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                                                                  EXHIBIT 4.9(b)



                                    GUARANTY

     THIS GUARANTY, dated as of January 24, 2000 (as amended or restated from
time to time, this "Guaranty"), by Smithfield Foods, Inc., a Virginia
corporation (together with its successors and assigns, the "Guarantor"), in
favor of each of the Noteholders (as such term is hereinafter defined).

1.  PRELIMINARY STATEMENT.

1.1   Murphy Farms, Inc., a North Carolina corporation (together with its
successors and assigns, the "Company"), is a party to a certain Note Purchase
Agreement, dated as of March 2, 1999 (the "Existing Note Purchase Agreement,"
and as amended by the Amendment and Consent referred to below and as further
amended or restated from time to time, the "Note Purchase Agreement"), entered
into with each of the institutional investors listed on Annex 1 thereto
(together with their respective successors and assigns, the "Noteholders"),
pursuant to which the Company issued to the Noteholders (i) $75,000,000 in
aggregate original  principal amount of its 8.25% Senior Unsecured Fixed Rate
Notes (the "Fixed Rate Notes") and (ii) $25,000,000 in aggregate original
principal amount of its Senior Unsecured LIBOR Rate Notes (such Senior Unsecured
LIBOR Rate Notes, collectively with the Fixed Rate Notes, are herein referred to
as the "Notes").  Capitalized terms used herein and not otherwise defined shall
have the meanings assigned thereto in the Note Purchase Agreement.

1.2   Pursuant to a certain Stock Acquisition and Plan of Reorganization
dated as of November 15, 1999 (the "Acquisition Agreement"), entered into by the
Guarantor with Wendell H. Murphy and other stockholders of the Company and
certain of its affiliates, the Guarantor has agreed to acquire the stock of the
Company and certain of its affiliates.

1.3   The Company and the Guarantor have requested the Noteholders to enter
into that certain Amendment to Note Purchase Agreement and Consent, dated as of
the date hereof (the "Amendment and Consent"), with the Company for the purpose
of consenting to the transactions contemplated by the Acquisition Agreement and
amending certain provisions of the Existing Note Purchase Agreement, and in
order to induce the Noteholders to enter into the Amendment and Consent, the
Guarantor has agreed to enter into this Guaranty.

1.4   All acts and proceedings required by law and by the articles of
incorporation and by-laws of the Guarantor necessary to constitute this Guaranty
a valid and binding agreement for the uses and purposes set forth herein in
accordance with its terms have been done and taken, and the



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execution and delivery hereof has been in all respects duly authorized by the
Guarantor.

2.  GUARANTY AND OTHER RIGHTS AND UNDERTAKINGS

2.1   Guarantied Obligations.

     The Guarantor, in consideration of the execution and delivery of the
Amendment and Consent by the Noteholders, hereby irrevocably, unconditionally
and absolutely guarantees, on a continuing basis, to each Noteholder, as and for
its own debt, until final and indefeasible payment has been made:

(a)  the due and punctual payment by the Company of the principal of, and
     interest, and the Make Whole Amount (if any) on, the Notes at any time
     outstanding and the due and punctual payment of all other amounts payable,
     and all other indebtedness owing, by the Company to the Noteholders under
     the Note Purchase Agreement and the Notes, in each case when and as the
     same shall become due and payable, whether at maturity, pursuant to
     mandatory or optional prepayment, by acceleration or otherwise, all in
     accordance with the terms and provisions hereof and thereof; it being the
     intent of the Guarantor that the guaranty set forth herein shall be a
     continuing guaranty of payment and not a guaranty of collection; and

(b)  the punctual and faithful performance, keeping, observance, and
     fulfillment by the Company of all duties, agreements, covenants and
     obligations of the Company contained in the Note Purchase Agreement and the
     Notes.

All of the obligations set forth in clause (a) and clause (b) of this Paragraph
2.1 are referred to herein as the "Guarantied Obligations" and the guaranty
thereof contained herein is referred to herein as the "Unconditional Guaranty".
This Unconditional Guaranty is a primary, original and immediate obligation of
the Guarantor and is an absolute, unconditional, continuing and irrevocable
guaranty of payment and performance and shall remain in full force and effect
until the full, final and indefeasible payment of the Guarantied Obligations.

2.2   Performance Under the Note Purchase Agreement.

     In the event the Company fails to pay, perform, keep, observe, or fulfill
any Guarantied Obligation in the manner provided in the Notes or in the Note

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Purchase Agreement, the Guarantor shall cause forthwith to be paid the moneys,
or to be performed, kept, observed, or fulfilled each of such obligations, in
respect of which such failure has occurred in accordance with the terms and
provisions of the Note Purchase Agreement and the Notes.  In furtherance of the
foregoing, if an Event of Default shall exist, all of the Guarantied Obligations
shall, in the manner and subject to the limitations provided in the Note
Purchase Agreement for the acceleration of the maturity of the Notes, forthwith
become due and payable without notice, regardless of whether the acceleration of
the maturity of the Notes shall be stayed, enjoined, delayed or otherwise
prevented.

2.3   Releases.

     The Guarantor consents and agrees that, without any notice whatsoever to or
by it and without impairing, releasing, abating, deferring, suspending,
reducing, terminating or otherwise affecting its obligations hereunder, each
Noteholder, by action or inaction, may:

(a)  compromise or settle, renew or extend the period of duration or the
     time for the payment, or discharge the performance of, or may refuse to, or
     otherwise not, enforce, or may, by action or inaction, release all or any
     one or more parties to, any one or more of this Guaranty, the Notes, the
     Note Purchase Agreement, any other guaranty or agreement or instrument
     related thereto or hereto;

(b)  assign, sell or transfer, or otherwise dispose of, any one or more of
     the Notes;

(c)  grant waivers, extensions, consents and other indulgences of any kind
     whatsoever to the Company or any other guarantor in respect of any one or
     more of this Guaranty, the Notes, the Note Purchase Agreement, any other
     guaranty or any agreement or instrument related thereto or hereto;

(d)  amend, modify or supplement in any manner whatsoever and at any time
     (or from time to time) any one or more of the Notes, the Note Purchase
     Agreement, any other guaranty or any agreement or instrument related
     hereto;

(e)  release or substitute any one or more of the endorsers or guarantors of
     the Guarantied Obligations, whether parties hereto or not; and

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(f)  sell, exchange, release, surrender or enforce, by action or inaction,
     any property at any time pledged or granted as security in respect of the
     Guarantied Obligations in accordance with the terms and conditions of the
     agreements and instruments pursuant to which such property was pledged or
     granted (as such agreements and instruments may be amended from time to
     time, and without any requirement of notice of such amendment to the
     Guarantor), whether so pledged or granted by the Company, the Guarantor or
     another guarantor of the Company's obligations under the Note Purchase
     Agreement, the Notes, any other guaranty or any agreement or instrument
     related hereto.

2.4   Waivers.

     To the fullest extent permitted by law, the Guarantor does hereby waive:

(a)  any notice of

               (i) acceptance of this Unconditional Guaranty;

               (ii) any purchase of the Notes under the Note Purchase Agreement,
          or the creation, existence or acquisition of any of the Guarantied
          Obligations, or the amount of the Guarantied Obligations, subject to
          the Guarantor's right to make inquiry of each Noteholder to ascertain
          the amount of the Guarantied Obligations owing to such Noteholder at
          any reasonable time, provided that the Guarantor will look solely to
          the Company for the determination of the identities of the
          Noteholders;

               (iii)  any transfer of Notes from one holder to another;

               (iv) any adverse change in the financial condition of the Company
          or any other fact that might increase, expand or affect the
          Guarantor's risk hereunder;

               (v) presentment for payment, demand, protest, and notice thereof
          as to the Notes or any other instrument;

               (vi) any Default or Event of Default; and

               (vii)  any kind or nature whatsoever to which the Guarantor might
          otherwise be entitled, other than those specifically required to be
          given to the Guarantor pursuant to the terms of this Guaranty;

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(b)  the right by statute or otherwise to require any Noteholder to
     institute suit against the Company, the Guarantor, or any other guarantor
     or to exhaust the rights and remedies of any Noteholder against the Company
     or any other guarantor, including, specifically (but not limited to) any
     rights the Guarantor might otherwise have had under Virginia Code Sections
     49-25 and 49-26, et. seq. and R.C.G.S. Sections 26-7, et. seq. (and any
                      --  ---                              --  ---
     successor statute);

(c)  the benefit of any stay (except in connection with a pending appeal),
     valuation, appraisal, redemption or extension law now or at any time
     hereafter in force which, but for this waiver, might be applicable to any
     sale of property of the Guarantor made under any judgment, order or decree
     based on this Guaranty, and the Guarantor covenants that it will not at any
     time insist upon or plead, or in any manner claim or take the benefit or
     advantage of such law;

(d)  any defense or objection to the absolute, primary, continuing nature,
     or the validity, enforceability or amount, of this Unconditional Guaranty,
     including, without limitation, any defense based on (and the primary,
     continuing nature, and the validity, enforceability and amount, of this
     Unconditional Guaranty shall be unaffected by), any of the following:


               (i) any change in future conditions;

               (ii)  any change of law;

               (iii)  any invalidity or irregularity with respect to the
          issuance or assumption of any obligations (including, without
          limitation, the Note Purchase Agreement, the Notes or any agreement or
          instrument related hereto) by the Company or any other Person;

               (iv) the execution and delivery of any agreement at any time
          hereafter (including, without limitation, the Note Purchase Agreement,
          the Notes or any agreement or instrument related hereto) of the
          Company or any other Person;

               (v) the genuineness, validity, regularity or enforceability of
          any of the Guarantied Obligations;

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               (vi) any default, failure or delay, willful or otherwise, in the
          performance of any obligations by the Company or any other guarantor;

               (vii)  any creditors' rights, bankruptcy, receivership or other
          insolvency proceeding of the Company or the Guarantor, or
          sequestration or seizure of any property of the Company or the
          Guarantor, or any merger, consolidation, reorganization, dissolution,
          liquidation or winding up or change in corporate constitution or
          corporate identity or loss of corporate identity of the Company or the
          Guarantor;

               (viii)  any disability or other defense of the Company or the
          Guarantor to payment and performance of all Guarantied Obligations
          other than the defense that the Guarantied Obligations shall have been
          fully and finally performed and indefeasibly paid;

               (ix) the cessation from any cause whatsoever of the liability of
          the Company or the Guarantor in respect of the Guarantied Obligations;

               (x) impossibility or illegality of performance on the part of the
          Company under the Note Purchase Agreement or the Notes or of the
          Guarantor under this Guaranty;

               (xi) any change in the circumstances of the Company, the
          Guarantor or any other Person, whether or not foreseen or foreseeable,
          whether or not imputable to the Company or the Guarantor, including,
          without limitation, impossibility of performance through fire,
          explosion, accident, labor disturbance, floods, droughts, embargoes,
          wars (whether or not declared), civil commotions, acts of God or the
          public enemy, delays or failure of suppliers or carriers, inability to
          obtain materials, economic or political conditions, or any other
          causes affecting performance, or any other force majeure, whether or
          not beyond the control of the Company or the Guarantor and whether or
          not of the kind hereinbefore specified;

               (xii)  any attachment, claim, demand, charge, Lien, order,
          process, encumbrance or any other happening or event or reason,
          similar or dissimilar to the foregoing, or any withholding or
          diminution at the source, by reason of any taxes, assessments,

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          expenses, indebtedness, obligations or liabilities of any character,
          foreseen or unforeseen, and whether or not valid, incurred by or
          against any Person, or any claims, demands, charges, Liens or
          encumbrances of any nature, foreseen or unforeseen, incurred by any
          Person, or against any sums payable under the Note Purchase Agreement
          or the Notes or any agreement or instrument related hereto so that
          such sums would be rendered inadequate or would be unavailable to make
          the payment as herein provided;

               (xiii)  any change in the ownership of the equity securities of
          the Company, the Guarantor or any other Person liable in respect of
          the Notes; or

               (xiv)  any other action, happening, event or reason whatsoever
          that shall delay, interfere with, hinder or prevent, or in any way
          adversely affect, the performance by the Company of any of its
          obligations under the Note Purchase Agreement or the Notes or of the
          Guarantor under this Guaranty.

2.5   Certain Waivers of Subrogation, Reimbursement and Indemnity.

     Until the Guarantied Obligations have been finally and indefeasibly paid,
the Guarantor shall have no right of subrogation, reimbursement, or indemnity
whatsoever in respect of the Guarantied Obligations, and no right of recourse to
or with respect to any assets or property of the Company.

2.6   Invalid Payments.

     To the extent the Company makes a payment or payments to any Noteholder,
which payment or payments or any part thereof are subsequently invalidated,
declared to be fraudulent or preferential, set aside or required, for any of the
foregoing reasons or for any other reason, to be repaid or paid over to a
custodian, trustee, receiver or any other party or officer under any bankruptcy,
reorganization, arrangement, insolvency, readjustment of debt, dissolution or
liquidation law of any jurisdiction, state or federal law, or any common law or
equitable cause, then to the extent of such payment or repayment, the obligation
or part thereof intended to be satisfied shall be revived and continued in full
force and effect as if said payment had not been made and the Guarantor shall be
primarily liable for such obligation.

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2.7   Marshaling.

     Neither any Noteholder nor any Person acting for the benefit of any
Noteholder shall be under any obligation to marshal any assets in favor of the
Guarantor or against or in payment of any or all of the Guarantied Obligations.

2.8   Subordination.

     In the event that, for any reason whatsoever, the Company or a Person
obligated in respect of the Guarantied Obligations pursuant to another
agreement, is now or hereafter becomes indebted to the Guarantor in any manner
(such indebtedness referred to as an "Affiliate Obligation"), the amount of such
Affiliate Obligation, interest thereon, and all other amounts due with respect
thereto, shall, at all times during the existence of a Default or an Event of
Default, be subordinate as to time of payment and in all other respects to all
the Guarantied Obligations, and the Guarantor shall not be entitled to enforce
or receive payment thereof until all sums then due and owing to the Noteholders
in respect of the Guarantied Obligations shall have been paid in full, except
that the Guarantor may enforce (and shall enforce, at the request of the
Required Holders, and at the Guarantor's expense) any obligations in respect of
any such Affiliate Obligation owing to the Guarantor from the Company or such
indebted Person so long as all proceeds in respect of any recovery from such
enforcement shall be held by the Guarantor in trust for the benefit of the
Noteholders, to be paid to the Noteholders as promptly as reasonably possible.
If any other payment, other than pursuant to the immediately preceding sentence,
shall have been made to the Guarantor by the Company or such indebted Person on
any such Affiliate Obligation during any time that a Default or an Event of
Default exists and there are Guarantied Obligations outstanding, the Guarantor
shall hold in trust all such payments for the benefit of the Noteholders, to be
paid to the Noteholders as promptly as reasonably possible.

2.9   Setoff, Counterclaim or Other Deductions.

     Except as otherwise required by law, each payment by the Guarantor shall be
made without setoff, counterclaim or other deduction.

2.10   Election by Guarantor to Perform Obligations.

     Any election by the Guarantor to pay or otherwise perform any of the
obligations of the Company under the Notes, the Note Purchase Agreement or any
agreement or instrument related hereto shall not release the Company, the
Guarantor or any other guarantor from such obligations or any of such Person's

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other obligations under the Notes, the Note Purchase Agreement or any agreement
or instrument related hereto.

2.11   No Election of Remedies by Noteholders.

     To the extent provided in the Note Purchase Agreement, each Noteholder
shall, individually or collectively, have the right to seek recourse against the
Guarantor to the fullest extent provided for herein for the Guarantor's
obligations under this Guaranty in respect of the Guarantied Obligations.  No
election to proceed in one form of action or proceeding, or against any party,
or on any obligation, shall constitute a waiver of such Noteholder's right to
proceed in any other form of action or proceeding or against other parties
unless such Noteholder has expressly waived such right in writing.
Specifically, but without limiting the generality of the foregoing, no action or
proceeding by any Noteholder against the Company or the Guarantor under any
document or instrument evidencing obligations of the Company or the Guarantor to
such Noteholder shall serve to diminish the liability of the Guarantor under
this Guaranty, except to the extent that such Noteholder finally and
unconditionally shall have realized payment by such action or proceeding.

2.12   Separate Action; Other Enforcement Rights.

     Each of the rights and remedies granted under this Guaranty to each
Noteholder in respect of the Notes held by such Noteholder may be exercised by
such Noteholder without notice by such Noteholder to, or the consent of or any
other action by, any other Noteholder.  Each Noteholder may proceed to protect
and enforce this Unconditional Guaranty by suit or suits or proceedings in
equity, at law or in bankruptcy, and whether for the specific performance of any
covenant or agreement contained herein or in execution or aid of any power
herein granted or for the recovery of judgment for the obligations hereby
guarantied or for the enforcement of any other proper, legal or equitable remedy
available under applicable law.

2.13   Noteholder Setoff.

     Each Noteholder shall have, to the fullest extent permitted by law and this
Guaranty, a right of set-off against any and all credits and any and all other
property of  the Guarantor, now or at any time whatsoever, with or in the
possession of, such Noteholder, or anyone acting for such Noteholder, to ensure
the full performance of any and all obligations of the Guarantor hereunder.

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2.14   Delay or Omission; No Waiver.

     No course of dealing on the part of any Noteholder and no delay or failure
on the part of any such Person to exercise any right hereunder shall impair such
right or operate as a waiver of such right or otherwise prejudice such Person's
rights, powers and remedies hereunder.  Every right and remedy given by this
Unconditional Guaranty or by law to any Noteholder may be exercised from time to
time as often as may be deemed expedient by such Person.

2.15   Restoration of Rights and Remedies.

     If any Noteholder shall have instituted any proceeding to enforce any right
or remedy under this Unconditional Guaranty or under any Note held by such
Noteholder, and such proceeding shall have been dismissed, discontinued or
abandoned for any reason, or shall have been determined adversely to such
Noteholder, then and in every such case each such Noteholder, the Company and
the Guarantor shall, except as may be limited or affected by any determination
(including, without limitation, any determination in connection with any such
dismissal) in such proceeding, be restored severally and respectively to its
respective former positions hereunder and thereunder, and thereafter, subject as
aforesaid, the rights and remedies of such Noteholders shall continue as though
no such proceeding had been instituted.

2.16   Cumulative Remedies.

     No remedy under this Guaranty, the Note Purchase Agreement or the Notes is
intended to be exclusive of any other remedy, but each and every remedy shall be
cumulative and in addition to any and every other remedy given pursuant to this
Guaranty, the Note Purchase Agreement or the Notes.

2.17   Limitation on Guarantied Obligations.

     Notwithstanding anything in Paragraph 2.1 or elsewhere in this Guaranty to
the contrary, the obligations of the Guarantor under this Guaranty shall at each
point in time be limited to an aggregate amount equal to the greatest amount
that would not result in such obligations being subject to avoidance, or
otherwise result in such obligations being unenforceable, at such time under
applicable law (including, without limitation, to the extent, and only to the
extent, applicable to the Guarantor, Section 548 of the Bankruptcy Code of the
United States of America and any comparable provisions of the law of any other
jurisdiction, any capital preservation law of any jurisdiction and any other law
of any jurisdiction that at such time limits the enforceability of the
obligations of the Guarantor under this Guaranty).

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2.18   Maintenance of Offices.

     The Guarantor will maintain an office at its address set forth in Paragraph
5.3 where notices, presentations and demands in respect of this Guaranty may be
made upon it.  The Guarantor will maintain its office at such address until such
time as the Guarantor shall notify the Noteholders of any change of location of
such office.

2.19   Further Assurances.

     The Guarantor will cooperate with the Noteholders and execute such further
instruments and documents as the Required Holders shall reasonably request to
carry out, to the reasonable satisfaction of the Required Holders, the
transactions contemplated by the Note Purchase Agreement, the Notes, this
Guaranty and the documents and instruments related thereto.

3.  INTERPRETATION OF THIS GUARANTY

3.1   Terms Defined.

     As used in this Guaranty, capitalized terms have the meaning specified in
the Note Purchase Agreement unless otherwise specified below or set forth in the
paragraph of this Guaranty referred to immediately following such term (such
definitions, unless otherwise expressly provided, to be equally applicable to
both the singular and plural forms of the terms defined):

     Acquisition Agreement -- Paragraph 1.2.

     Affiliate Obligation -- Paragraph 2.8.

     Amendment and Consent -- Paragraph 1.3.

     Company -- Paragraph 1.1.

     Existing Note Purchase Agreement -- Paragraph 1.1.

     Fixed Rate Notes -- Paragraph 1.1.

     Guarantied Obligations -- Paragraph 2.1.

     Guarantor -- has the meaning assigned to such term in the first paragraph
hereof.

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     Guaranty, this -- has the meaning assigned to such term in the first
paragraph hereof.

     Note Purchase Agreement -- Paragraph 1.1.

     Noteholders -- Paragraph 1.1.

     Notes -- Paragraph 1.1.

     Unconditional Guaranty -- Paragraph 2.1.

3.2   Paragraph Headings and Construction.

(a)  Paragraph Headings, etc.  The titles of the Paragraphs appear as a
     matter of convenience only, do not constitute a part hereof and shall not
     affect the construction hereof.  The words "herein," "hereof," "hereunder"
     and "hereto" refer to this Guaranty as a whole and not to any particular
     Paragraph or other subdivision.  Unless otherwise specified, references to
     Paragraphs are to Paragraphs of this Guaranty.

(b)  Construction.  Each covenant contained herein shall be construed
     (absent an express contrary provision herein) as being independent of each
     other covenant contained herein, and compliance with any one covenant shall
     not (absent such an express contrary provision) be deemed to excuse
     compliance with one or more other covenants.

4.  WARRANTIES AND REPRESENTATIONS

     The Guarantor represents and warrants to each Noteholder, as of the date
hereof, as follows:

4.1   Generally.

(a)  The Guarantor is fully aware of the financial condition of the Company
     and is delivering this Guaranty based solely upon its own independent
     investigation and in no part upon any representation or statement of any
     Noteholder with respect thereto.  The Guarantor is in a position to obtain,
     and hereby assumes full responsibility for obtaining, any

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additional information concerning the financial condition of the Company as the
Guarantor may deem material to its obligations hereunder, and the Guarantor is
not relying upon, nor expecting, any Noteholder to furnish it any information
concerning the financial condition of the Company.

(b)  As of the date of the execution and delivery of this Guaranty, the fair
     salable value of the assets of the Guarantor, taken as a whole, exceeds its
     liabilities, taken as a whole; the Guarantor is able to pay and discharge
     all of its debts (including, without limitation, its current liabilities)
     as they become due and after giving effect to the transactions contemplated
     by this Guaranty, the Guarantor will not become unable to pay and discharge
     such debts as they become due; there are no presently pending material
     court or administrative proceedings or undischarged judgments against the
     Guarantor; and no tax Liens have been filed or threatened against the
     Guarantor, nor is the Guarantor in default or claimed default under any
     agreement for borrowed money.

(c)  The Guarantor is a corporation duly organized and validly existing and
     in good standing under the laws of its jurisdiction of incorporation.  The
     Guarantor has the corporate power to own its properties and carry on its
     business as it is now being conducted.  The Guarantor has the valid
     authority and the corporate power to enter into and perform, and has taken
     all necessary action to authorize the entry into, and the performance and
     delivery of, this Guaranty and the transactions contemplated hereby.

(d)  This Guaranty has been duly authorized by all necessary action on the
     part of the Guarantor, has been duly executed and delivered by one or more
     duly authorized officers of the Guarantor, and constitutes a legal, valid
     and binding obligation of the Guarantor.

(e)  The entry into and performance of this Guaranty and the transactions
     contemplated hereby do not and will not conflict with any applicable law or
     regulation or official or judicial order, conflict with the articles of
     incorporation or by-laws of the Guarantor, conflict with any agreement or
     document to which the Guarantor is a party or that is binding upon it or
     any of its properties, or result in the creation or imposition of any Lien
     on any of its properties pursuant to the provisions of any agreement or
     document.

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4.2   Solvency.

     The fair value of the business and assets of each of the Company and the
Guarantor will be in excess of the amount that will be required to pay its
liabilities (including, without limitation, contingent, subordinated, unmatured
and unliquidated liabilities on existing debts, as such liabilities may become
absolute and matured), in each case after giving effect to the transactions
contemplated by this Guaranty, the Amendment and Consent and the Stock
Acquisition Agreement.  Neither the Company nor the Guarantor, after giving
effect to the transactions contemplated by this Guaranty, the Amendment and
Consent and the Acquisition Agreement, will be engaged in any business or
transaction, or about to engage in any business or transaction, for which such
Person has unreasonably small assets or capital (within the meaning of
applicable law, including, without limitation, Section 548 of the United States
Bankruptcy Code), and neither the Company nor the Guarantor has any intent to

(a)  hinder, delay or defraud any entity to which it is, or will
     become, on or after the date hereof, indebted, or

(b)  incur debts that would be beyond its ability to pay as they
     mature.

5.  MISCELLANEOUS

5.1   Successors and Assigns.

(a)  Whenever the Guarantor or any of the parties to the Note Purchase
     Agreement is referred to, such reference shall be deemed to include the
     successors and assigns of such party, and all the covenants, promises and
     agreements contained in this Guaranty by or on behalf of the Guarantor
     shall bind its successors and assigns and shall inure to the benefit of
     each of the Noteholders from time to time whether so expressed or not and
     whether or not an assignment of the rights hereunder shall have been
     delivered in connection with any assignment or other transfer of Notes.

(b)  The Guarantor agrees to take such action as may be reasonably requested
     by any Noteholder in connection with the transfer of the Notes of such
     Noteholder in accordance with the requirements of the Note Purchase
     Agreement in connection with providing an executed copy of this Guaranty to

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the new Noteholder or Noteholders of such Notes, provided that no additional
obligations of the Guarantor shall thereby be created but rather that its
existing obligations shall be more particularly stated in respect of one or more
future Noteholders that are the subject of this Guaranty.

5.2   Partial Invalidity.

     The unenforceability or invalidity of any provision or provisions hereof
shall not render any other provision or provisions contained herein
unenforceable or invalid.

5.3   Communications.

(a)  Method; Address.  All communications hereunder shall be in writing,
     shall be delivered in the manner required by the Note Purchase Agreement,
     and shall be addressed


               (i)  if to the Guarantor, at

                    Smithfield Foods, Inc.
                    200 Commerce Street
                    Smithfield, Virginia  23430
                    Attention:  Mr. C. Larry Pope
                    Fax:  (757) 365-3023,

               (ii) if to a Purchaser, at the address set forth on Annex 1 to
          the Note Purchase Agreement for such Noteholder, and further including
          any parties referred to on such Annex 1 which are required to receive
          notices in addition to such Noteholder, and

               (ii) if to a Noteholder that is not a Purchaser, at the address
          set forth in the register for the registration and transfer of Notes
          maintained pursuant to Paragraph 11N(1) of the Note Purchase Agreement
          for such Noteholder,

     or to any such party at such other address as such party may designate by
     notice duly given in accordance with this Paragraph 5.3.

(b)  When Given.  Any communication addressed and delivered as provided by
     Paragraph 5.3(a) shall be deemed to be received when actually delivered to
     the address of the addressee (whether or not delivery

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     is accepted) or received by the telecopy machine of the recipient. Any
     communication not so addressed and delivered shall be ineffective.

5.4   Governing Law.

          THIS GUARANTY IS TO BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND
SHALL BE GOVERNED BY, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS (WITHOUT
GIVING EFFECT TO ANY LAWS OR RULES RELATING TO CONFLICTS OF LAWS THAT WOULD
CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE
COMMONWEALTH OF MASSACHUSETTS).

5.5   Effective Date.

          This Guaranty shall be effective as of the date hereof.

5.6   Benefits of Guaranty Restricted.

          Nothing express or implied in this Guaranty is intended or shall be
construed to give to any Person other than the Guarantor and the Noteholders any
legal or equitable right, remedy or claim under or in respect hereof or any
covenant, condition or provision herein contained; and all such covenants,
conditions and provisions are and shall be held to be for the sole and exclusive
benefit of the Guarantor and the Noteholders.

5.7   Survival of Representations and Warranties; Entire Agreement.

          All representations and warranties contained herein or made in writing
by the Guarantor in connection herewith shall survive the execution and delivery
hereof.

5.8   Expenses.

(a)  The Guarantor shall pay when billed the reasonable costs and expenses
     (including reasonable attorneys' fees) incurred by the Noteholders in
     connection with the consideration, negotiation, preparation or execution of
     any amendments, waivers, consents, standstill agreements and other similar
     agreements with respect hereto (whether or not any such amendments,
     waivers, consents, standstill agreements or other similar agreements are
     executed).

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(b)  At any time when any one or more of the Company or the Guarantor and
     the Noteholders are conducting restructuring or workout negotiations in
     respect hereof, or a Default or Event of Default exists, the Guarantor
     shall pay when billed the reasonable costs and expenses (including
     reasonable attorneys' fees and the reasonable fees of professional
     advisors) incurred by the Noteholders in connection with the assessment,
     analysis or enforcement of any rights or remedies that are or may be
     available to the Noteholders.

(c)  If the Guarantor shall fail to pay when due any principal of, or Make
     Whole Amount or interest on, any Note, the Guarantor shall pay to each
     Noteholder, to the extent permitted by law, such amounts as shall be
     sufficient to cover the costs and expenses, including but not limited to
     reasonable attorneys' fees, incurred by such Noteholder in collecting any
     sums due on the Notes.

5.9   Amendment.

          This Guaranty may be amended only in a writing executed by the
Guarantor and the Required Holders.

5.10   Survival.

          So long as the Guarantied Obligations and all payment obligations of
the Guarantor hereunder shall not have been fully and finally performed and
indefeasibly paid, the obligations of the Guarantor hereunder shall survive the
transfer and payment of any Note and the payment in full of all the Notes.

5.11   Entire Agreement.

          This Guaranty constitutes the final written expression of all of the
terms hereof and is a complete and exclusive statement of those terms.

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5.12   Duplicate Originals, Execution in Counterpart.

          Two or more duplicate originals hereof may be signed by the parties,
each of which shall be an original but all of which together shall constitute
one and the same instrument.  This Guaranty may be executed in one or more
counterparts and shall be effective when at least one counterpart shall have
been executed by each party hereto, and each set of counterparts that,
collectively, show execution by each party hereto shall constitute one duplicate
original.

     [Remainder of page intentionally blank.  Next page is signature page.]

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          IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be
executed on its behalf by a duly authorized officer of the Guarantor.


                                 SMITHFIELD FOODS, INC.


                                 By________________________________
                                 Name:
                                 Title: