Document:

Exhibit 10.40

                                                                   Translation

DEBT ACKNOWLEDGEMENT AND OBLIGOR SUBSTITUTION AGREEMENT (THE "AGREEMENT")
ENTERED INTO BY AND AMONG:

I.   PANAMERICAN BEVERAGES INC., IN ITS CAPACITY AS ORIGINAL OBLIGOR
     (HEREINAFTER "PANAMCO HOLDING" OR THE "ORIGINAL OBLIGOR"), HEREIN
     REPRESENTED BY MR. PAULO J. SACCHI;

II.  PANAMCO MEXICO, S. A. DE C.V., IN ITS CAPACITY AS SUBSTITUTE OBLIGOR
     (HEREINAFTER "PANAMCO MEXICO" OR THE "SUBSTITUTE OBLIGOR"), HEREIN
     REPRESENTED BY MESSRS. BENJAMIN SANTANA RUIZ AND GERARDO PINTO URRUTIA;

III. PANAMCO GOLFO, S.A. DE C. V. IN ITS CAPACITY AS JOINT OBLIGOR AND
     GUARANTOR (HEREINAFTER "PANAMCO GOLFO" OR THE "JOINT OBLIGOR AND
     GUARANTOR"), HEREIN REPRESENTED BY MESSRS. BENJAMIN SANTANA RUIZ AND
     GERARDO PINTO URRUTIA; AND

IV.  ING BANK (MEXICO), S. A., INSTITUCION DE BANCA MULTIPLE, ING BARING GRUPO
     FINANCIERO (MEXICO), S. A. DE C. V., IN ITS CAPACITY AS CREDITOR
     (HEREINAFTER "ING"), HEREIN REPRESENTED BY MS. GERDA HITZ SANCHEZ JUAREZ;

PURSUANT TO THE FOLLOWING BACKGROUND, REPRESENTATIONS AND CLAUSES:

                                  BACKGROUND

On December 18, 2001, ING and Panamco Holding entered into a loan agreement up
to the amount of $ 465,000,000.00 MXP (four hundred and sixty five million
Pesos 00/100 Mexican currency) with borrowings effective as of this date,
wherein Panamco Mexico and Panamco Golfo acted as joint obligors and
guarantors.

                                REPRESENTATIONS

I.       Panamco Holding hereby declares under affirmation:

<PAGE>

I.1. That it is corporation duly organized and existing under the laws of
Panama and that pursuant to its current corporate purpose it is fully
authorized to enter into this Agreement and to assume the obligations
attributable thereto herein.

I.2. That its representative has been conferred sufficient powers and
authority to appear in its name and stead in the execution of this Agreement
and that such powers and authority have not been amended, restricted or
revoked as of this date.

I.3. That it acknowledges and accepts to be liable for the obligations derived
from the loan agreement described in the Background section hereof.

I.4. That it has requested from ING to accept, effective as of December 28,
2001, an obligor substitution with respect to the aggregate balance, as of
said date, of the loan described in the Background section hereof.

II. The Substitute Debtor hereby declares under affirmation:

II.1. That it is a variable capital stock company duly organized and existing
under the Mexican laws and that it has been authorized pursuant to its current
corporate purpose to enter into this Agreement and to assume the obligations
attributable thereto in said Agreement.

II.2 That its representatives have been conferred sufficient powers and
authority to appear in its name and stead in the execution of this Agreement
and that such powers and authority have not been amended, restricted or
revoked as of this date.

II.3 That it has requested from ING to accept, effective as of December 28,
2001, an obligor substitution with respect to the aggregate balance, as of
said date, of the loan described in the Background hereof.

II.4 That it is up to date in the payment of any and all taxes and dues
attributable thereto and that, to the best of its knowledge, no judicial
claims have been filed against it nor is there any action or proceeding which
adversely affects or may adversely affect its performance of all the
provisions set forth in this Agreement.

II.5 That it is free from labor disputes which may affect its payment capacity
with respect to the obligations it shall assume by virtue of this Agreement.

II.6. The financial statements which have been already delivered to ING and
served as basis for entering into this Agreement, reflect in a accurate and
faithful manner the financial condition of the company, and at the time of the
execution hereof, there is no adverse change whatsoever which may affect in a
significant manner its financial condition or operations.

                                      2

<PAGE>

II.7 That it expressly states that it is willing to act as substitute obligor,
effective as of December 28, 2001, with respect to the obligations incurred by
the Original Obligor, as described in the Background of this Agreement, in the
terms and conditions set forth below.

II.8 That it does not require any authorization, approval or action of any
governmental authority or public or private entity for the execution and
performance of the provisions of this Agreement.

III. The Joint Obligor and Guarantor hereby declares under affirmation that:

III.1 it is a variable capital stock company duly organized and existing under
the Mexican laws and that it has been authorized pursuant to its current
corporate purpose to enter into this Agreement and to assume the obligations
attributable thereto in said Agreement.

III.2 Its representatives herein has been conferred sufficient powers for the
execution of this Agreement, and that the same have not been amended,
restricted or revoked as of this date.

III.3 It gives hereby its express consent to the obligor substitution with
respect to the loan granted by ING to the Original Obligor.

IV. ING declares under affirmation that:

IV.1 It is a credit institution duly authorized and incorporated under the
Mexican law.

IV.2 Its representative herein has been conferred sufficient powers for the
execution of this Agreement, and that the same have not been amended or
revoked.

IV.3 That based on the representations of the Original Obligor, the Substitute
Obligor, and the Joint Obligor and Guarantor, and the information provided by
the latter, it is willing to enter into this Agreement and to accept the
obligor substitution, effective as of December 28, 2001, in the terms set
forth herein.

In view of the preceding representations, the parties herein agree to the
following:

                                 C L A U S E S

FIRST.  DEFINITIONS

The capitalized words or terms used in this Agreement shall have the following
meaning unless a different meaning shall be attributed thereto herein.

<PAGE>

"Acknowledged Debt" shall mean the amount of $ 465,000,000.00 MXP (four
hundred and sixty-five million Pesos 00/100 Mexican Currency) indebted by the
Original Obligor to ING as of the date of execution hereof, plus the amount of
$ 1,033,333.33 MXP (one million thirty-three thousand three hundred and
thirty-three Pesos 33/100 Mexican Currency) as interest to be generated by the
Original Loan on the Substitution Date.

"Agreement" shall mean this Debt Acknowledgment and Obligor Substitution
Agreement.

"Original Loan" shall mean the loan substantiated in the agreement mentioned
in the Background section hereof.

"Original Obligor" shall mean Panamco Holding as obligor in the Original Loan.

"Substitute Obligor" shall mean Panamco Mexico.

"Substitution Date" shall mean December 28, 2001

"ING" shall mean ING Bank (Mexico), S. A. Institucion de Banca Multiple, ING
Baring Grupo Financiero (Mexico), S. A. de C. V.

"Joint Obligor and Guarantor" shall mean Panamco Golfo.

"Panamco Golfo" shall mean Panamco Golfo, S. A. de C. V.

"Panamco Holding" shall mean Panamerican Beverages, Inc.

"Panamco Mexico" shall mean Panamco Mexico, S. A. de C. V.

SECOND.  DEBT ACKNOWLEDGMENT

Panamco Holding, as obligor of the loan described in the Background Section of
this Agreement and the Joint Obligor and Guarantor of said loan, hereby
expressly acknowledge and accept to have received from, and to owe to ING, as
of the date of execution of this Agreement, the amount of $ 465,000,000.00 MXP
(four hundred and sixty-five million Pesos 00/100 Mexican Currency) as
outstanding principal derived from the loan referred to in the Background
section of this Agreement and that, as of the Substitution Date, they shall
also be answerable for the interest caused in the amount of $ 1,033,333.33 MXP
(one million thirty-three thousand three hundred and thirty-three 33/100
Mexican Pesos).

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<PAGE>

THIRD.  OBLIGOR SUBSTITUTION

In terms of Articles 2051 (two thousand and fifty-one), 2055 (two thousand and
fifty-five) and 2057 (two thousand and fifty-seven) of the Civil Code for the
Federal District:

i)   For purposes of the Eighth clause of the Agreement referred to in the
     Background section hereof, ING herein gives its consent so that,
     effective on the Substitution Date, the Substitute Obligor shall assume
     any and all obligations incurred by the Original Obligor under the
     Original Loan, including the obligation to pay the Acknowledged Debt and
     the interest caused thereby in terms of the provisions of the Original
     Loan;

ii)  The Joing Obligor and Guarantor hereby gives its consent to the above
     substitution and states that its joint obligation with respect to the
     Original Loan remains unchanged. Its joint obligation shall be in full
     force and effect as long as the balance of the Original Loan shall remain
     due and payable; and

iii) The Substitute Obligor hereby acknowledges that, on the Substitution
     Date, it shall have assumed each and every one of the obligations
     incurred by the Original Obligor under the Original Loan and that it
     shall owe to ING the Acknowledged Debt and shall be bound to pay the
     interest caused thereby, as originally agreed upon pursuant to the
     Original Loan.

On the Substitution Date, ING shall return to the Original Obligor the
promissory note subscribed by the latter to substantiate the drawdown of the
Original Loan against delivery of a promissory note in identical terms,
subscribed by the Substitute Obligor in its capacity as main obligor, and by
the Joint Obligor and Gurarantor, in its capacity as guarantor.

FOURTH.  SETTLEMENT

As a consequence of the obligor substitution referred to in the Third clause
above, ING shall release the Original Obligor effective on the Substitution
Date, from any and all the obligations the Original Obligor is or may have
been subject to pursuant to the contracts, agreements, negotiable instruments
and any other documents substantiating the Original Loan.

FIFTH.  JOINT OBLIGATION AND GUARANTEE OF PANAMCO MEXICO

Effective on the Substitution Date, Panamco Mexico shall cease to act in its
capacity as joint obligor and guarantor with respect to the obligations
derived from the Original Credit.

                                      5

<PAGE>

In the event ING shall authorice the assignment of the obligations to be
assumed by Panamco Mexico as of the Substitution Date, Panamco Mexico shall
thereupon forthwith resume its capacity as joint obligor and guarantor in
terms and conditions identical to those agreed upon in the Original Credit.

SEVENTH. CONSIDERATION

In consideration for the assumption of the obligations of the Original Obligor
under the Original Loan, Pananco Holding shall pay to Panamco Mexico, on the
Substitution Date, an amount equivalent to the Acknowledged Debt.

The consideration referred to in the preceding paragraph may be set off
against any outstanding obligation of Panamco Mexico in favor of Panamco
Holding effective on the Substitution Date.

EIGHTH.  GENERAL

7.1  Headlines. All Clause headlines or titles in this Agreement have been
     inserted for convenience or as reference only and under no circumstance
     shall they constitute an interpretation or shall be taken into
     consideration for the interpretation of the terms hereof or any of the
     respective Clauses. For purposes of the interpretation of each Clause of
     this Agreement, the parties shall exclusively refer to their contents and
     under no circumstance to their headline or title.

7.2  Notices and Addresses. All notifications and notices required to be given
     pursuant to this Agreement, shall be made in writing and delivered to the
     parties, return receipt requested or notified through a notary public at
     the following addresses:

If to ING:                           Bosque de Alisos No. 45-B, Piso 3
                                     Bosques de las Lomas 05120
                                     Mexico, D. F.

If to Panamco Holding:               Torre Dresdner Bank
                                     Calle 50, Piso 7
                                     C. P. 55-820 Cd. de Panama
                                     Republica de Panama

If to Panamco Mexico:                Blvd. Manuel Avila Camacho No. 40,
                                     Piso 21
                                     Lomas de Chapultepec 11000
                                     Mexico, D. F.

                                      6

<PAGE>

If to Panamco Golfo:                 Blvd. Manuel Avila Camacho No. 40,
                                     Piso 21
                                     Lomas de Chapultepec 11000
                                     Mexico, D. F.

         All notifications and notices shall take effect on the date of
         receipt thereof at the address of the addressee.

         All notices, notifications, proceedings as well as any other judicial
         or extrajudicial proceedings served at the above referred addresses
         shall take effect unless the parties shall give written notice of a
         change of address at least ten (10) days in advance.

7.3  Executive Title. This Agreement, together with the debt certification
     made by an ING authorized accountant with respect to the Acknowledged
     Debt derived from the Original Loan, shall constitute an executive title
     against the Substitute Obligor, pursuant to the provisions of article 68
     (sixty-eight) of the Credit Institutions Law.

7.4  Discount and Right Assignment. ING is hereby authorized to assign or
     otherwise negotiate, even prior to the expiry of this Agreement, the
     creditor's rights derived from this Agreement the Original Loan.

7.5  Counterparts. This Agreement shall be executed in 3 (three) separate
     counterparts. Each one of said counterparts shall be deemed an original
     for any and all pertinent effects.

7.6  Waiver. The fault by any of the parties hereto in the exercise of any of
     the rights contemplated in this Agreement shall under no circumstance be
     deemed as a waiver of said rights, nor the individual or partial exercise
     by any of the parties of any right derived from this Agreement shall
     preclude any other right, power or privilege.

7.7  Fees and Expenses. The Substitute Obligor shall pay, on the date of
     execution hereof, or forthwith at the written request of ING without need
     of judicial requirement, as the case may be, any and all expenses derived
     from the preparation, performance and execution of this Agreement,
     including, but not limited to, any and all expenses, fees and commissions
     attributable to ING's legal counsels.

7.8  Disclosure of Terms and Conditions. Except as provided in the Original
     Loan, the terms and conditions of this operation and the Original Loan
     shall not be made public unless consented to by the parties; the above
     without prejudice of the requirements which may be made by the competent
     authorities and the obligations attributable to the parties under
     applicable laws.

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<PAGE>

7.9  Applicable Law and Jurisdiction. The parties expressly covenant that this
     Agreement shall be governed by the laws of Mexico. For the interpretation
     of, and compliance with, this Agreement, the parties submit to the
     jurisdiction and competence of the courts of the City of Mexico, Federal
     District and expressly waive any other jurisdiction they may be subject
     to by reason of their present or future domiciles.

The parties, being aware of the contents of this Agreement, have executed it
in the City of Mexico, Federal District on the eighteenth day of December in
the year two thousand and one, to take effect on the twenty-eight day of
December in the year two thousand and one.

The Original Obligor
--------------------
                                      (an illegible signature)
                                   -----------------------------------

                                   PANAMERICAN BEVERAGES, INC.
                                   Represented by: Paulo J. Sacchi

The Substitute Obligor
----------------------
                                      (an illegible signature)
                                   -----------------------------------

                                   PANAMCO MEXICO, S. A. DE C. V.
                                   Represented by: Benjamin Santana Ruiz and
                                                   Gerardo Pinto Urrutia

The Jont Obligor and Guarantor
------------------------------

                                      (an illegible signature)
                                   --------------------------------

                                   PANAMCO GOLFO, S. A. DE C. V.
                                   Represented by: Benjamin Santana Ruiz and
                                                   Gerardo Pinto Urrutia

                                      8

<PAGE>

ING
---

                                      (an illegible signature)
                                   --------------------------------

                                   ING BANK (MEXICO), S. A.,
                                   INSTITUCION DE BANCA MULTIPLE
                                   ING BARING GRUPO FINANCIERO (MEXICO)
                                   S. A. DE C. V.
                                   Represented by: Gerda Hitz Sanchez Juarez

Witnesses
---------

                                      (an illegible signature)
                                   --------------------------------

                                   (1)   Xavier M. de Uriarte Berron

                                      (an illegible signature)
                                   --------------------------------

                                   (2)   Jose Raz Guzman C.

                                      9Exhibit 10.41

                                 (TRANSLATION)

   Exhibit 1 to the Acknowledgment of Debt and Obligor Substitution Agreement
             entered into by and among Panamco Mexico, S.A. de C.V.,
                        Panamco Golfo, S.A. de C.V., and
    ING Bank (Mexico), S.A., Institucion de Banca Multiple, ING Baring Grupo
           Financiero (Mexico), S.A. de C.V., dated December 18, 2001

LOAN AGREEMENT ENTERED INTO BY AND BETWEEN:

I.   ING BANK (MEXICO),  S.A.,  INSTITUCION DE BANCA MULTIPLE,  ING BARING GRUPO
     FINANCIERO,  HEREINAFTER  THE "BANK" HEREBY  REPRESENTED BY MISS GERDA HITZ
     SANCHEZ JUAREZ

II.  PANAMCO  GOLFO,  S.A.  DE C.V.,  HEREINAFTER  "THE  BORROWER",  OR "PANAMCO
     GOLFO",  HEREBY  REPRESENTED BY MR BENJAMIN  SANTANA RUIZ AND GERARDO PINTO
     URRUTIA;

III. WITH THE APPEARANCE OF PANAMCO MEXICO, S.A. DE C.V.  HEREINAFTER THE "JOINT
     OBLIGOR AND GUARANTOR"  HEREBY  REPRESENTED BY MESSRS BENJAMIN SANTANA RUIZ
     AND GERARDO PINTO URRUTIA.

Pursuant to the following representations and clauses:

                                   BACKGROUND

A.   On December 18, 2001, the Bank and Panamerican Beverages, Inc. (hereinafter
     "Panamco  Holding")  entered  into  a  loan  agreement  in  the  amount  of
     MXP$465,000,000.00  (Four  hundred and sixty five  million  Pesos,  Mexican
     currency)  available  from that date on.  Panamco  Mexico and Panamco Golfo
     were the joint obligors and guarantors in the above  mentioned  instrument.

B.   Also, on December 18, 2001, but effective as of December 28, 2001,  Panamco
     Holding,  Panamco  Mexico,  Panamco  Golfo  and the  Bank  entered  into an
     Acknowledgement  of Debt and Obligor  Substitution  Agreement,  by means of
     which (i) Panamco  Mexico  assumed all the  Panamco  Holding's  obligations
     under the Loan  mentioned in the  preceding  paragraph  A,  effective as of
     December  28,  2001;  (ii) Panamco  Golfo  remained  the joint  obligor and
     guarantor;  and (iii) Panamco Mexico  undertook to assume the joint obligor
     and guarantor  obligations,  under identical terms and conditions as agreed
     in the above preceding paragraph A,

                                       1

<PAGE>

     if the Bank authorizes the assignment of the Panamco Mexico  obligations as
     of December 28, 2001.

C.   Finally,  on December  18,  2001,  but  effective  as of December 28, 2001,
     Panamco Mexico,  Panamco Golfo and the Bank enter into an Acknowledgment of
     Debt and  Obligor  Substitution  Agreement,  by means of which (i)  Panamco
     Golfo assumed all Panamco Mexico's  obligations acquired as of December 28,
     2001,under the Agreement referred to in the preceding paragraph B; and (ii)
     Panamco Mexico assumed all the joint obligor and guarantor's obligations of
     Panamco Golfo,  under  identical terms and conditions as agreed in the loan
     agreement referred to in the preceding paragraph A.

D.   In the foregoing terms,  Panamco Golfo, Panamco Mexico and the Bank wish to
     subscribe  this agreement to reflect the terms and conditions to which they
     will be bound as of December 28, 2001.

                                 REPRESENTATIONS

I. THE BANK REPRESENTS THROUGH ITS REPRESENTATIVE:

1. That it is a stock company  (sociedad  anonima)  duly  organized and existing
under the  Mexican  laws and  authorized  to  operate as a  multi-service  bank,
therefore  it is vested with the required  powers of attorney for the  execution
of, and compliance with, this agreement.

2. That its representatives  have been conferred  sufficient power and authority
to  appear  in its  name and  stead in the  execution  and  performance  of this
agreement and that such powers and authority have not been revoked in any manner
whatsoever.

II. BORROWER REPRESENTS THROUGH ITS REPRESENTATIVE:

1.- That it is a company duly  organized  and existing  under the laws of Mexico
and that its  representative  has been granted sufficient power and authority to
enter into this  agreement and that such powers have not been limited or amended
in any manner whatsoever.

2. That its corporate  purposes  includes the  possibility  of entering into the
kind of transactions  contemplated in this Agreement  pursuant to the Borrower's
by-laws as presently in effect, therefore this agreement is not in contravention
of any of the  provisions  of said by-laws and it is  authorized  for  execution
thereof pursuant to the power vested in it according to the competent  corporate
bodies.

3.  That it has  provided  the Bank  with the  information  and  documents  that
faithfully reflect the financial, accounting, legal and administrative condition
of the  company,  and that the same  served as the basis for  execution  of this
agreement and to obtain the authorization of

                                       2

<PAGE>

the  loan  subject  matter  hereof  and as of this  day,  such  information  and
documentation has not been changed or modified in any manner whatsoever.

III. THE JOINT OBLIGOR AND GUARANTOR REPRESENT THROUGH THEIR REPRESENTATIVES.

1. That it is a company duly organized and existing under the laws of Mexico and
its  representatives  have  been  granted  sufficient  power  and  authority  to
represent it herein, and that such powers and authority have not been limited or
amended in any manner whatsoever.

2. That its corporate purpose includes the possibility of entering into the kind
of transaction  contemplated hereunder, as evidenced by its corporate by-laws as
presently in effect;  therefore  this  agreement  does not contravene any of the
provisions of their  corporate  by-laws and has been authorized by the competent
corporate bodies.

3. That given their corporate, financial,  administrative and legal relationship
with the  Borrower,  it is its interest to be part of this  agreement and become
the Borrower's  joint obligor and guarantor  before the Bank with respect to the
performance  of all their  obligations  hereunder  and  therefore;  they wish to
become joint obligor and  subscribe,  as Guarantors,  to the promissory  note or
notes to be issued to cover the advances of the loan subject matter hereof.

IV. THE PARTIES REPRESENT:

That they acknowledge the authority vested therein and the full force and effect
of the provisions, representations and meanings in this Agreement.

Pursuant to the foregoing, the parties hereby grant the following:

                                     CLAUSES

FIRST.  PURPOSE.  By means of this  agreement  the Bank grants to the Borrower a
Loan up to the amount of MXP 465,000,000.00 (Four hundred and sixty five million
Pesos Mexican Currency) (hereinafter the "Loan").

The  abovementioned  principal does not include interest,  delinquent  interest,
fees,  accessories  and other  expenses  to be paid by the  Borrower to the Bank
hereunder.

SECOND.  DRAWDOWN. It is hereby certified that in accordance with the background
chapter  hereof,  Panamco  Holding  has  drawn  the full  amount  of the Loan on
December  18,  2001,  by means of drawing of funds  credited  by the Bank to the
Investment  Account No.  572-1 (five seven two dash one) with Banco  Nacional de
Mexico, S.A.,  Institucion de Banca Multiple,  Grupo Financiero Banamex,  branch
660 (six hundred and sixty) in Mexico City,  Federal District in the name of ING
Bank (Mexico), S.A., Institucion de Banca Multiple, ING

                                       3

<PAGE>

Baring Grupo Financiero (Mexico), S.A. de C.V., TO CREDIT CONTRACT No. 2486 (two
thousand four hundred and eighty six) held by Panamco  Holding,  Panamco Holding
has  subscribed  a  promissory  note in the  name of the Bank to  evidence  such
drawdown;.  On December  28,  2001,  the Bank shall  cancel and return the above
mentioned  promissory  note to Panamco  Holding,  against the  subscription  and
delivery by the Borrower to the Bank of one or several  promissory  notes in the
name of the Bank to evidence such drawdown;  the promissory  note or notes to be
subscribed  by the  Borrower  in  terms of  Article  170 of the  General  Law of
Negotiable Instruments and Credit Transactions and this Agreement.

promissory  note or notes to be subscribed by the Borrower  shall be in terms of
Article 170 of the General Law of Negotiable Instruments and Credit Transactions
and this Agreement.

THIRD. USE OF THE CREDIT. The Borrower shall use the Loan proceeds precisely for
corporate purposes of a general nature.

FOURTH.  INTEREST AND FEES.  Ordinary  Interest.  The Borrower  shall pay to the
Bank, during the term hereof, an ordinary interest on the outstanding  principal
amount of Loan to be computed at a rate  equivalent to the TIIE Rate (as defined
below) plus the Margin (as defined below).

The Borrower shall pay an ordinary interest on the outstanding  principal amount
of the Loan on each Interest  Payment Date (as this term is defined  below) from
the date of the  drawdown,  pursuant  to Clause  Second  above,  until the Final
Payment Date (as this term is defined below).

Should any  Interest  Payment Date be not a Business  Day, the payment  shall be
made on the immediately preceding Business Day.

For the purposes of this Agreement the following  terms shall have the following
meaning:

"Business Day" means any day other than  Saturday,  Sunday or a holiday in which
the main offices of credit  institutions  in Mexico are opened to the public for
banking transactions.

"Interests  Payment Date" means,  with regard to the Loan,  the last day of each
Interest Period;

"Final Payment Date" means the due date of the term hereof,  exactly on December
16, 2003.

"Margin" means seventy-five (75) base points;

"Interest  Period"  means,  with  respect  to the Loan,  each 28  (twenty-eight)
calendar  days that will  serve as the basis  for  computing  the Loan  interest
caused by the outstanding principal amount;  provided however that (i) the first
Interest Period shall commence on the date of the drawdown and shall end exactly
twenty-eight (28) calendar days thereafter,  (ii) the following Interest Periods
shall commence on the last day of the immediately preceding Interest Period

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<PAGE>

and shall end twenty-eight (28) calendar days thereafter, and (iii) any Interest
Period in effect on the Final Payment Date shall end exactly on that Date;

"TIIE Rate" shall mean the  equilibrium  interbanking  interest  rate for the 28
(twenty-eight)  day term, or if the end of said period shall fall on a day which
is not a Business  Day, for the 26-,  27-, 29- or 31-day term as  determined  by
Banco de Mexico and published in the Official Gazette of the Federation,  on the
business day  immediately  preceding the date of  commencement  of each Interest
Period. In case the interest rate for any of the above referred Interest Periods
shall not be determined by Banco de Mexico,  for the purposes of this Promissory
Note any rate in  substitution  of the "TIIE Rate" shall be  considered  as such
when it is so made known by Banco de Mexico.

"Delinquent  Interest".  If Borrower  shall not pay timely any amount due to the
Bank pursuant to this Agreement,  exception made of interest,  such amount shall
accrue  delinquent  interest  from due date until final  payment,  such interest
shall  be  accrued  on a daily  basis  and  shall  be paid on  demand  at a rate
equivalent to the sum obtained by multiplying the applicable  ordinary  interest
rate for each day in delay by one point five  (1.5)  times.  For the  purpose of
computing delinquent  interests,  should the delinquency survive after the Final
Payment Date,  the last Interest  Period shall be considered to end upon payment
of all debts that the Borrower may have incurred hereunder.

For  the  calculation  of  ordinary  interest  for  each  Interest  Period,  the
applicable interest rate per annum shall be divided into three hundred and sixty
(360) the result of which shall be  multiplied  by the number of  calendar  days
comprised by the  relevant  Interest  Period,  including  the drawdown  date but
excluding  the  payment  day.  The  resulting  rate shall be  multiplied  by the
outstanding  balance  which  result  shall be the  amount of  interest  that the
Borrower must pay to the Bank for each Interest Period.

For the calculation of delinquent interest,  the applicable  delinquent interest
rate shall be divided  into three  hundred  and sixty  (360) the result of which
shall be applied to all past due outstanding amounts and shall be the delinquent
interest for each day that the Borrower shall pay pursuant to this Agreement.

Upfront  Fee.  Borrower  shall pay the Bank an upfront  fee in the amount of MXP
$465,000.00 (Four hundred and sixty five thousand Pesos,  Mexican Currency) as a
result of the original  Loan to Panamco  Holding as described in the  Background
chapter hereof plus the corresponding Value Added Tax, to be paid by Borrower to
the Bank no later than January 7, 2002.

FIFTH.  PAYMENT OF PRINCIPAL  AND TERM.  The Borrower  shall pay to the Bank the
outstanding  balance of the Loan  effective  on June 4, 2002,  in four (4) equal
consecutive payments pursuant to the amortization table set forth in EXHIBIT "A"
hereto.  Such payments of principal shall be made exactly on the dates set forth
in EXHIBIT "A".

                                       5

<PAGE>

In case a Payment Date is not in a Business  Day,  the payment  shall be made on
the immediately preceding Business Day.

At all  events,  there  shall be no  pending  payment on behalf of  Borrower  of
principal or any of the accessories thereof by the Final Payment Date.

Borrower may make advance total or partial payments  exclusively on the Interest
Payment Dates without a prepayment fee, by giving prior notice in writing to the
Bank at least five calendar days in advance.  The minimum amount of any advanced
payment  shall  be  MXP  $25,000,000.00  (twenty  five  million  Pesos,  Mexican
Currency) or any multiple thereof.

SIXTH. PAYMENT PLACE AND CONDITIONS. All amounts payable by Borrower to the Bank
pursuant to this  Agreement,  including,  but not limited to, the  principal and
interest of the Loan,  shall be paid on the dates  scheduled  without  need of a
previous  demand  and to the Bank's  satisfaction,  in freely  transferable  and
available Mexican Pesos and in same day funds.  Payments shall be made in any of
the Bank branches located at the Bank's domicile set forth in Clause  Thirteenth
below, or in any other place that the Bank may notify the Borrower in writing at
least ten (10) days in advance of the relevant payment date.

All payments to be made  Agreement  hereunder that are due on a day other than a
Business Day, shall be made on agreed date immediately  preceding Business Day..
The Bank shall apply all amounts received in payment by the Borrower as follows:
(i) expenses,  duties and taxes that are incurred in the  formalization  of this
Agreement and its guarantees;  (ii) collection and enforcement expenses, if any;
(iii)  counsel's fees in case of  enforcement;  (iv)  delinquent  interest;  (v)
ordinary interest and, (vi) principal.

SEVENTH.  TAXES.  The Borrower shall pay to the Bank all principal  amounts plus
interest and other payable amounts  pursuant to this  Agreement,  free and clear
from any  deduction,  charge or any other tax liability  imposed on such amounts
now or in the future, payable in any Mexican jurisdiction.

EIGHTH.  CREDIT  NEGOTIATION.  The Bank is  expressly  authorized  to  assign or
otherwise  negotiate  the Loan and the Note or Notes,  even before the  maturity
hereof,  pursuant to the terms and conditions set forth in Article 299 and other
applicable  provisions of the General Law of Negotiable  Instruments  and Credit
Transactions.

The  Borrower  shall not  assign or  otherwise  negotiate  any of the rights and
obligations hereof, except with the prior written consent of the Bank.

NINTH. AFFIRMATIVE AND NEGATIVE COVENANTS.  Until full payment of the principal,
interest and other amounts  indebted by the Borrower,  both the Borrower and the
Joint Obligors and Guarantors shall comply with the following covenants,  except
as otherwise approved by the Bank in writing:

a) Comply with any payment obligations deriving from any loan with the Bank.

                                       6

<PAGE>

b) Quarterly Financial Statements.  Provide the Bank, within sixty (60) calendar
days after the end of each fiscal  quarter,  with  individual  and  consolidated
internal  financial  statements  (balance  sheet,  profits and loss  statements,
statements  of changes in financial  condition and cash flow) duly signed by the
relevant financial officer in charge and/or the financial director, stating that
such  financial  statements  reasonably  reflect the  condition  of the company,
subject to auditing adjustments.

c) Annual Financial Statements.  Provide the bank with the annual individual and
consolidated  financial  statements (balance sheet, profits and loss statements,
statements  of changes in financial  condition and cash flow) duly audited by an
external firm of public accountants  previously accepted by the Bank, within one
hundred and twenty (120) calendar days following the closing of the fiscal year.
The foregoing  documents musts be signed by the corresponding  officer in charge
of the finances  and/or the  financial  director,  stating  that such  financial
statements reasonably reflect the condition of the company.

d)  Certificate  of  Compliance.  To  provide  the Bank with,  jointly  with the
quarterly and annual financial statements referred to in clause b) and c) above,
a certificate  signed by the relevant  officer in charge of finances  and/or the
financial director, stating that as of the date of the financial statements, the
Borrower  and the Joint  Obligor  and  Guarantor  have  complied  with all their
obligations hereunder and no Event of Default has occurred, or otherwise stating
the measures to be adopted to cure such Event of Default.

e) Additional information. To provide the Bank with:

I.   Prompt notice in writing, and in no event after ten (10) calendar days from
     the  occurrence  of any event that may affect or affects  and  impairs  the
     current financial situation of its business, or the occurrence of any Event
     of Default as provided herein,  accompanied by a detailed statement of such
     event and the  measures or actions  intended to cure the same.

II.  Prompt notice in writing,  and in no event after fifteen (15) calendar days
     from the  acknowledgment  of the  existence  of any  lawsuit or  proceeding
     before any  governmental  body or labor dispute,  provided it may affect or
     may potentially adversely affect its financial position.

III. The  required  information  to determine  the  Borrower's  credit  capacity
     referred to its business and/or it subsidiaries and its financial situation
     whenever requested by the Bank.

f)  Licenses,  Authorizations,  etc.  Keep in full force and effect,  obtain and
renew any license,  authorization and approvals now or hereinafter  required for
them to  comply  with  their  obligations  hereunder,  and to  comply  with  any
applicable  law,  regulations  and  standards  of  any  governmental  body,  the
non-compliance of which could materially and adversely affect

                                       7

<PAGE>

their capacity to meet their obligations hereunder. Also, to immediately pay any
debts on taxes or contributions to the Mexican Institute of Social Security, the
Retirement  Savings  System and to the  Mexican  Institute  of  Housing  Funding
"INFONAVIT",  except for such payments being contested in good faith through the
proper proceedings and if the corresponding  reserves or guarantees  pursuant to
the applicable laws have been made.

g) Maintenance of Assets.  Make such  investments as may be required in order to
maintain the company's assets or to replace them, and make the necessary repairs
and  enhancements  for such  purpose,  in order to  preserve  their  plants  and
facilities in the best working condition.

h)  Insurance.  Maintain  such  insurance  as may be required to cover the fixed
assets of their companies and subsidiaries  against such risks that are usual to
the business, in such amounts that will suffice to repair or replace them in the
event of casualty.

i) Inspection  Rights.  Permit the Bank's designees the visit to, and inspection
of, their  businesses and give them access to such data or documents  related to
the Loan; provided however,  that a previous request in writing is made five (5)
Business Days in advance.

j.  Expenses  Pay or  reimburse,  within  thirty  (30)  calendar  days  from the
execution  hereof,  any cost in respect  of this  Agreement,  including  but not
limited to, fees of counsels and other advisors for preparing  legal  documents,
any costs incurred in  formalizing  this  Agreement  before a commercial  notary
public, and costs derived from the payment of dues and contributions incurred in
the registration with the corresponding Public Registries,  as well as any other
similar expenses.

k) Leverage.  Joint Obligor and Guarantor and its subsidiaries in a consolidated
basis shall maintain, during the term of this Agreement, (i) a Financial Debt (a
debt  causing the payment of interest) to EBITDAPS  (earnings  before  interest,
taxes,  depreciation,  amortization  and profit  sharing)  ratio no greater than
three (3) times,  and (ii) a Financial  Debt to net worth ratio not greater than
one point two (1.2)  times) For this  purpose,  the  Financial  Debt and the net
worth shall be determined  based on the Borrower's  last report,  while EBITDAPS
shall be  determined  on the  basis  of the  accumulation  of the last  four (4)
quarterly periods.

I)  Hedge.  The  Joint  Obligor  and  Guarantor  and  their  subsidiaries,  in a
consolidated  basis, shall maintain during the term of this Loan, an EBITDAPS to
paid  financial  expenses  (it being  understood  as such the  payments  made in
respect of the Financial  Debt) ratio of no less than three (3) times.  For this
purpose, EBITDAPS and financial expenses shall be determined on the basis of the
accumulation of the four (4) last quarterly periods.

II) Change of Line of Business . No change in the Borrower's,  Joint Obligor and
Guarantor's   line  of  business   shall  be  made   without  the  Bank's  prior
authorization in writing and they shall remain as ongoing concerns.

m) Dissolution.  Neither the Borrower nor the Joint Obligor and Guarantor may be
subject to dissolution or liquidation procedures.

                                       8

<PAGE>

n) Change of  Shareholders.  No change in equity  interests  can be made, if the
consequence  of such a change  is that  the  Borrower,  the  Joint  Obligor  and
Guarantor,  their subsidiaries,  or the administration  thereof shall loss their
present direct or indirect control over the Borrower. For the purpose hereof, it
will be deemed that an entity "has control"  over another,  if the first one has
direct or indirect  power to determine the other's  direction or  administration
and policies,  as a consequence of the interests held by such party, or due to a
contractual provision or otherwise.

n) Encumbrances. Without the Bank's prior authorization in writing, no mortgage,
pledge or any other encumbrance  whatsoever may be created or be in existence on
the current or future fixed assets of the Joint Obligor and  Guarantors,  by any
authorized  assignee  of the  Borrower  pursuant  to Clause  Eight  and/or  such
assignee's  subsidiaries,  except for any encumbrances  created over the current
fixed  assets  the  amount of which  shall not  exceed ten per cent (10%) of the
tangible  assets value (such  tangible  assets being  defined as the total fixed
assets less goodwill).  To obtain any future funding,  the fixed assets acquired
with such funding may be pledged or  encumbered  in any manner  whatsoever.  The
Borrower,  the Joint Obligor and Guarantor,  and any  Borrower's  subsidiary may
substitute  pledges and other  security  interests  with their  creditors if the
value of such new guarantees  shall not exceed the value of the securities being
substituted.  For the purpose of this  obligation,  Joint Obligor and Guarantors
certifies that no encumbrance of its property is currently existing.

o)  Split-off,  Merger or  Transfer  of  Interests.  Without  the  Bank's  prior
authorization in writing,  none of the Borrower or Joint Obligor and Guarantor's
subsidiaries  may be  split-off,  merged  or  transferred,  except if (i) such a
split-off,  merger or transfer shall result in the relevant subsidiary to remain
an Affiliate of the Borrower or the Joint  Obligor and  Guarantor,  and (ii) the
sale of Maseri de Leon, S.A. de C.V and Industria Metalica de Leon, S.A. de C.V.
to third parties.  For the purposes  hereof,  an "Affiliate" is any  individual,
business, company, joint-venture, trust or any other entity or organization that
controls, or is controlled by, or under the control of the entity in question.

p) Dividends.  Without the Bank's prior  authorization in writing,  no dividends
can be decreed by the Borrower or the Joint Obligor and Guarantor,  if they have
not complied with their obligations  hereunder,  or if such decree may result in
the  contravention  hereof  or any other  contract  with a third  party  then in
effect.

q) Sale of  Trademarks.  Without  the Bank's  prior  authorization  in  writing,
neither the Borrower  nor the Joint  Obligors  and  Guarantors  shall sell their
trademarks and shall preserve their  trademark  distribution  franchises held by
each of them as of the date hereof.  Nevertheless they may sell their registered
trademarks to any Affiliate,  unless they  contravene  any of their  obligations
hereunder.  For the purposes hereof, a list of the trademarks owned by the Joint
Obligor  and  Guarantor  is  attached  hereto as Exhibit  "B" in evidence of its
rights pursuant to license agreements.

                                       9

<PAGE>

r) Preferential Terms on Securities and Payment Flows.  Without the Bank's prior
authorization in writing,  neither the Borrower or Joint Obligors and Guarantors
shall  grant  any   preferential   terms  on  securities  or  flow  of  payments
subordinating the Bank's position.

s) Granting of Loans and Securities.  Without the Bank's prior  authorization in
writing, neither the Borrower or the Joint Obligor and Guarantor shall (i) grant
loans or  securities  to any third  parties  other  than their  subsidiaries  or
affiliates;  and (ii) grant loans or  securities to  subsidiaries  or affiliates
other than in the normal course of business.

t) Cash flow:  Without the Bank's prior  authorization  in writing,  neither the
Borrower nor the Joint Obligor and Guarantor shall compromise their cash flow in
favor of third parties.

u) Amendment of the Bancomer  Loan.  Without the Bank's prior  authorization  in
writing,  neither the Borrower nor the Joint Obligor and  Guarantor  shall amend
the loan agreement referred to in Clause Twelfth hereof.

v) Limit of Indebtedness. Without the Bank's prior authorization in writing, the
Borrower  shall  not  incur in  additional  indebtedness  in  amounts  exceeding
USD$25,000,000.00  (twenty  five  million  Dollars,  legal  tender of the United
States of  America)  with the  understanding  that (i) for each  payment  of the
principal sum made by the Borrower  pursuant to Claus Fifth, the limit set forth
hereof shall be increased in the same amount of such payment of  principal;  and
(ii)  to the  purposes  of this  paragraph  u) it  shall  be not  considered  an
"additional indebtedness" of the loan referred to in Clause Twelfth.

If the Borrower or the Joint Obligor and Guarantor  shall incur a debt in breach
of the obligations  provided in preceding  clauses r), s) t) and v) the relevant
debt shall become subordinated to the preferential  position granted to the Bank
hereunder.

TENTH.  EVENTS OF DEFAULT.  The term to pay the Loan or the accessories  thereof
may be terminated in advance in case of occurrence of the following events (each
of which shall be an "Event of Default"):

1.   If  creditor  shall not  timely  and fully pay any past due  advance of the
     principal amount,  accrued interest,  fees, cost or expenses as a result of
     this instrument and related to the Loan;

2.   If any Mexican or foreign institution shall declare the acceleration of any
     payment  obligations  as a result  of a  Borrower's  or Joint  Obligor  and
     Guarantor's  default  to its  present  and  future  obligations,  including
     transactions traded among the public at large;  provided however,  that (i)
     such payment  obligations shall exceed USD$  20,000,000.00  (twenty million
     dollars,  legal tender of the United States of America) o its equivalent in
     Mexican  currency,  or (ii) the actions  taken by the  creditor  are to the
     Bank's disadvantage in respect to this Credit's collection;

                                       10

<PAGE>

3.   If Borrower or any Joint Obligor and  Guarantor  shall cease to pay without
     cause any tax obligation,  contributions to the Mexican Institute of Social
     Security,   the  INFONAVIT  or  the  Retirement   Savings   Systems  (or  a
     contribution to the corresponding  Retirement Fund Administrators,  if any)
     except when making the corresponding  reserves and the payments thereto are
     being contested in good faith; or if the Borrower, any of the Joint Obligor
     and  Guarantor  and/or  their  subsidiaries  shall be declared on strike or
     intervened,  and their payment capacity shall be at risk, or in case of any
     conflicts  that may adversely  affect the good operation of the Borrower or
     the Joint Obligor and Guarantor and/or their subsidiaries,  except whenever
     said  conflicts are contested in good faith and the relevant  reserves have
     been made;

4.   If Borrower,  the Joint Obligor and Guarantor and their  subsidiaries shall
     not deliver the information required hereunder, provided such default shall
     not  be  not  cured   within  five  (5)  Business  Day  from  the  date  of
     notification;

5.   If any of the  Borrower  or the Joint  Obligor and  Guarantor's  assets are
     seized by a judicial, administrative or other authority, the value of which
     exceeds USD$  20,000,000.00  (Twenty million  Dollars,  legal tender of the
     United States of America) or its equivalent in Mexican currency;

6.   If a  proceeding  shall be brought by or against the  Borrower or the Joint
     Obligor and Guarantor in order to have them adjudged in bankruptcy;

7.   If Borrower or the Joint  Obligor and  Guarantor be adjudged the payment of
     an amount exceeding or equal to USD$20,000,000.00  (Twenty million dollars,
     legal tender of the United States of America) or its  equivalent in Mexican
     currency and there were no reserves  theretofore or any remedy of appeal or
     other proceeding against such judgment;

8.   If Borrower or the Joint  Obligor and  Guarantor  shall not comply with its
     payment  obligations  on the  Financial  Debt for an amount  exceeding  USD
     $20,000,000.00  (Twenty million dollars,  legal tender of the United States
     of America) its  equivalent in any another  currency in respect of any debt
     under any other agreements,  notes or other instruments  covering Financial
     Debt, or if such debt is accelerated by the corresponding creditors;

9.   If  Creditor  or the Joint  Obligor  and  Guarantor  decrees the payment of
     dividends  while  the  Borrower  is in  default  in the  payment  of  fees,
     interest,  principal and/or any other costs referred to the Loan, or if the
     Joint  Obligor  and  Guarantor  is in  default  with  respect to any of the
     financial  ratios  set  forth  in  paragraphs  k)  and l) of  Clause  Ninth
     hereunder,  or if as the result of the dividends  paid, the Borrower or the
     Joint  Obligor  and  Guarantor  shall  fail  to  comply  with  any  of  its
     commitments hereunder;

10.  If for any Interest  Period it is determined  that the interest rate cannot
     be  defined,  and/or the basis for the  funding  cost shall not reflect the
     manner in which the Loan is

                                       12

<PAGE>

     maintained and/or funded,  without prejudice of the right of the parties to
     enter into an amendment agreement,

11.  If any of the Joint Obligor and Guarantor shall split-off or merge, thereby
     affecting its corporate structure and financial good standing in such a way
     that the  financial  ratios  established  in paragraphs k) and l) of Clause
     Ninth hereunder are not complied with,

12.  If Borrower  shall incur in an event of default  under the loan referred to
     in Clause Twelfth. or

13   If Borrower shall not comply with any of its obligations hereunder.

If any of the  above  mentioned  Events of  Default  shall  occur,  the Bank may
accelerate  the term for  payment  of the Loan and other  accessories  set forth
herein and the Borrower  shall pay the Bank  forthwith  the total amount of such
Loan as well as all other  outstanding  amounts  hereunder,  in which case,  any
promissory note or notes subscribed by the Borrower shall become immediately due
and payable.

ELEVENTH.  JOINT OBLIGOR AND GUARANTOR.  Panamco Mexico,  S.A. de C.V. is hereby
constituted  joint  obligor  with  the  Borrower  in  respect  to  any  and  all
obligations  deriving from this  Agreement  attributable  to the Borrower to the
benefit of the Bank, in terms of the joint  liability set forth in Articles 1987
and 1988 of the Civil Code for the Federal District.

This joint liability includes the total payment of the Loan's principal plus the
payment  of  interest,  fees  and  other  related  accessories  that  may  arise
therefrom.

In addition,  the Joint  Obligor  undertakes to  subscribe,  as  Guarantor,  the
promissory  note or notes that evidence the drawdowns of the Loan subject matter
of this Agreement.

TWELFTH. THE BANCOMER CREDIT. The parties acknowledge that on December 28, 2001,
Panamco Golfo shall assume the Panamco Holding's  obligations and Panamco Mexico
shall become the Joint Obligor and Guarantor  under the loan agreement with BBVA
Bancomer,  S.A., Institucion de Banca Multiple,  Grupo Financiero BBVA Bancomer,
on December 18, 2001,  and in the amount of MXP  465,000,000  (Four  hundred and
seventy five million pesos Mexican Currency) (hereinafter the "Bancomer Loan".)

The parties  agree that the Loan subject  matter of this  Agreement  and the ING
Loan shall have the same priority.

THIRTEENTH.  NOTICES.  Any  communication  to be given among the parties  hereto
shall be given in writing by  registered  mail  return  receipt  requested,  and
addressed  to the  corresponding  party,  in an  unquestionable  manner,  to the
following addresses of the parties:

                                       12

<PAGE>

IF TO THE BANK:   Bosques Alisos No. 45-B, Piso 3
                  Colonia Bosques de las Lomas, C.P. 05120
                  Delegacion Miguel Hidalgo,
                            Mexico, Distrito Federal

IF THE BORROWER:  Blvd. Manuel Avila Camacho No. 40, piso 21
                  Col. Lomas de Chapultepec, C.P. 11000
                  Delegacion Miguel Hidalgo
                  Mexico, Distrito Federal

IF TO JOINT OBLIGORS AND
GUARANTORS:       Blvd. Manuel Avila Camacho No. 40, piso 21
                  Col. Lomas de Chapultepec, CC.P. 11000
                  Delegacion Miguel Hidalgo
                  Mexico, Distrito Federal

Any change in the Borrower's or the Joint Obligor and Guarantors' addresses must
be notified to the Bank in writing,  return receipt requested, at least ten (10)
calendar days in advance to the  effectiveness  of said change.  Otherwise,  all
notices or any other judicial or extra  judicial  notices given to the addresses
set forth herein shall be  considered as validly made for all legal effects that
may apply.

FOURTEENTH. EXPENSES. The Borrower shall pay to the Bank, (i) any and all costs,
expenses,   notaries  and   brokerage   fees,   taxes  and  all  the   necessary
protocolization,  formalization and registry duties for the execution  hereunder
and, as the case may be, for the creation and  maintenance  of the guarantees as
agreed  hereunder,  and (ii) all such costs,  expenses  and legal fees as may be
incurred by Bank in the event a legal  action is  initiated  as a result of this
Agreement or any other instrument executed thereunder.

FIFTEENTH.  CREDIT  INFORMATION.  Borrower  expressly  represents  that  it  has
knowledge that the companies supplying credit information are aimed at providing
such services on the credit transactions of credit institutions with individuals
and companies,  therefore Borrower has no inconvenience and agrees that the Bank
may  provide  information  referred  to this  Loan  to one or more of the  above
mentioned companies.

Also, Borrower hereby expressly authorizes the Bank, if deemed convenient at any
time, to request information on the Borrower's  creditworthiness  from the above
mentioned companies.

Borrower waives any right to initiate any legal proceeding against the Bank that
may arise as the result of the Banks  making use of the  authority  vested to it
herein.

SIXTEENTH.  SET-OFF.  In the event that Borrower must pay the Bank, at any time,
any sum pursuant to this  instrument and Borrower shall fail to comply with such
payment  obligation,  Borrower  hereby  irrevocably  authorizes the Bank, to the
extent authorized by

                                       13

<PAGE>

statute,  to debit any of the  Borrower's  deposit  and/or account with the Bank
(including,  but not limited to,  demand  deposits or,  savings,  term,  demand,
provisional or final  accounts;  investment  accounts of whatever  nature,  with
special  inclusion of the amounts that the Bank's trustee division  maintains in
the name of the Borrower pursuant to any investment contract) and to set-off any
debt the  Borrower  may have with the Bank  regardless  of the reason,  up to an
amount  that is equal to the amount  indebted to the Bank,  without  need of any
requirement, notice or demand whatsoever.

The Bank shall notify the  Borrower,  as soon as  practicable,  of any charge or
set-off it may have made in accordance with this clause,  provided  however that
the absence of such notice  shall not affect in any other manner the validity of
such charge or set-off.  The Banks right  pursuant to this clause is in addition
of any other right (including other set-off rights) that the Bank might have.

SEVENTEENTH.  NOTICE OF TERMINATION OF COMMITMENT.  It is expressly  agreed that
the Bank has the right to terminate  the  commitment  hereunder on an unilateral
basis at any time  whatsoever  pursuant  to Article  294 of the  General  Law of
Negotiable Instruments and Credit Transactions,  by means of a notice in writing
to the Borrower.

EIGHTEENTH.  DISCLOSURE  OF TERMS AND  CONDITIONS.  Except as provided in Clause
Fifth,  the terms and  conditions  hereunder  cannot be made known to the public
without the prior consent of the parties;  without prejudice of the requirements
of competent  authorities and of the obligations  such parties may be subject to
under applicable laws.

NINETEENTH.  EFFECTIVENESS.  This  Agreement  reflects the terms and  conditions
under which the parties are bound as of December  28,  2001,  as a result of the
agreements  referred to in paragraphs B and C of the Background  chapter hereof.
In the foregoing  terms,  this  agreement  shall be in effect as of December 28,
2001 and shall  substitute and supersede the agreement  described in paragraph A
of the  Background  chapter  hereof,  but it shall not  imply a  renewal  of the
obligations therefrom.

TWENTIETH.  JURISDICTION  AND  APPLICABLE  LAW. For the  interpretation  of, and
compliance with, this Agreement the parties submit  themselves to the applicable
laws, and to the  jurisdiction of the competent  courts of Mexico City,  Federal
District,  expressly waiving hereby,  any other jurisdiction that may correspond
to them in view of their present or future domiciles, or otherwise.

                                       14

<PAGE>

In witness whereof, the parties hereto have caused this Agreement to be executed
in three  counterparts,  one counterpart for each party, in Mexico City, Federal
District,  on December 18, 2001,  for all legal  effects to become  effective on
December 28, 2001.

                                    THE BANK
                            ING BANK (MEXICO), S.A.,
                         INSTITUCION DE BANCA MULTIPLE,
               ING. BARING GRUPO FINANCIERO (MEXICO), S.A. DE C.V.

                                 Represented by:

                              (Illegible signature)
                            Gerda Hitz Sanchez Juarez

                                  THE BORROWER
                           PANAMCO GOLFO, S.A. DE C.V.

                                 Represented by:
(Illegible signature)                           (Illegible signature)
Benjamin Santana Ruiz                           Gerardo Pinto Urrutia

                           JOINT OBLIGOR AND GUARANTOR
                          PANAMCO MEXICO, S.A. DE C.V.

                                 Represented by:
(Illegible signature)                           (Illegible signature)
Benjamin Santana Ruiz                           Gerardo Pinto Urrutia

                                       15

<PAGE>

                                                                     EXHIBIT "A"

                               AMORTIZATIONS TABLE

---------------------------------------------------------------------------
PAYMENT DATE                                    PRINCIPAL AMOUNT TO BE PAID
---------------------------------------------------------------------------
June 4, 2002                                        MXP$116,250,000.00
---------------------------------------------------------------------------
December 17, 2002                                   MXP $116,250,000.00
---------------------------------------------------------------------------
June 3, 2003                                        MXP $116,250,000.00
---------------------------------------------------------------------------
December 16, 2003                                   MXP $116,250,000.00
---------------------------------------------------------------------------

                                       16

<PAGE>

                                                                     EXHIBIT "B"

                                   TRADEMARKS

I.      Trademarks under the Coca-Cola Company license

        1.    Coca-Cola
        2.    Coca-Cola Light
        3.    Fanta
        4.    Sprite
        5.    Sprite Light
        6.    Fresca
        7.    Lift
        8.    Delaware Punch
        9.    Chispa
        10.   Fruitopia
        11.   Senzao
        12.   Powerade
        13.   Quatro
        14.   Beat
        15.   Sonfil

II.     Trademarks owned y Panamco Mexico, S.A. de C.V. or its subsidiaries:

        1.    Risco
        2.    Keloco
        3.    Plastesha

                                       17

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