furniture and
fixtures, and leasehold improvements comprising such fixed assets.

         "Governmental Authority" shall mean any ministry, administrative
department, agency, commission, bureau, board, regulatory authority, registry,
instrumentality, corporation or other governmental body, entity, judicial or
administrative body or court (including, without limitation, banking and taxing
authorities) of, or owned or controlled by, as the case may be, the Netherlands
Antilles or Argentina, or any political subdivision thereof.

         "Guarantee of GEA" shall mean the new guarantee ("Burgschaft") in the
form of EXHIBIT H to be granted by GEA Aktiengesellschaft ("GEA") in favor of
the Lender, simultaneously with the execution of this Agreement, to guarantee
payment by Niro to the Lender of the amounts owed under the Guarantee of Niro,
for a principal amount of US$794,678.40, plus interest, punitory interest up to
a rate of 2.5% per annum, fees and expenses hereunder. Once executed by GEA and
delivered to the Lender, the Guarantee of GEA shall replace the "Burgschaft"
dated August 30, 1996 granted by GEA in favor of the Lender to secure payments
owed by the Borrower under the Second Credit Facility. The Guarantee of GEA
shall be governed by the laws of Germany and subject to the non-exclusive
jurisdiction of the competent courts of Bochum in the Federal Republic of
Germany.

         "Guarantee of Niro" shall mean the new guarantee in the form of EXHIBIT
G to be granted by Niro A/S Copenhagen, Denmark ("Niro") in favor of the Lender,
simultaneously with the execution of this Agreement, to guarantee the amounts
owed by the Borrower hereunder, up to a principal amount of US$794,678.40, plus
interest, punitory interest up to a rate of 2.5% per annum, fees and expenses
hereunder. Once executed by Niro and delivered to the Lender, the Guarantee of
Niro shall replace the guarantee dated August 26, 1996 granted by Niro in favor
of the Lender to secure payments owed by the Borrower under the Second Credit
Facility. The Guarantee of Niro shall be governed by the laws of Denmark and
subject to the non-exclusive jurisdiction of the courts of Copenhagen.

         "Indebtedness" shall mean, as to any Person, without duplication, (i)
all financial indebtedness of such Person, including all obligations of such
Person incurred with any Financial Institution, either local or foreign, or
evidenced by notes, bonds, debentures or similar debt instruments, (ii) the
maximum amount available to be drawn under all letters of credit issued for the
account of such Person and all unpaid drawings in respect of such letters of
credit, (iii) all indebtedness secured by any Lien on any property owned by such
Person, whether or not such indebtedness has been incurred by such Person, (iv)
all obligations of such Person under leases which are, or are required to be,
treated as capital leases under Argentine GAAP.

         "Indebtedness Subject to the Refinancing" shall have the meaning
provided in SECTION 6.20 of this Agreement.

         "Interest Determination Date" shall mean the last Business Day prior to
the commencement date of any Interest Period.

         "Interest Period" shall mean, for interest determination purposes under
this Agreement, consecutive periods of three (3) months, the first of which
shall be irregular and commence on the date of execution of this Agreement and
end on December 30, 2003.

         "Interest Rate" shall have the meaning specified in SECTION
2.3 (A) of this Agreement.

         "Law" shall mean any constitution, treaty, convention, statute, law,
code, ordinance, decree, order, rule, regulation, guideline, interpretation,
direction, policy or request, or judicial or arbitral decision, of a
Governmental Authority or a U.S. or other foreign authority, where applicable.

         "Lender" shall mean Rabobank Curacao N.V., its respective successors
and assignees.

         "Liabilities" shall mean (as of the relevant date for calculation) the
liabilities (including Indebtedness on a Consolidated basis for the Borrower and
its Subsidiaries without duplication) on a Consolidated basis for the Borrower
and its Subsidiaries as per Argentine GAAP.

         "LIBOR" shall mean with respect to any Interest Period, (i) the rate
per annum which is the offered rate for Dollar deposits with a term
approximately equal to such Interest Period that appears on the "LIBO" screen of
"The Reuter Monitor Money Rate Service" at approximately 11:00 A.M. (London
time) on the date which is two (2) Business Days prior to the commencement of
such Interest Period. If LIBOR is for any reason not available, or does not
accurately reflects the costs of funding of the Lender, LIBOR shall mean the
interest rate which accurately reflects such costs of funding, as determined by
the Lender in good faith.

         "Lien" shall mean any mortgage, pledge, hypothecation, assignment,
fiduciary transfer, guarantee, escrow, usufruct, deposit arrangement, charge,
encumbrance, privilegio (general or special), lien (statutory or other),
preference, security interest, priority or any other security agreement or
preferential arrangement of any kind or nature whatsoever having the effect of
constituting a security interest (including, without limitation, hipoteca,
prenda and anticresis and any conditional sale or other title retention
agreement, any financing or similar statement or notice filed under any
recording or notice Law, and any lease having substantially the same effect as
any of the foregoing).

         "Loan" shall mean the commitment of the Lender to refinance the
Outstanding Principal Amount in favor of the Borrower subject to the terms and
conditions contained in this Agreement.

         "Losses" shall have the meaning provided in SECTION 10.1 of this
Agreement.

         "Margin" means 180 basis points (1.80%) per annum.

         "Material Adverse Effect" shall mean, at the sole opinion of the
Lender, any material adverse effect on, (i) the business, operations,
properties, condition (financial or otherwise) or prospects of the Borrower or
its Subsidiaries, or (ii) the ability of the Borrower to perform its obligations
under this Agreement or any of the other Credit Documents or the legality,
validity, binding effect or enforceability of any provision of this Agreement or
any of the other Credit Documents.

         "Mortgage" shall mean the existing mortgage in first rank of priority
granted by the Borrower as security of the Credit Facilities, granted under the
following instruments: (i) Public Deed N(0) Five Hundred and Seventy One, dated
November 29, 1996, passed by Notary Public Francisco Jose del Castillo, title
owner of Notary Registry N(0) 249 of the City of Buenos Aires, on First
Testimony dated December 2, 1996, (ii) Public Deed N(0) Three Hundred and
Seventy Eight, dated August 21, 1997, passed by Notary Public Francisco Jose del
Castillo, title owner of Notary Registry N(0) 249 of the City of Buenos Aires,
on First Testimony dated August 21, 1997, and (iii) Public Deed N(0) Three
Hundred and Seventy Nine, dated August 21, 1997, passed by Notary Public
Francisco Jose del Castillo, title owner of Notary Registry N(0) 249 of the City
of Buenos Aires, on First Testimony dated August 21, 1997; copy of which are
attached hereto as EXHIBIT E, which shall secure full payment of the Outstanding
Amount, plus interest, fees and expenses hereunder.

         "Note" shall have the meaning provided in SECTION 5 (A) of this
Agreement.

         "Obligations" shall mean all present and future obligations,
liabilities and other amounts owing to the Lender pursuant to the terms of this
Agreement or any of the other Credit Documents.

         "Operational Assets" shall mean, as to any Person during the ordinary
course of its business, any asset account on a balance sheet representing paper
currency and coins, negotiable money orders and checks, bank balances,
instruments or investments of such high liquidity and safety that they are
virtually as good as cash, invoices, trade receivables and inventories.

         "Other Outstanding Amounts" shall mean the aggregate of (i)
US$54,225.82 corresponding to interest under the Credit Facilities as provided
for in SECTION 5 (K) of this Agreement, plus (ii) costs and expenses mentioned
in SECTION 5 (F) and (L).

         "Outstanding Amount" shall mean the Outstanding Principal Amount, less
principal to be paid by the Borrower on the date hereof, in accordance with the
terms of SECTION 5 (J) of this Agreement.

         "Outstanding Principal Amount" shall mean the aggregate of
US$4,850,595.80 outstanding under the Credit Facilities as of the date hereof.

         "Payment Office" shall mean the account at The Bank of New York, One
Wall Street, New York, NY, USA; SWIFT Address: IRVTUS3N; ABA # 021000018, for
credit to Rabobank Curacao N.V.; Account No. 890-0460-792; Reference: Mastellone
Hermanos S.A.

         "Person" shall mean any individual, partnership, limited partnership,
joint venture, firm, corporation, association, trust or other enterprise or any
Governmental Authority.

         "Pesos" and the sign "$" shall mean the lawful currency of Argentina.

         "Pledge" shall mean the existing registered pledge in first rank of
priority granted by the Borrower in favor of the Lender as security of the
Credit Facilities over equipment and inventory of the Borrower's milk powder
production plant, and all other equipment and inventory imported by the Borrower
from Niro under the Export Contract, granted under the following instrument:
Registered Pledge Agreement dated August 29, 1996, registered before the
National Registry of Pledged Credits (Office of Lujan, Province of Buenos Aires)
on September 18, 1996, under N(0) 22055, and renewed on October 21, 2001, under
N(0) 22055, copy of which is attached hereto as EXHIBIT F, which shall secure
full payment of the Outstanding Amount, plus interest, fees and expenses
hereunder.

         "Proceedings" shall have the meaning provided in SECTION 10.7 (D) of
this Agreement.

         "Reference Banks" shall mean the principal London offices of four major
banks in the London interbank market, as selected by the Lender.

         "Requirement" shall have the meaning stated in SECTION 7.10.

         "Restriction" shall have the meaning stated in Section 4.3 (A).

         "Revenue" shall mean, for any period, Consolidated revenue of the
Borrower or any of its Subsidiaries for such period as determined in accordance
with Argentine GAAP.

         "Scheduled Repayment Date" shall have the meaning provided in SECTION
4.1 of this Agreement.

         "Scheduled Repayment" shall have the meaning provided in SECTION 4.1 of
this Agreement.

         "Securities" shall mean and include (i) the Mortgage, (ii) the Pledge,
and (iii) the Guarantee of Niro and the Guarantee of GEA.

         "Security Documents" shall mean and include the Securities and any
other document or instrument executed and delivered in connection therewith and
any other agreement entered into from time to time securing the Obligations.

         "Subsidiary" shall mean, as to the Borrower, (i) any partnership,
association, joint venture or other entity more than 50% of whose stock of any
class or classes having by the terms thereof ordinary voting power to elect a
majority of the directors of such corporation (irrespective of whether or not at
the time stock of any class or classes of such corporation shall have or might
have voting power by reason of the happening of any contingency) is at the time
directly or indirectly owned by the Borrower and/or one or more Subsidiaries of
the Borrower, and (ii) any partnership,

association, joint venture or other entity in which the Borrower and/or one or
more Subsidiaries of the Borrower has more than a 50% equity interest at the
time.

         "Surveillance Committee" shall mean de Surveillance Committee of each
of the Borrower and its Subsidiaries in accordance with the provisions of the
Commercial Companies Law.

         "Taxes" shall have the meaning provided in SECTION 4.4 (A) of this
Agreement.

         "United States" and "U.S." shall each mean the United States of
America.

         "VAT" shall have the meaning set forth in SECTION 4.4 (A) of this
Agreement.

         "Wholly-Owned Subsidiary" shall mean, as to any Person, (i) any
corporation 100% of whose capital stock and votes (other than director's
qualifying shares and/or other nominal amounts of shares required to be held
other than by such Person under applicable Law) is at the time owned by such
Person and/or one or more Wholly-Owned Subsidiaries of such Person, and (ii) any
partnership, association, limited liability company, joint venture or other
entity in which such Person and/or one or more Wholly-Owned Subsidiaries of such
Person has a 100% equity interest and votes at such time.

         1.2 Principles of Construction.

         (a) All references to Sections, Schedules and Exhibits are to Sections,
Schedules and Exhibits in or to this Agreement unless otherwise specified. The
words "hereof," "herein" and "hereunder" and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement.

         (b) All accounting terms shall be construed in accordance with
Argentine GAAP in conformity with those used in the preparation of the financial
statements referred to in SECTION 6.9 of this Agreement, and based on the
Borrower's financial statements for the relevant period.

         SECTION 2. THE REFINANCING.

         2.1 Lender's consent.

         (a) The Borrower has requested and the Lender has agreed, to amend and
restate the Credit Facilities in order to refinance the Outstanding Principal
Amount with effects as of the date hereof and subject to the provisions
contained in this Agreement.

         (b) As a result of the refinancing of the Outstanding Principal Amount,
the Borrower irrevocably acknowledges to owe the Lender the Outstanding
Principal Amount plus the interest, costs and expenses provided for in this
Agreement.

         2.2 Lender's Accounts.

         The Lender will maintain in accordance with its usual practice an
account or accounts evidencing the Indebtedness of the Borrower as a result of
the refinancing of the Outstanding Principal Amount agreed herein, including the
amounts of principal, interest and other amounts paid and those payable to the
Lender from time to time under this Agreement evidencing such Indebtedness. The
entries made by the Lender in such accounts shall constitute prima facie
evidence of the existence and amounts of the Indebtedness and other obligations
under this Agreement therein recorded; provided, however, that the failure of
the Lender to maintain such account or accounts, or any error therein, shall not
in any manner affect the obligations of the Borrower to pay the Outstanding
Principal Amount to the Lender, accrued interest thereon and other Obligations
incurred by the Borrower hereunder in accordance with the terms of this
Agreement.

         2.3 Interest

         (a) The Borrower agrees to pay interest in respect of the balance under
the Outstanding Amount at a rate per annum of LIBOR plus the Margin (the
"Interest Rate"). Interest on the balance under the Outstanding Amount shall be
payable (i) on each Scheduled Repayment Date, together with the corresponding
Scheduled Repayment, and (ii) on any repayment or prepayment of principal (on
the amount repaid or prepaid), at maturity (whether by acceleration or
otherwise) and, after such maturity, on demand.

         (b) On each Interest Determination Date, the Lender shall determine
LIBOR for the Interest Period applicable to the balance under the Outstanding
Amount and shall promptly notify the Borrower thereof. Each such determination
shall, absent manifest error, be final and conclusive and binding on the
Borrower. If, on the Interest Determination Date, the display designated as
"LIBO" screen of "The Reuter Monitor Money Rate Service" (or such other page as
may replace such page on such service, or on another service designated by the
British Bankers' Association, for the purpose of displaying the rates at which
Dollar deposits with a term approximately equal to the relevant Interest Period
are offered by leading banks in the London interbank deposit market) is not
being displayed, the Lender will request the Reference Banks to provide the
Lender with their offered quotations for deposits in Dollars for such Interest
Period to prime banks in the London interbank market at approximately 11:00 A.M.
(London time) on such Business Day and in a principal amount equal to the
balance under the Outstanding Amount. If at least two (2) such quotations are
provided, LIBOR shall be calculated using the average (rounded upward to the
nearest whole multiple of 1/16 of 1% per annum, if such average is not such a
multiple) of such quotations. If fewer than two (2) Reference Banks provide
quotations to the Lender to determine LIBOR, then (i) the Lender shall forthwith
notify the Borrower that LIBOR cannot be determined, and (ii) the balance under
the Outstanding Amount shall bear interest at a rate per annum equal to the sum
of the cost of funds of the Lender plus the Margin until such time as LIBOR can
be determined.

         (c) Overdue principal and, to the extent permitted by Law, overdue
interest in respect of the Outstanding Amount and any other overdue amount
payable by the Borrower hereunder shall bear, in addition to the Interest Rate,
interest at a rate per

annum equal to 10%, in each such case accruing from the date on which such
amount was due, until its fully paid by the Borrower.

         SECTION 3. COMPENSATION. INCREASED COSTS. ILLEGALITY.

3.1 The Borrower shall compensate the Lender, upon its written request (which
request shall set forth the basis for requesting such compensation and shall,
absent manifest error, be final and conclusive and binding on the Borrower), for
all reasonable losses, expenses and liabilities which the Lender may sustain:
(i) if any payment of interest and/or payment (including, without limitation,
any prepayment made pursuant to SECTIONS 4.2 of this Agreement) occurs on a date
which is not the last Business Day of the Interest Period with respect thereto;
(ii) if any prepayment of any portion of the Outstanding Principal Amount is not
made on any date specified in a notice of prepayment given by the Borrower; or
(iii) as a consequence of failure by the Borrower to pay any portion of the
Outstanding Principal Amount, either of principal or interest, when required by
the terms of this Agreement.

3.2 In the event that the Lender shall have determined in good faith (which
determination shall be prima facie evidence thereof) that any change in any Law
by any Governmental Authority (including any U.S. or other foreign governmental
authority) imposes, modifies or deems applicable any deposit insurance, reserve,
special deposit, capital adequacy requirement or similar requirement against
assets held by, or deposited in or for the account of the Lender, or imposes
upon the Lender any other condition with respect to the Borrower's performance
of this Agreement or the other Credit Documents (other than Taxes), and the
result of any of the foregoing is to increase the cost of the Lender, reduce the
income receivable by the Lender or impose any expense upon the Lender with
respect to this Agreement, the Lender will give notice of such event to the
Borrower within ninety (90) days thereof. The Borrower agrees to pay to the
Lender the amount of such increase in cost, reduction in income or additional
expense as and when such cost, reduction or expense is incurred or determined,
within three (3) Business Days upon presentation by the Lender of a statement
indicating the amount thereof and setting forth the Lender's calculation
therefor.

3.3 If, after the date of this Agreement, any change is made in any applicable
Law which makes unlawful for the Lender to continue to maintain any amounts due
under this Agreement (such change, an "Illegality"); then, the Borrower, shall,
upon request by the Lender, prepay in full on the next interest payment date
and/or Scheduled Repayment Date (or upon such earlier date as the Lender may
advise the Borrower is the latest day permitted by the relevant change in the
applicable Law), that affected part of the Outstanding Amount due hereunder,
together with all accrued interest on that portion of the Outstanding Amount.

         SECTION 4. PAYMENTS AND PREPAYMENTS.

         4.1 Payment of the Outstanding Principal Amount. The Borrower shall pay
on each date set forth below the principal amount set forth below opposite such
date (each such payment date, a "Scheduled Repayment Date" and each such
principal amount, a "Scheduled Repayment"):

          Scheduled Repayment Dates                  Scheduled Repayment
          -------------------------                  -------------------

          November 7, 2003                           US$1,018,625.12
          December 30, 2003                          US$485,059.58
          March 30, 2004                             US$485,059.58
          June 30, 2004                              US$485,059.58
          September 30, 2004                         US$297,098.99
          December 30, 2004                          US$297,098.99
          March 30, 2005                             US$297,098.99
          June 30, 2005                              US$297,098.99
          September 30, 2005                         US$297,098.99
          December 30, 2005                          US$297,098.99
          March 30, 2006                             US$297,098.99
          June 30, 2006                              US$297,098.99

         4.2 Voluntary Prepayments. The Borrower may prepay, in whole or in
part, in any Scheduled Repayment Date, any portion of the Outstanding Amount
(including accrued interest thereon), on the following terms and conditions: (i)
the Borrower shall give the Lender at the Payment Office at least five (5)
Business Days' prior written notice of its intention to prepay a portion of the
Outstanding Amount; (ii) such prepayment shall be in an aggregate principal
amount of at least US$100,000.00 plus interest thereon; and (iii) the Borrower
shall pay all amounts owing under SECTION 3 of this Agreement. Each prepayment
shall be applied to reduce the Scheduled Repayment in the inverse order of
maturity.

         4.3 Method and Place of Payment.

         (a) Except as otherwise specifically provided herein, all payments
under this Agreement shall be made to the Lender not later than 12:00 P.M. (New
York time) on the date when due and shall be made exclusively in Dollars in
immediately available funds at the Payment Office; provided, however, that if
the Borrower is not able to so tender Dollars as a result of the adoption of a
Law, the taking of action by a Governmental Authority or the occurrence of any
other circumstance which in any such case prohibits, prevents or limits the
payment of Dollars, regarding which the Borrower has complied with all the
Requirements (a "Restriction"), the Borrower shall, during the continuance of
such prohibition or restriction, make payments hereunder in Dollars (y) by
purchasing with Pesos any public or private Dollar denominated bonds issued in
Argentina or any other Dollar denominated securities, and transferring and
selling such instruments outside Argentina for Dollars, or (z) by any other
lawful mechanism for the acquisition of Dollars, at the option of the Lender. No
form of payment shall be deemed to constitute payment of the applicable
Obligation until receipt by the Lender of the full amount of Dollars due in
respect thereof. All costs, expenses and taxes payable in connection with this
SECTION 4.3 (A) shall be for the account of the Borrower.

         (b) Whenever any Scheduled Repayment Date shall be a day which is not a
Business Day, such Scheduled Repayment Date shall be extended to the next
immediately succeeding Business Day, and interest shall be payable at the
Interest Rate during such extension, unless the result of such extension would
be to carry such Scheduled Repayment Date into another calendar month, in which
event such Scheduled Repayment Date shall be the immediately preceding Business
Day.

         4.4 Net Payments. Best Efforts.

         (a) All payments made by the Borrower hereunder shall be made without
set-off, counterclaim or other defense. All such payments shall be made free and
clear of, and without deduction or withholding for, any present or future taxes,
levies, imposts, duties, fees, assessments or other charges of whatever nature
now or hereafter imposed by Argentina or any other jurisdiction from which the
Borrower elects to make payments or by any political subdivisions or taxing
authorities thereof or therein (but excluding, any tax imposed on or measured by
the net income of the Lender pursuant to the Laws of the jurisdiction -or any
political subdivision or taxing authority thereof or therein- in which the
principal office or Payment Office of the Lender is located) and all interest,
penalties or similar liabilities with respect thereto (all such non-excluded
taxes, levies, imposts, deductions, charges, withholdings and liabilities being
hereinafter referred to as "Taxes"). If any Taxes are so levied or imposed, the
Borrower agrees to pay the full amount of such Taxes and such additional amounts
as may be necessary so that every payment of all amounts due hereunder, after
withholding or deduction for or on account of any Taxes, will not be less than
the amount provided for herein. The Borrower will furnish to the Lender within
forty-five (45) calendar days after the date the payment of any Taxes is due
pursuant to applicable Law, a certificate from the Auditors evidencing such
payment by the Borrower. The Borrower will indemnify and hold harmless the
Lender, and reimburse the Lender upon its written request, for the amount of any
Taxes so levied or imposed and paid by the Lender. Without limiting the
foregoing, the Borrower shall pay all Argentine value-added taxes ("VAT").

         (b) Notwithstanding the above, the Lender agrees that as promptly as
practicable after it becomes aware of the occurrence of an event that would
entitle it to give notice as stated in the previous paragraph, the Lender shall
use its best efforts to maintain in effect the Loan through another lending
office if as a result thereof, the increased costs would be avoided or
materially reduced, provided that such action would not be materially
disadvantageous to the Lender.

         SECTION 5. CONDITIONS PRECEDENT.

         The refinancing by the Lender of the Outstanding Principal Amount as
agreed herein is subject to the satisfaction of the following conditions
precedent, which are being duly fulfilled simultaneously with the execution of
this Agreement:

                  (a) Note. As of the date hereof, the Borrower has delivered to
         the Lender a promissory note governed by the laws of the Netherlands
         Antilles and subject to the non exclusive jurisdiction of the courts
         sitting in Curacao, substantially in the form of EXHIBIT A, duly
         executed and delivered by an authorized officer of the Borrower on the
         date hereof, with blanks appropriately completed in conformity herewith
         (the "Note"). The Note shall (i) be payable to the order of the Lender
         and be dated the date hereof, (ii) be in the amount of the Outstanding
         Principal Amount, (iii) bear the interest provided in SECTION 2.3 of
         this Agreement, and (iv) be entitled to the benefits of this Agreement.
         The Lender hereby returns to the Borrower two (2) promissory notes duly
         executed by the Borrower with respect to the Credit Facilities.

                  (b) Corporate Documents; Proceedings. As of the date hereof,
         the Lender has received all corporate and legal proceedings and all
         instruments and agreements in connection with the transactions
         contemplated in this Agreement, satisfactory in form and substance to
         the Lender in all respects, and the Lender has received all information
         and copies of all documents and papers, including, without limitation,
         records of corporate proceedings and governmental approvals, if any,
         which the Lender reasonably may have requested in connection therewith,
         such documents and papers where appropriate are certified by the proper
         corporate authorities of the Borrower or Governmental Authorities.

                  (c) Officer's Certificate. As of the date hereof, the Lender
         has received from the Borrower a certificate, signed on behalf of the
         Borrower by its president or other authorized officer of the Borrower
         acceptable to the Lender, substantially in the form of EXHIBIT B, with
         appropriate insertions, together with a certified copy of the current
         by-laws and/or organizational documents (estatutos sociales) of the
         Borrower and the resolutions of the Borrower referred to in such
         certificate.

                  (d) Granting of New Securities. The Guarantee of Niro and the
         Guarantee of GEA has been duly granted as of the date hereof.

                  (e) Survival of Existing Securities. The Mortgage and the
         Pledge are in full force and effect as of the date hereof.

                  (f) Payment of Fees, Expenses, Taxes, etc. On the date hereof,
         and simultaneously with the execution of this Agreement, the Borrower
         pays to the Lender, at the Payment Office: (i) the sum of US$29,500.00
         plus VAT corresponding to (y) the legal fees incurred by the Lender
         with their external Argentine counsels Marval, O'Farrell & Mairal and
         Estudio Bosch in connection with the structuring and execution of this
         Agreement, and (z) the advisory fees incurred by Rabo Trading Argentina
         S.A. ("RTA") with Mr. Raul Filippi, external financial advisor to the
         Lender in connection with the refinancing of the Credit Facilities;
         plus (ii) the sum of Euros 9,800.00 corresponding to the legal fees
         incurred by Lender with Hengeler & Mueller Frankfurt in connection with
         the granting of the Guarantee of GEA and the Guarantee of Niro; plus
         (iii) the sum of US$11,521.15 corresponding to the expenses incurred by
         EksportCreditFonden of Denmark in connection with this Agreement; plus
         (iv) any and all Taxes, if any, incurred by the Lender in connection
         with the execution, delivery and registration of this Agreement and the
         other Credit Documents and the documents and instruments prepared in
         connection herewith or in anticipation hereof and any amendment, waiver
         or consent relating hereto or thereto.

                  (g) Opinion of Counsel to the Borrower. The Lender has
         received an opinion dated as of the date hereof, from "Cibils Robirosa
         - Labougle - Ibanez", Argentine counsel to the Borrower, substantially
         in the form attached as EXHIBIT C hereto.

                  (h) No Material Adverse Effect. To the sole opinion of the
         Lender, since June 30, 2003, no Material Adverse Effect has occurred.

                  (i) No Default. To the sole opinion of the Lender, no Event of
         Default has occurred and the representations and warranties contained
         in SECTION 6 are true as of the date hereof.

                  (j) Prepayment of Principal. On the date hereof, and
         simultaneously with the execution of this Agreement, the Borrower pays
         to the Lender, at the Payment Office, the sum of US$1,018,625.12
         corresponding to the first Scheduled Repayment.

                  (k) Payment of Accrued Interest. On the date hereof, and
         simultaneously with the execution of this Agreement, the Borrower pays
         to the Lender, at the Payment Office, the sum of US$54,225.82
         corresponding to compensatory interest accrued between July 1, 2003 and
         the date hereof under the Credit Facilities, at a rate of LIBOR plus
         425 basis points (4.25%) per annum over the Second Credit Facility and,
         at a rate of LIBOR plus 160 basis points (1.60%) per annum over the
         First Credit Facility.

                  (l) Other Payments of Fees and Expenses. On the date hereof,
         and simultaneously with the execution of this Agreement, the Borrower
         pays to RTA in concept of balance of the restructuring fee for the
         refinancing of the Credit Facilities, the sum of US$53,000 plus VAT and
         the applicable local gross revenue tax.

         SECTION 6. REPRESENTATIONS AND WARRANTIES.

         In order to induce the Lender to enter into this Agreement and to grant
the refinancing of the Outstanding Principal Amount, the Borrower makes the
following representations and warranties:

         6.1 Legal Status. The Borrower (i) is a sociedad anonima duly organized
and validly existing under the Laws of Argentina, (ii) has full requisite power
and authority to own its properties and assets and to transact the business in
which is engaged and to do all things necessary or appropriate in respect of its
business, and (iii) is duly qualified and authorized to do business and is in
good standing in each jurisdiction where the ownership, leasing or operation of
its property or the conduct of its business requires such qualification, except
for failures to be so qualified which, individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect.

         6.2 Power and Authority. The Borrower has full requisite power and
authority to execute, deliver, maintain and perform the terms and provisions of
each of the Credit Documents and has taken all necessary corporate actions to
authorize the execution, delivery and performance of each of the Credit
Documents. The Borrower has duly executed and delivered each of the Credit
Documents, and each such Credit Document constitutes the legal, valid and
binding obligation of the Borrower, enforceable in accordance with the terms of
such Credit Document, except that enforcement thereof may be limited by
bankruptcy, insolvency, liquidation, reorganization and other relating laws
affecting the rights of creditors.

         6.3 No Sovereign Immunity. Neither the Borrower nor any of its Assets,
properties and revenues has any right of immunity on the grounds of sovereignty

or otherwise from jurisdiction of any court or from set-off or any legal process
(whether through service or notice, attachment prior to judgment, attachment in
aid of execution, execution or otherwise) under the Laws of any jurisdiction,
including Argentina.

         6.4 No Violation. Neither the execution, delivery or performance by the
Borrower of this Agreement and the other Credit Documents, nor the compliance by
the Borrower with the terms and provisions hereof or thereof does or will (i)
contravene any provision of any Law or any order, writ, injunction or decree of
any Governmental Authority binding on the Borrower and/or its Subsidiaries, (ii)
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 Borrower pursuant to
the terms of any indenture, mortgage, deed of trust, credit agreement, loan
agreement or any other material agreement, contract, lease or instrument to
which the Borrower is a party or by which the properties or assets of the
Borrower are bound or to which the Borrower may be subject, or (iii) violate any
provision of the estatutos sociales, certificate or articles of incorporation,
by-laws or other organizational documents of the Borrower.

         6.5 Priority of the Outstanding Principal Amount. The Outstanding
Principal Amount constitutes direct, general, unconditional and unsubordinated
Indebtedness of the Borrower and ranks at least pari passu with all other senior
secured Indebtedness of the Borrower.

         6.6 Compliance with Organizational Documents and Applicable Laws. The
Borrower is in compliance in all material respects with (i) its estatutos
sociales, certificates or articles of incorporation, by-laws or other
organizational documents, (ii) all applicable Laws of, and all applicable
restrictions imposed by, all Governmental Authorities, domestic or foreign, in
respect of the conduct of its business and the ownership of its property, except
for failure to (i) and (ii) above which, individually or in the aggregate, could
not reasonably be expected to have a Material Adverse Effect.

         6.7 Approvals. No order, consent, approval, license, authorization or
validation of, or filing, recording or registration with, or exemption or waiver
by, any Governmental Authority or any other third party (except as have been
obtained or made and are in full force and effect), is required to authorize, or
is required in connection with, (i) the maintenance, and/or execution and
delivery of any Credit Document; or (ii) the legality, validity, binding effect
or enforceability of any such Credit Document.

         6.8 Litigation. There is no litigation, action, suit, investigation,
claim or proceeding pending or threatened with respect to this Agreement or any
other Credit Document or the transactions contemplated hereby or thereby, or
that could reasonably be expected to have a Material Adverse Effect.

         6.9 Financial Statements; No Material Adverse Effect. The audited
financial statements of the Borrower at the end of its fiscal year ended as of
December 31, 2002, and the unaudited financial statements for the six-month
period ended as of June 30, 2003, respectively, heretofore furnished to the
Lender, present fairly the financial condition of the Borrower at the date of
such statements of financial condition, and the results of the operations of the
Borrower for the periods covered thereby. All

such financial statements have been prepared in accordance with Argentine GAAP.
Since June 30, 2003, there has been (i) no change which caused a Material
Adverse Effect in the business, operations, properties, condition (financial or
otherwise) or prospects of the Borrower or its respective Consolidated
Subsidiaries, and (ii) no liabilities or obligations with respect to the
Borrower or its Subsidiaries of any nature whatsoever (whether absolute,
accrued, contingent or otherwise and whether or not due) which, individually or
in the aggregate, could reasonably be expected to have a Material Adverse
Effect.

         6.10 Properties. The Borrower has good and marketable title to all
properties owned by it, free and clear of all Liens except for Liens not
prohibited by this Agreement. With respect to any lease or rental agreement to
which the Borrower is a party, (i) such lease or rental agreement is in full
force and effect, (ii) the Borrower has complied in all material respects with
all of the terms of such lease or rental agreement, (iii) there exists no event
of default nor any event, act or condition (other than defaults or conditions
which are not reasonably likely to have a Material Adverse Effect) which with
notice or lapse of time, or both, would constitute an event of default
thereunder by the Borrower or, to the knowledge of the Borrower, the lessor
thereunder, and (iv) the Borrower is in possession of the premises demised under
all such leases and rental agreements in which it is the lessee and is
conducting business on such premises. All tangible properties of the Borrower
used in its business are in good working order and condition (normal wear and
tear excepted). The Borrower maintains insurance with financially sound and
reputable insurers against losses, damages or other risks (including, without
limitation, risks and liability to persons and property) in such manner and to
the same extent as other companies in the business of the Borrower.

         6.11 True and Complete Disclosure. All factual information (taken as a
whole) heretofore or contemporaneously furnished by or on behalf of the Borrower
(including, without limitation, such factual information relating to the
Borrower as contained in the Credit Documents), for purposes of or in connection
with this Agreement or any of the other Credit Documents, or any transaction
contemplated herein or in any Credit Document is, and all other such factual
information (taken as a whole) hereafter furnished by or on behalf of the
Borrower to the Lender will be, true and accurate in all material respects on
the date as of which such information is dated or certified and not materially
incomplete by omitting to state any fact necessary to make such information
(taken as a whole) not misleading at such time in light of the circumstances
under which such information was provided.

         6.12 Withholding and Other Taxes.

         (a) As of the date hereof, all payments of interest by the Borrower to
the Lender under this Agreement and any of the other Credit Documents in respect
of the Obligations are subject to (i) Argentine withholding tax at an effective
rate (x) of 35% or (y) 15.05% if the Lender is a Financial Institution
registered in a jurisdiction which is not considered as a null or low taxable
jurisdiction in accordance with Argentine income tax law, as amended and
regulated, or in a jurisdiction that has subscribed with the Republic of
Argentina, information exchange agreements, and which by virtue of internal
regulations, no banking, securities trading or other type of information secrecy
may be alleged, before an information request from the relevant tax authority,
or (z) equal to the applicable withholding tax rate in accordance with a tax
treaty for the avoidance of double taxation if the Payment Office of the Lender
is

located in a country having such a tax treaty in force with Argentina, provided
that such rate is lower than the one established under general provisions of
Argentine law, (ii) Argentine value-added tax at an effective rate of (x) 10.5%
if the Payment Office of the Lender is a Basle Bank, or (y) 21% otherwise,
provided that is a registered entity for VAT purposes. The Borrower shall have
to pay additional amounts pursuant to SECTION 4.4 (A) of this Agreement as will
result in receipt by the Lender of such amounts as would have been received by
the Lender had no such withholding been required.

         (b) Other than as set forth in this SECTION 6.12, no other Argentine
withholding, value-added or other taxes are required to be paid in respect of,
or deducted from, any payment required to be made by the Borrower under this
Agreement or any of the other Credit Documents.

         6.13 Licenses and Concessions. All licenses, permits, approvals,
concessions or other authorizations necessary to the conduct of the business of
the Borrower have been duly obtained and are in full force and effect other than
those the failure of which to obtain and maintain would not have a Material
Adverse Effect. There are no restrictions or requirements which limit the
Borrower's availability to lawfully conduct its business or perform its
obligations under this Agreement or any of the other Credit Documents.

         6.14 Form of Documentation. The Note and the Security Documents are in
proper legal form under their respective governing Laws for their enforcement
thereof; provided, however, that the filing of an original of this Agreement or
the Note together with an official Spanish translation thereof is required to
enforce this Agreement or the Note in the courts of Argentina. Subject to the
foregoing, any judgment against the Borrower of a court sitting in Curacao,
Netherlands Antilles, which satisfies the requirements of Articles 517 through
519 of Law 17,454, as amended by Law 22,434 (the National Code of Civil and
Commercial Procedure), is capable of being enforced in the courts of Argentina.

         6.15 Capitalization. The authorized capital stock of the Borrower whose
title owners are listed in EXHIBIT I hereto, consists of: (i) 174,182,006,
nominative and non-endorseable, Class "A" shares, with right to five votes per
share; and (ii) 235,720,371, nominative and non-endorseable, Class "B" shares,
with right to one vote per share. Each of the Borrower's shareholders owns its
shareholdings free and clear of any and all Liens.

         6.16 Subsidiaries. The Borrower has the following Subsidiaries: (i)
ConSer Promotora y Asesora de Seguros S.A., (ii) Frigorifico Rydhans S.A., (iii)
Leitesol I.C.S.A., (iv) Marca 4 S.A., (v) Mastellone Hermanos do Brasil
Comercial e Industrial Ltda., (vi) Mastellone San Luis S.A., (vii) Promas S.A.,
and (viii) Puralactea S.A.

         6.17 Submission to Jurisdiction. The Borrower irrevocably (i) submits
to the non-exclusive jurisdiction of the Netherlands Antilles or other competent
courts in accordance with the provisions of SECTION 10.7 of this Agreement, and
(ii) agrees that this Agreement and the Note shall be governed by and construed
in accordance with the Laws of the Netherlands Antilles.

         6.18 Mortgage and Pledge. After execution of this Agreement, the
Mortgage and the Pledge shall continue to be in full force and effect, and shall
continue to give the Lender the Liens and the rights, powers, privileges and
security interests created thereunder in favor of the Lender.

         6.19 No Novation. This Agreement does not constitute nor it may be
construed as a novation of the obligations of the Borrower under the Credit
Facilities.

         6.20 Indebtedness Subject to the Refinancing. EXHIBIT J hereof contains
a true and complete disclosure of the aggregate Indebtedness of the Borrower and
its Subsidiaries existing as of the date hereof, whether matured and unpaid or
unmatured, accelerated or not, which is to be refinanced by the Borrower (the
"Indebtedness Subject to the Refinancing").

         6.21 Compliance with Material Agreements. Other than the agreements
listed in EXHIBIT J of this Agreement, the Borrower and its Subsidiaries,
individually or jointly, are not in default under any provision of any
indenture, mortgage, deed of trust, credit agreement, loan agreement or any
other material agreement or instrument to which the Borrower and its
Subsidiaries is a party or by which the Borrower and its Subsidiaries or any of
their respective properties or Assets is bound, each of which agreements is in
full force and effect, the result of which could have a Material Adverse Effect.

         6.22 Communication "A" 3602 of the Central Bank. The Borrower has duly
complied with the information regime provided for in Communication "A" 3602 of
the Central Bank as amended with respect to the amounts owed to the Lender under
the Credit Facilities.

         SECTION 7. AFFIRMATIVE COVENANTS.

         The Borrower covenants and agrees that until the Outstanding Principal
Amount is repaid in full, together with all accrued interest thereon and all
other Obligations incurred hereunder and under the Credit Documents, are paid in
full:

         7.1 Information Covenants. The Borrower will furnish or cause to be
furnished to the Lender:

         (a) Financial Statements. (i) As soon as available, but, in any event
within ninety (90) calendar days after the end of each fiscal year of the
Borrower, the statements of financial condition of the Borrower as at the end of
such fiscal year and the related consolidated statements of income and cash
flows for such fiscal year, in each case setting forth comparative figures for
the preceding fiscal year and certified by the Auditors, and (ii) as soon as
available, but in any event within fifty (50) days after the end of each
quarter, deliver to the Lender its consolidated financial statements for such
period. The financial statements referred to in this SECTION 7.1 (A) shall be
complete and correct in all material respects, prepared in reasonable detail and
in accordance with Argentine GAAP. Additionally, and from time to time and upon
written request of the Lender, the Borrower and its Subsidiaries shall furnish
the Lender with such information about their business and financial condition as
the Lender may reasonably require.

         (b) Officers' Certificate. At the time of the delivery of the financial
statements provided for in SECTION 7.1 (A) above, a certificate of an authorized
officer of the Borrower to the effect that, to the best of such officers'
knowledge, no Default or Event of Default has occurred and is continuing or, if
any Default or Event of Default has occurred and is continuing, specifying the
nature and extent thereof.

         (c) Notice of Default or Litigation. Other Notices. Promptly, and in
any event within two (2) Business Days after an officer of the Borrower obtains
knowledge thereof, give written notice to the Lender of: (i) the occurrence of
any event which constitutes a Default or Event of Default; (ii) any litigation,
arbitration or governmental action or proceeding pending (y) against the
Borrower or its Subsidiaries which could have a Material Adverse Effect, or (z)
with respect to any Credit Document; and (iii) the occurrence of any other event
which could have a Material Adverse Effect.

         (d) Other Reports and Filings. (i) Promptly upon written request from
the Lender, copies of all financial information, proxy materials, information,
reports and other material filings, if any, which the Borrower and its
Subsidiaries shall have filed with any Governmental Authority and with any
international or national securities exchange and which are publicly available;
and (ii) timely, any information which the Borrower is required to provide the
Lender according to the Law.

         7.2 Compliance with Laws. The Borrower and its Subsidiaries will,
comply with all applicable Laws, in respect of the conduct of their business and
the ownership of their respective property.

         7.3 Books, Records and Inspections; Accounting and Audit Matters. The
Borrower and its Subsidiaries will keep proper books of record and accounts in
which full, true and correct entries in conformity with Argentine GAAP and all
requirements of Law shall be made of all dealings and transactions in relation
to their business and activities, including, without limitation, all necessary
trade and commercial documents evidencing the transactions contemplated herein.

         7.4 Maintenance of Property; Insurance. The Borrower and its
Subsidiaries will (i) keep all property necessary to the business of the
Borrower and its Subsidiaries in good working order and condition, ordinary wear
and tear excepted, (ii) maintain insurance on all such property in at least such
amounts and against at least such risks as is consistent and in accordance with
industry practices for companies similarly situated owning similar properties in
the same general areas in which the Borrower and its Subsidiaries operates, and
(iii) furnish to the Lender, upon written request, full information as to the
insurance carried and evidence of full payment of the insurance premiums owed
thereunder.

         7.5 Maintenance of Approvals. The Borrower and its Subsidiaries will
take all such further actions as shall be required to insure that all orders,
consents, licenses, authorizations, validations, filings, recordings,
exemptions, waivers and similar approvals from all Governmental Authorities or
other third parties shall remain in full force and effect.

         7.6 Corporate Existence and Franchises, etc. The Borrower and its
Subsidiaries will do or cause to be done, all things necessary to preserve and
keep in full

force and effect their existence and their material rights, franchises, licenses
and patents; provided, however, that nothing in this SECTION 7.6 shall prevent
the withdrawal by the Borrower or any of its Subsidiaries of its qualification
as a foreign corporation in any jurisdiction where such withdrawal could not
have a Material Adverse Effect.

         7.7 Further Assurances.

         (a) Provided that the conditions for transfer set forth in SECTION 10.4
are met, the Borrower will make, execute, endorse, acknowledge, file with and/or
deliver to the Lender from time to time upon the Lender's request such documents
and instruments towards the transfer of all or any portion of the Loan as
contemplated in SECTION 10.4 of this Agreement or of the Securities, as the
Lender may reasonably require in order to carry out the transactions
contemplated in SECTION 10.4 or the transfer of all or any portion of the
Securities.

         (b) The Borrower agrees that each action required by SECTION 7.7 (A)
shall be completed as soon as possible.

         7.8 Priority of the Outstanding Principal Amount. The Borrower will
ensure that the Outstanding Principal Amount constitutes at all times, direct,
general, unconditional and unsubordinated Indebtedness of the Borrower and shall
at all times rank at least pari passu with all other senior secured Indebtedness
of the Borrower.

         7.9 Trading with the Enemy Act. The transactions contemplated by this
Agreement will not violate the U.S. Trading with the Enemy Act, as amended, or
any of the foreign assets control regulations of the U.S. Treasury Department
(31 C.F.R. Subtitle B Chapter 5, as amended), or any ruling issued thereunder or
under any enabling legislation or presidential executive order granting
authority thereof.

         7.10 Central Bank's Regulations. The Borrower shall timely provide such
information, fill such forms, execute such declarations, file such documentation
and comply with all other requirements pursuant to applicable Laws, including
but not limited to regulations of the Central Bank, other foreign exchange
regulations and any successor regulations or laws, or as may be reasonably
requested by the Lender, in order to be able to comply with all their payment
obligations under this Agreement, as agreed herein, including but not limited to
the timely payment in Dollars in the Lender's Payment Office of the amounts owed
to the Lender under this Agreement as they become due (the "Requirements"). The
Lender shall supervise compliance of the Requirements by the Borrower, and shall
fill such forms and declarations and provide such documentation required to be
filled or provided by the Lender by applicable Laws.

         7.11 The Securities. The Pledge, the Mortgage, the Guarantee of GEA and
the Guarantee of Niro shall remain in full force and effect for as long as the
Outstanding Amount, plus interest, costs and expenses hereunder are not paid in
full by the Borrower.

         7.12 New Pledge. By February 2006, the Borrower shall have registered
at its expense with the competent authorities the corresponding documents
evidencing a new pledge over the same equipment and inventory of the Borrower's
milk powder production plant, and all other equipment and inventory imported by
the Borrower from Niro under the Export Contract, granted under the Pledge,
granting the

Lender the same rights granted under the Pledge and with the same priority
rights for the benefit of the Lender, for the then Outstanding Amount, interest,
fees and expenses due under this Agreement, and shall have paid any fees,
expenses or Taxes applicable to the granting of the new pledge.

         7.13 Credit Documents. The Borrower shall timely comply with every
other covenant and obligation under the Credit Documents.

         7.14 Communication "A" 3602 of the Central Bank. Within fifteen (15)
days as from the date hereof, the Borrower shall comply with the information
regime provided for in Communication "A" 3602 of the Central Bank as amended
with respect to the amounts owed to the Lender under this Agreement.

         7.15 "Most Favored Nation". No later than 10 Business Days after the
execution of any indenture, mortgage, deed of trust, credit agreement, loan
agreement or any other agreement or instrument entered in connection with the
refinancing of the Indebtedness Subject to the Refinancing, the Borrower shall
furnish to the Lender a copy of any and all of such agreements, and promptly
thereafter shall execute any supplemental agreement to this Agreement the Lender
may request in order to extend and make applicable to this Agreement any
covenant (either affirmative or negative, but excluding any collateral), event
of default or any other provision undertaken by the Borrower under such
agreements (i) which is not included herein (including without limitation
financial and capital expenditure covenants), and/or (ii) which at the sole
opinion of the Lender, results more favorable to the covenants or other
provisions assumed by the Borrower hereunder.

         SECTION 8. NEGATIVE COVENANTS.

         The Borrower covenants and agrees that until the Outstanding Principal
Amount is repaid in full, together with all accrued interest thereon and all
other Obligations incurred hereunder and under the Credit Documents, are paid in
full:

         8.1 Liens. The Borrower will not create or permit to subsist any Lien
or other encumbrance (other than liens arising from operation of law) over all
or any of the present or future Assets or Operational Assets or revenues of the
Borrower or its Subsidiaries as security for any Liability, or enter into any
arrangement as a consequence whereof it is as co-debtor, guarantor, either
present or contingent, surety or any other ground whatsoever liable for any
obligation of any other person except those liabilities which arise from
operation of law, and provided that this clause shall not be applicable to:

         (i) pledges, mortgages or other encumbrances existing at the date of
execution of this Agreement detailed in EXHIBIT H;

         (ii) after the refinancing of the Indebtedness Subject to the
Refinancing shall have been closed, any encumbrance on any Fixed Asset assumed
securing new Indebtedness incurred or assumed solely for the purpose of
financing up to 90 % of the cost of acquiring such Fixed Asset;

         (iii) any encumbrance on any property existing at the time of
acquisition of such property and not created in connection with such
acquisition;

         (iv) any encumbrance on any property securing an extension, renewal or
refunding of any existing Indebtedness, provided that such encumbrance is
limited to the property which was subject of the prior property, and provided
further that the principal amount of the secured Indebtedness and the
encumbrance is not increased as a result of such extension, renewal or
refunding;

         (v) any tax or other statutory lien, provided that such lien shall be
discharged within thirty (30) days after the date it is created or arises
(unless contested in good faith by the Borrower in which case it shall be
discharged within thirty (30) days after final adjudication);

         (vi) encumbrances in connection with social security charges incurred
in the ordinary course of business, provided that the Borrower shall not be
entitled to grant a security interest on the Fixed Assets affected to the
Mortgage and the Pledge;

         (vii) encumbrances on Assets (other than Fixed Assets affected to the
Mortgage and the Pledge) incurred to secure payment of the refinancing of the
Indebtedness Subject to the Refinancing, provided, however, that prior to
December 31st, 2004, the Borrower may not create for such purposes, in one or
more transactions, Liens over Operational Assets to secure payment of the
refinancing of the Indebtedness Subject to the Refinancing in an aggregate
amount exceeding US$20,000,000, and provided, further, however, that after
December 31st, 2004, the Borrower may create any encumbrance or Lien on any
Assets (other than Fixed Assets affected to the Mortgage and the Pledge),
permitted to the Borrower under any agreement that shall have been entered by
the Borrower in connection with the refinancing of the Indebtedness Subject to
the Refinancing.

         8.2 Mergers and Consolidations. Sales and Conveyances. The Borrower
will not merge with or into or consolidate with or into (whether in a
transaction or a series of transactions) any Person, or acquire all or
substantially all of the assets of any Person, or sale or convey all or
substantially all of its Assets to any Person, without prior consent of the
Lender, which consent shall not be given if said merger, consolidation,
conveyance, transfer, lease or acquisition, may have a Material Adverse Effect.

         8.3 Dividends and Directors' Fees.

         (a) Dividends.

         Until sixty five percent (65%) of the Outstanding Amount, plus interest
thereunder, is not fully repaid by the Borrower, the Borrower will not declare
or pay any dividends, or return any capital or property, to its stockholders, in
whatever form, or otherwise acquire, directly or indirectly, for a
consideration, any shares of any class of its capital stock now or hereafter
outstanding (or any options or warrants issued by the Borrower with respect to
its capital stock), or set aside any funds for any of the foregoing purposes.

         (b) Directors' Fees.

         Neither the Borrower, nor any of its Subsidiaries, will pay salaries or
any kind of fees, bonus or any similar compensation or retribution to their
respective

Directors or members of the Surveillance Committee in concept of their general
duties and/or specific or administrative and technical duties (comisiones
especiales o funciones tecnico-administrativas), in excess of a maximum
aggregate amount for the Borrower and its Subsidiaries of US$1,000,000.00 per
fiscal year.

         8.4 Transactions with Affiliates. The Borrower and its Subsidiaries
will not, enter into any transaction or series of related transactions, with any
Affiliate of the Borrower or its Subsidiaries, other than in the ordinary course
of business and on terms and conditions substantially as favorable to the
Borrower or its Subsidiaries as would be obtainable by the Borrower or its
Subsidiaries at that time in a comparable arm's-length transaction with a Person
other than an Affiliate.

         8.5 Business. The Borrower and its Subsidiaries will not (i) change or
modify their respective corporate type, (ii) change or modify their respective
commercial activity, or (iii) engage in any business other than the businesses
engaged in by the Borrower as of the date hereof.

         8.6 Limitation on Amendments; Limitation on Amendments of Certificate
of Incorporation, by-laws and Certain Other Agreements; etc. The Borrower and
its Subsidiaries will not amend, modify or change their respective Certificates
of Incorporation, by-laws, operating agreements or similar constituent
documents, in a manner adverse to the Lender or any agreement entered into by
them, with respect to their capital stock, or enter into any new agreement with
respect to their capital stock in a manner that could reasonably be expected to
be adverse to the Lender.

         8.7 Loans and Guaranties. Until December 31, 2004, the Borrower and its
Subsidiaries will not grant any loan (other than as a result of the financing of
sales in the ordinary course of business) or guaranties of any nature whatsoever
in favor of any Person without prior written authorization of the Lender,
provided that the provisions of this SECTION 8.7 shall not prevent the Borrower
from granting any loan or guaranty to employees, transporters and/or dairy
farmers (tamberos) of the Borrower, which in the aggregate do not exceed at any
time the amount of US$5,000,000.

         8.8 Limitation on the Creation of Subsidiaries. Until December 31,
2004, the Borrower shall not incorporate any new Subsidiaries without the prior
written authorization of the Lender.

         8.9 Auditors. The auditors of the Borrower shall be (1) Deloitte &
Touche; or (2) any of the following: Ernst & Young, KPMG, Finterbusch Pickenhayn
Sibille, or PriceWaterhouseCoopers; or (3) any other international and
independent auditing firm that the Borrower may elect with the prior written
consent from the Lender (the "Auditors").

         8.10 Limitation on Indebtedness. The Borrower will not, and will not
permit any of its Subsidiaries to, contract, create, incur, assume or suffer to
exist any new Indebtedness; provided, however, that the provisions of this
SECTION 8.10 shall not prevent the Borrower from:

         (a) until the refinancing of the Indebtedness Subject to the
Refinancing shall have not been closed, to incur in any new Indebtedness to be
exclusively applied to:

         (i) purchase at a discount any portion of the Indebtedness Subject to
the Refinancing (the "Discount Indebtedness"); provided further, however, that
if under the Discount Indebtedness the Borrower shall have agreed to make on or
before December 31, 2004 one or more principal repayments which in their
aggregate exceed the amount of US$2,000,000, then the Borrower shall have to
prepay the last Scheduled Repayment of US$297,098.99 owed to the Lender
hereunder due on June 30, 2006, on the same date that the Borrower shall have to
make under the Discount Indebtedness a principal repayment in an amount which,
together with any other principal repayments that shall have been previously
made under the Discount Indebtedness (either voluntary or mandatory), exceeds
the amount of US$2,000,000; and

         (ii) finance working capital of the Borrower or of its Subsidiaries, up
to an aggregate amount of US$5,000,000.

         (b) after the refinancing of the Indebtedness Subject to the
Refinancing shall have been closed, to incur in any new Indebtedness solely for
the purpose of:

         (i) purchasing Fixed Assets, provided that each such new Indebtedness
shall not exceed the 90% of the acquisition cost of each such Fixed Asset; and

         (ii) finance working capital of the Borrower or of its Subsidiaries, up
to such aggregate amount (if any) permitted to the Borrower under any agreement
that shall have been entered by the Borrower in connection with the refinancing
of the Indebtedness Subject to the Refinancing.

         SECTION 9. EVENTS OF DEFAULT.

         Upon the occurrence of any of the following specified events (each, an
"Event of Default"):

         9.1 Payments. The Borrower shall (i) default in the payment when due of
any principal under the Outstanding Amount or (ii) default in the payment when
due of any interest under the Outstanding Amount or any other amounts owing
hereunder or under any other Credit Document; or

         9.2 Representations, etc. Any representation, warranty or statement
made by or on behalf of the Borrower herein or in any other Credit Document or
in any certificate delivered pursuant hereto or thereto shall prove to be untrue
in any material respect on the date as of which made or deemed made; or

         9.3 Covenants. The Borrower shall default in the due performance or
observance of any term, covenant or agreement (other than those referred to in
SECTIONS 9.1 and 9.2 of this Agreement) contained in this Agreement or any other
Credit Document and any such default shall have continued unremedied for a
period of five (5) calendar days after the date on which written notice thereof
from the Lender to the Borrower is given; or

         9.4 Default Under Other Agreements. The Borrower or its Subsidiaries
shall:

         (i) fall within an event of default under any other credit agreement
with the Lender or its Affiliates, or

         (ii) default in any payment of all or any portion of any Indebtedness
(other than Indebtedness under this Agreement and the Indebtedness Subject to
the Refinancing) when due, whether by scheduled maturity, required prepayment,
acceleration, demand or otherwise, and such failure shall continue after the
applicable grace period, if any, or fall within an event of default thereunder,
if the effect of such default is to accelerate, or to permit the acceleration
of, any amounts owed thereunder; or

         (iii) after execution of any indenture, mortgage, deed of trust, credit
agreement, loan agreement or any other agreement or instrument entered in
connection with the refinancing of the Indebtedness Subject to the Refinancing
default in any payment thereunder when due, whether by scheduled maturity,
required prepayment, acceleration, demand or otherwise, and such failure shall
continue after the applicable grace period, if any, or fall within an event of
default thereunder, if the effect of such default is to accelerate, or to permit
the acceleration of, any amounts owed thereunder; or

         9.5 Bankruptcy, etc. The Borrower or any of its Subsidiaries shall
commence a voluntary case concerning itself under any bankruptcy or
reorganization proceeding under the Laws of Argentina (including a "concurso
preventivo" in accordance with the provisions of the Argentine Bankruptcy Law)
or any other jurisdiction (other than an Acuerdo Preventivo Extrajudicial in
accordance with the provisions of the Argentine Bankruptcy Law); or an
involuntary case under any such Laws ("pedido de quiebra") is commenced against
the Borrower or its Subsidiaries, and the Borrower or its Subsidiaries do not
obtain dismissal thereof or do not contest it in good faith in the first
available opportunity provided under Argentine Bankruptcy Law; or a custodian or
receiver is appointed for, or takes charge of, all or substantially all of the
property of the Borrower or its Subsidiaries; or the Borrower or its
Subsidiaries commences (or commence, as the case may be) any other proceeding
under any reorganization, receivership, arrangement, adjustment of debt, relief
of debtors, dissolution, insolvency, liquidation or similar Law of any
jurisdiction whether now or hereafter in effect relating to the Borrower or its
Subsidiaries, the Borrower or its Subsidiaries is (or are, as the case may be)
adjudicated insolvent or bankrupt, or any order of relief or other order
approving any such case or proceeding is entered; after execution of any
indenture, mortgage, deed of trust, credit agreement, loan agreement or any
other agreement or instrument entered in connection with the refinancing of the
Indebtedness Subject to the Refinancing, the Borrower becomes into cesacion de
pagos as provided in Sections 78 and 79 of Argentine Bankruptcy Law N(0) 24,522
as amended; the Borrower or its Subsidiaries suffers any appointment of any
custodian or the like for it (or them, as the case may be) or any substantial
part of their (or their, as the case may be) property and, to the extent
applicable Law permits, the Borrower or its Subsidiaries to discharge or stay
any such appointment, such appointment continues undischarged and/or unstayed
for a period of ten (10) calendar days; or the Borrower or its Subsidiaries
makes (or make, as the case may be) a general assignment for the benefit of
creditors; or any corporate action is taken by the Borrower or its Subsidiaries
for the purpose of effecting any of the foregoing; or after execution of any
indenture, mortgage, deed of trust, credit agreement, loan agreement or any
other agreement or instrument entered in connection with the refinancing of the
Indebtedness Subject to the

Refinancing, the Borrower or its Subsidiaries shall generally not pay their
debts as they become due or shall admit in writing their inability to pay their
debts as they become due; or

         9.6 Judgments. One or more final judgments or non appealable decrees
shall be entered against the Borrower or its Subsidiaries involving in the
aggregate for the Borrower or its Subsidiaries a liability (not paid or fully
covered by insurance) which could reasonably be expected to have a Material
Adverse Effect, and all such judgments or decrees shall not have been vacated,
discharged or stayed or bonded pending appeal, if necessary, within thirty (30)
calendar days after the entry thereof; or

         9.7 Denial of Liability.

         (a) The Borrower, shall deny or disaffirm their obligations under this
Agreement or any other Credit Document; or

         (b) any Law shall purport to render invalid, or preclude enforcement
of, any provision of this Agreement or any other Credit Document or impair
performance of the Borrower's obligations hereunder or under any other Credit
Document; or

         (c) any dominant authority asserting or exercising de jure or de facto
governmental or police powers shall, by moratorium Laws or otherwise, cancel,
suspend or defer the obligation of the Borrower or its Subsidiaries, to pay any
amount required to be paid hereunder or under any other Credit Document; or

         9.8 Material Adverse Effect. Any event or condition shall occur or
exist which, in the judgment of the Lender, could reasonably be expected to have
a Material Adverse Effect or otherwise materially and adversely affect the
rights and remedies of the Lender under any Credit Document; or

         9.9 Governmental Action. Any Governmental Authority shall have
condemned, nationalized, seized, or otherwise expropriated all or any
substantial part of the property, shares of capital stock or other assets of the
Borrower or its Subsidiaries or shall have assumed custody or control of such
property or other assets or of the business or operations of the Borrower or its
Subsidiaries, or shall have taken any action for the dissolution or
disestablishment of the Borrower or its Subsidiaries, or any action that would
prevent the Borrower or its Subsidiaries or their officers from carrying on the
business of the Borrower or its Subsidiaries or a substantial part thereof; or

         9.10 Security Documents.

         (a) Any Security Document shall cease to be in full force and effect,
or shall cease to give the Lender the Liens and the rights, powers and
privileges purported to be created thereby (including, without limitation, a
perfected security interest in, and Lien on, all of the collateral described
therein, in favor of the Lender, superior to and prior to the rights of all
third Persons, and subject to no Liens other than Liens permitted under such
agreement); or

         (b) the Borrower or any of its Subsidiaries shall default in the due
performance or observance of any term, covenant or agreement on their part to be

performed or observed pursuant to the Security Documents and such default shall
continue beyond any cure or grace period specifically applicable thereto
pursuant to the terms of such agreement; or

         (c) the Borrower shall default in the due performance or observance of
the provisions of SECTION 7.11 of this Agreement; or

         9.11 Dissolution or Liquidation. The Borrower adopts any corporate
resolution pursuant to, or any Governmental Authority decides, the dissolution
or liquidation of the Borrower; or

         9.12 Change of Control. Any change occurs in the ownership or control
of the Borrower which in the reasonable opinion of the Lender constitutes a
Material Adverse Effect, provided, however, that (i) one or more transfer of
shares of the Borrower to any of its creditors as a consequence of the
refinancing of the Indebtedness Subject to the Refinancing, which in the
aggregate do not represent more than 49% of the capital stock and votes of the
Borrower as of the date hereof, and (ii) one or more transfer of shares of the
Borrower to (x) in the case of any current shareholder of the Borrower who is a
natural person, to such individual's spouse or children (natural or adopted),
any trust for such individual's benefit or the benefit of such individual's
spouse or children (natural or adopted), or any corporation or partnership all
of the direct and beneficial equity ownership of which is held by one or more of
the above, or any Affiliate thereof; (y) in the case of any current shareholder
of the Borrower who is a natural person, the heirs, executors, administrators or
personal representatives upon the death of such person or upon the incompetency
or disability of such person for purposes of the protection and management of
such individual's assets; and (z) in the case of any current shareholder of the
Borrower who is not a natural person, any Affiliate of such person; shall not
constitute an Event of Default under this SECTION 9.12;

         then, and in any such event, and at any time thereafter, if any Event
of Default shall then be continuing, then the Lender may take any and all of the
following actions, without prejudice to the rights of the Lender to enforce its
claims against the Borrower (provided that, if an Event of Default specified in
SECTIONS 9.5 or 9.11 shall occur, the result which would occur upon the giving
of written notice by the Lender to the Borrower as specified in clause (i) below
shall occur automatically without the giving of any such notice): (i) declare
the principal of and any accrued interest in respect of the Outstanding Amount
and all obligations owing hereunder and thereunder to be, whereupon the same
shall become, forthwith due and payable without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by the Borrower; (ii)
enforce any or all of the Liens and security interests created pursuant to the
Credit Documents, including the Note, and apply their proceeds to the payment of
the Outstanding Amount, plus interest, costs and expenses hereunder and each and
every other Obligation assumed by the Borrower hereunder; and (iii) exercise any
other rights available under the Credit Documents.

         SECTION 10. MISCELLANEOUS.

         10.1 Payment of Expenses, etc. The Borrower shall: (i) whether or not
the transactions herein contemplated are consummated, pay, in addition to the
fees and expenses referred to in SECTION 5 (F) and (L), from time to time upon
request, all

reasonable out-of-pocket costs and expenses of the Lender (including but not
limited to legal fees) in connection with (y) the preparation of any amendment,
waiver or consent relating to this Agreement, and (z) the enforcement of this
Agreement and the other Credit Documents and the documents and instruments
referred to herein; (ii) pay and hold the Lender harmless from and against any
and all present and future stamp and other similar taxes with respect to the
foregoing matters and save and hold the Lender harmless from and against any and
all liabilities with respect to or resulting from any delay or omission (other
than to the extent attributable to the Lender) to pay such taxes; and (iii)
indemnify the Lender and its respective officers, directors, employees,
representatives and agents (each, an "indemnified person") from and hold each of
them harmless against any and all liabilities, obligations, losses, damages,
penalties, claims, actions, judgments, suits, costs, expenses and disbursements
(collectively, "Losses") incurred by any of them as a result of, or arising out
of, or in any way related to, or by reason of, any investigation, litigation or
other proceeding (whether or not the indemnified person is a party thereto)
related to the entering into and/or performance of this Agreement or any other
Credit Document or the consummation of any transaction contemplated herein or in
any other Credit Document, including, without limitation, the reasonable fees
and disbursements of counsel incurred in connection with any such investigation,
litigation or other proceeding and any loss, expense or liability incurred by
reason of the liquidation or reemployment of deposits or other funds required by
the Lender which the Lender may sustain as a result of any default by the
Borrower to pay any sum under the Loan when required pursuant to the terms of
this Agreement (but excluding any such Losses, to the extent determined by the
final non-appealable judgment of a court of competent jurisdiction to have
resulted directly and primarily by reason of the gross negligence or willful
misconduct of the indemnified person).

         10.2 Right of Set-off. Upon the occurrence of an Event of Default, the
Lender is hereby authorized at any time or from time to time, without
presentment, demand, protest or other notice of any kind to the Borrower or to
any other Person, any such notice being hereby expressly waived, to set-off and
apply any and all deposits of the Borrower (general or special) held by the
Lender (including, without limitation, by branches and agencies of the Lender
wherever located) to or for the credit or the account of the Borrower, or any of
its Affiliates, against and on account of the Obligations and liabilities of the
Borrower under this Agreement or under any of the Credit Documents, including,
without limitation, all claims of any nature or description arising out of or
connected with this Agreement or any other Credit Document, irrespective of
whether or not the Lender shall have made any demand hereunder and although said
Obligations, liabilities or claims, or any of them, shall be contingent or
unmatured.

         10.3 Notices. Except as otherwise expressly provided herein, all
notices and other communications provided for hereunder shall be in writing
(including telex or facsimile communication) and telexed, faxed or delivered by
reputable overnight courier service: if to the Lender or the Borrower, at its
address specified opposite its signature below; or, as to the Borrower or the
Lender, at such other address as shall be designated by such party in a written
notice to the other party. All such notices and communications shall, when
faxed, telexed or delivered, be effective when the facsimile is confirmed,
confirmed by telex answerback or delivered by the overnight courier service,
respectively, except that notices to the Lender shall not be effective until
received by the Lender. All such notices and other communications, if not in
English, shall be accompanied by an English translation.

         10.4 Benefit of Agreement; Assignment. This Agreement and the other
Credit Documents shall be binding upon and inure to the benefit of and be
enforceable by the respective successors and permitted assigns of the parties
hereto, provided that the Borrower may not assign or transfer any of its rights
or obligations hereunder or under any other Credit Document. The Lender or any
of its assignees pursuant to this SECTION 10.4 may freely assign or participate
this Agreement and any other Credit Document, in whole or in part to any Person.
The Lender shall bear all costs and expenses (including applicable Taxes and
legal fees) incurred in connection with an assignment or transfer of its rights
hereunder or under any other Credit Document, unless such assignment or transfer
is based upon the occurrence of an Illegality, in which case the referred costs,
expenses and Taxes shall be borne by the Borrower. Following any such
assignment, any reference to the Lender in this Agreement or the other Credit
Documents shall thereafter refer to the Lender and to such assignee to the
extent of their respective interests.

         10.5 No Waiver; Remedies Cumulative. No (i) failure or delay on the
part of the Lender in exercising any right, power or privilege hereunder or
under any other Credit Document, or (ii) course of dealing between the Borrower
and the Lender, shall operate as a waiver thereof; nor shall any single or
partial exercise of any right, power or privilege hereunder or under any other
Credit Document preclude any other or further exercise thereof or the exercise
of any other right, power or privilege hereunder or thereunder. The rights,
powers and remedies herein or in any other Credit Document expressly provided
are cumulative and not exclusive of any rights, powers or remedies which the
Lender would otherwise have. No notice to or demand on the Borrower in any case
shall entitle the Borrower to any other or further notice or demand in similar
or other circumstances or constitute a waiver of the rights of the Lender to any
other or further action in any circumstances without notice or demand.

         10.6 Computations. All computations of interest hereunder shall be made
on the basis of a year of three hundred and sixty (360) days for the actual
number of days (including the first day but excluding the last day) elapsed in
the period for which such interest is payable.

         10.7 Governing Law; Submission to Jurisdiction; Venue.

         (a) THIS AGREEMENT AND THE NOTE AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER AND THEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE
GOVERNED BY THE LAWS OF THE NETHERLAND ANTILLES. ANY LEGAL ACTION OR PROCEEDING
WITH RESPECT TO THIS AGREEMENT OR THE NOTE MAY BE BROUGHT IN THE COURTS OF
CURACAO, NETHERLANDS ANTILLES, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT,
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT
OF ITS PROPERTY AND REVENUES, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE
JURISDICTION OF THE AFORESAID COURTS.

         (b) THE BORROWER HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR
PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE

NOTE BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER
IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY
SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM.

         (c) THE BORROWER, IN RESPECT OF ITSELF, ITS SUBSIDIARIES AND ITS
PROPERTIES AND REVENUES, HEREBY IRREVOCABLY AGREES THAT, TO THE EXTENT THAT THE
BORROWER, ITS SUBSIDIARIES OR ANY OF ITS PROPERTIES OR REVENUES HAVE OR MAY
HEREAFTER ACQUIRE ANY RIGHT OF IMMUNITY, WHETHER CHARACTERIZED AS SOVEREIGN
IMMUNITY OR OTHERWISE, FROM ANY LEGAL PROCEEDINGS (WHETHER FOR AN INJUNCTION,
SPECIFIC PERFORMANCE, DAMAGES OR OTHERWISE), WHETHER IN THE UNITED STATES,
ARGENTINA OR ELSEWHERE, TO ENFORCE OR COLLECT UPON THE EXECUTION OF THE NOTE,
THE MORTGAGE OR THE PLEDGE OR ANY OTHER LIABILITY OR OBLIGATION OF THE BORROWER
RELATED TO OR ARISING FROM THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, THE
NOTE, THE MORTGAGE OR THE PLEDGE, INCLUDING, WITHOUT LIMITATION, IMMUNITY FROM
SERVICE OF PROCESS, IMMUNITY FROM JURISDICTION OR JUDGMENT OF ANY COURT OR
TRIBUNAL, IMMUNITY FROM EXECUTION OF A JUDGMENT, AND IMMUNITY OF ANY OF ITS
PROPERTIES OR REVENUES FROM ATTACHMENT PRIOR TO ANY ENTRY OF JUDGMENT, OR FROM
ATTACHMENT IN AID OF EXECUTION UPON A JUDGMENT, THE BORROWER, FOR ITSELF AND/OR
ITS SUBSIDIARIES AND ON BEHALF OF ITS PROPERTIES AND REVENUES AND THE ONES OF
ITS SUBSIDIARIES, HEREBY EXPRESSLY WAIVES ANY SUCH IMMUNITY, AND AGREES NOT TO
ASSERT ANY SUCH RIGHT OR CLAIM IN ANY SUCH PROCEEDING, WHETHER IN ARGENTINA OR
ELSEWHERE.

         (d) THE BORROWER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT
MAY EFFECTIVELY DO SO, IN CONNECTION WITH ANY LEGAL ACTION OR PROCEEDING ARISING
OUT OF OR IN CONNECTION WITH THIS AGREEMENT, THE NOTE, THE MORTGAGE OR THE
PLEDGE (COLLECTIVELY, "PROCEEDINGS") INSTITUTED AGAINST THE BORROWER IN
ARGENTINA, (I) THE RIGHT TO DEMAND THAT THE LENDER POST A PERFORMANCE BOND OR
GUARANTY (EXCEPCION DE ARRAIGO) AND (II) THE RIGHT TO CHALLENGE WITHOUT CAUSE
THE PRESIDING JUDGE OR ANY OTHER MEMBER OF THE COURT HAVING JURISDICTION OVER
ANY SUCH PROCEEDINGS.

         10.8 Obligation to Make Payments in Dollars. The obligation of the
Borrower to make payments in Dollars of the principal of and interest on the
Outstanding Amount and any other amounts due hereunder or under any other Credit
Document shall not be discharged or satisfied by any tender, or any recovery
pursuant to any judgment, which is expressed in or converted into any currency
other than Dollars, except to the extent such tender or recovery shall result in
the actual receipt by the Lender of the full amount of Dollars expressed to be
payable in respect of the principal of and interest on the Outstanding Principal
Amount and all other amounts due hereunder or under any other Credit Document.
The obligation of the Borrower to

make payments in Dollars as aforesaid shall be enforceable as an alternative or
additional cause of action for the purpose of recovery in Dollars of the amount,
if any, by which such actual receipt shall fall short of the full amount of
Dollars expressed to be payable in respect of the principal of and interest on
the Outstanding Principal Amount and any other amounts due under any other
Credit Document, and shall not be affected by judgment being obtained for any
other sums due under this Agreement or under any other Credit Document.

         10.9 Counterparts. This Agreement may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which when so executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument.

         10.10 No Novation. This Agreement does not constitute a novation of the
Credit Facilities. If, notwithstanding the express agreement of the Parties in
this regard, this Agreement were construed as a novation of the Credit
Facilities, the Parties agree according to Sections 803, 812 and 3190 of the
Argentine Civil Code, that the Mortgage and the Pledge shall remain in full
force and effect in accordance with their terms, and shall be subject to
Argentine law as derechos reales granted on property located in Argentina.

         10.11 Headings Descriptive. The headings of the several sections and
subsections of this Agreement are inserted for convenience only and shall not in
any way affect the meaning or construction of any provision of this Agreement.

         10.12 Amendment or Waiver. Neither this Agreement nor any other Credit
Document nor any term hereof or thereof may be changed, waived, discharged or
terminated unless such change, waiver, discharge or termination is in writing
signed by the Borrower and the Lender.

         10.13 Survival. All indemnities set forth herein, including, without
limitation, in SECTIONS 3 and 4.4 (A) of this Agreement, shall survive the
execution and delivery of this Agreement and the Credit Documents until such
time as all Obligations shall have been paid in full.

         10.14 Payment in Dollars. The Borrower irrevocably waives any right it
may be entitled under any Law (based on any variation in the exchange rate
between the Dollar and the Peso, the occurrence of any "force majeure" event or
otherwise), which may allow the Borrower to make payment of any amount owed to
the Lender under any of the Credit Documents in a currency different to the
Dollar.

                            [SIGNATURES ON NEXT PAGE]

                  IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized officers to execute and deliver this Agreement as of the date first
above written.

Avenida Corrientes 345, 9th Floor                      MASTELLONE HERMANOS S.A., as Borrower
Buenos Aires, Argentina
Facsimile: 54-11-4327-3800
Telephone: 54-11-4327-1500
Attention: Joaquin Ibanez                              By: /s/ Pascual Mastellone
           Joaquin Labougle                               -----------------------------------
                                                          Name:  Pascual Mastellone
                                                          Title:

Willemstad, Zeelandia Office Park,                     RABOBANK CURACAO N.V., as Lender
Kaya WGF Mensing 14, Curacao,
Netherlands Antilles
Facsimile: 5999-465-2066
Telephone: 5999-465-2011 (ext. 17)                     By: /s/ Jacobus S. Klep
Attention: Shayra Willems                                 -----------------------------------
                                                          Name:  Jacobus S. Klep
                                                          Title: General Manager
with a copy to:

Avenida del Libertador 602,
25th Floor (1001)                                      By: /s/ Shayra B. Willems
Buenos Aires, Argentina                                   -----------------------------------
Facsimile: 54-11-4515-5582                                Name:  Shayra B. Willems
Telephone: 54-11-4515-5500                                Title:
Attention: Hugo C. Pezzoni
           Eduardo Laudano

                                    EXHIBIT A
                        FORM OF PROMISSORY NOTE - PAGARE

US$4,850,595.80
Curacao, November 7, 2003

U$S4.850.595,80
Curacao, 7 de noviembre de 2003

FOR VALUE RECEIVED, Mastellone Hermanos S.A. (the "Drawer"), with domicile at
Ave. Leandro N. Alem 720, City of Buenos Aires, HEREBY INCONDITIONALLY PROMISES
TO PAY to RABOBANK CURACAO N.V. ("Rabobank") or to its order ON DEMAND the
principal amount of United States Dollars Four Million Eight Hundred Fifty
Thousand Five Hundred Ninety Five with 80/100 (US$4,850,595.80).

POR IGUAL VALOR RECIBIDO, Mastellone Hermanos S.A. (el "Librador"), con
domicilio en Av. Leandro N. Alem 720, Ciudad de Buenos Aires, PAGARA
INCONDICIONALMENTE A LA VISTA a RABOBANK CURACAO N.V. ("Rabobank") o a su orden
la suma de Dolares Estadounidenses Cuatro Millones Ochocientos Cincuenta Mil
Quinientos Noventa y Cinco con 80/100 (US$4.850.595,80).

The Drawer shall pay interest on the principal amount of this Note, from the
date hereof until payment in full, at a rate of [__]% per annum.

El Librador pagara intereses sobre el capital del presente Pagare, desde la
fecha del presente hasta su cancelacion total, a una tasa del [__]% anual.

The Drawer shall pay interest on any amount owed under this Note that is not
paid by the date it is due (the "Due Date") at a rate per annum of 10%, as from
the Due Date until effective cancellation. Interest shall be calculated on the
basis of a 360-day year and actual days elapsed.

En caso de falta de pago de cualquier suma adeudada bajo el presente Pagare el
dia que corresponda (la "Fecha de Pago"), el Librador pagara un interes
punitorio a una tasa anual del 10% desde la Fecha de Pago hasta la fecha de pago
efectivo. Los intereses se calcularan en base a un ano de 360 dias y por dias
efectivamente transcurridos.

The principal hereof and interest hereon are payable at The Bank of New York,
One Wall Street, New York, NY, USA; SWIFT Address: IRVTUS3N; ABA # 021000018,
for credit to Rabobank Curacao N.V.; Account No. 890-0460-792; Reference:
Mastellone Hermanos S.A., invariably in lawful money of the United States of
America and immediately available funds.

El pago del monto consignado en este Pagare y sus intereses seran pagados en The
Bank of New York, One Wall Street, New York, NY, USA; SWIFT: IRVTUS3N; ABA #
021000018, para se acreditacion en la cuenta de Rabobank Curacao N.V. No.
890-0460-792; Referencia: Mastellone Hermanos S.A., indefectiblemente en moneda
de curso legal de los Estados Unidos de America y de libre disponibilidad.

This Note shall be construed in accordance with the laws of the Netherlands
Antilles. The Drawer submit to the non-exclusive jurisdiction of the courts of
Curacao, Netherlands Antilles, and/or the Ordinary National courts of the City
of Buenos Aires, Argentina, at the option of the holder. The Drawer hereby
expressly recognizes and accepts that, in the event that the holder resorts to
the courts of the City of Buenos Aires, the summary proceeding under articles
520 to 594 of the Argentine National Civil and Commercial Procedure Code will
apply to the foreclosure of this Note as a pagare.

El presente Pagare se regira por las leyes de las Antillas Holandesas. El
Librador se somete a la jurisdiccion no exclusiva de los tribunales de Curacao,
Antillas Holandesas, y/o a los tribunales con competencia ordinaria de la Ciudad
de Buenos Aires, Republica Argentina, a opcion del tenedor. El Librador reconoce
y acepta que, en el supuesto en que el presente Pagare se ejecute ante los
tribunales de la Ciudad de Buenos Aires, la ejecucion se llevara a cabo conforme
el proceso de juicio ejecutivo previsto en los articulos 520 a 594 del Codigo
Procesal Civil y Comercial de la Nacion Argentina para pagares.

The Drawer hereby waives protest of this Note. This Note may be presented for
payment within five years as from the date hereof.

El Librador renuncia al protesto del presente Pagare. Este Pagare podra ser
presentado para su pago dentro de los cinco anos de la fecha del presente.

This Note is a sole instrument issued in an English version and a Spanish
version. In the event of any inconsistency between the English version and the
Spanish version, the English version shall prevail, except if enforcement of
this Note is sought before any courts in Argentina in which case the Spanish
version shall prevail.

El presente Pagare es un unico instrumento que se emite en version en ingles y
en version en espanol. En caso de divergencia entre la version en ingles y la
version en espanol, la version en ingles prevalecera, salvo en el supuesto en
que el Pagare se ejecute ante tribunales de la Republica Argentina, en cuyo caso
prevalecera la version en espanol.

This Note has been issued by the Drawer in accordance with the "Amended and
Restated Loan Agreement" entered into by the Drawer and Rabobank on this 7th day
of November 2003.

El Presente Pagare es emitido por el Librador de acuerdo a lo previsto en el
contrato denominado "Amended and Restated Loan Agreement" suscripto entre el
Librador y Rabobank el presente dia 7 de noviembre de 2003.

MASTELLONE HERMANOS S.A.

By:      [__________________]
Title:   [__________________]

     [SIGNATURE AND CAPACITY TO BE CERTIFIED BY AN ARGENTINE NOTARY PUBLIC]

                                    EXHIBIT B
                          FORM OF OFFICER'S CERTIFICATE

         I, THE UNDERSIGNED, ________________________ of Mastellone Hermanos
S.A. (the "Borrower"), a corporation organized and existing under the laws of
the Republic of Argentina, DO HEREBY CERTIFY that:

         1. This Certificate is furnished pursuant to SECTION 5 (D) of the
Restated and Amended Loan Agreement, dated as of November 7, 2003, between the
Borrower, and Rabobank Curacao N.V. as the Lender (such agreement, as in effect
on the sate of this Certificate, hereinafter the "Agreement"). Unless otherwise
defined herein, capitalized terms used in this Certificate shall have meanings
provided in the Agreement.

         2. Attached hereto as EXHIBIT I is a true and correct copy of the
estatutos sociales of the Borrower as in effect on the day hereof together with
all amendments thereto adopted through such date.

         3. Attached hereto as EXHIBIT II is a true and correct copy of
resolutions duly adopted by the Board of Directors of the Borrower at a meeting
on [_______] [_____], at which a quorum was present and acting throughout, which
resolutions have not been revoked, modified, amended or rescinded and are in
full force and effect. Except as attached hereto as EXHIBIT II, no resolutions
have been adopted by the Board of Directors of the Borrower which deal with the
execution, delivery or performance of any of the Credit Documents.

         IN WITNESS WHEREOF, I have hereunto set my hand this 7th day of
November, 2003.

                            MASTELLONES HERMANOS S.A.

                            By:
                                   -----------------------------------
                            Name:
                                   -----------------------------------
                            Title: President

                            [Signatures and capacity shall have to be certified
                            by an Argentine Notary Public]

                                    EXHIBIT I
                    COPY OF THE BY-LAWS (ESTATUTOS SOCIALES)

                                   EXHIBIT II
                            RESOLUTIONS OF THE BOARD

                                    EXHIBIT C
              FORM OF OPINION OF ARGENTINE COUNSEL TO THE BORROWER

                                                  Buenos Aires, November 7, 2003

Messrs. RABOBANK CURACAO, N.V.

Ladies and Gentlemen:

We have acted as special Argentine counsel to Mastellone Hermanos S.A., a
corporation organized and existing under the laws of the Republic of Argentina
(the "Borrower") in connection with the "Amended and Restated Loan Agreement"
dated as of the date hereof between Rabobank Curacao N.V. ("Rabobank") and the
Borrower (the "Agreement").

This opinion is being furnished to you pursuant to SECTION (I) of the Agreement.
Except as otherwise specified herein, capitalized terms used herein have the
respective meanings ascribed thereto in the Agreement.

In such capacity, we have examined:

         (i) Copy of the Estatutos of the Borrower as amended and in effect as
         of the date hereof;

         (ii) Copy of the resolutions of the Board of Directors of the Borrower
         passed on October   , 2003, authorizing the execution of the Credit
         Documents and the transactions contemplated thereby;

         (iii) Copy of the executed Agreement;

         (v) Copy of the Mortgage and the Pledge; and

         (vi) Copy of the executed Note.

In rendering the opinions expressed below, we have examined originals or
conformed copies of such corporate records, agreements and instruments,
certificates of public officials and such other documents and records, and such
matters of law, as we have deemed appropriate as a basis for the opinions
hereinafter expressed.

In giving this opinion, we have made the following assumptions:

(a) that all documents submitted to us as photostatic or faxed copies or
specimen documents conform to their originals; and

(b) that the signatures, stamps and seals on the originals of all documents
submitted to us are genuine.

We are licensed to practice law in Argentina. We express no opinion as to any
laws other than the laws of Argentina and we have assumed that there is nothing
in any other law that affects our opinion.

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

1. The Borrower (i) is a sociedad anonima duly organized and validly existing
under the Laws of Argentina, (ii) has full requisite power and authority to own
its properties and assets and to transact the business in which is engaged and
to do all things necessary or appropriate in respect of its business, and (iii)
is duly qualified and authorized to do business and is in good standing in each
jurisdiction where the ownership, leasing or operation of its property or the
conduct of its business requires such qualification, except for failures to be
so qualified which, individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect.

2. The Borrower has full requisite power and authority to execute, deliver and
perform the terms and provisions of each of the Credit Documents, and has taken
all necessary corporate action to authorize the execution, delivery and
performance of each of the Credit Documents. The Borrower has duly executed and
delivered each of the Credit Documents, and each such Credit Document
constitutes the legal, valid and binding obligation of the Borrower, enforceable
in accordance with the terms of each Credit Document, except that enforcement
thereof may be limited by bankruptcy, insolvency, liquidation, reorganization
and other relating laws affecting the rights of creditors.

3. Neither the Borrower nor any of its assets, properties and revenues has any
right of immunity on the grounds of sovereignty or otherwise from jurisdiction
of any court or from set-off or any legal process (whether through service or
notice, attachment prior to judgment, attachment in aid of execution, execution
or otherwise) under the Laws of Argentina.

4. Neither the execution, delivery or performance by the Borrower of the
Agreement and the other Credit Documents, nor the compliance by the Borrower
with the terms and provisions thereunder, does or will (i) contravene any
provision of any Law or any order, writ, injunction or decree of any
Governmental Authority binding on the Borrower; (ii) 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 Borrower pursuant to the terms of any indenture,
mortgage, deed of trust, credit agreement, loan agreement or any other material
agreement, contract, lease or instrument to which the Borrower is a party or by
which the properties or assets of the Borrower are bound or to which the
Borrower may be subject, or (iii) violate any provision of the estatutos
sociales of the Borrower.

5. No order, consent, approval, license, authorization or validation of, or
filing, recording or registration with, or exemption or waiver by, any
Governmental Authority of Argentina is required to authorize, or is required in
connection with, (i) the execution and delivery of any Credit Document (other
than the eventual renewal of the Pledge with the corresponding authorities); or
(ii) the legality, validity, binding effect or enforceability of any such Credit
Document.

6. After execution of the Agreement, the Mortgage and the Pledge (i) shall
continue to be in full force and effect in accordance with their respective
terms and conditions, (ii) shall continue to constitute legal, valid and binding
obligations of the Borrower, enforceable in accordance with all of its terms,
except that enforcement thereof may be limited by bankruptcy, insolvency,
liquidation, reorganization and other relating laws affecting the rights of
creditors, and (iii) shall continue to give Rabobank the Liens and the rights,
powers, privileges and security interests created thereunder in favor of
Rabobank.

7. There is no litigation, action, suit, investigation, claim or proceeding
pending or threatened with respect to the Credit Documents or the transactions
contemplated thereby that could reasonably be expected to have a Material
Adverse Effect.

8. As of the date hereof, all payments of interest by the Borrower to the Lender
under the Agreement and any of the other Credit Documents are subject to (i)
Argentine withholding tax at an effective rate of (x) 35% or (y) 15.05% if the
Lender is a Financial Institution registered in a jurisdiction which is not
considered as a null or low taxable jurisdiction in accordance with Argentine
income tax law, as amended and regulated, or in a jurisdiction that has
subscribed with the Republic of Argentina, information exchange agreements, and
which by virtue of internal regulations, no banking, securities trading or other
type of information secrecy may be alleged, before an information request from
the relevant tax authority, or (z) equal to the applicable withholding tax rate
in accordance with a tax treaty for the avoidance of double taxation if the
Payment Office of the Lender is located in a country having such a tax treaty in
force with Argentina, provided that such rate is lower than the one established
under general provisions of Argentine law, (ii) Argentine value-added tax at an
effective rate of (y) 10.5% if the Payment Office of the Lender is a Basle Bank,
or (z) 21% otherwise, provided that is a registered entity for VAT purposes.
There are no other applicable taxes, fees or other governmental charges required
to be paid in connection with the execution, delivery or performance of any of
the Credit Documents, other than the court tax applicable to actions brought
before Argentine courts, currently levied at the rate of 3% of the amount in
dispute in the courts sitting in the City of Buenos Aires.

9. The authorized capital stock of the Borrower, whose title owners are listed
in EXHIBIT I of the Agreement, (i) 174,182,006, nominative and non-endorseable,
Class "A" shares, with right to five votes per share; and (ii) 235,720,371,
nominative and non-endorseable, Class "B" shares, with right to one vote per
share. Each of the Borrower's shareholders owns its shareholdings detailed in
EXHIBIT I of the Agreement free of any Lien.

10. To ensure the legality, validity, enforceability, priority or admissibility
in evidence in Argentina of each of the Credit Documents or any other document
provided for by any of the Credit Documents, it is not necessary that any of
such Credit Documents or document be registered, recorded or filed with any
court or other authority in Argentina or be notarized or that any documentary,
stamp or similar tax, imposition or charge be paid on or in respect of any such
document or document, except that any Credit Document in any language other than
Spanish must be officially translated into Spanish prior to its submission for
consideration of any Argentine authority or its admission as evidence in any
Argentine court and any public document granted in any country other than
Argentina must be duly apostilled

or legalized before the competent Argentine Consulate and before the Ministry of
Foreign Relations of Argentina, as applicable.

11. It is not necessary under the laws of Argentina in order for the Lender to
enforce any of its rights under any of the Credit Documents that the Lender be
licensed, qualified or entitled to carry on business in Argentina.

12. The provisions in the Credit Documents as to (a) the choice of Netherlands
Antilles law as the governing law, (b) the waiver of any right to jurisdiction
to which the Borrower may be entitled on account of place of residence or
domicile, and (c) the waiver by the Borrower to the extent permitted by the Laws
of Argentina of any benefit of any provision of law to require that in any suit,
action or proceeding brought in Argentina arising out of or relating to any
Credit Document security for litigation costs or performance bond or a guaranty
be posted, are valid, binding and enforceable under Argentine law.

13. A final and conclusive judgement in respect of any Credit Document obtained
from a federal court or state court sitting in Curacao, Netherlands Antilles,
will be recognized by and be enforceable against the Borrower in the courts of
the City of Buenos Aires or any Argentine federal court provided that the
following requirements of Section 517 of Law No. 17,454, as amended by Law No.
22,434 (National Code of Civil and Commercial Procedures) are met: (i) the
judgment, which must be final in the jurisdiction where rendered, was issued by
a competent court in accordance with the Argentine conflict of laws principles
regarding jurisdiction and resulted from a personal action, or an in rem action
with respect to personal property which was transferred to Argentine territory
during or after the prosecution of the foreign action, (ii) the defendant
against whom enforcement of the judgment is sought was personally served with
the summons and, in accordance with due process of law, was given an opportunity
to defend against the foreign action, (iii) the judgment must be valid in the
jurisdiction where rendered and its authenticity must be established in
accordance with the requirements of Argentine law, (iv) the judgment does not
violate the principles of public policy of Argentine law, and (v) the judgment
is not contrary to a prior or simultaneous judgment of an Argentine court.

This legal opinion is addressed to you solely for your benefit in connection
with the transactions contemplated in the Agreement. It is not to be relied upon
by anyone else without our express written consent.

Very truly yours,

                                    EXHIBIT D
                          LIST OF LIENS OF THE BORROWER

                                    EXHIBIT E
                                  THE MORTGAGE

                                    EXHIBIT F
                                   THE PLEDGE

                                    EXHIBIT G
                                GUARANTEE OF NIRO

                                    EXHIBIT H
                                GUARANTEE OF GEA

                                    EXHIBIT I
                          SHAREHOLDERS OF THE BORROWER

                                                    Classes of Shares
                    SHAREHOLDER      5 VOTES (CLASS "A")     1 VOTES (CLASS "B")
 Pascual Mastellone                           35.211.300              56.333.282
 Victorio Bruno Mastellone                    35.211.297              56.333.278
 Jose Mastellone                              35.211.297              56.333.278
 Dallpoint Investments LLC                    68.548.112              66.720.533
                                             174.182.006             235.720.371

                                    EXHIBIT J
                          INDEBTEDNESS OF THE BORROWER

INDEBTEDNESS SUBJECT TO LIENS

--------------------------------------------------------------------------------
                    Creditor                  Principal (US$)
--------------------------------------------------------------------------------
Total CREDIT LYONNAIS                                            10.594.514
Total RABOBANK LP5                                                4.850.596
TOTAL AMOUNT OF PRINCIPAL                                        15.445.110

INDEBTEDNESS NOT SUBJECT TO LIENS

--------------------------------------------------------------------------------
                    Creditor                  Principal (US$)
--------------------------------------------------------------------------------
                                                 TOTAL (1)
Total ALFABANQUE                                                 29.131.433
Total ALL FIRST BANK                                              1.698.616
Total BCO.NACION ARG.                                             3.000.000
Total CIUDAD DE BS.AS.                                            2.495.643  (1)
Total CREDIT LYONNAIS                                            15.274.521
Total DRESDNER BANK                                               5.595.791
Total ONU$S225MILL                                              225.000.000
Total PARIBAS                                                     4.741.250
Total RABOBANK                                                    8.310.613
Total SCOTIABANK                                                  1.141.760  (1)
Total SOCIETE GENERALE                                            8.638.378  (1)
Total VEREINSBANK                                                18.285.553
TOTAL AMOUNT OF PRINCIPAL                                       323.313.558

Includes debt converted into pesos and expressed in US$Exhibit 10.8

                             MASTER CREDIT AGREEMENT

                                USD 25,000,000.00

                                      DATED

                                     BETWEEN

                            MASTELLONE HERMANOS S.A.

                                    BORROWER

                                       AND

                              CREDIT LYONNAIS S.A.

                                    ARRANGER

                              CREDIT LYONNAIS S.A.

                                   BFG BANK AG

                        CREDIT LYONNAIS COPENHAGEN BRANCH

                            CREDIT LYONNAIS NEDERLAND

                                      BANKS

                                                                               2

                                    CONTENTS

ARTICLE                        HEADING                                     PAGE

PREAMBLE        5

ARTICLE 1 - DEFINITIONS                                                      5

ARTICLE 2 - AMOUNT AND PURPOSE OF THE CREDITS                                7

ARTICLE 3 - CONDITIONS OF ELIGIBILITY OF COMMERCIAL CONTRACTS                8

ARTICLE 4 - PROCEDURE FOR THE ADMISSION OF COMMERCIAL CONTRACTS              9

ARTICLE 5 - CONDITIONS PRECEDENT                                            11

ARTICLE 6 - DRAWINGS - PAYMENT INSTRUCTIONS                                 13

ARTICLE 7 - REPAYMENT OF PRINCIPAL                                          15

ARTICLE 8 - VOLUNTARY PREPAYMENT                                            16

ARTICLE 9 - INTEREST                                                        17

ARTICLE 10 - INTEREST ON LATE PAYMENTS                                      18

ARTICLE 11 - PROMISSORY NOTES                                               19

ARTICLE 12 - FEES                                                           20

ARTICLE 13 - CREDIT INSURANCE PREMIUMS                                      21

ARTICLE 14 - CURRENCY AND PLACE OF PAYMENT                                  22

ARTICLE 15 - APPLICATION OF SUMS RECEIVED BY THE BANKS                      23

ARTICLE 16 - THE ARRANGER                                                   24

ARTICLE 17 - TAXES                                                          25

ARTICLE 18 - COSTS AND EXPENSES                                             26

ARTICLE 19 - REPRESENTATION, WARRANTIES AND UNDERTAKINGS                    27

ARTICLE 20 - EVENTS OF DEFAULT - ACCELERATION                               31

ARTICLE 21 - CHANGES IN CIRCUMSTANCES                                       33

                                                                               3

ARTICLE 22 - ASSIGNEMENT OF RIGHTS ANS OBLIGATIONS                          35

ARTICLE 23 - WAIVER OF CLAIMS AND DEFENCES                                  36

ARTICLE 24 - COMMUNICATIONS                                                 37

ARTICLE 25 - MISCELLANEOUS                                                  39

ARTICLE 26 - LAW AND JURISDICTION                                           41

ARTICLE 27 - APPENDICES                                                     42

ARTICLE 28 - ENTRY INTO FORCE                                               43

APPENDIX IA     44

FORM OF ADMISSION FORM FOR FRENCH CREDITS                                   44

APPENDIX IB     48

FORM OF ADMISSION FORM FOR DANISH, GERMAN,                                  48

AND DUTCH CREDITS                                                           48

APPENDIX II     52

FORM OF PROMISSORY NOTE                                                     52

APPENDIX III    53

FORM OF LETTER OF INSTRUCTIONS                                              53

APPENDIX IV     56

FORM OF LEGAL OPINION                                                       56

WITH RESPECT TO THE AGREEMENT                                               56

APPENDIX V      59

FORM OF LEGAL OPINION                                                       59

WITH RESPECT TO AN ADMISSION FORM                                           59

                                                                               4
BETWEEN

- MASTELLONE HERMANOS incorporated under Argentinian law, whose registered
office is at avenida Leandro L.N. Alem 720, 1001 BUENOS AIRES, registered under
number 11633 Libro 85 Tomo A de estatutos de Sociedades Anonimas
represented by                                    and by
duly authorized for that purpose,
hereinafter the "Borrower",
                                                            on the one part

- CREDIT LYONNAIS, a societe anonyme with a capital of 9 389 925 000 FRF whose
registered office is at Lyon (Rhone), 18, rue de la Republique and whose central
office is at Paris 2e, 19, boulevard des Italiens, registered at the registry of
commerce and companies of Lyon under number B 954 509 741, represented by
                         duly authorized for that purpose, in its capacity as
arranger for the Banks, hereinafter the "Arranger", on the second part

AND

- CREDIT LYONNAIS, a societe anonyme with a capital of 9 389 925 000 FRF whose
registered office is at Lyon (Rhone), 18, rue de la Republique and whose central
office is at Paris 2e, 19, boulevard des Italiens, registered at the registry of
commerce and companies of Lyon under number B 954 509 741, represented by duly
                                                    authorized for that purpose,

- BFG BANK A.G., whose registered office is at Mainzer Landstrasse, 16 60325
Frankfurt am Main, Germany, represented by
                                               duly authorized for that purpose,

- CREDIT LYONNAIS COPENHAGEN, a branch of Credit Lyonnais France who's
registered office is at Toldbodgade 33, DK-1253 Copenhagen K, Denmark registered
in Erhvervs - og Selskabsstyrelsen no. 8413, represented by
                                               duly authorized for that purpose.

- CREDIT LYONNAIS NEDERLAND, a branch of Credit Lyonnais France, whose
registered office is at Atrium Building, 5th floor, Strawinskylaan 3093, 1077-ZX
Amsterdam - The Netherlands , represented by
                                        duly authorized for that purpose.
     hereinafter collectively the "Banks" and individually a "Bank",
                                                              on the third part.

                                                                               5

PREAMBLE

WHEREAS

-    The Borrower, the Arranger and the Banks wish to collaborate in order to
     promote the financing of equipment, capital goods and/or services exported
     by Danish, French, German, Italian and Dutch Suppliers to MASTELLONE in
     Argentina ; and

-    The Banks have agreed to establish under this Master Credit Agreement the
     general terms and conditions of buyer credits to facilitate the payment of
     any eligible export contract denominated in FRF, DEM, DKK,ITL, NLG and/or
     USD and any other currency agreed by a Bank, while the particular terms and
     conditions of such buyer credits will be established in specific Admission
     Forms ;

NOW THEREFORE, IT IS HEREBY AGREED AS FOLLOWS :

ARTICLE 1 - DEFINITIONS

The following capitalized terms used in this Agreement shall have the following
meanings (such meanings to be equally applicable to both the singular and the
plural forms of the terms defined) :

ADMISSION FORM means the document referred to in Article 4 and to be in the form
of Appendix IA or Appendix IB ;

ARGENTINA means Republic of Argentina ;

ARRANGER means CREDIT LYONNAIS S.A., 19 boulevard des Italiens, 75002 Paris
(France), in its capacity as Arranger for the Banks ;

AGREEMENT means this Master Credit Agreement, the Preamble and the Appendices as
well as, if applicable, the amendments thereto which will constitute an integral
part hereof ;

BANKING DAY means for each Credit a whole day on which banks are open for
business and domestic as well as foreign exchange transactions for the relevant
Currency are performed in the relevant city(ies) as will be defined in the
relevant Admission Form ;

COMMERCIAL CONTRACT means any contract entered into between the Buyer and a
Supplier or Suppliers for the purchase of equipment, capital goods and/or
services of Danish, French, German, Italian and Dutch origin, and duly
authorised by the Relevant Authority(ies), as well as, if applicable, the
amendments thereto ;

COUNTRY means DENMARK, FRANCE, GERMANY and THE NETHERLANDS;

                                                                               6

CREDIT means each credit granted by a Bank pursuant to this Agreement for the
financing, among other things, of a portion not exceeding 85 % of the price of
the Eligible Portion of a Commercial Contract ;

CURRENCY means each of DEM, DKK, FRF, ITL, NLG and USD ;

DEM means the lawful currency of GERMANY ;

DKK means the lawful currency of DENMARK ;

DRAWING means any advance made by a Bank to the Borrower under the terms and
conditions set forth in Article 6 of this Agreement and in the relevant
Admission Form ;

ELIGIBLE PORTION of a Commercial Contract means the portion of the equipment,
goods and/or services admitted for support by the Relevant Authority(ies) as
well as any other elements admitted for support by the Relevant Authority(ies)
as defined in the relevant Admission Form ;

FRF means the lawful currency of FRANCE ;

ITL means the lawful currency of ITALY;

LETTER OF INSTRUCTIONS means the letter of irrevocable instructions to be signed
by the Borrower in the form of Appendix III ;

NLG means the lawfull currency of THE NETHERLANDS ;

PROMISSORY NOTE means a promissory note in the form of Appendix II ;

RELEVANT AUTHORITY means an authority authorising any particular Credit as
defined in each Admission Form ;

SUPPLIER means the manufacturer or the seller, party to a Commercial Contract ;

USD means the lawful currency of the UNITED STATES OF AMERICA.

                                                                               7

ARTICLE 2 - AMOUNT AND PURPOSE OF THE CREDITS

2.1  Credits may be granted hereunder up to an aggregate amount of 25,000,000
     USD (USD twenty five million) or its equivalent in other Currencies.

     No Credit hereunder may be granted if the USD Amount of such Credit, added
     to the aggregate USD Amount of the Credits previously granted hereunder,
     would exceed USD 25,000,000.

     For this Article 2.1, USD Amount means in relation to a Credit granted or
     to be granted in USD, the amount in USD of such Credit, and in relation to
     a Credit granted or to be granted in another Currency, the equivalent in
     USD of the amount in the other currency, calculated at the offered
     interbank spot rate prevailing on the foreign exchange market in the
     business place of the relevant Bank, as to Credits already granted, on the
     date of each relevant Admission Form and, as to Credits requested, the date
     of receipt by the relevant Bank of such request.

2.2  The obligations of any Bank under this Agreement shall be several and no
     rights shall arise therefrom against any other Bank. The responsibility
     under a specific Admission Form shall be the sole responsibility of the
     relevant bank.

2.3  For each Commercial Contract, each Credit made available to the Borrower
     shall be for payment to the relevant Supplier of up to a maximum amount
     equal to 85 % of the Eligible Portion of the Commercial Contract and, if
     credit insurance premiums are totally or partially financed thereunder, for
     payment or repayment of such credit insurance premiums.

                                                                               8

ARTICLE 3 - CONDITIONS OF ELIGIBILITY OF COMMERCIAL CONTRACTS

To be eligible for financing under this Agreement, a Commercial Contract shall :

3.1  have been signed within 2 years from the signature of the Agreement and
     shall be for a minimum amount of 1,200,000 USD (USD one million two hundred
     thousand) or its equivalent in any other Currency,

3.2  be in conformity with the requirements of the Relevant Authority(ies),

3.3  provide for the following payment conditions :

     -   15 % minimum as downpayment, whether up front or fractioned into
         several payments, to be paid directly by the Buyer to the Supplier(s)
         (out of which, for French and Dutch supplies only, 5% minimum to be
         paid on the date of signature of the Commercial Contract ) ;

     -   85 % maximum of the Eligible Portion of the Commercial Contract
         financed by the Credit(s).

                                                                               9

ARTICLE 4 - PROCEDURE FOR THE ADMISSION OF COMMERCIAL CONTRACTS

4.1  The Borrower shall send to the relevant Bank, with copy to the Arranger, a
     request for an Admission Form specifying the information required under
     Article 1 of said Admission Form, as complete as possible, to enable said
     Bank :

     4.1.1.    to satisfy itself that such Commercial Contract is eligible under
               the provisions of Article 3 hereabove ; and

     4.1.2.    to determine if it agrees to grant the requested credit ; and

     4.1.3.    to obtain the necessary approvals from the Relevant
               Authority(ies).

4.2  The Borrower shall afterwards procure that a copy of the Commercial
     Contract and related documents be delivered to the relevant Bank and the
     Arranger as soon as practicable.

     After receipt of the copies of the above-mentioned documents, and upon
     approval by the Relevant Authority(ies) or satisfaction of the relevant
     Bank that such Commercial Contract is eligible under the rules of such
     Relevant Authority(ies), if the relevant Bank agrees to grant the requested
     Credit, such Bank will send to the Borrower the corresponding Admission
     Form(s) in three (3) original copies drawn up in English. If not, the
     relevant Bank shall as soon as practicable notify such refusal to the
     Borrower.

4.3  The Admission Form shall specify, inter alia :

     4.3.1     the reference number of the Admission Form,

     4.3.3     the amount of the corresponding Credit,

     4.3.3     the terms and conditions of the payments to be made to the
               Supplier with complete details related to its account, and the
               deadline date for Drawings under the Credit,

     4.3.4     the term of the Credit, the number of instalments of repayment
               and the starting date for repayment of the Credit,

     4.3.5     the specifications applicable to interest on the Credit,

     4.3.6     the amount of the credit insurance premiums related to the
               Credit, if any, and

     4.3.7     any other specific conditions applicable to such Credit.

4.4  A Commercial Contract may be financed through more than one Credit, if the
     Suppliers are located in different Countries and if such Commercial
     Contract is eligible for support from the Relevant Authority(ies) of the
     relevant Countries. In such case, an Admission Form shall be signed for
     each Credit.

                                                                              10

4.5  The Borrower will send back as soon as practicable to the relevant Bank the
     3 original copies of such Admission Form duly signed. The relevant Bank and
     the Arranger will sign the 3 original copies and the Arranger will send
     back one (1) original copy to the Borrower and one (1) to the relevant
     Bank.

4.6  By executing an Admission Form, the Borrower shall irrevocably and
     unconditionally be deemed to have :

     4.6.1     represented that the Agreement and the Admission Form constitute
               the legal, valid and binding obligation of the Borrower and
               comply with the laws and regulations in force in Argentina,

     4.6.2     given irrevocable instructions to the relevant Bank to pay the
               relevant Supplier and, as the case may be, to pay the credit
               insurance premiums.

                                                                              11

ARTICLE 5 - CONDITIONS PRECEDENT

5.1  With respect to this Agreement,

     The Arranger and the Banks shall in no case incur any obligation under this
     Agreement and any subsequent Admission Form unless the following documents
     have been received by the Arranger acting on behalf of the Banks in a form
     satisfactory to the Arranger :

     5.1.1     a copy, certified by a duly authorised person of the Borrower, of
               the articles of incorporation and by-laws of the Borrower as
               currently in force,

     5.1.2     copies, certified by a duly authorised person of the Borrower, of
               the decision to sign, execute and deliver this Agreement, any
               Admission Form, any Promissory Note and any Letter of
               Instructions,

     5.1.3     the authentified specimen(s) of the signature(s) of the
               representative(s) of the Borrower authorised to sign the
               Agreement on behalf of the Borrower, as well as any Admission
               Form, any Promissory Note and any Letter of Instructions,

     5.1.4     the original copy (ies) of the power(s) of attorney of the said
               representative(s),

     5.1.5     an opinion of legal counsel to the Banks, in the form of Appendix
               IV hereto.

     The Borrower undertakes that the conditions hereabove will be fulfilled
     within 30 calendar days after the signature of this Agreement.

5.2  With respect to each Admission Form and Drawings :

     The Banks shall in no case make Drawings available to the Borrower, in the
     terms and conditions set out in Article 6, unless the following conditions
     have been fullfilled to the satisfaction of the relevant Bank :

     5.2.1     Prior to the first Drawing

               5.2.1.1   fulfillment of the conditions set forth under Article
                         5.1, and agreement of the relevant Bank to provide such
                         Credit as per Article 4.1 hereabove,

               5.2.1.2   receipt by the relevant Bank of a certificate from the
                         Supplier as to the date of entry into force of the
                         Commercial Contract,

               5.2.1.3   receipt by the relevant Bank of the Admission Form duly
                         executed by the Borrower, and as the case may be, of
                         the Letter of Instructions and the Promissory Notes
                         duly executed by the Borrower,

               5.2.1.4   specimens of the signatures of the representatives of
                         the Borrower (if different from those provided under
                         Article 5.1.3) authorised to

                                                                              12

                         sign the Admission Form and, as the case may be, the
                         Letter of Instructions and the Promissory Notes,

               5.2.1.5   receipt by the relevant Bank of the opinion, issued by
                         the legal counsel to the Banks, in the form set forth
                         in Appendix V hereto.

               5.2.1.6   fulfillment of all other conditions stated in the
                         relevant Admission Form,

     5.2.2     Prior to the first Drawing and to each Drawing

               5.2.2.1   the delivery to the relevant Bank of the evidence that
                         the downpayment mentioned in Article 3.3 of this
                         Agreement has been paid to the Supplier in accordance
                         with the provisions of Article 1.8 of the relevant
                         Admission Form.

               5.2.2.2   the issuance of the relevant credit insurance policy
                         and of any other approval and thereafter, the
                         maintenance in full force and effect of any approval,
                         support and credit insurance policy from the Relevant
                         Authority(ies).

               5.2.2.3   that no event of default as per Article 20 or event
                         which, with the giving of notice or the lapse of time
                         or both, would constitute an event of default as per
                         Article 20, has occurred.

                                                                              13

ARTICLE 6 - DRAWINGS - PAYMENT INSTRUCTIONS

6.1  The Borrower hereby instructs the Banks that each Credit shall only be made
     available by the relevant Bank :

     6.1.1     by payments to the relevant Supplier. The Borrower shall instruct
               the relevant Bank in the relevant Admission Form to pay to the
               relevant Supplier on its behalf and for its account any amount
               due to such Supplier, upon delivery by such Supplier to the
               relevant Bank of the documents listed in Article 4.2.1 of the
               relevant Admission Form and determined by the relevant Bank to be
               in compliance with the terms and conditions of Article 4.2.1 of
               the relevant Admission Form,

     6.1.2     by payment to the Relevant Authority(ies)/to the relevant Bank.
               The Borrower shall instruct the relevant Bank in the relevant
               Admission Form to pay to the Relevant Authority(ies)/repay to the
               relevant Bank the credit insurance premiums due to the Relevant
               Authority(ies), as the case may be,

     6.1.3     The present instructions, given in the joint interest of the
               parties, are irrevocable. Accordingly, the Borrower expressly
               acknowledges that the instructions of payment hereabove and set
               out in the relevant Admission Form cannot be cancelled or
               modified by the Borrower without the written consent of the
               relevant Supplier and of the relevant Bank.

6.2  The payments referred to in Article 6.1 will be made, subject to the
     provisions of Articles 5.2, within 15 days after the receipt by the
     relevant Bank of the documents listed in the relevant Admission Form, if
     found by such Bank to be satisfactory.

6.3  The relevant Bank's only responsibility for the examination of the
     documents listed in Article 4.2.1 of the relevant Admission Form shall be
     limited to ascertain that they appear on their face to be in accordance
     with the terms and conditions thereof as defined in the Uniform Customs and
     Practice for Documentary Credits (ICC number 500).

6.4  If the Credit is extended in a Currency other than the currency of the
     Commercial Contract, the exchange rate applied to each Drawing shall be the
     Interbank rate offered on the foreign exchange market at the time of the
     day determined in Article 4.3 of the relevant Admission Form in the
     business place of the relevant Bank 2 Banking Days prior to such Drawing
     or, if no rate is available at such time, the next available rate.

     For this Article 6.4, Interbank Rate means the rate offered to
     counterparties having a similar situation for transactions of a similar
     nature, for a similar amount and at the same time on the relevant market.

     The exchange rate determined in this manner shall be notified by the
     relevant Bank to the Borrower and shall be binding on the parties save
     manifest error proven by the Borrower.

6.5  No Drawing shall be made available after the deadline date for drawing
     mentioned in the relevant Admission Form.

                                                                              14

6.6  The minimum amount and periodicity of Drawings will be specified in each
     Admission Form.

6.7  If the relevant Currency is not available on the relevant interbank foreign
     exchange market, the relevant Bank shall inform the Borrower ; thereafter
     the relevant Bank shall consult with the Borrower for a period of 15
     Banking Days in order to find an amicable solution allowing the pursuance
     of the affected Credit under the relevant Admission Form. Meanwhile, the
     Borrower's right to make any further Drawing related to such Credit in the
     affected Currency shall be suspended.

     If no agreement is reached within such period of time or any longer period
     as the relevant Bank may agree, the commitment of the Bank thus affected
     under such Admission Form shall be cancelled and any amount due to the
     relevant Bank under the relevant Admission Form shall immediately be paid
     or repaid by the Borrower.

                                                                              15

ARTICLE 7 - REPAYMENT OF PRINCIPAL

The Borrower shall repay the total amount of the Drawings under each Credit in
equal, consecutive and semi-annual instalments, the number of which shall be
determined by the Relevant Authority(ies).

The first instalment will fall due 6 months after the date determined by the
Relevant Authority(ies) as the starting date of the repayment period. The
repayment terms will be those mentioned in the relevant Admission Form.

                                                                              16

ARTICLE 8 - VOLUNTARY PREPAYMENT

8.1  The Borrower shall be entitled upon giving to the relevant Bank and the
     Arranger a prior written notice, and subject to the directives and consent
     (if necessary) of the Relevant Authority(ies), to prepay on a principal
     repayment date under an Admission Form, either the whole or part of such
     Credit.

     The prepayment may only cover an amount equal to one or more instalments of
     principal or to the outstanding amount of the Credit.

8.2  The Borrower shall indemnify the relevant Bank of any loss which may result
     for such Bank from the difference between any refinancing cost and the
     proceeds from the placing of such amounts prepaid on the market.

8.3  If the Borrower wishes to prepay the whole or part of a Credit :

     8.3.1     it shall give to the relevant Bank the notice referred to in
               Article 8.1. not less than 3 months before the date of such
               prepayment ;

     8.3.2     within the one month period following the reception of such
               notification, the relmevant Bank shall give to the Borrower in
               writing, the estimated amount of the indemnity referred to in
               Article 8.3. This estimation, computed on the basis of the
               information available to the relevant Bank at the time of this
               calculation, will be only indicative and will be given to the
               Borrower subject to the evolution of said information ;

     8.3.3     Within the one month period from the reception of such estimation
               and in any event not later than one month before the date of such
               prepayment, the Borrower will confirm or waive its request for
               prepayment in writting to the Lender. In the absence of
               confirmation within the one month period before the date of said
               prepayment, the Borrower will be deemed to have waived its
               request for prepayment. If the Borrower confirms its request,
               within the above-mentioned delay, it shall be irrevocably
               committed to make such prepayment and to pay on the Payment Date,
               the amounts due according to paragraph 8.2. upon presentation of
               a statement forwarded by the Lender 10 Banking Days before such
               Payment Date.

8.4  All amounts prepaid shall be applied in accordance with the provisions of
     Article 15.

8.5  No amount prepaid may be redrawn.

8.6  The Promissory Notes, if any, shall be modified in accordance with the
     terms and conditions of the Letter of Instructions.

                                                                              17

ARTICLE 9 - INTEREST

9.1  The amounts owed by the Borrower under each Credit shall bear interest from
     the day of the first Drawing until fully repaid in accordance with the
     provisions of the relevant Admission Form.

     In case of a fixed interest rate, it will be based on the Commercial
     Interest reference Rate, fixed by the relevant authorities according to
     OECD regulations and will be mentioned in each Admission Form.

     In case of a floating rate, it will be based on 6 months LIBOR or interbank
     offered on the Currency of the country of the relevant bank plus a margin
     which will be determinated in fonction of the percentage of cover for both
     political and commercial risk given by the relevant Export Credit Agency to
     the relevant Lender. The proposed level of margin will be determined as
     follows:

Political risk covered   Commercial risk covered                    Margin

           100%          100%                                       0,50%
            95%          95%                                        0,85%
            95%          more than 85% and less than 95%            1,00%
            95%          more than 80% and equal to 85%             1,125%
            95%          more than 70% and equal to 80%             1,25%
equal or less than 95%   more than 50% and equal to 70%             1,50%

9.2  Interest shall be calculated at the rate set out in the relevant Admission
     Form on the basis of the actual number of days elapsed and a 360 day-year,
     and shall be payable semi-annually in arrears in accordance with the
     provisions of the relevant Admission Form.

                                                                              18

ARTICLE 10 - INTEREST ON LATE PAYMENTS

10.1 Without prejudice to the provisions of Article 21 and without the present
     provisions in any way constituting a waiver of terms of payments, any
     amount due under this Agreement, any Admission Form and/or any Promissory
     Note with respect to principal and/or interest and unpaid for whatever
     reason shall automatically bear interest within the limit of the law during
     the period from and including the due date for payment thereof to the date
     when such amount is paid, at the greater of the following two rates :

     -   for Currencies other than the FRF, the day to day money market rate
         quoted to the Bank for the relevant Currency , or for the FRF the
         arithmetic mean of the daily rates of the day to day French Interbank
         money market denominated TMP (Taux Moyen Pondere) as published by
         Banque de France, increased by 2% per annum ;

     and

     -   the rate provided in the relevant Admission Form increased by 2% per
         annum.

10.2 Any amount other than principal and/or interest due hereunder, under any
     Admission Form and/or any Promissory Note and unpaid on its due date for
     whatever reason shall automatically bear interest within the limit of the
     law during the period from and including the due date for payment thereof
     to the date where such amount is paid at a rate equal to :

     -   For Credit in FRF, the TMP increased by 2% per annum,

     -   For Credit in Currencies other than FRF, the day to day money market
         rate quoted to the Bank for the relevant Currency increased by 2% per
         annum.

10.3 Interest on late payments shall be paid on first demand to the relevant
     Bank.

10.4 Interest on late payments shall be calculated on the basis of the actual
     number of days elapsed divided by 360.

10.5 Interest on late payments shall itself bear interest at the above rate if
     it is due for a whole year, in compliance with Article 1154 of the French
     Civil Code.

10.6 The provisions hereabove shall not affect the right of the Banks to
     accelerate payment of amounts due to them according to Article 20 and shall
     not result in any extension of term.

                                                                              19

ARTICLE 11 -      PROMISSORY NOTES

11.1 To the extent that Promissory Notes are required by the Relevant
     Authority(ies), the Borrower shall deliver such Promissory Notes in the
     form of Appendix II.

11.2 Such Promissory Notes shall evidence the obligation of the Borrower to
     repay the principal of the relevant Credits as well as its obligation to
     pay interest on such principal.

11.3 Such Promissory Notes shall have the legal form and effect given to them by
     French Law and shall satisfy the requirements of French Law as to their
     form and substance.

11.4 After full discharge of each Promissory Note, it shall be returned to the
     Borrower.

11.5 The Banks and holders of these promissory notes are expressly exempted from
     the need to protest the same.

                                                                              20

ARTICLE 12 - FEES

Unless otherwise specified in the relevant Admission Form, for each Credit the
following fees will apply :

12.1 A commitment fee is due by the Borrower to the relevant Bank. It will be
     calculated at a rate of 0,50 % per annum at the beginning of each
     semi-annual period on the undrawn amount of the Credit specified in the
     relevant Admission Form. For German credits only , this fee will be
     calculated at the rate of 0,25 %.

     The first payment shall be made no later than fifteen (15) days after the
     date of signature of the relevant Admission Form and thereafter, every six
     (6) months from such date. Each period of less than six (6) months shall
     count as a complete semi-annual period,

12.2 A flat management fee of 0,50 % is due by the Borrower to the relevant
     Bank. It will be calculated on the maximum amount of the Credit specified
     in the relevant Admission Form. It will be paid within fifteen (15) days of
     the signature of the relevant Admission Form.

     For German credits only , this fee will be calculated at the rate of 0,25%.

                                                                              21

ARTICLE 13 - CREDIT INSURANCE PREMIUMS

The credit insurance premiums payable as the case may be pursuant to the credit
insurance policy subscribed by the Bank in relation to any Admission Form shall
be borne as provided in the relevant Admission Form.

                                                                              22

ARTICLE 14 - CURRENCY AND PLACE OF PAYMENT

14.1 The Borrower shall pay all sums due to the Arranger under this Agreement in
     the relevant Currency with the reference "MCA MASTELLONE" to the Arranger
     as mentioned in the Admission Form.

14.2 The Borrower shall pay all sums due to Banks under this Agreement, any
     Admission Form and/or any Promissory Note by crediting the relevant Bank's
     account specified in the relevant Admission Form.

14.3 With respect to each payment, the Borrower shall have the bank in charge of
     the transfer send a telex to the relevant Bank or to the Arranger, as the
     case may be, at the latest 2 Banking Days prior to the due date.

Such telex shall be sent in compliance with Article 24.

14.4 If any amount falls due on a day which is not a Banking Day, such payment
     shall be made on the next succeeding Banking Day and interest and fees
     shall continue to accrue accordingly, unless otherwise specified in the
     relevant Admission Form.

14.5 All payments pursuant to this Agreement, any Admission Form and/or any
     Promissory Note shall be made in freely available funds on or before 11.00
     a.m. (local time of the place of payment) on their due date.

14.6 Should the Arranger or any Bank wish to modify the specifications set out
     in Article 6 of the relevant Admission Form, relative to Articles 14.1 and
     14.2 hereof, it shall notify the Borrower of the new payment instructions
     at least 10 Banking Days in advance. The Borrower hereby agrees to comply
     with any such new instructions.

14.7 If for any reason whatsoever, including a judgment or an arbitral award
     rendered against the Borrower or the bankruptcy of the Borrower or any
     proceeding having the same effect on the Borrower, (a) a payment relating
     to this Agreement, any Admission Form and/or the Promissory Notes were made
     to the Arranger or to a Bank or collected by the Arranger or a Bank in a
     currency other than the Currency of account of the corresponding payment
     obligation, and (b) if upon exchange by the Arranger or the relevant Bank
     of such other currency into such Currency of account, the amount obtained
     were less than the amount due, the Borrower undertakes to pay the exact
     difference to the Arranger or to the relevant Bank, as the case may be, at
     its first demand.

14.8 Payment shall fully discharge the Borrower only if it is made in conformity
     with this Article 14.

                                                                              23

ARTICLE 15 - APPLICATION OF SUMS RECEIVED BY THE BANKS

All payments received by the Arranger or any Bank for any reason whatsoever with
respect to this Agreement, any Admission Form and/or any Promissory Note shall
be applied by the Arranger or the relevant Bank, as the case may be, unless the
Arranger or the relevant Bank, as the case may be, decides otherwise :

15.1 First, to the payment of any overdue amounts in the chronological order in
     which such amounts initially fell due.

15.2 If no amounts are overdue or if the overdue amounts have been paid as
     indicated above, to the prepayment of the outstanding amounts owing under
     the Agreement, any Admission Form and/or any Promissory Note in the reverse
     order of their maturities, the amount of interest payable being accordingly
     recalculated.

                                                                              24

ARTICLE 16 - THE ARRANGER

16.1 Each of the Banks hereby irrevocably appoints CREDIT LYONNAIS S.A. as its
     Arranger to exercise such rights and obligations as are specifically
     delegated to the Arranger as per Article 16.2 hereof.

16.2 The obligations and rights of the Arranger shall be the following :

     16.2.1    the Arranger shall verify on behalf and for the account of the
               Banks the fulfillment of the Conditions Precedent set forth in
               Article 5.1 ;

     16.2.2    the Arranger shall verify the compliance of the proposed
               financial conditions with the terms and conditions of the
               Agreement ;

     16.2.3    the Arranger shall assist each relevant Bank in the preparation
               of and sign each Admission Form ; however, the Arranger shall not
               be responsible in any manner for the Bank's final decision to
               grant or not the Credit, and shall not be subject to the
               disbursement obligations falling on such Bank under such
               Admission Form ;

     16.2.4    the Arranger shall assist the Banks in the implementation of this
               Agreement ;

     16.2.5    the Arranger shall keep a register of the Credits granted under
               this Agreement and shall notify the Borrower and the Banks when
               the maximum total amount of Credits as per Article 2.1 has been
               reached ; such notification shall be binding on the Borrower and
               the Banks ;

     16.2.6    the Arranger shall as soon as possible give notice to the
               Borrower or to the relevant Bank(s) of any advice, notification,
               or note received from the Borrower or the Bank(s) and vice versa;

     16.2.7    with respect to its own Credits, the Arranger shall have the same
               rights and powers under this Agreement, any Admission Form and
               any Promissory Note as any other Bank and may exercise the same
               as though it were not performing the obligations and rights
               delegated to it under this Article 16 ;

     16.2.8    the Arranger may accept deposits from, lend money to, and
               generally engage in any kind of banking business with the
               Borrower, or any of its subsidiaries, or any of the Banks, as if
               it were not the Arranger ;

                                                                              25

ARTICLE 17 - TAXES

17.1 All taxes, duties or other fiscal charges including without limitation all
     stamp duties and registration fees which may be due in relation to the
     signature, execution, delivery, performance and/or termination of this
     Agreement, any Admission Form, any Promissory Note and/or any other related
     document shall be for the account of the Borrower.

17.2 The Borrower hereby agrees that all payments made by it pursuant to this
     Agreement, any Admission Form, any Promissory Note and/or any other related
     document shall be made free and clear of all taxes and duties and without
     deduction or withholding for or on account of any taxes or duties.

     If any payment by the Borrower were reduced by any taxes, duties, fiscal
     charges or withholdings, the Borrower shall pay to the Arranger and/or to
     any concerned Bank such additional amounts as may be necessary to ensure
     that, after payment of such taxes, duties and/or withholdings or payment of
     fiscal charges, the Arranger and/or the relevant Bank(s) receives in the
     relevant Currency an amount equal to the full amount which they would
     otherwise have received, had no such taxes, duties, fiscal charges or
     withholdings been made.

17.3 Without prejudice to the provisions of Article 17,1 and 17,2 and in case of
     countries having a treaty with Argentina in order to avoid the double
     taxation, the Borrower and the Bank(s) will take the reasonnable steps in
     order to take into consideration the implications of such treaty(ies).

                                                                              26

ARTICLE 18 - COSTS AND EXPENSES

The Borrower shall pay directly or reimburse to the Arranger or to the relevant
Bank on first demand all costs, expenses and fees incurred by the Arranger
and/or such Bank (including travel and accomodation expenses, translation
expenses, postage and telecommunication expenses and legal, consultant and
expert costs and fees) as well as any taxes arising therefrom resulting from :

18.1 the preparation, negotiation, signature, execution and delivery of this
     Agreement, any Admission Form, any Promissory Note, any Letter of
     Instructions, any legal opinion and any other related document ;

18.2 any modification to this Agreement, any Admission Form, any Promissory
     Note, any Letter of Instructions, any legal opinion and any other related
     document ;

18.3 (a) the preservation by the Arranger and/or any Bank of their rights under
     this Agreement, any Admission Form, any Promissory Note, any Letter of
     Instructions and any other related document, (b) any failure by the
     Borrower to perform any obligation undertaken by it in or pursuant to this
     Agreement, any Promissory Note, any Letter of Instructions and any other
     related document, (c) the acceleration of any payment due hereunder, under
     any Admission Form and/or any Promissory Note and (d) the collection by the
     Arranger and/or any Bank of any amount due to them under this Agreement,
     any Admission Form and/or any Promissory Note.

                                                                              27

ARTICLE 19 - REPRESENTATION, WARRANTIES AND UNDERTAKINGS

19.1 Representations and warranties of the Borrower

     The Borrower hereby represents and warrants that :

     19.1.1    it is a corporation duly organized and validly existing under the
               laws of Argentina as a " ;

     19.1.2    it has full power and authority to carry on its business as it is
               now being conducted and especially to incur indebtedness as
               provided in this Agreement, any Admission Form and any Promissory
               Note, execute the Agreement, any Admission Form, any Promissory
               Note and any Letter of Instructions and to perform all their
               terms and conditions ;

     19.1.3    in accordance with the laws of Argentina and the Borrower's
               articles of incorporation and by-laws, the decision to incur
               indebtedness and to enter into this Agreement has been validly
               taken on June 27th, 1997 by Acta de Directorio, and M. Pascual
               MASTELLONE has been validly authorised to sign the Agreement, any
               Admission Form, any Letter of Instructions and any Promissory
               Note and to perform all their terms and conditions ;

     19.1.4    it is not necessary to take any legal action and to obtain from
               the competent authorities of Argentina, any approval necessary
               with respect to the laws of Argentina for the validity of the
               Agreement, any Admission Form, any Letter of Instructions and any
               Promissory Note and authorising their execution and performance
               especially with respect to foreign exchange regulations, the
               right to acquire and transfer the amounts in Currencies necessary
               for the Borrower to pay any and all amounts owed under the
               Agreement, any Admission Form and any Promissory Note whether on
               their due dates or in the event of acceleration ;

     19.1.5    the Agreement, any Admission Form, any Letter of Instructions and
               any Promissory Note when signed shall be in proper legal form and
               constitute and shall constitute the legal, valid and binding
               obligations of the Borrower enforceable against the Borrower in
               accordance with their terms until full payment of all sums due ;

     19.1.6    the decision to incur indebtedness, the execution of the
               Agreement, any Promissory Note and any Letter of Instructions and
               the performance by the Borrower of the obligations resulting
               therefrom do not and shall not result in any breach or violation
               of, or constitute a default under, the Borrower's articles of
               incorporation and by-laws or any agreement binding on it or to
               which it is a party, or public order provision, laws or
               regulations applicable to the Borrower ;

     19.1.7    it has good and valid title to its property ;

                                                                              28

     19.1.8    the rights of the Banks arising from this Agreement, any
               Admission Form and any Promissory Note rank and will rank at
               least pari passu with all other unsecured and unsubordinated
               indebtedness of the Borrower ;

     19.1.9    it is not in breach of any of its obligations and is not in
               default under any agreement to which it is a party ;

     19.1.10   there are no litigations or judicial, arbitration or
               administrative proceedings pending or to its knowledge
               threatened, which might forbid the signature of the Agreement or
               of any Admission Form, threaten the good performance of its
               obligations under this Agreement, any Admission Form, any Letter
               of Instructions, and/or any Promissory Note or adversely affect
               its activities, its property or its financial condition ;

     19.1.11   no tax, duty, withholding nor other fiscal payment are levied in
               Argentina with respect to the Agreement, any Admission Form, any
               Letter of Instructions and/or any Promissory Note ;

     19.1.12   it is not necessary in order to ensure (a) the legality,
               validity, enforceability or (b) the admissibility in evidence in
               a court in Argentina and to obtain the performance of this
               Agreement, any Admission Form, Promissory Note and/or Letter of
               Instructions or payment hereunder and/or thereunder, that any of
               them be stamped or registered or any duty paid or any
               authorisation obtained in Argentina ;

     19.1.13   the Agreement needs not to be registered with any authority in
               Argentina ;

     19.1.14   any information supplied by the Borrower to the Arranger and/or
               to any Bank in connection with this Agreement is accurate and
               complete and the Borrower is not aware of any other information
               not disclosed to the Banks, the disclosure of which might have
               changed the decision of the Banks to enter into this Agreement ;

     19.1.15   the financial statements delivered to the Arranger are complete
               and correct, comply with the Argentinian legal requirements and
               present a true and fair view of the financial condition of the
               Borrower and the results of its operation in accordance with
               generally accepted accounting principles in Argentina ;

     19.1.16   it has no right of immunity either from jurisdiction or from
               execution ;

     19.1.17   this Agreement, any Admission Form, any Letter of Instructions,
               and any Promissory Note constitute or shall, if and when signed,
               constitute commercial acts ;

     19.1.18   it has validly chosen French law to govern its obligations under
               this Agreement, any Admission Form, any Letter of Instructions
               and any Promissory Note ;

                                                                              29

     19.1.19   it has validly submitted hereunder to the non-exclusive
               jurisdiction of an arbitration court organized under the Rules of
               Conciliation and Arbitration of the International Chamber of
               Commerce ;

     All of the representations made by the Borrower above shall be deemed
     repeated until all sums which may be owed by the Borrower pursuant to this
     Agreement, any Admission Form and/or any Promissory Note have been paid or
     repaid to the Banks in full.

19.2 Undertakings of the Borrower

o    The Borrower hereby undertakes that, until all sums which may be owed by
     the Borrower pursuant to this Agreement, any Admission Form and/or any
     Promissory Note have been paid or repaid in full, it shall :

     19.2.1    maintain its corporate existence and full power and authority to
               carry on its business ;

     19.2.2    not cause or suffer any change in its corporate name, form, in
               the repartition of its shareholding, the nature of its business,
               its purpose or in the location of its registered office ;

     19.2.3    comply with all laws and regulations the non-compliance to which
               could directly or indirectly adversely affect the performance of
               its obligations under the Agreement, any Admission Form, any
               Promissory Note, and/or any Letter of Instructions ;

     19.2.4    obtain and renew all authorizations required in order for the
               Borrower to perform its obligations under the Agreement, any
               Admission Form, any Promissory Note, and/or any Letter of
               Instructions ;

     19.2.5    maintain the goods covered by any Commercial Contract financed
               hereunder in good working order and insure then with financially
               sound and reputable insurers for risks and amounts of indemnities
               including for the environmental risk corresponding to the nature
               of the business of the Buyer in accordance with usual
               international practice ;

     19.2.6    agree that, upon request of the Relevant Authorities and/or the
               Bank(s), the Bank(s) will receive an encumbrance on the assets
               purchased under the Commercial Contract;

     19.2.7    not guarantee either as guarantor, surety or "avaliste" the
               obligations of any third party ;

     19.2.8    not modify any provision of any Commercial Contract, especially
               concerning the parties thereto, the purpose, the price, the terms
               of payment, the delivery dates of the goods or the performance
               dates of the services or generally any provision of such
               Commercial Contract which may affect the terms and conditions of
               this Agreement and/or the relevant Admission Form ;

                                                                              30

     19.2.9    advise without delay the Arranger :

               19.2.9.1  upon its occurence, of any event which constitutes or
                         could constitute one of the events set forth in Article
                         20 ;

               19.2.9.2  of any undertaking to pay, to do or not do the breach
                         of which may cause acceleration of the concerned debt ;

               19.2.9.3  of any circumstance which may affect the importance or
                         the value of its property or increase substantially the
                         volume of its liabilities ; and

               19.2.9.4  generally of any circumstance which may adversely
                         affect the performance of this Agreement, any Admission
                         Form, any Promissory Note, and/or any Letter of
                         Instructions ;

     19.2.10   send to the Arranger :

               19.2.10.1 as soon as the same are available, copies of its
                         audited consolidated profit and loss account for each
                         financial year and its audited balance sheet at the end
                         of its financial year, in each case audited by the
                         auditors for the time being of the Borrower, together
                         with the opinion of such auditors thereon, prepared in
                         compliance with Argentinian legal requirements and in
                         accordance with generally accepted accounting
                         principles in Argentina. The Borrower shall also
                         provide the Arranger with any such information or
                         financial document as the Arranger may from time to
                         time reasonably request ;

               19.2.10.2 any modification of its articles of incorporation
                         and/or by-laws as well as any other corporate documents
                         as the Arranger may from time to time reasonably
                         request ;

               19.2.10.3 promptly, and not later than 30 days after the payment
                         of any tax duty or fiscal charge mentioned at Article
                         17.2, the receipt of such payment, or a certified true
                         copy thereof.

     19.2.11   send to the relevant Bank on first demand, supplementary sets of
               Promissory Notes if it appears at any time that the number of
               sets provided for in the relevant Admission Form is not
               sufficient.

                                                                              31

ARTICLE 20 - EVENTS OF DEFAULT - ACCELERATION

20.1 Each of the following circumstances shall constitute an event of default :

     20.1.1    the Borrower fails to pay when due any sum payable under this
               Agreement, any Admission Form and/or any Promissory Note ;

     20.1.2    any representation, warranty or statement made by the Borrower or
               statement or certificate remitted under this Agreement or under
               any Admission Form, or any document delivered to any Bank in
               connection with this Agreement or any Admission Form proves to be
               untrue, incomplete or misleading ;

     20.1.3    the Borrower fails to perform or comply with any of its other
               obligations or undertakings arising from this Agreement, any
               Admission Form, any Promissory Note and/or any Letter of
               Instructions ;

     20.1.4    the Borrower fails to (a) pay when due any indebtedness arising
               from any other agreement, even entered into with a third party,
               or (b) comply with any of its obligations under any such
               agreement, thereby entitling the creditor to accelerate the
               maturity of the debt ;

     20.1.5    the financial condition of the Borrower deteriorates
               significantly or any event makes it difficult for the Borrower to
               perform and comply with its obligations under this Agreement, any
               Admission Form and/or any Promissory Note ;

     20.1.6    a legal or factual event occurs such as a general moratorium, a
               nationalization, a natural catastrophe, or any general or special
               action is taken in the country of the Borrower or in a third
               country through which payments are to be made (a) which impedes
               or threatens to impede the payment by the Borrower of any sum
               owed under the Agreement, any Admission Form and/or any
               Promissory Note, (b) or may have a material adverse effect on the
               business, the assets or the economical or financial condition of
               the Borrower ;

     20.1.7    the Borrower :

               20.1.7.1  cannot cover its liabilities with its available assets
                         or suspends all or part of its payments ;

               20.1.7.2  requests or has an administrator, receiver, custodian
                         or similar officer, whether private or judicial,
                         appointed to it or any of its properties ;

               20.1.7.3  commences any negotiations with any one or more of its
                         creditors with a view to the rescheduling or
                         readjustment of its indebtedness ;

               20.1.7.4  commences or is the subject of any proceedings for non
                         judicial settlement or judicial recovery ;

                                                                              32

               20.1.7.5  is involved in a non judicial or a judicial liquidation
                         ; or

               20.1.7.6  more generally, requests the application of any other
                         action or proceeding for any other relief under any law
                         affecting creditor's rights that is similar to
                         bankruptcy law or is subjected thereto ;

     20.1.8    any Commercial Contract financed hereunder is suspended,
               interrupted, cancelled or terminated ;

20.2 Should any of these events of default occur then each Bank shall be
     entitled without any other formality to suspend or terminate in whole or in
     part its participation in this Agreement and to declare all sums due to it
     thereunder, under any Admission Form and/or Promissory Note by the Borrower
     to be immediately due and payable together with all interest accrued
     thereon and any consequent cost, loss and expense (including without
     limitation redeployment compensation determined in accordance with Article
     8.2) whereupon the same shall be immediately due and payable.

20.3 Nevertheless in the case provided for in Article 20.1.8 above, the
     interruption of this Agreement and the immediate repayment would apply only
     to the Credit corresponding to the Commercial Contract suspended,
     interrupted, cancelled, rescinded or terminated.

20.4 Any notice under this Article shall be sent to the Borrower in compliance
     with the provisions of Article 24 without any other formality or legal
     procedure.

                                       33

ARTICLE 21 - CHANGES IN CIRCUMSTANCES

21.1 This Agreement has been agreed on the basis of the economic and financial
     conditions as well as the legal, tax and monetary environment prevailing at
     the date hereof internationally and in the countries of the Borrower and of
     the Banks.

21.2 Illegality

     If by reason of any new legislative or regulatory provision, any amendment
     thereto or any change in the interpretation thereof by an administrative or
     judicial authority, it becomes unlawful or impossible for any Bank to
     maintain its participation in this Agreement, and/or any Admission Form :

     21.2.1    the relevant Bank(s) shall immediately notify the Borrower
               thereof. No Drawings shall be made under Credits granted by such
               Bank(s) as of the notice(s) to the Borrower ;

     21.2.2    the Borrower, the relevant Bank(s) and the Arranger shall
               negotiate with a view to agreeing upon terms to allow the
               Agreement and/or the relevant Admission Form(s) to continue to be
               performed ;

     21.2.3    if the parties are unable to agree within 30 days following
               dispatch by the relevant Bank(s) of the notice referred to above,
               such Bank(s) shall notify the Borrower that its/their obligations
               under this Agreement and/or any Admission Form(s) have terminated
               and shall request the immediate repayment of all sums owing by
               the Borrower to the relevant Bank(s) under this Agreement, any
               Admission Form and/or any Promissory Note increased by any
               additional costs incurred by such Bank(s) as a result of the
               changed circumstances.

21.3 Additional costs

o    If by reason of a new legislative or regulatory provision or of any
     amendment thereto or any change in the interpretation thereof by an
     administrative or judicial authority, any Bank becomes subject to any tax,
     monetary, financial or banking measure resulting in an increased charge
     with respect to its participation in this Agreement and/or any Admission
     Form (including but not limited to reserve requirements, capital adequacy,
     liquidity or other ratios or any tax, duty or other charge except income
     tax), and if as a result thereof the effective return for such Bank under
     this Agreement and/or any Admission Form is reduced, or if such reduction
     results from a judgment, the following shall apply :

     21.3.1    The relevant Bank(s) shall immediately notify the Borrower
               thereof. No Drawing shall be made under Credits granted by such
               Bank(s) as of the notice to the Borrower ;

     21.3.2    The Borrower may :

               (a)       request that the relevant Bank(s) maintain its/their
                         participation(s) in the Credit(s) by expressly agreeing
                         to pay the additional cost resulting from

                                                                              34

                         its/their participation(s) or the reduction in return
                         under this Agreement and/or any Admission Form ; or

               (b)       immediately repay to the relevant Bank(s) all sums owed
                         hereunder increased by any costs incurred by such
                         Bank(s) as a result of the change in circumstances and
                         any treasury costs calculated in accordance with
                         Article 8.2.

                                                                              35

ARTICLE 22 - ASSIGNEMENT OF RIGHTS ANS OBLIGATIONS

22.1 The Borrower may not assign its rights or obligations under this Agreement
     and/or any Admission Form either in whole or in part without the prior
     written consent of the Banks.

22.2 With the prior written consent of the Arranger, each of the Banks shall be
     entitled to assign its rights under or in connection with this Agreement,
     any Admission Form and/or as the case may be any Promissory Note in whole
     or in part to third parties.

     In this event all provisions of this Agreement, the Admission Form and as
     the case may be the Promissory Notes shall enure to the benefit of such
     assignee.

                                                                              36

ARTICLE 23 - WAIVER OF CLAIMS AND DEFENCES

23.1 The Borrower hereby acknowledges that it shall not be entitled to refuse or
     to postpone performance of any payment or other obligation under this
     Agreement, any Admission Form or any Promissory Note by reason of any claim
     which it may have or may consider that it has against the Arranger or any
     Bank under or in connection with this Agreement, any Admission Form or
     under any other agreement or for any other reason whatsoever.

23.2 The Borrower hereby acknowledges that its liability to pay in full all
     amounts payable under this Agreement, any Admission Form and any Promissory
     Note on the due date for payment thereof is in no way conditional upon
     performance by any Supplier of any Contract or of any agreement related
     thereto and shall not be affected in any way by reason of any claim or
     defence which the Borrower may have or may consider that it or any Buyer
     has against any Supplier.

23.3 All payments to be made to the Arranger and/or any Bank hereunder, under
     any Admission Form and/or any Promissory Note shall be made without any
     set-off or counterclaim.

                                                                              37

ARTICLE 24 - COMMUNICATIONS

24.1 All communications between the Borrower, each of the Banks and the Arranger
     shall be made by telex with a key number or coded, telecopy confirmed by
     letter, international courrier service, registered mail with acknowledgment
     of receipt or personal delivery against receipt at the following addresses:

     -  To the Borrower

            Mailing Address :    MASTELLONE HERMANOS S.A.
                                 Avenida Leandro L.N.  Alem 720
                                 1001 BUENOS AIRES, ARGENTINA

            To the attention of Pascual MASTELLONE

            Phone number         54 1 318 50 00
            telecopy :           54 1 313 68 22

     -  To the Arranger

            Mailing Address :    CREDIT LYONNAIS S.A.
                                 IFAP / Multisourcing Trade Finance
                                 1, rue des Italiens
                                 75009 PARIS - France

                        To the attention of Mrs Marie-Jo MENARD

                  telecopy : (33 1) 42 95 26 65

     -  To the Banks

            1) CREDIT LYONNAIS S.A.
                     Mailing Address : IFAP / MTC
                                       1, rue des Italiens
                                       75009 PARIS - France
                     telecopy : (33 1) 42 95 26 65

            2) BfG BANK AG
                     Mailing Address :  Mainzer Landstrasse 16
                                        60325 Frankfurt am Main Germany

                     To the attention of Mr. Bernt NEUERER

                     telecopy : (49) 69 258 61 22

                                                                              38

            3) CREDIT LYONNAIS COPENHAGEN Branch
                     Mailing Address : Toldbodgade 33
                                       DK 1253 COPENHAGEN
                                       DENMARK

                     To the attention of Mr Jarl J. Seehusen

                     telex : 27292
                     telecopy : (45 33) 93 47 74

            4) CREDIT LYONNAIS NEDERLAND
                     Mailing Address : Atrium Building, 5th floor
                                       Strawinskylaan 3093
                                       1077 ZX AMSTERDAM - NETHERLANDS

                  To the attention of Han BARTELDS

                  telecopy : (31 20) 504 70 77

     Any change in the foregoing addresses shall be notified in accordance with
     this Article.

24.2 Any communication made in accordance with Article 24.1. shall take effect
     on the date of reception of such notification by its addressee.

24.3 All communications shall be made in English.

                                                                              39

ARTICLE 25 - MISCELLANEOUS

25.1 Remedies and waiver

     No failure on the part of the Arranger and/or any of the Banks to exercise,
     and no delay on their part in exercising any right or remedy under this
     Agreement, any Admission Form or any Promissory Note or in connection
     herewith or therewith will operate as a waiver thereof, nor will any single
     or partial exercise of any right or remedy preclude any other or further
     exercise thereof or the exercise of any other rights or remedies.

25.2 Partial invalidity

     25.2.1    The invalidity or unenforceability of any provision of this
               Agreement, any Admission Form, any Letter of Instructions or any
               Promissory Note before any jurisdiction shall not affect its
               legality, validity or enforceability before any other
               jurisdiction, nor the legality, validity or enforceability of any
               other provision of this Agreement, any Admission Form, any Letter
               of Instructions or any Promissory Note.

     25.2.2    Any provision which may prove to be or becomes null or
               unenforceable in whole or in part shall be to the fullest extent
               possible replaced by a provision as similar as possible in
               accordance with the spirit and purpose of this Agreement and/or
               the relevant Admission Form.

25.3 Set-off authorized

     The Borrower authorises the Arranger and each Bank to apply the credit
     balance on any account that the Borrower may have in the books of the
     Arranger or such Bank to the reimbursement of any sum owed to the Arranger
     or such Bank under this Agreement, any Admission Form and/or any Promissory
     Note.

25.4 Binding statements

     All statements or other documents prepared by the Arranger or by any Bank
     hereunder or under any Admission Form with respect to amounts owed by the
     Borrower to the Arranger and/or any Bank shall be binding on the Borrower
     save for manifest error.

25.5 Amendments

     Any amendment to this Agreement must be made in writing by the parties
     hereto.

25.6 Appendices

     The Appendices to this Agreement constitute an integral part thereof.

                                                                              40

25.7 Language

     25.7.1    The language of this Agreement and its Appendices as well as all
               correspondence relating thereto shall be in English. If a
               translation were necessary only the English would be valid ;

     25.7.2    When the documents, authorisations or other which must be
               delivered to the Arranger or to any Bank hereunder or under any
               Admission Form are not in English, these documents must be
               accompanied by a translation into English by a sworn translator,
               if the addressee so requests.

25.8 Entire Agreement

     As of the execution hereof, this Agreement represents the entire agreement
     of the parties and consequently cancels and replaces all previous documents
     which might have been exchanged or communicated during the negotiation of
     this Agreement.

                                                                              41

ARTICLE 26 - LAW AND JURISDICTION

26.1 This Agreement, the Admission Forms and the Promissory Notes shall be
     governed by and construed in accordance with the laws of France.

26.2 Any dispute arising out of or in connection with this Agreement, any
     Admission Form and/or any Promissory Note including disputes concerning
     their validity shall be finally settled according to the Rules of
     Conciliation and Arbitration of the International Chamber of Commerce by
     three (3) arbitrators appointed pursuant to these rules. The arbitration
     shall take place in Paris and be conducted in English.

26.3 Notwithstanding the provisions of Article 26.2 above, the Borrower hereby
     irrevocably accepts that the Arranger and/or any of the Banks start any
     proceeding against the Borrower with respect to the Agreement, any
     Admission Form and/or any Promissory Note, (a) in the competent court in
     Argentina or (b) in any other jurisdiction where assets of the Borrower are
     located.

                                                                              42

ARTICLE 27 - APPENDICES

The following Appendices shall form an integral part of the present Agreement :

-  Appendix IA  : Form of Admission Form for French Credits

-  Appendix IB  : Form of Admission Form for Danish, German, and Dutch Credits

-  Appendix II  : Form of Promissory Note

-  Appendix III : Form of Letter of Instructions

-  Appendix IV  : Form of Legal Opinion with respect to the Agreement

-  Appendix V   : Form of Legal Opinion with respect to each Admission Form

                                                                              43

ARTICLE 28 - ENTRY INTO FORCE

This Agreement shall come into force on the date of its signature.

                                         Made in Paris
                                         on August 8th, 1997
                                         in six original copies

The Borrower                             The Arranger

MASTELLONE                               CREDIT LYONNAIS S.A.

   By  : /s/ Pascual Mastellone          By  : /s/ Edith Cuomentowski
   Name  : Pascual Mastellone            Name  : Edith Cuomentowski
   Title  : President                    Title  :

The Banks

CREDIT LYONNAIS S.A.                     BfG BANK AG

   By  : /s/ Edith Cuomentowski          By : /s/ Edith Cuomentowski
   Name  : Edith Cuomentowski            Name : Edith Cuomentowski
   Title  :                              Title :

CREDIT LYONNAIS                          CREDIT LYONNAIS
COPENHAGEN BRANCH                        NEDERLAND

   By  : /s/ Edith Cuomentowski          By : /s/ Edith Cuomentowski
   Name  : Edith Cuomentowski            Name : Edith Cuomentowski
   Title  :                              Title :

                                                                              44

                                   APPENDIX IA

                    FORM OF ADMISSION FORM FOR FRENCH CREDITS

                       -----------------------------------

                             ADMISSION FORM No. ...

Pursuant to the Master Credit Agreement  (hereinafter  called the "Agreement")
signed on  __________  between 1)  MASTELLONE  HERMANOS  S.A. as Borrower,  2)
CREDIT  LYONNAIS  S.A. as Arranger and 3) CREDIT  LYONNAIS  S.A.,  hereinafter
called the "Bank", it is hereby understood and agreed as follows  :

Except as otherwise defined herein, all terms and expressions defined in the
Agreement shall have the same meaning in this Admission Form.

The relations between the Borrower, the Arranger and the Bank are determined by
the provisions of the Agreement completed by the specific provisions of this
Admission Form.

Since this Admission Form constitutes an integral part of the Agreement, none of
its terms and conditions may be interpreted without strict reference to the
terms and conditions of the Agreement.

1.   Characteristics of the Commercial Contract

     1.1       Name and address of the Supplier :

     1.2       Date of signing of the Commercial Contract :

     1.3       Conditions of coming into force of the Commercial Contract :

     1.4       Amount of the Commercial Contract :

               -     Currency  :
               -     Total amount  :
               -     Amount of the Eligible Portion  :

     1.5       Purpose :

     1.6       Contractual time schedule (from the entry into force) :

     1.7       Contractual Payment conditions:

               -     Downpayments :  ___ % i.e. __________
               -     Balance:  ___% i.e.  __________ to be paid by Drawings
                     under the Credit pursuant to the Agreement and the present
                     Admission Form.

                                                                              45

2.   Relevant Authorities means COFACE (Compagnie Francaise d'Assurance pour le
     Commerce Exterieur).

3.   Credit Insurance Premiums

     3.1       Due to : COFACE

     3.2       Terms of payment :

               3.2.1     Borrower's cash payment
                         or
                         Payment through utilisation of the Credit increased by
                         the Bank for this purpose
               3.2.2     In one payment prior to the first Drawing (for credits
                         inferior to a 3 years duration)
                         or
                         In several payments concomitantly and prorata to each
                         Drawing

     3.3       Amount :

4.   Characteristics of the Credit :

     4.1       Currency of the Credit :

     4.2       Maximum amount of the Credit :

               The Borrower gives to the Bank irrevocable  instructions to pay
               up to a maximum amount of (Currency) ___________ as follows :

               4.2.1     to the Supplier a maximum  amount of (Currency)_______
                         (i.e. 85 % of the Eligible Portion) against
                         presentation of a copy of the following documents :

                         -  ________________
                         -  ________________
                         -  ________________

               4.2.2     to the Bank itself the credit insurance premiums due to
                         COFACE and amounting to (Currency) ___________

     4.3       Time of determination of the exchange rate : 11 a.m. (Paris time)

     4.4       Duration of the Credit :

     4.5       Starting date(s) of the Repayment Period :

     4.6       Number of instalments :

                                                                              46

     4.7       Interest rate : _______% p.a.

               Interest shall be payable on a Payment Date and shall be
               calculated on the amount of the Credit on the basis of a 360-day
               year and the number of actual days elapsed during each Interest
               Period.

     4.8       Preliminary Period, if any, means the period beginning on the
               date of the first Drawing and ending on the starting date of the
               Repayment Period.

               Repayment Period means the period beginning on the starting
               date(s) of the Repayment Period and ending on the last Payment
               Date.

               Payment Date means the starting date of the Repayment Period and
               any date calculated semi-annually (6 months by 6 months) :

               -  forwards from this date up to the end of the Repayment Period
                  and,
               -  backwards from this date up to the date of the first Drawing,
                  (in the case of a Preliminary Period).

               Interest Period means any period commencing on (and including) a
               Payment Date and ending on (and excluding) the next.

               However, in respect of each Drawing, the first Interest Period
               shall commence on (and include) the date of the said Drawing and
               end on (and exclude) the next Payment Date.

     4.9       Deadline date for Drawings :

     4.10      the Bank reserves the right to refuse more than _____ Drawing(s)
               per month and for an amount of less than _____ except for the
               last Drawing.

     4.11      Fees :

     4.12      Cities taken into account for the determination of Banking Days :

     4.13      As per Article 16.2.3 of the Agreement, the Arranger is not
               subject to the disbursement obligations falling on the Bank under
               this Admission Form.

5.   Representations and warranties

     5.1       The representations and warranties made by the Borrower under
               Article 19 of the Agreement are reiterated by the Borrower as of
               the date of signature of this Admission Form.

     5.2       The Borrower warrants that :

               5.2.1     no stipulations of this Admission Form are contrary to
                         public policy in Argentina,

                                                                              47

               5.2.2     The Contract as well as the Admission Form are in
                         strict conformity with the Argentinian regulation of
                         importation and transfer of funds, at the date of this
                         Admission Form, and that all administrative
                         requirements concerning the importation of goods,
                         equipments and/or services and the transfer of funds
                         for repayment have been complied with,

6.   Place of Payment

   All payments to the Arranger hereunder and under the Agreement shall be
   effected by crediting the Bank's account no._________________________
   with the following reference : "IFAP/MTC/FDC 5/MCA Mastellone AF
   no.__".

   All payments to the Bank hereunder and under the Agreement shall be effected
   by crediting the Bank's account no._________________________ with the
   following reference : "IFAP/MTC/FDC 5/MCA Mastellone AF no. __".

7.   List of documents to be sent with this Admission Form as condition
     precedent

     -   A letter containing a joint interest mandate from the Borrower to the
         Bank as per Appendix III of the Agreement,

     -   (...) set(s) of (...) Promissory Note as per Appendix II of the
         Agreement,

     -   A legal opinion in the terms of Appendix V of the Agreement,

     -   Any other document required by the Bank and the Relevant
         Authority(ies).

8.   Entry into force

     This Admission Form shall become effective on the date of its signature.

                                    Made in _____________
                                    On _________________
                                    (in three original copies)

The Borrower                              The Arranger

By                                        By
Name                                      Name
Title                                     Title

                                          The Bank
                                          By
                                          Name
                                          Title

                                          (Signatures)

                                                                              48

                                   APPENDIX IB

                   FORM OF ADMISSION FORM FOR DANISH, GERMAN,
                                AND DUTCH CREDITS

                              --------------------

                             ADMISSION FORM No. ...

Pursuant to the Master Credit Agreement (hereinafter called the "Agreement")
signed on _________ between 1) MASTELLONE HERMANOS S.A. as Borrower, 2) CREDIT
LYONNAIS S.A. as Arranger and 3) several banks including _______________,
hereinafter called the "Bank", it is hereby understood and agreed as follows :

Except as otherwise defined herein, all terms and expressions defined in the
Agreement shall have the same meaning in this Admission Form.

The relations between the Borrower, the Arranger and the Bank are determined by
the provisions of the Agreement completed by the specific provisions of this
Admission Form.

Since this Admission Form constitutes an integral part of the Agreement, none of
its terms and conditions may be interpreted without strict reference to the
terms and conditions of the Agreement.

1.   Characteristics of the Commercial Contract

     1.1       Name and address of the Supplier :

     1.2       Date of signing of the Commercial Contract :

     1.3       Conditions of coming into force of the Commercial Contract :

     1.4       Amount of the Commercial Contract :

               -  Currency  :
               -  Total amount  :
               -  Amount of the Eligible Portion  :

     1.5       Purpose :

     1.6       Contractual time schedule :

     1.7       Contractual Payment conditions :

               -  Downpayments  :______ % i.e. ___________
               -  Balance  :_____ % i.e.  ________ to be paid by Drawings under
                  the Credit pursuant to the Agreement and the present Admission
                  Form.

                                                                              49

2.   Relevant Authorities :

3.   Credit Insurance Premiums

     3.1       Due to :

     3.2       Terms of payment :

               Borrower's cash payment
               or
               Supplier's cash payment
               or
               Financing by the Bank by increasing the principal amount of the
               Credit hereunder
               or
               Financing by the Bank by increasing the interest rate of the
               Credit hereunder

     3.3       Amount or percentage :

4.   Characteristics of the Credit

     4.1       Currency of the Credit :

     4.2       Maximum amount of the Credit : The Borrower gives to the Bank
               irrevocable instructions to pay up to a maximum amount of
               (Currency)_________________as follows :

               4.2.1     to the Supplier a maximum  amount of (Currency) _______
                         against presentation of a copy of the following
                         documents  :

                         -  ________________
                         -  ________________
                         -  ________________

               4.2.2     to the Relevant Authority(ies)/to the Bank itself the
                         credit insurance premiums due to __________ and
                         amounting to (Currency) ______________

     4.3       Time of determination of the exchange rate :

     4.4       Duration of the Credit :

     4.5       Starting date(s) of the repayment period :

     4.6       Number of instalments :

     4.7       Interest rate :

     4.8       Payment dates :

                                                                              50

     4.9       Deadline date for Drawings :

     4.10      the Bank reserves the right to refuse more than ... Drawing(s)
               per month and for an amount of less than _________ except for the
               last Drawing.

     4.11      Fees if different from Article 12 of the Agreement :

     4.12      Cities taken into account for the determination of Banking Days :

     4.13      As per Article 16.2.3 of the Agreement, the Arranger is not
               subject to the disbursement obligations falling on the Bank under
               this Admission Form.

5.   Representations and warranties

     5.1       The representations and warranties made by the Borrower under
               Article 19 of the Agreement are reiterated by the Borrower as of
               the date of signature of this Admission Form.

     5.2       The Borrower warrants that :

               5.2.1     no stipulation of this Admission Form are contrary to
                         public policy in Argentina,

               5.2.2     the Commercial Contract as well as the Admission Form
                         are in strict conformity with the Argentinian
                         regulation of importation and transfer of funds, at the
                         date of this Admission Form, and that all
                         administrative requirements concerning the importation
                         of goods, equipments and/or services and the transfer
                         of funds for repayment have been complied with,

6.   Place of Payment

     All payments to the Arranger hereunder and under the Agreement shall be
     effected by crediting the Bank's account no.
     _________________________ with the following reference : IFAP/MTC/FDC 5/MCA
     Mastellone AF no. ___".

     All payments to the Bank hereunder and under the Agreement shall be
     effected by crediting the Bank's account no.
     _________________________ with the following reference : IFAP/MTC/FDC 5/MCA
     Mastellone AF no. __".

7.   List of documents to be sent with this Admission Form as condition
     precedent

     -  A legal opinion in the terms of Appendix V of the Agreement,

     -  Any other document required by the Bank and the Relevant Authority(ies).

8.   Entry into force

     This Admission Form shall come into force on the date of its signature.

                                                                              51

                                    Made in _____________
                                    On _________________
                                    (in three original copies)

The Borrower                The Arranger               The Bank

By                          By                         By
Name                        Name                       Name
Title                       Title                      Title

                                                                              52

                                   APPENDIX II

                             FORM OF PROMISSORY NOTE

                          -----------------------------

Promissory Note P (1) no. ____

..................,  on ................               (Currency) ...............
(place and date of issuance)                          (amount in figures)

On __________________
(payment date)

We shall pay against this Promissory Note to the order of CREDIT LYONNAIS the
amount
of.............................................................................
................................................................................
(amounts in words) (Currency),

Protest waived.

This Promissory Note shall be governed by and construed in accordance with the
laws of the French Republic.

                                   Subscriber
                       (name and address of the Borrower)

                                 to the order of

                                 CREDIT LYONNAIS
                           19, Boulevard des Italiens
                                   75002 PARIS

                                                By  : (Borrower's name)
                                                Name  :
                                                        ----------------
                                                Title  :
                                                         ---------------------
                                                Signature  :
                                                             -----------------

---------------------
Substitute with I for Promissory Notes relating to interest.
(1) Substitute with I for Promissory Notes relating to interest.

                                                                              53

                                  APPENDIX III

                         FORM OF LETTER OF INSTRUCTIONS

            to be sent, if required, by the Borrower to the relevant
                           Bank for an Admission Form

                          -----------------------------

LETTER OF INSTRUCTIONS No. ...

Dear Sirs,

We refer to the master credit agreement (hereinafter called the "Agreement")
signed on __________________ between 1) MASTELLONE HERMANOS S.A. hereinafter
called the "Borrower", 2) CREDIT LYONNAIS as Arranger and 3) several banks
including ________________, hereinafter called the "Bank" and the Admission Form
signed on ________________ between ourselves and the Bank for the partial
financing of a Commercial Contract entered into between the Borrower and
__________ (the "Supplier").

Terms and expressions defined in the Agreement shall have the same meanings when
used herein unless otherwise defined herein.

In accordance with Article 2 of the Agreement, the Bank has granted to us under
Admission Form no. ___ a Credit for a maximum amount of (Currency)
_____________ to be utilized for the financing of 85 % of the Eligible Portion
of the above-mentioned Commercial Contract plus the amounts necessary (if
requested) to enable payment or repayment as the case may be of any credit
insurance premiums due to ________________ in connection with the Credit.

Pursuant to Article 7 of the Agreement, we shall repay to the Bank the amounts
that it has paid on our behalf and for our account in accordance with the terms
and conditions of the Agreement, and pay to the Bank the interest set forth in
Article 9 thereof, and such repayment and payment of interest shall be evidenced
by Promissory Notes to be delivered to you as per Article 11 thereof.

In accordance with the provisions of the Agreement, we are sending to you
herewith enclosed :

-  _________  Promissory Notes of principal  numbered P1 to P__ made to the
   order of Credit Lyonnais and,

-  _________ Promissory Notes of interest numbered Il to I__ made to the order
   of Credit Lyonnais.

The enclosed Promissory Notes are in the form of Appendix II of the Agreement.
Their respective amounts and maturity dates have been left blank.

We hereby grant you the following irrevocable power ("mandat") to act in our
name and on our behalf as followed :

                                                                              54

1 -  On whichever is the earlier of the date upon which the Credit is fully
     drawn or the deadline date for drawing, you will :

     -   insert the corresponding payment dates in each of the Promissory Notes
         of principal and of interest according to the starting date of the
         repayment period ;

     -   complete each Promissory Note of principal P1 to P__ with an amount
         corresponding to 1/__th of the total amount of payments made by the
         Bank ;

     -   complete the corresponding Promissory Notes of interest I1 to I__ with
         the amounts of interest due as calculated in accordance with the
         provisions of Article 9 of the Agreement and Article 3 of Admission
         Form no. __________.

2 -  In case of voluntary prepayment as per Article 8 of the Agreement, you
     will modify the amounts on the Promissory Notes of interest in consequence.

3 -  If acceleration occurs as per Article 20 or 21 of the Agreement :

     a)  prior to the date of completion of the Promissory Notes in accordance
         with paragraph 1 of this mandate, you will :

         -     complete one Promissory Note of principal by inserting therein
               the total amount in principal due to you under Admission Form
               no. ... ;

         -     insert in one Promissory Note of interest the total amount of
               interest accrued under the corresponding Credit when its amount
               becomes immediately due and owing ;

         -     insert as the date of maturity of these Promissory Notes the date
               when the corresponding Credit becomes immediately due and owing,
               or ;

     b)  if such date falls after the Promissory Notes have been completed in
         accordance with paragraph 1 of this mandate, you will :

         -     substitute the date when the Credit becomes immediately due and
               owing to the payment date originally entered in such Promissory
               Notes ;

         -     modify one Promissory Note of interest by substituting to the
               amount of interest originally inserted the amount of interest
               accrued under the Credit until it becomes immediately due and
               owing, and to the payment date, the date when the Credit becomes
               immediately due and owing.

The present power ("mandat"), given in the joint interest of the parties, is in
consequence irrevocable. It has been drawn up in accordance with the specimen
set out in Appendix III of the Agreement, and may only be modified with your
written approval.

The Promissory Notes shall be kept by you. You will inform us of the performance
of the present power ("mandat").

                                                                              55

This letter shall be governed by and construed in accordance with the laws of
France.

All disputes resulting from the content of this letter and its implementation
will be dealt with in accordance with the provisions of Article 26 of the
Agreement.

The Borrower
By  :
Name  :
Title  :

                                                                              56

                                   APPENDIX IV

                              FORM OF LEGAL OPINION

                          WITH RESPECT TO THE AGREEMENT

                           ---------------------------

To :           CREDIT LYONNAIS as Arranger and for account of each Bank

               To the attention of __________________

Dear Sirs,

You have requested our opinion as legal counsel to yourselves, ___________, and
____________ in connection with a Master Credit Agreement (the "Agreement")
dated ____________ between MASTELLONE HERMANOS S.A. and the above-mentioned
companies.

Capitalized terms and expressions used in this opinion have the meanings given
to them in the Agreement.

For the purpose of rendering this opinion, we have examined  :

1 -  a duly executed copy of the Agreement  ;

2 -  copies, certified by the Borrower to be true copies and then currently in
     full force and effect, of the articles of incorporation and by-laws of the
     Borrower ;

3 -  copies, certified by the Borrower to be true copies and then currently in
     full force and effect, of a resolution of the Board of Directors of the
     Borrower regarding the entering into and implementation by the Borrower of
     its obligations under the Agreement, any Admission Form, any Promissory
     Note and the authority of _____________ signatories of the Agreement, any
     Admission Form, any Promissory Note and any Letter of Intructions on behalf
     of the Borrower ;

and all other documents, regulations or laws as we have deemed necessary or
advisable to enable us to render this opinion.

In giving the opinion hereunder, we have assumed  :

1 -  the genuineness of all signatures, the authenticity of the originals of
     all documents submitted to us as copies thereof and the conformity of such
     copies with the originals ;

2 -  the power and authority of all parties, other than the Borrower, to enter
     into the Agreement and the due execution thereof by such parties ;

                                                                              57

3 -  that the Agreement is valid and binding under the law governing the
     Agreement and the choice of law therein is a valid choice under the law
     governing the Agreement.

The opinion given hereunder is limited to matters concerning law of Argentina.

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

1 -  the Borrower is duly organized and validly existing as a __________ under
     the laws of Argentina; it has full power and authority to conduct its
     business at it is being conducted ;

2 -  the Borrower has full power, authority and legal right to incur
     indebteness as provided in the Agreement, to sign, execute and deliver the
     Agreement and to perform all terms and conditions thereof ;

3 -  In accordance with the laws of Argentina and the Borrower's articles of
     incorporation and by-laws, the Borrower has been validly authorised by a
     decision of __________ on__________ (a) to borrow and to incur obligations
     in the terms of the Agreement and (b) M. __________ [and M. __________ ]
     have been validly authorised to sign the Agreement, any Admission Form, any
     Promissory Note and any Letter of Intructions ;

4 -  It is not necessary to obtain from the competent authorities of Argentina
     any approval necessary with respect to Argentinian law for the validity of
     the Agreement and authorising its signature, execution delivery and
     performance, especially with respect to foreign exchange regulations to
     acquire and transfer the amounts in Currencies necessary for the Borrower
     to pay any and all amounts owed under the Agreement ;

5 -  The Agreement is in proper legal form for the enforcement thereof and
     each obligation therein contained shall constitute the legal, valid and
     binding obligation of the Borrower enforceable against the Borrower until
     full payment of all sums due ;

6 -  The signature, execution and delivery and the performance by the Borrower
     of the Agreement do not contravene, nor violate any of the provisions of
     the articles of incorporation and by-laws of the Borrower and do not result
     in the violation by the Borrower of any covenant or contractual restriction
     binding on the Borrower ;

7 -  Neither the signature, execution and delivery, nor the performance of the
     Agreement nor the decision to borrow are contrary to any law or regulation,
     decree or, official decision in Argentina ;

     More generally, no provision of the Agreement is contrary to public policy
     in Argentina especially with respect to the determination of interest rates
     and interest on late payments ;

8 -  It is not necessary in order to (a) ensure the legality and validity or
     (b) enforceability or admissibility in evidence in the courts of Argentina
     of the Agreement that it be stamped or registered, or that any tax be paid
     or any authorisation obtained in Argentina, and more particularly the
     Agrement needs not to be registered with any authority in Argentina ;

                                                                              58

9 -  The payments to be made by the Borrower pursuant to the Agreement are not
     subject to any deduction, withholding, tax or other fiscal charge in
     Argentina ;

     Nevertheless should any deduction, withholding, tax or other fiscal charge
     subsequently be imposed, the provisions of Article 17.2 of the Agreement
     shall apply as they are valid with respect to applicable Argentinian law ;

10 - Neither the Arranger nor any of the Banks shall be deemed to be resident,
     domiciled, doing business or be submitted to any taxation in Argentina by
     reason only of the signature, execution, delivery, performance or
     enforcement of the Agreement ;

11 - The Agreement is a commercial act  ;

12 - The Borrower has no right of immunity  either from  jurisdiction  or from
     execution  ;

13 - The obligations of the Borrower under the Agreement rank and will rank at
     least pari passu with all other unsecured obligations of the Borrower ;

14 - The Borrower has validly chosen French law to govern its obligations
     under the Agreement ;

     The validity of such choice shall be recognized by the courts of
     Argentina ;

15 - The Borrower has validly submitted to the non-exclusive jurisdiction of an
     arbitration court in the Agreement, in any Admission Form and in any Letter
     of Instructions ;

     An arbitral award rendered by such arbitration court shall be recognized
     and enforced by the courts of Argentina, without reconsideration of the
     merits of the procedure ;

16 - The courts of Argentina may render judgments in a currency other than the
     local currency.

Very truly yours,

                                                                              59

                                   APPENDIX V

                              FORM OF LEGAL OPINION

                        WITH RESPECT TO AN ADMISSION FORM

                          -----------------------------

To:               CREDIT LYONNAIS as Arranger and for account of ..............

                  To the attention of _____________________

Dear Sirs,

You have requested our opinion as legal counsel to yourselves in connection with
a Master Credit Agreement (the "Agreement") dated ____________ between
MASTELLONE HERMANOS S.A. as Borrower, CREDIT LYONNAIS as Arranger and
____________ as Bank and an Admission Form no. ___ signed between the
Bank, the Borrower and yourselves.

Capitalized terms and expressions used in this opinion have the meanings given
to them in the Agreement.

For the purpose of rendering this opinion, we have examined  :

1 -   originals of :

      1.1   the Agreement,

      1.2   Admission Form no. _______,

      1.3   the Letter of Instructions no.______ (if any),

      1.4   the  corresponding  Promissory  Notes  (hereafter the  "Promissory
      Notes"), (if any)

      (hereinafter collectively referred to as the "Credit Documents"),

2 -   copies, certified by the Borrower to be true copies of  :

      2.1   all  authorisations,  consents,  licences and permits necessary in
            Argentina to enable  :

            2.1.1 the  Borrower  to enter into  Admission  Form no. _____,  the
                  Letter of  Instructions  no. ____ and the  Promissory  Notes,
                  and to pay all sums due thereunder,

            2.1.2 the Buyer to enter into and perform the Commercial Contract,
                  especially to import goods and/or services and pay therefor in
                  the contractual currencies,

                                                                              60

      2.2   the Commercial Contract,

      2.3   modification,  if  any,  of  the  articles  of  incorporation  and
            by-laws of the Borrower,

      2.4   a resolution of the Board of Directors of the Borrower regarding the
            entering into and implementation by the Borrower of its obligations
            the Admission Form no. ____ and the Promissory Notes and the
            authority of ____________, signatories of the Admission Form
            no. __ and of the Promissory Notes on behalf of the Borrower
            (if different from those already provided) ,

      and all other documents, regulations or laws as we have deemed necessary
      or advisable to enable us to render this opinion.

In giving the opinion hereunder, we have assumed  :

1 -   the genuineness of all signatures, the authenticity of the originals of
      all documents submitted to us as copies thereof and the conformity of such
      copies with the originals ;

2 -   the power and  authority of all  parties,  other than the  Borrower,  to
      enter into the Credit  Documents and the due  execution  thereof by such
      parties  ;

3 -   that the Credit Documents are valid and binding under the law governing
      them and the choice of law therein is a valid choice under the law
      governing them.

      The opinion given hereunder is limited to matters concerning the law of
      Argentina.

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

1 -   The  Borrower  has  full  power,  authority  and  legal  right  to incur
      indebteness as provided in the Credit  Documents,  to sign,  execute and
      deliver the Credit  Documents  and to perform  all terms and  conditions
      thereof  ;

2 -   In accordance with the laws of Argentina and the Borrower's articles of
      incorporation and by-laws, the Borrower has been validly authorised by a
      decision of ____________ on ____________ (date) (a) to borrow and to incur
      obligations in the terms of the Credit Documents and (b) M.
      ____________and M. ____________ have been validly authorised to sign
      Admission Form no. ____________, the Promissory Notes and the Letter of
      Instructions no. _____ (if different from those already provided) ;

3 -   It is not necessary to obtain from the competent authorities of Argentina
      any approvals necessary with respect to Argentinian law for the validity
      of the Credit Documents and authorising their signature, execution,
      delivery, and performance especially with respect to foreign exchange
      regulations to acquire and transfer the amounts in Currencies necessary
      for the Borrower to pay any and all amounts owed under the Credit
      Documents ;

4 -   The Buyer has obtained all authorizations, licences, permits or other
      approvals necessary to sign, execute, deliver and perform the Commercial
      Contract ;

                                                                              61

5 -   The Credit Documents are in proper legal form for the enforcement thereof
      and each obligation therein contained shall constitute the legal, valid
      and binding obligation of the Borrower enforceable against the Borrower
      until full payment of all sums due ;

6 -   The execution and performance by the Borrower of the Credit Documents do
      not contravene, nor violate any of the provisions of the articles of
      incorporation and by-laws of the Borrower and do not result in the
      violation by the Borrower of any covenant or contractual restriction
      binding on the Borrower ;

7     - Neither the signature, execution and delivery, nor the performance of
      the Credit Documents nor the decision to borrow are contrary to any law or
      regulation, decree or official decision in Argentina ;

      More generally, no provision of the Credit Documents is contrary to public
      policy in Argentina especially with respect to the determination of
      interest rates and interest on late payments ;

8 -   It is not necessary in order to (a) ensure the legality and validity or
      (b) enforceability or admissibility in evidence in the courts of Argentina
      of the Credit Documents that any of them be stamped or registered, or that
      any tax be paid or any authorisation obtained in Argentina ;

9 -   The payments to be made by the Borrower pursuant to the Credit Documents
      are not subject to any deduction, withholding, tax or other fiscal charge
      in Argentina ;

      Nevertheless should any deduction, withholding, tax or other fiscal charge
      subsequently be imposed, the provisions of Article 17.2 of the Agreement
      shall apply as they are valid with respect to applicable Argentinian law ;

10 -  Neither the Arranger nor any of the Banks shall be deemed to be resident,
      domiciled, doing business or be submitted to any taxation in Argentina by
      reason only of the signature, execution, delivery, performance or
      enforcement of the Credit Documents ;

11 -  The Credit Documents are commercial acts ;

12 -  The Borrower has no right of immunity either from jurisdiction or from
      execution ;

13 -  The obligations of the Borrower under the Credit Documents rank and will
      rank at least pari passu with all other unsecured obligations of the
      Borrower ;

14 -  The Borrower has validly chosen French law to govern its obligations under
      the Credit Documents ;

      The validity of such choice shall be recognized by the courts of
      Argentina;

15 -  The Borrower has validly submitted in the Credit Documents to the
      non-exclusive jurisdiction of an arbitration court ;

                                                                              62

      An arbitral award rendered by such arbitration court shall be recognized
      and enforced by the courts of Argentina, without reconsideration of the
      merits of the procedure ;

16 -  The courts of Argentina may render judgments in a currency other than the
      local currency.

Very truly yours,

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]