Document:

EXHIBIT 4.7

                                                                EXECUTION COPY

         ************************************************************

                           VITRO PLAN, S.A. DE C.V.,

                              VVP HOLDINGS CORP.

                                      and

                            VVP SYNDICATION, INC.,
                                 as Borrowers

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

                                $144,244,230.63
                                LOAN AGREEMENT

                         Dated as of February 26, 2003

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

                                CERTAIN LENDERS

                           SALOMON SMITH BARNEY INC.

                                      and

                                COMERICA BANK,
                            as Joint Lead Arrangers

                                CITIBANK, N.A.,
                            as Administrative Agent

                     WACHOVIA BANK, NATIONAL ASSOCIATION,
                              as Collateral Agent

         ************************************************************

<PAGE>

                               TABLE OF CONTENTS

               This Table of Contents is not part of the Agreement to which it
is attached but is inserted for convenience of reference only.

                                                                          Page
                                                                          ----
SECTION 1.  DEFINITIONS......................................................2
         1.01  CERTAIN DEFINED TERMS.........................................2
         1.02  ACCOUNTING TERMS AND DETERMINATIONS..........................17

SECTION 2.  COMMITMENTS, ETC................................................17
         2.01  LOANS........................................................17
         2.02  BORROWING....................................................18
         2.03  FEES.........................................................18
         2.04  SEVERAL OBLIGATIONS; CERTAIN REMEDIES INDEPENDENT............18
         2.05  NOTES........................................................19

SECTION 3.  PAYMENTS OF PRINCIPAL AND INTEREST..............................19
         3.01  REPAYMENT OF LOANS...........................................19
         3.02  INTEREST.....................................................20
         3.03  OPTIONAL PREPAYMENTS.........................................20
         3.04  MANDATORY PREPAYMENTS........................................21

SECTION 4.  PAYMENTS, ETC...................................................21
         4.01  PAYMENTS.....................................................21
         4.03  COMPUTATIONS.................................................22
         4.04  CERTAIN NOTICES..............................................22
         4.05  NON-RECEIPT OF FUNDS BY THE ADMINISTRATIVE AGENT.............22
         4.06  SHARING OF PAYMENTS..........................................22
         4.07  JOINT AND SEVERAL OBLIGATIONS................................23

SECTION 5.  YIELD PROTECTION, ETC...........................................23
         5.01  ADDITIONAL COSTS.............................................23
         5.02  SUBSTITUTE BASIS.............................................25
         5.03  ILLEGALITY...................................................26
         5.04  COMPENSATION.................................................26
         5.05  TAXES........................................................27

SECTION 6.  CONDITIONS PRECEDENT............................................29
         6.01  CONDITIONS TO EFFECTIVENESS..................................30

                                      (i)

<PAGE>

         6.02  ADDITIONAL CONDITIONS TO BORROWING...........................32

SECTION 7.  GUARANTEE.......................................................33
         7.01  THE GUARANTEE................................................33
         7.02  ACKNOWLEDGMENTS, WAIVERS AND CONSENTS........................33
         7.03  REINSTATEMENT................................................37
         7.04  SUBROGATION..................................................37
         7.05  REMEDIES.....................................................37
         7.06  PAYMENTS.....................................................37
         7.07  RIGHTS OF CONTRIBUTION.......................................38
         7.08  GENERAL LIMITATION ON GUARANTEE OBLIGATIONS..................38
         7.09  LIMITATION ON GUARANTEE OBLIGATIONS OF SWISS GUARANTORS......38
         7.10  COLOMBIAN GUARANTOR..........................................39

SECTION 8.  REPRESENTATIONS AND WARRANTIES..................................39
         8.01  POWER AND AUTHORITY..........................................39
         8.02  DUE AUTHORIZATION, ETC.......................................39
         8.03  GOVERNMENTAL AND OTHER APPROVALS.............................39
         8.04  LEGAL EFFECT.................................................40
         8.05  FINANCIAL STATEMENTS.........................................40
         8.06  RANKING......................................................40
         8.07  NO ACTIONS OR PROCEEDINGS....................................40
         8.08  COMMERCIAL ACTIVITY; ABSENCE OF IMMUNITY.....................40
         8.09  TAXES........................................................41
         8.10  LEGAL FORM...................................................41
         8.11  FULL DISCLOSURE..............................................41
         8.12  LIENS........................................................41
         8.13  SOLVENCY.....................................................42
         8.14  RESTRICTIONS ON UPSTREAMING..................................42
         8.15  NOT AN INVESTMENT COMPANY....................................42
         8.16  MATERIAL AGREEMENTS..........................................42
         8.17  PROPERTIES...................................................42

SECTION 9.  COVENANTS OF THE BORROWERS......................................42
         9.01  CORPORATE EXISTENCE, ETC.....................................42
         9.02  COMPLIANCE WITH LAW..........................................43
         9.03  GOVERNMENTAL AUTHORIZATIONS..................................43
         9.04  FINANCIAL STATEMENTS, ETC....................................43
         9.05  RANKING......................................................44
         9.06  TRANSACTIONS WITH AFFILIATES.................................44
         9.07  LINE OF BUSINESS.............................................45
         9.08  MERGER, ETC..................................................45
         9.09  UPSTREAMING..................................................45

                                     (ii)

<PAGE>

         9.10  HEDGE AGREEMENTS.............................................45
         9.11  NEGATIVE PLEDGE..............................................45
         9.12  FISCAL YEAR..................................................46
         9.13  ASSET SALES; INVESTMENTS IN NON-GUARANTEEING SUBSIDIARIES....46
         9.14  USE OF PROCEEDS..............................................47
         9.15  COMMUNICATIONS AGREEMENT.....................................47
         9.16  DIVIDEND PAYMENTS............................................47
         9.17  FINANCIAL STATEMENTS OF U.S. GUARANTORS......................47

SECTION 10.  FINANCIAL COVENANTS OF VITRO PLAN; SPECIAL COVENANTS OF
             VVP SYNDICATION................................................47
         10.01  COVENANTS OF VITRO PLAN.....................................47
         10.02  COVENANTS OF VVP SYNDICATION................................48

SECTION 11.  EVENTS OF DEFAULT..............................................49

SECTION 12.  THE CASH RESERVE ACCOUNT.......................................51
         12.01  THE CASH RESERVE ACCOUNT....................................51
         12.02  PERMITTED INVESTMENTS.......................................53
         12.03  CERTAIN PROVISIONS RELATING TO AGENTS.......................54
         12.04  INTERCREDITOR AGREEMENT.....................................54
         12.05  EVENTS OF DEFAULT, ETC......................................54
         12.06  DEFICIENCY..................................................55
         12.07  REMOVALS, ETC...............................................55
         12.08  ATTORNEY-IN-FACT............................................55
         12.09  TERMINATION.................................................55
         12.10  NO WAIVER...................................................55

SECTION 13.  THE AGENTS.....................................................56
         13.01  APPOINTMENT, POWERS AND IMMUNITIES..........................56
         13.02  RELIANCE BY AGENTS..........................................57
         13.03  DEFAULTS....................................................57
         13.04  RIGHTS AS A LENDER..........................................57
         13.05  INDEMNIFICATION.............................................58
         13.06  NON-RELIANCE ON AGENTS AND OTHER LENDERS....................58
         13.07  FAILURE TO ACT..............................................59
         13.08  RESIGNATION OR REMOVAL OF AGENTS............................59

SECTION 14.  MISCELLANEOUS..................................................60
         14.01  WAIVER......................................................60
         14.02  NOTICES.....................................................60
         14.03  EXPENSES, ETC...............................................60

                                    (iii)

<PAGE>

         14.04  AMENDMENTS, ETC.............................................61
         14.05  SUCCESSORS AND ASSIGNS......................................62
         14.06  ASSIGNMENTS AND PARTICIPATIONS..............................62
         14.07  SURVIVAL....................................................64
         14.08  CAPTIONS....................................................64
         14.09  COUNTERPARTS................................................64
         14.10  GOVERNING LAW...............................................65
         14.11  JURISDICTION, SERVICE OF PROCESS AND VENUE..................65
         14.12  WAIVER OF JURY TRIAL........................................66
         14.13  WAIVER OF IMMUNITY..........................................66
         14.14  JUDGMENT CURRENCY...........................................66
         14.15  USE OF ENGLISH LANGUAGE.....................................66
         14.16  ENTIRE AGREEMENT............................................67
         14.17  SEVERABILITY................................................67
         14.18  RIGHT OF SET-OFF............................................67
         14.19  CONFIDENTIALITY.............................................67
         14.20  NO FIDUCIARY RELATIONSHIP...................................68

                                     (iv)

<PAGE>

                  LOAN AGREEMENT dated as of February 26, 2003, among:

          (1) VITRO PLAN, S.A. DE C.V. ("Vitro Plan"), a Mexican corporation
(sociedad anonima de capital variable);

          (2) VVP HOLDINGS CORP. ("VVP Holdings"), a corporation organized
under the law of the State of Delaware;

          (3) VVP SYNDICATION, INC. ("VVP Syndication"), a corporation
organized under the law of the State of Delaware and, together with Vitro Plan
and VVP Holdings, the "Borrowers");

          (4) AUTOCRISTALES DE ORIENTE, S.A. DE C.V., a Mexican corporation
(sociedad anonima de capital variable), VVP AUTO GLASS, INC., a Delaware
corporation, VITROCAR, S.A. DE C.V., a Mexican corporation (sociedad anonima
de capital variable), CRISTALES CENTROAMERICANOS, S.A., a Guatemalan
corporation (sociedad anonima), CRISTALES INASTILLABLES DE MEXICO, S.A. DE
C.V., a Mexican corporation (sociedad anonima de capital variable),
DISTRIBUIDOR VIDRIERO LAN, S.A. DE C.V., a Mexican corporation (sociedad
anonima de capital variable), DISTRIBUIDORA NACIONAL DE VIDRIO, S.A. DE C.V.,
a Mexican corporation (sociedad anonima de capital variable), DISTRIBUIDORA DE
VIDRIO Y CRISTAL, S.A. DE C.V., a Mexican corporation, (sociedad anonima de
capital variable), DISTRIBUIDORA DE VIDRIO DE MEXICO, S.A. DE C.V., a Mexican
corporation (sociedad anonima de capital variable), TECNOLOGIA VITRO VIDRIO Y
CRISTAL LTD. ("Tecnologia Vitro"), a Swiss Corporation (limited liability
company), VIDRIO PLANO, S.A. DE C.V., a Mexican corporation (sociedad anonima
de capital variable), VIDRIO PLANO DE MEXICO, S.A. DE C.V., a Mexican
corporation (sociedad anonima de capital variable), VIDRIOS TEMPLADOS
COLOMBIANOS, S.A. ("Vidrios Templados"), a Colombian corporation, VITRO
AUTOMOTRIZ, S.A. DE C.V., a Mexican corporation (sociedad anonima de capital
variable), VITRO FLOTADO CUBIERTAS, S.A. DE C.V., a Mexican corporation
(sociedad anonima de capital variable), VITRO VIDRIO Y CRISTAL, S.A. DE C.V.,
a Mexican corporation (sociedad anonima de capital variable), VITRO AMERICA,
INC. ("Vitro America"), a Delaware corporation, SUPER SKY INTERNATIONAL, INC.
("Super Sky International"), a Wisconsin corporation, SUPER SKY PRODUCTS, INC.
("Super Sky Products"), a Wisconsin corporation, SUPER SKY CONSTRUCTORS, INC.
("Super Sky Constructors"), a Delaware corporation, IP VITRO VIDRIO Y CRISTAL
LTD. ("IP Vitro"), a Swiss corporation, and each Subsidiary of Vitro Plan that
becomes a "Guarantor" after the date hereof pursuant to Section 10.01(d)
hereof (the "Guarantors");

          (5) each of the entities that is a signatory hereto under the
caption "LENDERS" on the signature pages hereto and each entity that becomes a
"Lender" after the date hereof pursuant to Section 14.06(b) hereof
(individually, a "Lender" and, collectively, the "Lenders");

          (6) CITIBANK, N.A., as administrative agent for the Lenders (in such
capacity, together with its successors in such capacity, the "Administrative
Agent"); and

          (7) WACHOVIA BANK, NATIONAL ASSOCIATION, as collateral agent for the
Lenders (in such capacity, together with its successors in such capacity, the
"Collateral Agent").

<PAGE>

                                                                             2

                             W I T N E S S E T H :

          The Borrowers have requested that the Lenders make term loans to
them in an aggregate principal amount up to but not exceeding $144,244,230.63,
and the Lenders are prepared to make such loans upon and subject to the terms
and conditions hereof. Accordingly, the parties hereto agree as follows:

          SECTION 1. DEFINITIONS.

          1.01 Certain Defined Terms. As used herein, the following terms
shall have the following meanings (and all terms defined in this Section 1.01
or in other provisions of this Agreement in the singular shall have the same
meanings when used in the plural and vice versa):

          "Account Control Agreement" shall mean an Account Control Agreement
in substantially the form of Exhibit C hereto among VVP Syndication, the
Collateral Agent and the Intermediary, as from time to time amended.

          "Administrative Agent" shall have the meaning set forth in the
introduction hereto.

          "Administrative Agent's Account" shall mean the account of the
Administrative Agent maintained by the Administrative Agent at Citibank, N.A.
at 2 Penn's Way, Suite 200, New Castle, Delaware 19720, ABA #021000089,
Account No. 36852248, Account name: Medium Term Finance, Reference: Vitro
Plan, Attention: Cristian O. Garcia, or such other account of the
Administrative Agent as may be designated by the Administrative Agent to the
Borrowers in writing.

          "Affiliate" shall mean, as to any Person, any other Person that,
directly or indirectly, controls, is controlled by or is under common control
with such Person or is a director or officer of such Person. For purposes of
this definition, the term "control" (including the terms "controlling",
"controlled by" and "under common control with") of a Person shall mean the
possession, direct or indirect, of the power to vote 10% or more of the Voting
Shares of such Person or to direct or cause the direction of the management
and policies of such Person, whether through the ownership of such Voting
Shares, by contract or otherwise.

          "Agents" shall mean, collectively, the Administrative Agent and the
Collateral Agent.

          "Applicable Lending Office" shall mean, for each Lender, the
"Lending Office" of such Lender (or of an affiliate of such Lender) specified
opposite its name on Annex 1 hereto or such other office of such Lender (or of
an affiliate of such Lender) as such Lender may from time to time specify in
writing to the Administrative Agent and the Borrowers as the office by which
its Loans are to be made and maintained.

<PAGE>

                                                                             3

          "Asset Sale" by any Person shall mean any sale, lease, or other
transfer of Property, not including Dividend Payments, the making of payments
in respect of Indebtedness of such Person or the placing of funds in deposit
accounts or the investment of funds pursuant to cash management transactions
in the ordinary course of business or the granting of Liens permitted
hereunder.

          "Base Rate" shall mean a fluctuating interest rate per annum in
effect from time to time, which rate per annum shall at all times be equal to
the higher of:

          (a) the rate of interest announced publicly by Citibank in New York,
     New York, from time to time, as Citibank's "base rate"; and

          (b) 1/2 of 1% per annum above the Federal Funds Effective Rate.

Each change in any interest rate provided for herein based upon the Base Rate
resulting from a change in the Base Rate shall take effect at the time of such
change in the Base Rate.

          "Borrowers" shall have the meaning set forth in the introduction
hereto.

          "Borrowing" shall mean the borrowing by the Borrowers under this
Agreement, consisting of the simultaneous making of Loans by the Lenders.

          "Borrowing Date" shall mean the date of the Borrowing.

          "Business Day" shall mean any day on which commercial banks are not
authorized or required to close in New York City, London and Mexico City and
that is also a day on which dealings in Dollar deposits are carried out in the
London interbank market.

          "Capital Lease Obligations" shall mean, as to any Person, the
obligations of such Person to pay rent or other amounts under a lease of (or
other agreement conveying the right to use) real and/or personal Property,
which obligations are required to be classified and accounted for as a capital
lease on a balance sheet of such Person under GAAP and, for purposes of this
Agreement, the amount of such obligations shall be the capitalized amount
thereof, determined in accordance with GAAP.

          "Cash Reserve Account" shall mean account no. 25105321 established
and maintained at the principal office in New York City of the Intermediary
for the account of VVP Syndication, under the sole dominion and control of the
Collateral Agent and entitled "VVP Syndication Cash Reserve Account", for
which the Collateral Agent is the "entitlement holder" within the meaning of
Section 8-102(a)(7) of the UCC.

          "Change of Control Notice" shall have the meaning set forth in
Section 3.04 hereof.

          "Change of Control" shall mean that either (i) Vitro shall cease to
own, beneficially and of record, directly or through one or more wholly-owned
Subsidiaries, at least

<PAGE>

                                                                             4

51% of the outstanding Voting Shares of Vitro Plan or (ii) Pilkington shall
cease to own, beneficially and of record, directly or through one or more
wholly-owned Subsidiaries, at least 35% of the outstanding Voting Shares of
Vitro Plan.

          "Citibank" means Citibank, N.A., a national banking association.

          "Closing Date" shall mean the date on which the Administrative Agent
notifies the Borrowers that the conditions precedent set forth in Section 6.01
hereof have been satisfied.

          "Collateral Agent" shall have the meaning set forth in the
introduction hereto.

          "Colombian Guarantor" shall mean Vidrios Templados.

          "Commitments" shall mean, collectively, the Tranche A Commitments
and the Tranche B Commitments.

          "Commitment Termination Date" shall mean the date ten Business Days
after the date hereof.

          "Communications Agreement" shall mean an agreement among the
Borrowers and the Administrative Agent in substantially the form of Exhibit M
hereto, as from time to time amended.

          "Confidential Information" means information that any Obligor
furnishes to any Loan Party, but does not include any such information that is
or becomes generally available to the public or that is or becomes available
to any Loan Party from a source other than a Loan Party or an Obligor, unless,
to the actual knowledge of the recipient of such information, such source
breached an obligation of confidentiality in providing such information to
such recipient.

          "Consolidated EBITDA" shall mean, for any Person and for any period,
with respect to such Person and its consolidated Subsidiaries on a
consolidated basis, the sum (without duplication) of (i) Consolidated
Operating Income, (ii) depreciation and amortization and (iii) other non-cash
charges to the extent deducted in arriving at Consolidated Operating Income;
provided, that Vitro AFG shall be excluded from any determination of
Consolidated EBITDA so long as, pursuant to clause (ii) of the proviso to the
definition of Indebtedness, the consolidated Indebtedness of the Obligors is
reduced by $30,000,000 of consolidated Indebtedness of Vitro AFG.

          "Consolidated Interest Expense" shall mean, with respect to any
Person for any period, the aggregate gross amount of interest accruing during
such period on Indebtedness of such Person and its consolidated Subsidiaries
on a consolidated basis, determined in accordance with GAAP, including,
without duplication, the interest portion of payments under Capital Lease
Obligations and any capitalized interest and amortization of debt discount and
expense.

<PAGE>

                                                                             5

          "Consolidated Net Worth" shall mean, for any Person at any time, for
such Person and its consolidated Subsidiaries, total shareholders' equity,
determined on a consolidated basis in accordance with GAAP.

          "Consolidated Operating Income" shall mean, for any Person and for
any period, operating income of such Person and its consolidated Subsidiaries,
determined on a consolidated basis in accordance with GAAP.

          "Consolidated Total Debt" shall mean, for any Person at any time,
the sum, with respect to such Person and its consolidated Subsidiaries on a
consolidated basis in accordance with GAAP, of all Indebtedness of such Person
and its Subsidiaries.

          "Covered Taxes" shall mean all present and future taxes, duties,
levies, imposts, deductions, charges or withholdings whatsoever imposed with
respect to any amount payable on or in respect of this Agreement, any of the
other Loan Documents or the Loans, now or thereafter imposed, assessed, levied
or collected by Mexico or the United States of America or any other
jurisdiction from which any amount payable hereunder is made, or any political
subdivision or taxing authority thereof or therein, excluding, however, (i)
income, real property or franchise taxes imposed on a Loan Party by a
jurisdiction (including Mexico) as a result of such Loan Party being organized
under the laws of such jurisdiction or being a resident of such jurisdiction
for tax purposes, or by virtue of its having a permanent establishment or
fixed base in such jurisdiction to which income under this Agreement is
attributable or its Applicable Lending Office being located in such
jurisdiction, (ii) any United States withholding tax with respect to any
amounts payable on or in respect of this Agreement, any of the Loan Documents
or the Loans that is imposed on a Loan Party as of the time such Loan Party
becomes a party to this Agreement (or designates a new lending office) or is
attributable to such Loan Party's failure to comply with Section 5.05(h),
except to the extent such Loan Party (or its assignor, if any) was entitled at
the time of its designation of a new lending office (or assignment) to receive
additional amounts with respect to such United States withholding tax pursuant
to Section 5.05 and (iii) in the case of an assignment or designation of a new
lending office, any Mexican withholding tax with respect to any amounts
payable on or in respect of this Agreement, any of the Loan Documents or the
Loans that is imposed on the applicable assignee or designee as of the time of
such assignment or designation, except to the extent the applicable assignor
or designor was entitled at such time to receive additional amounts with
respect to such Mexican withholding tax pursuant to Section 5.05.

          "Creditors" shall mean, collectively, the Tranche A Lenders, the
Tranche B Lenders and the Tranche C Lenders.

          "Debt to EBITDA Ratio" shall mean, as of the last day of any fiscal
quarter of Vitro Plan, the ratio of (i) Consolidated Total Debt of Vitro Plan
at such time to (ii) Consolidated EBITDA of Vitro Plan for the period of four
consecutive fiscal quarters of Vitro Plan ending on such date).

          "Default" shall mean an Event of Default or an event that with the
giving of notice or lapse of time or both would become an Event of Default.

<PAGE>
                                                                             6

          "Deposit Collateral" shall have the meaning set forth in Section
12.01(b) hereof.

          "Derivatives Liabilities" shall mean, with respect to any Person,
all obligations of such Person in respect of any Hedge Agreement. For purposes
hereof, the "credit exposure" at any time of any Person in respect of any
Derivatives Liabilities shall be the total amount of net termination or
liquidation payments due and payable from such Person at such time (excluding
penalties and extraordinary amounts).

          "Dividend Payment" by any Person shall mean the payment of any
dividend (in cash or in kind) on, or other payment or distribution on account
of, or the setting apart of money for a sinking or other analogous fund for,
or the purchase, redemption, retirement or other acquisition of, any shares of
any class of stock of such Person or of any options, warrants or other rights
to acquire the same (or to make any payments to any Person, such as "phantom
stock" payments, where the amount thereof is calculated with reference to the
fair market or equity value of such Person), but excluding dividends payable
solely in shares of common stock of such Person.

          "Dollars" and "$" shall mean lawful money for the time being of the
United States of America.

          "Eligible Assignee" shall mean any of the following:

          (a) a commercial bank organized under the laws of the United States
     of America, or any State thereof, and having total assets in excess of
     $500,000,000;

          (b) a savings and loan association or savings bank organized under
     the laws of the United States of America, or any State thereof, and
     having total assets in excess of $500,000,000;

          (c) a commercial bank organized under the laws of any other country
     which is a member of the OECD or has concluded special lending
     arrangements with the International Monetary Fund associated with its
     General Arrangements to Borrow, or a political subdivision of any such
     country, and having total assets in excess of $1,000,000,000, provided,
     that such bank is acting through a branch or agency located in the United
     States of America;

          (d) the central bank of any country which is a member of the OECD;

          (e) a finance company, insurance company or other financial
     institution or fund (whether a corporation, partnership or other entity)
     which is engaged in making, purchasing or otherwise investing in
     commercial loans in the ordinary course of its business, and having total
     assets in excess of $150,000,000;

          (f) a Lender; and

<PAGE>
                                                                             7

          (g) an Affiliate of a Lender which is a financial institution;

provided, that neither an Obligor nor any Affiliate thereof shall qualify as
an Eligible Assignee; and provided further, that no entity specified in
clauses (a) through (c) or (e) through (g) above shall qualify as an Eligible
Assignee unless such entity (i) is registered with the Ministry of Finance for
purposes of Article 195, Section I, of the Mexican Income Tax Law (Ley del
Impuesto Sobre la Renta) (or any successor provision) and (ii) is a resident
for tax purposes of a country with which Mexico has entered into a treaty for
the avoidance of double taxation which is in effect.

          "Environmental Law" shall mean any applicable federal, state or
local governmental law, rule, regulation, order or decree relating to
pollution or protection of the environment or the treatment, storage,
disposal, release, threatened release or handling of hazardous materials,
including, without limitation, the Mexican General Law of Ecological Balance
and Environmental Protection (Ley General del Equilibrio Ecologico y la
Proteccion al Ambiente), technical rules (normas tecnicas) and regulations
thereunder, and all applicable local laws and regulations related to
environmental matters and any specific agreements entered into with any
competent authorities which include commitments related to environmental
matters.

          "Event of Default" shall have the meaning set forth in Section 11
hereof.

          "Existing Restrictions" shall mean the restrictions described in
Schedule 1 hereto.

          "Federal Funds Effective Rate" shall mean, for any day, the weighted
average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates
on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not
so published for any day that is a Business Day, the average (rounded upwards,
if necessary, to the next 1/100 of 1%) of the quotations for such day for such
transactions received by the Administrative Agent from three Federal funds
brokers of recognized standing selected by it.

          "GAAP" shall mean (i) as to each Mexican Obligor and as to the
consolidated financial statements of Vitro Plan, generally accepted accounting
principles in Mexico in effect from time to time, (ii) as to each U.S.
Obligor, generally accepted accounting principles in the United States of
America in effect from time to time and (iii) as to any other Obligor,
generally accepted accounting principles in the jurisdiction of organization
of such Obligor in effect from time to time.

          "Governmental Authority" shall mean any nation, government, state or
municipality or other political subdivision thereof and any entity exercising
executive, legislative, judicial, monetary, regulatory or administrative
functions of or pertaining to government.

          "Guaranteed Obligations" shall have the meaning set forth in Section
7.01 hereof.

<PAGE>
                                                                             8

          "Guarantee" by any Person shall mean any obligation, contingent or
otherwise, of such Person directly or indirectly guaranteeing any Indebtedness
of any other Person including, without limitation, an aval and any obligation,
direct or indirect, contingent or otherwise, of such Person (i) to purchase or
pay (or advance or supply funds for the purchase or payment of) such
Indebtedness (whether arising by virtue of partnership arrangements, or by
agreement to purchase assets, goods, securities or services, or to
take-or-pay, other than agreements to purchase goods from suppliers on an
arm's length basis in the ordinary course of business) or (ii) entered into
for the purpose of assuring in any other manner the holder of such
Indebtedness of the payment thereof or to protect such holder against loss in
respect thereof (in whole or in part), provided, that the term Guarantee shall
not include endorsements for collection or deposit in the ordinary course of
business. The term "Guarantee" used as a verb has a corresponding meaning.

          "Guarantors" shall have the meaning set forth in the introduction
hereto.

          "Hedge Agreement" shall mean any interest rate exchange agreement,
foreign currency exchange agreement, commodity price protection agreement or
other interest or currency exchange rate or commodity price hedging
arrangement.

          "IMSS" shall mean Instituto Mexicano del Seguro Social.

          "Indebtedness" shall mean, with respect to any Person at any date,
without duplication, (i) all obligations of such Person for borrowed money;
(ii) all obligations of such Person evidenced by bonds, debentures, notes
(including, for the avoidance of doubt, any note payable to an Affiliate of
any Borrower which Affiliate is not a Subsidiary of Vitro Plan) or other
similar instruments; (iii) all obligations of such Person to pay the deferred
purchase price of Property or services (other than trade accounts payable
arising in the ordinary course of business not overdue for more than 60 days);
(iv) all Capital Lease Obligations of such Person and (without duplication)
obligations under Sale-Leaseback Transactions; (v) all obligations, contingent
or otherwise, of such Person to reimburse any Person in respect of amounts
paid under a letter of credit or similar instrument (other than contingent
obligations in respect of documentary letters of credit to support trade
transactions of such Person in the ordinary course of business and with
maturities of 270 days or less); (vi) all Indebtedness of other Persons
secured by a Lien on any Property of such Person, whether or not such
Indebtedness is assumed by such Person; (vii) all Indebtedness of other
Persons Guaranteed by such Person; and (viii) the credit exposure of such
Person in respect of Derivatives Liabilities; provided, that for purposes
solely of computing the outstanding principal amount of Indebtedness of the
Obligors or any of them in connection with Sections 10.01(a), 10.01(b) and
10.01(c) hereof, (i) the aggregate outstanding principal amount of
Indebtedness hereunder shall be deemed reduced by the amount then credited to
the Cash Reserve Account and (ii) the outstanding principal amount of
consolidated Indebtedness of the Obligors shall be reduced by $30,000,000 of
consolidated Indebtedness of Vitro AFG, provided, that there shall be no
recourse of any kind to Vitro Plan or to any of its Subsidiaries in respect of
such Indebtedness.

          "INFONAVIT" shall mean Instituto del Fondo Nacional de la Vivienda
para los Trabajadores.

<PAGE>
                                                                             9

          "Information Memorandum" shall mean the Information Memorandum dated
December 12, 2002, relating to the Borrowers.

          "Intercreditor Agreement" shall mean an Intercreditor Agreement
substantially in the form of Exhibit B hereto among the Borrowers, the
Administrative Agent, the Collateral Agent, the Creditors and the Tranche C
Agent, as amended from time to time.

          "Interest Coverage Ratio" shall mean, at any time, the ratio of (i)
Consolidated EBITDA of Vitro Plan for the then most recently concluded period
of four consecutive fiscal quarters of Vitro Plan to (ii) Consolidated
Interest Expense of Vitro Plan for such period.

          "Interest Period" shall mean the period commencing on the Borrowing
Date and ending on the first Principal Payment Date thereafter, and thereafter
each period commencing on the last day of the preceding Interest Period and
ending on the next Principal Payment Date, provided, that the term "Interest
Period" shall include any period selected by the Administrative Agent from
time to time in accordance with the definition of "Post-Default Rate".

          "Intermediary" shall mean Wachovia Securities, Inc.

          "Investment" in any Person shall mean: (i) the acquisition (whether
for cash, Property, services or securities or otherwise) of capital stock,
bonds, notes, debentures, partnership or other ownership interests or other
securities of, or the making of a capital contribution to, such Person, (ii)
the making of any advance, loan or other extension of credit to, such Person
(including the purchase of Property from such Person subject to an
understanding or agreement, contingent or otherwise, to resell such Property
to such Person), but excluding any such advance, loan or extension of credit
having a term not exceeding 90 days arising in connection with the sale of
inventory or supplies to such Person in the ordinary course of business, and
(iii) the entering into of any Guarantee of Indebtedness or other liability of
such Person.

          "Joint Lead Arrangers" shall mean Salomon Smith Barney Inc. and
Comerica Bank as Joint Lead Arrangers.

          "Joint Venture Subsidiary" shall mean any Subsidiary of Vitro Plan
of which one or more Persons, in the aggregate, that are not Affiliates of any
Obligor owns, directly or indirectly, beneficially or of record, 35% or more
of the Voting Stock.

          "Lenders" shall have the meaning set forth in the introduction
hereto.

          "LIBO Rate" shall mean, for any Interest Period, the offered rate
for deposits in Dollars for a period equal to such Interest Period which
appears on Telerate Page 3750, as of approximately 11:00 a.m. London time, on
the date two Business Days prior to the first day of such Interest Period,
provided, that (i) if such rate does not appear on such Telerate Page 3750,
the "LIBO Rate" shall mean, for any Interest Period, the offered rate for
deposits in Dollars for a period equal to or nearest the number of days in
such Interest Period which appears on the

<PAGE>
                                                                            10

Reuters Screen LIBO Page, and (ii) if such rate or rates do not appear on
either Telerate Page 3750 or the Reuters Screen LIBO Page, the "LIBO Rate"
shall mean, with respect to each day during such Interest Period, the rate per
annum equal to the average (rounded upwards, if necessary, to the nearest 1/16
of 1%) of the respective rates notified to the Administrative Agent by each
Reference Bank as the rate at which Dollar deposits are offered to such
Reference Bank by prime banks at or about 11:00 a.m., London time, two
Business Days prior to the beginning of such Interest Period in the London
interbank market for delivery on the first day of such Interest Period for a
period approximately equal to the number of days in such Interest Period and
in an amount comparable to the principal amount of the Loans.

          "Lien" shall mean any mortgage, lien, pledge, charge or other
security interest or any preferential arrangement that has the practical
effect of creating a security interest.

          "Loan Documents" shall mean, collectively, this Agreement, the
Notes, the Account Control Agreement, the Intercreditor Agreement and the
Communications Agreement.

          "Loan Parties" shall mean, collectively, the Lenders and the Agents.

          "Loans" shall mean, collectively, the Tranche A Loans and the
Tranche B Loans.

          "Majority Lenders" shall mean, at any time, Lenders holding more
than 50% of the aggregate outstanding principal amount of the Loans or, if the
Loans are not outstanding, Lenders having more than 50% of the aggregate
amount of the Commitments.

          "Majority Tranche A Lenders" shall mean, at any time, Tranche A
Lenders holding more than 50% of the aggregate outstanding principal amount of
the Tranche A Loans or, if the Tranche A Loans are not outstanding, Lenders
having more than 50% of the Tranche A Commitments.

          "Majority Tranche B Lenders" shall mean, at any time, Tranche B
Lenders holding more than 50% of the aggregate outstanding principal amount of
the Tranche B Loans or, if the Tranche B Loans are not outstanding, Lenders
having more than 50% of the Tranche B Commitments.

          "Material Adverse Effect" shall mean a material adverse effect on
(i) the business, condition (financial or otherwise), operations, Properties
or prospects of any Borrower (other than VVP Syndication) and its Subsidiaries
taken as a whole, (ii) the ability of the Obligors to perform their
obligations under any of the Loan Documents or (iii) the rights and remedies
of the Loan Parties under any of the Loan Documents.

          "Material Debt" shall have the meaning specified in Section 11(c)
hereof.

          "Material Subsidiary" shall mean, at any time, any Subsidiary of a
Borrower (i) accounting, during the then most recently completed fiscal
quarter of such Borrower, for more than 5% of the total sales or more than 5%
of the Consolidated EBITDA of Vitro Plan and its consolidated Subsidiaries on
a consolidated basis, or (ii) having, as at the last day of such fiscal

<PAGE>
                                                                            11

quarter, more than 5% of the total assets of Vitro Plan and its consolidated
Subsidiaries on a consolidated basis, all determined in accordance with GAAP.

          "Mexican Bank" shall mean a bank chartered under the laws of Mexico
and authorized to carry out the business of banking in Mexico under the Law of
Credit Institutions (Ley de Instituciones de Credito) by the Ministry of
Finance.

          "Mexican Obligor" shall mean each Obligor that is organized under
the laws of Mexico.

          "Mexico" shall mean the United Mexican States.

          "Ministry of Finance" shall mean the Secretaria de Hacienda y
Credito Publico of Mexico.

          "Non-Guaranteeing Subsidiary" shall mean (i) any Joint Venture
Subsidiary and (ii) any Subsidiary acquired by an Obligor after the date of
this Agreement that is contractually prohibited (pursuant to a contract not
entered into in anticipation of such acquisition) from guaranteeing the
obligations of the Borrowers under this Agreement.

          "Notes" shall mean, collectively, the Tranche A Notes and the
Tranche B Notes.

          "Notice of Assignment" shall have the meaning set forth in Section
14.06(b) hereof.

          "Notice of Borrowing" shall have the meaning set forth in Section
2.02 hereof.

          "Obligors" shall mean, collectively, the Borrowers and the
Guarantors.

          "OECD" shall mean the Organization for Economic Cooperation and
Development.

          "Operating Lease Obligation" shall mean, with respect to any Person,
the obligation of such Person under any lease (including, without limitation,
a lease that may be terminated by the lessee at any time) relating to any
Property (whether real, personal or mixed) that does not give rise to Capital
Lease Obligations, not including any such lease under which that Person is the
lessor.

          "Other Applicable Taxes" shall have the meaning set forth in Section
5.05(e) hereof.

          "Permitted Investments" shall mean (a) direct obligations of the
United States of America, or of any agency thereof, or obligations guaranteed
as to principal and interest by the United States of America, or by any agency
thereof, in either case maturing not more than 90 days from the date of
acquisition thereof; (b) certificates of deposit issued by any bank or trust
company organized under the laws of the United States of America or any state
thereof and

<PAGE>
                                                                            12

having capital, surplus and undivided profits of at least $500,000,000 and a
rating with respect to its public, short-term, unsecured, unsubordinated debt
securities of "A-1" or better by Standard & Poor's, or "P-1" or better by
Moody's, or "D-1" or better by Fitch, IBCA, Duff & Phelps, maturing not more
than 90 days from the date of acquisition thereof; (c) commercial paper rated
"A-1" or better by Standard & Poor's, or "P-1" or better by Moody's, or "D-1"
or better by Fitch, IBCA, Duff & Phelps, respectively, maturing not more than
90 days from the date of acquisition thereof; (d) repurchase agreements with
respect to securities described in clause (a) above entered into with an
office of a bank or trust company meeting the criteria described in clause (b)
above; and (e) any fund at least 95% of the assets of which are invested in
investments of the type referred to in clauses (a) through (c).

          "Permitted Liens" shall mean:

          (i) Liens imposed by law arising in the ordinary course of business,
     including (but not limited to) carriers', warehousemen's and mechanics'
     liens and other similar liens arising in the ordinary course of business
     and which (x) do not in the aggregate materially detract from the value
     of the Property subject thereto or materially impair the use thereof in
     the operations of the business of any of the Obligors or (y) are being
     contested in good faith by appropriate proceedings, which proceedings
     have the effect of preventing the forfeiture or sale of the Property
     subject to such Liens and for which adequate reserves have been made if
     required in accordance with GAAP;

          (ii) pledges or deposits made in the ordinary course of business in
     connection with workers' compensation, unemployment insurance or other
     similar social security legislation or in connection with bids relating
     to the obtaining of a contract for the manufacture and/or sale of
     products;

          (iii) Liens securing taxes, assessments and other governmental
     charges, the payment of which is not yet due or is being contested in
     good faith by appropriate proceedings reasonably promptly initiated and
     diligently conducted and for which such reserve or other appropriate
     provisions, if any, as required by GAAP, shall have been made;

          (iv) any Lien which arises pursuant to a final judgment to the
     extent it does not constitute or give rise to an Event of Default;

          (v) any Lien existing on any Property prior to the acquisition
     thereof by an Obligor or a Subsidiary and not created in contemplation of
     such acquisition (and not extending to any other Property); and

          (vi) any right of setoff arising by operation of law.

          "Person" shall mean any individual, corporation, company, voluntary
association, partnership, limited liability company, joint venture, trust,
unincorporated organization or Governmental Authority or other entity of
whatever nature.

<PAGE>
                                                                            13

          "Pesos" shall mean the lawful currency of Mexico.

          "Pilkington" shall mean Pilkington PLC, an English company.

          "Post-Default Rate" shall mean, in the case of any overdue principal
of any Loan, until the end of the then current Interest Period, a rate per
annum which is equal to the sum of 2% per annum plus the Tranche A Applicable
Margin or the Tranche B Applicable Margin, as applicable plus the LIBO Rate
for such Interest Period, and thereafter a rate per annum which is equal to
the sum of 2% per annum plus the Tranche A Applicable Margin or the Tranche B
Applicable Margin, as applicable plus the LIBO Rate applicable to such
Interest Period or Interest Periods as shall be selected by the Administrative
Agent for funding of such overdue amounts (which Interest Periods shall not be
of durations exceeding one month), and in the case of any other overdue
amount, a rate per annum equal to the sum of 2% per annum plus the Tranche A
Applicable Margin or the Tranche B Applicable Margin, as applicable plus the
rate reasonably determined by the Administrative Agent and certified to the
Borrowers, to be the cost of funding such overdue amount on an overnight basis
in the London interbank market from the date of such non-payment until such
amount is paid in full (after as well as before judgment).

          "Principal Payment Date" shall mean any Tranche A Principal Payment
Date and any Tranche B Principal Payment Date.

          "Process Agent" shall have the meaning set forth in Section 14.11(b)
hereof.

          "Process Agent Acceptance" shall mean a letter from the Process
Agent to the Administrative Agent, in substantially the form of Exhibit J
hereto.

          "Property" or "Properties" of any Person shall mean any property or
assets of such Person.

          "Reference Banks" shall mean the principal London office of
Citibank, N.A. and the Grand Cayman office of Comerica Bank.

          "Register" shall have the meaning set forth in Section 14.06(c)
hereof.

          "Regulation U" shall mean Regulation U of the Board of Governors of
the Federal Reserve System, as amended.

          "Required Cash Reserve Balance" shall mean the fixed amount
calculated as of the Closing Date such that (i) the total Consolidated EBITDA
of the Guarantors on a combined basis for the then most recently completed
period of four consecutive fiscal quarters plus the collected credit balance
of the Cash Reserve Account (including all Permitted Investments therein)
divided by (ii) Consolidated EBITDA of Vitro Plan for such period, expressed
as a percentage, is not less than 75%, plus, unless and until released
pursuant to Section 12.01(c) hereof, an additional amount equal to $2,500,000
(said additional amount being referred to, for purposes of Section 12.01(c)
hereof, as the "Interim Supplement").

<PAGE>
                                                                            14

          "Requirement of Law" shall mean, as to any Person, any statute, law,
treaty, rule or regulation or determination, order, injunction or judgment of
an arbitrator or a court or other Governmental Authority, in each case
applicable to or binding upon such Person or any of its Properties or
revenues.

          "Responsible Officer" shall mean the chief financial officer, chief
accounting officer or such other senior executive officer having primary
responsibility for the matter at hand.

          "Reuters Screen" shall mean the relevant display page as determined
by the Administrative Agent of the Reuter Monitor Money Rates Service (or any
successor or substitute page) for the purpose of displaying London interbank
offered rates for Dollar deposits.

          "Sale-Leaseback Transaction" shall mean, with respect to any Person,
any transaction in which such Person, directly or indirectly, becomes liable
as lessee or as a guarantor or other surety with respect to any lease, whether
a Capital Lease Obligation or an Operating Lease Obligation, of any Property,
whether then owned or thereafter acquired, (i) which such Person has sold or
otherwise transferred or is to sell or transfer to any other Person or (ii)
which such Person intends to use for substantially the same purposes as any
other Property which has been or is sold or transferred by such Person to any
other Person in connection with such lease.

          "SAR" shall mean Sistema de Ahorro para el Retiro or mandatory
retirement system of Mexico.

          "Secured Obligations" shall have the meaning specified in Section
12.01(b) hereof.

          "Solvent" shall mean, with respect to any Person at any time, that
(a) the fair value of the Property of such Person is greater than the total
amount of liabilities (including without limitation contingent liabilities) of
such Person, (b) the present fair saleable value of the Property of such
Person is not less than the amount that will be required to pay the probable
liability of such Person on its debts as they become absolute and matured, (c)
such Person does not intend to, and does not believe that it will, incur debts
or liabilities beyond such Person's ability to pay as such debts and
liabilities mature, (d) such Person is not engaged in a business and is not
about to engage in a business for which such Person's property would
constitute an unreasonably small capital and (e) such Person is not, or is not
deemed to be, generally in default with respect to its payment obligations
pursuant to the Mexican Ley de Concursos Mercantiles.

          "Subsidiary" of any Person shall mean any corporation or other
entity more than 50% of the Voting Shares of which are owned or controlled,
directly or indirectly, by such Person and/or any Subsidiary of such Person.

          "Substitute Basis" shall have the meaning set forth in Section 5.02
hereof.

          "Swiss Guarantor" shall mean each of Tecnologia Vitro and IP Vitro.

<PAGE>
                                                                            15

          "Tranche A Applicable Margin" shall mean (i) during the period from
and including the Closing Date to but not including the date one year after
the Closing Date, 1.875% per annum; (ii) during the period from and including
the date one year after the Closing Date to but not including the date two
years after the Closing Date, 2.000% per annum; and (iii) thereafter, 2.125%
per annum.

          "Tranche A Commitment" shall mean, as to each Tranche A Lender, the
obligation of such Lender, on and subject to the terms and conditions of this
Agreement, to make a Tranche A Loan in a principal amount up to but not
exceeding the amount set opposite the name of such Tranche A Lender on Annex I
hereto under the caption "Tranche A Commitment" or, in the case of a Person
that becomes a Tranche A Lender pursuant to an assignment permitted under
Section 14.06(b), as specified in the respective instrument of assignment
pursuant to which such assignment is effected. The original aggregate
principal amount of the Tranche A Commitments is $80,000,000; provided that
the aggregate principal amount of Tranche A Loans that may be disbursed for
the account of VVP Holdings shall not exceed $15,000,000.

          "Tranche A Final Maturity Date" shall mean the date three years
after the Closing Date, provided that if such date is not a Business Day, the
Tranche A Final Maturity Date shall be the immediately preceding Business Day.

          "Tranche A Lenders" means (a) on the date hereof, the Lenders having
Tranche A Commitments specified on Annex I hereto and (b) thereafter, the
Lenders from time to time holding Tranche A Loans and Tranche A Commitments
after giving effect to any assignments thereof permitted by Section 14.06(b).

          "Tranche A Loan" shall have the meaning set forth in Section 2.01(a)
hereof.

          "Tranche A Note" shall have the meaning set forth in Section 2.05
hereof.

          "Tranche A Principal Payment Date" shall mean the date falling six
months after the Closing Date and each date falling six months after the
previous Tranche A Principal Payment Date, to and including the Tranche A
Final Maturity Date; provided that any Tranche A Principal Payment Date that
would otherwise fall on a day that is not a Business Day shall fall on the
immediately preceding Business Day.

          "Tranche B Applicable Margin" shall mean (i) during the period from
and including the Closing Date to but not including the date one year after
the Closing Date, 2.250% per annum; (ii) during the period from and including
the date one year after the Closing Date to but not including the date two
years after the Closing Date, 2.375% per annum; (iii) during the period from
and including the date two years after the Closing Date to but not including
the date three years after the Closing Date, 2.500% per annum; (iv) during the
period from and including the date three years after the Closing Date to but
not including the date four years after the Closing Date, 2.625% per annum;
and (iii) thereafter, 2.750% per annum

<PAGE>
                                                                            16

          "Tranche B Commitment" shall mean, as to each Tranche B Lender, the
obligation of such Tranche B Lender, on and subject to the terms and
conditions of this Agreement, to make a Tranche B Loan in a principal amount
up to but not exceeding the amount set opposite the name of such Tranche B
Lender on Annex I hereto under the caption "Tranche B Commitment" or, in the
case of a Person that becomes a Tranche B Lender pursuant to an assignment
permitted under Section 14.06(b), as specified in the respective instrument of
assignment pursuant to which such assignment is effected. The original
aggregate principal amount of the Tranche B Commitments is $64,244,230.63;
provided that the aggregate principal amount of Tranche B Loans that may be
disbursed for the account of VVP Holdings shall not exceed $15,000,000.

          "Tranche B Final Maturity Date" shall mean the date five years after
the Closing Date, provided that if such date is not a Business Day, the
Tranche B Final Maturity Date shall be the immediately preceding Business Day.

          "Tranche B Lenders" shall mean (a) on the date hereof, the Lenders
having Tranche B Commitments specified on Annex I hereto and (b) thereafter,
the Lenders from time to time holding Tranche B Loans and Tranche B
Commitments after giving effect to any assignments thereof permitted by
Section 14.06(b).

          "Tranche B Loan" shall have the meaning set forth in Section 2.01(b)
hereof.

          "Tranche B Note" shall have the meaning set forth in Section 2.05
hereof.

          "Tranche B Principal Payment Date" shall mean the date falling 18
months after the Closing Date and each date falling six months after the
previous Tranche B Principal Payment Date, to and including the Tranche B
Final Maturity Date; provided that any Tranche B Principal Payment Date that
would otherwise fall on a day that is not a Business Day shall fall on the
immediately preceding Business Day.

          "Tranche C Agent" shall mean the Administrative Agent as defined in
the Tranche C Loan Agreement.

          "Tranche C Lenders" shall mean the Lenders as defined in the Tranche
C Loan Agreement.

          "Tranche C Loan Agreement" shall mean the loan agreement dated the
date hereof among Vitro Plan, the Tranche C Agent and the lenders signatory
thereto providing for a credit facility denominated in Pesos.

          "UCC" shall mean the Uniform Commercial Code as in effect in the
State of New York.

          "U.S. Guarantor" shall mean each of Vitro America, Super Sky
International, Super Sky Products and Super Sky Constructors.

<PAGE>
                                                                            17

          "U.S. Obligor" shall mean VVP Holdings, VVP Syndication and each
U.S. Guarantor.

          "Vitro" shall mean Vitro, S.A. de C.V., a Mexican corporation
(sociedad anonima de capital variable).

          "Vitro AFG" shall mean Vitro AFG, S.A. de C.V., a Mexican
corporation (sociedad anonima de capital variable).

          "Voting Shares" shall mean, with respect to any Person, any class or
classes of capital stock or other ownership interests pursuant to which the
holders thereof have the general voting power under ordinary circumstances to
elect directors, managers or trustees of such Person (irrespective of whether
or not, at the time, stock of any other class or classes has, or might have,
voting power by reason of the happening of any contingency).

          1.02 Accounting Terms and Determinations. Unless otherwise specified
herein, all accounting terms used herein shall be interpreted, all accounting
determinations hereunder shall be made, and all financial statements required
to be delivered hereunder shall be prepared, in accordance with GAAP as in
effect from time to time, applied on a basis consistent with the most recent
audited financial statements of the Obligors delivered to the Lenders
hereunder.

          SECTION 2. COMMITMENTS, ETC.

          2.01 Loans.

          (a) Each Tranche A Lender severally agrees, on and subject to the
     terms and conditions of this Agreement, to make one term loan to the
     Borrowers (each a "Tranche A Loan" and, collectively, the "Tranche A
     Loans") in Dollars on a single Business Day on or before the Commitment
     Termination Date, in a principal amount up to but not exceeding such
     Tranche A Lender's Tranche A Commitment and, as to all Tranche A Lenders,
     in an aggregate principal amount up to but not exceeding $80,000,000.

          (b) Each Tranche B Lender severally agrees, on and subject to the
     terms and conditions of this Agreement, to make one term loan to the
     Borrowers (each a "Tranche B Loan" and, collectively, the "Tranche B
     Loans") in Dollars on a single Business Day on or before the Commitment
     Termination Date, in a principal amount up to but not exceeding such
     Tranche B Lender's Tranche B Commitment and, as to all Tranche B Lenders,
     in an aggregate principal amount up to but not exceeding $64,244,230.63.

          (c) The proceeds of the Loans shall be used by the Borrowers solely
     (i) to refinance Indebtedness of any Obligor (and to that end the
     proceeds of the Loans may, to the extent required, be remitted (through a
     loan transaction) or dividended by a Borrower to such Obligor), (ii) to
     fund the Cash Reserve Account in accordance with Section 12.01(a) hereof
     and (iii) to pay fees and expenses relating to the transactions

<PAGE>
                                                                            18

     contemplated hereby. No Loan Party shall have any responsibility as to
     the use of any of the proceeds of any Loan.

          2.02 Borrowing. The Borrowers shall give the Administrative Agent
written notice of the Borrowing in substantially the form of Exhibit D hereto
(a "Notice of Borrowing") as provided in Section 4.04 hereof. Not later than
11:00 a.m. New York time on the date specified for the Borrowing, each Lender
shall make available the amount of the Loan or Loans to be made by it on such
date to the Administrative Agent, at the Administrative Agent's Account, in
immediately available funds, for account of the Borrowers. The amount so
received by the Administrative Agent shall, subject to the terms and
conditions of this Agreement, be applied to the payment of the fees and
expenses referred to in Section 6.01(j) hereof and otherwise remitted by the
Administrative Agent as agreed among the Borrowers and the Administrative
Agent in accordance with the terms of this Agreement, provided that, the
Administrative Agent shall make a portion of the Loans available to VVP
Syndication by remitting such amounts directly into the Cash Reserve Account
as provided in Section 12 hereof.

          2.03 Fees. The Borrowers agree to pay to the Administrative Agent
for the account of the Agents and the Joint Lead Arrangers fees in such
amounts, on such terms and at such times as previously agreed upon among the
Borrowers and the Administrative Agent and the Joint Lead Arrangers.

          2.04 Several Obligations; Certain Remedies Independent. The failure
of any Lender to make the Loan or Loans to be made by it on the occasion of
the Borrowing shall not relieve any other Lender of its obligation to make its
Loan or Loans on such date, but neither any Lender nor any Agent shall be
responsible for the failure of any other Lender to make the Loan or Loans to
be made by such other Lender on such date, and no Lender shall have any
obligation to either Agent or any other Lender for the failure by such Lender
to make any Loan or Loans required to be made by such Lender. The amounts
payable by the Borrowers at any time hereunder and under the Notes to each
Lender shall be a separate and independent debt, and each Lender shall,
subject to the terms of the Intercreditor Agreement, be entitled to protect
and enforce its individual rights arising out of this Agreement and the Notes
independently of any other Lender, except to the extent this Agreement
provides that the exercise of any right shall require the consent of the
Majority Lenders or of all of the Lenders, and, except as so required, it
shall not be necessary for any other Lender or either Agent to consent to, or
be joined as an additional party in, any proceedings to recover the payment of
any overdue amounts.

<PAGE>
                                                                            19

          2.05 Notes. The Tranche A Loan by each Tranche A Lender shall be
evidenced by a promissory note (pagare) signed by the Borrowers and the
Guarantors substantially in the form of Exhibit A-1 hereto (each, a "Tranche A
Note"), dated the date of such Tranche A Loan, payable to such Tranche A
Lender in an amount equal to the principal amount of such Tranche A Loan. The
Tranche B Loan by each Tranche B Lender shall be evidenced by a promissory
note (pagare) signed by the Borrowers and the Guarantors substantially in the
form of Exhibit A-2 hereto (each, a "Tranche B Note" and, together with the
Tranche A Notes, the "Notes"), dated the date of such Tranche B Loan, payable
to such Tranche B Lender in an amount equal to the principal amount of such
Tranche B Loan. In the case of any conflict between the provisions of this
Agreement and the terms of any Note, the provisions of this Agreement shall
prevail.

          SECTION 3. PAYMENTS OF PRINCIPAL AND INTEREST.

                  3.01 Repayment of Loans. (a) The Borrowers agree to repay
         the full principal amount of the Tranche A Loans in six consecutive
         semi-annual installments, one such installment to be payable on each
         Tranche A Principal Payment Date, the amount of each such installment
         to be equal to the percentage of the original aggregate amount of the
         Tranche A Loans set forth below opposite the reference to the
         relevant Tranche A Principal Payment Date:

                        Tranche A Principal              Percentage
                          Payment Date

                                  1                          5%
                                  2                         10%
                                  3                         15%
                                  4                         20%
                                  5                         25%
                                  6                         25%

                  (b) The Borrowers agree to repay the full principal amount
         of the Tranche B Loans in eight consecutive semi-annual installments,
         one such installment to be payable on each Tranche B Principal
         Payment Date, the amount of each such installment to be equal to the
         percentage of the original aggregate amount of the Tranche B Loans
         set forth below opposite the reference to the relevant Tranche B
         Principal Payment Date:

                        Tranche B Principal              Percentage
                          Payment Date

                                  1                          5%
                                  2                          5%
                                  3                         10%
                                  4                         10%
                                  5                         15%
                                  6                         15%
                                  7                         20%
                                  8                         20%

<PAGE>
                                                                            20

                3.02 Interest.

               (a) The Borrowers agree to pay interest on the unpaid principal
          amount of the Tranche A Loan made by each Tranche A Lender for the
          period from and including the date of such Tranche A Loan to but
          excluding the date such Tranche A Loan shall be paid in full, at a
          rate per annum equal to the LIBO Rate for each Interest Period plus
          the Tranche A Applicable Margin.

               (b) The Borrowers agree to pay interest on the unpaid principal
          amount of the Tranche B Loan made by each Tranche B Lender for the
          period from and including the date of such Tranche B Loan to but
          excluding the date such Tranche B Loan shall be paid in full, at a
          rate per annum equal to the LIBO Rate for each Interest Period plus
          the Tranche B Applicable Margin.

               (c) Notwithstanding the foregoing, the Borrowers agree to pay
          interest at the applicable Post-Default Rate on any principal of the
          Tranche A Loan or Tranche B Loan, respectively, of any Tranche A
          Lender or Tranche B Lender, and on any other amount whatsoever
          payable by the Borrowers to such Lender or either Agent hereunder,
          that is not paid in full when due (whether at stated maturity, by
          acceleration, or otherwise), for the period from and including the
          due date thereof to but excluding the date the same is paid in full.

               (d) Accrued interest on each Loan shall be payable on the last
          day of each Interest Period and upon each payment or prepayment
          thereof (on the principal amount so paid or prepaid), provided, that
          interest payable at the Post-Default Rate shall be payable from time
          to time on demand.

               (e) Promptly after the determination of any interest rate
          provided for herein or any change therein pursuant to this
          Agreement, the Administrative Agent shall (without limiting the
          requirements of Section 14.02 that all notices be in writing) give
          written notice thereof to the Lenders and to the Borrowers. Each
          determination by the Administrative Agent of an interest rate
          hereunder shall be conclusive and binding for all purposes, absent
          manifest error.

          3.03 Optional Prepayments. The Borrowers shall have the right to
prepay the Tranche A Loans and the Tranche B Loans in whole or in part at any
time or from time to time, which prepayment shall in each case be made
together with accrued and unpaid interest thereon and all other amounts
payable under this Agreement (including without limitation Section 5.04
hereof) without premium or penalty (subject to Section 5.04 hereof), provided,
that (i) the Borrowers shall give the Administrative Agent notice of each
prepayment under this Section 3.03 as provided in Section 4.04 hereof (and,
upon the date specified in any such notice, the amount to be prepaid shall
become due and payable hereunder), (ii) each partial prepayment hereunder
shall be in the aggregate amount of not less than $5,000,000 or an integral
multiple of $1,000,000 in excess thereof, (iii) each prepayment hereunder
shall be applied to the installments of principal thereof in inverse order of
maturity, and (iv) all prepayments under this Section 3.03

<PAGE>
                                                                            21

shall be applied on a pro rata basis among the Tranche A Loans, the Tranche B
Loans and loans under the Tranche C Loan Agreement on the basis of the
respective aggregate outstanding principal amounts thereof, in accordance with
the Intercreditor Agreement. Amounts prepaid hereunder may not be reborrowed.

          3.04 Mandatory Prepayments. The Borrowers shall provide the Lenders
with written notice (a "Change of Control Notice") within five Business Days
of the occurrence of any Change of Control and the Borrowers shall, within
thirty Business Days after delivery of such Change of Control Notice, prepay
the outstanding principal amount of all Loans and all accrued and unpaid
interest thereon, together with all other amounts payable by the Borrowers
under this Agreement. Amounts prepaid hereunder may not be reborrowed.

          SECTION 4. PAYMENTS, ETC.

          4.01 Payments

               (a) The Borrowers shall make each payment of principal of, and
          interest on, the Loans and of all fees and other amounts payable
          hereunder not later than 12:00 noon (New York time) on the date when
          due, in Dollars and immediately available funds, without deduction,
          set-off or counterclaim, to the Administrative Agent's Account for
          the account of the relevant Loan Parties.

               (b) Each Borrower shall, at the time of making each payment
          under this Agreement and the Notes for account of any Lender,
          specify to the Administrative Agent the amounts payable by such
          Borrower hereunder to which such payment is to be applied (and in
          the event that such Borrower fails to so specify, or if an Event of
          Default has occurred and is continuing, the Administrative Agent may
          distribute such payment to the Lenders for application in such
          manner as it or the Majority Lenders, subject to Section 4.02
          hereof, may determine to be appropriate).

               (c) Each payment received by the Administrative Agent under
          this Agreement for account of any Lender shall be paid by the
          Administrative Agent promptly to such Lender, in immediately
          available funds, for account of such Lender's Applicable Lending
          Office.

               (d) If the due date of any payment under this Agreement would
          otherwise fall on a day that is not a Business Day, such date shall
          be the immediately preceding Business Day.

          4.02. Pro Rata Payments. Except to the extent otherwise expressly
provided herein, (a) the Loans of a particular Tranche shall be made by the
relevant Lenders pro rata according to the amounts of their respective
Commitments of such Tranche; (b) each payment or prepayment of principal of
the Tranche A Loans and Tranche B Loans shall be made for account of the
Lenders pro rata in accordance with the respective unpaid principal amounts of
the Loans of such Tranche held by them; and (c) each payment of interest on
the Tranche A Loans and

<PAGE>
                                                                            22

Tranche B Loans shall be made for account of the
Lenders pro rata in accordance with the respective amounts of interest on the
Loans of such Tranche then due and payable to them.

          4.03 Computations. Interest on the Loans shall be computed on the
basis of a year of 360 days and the actual number of days elapsed occurring in
the period for which interest shall be payable, except that interest
determined pursuant to Section 5.02 hereof on the basis of the Base Rate shall
be determined on the basis of a year of 365 or 366 days and the actual number
of days elapsed (including in each case the first day but excluding the last
day).

          4.04 Certain Notices. The Notice of Borrowing and each notice of
optional prepayment shall be effective only if received by the Administrative
Agent not later than 11:00 a.m. New York time on the date three Business Days
prior to the date of the Borrowing or optional prepayment. The Notice of
Borrowing shall specify the amount to be borrowed and the date of the
Borrowing (which shall be a Business Day). Each notice of optional prepayment
shall specify (subject to Section 3.03 hereof) the amount to be prepaid and
the date of prepayment (which shall be a Business Day). The Administrative
Agent shall promptly notify the Lenders of the contents of each such notice.

          4.05 Non-Receipt of Funds by the Administrative Agent. Unless the
Administrative Agent shall have been notified in writing by any Lender or the
Borrowers (each, a "Payor") prior to the date on which the Payor is to make
payment to the Administrative Agent (in the case of a Lender) of the proceeds
of a Loan to be made by such Lender hereunder or (in the case of the
Borrowers) of a payment to the Administrative Agent for account of the Lenders
hereunder (any such payment being herein called the "Required Payment") that
such Payor will not make the Required Payment, the Administrative Agent may
(but shall not be obligated to) assume that the Payor is making the Required
Payment available to the Administrative Agent and, in reliance upon such
assumption, make available to the relevant Lenders or the Borrowers, as the
case may be, a corresponding amount. If such amount is not made available to
the Administrative Agent by the required time on such date, the Payor shall
pay to the Administrative Agent, on demand, such amount with interest thereon
at (in the case of a Lender) the Federal Funds Effective Rate and (in the case
of the Borrowers) equal to the rate specified in Section 3.02(c) hereof, in
each case until such amount is made available to the Administrative Agent. A
certificate of the Administrative Agent submitted to any Payor with respect to
any amounts owing under this Section shall be conclusive in the absence of
manifest error.

          4.06 Sharing of Payments.

          (a) If any Lender shall obtain payment of any principal of or
     interest on any Loan of any Tranche or payment of any other amount under
     this Agreement through the exercise of any right of set-off, banker's
     lien or counterclaim or similar right or otherwise (other than from the
     Administrative Agent as provided herein), and, as a result of such
     payment, such Lender shall have received a percentage of the principal of
     or interest on such Loan or such other amounts then due hereunder by any
     Borrower to such Lender in excess of its pro rata share thereof, it shall
     promptly purchase from such other Lenders participations in (or, if and
     to the extent specified by such Lender, direct interests in) the Loans of
     such Tranche or such other amounts, respectively, owing to such other
     Lenders

<PAGE>
                                                                            23

     (or in interest due thereon, as the case may be) in such amounts, and
     make such other adjustments from time to time, as shall be equitable, to
     the end that all the Lenders shall share the benefit of such excess
     payment (net of any expenses that may be incurred by such Lender in
     obtaining or preserving such excess payment) pro rata in accordance with
     the unpaid principal of and/or interest on the Loans of such Tranche or
     such other amounts, respectively, owing to each of the Lenders. To such
     end all the Lenders shall make appropriate adjustments among themselves
     (by the resale of participations sold or otherwise) if such payment is
     rescinded or must otherwise be restored; provided, that if any Lender
     shall commence an action or proceeding in any court to collect the
     principal of or interest on a Loan held by, or any other amount owed to,
     such Lender, and as a result thereof shall receive a disproportionate
     payment (other than any such payment received by such Lender as a result
     of attachment of, or set-off, exercise of banker's lien or any other
     proceedings against, deposits or other property held by such Lender),
     such Lender shall not be required to share any portion of such
     disproportionate payment with any other Lender which, having received
     notice from such first-mentioned Lender (through the Administrative
     Agent) of such action or proceeding, had the legal right to, but did not,
     join such action or proceeding or commence and diligently prosecute a
     separate action or proceeding in any appropriate court to collect (as
     applicable) the principal of or interest on the Loans held by, or other
     such amount owed to, such other Lender.

          (b) Nothing contained herein shall require any Lender to exercise
     any such right or shall affect the right of any Lender to exercise, and
     retain the benefits of exercising, any such right with respect to any
     other indebtedness or obligation of any Obligor.

          4.07 Joint and Several Obligations. All of the obligations of the
Borrowers under this Agreement and under the other Loan Documents are joint
and several. Without limitation and for the avoidance of doubt, each of the
waivers described in Section 7.02 and the limitation set forth in Section 7.08
hereof shall be deemed to apply to the obligations of each Borrower hereunder
as if such Borrower were a Guarantor.

          SECTION 5. YIELD PROTECTION, ETC.

          5.01 Additional Costs.

          (a) If, on or after the date hereof, the adoption of any Requirement
     of Law, or any change in any Requirement of Law, or any change in the
     interpretation or administration thereof by any court or other
     Governmental Authority charged with the interpretation or administration
     thereof, or compliance by any Lender (or its Applicable Lending Office)
     with any request or directive (whether or not having the force of law) of
     any such Governmental Authority, shall impose, modify or deem applicable
     any reserve (including, without limitation, any such requirement imposed
     by the Board of Governors of the Federal Reserve System), special
     deposit, contribution, insurance assessment or similar requirement
     against assets of, deposits with or for the account of, or credit

<PAGE>
                                                                            24

     extended by, any Lender (or its Applicable Lending Office) or shall
     impose on any Lender (or its Applicable Lending Office) or the London
     interbank market any other condition affecting any Loan, Note or
     Commitment of such Lender, and the result of any of the foregoing is to
     increase the cost to such Lender (or its Applicable Lending Office) of
     making or maintaining any Loan, or to reduce the amount of any sum
     received or receivable by such Lender (or its Applicable Lending Office)
     under this Agreement or under any Note, by an amount reasonably deemed by
     such Lender to be material (other than Taxes, which shall be treated in
     accordance with Section 5.05 hereof), then the Borrowers shall pay to
     such Lender on the date five (5) business days after demand, such
     additional amount or amounts as will compensate such Lender for such
     increased cost or reduction; provided, that this clause (a) shall not be
     deemed to apply to any increase in cost to, or reduction in an amount
     received or receivable by, such Lender described above in this clause (a)
     to the extent attributable to regulatory action taken by reason of the
     occurrence of a material adverse change in the financial condition or
     capitalization of such Lender.

          (b) If any Lender shall have determined that, after the date hereof,
     the adoption of any Requirement of Law regarding capital adequacy, or any
     change therein, or any change in the interpretation or administration
     thereof by any Governmental Authority charged with the interpretation or
     administration thereof, or any request or directive regarding capital
     adequacy (whether or not having the force of law) of any such
     Governmental Authority, has or would have the effect of reducing the rate
     of return on capital of such Lender (or its parent) as a consequence of
     such Lender's obligations hereunder or its Loan or Loans to a level below
     that which such Lender (or its parent) could have achieved but for such
     adoption, change, request or directive by an amount reasonably deemed by
     it to be material, then from time to time, within 15 days after demand
     (which refers to the relevant Requirement of Law in reasonable detail) by
     such Lender, the Borrowers shall pay to such Lender such additional
     amount or amounts as will compensate such Lender (or its parent) for such
     reduction; provided, that this clause (b) shall not be deemed to apply to
     any such reduction incurred by a Lender to the extent attributable to
     regulatory action taken by reason of the occurrence of a material adverse
     change in the financial condition or capitalization of such Lender.

          (c) Each Lender will promptly notify the Borrowers of any event of
     which it has knowledge, occurring after the date hereof, which will
     entitle such Lender to compensation pursuant to this Section, such notice
     to provide reasonable detail of such event. Before giving any such notice
     pursuant to this subsection (c) such Lender shall designate a different
     Applicable Lending Office if such designation (i) will, in the reasonable
     judgment of such Lender, avoid the need for, or reduce the amount of,
     such compensation and (ii) will not, in the reasonable judgment of such
     Lender, be materially disadvantageous to such Lender. A certificate of
     any Lender claiming compensation under this Section 5.01, setting forth
     the additional amount or amounts to be paid to it hereunder and providing
     reasonable detail as aforesaid, shall be conclusive and binding on the
     Borrowers in the absence of manifest error. In determining such amount,
     such Lender may use any reasonable averaging and attribution methods as
     long as such methods are consistent with such Lender's treatment of
     customers similar to the

<PAGE>
                                                                            25

     Borrowers having generally similar provisions in their agreements with
     such Lender. Notwithstanding anything to the contrary in clauses (a) and
     (b) above, no Lender shall be entitled to make a claim for compensation
     with respect to any event occurring more than 180 days prior to the date
     on which such Lender notifies the Borrowers of its claim for
     compensation.

          (d) If any Lender requests compensation under this Section 5.01, the
     Borrowers may, at their sole expense and effort, upon notice to such
     Lender and the Administrative Agent, require such Lender to assign and
     delegate, without recourse (subject to the restrictions contained in
     Section 14.06), all of its interests, rights and obligations under this
     Agreement to an assignee that shall assume such obligations (which
     assignee may be another Lender, if a Lender accepts such assignment);
     provided, that (i) such assignee shall be subject to the prior approval
     of the Administrative Agent, (ii) such Lender shall have received payment
     in full of the outstanding principal of its Loans, accrued interest
     thereon, accrued fees and all other amounts payable to it hereunder, and
     (iii) such assignment is reasonably expected to result in a reduction in
     such compensation or payments. A Lender shall not be required to make any
     such assignment and delegation if, prior thereto, as a result of a waiver
     by such Lender or otherwise, the circumstances entitling the Borrowers to
     require such assignment and delegation cease to apply.

          5.02 Substitute Basis. If, on or prior to the first day of any
Interest Period (an "Affected Interest Period"):

          (a) the Administrative Agent determines that, by reason of
     circumstances affecting the London interbank eurodollar market, the "LIBO
     Rate" cannot be determined pursuant to the definition thereof, or

          (b) the Majority Lenders determine and notify the Administrative
     Agent that the relevant rates of interest referred to in the definition
     of "LIBO Rate" in Section 1.01 hereof upon the basis of which the rate of
     interest for Loans for such Affected Interest Period is to be determined
     will not be adequate to cover the cost to such Lenders of making or
     maintaining their Loans for such Affected Interest Period,

then the Administrative Agent shall give notice thereof (a "Rate Determination
Notice") to the Borrowers and the Lenders as soon as practicable thereafter.
If such notice is given, during the ninety-day period following such Rate
Determination Notice (the "Negotiation Period") the Administrative Agent and
the Borrowers shall negotiate in good faith with a view to agreeing upon a
substitute interest rate basis (having the written approval of the Majority
Lenders) for the Loans which shall reflect the cost to the Lenders of funding
their Loans from alternative sources (a "Substitute Basis"), and if such
Substitute Basis is so agreed upon during the Negotiation Period, such
Substitute Basis shall apply in lieu of the LIBO Rate to all Interest Periods
commencing on or after the first day of the Affected Interest Period, until
the circumstances giving rise to such notice have ceased to apply. If a
Substitute Basis is not agreed upon during the Negotiation Period, the Base
Rate as in effect from time to time shall apply in lieu of the LIBO Rate for
the relevant Interest Periods.

<PAGE>
                                                                            26

          5.03 Illegality. Notwithstanding any other provision of this
Agreement, in the event that on or after the date hereof the adoption of or
any change in any Requirement of Law or in the interpretation or application
thereof by any Governmental Authority shall make it unlawful for any Lender or
its Applicable Lending Office to make or maintain Loans hereunder (and, in the
opinion of such Lender, the designation of a different Applicable Lending
Office would either not avoid such unlawfulness or would be disadvantageous to
such Lender), then such Lender shall promptly notify the Borrowers thereof
(with a copy to the Administrative Agent) following which (a) such Lender's
Commitment shall be suspended until such time as such Lender may again make
and maintain Loans hereunder and (b) if such Requirement of Law shall so
mandate, such Lender's Loans shall be prepaid by the Borrowers, together with
accrued and unpaid interest thereon and all other amounts payable by the
Borrowers under this Agreement, on or before such date as shall be mandated by
such Requirement of Law; provided, however, that if it is lawful for such
Lender to maintain its Loans through the last day of the current Interest
Period, such payment shall be made on such date; provided further, however,
that the relevant Lender shall use its reasonable efforts to avoid or minimize
the effect of such Requirement of Law, including by transferring the affected
Loan or Loans to a different lending office, if it can do so without material
cost, expense or legal detriment to it, in its sole and absolute judgment. In
the event that the effects of the Requirement of Law cannot be avoided or
minimized by such Lender as provided in this Section 5.03, the Borrowers may,
if no Default has occurred and is continuing, at their sole expense and
effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (subject to the restrictions
contained in Section 14.06), all of its interest, rights and obligations under
this Agreement to an assignee that shall assume such obligations (which
assignee may be another Lender, if such other Lender accepts such assignment);
provided, that (i) such assignee shall be subject to the prior approval of the
Administrative Agent, (ii) such Lender shall have received payment in full of
the outstanding principal of its Loans, accrued interest thereon, accrued fees
and all other amounts payable to it hereunder, and (iii) such assignment is
reasonably expected to result in a reduction in such compensation or payments.
A Lender shall not be required to make any such assignment and delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrowers to require such assignment and
delegation cease to apply.

          5.04 Compensation. The Borrowers shall pay to the Administrative
Agent for account of each Lender, upon the request of such Lender through the
Administrative Agent, such amount or amounts (if any) as shall be sufficient
to compensate it for any loss, cost or expense that such Lender determines is
attributable to:

                  (a) any optional or mandatory prepayment of any Loan made by
         such Lender for any reason on a date other than the last day of an
         Interest Period; and

                  (b) any failure by the Borrowers for any reason (including,
         without limitation, the failure of any of the conditions precedent
         specified in Section 6 hereof to be satisfied) to make a Borrowing on
         the date for such Borrowing specified in the Notice of Borrowing
         given pursuant to Section 2.02 hereof, or to prepay such Loan in
         accordance with a notice of prepayment under Section 3.03 hereof or a
         Change of Control Notice under

<PAGE>
                                                                            27

          Section 3.04 hereof or any assignment by such Lender pursuant to
          Section 5.01(d) or Section 5.03 hereof on a date other than the last
          day of an Interest Period.

Each Lender will furnish to the Borrowers a certificate setting forth the
basis and amount of each request by such Lender for compensation under this
Section 5.04, which certificate shall be conclusive and binding on the
Borrowers in the absence of manifest error.

          5.05 Taxes.

          (a) All payments on account of the principal of and interest on the
     Loans and the Notes, fees and all other amounts payable hereunder by the
     Borrowers to or for the account of each Agent or any Lender, including,
     without limitation, amounts payable under paragraph (b) of this Section
     5.05, shall be made free and clear of and without reduction or liability
     for Covered Taxes, unless otherwise required by applicable law, decree or
     regulation.

          (b) The Borrowers shall indemnify each Agent and each Lender
     against, and reimburse them upon demand for, any Covered Taxes paid at
     any time by such Agent or such Lender (as the case may be) and any loss,
     liability, claim or expense, including interest, penalties, surcharges
     and legal fees, that such Agent or such Lender may incur at any time
     arising out of or in connection with any failure of the Borrowers to make
     any payment of Covered Taxes when due. Each Agent and Lender agrees
     promptly to notify the Borrowers of any event known to it that would give
     rise to a payment under this Section 5.05(b) by the Borrowers.

          (c) Subject to compliance by the Agent and the relevant Lender with
     its obligations specified in this Section 5.05, in the event that any
     Borrower, any Person making a payment hereunder on behalf of such
     Borrower or any Agent shall be required by applicable law, decree or
     regulation to deduct or withhold Covered Taxes from any amounts payable
     on, under or in respect of this Agreement, any other Loan Document or the
     Loans, the sum payable shall be increased as necessary so that after
     making all required deductions and withholdings the recipient of such
     payment receives an amount equal to the sum it would have received had no
     such deduction or withholding been made.

          (d) Each Borrower shall furnish to the Administrative Agent copies,
     certified by the Responsible Officer of such Borrower, of the tax forms,
     duly completed and evidencing each payment of Covered Taxes required
     under this Section 5.05, as soon as practicable (and in any event no
     later than 45 days) after the date such payment is made, and such
     Borrower shall promptly furnish to the Administrative Agent at its
     request or at the request of any Lender (through the Administrative
     Agent) or the other Agent any other information, documents and receipts
     that the Administrative Agent or such other Agent or such Lender may
     reasonably require to establish that full and timely payment has been
     made of all Covered Taxes required to be paid under this Section 5.05.

<PAGE>
                                                                            28

                  (e) Each Borrower agrees to pay all present and future
         stamp, court or documentary taxes and any other excise taxes, charges
         or similar levies and any related interest or penalties incidental
         thereto imposed by Mexico, or any jurisdiction from which any amount
         payable hereunder is made, or any municipality or other political
         subdivision or taxing authority thereof or therein which arises from
         any payment made by such Borrower hereunder or from the execution,
         delivery, enforcement or registration (if mandatory under Mexican
         law) of any of the Loan Documents (hereinafter referred to as "Other
         Applicable Taxes").

                  (f) Each Lender (other than a Mexican Bank) party to this
         Agreement on the date hereof (A) represents and warrants to the
         Borrowers that, as of the date hereof, (i) such Lender is registered
         with the Ministry of Finance as a foreign financial institution in
         the registry referred to in Article 197 (or any successor provision)
         of the Mexican Income Tax Law (Ley del Impuesto sobre la Renta), and
         intends to be the effective beneficiary of the interest payable under
         this Agreement and the other Loan Documents, (ii) such Lender is a
         resident of a country (or the main office of which, if lending
         through a branch or agency, is resident of a country) with which
         Mexico has entered into a treaty for the avoidance of double taxation
         which is in effect, and complies with the requirements provided in
         such treaty to apply a reduced withholding tax rate on interest and
         (iii) such treaty provides that the rate of withholding tax on
         interest payments received by a foreign financial institution on a
         loan is 4.9% or less, and (B) agrees that it will use best efforts to
         (x) continue to comply with the requirements of such treaty for so
         long as it provides a reduced withholding tax rate under the Mexican
         Income Tax Law or such double taxation treaty, (y) file all
         documentation necessary to maintain its registration with the
         Ministry of Finance in the registry referred to in Article 197 (or
         any successor provision) of the Mexican Income Tax Law, so long as
         such requirement remains applicable, and (z) maintain its status
         (directly or through its main office, if lending through a branch or
         agency) as a resident for tax purposes of the country of which it is
         currently a resident and be the effective beneficiary of any interest
         paid.

                  (g) Each Lender (other than a Mexican Bank) and the
         Administrative Agent will use all reasonable commercial efforts to
         provide to the Borrowers (or as appropriate, complete and file with
         the appropriate governmental authority), within 60 days of a written
         request made by the Borrowers, such duly completed form,
         certification or similar documentation, if any, as is then required
         under applicable law, regulation or published administrative rule or
         double taxation treaty to which Mexico is a party, which is in
         effect, in order to obtain an exemption from, or reduced rate of,
         deduction, payment or withholding in respect of Covered Taxes to
         which such Lender or the Administrative Agent would be entitled on
         interest payments made to such Lender or the Administrative Agent
         pursuant to a tax treaty that is in effect or the law or regulations
         of the relevant jurisdiction; provided, that neither any Lender nor
         the Administrative Agent shall have any obligation to provide such
         form, certification or similar document (unless required under
         applicable law) if, in the sole and absolute judgment of such Lender
         or the Administrative Agent, as the case may be, it would be required
         to disclose confidential information and such disclosure would be
         materially disadvantageous to such Lender or the Administrative
         Agent.

<PAGE>
                                                                            29

               (h) Any Lender that is entitled to an exemption from or
          reduction of United States withholding tax with respect to payments
          under this Agreement shall deliver to the applicable Borrower (with
          a copy to the Administrative Agent), at the time or times prescribed
          by applicable law, such properly completed and executed
          documentation prescribed by applicable law or reasonably requested
          by such Borrower as will permit such payments to be made without
          withholding or at a reduced rate.

               (i) Any Lender (other than a Mexican Bank) claiming any
          additional amounts payable pursuant to this Section 5.05, which are
          in excess of the tax imposed at the lowest rate of withholding that
          would be otherwise applicable to such Lender and which exceed
          additional amounts payable on the date hereof (provided, that such
          Lender is in compliance with the requirements set forth in Section
          5.05(f), (g) and (i)), agrees to use reasonable efforts (consistent
          with its internal policy and legal and regulatory restrictions) to
          change the jurisdiction of its Applicable Lending Office if, in the
          sole and absolute judgment of such Lender, such change (i) would
          eliminate or reduce any such excess additional amounts and (ii)
          would not otherwise be materially disadvantageous to such Lender.

               (j) No Borrower shall be required to indemnify any Lender under
          clauses (a), (b) or (c) of this Section 5.05 for any additional
          amounts in respect of Covered Taxes to the extent that such Covered
          Taxes or portion thereof would not have been withheld but for the
          fact that the representation and warranty in clause (f)(A) above is
          incorrect with respect to such Lender or the failure of such Lender
          to comply with the provisions of clauses (f)(B), (g) (unless such
          Lender is a Mexican Bank) and (h) of this Section 5.05.

               (k) If a Loan Party determines, in its sole discretion, that it
          has received a refund of any Covered Taxes as to which it has been
          indemnified by one of the Borrowers or with respect to which one of
          the Borrowers has paid additional amounts pursuant to this Section
          5.05, it may, in its sole discretion, pay over such refund to the
          Borrower (but only to the extent of indemnity payments made, or
          additional amounts paid, by the applicable Borrower under this
          Section 5.05 with respect to the Covered Taxes giving rise to such
          refund), net of all out-of-pocket expenses of the Loan Party and
          without interest (other than any interest paid by the relevant
          Governmental Authority with respect to such refund); provided, that
          the applicable Borrower, upon request of the Loan Party, agrees to
          repay the amount paid over to such Borrower (plus any penalties,
          interest or other charges imposed by the relevant Governmental
          Authority) to the Loan Party in the event the Loan Party is required
          to repay such refund to such Governmental Authority. This Section
          5.05 (k) shall not be construed to require the Loan Party to make
          available its tax returns (or any other information which it deems
          confidential) to the Borrowers or any other Person.

          SECTION 6. CONDITIONS PRECEDENT.

<PAGE>
                                                                            30

          6.01 Conditions to Effectiveness. The effectiveness of Sections
2.01(a) and 2.01(b) hereof shall be subject to the conditions precedent that
(i) the Majority Lenders shall not have determined, and notified the
Administrative Agent, that an event or circumstance has occurred since
December 31, 2001, that has had a Material Adverse Effect, (ii) the Majority
Lenders shall not have determined, and notified the Administrative Agent, that
a material adverse change has occurred since December 31, 2001, in the
political, economic or financial condition of Mexico or the United States or
in the market for loan or debt securities of Mexican borrowers, and (iii) the
Administrative Agent shall have received the following documents (with
certified English translations of documents not in English, except for the
estatutos sociales, powers of attorney and the corporate authorizations), each
of which shall be in form and substance satisfactory to the Administrative
Agent (provided, that such conditions shall be satisfied not later than March
5, 2003):

               (a) Executed Agreement. This Agreement, duly executed and
          delivered by the Obligors and each of the other parties hereto.

               (b) Cash Reserve Account and Account Control Agreement. The
          Account Control Agreement, duly executed and delivered by VVP
          Syndication, the Collateral Agent and the Intermediary, together
          with (i) a certification by the Borrowers as of the Closing Date as
          to the Consolidated EBITDA of the Guarantors on a combined basis for
          the then most recently completed period of four consecutive fiscal
          quarters of the Guarantors and the Consolidated EBITDA of Vitro Plan
          for such period, and (ii) irrevocable written instructions signed by
          Vitro Plan and addressed to the Administrative Agent, in form and
          substance satisfactory to the Administrative Agent, directing that a
          portion of the proceeds of the Loans equal to the Required Cash
          Reserve Balance shall be remitted directly to the Cash Reserve
          Account.

               (c) Intercreditor Agreement. The Intercreditor Agreement, duly
          executed and delivered by the Borrowers, the Creditors, the
          Administrative Agent, the Collateral Agent and the Tranche C Agent.

               (d) Communications Agreement. The Communications Agreement,
          duly executed and delivered by the Borrowers and the Administrative
          Agent.

               (e) Approvals. Certified copies of all licenses, consents,
          authorizations and approvals of, and notices to and filings and
          registrations with, any Governmental Authority (including, without
          limitation, all foreign exchange approvals), and of all third-party
          consents and approvals, if any, necessary in connection with the
          making and performance by each Obligor of the Loan Documents to
          which it is a party and the transactions contemplated hereby and
          thereby.

               (f) Corporate Documents. (i) The estatutos sociales,
          certificate of incorporation or other constitutive documents of each
          Obligor, certified by a Mexican notary public in the case of each
          Mexican Obligor and certified by an appropriate officer of such
          Obligor as true and correct and in full force and effect;

<PAGE>
                                                                            31

                    (ii) in the case of each Mexican Obligor, the powers of
               attorney, certified by a Mexican notary public, authorizing the
               relevant officers of each Obligor to execute and deliver the
               Loan Documents to which such Obligor is a party (including
               authority to execute titulos de credito and for actos de
               dominio); and

                    (iii) corporate resolutions, in form and substance
               reasonably satisfactory to the Administrative Agent,
               authorizing the making and performance by each Obligor of the
               Loan Documents to which such Obligor is a party if required by
               such Obligor's corporate documents.

               (g) Incumbency Certificate. A certificate of each Obligor in
          substantially the form of Exhibit E hereto as to the authority,
          incumbency and specimen signatures of the persons who have executed
          the Loan Documents and any other documents in connection herewith on
          behalf of such Obligor.

               (h) Opinions of Counsel.

                    (i) An opinion, dated the Closing Date, of Cantu y Estrada
               Abogados, S.C., special Mexican counsel to the Mexican
               Obligors, in substantially the form of Exhibit F hereto.

                    (ii) An opinion, dated the Closing Date, of Cravath,
               Swaine & Moore, special New York counsel to the Obligors, in
               substantially the form of Exhibit G hereto.

                    (iii) An opinion, dated the Closing Date, of Ritch,
               Heather y Mueller, S.C., special Mexican counsel to the Agents,
               in substantially the form of Exhibit H hereto.

                    (iv) An opinion, dated the Closing Date, of special
               Colombian counsel to the Colombian Guarantor, as to such
               matters relating to its obligations hereunder as the
               Administrative Agent may reasonably require.

                    (v) An opinion, dated the Closing Date, of special
               Guatemalan counsel to each Obligor that is organized under the
               laws of Guatemala, as to such matters relating to its
               obligations hereunder as the Administrative Agent may
               reasonably require.

                    (vi) An opinion, dated the Closing Date, of special Swiss
               counsel to each Swiss Guarantor, as to such matters relating to
               its obligations hereunder as the Administrative Agent may
               reasonably require.

                    (vii) An opinion, dated the Closing Date, of special
               Wisconsin counsel to each Guarantor organized under the law of
               the State of Wisconsin, as to such matters relating to its
               obligations hereunder as the Administrative Agent may
               reasonably require.

<PAGE>
                                                                            32

                           (viii) An opinion, dated the Closing Date, of
                  Milbank, Tweed, Hadley & McCloy LLP, special New York
                  counsel to the Administrative Agent, in substantially the
                  form of Exhibit I hereto.

                    (i) Process Agent Acceptance. (i) A Process Agent
               Acceptance, duly executed and delivered by the Process Agent,
               and (ii) a Mexican law notarized power of attorney of each
               Mexican Obligor appointing such Process Agent.

                    (j) Fees. Irrevocable authorization by the Borrowers to
               deduct all fees referred to in Section 2.03 hereof and all
               reasonable and documented accrued fees and expenses of each
               Agent and of the expenses then due and payable under Section
               14.03 hereof, including, without limitation, the reasonable and
               documented fees and expenses of Milbank, Tweed, Hadley & McCloy
               LLP, special New York counsel to the Administrative Agent,
               counsel to the Collateral Agent, Ritch, Heather y Mueller,
               S.C., special Mexican counsel to the Agents, Bodman, Longley &
               Dahling LLP, special counsel to Comerica Bank, in connection
               with the negotiation, preparation, execution and delivery of
               the Loan Documents and the making of the Loans hereunder, and
               also including all stamp taxes or similar taxes in connection
               with the Loan Documents, from the proceeds of the Loans;
               provided, that a statement of such fees and expenses shall have
               been submitted at least two Business Days prior to the
               Borrowing Date.

                    (k) Licensing Agreement. Certified copies of (i) the
               Licensing Agreement ("Contrato de Licencia de Tecnologia y
               Asistencia Tecnica") dated as of December 19, 2001 among IP
               Vitro, Vitrocar, S.A. de C.V., as Licensor and Distribuidora
               Nacional de Vidrio, S.A. de C.V., Vitro Vidrio y Cristal, S.A.
               de C.V. and Vitro Automotriz, S.A. de C.V., as Licensees and
               (ii) an Amendment to such Licensing Agreement in form and
               substance satisfactory to the Administrative Agent, providing
               for the subordination of the rights of IP Vitro to receive
               royalty payments under such Licensing Agreement.

                    (l) Pro Forma Certificate. A certificate of Vitro Plan
               setting forth in reasonable detail the calculations required to
               establish whether Vitro Plan would have been in compliance with
               the requirements of Sections 10.01(a), (b) and (c) hereof on
               and as of December 31, 2002 if the Loans under this Agreement
               were reflected on a pro forma basis in the financial statements
               of Vitro Plan for the fiscal year ending on such date.

                    (m) Other Documents. Such other documents relating hereto
               as either Agent or any Lender shall reasonably request.

          6.02 Additional Conditions to Borrowing. The obligation of each
Lender to make its Loan or Loans hereunder on the Borrowing Date is also
subject to further conditions precedent that both immediately prior to the
making of such Loan or Loans and also after giving effect thereto and to the
intended use thereof:

               (A) no Default shall have occurred and be continuing;

<PAGE>
                                                                            33

                  (B) the representations and warranties made by the Obligors
         in this Agreement shall be true on and as of the Borrowing Date and
         immediately after giving effect to the application of the proceeds of
         the Loans with the same force and effect as if made on and as of such
         date (or, in the case of any representation and warranty that
         expressly relates to a specific date, as of such specific date);

                  (C) the Administrative Agent shall have received the Notes
         evidencing the Loans in accordance with Section 2.05 hereof;

                  (D) the Administrative Agent shall have received the Notice
         of Borrowing in accordance with Section 2.02 hereof; and

                  (E) the Administrative Agent shall have received irrevocable
         instructions signed by the Borrowers, in form and substance
         satisfactory to the Administrative Agent, as to the remittance by the
         Administrative Agent of the proceeds of the Loans (such instructions
         to be consistent with the provisions of Sections 2.01(c) and 6.01(j)
         hereof).

The Notice of Borrowing shall constitute a certification by the Borrowers that
the conditions set forth in clauses (A) and (B) of this Section 6.02 have been
fulfilled (both as of the date of such notice and, unless the Borrowers
otherwise notify the Administrative Agent prior to the Borrowing Date, as of
the Borrowing Date).

          SECTION 7. GUARANTEE.

          7.01 The Guarantee. The Guarantors hereby jointly and severally
guarantee to the Loan Parties the prompt payment in full when due (whether at
stated maturity, by acceleration or otherwise) of the principal of and
interest on the Loans and the Notes and all fees, indemnities and other
amounts whatsoever now or hereafter payable or becoming payable by the
Borrowers hereunder and under the other Loan Documents, in each case strictly
in accordance with the terms thereof (the obligations of the Borrowers to pay
such amounts being herein collectively called the "Guaranteed Obligations").
The Guarantors hereby further jointly and severally agree that if the
Borrowers shall fail to pay in full when due (whether at stated maturity, by
acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors
will promptly pay the same upon receipt from the Administrative Agent of
written demand for payment thereof, without any other demand or notice
whatsoever, and that in the case of any extension of time of payment or
renewal of any of the Guaranteed Obligations, the same will be promptly paid
in full when due (whether at extended maturity, by acceleration or otherwise)
in accordance with the terms of such extension or renewal. This Agreement is a
continuing guaranty and is a guaranty of payment and is not merely a guaranty
of collection.

          7.02 Acknowledgments, Waivers and Consents. Each Guarantor agrees
that the obligations of such Guarantor under Section 7.01 hereof shall, to the
fullest extent permitted by applicable law, be absolute, irrevocable and
unconditional under any and all circumstances. Without limiting the foregoing,
each Guarantor agrees that:

<PAGE>
                                                                            34

               (a) The occurrence of any one or more of the following shall,
          to the fullest extent permitted by applicable law, not affect the
          enforceability or effectiveness of this Section 7 in accordance with
          its terms or affect, limit, reduce, discharge or terminate the
          liability of such Guarantor, or the rights, remedies, powers and
          privileges of the Administrative Agent, the Collateral Agent or any
          Lender under this Section 7:

                    (i) any modification or amendment (including without
               limitation by way of amendment, extension, renewal or waiver),
               or any acceleration or other change in the time for payment or
               performance of the terms of all or any part of the Guaranteed
               Obligations or any Loan Document, or any other agreement or
               instrument whatsoever relating thereto, or any modification of
               the Commitments;

                    (ii) any release, termination, waiver, abandonment, lapse
               or expiration, subordination or enforcement of the liability of
               any other Guarantor under this Agreement or of any other
               guarantee of all or any part of the Guaranteed Obligations;

                    (iii) any application of the proceeds of any other
               guarantee (including without limitation any letter of credit or
               the obligations of any other guarantor of all or any part of
               the Guaranteed Obligations) to all or any part of the
               Guaranteed Obligations;

                    (iv) any release of any other Person (including without
               limitation any other guarantor with respect to all or any part
               of the Guaranteed Obligations) from any personal liability with
               respect to all or any part of the Guaranteed Obligations;

                    (v) any settlement, compromise, release, liquidation or
               enforcement, upon such terms and in such manner as the
               Administrative Agent may determine or as applicable law may
               dictate, of all or any part of the Guaranteed Obligations or
               any other guarantee of (including without limitation any letter
               of credit issued with respect to) all or any part of the
               Guaranteed Obligations;

                    (vi) the giving of any consent to the merger or
               consolidation of, the sale of a substantial portion of the
               assets by, or other restructuring or termination of the
               corporate existence of any Borrower or any other Person or any
               disposition of any shares of any Guarantor;

                    (vii) any proceeding against any Obligor with respect to
               all or any part of the Guaranteed Obligations or any collateral
               provided by any other Person or the exercise of any rights,
               remedies, powers and privileges of the Loan Parties under the
               Loan Documents or otherwise in such order and such manner as
               the Agents may determine, regardless of whether the Loan
               Parties shall have proceeded against or exhausted any
               collateral, right, remedy, power or privilege before proceeding
               to call upon or otherwise enforce this Agreement;

<PAGE>
                                                                            35

                    (viii) the entering into such other transactions or
               business dealings with any Obligor or any Subsidiary or
               Affiliate of any Obligor as any Loan Party may determine; or

                    (ix) all or any combination of any of the actions set
               forth in this Section 7.02(a).

               (b) The enforceability and effectiveness of this Agreement and
          the liability of the Guarantors, and the rights, remedies, powers
          and privileges of the Loan Parties, under this Agreement shall not
          be affected, limited, reduced, discharged or terminated, and each
          Guarantor hereby expressly waives, to the fullest extent permitted
          by applicable law, any defense now or in the future arising, by
          reason of:

                    (i) any illegality, invalidity or unenforceability of all
               or any part of the Guaranteed Obligations, any Loan Document or
               any other agreement or instrument whatsoever relating to all or
               any part of the Guaranteed Obligations;

                    (ii) any disability or other defense with respect to all
               or any part of the Guaranteed Obligations, including the effect
               of any statute of limitations that may bar the enforcement of
               all or any part of the Guaranteed Obligations or the
               obligations of any such other guarantor;

                    (iii) the illegality, invalidity or unenforceability of
               any security for or other guarantee (including without
               limitation any letter of credit) of all or any part of the
               Guaranteed Obligations or the lack of perfection or continuing
               perfection or failure of the priority of any Lien on any
               collateral for all or any part of the Guaranteed Obligations;

                    (iv) the cessation, for any cause whatsoever, of the
               liability of any Obligor with respect to all or any part of the
               Guaranteed Obligations (other than, subject to Section 7.03
               hereof, by reason of the full payment of all Guaranteed
               Obligations);

                    (v) any failure of any Loan Party to marshal assets in
               favor of the Borrowers or any other Person (including any other
               guarantor of all or any part of the Guaranteed Obligations), to
               exhaust any collateral for all or any part of the Guaranteed
               Obligations, to pursue or exhaust any right, remedy, power or
               privilege it may have against the Borrowers or any other
               guarantor of all or any part of the Guaranteed Obligations
               (including any issuer of any letter of credit) or any other
               Person or to take any action whatsoever to mitigate or reduce
               such or any other Person's liability under this Agreement, the
               Loan Parties being under no obligation to take any such action
               notwithstanding the fact that all or any part of the Guaranteed
               Obligations may be due and payable and that the Borrowers may
               be in default of its obligations under any Loan Document;

<PAGE>

                                                                            36

                    (vi) any counterclaim, set-off or other claim which any
               Obligor of all or any part of the Guaranteed Obligations has or
               claims with respect to all or any part of the Guaranteed
               Obligations;

                    (vii) any failure of any Loan Party or any other Person to
               file or enforce a claim in any bankruptcy or other proceeding
               with respect to any Person;

                    (viii) any bankruptcy, insolvency, reorganization,
               concurso mercantil, winding-up or adjustment of debts, or
               appointment of a custodian, interventor, conciliador, sindico,
               liquidator or the like of it, or similar proceedings commenced
               by or against any Obligor, including any discharge of, or bar
               or stay against collecting, all or any part of the Guaranteed
               Obligations (or any interest on all or any part of the
               Guaranteed Obligations) in or as a result of any such
               proceeding;

                    (ix) any action taken by any Loan Party that is authorized
               by this Section 7.02 or otherwise in this Agreement or by any
               other provision of any Loan Document or any omission to take
               any such action; or

                    (x) to the fullest extent permitted by applicable law, any
               other circumstance whatsoever that might otherwise constitute a
               legal or equitable discharge or defense of a surety or
               guarantor.

               (c) To the fullest extent permitted by law, each Guarantor
          expressly waives, for the benefit of the Loan Parties, all set-offs
          and counterclaims and all diligence, presentment, demand for payment
          or performance, notices of nonpayment or nonperformance, protest,
          notices of protest, notices of dishonor and all other notices or
          demands of any kind or nature whatsoever (other than the written
          demand for payment pursuant to Section 7.01 hereof), and any
          requirement that any Loan Party exhaust any right, power or remedy
          or proceed against the Borrowers under this Agreement, any Note or
          any other Loan Document or other agreement or instrument referred to
          herein or therein, or against any other Person under any other
          guarantee of, or security for, any of the Guaranteed Obligations,
          and all notices of acceptance of this Agreement or of the existence,
          creation, incurring or assumption of new or additional Guaranteed
          Obligations. Each Guarantor further expressly waives the benefit of
          any and all statutes of limitation, to the fullest extent permitted
          by applicable law.

               (d) Each Guarantor further waives, to the fullest extent
          permitted by applicable law, any right to which it may be entitled,
          including, without limitation:

                    (i) that the assets of the Borrowers first be used,
               depleted and/or applied in satisfaction of the Borrowers'
               obligations under this Agreement prior to any amounts being
               claimed from or paid by any Guarantor;

<PAGE>

                                                                            37

                    (ii) to require that the Borrowers be sued and all claims
               against the Borrowers be completed prior to an action or
               proceeding being initiated against such Guarantor;

                    (iii) to have its obligations hereunder be divided among
               the Guarantors, such that each Guarantor's obligation would be
               less than the full amount claimed; and

                    (iv) to the extent applicable, under Articles 2814, 2815,
               2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2842, 2845 and
               2846 of the Mexican Federal Civil Code and the correlative
               rights of the Civil Codes of the Federal District and the
               States of Mexico.

          7.03 Reinstatement. The obligations of each Guarantor under this
Section 7 shall be automatically reinstated if and to the extent that for any
reason any payment by or on behalf of the Borrowers in respect of the
Guaranteed Obligations is rescinded or must otherwise be restored by any
holder of any of the Guaranteed Obligations, whether as a result of any
proceedings in bankruptcy or reorganization or otherwise, and the Guarantors
jointly and severally agree that they will indemnify the Loan Parties on
demand for all reasonable costs and expenses (including, without limitation,
reasonable fees of counsel, but without duplication of the obligations of the
Borrowers under this Agreement) incurred by them in connection with such
rescission or restoration, including any such costs and expenses incurred in
defending against any claim alleging that such payment constituted a
preference, fraudulent transfer or the like under any bankruptcy, insolvency
or similar law.

          7.04 Subrogation. The Guarantors hereby jointly and severally agree
that, until the final payment in full of the Guaranteed Obligations and the
expiration or termination of the Commitments under this Agreement, they shall
not exercise any right or remedy arising by reason of any performance by any
of them of their guarantee in Section 7.01 hereof, whether by subrogation,
reimbursement, contribution or otherwise, against the Borrowers or any other
guarantor of any of the Guaranteed Obligations or any security for any of the
Guaranteed Obligations.

          7.05 Remedies. Each Guarantor agrees that, as between such Guarantor
and the Loan Parties, the obligations of the Borrowers under this Agreement,
the Notes or any other Loan Documents may be declared to be forthwith due and
payable as provided in Section 11 hereof (and shall be deemed to have become
automatically due and payable in the circumstances provided in said Section
11) for purposes of Section 7.01 hereof, notwithstanding any stay, injunction
or other prohibition preventing such declaration (or such obligations from
becoming automatically due and payable) as against the Borrowers and that, in
the event of such declaration (or such obligations being deemed to have become
automatically due and payable), such obligations (whether or not due and
payable by the Borrowers) shall forthwith become due and payable by such
Guarantor for purposes of said Section 7.01.

          7.06 Payments. Except to the extent otherwise expressly provided in
Section 7.10 hereof, all payments by the Guarantors under this Agreement shall
be made in Dollars,

<PAGE>
                                                                            38

without deduction, set-off or counterclaim at the place specified in Section 4
hereof and free and clear of any and all present and future Covered Taxes,
without prejudice to the provisions of Section 5.05 hereof.

          7.07 Rights of Contribution. The Guarantors hereby agree, as among
themselves, that if any Guarantor shall become an Excess Funding Guarantor (as
defined below) by reason of the payment by such Guarantor of any of the
Guaranteed Obligations, each other Guarantor shall, on written demand of such
Excess Funding Guarantor (but subject to the next sentence), pay to such
Excess Funding Guarantor an amount equal to such Guarantor's Pro Rata Share
(as defined below and determined, for this purpose, without reference to the
Properties, debts and liabilities of such Excess Funding Guarantor) of said
payment of the Guaranteed Obligations.

          For purposes of this Section 7.07, (i) "Excess Funding Guarantor"
shall mean, in respect of any Guaranteed Obligations, a Guarantor that has
paid an amount in excess of its Pro Rata Share of such Guaranteed Obligations,
(ii) "Excess Payment" shall mean, in respect of any Guaranteed Obligations,
the amount paid by an Excess Funding Guarantor in excess of its Pro Rata Share
of such Guaranteed Obligations and (iii) "Pro Rata Share" shall mean, for any
Guarantor, the ratio (expressed as a percentage) of (x) the amount by which
the aggregate fair saleable value of all Properties of such Guarantor
(excluding any shares of stock of any other Guarantor) exceeds the amount of
all the debts and liabilities of such Guarantor (including contingent,
subordinated, unmatured and unliquidated liabilities, but excluding the
obligations of such Guarantor hereunder and any obligations of any other
Guarantor that have been Guaranteed by such Guarantor) to (y) the amount by
which the aggregate fair saleable value of all Properties of the Guarantors
exceeds the amount of all debts and liabilities (including contingent,
subordinated, unmatured and unliquidated liabilities, but excluding the
obligations of the Borrowers and the Guarantors hereunder) of all of the
Guarantors, determined as of the date hereof.

          7.08 General Limitation on Guarantee Obligations. To the extent that
the obligations of any Guarantor hereunder would, by reason of any applicable
domestic or foreign law, rule or regulation (including any domestic or foreign
corporate law, or any domestic or foreign bankruptcy, insolvency,
reorganization or other law affecting the rights of creditors generally) be
held or determined to be void, invalid or unenforceable, or subordinated to
the claims of any other creditors, on account of the amount of its liability
hereunder, then, notwithstanding any other provision hereof to the contrary,
the amount of such liability shall, without any further action by such
Guarantor, any Lender, either Agent or any other Person, be automatically
limited and reduced to the highest amount that is valid and enforceable and
not subordinated to the claims of other creditors.

          7.09 Limitation on Guarantee Obligations of Swiss Guarantors.
Anything herein to the contrary notwithstanding, the aggregate amount payable
by each Swiss Guarantor hereunder at any time (including, but not limited to,
payments pursuant to Section 7.01 and Section 7.07 hereof) shall be limited
for each such Swiss Guarantor to an amount equal to the maximum amount of the
freely distributable retained earnings of such Swiss Guarantor under the law
of Switzerland as of such time.

<PAGE>
                                                                            39

          7.10 Colombian Guarantor. Anything herein to the contrary
notwithstanding, the Colombian Guarantor may make payment of any amount
demanded from it hereunder in the lawful currency of the Republic of Colombia;
provided, that the Colombian Guarantor shall use its best efforts to obtain
any and all such licenses, consents and approvals of any Colombian
Governmental Authority as may be required to enable it to make payment of all
such amounts in Dollars, and, if successful in such efforts, will promptly
furnish evidence thereof to the Administrative Agent, in form and substance
satisfactory to the Administrative Agent, and thereafter shall make all such
payments in Dollars in accordance with Section 7.06 hereof.

          SECTION 8. REPRESENTATIONS AND WARRANTIES. Except as otherwise
specified herein, each Obligor represents and warrants to the Loan Parties
with respect to itself (except as otherwise provided herein) that, as of the
date hereof and as of the date of the Borrowing (unless otherwise specified):

          8.01 Power and Authority. It (a) is a corporation, a sociedad
anonima de capital variable or a sociedad anonima, as applicable, duly
organized and validly existing under the laws of its jurisdiction of
incorporation, (b) has all requisite corporate power, and has all material
governmental licenses, authorizations, consents and approvals necessary to own
its assets and carry on its business as now being conducted, (c) is qualified
to do business and is in good standing in all jurisdictions in which the
nature of the business conducted by it makes such qualification necessary and
where failure so to qualify could (either individually or in the aggregate)
reasonably be expected to have a Material Adverse Effect, (d) has the power
and authority to make and perform each of the Loan Documents to which it is a
party and to borrow the Loans hereunder and (e) is in compliance with all
applicable laws and regulations except where failure to be in compliance could
not reasonably be expected to have a Material Adverse Effect.

          8.02 Due Authorization, Etc. The making and performance by such
Obligor of the Loan Documents to which it is a party and of all other
documents and instruments to be executed and delivered by it hereunder have
been duly authorized by all necessary corporate action, and do not contravene
(a) its estatutos sociales or, if applicable, other constitutive documents,
(b) any Requirement of Law, or (c) any agreement or instrument or material
contractual restriction binding on or affecting it or any of its Property, and
do not and will not result in the imposition of any Lien on any of its
Property, except Liens created or arising under the Loan Documents. No part of
the proceeds of the Loans will be used for the purpose, whether immediate,
incidental or ultimate, of buying or carrying any "margin stock" within the
meaning of Regulation U of the Board of Governors of the Federal Reserve
System (and no Indebtedness refinanced with the proceeds of the Loans will
have been used for such purpose).

          8.03 Governmental and Other Approvals. Subject to Section 7.10
hereof, no license, consent, authorization or approval or other action by, or
notice to or filing or registration with, any Governmental Authority
(including without limitation any foreign exchange approval), and no other
third-party consent or approval, is necessary for the due execution, delivery
and performance by such Obligor of the Loan Documents or for the legality,
validity, binding effect or enforceability thereof against it. In the case of
VVP Syndication, no filing, registration or

<PAGE>
                                                                            40

other action is required to be accomplished in Mexico, under the laws of
Mexico, in order to cause the security interest created under Section 12
hereof in the Deposit Collateral to be a valid first and prior perfected
security interest therein.

          8.04 Legal Effect. Each of this Agreement and each other Loan
Document to which it is a party has been duly executed and delivered by such
Obligor, this Agreement and each other Loan Document (other than the Notes)
constitutes and each Note when duly executed and delivered by such Obligor for
value received, and, in the case of a Guarantor, endorsed "por aval" by such
Guarantor, will constitute the legal, valid and binding obligation of such
Obligor, enforceable against it in accordance with its terms.

          8.05 Financial Statements. The audited (or, in the case of each U.S.
Guarantor, unaudited) consolidated balance sheet of such Obligor and its
consolidated Subsidiaries as of December 31, 2001 (or, in the case of each
Swiss Guarantor, December 31, 2002) and the related audited (or, in the case
of each U.S. Guarantor, unaudited) consolidated statements of income and cash
flows for the fiscal year ending on that date, with the opinion thereon (i) in
the case of the Mexican Obligors, the Mexican office of Deloitte & Touche or
other independent public accountants of recognized international standing and
(ii) in the case of each other Obligor (other than the U.S. Guarantors),
independent public accountants of recognized international standing, and the
unaudited consolidated balance sheet of such Obligor and its consolidated
Subsidiaries as of September 30, 2002 and the related unaudited consolidated
statements of income and cash flows for the nine-month period then ended,
certified by the chief financial officer of Vitro Plan, each of which has
heretofore been furnished to the Lenders, are complete and correct and fairly
present the consolidated financial condition of such Obligor and its
consolidated Subsidiaries as at said respective dates and the consolidated
results of their respective operations for the fiscal year and nine-month
period ending on said dates, all in accordance with GAAP, and such Obligor and
its Subsidiaries do not have material contingent liabilities or unusual
forward or long-term commitments not disclosed therein. Since December 31,
2001, no event or circumstance has occurred that has had a Material Adverse
Effect.

          8.06 Ranking. The payment obligations of such Obligor hereunder are
and will at all times be unconditional and unsubordinated general obligations
of such Obligor and rank and will at all times rank at least pari passu with
all other present and future unsecured Indebtedness of each Borrower and each
Guarantor.

          8.07 No Actions or Proceedings. There is no litigation,
investigation or proceeding pending or, to the best of its knowledge,
threatened against such Obligor or any of its Subsidiaries by or before any
Governmental Authority that (either individually or in the aggregate) could
reasonably be expected to have a Material Adverse Effect. The operations of
such Obligor and those of its Subsidiaries comply with all applicable laws,
rules, regulations and orders (including without limitation all Environmental
Laws) of Governmental Authorities, except to the extent the failure to so
comply (either individually or in the aggregate) could not reasonably be
expected to have a Material Adverse Effect.

          8.08 Commercial Activity; Absence of Immunity. It is subject to
civil and commercial law with respect to its obligations under the Loan
Documents, and the making and

<PAGE>
                                                                            41

performance by it of the Loan Documents constitute private and commercial acts
rather than public or governmental acts. It is not entitled to any immunity on
the ground of sovereignty or the like from the jurisdiction of any court or
from any action, suit, set-off or proceeding, or the service of process in
connection therewith, arising under the Loan Documents.

          8.09 Taxes. There is no income, stamp or other similar tax, levy,
assessment, impost, deduction, charge or withholding imposed by Mexico (or any
municipality or other political subdivision or taxing authority thereof or
therein that exercises power to impose such tax, levy, assessment, impost,
deduction, charge or withholding) either (a) on or by virtue of the execution
or delivery by any Mexican Obligor of the Loan Documents or (b) on any payment
to be made by any Mexican Obligor pursuant to the Loan Documents, other than
any such tax, levy, assessment, impost, deduction, charge or withholding
imposed on any Person as a result of such Person being organized under the
laws of Mexico or by virtue of its having a permanent establishment in Mexico
to which income under the Loan Documents is attributable or its Applicable
Lending Office being located in Mexico, except for withholding tax on payments
of interest and fees deemed to be interest to Lenders that are not Mexican
Banks. It has filed all material tax returns required to be filed and paid all
taxes shown to be due thereon except such as are being contested in good faith
by appropriate proceedings and for which adequate reserves have been made if
required in accordance with GAAP.

          8.10 Legal Form. This Agreement and the other Loan Documents to
which it is a party are in proper legal form under the laws of its
jurisdiction of incorporation for the enforcement thereof against it under
such law. All formalities required in its jurisdiction of incorporation for
the validity and enforceability of each of the Loan Documents have been
satisfied, and no Covered Taxes are required to be paid and no notarization is
required, for the validity and enforceability thereof; provided, that in the
event any legal proceedings are brought in the courts of Mexico, a Spanish
translation of the documents required in such proceedings needs to be prepared
by a court-approved translator and would have to be approved by such court
after the defendant had been given an opportunity to be heard with respect to
the accuracy of the translation, and proceedings would thereafter be based
upon the translated documents.

          8.11 Full Disclosure. The information, reports, financial
statements, exhibits and schedules contained in the Information Memorandum,
taken as a whole, do not contain any untrue statement of material fact,
provided, that no such representation and warranty is made as to any
projections or forward-looking information contained therein except that such
projections or forward-looking information have been prepared in good faith on
assumptions believed to be reasonable at the time of preparation thereof. All
other written information furnished after the date hereof by such Obligor to
the Administrative Agent and the Lenders in connection with this Agreement and
the transactions contemplated hereby will be true, complete and accurate in
every material respect, or (in the case of projections, if applicable) based
on reasonable estimates, on the date as of which such information is stated or
certified.

          8.12 Liens. Schedule 4 hereto is a complete and correct list of each
Lien granted by it in connection with any Indebtedness as of the date hereof.

<PAGE>
                                                                            42

          8.13 Solvency. It is, and after giving effect to the making of the
Loans and the use of proceeds thereof (including without limitation the
incurrence of the Guaranteed Obligations) will be, Solvent.

          8.14 Restrictions on Upstreaming. Other than the Existing
Restrictions, none of its Subsidiaries is subject on the date hereof to any
contractual restriction on its ability to make any Dividend Payment.

          8.15 Not an Investment Company. It is not required to register as an
"investment company" under the Investment Company Act of 1940, as amended.

          8.16 Material Agreements. Schedule 5 hereto is a complete and
correct list of (a) each credit agreement, loan agreement or indenture and (b)
each purchase agreement, guarantee, letter of credit or other arrangement
providing for or otherwise relating to any Indebtedness or any extension of
credit to, or Guarantee by, such Obligor outstanding on the date hereof (and,
in the case of sub-section (b), with an outstanding amount in excess of
$10,000,000), the aggregate principal or face amount outstanding or that may
become outstanding under each such arrangement is correctly described in said
Schedule 5.

          8.17 Properties. (a) It has good title to, or valid leasehold
interests in, all its real and personal property material to its business,
except for (i) easements, zoning restrictions, rights-of-way and similar
encumbrances imposed by law or arising in the ordinary course of business that
do not secure any monetary obligations and do not materially detract from the
value of the affected property or interfere with the ordinary conduct of its
business and (ii) minor defects in title that do not interfere with its
ability to conduct its business as currently conducted or to utilize such
properties for their intended purposes.

          (b) It owns, or is licensed to use, all trademarks, trade names,
copyrights, patents and other intellectual property material to its business,
and its use thereof does not infringe upon the rights of any other Person,
except for any such infringements that, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

          SECTION 9. COVENANTS OF THE BORROWERS. Except as otherwise specified
herein, each Borrower covenants and agrees with the Loan Parties that, so long
as any Commitment or Loan is outstanding and until payment in full of all
amounts payable by such Borrower hereunder and under the other Loan Documents:

          9.01 Corporate Existence, Etc. It will, and will cause each of its
Subsidiaries to, (a) preserve and maintain its corporate existence and all of
its material rights and licenses, (b) maintain in all material respects
appropriate accounting and corporate books and records, and (c) permit
representatives of any Loan Party, during normal business hours, at its own
cost and expense (provided, that if an Event of Default has occurred and is
continuing such Borrower shall indemnify each Loan Party for such reasonable
and documented costs and expenses), and following reasonable prior notice, to
examine, copy and make extracts from its corporate books and records, to
inspect any of its Property, and to discuss its business and affairs with its

<PAGE>
                                                                            43

officers, to the extent reasonably requested by any Loan Party subject to any
legally binding confidentiality requirements applicable to it; provided, that
nothing in this Section 9.01 shall prohibit any merger, consolidation,
liquidation, winding up or dissolution permitted under Section 9.08 or any
Asset Sale permitted under Section 9.13.

          9.02 Compliance with Law. It will, and will cause each of its
Subsidiaries to, (a) comply with the requirements of all applicable laws,
rules, regulations and orders (including without limitation all Environmental
Laws) of Governmental Authorities (including without limitation IMSS,
INFONAVIT and SAR) except to the extent non-compliance would not result in a
Material Adverse Effect, (b) timely file all required material tax returns and
pay and discharge at or before maturity all of its material obligations
(including without limitation tax liabilities, except where the same are
contested in good faith and by appropriate proceedings and against which
adequate reserves are being maintained if and to the extent required by GAAP
and where the failure to pay or discharge such obligations or liabilities
would not result in a Material Adverse Effect), (c) maintain all of its
material Property used or useful in its business in good working order and
condition, ordinary wear and tear excepted, and (d) maintain insurance in
respect of the Property and businesses of such Borrower and its Subsidiaries
against loss and damage of the kinds and in the amounts customary in the
industry in which such Borrower or such Subsidiary operates.

          9.03 Governmental Authorizations. It will, and will cause each of
its Subsidiaries, as applicable, to promptly from time to time obtain and
maintain in full force and effect all licenses, consents, authorizations and
approvals of, and make all filings and registrations with, any Governmental
Authority necessary under the laws of Mexico (or, if not Mexico, its
jurisdiction of incorporation) for the making and performance by it of the
Loan Documents.

          9.04 Financial Statements, Etc. It will provide or cause to be
provided to the Administrative Agent for distribution to the Lenders:

          (a) as soon as available and in any event within 120 days after the
     end of each fiscal year, enough copies for each Lender of the audited
     consolidated balance sheet of Obligor and its consolidated Subsidiaries
     as at the end of such fiscal year and the related audited consolidated
     statements of income and cash flows of such Obligor and its consolidated
     Subsidiaries for such fiscal year, setting forth in each case in
     comparative form the figures for the previous fiscal year, all reported
     on in conformity with GAAP, with the unqualified opinion thereon of (i)
     in the case of the Mexican Obligors, the Mexican office of Deloitte &
     Touche or other independent public accountants of recognized
     international standing and (ii) in the case of each other Obligor,
     independent public accountants of recognized international standing;

          (b) as soon as available and in any event within 60 days after the
     end of each quarter of each fiscal year, enough copies for each Lender of
     the unaudited consolidated balance sheet of each Obligor and its
     consolidated Subsidiaries as at the end of each such fiscal quarter and
     the related unaudited consolidated statements of income and cash flow of
     such Obligor and its consolidated Subsidiaries for such quarter and for
     the period from

<PAGE>
                                                                            44

     the beginning of the then current fiscal year to the end of such quarter,
     setting forth in each case in comparative form the figures for the
     corresponding quarter in the previous fiscal year, all certified as to
     fairness of presentation and conformity with GAAP by the Responsible
     Officer of such Borrower;

          (c) simultaneously with the delivery of each set of financial
     statements referred to in clause (b) above, and at any other time
     reasonably requested by the Administrative Agent, a certificate of a
     Responsible Officer, in the form of Exhibit L, (i) stating whether any
     Default exists on the date of such certificate and, if a Default then
     exists, setting forth the details thereof and the action which such
     Borrower is taking or proposes to take with respect thereto and (ii) in
     the case of Vitro Plan, setting forth in reasonable detail the
     calculations required to establish whether Vitro Plan was in compliance
     with the requirements of Sections 10.01(a), (b) and (c) hereof on and as
     of the date of such financial statements;

          (d) promptly upon an officer of such Borrower obtaining knowledge of
     the occurrence of any Default, a certificate of the Responsible Officer
     of such Borrower setting forth the details thereof and the action which
     such Borrower is taking or proposes to take with respect thereto;

          (e) promptly upon the commencement of, or any material adverse
     development in, any litigation or proceeding against such Borrower or any
     of its Subsidiaries that could reasonably be expected to have a Material
     Adverse Effect, notice thereof with a description thereof in reasonable
     detail; and

          (f) from time to time such additional information regarding the
     financial position or business of such Borrower and its Subsidiaries as
     the Administrative Agent, at the request of any Lender, may reasonably
     request or as has been provided to the Tranche C Agent.

          9.05 Ranking. It will, and will cause each of its Subsidiaries that
is an Obligor, to, promptly take all such actions as may be necessary to
ensure that its payment obligations under this Agreement and the Notes will at
all times constitute unconditional and unsubordinated general obligations of
it ranking at least pari passu with all other present and future unsecured and
unsubordinated Indebtedness of it.

          9.06 Transactions With Affiliates. Without prejudice to anything
expressly permitted under this Agreement, it will not, nor will it permit any
of its Subsidiaries to, directly or indirectly enter into any transaction with
an Affiliate thereof, except (a) in the ordinary course of and pursuant to the
reasonable requirements of its business and upon commercially reasonable terms
that are no less favorable to it than those which would be obtainable in a
comparable arm's-length transaction at the time from a Person which is not
such an Affiliate, (b) transactions between or among the Obligors and (c)
Dividend Payments permitted by Section 9.16 hereof.

<PAGE>
                                                                            45

          9.07 Line of Business. It will not make any material change in the
line of business of such Borrower and its Subsidiaries as conducted on the
date hereof, and it will not change the legal nature of its organization.

          9.08 Merger, Etc It will not, nor will it permit any of its
Subsidiaries to, enter into any transaction of merger or consolidation, or
liquidate, wind up or dissolve itself (or suffer any liquidation or
dissolution), or sell, transfer or otherwise dispose of (in one transaction or
in a series of transactions) all or substantially all of its Property (except
for sales of inventory in the ordinary course of business for fair market
value), provided, that (a) any Borrower may merge or consolidate with or into
any other Person if, immediately after giving effect thereto, (i) it is the
surviving Person and (ii) no Default has occurred and is continuing, (b) any
Guarantor may merge or consolidate with or into any other Guarantor, (c) any
Subsidiary of a Borrower that is not an Obligor may merge or consolidate with
or into any other Person if, immediately after giving effect thereto, no
Default has occurred and is continuing, (d) any Subsidiary that is not an
Obligor may liquidate or dissolve if the Borrowers determine in good faith
that such liquidation or dissolution is in the best interest of the Borrowers
and is not materially disadvantageous to the Lenders and (e) any Guarantor or
Subsidiary may be spun off to any Obligor.

          9.09 Upstreaming. It will not permit any of its Subsidiaries to
enter into, create or assume any contractual restriction on the ability of
such Subsidiary to make any Dividend Payment, provided, that this Section 9.09
shall not be deemed to prohibit (a) customary restrictions contained in the
joint venture agreements with respect to any Joint Venture Subsidiary or (b)
the extension, continuation or replacement on substantially similar terms of
any such contractual restrictions existing on the date hereof.

          9.10 Hedge Agreements. It will not, nor will it permit any of its
Subsidiaries to, enter into any Hedge Agreement, other than Hedge Agreements
entered into (i) in the ordinary course of business to hedge or mitigate risks
to which it or any of its Subsidiaries is exposed in the conduct of its
business or the management of its liabilities and (ii) not for speculative
purposes.

          9.11 Negative Pledge. It will not, nor will it permit any of its
Subsidiaries to, create, assume or suffer to exist any Lien on its Property,
whether now owned or hereafter acquired by it, except (in the case of VVP
Syndication) the Lien created under Section 12 hereof and:

          (a) Permitted Liens;

          (b) Liens (not covering any of the Deposit Collateral) existing on
     the date hereof and described in Schedule 4 hereto;

          (c) Liens on any Property of such Borrower or any of its
     Subsidiaries securing Indebtedness of such Borrower or any of its
     Subsidiaries incurred or assumed for the purpose of financing (i) all or
     any part of the acquisition of raw materials, utilities and other
     Property (including working capital loans ("creditos de habilitacion" or
     "avio")) or (ii) all or part of the acquisition, construction or
     improvement of fixed assets and other

<PAGE>
                                                                            46

     Property (including capital expenditure loans ("creditos
     refaccionarios")), provided, that such Lien attaches to such Property
     concurrently with or within 90 days after the acquisition, construction
     or improvement thereof;

          (d) Any Lien on any Property existing at the time of acquisition
     thereof and which is not created as a result of or in connection with or
     in anticipation of such acquisition;

          (e) Any Lien existing on any Property of a corporation which is
     merged with or into an Obligor which is not created as a result of or in
     connection with or in anticipation of such merger;

          (f) Any Lien on a cash reserve account (however denominated)
     securing Indebtedness for borrowed money otherwise permitted hereby,
     provided, that the funds in such account are derived solely from the
     proceeds of such borrowing;

          (g) Liens on accounts receivable arising from factoring arrangements
     with respect to such accounts receivable as permitted by Section 9.13
     hereof; and

          (h) Liens (not covering any shares of capital stock of such Person)
     not otherwise permitted by the foregoing clauses, securing Indebtedness
     outstanding at any time in an aggregate principal amount not exceeding
     $35,000,000.

          9.12 Fiscal Year. It will not, nor will it permit any of its
Subsidiaries to, change its fiscal year from a calendar year ending December
31.

          9.13 Asset Sales; Investments in Non-Guaranteeing Subsidiaries. (a)
Without prejudice to the limitation in clause (b) below, it will not, and will
not permit any of its Subsidiaries to, directly or indirectly, make Asset
Sales after the date hereof of Property having an aggregate fair market value
in excess of $150,000,000 (as to all Borrowers and their Subsidiaries),
provided, that the net cash proceeds of Asset Sales permitted under this
clause shall be applied to reduce Indebtedness of the Obligors; and provided
further, that this clause shall not apply to:

               (i) Asset Sales of inventory for fair value in the ordinary
          course of business;

               (ii) any Asset Sale by an Obligor to another Obligor;

               (iii) the factoring of accounts receivable pursuant to existing
          or future programs limited in aggregate principal amount at any time
          to not more than $75,000,000 or the equivalent in other currencies;

               (iv) dispositions of Property no longer used or, in its
          reasonable opinion, useful in the business of such Borrower or its
          Subsidiaries, provided that the net proceeds of any such disposition
          shall be reinvested in the business of such

<PAGE>
                                                                            47

          Borrower or the relevant Subsidiary or used to repay Indebtedness
          thereof within 30 days of said disposition; or

               (v) any Sale-Leaseback Transactions to the extent that a Lien
          securing the amount of the obligations under such Sale-Leaseback
          Transactions could be incurred under Section 9.11(h).

          (b) It will not, and will not permit its Subsidiaries to, make
Investments after the date hereof in Non-Guaranteeing Subsidiaries in an
aggregate amount exceeding $50,000,000 (as to all Borrowers and their
Subsidiaries).

          9.14 Use of Proceeds. It will use the proceeds of the Loans solely
(i) to refinance Indebtedness of the Obligors (for such purpose, Vitro Plan
will lend a portion of the proceeds to several of the Obligors), (ii) in the
case of VVP Syndication, to fund the Cash Reserve Account in accordance with
Section 12.01(a) hereof and (iii) to pay fees and expenses relating to the
transactions contemplated hereby, provided that no Loan Party shall be
responsible as to the use of any of such proceeds.

          9.15 Communications Agreement. It will comply and cause the
Guarantors to comply with the terms of the Communications Agreement.

          9.16 Dividend Payments. It will not declare or make any Dividend
Payment if, at the time thereof and after giving effect thereto, a Default has
occurred and is continuing.

          9.17 Financial Statements of U.S. Guarantors. VVP Holdings will
provide to the Administrative Agent within (i) 60 days after the Closing Date
in the case of Vitro America and (ii) within 90 days after the Closing Date in
the case of each other U.S. Guarantor, enough copies of the audited balance
sheets of Vitro America or such other U.S. Guarantor as at December 31, 2002
and December 31, 2001 and the related audited statements of income and cash
flows of Vitro America or such other U.S. Guarantor for each of the fiscal
years ending on such dates, all reported in conformity with GAAP, with the
unqualified opinion thereon of independent accountants of recognized
international standing.

          SECTION 10. FINANCIAL COVENANTS OF VITRO PLAN; SPECIAL COVENANTS OF
     VVP SYNDICATION.

          10.01 Covenants of Vitro Plan. Vitro Plan covenants and agrees with
the Loan Parties that, so long as any Commitment or Loan is outstanding and
until payment in full of all amounts payable by any Borrower hereunder and
under the other Loan Documents:

          (a) Consolidated Net Worth. It will not permit its Consolidated Net
     Worth at any time to be less than 80% of its Consolidated Net Worth as at
     December 31, 2001 (calculated in constant Pesos).

<PAGE>
                                                                            48

          (b) Interest Coverage Ratio. It will not permit the Interest
     Coverage Ratio to be at any time less than 3.00 to 1.00.

          (c) Debt to EBITDA Ratio. It will not permit the Debt to EBITDA
     Ratio to be at any time greater than 2.75 to 1.00.

          (d) Certain Obligations Respecting Subsidiaries. In the event that
     it shall form or acquire any new Subsidiary, it will promptly cause such
     new Subsidiary to become a "Guarantor" hereunder, and to deliver such
     proof of corporate action, incumbency of officers, opinions of counsel
     and other documents as is consistent with those delivered by each
     "Guarantor" pursuant to Section 6.01 hereof upon the Closing Date or as
     the Administrative Agent shall have requested; provided, that the
     obligation in this clause (d) shall not apply with respect to any
     Non-Guaranteeing Subsidiary.

          (e) Ownership. It will continue to own, beneficially and of record,
     directly or indirectly, 100% of the Voting Shares of each Guarantor
     (other than directors' qualifying shares or the equivalent).

          10.02 Covenants of VVP Syndication. VVP Syndication covenants and
agrees with the Loan Parties that, so long as any Commitment or Loan is
outstanding and until payment in full of all amounts payable by any Borrower
hereunder and under the other Loan Documents:

          (a) Deposit Collateral. It will execute, deliver, file and/or record
     any financing statement, notice, instrument, document or agreement that
     may be necessary or desirable and that either Agent may reasonably
     request, to create, preserve, perfect or validate the security interest
     granted pursuant to Section 12 hereof or to enable the Collateral Agent
     to exercise and enforce its rights hereunder with respect to such pledge
     and security interest.

          (b) Maintenance of Cash Reserve Account. It will at all times
     maintain ownership, free and clear of any Lien, of the Cash Reserve
     Account, except for the Liens created hereby.

          (c) Certain Additional Activities. Without limiting the other
     provisions of this Agreement, it will comply with the special-purpose
     covenants set forth in Schedule 6 hereto.

          (d) Further Assurances. It will, from time to time upon the written
     request of the Collateral Agent, execute and deliver such further
     documents and do such other acts and things as the Collateral Agent may
     reasonably request in order fully to effect the purposes of Section 12
     hereof.

          (e) Visitation. It shall permit representatives of the Collateral
     Agent, following notice given within a reasonable number of days prior to
     such inspection, at any time during normal business hours to inspect and
     make abstracts from its books and records pertaining to the Deposit
     Collateral, and permit representatives of the Collateral Agent to be
     present at its place of business to receive copies of all communications
     and

<PAGE>
                                      49

     remittances relating to the Deposit Collateral, and forward copies of any
     notices or communications received by it with respect to the Deposit
     Collateral, all in such manner as the Collateral Agent may reasonably
     request, at the expense of the Collateral Agent (unless and until a
     Default has occurred or is continuing), provided, that such inspection
     and other actions shall not interfere with or otherwise interrupt its
     operations.

          (f) Other Financing Statements and Liens. It shall not create or
     permit to exist any Lien on any of the Deposit Collateral except
     hereunder, or file or suffer to be on file, or authorize or permit to be
     filed or to be on file, in any jurisdiction, any financing statement or
     like instrument with respect to the Deposit Collateral in which the
     Collateral Agent is not named as the sole secured party.

          SECTION 11. EVENTS OF DEFAULT. If one or more of the following
events (herein called "Events of Default") shall occur and be continuing:

          (a) The Borrowers shall fail to pay when due any principal of any
     Loan or to prepay any Loan when required hereunder, or shall fail to pay
     within three Business Days after the due date thereof any interest on any
     Loan, any commitment fees or any other amount payable hereunder or under
     any Note or any other amount payable under any Loan Document; or

          (b) Any representation, warranty or certification made or deemed
     made by any Obligor herein or in any other Loan Document (or in any
     modification or supplement hereto or thereto), or any certificate
     furnished to any Loan Party pursuant to the provisions hereof, shall
     prove to have been false or misleading in any material respect as of the
     time made or furnished; or

          (c) Any Obligor or any of its Subsidiaries shall default in the
     payment of any principal of or interest on any other Indebtedness
     (whether at stated maturity or at mandatory or optional prepayment or
     otherwise) if such Indebtedness has an aggregate outstanding principal
     amount of $10,000,000 (or its equivalent in other currencies) or more
     ("Material Debt"), or any default or event of default shall occur under
     any agreement or instrument evidencing or relating to such Material Debt
     if the effect thereof is to accelerate the maturity thereof, or to permit
     or enable the holder or holders of such Material Debt, or an agent or
     trustee acting on its or their behalf, to accelerate the maturity
     thereof, or to require the mandatory prepayment or redemption thereof; or

          (d) Any Obligor shall (i) default in the observance or performance
     of any of its obligations under Sections 9.01(a) (with respect to the
     preservation and maintenance of the corporate existence of such Obligor),
     9.03, 9.04, 9.05, 9.07, 9.08, 9.11, 9.13, 9.14, 9.16 or 9.17 or Section
     10 hereof; or (ii) any Obligor shall fail to perform or observe any of
     its other obligations under this Agreement (other than as referred to in
     clause (a) above or in sub-clause (i) of this clause (d)) and such
     failure shall remain unremedied for 30 days after written notice thereof
     shall have been given to the Borrowers by the Administrative Agent or any
     Lender; or

<PAGE>
                                                                            50

          (e) Any Obligor or any of its Material Subsidiaries shall admit in
     writing its inability to, or be generally unable to, pay its debts as
     such debts become due; or

          (f) Any Obligor or any of its Material Subsidiaries shall (i) apply
     for or consent to the appointment of, or the taking of possession by, a
     receiver, custodian, liquidador, conciliador, sindico, trustee, examiner
     or liquidator of itself or of all or a substantial part of its Property,
     (ii) make a general assignment for the benefit of its creditors, (iii)
     file a petition seeking to take advantage of any other law relating to
     bankruptcy, concurso mercantil, insolvency, reorganization, liquidation,
     dissolution, arrangement or winding-up, or composition or readjustment of
     debts or (iv) take any corporate action for the purpose of effecting any
     of the foregoing; or

          (g) A proceeding or case shall be commenced against any Obligor or
     any of its Material Subsidiaries, without its application or consent,
     seeking (i) its reorganization, liquidation, dissolution, arrangement or
     winding up, (ii) the appointment of a receiver, custodian, liquidador,
     conciliador, sindico, trustee, examiner, liquidator or the like of it or
     of all or any substantial part of its Property or (iii) similar relief in
     respect of it under any law relating to bankruptcy, concurso mercantil,
     insolvency, reorganization, winding up, or composition or adjustment of
     debts, and such proceeding or case shall continue undismissed for a
     period of 90 or more days, or a declaration of bankruptcy or concurso
     mercantil shall be entered against such Obligor or Material Subsidiary
     under the Mexican federal bankruptcy laws as now or hereafter in effect;
     or

          (h) A judgment for the payment of money is or judgments for the
     payment of money are rendered against any Obligor or any of its
     Subsidiaries in an amount exceeding in the aggregate $10,000,000 (or its
     equivalent in other currencies) and shall remain unsatisfied,
     undischarged and in effect for a period of 45 consecutive days without a
     stay of execution, unless the same is adequately bonded or is being
     contested by appropriate proceedings properly instituted and diligently
     conducted and, in either case, such process is not being executed against
     assets thereof; or any Obligor or any of its Subsidiaries shall fail to
     pay when due to Social Security, INFONAVIT, IMSS or SAR any amount or
     amounts aggregating $10,000,000 or more (or its equivalent in Pesos)
     except to the extent the amount or amounts due are being contested in
     good faith by appropriate proceedings, which proceedings have the effect
     of preventing the forfeiture or sale of the Property of such Obligor or
     Subsidiary; or

          (i) (w) Any Mexican Governmental Authority shall impose exchange
     controls prohibiting or in any manner materially restricting the making
     of payments in respect of Indebtedness in a currency other than Pesos; or
     (x) any Mexican Governmental Authority shall take any action to condemn,
     seize, nationalize or appropriate any substantial portion of the Property
     of any Obligor (with or without the payment of compensation); or (y) any
     action is taken by a Mexican Governmental Authority, including without
     limitation the declaration of a moratorium on payment of any
     Indebtedness, that has an adverse effect on (i) the repayment of the
     Loans or (ii) the schedule of payments of any Borrower hereunder or under
     the Notes; or (z) any Obligor shall participate or take any action to

<PAGE>

                                                                            51

     participate in any facility or exercise involving the rescheduling of its
     Material Debt or the alteration of the currency in which it may pay its
     obligations; or

          (j) Any Obligor or any of its Subsidiaries shall enter into any
     transaction of merger or consolidation, or liquidate, wind up or dissolve
     itself (or suffer any liquidation or dissolution), or sell, transfer or
     otherwise dispose of (in one transaction or in a series of transactions)
     all or substantially all of its Property, except as expressly permitted
     under Sections 9.08 and 9.13 hereof; or

          (k) Any of the Loan Documents becomes unenforceable or the
     performance of the obligations of any Obligor thereunder becomes illegal,
     or the security interest created under Section 12 hereof shall not
     constitute a valid first priority lien on and perfected security interest
     in the Deposit Collateral, subject to no equal or prior Lien.

THEREUPON: in any such event, (1) the Administrative Agent shall, upon request
of the Majority Lenders, by notice to the Borrowers declare the Commitments to
be terminated forthwith, whereupon the Commitments shall forthwith terminate,
and/or (2) the Administrative Agent shall, upon request of the Majority
Lenders, by notice to the Borrowers declare the principal then outstanding of,
and the accrued interest on, the Loans and the Notes and all other amounts
payable by the Borrowers hereunder (including, without limitation, any amounts
payable under Section 5.04 hereof) to be forthwith due and payable, whereupon
such amounts shall be immediately due and payable without presentment, demand,
protest or other formalities of any kind, all of which are hereby expressly
waived by the Borrowers; provided, that in the case of an Event of Default of
the kinds referred to in clauses (f) or (g) above, the Commitments shall
automatically terminate and such amounts shall automatically become due and
payable, without any further action by any party, and/or (3) the Collateral
Agent shall, upon and pursuant to the instructions of the Administrative Agent
and the Tranche C Agent, proceed to enforce its remedies under Section 12
hereof (and, without limiting the foregoing, the Administrative Agent and
Tranche C Agent may instruct the Collateral Agent to apply the balance of the
Cash Reserve Account to payment of amounts owing under this Agreement) and the
Tranche C Loan Agreement, all in accordance with, and subject to, the terms of
the Intercreditor Agreement.

          SECTION 12. THE CASH RESERVE ACCOUNT.

          12.01 The Cash Reserve Account. (a) VVP Syndication hereby agrees as
follows:

               (i) It has established, and will maintain until the termination
          of the Commitments and the payment in full of all amounts payable
          under the Loan Documents, the Cash Reserve Account.

               (ii) The Administrative Agent is hereby irrevocably authorized
          to and shall fund the Cash Reserve Account, on the date of the
          Borrowing, out of the proceeds of the I Borrowing in an amount equal
          to the Required Cash Reserve Balance as of the Borrowing Date.

<PAGE>

                                                                            52

               (iii) It will at all times on and after the Borrowing Date
          cause the collected credit balance of the Cash Reserve Account to be
          an amount equal to not less than the Required Cash Reserve Balance.

          (b) Pledge. As collateral security for the prompt payment in full
     when due (whether at stated maturity, by acceleration or otherwise) of
     the principal of and interest on the Loans and all of the other
     obligations, whether now existing or hereafter from time to time arising,
     of the Obligors under the Loan Documents and the Tranche C Loan Agreement
     (the "Secured Obligations"), VVP Syndication hereby pledges to the
     Collateral Agent for the benefit of the Creditors, the Agents, the
     Tranche C Agent and their respective successors and assigns, and grants
     to the Collateral Agent for the benefit of the Creditors, the Agents, the
     Tranche C Agent and their respective successors and assigns a first
     priority security interest in, all of VVP Syndication' right, title and
     interest in, to and under (i) the Cash Reserve Account, (ii) any and all
     cash and Permitted Investments and other financial assets (within the
     meaning of Section 8-102(a)(9) of the UCC) whatsoever at any time or from
     time to time credited to the Cash Reserve Account, and any and all
     security entitlements (within the meaning of Section 8-102(a)(17) of the
     UCC) of VVP Syndication with respect to such financial assets, and (iii)
     any and all proceeds of any of the foregoing (collectively, the "Deposit
     Collateral").

          (c) Sole Dominion. Without prejudice to the provisions of the
     Account Control Agreement, VVP Syndication irrevocably confers upon the
     Collateral Agent sole dominion and control over the Cash Reserve Account
     and the sole and exclusive power and right to withdraw and remit funds
     standing to the credit of the Cash Reserve Account, agrees that it shall
     not have any right or power of withdrawal over the Cash Reserve Account,
     and agrees that each of the authorizations provided for in this Section
     12.01 is irrevocable and coupled with an interest. VVP Syndication
     further irrevocably agrees that the Administrative Agent and Tranche C
     Agent may give instructions regarding such transactions directly to the
     Collateral Agent, and, subject to the terms of the Intercreditor
     Agreement, VVP Syndication hereby irrevocably authorizes and instructs
     the Collateral Agent to act upon such instructions from the
     Administrative Agent and Tranche C Agent with respect to the Cash Reserve
     Amount without any further consent of, or instruction from it. The
     Collateral Agent shall, within 10 days after receiving an authenticated
     demand from VVP Syndication following payment of all amounts owing
     hereunder and under any other Loan Document, send to the Intermediary an
     authenticated statement that releases the Intermediary from any further
     obligation to comply with instructions originated by the Collateral
     Agent.

          (d) Instructions. Subject to the terms of the Intercreditor
     Agreement, the Collateral Agent hereby agrees to accept and follow
     instructions from the Administrative Agent and Tranche C Agent with
     respect to the Cash Reserve Account and the Deposit Collateral. The
     Collateral Agent shall be entitled to assume that no Default has occurred
     and is continuing unless it receives notice in writing from the
     Administrative Agent or the Tranche C Agent to the contrary.

<PAGE>

                                                                            53

          (e) Advice. The Collateral Agent may at any time request the
     Administrative Agent or the Tranche C Agent to advise it of the aggregate
     amount of fees, expenses and other amounts falling due hereunder, and the
     Collateral Agent may rely conclusively upon the information so provided.

          (f) Full Recourse. No receipt, holding, application or disposition
     of all or any part of the Deposit Collateral shall relieve any Borrower
     of its liability for any deficiency in payment of its obligations under
     the Loan Documents.

          (g) Charges, etc. All fees, service charges, costs, adjustments for
     any deposit errors, returned or dishonored items, uncollected funds or
     any other deficiency for other charges and claims for any liability,
     loss, damage cost or expense of the Collateral Agent relating to the Cash
     Reserve Account (except to the extent any such amount is primarily
     attributed to the Collateral Agent's bad faith, willful misconduct or
     gross negligence) will be charged to the Cash Reserve Account. In the
     event that the Collateral Agent is unable to recover all such amounts,
     the Collateral Agent may, until such amounts are paid in full, (i) debit
     any other account of VVP Syndication, (ii) debit any other account in the
     name of VVP Syndication for the benefit of the Collateral Agent and/or
     (iii) make demand therefor on VVP Syndication and VVP Syndication shall
     remit payment in good and collected funds to the Collateral Agent within
     two Business Days of such demand.

          (h) VVP Syndication Representation. VVP Syndication represents and
     warrants to the Collateral Agent for the benefit of the Creditors that
     (a) it is the sole beneficial owner of the Deposit Collateral, (b) no
     Lien exists upon the Deposit Collateral at any time, except for Liens
     hereunder, and (c) the pledge and security interest in favor of the
     Collateral Agent created or provided for herein constitute a valid first
     Lien on and prior perfected security interest in the Deposit Collateral,
     subject to no other Lien, except for Liens hereunder.

          (i) Release. The Administrative Agent shall, promptly upon receiving
     the evidence referred to in the proviso to Section 7.10 hereof, if no
     Event of Default has occurred and is continuing, instruct the Collateral
     Agent to release from the Cash Reserve Account an amount equal to the
     Interim Supplement referred to in the definition of "Required Cash
     Reserve Balance", and the Collateral Agent shall forthwith release the
     same.

          12.02 Permitted Investments. The collected credit balance of the
Cash Reserve Account will be invested by the Collateral Agent from time to
time, for the benefit of VVP Syndication, in one or more Permitted
Investments, so long as no Event of Default has occurred and is continuing.
The Collateral Agent shall, from time to time upon the reasonable request of
VVP Syndication, provide information in respect of the Permitted Investments
in which such balances may have been invested. The Collateral Agent shall have
no liability or responsibility whatsoever and makes no representation or
warranty as to the enforceability, validity, value, the creditworthiness or
collectibility of any Permitted Investment or the Cash Reserve Account.

<PAGE>

                                                                            54

          12.03 Certain Provisions Relating to Agents.

          (a) The Collateral Agent shall take steps as are instructed in
     writing by the Administrative Agent or Tranche C Agent from time to time
     with respect to the Deposit Collateral, subject to the terms of the
     Intercreditor Agreement and the rights of the Borrowers under the Loan
     Documents. The Collateral Agent shall not be required to take any action
     which it considers to be contrary to law or this Agreement or the Account
     Control Agreement, or which would subject it to personal liability,
     provided that if the Collateral Agent shall decline to take action for
     any such reason, it shall immediately notify the Administrative Agent,
     the Tranche C Agent and the Borrowers.

          (b) Neither Agent nor the Tranche C Agent shall be liable for any
     action taken or omitted by it with respect to the Deposit Collateral on
     the instructions of the other Agent or the Tranche C Agent. Each Agent
     and the Tranche C Agent may conclusively rely and shall be fully
     protected in acting or refraining from acting upon any certificate,
     statement, request, agreement or other instrument it reasonably believes
     to be genuine and to have been signed or presented by or on behalf of the
     other Agent or the Tranche C Agent. In maintaining the Cash Reserve
     Account and otherwise acting hereunder, the Collateral Agent may consult
     with counsel and shall be fully protected with respect to any action
     taken or omitted by it in good faith on advice of counsel and shall have
     no liability hereunder except for its bad faith, willful misconduct or
     gross negligence with respect to its obligations hereunder.

          12.04 Intercreditor Agreement. The parties acknowledge that the
Deposit Collateral shall be subject to the terms of the Intercreditor
Agreement.

          12.05 Events of Default, Etc. While an Event of Default has occurred
and is continuing, subject in each case to the terms of the Intercreditor
Agreement:

          (a) the Collateral Agent shall have all of the rights and remedies
     with respect to the Deposit Collateral of a secured party under the
     Uniform Commercial Code as in effect from time to time in the State of
     New York (whether or not said Code is in effect in the jurisdiction where
     the rights and remedies are asserted) and such I additional rights and
     remedies to which a secured party is entitled under the laws in effect in
     any jurisdiction where any rights and remedies hereunder may be asserted,
     including, without limitation, the right, to the maximum extent permitted
     by law, to exercise all powers of ownership pertaining to the Deposit
     Collateral as if the Collateral Agent were the sole and absolute owner
     thereof (and VVP Syndication agrees to take all such action as may be
     appropriate to give effect to such right);

          (b) the Collateral Agent may apply or direct the application of any
     balances then on deposit in the Cash Reserve Account to the
     Administrative Agent and the Tranche C Agent for the payment of any of
     the Secured Obligations then due and unpaid;

<PAGE>

                                                                            55

          (c) the Collateral Agent may liquidate any Permitted Investments and
     apply or cause to be applied the proceeds thereof to the payment of the
     Secured Obligations then due and unpaid in the order specified in the
     Intercreditor Agreement; and

The Collateral Agent agrees to provide VVP Syndication, in a commercially
reasonably manner, with prompt notice of actions taken under this Section
12.05.

          12.06 Deficiency. If the proceeds of collection or other realization
of or upon the Deposit Collateral pursuant to Section 12.05 hereof are
insufficient to cover the reasonably incurred costs and expenses of such
realization and the payment in full of the Secured Obligations, the Borrowers
shall remain liable for any deficiency.

          12.07 Removals, Etc. Without at least 30 days' prior written notice
to the Collateral Agent, VVP Syndication shall not (a) maintain any of its
books and records with respect to the Collateral at any office or maintain its
principal place of business at any place other than at the address for notices
indicated in Section 14.02 hereof or (b) change its name, or the name under
which it does business, from the name shown on the signature pages hereto.

          12.08 Attorney-in-Fact. Without limiting any rights or powers
granted by this Agreement to the Collateral Agent while no Event of Default
has occurred and is continuing, upon the occurrence and during the continuance
of any Event of Default the Collateral Agent is hereby appointed the
attorney-in-fact of VVP Syndication for the purpose of carrying out the
provisions of this Section 12 and taking any action and executing any
instruments that the Collateral Agent may deem necessary or advisable, acting
in a commercially reasonable manner, to accomplish the purposes hereof, which
appointment as attorney-in-fact is irrevocable and coupled with an interest.
Without limiting the generality of the foregoing, so long as the Collateral
Agent shall be entitled under this Section 12 to make collections in respect
of the Deposit Collateral, and the Collateral Agent shall have the right and
power to receive, endorse and collect all checks made payable to the order of
VVP Syndication representing any payment or other distribution in respect of
the Deposit Collateral or any part thereof and to give full discharge for the
same.

          12.09 Termination. When all Secured Obligations shall have been paid
in full, this Agreement shall terminate, and the Collateral Agent shall
forthwith cause to be assigned, transferred and delivered, against receipt but
without any recourse, warranty or representation whatsoever, any remaining
Deposit Collateral and money received in respect thereof, to or on the order
of VVP Syndication.

          12.10 No Waiver. No failure on the part of the Collateral Agent to
exercise, and no course of dealing with respect to, and no delay in
exercising, any right, power or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise by the Collateral Agent of
any right, power or remedy hereunder preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. The remedies
herein are cumulative and are not exclusive of any remedies provided by law.

<PAGE>

                                                                            56

          SECTION 13. THE AGENTS.

          13.01 Appointment, Powers and Immunities.

               (i) Each Lender hereby appoints and authorizes each Agent to
          act as its agent hereunder and under the Intercreditor Agreement and
          the Account Control Agreement with such powers as are specifically
          delegated to such Agent by the terms hereof and thereof, together
          with such other powers as are reasonably incidental thereto. Each
          Agent (which term as used in this sentence and in Section 13.05
          hereof and the first sentence of Section 13.06 hereof shall include
          reference to their respective affiliates and its own and their
          respective affiliates' officers, directors, employees and agents):

          (a) shall have no duties or responsibilities except those expressly
     set forth in this Agreement and the other Loan Documents, and shall not
     by reason of this Agreement or the other Loan Documents be a trustee or
     fiduciary for any party hereto;

          (b) shall not be responsible to the Lenders for any recitals,
     statements, representations or warranties contained in this Agreement or
     the other Loan Documents, or in any certificate or other document
     referred to or provided for in, or received by any of them under, this
     Agreement or the other Loan Documents, or for the value, validity,
     effectiveness, genuineness, enforceability or sufficiency of any Loan
     Document or any other document referred to or provided for herein or
     therein or for any failure by any Obligor or any other Person to perform
     any of its obligations hereunder or thereunder;

          (c) shall not be required to initiate or conduct any litigation or
     collection proceedings hereunder (and shall not commence an action or
     proceeding on behalf of any Lender without obtaining the consent of such
     Lender thereto); and

          (d) shall not be responsible for any action taken or omitted to be
     taken by it hereunder or under any other document or instrument referred
     to or provided for herein or therein or in connection herewith or
     therewith, except for its own gross negligence or willful misconduct.

Each Agent may employ agents and attorneys-in-fact and shall not be
responsible for the negligence or misconduct of or for the supervision of any
such agents or attorneys-in-fact selected by it in good faith.

               (ii) Each Lender and the Administrative Agent irrevocably
          authorize and direct the Administrative Agent and the Collateral
          Agent to enter into the Intercreditor Agreement and to comply with
          the terms thereof.

               (iii) Before the Collateral Agent acts or refrains from acting
          hereunder, it may require an officer's certificate of the Borrowers
          and/or an opinion of counsel satisfactory to the Collateral Agent
          with respect to such action or inaction. The Collateral Agent shall
          not be liable for any action it takes or omits to take in good faith
          in reliance on such certificate or opinion. Whenever in the
          administration of this Agreement the Collateral Agent shall deem it
          necessary

<PAGE>
                                                                            57

          or desirable that a matter be provided or established prior to
          taking or suffering or omitting to take any act under this
          Agreement, such matter (unless other evidence in respect thereof be
          herein specifically prescribed) may, in the absence of gross
          negligence or bad faith on the part of the Collateral Agent, be
          deemed to be conclusively proved and established by an officers'
          certificate delivered to the Collateral Agent, and such certificate,
          in the absence of gross negligence or bad faith on the part of the
          Collateral Agent, shall be full warrant to the Collateral Agent for
          any action taken, suffered or omitted to be taken by it under the
          provisions of Section 12 upon the faith thereof.

          13.02 Reliance by Agents. Each Agent shall be entitled to
conclusively rely upon any certification, notice or other communication
(including, without limitation, any thereof by telephone, telecopy, telex,
telegram or cable) reasonably believed by it to be genuine and correct and to
have been signed, made or sent by or on behalf of the proper Person or
Persons, and upon advice and statements of legal counsel and other experts
selected by such Agent, as the case may be. As to any matters not expressly
provided for by this Agreement and the other Loan Documents, each Agent shall
in all cases be fully protected in acting, or in refraining from acting,
hereunder in accordance with instructions given by the Majority Lenders, and
such instructions of the Majority Lenders and any action taken or failure to
act pursuant thereto shall be binding on all of the Lenders.

          13.03 Defaults. Neither Agent shall be deemed to have knowledge or
notice of the occurrence of a Default (other than, in the case of the
Administrative Agent, a failure to make a payment of principal of or interest
on the Loans) unless such Agent has received notice from a Lender or a
Borrower specifying such Default and stating that such notice is a "Notice of
Default". In the event that the Administrative Agent receives a Notice of a
Default, the Administrative Agent shall give prompt notice thereof to the
Lenders and the Collateral Agent. The Administrative Agent shall (subject to
Section 13.07 hereof) take such action with respect to any such Default as
shall be directed by the Majority Lenders or, if provided herein, in
accordance with the instructions given by the Majority Tranche A Lenders, the
Majority Tranche B Lenders or all of the Lenders as is required in such
circumstance, provided, that unless and until the Administrative Agent shall
have received such directions, the Administrative Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with
respect to such Default as it shall deem advisable in the best interest of the
Lenders except to the extent that this Agreement expressly requires that such
action be taken, or not be taken, only with the consent or upon the
authorization of the Majority Lenders, the Majority Tranche A Lenders, the
Majority Tranche B Lenders or all of the Lenders.

          13.04 Rights as a Lender. With respect to its Commitment and the
Loans made by it, each of Citibank, N.A. and Wachovia Bank, National
Association (and any successor acting as Administrative Agent or Collateral
Agent, respectively) in its individual capacity as a Lender hereunder (if
applicable) shall have the same rights and powers hereunder as any other
Lender and may exercise the same as though it were not acting as the
Administrative Agent or the Collateral Agent, as applicable, and the term
"Lender" or "Lenders" shall, unless the context otherwise indicates, include
the Administrative Agent and the Collateral Agent in their individual
capacities. Each of Citibank, N.A. and Wachovia Bank, National Association
(and any successor acting as Administrative Agent or Collateral Agent,
respectively) and its affiliates

<PAGE>
                                                                            58

may (without having to account therefor to any Lender) accept deposits from,
lend money to, make investments in and generally engage in any kind of
banking, trust or other business with the Obligors as if it were not acting as
the Administrative Agent or Collateral Agent, as applicable, and Citibank,
N.A. and Wachovia Bank, National Association (and any such successor) and its
affiliates may accept fees and other consideration from the Obligors for
services in connection with this Agreement or otherwise without having to
account for the same to the Lenders.

          13.05 Indemnification. The Lenders agree to indemnify each Agent (to
the extent not reimbursed under Section 14.03 hereof, but without limiting the
obligations of the Borrowers under said Section 14.03 hereof) ratably in
accordance with the aggregate principal amount of the Loans held by the
Lenders (or, if no Loans are at the time outstanding, ratably in accordance
with their respective Commitments), for any and all liabilities, claims,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind and nature whatsoever (including without
limitation the fees and disbursements of counsel) that may be imposed on,
incurred by or asserted against such Agent arising out of or by reason of any
investigation in any way relating to or arising out of this Agreement or any
of the other Loan Documents or any other documents contemplated by or referred
to herein or therein or the transactions contemplated hereby or thereby
(including, without limitation, the costs and expenses that the Borrowers are
obligated to pay under Section 14.03 hereof, but excluding, unless an Event of
Default has occurred and is continuing, normal administrative costs and
expenses incident to the performance of its agency duties hereunder) or the
enforcement of any of the terms hereof or thereof or of any such other
documents, provided, that no Lender shall be liable for any of the foregoing
to the extent they arise from the gross negligence or willful misconduct of
the party to be indemnified as determined by a final, nonappealable judgment
by a court of competent jurisdiction. In no event shall any Loan Party be
liable for any punitive or consequential damages in connection with any of the
Loan Documents. The obligations of the Lenders under this Section 13.05 shall
survive the termination of this Agreement, the repayment of the Loans and the
resignation or removal of either Agent.

          13.06 Non-Reliance on Agents and Other Lenders. Each Lender agrees
that it has, independently and without reliance on either Agent or the Joint
Lead Arrangers or any other Lender, and based on such documents and
information as it has deemed appropriate, made its own credit analysis of the
Obligors and decision to enter into this Agreement and that it will,
independently and without reliance upon either Agent or the Joint Lead
Arrangers or any other Lender, and based on such documents and information as
it shall deem appropriate at the time, continue to make its own analysis and
decisions in taking or not taking action under this Agreement or the other
Loan Documents. The Agents shall not be required to keep themselves informed
as to the performance or observance by the Obligors of this Agreement or any
other Loan Document or any other document referred to or provided for herein
or therein or to inspect the Properties or books of any Obligor. Except for
notices, reports and other documents and information expressly required to be
furnished to the Lenders by an Agent hereunder, such Agent shall not have any
duty or responsibility to provide any Lender with any credit or other
information concerning the affairs, financial condition or business of any
Obligor that may come into the possession of such Agent or any of its
affiliates.

<PAGE>
                                                                            59

          13.07 Failure to Act. Except for action expressly required of an
Agent hereunder or under any other Loan Document, such Agent shall in all
cases be fully justified in failing or refusing to act hereunder or thereunder
unless it shall receive further assurances to its satisfaction from the
Lenders of their indemnification obligations under Section 13.05 hereof
against any and all liability and expense that may be incurred by it by reason
of taking or continuing to take any such action. No provision of this
Agreement shall require either Agent to expend or risk its own funds or
otherwise incur financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers, if it shall have
reasonable grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

          13.08 Resignation or Removal of Agents. Either Agent may resign at
any time by giving notice thereof to the Lenders, the other Agent and the
Borrowers, and either Agent may be removed at any time with or without cause
by the Majority Lenders. Upon any such resignation or removal, the Majority
Lenders shall have the right to appoint a successor Agent, which shall, unless
an Event of Default has occurred and is continuing, (in the case of the
Administrative Agent) be a bank approved by the Borrowers (such approval not
to be unreasonably withheld) that (i) has an office in New York, New York,
(ii) is registered as a "foreign financial institution" with the Ministry of
Finance for purposes of Article 154 of the Mexican Income Tax Law, and (iii)
is a resident for tax purposes of a country with which Mexico shall have
entered into a treaty for the avoidance of double taxation which is in effect.
If no successor Agent shall have been so appointed by the Majority Lenders and
shall have accepted such appointment within 30 days after the retiring Agent's
giving of notice of resignation or the Majority Lenders' removal of the
retiring Agent, then the retiring Agent's resignation shall nonetheless become
effective and (1) the retiring Agent shall be discharged from its duties and
obligations hereunder and (2) the Majority Lenders shall perform the duties of
the Agent (and all payments and communications provided to be made by, to or
through such Agent shall instead be made by or to each Lender directly) until
such time as the Majority Lenders appoint a successor agent as provided for
above in this paragraph, provided that the Collateral Agent shall continue to
maintain control of any Deposit Collateral for the benefit of the Lenders
until a successor is appointed. Upon the acceptance of any appointment as an
Agent hereunder by a successor Agent, such successor Agent shall thereupon
succeed to and become vested with all the rights, powers, privileges and
duties of the retiring Agent, and the retiring Agent shall be discharged from
its duties and obligations hereunder and under the Account Control Agreement
and Intercreditor Agreement except to the extent of liability arising from
prior action. Notwithstanding the foregoing, no removal of either Agent shall
be effective until all amounts then due and owing to the removed Agent shall
be paid in full. After any retiring Agent's resignation or removal hereunder
as Agent, the provisions of this Section 13 shall continue in effect for its
benefit in respect of any actions taken or omitted to be taken by it while it
was acting as an Agent.

          13.09 The Joint Lead Arrangers. The Joint Lead Arrangers, in their
capacities as such, shall not have any obligations or liabilities hereunder or
under any other Loan Document.

<PAGE>

                                                                            60

          SECTION 14. MISCELLANEOUS.

          14.01 Waiver. No failure on the part of any Loan Party to exercise
and no delay in exercising, and no course of dealing with respect to, any
right, power or privilege under any Loan Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or
privilege under any Loan Document preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The remedies
provided herein are cumulative and not exclusive of any remedies provided by
law.

          14.02 Notices. (a) All notices, requests, instructions, directions
and other communications provided for herein (including, without limitation,
any modifications of, or waivers, requests or consents under, this Agreement)
shall be given or made in writing (including, without limitation, by telecopy)
delivered, if to any Obligor or any Agent, to its address specified on the
signature pages hereto, and if to any Lender, to its "Address for Notices"
specified opposite its name on Annex 1 hereto; or, as to any party, at such
other address as shall be designated by such party in a notice to the
Administrative Agent and the Borrowers.

          (b) Except as otherwise provided in this Agreement, all such
     communications shall be deemed to have been duly given upon receipt of a
     legible copy thereof, in each case given or addressed as aforesaid,
     provided that each Lender acknowledges and accepts the terms of the
     Communications Agreement and agrees that Communications (as defined in
     the Communications Agreement) may be made available to such Lender as
     provided in the Communications Agreement, agrees to provide to the
     Administrative Agent, promptly after the date of this Agreement, an
     e-mail address for receipt of each notice to such Lender that
     Communications have been posted on the Platform referred to in the
     Communications Agreement, and agrees that such notice to such Lender of
     such posting shall constitute effective delivery of such Communications
     to such Lender hereunder.

          (c) All notices required by this Agreement to be given to the
     Borrowers may be so given by being delivered, in accordance herewith, to
     Vitro Plan at the address specified beneath its signature hereto.

          14.03 Expenses, Etc. (a) (i) The Borrowers agree to pay or reimburse
each Agent and each Joint Lead Arranger for all of its reasonable and
documented out-of-pocket costs and expenses (including, without limitation,
the reasonable fees and expenses of Milbank, Tweed, Hadley & McCloy LLP,
special New York counsel to the Administrative Agent, counsel to the
Collateral Agent, and Ritch, Heather y Mueller, S.C., special Mexican counsel
to the Agents, and Bodman, Longley & Dahling LLP, special counsel to Comerica
Bank, and printing, reproduction, document delivery, communication and travel
costs) in connection with (y) the syndication, negotiation, preparation,
execution and delivery of this Agreement and the other Loan Documents and the
making of the Loans hereunder and (z) in the case of the Administrative Agent
only, the administration of and the negotiation or preparation of any
modification, supplement or waiver of any of the terms of this Agreement or
any of the other Loan Documents (whether or not consummated) and (ii) each
Obligor agrees to reimburse each

<PAGE>

                                                                            61

Loan Party for all of its documented out-of-pocket costs and expenses
(including, without limitation, the fees and expenses of legal counsel) in
connection with (A) any Default and any enforcement or collection proceeding
resulting therefrom, including, without limitation, all manner or
participation in or other involvement with (1) performance, if any, by the
Collateral Agent of any obligations of VVP Syndication in respect of the
Deposit Collateral that VVP Syndication has failed or refused to perform, (2)
bankruptcy, insolvency, receivership, foreclosure, winding up or liquidation
proceedings, or any actual or attempted sale, or any exchange, enforcement,
collection, compromise or settlement in respect of any of the Deposit
Collateral and for the care of the Deposit Collateral and defending or
asserting rights and claims of the Collateral Agent and in respect thereof, by
litigation or otherwise, including expenses of insurance, (3) judicial or
regulatory proceedings and (4) workout, restructuring or other negotiations or
proceedings (whether or not the workout, restructuring or transaction
contemplated thereby is consummated) and (B) the enforcement of this Section
14.03, and all such costs and expenses shall be Secured Obligations entitled
to the benefits of the Deposit Collateral provided pursuant to Section 12
hereof.

          (b) Each Borrower hereby agrees to indemnify each Loan Party and
each Joint Lead Arranger and their respective directors, officers, employees,
attorneys and agents from, and hold each of them harmless against, any and all
losses, liabilities, claims, damages (including indirect, punitive and
consequential damages) or expenses incurred by any of them arising out of or
by reason of any litigation or other proceedings (including any threatened
litigation or other proceedings) relating to the Loans or the use or proposed
use by the Borrowers of the proceeds of any of the Loans, including, without
limitation, the fees and disbursements of counsel incurred in connection with
any such litigation or other proceedings (but excluding any such losses,
liabilities, claims, damages or expenses incurred by reason of the gross
negligence or willful misconduct of the Person to be indemnified, as
determined by a final, nonappealable judgment by a court of competent
jurisdiction). In no event shall any Loan Party be liable for any punitive or
consequential damages in connection with any of the Loan Documents. Nothing
herein shall be deemed to limit the provisions of the Communications
Agreement.

          14.04 Amendments, Etc. Except as otherwise expressly provided in
this Agreement and subject to the terms of the Intercreditor Agreement, any
provision of this Agreement may be modified or supplemented only by an
instrument in writing signed by the Borrowers and the Majority Lenders, or by
the Borrowers and the Agents acting with the consent of the Majority Lenders,
and any provision of this Agreement may be waived by the Majority Lenders or
by the Agents acting with the consent of the Majority Lenders; provided, that
no modification, supplement or waiver shall, unless by an instrument signed by
all of the Lenders or by the Administrative Agent acting with the consent of
all of the Lenders (i) increase or extend the term of the Commitments, (ii)
extend the date fixed for the payment of principal of or interest on any Loan
or any fee hereunder, (iii) reduce the amount of any such payment of
principal, (iv) reduce the rate at which interest is payable thereon or any
fee is payable hereunder, (v) release the Deposit Collateral (except in
accordance with the express terms of Section 12 hereof) or alter the
provisions of Section 10.02(a) hereof or Section 12, (vi) release any
Guarantor from its obligations hereunder, (vii) alter the provisions of
Section 6.01 hereof or waive any condition precedent set forth therein (viii)
alter the terms of this Section 14.04, or (ix) modify the definition of the
term "Majority Lenders", "Majority Tranche A Loan Lenders"

<PAGE>

                                                                            62

or "Majority Tranche B Loan Lenders", or modify in any other manner the number
or percentage of the Lenders required to make any determinations or waive any
rights hereunder or to modify any provision hereof, or amend those provisions
of the Intercreditor Agreement that relate to the sharing or disposition of
collateral or to the exercise by the Creditors of voting or decision-making
rights; and in addition to the foregoing, any modification or supplement of
Section 13 hereof, or of any of the rights or duties of the Administrative
Agent or the Collateral Agent hereunder or under the Intercreditor Agreement
or the Account Control Agreement, shall require the consent of the
Administrative Agent or the Collateral Agent, as the case may be. Any such
amendment or waiver shall be binding upon the Lenders, each holder of any of
the Guaranteed Obligations and each Guarantor.

          14.05 Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors
and permitted assigns.

          14.06 Assignments and Participations.

          (a) No Obligor may assign any of its rights or obligations hereunder
     or under any of the other Loan Documents without the prior written
     consent of all of the Loan Parties (and any assignment in violation of
     this clause (a) shall be void).

          (b) Each Lender may, with the prior consent of the Administrative
     Agent (not to be unreasonably withheld), assign its Loan or Loans and its
     Commitment or Commitments or any portion thereof; provided, that

               (i) any such partial assignment (other than to another Lender)
          shall be in an amount at least equal to $2,000,000 and increments of
          $1,000,000 in excess thereof;

               (ii) upon each such assignment, the assignor and assignee shall
          deliver to the Borrowers and the Administrative Agent a Notice of
          Assignment in substantially the form of Exhibit K hereto (a "Notice
          of Assignment");

               (iii) each such assignee (other than a Mexican Bank) must be
          registered as a "foreign financial institution" with the Ministry of
          Finance in the registry referred to in Article 195 (or any successor
          provision) of the Mexican Income Tax Law and be resident for tax
          purposes of (or the main office of such financial institution, if
          acting through a branch or an agency, must be a resident for tax
          purposes of) a jurisdiction that is party to a treaty for the
          avoidance of double taxation with Mexico which is in effect; and

               (iv) each such assignee shall be an Eligible Assignee; and

     provided, further, that upon execution and delivery by the assignor and
     the assignee to the Borrowers and the Administrative Agent of such Notice
     of Assignment, and upon consent thereto to the extent required above, the
     assignee shall have, to the extent of such assignment, the obligations,
     rights and benefits of a Lender hereunder holding the

<PAGE>
                                                                            63

     Commitment or Commitments and Loan or Loans (or portion thereof) assigned
     to it and specified in such Notice of Assignment (in addition to the
     Commitment and Loan, if any, theretofore held by such assignee) and the
     assigning Lender shall, to the extent of such assignment, be released
     from the Commitment or Commitments (or portion thereof) so assigned (and
     if so requested by the assignor and the assignee the Borrowers will issue
     and deliver to the assignor and the assignee new Notes reflecting such
     assignment). Upon its receipt of a Notice of Assignment executed by an
     assigning Lender and an assignee together with (except in the case of an
     assignment by a Lender to an Affiliate of such Lender) payment by the
     assignee to the Administrative Agent of an assignment fee of $3,500, the
     Administrative Agent shall (i) promptly accept such Notice of Assignment
     and (ii) on the effective date determined pursuant thereto record the
     information contained therein in the Register (as hereinafter defined)
     and give notice of such acceptance and recordation to the Lenders and the
     Borrowers. Notwithstanding anything to the contrary contained herein, the
     Borrowers shall not be obligated to pay to any Lender (or any assignee of
     any Lender) any amount under any of Sections 5.01, 5.03, 5.04 or 5.05
     hereof greater than the amount the Borrowers would have been obligated to
     pay to such Lender if such Lender had not made any assignment of its
     rights under this Agreement, unless such assignment is made at a time
     when the circumstances giving rise to such greater payments did not
     exist.

          (c) The Administrative Agent shall maintain at the address of the
     Administrative Agent referred to in Section 14.02 hereof a copy of each
     Notice of Assignment delivered to it and a register (the "Register") for
     the recordation of the names and addresses of the Lenders and the
     principal amounts of the Loans owing to each Lender from time to time.
     Each Obligor and the Loan Parties shall treat, and shall be entitled to
     treat, each Person whose name is recorded in the Register as the owner of
     a Loan or other obligations hereunder as the owner thereof for all
     purposes of this Agreement, notwithstanding any notice to the contrary.
     Any assignment of any Loan or other obligation hereunder shall be
     effective only upon appropriate entries with respect thereto being made
     in the Register. The Register shall be available for inspection by the
     Borrowers or any Loan Party at any reasonable time and from time to time
     upon reasonable prior notice.

          (d) A Lender may, in accordance with applicable law, sell or agree
     to sell to one or more other Persons (each a "Participant") a
     participation in all or any part of the Loan or Loans held by it, or in
     its Commitment or Commitments, provided, that such Participant shall not
     have any rights or obligations under this Agreement (the Participant's
     rights against such Lender in respect of such participation to be those
     set forth in the agreements executed by such Lender in favor of the
     Participant) and, provided, further, that such Participant be registered
     as a "foreign financial institution" with the Ministry of Finance for
     purposes of Article 197 (or any successor provision) of the Mexican
     Income Tax Law and be domiciled at a country with which Mexico has
     entered into a treaty for the avoidance of double taxation which is in
     effect. All amounts payable by the Borrowers to any Lender under Section
     5 hereof in respect of any Loan held by it, and its Commitment, shall be
     determined as if such Lender had not sold or agreed to sell any
     participations in such Loan and Commitment, and as if such Lender were
     funding such Loan and Commitment in the same way that it is funding the
     portion

<PAGE>

                                                                            64

     of such Loan and Commitment in which no participations have been sold. In
     no event shall a Lender that sells a participation agree with the
     Participant to take or refrain from taking any action hereunder except
     that such Lender may agree with the Participant that it will not, without
     the consent of the Participant, agree to (i) increase or extend the term
     of such Lender's Commitment, (ii) extend the date fixed for the payment
     of principal of or interest on the related Loan or any portion of any fee
     hereunder payable to the Participant, (iii) reduce the amount of any such
     payment of principal, (iv) reduce the rate at which interest is payable
     thereon to a level below the rate at which the Participant is entitled to
     receive such interest or (v) release the Deposit Collateral (except in
     accordance with Section 12 hereof).

          (e) In addition to the assignments and participations permitted
     under the foregoing provisions of this Section 14.06, any Lender may
     (without notice to or consent of the Borrowers, the Administrative Agent
     or any other Lender and without payment of any fee) assign and pledge all
     or any portion of its Loans and Notes to (i) any Federal Reserve Bank as
     collateral security pursuant to Regulation A of the Board of Governors of
     the Federal Reserve System and any Operating Circular issued by such
     Federal Reserve Bank and (ii) to any of its Affiliates or other Lenders,
     provided that such Lender shall simultaneously advise the Borrowers and
     the Administrative Agent of such assignment or pledge. No such assignment
     shall release the assigning Lender from its obligations hereunder.

          (f) A Lender may furnish any information concerning the Obligors
     obtained by such Lender hereunder from time to time to prospective
     assignees and participants (including prospective assignees and
     participants), provided, that such Lender shall advise such prospective
     assignee or participant that such information is being provided on the
     understanding that it is subject to the provisions set forth in Section
     14.19 hereof.

          14.07 Survival. The obligations of the Borrowers under Sections
5.01, 5.04, 5.05 and 14.03 (subject to the limitations under Section 14.03(b))
hereof, the obligations of the Lenders under Section 13.05 hereof and the
provisions of Section 12 hereof, shall survive the repayment of the Loans and
the termination of the Commitments (in the case of the provisions of Section
12 hereof, until payment of all amounts under the Tranche C Loan Agreement)
and, in the case of any Lender that may assign any interest in its Commitments
or Loans hereunder, shall survive, in the case of any event or circumstance
that occurred prior to the effective date of such assignment, the making of
such assignment, notwithstanding that such assigning Lender may cease to be a
"Lender" hereunder. In addition, each representation and warranty made, or
deemed to be made by a notice of any Loan, herein or pursuant hereto shall
survive the making of such representation and warranty.

          14.08 Captions. The table of contents and captions and section
headings appearing herein are included solely for convenience of reference and
are not intended to affect the interpretation of any provision of this
Agreement.

          14.09 Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument and any of

<PAGE>
                                                                            65

the parties hereto may execute this Agreement by signing any such counterpart.
A set of the copies of this Agreement signed by all the parties hereto shall
be lodged with each Borrower and each Agent.

          14.10 Governing Law. This Agreement and the rights and obligations
of the parties hereunder shall be governed by, and construed in accordance
with, the law of the State of New York.

          14.11 Jurisdiction, Service of Process and Venue.

          (a) Each of the parties hereto agrees that any suit, action or
     proceeding with respect to this Agreement or any of the other Loan
     Documents or any judgment entered by any court in respect thereof may be
     brought in the United States District Court for the Southern District of
     New York or the Supreme Court of the State of New York, County of New
     York, and in the courts of its own corporate domicile, in respect of
     actions brought against it as a defendant, and irrevocably submits to the
     jurisdiction of each such court for the purpose of any such suit, action,
     proceeding or judgment.

          (b) Each Obligor hereby irrevocably appoints CT Corporation System
     (the "Process Agent"), with an office on the date hereof at 111 8th
     Avenue, New York, New York 10011, as its agent and true and lawful
     attorney-in-fact in its name, place and stead to accept on behalf of such
     Obligor and its Property and revenues service of copies of the summons
     and complaint and any other process which may be served in any such suit,
     action or proceeding brought in the State of New York, and each Obligor
     agrees that the failure of the Process Agent to give any notice of any
     such service of process to such Obligor shall not impair or affect the
     validity of such service or, to the extent permitted by applicable law,
     the enforcement of any judgment based thereon. For the avoidance of
     doubt, the appointment described in this Section 14.11(b) shall be
     governed by, and construed in accordance with, the law of the State of
     New York.

          (c) Nothing herein shall in any way be deemed to limit the ability
     of any Loan Party to serve any such process or summonses in any other
     manner permitted by applicable law.

          (d) Each Obligor hereby irrevocably waives to the fullest extent
     permitted by law any objection that it may now or hereafter have to the
     laying of the venue of any suit, action or proceeding arising out of or
     relating to this Agreement or any of the other Loan Documents brought in
     the United States District Court for the Southern District of New York or
     the Supreme Court of the State of New York and hereby further irrevocably
     waives to the fullest extent permitted by law any claim that any such
     suit, action or proceeding brought in any such court has been brought in
     an inconvenient forum and any right to which it may be entitled on
     account of place of residence or domicile. A final judgment (in respect
     of which time for all appeals has elapsed) in any such suit, action or
     proceeding shall be conclusive and may be enforced in any court to the
     jurisdiction of which any Obligor is or may be subject, by suit upon
     judgment.

<PAGE>
                                                                            66

          14.12 Waiver of Jury Trial. EACH OBLIGOR AND EACH OF THE LOAN
PARTIES HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE OTHER
LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY.

          14.13 Waiver of Immunity. To the extent that any Obligor may be or
become entitled to claim for itself or its Property or revenues any immunity
on the ground of sovereignty or the like from suit, court jurisdiction,
attachment prior to judgment, attachment in aid of execution of a judgment or
execution of a judgment, and to the extent that in any such jurisdiction there
may be attributed such an immunity (whether or not claimed), each Obligor
hereby irrevocably agrees not to claim and hereby irrevocably waives such
immunity with respect to its obligations under this Agreement and the other
Loan Documents.

          14.14 Judgment Currency. This is an international loan transaction
in which the specification of Dollars and payment in New York City is of the
essence, and the obligations of the Obligors under this Agreement and the
other Loan Documents to each Loan Party (in this Section 14.14 called an
"Entitled Person") to make payment in Dollars shall not be discharged or
satisfied by any tender or recovery pursuant to any judgment expressed in or
converted into any other currency or in another place except to the extent
that on the Business Day following receipt of any sum adjudged to be so due in
the judgment currency such Entitled Person may in accordance with normal
banking procedures purchase, and transfer to New York City, Dollars in the
amount originally due to such Entitled Person with the judgment currency. If
for the purpose of obtaining judgment in any court it is necessary to convert
a sum due hereunder in Dollars into another currency (in this Section 14.14
called the "judgment currency"), the rate of exchange that shall be applied
shall be that at which in accordance with normal banking procedures the
Entitled Person could purchase such Dollars at New York, New York with the
judgment currency on the Business Day next succeeding the day on which such
judgment is rendered. Each Obligor hereby, as a separate obligation and
notwithstanding any such judgment, agree to indemnify such Entitled Person
against, and to pay each Entitled Person on demand, in Dollars, the amount (if
any) by which the sum originally due to such Entitled Person in Dollars
hereunder exceeds the amount of the Dollars purchased and transferred as
aforesaid. Each Entitled Person, as a separate obligation and notwithstanding
any such judgment, agrees to pay to any Obligor hereby on demand, in Dollars,
the amount (if any) by which the amount of the Dollars purchased and
transferred as aforesaid exceeds the sum originally due to such Obligor in
Dollars hereunder.

          14.15 Use of English Language. This Agreement has been negotiated
and executed in the English language. All certificates, reports, notices and
other documents and communications given or delivered pursuant to this
Agreement (including, without limitation, any modifications or supplements
hereto) shall be in the English language, or accompanied by a certified
English translation thereof, other than any document originally issued in a
language other than English.

<PAGE>
                                                                            67

          14.16 Entire Agreement. This Agreement and the other Loan Documents
and the agreement referred to in Section 2.03 hereof constitute the entire
agreement among the parties with respect to the subject matter hereof and
thereof.

          14.17 Severability. If any provision hereof is found by a court to
be invalid or unenforceable, to the fullest extent permitted by applicable law
the parties agree that such invalidity or unenforceability shall not impair
the validity or enforceability of any other provision hereof.

          14.18 Right of Set-off. Upon the occurrence and during the
continuance of any Event of Default, each Lender and each of its Affiliates is
hereby authorized at any time and from time to time, to the fullest extent
permitted by law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) at any
time held and other indebtedness at any time owing by such Lender or such
Affiliate to or for the credit or the account of any Obligor against any and
all of the obligations of such Obligor now or hereafter existing under this
Agreement and the other Loan Documents held by such Lender, whether or not
such Lender shall have made any demand under this Agreement and although such
obligations may be unmatured. Each Lender agrees promptly to notify the
Borrowers after any such set-off and application, provided, that the failure
to give such notice shall not affect the validity of such set-off and
application. The rights of each Lender and its Affiliates under this Section
are in addition to other rights and remedies (including, without limitation,
other rights of set-off) that such Lender and its Affiliates may have.

          14.19 Confidentiality. Each Lender agrees to hold all Confidential
Information obtained pursuant to the provisions of this Agreement or any other
Loan Document in accordance with its customary procedure for handling such
information of this nature and in accordance with safe and sound banking
practices, provided, that nothing herein shall prevent any Lender from
disclosing such information (i) to any other Loan Party, (ii) upon the order
of any court or administrative agency or otherwise to the extent required by
statute, rule, regulation or judicial process, (iii) to bank examiners or upon
the request or demand of any other regulatory agency or authority, (iv) which
had been publicly disclosed other than as a result of a disclosure by any Loan
Party prohibited by this Agreement, (v) in connection with any litigation to
which any one or more of the Loan Parties is a party, or in connection with
the exercise of any remedy hereunder or under the Loan Documents, (vi) to such
Loan Party's legal counsel and independent auditors and accountants, and (vii)
subject to provisions substantially similar to those contained in this Section
14.19, to any actual or proposed participant or assignee; provided, that the
Obligors and the Loan Parties hereby agree that the Obligors and the Loan
Parties (and each of their respective employees, representatives, or agents)
are permitted to disclose to any and all persons, without limitation of any
kind, the structure and tax aspects of the transactions contemplated herein,
and all materials of any kind (including opinions or other tax analyses) that
relate to such structure and tax aspects. In this regard, the parties
acknowledge and agree that any disclosure of the structure or tax aspects of
the transactions contemplated by this Agreement is not limited in any way by
an express or implied understanding or agreement, oral or written (whether or
not such understanding or agreement is legally binding). The foregoing is
intended solely to comply with the presumption set forth in Treasury
Regulation 1.6011-4T(b)(3)(iv) and is not intended to permit the disclosure of
any information to the extent such disclosure is not

<PAGE>
                                                                            68

required in order to avoid the transactions contemplated by this Agreement
being treated as a "reportable transaction" within the meaning of Treasury
Regulation 1.6011-4T(b).

          14.20 No Fiduciary Relationship. The Obligors acknowledge that the
Lenders have no fiduciary relationship with, or fiduciary duty to, any Obligor
or any Affiliate or Subsidiary thereof arising out of or in connection with
this Agreement or the Notes or the other Loan Documents, and the relationship
between each Lender and the Obligors is solely that of creditor and debtor.
This Agreement does not create a joint venture among the parties.

<PAGE>
                                                                            69

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

                                   BORROWERS

                                   VITRO PLAN, S.A. DE C.V.

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

                                   Address for Notices:

                                   Av. Ricardo Margain
                                   Zozaya No. 444 Col. Valle
                                   del Campestre Garza
                                   Garcia, Nuevo Leon Mexico
                                   CP 66265 Attn. Director
                                   General Juridico

<PAGE>
                                                                            70

                                   VVP HOLDINGS CORP.

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

                                   Address for Notices:

                                   Av. Ricardo Margain
                                   Zozaya No. 444 Col. Valle
                                   del Campestre Garza
                                   Garcia, Nuevo Leon Mexico
                                   CP 66265 Attn. Director
                                   General Juridico

<PAGE>
                                                                            71

                                   VVP SYNDICATION, INC.

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

                                   Address for Notices:

                                   Av. Ricardo Margain
                                   Zozaya No. 444 Col. Valle
                                   del Campestre Garza
                                   Garcia, Nuevo Leon Mexico
                                   CP 66265 Attn. Director
                                   General Juridico

<PAGE>
                                                                            72

                                   GUARANTORS

                                   AUTOCRISTALES DE ORIENTE, S.A. DE C.V.

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

                                   Address for Notices:

                                   Av. Ricardo Margain
                                   Zozaya No. 444 Col. Valle
                                   del Campestre Garza
                                   Garcia, Nuevo Leon Mexico
                                   CP 66265 Attn. Director
                                   General Juridico

<PAGE>
                                                                            73

                                   VVP AUTO GLASS, INC.

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

                                   Address for Notices:

                                   Av. Ricardo Margain
                                   Zozaya No. 444 Col. Valle
                                   del Campestre Garza
                                   Garcia, Nuevo Leon Mexico
                                   CP 66265 Attn. Director
                                   General Juridico

<PAGE>
                                                                            74

                                   VITROCAR, S.A. DE C.V.

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

                                   Av. Ricardo Margain
                                   Zozaya No. 444 Col. Valle
                                   del Campestre Garza
                                   Garcia, Nuevo Leon Mexico
                                   CP 66265 Attn. Director
                                   General Juridico

<PAGE>
                                                                            75

                                   CRISTALES CENTROAMERICANOS, S.A.

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

                                   Address for Notices:

                                   Av. Ricardo Margain
                                   Zozaya No. 444 Col. Valle
                                   del Campestre Garza
                                   Garcia, Nuevo Leon Mexico
                                   CP 66265 Attn. Director
                                   General Juridico

<PAGE>
                                                                            76

                                 CRISTALES INASTILLABLES DE MEXICO, S.A. DE C.V.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            77

                                   DISTRIBUIDOR VIDRIERO LAN, S.A. DE C.V.

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

                                   Address for Notices:

                                   Av. Ricardo Margain
                                   Zozaya No. 444 Col. Valle
                                   del Campestre Garza
                                   Garcia, Nuevo Leon Mexico
                                   CP 66265 Attn. Director
                                   General Juridico

<PAGE>
                                                                            78

                                  DISTRIBUIDORA NACIONAL DE VIDRIO, S.A. DE C.V.

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

                                  Address for Notices:

                                  Av. Ricardo Margain
                                  Zozaya No. 444 Col. Valle
                                  del Campestre Garza
                                  Garcia, Nuevo Leon Mexico
                                  CP 66265 Attn. Director
                                  General Juridico

<PAGE>
                                                                            79

                                 DISTRIBUIDORA DE VIDRIO Y CRISTAL, S.A. DE C.V.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            80

                                 DISTRIBUIDORA DE VIDRIO DE MEXICO, S.A. DE C.V.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            81

                                 VIDRIO PLANO, S.A. DE C.V.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            82

                                 TECNOLOGIA VITRO VIDRIO Y CRISTAL LTD.

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

                                 Address for Notices:

                                 Vitro Europa S.A.
                                 Route du Mont Carmel 1
                                 1762 Givisiez Switzerland

                                 Attn:  Jaime Rico Garza

                                 With a copy to:

                                 Meyer Lustenberger
                                 Forchstrasse 452
                                 P.O. Box 832
                                 8029 Zurich
                                 Switzerland
                                 Attn:  Patricia Guerra

<PAGE>
                                                                            83

                                 VIDRIO PLANO DE MEXICO, S.A. DE C.V.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            84

                                 VIDRIOS TEMPLADOS COLOMBIANOS, S.A.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            85

                                 VITRO AUTOMOTRIZ, S.A. DE C.V.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            86

                                 VITRO FLOTADO CUBIERTAS, S.A. DE C.V.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            87

                                 VITRO VIDRIO Y CRISTAL, S.A. DE C.V.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            88

                                 VITRO AMERICA, INC.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            89

                                 SUPER SKY INTERNATIONAL, INC.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            90

                                 SUPER SKY PRODUCTS, INC.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            91

                                 SUPER SKY CONSTRUCTORS, INC.

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

                                 Address for Notices:

                                 Av. Ricardo Margain
                                 Zozaya No. 444 Col. Valle
                                 del Campestre Garza
                                 Garcia, Nuevo Leon Mexico
                                 CP 66265 Attn. Director
                                 General Juridico

<PAGE>
                                                                            92

                                 IP VITRO VIDRIO Y CRISTAL LTD.

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

                                 Address for Notices:

                                 Vitro Europa S.A.
                                 Route du Mont Carmel 1
                                 1762 Givisiez
                                 Switzerland

                                 Attn:  Jaime Rico Garza

                                 With a copy to:

                                 Meyer Lustenberger
                                 Forchstrasse 452
                                 P.O. Box 832
                                 8029 Zurich
                                 Switzerland
                                 Attn:  Patricia Guerra

<PAGE>
                                                                            93

                                 ADMINISTRATIVE AGENT

                                 CITIBANK, N.A.
                                   as Administrative Agent

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

                                 Address for Notices:

                                 2 Penn's Way, Suite 200
                                 New Castle, Delaware 19720

                                 Attn:  Cristian O. Garcia
                                 Tel:    (302) 894-6054
                                 Fax:   (212) 994-0961

<PAGE>
                                                                            94

                                 COLLATERAL AGENT

                                 WACHOVIA BANK, NATIONAL ASSOCIATION,
                                   as Collateral  Agent

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

                                 Address for Notices:

                                 191Peachtree Street, NE
                                 Atlanta GA 30303

                                 Attn:  Peter Lovett
                                 Tel. (404) 332-5675
                                 Fax. (404) 332-5905

<PAGE>
                                                                            95

                                 LENDERS

                                 CITIBANK, N.A., NASSAU BAHAMAS BRANCH

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

<PAGE>
                                                                            96

                                 COMERICA BANK

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

<PAGE>
                                                                            97

                                 WACHOVIA BANK, NATIONAL ASSOCIATION

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

<PAGE>
                                                                            98

                                 BANCO NACIONAL DE COMERCIO
                                 EXTERIOR, S.N.C., ACTING THROUGH ITS
                                 GRAND CAYMAN BRANCH

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

<PAGE>
                                                                            99

                                 CAIXA DE AFORROS DE VIGO, OURENSE E
                                 PONTEVEDRA, CAIXANOVA MIAMI
                                 AGENCY

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

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

<PAGE>
                                                                           100

                                 BANK OF MONTREAL

                                 By
                                    -----------------------------------
                                    Name:
                                    Title:EXHIBIT 4.8
                                                              VERSION DE FIRMA

CONTRATO DE APERTURA DE CREDITO SIMPLE (el "Contrato") de fecha 26 de febrero
de 2003, celebrado entre:

     (1) VITRO PLAN, S.A. de C.V. ("Vitro Plan" o el "Acreditado"), una
sociedad constituida de conformidad con las leyes de los Estados Unidos
Mexicanos ("Mexico"); en su calidad de Acreditado;

     (2) AUTOCRISTALES DE ORIENTE, S.A. de C.V., una sociedad constituida de
conformidad con las leyes de Mexico,

          CRISTALES INASTILLABLES DE MEXICO, S.A. de C.V., una sociedad
     constituida de conformidad con las leyes de Mexico,

          DISTRIBUIDOR VIDRIERO LAN, S.A. de C.V., una sociedad constituida de
     conformidad con las leyes de Mexico,

          DISTRIBUIDORA DE VIDRIO DE MEXICO, S.A. de C.V., una sociedad
     constituida de conformidad con las leyes de Mexico,

          DISTRIBUIDORA DE VIDRIO Y CRISTAL, S.A. de C.V., una sociedad
     constituida de conformidad con las leyes de Mexico,

          DISTRIBUIDORA NACIONAL DE VIDRIO, S.A. de C.V., una sociedad
     constituida de conformidad con las leyes de Mexico,

          VITRO AUTOMOTRIZ, S.A. de C.V., una sociedad constituida de
     conformidad con las leyes de Mexico,

          VITROCAR, S.A. de C.V., una sociedad constituida de conformidad con
     las leyes de Mexico,

          VIDRIO PLANO DE MEXICO, S.A. de C.V., una sociedad constituida de
     conformidad con las leyes de Mexico,

          VIDRIO PLANO, S.A. de C.V., una sociedad constituida de conformidad
     con las leyes de Mexico,

          VITRO FLOTADO CUBIERTAS, S.A. de C.V., una sociedad constituida de
     conformidad con las leyes de Mexico,

<PAGE>
                                                                             2

          VITRO VIDRIO Y CRISTAL, S.A. de C.V., una sociedad constituida de
     conformidad con las leyes de Mexico,

          VITRO AMERICA, INC., una sociedad constituida de conformidad con las
     leyes de Estados Unidos de America,

          VVP AUTO GLASS, INC, una sociedad constituida de conformidad con las
     leyes de Estados Unidos de America,

          VVP HOLDING CORP., una sociedad constituida de conformidad con las
     leyes de Estados Unidos de America,

          CRISTALES CENTROAMERICANOS, S.A., una sociedad constituida de
     conformidad con las leyes de Guatemala,

          VIDRIOS TEMPLADOS COLOMBIANOS, S.A., una sociedad constituida de
     conformidad con las leyes de Colombia,

          VVP SYNDICATION, INC., una sociedad constituida de conformidad con
     las leyes de Estados Unidos de America,

          SUPER SKY INTERNATIONAL, INC., una sociedad constituida de
     conformidad con las leyes de Estados Unidos de America,

          SUPER SKY PRODUCTS, INC., una sociedad constituida de conformidad
     con las leyes de Estados Unidos de America,

          SUPER SKY CONSTRUCTORS, INC., una sociedad constituida de
     conformidad con las leyes de Estados Unidos de America,

cada una, una Subsidiaria de Vitro Plan, y cualquier Subsidiaria de Vitro Plan
que se convierta en "Obligada Solidaria" posteriormente a la fecha del
presente Contrato, de conformidad con la Clausula Septima del presente
(conjuntamente, las "Obligadas Solidarias");

     (3) IP VITRO VIDRIO Y CRISTAL, LTD., una sociedad constituida de
conformidad con las leyes de Suiza y TECNOLOGIA VITRO VIDRIO Y CRISTAL, LTD,
una sociedad constituida de conformidad con las leyes de Suiza (conjuntamente,
las "Fiadoras");

<PAGE>
                                                                             3

         (4) los Bancos participantes senalados en el Anexo A del presente
Contrato y cada uno de los Bancos que se convierta en "Acreditante",
posteriormente a la fecha del presente Contrato, de conformidad con la
Clausula 12.06 del presente Contrato (cada una, un "Acreditante" y
conjuntamente, las "Acreditantes"); y

         (5) Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero
Banamex, en su caracter de agente (conjuntamente con sus sucesores, el
"Agente").

          de conformidad con los siguientes Antecedentes, Declaraciones y
          Clausulas:

                                 ANTECEDENTES

     1. Con fecha 26 de febrero de 2003, Vitro Plan, VVP Holding Corp. y VVP
Syndication, Inc., como acreditados, celebraron un contrato de credito (el
"Contrato de Credito en Dolares") con Citibank en su caracter de Agente
Administrativo, y los acreedores nombrados en el mismo, Salomon Smith Barney
Inc. y Comerica Bank, en su caracter de Estructuradores Lideres Conjuntos
(Joint Lead Arrangers) (los "Estructuradores Lideres Conjuntos"), por medio
del cual dichos acreedores convinieron en otorgar un credito a dichos
acreditados por un monto de hasta EUA$144,244,230.63 (ciento cuarenta y cuatro
millones doscientos cuarenta y cuatro mil doscientos treinta Dolares 63/100);
dicho contrato establece que dicha cantidad sera dispuesta en dos tramos; un
primer tramo, denominado "Tramo A" (Tranche A), hasta por un monto de
EUA$80,000,000 (ochenta millones de Dolares) (el "Credito del Tramo A") y un
segundo tramo, denominado Tramo B (Tranche B), hasta por un monto de
EUA$64,244,230.63 (sesenta y cuatro millones doscientos cuarenta y cuatro mil
doscientos treinta Dolares 63/100) (el "Credito del Tramo B").

     2. Con fecha 26 de febrero de 2003, los acreedores conforme al Contrato
de Credito en Dolares y las Acreditantes que firman este Contrato celebraron
un contrato entre acreedores (Intercreditor Agreement) (el "Contrato entre
Acreedores").

     3. De conformidad con la Seccion 12 del Contrato de Credito en Dolares,
VVP Syndication, Inc. constituyo un gravamen a favor del Agente de Garantias
(segun se define mas adelante) sobre el efectivo depositado en la Cuenta de
Reserva de Efectivo (segun se define mas adelante) con el fin de garantizar el
pago de las cantidades pagaderas conforme a este Contrato y al Contrato de
Credito en Dolares.

                                 DECLARACIONES

<PAGE>
                                                                             4

     I. El Acreditado y cada una de las Obligadas Solidarias y de las Fiadoras
declaran, respecto de si mismas, a la fecha de firma del presente y a la Fecha
de Disposicion, lo siguiente:

          (a) Constitucion y Capacidad. (i) Es una sociedad anonima de capital
variable o sociedad anonima, segun sea aplicable, legalmente constituida
conforme a las leyes que rigen su constitucion, (ii) cuenta con todas las
licencias, autorizaciones y aprobaciones necesarias para ser propietaria de
sus activos y realizar sus actividades tal y como actualmente las realiza,
(iii) esta plenamente facultada conforme a su objeto social para celebrar el
presente Contrato, para suscribir los Pagares y para asumir las obligaciones
que se establecen en el presente Contrato y en los Pagares y (iv) cumple con
las Normas Legales que le son aplicables, salvo por incumplimientos que no se
pudiera esperar de manera razonable que tuvieran un Efecto Significativo
Adverso (segun se define mas adelante). Copias certificadas de las escrituras
publicas o documentos similares que contienen sus estatutos sociales se
adjuntan al presente como Anexo B .

          (b) Autorizaciones y Otros. La celebracion del presente Contrato y
la suscripcion de los Pagares ha sido debidamente autorizada por sus organos
corporativos y no requiere autorizacion adicional (corporativa o de otra
naturaleza) alguna de conformidad con sus estatutos sociales o documentos
constitutivos similares para tales efectos. La celebracion del presente
Contrato, la suscripcion de los Pagares y el cumplimiento de sus obligaciones
conforme a los mismos (i) no contraviene sus estatutos sociales o documentos
constitutivos similares, ninguna Norma Legal o sentencia u orden judicial o
administrativa que le es aplicable ni disposicion contractual alguna que le
sea aplicable y (ii) no resultara en la creacion de ningun Gravamen, salvo por
los Gravamenes que se crearan respecto de la Cuenta de Reserva de Efectivo. El
Acreditado ha solicitado de las Acreditantes el otorgamiento de un credito
hasta por la cantidad de $627,628,000.00 (seiscientos veintisiete millones
seiscientos veintiocho mil Pesos), que usara en la forma que se establece en
el presente, en el entendido que dichos fondos no se utilizaran, directa o
indirectamente, para adquirir "Margin Stock" (segun se define en las leyes de
los Estados Unidos de America).

          (c) Aprobaciones Gubernamentales o de Terceros. Excepto por lo
previsto en la Clausula 7.01(b), no requiere autorizacion o registro
gubernamental o de tercero alguno para la celebracion del presente Contrato o
para la suscripcion de los Pagares, la validez o exigibilidad de los mismos o
el cumplimiento de sus obligaciones conforme a los mismos. Para el caso de VVP
Syndication, Inc. no se requiere presentar, registrar o llevar a cabo ninguna
accion en Mexico, al amparo de las leyes mexicanas, para efectos de que la
garantia otorgada conforme a la Seccion 12 del

<PAGE>
                                                                             5

Contrato de Credito en Dolares sea valida y constituya una garantia en primer
lugar y grado.

          (d) Obligatoriedad. Este Contrato y los Pagares han sido legalmente
firmados por sus apoderados y constituyen obligaciones validas, exigibles en
su contra de conformidad con sus terminos. Sus apoderados cuentan con
facultades suficientes para obligarlo en los terminos del presente Contrato y
de los Pagares, y tales facultades no les han sido revocadas o limitadas a la
fecha de firma del presente Contrato. Copia certificada de las escrituras
publicas y documentos similares que contienen los poderes otorgados a las
personas que firman en su nombre y representacion, se adjuntan al presente
como Anexo C .

          (e) Estados Financieros. Sus estados financieros consolidados
(auditados, en el caso del Acreditado, las Fiadoras y las Obligadas Solidarias
distintas a Obligadas Solidarias de nacionalidad Norteamericana, e internos,
en el caso de Obligadas Solidarias de nacionalidad Norteamericana) al 31 de
diciembre de 2001 en el caso del Acreditado y las Obligadas Solidarias, y al
31 de diciembre de 2002, en el caso de las Fiadoras y sus estados financieros
internos al 30 de septiembre de 2002, los cuales han sido entregados a las
Acreditantes, reflejan en forma veraz, suficiente y razonable su situacion
financiera consolidada en dichas fechas, y los mismos han sido preparados de
conformidad con los PCGA aplicados en forma constante y ni el Acreditado ni
las Obligadas Solidarias, ni las Fiadoras tienen pasivos contingentes e
importantes que no esten reflejados en los mismos. Desde el 31 de diciembre de
2001, no ha habido ningun evento o circunstancia que hubiese causado un Efecto
Significativo Adverso.

          (f) Preferencia de Pago. Sus obligaciones de pago conforme a este
Contrato y los Pagares representan obligaciones incondicionales y no
subordinadas y tendran en todo momento la misma preferencia de pago que su
demas Deuda quirografaria presente o futura.

          (g) Litigios. No existen a la fecha de este Contrato demandas,
acciones o procedimientos pendientes, incluyendo conflictos de caracter
ambiental, fiscal, laboral o litigios de cualquier naturaleza, ante cualquier
tribunal, Autoridad Gubernamental o arbitro, que razonablemente se espere
pudieren tener un Efecto Significativo Adverso. Sus operaciones y las de sus
Subsidiarias cumplen con todas las Normas Legales aplicables (incluyendo Leyes
Ambientales) y ordenes de cualquier Autoridad Gubernamental, salvo por
aquellos incumplimientos que no se pudiera esperar de manera razonable que
tuvieran un Efecto Significativo Adverso.

<PAGE>
                                                                             6

          (h) Inmunidad. No esta sujeto a inmunidad de ninguna especie, ni sus
activos estan sujetos a inmunidad de cualquier especie.

          (i) Impuestos. Ningun impuesto, carga o contribucion son pagaderos
con motivo de la celebracion de este Contrato y los Pagares. Ha presentado sus
declaraciones fiscales y ha pagado los impuestos que se declaran en las
mismas, salvo por aquellos que se estan impugnando mediante procedimientos de
buena fe y respecto de los cuales se han creado reservas de conformidad con
los PCGA.

          (j) Formalidades. Se han cumplido con todas las formalidades
necesarias para la validez de este Contrato y los Pagares.

          (k) Informacion. La informacion, reportes, estados financieros y
anexos contenidos en el Memorandum Informativo, considerados como un todo, no
contienen ninguna declaracion falsa sobre cualquier hecho importante, en el
entendido que esta declaracion no se refiere a proyecciones contenidas en
dicho documento, las cuales fueron realizadas de buena fe y sobre estimaciones
consideradas razonables en el momento en que fueron hechas. Toda la
informacion adicional escrita que se entregue a las Acreditantes o al Agente
en relacion con este Contrato y los Pagares sera completa y precisa en todos
sus aspectos importantes, (o, en el caso de proyecciones, de ser aplicable,
estara basada en estimaciones razonables) a la fecha en que dicha informacion
se presente.

          (l) Gravamenes. En la Fecha de Disposicion, VVP Syndication, Inc.
otorgara un Gravamen en primer lugar y grado en los terminos de la Clausula 12
del Contrato de Credito en Dolares. El Anexo D de este Contrato contiene una
relacion de los Gravamenes que ha otorgado en relacion con cualquier Deuda a
la fecha del presente.

          (m) Solvencia. A la fecha del presente es Solvente y seguira siendo
Solvente despues de realizar la Disposicion y utilizar los fondos derivados de
la misma.

          (n) Restricciones. Salvo por las Restricciones Existentes, ninguna
de sus Subsidiarias esta limitada, contractual o legalmente, para realizar
Pagos de Dividendos.

          (o) Contratos Importantes. El Anexo E de este Contrato contiene una
lista completa y correcta de (i) los contratos de credito, actas de emision o
instrumentos similares y (ii) los contratos de compra, garantias, cartas de
credito o cualquier otro instrumento relacionado con cualquier Deuda o el
otorgamiento de cualquier credito (en el caso de este inciso (ii), por un
monto insoluto superior a los EUA$10,000,000 (diez

<PAGE>
                                                                             7

millones de Dolares) de los cuales es parte y que se encuentran vigentes a la
fecha del presente Contrato.

          (p) Activos y Propiedad Industrial. Es el propietario legitimo de
sus activos y tiene el legitimo derecho de uso conforme a los arrendamientos
de los cuales es parte como arrendatario, salvo por servidumbres legales o
limitaciones de dominio similares que resultan por ministerio de ley, que no
afectan de manera importante el valor de dichos activos o no interfieren con
el desarrollo de sus actividades en el curso normal de sus negocios. Es el
legitimo propietario o licenciatario de todas las marcas, invenciones,
patentes, nombres comerciales y otros derechos de propiedad industrial que son
importantes para el desarrollo de sus actividades y el uso de los mismos no
viola derechos de terceros, salvo por violaciones que, individualmente o en
conjunto, no se pudiere esperar de manera razonable que tuvieren un Efecto
Significativo Adverso.

          (q) Obligadas Solidarias. En virtud de las relaciones de negocios,
corporativas, financieras, administrativas y juridicas que las Obligadas
Solidarias tienen con el Acreditado, es de su interes celebrar el presente
Contrato con el objeto de obligarse conjunta y solidariamente con el
Acreditado frente a las Acreditantes en el cumplimiento de todas las
obligaciones de pago a cargo del Acreditado conforme al presente Contrato. Por
lo tanto, es su intencion constituirse en obligada solidaria respecto de
dichas obligaciones de pago, asi como suscribir con caracter de avalista los
Pagares que se suscriban conforme al presente Contrato.

          (r) Fiadoras. En virtud de las relaciones de negocios, corporativas,
financieras, administrativas y juridicas que las Fiadoras tienen con el
Acreditado, es de su interes celebrar el presente Contrato con el objeto de
garantizar el cumplimiento de todas las obligaciones de pago a cargo del
Acreditado conforme al presente Contrato. Por lo tanto, es su intencion
constituirse en fiadoras respecto de dichas obligaciones de pago, asi como
suscribir con caracter de avalista los Pagares que se suscriban conforme al
presente Contrato.

     II. Cada una de las Acreditantes declara que:

          (a) Es una institucion de banca multiple legalmente constituida
conforme a las leyes de Mexico, plenamente facultada conforme a su objeto
social para celebrar el presente Contrato.

          (b) La celebracion del presente Contrato ha sido debidamente
autorizada por dicha Acreditante y no requiere autorizacion adicional
(corporativa o de otra naturaleza) alguna de conformidad con sus estatutos
sociales.

<PAGE>
                                                                             8

          (c) Sus apoderados cuentan con facultades suficientes para obligarla
en los terminos del presente Contrato, y tales facultades no les han sido
revocadas o modificadas a la fecha de firma del presente Contrato, segun
consta en la copia de la escritura publica que contiene dichas facultades, la
cual se adjunta al presente como Anexo F de este Contrato.

          (d) Esta en posibilidades de otorgar credito al Acreditado por la
cantidad indicada frente a su denominacion en el Anexo A del presente
Contrato.

          (e) Con base en las declaraciones del Acreditado, de las Obligadas
Solidarias y de las Fiadoras esta dispuesta a otorgar el credito solicitado
por el Acreditado y respecto del cual se obligan solidariamente las Obligadas
Solidarias y que garantizan las Fiadoras, de acuerdo con los terminos y sujeto
a las condiciones contenidas en el presente Contrato.

          (f) Reconocen que el Agente firmara el Contrato entre Acreedores, el
cual contendra diversas disposiciones respecto a diversos asuntos relacionados
con los Creditos, cuyas disposiciones pudieren afectar el ejercicio de sus
derechos conforme a este Contrato y los Pagares. Asimismo, reconocen que han
revisado el Contrato entre Acreedores y manifiestan su consentimiento respecto
de sus terminos y condiciones.

          (g) Reconocen que el Agente firmara el Contrato de Prenda, el cual
contendra diversas disposiciones respecto a diversos asuntos relacionados con
los Creditos, cuyas disposiciones pudieren afectar el ejercicio de sus
derechos conforme a este Contrato y los Pagares. Asimismo, reconocen que han
revisado el Contrato de Prenda y manifiestan su consentimiento respecto de sus
terminos y condiciones.

     En virtud de los Antecedentes y Declaraciones anteriores, las partes
convienen en las siguientes:

                                  CLAUSULAS

     CLAUSULA PRIMERA. DEFINICIONES.

     1.01 Terminos Definidos. Los terminos definidos a continuacion tendran
los siguientes significados (todos los terminos definidos en esta Clausula o
en cualquier otra Clausula del presente Contrato en forma singular deberan
tener el mismo significado que al usarse en plural y viceversa):

<PAGE>
                                                                             9

     "Acciones con Derecho a Voto" significa, con respecto a cualquier
Persona, cualquier clase o clases de titulos que representen acciones u otras
participaciones sociales que otorguen a sus tenedores derechos de voto en
circunstancias normales para elegir consejeros, gerentes o funcionarios de
dicha Persona (sin importar si, en dicho momento, acciones de otra clase o
clases tienen o podrian tener derechos de voto en virtud de alguna
contingencia).

     "Acreditado" tendra el significado que se le atribuye en el proemio del
presente Contrato.

     "Acreditantes" tendra el significado que se le atribuye en el proemio del
presente, asi como cualquiera de sus sucesores o cesionarios.

     "Afiliada" significa, con respecto a cualquier Persona, cualquier otra
Persona que, directa o indirectamente, controle a, sea controlada por, o este
bajo el control comun de, dicha Persona, o sea un consejero o funcionario de
dicha Persona. Para efectos de esta definicion, "control" (incluyendo los
terminos "controlada", "sea controlada por" y "bajo el control comun de") de
una Persona, significa la posesion, directa o indirectamente, de los derechos
de voto del 10% o mas de las Acciones con Derecho a Voto de dicha Persona o
que dirija o pueda causar la direccion de la administracion y politicas de
dicha Persona, ya sea a traves de la propiedad de dichas Acciones con Derecho
a Voto, por contrato o de cualquier otra forma.

     "Agente" tiene el significado que se le atribuye en el proemio del
presente Contrato.

     "Agente de Garantias" significa Wachovia Bank, N.A.

     "Autoridad Gubernamental" significa cualquier nacion, gobierno, estado o
municipio o cualquier subdivision politica de los mismos y cualquier entidad
que ejerza funciones de gobierno, ejecutivas, legislativas, judiciales,
monetarias, regulatorias o administrativas.

<PAGE>
                                                                            10

     "Cambio de Control" significa que (i) Vitro deje de ser titular,
directamente o a traves de una o mas de sus Subsidiarias en las que participe,
directa o indirectamente, en el 100% de su capital, del 51% de las Acciones
con Derecho a Voto de Vitro Plan o (ii) Pilkington deje de ser titular,
directamente o a traves de una o mas de sus Subsidiarias en las que participe,
directa o indirectamente, en el 100% de su capital, del 35% de las Acciones
con Derecho a Voto de Vitro Plan.

     "Capital Contable Consolidado" significa, con respecto a cualquier
Persona, en cualquier momento, para dicha Persona y sus Subsidiarias
consolidadas, la totalidad del capital social determinado en forma consolidada
conforme a los PCGA.

     "Causa de Vencimiento Anticipado" tendra el significado que se le
atribuye en la Clausula 10.01 del presente Contrato.

     "Citibank" significa Citibank, N.A., un banco constituido conforme a las
leyes de los EUA.

     "Contrato de Comunicaciones" (Communications Agreement) tendra el
significado que se le atribuye en el Contrato de Credito en Dolares.

     "Contrato de Cobertura" significa cualquier contrato de intercambio de
tasas de interes, contrato de intercambio de divisas, contrato de proteccion
de precio o cualquier otro convenio de cobertura respecto de precios, de tasas
de interes o de divisas.

     "Contrato de Control de Cuenta" (Account Control Agreement) tendra el
significado que se le atribuye en los Antecedentes de este Contrato.

     "Contrato de Credito en Dolares" (Loan Agreement) tendra el significado
que se le atribuye en los Antecedentes de este Contrato.

     "Contrato entre Acreedores" (Intercreditor Agreement)" tiene el
significado que se le atribuye en los Antecedentes de este Contrato.

     "Credito" tendra el significado que se le atribuye en la Clausula 2.01(a)
del presente Contrato.

     "Creditos" tendra el significado que se le atribuye en la Clausula
2.01(a) del presente Contrato.

     "Cuenta del Contrato" tiene el significado que se le atribuye en la
Clausula 2.02(c) de este Contrato.

<PAGE>
                                                                            11

     "Cuenta de Reserva de Efectivo" (Cash Reserve Account) tendra el
significado que se le atribuye en el Contrato de Credito en Dolares.

     "Deuda" significa, con respecto a cualquier Persona en cualquier fecha,
sin duplicar, (i) todas las obligaciones de dicha Persona derivadas de dinero
tomado en prestamo; (ii) todas las obligaciones de dicha Persona documentadas
en bonos, obligaciones, pagares (incluyendo, para evitar cualquier duda,
cualesquier pagares a favor de una Afiliada del Acreditado que no sea su
Subsidiaria) o instrumentos similares; (iii) todas las obligaciones de dicha
Persona de pagar el precio de compra diferido de bienes o servicios (distintas
a cuentas por pagar que surjan del curso normal del negocio y que no esten
vencidas por un plazo mayor a 60 dias naturales); (iv) todas las Obligaciones
por Arrendamientos Financieros de dicha Persona y (sin duplicacion) las
obligaciones de una Operacion de Venta y Arrendamiento; (v) todas las
obligaciones, contingentes o no, de dicha Persona de reembolsar a cualquier
Persona respecto a cantidades pagadas conforme a cartas de credito o
instrumentos similares (distintas a obligaciones contingentes respecto de
cartas de credito documentadas para dar soporte a operaciones comerciales en
el curso normal del negocio y con plazos de vencimiento de 270 dias o menos);
(vi) toda la Deuda de terceros que este garantizada mediante un Gravamen
creado sobre cualquier activo de dicha Persona, independientemente de si dicha
Persona ha asumido dicha Deuda o no; (vii) toda la Deuda de otras personas que
este garantizada por dicha Persona; y (viii) el "riesgo de credito" de dicha
Persona en relacion con Obligaciones por Operaciones Derivadas, en el
entendido que para efectos unicamente de contabilizar la cantidad insoluta de
principal de la Deuda del Acreditado, las Obligadas Solidarias y las Fiadoras,
o de cualquiera de ellos, en relacion con las Clausulas 9.01(a), 9.01(b) y
9.01(c) del presente Contrato (i) la cantidad total de principal de la Deuda,
se considerara reducida por la cantidad abonada en la Cuenta de Reserva de
Efectivo, (ii) la cantidad insoluta de principal de Deuda consolidada del
Acreditado, las Obligadas Solidarias y las Fiadoras, se reducira en
EUA$30,000,000 (treinta millones de Dolares) de la Deuda Consolidada de Vitro
AFG, siempre y cuando los acreedores correspondientes no tengan recurso alguno
frente al Acreditado o cualquiera de sus Subsidiarias con respecto a dicha
Deuda.

     "Deuda Relevante" tendra el significado que se le atribuye en la Clausula
10.01(c) del presente Contrato.

     "Deuda Total Consolidada" significa, con respecto a cualquier Persona en
cualquier momento, la suma, respecto de dicha Persona y sus Subsidiarias
consolidadas, en una base consolidada, de conformidad con los PCGA, de toda la
Deuda de dicha Persona y sus Subsidiarias.

<PAGE>
                                                                            12

     "Dia Habil" significa cualquier dia en el que las instituciones de
credito en la Ciudad de Mexico, Distrito Federal, lleven a cabo sus
operaciones y no esten autorizadas para cerrar.

     "Disposicion" tendra el significado que se le atribuye en la Clausula
2.02(a) de este Contrato.

     "Dolares" significa la moneda en curso legal de los Estados Unidos de
America.

     "Efecto Significativo Adverso" significa un efecto que fuere adverso e
importante en (i) los negocios, situacion (financiera o de otra naturaleza),
operaciones, activos o proyecciones del Acreditado y sus Subsidiarias (excepto
por VVP Syndication, Inc.) en conjunto, (ii) la capacidad del Acreditado, las
Obligadas Solidarias y las Fiadoras para cumplir con sus obligaciones conforme
a este Contrato y los Pagares, o (iii) los derechos y recursos de las
Acreditantes conforme a este Contrato o los Pagares.

     "Estructuradores Lideres Conjuntos" significa Salomon Smith Barney Inc. y
Comerica Bank, como estructuradores lideres conjuntos.

     "EUA" significa los Estados Unidos de America.

     "Fecha de Disposicion" tendra el significado que se le atribuye en la
Clausula 2.02(a) del presente Contrato.

     "Fecha de Pago de Principal" tendra el significado que se le atribuye en
la Clausula 3.01 del presente Contrato.

     "Fiadoras" tendra el significado que se le atribuye en el proemio del
presente Contrato.

     "Funcionario Responsable" significa el Director de Finanzas, el Director
de Contabilidad o cualquier otro director ejecutivo responsable de los asuntos
relacionados con el presente Contrato.

     "Gastos por Intereses Consolidados" significa, con respecto a cualquier
Persona, para cualquier periodo, el total de los gastos brutos por intereses
devengados durante dicho periodo sobre la Deuda de dicha Persona y sus
Subsidiarias consolidadas, de acuerdo a bases consolidadas, determinado de
conformidad con los PCGA, incluyendo (sin duplicar) los intereses pagados
conforme a Obligaciones por Arrendamientos Financieros y cualquier interes
capitalizado y la amortizacion sobre el descuento de deuda y gasto, pero
excluyendo, para efectos del Acreditado, los intereses devengados

<PAGE>
                                                                            13

sobre EUA$30,000,000 de la Deuda consolidada de Vitro AFG, siempre y cuando no
se contabilicen como Deuda conforme a lo establecido en la definicion de
Deuda.

     "Gravamen" significa cualquier hipoteca, prenda, carga u otra limitacion
de dominio, asi como cualquier acuerdo que tenga el efecto practico de crear
un gravamen o limitacion de dominio.

     "Gravamenes Permitidos" significa:

          (i) Gravamenes impuestos por ministerio de ley derivados del curso
     normal de las actividades, incluyendo, sin limitacion, gravamenes del
     transportista, de almacenistas y de mecanicos y otros gravamenes
     similares que se impongan por ministerio de ley y que deriven del curso
     normal de las actividades y que (x) no disminuyan de manera significativa
     el valor de los activos sujetos al gravamen o materialmente impidan el
     uso de dichos bienes en las operaciones del negocio de cualquier Obligado
     o (y) se encuentren sujetos a impugnacion de buena fe, por medio de los
     procedimientos apropiados, y los cuales tengan como resultado la
     confiscacion o venta de los activos sujetos a dichos Gravamenes y cuyas
     reservas han sido creadas, en caso de requerirlas, de conformidad con los
     PCGA;

          (ii) prendas o depositos derivados del curso ordinario del negocio
     en relacion con compensaciones a trabajadores, seguros de desempleo o
     cualquier legislacion de seguridad social similar o en relacion con
     licitaciones relacionadas con las adjudicacion de contratos de
     manufactura o fabricacion y/o venta de productos;

          (iii) Gravamenes constituidos sobre impuestos, contribuciones o
     cualquier otra carga gubernamental, de las cuales el pago no ha vencido o
     se encuentra en proceso de impugnacion de buena fe a traves de los
     procedimientos correspondientes y en tiempo y que sea conducido de manera
     diligente, para lo cual dicha reserva o previsiones apropiadas, en caso
     de haberlas, sean hechas de conformidad con los PCGA.

          (iv) cualquier Gravamen que se derive de una sentencia firme
     mientras que este no constituya u origine una Causa de Vencimiento
     Anticipado;

          (v) cualquier Gravamen existente sobre cualquier bien, previo a la
     adquisicion de este, por el Acreditado o cualquier Obligado o alguna de
     sus Subsidiarias y que no surja como resultado de dicha adquisicion (y
     que no se extienda a cualquier otro bien); y

<PAGE>
                                                                            14

          (vi) cualquier derecho de compensacion que opere por ministerio de
     ley.

     "IMSS" significa Instituto Mexicano del Seguro Social.

     "Incumplimiento" significa una Causa de Vencimiento Anticipado o un
evento que pudiera convertirse en una Causa de Vencimiento Anticipado mediante
el transcurso del tiempo, por notificacion o de otra manera.

     "INFONAVIT" significa el Instituto del Fondo Nacional de la Vivienda para
los Trabajadores.

     "Inversion" en cualquier Persona, significa (i) la adquisicion (mediante
efectivo, bienes, servicios, valores u otra contraprestacion) de acciones,
bonos, pagares, obligaciones o cualquier otra participacion en el capital
social de dicha Persona o la realizacion de una contribucion de capital en
dicha Persona, (ii) la entrega de cualquier anticipo o el otorgamiento de
cualquier prestamo o credito a dicha Persona (incluyendo la compra de bienes
de dicha Persona sujeta a un acuerdo, contingente o de otra naturaleza, de
revender dichos bienes a dicha Persona), pero excluyendo cualquier anticipo,
prestamo o credito que tenga un plazo no mayor a 90 dias naturales otorgado en
relacion con la venta de inventario o materias primas a dicha Persona en el
curso normal de las actividades, y (iii) el otorgamiento de cualquier garantia
respecto de la Deuda u otros pasivos de dicha Persona.

     "Ley Ambiental" significa, cualquier ley, regla, reglamento, ordenamiento
o decreto gubernamental federal, estatal o municipal aplicable, relacionado
con la contaminacion o proteccion del ambiente o el tratamiento,
almacenamiento, disposicion, liberacion, amenaza de liberacion o el manejo de
materiales peligrosos, incluyendo, sin limitacion, la Ley General del
Equilibrio Ecologico y la Proteccion al Ambiente, normas tecnicas y
regulaciones emitidas conforme a la misma, asi como todas las leyes y
reglamentos locales aplicables en relacion con asuntos ambientales y cualquier
convenio especifico, celebrado con cualquier autoridad competente, el cual
incluya compromisos relacionados con asuntos ambientales.

     "Margen Aplicable"

     "Mayoria de las Acreditantes" significa, en cualquier momento, las
Acreditantes que mantengan una cantidad mayor al 50% (cincuenta por ciento) de
la cantidad principal insoluta de los Creditos.

<PAGE>
                                                                            15

     "Memorandum Informativo" significa el Memorandum Informativo (Information
Memorandum) de fecha 12 de diciembre de 2002, respecto del Acreditado.

     "Mexico" significa los Estados Unidos Mexicanos.

     "Norma Legal" significa, respecto de cualquier Persona, cualquier ley,
reglamento, circular, tratado, decreto, o cualquier orden o sentencia emitida
por cualquier tribunal, panel arbitral u otra Autoridad Gubernamental, en cada
caso aplicable a dicha Persona o a cualquiera de sus bienes o ingresos.

     "Notificacion de Cambio de Control" tendra el significado que se le
atribuye en la Clausula 3.04 del presente Contrato.

     "Notificacion de Disposicion" tendra el significado que se le atribuye en
la Clausula 2.02(a) del presente Contrato.

     "Obligacion por Arrendamientos" significa, respecto de cualquier Persona,
la obligacion de dicha Persona de conformidad con cualquier arrendamiento
(incluyendo, sin limitacion, un arrendamiento que pueda ser terminado por el
arrendatario en cualquier momento) relacionado con cualquier activo (ya sea un
bien inmueble, un bien mueble o una combinacion de dichos bienes) que no
origine Obligaciones por Arrendamientos Financieros, sin incluir
arrendamientos conforme a los cuales dicha Persona sea el arrendador.

     "Obligaciones por Arrendamientos Financieros" significa, con respecto a
cualquier Persona, las obligaciones de dicha Persona de pagar renta u otras
cantidades conforme a cualquier arrendamiento (o cualquier otro convenio que
otorgue el derecho de uso) de bienes muebles y/o inmuebles, cuyas obligaciones
se deban clasificar y contabilizar como arrendamientos de capital en el
balance de dicha Persona conforme a los PCGA y que, para efectos de este
Contrato, la cantidad de dichas obligaciones sera la cantidad capitalizada de
las mismas determinada conforme a los PCGA.

     "Obligaciones por Operaciones Derivadas" significa, con respecto a
cualquier Persona, todas las obligaciones de dicha Persona respecto de
cualquier Contrato de Cobertura. Para los propositos del presente, el "riesgo
de credito" en cualquier momento, de cualquier Persona respecto de cualquier
las Obligacion por Operaciones Derivadas sera la suma total de las cantidades
netas pagaderas por vencimiento o liquidacion en dicho momento, si dichas
cantidades fueren pagaderas en dicho momento (excluyendo multas y cantidades
extraordinarias).

<PAGE>
                                                                            16

     "Obligadas Solidarias" tendra el significado que se le atribuye en el
proemio del presente Contrato.

     "Obligados" significa el Acreditado, las Obligadas Solidarias y las
Fiadoras.

     "Operacion de Venta y Arrendamiento" significa, respecto de cualquier
Persona, cualquier operacion en la cual dicha Persona, directa o
indirectamente, este obligada como arrendatario o como garante o fiador
respecto de cualquier arrendamiento, ya sea mediante una Obligacion por
Arrendamientos de Capital o una Obligacion por Arrendamientos, sobre cualquier
activo (i) que dicha Persona hubiere vendido o enajenado, o que estuviere en
el proceso de vender o enajenar, a cualquier otra Persona o (ii) que dicha
Persona pretende utilizar para los mismos propositos que cualquier otro activo
que hubiere sido vendido o enajenado por dicha Persona a cualquier otra
Persona en relacion con dicho arrendamiento.

     "Pagares" tendra el significado que se le atribuye en la Clausula 2.05
del presente.

     "Pago de Dividendos" realizado por cualquier Persona, significa el pago
de cualquier dividendo (en efectivo o en especie), u otro pago o distribucion
a cuenta de, o la separacion de dinero para un fondo de reserva u otro fondo
analogo, o la compra, amortizacion, retiro u otra adquisicion de, cualquier
accion de cualquier clase de acciones del capital social de dicha Persona o de
cualesquier derechos de adquisicion de la misma (o la realizacion de cualquier
pago a cualquier Persona, tales como pagos de "acciones fantasma" ("phantom
stock"), en donde la cantidad del pago es calculada en relacion con el valor
justo de mercado o el valor del capital de dicha Persona), pero excluyendo los
dividendos pagaderos unicamente en acciones comunes del capital social de
dicha Persona.

     "PCGA" significa (i) respecto de cada Obligada Solidaria de nacionalidad
mexicana y de los estados financieros consolidados de Vitro Plan, los
principios de contabilidad generalmente aceptados en Mexico que se encuentren
en vigor, (ii) respecto de cada Obligada Solidaria de nacionalidad
norteamericana, los principios de contabilidad generalmente aceptados en los
Estados Unidos de America que se encuentren en vigor, y (iii) respecto de
cualquier otra Obligada Solidaria o Fiadora, los principios de contabilidad
generalmente aceptados en la jurisdiccion de la constitucion de dicha Obligada
Solidaria o Fiadora que se encuentren en vigor.

     "Periodo de Intereses" significa cada periodo de veintiocho (28) dias
calendario, con base en el cual se calcularan los intereses que devengue la
suma principal insoluta de los Creditos, en el entendido que (i) el primer
Periodo de Intereses iniciara en la

<PAGE>
                                                                            17

Fecha de Disposicion y terminara el ultimo dia del mes calendario en que se
haga la Disposicion; y (ii) cada uno de los Periodos de Intereses siguientes
comenzara el ultimo dia del Periodo de Intereses inmediato anterior y
terminara el ultimo dia del mes calendario correspondiente a dicho Periodo de
Intereses.

     "Persona" significa, una persona fisica, persona moral, sociedad,
corporacion, fideicomiso, sociedad en participacion, sociedad de
responsabilidad limitada, sociedad irregular, asociacion (joint venture), o
cualquier otra entidad o Autoridad Gubernamental, o cualquier otra entidad con
personalidad juridica propia.

     "Pesos" y "$" significa Pesos, la moneda en curso legal de Mexico.

     "Pilkington" significa Pilkington PLC, una sociedad de nacionalidad
inglesa.

     "Razon de Cobertura de Intereses" significa, en cualquier momento, la
razon de (i) el UAFIRDA Consolidado del Acreditado para el periodo de cuatro
trimestres fiscales consecutivos del Acreditado que hubiere terminado mas
recientemente a (ii) los Gastos por Intereses Consolidados del Acreditado para
el mismo periodo.

     "Razon de Deuda a UAFIRDA" significa, al ultimo dia de cualquier
trimestre fiscal del Acreditado, la razon de (i) la Deuda Total Consolidada
del Acreditado en dicha fecha a (ii) el UAFIRDA Consolidado del Acreditado
para el periodo de cuatro trimestres consecutivos del Acreditado terminado en
dicha fecha.

     "Restricciones Existentes" tendra el significado que se la atribuye a las
restricciones descritas en el Anexo G del presente.

     "SAR" significa el Sistema de Ahorro para el Retiro.

     "SHCP" significa la Secretaria de Hacienda y Credito Publico.

     "Solvente" significa, respecto de cualquier Persona en cualquier momento,
que (a) el valor justo de los bienes propiedad de dicha Persona sea mayor a la
cantidad total de sus pasivos (incluyendo sin limitacion alguna, pasivos
contingentes) de dicha Persona, (b) el valor justo de mercado presente de los
bienes propiedad de dicha Persona no sea menor que la cantidad que sera
requerida para el pago de los posibles pasivos de dicha Persona de sus deudas
en cuanto estas se conviertan en pagaderas y exigibles, (c) dicha Persona no
tiene la intencion y no cree, incurrir en deudas u obligaciones mas alla de
sus posibilidades de pago, cuando dichas deudas y obligaciones sean pagaderas,
(d) dicha Persona no sea parte de un negocio y que no vaya a ser parte de un
negocio para el cual los bienes de dicha Persona puedan

<PAGE>
                                                                            18

constituir un capital sumamente pequeno y (e) dicha Persona no este, o se
presuma que esta, en incumplimiento generalizado de sus obligaciones de pago
conforme a la Ley General de Concursos Mercantiles.

     "Subsidiaria" de cualquier Persona, significa cualquier sociedad u otra
entidad de la cual dicha Persona y/o cualquier Subsidiaria de dicha Persona,
directa o indirectamente, sea propietaria de, o controle, mas del 50%
(cincuenta por ciento) de las Acciones con Derecho a Voto.

     "Subsidiaria de Co-Inversion" significa cualquier Subsidiaria de Vitro
Plan en la cual una o mas Personas, en conjunto, que no sean Afiliadas del
Acreditado o de cualquier Obligada Solidaria o Fiadora sean titulares, directa
o indirectamente, el 35% de las Acciones con Derecho a Voto.

     "Subsidiaria No Obligada" significa (i) cualquier Subsidiaria de
Co-Inversion y (ii) cualquier Subsidiaria que haya sido adquirida por
cualquier Obligado despues de la fecha del presente Contrato, que este
limitada por cualquier contrato (distinto a un contrato celebrado en
anticipacion a dicha adquisicion) para garantizar las obligaciones del
Acreditado conforme al presente Contrato.

     "Subsidiaria Relevante" significa, en cualquier momento, cualquier
Subsidiaria del Acreditado que (i) contabilice durante los cuatro trimestres
fiscales terminados mas recientes del Acreditado, mas del 5% (cinco por
ciento) de las ventas netas o del 5% (cinco por ciento) del UAFIRDA
Consolidado del Acreditado y sus Subsidiarias consolidadas, sobre una base
consolidada, o (ii) detente, el ultimo dia de dicho trimestre fiscal, mas del
5% (cinco por ciento) de los activos totales de Vitro Plan y sus Subsidiarias
consolidadas, sobre una base consolidada, cuyos calculos seran determinados de
conformidad con los PCGA.

     "Tasa de Interes" tendra el significado que se le atribuye en la Clausula
3.02 (a) de este Contrato.

     "Tasa de Interes Moratoria" tendra el significado que se le atribuye en
la Clausula 3.02 (c) del presente Contrato.

     "Tasa TIIE" significara, para cada Periodo de Intereses, la Tasa de
Interes Interbancaria de Equilibrio a plazo de cuatro (4) semanas publicada
por el Banco de Mexico en el Diario Oficial de la Federacion el primer dia del
Periodo de Intereses correspondiente, en el entendido que, en caso que el
primer dia del Periodo de Intereses no sea un Dia Habil, la tasa sera aquella
publicada el Dia Habil inmediato anterior a la fecha de inicio de dicho
Periodo de Intereses.

<PAGE>
                                                                            19

     "UAFIRDA Consolidado" significa, con respecto a cualquier Persona y para
cualquier periodo, con respecto a dicha Persona y sus Subsidiarias
consolidadas de acuerdo a bases consolidadas, la suma (sin duplicar) de (i) la
Utilidad de Operacion Consolidada mas (ii) depreciacion y amortizacion mas
(iii) otros cargos que no sean en efectivo, en la medida en que los mismos se
hubieren deducido para calcular la Utilidad de Operacion Consolidada; en el
entendido que Vitro AFG se excluira para efectos del calculo del UAFIRDA
Consolidado, si conforme a lo establecido en la definicion de Deuda, la Deuda
consolidada del Acreditado, las Obligadas Solidarias y las Fiadoras se reduce
en EUA$30,000,000 (treinta millones de Dolares), de la Deuda consolidada de
Vitro AFG.

     "Utilidad de Operacion Consolidada" significa, respecto de cualquier
Persona y para cualquier periodo, la utilidad de operacion de dicha Persona y
sus Subsidiarias consolidadas, de acuerdo a bases consolidadas, determinada de
conformidad con los PCGA.

     "Venta de Activos" para cualquier Persona significa cualquier venta,
arrendamiento, u otra enajenacion de activos, sin incluir el Pago de
Dividendos, la realizacion de pagos respecto de cualquier Deuda de dicha
Persona o el deposito de fondos en cuentas de deposito o la inversion de
fondos de conformidad con operaciones de administracion de efectivo en el
curso normal de sus actividades o el otorgamiento de Gravamenes permitidos de
conformidad con el presente.

     "Vitro" significa Vitro, S.A. de C.V., una sociedad constituida de
conformidad con las leyes de Mexico.

     "Vitro AFG" significa Vitro AFG, S.A. de C.V., una sociedad constituida
de conformidad con las leyes de Mexico.

     CLAUSULA SEGUNDA. APERTURA DE CREDITO.

         2.01 Apertura de Credito Simple.

         (a) Sujeto a los terminos y condiciones establecidas en el presente
Contrato, cada una de las Acreditantes conviene en poner a disposicion del
Acreditado, creditos (cada uno, un "Credito" y conjuntamente, los "Creditos")
por un monto total que no excedera de $627,628,000.00 (seiscientos veintisiete
millones seiscientos veintiocho mil Pesos), cantidad en la que no se
encuentran comprendidos los intereses, comisiones y gastos que se generen en
relacion con los Creditos. Cada una de las

<PAGE>
                                                                            20

Acreditantes estara obligada a otorgar su respectivo Credito, unicamente hasta
por la cantidad indicada frente a su denominacion en el Anexo A del presente
Contrato.

     (b) Los Creditos seran dispuestos por el Acreditado conforme a lo
estipulado en la Clausula 2.02 siguiente.

     (c) El Acreditado utilizara los recursos de los Creditos exclusivamente
para (i) pagar Deuda, (ii) prestarlos a ciertas de sus Subsidiarias con el fin
de que las mismas paguen Deuda, y (iii) pagar gastos y comisiones relacionados
con el presente Contrato. Ninguna de las Acreditantes tendra responsabilidad
alguna respecto al uso que se de a los recursos de cualquier Credito.

     2.02 Forma de Disposicion de los Creditos. (a) Los Creditos seran
dispuestos por el Acreditado, y seran desembolsados al Acreditado en una sola
exhibicion (la "Disposicion"). La Disposicion se podra realizar en cualquier
Dia Habil, dentro de los diez (10) dias siguientes a la firma del presente
Contrato (la "Fecha de Disposicion"), siempre y cuando el Acreditado haya
entregado una notificacion al Agente, debidamente firmada por un Funcionario
Responsable del Acreditado, y en la cual se especifique el monto de la
Disposicion y la Fecha de Disposicion (la "Notificacion de Disposicion"), con
al menos tres (3) Dias Habiles de anticipacion a la Fecha de Disposicion.

     (b) La Disposicion estara sujeta al cumplimiento de las condiciones que
para la realizacion de la Disposicion se establecen en la Clausula Sexta del
presente Contrato y habiendose entregado a las Acreditantes los Pagares
descritos en la Clausula 2.05 siguiente. La Disposicion sera realizada por
cada Acreditante hasta por la cantidad indicada frente a su denominacion en el
Anexo A del presente Contrato, y solo hasta por el monto total de los Creditos
mencionado en la Clausula 2.01 (a).

     (c) Para efectos de la ministracion de los Creditos, las Acreditantes
abonaran los montos que les correspondan a la cuenta No. 870/56028-8 (a nombre
de "UOCC Empresarial") en Banco Nacional de Mexico, S.A. y (ii) el Agente
abonara los montos correspondientes a la cuenta que mantenga el Acreditado con
el Agente (la "Cuenta del Contrato").

     2.03 Comisiones. El Acreditado debera pagar (i) a las Acreditantes, las
comisiones que en documento por separado se convenga con dichas Acreditantes y
(ii) al Agente, los gastos razonables y documentados derivados de la
preparacion, negociacion y firma de este Contrato. El Acreditado autoriza que
las Acreditantes y/o el Agente deduzcan del monto del Credito, los montos
relativos al pago de dichas comisiones y gastos.

<PAGE>
                                                                            21

     2.04 No Desembolso; Obligaciones Independientes. Aun cuando se hubieren
cumplido las condiciones que se establecen en la Clausula Sexta para la
realizacion de la Disposicion, en el caso de que cualquier Acreditante no
hubiere desembolsado oportunamente los fondos que le correspondan, el
Acreditado conviene que se podra reducir el monto total de los Creditos a
otorgarse al Acreditado en la Fecha de Disposicion, por un monto igual al
monto que no haya sido desembolsado por las Acreditantes, sin responsabilidad
para el Agente ni las demas Acreditantes. El Acreditado se reserva todos los
derechos en contra de cualquier Acreditante que hubiese incumplido y podra
ejercer las acciones que le correspondan en contra de la Acreditante que no
hubiere desembolsado los fondos necesarios. En el caso de que el Acreditado
haya suscrito un Pagare en favor de la Acreditante que no realice el
desembolso correspondiente, el Agente solicitara de inmediato la devolucion de
dicho Pagare y la Acreditante de que se trate tendra la obligacion de devolver
de inmediato al Acreditado dicho Pagare debidamente cancelado, aun cuando no
haya recibido solicitud alguna al respecto, en cuyo caso, el Acreditado no
tendra ninguna obligacion frente a la Acreditante que hubiese incumplido. Las
cantidades pagaderas por el Acreditado a cualquiera de las Acreditantes, en
cualquier momento, de conformidad con el presente Contrato y los Pagares, se
consideraran deudas separadas e independientes, y cada Acreditante sujeto a
los terminos del Contrato entre Acreedores, tendra derecho a ejercer sus
derechos individuales que resulten del presente Contrato y de los Pagares,
independientemente de las demas Acreditantes, excepto en la medida que este
Contrato (o el Contrato entre Acreedores) disponga que el ejercicio de algun
derecho requiere el consentimiento de la Mayoria de las Acreditantes o de
todas las Acreditantes y excepto si asi se requiere, no sera necesario el
consentimiento de las otras Acreditantes o del Agente para obtener el pago de
cualesquier cantidades vencidas.

     2.05 Pagares. La Disposicion se realizara, conforme a lo dispuesto en la
Clausula 2.02, y contra la entrega por el Acreditado a cada una de las
Acreditantes, a traves del Agente, de un pagare no negociable suscrito por el
Acreditado, las Obligadas Solidarias y las Fiadoras, como avalistas, a traves
de sus respectivos apoderados legalmente facultados, cuyo pagare se sujetara
al formato establecido en el Anexo H del presente Contrato (en lo sucesivo, el
"Pagare" y, en conjunto, los "Pagares"), por el importe de la Disposicion
correspondiente a cada Acreditante. En caso de discrepancia entre los terminos
del presente Contrato y los Pagares, el presente Contrato prevalecera.

     CLAUSULA TERCERA. PAGOS DE PRINCIPAL E INTERESES.

<PAGE>
                                                                            22

     3.01 Amortizacion de los Creditos. El Acreditado pagara a las
Acreditantes, a traves del Agente, la suma principal de los Creditos, en ocho
(8) amortizaciones semestrales y consecutivas (cada una, una "Fecha de Pago de
Principal" y la ultima Fecha de Pago de Principal, la "Fecha de Vencimiento"),
siendo la primera de estas el dia que sea seis (6) meses despues de la Fecha
de Disposicion y las subsecuentes el dia que sea seis (6) meses despues de la
Fecha de Pago de Principal inmediata anterior. En cada Fecha de Pago de
Principal, el Acreditado pagara el porcentaje de la suma principal insoluta de
los Creditos desembolsados bajo el presente, equivalente al porcentaje que
para dicha Fecha de Pago de Principal, se establece en la siguiente tabla:

     Fecha de Pago del Principal           Porcentaje              Cantidad

                   6                           5%                 31,381,400
                  12                           5%                 31,381,400
                  18                           10%                62,762,800
                  24                           10%                62,762,800
                  30                           15%                94,144,200
                  36                           15%                94,144,200
                  42                           20%                125,525,600
                  48                           20%                125,525,600

     3.02 Intereses. (a) El Acreditado pagara a las Acreditantes, a traves del
Agente, sin necesidad de previo requerimiento, intereses ordinarios sobre la
suma principal insoluta de los Creditos durante cada Periodo de Intereses,
desde la Fecha de Disposicion hasta la Fecha de Vencimiento, a una tasa de
interes anual que sera igual a la Tasa TIIE aplicable a cada Periodo de
Intereses, mas el Margen Aplicable (la "Tasa de Interes").

     (b) Los intereses seran pagaderos el ultimo Dia Habil de cada Periodo de
Intereses (cada una, una "Fecha de Pago de Intereses"); en el entendido que la
ultima Fecha de Pago de Intereses debera ocurrir precisamente en la Fecha de
Vencimiento. Cada Periodo de Intereses que termine en un dia que no sea un Dia
Habil terminara el Dia Habil inmediato anterior, calculandose en todo caso los
intereses respectivos por el numero de dias efectivamente transcurridos hasta
la Fecha de Pago de Intereses respectiva. Cualquier Periodo de Intereses que
terminaria despues de cualquier Fecha de Pago de Principal o de la Fecha de
Vencimiento terminara precisamente en dicha Fecha de Pago de Principal o en la
Fecha de Vencimiento, respectivamente.

<PAGE>
                                                                            23

     (c) En caso de mora en el pago de cualquier cantidad pagadera bajo el
presente Contrato o los Pagares (exceptuando intereses ordinarios), se
causaran intereses moratorios sobre la cantidad vencida y no pagada de los
Creditos desde la fecha en que dicho pago debio realizarse, hasta su pago
total, a una tasa anual igual a la que resulte de sumar 200 (doscientos)
puntos base a la Tasa de Interes aplicable durante el periodo en que ocurra y
continue el incumplimiento (la "Tasa de Interes Moratoria").

     (d) Inmediatamente despues de la determinacion de cualquier tasa de
interes al amparo del presente, o cualquier cambio de la misma de conformidad
con este Contrato, el Agente notificara dicha determinacion o cambio, por
escrito a las Acreditantes y al Acreditado (sin limitar los requerimientos de
la Clausula 12.02 de que todas las notificaciones se hagan por escrito). Cada
determinacion realizada por el Agente de la tasa de interes, de conformidad
con el presente Contrato sera vinculativa y obligatoria para todos los efectos
que haya lugar, salvo que exista un error evidente.

     3.03 Pagos Anticipados Opcionales. (a) El Acreditado podra realizar pagos
anticipados de principal respecto de los Creditos, previo aviso irrevocable
por escrito entregado al Agente con por lo menos tres (3) Dias Habiles de
anticipacion. Los pagos anticipados incluiran los intereses devengados
conforme a los Creditos hasta la fecha de pago anticipado. Todo pago
anticipado parcial debera realizarse por una cantidad minima de $50,000,000.00
(cincuenta millones de pesos 00/100 M.N.) y por encima de dicha cantidad, en
multiplos de $10,000,000.00 (diez millones de pesos 00/100 M.N.). Los pagos
anticipados que se realicen al amparo de esta Clausula se aplicaran a
disminuir el principal en orden inverso a su vencimiento. Las cantidades que
se paguen anticipadamente no podran volver a ser dispuestas por el Acreditado.

     (b) Todos los pagos anticipados realizados conforme a esta Clausula 3.03
seran aplicados a pro rata entre los acreedores conforme al Contrato de
Credito en Dolares y las Acreditantes conforme a este Contrato, tomando como
base las cantidades de principal insolutas pagaderas a cada una de ellas, de
conformidad con el Contrato entre Acreedores.

     3.04 Pagos Anticipados Obligatorios. El Acreditado entregara a las
Acreditantes una notificacion escrita (la "Notificacion de Cambio de Control")
dentro de los cinco (5) Dias Habiles a partir de la fecha en que ocurra
cualquier Cambio de Control y el Acreditado debera, dentro de los treinta (30)
Dias Habiles posteriores a la entrega de dicha Notificacion de Cambio de
Control, pagar anticipadamente el saldo principal insoluto de los Creditos,
conjuntamente con los intereses devengados y no pagados, asi como con
cualquier otra cantidad pagadera por el Acreditado de conformidad con este
Contrato.

<PAGE>
                                                                            24

     CLAUSULA CUARTA. PAGOS, ETC.

     4.01 Lugar y Forma de Pago. (a) El Acreditado efectuara todos los pagos
de principal, intereses, comisiones y cualquier otra suma pagadera respecto de
los Creditos, libres de impuestos, derechos, contribuciones, retenciones,
deducciones, cargas o cualquier otra responsabilidad fiscal pagaderas bajo las
leyes, reglamentos y demas disposiciones legales aplicables en Mexico, sin
compensacion alguna, en fondos inmediatamente disponibles, antes de las 13:00
horas (hora de la Ciudad de Mexico, Distrito Federal, Mexico) del dia en que
venza el pago de que se trate. Lo anterior no sera aplicable respecto del
impuesto sobre la renta o impuestos similares pagaderos por las Acreditantes o
cualquier cesionario, participante o adquirente de sus derechos conforme a
este Contrato sobre sus ingresos o activos totales conforme a las leyes,
reglamentos y demas disposiciones legales aplicables en Mexico. Dichos pagos
se realizaran a traves de la Cuenta del Contrato o de cualquier otra cuenta
que el Agente le notifique al Acreditado con por lo menos cinco (5) Dias
Habiles de anticipacion, en Pesos. El Acreditado en este acto autoriza al
Agente a retirar de la Cuenta del Contrato, las cantidades pagaderas por el
Acreditado conforme a lo dispuesto en este Contrato. Salvo que se establezca
de otra forma en este Contrato, el Agente, el mismo Dia Habil en que reciba un
pago del Acreditado en los terminos de esta Clausula, distribuira a cada
Acreditante la porcion que le corresponda (determinada conforme a lo dispuesto
en el Anexo A), de cada pago del Acreditado que el Agente hubiere recibido; el
Agente no tendra la obligacion de llevar a cabo ninguna de dichas
distribuciones, sino hasta que efectivamente hubiere recibido el pago que
corresponda del Acreditado (aun cuando fuere por una suma inferior a la que
deberia haber recibido por el pago que corresponda).

     (b) En caso de que cualquier obligacion de pago del Acreditado venciere
en un dia que no fuere un Dia Habil o en un dia que no exista en el mes
calendario en el cual deba realizarse dicho pago, dicho pago debera hacerse el
Dia Habil inmediato anterior.

     4.02 Pagos a Pro Rata. Excepto que se disponga expresamente de forma
distinta en el presente Contrato (a) cada pago o pago anticipado de principal
de los Creditos se aplicara a pro rata a las Acreditantes, de conformidad con
las cantidades correspondientes de principal insolutas de los Creditos
otorgadas por ellas; y (b) cada pago de intereses sobre los Creditos se
aplicara a pro rata a las Acreditantes, de conformidad con las cantidades
correspondientes de intereses respecto de los Creditos vencidos a dicha fecha
y pagaderos a cada una de ellas.

<PAGE>
                                                                            25

     4.03 Calculos. Los intereses ordinarios que se devenguen bajo el presente
Contrato, se calcularan por los dias efectivamente transcurridos sobre la base
de un ano de trescientos sesenta (360) dias, incluyendo el primero de dichos
dias pero excluyendo el ultimo.

     CLAUSULA QUINTA. INCREMENTO EN COSTOS, ETC.

     5.01 Incremento en Costos. (a) Si con posterioridad a la fecha de este
Contrato entrare en vigor o se modificare cualquier Norma Legal aplicable a
cualquier Acreditante o a su casa matriz, a cualquiera de sus oficinas
encargadas de la administracion y del fondeo de los Creditos o se cambiare la
interpretacion por cualquier Autoridad Gubernamental de cualquier Norma Legal,
y como consecuencia de cualquiera de los hechos anteriores aumentare el costo
para dicha Acreditante de hacer o mantener vigentes los Creditos, o
disminuyeren las cantidades recibidas o a recibirse por tal Acreditante (y
siempre y cuando dicho costo o reduccion es considerado importante por dicha
Acreditante), el Acreditado pagara a dicha Acreditante, a solicitud de esta,
dentro de los cinco (5) Dias Habiles siguientes a la fecha en que reciba dicha
solicitud, las cantidades adicionales que se requieran para compensar a tal
Acreditante por dicho aumento en el costo o disminucion de ingresos, en el
entendido que esta Clausula 5.01(a) no sera aplicable si el incremento en
costos o la disminucion de ingresos se deben a cualquier acto tomado por
cualquier autoridad reguladora en virtud del detrimento de la situacion
financiera o el nivel de capitalizacion de la Acreditante correspondiente.

     (b) Si cualquier Acreditante ha determinado que posteriormente a la fecha
del presente Contrato, la implementacion de cualquier Norma Legal relacionada
con sus niveles de capitalizacion o cualquier cambio al respecto, o cualquier
cambio en la interpretacion o administracion de los niveles de capitalizacion,
por cualquier Autoridad Gubernamental a cargo de la interpretacion o
administracion de los mismos, o cualquier requerimiento respecto a los niveles
de capitalizacion (ya sea que tenga o no fuerza de ley) de dicha Autoridad
Gubernamental, que tenga o pudiera tener como efecto el reducir la tasa de
retorno en el capital de dicha Acreditante (o su matriz), como consecuencia de
las obligaciones de dicha Acreditante conforme al presente, o su Credito o
Creditos, a un nivel inferior al que dicha Acreditante (o su matriz) hubiera
alcanzado debida a la adopcion de dicho cambio, requerimiento u orden, por una
cantidad que sea razonablemente considerada como importante, en dicho caso,
dentro de los 15 dias posteriores a dicho requerimiento (el cual se referira a
la Norma Legal correspondiente detallada razonablemente) por dicha
Acreditante, el Acreditado pagara a dicha Acreditante dicha cantidad o
cantidades adicionales para efectos de compensar a la Acreditante (o a su
matriz) por dicha reduccion; en el entendido que este inciso (b) no se
considerara aplicable a ninguna reduccion incurrida por una Acreditante en la

<PAGE>
                                                                            26

medida que dicha accion regulatoria se haya tomado en razon de un cambio
material significativo en la condicion financiera o la capitalizacion de dicha
Acreditada.

     (c) Cada Acreditante notificara al Acreditado de manera oportuna
cualquier circunstancia que pudiera causar que el Acreditante tuviere derecho
al pago de cantidades adicionales conforme a esta Clausula 5.01, cuya
notificacion describira dicha circunstancia. Antes de realizar dicha
notificacion, cada una de las Acreditantes se obliga a hacer su mejor esfuerzo
para evitar un caso de aumento en costos o disminucion de ingresos, en caso de
que todo esto fuere posible, exclusivamente a traves de un cambio de sus
oficinas administradoras de los Creditos y si esto no resultare en costo
alguno para la Acreditante que corresponda; en el entendido que dicha
Acreditante no tendra la obligacion de hacer tales esfuerzos si determinare
que le son desventajosos. Para determinar dicha cantidad, dicha Acreditante
podra usar cualquier metodo razonable para promediar y atribuir, siempre y
cuando dichos metodos sean consistentes con el tratamiento que da dicha
Acreditante a clientes similares al Acreditado, con los que tenga celebrados
acuerdos similares. No obstante alguna disposicion en contrario establecida en
los incisos (a) y (b) anteriores, ninguna Acreditante estara facultada a
solicitar o reclamar respecto a eventos que ocurran con mas de 180 dias de
anterioridad a la fecha en que dicha Acreditante notifique al Acreditado su
solicitud de compensacion.

     (d) Si alguna de las Acreditantes solicita su compensacion de conformidad
con esta Clausula 5.01, el Acreditado podra a su propio costo, mediante
notificacion a dicha Acreditante y al Agente, solicitar a dicha Acreditante
que ceda sin recurso (sujeto a las restricciones establecidas en la Clausula
12.06) todos sus derechos y obligaciones conforme a este Contrato, a un
cesionario que asuma dichas obligaciones (cuyo cesionario podra ser otra
Acreditante, si una Acreditante acepta dicha cesion); en el entendido que (i)
dicha cesion estara sujeta a la aprobacion del Agente, (ii) dicha Acreditante
debera haber recibido el pago total del principal insoluto de sus Creditos,
intereses devengados, comisiones generadas y cualesquier otra cantidad
pagadera a dicha Acreditante, conforme al presente Contrato, y (iii) que
razonablemente se espere que dicha cesion tenga como resultado una reduccion
en tal compensacion o pagos. Ninguna Acreditante estara obligada a llevar a
cabo dicha cesion si, con anterioridad a la misma, como resultado de una
renuncia realizada por dicha Acreditante o de cualquier otra manera, las
circunstancias que otorguen al Acreditado el derecho a solicitar dicha cesion
deja de aplicar.

     5.02 Falta de Cotizacion de Tasa TIIE. En caso de que el Banco de Mexico
dejare de publicar la cotizacion de la Tasa TIIE, ya sea temporal o
definitivamente, la tasa de interes sera calculada con base en aquella que el
Banco de Mexico determine como sustituta de la Tasa TIIE. En el supuesto de
que el Banco de Mexico no publique

<PAGE>
                                                                            27

una tasa que sustituya a la Tasa TIIE, las Acreditantes y el Acreditado
determinaran de buena fe, de comun acuerdo y por escrito la tasa sustituta
correspondiente, en el entendido que:

     (1) durante el periodo comprendido entre la fecha en que deje de
publicarse dicha cotizacion y la fecha en la que se publique la tasa
sustituta, se vuelva a publicar la Tasa TIIE o las partes acuerden la tasa
sustituta, la suma principal insoluta de los Creditos devengara intereses a la
Tasa de Interes que haya sido aplicable durante el ultimo Periodo de
Intereses;

     (2) si la Tasa TIIE dejare de publicarse por un periodo de mas de treinta
(30) dias naturales sin que el Banco de Mexico haya publicado una tasa
sustituta y las Acreditantes y el Acreditado no llegan a un acuerdo respecto
de la tasa sustituta dentro de dicho periodo, la tasa sustituta sera aquella
tasa de mercado senalada por las Acreditantes que establezca un costo
financiero similar al de la Tasa TIIE y que le notificaran al Acreditado a
traves del Agente; y

     (3) cualquier tasa sustituta determinada conforme a los incisos (1) y (2)
anteriores dejara de ser aplicable a partir del Periodo de Intereses siguiente
a la fecha en que el Banco de Mexico publique nuevamente la Tasa TIIE o la
tasa que la sustituya.

     5.03 Ilegalidad. No obstante cualquier otra disposicion en contrario en
este Contrato, en caso de que en la fecha del presente o con posterioridad a
la fecha de firma del presente, entrare en vigor o se modificare cualquier
Norma Legal o se cambiare la interpretacion o modificacion de la misma, por
alguna Autoridad Gubernamental y, como consecuencia de lo anterior, fuere
ilegal que dicha Acreditante hiciere o mantuviere vigente su Credito, entonces
notificara de inmediato al Acreditado (con copia para el Agente) que (a) el
Credito de dicha Acreditante debera ser suspendido hasta en tanto pueda
realizar y mantener Creditos bajo el presente y (b) si dicha Norma Legal asi
lo ordena, los Creditos de dicha Acreditante tendran que ser pagados
anticipadamente por el Acreditado, junto con los intereses devengados y no
pagados y cualesquier otras cantidades pagaderas por el Acreditado conforme a
este Contrato, en o antes de la fecha establecida por dicha Norma Legal; en el
entendido, sin embargo que, si no es ilegal para dicha Acreditante mantener
sus Creditos hasta el ultimo dia del Periodo de Intereses vigente, dicho pago
se llevara a cabo en dicha fecha; en el entendido, ademas de que la
Acreditante correspondiente usara sus mejores esfuerzos a su exclusiva
discrecion y juicio, para evitar o minimizar el efecto de dicha Norma Legal,
sin incurrir en costos importantes o gastos o consecuencias legales en su
propio detrimento. En caso de que los efectos de dicha Norma Legal no puedan
evitarse o minimizarse conforme a esta Clausula 5.03, el Acreditado podra, si
no existe

<PAGE>
                                                                            28

y continua ningun Incumplimiento, a su exclusiva costa y esfuerzo, mediante
notificacion a la Acreditante y al Agente, requerir a dicha Acreditante para
que ceda y delegue (sujeto a las restricciones establecidas en la Clausula
12.06) todos sus derechos y obligaciones conforme al presente Contrato, a un
cesionario que asuma dichas obligaciones (cuyo cesionario se convertira en
otra Acreditante, si el cesionario acepta dicha cesion); en el entendido que
(i) dicha cesion tendra que estar sujeta a la previa aprobacion del Agente,
(ii) dicha Acreditante tendra que haber recibido el pago total de la cantidad
insoluta de principal de sus Creditos, los intereses devengados y las
comisiones debidas, asi como cualesquier otras cantidades pagaderas conforme a
este Contrato, y (iii) se espere que dicha cesion resulte en una reduccion de
dicha compensacion o pagos. Una Acreditante no sera requerida para que lleve a
cabo dicha cesion y delegacion, si previo a dicha cesion, como resultado de
una renuncia de dicha Acreditante, o de cualquier otra forma, las
circunstancias que facultan al Acreditado para solicitar dicha cesion y
delegacion dejaron de aplicar.

     5.04 Cargos y Costos. (a) En caso de que se haga un pago anticipado en
una Fecha de Pago de Intereses, el Acreditado no estara obligado a pagar
comision o penalidad alguna. En caso de que se haga un pago anticipado en una
fecha distinta a una Fecha de Pago de Intereses, el Acreditado pagara los
cargos por rompimiento de fondeo a cada Acreditante, simultaneamente con el
pago anticipado correspondiente, en el entendido que dicha Acreditante debera
entregar al Acreditado un documento en el cual se describan razonablemente los
calculos para obtener la cantidad total de dichos cargos.

     (b) En el caso de que el Acreditado no realice cualquier pago anticipado
que hubiere notificado al Agente en la fecha programada para el mismo, el
Acreditado pagara a las Acreditantes, tan pronto como le sea solicitado,
cualquier costo o gasto en que haya incurrido cualquier Acreditante en
relacion con dicho pago anticipado, previa comprobacion por parte de la
Acreditante respectiva.

     5.05 Impuestos.

     (a) Todos los pagos de principal e intereses, asi como de cualquier otra
cantidad pagadera de conformidad con el presente Contrato y los Pagares,
deberan hacerse libres de impuestos, conforme a la Clausula 4.01 (a).

     (b) Los Obligados se obligan, conjunta o separadamente, a indemnizar a
las Acreditantes por cualquier responsabilidad fiscal en la que pudieran
incurrir en caso de que el Acreditado no pagare en forma correcta u oportuna
cualesquier impuestos relacionados con cualquier pago realizado conforme al
presente.

<PAGE>
                                                                            29

     CLAUSULA SEXTA. CONDICIONES SUSPENSIVAS.

     6.01 Condiciones Suspensivas. La obligacion de cada Acreditante de poner
a disposicion del Acreditado los Creditos conforme al presente Contrato, y el
derecho del Acreditado de realizar la Disposicion, estan sujetos a las
siguientes condiciones suspensivas, en el entendido que si la Mayoria de las
Acreditantes determinan, y notifican al Agente, que ha ocurrido un evento o
circunstancia, desde el 31 de diciembre de 2001, que tenga un Efecto
Significativo Adverso o (ii) que ha ocurrido un evento importante, desde el 31
de diciembre de 2001, en la situacion politica, economica o financiera de
Mexico o de los Estados Unidos de America o en el mercado bancario o de
valores en Mexico, las Acreditantes no tendran la obligacion de otorgar los
Creditos. Las condiciones que a continuacion se enlistan tendran que ser
satisfechas, a mas tardar el dia 5 de marzo de 2003:

     (A) Que el Agente haya recibido los siguientes documentos, en forma y
fondo razonablemente satisfactorios para el Agente:

     (i) el presente Contrato, firmado por todas las partes del mismo;

     (ii) evidencia de la creacion de la Cuenta de Reserva de Efectivo, en los
terminos y condiciones establecidos en el Contrato de Credito en Dolares;

     (iii) el Contrato entre Acreedores, firmado por todas las partes del
mismo;

     (iv) El Contrato de Comunicaciones, firmado por todas las partes del
mismo;

     (v) copias de cualesquier autorizaciones o consentimientos de cualquier
Autoridad Gubernamental o de cualquier tercero que fueren necesarias en
relacion con la firma y cumplimiento, por parte del Acreditado, las Obligadas
Solidarias y las Fiadoras, del presente Contrato, los Pagares y los documentos
relacionados con los mismos;

     (vi) copias certificadas de las escrituras publicas que contengan (1) los
estatutos sociales vigentes del Acreditado y de las Obligadas Solidarias que
fueren de nacionalidad Mexicana, (2) las resoluciones corporativas del
Acreditado y de las Obligadas Solidarias que fueren de nacionalidad Mexicana
respecto de la celebracion del presente Contrato y los documentos relacionados
y (3) las facultades legales de los apoderados del Acreditado y de las
Obligadas Solidarias que fueren de nacionalidad Mexicana que suscriban el
presente Contrato y los Pagares;

<PAGE>
                                                                            30

     (vii) copias de los documentos en los que consten, respecto de las
Obligadas Solidarias que tuvieren una nacionalidad distinta a la Mexicana, y
las Fiadoras los estatutos o documentos similares, las resoluciones
corporativas respecto de la celebracion del presente Contrato y las facultades
de los apoderados de dichas Obligadas Solidarias y las Fiadoras;

     (viii) copias de los estados financieros consolidados y auditados del
Acreditado al 31 de diciembre de 2001; y de cualquier otra informacion
financiera que las Acreditantes soliciten en forma razonable;

     (ix) opinion legal emitida por Cantu y Estrada Abogados, S.C., asesor
legal externo del Acreditado (cuya opinion tambien se referira a las Obligadas
Solidarias constituidas en Mexico) en terminos sustanciales del formato
adjunto al presente Contrato como Anexo I;

     (x) opinion legal emitida por Cravath, Swaine & Moore, asesor legal
externo en Nueva York, de las Obligadas Solidarias constituidas de conformidad
con las leyes de los Estados Unidos de America, en terminos sustanciales del
formato adjunto al presente Contrato como Anexo J;

     (xi) opinion legal de Ritch, Heather y Mueller, S.C., asesor legal
externo del Agente, en terminos aceptables para el Agente;

     (xii) opinion legal del asesor legal externo de las Obligadas Solidarias
constituidas de conformidad con las leyes de Colombia, respecto a sus
obligaciones contraidas conforme al presente Contrato, segun el Agente
razonablemente lo requiera;

     (xiii) opinion legal del asesor legal externo de las Obligadas Solidarias
constituidas de conformidad con las leyes de Guatemala, respecto a sus
obligaciones contraidas conforme al presente Contrato, segun el Agente
razonablemente lo requiera;

     (xiv) opinion legal del asesor legal externo de las Fiadoras, respecto a
sus obligaciones contraidas conforme al presente Contrato, segun el Agente
razonablemente lo requiera;

<PAGE>
                                                                            31

     (xv) opinion legal del asesor legal externo de las Obligadas Solidarias
constituidas de conformidad con las leyes de Wisconsin, respecto a sus
obligaciones contraidas conforme al presente Contrato, segun el Agente
razonablemente lo requiera;

     (xvi) opinion legal emitida por Milbank, Tweed, Hadley & McCloy LLP,
asesor legal externo en Nueva York, del Agente, en terminos substanciales del
formato adjunto al presente Contrato como Anexo K;

     (xvii) copias certificadas de (i) el Contrato de Licencia de Tecnologia y
Asistencia Tecnica, de fecha 19 de diciembre de 2001, celebrado entre IP Vitro
Vidrio y Cristal, Ltd., Vitrocar, S.A. de C.V., como Otorgantes y
Distribuidora Nacional de Vidrio, S.A. de C.V, Vitro Vidrio y Cristal, S.A. de
C.V. y Vitro Automotriz, S.A. de C.V., como Licenciatario y (ii) el Convenio
Modificatorio al Contrato de Licencia de Tecnologia y Asistencia Tecnica, en
forma y contenido satisfactorios para el Agente, en el que se evidencie la
subordinacion de los derechos de IP Vitro Vidrio y Cristal, Ltd. para recibir
regalias bajo dicho Contrato de Licencia.

     (xviii) un certificado de cumplimiento pro forma en el que se establezca
con razonable detalle que los calculos requeridos para determinar si el
Acreditado cumplia con los requerimientos de la Clausula 9.01 (a), (b) y (c),
al 31 de diciembre de 2002 y si los Creditos bajo el presente Contrato fueron
reflejados sobre una base pro forma, en los estados financieros del
Acreditado, para el ano fiscal terminado en dicha fecha.

     (xix) cualquier otro documento que el Agente o cualquiera de las
Acreditantes solicite de forma razonable respecto de este Contrato y las
operaciones contempladas en el mismo o que el Acreditado o cualquiera de las
Obligadas Solidarias o las Fiadoras entregue o este obligado a entregar
conforme al Contrato de Credito en Dolares.

     Asimismo,

     (B) que el Acreditado entregue la Notificacion de Disposicion, suscrita
por un Funcionario Responsable del Acreditado, conforme a lo senalado en la
Clausula 2.02(a) y que contenga las siguientes declaraciones:

     (i) no existe ningun Incumplimiento, ni resultara como consecuencia de la
Disposicion; y

     (ii) las declaraciones realizadas por los Obligados en el presente
Contrato son correctas y ciertas en la fecha de la Notificacion de
Disposicion, salvo cuando dichas Declaraciones hagan referencia a fecha
especifica, en cuyo caso deberan de haber sido ciertas en la fecha especifica
mencionada;

     (C) que el Acreditado entregue en la Fecha de Disposicion a cada
Acreditante (a traves del Agente), un Pagare por el importe de la Disposicion
por el monto que corresponda a dicha Acreditante, legalmente suscrito por el
Acreditado y por las

<PAGE>
                                                                            32

     Obligadas Solidarias y las Fiadoras en su caracter de avalistas conforme
     a lo senalado en la Clausula 2.05; y

     (D) que el Acreditado haya otorgado su autorizacion para deducir, del
monto del Credito, los honorarios y gastos razonables y documentados
incurridos por las Acreditantes y el Agente en relacion con la preparacion y
firma de este Contrato, incluyendo, sin limitacion, los honorarios de los
abogados mencionados en los incisos (xi) y (xvi) del parrafo (A) anterior, en
el entendido que la factura relativa a dichos honorarios y gastos debera
someterse con dos (2) Dias Habiles de anticipacion a la Fecha de Disposicion.

     CLAUSULA SEPTIMA. OBLIGACION SOLIDARIA Y FIANZA.

     7.01 Obligacion Solidaria. (a) En los terminos de los articulos 1987,
1988 y demas articulos aplicables del Codigo Civil Federal, asi como los
articulos correlativos de los Codigos Civiles de otros Estados de la Republica
Mexicana y del Distrito Federal, las Obligadas Solidarias asumen,
solidariamente con el Acreditado, la obligacion de realizar todos y
cualesquiera pagos de principal, intereses, comisiones y demas cantidades
pagaderas conforme al presente Contrato y los Pagares, por lo que las
Acreditantes podran exigir el pago de dichas cantidades indistintamente al
Acreditado y/o a cualquiera de las Obligadas Solidarias en lo individual o en
forma conjunta.

     Ademas de la obligacion solidaria asumida en la presente Clausula, las
Obligadas Solidarias se obligan a suscribir todos los Pagares que deban
suscribirse conforme al presente Contrato con el caracter de avalistas.

     Asimismo, en caso de que las Obligadas Solidarias realicen un pago por
cuenta del Acreditado, se obligan a no repetir en contra del Acreditado y de
la demas Obligadas Solidarias, segun sea el caso, sino hasta que las
Acreditantes hayan recibido el pago de todas las cantidades que se les
adeudaren conforme al presente Contrato y los Pagares.

     (b) No obstante las disposiciones del presente Contrato, Vidrios
Templados Colombianos, S.A. podra pagar cualquier cantidad que este obligada a
pagar conforme al presente Contrato, en Pesos de la Republica de Colombia; en
el entendido que Vidrios Templados Colombianos, S.A. usara sus mejores
esfuerzos para obtener todas las licencias, permisos y aprobaciones de
cualesquier Autoridad Gubernamental Colombiana, segun sea necesario, para
estar en posibilidad de llevar a cabo el pago de dichas cantidades en Pesos y
si obtiene dicha licencia, permiso o aprobacion,

<PAGE>
                                                                            33

proporcionara al Agente prueba de ello, en forma y contenido satisfactorios
para el Agente.

     7.02 Fianza. Para garantizar el pago puntual (sea al vencimiento
programado o anticipado) de todos y cualesquiera pagos de principal,
intereses, comisiones y demas cantidades pagaderas conforme al presente
Contrato y los Pagares, las Fiadoras se constituyen en fiadoras del Acreditado
de conformidad con los Articulos 2794, 2795 y demas aplicables del Codigo
Civil Federal y los correlativos de los demas estados de la Republica.

     (a) Las Fiadoras renuncian a los beneficios de orden, division y excusion
previstos en los Articulos 2814, 2815, 2818, 2820, 2822, 2823 y 2827 y demas
aplicables del Codigo Civil para el Distrito Federal.

     Esta fianza subsistira hasta que se haya pagado a las Acreditantes todo
cuanto se les adeudare al amparo de este Contrato, incluyendo sus accesorios y
demas consecuencias legales, aun cuando (i) las Fiadoras no puedan subrogarse
en los derechos y privilegios de las Acreditantes por culpa o negligencia de
estas; (ii) se conceda prorroga o espera al Acreditado sin consentimiento de
las Fiadoras; (iii) las Acreditantes hagan quita al Acreditado y la obligacion
principal quede sujeta a nuevos gravamenes o condiciones; (iv) las
Acreditantes no requieran judicialmente al Acreditado por el incumplimiento de
la obligacion principal dentro del mes siguiente a la expiracion del plazo, o
al volverse exigible la deuda principal, las Fiadoras pidan a las Acreditantes
que promuevan judicialmente dentro del plazo de un mes el cumplimiento de la
obligacion y las Acreditantes no ejerciten sus derechos dentro del plazo
mencionado, o si ya iniciado el juicio en uno u otro caso, dejare de
promoverse sin causa justificada por mas de tres meses.

     En caso de que las Fiadoras se subrogaren en los derechos de alguna de
las Acreditantes en virtud de algun pago realizado conforme a la presente
fianza, las Fiadoras convienen en no ejercitar sus derechos contra el
Acreditado en tanto no se hubiere pagado a las Acreditantes todo cuanto se les
adeudare conforme a este Contrato.

     (b) No obstante lo dispuesto en contrario, en el presente Contrato, la
responsabilidad de cada una de las Fiadoras al momento de pago, estara
limitada a una cantidad que no excedera de la cantidad de las utilidades
retenidas libremente distribuibles, de cada una de Tecnologia Vitro Vidrio y
Cristal, Ltd. e IP Vitro Vidrio y Cristal Ltd., de conformidad con la
legislacion Suiza.

<PAGE>
                                                                            34

     (c) El Acreditado declara que derivado de diversas disposiciones
contenidas en las leyes de Suiza (incluyendo la practica de las cortes y
autoridades y la interpretacion de la ley por la doctrina), no es conveniente
para las Acreditantes ni para las Fiadoras que las Fiadoras, actuen como
obligadas solidarias conforme a este Contrato; no obstante, el Acreditado y
las Fiadoras se obligan a que, en caso de que cualquiera de dichas
disposiciones legales deje de estar en vigor, las Fiadoras realizaran todos
los actos que sean necesarios para convertirse en obligadas solidarias
conforme a este Contrato, siempre que no se cause ningun perjuicio a ninguna
de las partes de este Contrato.

     CLAUSULA OCTAVA. OBLIGACIONES DE HACER Y DE NO HACER.

     Mientras cualquier cantidad pagadera bajo el presente Contrato y los
Pagares, permanezca insoluta, el Acreditado se obliga a lo siguiente:

     8.01 Conservacion de Existencia Corporativa; Libros y Registros y
Derechos de Inspeccion. (a) El Acreditado conservara y mantendra, y hara que
cada una de sus Subsidiarias conserven y mantengan, su existencia legal,
derechos y licencias, que sean considerados relevantes para sus negocios. (b)
El Acreditado mantendra en todos sus aspectos relevantes llevara, y hara que
cada una de sus Subsidiarias mantenga en todos sus aspectos relevantes libros
adecuados de registros y cuentas contables. (c) El Acreditado permitira,
mediante aviso previo, que los representantes designados por escrito por el
Agente o por cualquier Acreditante, inspeccionen y obtengan copias de los
registros contables y los activos del Acreditado y discutan los negocios y
operaciones con funcionarios del Acreditado, cuando el Agente y/o cualquiera
de las Acreditantes lo solicite en forma razonable y sujeto, en todo caso, a
mantener la informacion obtenida como informacion confidencial, durante dias y
horas habiles, todo lo anterior a costa de las Acreditantes (salvo si hubiere
ocurrido un Incumplimiento, en cuyo caso el Acreditado reembolsara los gastos
y costos razonables y documentados en relacion con el ejercicio de dichos
derechos de inspeccion). Nada de lo contenido en esta Clausula 8.01 limitara
cualquier fusion, consolidacion o liquidacion permitidas de conformidad con la
Clausula 8.08 o una Venta de Activos permitida conforme a la Clausula 8.13.

     8.02 Cumplimiento con Leyes, Pago de Obligaciones, Mantenimiento de
Activos y Seguros. El Acreditado cumplira, y hara que cada una de sus
Subsidiarias, cumpla, con todas las Normas Legales (incluyendo Leyes
Ambientales) asi como con cualesquier ordenes, sentencias o requerimientos de
cualquier Autoridad Gubernamental (incluyendo, sin limitacion, obligaciones
relacionadas frente al IMSS, INFONAVIT y SAR) aplicables, salvo que el
incumplimiento de las mismas no resulte en un Efecto Significativo Adverso.
Asimismo, el Acreditado presentara, y hara

<PAGE>
                                                                            35

que cada una de sus Subsidiarias presente, de forma oportuna, todas sus
declaraciones fiscales y pagara, y hara que sus Subsidiarias paguen, de manera
oportuna, sus impuestos, salvo por aquellos impuestos que se esten impugnando
por procedimientos de buena fe y respecto de los cuales se hayan creado
reservas de conformidad con los PCGA. El Acreditado cumplira, y hara que cada
una de sus Subsidiarias cumpla, con todas sus obligaciones (salvo por aquellas
obligaciones que no tuvieren un Efecto Significativo Adverso). El Acreditado
mantendra, y hara que sus Subsidiarias mantengan, todos los activos necesarios
para el buen funcionamiento de su empresa en buen estado de funcionamiento,
salvo por el deterioro derivado de su uso normal. El Acreditado mantendra, y
hara que cada una de sus Subsidiarias mantenga, seguros con companias de
seguros reconocidas, por las cantidades y por la cobertura de riesgos que
normalmente contraten companias involucradas en negocios similares a los del
Acreditado y sus Subsidiarias, en Mexico o en el lugar que operen si este
fuese distinto.

     8.03 Autorizaciones Gubernamentales. El Acreditado mantendra, y hara que
cada una de sus Subsidiarias mantenga, en pleno vigor y efecto, todas las
autorizaciones de, y registros ante, cualquier Autoridad Gubernamental que
sean necesarios de conformidad con las leyes de Mexico (o las leyes que rijan
su constitucion) para el cumplimiento de sus obligaciones de conformidad con
este Contrato y para la validez o exigibilidad de este Contrato.

     8.04 Estados Financieros, Etc. El Acreditado entregara al Agente (con una
copia para cada Acreditante):

     (a) tan pronto como sea posible, pero, en cualquier caso, dentro de los
120 (ciento veinte) dias naturales siguientes al cierre de cada ejercicio
fiscal de cada Obligado, copias suficientes de los estados financieros
auditados consolidados de cada Obligado correspondientes a dicho ejercicio
fiscal, que incluyan el balance general, los estados de resultados,
individuales y consolidados, de cambios en la situacion financiera y de
variaciones en el capital contable de cada Obligado y de cada una de sus
Subsidiarias consolidadas para dicho ejercicio fiscal, acompanados por (i) un
dictamen emitido por la oficina de Mexico de Deloitte & Touche o por cualquier
otro despacho de contadores publicos independientes de prestigio reconocido,
en el caso del Acreditado y las Obligadas Solidarias de nacionalidad Mexicana
y (ii) un dictamen emitido por un despacho de contadores publicos
independientes de reconocido prestigio, en el caso de cualquier otro Obligado;

     (b) tan pronto como sea posible, pero, en cualquier caso, dentro de los
60 (sesenta) dias naturales siguientes al cierre de los 3 (tres) primeros
trimestres de cada ejercicio fiscal de cada Obligado y sus Subsidiarias
consolidadas, los estados

<PAGE>
                                                                            36

financieros internos individuales y consolidados de cada Obligado y sus
Subsidiarias consolidadas, que incluyan el balance general y los estados de
resultados, de cambios en la situacion financiera y de variaciones en el
capital contable correspondientes al periodo que inicia al termino del
ejercicio fiscal inmediato anterior y que concluya al termino de dicho
trimestre, certificados por cualquier Funcionario Responsable del Acreditado
respecto a que fueron preparados de conformidad con los PCGA;

     (c) simultaneamente con la entrega de la informacion financiera
mencionada en el inciso (b) anterior y en cualquier momento en que
razonablemente lo solicite el Agente, el Acreditado entregara un certificado
emitido por un Funcionario Responsable, en el formato del Anexo L de este
Contrato, (i) declarando que, a la fecha de dicho certificado, no ha ocurrido
ningun Incumplimiento (o declarando, en el caso de que haya ocurrido un
Incumplimiento, las acciones que el Acreditado pretende tomar respecto a la
misma) y (ii) en el caso del Acreditado, estableciendo razonable y
detalladamente que los calculos requerido s para establecer si el Acreditado
esta cumpliendo con los requerimientos de la Clausula 9.01 (a), (b) y (c) del
presente Contrato en y a la fecha de dichos estados financieros;

     (d) tan pronto como sea posible, cuando un Funcionario Responsable tenga
conocimiento de cualquier Incumplimiento, entregara una declaracion de un
Funcionario Responsable del Acreditado que senale los detalles de dicho
Incumplimiento y los actos que ha realizado y propone realizar el Acreditado
respecto de la misma;

     (e) oportunamente, despues del inicio de cualquier litigio o
procedimientos ante cualquier tribunal, Autoridad Gubernamental o panel
arbitral que afecten al Acreditado o a cualquiera de sus Subsidiarias y que
razonablemente se espere que pueda generar un Efecto Significativo Adverso; y

     (f) de manera periodica, toda la informacion relacionada con la situacion
financiera y negocios del Acreditado y sus Subsidiarias, que el Agente o
cualquiera de las Acreditantes le solicite de manera razonable o que sea
proporcionada al Agente Administrativo del Contrato de Credito en Dolares.

     8.05 Preferencia en el Pago. El Acreditado realizara todos los actos
necesarios para que, en todo momento, las obligaciones de pago del Acreditado
y las obligaciones de las Obligadas Solidarias y las Fiadoras de conformidad
con este Contrato y los Pagares tengan la misma preferencia de pago que la
demas Deuda no subordinada y quirografaria del Acreditado y de las Obligadas
Solidarias y de las Fiadoras.

<PAGE>
                                                                            37

     8.06 Operaciones con Afiliadas. El Acreditado no celebrara, y hara que
cada una de sus Subsidiarias se abstenga de celebrar directa o indirectamente,
operaciones con Afiliadas, salvo por (i) operaciones con cualquiera de sus
Afiliadas celebradas en el curso normal de sus actividades y en condiciones de
mercado que sean razonables y no menos favorables para el Acreditado o para
cualquiera de sus Subsidiarias, segun sea el caso, que los que obtendria en
una operacion comparable en terminos comerciales con una persona que no sea su
Afiliada, (ii) operaciones celebradas por los Obligados entre si y (iii) Pagos
de Dividendos permitidos conforme a la Clausula 8.17 del presente.

     8.07 Conduccion del Negocio. El Acreditado no cambiara en forma
importante y hara que sus Subsidiarias no cambien en forma importante el tipo
de actividades y negocios a los que actualmente se dedican y no cambiaran la
naturaleza legal de su organizacion.

     8.08 Fusiones, Etc.. El Acreditado no se fusionara, consolidara,
liquidara ni se disolvera ni enajenara una parte importante de sus activos, en
una operacion o serie de operaciones, ni permitira que sus Subsidiarias se
fusionen, consoliden, liquiden o disuelvan ni enajenen una parte importante de
sus activos, en una operacion o serie de operaciones, (salvo por ventas de
inventarios a precios de mercado en el curso normal de sus actividades), en el
entendido que (a) el Acreditado podra fusionarse o consolidarse con otra
Persona si, como resultado de dicha fusion o consolidacion, (i) el Acreditado
es la sociedad fusionante y (ii) no ocurre un Incumplimiento y continua
conforme a este Contrato, (b) cualquier Obligada Solidaria o Fiadora podra
fusionarse con otra Obligada Solidaria o Fiadora, (c) cualquier Subsidiaria
del Acreditado que no sea un Obligado podra fusionarse o consolidarse con otra
Persona si, como resultado de la fusion, no ocurre un Incumplimiento y
continua conforme a este Contrato, (d) cualquier Subsidiaria del Acreditado
que no sea una Obligada Solidaria o Fiadora se podra liquidar o disolver si el
Acreditado determina de buena fe que dicha liquidacion o disolucion resulta
ser conveniente para el Acreditado y no es desventajosa en forma importante
para las Acreditantes y (e) cualquier Obligada Solidaria, Fiadora o
Subsidiaria del Acreditado podra escindirse, siempre y cuando transmita sus
activos y pasivos al Acreditado o a cualquiera de las Obligadas Solidarias o
Fiadoras.

     8.09 Pagos de Subsidiarias. El Acreditado no permitira que cualquiera de
sus Subsidiarias celebre o asuma cualquier contrato o instrumento que le
restrinja su capacidad de hacer Pagos de Dividendos, en el entendido que esta
Clausula 8.09 no prohibira (i) restricciones comunes contenidas en contratos
de co-inversion (joint ventures) con respecto a cualquier Subsidiaria de
Co-Inversion o (b) la prorroga, sustitucion o renovacion de cualquier
restriccion contractual de esa naturaleza existente en la fecha de firma del
presente en terminos sustancialmente similares.

<PAGE>
                                                                            38

     8.10 Contratos de Cobertura. El Acreditado no celebrara, ni permitira que
sus Subsidiarias celebren, Contratos de Cobertura, salvo por Contratos de
Cobertura celebrados (i) en el curso normal de sus actividades para cubrir o
mitigar riesgos a los cuales el Acreditado o cualquiera de sus Subsidiarias
esten expuestos en el desarrollo de sus actividades o la administracion de sus
pasivos y (ii) con fines distintos a los de especulacion.

     8.11 Gravamenes. El Acreditado no constituira, asumira ni permitira que
exista Gravamen alguno sobre cualquiera de sus bienes e impedira que sus
Subsidiarias constituyan, asuman o permitan que exista Gravamen alguno sobre
cualquiera de sus respectivos bienes, ya sea que actualmente sean de su
propiedad o que se adquieran con posterioridad a esta fecha, salvo por el
Gravamen creado por VVP Syndication, Inc. sobre la Cuenta de Reserva de
Efectivo conforme a la Clausula 12 del Contrato de Credito en Dolares y por
los siguientes Gravamenes:

     (a) Gravamenes Permitidos;

     (b) Gravamenes creados con anterioridad a la fecha del presente Contrato
y que se describen en el Anexo D de este Contrato;

     (c) Gravamenes sobre bienes del Acreditado o de cualquiera de sus
Subsidiarias que garanticen Deuda del Acreditado o cualquiera de sus
Subsidiarias incurrida con el proposito de financiar, parcial o totalmente (i)
la adquisicion de materias primas, servicios y otros bienes, (incluyendo
mediante creditos de habilitacion o avio), o (ii) la adquisicion, construccion
o mejora de activos fijos u otros bienes (incluyendo mediante creditos
refaccionarios), siempre y cuando el Gravamen se constituya simultaneamente
con la adquisicion, construccion o mejora o dentro de los noventa (90) dias
siguientes a la misma;

     (d) Gravamenes sobre bienes que el Acreditado o cualquiera de sus
Subsidiarias adquieran en el futuro, los cuales ya existian antes de la fecha
de adquisicion de dichos activos (salvo si dichos Gravamenes se hubieran
creado con motivo o como resultado de dicha adquisicion);

     (e) Gravamenes sobre bienes de una sociedad que se fusione con cualquier
Obligado (salvo si dichos Gravamenes se hubieran creado con motivo o como
resultado de dicha fusion);

<PAGE>
                                                                            39

     (f) Gravamenes sobre una cuenta que mantenga efectivo que garantice Deuda
que se permita conforme a este Contrato, siempre y cuando el efectivo en dicha
cuenta derive exclusivamente de dicho prestamo;

     (g) Gravamenes sobre cuentas por cobrar resultantes de operaciones de
factoraje financiero respecto a dichas cuentas por cobrar, permitidas por la
Clausula 8.13 del presente Contrato; y

     (h) Gravamenes (sobre activos distintos a acciones de dicha Persona) que
no esten permitidos conforme a los parrafos anteriores, que garanticen
cualesquier Deudas cuyo saldo principal insoluto en cualquier momento no
exceda de EUA$35,000,000.

     8.12 Ejercicio Social. El Acreditado no cambiara, ni permitira que
cualquiera de sus Subsidiarias cambie, el 31 de diciembre como la fecha de
terminacion de su ejercicio social.

     8.13 Ventas de Activos; Inversiones en Subsidiarias que no son Obligadas
Solidarias o Fiadoras. (a) Sin perjuicio de la limitacion contenida en el
parrafo (b) siguiente, el Acreditado no realizara, directa o indirectamente,
ni permitira que ninguna de sus Subsidiarias realice, directa o
indirectamente, cualquier Venta de Activos de bienes que tengan un valor de
mercado superior a los EUA$150,000,000 (ciento cincuenta millones de Dolares),
en el entendido que los fondos netos obtenidos de cualquier Venta de Activos
permitida conforme a esta Clausula 8.13 seran aplicados a pagar Deuda de los
Obligados y en el entendido, ademas, que esta Clausula 8.13 no aplicara a:

     (i) ventas de inventarios en el curso normal de sus actividades a precios
de mercado;

     (ii) Ventas de Activos de cualquier Obligado o otro Obligado;

     (iii) operaciones de factoraje financiero sobre cuentas por cobrar de
conformidad con programas presentes o futuros por un monto de principal total
que no exceda de EUA$75,000,000 (setenta y cinco millones de Dolares) o su
equivalente en otras monedas;

     (iv) enajenaciones de activos obsoletos o que, en su opinion razonable,
no sean utiles en las operaciones del Acreditado o sus Subsidiarias, en el
entendido que los fondos netos de cualquiera de dichas enajenaciones deberan
ser reinvertidos en las operaciones del Acreditado o la Subsidiaria
correspondiente o utilizados para pagar

<PAGE>
                                                                            40

Deuda del Acreditado o la Subsidiaria correspondiente dentro de los treinta
(30) dias siguientes a dicha enajenacion; o

     (v) cualesquier Operaciones de Venta y Arrendamiento en la medida en que
cualquier Gravamen para garantizar las obligaciones conforme a cualquier
Operacion de Venta y Arrendamiento pueda crearse de conformidad con la
Clausula 8.11(h) de este Contrato.

     (b) El Acreditado no realizara, ni permitira que sus Subsidiarias
realicen, Inversiones en Subsidiarias que no son Obligadas Solidarias o
Fiadoras, por montos totales superiores a EUA$50,000,000 (cincuenta millones
de Dolares).

     8.14 Destino de los Fondos. El Acreditado utilizara los recursos
derivados de Creditos exclusivamente para (i) pagar Deuda, (ii) prestarlos con
el fin de que ciertas de sus Subsidiarias paguen Deuda de los Obligados, y
(iii) para pagar gastos y comisiones relacionados con el presente Contrato.
Ninguna de las partes tendra responsabilidad alguna respecto al uso que se de
a los recursos de los Creditos.

     8.15 Contrato de Comunicaciones. El Acreditado cumplira, y hara que los
Obligados cumplan, con el Contrato de Comunicaciones.

     8.16 Pagos de Dividendos. El Acreditado no declarara ni realizara
cualquier Pago de Dividendos si, al momento de dicha declaracion o pago, o
como resultado de cualesquiera de los mismos, ha ocurrido u ocurre un
Incumplimiento y continua.

     8.17 Estados Financieros de las Obligadas Solidarias Norteamericanas. (a)
Vitro America Inc. entregara al Agente, dentro de los sesenta (60) dias
siguientes a la fecha en que se cumplan las condiciones establecidas en la
Clausula Sexta de este Contrato, copias suficientes de los estados financieros
auditados de cada Obligada Solidaria de nacionalidad Norteamericana al 31 de
diciembre de 2002 y 31 de diciembre de 2001, conjuntamente con un dictamen
sobre los mismos emitido por un despacho de contadores de reconocido prestigio
internacional, y (b) Super Sky International, Inc. Super Sky Products, Inc y
Super Sky Constructors, Inc. entregaran al Agente, dentro de los noventa (90)
dias siguientes a la fecha en que se cumplan las condiciones establecidas en
la Clausula Sexta de este Contrato, copias suficientes de sus estados
financieros auditados al 31 de diciembre de 2002 y 31 de diciembre de 2001,
conjuntamente con un dictamen sobre los mismos emitido por un despacho de
contadores de reconocido prestigio internacional.

     CLAUSULA NOVENA. OBLIGACIONES ADICIONALES DEL ACREDITADO.

<PAGE>
                                                                            41

     9.01 Obligaciones Adicionales del Acreditado. Mientras cualquier cantidad
pagadera bajo el presente Contrato y los Pagares permanezca insoluta, el
Acreditado se obliga a lo siguiente:

     (a) Capital Contable Consolidado.

     (b) Razon de Cobertura de Intereses. .

     (c) Razon de Deuda a UAFIRDA.

     (d) Ciertas Obligaciones Respecto de Subsidiarias. En caso de que el
Acreditado adquiera o constituya una nueva Subsidiaria, se obliga a tomar
inmediatamente las acciones que sean necesarias para que dicha Subsidiaria se
convierta en una "Obligada Solidaria" conforme a este Contrato y como avalista
conforme a los Pagares, y a entregar cualesquier certificaciones u opiniones
similares a las entregadas conforme a la Clausula 6.01 de este Contrato o
documentacion que razonablemente solicite el Agente, en el entendido que este
parrafo (d) no aplicara con respecto a Subsidiarias No Obligadas.

     (e) Titularidad de Acciones. El Acreditado sera en todo momento, titular,
directa o indirectamente, del 100% (cien por ciento) de las Acciones con
Derecho de Voto de cada una de las Obligadas Solidarias y las Fiadoras.

     CLAUSULA DECIMA. CAUSAS DE VENCIMIENTO ANTICIPADO.

     10.01 Causas de Vencimiento Anticipado. A solicitud de la Mayoria de las
Acreditantes, el Agente podra dar por vencido anticipadamente el plazo para el
pago del importe insoluto de los Creditos y sus accesorios (obligandose el
Acreditado, las Obligadas Solidarias y las Fiadoras, en tal caso, al pago del
monto total insoluto de los Creditos, las accesorios), mediante declaracion
por escrito entregada al Acreditado, a las Obligadas Solidarias y las
Fiadoras, en cualquiera de los siguientes casos (cada uno de dichos eventos,
una "Causa de Vencimiento Anticipado"), en el entendido que en el caso de las
Causas de Vencimiento Anticipado senaladas en los parrafos (f) y (g) a
continuacion, los Creditos y sus accesorios venceran anticipadamente de manera
automatica sin necesidad de notificacion o accion alguna de ninguna parte y
que, en todos los casos no habra necesidad de demanda, resolucion o diligencia
judicial de cualquier naturaleza, a las cuales, el Acreditado, las Obligadas
Solidarias y las Fiadoras renuncian expresamente:

<PAGE>
                                                                            42

     (a) Si el Acreditado no realiza a su vencimiento cualquier pago de
principal de cualquier Credito o cualquier pago anticipado de cualquier
Credito, cuando sea requerido por el presente, o si no realiza cualquier pago
de intereses, comisiones u otras cantidades pagaderas conforme al presente
Contrato, cualquier Pagare o cualquier otro documento relacionado con los
mismos conforme a cualquier Credito dentro de los 3 (tres) Dias Habiles
siguientes a la fecha en que el pago debio realizarse; o

     (b) Si cualquier declaracion o certificacion hecha, o que se considere
hecha, por el Acreditado o las Obligadas Solidarias o las Fiadoras en el
presente Contrato, o que este contenida en cualquier otro documento
relacionado con el presente Contrato (o cualquier modificacion o suplemento de
los mismos), o cualquier certificado proporcionado a cualquier parte, de
conformidad con el presente Contrato, resulte ser incorrecta o falsa en
cualquier aspecto importante, en la fecha en la cual fue hecha; o

     (c) Si cualquier Obligado, o cualquiera de sus Subsidiarias incumple en
el pago de principal o de intereses a su vencimiento (ya sea en la fecha
programada de vencimiento, o de otra manera), respecto de cualquier Deuda, si
dicha Deuda es equivalente, individualmente o en conjunto, a una suma
principal de EUA.$10,000,000.00 (o su equivalente en otras monedas) o mas
("Deuda Relevante") o si incurre en incumplimiento o causa de vencimiento
anticipado conforme a cualquier contrato o instrumento que documente o este
relacionado con dicha Deuda Relevante, si el efecto de dicho incumplimiento o
causa de vencimiento anticipado es acelerar el vencimiento respectivo o
permitir al acreedor o acreedores de dicha Deuda Relevante o al agente que
actue en su representacion, acelerar el vencimiento respectivo o requerir el
pago anticipado obligatorio o la amortizacion respectiva; o

     (d) Si cualquiera del Acreditado, las Obligadas Solidarias o las
Fiadoras: (i) incumple con cualquiera de sus obligaciones establecidas en las
Clausulas 8.01(a) (con respecto a la conservacion y mantenimiento de la
existencia corporativa del Acreditado, las Obligadas Solidarias y las
Fiadoras), 8.03, 8.04, 8.05, 8.07, 8.08, 8.11, 8.13, 8.14, 8.16 o 8.17 y la
Clausula Decima del presente Contrato; o (ii) si el Acreditado o cualquier
Obligada Solidaria o Fiadora deja de cumplir con cualesquiera de sus demas
obligaciones conforme al presente Contrato (distinta a las obligaciones
establecidas en esta Clausula 10.01(a) y en el inciso (i) de este parrafo (d))
y dicho incumplimiento permanece sin ser subsanado por 30 (treinta) dias
naturales a partir de la entrega al Acreditado, de la notificacion por escrito
de dicho incumplimiento, realizada por el Agente o por cualquier Acreditante;
o

<PAGE>
                                                                            43

     (e) Si cualquier Obligado o cualquiera de sus Subsidiarias Relevantes
admite por escrito su incapacidad, o no tiene la capacidad, para pagar sus
deudas a su vencimiento; o

     (f) Si cualquier Obligado o cualquiera de sus Subsidiarias Relevantes (i)
solicita o consiente el nombramiento de un sindico, conciliador, liquidador o
fiduciario respecto de todos o una parte importante de sus bienes, (ii) lleva
a cabo una cesion general de sus bienes, en beneficio de sus acreedores, (iii)
presenta una solicitud buscando obtener ventajas bajo cualquier ley
relacionada con quiebra, insolvencia, concurso mercantil, reorganizacion,
liquidacion, disolucion, reestructura de deudas o procedimiento similar o (iv)
implementa cualquier accion corporativa para llevar a cabo cualesquiera de las
acciones establecidas anteriormente; o

     (g) Si se inicia un procedimiento en contra de cualquier Obligado, o
cualquiera de sus Subsidiarias Relevantes relativo a (i) su reorganizacion,
liquidacion, disolucion o cualquier procedimiento similar, (ii) el
nombramiento de un custodio, liquidador, conciliador, sindico o fiduciario o
funcionario similar respecto de todos o una parte importante de sus bienes o
(ii) algun procedimiento similar bajo cualquier ley, relacionado con quiebra,
concurso mercantil, insolvencia, reorganizacion o reestructuracion, y dicho
procedimiento permanece vigente por un periodo de 90 (noventa) dias o si se
dicta una sentencia de declaracion de quiebra o concurso mercantil conforme a
la Ley de Concursos Mercantiles, respecto a cualquier Obligado o Subsidiaria
Relevante; o

     (h) Si se dicta cualquier sentencia o sentencias respecto del pago de
dinero por un monto total que exceda individualmente o en conjunto, la
cantidad de EUA$10,000,000 (diez millones de dolares de los Estados Unidos de
America) o su equivalente en otras monedas, en contra de cualquier Obligado o
cualquiera de sus Subsidiarias, y dicha sentencia o sentencias no son anuladas
dentro de los 45 (cuarenta y cinco) dias naturales siguientes a la fecha en
que fueren dictadas, salvo que sean adecuadamente garantizadas o esten siendo
impugnadas de forma diligente mediante procedimientos apropiados, y en su
caso, no se hayan embargado los activos respectivos; o si cualquier Obligado o
cualquiera de sus Subsidiarias dejare de cumplir con sus obligaciones de pago
de las cuotas del IMSS, INFONAVIT o SAR y dichos pagos exceden,
individualmente o en conjunto, de EUA$10,000,000 (o su equivalente en otras
monedas), salvo que dichas obligaciones de pago esten siendo apeladas de buena
fe, conforme a procedimientos apropiados, cuyos procedimientos tengan como
consecuencia el prevenir la perdida o venta de las bienes de dicho Obligado o
Subsidiaria; o

<PAGE>
                                                                            44

     (i) (w) Si cualquier Autoridad Gubernamental de Mexico impone cualquier
restriccion para hacer pagos de Deuda denominada en Pesos, o (x) si cualquier
Autoridad Gubernamental de Mexico nacionaliza, toma posesion, interviene o de
cualquier otra forma expropia, todos o una parte importante de los bienes de
cualquier Obligado (con o sin pago de indemnizacion), o (y) si una Autoridad
Gubernamental de Mexico lleva a cabo acciones, incluyendo, sin limitacion a la
declaracion de moratoria en pagos de cualquier Deuda, que tenga un efecto
adverso en (i) el pago de los Creditos o (ii) el calendario de pagos del
Acreditado conforme al presente Contrato o los Pagares; o (z) si cualquier
Obligado participa o lleva a cabo acciones para participar en cualquier
credito relacionado con la reestructuracion de su Deuda Relevante o la
modificacion de las divisas en las cuales se tiene que llevar a cabo el pago
de sus obligaciones; o

     (j) Si cualquier Obligado o cualquiera de sus Subsidiarias se fusiona,
consolida, liquida, escinde o disuelve, o vende, transfiere o en cualquier
otra forma dispone de (en una o en varias operaciones) todos o una parte
importante de sus bienes, salvo por lo expresamente permitido conforme a las
Clausulas 8.08 y 8.13 del presente Contrato; o

     (k) Si el presente Contrato o cualquier Pagare son invalidos o si las
obligaciones del Acreditado o de cualquiera de los Obligados conforme a dichos
documentos se convierten en ilegales, o si la garantia constituida conforme a
la Seccion 12 del Contrato de Credito en Dolares deja de ser una garantia en
primer lugar y grado.

     CLAUSULA DECIMA PRIMERA. EL AGENTE.

     11.01 Agente; Mayorias. (a) Cada una de las Acreditantes en este acto
nombra a Banco Nacional de Mexico, S.A., integrante del Grupo Financiero
Banamex como el "Agente", autorizandolo para que actue en su nombre y por su
cuenta de conformidad con este Contrato y, en los casos en que su actuacion no
estuviere prevista en este Contrato, segun le instruyere expresamente y por
escrito. No obstante lo anterior, el Agente no perdera su caracter de
Acreditante en terminos de este Contrato y tendra el derecho de actuar como
cualquier otro Acreditante.

     (b) Salvo por lo establecido en la Clausula 12.04, cualquier decision que
las Acreditantes deban tomar como grupo en terminos de este Contrato
(incluyendo, de manera enunciativa mas no limitativa, la declaracion del
vencimiento anticipado de los Creditos conforme a la Clausula Decima), debera
tomarse por la Mayoria de las Acreditantes.

<PAGE>
                                                                            45

     (c) El Agente quedara exonerado de cualquier responsabilidad, si actuare
en los terminos de este Contrato o siguiendo las instrucciones escritas de los
Acreditantes. El Agente no tendra la obligacion de supervisar la actuacion de
los Obligados ni de verificar, estudiar o revisar cualquier comunicacion que
reciba de los Obligados, o de un tercero en relacion con este Contrato.

     (d) Las Acreditantes convienen en indemnizar y sacar en paz y a salvo, en
funcion de su porcentaje de participacion en los Creditos (excluyendo el
Credito otorgado por el Agente), al Agente por cualquier dano o perjuicio que
sufriere el Agente en relacion con actos u omisiones tomados al amparo del
presente Contrato, salvo que tales danos o perjuicios fueren el resultado de
la culpa grave, dolo o mala fe del Agente.

     (e) El Agente puede renunciar a su cargo en cualquier momento, mediante
notificacion al respecto a las Acreditantes y al Acreditado y el Agente puede
ser removido de su cargo, en cualquier momento, con o sin causa, por la
Mayoria de las Acreditantes. Si el Agente renuncia o es removido, la Mayoria
de las Acreditantes tendran derecho a designar a un Agente sucesor, el cual
debera ser una Acreditante. Si no se ha nombrado un Agente sucesor por la
Mayoria de las Acreditantes y han transcurrido treinta (30) dias despues de la
notificacion del Agente de su renuncia o de la remocion del Agente por la
Mayoria de las Acreditantes, la renuncia del Agente sera valida y (1) el
Agente sera liberado de sus responsabilidades y obligaciones conforme al
presente y al Contrato entre Acreedores y (2) la Mayoria de las Acreditantes
cumpliran con las responsabilidades del Agente (y todos los pagos y
comunicaciones que se disponga que sean realizados por o a traves del Agente,
tendran que ser realizados mediante o por cada Acreditante, directamente)
hasta que la Mayoria de las Acreditantes designe a un agente sucesor, segun se
establecio anteriormente. Una vez aceptada la designacion como Agente por un
Agente sucesor, dicho Agente sucesor tendra todos los derechos, poderes,
privilegios, y responsabilidades del Agente saliente y el Agente saliente sera
liberados de sus responsabilidades y obligaciones bajo el Contrato de Control
de Cuenta, excepto en la medida que dicha responsabilidad resulte de
actuaciones previas. No obstante lo anterior, la remocion del Agente sera
valida hasta que todas las cantidades insolutas y debidas a ese momento, sean
pagadas en su totalidad al Agente saliente. Despues de la renuncia o remocion
de un Agente, las disposiciones de esta Clausula 11 continuaran en vigor para
su beneficio, respecto a cualesquier acciones tomadas u omitidas mientras el
Agente saliente estaba actuando como Agente.

     (f) El Acreditado pagara al Agente los honorarios que hubieren convenido
ambas partes en documento por separado.

<PAGE>
                                                                            46

     (g) Siempre y cuando se haya declarado una Causa de Vencimiento
Anticipado conforme a las reglas previstas en el inciso (b) anterior, las
Acreditantes aceptan que cualquier accion que se llegue a promover por las
Acreditantes en contra del Acreditado o de las Obligadas Solidarias o de las
Fiadoras derivadas del incumplimiento de sus obligaciones al amparo del
presente Contrato o los Pagares, se promoveran de manera individual por cada
una de ellas salvo que la totalidad de las Acreditantes acuerden lo contrario,
en el entendido que ninguna Acreditante asumira responsabilidad alguna con
relacion a las acciones llevadas a cabo por los demas Acreditantes en lo
individual.

     (h) No se considerara que el Agente tiene conocimiento o noticia de un
Incumplimiento (distinto a la falta de pago de principal o de intereses de los
Creditos), a menos que el Agente haya recibido una notificacion de una
Acreditante o del Acreditado especificando dicho Incumplimiento y
estableciendo que dicha notificacion es una "Notificacion de Incumplimiento".
En caso de que el Agente reciba una Notificacion de Incumplimiento, el Agente
notificara de inmediato a las Acreditantes y al Agente de Garantias. El Agente
(sujeto a la Clausula 11.07 del presente) llevara a cabo las acciones
pertinentes con respecto a dicho Incumplimiento, segun sea instruido por la
Mayoria de las Acreditantes, en el entendido que, a menos que el Agente haya
recibido dichas instrucciones, el Agente podra (pero no estara obligado a)
tomar dichas acciones o a abstenerse de tomarlas, con respecto a dicho
Incumplimiento si lo considera aconsejable para salvaguardar los derechos de
las Acreditantes, excepto en la medida que este Contrato expresamente requiera
que se lleve a cabo o se abstenga de llevar a cabo acciones unicamente con el
consentimiento o con la previa autorizacion de la Mayoria de las Acreditantes.

     (i) Cada Acreditante ha realizado su propio analisis crediticio del
Acreditado, las Obligadas Solidarias y las Fiadoras y se baso en la
documentacion e informacion que considero apropiada, sin depender del analisis
del Agente o de los Estructuradores Lideres Conjuntos o de cualquier otra
Acreditante y decidio celebrar el presente Contrato, independientemente de, y
sin respaldarse en, el Agente u otra Acreditante y basandose en los documentos
e informacion que considero apropiados y continuara haciendo su propio
analisis y decisiones para llevar a cabo, o no, acciones conforme a este
Contrato, los Pagares, o cualquier otro documento relacionado con los
Creditos. El Agente no tendra el derecho ni la obligacion de obtener
informacion respecto del cumplimento de las obligaciones del Acreditado y las
Obligadas Solidarias conforme al presente Contrato, los Pagares o cualquier
otro documento a que se hace referencia en ellos, o de inspeccionar los bienes
o libros del Acreditado, las Obligadas Solidarias o de las Fiadoras, de manera
distinta a la prevista en el presente Contrato. Salvo por notificaciones,
reportes y otros documentos e informacion que deben ser proporcionados por el
Agente a las Acreditantes conforme a este Contrato, el Agente

<PAGE>
                                                                            47

no tendra obligacion o responsabilidad alguna de proporcionar a las
Acreditantes, informacion de credito o de cualquier tipo, relacionada con los
asuntos, condicion financiera o negocios del Acreditado, de cualquiera de las
Obligadas Solidarias o de las Fiadoras que el Agente tenga en su poder.

     (j) Salvo por los actos expresamente contemplados en el presente Contrato
o en cualquier otro documento relacionado con el mismo, que deben ser llevados
a cabo por el Agente, en todos los demas casos, el Agente estara absolutamente
justificado para abstenerse de actuar, a menos que tenga la seguridad de que
las obligaciones de indemnizar de las Acreditantes conforme a la Clausula
11.01(d) seran cumplidas a su satisfaccion, respecto de cualesquier
responsabilidades y gastos en los que el Agente pueda incurrir como
consecuencia de dicha accion. Ninguna disposicion de este Contrato obligara al
Agente a utilizar sus recursos o a incurrir en responsabilidades en virtud del
ejercicio de sus funciones conforme al presente Contrato.

     CLAUSULA DECIMA SEGUNDA. MISCELANEOS.

     12.01 Renuncias. Si cualquier Acreditante, o las Acreditantes como grupo,
no ejercieren o se demoraran en el ejercicio de cualquier derecho o privilegio
conforme a los Pagares o el presente Contrato, no debera considerarse, por ese
hecho, que la Acreditante, las Acreditantes o el Agente, segun sea el caso,
han renunciado al ejercicio de sus derechos. Asimismo, cualquier ejercicio
total o parcial de cualquier derecho o privilegio conforme a los Pagares o el
presente Contrato no impedira cualquier futuro ejercicio de estos o el
ejercicio de cualquier otro derecho o privilegio. Los recursos establecidos en
el presente Contrato, no excluyen las disposiciones presentes o futuras de la
legislacion aplicable.

<PAGE>
                                                                            48

     12.02 Notificaciones. (a) Para efectos del presente Contrato, cada parte
senala como su domicilio para recibir notificaciones el siguiente:

El Agente:

Direccion:

         Av. Roble No. 701
         Edificio Quimmco, Piso 5
         Col. Valle del Campestre
         Garza Garcia, N.L.
         Mexico, CP 66260
         Att: Jesus Servando Cantu
         Tel: (81) 1226 8505
         Fax: (81) 1226 8560

El Acreditado:

Direccion:

         Av. Ricardo Margain Zozaya No. 444
         Col. Valle del Campestre
         Garza Garcia, Nuevo Leon
         Mexico C 66265
         Atn. Director General Juridico
         Tel.: (81) 8863 1262
         Fax:  (81) 8863 1372

Las Obligadas Solidarias:

Direccion:

         Av. Ricardo Margain Zozaya No. 444
         Col. Valle del Campestre
         Garza Garcia, Nuevo Leon
         Mexico C 66265
         Atn. Vitro Plan, S.A. de C.V. / Director General Juridico
         Tel.: (81) 8863 1262
         Fax:  (81) 8863 1372

<PAGE>
                                                                            49

Las Fiadoras:

Direccion:

         Av. Ricardo Margain Zozaya No. 444
         Col. Valle del Campestre
         Garza Garcia, Nuevo Leon
         Mexico C 66265
         Atn. Vitro Plan, S.A. de C.V. / Director General Juridico
         Tel.: (81) 8863 1262
         Fax:  (81) 8863 1372

Las Acreditantes:

La direccion indicada en las paginas de firma de este Contrato.

     (b) Todos los avisos y notificaciones que se realicen al amparo del
presente Contrato se enviaran por escrito y surtiran efectos en el momento en
que las mismas sean entregadas al destinatario, y, en el caso de
notificaciones por facsimil, al momento en que las mismas se transmitan y se
obtenga confirmacion de transmision.

     (c) Mientras no se notifique por escrito un cambio de domicilio, los
avisos, notificaciones y demas diligencias judiciales y extrajudiciales que se
hagan en los domicilios indicados, surtiran plenamente sus efectos.
Cualesquiera notificaciones a las Obligadas Solidarias y a las Fiadoras se
podran entregar al Acreditado y surtiran plenamente sus efectos.

     12.03 Gastos e Indemnizacion, Etc. (a) El Acreditado pagara al Agente y a
las Acreditantes, cualquier costo o gasto razonable y debidamente documentado,
incluyendo costos y gastos de abogados externos del Agente y de las
Acreditantes, en que incurran por la preparacion y celebracion de este
Contrato, cualquier Pagare o cualquier otro contrato o documento que se
celebre o suscriba conforme al presente. El Acreditado otorga su autorizacion
para deducir, del monto del Credito, cualesquier gastos y honorarios
razonables y documentados de abogados, en que se incurran por cualquier
modificacion al presente Contrato, cualquier Pagare o cualquier otro contrato
o documento que se celebre conforme al presente, asi como cualquier costo o

<PAGE>
                                                                            50

gasto razonable y debidamente justificado, si los hubiere, en relacion con el
cumplimiento o a la ejecucion del presente Contrato y los Pagares, salvo que
se establezca lo contrario en el presente Contrato.

     (b) El Acreditado conviene en indemnizar a las Acreditantes y al Agente y
a sus respectivos consejeros, funcionarios, empleados, abogados y agentes y
sacarlos en paz y a salvo de cualesquier perdidas, responsabilidades,
reclamaciones, danos o gastos incurridos por ellos, que resulten de cualquier
litigio o procedimiento (incluyendo amenazas de litigios o procesos)
relacionados con los Creditos o con el destino de los fondos por parte del
Acreditado, incluyendo, pero sin limitarse a, honorarios y gastos de abogados,
incurridos en relacion con dicho litigio o proceso (pero excluyendo
cualesquier perdidas, responsabilidades, reclamaciones danos o gastos
derivados exclusivamente de la culpa grave o negligencia de la Persona con
derecho a ser indemnizada, segun se determine por sentencia firme dictada por
un tribunal competente).

     12.04 Modificaciones, Etc. Cualquier modificacion al presente Contrato,
los Pagares o cualquier otro documento relacionado con el presente, unicamente
se considerara valida si la misma fuere hecha por escrito firmado por las
Acreditantes, el Acreditado, las Obligadas Solidarias y las Fiadoras.

     Cualquier modificacion al presente Contrato, los Pagares o cualquier otro
documento relacionado con el presente debera ser autorizada por la Mayoria de
las Acreditantes, salvo que dicha modificacion sea con relacion a alguno de
los aspectos siguientes, en cuyo caso dicha modificacion debera ser autorizada
por las Acreditantes que representen el 100% (cien por ciento) de los Creditos
insolutos:

     (i) la modificacion del monto total de los Creditos;

     (ii) la modificacion de las Fechas de Pago de Intereses, las Fechas de
Pago de Principal o la Fecha de Vencimiento o la fecha de pago de cualquier
otra cantidad pagadera conforme a este Contrato;

     (iii) la reduccion en el monto insoluto de los Creditos, o de cualquier
otra manera reducir las cantidades pagaderas por el Acreditado conforme al
presente Contrato y los Pagares;

     (iv) la reduccion de la tasa de interes sobre el monto principal de los
Creditos;

     (v) la modificacion del Anexo A o de la participacion de cada una de las
Acreditantes en los Creditos y del derecho de cada uno de dichos Acreditantes
a recibir

<PAGE>
                                                                            51

los pagos proporcionales que le corresponden conforme al presente Contrato y
los Pagares;

     (vi) la modificacion del inciso (b) de la Clausula 12 del Contrato de
Credito en Dolares y esta Clausula 12.04; y

     (vii) la modificacion a las disposiciones de la Clausula 6.01 del
presente Contrato o la renuncia a cualquier condicion suspensiva establecida
en dicha Clausula.

     Cualquier modificacion al presente Contrato, los Pagares o cualquier otro
documento relacionado con el presente con relacion a las obligaciones,
responsabilidades o facultades del Agente, deberan ser autorizadas por el
Agente.

     12.05 Sucesores y Cesionarios. Este Contrato sera obligatorio y vinculara
a las partes del presente y a sus respectivos sucesores y cesionarios
permitidos.

     12.06 Cesiones y Participaciones.

     (a) Cada Acreditante queda facultada para ceder, participar o en
cualquier otra forma negociar, aun antes del vencimiento de este Contrato o de
cualquier Pagare, los Creditos otorgados al amparo del presente Contrato y de
cualquier Pagare, previo aviso por escrito al Acreditado, a las Obligadas
Solidarias y a las Fiadoras. Para efectos de lo establecido en esta Clausula,
el cesionario, participante o adquirente tendra que ser una institucion de
credito mexicana residente en Mexico para efectos fiscales (mas no un
establecimiento en el extranjero de instituciones de credito mexicanas).

     (b) Cualquier cesion parcial (distinta a una cesion a favor de otra
Acreditante) debera realizarse por una cantidad minima de $20,000,000 (veinte
millones de Pesos) y, por encima de dicha cantidad, en multiplos de
$10,000,000 (diez millones de Pesos).

     (c) El Acreditado se obliga, a solicitud de la Acreditante que
corresponda, a sustituir cualquier Pagare emitido conforme al presente
Contrato, en caso de que dicha Acreditante asi lo requiera con motivo de
cesiones o participaciones hechas conforme a la presente Clausula. No obstante
lo anterior, el Acreditado no tendra obligacion de realizar dicha sustitucion
si no es contra la entrega del Pagare a ser sustituido o mediante una
resolucion de autoridad competente.

<PAGE>

                                                                            52

     (d) Dichas cesiones o participaciones no constituiran novacion alguna de
los Creditos. A partir de cualquiera de dichas cesiones o negociaciones, el
cesionario o participante autorizado sera considerado como una "Acreditante"
para efectos de este Contrato y la documentacion relacionada.

     (e) Si cualquier Acreditante hiciere, o tuviere la intencion de hacer,
una cesion, participacion o descuento parcial o total de la porcion que le
corresponda del Credito, en los terminos de la presente Clausula, dicho
Acreditante podra pedir, y el Acreditado estara obligado, a su costo, a
intercambiar el Pagare suscrito y entregado, por uno o varios nuevos Pagares
por montos de principal menores pero que, en conjunto, sean por un monto de
principal igual al monto principal insoluto del Pagare intercambiado; en el
entendido que los costos y gastos legales de cualquier cesionario,
participante o adquirente relacionados con dicha cesion, participacion o
negociacion seran responsabilidad de dicho cesionario, participante o
adquirente. No obstante lo anterior, el Acreditado no tendra obligacion de
realizar dicha sustitucion si no es contra la entrega del Pagare a ser
intercambiado o mediante una resolucion de autoridad competente.

     (f) Ni el Acreditado, ni las Obligadas Solidarias, ni las Fiadoras podran
ceder sus derechos ni sus obligaciones al amparo de este Contrato o los
Pagares, salvo con el consentimiento previo y por escrito de todas las
Acreditantes.

     (g) Ninguno de las Acreditantes podra transferir, o de otra forma
negociar los Creditos o los Pagares, en forma distinta a lo que expresamente
se establece en este Contrato.

     12.07 Supervivencia de las Obligaciones. Las obligaciones del Acreditado
de conformidad con las Clausulas 5.01, 5.04, 5.05 y 12.03 (sujeto a las
limitaciones establecidas en la Clausula 12.03(b)) del presente y las
obligaciones de las Acreditantes conforme a la Clausula 11.01(d) del presente
Contrato, continuaran en vigor aun despues del pago de los Creditos y, en el
caso de que cualquier Acreditante ceda sus derechos de conformidad con el
presente Contrato, continuaran en vigor despues de dicha cesion, en el caso de
que cualquier evento o circunstancia que ocurra antes de la fecha efectiva de
dicha cesion, no obstante que dicha Acreditante que deje de ser una
"Acreditante" de conformidad con el presente Contrato. Ademas, cada
declaracion realizada en este Contrato o en cualquier documento relacionado
con el mismo, continuara vigente despues de que se haga.

     12.08 Encabezados. Los encabezados de cada una de las Clausulas del
presente Contrato son unicamente para fines de referencia y no afectaran la
interpretacion del mismo.

<PAGE>
                                                                            53

     12.09 Ejemplares. El presente Contrato sera firmado en 12 (doce)
ejemplares y todos en su conjunto se consideraran como un solo contrato. Un
ejemplar de copias firmadas por cada una de las partes sera entregada al
Acreditado y al Agente.

     12.10 Legislacion Aplicable. Este Contrato sera regido por, e
interpretado de conformidad con, las leyes de Mexico.

     12.11 Jurisdiccion y Competencia. Para todo lo relativo a la
interpretacion y cumplimiento de las obligaciones derivadas de este Contrato y
los Pagares, las partes se someten a la jurisdiccion y competencia de los
tribunales ubicados en el Distrito Federal, renunciando a cualquier otro fuero
que, por domicilio presente o futuro, o por cualquier otra causa, les pudiera
corresponder.

     12.12 Obligatoriedad. En caso de que cualquier disposicion del presente
sea declarada nula por cualquier tribunal competente, las partes acuerdan que
dicha invalidez no afectara la validez y exigibilidad de las demas
disposiciones del presente Contrato.

     12.13 Informacion Crediticia. (a) Con el objeto de dar cumplimiento a lo
que dispone la Ley para Regular las Sociedades de Informacion Crediticia, el
Acreditado en esta misma fecha entrega al Agente una carta de autorizacion
debidamente firmada por su(s) apoderado(s), la cual se adjunta al presente
como Anexo M, con el objeto de que el Agente este autorizado para realizar
consultas periodicas a las sociedades de informacion crediticia respecto del
historial crediticio del Acreditado, asi como para que este facultado para
proporcionar a dichas sociedades de informacion crediticia informacion sobre
el Acreditado.

         (b) Ademas de las personas y autoridades a que hacen referencia los
Articulos 93 y 117 de la Ley de Instituciones de Credito, el Acreditado, las
Obligadas Solidarias y las Fiadoras autorizan a las Acreditantes para que
divulguen la informacion que se derive de las operaciones a que hace
referencia este Contrato a (i) las demas entidades financieras integrantes del
grupo financiero al que cada uno pertenezca (en la medida permitida por la Ley
de Instituciones de Credito), a la casa matriz, directa o indirectamente, de
la Acreditante que corresponda, (ii) las autoridades regulatorias de la casa
matriz de la Acreditante que corresponda, (iii) Banco de Mexico, (iv) las
demas personas con las que contrate la Acreditante que corresponda,
especialmente conforme a la Clausula Decima Quinta y (v) las personas que
convengan las partes.

<PAGE>
                                                                            54

     12.14 Titulo Ejecutivo. Este Contrato, junto con el estado de cuenta
certificado por el contador de cada Acreditante, constituyen titulo ejecutivo
en terminos del articulo 68 de la Ley de Instituciones de Credito.

     12.15 Anexos. Las partes convienen que los anexos referidos en este
Contrato forman parte integrante de este Contrato.

     12.16 Compensacion. En el supuesto de que en cualquier fecha en que el
Acreditado, las Obligadas Solidarias o las Fiadoras deban pagar a las
Acreditantes cualquier cantidad conforme a este instrumento y el Acreditado,
las Obligadas Solidarias o las Fiadoras incumplieren con esta obligacion de
pago, estos ultimos, en la medida permitida por la ley, autorizan y facultan
irrevocablemente a las Acreditantes a (i) cargar a cualquier cuenta que el
Acreditado, las Obligadas Solidarias o las Fiadoras mantengan con las
Acreditantes, incluyendo, sin limitar, depositos y/o cuentas a la vista, de
ahorro, a plazo, provisionales o definitivas, cuentas de inversion
cualesquiera que estas sean, incluyendo especialmente las cantidades que la
division fiduciaria de las Acreditantes mantenga a favor del Acreditado, las
Obligadas Solidarias o las Fiadoras conforme a cualquier contrato de
inversion, y (ii) compensar cualquier adeudo que las Acreditantes puedan tener
en su favor y a cargo del Acreditado, las Obligadas Solidarias o las Fiadoras
por cualquier concepto, precisamente hasta una cantidad de igual monto de la
cantidad no pagada a las Acreditantes, sin necesidad de requerimiento, aviso o
demanda alguna.

     Las Acreditantes notificaran al Acreditado, a las Obligadas Solidarias y
a las Fiadoras, segun sea el caso, tan pronto como le sea posible, de
cualquier cargo o compensacion que hayan efectuado conforme a lo permitido en
esta Clausula en el entendido de que la falta de dicha notificacion no
afectara en forma alguna la validez de dicho cargo o compensacion. El derecho
de las Acreditantes conforme a esta Clausula es adicional a cualquier otro
derecho (incluyendo otros derechos de compensacion) que las Acreditantes
puedan tener.

     Las Acreditantes aceptan que en el caso de que cualquiera de ellas
realice un cargo o compensacion conforme a lo previsto en esta Clausula, la
Acreditante que haya realizado dicho cargo o compensacion distribuira a cada
una de las demas Acreditantes, una parte de los recursos que se hayan tomado
por dicha Acreditante equivalente a la participacion de cada Acreditante en
los Creditos, calculada conforme al Anexo A.

         [EL RESTO DE ESTA PAGINA SE DEJA INTENCIONALMENTE EN BLANCO]

<PAGE>
                                                                            55

                    [PAGINA DE FIRMAS EN LA SIGUIENTE HOJA]

<PAGE>
                                                                            56

     EN VIRTUD DE LO ANTERIOR, las partes del presente firman este Contrato el
26 de febrero de 2003, en la Ciudad de Mexico, Distrito Federal.

                                      ACREDITADO

                                      VITRO PLAN, S.A. DE C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            57

                                      OBLIGADAS SOLIDARIAS

                                      AUTOCRISTALES DE ORIENTE, S.A. DE C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      CRISTALES INASTILLABLES, S.A. de C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            58

                                      DISTRIBUIDOR VIDRIERO LAN, S.A. DE C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                       DISTRIBUIDORA DE VIDRIO DE MEXICO,
                                       S.A.  de C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            59

                                      DISTRIBUIDORA DE VIDRIO Y CRISTAL,
                                      S.A. DE C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                       DISTRIBUIDORA NACIONAL DE VIDRIO,
                                       S.A. DE C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                       VITRO AUTOMOTRIZ, S.A. DE C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            60

                                       VITROCAR, S.A. DE C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            61

                                       VIDRIO PLANO DE MEXICO, S.A. DE C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                       VIDRIO PLANO, S.A. DE C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            62

                                       VITRO FLOTADO Y CUBIERTAS, S.A. DE C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            63

                                      VITRO VIDRIO Y CRISTAL, S.A. DE C.V.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      VITRO AMERICA, INC.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            64

                                      VVP AUTO GLASS, INC.,

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      VVP HOLDING CORP.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            65

                                      CRISTALES CENTROAMERICANOS, S.A.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      VIDRIOS TEMPLADOS COLOMBIANOS, S.A.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            66

                                       VVP SYNDICATION, INC.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      SUPER SKY INTERNATIONAL, INC.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            67

                                      SUPER SKY PRODUCTS, INC.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      SUPER SKY CONSTRUCTORS, INC.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            68

                                      LAS FIADORAS

                                      TECNOLOGIA VITRO VIDRIO Y CRISTAL, LTD.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                       IP VITRO VIDRIO Y CRISTAL, LTD.

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

                                      Por:
                                          -------------------------------
                                      Nombre:
                                             ----------------------------
                                      Cargo:
                                             ----------------------------

<PAGE>
                                                                            69

                                    AGENTE

                                     Banco Nacional de Mexico, S.A.,
                                     Integrante del Grupo Financiero Banamex
                                     como Agente

                                     Por: __________________________
                                     Nombre:
                                     Cargo:

                                     Por: __________________________
                                     Nombre:
                                     Cargo:

                                     Direccion:

                                            Av. Roble No. 701
                                            Edificio Quimmco, Piso 5
                                            Col. Valle del Campestre
                                            Garza Garcia,
                                            N.L. Mexico, CP
                                            66260 Att: Jesus
                                            Servando Cantu
                                            Tel: (81) 1226 8505
                                            Fax: (81) 1226 8560

<PAGE>
                                                                            70

                                 ACREDITANTES

                                     BANCO NACIONAL DE MEXICO, S.A.,
                                     Integrante del Grupo Financiero Banamex

                                     Por: __________________________
                                     Nombre:
                                     Cargo:

                                     Por: __________________________
                                     Nombre:
                                     Cargo:

                                  Direccion:

                                               Av. Roble No. 701
                                               Edificio Quimmco,
                                               Piso 5 Col. Valle
                                               del Campestre
                                               Garza Garcia,
                                               N.L. Mexico, CP
                                               66260 Att: Jesus
                                               Servando Cantu
                                               Tel: (81) 1226
                                               8505 Fax: (81)
                                               1226 8560

<PAGE>
                                                                            71

                                     COMERICA BANK MEXICO, S.A.,

                                     Por
                                        ------------------------------
                                     Nombre:
                                     Cargo:

                                     Direccion:

                                             Andres Bello No. 10
                                             Piso 17
                                             Col. Chapultepec, Polanco
                                             Mexico, D.F.
                                             CP 11560
                                             Att:  Augusto de Oliveira
                                             Tel:  (81) 1226 8505
                                             Fax:  (81) 1226 8560

<PAGE>
                                                                            72

                                     BANCO NACIONAL DE COMERCIO
                                     EXTERIOR, S.N.C.

                                     Por
                                        ---------------------------
                                     Nombre:
                                     Cargo:

<PAGE>

                                             Unofficial translation to English
                                                              By: T. Cantu Gzz

LOAN AGREEMENT ("Contrato de Apertura de Credito Simple") (the "Agreement")
dated as of February 26, 2003, among:

     (1) VITRO PLAN, S.A. de C.V. ("Vitro Plan" or the "Borrower"), a
corporation organized under the laws of the United States of Mexico
("Mexico"); as Borrower;

     (2) AUTOCRISTALES DE ORIENTE, S.A. de C.V., a corporation organized under
the laws of Mexico,

          CRISTALES INASTILLABLES DE MEXICO, S.A. de C.V., a corporation
     organized under the laws of Mexico,

          DISTRIBUIDOR VIDRIERO LAN, S.A. de C.V., a corporation organized
     under the laws of Mexico,

          DISTRIBUIDORA DE VIDRIO DE MEXICO, S.A. de C.V., a corporation
     organized under the laws of Mexico,

          DISTRIBUIDORA DE VIDRIO Y CRISTAL, S.A. de C.V., a corporation
     organized under the laws of Mexico,

          DISTRIBUIDORA NACIONAL DE VIDRIO, S.A. de C.V., a corporation
     organized under the laws of Mexico,

          VITRO AUTOMOTRIZ, S.A. de C.V., a corporation organized under the
     laws of Mexico,

          VITROCAR, S.A. de C.V., a corporation organized under the laws of
     Mexico,

          VIDRIO PLANO DE MEXICO, S.A. de C.V., a corporation organized under
     the laws of Mexico,

          VIDRIO PLANO, S.A. de C.V., a corporation organized under the laws
     of Mexico,

          VITRO FLOTADO CUBIERTAS, S.A. de C.V., a corporation organized under
     the laws of Mexico,

          VITRO VIDRIO Y CRISTAL, S.A. de C.V., a corporation organized under
     the laws of Mexico,

          VITRO AMERICA, INC., a corporation organized under the laws of the
     United States of America,

<PAGE>

          VVP AUTO GLASS, INC, a corporation organized under the laws of the
     United States of America,

          VVP HOLDING CORP., a corporation organized under the laws of the
     United States of America,

          CRISTALES CENTROAMERICANOS, S.A., a corporation organized under the
     laws of Guatemala,

          VIDRIOS TEMPLADOS COLOMBIANOS, S.A., a corporation organized under
     the laws of Colombia,

          VVP SYNDICATION, INC., a corporation organized under the laws of the
     United States of America,

          SUPER SKY INTERNATIONAL, INC., a corporation organized under the
     laws of the United States of America,

          SUPER SKY PRODUCTS, INC., a corporation organized under the laws of
     the United States of America,

          SUPER SKY CONSTRUCTORS, INC., a corporation organized under the laws
     of the United States of America,

each of them a Subsidiary of Vitro Plan, and any Subsidiary of Vitro Plan that
becomes a "Guarantor" after the date hereof, pursuant to Section Seven hereof
(together, the "Guarantors");

     (3) IP VITRO VIDRIO Y CRISTAL, LTD., a corporation organized under the
laws of Switzerland and TECNOLOGIA VITRO VIDRIO Y CRISTAL, LTD, a corporation
organized under the laws of Switzerland (together, the "Swiss Guarantors");

     (4) each of the banks that is a signatory hereto as indicated in Exhibit
A hereof and each of the Banks that will become a "Lender" after the date
hereof pursuant to Section 12.06 hereof (individually a "Lender" and,
collectively, the "Lenders"); and

     (5) Banco Nacional de Mexico, S.A., a member of the Financial Group
Banamex, acting as an Agent (together with its successors, the "Agent").

     In conformity with the following preamble, declarations, and
stipulations:

                                   PREAMBLE

     1. On February 26, 2003, Vitro Plan, VVP Holding Corp. and VVP
Syndication, Inc., as borrowers, signed a loan agreement (the "Dollar Loan
Agreement") with Citibank as Administrative Agent, and the lenders mentioned
in said agreement,

<PAGE>

Salomon Smith Barney Inc. and Comerica Bank, as Joint Lead Arrangers, (the
"Joint Lead Arrangers") by means of which said lenders agreed to grant a loan
to said borrowers for an amount of up to US$144,244,230.63 (one hundred and
forty-four million two hundred and forty-four thousand two hundred and thirty
US dollars 63/100); said agreement stipulates that said amount will be made
available in two tranches; a first tranche, called "Tranche A", up to an
amount of US$80,000,000 (eighty million US dollars) (the "Tranche A Loan") and
a second tranche, called Tranche B, up to an amount of US$64,244,230.63
(sixty-four million two hundred forty-four thousand two hundred and thirty US
dollars 63/100) (the "Tranche B Loan").

     2. On February 26, 2003, the lenders pursuant to the Dollar Loan
Agreement and the Lenders hereunder signed an agreement among lenders (the
"Intercredit Agreement").

     3. Pursuant to Section 12 of the Dollar Loan Agreement, VVP Syndication,
Inc. established a lien in favor of the Collateral Agent (as defined
hereinafter) on the funds deposited in the Cash Reserve Account (as defined
here below) for the purpose of guaranteeing payment of the amounts to be paid
in conformity with this Agreement and the Dollar Loan Agreement.

                                 DECLARATIONS

I. The Borrower and each one of the Guarantors and of the Swiss Guarantors
represents and warrants with respect to itself that, as of the date hereof and
as of the date of the Borrowing:

     (a) Existance and Authority. It (i) is a sociedad anonima de capital
variable or a sociedad anonima, as applicable, duly organized and validly
existing under the laws of its jurisdiction of incorporation, (ii) has all
necessary licenses, authorizations and approvals necessary to own its assets
and carry on its business as now being conducted, (iii) is fully qualified
pursuant to iexecute this Agreement, to suscribe the Pagares ("Pagares") and
to assume the obligations set forth in this Agreement and in the Pagares and
(iv) is in compliance with all applicable Requirement of Law except where
failure to be in compliance could not reasonably be expected to have a
Material Adverse Effect (as herinafter defined). Certified copies of the
public deeds or similar documents that set forth their estatutos sociales are
attached as Exhibit B hereto.

     (b) Due Authorization and Others. The execution of this Agreement and the
subscription of the Pagares have been duly authorized by all necessary
corporate action, and does not require additional authorizations (corporate or
of other nature) pursuant to its estatutos sociales and similar constitutive
documents for such effects. The execution of this Agreement and the
subscription of the Pagares and the compliance of their obligations thereto do
not contravene (i) its estatutos sociales or, if applicable, other
constitutive documents, any Requirement of Law, any applicable judicial order
or resolution or any applicable contractual provision and (ii) do not and will
not result in the imposition of any Lien, except Liens created on the Cash
Reserve

<PAGE>

Account. The Borrower has requested from the Lenders the granting of a loan up
to the amount of $627,628,000.00 (six hundred twenty seven million six hundred
twenty eight thousand Pesos), which it will use in the manner set forth
herein, in the understanding that such funds will not be utilized, directly or
indirectly to acquire Margin Stock (as defined in the laws of the United
States of America).

     (c) Governmental and Third Party Approvals. Except as set forth in
Section 7.01(b) hereof, no governmental or third party authorization or
registry license is required for the due execution of this Agreement or for
the subscription of the Pagares, their validity or enforceability or the
compliance of their obligations pursuant thereto. In the case of VVP
Syndication, no filing, registration or other action is required to be
accomplished in Mexico, under the laws of Mexico, in order to cause the
security interest created under Section 12 of the Dollar Loan Agreement be a
valid first and prior perfected security interest therein.

     (d) Legal Effect. This Agreement and the Pagares has been duly executed
and delivered by such Borrower's representatives and constitutes the legal,
valid and binding obligation of such Borrower, enforceable against it in
accordance with its terms. Its representatives have the sufficient powers to
oblige it pursuant to the terms of this Agreement and of the Pagares and as of
the date of signature of this Agreemente such powers have not been revoked or
limited. Certified copies of the public deeds or similar documents that set
forth the powers of attorney granted to the individuals signing on their
behalf and representation are attached as Exhibit C hereto.

     (e) Financial Statements. Its consolidated financial statements (audited,
in the case of the Borrower, the Guarantors, and the Swiss Guarantors other
than the U.S. Guarantors, and unaudited in the case of US Guarantors) as of
December 31, 2001, in the case of Borrower and the Guarantors and as of
December 31, 2002 in the case of the Swiss Guarantors) and the related
unaudited financial statements as of September 30,2002, each of which has
heretofore been furnished to the Lenders, are complete and correct and fairly
present their consolidated financial condition at said respective dates, all
of which have been prepared in accordance with GAAP consistently applied, and
such Borrower, the Guarantors or the Swiss Guarantors do not have any material
contingent liabilities not disclosed therein. Since December 31, 2001, no
event or circumstance has occurred that has generated a Material Adverse
Effect.

     (f) Ranking. Its payment obligations pursuant to this Agreement and the
Pagares represent unconditional and unsubordinated general obligations and
rank will at all times rank at least pari passu with all other present and
future unsecured Indebtedness.

     (g) No Actions or Proceedings. As of the date hereof, there is no
litigation, investigation or pending procedures, including environmental, tax,
labor or any litigation of any kind, by or before any court, Governmental
Authority or arbitrator that could reasonably be expected to have a Material
Adverse Effect. Its operations and those of its Subsidiaries comply with all
applicable Requirement of Law (including Environmental

<PAGE>

Laws) and with all Governmental Authorities' orders, except to the extent the
failure to so comply could not reasonably be expected to have a Material
Adverse Effect.

     (h) Absence of Immunity. It is not entitled to any immunity of any kind
nor its assets are entitled to any immunity of any kind.

     (i) Taxes. There is no tax, charge or contribution payable by virtue of
the execution of this Agreement and the Pagares. It has filed all material tax
returns required to be filed and paid all taxes shown to be due thereon except
such as are being contested in good faith by appropriate proceedings and for
which adequate reserves have been made if required in accordance with GAAP.

     (j) Formalities. All formalities required for the validity of this
Agreement and the Pagares have been satisfied.

     (k) Full Disclosure. The information, reports, financial statements,
exhibits and schedules contained in the Information Memorandum, taken as a
whole, do not contain any untrue statement of material fact, provided, that no
such representation and warranty is made as to any projections or
forward-looking information contained therein except that such projections or
forward-looking information have been prepared in good faith on assumptions
believed to be reasonable at the time of preparation thereof. All other
written information furnished to the Lenders or the Agent in connection with
this Agreement and the Pagares will be complete and accurate in every material
respect, or (in the case of projections, if applicable based on reasonable
estimates), on the date as of which such information is presented.

     (l) Liens. On the Borrowing Date, VVP Syndication, Inc. shall grant a
Lien in first place and priority pursuant to the terms of Section 12 of the
Dollar Loan Agreement. Exhibit D hereto contains a list of all Liens granted
by it in connection with any Indebtedness as of the date hereof.

     (m) Solvency. As of the date hereof it is, and after giving effect to the
making of the Loans and the use of proceeds thereof will be, Solvent.

     (n) Restrictions. Other than the Existing Restrictions, none of its
Subsidiaries is subject to any contractual restriction on its ability to make
any Dividend Payment.

     (o) Material Agreements. Exhibit E hereto is a complete and correct list
of (i) each loan agreement, issuance acts or similar instruments and (ii) each
purchase agreement, guarantee, letter of credit or other arrangement providing
for or otherwise relating to any Indebtedness or the granting of any extension
of credit (in the case of sub-section (ii), with an outstanding amount in
excess of US$10,000,000 (ten million Dollars), of which it is a party to and
that as of that date hereof remain outstanding.

     (p) Properties. It has good title to, or valid leasehold interests in,
all its real and personal property material to its business, except for (i)
easements, zoning restrictions,

<PAGE>

rights-of-way and similar encumbrances imposed by law do not materially
detract from the value of the affected property or interfere with the ordinary
conduct of its business. It has good title to or is the rightfull licensee of
all of its trademarks, inventions, patents, trade names and other intellectual
property rights material for the performance of its business, and its use
thereof does not infringe upon the rights of any third party, except for any
such infringements that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.

     (q) Guarantors. Considering the business, corporate, financial,
administrative and legal relationships that Guarantors have with Borrower, it
is in their best interest to execute this Agreement with the intent of
obligating themselves jointly and severally alongside Borrower with Lenders in
the fulfillment of all of Borrower's payment obligations pursuant to this
Agreement. Consequently it is their intention to comprise themselves as a
guarantor regarding such payment obligations as well as to suscribe as an
avalista the Pagares to be executed pursuant to this Agreement.

     (r) Swiss Guarantors. Considering the business, corporate, financial,
administrative and legal relationships that Swiss Guarantors have with
Borrower, it is in their best interest to execute this Agreement with the
intent of guaranteeing fulfillment of all of Borrower's payment obligations
pursuant to this Agreement. Consequently it is their intention to comprise
themselves as guarantors regarding such payment obligations as well as to
suscribe as an avalista the Pagares to be executed pursuant to this Agreement.

II. Each of the Lenders represents that:

<PAGE>

     (a) It is a multi banking institution, legally incorporated in accordance
with the laws of Mexico, duly empowered pursuant to its corporate pupose to
execute this Agreement.

     (b) The execution of this Agreement has been duly authorized by such
Lender and does not require additional authorizations (corporate or of other
nature) pursuant to its estatutos sociales.

     (c) Its representatives have the sufficient powers to oblige it pursuant
to the terms of this Agreement and as of the date of signature of this
Agreemente such powers have not been revoked or limited as evidenced through
the copy of the public deeds that sets forth such powers, attached as Exhibit
F hereto.

     (d) It has the ability of granting the loan to the Borrower for the
amount set forth alongside its name in Exhibit A hereto.

     (e) Based on the representations by the Borrower, the Guarantors and the
Swiss Guarantors it is willing to grant the requested loan by the Borrower to
which the Guarantors are jointly and severally obligated and the the Swiss
Guarantors guarantee, pursuant with the terms and subject to the conditions
set forth in this Agreement.

     (f) Ackowledge that the Agent shall execute the Intercreditor Agreement,
which shall include several provisions regarding various matters related with
the Loans, which provisions could affect the exercise of their rights pursuant
to this Agreement and the Pagares. Likewise, they recognize that they have
reviewed the Intercreditor Agreement and represent their consent regarding its
terms and conditions.

     (g) Ackowledge that the Agent shall execute the Lien Agreement, which
shall include several provisions regarding various matters related with the
Loans, which provisions could affect the exercise of their rights pursuant to
this Agreement and the Pagares. Likewise, they recognize that they have
reviewed the Lien Agreement and represent their consent regarding its terms
and conditions.

     Considering the Preamble and the Declarations above, the partes agree on
the following:

                                 STIPULATIONS

     SECTION ONE. DEFINITIONS.

     1.01 Certain defined terms. The terms defined here below shall have the
following meanings (all the terms defined in this Section or in any other
Section hereof will have the same meaning when used in the plural or
singular):

<PAGE>

     "Voting Shares" shall mean, with respect to any person, any class or
classes of stock or other ownership interests pursuant to which the holders
thereof have the general voting power under ordinary circumstances to elect
directors, managers or trustees of such Person (irrespective of whether or
not, at the time, stock of any other class or classes has, or might have,
voting power by reason of the happening of any contingency).

     "Borrower" shall have the meaning attributed to it in the Preamble
hereof.

     "Lenders" shall have the meaning attributed to it in the Preamble hereof,
as well as any of its successors or assignees.

     "Affiliate" shall mean, as to any Person, any other Person that, directly
or indirectly controls, is controlled by, or is under common control with such
Person or is a director or officer of such Person. For purposes of this
definition, the term "control" (including the terms "controlling," "controlled
by," and "under common control with") of a Person shall mean the possession,
direct or indirect, of the power to vote 10% or more of the Voting Shares of
such Person or to direct or cause the direction of the management and policies
of such Person, whether through the ownership of such Voting Shares, by
contract, or otherwise.

     "Agent" shall have the meaning attributed to it in the Preamble hereof.

     "Collateral Agent" means Wachovia Bank, N.A.

     "Governmental Authority" shall mean any nation, government, state, or
municipality or other political subdivision thereof and any entity exercising
executive, legislative, judicial, monetary, regulatory, or administrative
functions.

     "Change of Control" shall mean that either (i) Vitro shall cease to own,
beneficially and of record, directly or through one or more of its
wholly-owned Subsidiaries, at least 51% of the outstanding Voting Shares of
Vitro Plan or (ii) Pilkington shall cease to own, beneficially and of record,
directly or through one or more wholly-owned Subsidiaries, at least 35% of the
outstanding Voting Shares of Vitro Plan.

     "Consolidated Net Capital" shall mean, for any Person at any time, for
such Person and its consolidated Subsidiaries, total shareholders' equity,
determined on a consolidated basis in accordance with GAAP.

     "Cause of Accelerated Maturity" shall have the meaning attributed to it
in Section 10.01 hereof.

     "Citibank" means Citibank N.A., a bank organized under the laws of the
USA.

     "Communications Agreement shall have the meaning attributed to it in the
Loans Agreement in US dollars.

<PAGE>

     "Hedge Agreement" shall mean any interest rate exchange agreement,
foreign currency exchange agreement, commodity price protection agreement or
other interest or currency exchange rate or price hedging arrangement.

     "Account Control Agreement" shall have the meaning attributed to it in
the Preamble hereof.

     "Dollar Loan Agreement" shall have the meaning attributed to it in the
Preamble hereof.

     "Intercreditor Agreement" shall have the meaning attributed to it in the
Preamble hereof.

     "Loan" shall have the meaning as outlined in Section 2.01(a) hereof.

     "Loans" shall have the meaning as attributed to it in Section 2.01(a)
hereof.

     "Contractual Account" shall have the meaning attributed to it in Section
2.02(c) hereof.

     "Cash Reserve Account" shall have the meaning attributed to it in the
Loan Agreement in US dollars.

     "Indebtedness" shall mean, with respect to any Person at any date without
duplication, (i) all obligations of such Person for borrowed money; (ii) all
obligations of such Person evidenced by bonds, debentures, notes (including,
for the avoidance of doubt, any note payable to an Affiliate of any Borrower
which Affiliate is not a Subsidiary of Vitro Plan) or other similar
instruments; (iii) all obligations of such Person to pay the deferred purchase
price of Property or services (other than trade accounts payable arising in
the ordinary course of business not overdue for more than 60 days); (iv) all
Capital Lease Obligations of such Person and (without duplication) obligations
under Sale-Leaseback Transactions; (v) all obligations, contingent or
otherwise, of such Person to reimburse any Person in respect of amounts paid
under a letter of Loans or similar instrument (other than contingent
obligations in respect of documentary letters of Loans to support trade
transactions of such Person in the ordinary course of business and with
maturities of 270 days or less); (vi) all Indebtedness of other Persons
secured by a Lien on any Property of such Person, whether or not such
Indebtedness is assumed by such Person; (vii) all Indebtedness of other
Persons Guaranteed by such Person; and (viii) the credit exposure of such
Person in respect of Derivatives Liabilities; provided, that for purposes
solely of computing the outstanding principal amount of Indebtedness of the
Obligors or any of them in connection with Sections 9.01(a), 9.01(b) and
9.01(c) hereof, (i) the aggregate outstanding principal amount of Indebtedness
hereunder shall be deemed reduced by the amount then credited to the Cash
Reserve Account and (ii) the outstanding principal amount of consolidated
Indebtedness of the Obligors shall be reduced by US$30,000,000 (thirty million
Dollars) of consolidated

<PAGE>

Indebtedness of Vitro AFG, provided, that there shall be no recourse of any
kind to the Borrower or to any of its Subsidiaries in respect of such
Indebtedness.

     "Relevant Indebtedness" shall have the meaning attributed to it in
Section 10.01(c) hereof.

     "Total Consolidated Indebtedness" shall mean, with respect to any Person
at any time, the sum total with regard to such Person and its consolidated
Subsidiaries on a consolidated basis in conformity with GAAP, of the total
indebtedness of said Person and its Subsidiaries.

     "Business Day" shall mean any day on which loan institutions in the City
of Mexico, Federal District, Mexico, are in operation and are not authorized
to close.

     "Borrowing" shall have the meaning attributed to it by Section 2.02(a)
hereof.

     "Dollars" shall mean legal tender of the United States of America.

     "Material Adverse Effect" shall mean a material adverse effect on (i) the
business, condition (financial or otherwise), operations, assets or prospects
of the Borrower and its Subsidiaries (except VVP Syndication, Inc.) as a
whole, (ii) the ability of the Borrower, the Guarantors, and the Swiss
Guarantors to perform their obligations under this Agreement and the Pagares,
or (iii) the rights and remedies of the Lenders according to this Agreement
and the Pagares.

     "Joint Lead Arrangers" shall mean Salomon Smith Barney Inc. and Comerica
Bank, as joint lead arrangers.

     "USA" means the United States of America.

     "Borrowing Date" shall have the meaning attributed to it in Section
2.02(a) hereof.

     "Principal Payment Date" shall have the meaning attributed to it in
Section 3.01 hereof.

     "Swiss Guarantors" will have the meaning attributed to it in the Preamble
hereof.

     "Officer in Charge" shall mean the CFO, the Head Accountant or any other
executive officer in charge of the matters related to this Agreement.

     "Consolidated Interest Expense" shall mean with respect to any Person for
any period, the aggregate gross amount of interest accruing on the
Indebtedness of such Person and its consolidated Subsidiaries on a
consolidated bases, determined in accordance with GAAP, including (without
duplication) the interest portion of payments under Capital Lease Obligations
and any capitalized interest and amortization of debt discount and expense,
but excluding, with regard to the Borrower, interest accrued on

<PAGE>

the US$30,000,000 of the consolidated Indebtedness of Vitro AFG, provided they
are not carried in the books as Indebtedness pursuant to the terms of the
definition of Indebtedness.

     "Lien" shall mean any mortgage, lien, pledge, charge, or other
encumbrance, or any preferential arrangement that has the practical effect of
creating a lien or security interest.

     "Permitted Liens" shall mean:

     (i) Liens imposed by law arising in the ordinary course of business,
including (but not limited to) carriers', warehousemen's and mechanics' liens
and other similar liens imposed by law and arising in the ordinary course of
business and which (x) do not in the aggregate materially detract from the
value of the Property subject thereto or materially impair the use thereof in
the operations of the business of any of the Obligors or (y) are being
contested in good faith by appropriate proceedings, which proceedings have the
effect of preventing the forfeiture or sale of the Property subject to such
Liens and for which adequate reserves have been made if required in accordance
with GAAP;

     (ii) pledges or deposits made in the ordinary course of business in
connection with workers' compensation, unemployment insurance or other similar
social security legislation or in connection with bids relating to the
obtaining of a contract for the manufacture and/or sale of products;

     (iii) Liens securing taxes, assessments and other governmental charges,
the payment of which is not yet due or is being contested in good faith by
appropriate proceedings reasonably promptly initiated and diligently conducted
and for which such reserve or other appropriate provisions, if any, as
required by GAAP, shall have been made;

     (iv) any Lien which arises pursuant to a final judgment to the extent it
does not constitute or give rise to an Event of Default;

     (v) any Lien existing on any Property prior to the acquisition thereof by
the Borrower, any Obligor or a Subsidiary and not created in contemplation of
such acquisition (and not extending to any other Property); and

     (vi) any right of setoff arising by operation of law.

     "IMSS" shall mean "Instituto Mexicano del Seguro Social".

     "Default" shall mean an Event of Default or an event that, in the course
of time, or by giving notice, or both, would become an Event of Default.

     "INFONAVIT" shall mean the "Instituto del Fondo Nacional de la Vivienda
para los Trabajadores".

<PAGE>

     "Investment" in any Person shall mean: (i) the acquisition (whether for
cash, Property, services or securities or otherwise) of capital stock, bonds,
notes, debentures, partnership or other ownership interests or other
securities of, or the making of a capital contribution to, such Person, (ii)
the making of any advance, loan or other extension of credit to, such Person
(including the purchase of Property from such Person subject to an
understanding or agreement, contingent or otherwise, to resell such Property
to such Person), but excluding any such advance, loan or extension of credit
having a term not exceeding 90 calendar days arising in connection with the
sale of inventory or supplies to such Person in the ordinary course of
business, and (iii) the entering into of any Guarantee of Indebtedness or
other liability of such Person.

     "Environmental Law" shall mean any applicable federal, state or local
governmental law, rule, regulation, order or decree relating to pollution or
protection of the environment or the treatment, storage, disposal, release,
threatened release or handling of hazardous materials, including, without
limitation, the Mexican General Law of Ecological Balance and Environmental
Protection ("Ley General del Equilibrio Ecologico y la Proteccion al
Ambiente"), technical rules ("normas tecnicas") and regulations thereunder,
and all applicable local laws and regulations related to environmental matters
and any specific agreements entered into with any competent authorities which
include commitments related to environmental matters.

     "Applicable Margin" shall mean (i) 200 basis points for the period
starting on the Borrowing Date and ending on the date 1 (one) year thereafter;
(ii) 212.5 basis points during the second year hereof; (iii) 225 basis points
during the third year hereof; and (iv) 237.5 basis points for the fourth year
hereof.

     "Majority Lenders" shall mean, at any time, the Lenders that will hold
more than 50% (fifty percent) of the aggregate outstanding principal amount of
the Loans.

     "Information Memorandum" shall mean the Information Memorandum dated
December 12, 2002, relating to the Borrower.

     "Mexico" shall mean the United States of Mexico.

     "Requirement of Law" shall mean, as to any Person, any statute, law,
treaty, rule or regulation or determination, order, injunction or judgment of
an arbitrator or a court or other Governmental Authority, in each case
applicable or binding upon such Person or any of its Properties or revenues.

     "Change of Control Notice" shall have the meaning set forth in Section
3.04 hereof.

     "Notice of Borrowing" shall have the meaning set forth in Section 2.02(a)
hereof.

<PAGE>

     "Leasehold Obligation" shall mean, regarding any Person, the obligation
of such Person in conformity with any leasehold (including any leasehold that
may be terminated by the tenant at any time) related to any Property (whether
it be real estate, chattel, or a combination of such Property) which does not
give rise to Obligations due to Financial Leases, without including leases in
which such Person is the lessor.

     "Obligations for Financial Leases" shall mean, with regard to any Person,
the obligations of said Person to pay rent or other sums pursuant to any lease
(or any other agreement which grants the right of use) of goods and chattels
and/or real estate, which obligations have to be classified and accounted for
as capital leases in the balance sheet of said Person pursuant to GAAP and
which obligations, for the purposes of this Agreement, will be the quantity
capitalized in conformity with GAAP.

     "Derivatives Liabilities" shall mean, with respect to any Person, all
obligations of such Person in respect of any Hedge Agreement. For purposes
hereof, the "credit exposure" at any time of any Person in respect of any
Derivatives Liabilities shall be the total amount of net termination or
liquidation payments due and payable by such Person at such time (excluding
penalties and extraordinary amounts).

     "Guarantors" shall have the meaning as set forth in the Preamble hereof.

     "Obligors" shall mean the Borrower, the Guarantors, and the Swiss
Guarantors.

     "Sale-Leaseback Transaction" shall mean, with respect to any Person, any
transaction in which such Person, directly or indirectly, becomes liable as
lessee or as a guarantor or other surety with respect to any lease, whether a
Capital Lease Obligation or an Operating Lease Obligation, of any Property,
whether then owned or thereafter acquired, (i) which such Person has sold or
otherwise transferred or is to sell or transfer to any other Person or (ii)
which such Person intends to use for substantially the same purposes as any
other Property which has been or is sold or transferred by such Person to any
other Person in connection with such lease.

     "Pagares" shall have the meaning set forth in Section 2.05 hereof.

     "Dividend Payment" by any Person shall mean the payment of any dividend
(in cash or in kind) on, or other payment or distribution on account of, or
the setting apart of money for a sinking or other analogous fund for, or the
purchase, redemption, retirement or other acquisition of, any shares of any
class of stock of such Person or of any options, warrants or other rights to
acquire the same (or to make any payments to any Person, such as "phantom
stock" payments, where the amount thereof is calculated with reference to the
fair market or equity value of such Person), but excluding dividends payable
solely in shares of common stock of such Person.

     "GAAP" shall mean (i) as to each Mexican Obligor and as to the
consolidated financial statements of Vitro Plan, generally accepted accounting
principles in Mexico in effect at that time, (ii) as to each U.S. Obligor,
generally accepted accounting principles

<PAGE>

in the United States of America in effect at that time and (iii) as to any
other Obligor, generally accepted accounting principles in the jurisdiction of
the organization of such Obligor or Guarantor in effect at that time.

     "Interest Period" shall mean each period of twenty-eight (28) calendar
days, based on which the interest on the outstanding principal amount of the
Loans, provided that (i) the first Interest Period shall begin on the
Borrowing Date and will end on the last day of the calendar month in which the
Borrowing is made; and (ii) each of the subsequent Interest Periods shall
begin on the last day of the immediately prior Interest Period and end on the
last day of the calendar month corresponding to said Interest Period.

     "Person" shall mean any individual, corporation, company, "sociedad en
participacion", partnership, limited liability company, joint venture, trust,
unincorporated organization or Governmental Authority or other entity of
whatever nature with its own legal status.

     "Pesos" and "$" means Pesos, the current legal tender in Mexico.

     "Pilkington" shall mean Pilkington PLC, an English company.

     "Interest Coverage Ratio" shall mean, at any time, the ratio of (i) the
consolidated EBITDA of the Borrower for the then most recently concluded
period of four consecutive fiscal quarters of the Borrower to (ii)
Consolidated Interest Expense of the Borrower for the same period.

     "Debt to EBITDA Ratio" shall mean on the last day of any fiscal quarter
of the Borrower, the ratio of (i) the Borrower's total consolidated
Indebtedness on said date to (ii) the Borrower's consolidated EBITDA for the
period of four consecutive quarters of the Borrower which end on said date.

     "Existing Restrictions" shall have the meaning set forthin the
restrictions described in Exhibit G hereof.

     "SAR" shall mean the Sistema de Ahorro para el Retiro (Retirement Savings
System).

     "SHCP" shall mean Secretaria de Hacienda y Credito Publico.

     "Solvent" shall mean, with respect to any Person at any time, that (a)
the fair value of the Property of such Person is greater than the total amount
of liabilities (including without limitation contingent liabilities) of such
Person, (b) the present fair saleable value of the Property of such Person is
not less than the amount that will be required to pay the probable liability
of such Person on its debts as they become absolute and matured, (c) such
Person does not intend to, and does not believe that it will, incur debts or
liabilities beyond such Person's ability to pay as such debts and

<PAGE>

liabilities mature, (d) such Person is not engaged in a business and is not
about to engage in a business for which such Person's property would
constitute an unreasonably small capital and (e) such Person is not, or is not
deemed to be, generally in default with respect to its payment obligations
pursuant to the Mexican "Ley de Concursos Mercantiles".

     "Subsidiary" of any Person shall mean any corporation or other entity
more than 50% (fifty percent) of the Voting Shares of which are owned or
controlled, directly or indirectly, by such Person and/or any Subsidiary of
such Person.

     "Joint Venture Subsidiary" shall mean any Subsidiary of Vitro Plan in
which one or several Persons together, who are not affiliated to the Borrower
or to any Guarantors, hold directly or indirectly 35% of the Voting Shares.

     "Non-guaranteeing Subsidiary" shall mean (i) any Joint Venture Subsidiary
and (ii) any Subsidiary that may have been acquired by any Obligor after the
date hereof, that is limited by any agreement of any kind (not an Agreement
signed in anticipation of said acquisition) to guarantee the obligations of
the Borrower pursuant to the present Agreement.

     "Relevant Subsidiary" shall mean at any time any Subsidiary of the
Borrower which (i) in the most recently concluded four fiscal quarters of the
Borrower, accounts for more than 5% (five percent) of net sales or 5% (five
percent) of the consolidated EBITDA of the Borrower and its consolidated
Subsidiaries, on a consolidated basis, or (ii) which, on the last day of said
fiscal quarter, holds more than 5% (five percent) of total assets of Vitro
Plan and its consolidated Subsidiaries, on a consolidated basis, which
calculations will be determined in keeping with GAAP.

     "Interest Rate" shall have the meaning as set forth in Section 3.02 (a)
hereof.

     "Default Interest Rate" shall have the meaning as set forth in Section
3.02 (c) hereof.

     "TIIE Rate" shall mean the Balanced Interbank Interest Rate (Tasa de
Interes Interbancaria de Equilibrio) for four (4) weeks as published by the
"Banco de Mexico" in the Official Gazette of the Federation ("Diario Oficial
de la Federacion") on the first day of the corresponding Interest Period,
provided that, in case the first day of the Interest Period were not a
Business Day, the rate shall be the one published on the Business Day
immediately prior to the starting date of said Interest Period.

     "Consolidated EBITDA" shall mean, for any Person and for any period, with
respect to such Person and its consolidated Subsidiaries on a consolidated
basis, the sum (without duplication) of (i) Consolidated Operating Income,
(ii) depreciation and amortization and (iii) other non-cash charges to the
extent deducted in arriving at Consolidated Operating Income; provided, that
Vitro AFG shall be excluded from any determination of Consolidated EBITDA so
long as, pursuant to sub-section (ii) of the

<PAGE>

proviso to the definition of Indebtedness, the consolidated Indebtedness of
the Borrower, Obligors and Guarantors is reduced by US$30,000,000 (thirty
million US dollars) of consolidated Indebtedness of Vitro AFG.

     "Consolidated Operating Income" shall mean, for any Person and for any
period, operating income of such Person and its consolidated Subsidiaries,
determined on a consolidated basis in accordance with GAAP.

     "Sale of Property" shall mean, for any Person, any sale, rental, or other
divestment of assets, not including Dividend Payments, the payments relating
to any liabilities of such Person or the deposit or investment of funds in
conformity with cash management operations in the course of everyday
operations or the granting of Permitted Liens in conformity with this
Agreement.

     "Vitro" shall mean Vitro, S.A. de C.V., a company organized under Mexican
law.

     "Vitro AFG" shall mean Vitro AFG, S.A. de C.V., a company organized under
Mexican law.

     SECTION TWO. OPENING OF A LOAN.

     2.01 Opening of a Loan.

     (a) Subject to the terms and conditions established in the present
Agreement, each Lender severally agrees to make available to the Borrower
loans (each one "a Loan", and together the "Loans") for a total amount not
exceeding $627,628,000.00 (six hundred twenty-seven million six hundred
twenty-eight thousand Pesos), an amount which does not include interest,
commissions and expenses caused in relation with the Loans. Each one of the
Lenders will be bound to grant its respective Loan, only up to the amount
indicated next to its name in Exhibit A hereof.

     (b) The Loans will be allocated by the Borrower according to the terms of
Section 2.02 below.

     (c) The Borrower will use the funds of the Loans exclusively (i) to
refinance Indebtedness, (ii) to lend them to some of its Subsidiaries for them
to refinance their own Indebtedness, and (iii) to pay expenses and commissions
in the context hereof. None of the Lenders shall be responsible in any way for
the use which will be made of any funds of any of the Loans.

     2.02 Borrowing of the Loans. (a) The Loans will be allocated by the
Borrower and will be paid to the Borrower in a single payment (the
"Borrowing"). The Borrowing may be carried out on any Business Day, within ten
(10) days after signing this Agreement (the "Borrowing Date"), provided the
Borrower will have given the Agent a notice, duly signed by the Responsible
Officer of the Borrower, which specifies the

<PAGE>

amount of the Borrowing and the Borrowing Date (the "Notice of Borrowing"), at
least three (3) Business Days prior to the Borrowing Date.

     (b) The Borrowing will be subject to meeting the conditions for
proceeding with the Borrowing as set forth in Section Six hereof and after
having delivered to the Lenders the Pagares described in Section 2.05 below.
The allocation will be made by each Lender, up to the amount indicated next to
its name in Exhibit A hereof, and only up to the total amount of the Loans
mentioned in Section 2.01 (a).

     (c) For the purposes of administering the Loans, the Lenders shall pay
their corresponding amounts to the account No. 870/56028-8 (on behalf of "UOCC
Empresarial") with Banco Nacional de Mexico, S.A. and (ii) the Agent shall pay
the corresponding amounts to the account of the Borrower with the Agent (the
"Contractual Account").

     2.03 Commissions. The Borrower shall pay (i) to the Lenders the
commissions to be agreed upon in separate negotiations with said Lenders and
(ii) to the Agent the reasonable and documented expenses derived from
preparing, negotiating, and signing of this Agreement. The Borrower herewith
authorizes the Lenders and/or the Agent to subtract from the Loan amount the
sums relating to the payment of said commissions and expenses.

     2.04 Lack of delivery; Independent Remedies. Even though the conditions
set forth in Section Six were met to carry out the allocation, in case any one
of the Lenders had not paid in its share of the funds in due time, the
Borrower agrees that the total Loan amount to be granted to the Borrower on
the Borrowing Date may be reduced by an amount equal to the amount that has
not been paid in by the Lenders, without any responsibility by the Agent or
the other Lenders. The Borrower reserves the right against any one of the
Lenders who may have failed to pay and may exercise all pertinent actions
against the Lender having failed to make the necessary payment. In case the
Borrower happened to have signed a Pagare in favor of the Lender who did not
make the corresponding payment, the Agent shall immediately ask for the return
of said Pagare and the Lender in question will be obliged to return said
Pagare, duly cancelled to the Borrower, even though he/she may not have been
requested to do so; in such case, the Borrower shall not have any obligation
towards the Lender that failed to make the payment. The amounts payable by the
Borrower to any of the Lenders at any time pursuant to this Agreement and the
Pagares shall be considered separate and independent debts, and each Lender is
subject to the terms of the Intercreditor Agreement and will have the right to
exercise its individual rights resulting hereof and of the Pagares,
independently of all the other Lenders, except to the extent that this
Agreement (or the Intercreditor Agreement) requires the consent of the
Majority of Lenders or of all the Lenders and, except if it were thus
required, the consent of the other Lenders or the Agent will not be required
to obtain payment of any past-due amounts.

<PAGE>

     2.05 Pagares. The Borrowing will be carried out, as set forth in Section
2.02, and against delivery by the Borrower to each of the Lenders, through the
Agent, of a non-negotiable Pagare, signed by the Borrower, the Guarantors, and
the Swiss Guarantors as guarantors, by their respective authorized officers,
and said Pagares shall be in the format established in Exhibit H hereof,
(hereinafter the "Pagare" and together the "Pagares"), for the amount of the
Borrowing corresponding to each of the Lenders. In case of any discrepancy
between the terms hereof and the Pagares, the present Agreement shall prevail.

     SECTION THREE. PRINCIPAL AND INTEREST PAYMENTS.

     3.01 Payment of Loans. The Borrower shall pay to the Lenders, through the
Agent, the principal amount of the Loans in eight (8) half-yearly, consecutive
repayments (each one a "Principal Repayment Date" and the last Principal
Repayment Date the "Maturity Date"), with the first such payment due six (6)
months after the Borrowing Date and the following ones each six (6) months
after the immediately prior Principal Repayment Date. On each Principal
Repayment Date, the Borrower shall pay the percentage of the outstanding
principal sum of the Loans granted hereunder, equal to the percentage that is
established for said Principal Repayment Date in the following schedule:

   Principal Repayment Date         Percentage            Amount

               6                        5%              31,381,400
              12                        5%              31,381,400
              18                        10%             62,762,800
              24                        10%             62,762,800
              30                        15%             94,144,200
              36                        15%             94,144,200
              42                        20%             125,525,600
              48                        20%             125,525,600

     3.02 Interest. (a) The Borrower shall pay to the Lenders, through the
Agent, and without the need of a previous call, ordinary interest on the
outstanding principal amount of the Loans during each Interest Period, from
the Borrowing Date to the Maturity Date, at an annual interest rate equal to
the applicable TIIE rate for each Interest Period, plus the Applicable Margin
(the "Interest Rate").

     (b) Interest shall be payable on the last Business Day of each Interest
Period (each of which is a "Interest Payment Date"); in the understanding that
the last Interest Payment Date will coincide exactly with the Maturity Date.
Each Interest Period that does not end on a Business Day shall end on the
immediately prior Business Day, but in any case, the corresponding interest
will be computed based on the number of dqays actually elapsed until the
corresponding Interest Payment Date. Any Interest Period that might end after
any Principal Repayment Date or after the Maturity Date shall end precisely on
said Principal Repayment Date and/or on the Maturity Date, respectively.

<PAGE>

     (c) In case of a delay in the payment of any amount payable hereunder or
for the Pagares (except for ordinary interest), default interest shall be
payable on the past-due and unpaid amount of the Loans from the date on which
said payment was due until payment in full, at an annual rate equal to the
rate resulting from adding 200 (two hundred) basis points to the Interest Rate
applicable to the period in which it happens and during the time in which the
failure to pay continues (the "Default Interest").

     (d) Promptly after the determination of any interest rate provided for
herein or any change therein pursuant to this Agreement, the Agent shall
(without limiting the requirements of Section 12.02 that all notices be in
writing) give written notice thereof to the Lenders and to the Borrower. Each
determination by the Agent of an interest rate hereunder shall be conclusive
and binding for all purposes, absent manifest error.

     3.03 Optional Prepayments. (a) The Borrower shall have the right to
prepay Principal Repayments with regard to the Loans, giving irrevocable,
written notice thereof the Agent with minimum three (3) Business Days previous
notice. Prepayments shall include interest due on the Loans up to the date of
the prepayment. Any partial prepayment shall be of a minimum amount of
$50,000,000.00 (fifty million pesos 00/100 M.N.) and above such amount, in
multiples of $10,000,000.00 (ten million pesos 00/100 M.N.). Prepayments made
hereunder shall be applied towards reducing the principal in inverse order to
its maturity. Amounts prepaid hereunder may not be reborrowed by the Borrower.

     (b) All prepayments under this Section 3.03 shall be applied on a pro
rata basis among the Lenders pursuant to this Agreement and pursuant to the
Loan Agreement in US dollars, taking as a basis the outstanding principal
amounts payable to each of them, pursuant to the Intercreditor Agreement.

     3.04 Mandatory Prepayments. The Borrower shall provide the Lenders with a
written notice (a "Change of Control Notice") within five (5) Business Days of
the occurrence of any Change of Control and the Borrower shall, within thrity
(30) Business Days after delivery of such Change of Control Notice, prepay the
outstanding principal amount of all Loans and all accrued and unpaid interest
thereon, as well as any other amounts payable by the Borrower pursuant to this
Agreement.

     SECTION FOUR. PAYMENTS, ETC.

     4.01 Place and form of payment. (a) The Borrower shall make all payments
of principal, interest, commissions or any other sum to be paid with regard to
the Loans free of taxes, levies, contributions, withholdings, deductions,
charges or any other fiscal dues payable under the laws, regulations and other
legal provisions applicable in Mexico, without any compensation, in funds that
are immediately available, not later than 13:00 hours (time of Mexico, Federal
District, Mexico) on the date when due. The above shall not be applicable with
regard to income tax or similar taxes payable by the Lenders or any Assignee,
shareholder or buyer of its rights hereunder on their income

<PAGE>

or total assets pursuant to the laws, regulations and other legal provisions
applicable in Mexico. Such payments shall be made via the Contractual Account
or any other account of which the Agent may notify the Borrower with at least
five (5) Business Days notice, in Mexican pesos. By this deed, the Borrower
authorizes the Agent to withdraw from the Contractual Account the amounts
payable by the Borrower pursuant to the present Agreement. Except for any
specification to the contrary hereof, the Agent shall, on the same Business
Day he receives a payment from the Borrower under this Section, distribute to
each Lender the portion that corresponds to each of them (determined pursuant
to the provisions of Exhibit A), of each payment that the Agent may have
received from the Borrower; the Agent will not be obliged to make any of the
above distributions before he has actually received the corresponding payment
from the Borrower (even if it were for a smaller amount than the one he should
have received for the payment in question).

     (b) In case any payment obligation of the Borrower became due on a day
that were not a Business Day or on a day that does not exist in the calendar
month in which such payment should be made, such payment shall be made on the
immediately prior Business Day.

     4.02 Pro rata payments. Except to the extent otherwise expressly provided
herein, (a) each payment or principal prepayment of the Loans shall be applied
pro rata to the Lenders, according to the corresponding outstanding principal
amounts of the Loans granted by them; and (b) each payment of interest on the
Loans shall be applied pro rata to the Lenders, according to the corresponding
interest amounts with regard to the Loans that come due on said date and
payable to each of them.

     4.03 Computations. Interest on the Loans hereunder shall be computed on
the basis of the actual number of days elapsed, based on a year of three
hundred and sixty (360) day, including the first of said days, but exclusive
of the last days.

     SECTION FIVE. COST INCREASES, ETC.

     5.01 Cost Increases. (a) If after the date this Agreement is signed any
Requirement of Law entered into force or were amended which is applicable to
any Lender or its parent company, or to any of its offices in charge of
administering and funding the Loans, or if the interpretation by any
Governmental Authority of any Legal Requirement changed, and if as a
consequence thereof, the cost of making or maintaining the Loans were
increased for said Lender, or if the amounts received by or to be received
from such Lender (provided said cost or reduction is considered material by
such Lender), the Borrower will pay to said Lender, at the request of the
latter, within five (5) Business Days after receipt of said petition, the
additional amounts required to compensate such Lender for said cost increase
or reduction of income, provided that this Section 5.01(a) will not be
applicable if the cost increase or the decrease in income are due to any act
imposed by any legal authority by virtue of the worsening of the financial
situation or the capitalization level of the corresponding Lender.

<PAGE>

     (b) If any Lender should determine after the date hereof, that the
adoption of any Requirement of Law regarding capital adequacy, or any change
therein, or any change in the interpretation or administration thereof by any
Governmental Authority charged with the interpretation or administration
thereof, or any request or directive regarding capital adequacy (whether or
not having the force of law) of any such Governmental Authority, has or would
have the effect of reducing the rate of return on capital of such Lender (or
its parent) as a consequence of such Lender's obligations hereunder or its
Loan or Loans to a level below that which such Lender (or its parent) could
have achieved but for such adoption, change, request or directive by an amount
reasonably deemed by it to be material, then from time to time, within 15 days
after demand (which refers to the relevant Requirement of Law in reasonable
detail) by such Lender, the Borrower shall pay to such Lender such additional
amount or amounts as will compensate such Lender (or its parent) for such
reduction; provided, that this sub-section (b) shall not be deemed to apply to
any such reduction incurred by a Lender to the extent attributable to
regulatory action taken by reason of the occurrence of a material adverse
change in the financial condition or capitalization of such Lender.

     (c) Each Lender will promptly notify the Borrower of any event of which
it has knowledge, occurring after the date hereof, which will entitle such
Lender to compensation pursuant to this Section, such notice to provide
reasonable detail of such event. Before giving any such notice pursuant to
this sub-section (c) such Lender shall designate a different Applicable
Lending Office if such designation (i) will, in the reasonable judgment of
such Lender, avoid the need for, or reduce the amount of, such compensation
and (ii) will not, in the reasonable judgment of such Lender, be materially
disadvantageous to such Lender. A certificate of any Lender claiming
compensation under this Section 5.01, setting forth the additional amount or
amounts to be paid to it hereunder and providing reasonable detail as
aforesaid, shall be conclusive and binding on the Borrower in the absence of
manifest error. In determining such amount, such Lender may use any reasonable
averaging and attribution methods as long as such methods are consistent with
such Lender's treatment of customers similar to the Borrower having generally
similar provisions in their agreements with such Lender. Notwithstanding
anything to the contrary in sub-sections (a) and (b) above, no Lender shall be
entitled to make a claim for compensation with respect to any event occurring
more than 180 days prior to the date on which such Lender notifies the
Borrower of its claim for compensation.

     (d) If any Lender requests compensation under this Section 5.01, the
Borrower may, at its sole expense and effort, upon notice to such Lender and
the Administrative Agent, require such Lender to assign and delegate, without
recourse (subject to the restrictions contained in Section 12.06), all of its
interests, rights and obligations under this Agreement to an assignee that
shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided, that (i) such assignee shall be
subject to the prior approval of the Administrative Agent, (ii) such Lender
shall have received payment in full of the outstanding principal of its Loans,
accrued interest thereon, accrued fees and all other amounts payable to it
hereunder, and (iii) such

<PAGE>

assignment is reasonably expected to result in a reduction in such
compensation or payments. A Lender shall not be required to make any such
assignment and delegation if, prior thereto, as a result of a waiver by such
Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply.

     5.02 Lack of TIIE rate quotation. In case the Banco de Mexico were to
stop publishing the TIIE rate quotation, be it temporarily or definitely, the
interst rate shall be computed based on the one which the Banco de Mexico
shall designate as substitute for the TIIE rate. On the assumption that the
Banco de Mexico were not to publish any rate in substitution of the TIIE rate,
the Lenders and the Borrower shall determine in good faith, in mutual
agreement, and in writing the corresponding substitute rate, provided that:

     (1)  during the period between the date on which said quotation is no
          longer published and the date on which the sibstitute rate is
          published, or the TIIE rate is again published, or the parties
          hereto agree on the substitute rate, the outstanding principal
          amount of the Loans will bear interest at the Interest Rate that was
          applicable during the last Interest Period;

     (2)  in case the TIIE rate were not published for a period longer than
          thirty (30) calendar days without the Banco de Mexico having
          published a substitute rate and without the Lenders and the Borrower
          having reached agreement with regard to the substitute rate within
          said period of time, the substitute rate shall be the market rate
          indicated by the Lenders which will cause a similar financial cost
          as the TIIE rate and which will be notified to the Borrower through
          the Agent, and(5)

     (3)  any Substitute Rate determined pursuant to the above items (1) and
          (2) shall no longer be applicable as of the Interest Period
          following the date on which the Banco de Mexico publishes again the
          TIIE rate or the rate that substitutes the former.

     5.03 Illegality. Notwithstanding any other provision of this Agreement,
in the event that on or after the date hereof the adoption of or any change in
any Requirement of Law or in the interpretation or application thereof by any
Governmental Authority shall make it unlawful for any Lender or its Applicable
Lending Office to make or maintain Loans hereunder, then such Lender shall
promptly notify the Borrower thereof (with a copy to the Agent) following
which (a) such Lender's Commitment shall be suspended until such time as such
Lender may again make and maintain Loans hereunder and (b) if such Requirement
of Law shall so mandate, such Lender's Loans shall be prepaid by the Borrower,
together with accrued and unpaid interest thereon and all other amounts
payable by the Borrower under this Agreement, on or before such date as shall
be mandated by such Requirement of Law; provided, however, that if it is
lawful for such Lender to maintain its Loans through the last day of the
current Interest Period, such

<PAGE>

payment shall be made on such date; provided further, however, that the
relevant Lender shall use its reasonable efforts to avoid or minimize the
effect of such Requirement of Law, if it can do so without material cost,
expense or legal detriment to it, in its sole and absolute judgment. In the
event that the effects of the Requirement of Law cannot be avoided or
minimized by such Lender as provided in this Section 5.03, the Borrower may,
if no Default has occurred and is continuing, at its sole expense and effort,
upon notice to such Lender and the Agent, require such Lender to assign and
delegate, without recourse (subject to the restrictions contained in Section
12.06), all of its interest, rights and obligations under this Agreement to an
assignee that shall assume such obligations (which assignee may become another
Lender, if such assignee accepts such assignment); provided, that (i) such
assignee shall be subject to the prior approval of the Agent, (ii) such Lender
shall have received payment in full of the outstanding principal of its Loans,
accrued interest thereon, accrued fees and all other amounts payable to it
hereunder, and (iii) such assignment is reasonably expected to result in a
reduction in such compensation or payments. A Lender shall not be required to
make any such assignment and delegation if, prior thereto, as a result of a
waiver by such Lender or otherwise, the circumstances entitling the Borrower
to require such assignment and delegation cease to apply.

     5.04 Charges and costs. (a) Should an advance payment be made on an
Interest Payment Date, the Borrower will not have to pay any commission nor
penalty of any kind. In case an advance payment were made on any other date
than an Interest Payment Date, the Borrower shall pay the charges for breaking
the funding to each Lender, at the same time as the corresponding advance
payment, provided that said Lender will have to deliver to the Borrower a
document in which the computations will be described reasonably to obtain the
total amount of said charges.

     (b) In case the Borrower were not to make any advance payment of which
the Agent was previously notified on the date forseen for such payment, the
Borrower shall pay to the Lenders, as soon as being requested, any cost or
charge incurred by any of the Lenders with respect to said advance payment,
after due verification by the respective Lender.

     5.05 Taxes

     (a) All payments on account of principal and interest, as well aws any
other amount payable hereunder and in conformity with the Pagares, shall be
made taxfree, pursuant to Section 4.01 (a).

     (b) The Guarantors covenant jointly and severally, to indemnify the
Lenders for any fiscal responsibilities they might incur in case the Borrower
failed to make correct and timely payments for any taxes related to any
payment hereunder.

     SECTION SIX. CONDITIONS PRECEDENT.

<PAGE>

     6.01 Conditions precedent. The obligation of each Lender to make
available to the Borrower the Loans according to the present Agreement, and
the right of the Borrower to make the allocation are subject to the following
conditions precedent, in the understanding that if the Majority of the Lenders
determine, and notify the Agent thereof, that an event or a circumstance has
occurred since December 31, 2001 which has a Material Adverse Effect, or (ii)
that an important event has taken place since December 31, 2001, in the
political, economic, or financial situation of Mexico or the United States of
America, or in the banking or securities sector in Mexico, the Lenders will
not be obliged to grant the Loans. The conditions that are listed below will
have to be fulfilled by March 5, 2003 at the latest:

     (A) That the Agent has received the following documents, in reasonably
satisfactory form and substance in the opinion of the Agent:

     (i) this Agreemnent, duly signed by all parties hereto;

     (ii) proof of the opening of the Cash Reserve Account on the terms and
conditions established in the Loans Agreement in US dollars;

     (iii) the Intercreditor Agreement, signed by all the parties thereto;

     (iv) the Communications Agreement, duly signed by all parties therto;

     (v) copies of any authorizations or consents of any Governmental
Authority or of any third party that may be required with regard to the
signature and the performance on the part of the Borrower, the Guarantors and
the Swiss Guarantors hereof, the Pagares and the documents related to same;

     (vi) certified copies of the public deeds that contain (1) the current
Articles of Incorpration (estatutos sociales vigentes) of the Borrower and of
the Guarantors of Mexican Nationality, (2) corporate resolutions of the
Borrower and of the Guarantors of Mexican Nationality regarding the closing of
the present Agreement and related documents, and (3) the legal capacity of the
authorized officers of the Borrower and of the Guarantors of Mexican
Nationality that will sign this Agreement and the Pagares;

     (vii) copies of the documents which prove, with regard to the Guarantors
of a different nationality than Mexican, and the Swiss Guarantors, the
Articles of Incorpration and simiar documents, the corporate resolutions
regarding the closing of this Agreement, and the capacity of the authorized
officers of said Guarantors and Swiss Guarantors;

     (viii) copies of the consolidated and audited financial statements of the
Borrower as at December 31, 2001; and of any other financial information that
may reasonably be requested by the Lenders;

<PAGE>

     (ix) legal opinion issued by Cantu y Estrada Abogados, S.C., external
legal counsel to the Borrower (their opinion will also refer to the Guarantors
organized under the laws of Mexico) substantially in the terms of the format
enclosed as Exhibit I;

     (x) legal opinion issued by Cravath, Swaine & Moore, external legal
counsel in New York to the Guarantors organized under the laws of the United
States of America, substantially in the format enclosed as Exhibit J;

     (xi) legal opinion issued by Ritch, Heather y Mueller, S.C., external
legal counsel to the Agent, in acceptable form for the Agent;

     (xii) legal opinion of the external legal counsel to the Guarantors
organized under the laws of Colombia, with regard to the obligations taken on
hereunder, as reasonably required by the Agent;

     (xiii) legal opinion of the external legal counsel of the Guarantors
organized under the laws of Guatemala, with regard to their obligations taken
on hereunder, as reawsonably required by the Agent;

     (xiv) legal opinion by the external legal counsel to the Swiss
Guarantors, with regard to the obligations taken on hereunder, as may
reasonably be required by the Agent;

     (xv) legal opinion by the external legal counsel of the Guarantors
organized pursuant to the laws of Wisconsin, regarding their obligations taken
on hereunder, as may reasonably be required by the Agent;

     (xvi) legal opinion issued by Milbank, Tweed, Hadley & McCloy LLP,
external legal counsel in New York of the Agent, substantially in the form of
Exhibit K hereunder;

     (xvii) certified copies of (i) the Licensing Agreement ("Contrato de
Licencia de Tecnologia y Asistencia Tecnica") dated as of December 19, 2001
among IP Vitro, Vitrocar, S.A. de C.V., as Licensor and Distribuidora Nacional
de Vidrio, S.A. de C.V., Vitro Vidrio y Cristal, S.A. de C.V. and Vitro
Automotriz, S.A. de C.V., as Licensees and (ii) an Amendment to such Licensing
Agreement in form and substance satisfactory to the Administrative Agent,
providing for the subordination of the rights of IP Vitro Vidrio y Cristal,
Ltd. to receive royalty payments under such Licensing Agreement.

     (xviii) a pro forma certificado which shows in reasonable detail that the
computations required for determining whether the Borrower met the
requirements of Section 9.01 (a), (b) y (c), at December 31, 2002, and if the
Loans hereunder were shown on a pro forma basis in the financial statements of
the Borrower for the fiscal year that ended on that date.

     (xix) any other document which the Agent or any of the Lenders may
reasonably request with regard hereof and the operations considered herein or
that the

<PAGE>

Borrower or any of the Guarantors or of the Swiss Guarantors may provide or be
obliged to provide pursuant to the Dollar Loan Agreement.

     Furthermore,

     (B) that the Borrower present the Notice of Borrowing, signed by a
Responsible Officer of the Borrower, as set forth in Section 2.02(a) and which
contains the following declarations:

     (i) no Default has occurred nor will it result as a consequence of the
Borrowing; and

     (ii) the declarations made by the Obligors hereunder are correct and
truthful on the date of the Notice of Borrowing, except when such declarations
make reference to a specific date in which case they were true on the specific
date mentioned;

     (C) that the Borrower hand over to each Lender (through the Agent), on
the Borrowing Date, a Pagare for the amount of the Borrowing for the sum
corresponding to such Lender, legally signed by the Borrower and by the
Guarantors and the Swiss Guarantors in their capacity as guarantors pursuant
to Section 2.05; and

     (D) that the Borrower have granted its authorization for deducting from
the amount of the Loans the reasonable fees and expenses documented as
incurred by the Lenders and the Agent in relation to preparing and signing
this Agreement, including, without limitation, the fees of the attorneys
mentioned in sub-parts (xi) and (xvi) of sub-section (A) above, in the
understanding that the invoice corresponding to such fees and expenses will
have to be presented two (2) Business Days prior to the Borrowing Date.

     SECTION SEVEN. JOINT AND SEVERAL OBLIGATION AND GUARANTEE ("FIANZA").

     7.01 Joint and Several Obligation. (a) Under the terms of articles 1987,
1988 and other applicable articles of the Federal Civil Code ("Codigo Civil
Federal"), as well as the correlative articles of the Civil Codes of other
States of the Mexican Republic and of the Federal District, the Guarantors
assume, jointly and severally with the Borrower, the obligation to make any
and all payments of principal, interest, commissions and other amounts to be
paid hereunder and pursuant to the Pagares, for which reason the Lenders will
be able to demand the payment of said amounts indistinctly from the Borrower
and/or any of the Guarantors, either individually or as a whole.

     In addition to the joint and several obligation assumed under this
Section, the Guarantors covenant to sign all the Pagares to be signed
hereunder as guarantors ("avalistas").

     Also, in case the Guarantors were to make a payment on behalf of the
Borrower, they covenant not to seek recourse against the Borrower and/or the
other Guarantors,

<PAGE>

as may be the case, until the Lenders have received full payment of all
amounts owed to them under this Agreement and the Pagares.

     (b) Notwithstanding the provisions hereof, Vidrios Templados Colombianos,
S.A. may pay any amount it is obliged to pay pursuant to this Agreement in
Pesos of the Republic of Colombia; in the understanding that Vidrios Templados
Colombianos, S.A. will make its best efforts to obtain all the licenses,
permits and approvals of any Colombian Governmental Authority, as may be
required, so as to be able to carry out the payment of said amounts in Pesos,
and if it obtains such license, permit, or approval, it will provide proof
thereof to the Agent, in form and substance that are satisfactory to the
Agent.

     7.02 Guarantee ("fianza"). To guarantee prompt payment (be it on the
scheduled maturity date or earlier) of all and any principal repayment,
interest payment, commissions and other sums payable pursuant to this
Agreement and the Pagares, the Swiss Guarantors present themselves as
guarantors ("fiadoras") of the Borrower according to articles 2794, 2795 and
further applicable articles of the Federal Civil Code and the correlative
aricles of the other states of the Republic.

     (a) The Swiss Guarantors waive the benefits of order, division and
estoppel foreseen in Articles 2814, 2815, 2818, 2820, 2822, 2823 and 2827 and
others of the Civil Code applicable to the Federal District.

     This guarantee will continue until all that is owed to the Lenders
hereunder is paid to them, including their accessories and other legal
consequences, even when (i) the Swiss Guarantors enter into the rights and
privileges of the Lenders due to the negligence or fault of the latter; (ii)
an extension or respite is granted to the Borrower without the consent of the
Swiss Guarantors; (iii) the Lenders release the Borrower of its debt and the
main obligation becomes subject to new liens or conditions; (iv) the Swiss
Guarantors as Lenders do not sue the Borrower in court for failure of meeting
the main obligation within the following month after the expiration of the
deadline, or when the principal indebtedness becomes callable, the Swiss
Guarantors were to ask the Lenders to request fulfillment of the obligation in
the courts within the deadline of one month and the Lenders were not to
exercise their rights within the aforementioned deadline, or if a lawsuit has
been initiated in one case or another, it were suspended without any justified
cause for more than three months.

     Should the Swiss Guarantors subrogate any of the rights of any of the
Lenders by virtue of some payment made under the present guarantee, the Swiss
Guarantors agree that they will not exercise their rights against the Borrower
as long as the Lenders have not received everything owed to them hereunder.

     (b) Notwithstanding any provisions to the contrary in this Agreement, the
responsibility of each of the Swiss Guarantors at the moment of payment is
limited to an amount not in excess of the freely distributable retained
earnings of each company,

<PAGE>

namely Tecnologia Vitro Vidrio y Cristal, Ltd. and IP Vitro Vidrio y Cristal
Ltd., pursuant to Swiss legislation.

     (c) The Borrower declares that on the basis of several provisions of
Swiss law (including court precedents and the practice of interpreting the law
based on theory), it is inconvenient for the Lenders and for the Swiss
Guarantors to act as joint and several obligors hereunder; in spite of that,
the Borrower and the Swiss Guarantors covenant that, should any of said legal
provisions become null and void, the Swiss Guarantors shall do everything
needed to become Guarantors pursuant to this Agreement, provided this does not
cause prejudice to any of the parties hereof.

     SECTION EIGHT. OBLIGATIONS - AFIRMATIVE AND NEGATIVE COVENANTS

     While any amount payable under this Agreement and the Pagares remains
outstanding, the Borrower agrees to the following:

     8.01 Corporate Existence; Books and Registers and Inspection Rights. (a)
The Borrower will preserve and maintain, and will cause each of its
Subsidiaries to preserve and maintain, its corporate existence, rights, and
licenses which are considered relevant for its business. (b) The Borrower will
maintain and keep books for all relevant aspects, and it will cause each of
its Subsidiaries to maintain in all relevant aspects books, registers and
accounts. (c) The Borrower will permit, upon previous notice, that
representatives designated in writing by the Agent or by any Lender, inspect
and obtain copies of the accounting registers and the assets of the Borrower
and that they discuss the business deals and operations with officers of the
Borrower whenever the Agent and/or any of the Lenders request its reasonably
and, in any case, subject to maintaining the information received
confidential, during Business Days and office hours, all at the expense of the
Lenders (except if there had been any default, in which case the Borrower
shall reimburse reasonable expenses and costs, as documented in relation to
exercising said inspection rights). Nothing in this Section 8.01 will limit
any merger, consolidation, or liquidation allowed under Section 8.08 or a
stock sale permitted pursuant to Section 8.13.

     8.02 Compliance with the Law, Payment of Liabilities, Maintaining of
Assets and Insurance. The Borrower will comply, and shall cause each of its
Subsidiaries to comply, with all legal requirements (including Environmental
Laws) as well as any applicable orders, sentences or requirements of any
Governmental Authority (including, without limitation, obligations vis-a-vis
the IMSS, INFONAVIT and SAR), except to the extent that non-compliance would
not result in a Material Adverse Effect. In the same way, the Borrower will
file, and cause each of its Subsidiaries to file all its tax returns in due
time, and the Borrower will pay, and will cause all its Subsidiaries to pay,
in due time, their taxes, except for taxes that are being contested in
proceedings of good faith and for which reserves have been created in
conformity with GAAP. The Borrower will

<PAGE>

meet, and will cause each of its Subsidiaries to meet, all their obligations
(except for those obligations that would not have any Material Adverse
Effect). The Borrower will maintain, and will cause its Subsidiaries to
maintain, all necessary assets for good operation, except for wear resulting
from normal use. The Borrower will contract, and will cause each of its
Subsidiaries to contract, insurance with recognized insurance companies, for
the amounts and coverage of risks that are normally contracted by companies
involved in similar businesses as the ones of the Borrower and its
Subsidiaries in Mexico or in the locations where they operate, should they be
different.

     8.03 Government Authorization. The Borrower will maintain, and cause each
of its Subsidiaries to maintain all authorizations and registers in full force
before any Governmental Authority, as required under the laws of Mexico (or
the laws governing its incorporation) to fulfill its obligations in conformity
with this Agreement and to keep this Agreement valid and enforceable.

     8.04 Financial Statements, etc. The Borrower shall provide to the Agent
(with a copy for each Lender):

     (a) as soon as possible, but in any case within 120 (one hundred and
twenty) calendar days after the close of each business year of each Obligor,
sufficient copies of the consolidated, audited financial statements of each
Obligor corresponding to said fiscal year, including the general balance
sheet, individual and consolidated income statements, changes of the financial
situation and variations in the cash flow of each Obligor and each of its
consolidated Subsidiaries for said fiscal year, accompanied by (i) an opinion
issued by the Mexican office of Deloitte & Touche or by any other independent
office of Certified Public Accountants, of recognized prestige, in the case of
the Borrower and the Guarantors of Mexican nationality and (ii) an opinion
issued by an office of independent certified public accountants of recognized
prestige for any other Obligor;

     (b) as soon as possible, and in any event within 60 (sixty) calendar days
following the close of the 3 (three) first quarters of each fiscal year of
each Obligor and its consolidated Subsidiaries, individual and consolidated
internal financial statements of each Obligor and its consolidated
Subsidiaries, including the general balance sheet and the income statement,
statements on changes of the financial situation and of variations in the cash
flow corresponding to the period that begins at the end of the immediately
previous fiscal year and which ends at the end of said quarter, certified by
any Responsible Officer of the Borrower stating that they were prepared in
conformity with GAAP;

     (c) simultaneously with the delivery of each set of financial statements
referred to in sub-section (b) above, and at any other time reasonably
requested by the Agent, the Borrower will provide a certificate of a
Responsible Officer, in the form of Exhibit L, (i) stating whether any Default
exists on the date of such certificate (or if a Default exists, setting forth
the details thereof and the action which the Borrower is taking or proposes to
take with respect thereto) and (ii) in the case of the Borrower, setting forth
in reasonable detail the calculations required to establish whether the

<PAGE>

Borrower was in compliance with the requirements of Sections 9.01(a), (b) and
(c) hereof on and as of the date of such financial statements;

     (d) as soon as a Responsible Officer obtains knowledge of the occurrence
of any Default, the Borrower will present a certificate of the Responsible
Officer, setting forth the details thereof and the action which the Borrower
is taking or proposes to take with respect thereto;

     (e) promptly upon the commencement of any litigation or proceedings
before any tribunal, Governmental Authority or arbitration panel that may
affect the Borrower or any of its Subsidiaries and that could reasonably be
expected to generate a Material Adverse Effect; and

     (f) from time to time, such additional information regarding the
financial situation and the business of the Borrower and its Subsidiaries as
the Agent or any of the Lenders may reasonably request, or which is provided
to the Agent of the Dollar Loan Agreement.

     8.05 Ranking. The Borrower will take all necessary action to assure that,
at any time, the Borrower's payment obligations and the obligations of the
Guarantors and the Swiss Guarantors pursuant to this Agreement and the Pagares
shall have equal ranking as all other unconditional and unsubordinated
liabilities of the Borrower and the Guarantors and the Swiss Guarantors.

     8.06 Operations with affiliates. The Borrower will not enter, and will
cause its Subsidiaries to abstain from entering into direct or indirect
operations with Affiliates, except for (i) operations with any one of its
Affiliates performed in the normal course of its activities and in reasonable
market conditions no less favorable for the Borrower or any of its
Subsidiaries, as the case may be, than those obtainable in a comparable
operation in commercial terms with a Person that is not one of its Affiiates,
(ii) operations carried out by the Obligors among each other, and (iii)
Dividend Payments permitted under Section 8.17 hereof.

     8.07 Line of Business. The Borrower will not make any material change in
its line of business and will cause its Subsidiaries not to make any material
change in their activities and business as conducted to date, and they shall
not change the legal nature of their organizations.

     8.08 Mergers, etc. The Borrower shall not, nor will it permit any of its
Subsidiaries to, enter into any transaction of merger or consolidation, or
liquidate, wind up or dissolve itself (or suffer any liquidation or
dissolution), or sell, transfer or otherwise dispose of (in one transaction or
in a series of transactions) substantially all of its or their assets (except
for sales of inventory in the ordinary course of business for fair market
value), provided, that (a) Borrower may merge or consolidate with or into any
other Person if, immediately after giving effect thereto, (i) it is the
surviving Person and (ii) no Default has occurred and is continuing, (b) any
Guarantor or Swiss Guarantor may

<PAGE>

merge or consolidate with or into any other Guarantor or Swiss Guarantor, (c)
any Subsidiary of Borrower that is not an Obligor may merge or consolidate
with or into any other Person if, immediately after giving effect thereto, no
Default has occurred and is continuing pursuant to this Agreement, (d) any
Subsidiary of Borrower that is not a Guarantor or a Swiss Guarantor may
liquidate or dissolve if Borrower determine in good faith that such
liquidation or dissolution is in the best interest of Borrower and is not
materially disadvantageous to the Lenders and (e) any Guarantor, Swiss
Guarantor or Subsidiary of Borrower may be spun off as long as it transmits
its assets and liabilities to Borrower or any of the Guarantors or Swiss
Guarantors.

     8.09 Upstreaming. Borrower will not permit any of its Subsidiaries to
enter into, create or assume any contractual restriction on the ability of
such Subsidiary to make any Dividend Payment, provided, that this Section 8.09
shall not be deemed to prohibit (a) customary restrictions contained in the
joint venture agreements with respect to any Joint Venture Subsidiary or (b)
the extension, continuation or replacement on substantially similar terms of
any such contractual restrictions existing on the date hereof.

     8.10 Hedge Agreements. Borrower will not, nor will it permit any of its
Subsidiaries to, enter into any Hedge Agreement, other than Hedge Agreements
entered into (i) in the ordinary course of business to hedge or mitigate risks
to which it or any of its Subsidiaries is exposed in the conduct of its
business or the management of its liabilities and (ii) not for speculative
purposes.

     8.11 Negative Pledge. Borrower will not, nor will it permit any of its
Subsidiaries to, create, assume or allow to exist any Lien on any of their
respective Property, whether now owned or hereafter acquired by it, except in
the case of the Lien created by VVP Syndication, Inc. the Cash Reserve Account
pursuant to Section 12 of the Dollar Loan Agreement and the following Liens:

          (a) Permitted Liens;

          (b) Liens existing on the date hereof and described in Schedule 4
     hereto;

          (c) Liens on any Property of such Borrower or any of its
     Subsidiaries securing Indebtedness of such Borrower or any of its
     Subsidiaries incurred or assumed for the purpose of financing (i) all or
     any part of the acquisition of raw materials, utilities and other
     Property (including working capital loans ("creditos de habilitacion" or
     "avio")) or (ii) all or part of the acquisition, construction or
     improvement of fixed assets and other Property (including capital
     expenditure loans ("creditos refaccionarios")), provided, that such Lien
     attaches to such Property concurrently with or within ninety (90) days
     after the acquisition, construction or improvement thereof;

<PAGE>

          (d) Any Lien on any Property that Borrower or any of its
     Subsidiaries acquire in the future, existing prior to the time of
     acquisition thereof (except, if such Liens had been created due to or as
     a result of such acquisition);

          (e) Any Lien existing on any Property of a corporation which is
     merged with or into an Obligor (except, if such Liens had been created
     due to or as a result of such merger);

          (f) Any Lien on a cash reserve account securing Indebtedness for
     borrowed money otherwise permitted hereby, provided, that the funds in
     such account are derived solely from the proceeds of such borrowing;

          (g) Liens on accounts receivable arising from factoring arrangements
     with respect to such accounts receivable as permitted by Section 8.13
     hereof; and

          (h) Liens (not covering any shares of capital stock of such Person)
     not otherwise permitted by the foregoing sub-sections, securing
     Indebtedness outstanding at any time in an aggregate principal amount not
     exceeding $35,000,000.

     8.12 Fiscal Year. Borrower will not, nor will it permit any of its
Subsidiaries to, change its fiscal year from a calendar year ending December
31.

     8.13 Asset Sales; Investments in Subsidiaries that are not Guarantors or
Swiss Guarantors. (a) Without prejudice to the limitation in sub-section (b)
below, Borrower will not, and will not permit any of its Subsidiaries to,
directly or indirectly, make Asset Sales after the date hereof of Property
having an aggregate fair market value in excess of US$150,000,000 (one hundred
and fifty million Dollars), provided, that the net cash proceeds of Asset
Sales permitted under this sub-section 8.13 shall be applied to reduce
Indebtedness of the Obligors; and provided further, that this sub-section 8.13
shall not apply to:

          (i) Sale of inventory for fair value in the ordinary course of
          business;

          (ii) Any Asset Sale by an Obligor to another Obligor;

          (iii) the financial factoring of accounts receivable pursuant to
          existing or future programs limited in aggregate principal amount at
          any time to not more than US$75,000,000 (seventy million Dollars) or
          the equivalent in other currencies;

          (iv) dispositions of obsolete assets or, in its reasonable opinion,
          are not useful in the business of Borrower or its Subsidiaries,
          provided that the net proceeds of any such disposition shall be
          reinvested in the business of Borrower or the relevant Subsidiary or
          used to repay Indebtedness thereof within thirty (30) days of said
          disposition; or

<PAGE>

          (v) Any Sale-Leaseback Transactions to the extent that a Lien
          securing the amount of the obligations under such Sale-Leaseback
          Transactions could be incurred under Section 8.11(h).

     (b) Borrower will not, and will not permit its Subsidiaries to, make
Investments after the date hereof in Non-Guaranteeing Subsidiary in an
aggregate amount exceeding US$50,000,000 (fifty million Dollars).

     8.14 Use of Proceeds. Borrower will use the proceeds of the Loans solely
(i) to pay Indebtedness (ii) to lend them with the intent of having certain of
its Subsidiaries pay the Indebtedness of the Obligors and (iii) to pay fees
and expenses relating to the transactions contemplated hereby. No party shall
be responsible as to the use of any of such proceeds.

     8.15 Communications Agreement. Borrower will comply and cause the
Obligors to comply with the terms of the Communications Agreement.

     8.16 Dividend Payments. Borrower will not declare or make any Dividend
Payment if, at the time thereof and after giving effect thereto, a Default has
occurred and is continuing.

     8.17 Financial Statements of U.S. Guarantors. (a) Vitro America will
provide to the Agent within sixty (60) days after the date on which the
conditions set forth in Section Six hereof are met, enough copies of the
audited balance sheets of U.S. Guarantor as at December 31, 2002 and December
31, 2001, jointly with a report thereon issued by independent accountants of
recognized international standing, and (b) Super Sky International, Inc.,
Super Sky Products, Inc and Super Sky Constructors, Inc. will provide to the
Agent within ninety (90) days after the date on which the conditions set forth
in Section Six hereof are met, enough copies of the audited balance sheets of
U.S. Guarantor as at December 31, 2002 and December 31, 2001, jointly with a
report thereon issued by independent accountants of recognized international
standing, the related audited statements of income and cash flows of Vitro
America or such other U.S. Guarantor for each of the fiscal years ending on
such dates, all reported in conformity with GAAP, with the unqualified opinion
thereon of independent accountants of recognized international standing.

     SECTION NINE. ADDITIONAL COVENANTS BY BORROWER.

     9.01 Additional Covenants by Borrower. As long as any payable amount
under this Agreement and the Pagares remains outstanding, Borrower commits to
the following:

          (a) Consolidated Net Worth. It will not permit its Consolidated Net
     Worth at any time to be less than 80% (eighty) of its Consolidated Net
     Worth as at December 31, 2001 (calculated in constant Pesos).

<PAGE>

          (b) Interest Coverage Ratio. It will not permit the Interest
     Coverage Ratio to be at any time less than 3.00 to 1.00.

          (c) Debt to EBITDA Ratio. It will not permit the Debt to EBITDA
     Ratio to be at any time greater than 2.75 to 1.00.

          (d) Certain Obligations Respecting Subsidiaries. In the event that
     Borrower shall form or acquire any new Subsidiary, it agrees to
     immediately undertake any necessary measures so that such new Subsidiary
     becomes a "Guarantor" hereunder, and as an "avalista" pursuant to the
     Pagares and to deliver any certifications or similar opinions to those
     delivered pursuant to Section 6.01 hereof or documentation as the Agent
     may reasonably request; provided, that the obligation in this sub-section
     (d) shall not apply with respect to any Non-Guaranteeing Subsidiary.

          (e) Ownership of Shares. Borrower will continue to own, beneficially
     and of record, directly or indirectly, 100% of the Voting Shares of each
     Guarantor and Swiss Guarantor.

     SECTION TEN. CAUSES FOR ACCELERATED MATURITY. The Agent shall, upon
request of the Majority Lenders, by notice to the Borrower, the Guarantors and
the Swiss Guarantors declare the term for payment of the outstanding balance
of the Loans and any other amounts owed hereunder to terminate and such
amounts to become due and payable forthwith (whereupon the Borrower, the
Guarantors and the Swiss Guarantors, in such case, shall be obligated to pay
the total outstanding balance of the Loans and other amounts owed hereunder),
in any of the following events (each event a "Cause for Accelerated
Maturity"), provided, that in the case of a Cause for Accelerated Maturity of
the kinds referred to in sub-sections (f) or (g) below, the Loans and any
other amounts due hereunder shall automatically terminate and such amounts
shall automatically become due and payable, without any further action by any
party, without presentment, demand, protest or other judicial procedure of any
kind, all of which are hereby expressly waived by the Borrowers, the
Guarantors and the Swiss Guarantors:

          (a) The Borrower shall fail to pay when due any principal of any
     Loan or to prepay any Loan when required hereunder, or shall fail to pay
     within three Business Days after the due date thereof any interest on any
     Loan, commissions or any other amount payable hereunder or under any
     Pagare or under any other document related therewith; or

          (b) Any representation or certification made or deemed made by any
     of the Borrower, the Guarantors or the Swiss Guarantors herein or in any
     other document related herewith (or in any modification or supplement
     hereto or thereto), or any certificate furnished to any party pursuant to
     the provisions hereof, shall prove to have been false or misleading in
     any material respect as of the time made; or

<PAGE>

          (c) Any Obligor or any of its Subsidiaries shall default in the
     payment of any principal of or interest on any other Indebtedness
     (whether at stated maturity or otherwise) if such Indebtedness has an
     aggregate outstanding principal amount of $10,000,000 (or its equivalent
     in other currencies) or more ("Material Debt"), or any default or cause
     for accelerated maturity shall occur under any agreement or instrument
     evidencing or relating to such Material Debt if the effect of such
     default or cause for accelerated maturity is to accelerate the maturity
     thereof, or to permit the holder or holders of such Material Debt, or an
     agent acting on its or their behalf, to accelerate the maturity thereof,
     or to require the mandatory prepayment or redemption thereof; or

          (d) Any of the Borrower, the Guarantors or the Swiss Guarantors
     shall (i) default in the observance or performance of any of its
     obligations under Sections 8.01(a) (with respect to the preservation and
     maintenance of the corporate existence of the Borrower, the Guarantors or
     the Swiss Guarantors), 8.03, 8.04, 8.05, 8.07, 8.08, 8.11, 8.13, 8.14,
     8.16 or 8.17 or Section Ten hereof; or (ii) any of the Borrower, or any
     of the Guarantors or Swiss Guarantors shall fail to perform or observe
     any of its other obligations under this Agreement (other than as referred
     to in sub-section 10.01(a) above or in sub-part (i) of this paragraph
     (d)) and such failure shall remain unremedied for 30 calendar days after
     written notice thereof shall have been given to the Borrower by the Agent
     or any Lender; or

          (e) Any Obligor or any of its Material Subsidiaries shall admit in
     writing its inability to, or be unable to, pay its debts as such debts
     become due; or

          (f) Any Obligor or any of its Material Subsidiaries shall (i) apply
     for or consent to the appointment of, or the taking of possession by, a
     custodian, liquidador, conciliador, sindico, trustee, examiner or
     liquidator of itself or of all or a substantial part of its properties,
     (ii) make a general assignment of its properties for the benefit of its
     creditors, (iii) file a petition seeking to take advantage of any other
     law relating to bankruptcy, concurso mercantil, insolvency,
     reorganization, liquidation, dissolution, arrangement or readjustment of
     debts or similar procedures, or (iv) take any corporate action for the
     purpose of effecting any of the foregoing; or

          (g) A proceeding shall be commenced against any Obligor or any of
     its Material Subsidiaries seeking (i) its reorganization, liquidation,
     dissolution, or any similar procedure, (ii) the appointment of a
     custodian, liquidador, conciliador, sindico, trustee, or the like of it
     or of all or any substantial part of its properties or (ii)[Sic.] similar
     relief in respect of it under any law relating to bankruptcy, concurso
     mercantil, insolvency, reorganization, or adjustment of debts, and such
     proceeding or case shall continue undismissed for a period of 90, or a
     declaration of bankruptcy or concurso mercantil shall be entered against
     such Obligor or Material Subsidiary under the Ley de Concursos
     Mercantiles with respect to any Obligor or Material Subsidiary; or

<PAGE>

          (h) A judgment for the payment of money is or judgments for the
     payment of money are rendered against any Obligor or any of its
     Subsidiaries in an amount exceeding in the aggregate US$10,000,000
     Dollars (or its equivalent in other currencies) and shall remain
     undischarged for a period of 45 consecutive days from the day following
     the date in which it was rendered, unless the same is adequately
     guaranteed or is being diligently contested by appropriate proceedings
     and in such case, such process is not being executed against assets
     thereof; or any Obligor or any of its Subsidiaries shall fail to pay when
     due to INFONAVIT, IMSS or SAR any amount or amounts aggregating
     US$10,000,000 Dollars or more (or its equivalent in other currencies)
     except to the extent the amount or amounts due are being contested in
     good faith by appropriate proceedings, which proceedings have the effect
     of preventing the forfeiture or sale of the properties of such Obligor or
     Subsidiary; or

          (i) (w) Any Mexican Governmental Authority shall impose exchange
     controls prohibiting or in any manner materially restricting the making
     of payments in respect of Indebtedness in Pesos; or (x) any Mexican
     Governmental Authority shall take any action to condemn, seize,
     nationalize or appropriate all or any substantial portion of its
     properties of any Obligor (with or without the payment of compensation);
     or (y) any action is taken by a Mexican Governmental Authority, including
     without limitation the declaration of a moratorium on payment of any
     Indebtedness, that has an adverse effect on (i) the repayment of the
     Loans or (ii) the schedule of payments of any Borrower hereunder or under
     the Pagares; or (z) any Obligor shall participate or take any action to
     participate in any credit facility related to the rescheduling of its
     Material Debt or the alteration of the currency in which it may pay its
     obligations; or

          (j) Any Obligor or any of its Subsidiaries shall enter into any
     transaction of merger or consolidation, or liquidate, spin off or
     dissolve itself (or suffer any liquidation or dissolution), or sell,
     transfer or otherwise dispose of (in one transaction or in a series of
     transactions) all or substantially all of its properties, except as
     expressly permitted under Sections 8.08 and 8.13 hereof; or

          (k) This Agreement or any of the Pagares becomes unenforceable or
     the performance of the obligations of any Obligor thereunder becomes
     illegal, or the security interest created under Section 12 of the Dollar
     Loan Agreement shall not constitute a valid first priority guaranty
     ("garantia en primer lugar y grado").

     SECTION ELEVEN. THE AGENT.

     11.01 Agent, Majorities. (a) Each Lender hereby appoints Banco Nacional
de Mexico, S.A., member of Grupo Fiananciero Banamex as the "Agent",
authorizing it to act on its behalf and by its account pursuant with this
Agreement, and in those instances where its intervention is not foreseen in
this Agreement, as expressly instructed and in writing by each Lender.
Notwithstanding the foregoing, the Agent shall

<PAGE>

not lose its Lender status pursuant to this Agreement and shall have the right
to act as any other Lender.

     (b) Except as set forth in Section 12.04, any decision that the Lenders
must make as a group pursuant to this Agreement (including but not limited to,
the declaration of the existence of a cause of an event of accelerated
maturity pursuant to Section 10), shall be taken by the Majority Lenders.

     (c) The Agent shall not have the obligation to supervise the performance
of the Obligors or of verifying, studying or reviewing any communication
received from the Obligors or from a third party regarding this Agreement.

     (d) The Lenders agree to indemnify and hold Agent safe and harmless
ratably in accordance with the aggregate principal amount of the Loans held by
the Lenders (excluding the Loan granted by the Agent), against and damages and
losses y perjucios") that the Agent may suffer from acts or omissions derived
from this Agreement, except if such damages and losses ("danos y perjucios")
were a consequence of the Agent's "culpa grave, dolo y mala fe".

     (e) Agent may resign at any time by giving notice thereof to the Lenders
and the Borrower, and the Agent may be removed at any time with or without
cause by the Majority Lenders. Upon any such resignation or removal, the
Majority Lenders shall have the right to appoint a successor Agent, which
shall be a Lender. If no successor Agent shall have been so appointed by the
Majority Lenders and shall have accepted such appointment within thrity (30)
days after the retiring Agent's giving of notice of resignation or the
Majority Lenders' removal of the retiring Agent, then the retiring Agent's
resignation shall nonetheless become effective and (1) the retiring Agent
shall be discharged from its duties and obligations hereunder and the
Intercreditors Agreement and (2) the Majority Lenders shall perform the duties
of the Agent (and all payments and communications provided to be made by, to
or through such Agent shall instead be made by or to each Lender directly)
until such time as the Majority Lenders appoint a successor Agent as provided
for above in this paragraph. Upon the acceptance of any appointment as an
Agent hereunder by a successor Agent, such successor Agent shall thereupon
succeed to and become vested with all the rights, powers, privileges and
duties of the retiring Agent, and the retiring Agent shall be discharged from
its duties and obligations hereunder and under the Account Control Agreement
except to the extent of liability arising from prior action. Notwithstanding
the foregoing, no removal of the Agent shall be effective until all amounts
then due and owing to the removed Agent shall be paid in full. After the
retiring Agent's resignation or removal hereunder as Agent, the provisions of
this Section Eleven shall continue in effect for its benefit in respect of any
actions taken or omitted to be taken by it while it was acting as an Agent.

     (f) The Borrower shall pay the Agent the mutually agreed upon fees
through a separate document.

<PAGE>

     (g) Conditioned upon a cause of an event of accelerated maturity being
declared pursuant to the rules set forth in sub-section (b) hereinabove, the
Lenders agree that any action that may be filed by the Lenders against
Borrower or the Guarantirs or the Swiss Guarantors derived from the breach of
its obligations in this Agreement or in the Pagares, shall be promoted
individually by each one of them, except that all of the Lenders agree
otherwise, in the understanding that no Lender shall assume any responsibility
related with the actions undertaken by the other Lenders independently.

     (h) It shall not be deemed that Agent has knowledge or notice of the
occurrence of a Default (other than a failure to make a payment of principal
of or interest on the Loans) unless such Agent has received notice from a
Lender or a Borrower specifying such Default and stating that such notice is a
"Notice of Default". In the event that the Agent receives a Notice of a
Default, the Agent shall give prompt notice thereof to the Lenders and the
Collateral Agent. The Agent shall (subject to Section 11.07 hereof) take such
action with respect to any such Default as shall be directed by the Majority
Lenders, provided, that unless and until the Agent shall have received such
directions, the Agent may (but shall not be obligated to) take such action, or
refrain from taking such action, with respect to such Default as it shall deem
advisable in the best interest of the Lenders, except to the extent that this
Agreement expressly requires that such action be taken, or not be taken, only
with the consent or upon the authorization of the Majority Lenders.

     (i) Each Lender has, independently and without reliance on either Agent
or the Joint Lead Arrangers or any other Lender, and based on such documents
and information as it has deemed appropriate, made its own Loans analysis of
the Obligors and decision to enter into this Agreement and that it will,
independently and without reliance upon either Agent or the Joint Lead
Arrangers or any other Lender, and based on such documents and information as
it shall deem appropriate at the time, continue to make its own analysis and
decisions in taking or not taking action under this Agreement, the Pagares or
any other documents related with the Loans. The Agent shall not be required to
keep itself informed as to the performance or observance by the Bororwer and
the Guarantors herein, Pagares or any other document referred therein or to
inspect the Properties or books of the Borrower, Guarantors or Swiss
Guarantors, other than as set forth in this Agreement. Except for notices,
reports and other documents and information expressly required to be furnished
to the Lenders by the Agent hereunder, such Agent shall not have any duty or
responsibility to provide any Lender with any Loans or other information
concerning the affairs, financial condition or business of the Borrower,
Guarantors or Swiss Guarantors that may come into the possession of such
Agent.

     (j) Except for action expressly required of the Agent hereunder or under
any other document related thereto, the Agent shall in all other cases be
fully justified in refusing to act hereunder or thereunder unless it shall
receive further assurances to its satisfaction from the Lenders of their
indemnification obligations under Section 11.01 (d) hereof against any and all
liability and expense that may be incurred by it by reason of

<PAGE>

taking or continuing to take any such action. No provision of this Agreement
shall require the Agent to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder.

     SECTION TWELVE. MISCELLANEOUS.

     12.01 Waiver. No failure on the part of any Lender or Lenders to exercise
and no delay in exercising, and no course of dealing with respect to, any
right, power or privilege under this Agreement and the "Pagares" shall operate
as a waiver thereof, nor shall any single or partial exercise of any right,
power or privilege under this Agreement and the "Pagares" preclude any other
or further exercise thereof or the exercise of any other right, power or
privilege. The remedies provided herein are cumulative and not exclusive of
any remedies provided by law.

     12.02 Notices. (a) For the purposes of the Agreement, each Party
designates the following as its address to receive all notices:

The Agent:

Address:

     Av. Roble No. 701
     Edificio Quimmco, Piso 5
     Col. Valle del Campestre
     Garza Garcia, N.L.
     Mexico, CP 66260
     Att: Jesus Servando Cantu
     Tel: (81) 1226 8505
     Fax: (81) 1226 8560

The Borrower

Address:

     Av. Ricardo Margain Zozaya No. 444
     Col. Valle del Campestre
     Garza Garcia, Nuevo Leon
     Mexico, CP 66265
     Atn. Director General Juridico
     Tel.: (81) 8863 1262
     Fax:  (81) 8863 1372

<PAGE>

The Swiss Guarantors:

Address:

     Av. Ricardo Margain Zozaya No. 444
     Col. Valle del Campestre
     Garza Garcia, Nuevo Leon
     Mexico, CP 66265
     Atn. Vitro Plan, S.A. de C.V./Director General Juridico
     Tel.: (81) 8863 1262
     Fax:  (81) 8863 1372

The Guarantors:

Address:

     Av. Ricardo Margain Zozaya No. 444
     Col. Valle del Campestre
     Garza Garcia, Nuevo Leon
     Mexico   C 66265
     Atn. Vitro Plan, S.A. de C.V./Director General Juridico
     Tel.: (81) 8863 1262
     Fax:  (81) 8863 1372

The Lenders:

The address set forth in the signature page of this Agreement.

          (b) All notices and communications provided for in this Agreement
     shall be delivered or made in writing and will be valid upon delivery; in
     the case of notices via facsimile, they will be valid in the moment in
     which they are transmitted and a confirmation is obtained.

          (c) Unless the Parties inform in writing of any change in domicile,
     all notices, communications and court or out-of-court communications will
     be valid if delivered to the above domiciles. Any notices to the Swiss
     Guarantors or to the Guarantor will be valid if delivered to the
     Borrower.

     12.03. Expenses and Indemnifications, Etc. (a) The Borrower agrees to pay
the Agent and the Lenders for all of its reasonable and documented
out-of-pocket costs and expenses, including the reasonable fees and expenses
of outside counsel of the Agent and of the Lenders in connection with the
preparation, execution and delivery of this Agreement and the "Pagares" and
any other documents prepared or signed under

<PAGE>

this Agreement. The Borrower hereby grants its authorization to reduce, from
the amount of the Loans, any reasonable attorney's expenses and fees incurred
for any modification to the this Agreement, any "Pagare" or any other
agreement or document signed or delivered in accordance with this Agreement
including any other cost or expense duly justified, if any, related to the
compliance and execution of this Agreement and the "Pagares", except as
otherwise provided for in this Agreement.

     (b) The Borrower hereby agrees to indemnify each Lender and Agent and
their respective directors, officers, employees, attorneys and agents from,
and hold each of them harmless against, any and all losses, liabilities,
claims, damages or expenses incurred by any of them arising out of or by
reason of any litigation or other proceedings (including any threatened
litigation or other proceedings) relating to the Loans or the use or proposed
use by the Borrowers of the proceeds of any of the Loans, including, without
limitation, the fees and disbursements of counsel incurred in connection with
any such litigation or other proceedings (but excluding any such losses,
liabilities, claims, damages or expenses incurred by reason of the gross
negligence or willful misconduct of the Person to be indemnified, as
determined by a final, nonappealable judgment by a court of competent
jurisdiction).

     12.04 Amendments, Etc. Any modification to this Agreement, the "Pagare"
or to any other document related with this Agreement shall only be valid if
made in writing and signed by the Lenders, the Borrower, the Guarantors and
the Swiss Guarantors.

Any modification to this Agreement, to the "Pagares" or any other document
related with this Agreement shall be authorized by the Majority Lenders,
unless such modification is in connection with any of the following items, in
which case, the modification will be authorized by the Lender representing
100% (one hundred percent) of the unpaid Loans;

     (i) modification to the total amount of the Loans;

     (ii) modification to the Interest Payment Date, Principal Payment Date or
the Maturity Dates or the date of payment of any other amount due under this
Agreement;

     (iii) reduction of the unpaid amounts of the Loans or the reduction in
any other way of the amounts payable by the Borrower under this Agreement and
the Pagares;

     (iv) reduce the rate at which interest is payable under the principal
amount of the Loan; (v) modification to Exhibit A or the to the contribution
of each of the Lenders of the Loans and of the right of each of such Lender to
receive corresponding provisional payments under this Agreement and the
"Pagares";

     (vi) modification to Section 12 sub-section (b) of the Dollar Loan
Agreement and this Section 12.04;

     (vii) modification to the terms of Section 6.01 of this Agreement or the
waiver to any "condicion suspensiva" ("condition precedent that may be
fulfilled by a third party") established in such Section.

<PAGE>

     12.05 Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
permitted assigns.

     12.06 Assignments and Participations.

     (a) Prior notice in writing to the Borrower, the Guarantors and the Swiss
Guarantors, each lender has the right to assign, participate or in any way
negotiate, even prior to the termination of this Agreement or the maturity of
any "Pagare", the Loans granted under this Agreement and of any "Pagare". For
the effects of this Section, any assignee, participant or purchaser, shall
have to be a Mexican Loans institution with permanent establishment under the
Mexican tax laws (excluding any foreign office of such Mexican Loans
institution).

     (b) Any partial assignment (other than to another Lender) shall be in an
amount at least $20,000,000 (twenty million Pesos) and increments of
$10,000,000 (ten million Pesos) in excess thereof.

     (c) The Borrower shall, prior request of the Lender, substitute any
"Pagare" issued under this Agreement if Lenders so requests due to the
assignment or participations made under this Section. Not withstanding the
foregoing, the Borrower shall not have the obligation to make such
substitution if the "Pagare" that is going to be substituted is not delivered
or a competent authority issues a decision opposing to the substitution.

     (d) Such assignment or participations shall not create a "novation" of
the Loans. Beginning on any such assignment or negotiators, the assignor or
authorized participant will be considered as the "Lender" for the effects of
this Agreement and of any related documentation.

     (e) If any Lender, assigns or would have the intention to assign,
participate or make a total or partial discount of its corresponding portion,
in the terms of this Section, such Lender may request, and the Borrower shall
deliver at its own cost, to exchange the "Pagare" for one or several new
"Pagares" in lower amounts but that in the aggregate together will add up
equal to the principal amount of the exchanged unpaid "Pagare".

     (f) Neither Borrower nor the Guarantors or the Swiss Guarantors may
assign its rights or obligations under this Agreement or the "Pagares" unless
it is made with the prior written consent of each and all of the Lenders.

     (g) None of the Lenders may assign or in any other way negotiate the
Loans or the "Pagares", in any way different to what is provided for in this
Agreement.

     (f) A Lender may furnish any information concerning the Obligors obtained
by such Lender hereunder from time to time to prospective assignees and
participants

<PAGE>

(including prospective assignees and participants), provided, that such Lender
shall advise such prospective assignee or participant that such information is
being provided on the understanding that it is subject to the provisions set
forth in Section 14.19 hereof.

     12.07 Survival. The obligations of the Borrower under Sections 5.01,
5.04, 5.05 and 12.03 (subject to the limitations under Section 12.03(b))
hereof and the obligations of the Lenders under Section 11.01(d) hereof, shall
survive the repayment of the Loans and, in the case of any Lender that may
assign any interest hereunder, such rights shall survive, in the case of any
event or circumstance that occurred prior to the effective date of such
assignment, the making of such assignment, notwithstanding that such assigning
Lender may cease to be a "Lender" hereunder. In addition, each representation
made, herein or pursuant hereto shall survive the making of such
representation.

     12.08 Captions. The table of contents and captions and Section headings
appearing herein are included solely for convenience of reference and are not
intended to affect the interpretation of any provision of this Agreement.

     12.09 Counterparts. This Agreement will be executed in 12 (twelve)
counterparts, all of which taken together shall constitute one and the same
instrument. A set of the copies of this Agreement signed by all the parties
hereto shall be lodged with the Borrower and the Agent.

     12.10 Governing Law. This Agreement and the rights and obligations of the
parties hereunder shall be governed by, and construed in accordance with, the
laws of Mexico.

     12.11 Jurisdiction and Competent Courts. The parties hereto herby agree
to submit themselves to the jurisdiction of the competent courts sitting in
the Federal District of Mexico for anything concerning the interpretation and
compliance with the obligations under this Agreement and the Pagares, waiving
any other forum which may correspond to them by reason of their present or
future domicile or any other reason.

     12.12 Binding Effect. In the event that any provision of this Agreement
shall have been declared null by any competent court, the parties hereto
hereby agree that such invalidity shall not affect the validity and
enforceability of any other provision hereof.

     12.13 Loans Information. (a) In order to comply with the terms of the
"Ley Para Regular las Sociedades de Informacion Crediticia" the Borrower on
this date delivers to the Agent an authorization letter, duly signed by its
representative(s), which is attached hereto as Exhibit M, in order for the
Agent to be authorized to make periodical consultations with the "sociedades
de informacion Crediticia" with respect to the Loans history of the Borrower,
as well as to be authorized to provide information concerning the Borrower to
such "sociedades de inforacion Crediticia".

<PAGE>

     (b) In addition to the persons and authorities referred to in Articles 93
and 117 of the "Ley de Instituciones de Credito", the Borrower, the Guarantors
and the Swiss Guarantors hereby authorize the Lenders to disclose the
information derived from the transactions contained in this Agreement to (i)
the other financial institutions that are part of the financial group ("grupo
financiero") to which each of Lenders belong to (to the extent permitted by
the ("Ley de Instituciones de Credito")), to the parent ("casa matriz"),
directly or indirectly, of any Lender, (ii) the authorities regulating the
parent ("casa matriz") of the corresponding Lender, (iii) Banco de Mexico,
(iv) any other persons with whom the corresponding Lender enters into an
agreement with, specially in accordance with Section fifteen of this Agreement
and (v) the persons whom the parties have agreed upon.

     12.14 Executive Document ("Titulo Ejecutivo"). This Agreement, together
with the account statement certified by the accountant of the Lender would
constitute a "Titulo Ejecutivo" under the terms of Article 68 of the "Ley de
Instituciones de Credito.

     12.15 Exhibits. The parties agree that the Exhibits referred to in this
Agreement form an integral part of this Agreement.

     12.16 Right of Set-Off. In the event, at any time, that the Borrower, the
Guarantors and the Swiss Guarantors shall be obligated to pay to the Lenders
any amount due hereunder, and the Borrowers, the Guarantors and the Swiss
Guarantors shall have breached such payment obligation, the Borrower, the
Guarantors and the Swiss Guarantors and to the extent permitted by law, hereby
irrevocably empower and authorize the Lenders to (i) charge any account of the
Borrower, the Guarantors or the Swiss Guarantors maintained with the Lenders,
including without limitations, demand deposits and/or accounts, savings, time
deposits, provisional or final, investment accounts of whatever nature,
specially including the amounts held by the fiduciary division of the Lenders
in favor of the Borrower, the Guarantors or the Swiss Guarantors pursuant to
any investment contract, and (ii) set-off ("compensar") any amount due and
owed to the Lenders by the Borrower, the Guarantors or the Swiss Guarantors
hereunder and up to an amount equal to the amount due and not paid to the
Lenders without any request, notice, or demand.

     The Lenders shall notify the Borrower, the Guarantors and the Swiss
Guarantors as appropriate, as soon as possible, of any charge or set-off
effected pursuant to this Section, provided, that the failure to give such
notice shall not affect the validity of such charge or set-off. The rights of
the Lenders under this Section are in addition to other rights (including,
other rights of set-off) that such Lender may have.

     The Lenders agree that in the event that any one of them shall have made
a charge or set-off pursuant to this Section, the Lender which has made such
charge or set-off shall distribute to each other Lender, a part of the funds
appropriated by such Lender equivalent to the participation of each Lender in
the Loans, calculated in accordance with Exhibit A.

<PAGE>

                  [SIGNATURE PAGES STARTING ON THE NEXT PAGE]

<PAGE>

     IN WITNESS WHEREOF, the parties hereto execute this Agreement on
February 26, 2003 in Mexico City ("Mexico, D. F.")

                                   BORROWER

                                   VITRO PLAN, S.A. DE C.V.

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

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

<PAGE>

                                   GUARANTORS

                                   AUTOCRISTALES DE ORIENTE, S.A. DE C.V.

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

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

                                   CRISTALES INASTILLABLES, S.A. de C.V.

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

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

<PAGE>

                                   DISTRIBUIDOR VIDRIERO LAN, S.A. DE C.V.

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

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

                                   DISTRIBUIDORA DE VIDRIO DE MEXICO,
                                   S.A. de C.V.

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

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

<PAGE>

                                   DISTRIBUIDORA DE VIDRIO Y CRISTAL,
                                   S.A. DE C.V.

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

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

                                   DISTRIBUIDORA NACIONAL DE VIDRIO,
                                   S.A. DE C.V.

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

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

                                   VITRO AUTOMOTRIZ, S.A. DE C.V.

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

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

<PAGE>

                                   VITROCAR, S.A. DE C.V.

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

<PAGE>

                                   VIDRIO PLANO DE MEXICO, S.A. DE C.V.

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

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

                                   VIDRIO PLANO, S.A. DE C.V.

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

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

<PAGE>

                                   VITRO FLOTADO Y CUBIERTAS, S.A. DE C.V.

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

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

<PAGE>

                                   VITRO VIDRIO Y CRISTAL, S.A. DE C.V.

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

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

<PAGE>

                                   VITRO AMERICA, INC.

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

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

<PAGE>

                                   VVP AUTO GLASS, INC.,

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

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

                                   VVP HOLDING CORP.

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

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

<PAGE>

                                   CRISTALES CENTROAMERICANOS, S.A.

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

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

                                   VIDRIOS TEMPLADOS COLOMBIANOS, S.A.

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

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

<PAGE>

                                   VVP SYNDICATION, INC.

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

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

                                   SUPER SKY INTERNATIONAL, INC.

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

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

<PAGE>

                                   SUPER SKY PRODUCTS, INC.

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

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

                                   SUPER SKY CONSTRUCTORS, INC.

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

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

<PAGE>

                                   SWISS GUARANTORS

                                   TECNOLOGIA VITRO VIDRIO Y CRISTAL, LTD.

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

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

                                   IP VITRO VIDRIO Y CRISTAL, LTD.

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

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

<PAGE>

                                   AGENT

                                   Banco Nacional de Mexico, S.A.,
                                   Member of "Grupo Financiero Banamex"
                                   as Agent

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

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

                                   Address:

                                         Av. Roble No. 701
                                         Edificio Quimmco, Piso 5
                                         Col. Valle del Campestre
                                         Garza Garcia, N.L.
                                         Mexico, CP 66260
                                         Att: Jesus Servando Cantu
                                         Tel: (81) 1226 8505
                                         Fax: (81) 1226 8560

<PAGE>

                                   LENDERS

                                   BANCO NACIONAL DE MEXICO, S.A.,
                                   Member of "Grupo Financiero Banamex"

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

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

                                   Address:

                                         Av. Roble No. 701
                                         Edificio Quimmco, Piso 5
                                         Col. Valle del Campestre
                                         Garza Garcia, N.L.
                                         Mexico, CP 66260
                                         Att: Jesus Servando Cantu
                                         Tel: (81) 1226 8505
                                         Fax: (81) 1226 8560

<PAGE>

                                   COMERICA BANK MEXICO, S.A.,

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

                                   Address:

                                         Andres Bello No. 10
                                         Piso 17
                                         Col. Chapultepec, Polanco
                                         Mexico, D.F.
                                         CP 11560
                                         Att:  Augusto de Oliveira
                                         Tel:  (81) 1226 8505
                                         Fax:  (81) 1226 8560

<PAGE>

                                   BANCO NACIONAL DE COMERCIO EXTERIOR, S.N.C.

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}]]