Document:

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                                                                    EXHIBIT 10.3

     "***" - Confidential portions of this Agreement have been omitted and
      filed separately with the Securities and Exchange Commission under a
          Confidential Treatment Request, pursuant to Rule 406 of the
                       Securities Act of 1933, as amended

                          PREFERRED SUPPLIER AGREEMENT

         THIS AGREEMENT is made as of September 19, 2002, by and between
CONAGRA FOODS, INC., a Delaware corporation ("CAGCO"), and SWIFT & COMPANY, a
Delaware corporation ("PC").

RECITALS:

         (a)      CAGCO and certain of its operating companies (individually, a
                  "CAGCO Operating Company" and collectively, the "CAGCO
                  Operating Companies") use certain Products (as defined below)
                  that are produced by certain of PC's operating companies
                  (individually, a "PC Operating Company" and collectively, the
                  "PC Operating Companies").

         (b)      CAGCO and PC desire to establish a mutually preferred supplier
                  agreement and, further, the parties desire to facilitate a
                  relationship which enhances CAGCO's and the CAGCO Operating
                  Companies' purchase of, and PC and the PC Operating Companies'
                  sale of, the Products, taking into consideration relevant
                  commercial market factors.

         (c)      CAGCO's and the CAGCO Operating Companies' interest is to
                  purchase quantities of Products in amounts substantially
                  similar to the volume of Products purchased by CAGCO and the
                  Operating Companies prior to the date of this Agreement
                  (subject to changes in product mix, product reformulation,
                  etc.) at competitive delivered prices and PC's interest is for
                  PC and the PC Operating Companies to supply such quantities of
                  Products to CAGCO and the CAGCO Operating Companies at
                  competitive delivered prices.

AGREEMENT:

         In consideration of the foregoing recitals which are incorporated with
and are made a part of this Agreement, and in further consideration of the
mutual covenants and agreements hereinafter contained, the parties hereto agree
as follows:

         1. GENERAL STATEMENT. CAGCO and the CAGCO Operating Companies hereby
agree that PC and the PC Operating Companies are preferred suppliers of the
Products and PC and the PC Operating Companies hereby agree that CAGCO and the
CAGCO Operating Companies are preferred purchasers of the Products.

         2. PURCHASE AND SALE OF PRODUCTS. In order to facilitate this preferred
supplier/purchaser relationship and subject to the terms and conditions set
forth herein, PC and the PC Operating Companies agree to sell to CAGCO and the
CAGCO Operating Companies, and CAGCO and the CAGCO Operating Companies agree to
purchase, those fresh beef and pork

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products which have historically been provided by Swift Beef Company and Swift
Pork Company to CAGCO and the CAGCO Operating Companies (collectively, the
"Products") in amounts substantially similar to the volume of Products purchased
by CAGCO and the CAGCO Operating Companies during the 12 month period prior to
the date of this Agreement (subject to changes in product mix, product
reformulation, etc.) or in such greater or smaller volumes as the parties may
mutually agree upon from time to time. CAGCO and PC agree that CAGCO will offer
PC and the PC Operating Companies the opportunity to provide CAGCO and the CAGCO
Operating Companies (including operating companies formed or acquired after the
date hereof that require Products, subject to compliance with such companies'
supply agreements or arrangements) additional fresh beef and pork products that
they may require as a result of changes in product mix and product
reformulations, other than proprietary or other products brought to CAGCO or the
CAGCO Operating Companies by any third party for the development and/or
manufacture of new products. On a quarterly basis during the term of this
Agreement, CAGCO and those CAGCO Operating Companies requiring a supply of
Products for the next immediately succeeding three (3) month period ("Production
Period") will notify PC or the applicable PC Operating Company of CAGCO's and/or
such CAGCO Operating Companies' good faith estimate of anticipated purchases of
Products, including the type of Products, quantities, specifications, delivery
requirements and other relevant information for the upcoming Production Period
and shall offer PC or the applicable PC Operating Company the right to provide
such Products to CAGCO on the terms and conditions set forth herein. Based on
this information, PC or the applicable PC Operating Company will notify CAGCO
within ten (10) days (or such other period of time as to which the parties may
mutually agree) which Products it desires to supply. Within ten (10) days (or
such other period as to which the parties may mutually agree) after such notice
from PC or the applicable PC Operating Company, PC and CAGCO and/or those CAGCO
Operating Companies for which PC or the applicable PC Operating Company agreed
to produce the Products during the upcoming Production Period will meet to
develop firm orders for the Products for the upcoming Production Period. To
maintain this preferred supplier status, PC and the PC Operating Companies shall
meet CAGCO's and the CAGCO Operating Companies' specifications, quantity,
delivery and service requirements.

         3. PRICING OF PRODUCTS. All products supplied to CAGCO and/or the CAGCO
Operating Companies hereunder shall be sold at fair market prices on a delivered
basis based upon the pricing mechanics in place today between the parties. For
informational purposes attached as Exhibit "A" are pricing mechanics for certain
Products. CAGCO and the CAGCO Operating Companies and PC and the PC Operating
Companies will meet periodically to discuss and determine pricing and payment
mechanisms and procedures.

         4. TERM; CONTRACT YEAR. The initial term of this Agreement shall be
seven (7) years commencing on the date hereof.

         5. SPECIAL CIRCUMSTANCES. The parties acknowledge that, from time to
time, CAGCO and/or the CAGCO Operating Companies may have unpredicted and/or
special purchase needs for Products that cannot be accommodated by the purchase
and sale mechanism set forth in Section 2 above which shall include CAGCO's
and/or the CAGCO Operating Companies' desire to effect forward purchases of
Products (i.e., purchases of products pursuant to a purchase contract in which
the buyer and seller agree to terms and conditions for future delivery of those
products). With respect to such special circumstances, CAGCO and/or the CAGCO
Operating Companies will use

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their good faith efforts to work with PC and the PC Operating Companies so that
PC and the PC Operating Companies will have the first opportunity to supply such
Products where practical, but in the event PC or a PC Operating Company is
unable to supply such Products, or do not agree to effect CAGCO's and/or the
CAGCO Operating Companies' forward purchases of Products, CAGCO and/or the CAGCO
Operating Companies shall be free to purchase such Products (including forward
purchases of Products) from unrelated third party suppliers. With respect to any
such special circumstances Products that PC or a PC Operating Company is
initially unable to provide CAGCO (and for which CAGCO has not entered enter
into an agreement that requires such Product to be supplied by a third party),
CAGCO shall offer PC or the applicable PC Operating Company the opportunity to
provide such Products pursuant to the next quarterly notice under Section 2
above if CAGCO's requirements for such Products continue.

         6. REPRESENTATIONS AND WARRANTIES OF PC. PC warrants and represents
that:

         (a)      All of the Products shall comply with the specifications
                  therefor, and shall be fit and wholesome for human consumption
                  at the time of shipment.

         (b)      None of the Products delivered hereunder shall be, as of the
                  date of such delivery, adulterated or misbranded within the
                  meaning of the Federal Food, Drug and Cosmetic Act, as
                  amended, or any other applicable food or drug law or
                  regulation. All Products delivered pursuant to this Agreement
                  by PC shall be goods that, under the provisions of such laws
                  and regulations, may be lawfully shipped and sold in
                  interstate commerce and conform in all respects to the
                  requirements of such laws and rules and regulations issued
                  pursuant to such laws.

         (c)      The Products shall be merchantable, of good quality, and fit
                  for the purpose intended.

         (d)      The execution of the Agreement and performance of its
                  obligations under this Agreement does not, and will not,
                  breach or conflict with any agreement, pledge, or contract to
                  which PC or a PC Operating Company is a party or to which any
                  of PC's or any PC Operating Company's assets are subject.

         (e)      PC or a PC Operating Company shall have clear title to all
                  Products sold to CAGCO and/or the CAGCO Operating Companies
                  hereunder, and CAGCO and/or the CAGCO Operating Companies
                  shall receive clear and unencumbered title to such Products.

         7. REPRESENTATIONS AND WARRANTIES OF CAGCO. The execution of the
Agreement and performance of its obligations under this Agreement does not, and
will not, breach or conflict with any agreement, pledge, or contract to which
CAGCO and/or any CAGCO Operating Company is a party or to which any of CAGCO's
or any Operating Company's assets are subject.

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         8. INDEMNIFICATION.

         (a)      PC and the PC Operating Companies shall indemnify and hold
                  CAGCO and the Operating Companies harmless from and against
                  any and all claims, demands, actions, causes of action,
                  proceedings, judgments and other liabilities, obligations,
                  losses, damages, costs and expenses (including reasonable
                  attorneys' fees and costs) of any nature which result from a
                  breach by PC of any representation, warranty, covenant or
                  agreement provided herein.

         (b)      CAGCO shall indemnify and hold PC and the PC Operating
                  Companies harmless from and against any and all claims,
                  demands, actions, causes of action, proceedings, judgments and
                  other liabilities, obligations, losses, damages, costs and
                  expenses (including reasonable attorneys' fees and costs)
                  which result from a breach by CAGCO of any representation,
                  warranty, covenant or agreement provided herein.

         9. INSURANCE. During the Term each party shall maintain adequate public
liability or other insurance with reputable insurance companies as hereinafter
set forth and, upon request, to furnish the other party with certificates of
insurance properly executed by its insurers evidencing such fact, and requiring
the insurers to give at least thirty (30) days notice to the other party in the
event of cancellation or material alteration of such coverage. The minimum
insurance coverage to be maintained shall be as follows:

         (a)      Comprehensive general liability insurance, including personal
                  injury and property damage, products and completed operations,
                  and form contractual and advertising liability coverages, in
                  occurrence form, affording minimum single limit protection of
                  no less than U.S. Two Million Dollars (US$2,000,000) per
                  occurrence

         (b)      Worker's compensation and employer's liability insurance in
                  accordance with the legal requirements of the state in which
                  the insured conducts its operations.

         10. CONFIDENTIALITY. Each party acknowledges that in connection with
this Agreement it may receive certain confidential information from the other
party ("Confidential Information"). The receiving party shall not at any time
disclose the Confidential Information to any person, firm, partnership,
corporation or other entity (other than persons employed by the receiving party
and having a need to access the Confidential Information) for any reason
whatsoever, nor shall the receiving party use the Confidential Information for
its benefit or for the benefit of any person, firm, partnership or affiliates
during the term of this Agreement and for a period of two (2) years after the
termination hereof unless required by any governmental authority or in response
to any valid legal process. Each party shall take all actions necessary to
ensure that its employees and representatives having access to the Confidential
Information are bound by the terms of this Agreement. Confidential Information
shall not include information which (i) was in the receiving party's possession
prior to disclosure, (ii) is hereafter independently developed by the receiving
party, (iii) lawfully comes into the possession of the receiving party, or (iv)
is now or subsequently becomes, through no act or failure to act by the
receiving party, part of the public domain.

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         11. FORCE MAJEURE. Neither PC nor CAGCO shall be liable for, or deemed
to be in default hereunder or subject to any remedies of the other party as a
result of, delays or performance failures due to power failures, fire, acts of
God, acts of civil or military authority, embargoes, epidemics, terrorism,
strikes, riots or similar causes beyond such party's reasonable control, and
without the fault or negligence of CAGCO, PC, any CAGCO Operating Company or any
PC Operating Company. Should any force majeure condition occur which prevents PC
or any PC Operating Company from performing its obligations pursuant to this
Agreement, from one of its plants, PC shall, at CAGCO's request, use
commercially reasonable efforts to provide Products from PC's or PC Operating
Companies' other plants. Each party shall use reasonable best efforts to
minimize the impact of any force majeure condition it experiences on the other
party to this Agreement and to otherwise keep the other party timely advised as
to minimization and removal of such condition.

         12. APPLICABLE LAW. This Agreement shall be governed by the laws of the
State of Delaware, excluding its choice of law rules.

         13. NO ASSIGNMENT. Neither party may assign this Agreement or its
rights hereunder without prior written consent from the other party, which
consent shall not be unreasonably withheld; provided, however, that to the
extent requested by PC's senior lenders, the parties shall execute and deliver
such documents as may be necessary to effect a collateral assignment of the
rights arising hereunder. For purposes of this Agreement, an assignment shall be
deemed to occur upon a transfer of a majority of the outstanding capital stock
of the respective party (or any Operating Company) entitled to vote for the
election of directors, either directly or indirectly, whether by merger,
consolidation, stock transfer, or otherwise. In the event such consent is
withheld with respect to the sale, merger or other transfer of any Operating
Company or the assets thereof, the assigning party shall have the right to
terminate this Agreement; provided that with respect to a proposed partial
assignment, such termination shall only relate to the Operating Companies or
plants, as applicable, subject to such partial assignment.

         14. NOTICES. All notices which are required or may be given pursuant to
the terms of this Agreement shall be in writing and shall be sufficient in all
respects if given in writing and delivered personally or via telefacsimile or
overnight courier, or mailed by Registered, Certified or Express Mail, postage
prepaid, as follows:

         (a)      If to PC and/or any        Swift & Company
                  PC Operating Company:      1770 Promontory Circle
                                             Greeley, CO 80634
                                             ATTN: President and Chief Executive
                                                   Officer
                                             Fax: (970) 506-8323

         (b)      If to CAGCO and/or         ConAgra Foods, Inc.
                  any CAGCO Operating        One ConAgra Drive
                  Company:                   Omaha, Nebraska 68102
                                             ATTN: Corporate Controller
                                             Fax: (402) 595-4611

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or at such other address as any party hereto shall have designated by notice in
writing to the other parties hereto.

         14. BINDING EFFECT. This Agreement shall be binding upon and inure to
the benefit of the parties hereto, their legal representatives, successors and
permitted assigns.

         15. ENTIRE AGREEMENT; AMENDMENTS. This writing constitutes the entire
understanding between the parties and supersedes all previous agreements or
negotiations on the subject matter herein whether written or oral, and shall not
be modified or amended except by written agreement duly executed by the parties
hereto.

         16. WAIVER. A waiver by either party of any breach or default of this
Agreement is not to be construed as a waiver of any subsequent breach or
default.

         17. INDEPENDENT CONTRACTORS. The relationship between the parties shall
at all times be deemed that of independent contractors. This Agreement is not
intended to create between the parties a relationship of partners, principal and
agent, joint venturers or any other similar relationship.

         18. NO CONSEQUENTIAL DAMAGES. IN NO EVENT SHALL A PARTY OR ITS
AFFILIATES OR THEIR RESPECTIVE OFFICERS, DIRECTORS, REPRESENTATIVES AND
EMPLOYEES BE LIABLE TO THE OTHER PARTY OR ITS AFFILIATES OR THEIR RESPECTIVE
OFFICERS, DIRECTORS, REPRESENTATIVES AND EMPLOYEES, WHETHER BASED IN CONTRACT,
TORT, WARRANTY, OR ANY OTHER LEGAL OR EQUITABLE GROUNDS, FOR ANY LOSS OF THE
INCOME, PROFIT OR SAVINGS OR COST OF CAPITAL OR FINANCING OF THE OTHER PARTY OR
ITS AFFILIATES, FOR ANY INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OR FOR ANY
EXEMPLARY, SPECIAL, OR PUNITIVE DAMAGES OF ANY KIND, RESULTING FROM OR RELATING
TO THIS AGREEMENT OR THE PRODUCTS DELIVERED HEREUNDER, EVEN IF THE OTHER PARTY
HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

         19. CONSENT TO JURISDICTION. THE PARTIES HERETO HEREBY IRREVOCABLY
SUBMIT TO THE EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR DELAWARE
STATE COURT SITTING IN WILMINGTON, DELAWARE IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT AND EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING SHALL
BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION
IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.
THE PARTIES HERETO SHALL CAUSE THE CAGCO OPERATING COMPANIES AND THE PC
OPERATING COMPANIES TO BE BOUND BY THIS SECTION.

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         IN WITNESS WHEREOF the parties have executed this Agreement on the date
first written above.

CONAGRA FOODS, INC., a                       SWIFT & COMPANY,
Delaware corporation                         a Delaware corporation

By:  /s/ DWIGHT J. GOSLEE                    By:  /s/ PATRICK J. KOLEY
     ----------------------------------           ------------------------------
Its: Executive Vice President,               Its: Vice President
     Operations Control and Development           ------------------------------
     ----------------------------------

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                                   EXHIBIT "A"

                            PRODUCT PRICING MECHANICS

  Prices listed are net of freight. Delivered price will include freight charge

PORK

         Boneless Hams              "***" total FOB USDA DP Top plus formula ovg

         Semi Boneless              "***" total FOB USDA DP Top plus formula ovg

         Bone in Hams               Negotiated Base "***"

         Skinless Bellies           Negotiated generally based on USDA DP Top
                                    plus formula overage

         Skin on Bellies            USDA DP Top "***"

         Cheek Meat                 USDA DP Top "***"

         Trimmings                  USDA DP Top "***" depending on
                                    shipping location

         Loins, Butts, Spareribs    "***" on USDA based formulas, "***" on an
                                    individual bid or fixed quote basis

         Backribs                   Quote basis

BEEF

         Trim                       USDA Topside Avg. "***" (FOB)

         Misc Boxes (thin meats)    Negotiated daily based off USDA plus spread
                                    "***"

         Variety                    Meats Negotiated daily based off USDA plus
                                    spread "***"

         Rounds                     Negotiated daily based off USDA plus spread
                                    "***"

         Grinds                     Negotiated daily based off USDA plus spread
                                    "***"

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         Briskets                   Negotiated daily based off USDA plus spread
                                    "***"

         Chucks                     Negotiated daily based off USDA plus spread
                                    "***"

         Loins                      Negotiated daily based off USDA plus spread
                                    "***"

         Ribs                       Negotiated daily based off USDA plus spread
                                    "***"

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                                                                    EXHIBIT 10.4

                              TAX SHARING AGREEMENT

         This TAX SHARING AGREEMENT (this "AGREEMENT"), dated as of September
19, 2002, by and among SWIFT FOODS COMPANY, a Delaware corporation ("PARENT"),
SWIFT & COMPANY, a Delaware corporation and an indirect wholly owned subsidiary
of Parent ("PROCESSING"), SWIFT CATTLE HOLDCO, INC., a Delaware corporation and
an indirect wholly owned subsidiary of Parent ("FEEDING"), and MONFORT FINANCE
COMPANY, INC., a Colorado corporation ("CATTLECO").

                                   WITNESSETH:

         WHEREAS, Feeding and certain of its subsidiaries and Processing and
certain of its subsidiaries will be included in the consolidated federal income
Tax Returns filed by Parent, and one or more Members of the Parent Group, the
Processing Group and the Feeding Group will be included with one or more Members
of another Group in state and local consolidated, unitary or combined Tax
Returns;

         WHEREAS, Parent on behalf of itself and the Parent Group, Processing,
on behalf of itself and the Processing Group, and Feeding, on behalf of itself
and the Feeding Group, wish to provide for the allocation between the Parent
Group, the Processing Group and the Feeding Group of all responsibilities,
liabilities and benefits relating to or affecting Taxes paid or payable and Tax
Returns filed or required to be filed by any of them on or after the Effective
Date and to provide for certain other matters; and

         NOW, THEREFORE, in consideration of the premises and of the respective
covenants and agreements set forth herein, the parties hereby agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         1.1. Definitions. As used in this Agreement, the following terms shall
have the following respective meanings:

         "ACTUALLY REALIZED" or "ACTUALLY REALIZES" means, for purposes of
determining the timing of any Taxes (or related Tax cost or benefit) relating to
any payment, transaction, occurrence or event (including any Tax Refund), the
time at which the amount of Taxes payable by such person is increased above or
reduced below, as the case may be, the amount of Taxes that such person would be
required to pay but for such payment, transaction, occurrence or event.

         "ADJUSTMENT" means an adjustment of any Tax Item as part of a Final
Determination.

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         "AFFILIATE" means with respect to each party to this Agreement, a
person that, directly or indirectly, through one or more intermediaries, is
controlled by such party; provided, however, that Affiliates of Processing and
Affiliates of Feeding shall not be deemed to be Affiliates of Parent for
purposes of this Agreement.

         "CATTLE FEEDING OPERATIONS" shall have the meaning provided in the
Stockholders Agreement and shall also include the business of Feeding.

         "CODE" means the Internal Revenue Code of 1986, as amended, and shall
include corresponding provisions of any subsequently enacted Federal Tax laws.

         "COMBINED TAXES" means all Taxes due with respect to any combined,
consolidated or unitary state, or local Tax liability with respect to Joint Tax
Returns.

         "DIVESTITURE" shall have the meaning provided in Section 2.4.1 of the
Stockholders Agreement.

         "EFFECTIVE DATE" means September 19, 2002.

         "FEEDING GROUP" means Feeding and its Affiliates.

         "FEEDING GROUP ANNUAL FEDERAL INCOME TAX PAYMENT" means, with respect
to any Parent Affiliated Group consolidated federal income Tax Return filed
after the Effective Date, an amount equal to (i) the Feeding Group Consolidated
Income Tax Liability for federal income Taxes for the taxable year included in
such Tax Return, less (ii) the Feeding Group Quarterly Federal Income Tax
Payments made or caused to be made by Feeding to or at the direction of Parent
for such taxable year, plus (iii) the Feeding Group Quarterly Federal Income Tax
Payments made or caused to be made by Parent to or at the direction of Feeding
for such taxable year.

         "FEEDING GROUP CONSOLIDATED INCOME TAX LIABILITY" means, with respect
to any Joint Tax Return relating to Income Taxes, the Feeding Group's allocable
share of the Taxes with respect to such return determined in a manner analogous
to that set forth in Treasury Regulation Sections 1.1502-33(d)(3) and
1.1552-1(a)(2) determined by treating each Group as a single member of an
affiliated group that files a consolidated return. For purposes of such
allocation, the fixed percentage of additional amounts to be allocated under
Treasury Regulation Section 1.1502-33(d)(3)(i) shall be 100%. The Feeding Group
Consolidated Income Tax Liability, if positive, shall represent a liability of
the Feeding Group to the Parent Group under Article III and, if negative, shall
represent a liability of the Parent Group to the Feeding Group under Article
III.

         "FEEDING GROUP CONSOLIDATED NON-INCOME TAX LIABILITY" means with
respect to any Joint Tax Return relating to Non-Income Taxes, an amount equal to
(a) the Combined Taxes due with respect to such Tax Return, multiplied by (b) a
fraction, the numerator of which is the Separate

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Return Tax Liability of the Feeding Group with respect to such Tax Return and
the denominator of which is the sum of the Separate Return Tax Liabilities of
all Groups with respect to such Tax Return.

         "FEEDING GROUP QUARTERLY FEDERAL INCOME TAX PAYMENT" means, with
respect to any Parent Affiliated Group consolidated federal income Tax Return
filed after the Effective Date, on any date on which federal estimated income
tax payments are due with respect to such Tax Return, an amount equal to (i)(A)
the estimated Feeding Group Consolidated Income Tax Liability for federal income
Taxes for the taxable year included in such return, multiplied by (B) a
fraction, the numerator of which is the number of current and previous estimated
federal estimated income tax payment dates for such taxable year and the
denominator of which is four, less (ii) any payments previously made or caused
to be made by Feeding to or at the direction of Parent for such taxable year
pursuant to Section 3.1(a)(ii)(B), and plus (iii) any payments previously made
or caused to be made by Parent to or at the direction of Feeding for such
taxable year pursuant to Section 3.1(a)(ii)(B).

         "FEEDING TAX ITEM" means a Tax Item solely attributable to the Feeding
Group.

         "FINAL DETERMINATION" means the final resolution of any tax liability
(including all related interest and penalties) for a taxable period. A Final
Determination shall result from the first to occur of:

                  (i) The expiration of 30 days after official IRS acceptance of
         a Waiver of Restrictions on Assessment and Collection of Deficiency in
         Tax and Acceptance of Overassessment on IRS Form 870 or 870-AD (or any
         successor comparable form or the expiration of a comparable period with
         respect to any comparable agreement or form under the laws of other
         jurisdictions), unless, within such period, the taxpayer gives notice
         to the other party of the taxpayer's intention to attempt to recover
         all or part of any amount paid or to be paid pursuant to the Waiver or
         comparable form by the filing of a timely claim for refund;

                  (ii) a decision, judgment, decree, or other order by a court
         of competent jurisdiction that has become final and is not subject to
         further judicial review (by appeal or otherwise);

                  (iii) the execution of a closing agreement under section 7121
         of the Code or the official acceptance by the IRS of an offer in
         compromise under section 7122 of the Code, or comparable agreements
         under the laws of other jurisdictions;

                  (iv) the expiration of the time for filing a claim for refund
         or for instituting suit in respect of a claim for refund disallowed in
         whole or part by the IRS or any other taxing authority with which a
         claim for refund could be or was filed;

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<PAGE>

                  (v) any other final disposition of the tax liability for
         such period by reason of the expiration of the applicable statute of
         limitations; or

                  (vi) any other event that the parties agree is a final and
         irrevocable determination of the liability at issue.

         "GROUP" means the Parent Group, the Processing Group or the Feeding
Group, as the context provides.

         "INCOME TAX" means any Tax based upon, measured by, or calculated with
respect to (i) net income or profits (including, but not limited to, any capital
gains, minimum Tax and any Tax on items of Tax preference, but not including
sales, use, real property gains, real or personal property, gross or net
receipts, transfer or similar Taxes) or (ii) multiple bases (including, but not
limited to, corporate franchise, doing business or occupation Taxes) if one or
more of the bases upon which such Tax may be based, measured by, or calculated
with respect to, is described in clause (i) above.

         "IRS" means the Internal Revenue Service.

         "JOINT TAX RETURN" means any Tax Return that includes a Member of two
or more Groups.

         "MEMBER", with respect to the Parent Group, means Parent and Parent's
Affiliates, with respect to the Processing Group, means Processing and
Processing's Affiliates, and with respect to the Feeding Group, means Feeding
and Feeding's Affiliates.

         "NON-INCOME TAX" means any Tax other than an Income Tax.

         "PARENT GROUP" means Parent and its Affiliates other than Processing
and Processing's Affiliates and Feeding and Feeding's Affiliates.

         "PARENT AFFILIATED GROUP" means the affiliated group of corporations
within the meaning of Section 1504(a) of the Code of which Parent is the common
parent.

         "PARENT TAX ITEM" means a Tax Item that is attributable to the Parent
Group.

         "PROCESSING GROUP" means Processing and its Affiliates.

         "PROCESSING TAX ITEM" means a Tax Item that is attributable to the
Processing Group.

         "PROCESSING GROUP ANNUAL FEDERAL INCOME TAX PAYMENT" means, with
respect to any Parent Affiliated Group consolidated federal income Tax Return
filed after the Effective Date, an amount equal to (i) the Processing Group
Consolidated Income Tax Liability for federal income

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<PAGE>

Taxes for the taxable year included in such Tax Return, less (ii) the Processing
Group Quarterly Federal Income Tax Payments made or caused to be made by
Processing to or at the direction of Parent for such taxable year, plus (iii)
the Processing Group Quarterly Federal Income Tax Payments made or caused to be
made by Parent to or at the direction of Processing for such taxable year.

         "PROCESSING GROUP CONSOLIDATED INCOME TAX LIABILITY" means, with
respect to any Joint Tax Return relating to Income Taxes, the Processing Group's
allocable share of the Taxes with respect to such return determined in a manner
analogous to that set forth in Treasury Regulation Sections 1.1502-33(d)(3) and
1.1552-1(a)(2) determined by treating each Group as a single member of an
affiliated group that files a consolidated return. For purposes of such
allocation, the fixed percentage of additional amounts to be allocated under
Treasury Regulation Section 1.1502-33(d)(3)(i) shall be 100%. The Processing
Group Consolidated Income Tax Liability, if positive, shall represent a
liability of the Processing Group to the Parent Group under Article III and, if
negative, shall represent a liability of the Parent Group to the Processing
Group under Article III.

         "PROCESSING GROUP CONSOLIDATED NON-INCOME TAX LIABILITY" means with
respect to any Joint Tax Return relating to Non-Income Taxes, an amount equal to
(a) the Combined Taxes due with respect to such Tax Return, multiplied by (b) a
fraction, the numerator of which is the Separate Return Tax Liability of the
Processing Group with respect to such Tax Return and the denominator of which is
the sum of the Separate Return Tax Liabilities of all Groups with respect to
such Tax Return.

         "PROCESSING GROUP QUARTERLY FEDERAL INCOME TAX PAYMENT" means, with
respect to any Parent Affiliated Group consolidated federal income Tax Return
filed after the Effective Date, on any date on which federal estimated income
tax payments are due with respect to such Tax Return, an amount equal to (i)(A)
the estimated Processing Group Consolidated Income Tax Liability for federal
income Taxes for the taxable year included in such return, multiplied by (B) a
fraction, the numerator of which is the number of current and previous estimated
federal estimated income tax payment dates for such taxable year and the
denominator of which is 4, less (ii) any payments previously made or caused to
be made by Processing to or at the direction of Parent for such taxable year
pursuant to Section 3.1(a)(ii)(A), and plus (iii) any payments previously made
or caused to be made by Parent to or at the direction of Processing for such
taxable year pursuant to Section 3.1(a)(ii)(A).

         "REPRESENTATIVES" shall mean directors, officers, employees, agents,
consultants, advisors, accountants, attorneys and representatives.

         "SEPARATE RETURN TAX LIABILITY" of a Group with respect to a Joint Tax
Return relating to Non-Income Taxes means the hypothetical Tax liability for
such Taxes determined as if such Joint Tax Return were a Separate Tax Return and
included only Members of such Group.

                                       5
<PAGE>

         "SEPARATE TAX RETURN" means any Tax Return that includes a Member of
the Parent Group, a Member of the Processing Group or a Member of the Feeding
Group that is not a Joint Tax Return.

         "TAX" or "TAXES" means all forms of taxation, whenever created or
imposed, and whether imposed by a local, municipal, governmental, state, federal
or other body, and without limiting the generality of the foregoing, shall
include income, sales, use, ad valorem, gross receipts, license, value added,
franchise, transfer, recording, withholding, payroll, wage withholding,
employment, excise, occupation, unemployment insurance, social security,
business license, business organization, stamp, environmental, premium and
property taxes, together with any related interest (including the actual
interest that would have accrued if there were no netting of Taxes), penalties
and additions to any such tax, or additional amounts imposed by any Taxing
Authority upon the Parent Group, the Processing Group, or the Feeding Group or
any of their respective Members or divisions or branches or Affiliates.

         "STOCKHOLDERS AGREEMENT" means the Agreement dated as of the same date
hereof by and among Swift & Company, a Delaware corporation, HMTF Rawhide, L.P.,
a Delaware limited partnership, ConAgra Foods, Inc., a Delaware corporation, and
Hicks, Muse, Tate & Furst Incorporated, a Texas corporation.

         "TAX ITEM" means any item of income, gain, loss, deduction, credit,
provisions for reserves, recapture of credits or any other item which is taken
into account in determining taxable income or is otherwise taken into account in
determining Taxes paid or payable, including an adjustment under Section 481 of
the Code resulting from a change in accounting method.

         "TAX REFUND" means a refund of Taxes (including a reduction in Taxes as
a result of any credit or any offset against Taxes or Tax Items) reduced (but
not below zero) by any net increase in Taxes Actually Realized by the recipient
(or its Affiliate) thereof as a result of the receipt thereof.

         "TAX RETURN" means any return, filing, questionnaire, information
return or other document required to be filed, including requests for extensions
of time, filings made with respect to estimated tax payments, claims for refund
and amended returns that may be filed, for any period with any Taxing Authority
in connection with any Tax or Taxes (whether or not a payment is required to be
made with respect to such filing).

         "TAXING AUTHORITY" means any governmental or quasi-governmental body
exercising any Taxing authority or Tax regulatory authority.

                                       6
<PAGE>

                                   ARTICLE II
                              FILING OF TAX RETURNS

2.1. Joint Tax Returns.

                  (a) Agreement to File on a Consolidated Basis. As long as
         Processing is eligible to be included in the Parent Affiliated Group
         for federal income tax purposes, Parent and Processing (and all
         Affiliates of Processing that are eligible to be included in the Parent
         Affiliated Group) hereby agree to file and consent to the filing of
         consolidated federal income Tax Returns in the United States.
         Processing further agrees to be included, or cause any Affiliate of
         Processing to be included, in any other Joint Tax Returns to the extent
         requested by Parent. As long as Feeding is eligible to be included in
         the Parent Affiliated Group, Parent and Feeding (and all Affiliates of
         Feeding that are eligible to be included in the Parent Affiliated
         Group) hereby agree to file and consent to the filing of consolidated
         federal income Tax Returns in the United States. Feeding further agrees
         to be included, or cause any Affiliate of Feeding to be included, in
         any other Joint Tax Returns to the extent requested by Parent.

                  (b) Preparation and Filing. All Joint Tax Returns (including
         amendments thereto) required to be filed or actually filed after the
         Effective Date shall be timely prepared and filed or caused to be
         timely prepared and filed by Parent.

                  (c) Consistent with Past Practice. All Tax Returns described
         in this Section 2.1, in the absence of a controlling change in law or
         circumstances, shall be prepared on a basis consistent with the
         elections, accounting methods, conventions and principles of taxation
         used for the most recent taxable periods for which Tax Returns
         involving similar Tax Items have been filed.

         2.2 Separate Tax Returns. All Separate Tax Returns (including
amendments thereto) required to be filed or actually filed after the Effective
Date shall be the responsibility of Parent if such Tax Returns relate to a
Member or Members of the Parent Group or their respective assets or businesses,
shall be the responsibility of Processing if such Tax Returns relate to a Member
or Members of the Processing Group or their respective assets or businesses, and
shall be the responsibility of Feeding if such Tax Returns relate to a Member or
Members of the Feeding Group or their respective assets or businesses.

         2.3 Decisions Relating to Preparation of Tax Returns. Subject to the
provisions of this Agreement, all decisions relating to the preparation of Tax
Returns shall be made in the sole discretion of the party responsible under this
Agreement for such preparation.

                                       7
<PAGE>

                                   ARTICLE III
                                PAYMENT OF TAXES

         3.1 Allocation of Tax Liabilities.

                  (a) Consolidated Federal Tax Liabilities. With respect to any
         taxable period in which the Parent Affiliated Group files a
         consolidated federal income Tax Return after the Effective Date:

                           (i) Except as otherwise provided in this Agreement,
                  Parent shall pay or cause to be paid, on a timely basis, all
                  federal income Taxes (including any estimated federal income
                  tax payments) due with respect thereto.

                           (ii) At least two days prior to the due date of
                  Parent's payment of estimated federal income tax, (A)
                  Processing will pay or cause to be paid to or at the direction
                  of Parent (in the event the Processing Group Quarterly Federal
                  Income Tax Payment on such date is positive) or Parent shall
                  pay or cause to be paid to or at the direction of Processing
                  (in the event the Processing Group Quarterly Federal Income
                  Tax Payment on such date is negative) the Processing Group
                  Quarterly Federal Income Tax Payment as of such date, and (B)
                  Feeding will pay or cause to be paid to or at the direction of
                  Parent (if the Feeding Group Quarterly Federal Income Tax
                  Payment on such date is positive) or Parent shall pay or cause
                  to be paid to or at the direction of Feeding (if the Feeding
                  Group Quarterly Federal Income Tax Payment on such date is
                  negative) the Feeding Group Quarterly Federal Income Tax
                  Payment as of such date.

                           (iii) If an additional tax would have been imposed on
                  the Processing Group under Section 6655 of the Code because of
                  an underpayment of estimated federal income tax had the
                  Processing Group paid the Processing Group Quarterly Federal
                  Income Tax Payments and incurred the Processing Group
                  Consolidated Income Tax Liability, Processing will pay or
                  cause to be paid to or at the direction of Parent the amount
                  of the additional tax on the date the additional tax would
                  have been due under Section 6655 of the Code; provided that,
                  the Processing Group's liability to Parent under this
                  provision will be limited to the actual penalty assessed on
                  the Parent Affiliated Group's consolidated federal income Tax
                  Return which is directly attributable to, and resulting from,
                  such underpayment.

                           (iv) On or before the due date (including extensions)
                  of each such consolidated federal income Tax Return,
                  Processing will pay or cause to be paid to or at the direction
                  of Parent (in the event the Processing Group Annual Federal
                  Income Tax Payment is positive) or Parent will pay or cause to
                  be paid to or at the direction of Processing (in the event the
                  Processing Group Annual Federal Income

                                       8
<PAGE>

                  Tax Payment is negative), as appropriate, the Processing Group
                  Annual Federal Income Tax Payment for the taxable year
                  included in such Tax Return. On or before the due date
                  (including extensions) of each such consolidated federal
                  income Tax Return, Feeding will pay or cause to be paid to or
                  at the direction of Parent (in the event the Feeding Group
                  Annual Federal Income Tax Payment is positive) or Parent will
                  pay or cause to be paid to or at the direction of Feeding (in
                  the event the Feeding Group Annual Federal Income Tax Payment
                  is negative), as appropriate, the Feeding Group Annual Federal
                  Income Tax Payment for the taxable year included in such Tax
                  Return.

                  (b) Combined, Consolidated and Unitary Corporate Taxes. With
         respect to any Joint Tax Return (other than a consolidated federal
         income Tax Return) required to be filed after the Effective Date:

                           (i) Parent shall pay or cause to be paid, on a timely
                  basis, all Combined Taxes due with respect thereto.

                           (ii) With respect to any such Tax Return relating to
                  Income Taxes, (A) Processing shall pay or cause to be paid to
                  or at the direction of Parent (in the case that the Processing
                  Consolidated Income Tax Liability is positive) or Parent shall
                  pay or cause to be paid to or at the direction of Processing
                  (in the case that the Processing Group Consolidated Income Tax
                  Liability is negative), at least two days prior to the date
                  payment (including estimated payment) thereof is due, the
                  Processing Group Consolidated Income Tax Liability with
                  respect to such Tax Return, and (B) Feeding shall pay or cause
                  to be paid to or at the direction of Parent (in the case that
                  the Feeding Consolidated Income Tax Liability is positive) or
                  Parent shall pay or cause to be paid to or at the direction of
                  Feeding (in the case that the Feeding Group Consolidated
                  Income Tax Liability is negative), at least two days prior to
                  the date payment (including estimated payment) thereof is due,
                  the Feeding Group Consolidated Income Tax Liability with
                  respect to such Tax Return.

                           (iii) With respect to any such Tax Return relating to
                  Non-Income Taxes, (A) Processing shall pay or cause to be paid
                  to or at the direction of Parent, at least two days prior to
                  the date of payment (including estimated payment) thereof is
                  due, the Processing Group Consolidated Non-Income Tax
                  Liability with respect to such Tax Return, and (B) Feeding
                  shall pay or cause to be paid to or at the direction of
                  Parent, at least two days prior to the date of payment
                  (including estimated payment) thereof is due, the Feeding
                  Group Consolidated Non-Income Tax Liability with respect to
                  such Tax Return.

                  (c) Separate Taxes. Except as otherwise provided in this
         Agreement, all Taxes due with respect to Separate Tax Returns shall be
         paid or caused to be paid by the party

                                       9
<PAGE>

         responsible under this Agreement for filing the Tax Return pursuant to
         which such Taxes are due or, if no such Tax Returns are due, by the
         party liable for such Taxes.

         3.2 Tax Refunds and Carrybacks.

                  (a) Retention and Payment of Tax Refunds. Except as otherwise
         provided in this Agreement, Parent, Processing and Feeding shall be
         entitled to retain, and to receive within ten days after Actually
         Realized by any Member of any other Group, the portion of all Tax
         Refunds of Taxes which are attributable to and resulting from Tax Items
         of the Parent Group, the Processing Group and the Feeding Group,
         respectively.

                  (b) Carrybacks. Notwithstanding Section 3.2(a), (i) all Tax
         Refunds resulting from the carryback of any Parent Tax Item arising
         after the Effective Date shall be for the account and benefit of the
         Parent Group and Feeding or Processing, as appropriate, shall pay or
         cause to be paid to or at the direction of Parent any such Tax Refund
         within ten days after it is Actually Realized, (ii) all Tax Refunds
         resulting from the carryback of any Processing Tax Item arising after
         the Effective Date shall be for the account of the Processing Group,
         and Parent or Feeding, as appropriate, shall pay or cause to be paid to
         or at the direction of Processing any such Tax Refund within ten days
         after it is Actually Realized, and (iii) all Tax Refunds resulting from
         the carryback of any Feeding Tax Item arising after the Effective Date
         shall be for the account and benefit of the Feeding Group and Parent or
         Processing, as appropriate, shall pay or cause to be paid to or at the
         direction of Feeding any such Tax Refund within ten days after it is
         Actually Realized.

                                   ARTICLE IV
                               TAX INDEMNIFICATION

         4.1 Indemnification.

                  (a) Parent Indemnification. Parent shall be liable for and
         shall indemnify, defend and hold harmless the Members of the Feeding
         Group and Processing Group and each of their respective Affiliates and
         Representatives from and against (i) all Taxes required to be paid by
         the Parent Group pursuant to Section 3.1 to the extent Parent is not
         entitled to reimbursement therefor by Processing or Feeding, (ii) all
         Taxes resulting from an Adjustment with respect to a Tax Item of a
         Member of the Parent Group for any taxable period, and (iii) all Tax
         Refunds received by the Parent Group and required to be paid to or at
         the direction of Processing or Feeding pursuant to Section 3.2.

                  (b) Processing Indemnification. Processing shall be liable for
         and shall indemnify, defend and hold harmless the Members of the Parent
         Group and Feeding Group and each of their respective Affiliates and
         Representatives from and against (i) all Taxes required to be paid by
         the Processing Group pursuant to Section 3.1, (ii) all Taxes resulting

                                       10
<PAGE>

         from an Adjustment with respect to a Tax Item of a Member of the
         Processing Group for any taxable period, and (iii) all Tax Refunds
         received by the Processing Group and required to be paid to or at the
         direction of Parent or Feeding pursuant to Section 3.2.

                  (c) Feeding Indemnification. Feeding shall be liable for and
         shall indemnify, defend and hold harmless the Members of the Parent
         Group and Processing Group and each of their respective Affiliates and
         Representatives from and against (i) all Taxes required to be paid by
         the Feeding Group pursuant to Section 3.1, (ii) all Taxes resulting
         from an Adjustment with respect to a Tax Item of a Member of the
         Feeding Group for any taxable period, and (iii) all Tax Refunds
         received by the Feeding Group and required to be paid to or at the
         direction of Parent or Processing pursuant to Section 3.2.

                  (d) Payments. Any indemnity payment required to be made
         pursuant to this Section 4.1 shall be paid within thirty days after the
         indemnified party makes written demand upon the indemnifying party, but
         in no case earlier than two business days prior to the date on which
         the relevant Taxes are required to be paid (or would be required to be
         paid if no such Taxes are due) to the relevant Taxing Authority
         (including estimated Tax payments).

                                    ARTICLE V
                                  MISCELLANEOUS

         5.1 Complete Agreement. This Agreement shall constitute the entire
agreement between Parent, Processing and Feeding with respect to the subject
matter hereof and shall supersede all previous negotiations, commitments and
writings with respect to such subject matter.

         5.2 Governing Law. This Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of Delaware (regardless of
the laws that might otherwise govern under applicable principles of conflicts
law) as to all matters, including, without limitation, matters of validity,
construction, effect, performance and remedies.

         5.3 Notices. All notices, requests, demands and other communications
under this Agreement shall be in writing and shall be deemed to have been duly
given on the date of service if served personally on the party to whom notice is
given; on the day of transmission if sent via facsimile transmission to the
facsimile number given below, provided telephonic confirmation of receipt is
obtained promptly after completion of transmission; on the business day after
delivery to an overnight service or the Express mail service maintained by the
United States Postal Service, provided receipt of delivery has been confirmed;
or on the fifth day after mailing provided receipt of delivery is confirmed, if
mailed to the party to whom notice is to be given, by first class mail,
registered or certified, postage prepaid, properly addressed and return-receipt
requested, to the party as follows:

                                       11
<PAGE>

         IF TO PARENT:      Swift Foods Company
                            1770 Promontory Circle
                            Greeley, CO  80634
                            ATTN: President and Chief Executive Officer
                            Phone: (970) 506-8000
                            Fax: (970) 506-8323

         IF TO PROCESSING:  Swift & Company
                            1770 Promontory Circle
                            Greeley, CO  80634
                            ATTN: President and Chief Executive Officer
                            Phone: (970) 506-8000
                            Fax: (970) 506-8323

         IF TO FEEDING:     Swift Cattle Holdco, Inc.
                            1770 Promontory Circle
                            Greeley, CO  80634
                            ATTN: President
                            Phone: (970) 506-7575
                            Fax: (970) 506-8323

Any party may change its address by giving the other party written notice of its
new address in the manner set forth above.

         5.4 Amendment and Modification. This Agreement may be amended,
modified, supplemented, waived or otherwise modified or terminated only by
written agreement of Parent, Processing and Feeding.

         5.5 Successor and Assigns. This Agreement and all of the provisions
hereof shall be binding upon and inure to the benefit of the parties and their
respective successors and permitted assigns.

         5.6 No Third Party Beneficiaries. Except as otherwise expressly
provided herein, this Agreement, is solely for the benefit of the parties hereto
and is not intended to confer upon any other person except the parties hereto
any rights or remedies hereunder.

         5.7 Certain Obligations. Whenever this Agreement requires any Member of
the Parent Group, the Processing Group or the Feeding Group to take any action,
this Agreement will be deemed to include an undertaking on the part of Parent,
Processing or Feeding, as applicable, to cause such other Member to take such
action. Processing shall be jointly and severally liable for all payment
obligations of Parent to the Feeding Group under this Agreement to the extent
attributable

                                       12
<PAGE>

to the Processing Group's utilization of Feeding Tax Items. Cattleco shall be
jointly and severally liable for all payment obligations of Feeding under this
Agreement.

         5.8 Specific Performance. In the event of any actual or threatened
default in, or breach of, any of the terms, conditions and provisions of this
Agreement, the party or parties who are or are to be thereby aggrieved shall
have the right of specific performance and injunctive relief giving effect to
its or their rights under this Agreement, in addition to any and all other
rights and remedies at law or in equity, and all such rights and remedies shall
be cumulative. The parties agree that the remedies at law for any breach or
threatened breach, including monetary damages, are inadequate compensation for
any loss and that any defense in any action for specific performance that a
remedy at law would be adequate is waived.

         5.9 Commitment to Pay. ConAgra Foods, Inc. ("ConAgra") hereby agrees to
promptly satisfy in full any and all obligations of the Feeding Group to make
payments under Article III of this Agreement following written demand from
Parent to the extent that the Feeding Group does not have either (i) funds
available therefor, or (ii) the ability to borrow such funds pursuant to that
certain Credit Agreement of even date herewith among ConAgra and the Feeding
Group (the "Credit Agreement"); provided that the aggregate obligation of
ConAgra hereunder shall be limited to the amount of payments received or deemed
received by ConAgra from time to time from the Feeding Group (x) under the Term
Note (as defined in the Credit Agreement) and (y) out of proceeds attributable
to sales or other transfers of Facilities under the Revolving Note (as defined
in the Credit Agreement) reduced by (A) the amount that, prior to the date of
any demand on ConAgra hereunder, the outstanding balance of the Revolving Note
exceeds the outstanding balance under the Revolving Note immediately following
the last such application of proceeds and (B) the cumulative amount of
distributions made by Feeding in respect of its stock.

         5.10 Counterparts. This Agreement may be executed in two more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and same instrument.

         5.11 Interpretation. The Article and Section headings contained in this
Agreement are solely for the purpose of reference, are not part of the agreement
of the parties and shall not in any way affect the meaning or interpretation of
this Agreement.

         5.12 Legal Enforceability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof. Any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. Upon any such
determination that a provision of this Agreement is prohibited or unenforceable
in whole or in part, the court or arbitral panel making such determination shall
have the power to modify such invalidated provision so as to effect the original
intent of the parties as closely as possible.

                                       13
<PAGE>

         5.13 Termination. The parties' obligations to make payments under
Article III shall terminate for all taxable years beginning after the taxable
year in which the Feeding Group has consummated a Divestiture of all of the
Cattle Feeding Operations; provided, however, that Parent Group shall pay or
shall cause Processing Group to pay to Feeding Group the amount of any federal,
state or local Tax benefit Actually Realized by the Processing Group resulting
from the carryforward of Feeding Tax Items to any of the three taxable years
immediately following the taxable year in which the Divestiture of all of the
Cattle Feeding Operations is consummated, and Parent Group shall pay to Feeding
Group the amount of any federal, state or local Tax benefit Actually Realized by
the Parent Group resulting from the carryforward of Feeding Tax Items to any of
the three taxable years immediately following the taxable year in which the
Divestiture of all of the Cattle Feeding Operations is consummated. Any payments
required to be made to the Feeding Group under this Section 5.13 shall be made
to ConAgra as designee of Feeding.

         5.14 Agent. Any consent rights of Members of the Parent Group under
this Agreement shall be exercised by Parent on behalf of the Parent Group, and
any notices given to Parent shall be deemed to be given to each Member of the
Parent Group. Any consent rights of Members of the Processing Group under this
Agreement shall be exercised by Processing on behalf of the Processing Group,
and any notices given to Processing shall be deemed to be given to each Member
of the Processing Group. Any consent rights of Members of the Feeding Group
under this Agreement shall be exercised by Feeding on behalf of the Feeding
Group, and any notices given to Feeding shall be deemed to be given to each
Member of the Feeding Group.

         5.15 Arbitration. Any dispute or difference between the parties with
respect to the operation or interpretation of this Agreement or any calculation
hereunder shall be resolved by three (3) arbitrators, who must be independent
tax attorneys or certified public accountants. Each party to the dispute shall
each select one arbitrator and the selected arbitrators shall choose an
additional arbitrator. The arbitrators shall meet at a mutually agreed upon
location. The parties hereby agree that the decision of the arbitrators shall be
final and binding on the parties hereto. The losing party shall bear the cost of
arbitration including all fees for attorneys and accountants.

         5.16 New Affiliates. Parent shall promptly cause any new Affiliate of
Parent to become a party to this Agreement. Any such new Affiliate shall be
bound by, and be subject to, all of the terms and conditions of this Agreement,
including without limitation, an obligation to pay to or at the direction of the
Feeding Group for such new Affiliate's utilization of Feeding Tax Items. For
purposes of this Section, a new Affiliate shall be deemed to include a current
Member of the Parent Group which begins to conduct an activity, other than its
ownership of one or more corporations, that could reasonably be expected to
incur Taxes.

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

                                       14

<PAGE>

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

                                           SWIFT FOODS COMPANY

                                           By: /s/ PATRICK J. KOLEY
                                              ----------------------------------
                                           Name: Patrick J. Koley
                                                --------------------------------
                                           Title: Vice President
                                                 -------------------------------

                                           SWIFT & COMPANY

                                           By: /s/ PATRICK J. KOLEY
                                              ----------------------------------
                                           Name: Patrick J. Koley
                                                --------------------------------
                                           Title: Vice President
                                                 -------------------------------

                                           SWIFT CATTLE HOLDCO, INC.

                                           By: /s/ PATRICK J. KOLEY
                                              ----------------------------------
                                           Name: Patrick J. Koley
                                                --------------------------------
                                           Title: Vice President
                                                 -------------------------------

                                           MONFORT FINANCE COMPANY, INC.

                                           By: /s/ DEBRA L. KEITH
                                              ----------------------------------
                                           Name: Debra L. Keith
                                                --------------------------------
                                           Title: Vice President - Tax
                                                 -------------------------------

                                           For purposes of Section 5.9

                                           CONAGRA FOODS, INC.

                                           By: /s/ DWIGHT J. GOSLEE
                                              ----------------------------------
                                           Name: Dwight J. Goslee
                                                --------------------------------
                                           Title: Executive Vice President,
                                                  Operations Control and
                                                  Development
                                                 -------------------------------

                                       15

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