Document:

Exhibit 10.1

AMENDMENT NO. 2 TO THE TOWN SPORTS
INTERNATIONAL HOLDINGS, INC. (the “Company”) 2018 MANAGEMENT STOCK PURCHASE PLAN, AS AMENDED

This Amendment No.
2 to the 2018 Management Stock Purchase Plan, as amended and restated on March 13, 2018, as previously amended by Amendment No.
1 dated June 15, 2019 (the “MSPP”; capitalized terms used herein without definition have the meanings specified in
the MSPP), was approved on July 14, 2020 by the Compensation Committee of the Board of Directors of the Company.

		1.	Amendment to Voluntary Holding Period Definition. The definition of Voluntary Holding Period
in Section 1.25 of the MSPP is hereby amended in full to read as follows:

“Voluntary Holding Period”
means, subject to Section 5.01 below, the two (2) year period following a Purchase Date (or, if earlier, until the occurrence of
a Change in Control (as defined in the SIP)) during which a Participant may hold any shares of Stock purchased on his or her behalf
pursuant to the Plan to be eligible to receive a Matching RSA under the SIP.

		2.	Amendment to Matching Restricted Stock Award. Article V of the MSPP is amended in full to
read as follows:

Section 5.01 Matching RSA.
Each share purchased under the Plan and held through the end of the applicable Voluntary Holding Period is eligible for a Matching
RSA under the SIP. On a quarterly basis or upon a Change in Control, as applicable, any shares purchased through the Plan that
have satisfied the completion of the Voluntary Holding Period will be eligible for a Matching RSA. As soon as practicable after
the Voluntary Holding Period has been met the Company shall award to the Participant, pursuant to the terms of the SIP, restricted
stock (or fully vested stock in the event the Matching RSA is granted due to a Change in Control consistent with the terms of the
Restricted Stock Agreement) of a number of Shares of Stock equal to the number that have achieved the Voluntary Holding Period.
Matching RSAs shall constitute actual stock and shall have the rights and privileges defined in the SIP and supporting Restricted
Stock Agreement. Any Matching RSAs granted to a Participant as a result of meeting the requirements under this MSPP shall be held
in an Account maintained by the Designated Broker for such Participant. TSI will make reasonable efforts to maintain a sufficient
number of shares available for issuance under the SIP. In the event that there are insufficient shares of Stock available for issuance
under the SIP, the aggregate number of shares underlying Matching RSAs shall be appropriately reduced among the Participants on
a pro rata basis.

(a)       Limit
on Matching Restricted Stock. The cumulative number of Matching RSAs that may be issued in any calendar year will be equal
to the lesser of 50% of the shares available for grant under the SIP or the number of MSPP shares that have met the Voluntary Holding
Period for that calendar year.

(b)       Matching
RSA Vesting. Matching RSAs shall vest, and the restrictions thereon shall lapse, on the two-year anniversary of their Award
Date. All other terms and conditions will be as set forth in an applicable Award Agreement or the SIP. Notwithstanding anything
to the contrary, in the event that a Matching RSA is granted upon the occurrence of a Change in Control, the Matching RSA shall
be fully vested.

     

     

    

(c)       Employment
Required. Notwithstanding anything herein to the contrary, a Participant must be employed by the Company or an affiliate of
the Company on the date on which the Matching RSA is granted (including, without limitation, at the time of the Change in Control)
in order to receive a Matching RSA pursuant to this MSPP. 

		2.	Except as set forth herein, the MSPP is hereby ratified and confirmed in all respects.

IN WITNESS WHEREOF,
this Amendment No. 2 to the MSPP has been duly executed by an authorized officer of the Company.

	 	TOWN SPORTS INTERNATIONAL HOLDINGS, INC.
	 	 
	 	By:	
        /s/ Stuart Steinberg

	 	 	Name:	Stuart Steinberg
	 	 	Title:	General CounselExhibit 4.1

 

THE BANK OF NEW YORK MELLON

NEW YORK’S FIRST BANK-FOUNDED 1784 BY ALEXANDER HAMILTON

 

 

2 HANSON PLACE, 12TH FLOOR, BROOKLYN,
N.Y. 11217

 

 

 

July 16, 2020

 

Hennion & Walsh, Inc.

2001 Route 46, Waterview Plaza

Parsippany, New Jersey 07054

 

SmartTrust 483 (the “Fund”)

 

Dear Sirs:

The Bank of New York
Mellon is acting as trustee for the Fund, consisting of the unit investment trust (the “Trust”) included in
the Registration Statement relating to the Fund. We enclosed a list of the securities to be deposited in the Trust on the date
hereof. The prices indicated therein reflect our evaluation of such securities as of close of business on July 15, 2020, in accordance
with the valuation method set forth in the applicable Standard Terms and Conditions of Trust and Trust Agreement. We consent to
the reference to The Bank of New York Mellon as the party performing the evaluations of the Trust securities in the Registration
Statement (No. 333-237690) filed with the Securities and Exchange Commission with respect to the registration of the sale of the
Units of the Trust and to the filing of this consent as an exhibit thereto.

 

	 	Very truly yours,
	 	 
	 	/s/ GERARDO CIPRIANO
	 	Gerardo Cipriano
	 	Vice PresidentExhibit 4.3

 

Consent of Independent Registered
Public Accounting Firm

We have issued our
report dated July 16, 2020, with respect to the financial statement of SmartTrust 483 contained in Amendment No. 3 to the Registration
Statement on Form S-6 (File No. 333-237690) and related Prospectus. We consent to the use of the aforementioned report in the Registration
Statement and Prospectus, and to the use of our name as it appears under the caption “Independent Registered Public Accounting
Firm”.

 

/s/ Grant
Thornton LLP

 

Chicago, Illinois

July 16, 2020Exhibit 10.1

		
			
	
			 

			Agreement No. 00001544SLA

CREDIT AGREEMENT

THIS CREDIT AGREEMENT (this
"Agreement"), dated as of July 13, 2020 is entered into by and
between U.S. PREMIUM BEEF, LLC, Kansas City, Missouri, a limited liability
company (the "Borrower"), and COBANK, ACB, a federally-chartered
instrumentality of the United States ("Lender").

RECITALS

(A)   The
Borrower and Lender are parties to that certain Master Loan Agreement dated as
of July 26, 2011 (the "Existing Agreement"). Pursuant to the terms of
the Existing Agreement, the parties entered into one or more Supplement(s)
and/or Promissory Note(s) and Supplement(s) thereunder (the "Existing
Promissory Note(s) and Supplement(s)"). The Borrower and Lender now desire
to amend and restate the Existing Agreement and to apply this Agreement to the
Existing Promissory Note(s) and Supplement(s), as well as any new Promissory
Note(s) that may be issued hereunder. For that reason and for valuable
consideration (the receipt and sufficiency of which are hereby acknowledged),
the Borrower and Lender hereby agree that the Existing Agreement will be
amended and restated by this Agreement, provided, however, this Agreement is
not a novation of the Existing Agreement and all security under the Existing
Agreement shall remain in full force and effect under this Agreement.

In consideration of the agreements set
forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Borrower and Lender agree as
follows:

ARTICLE 1   Defined Terms; Accounting
Principles. Certain capitalized terms used in this Agreement bear the
definitions given to them in this Agreement. References to accounting standards
are to United States generally accepted accounting principles, consistently
applied (the "Accounting Standards").

ARTICLE
2   The Facilities.

2.1   Promissory
Note. In the event the Borrower desires to borrow from Lender and Lender is
willing to lend to the Borrower, or in the event the parties desire to
consolidate any existing loans hereunder, the parties will enter into a
promissory note (a "Promissory Note"). Each Promissory Note will set
forth Lender's commitment to make a loan or loans to the Borrower, the amount
of the loan(s), the purpose of the loan(s), the interest rate or rate options
applicable to the loan(s), the repayment terms of the loan(s), and any other
terms and conditions applicable to the particular loan(s). Each Promissory Note
will also contain the Borrower's promise to make payments of interest on the
unpaid principal balance of the loan(s), and fees and premiums, if any, and to repay
the principal balance of the loan(s). Each loan will be governed by the terms
and conditions contained in this Agreement and in the Promissory Note relating
to that loan.

2.2   Availability. Loans will be
made available on any day on which Lender and the Federal Reserve Banks are
open for business (a "Business Day") upon the telephonic or written
request of an authorized employee of the Borrower. Requests for loans must be
received by 12:00 p.m. Denver, Colorado time on the date the loan is desired.
Loans will be made available by wire transfer of immediately available funds.
Wire transfers will be made to such account or accounts as may be authorized by
the Borrower.
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2.3   Security. The Borrower's obligations under this Agreement,
each Promissory Note, and each interest rate swap, hedge, cap, collar, forward
fix or similar agreement, including any master agreement published by the
International Swap and Derivatives Association, Inc., between the Borrower and
Lender, designed to protect the Borrower from fluctuations in interest rates
(the "Interest Rate Agreement") will be secured by a statutory first
lien on all equity that the Borrower may now own or hereafter acquire or be
allocated in Lender. In addition, except as otherwise provided in a Promissory
Note or in a closing instruction letter signed by the parties (an
"Instruction Letter"), the Borrower's obligations hereunder and under
each Promissory Note will be:

(a)   secured
by a first priority lien (subject only to exceptions approved in writing by
Lender) on (1) all personal property of the Borrower, whether now existing or
hereafter acquired, and (2) all of the Borrower's membership interests in
National Beef Packing Company, LLC, pursuant to a Pledge Agreement dated July
26, 2011 (as amended from time to time). The Borrower agrees to take such
steps, including, without limitation, the execution and recordation or filing,
as applicable, of mortgages, deeds of trust, security agreements, intercreditor
or parity agreements, pledge agreements, control agreements, financing
statements, and amendments to any of the foregoing, and such other instruments
and documents as Lender may require to enable Lender to obtain, perfect, and
maintain a lien on such property, and the payment of any applicable mortgage
recording, documentary stamp, or intangible taxes; and

2.4   Payments
Generally. The Borrower's obligation to repay each loan will be evidenced by a
Promissory Note. Lender will maintain a record of all loans, the interest
accrued thereon, and all payments made with respect thereto, and such record
will, absent proof of manifest error, be conclusive evidence of the outstanding
principal and interest on the loans. Payments under each Promissory Note will
be made by wire transfer of immediately available funds, by check, or by
automated clearing house (ACH) or other similar cash handling processes as
specified by separate agreement between the Borrower and Lender. Wire transfers
will be made to ABA No. 307088754 for advice to and credit of
"CoBANK" (or to such other account as Lender may direct by notice).
The Borrower will give Lender telephonic notice no later than 12:00 p.m.
Denver, Colorado time on the day the Borrower intends to pay by wire of such
intent, and funds received after 3:00 p.m. Denver, Colorado time will be
credited on the next Business Day. Checks will be mailed to CoBANK, Department
167, Denver, Colorado 80291-0167 (or to such other place as Lender may direct
by notice). Credit for payment by check will not be given until the later of
the next Business Day after receipt of the check or the day on which Lender
receives immediately available funds. If any installment of principal or
interest is due on a date that is not a Business Day, then such installment
will be due and payable on the next Business Day.

2.5   Broken
Funding Surcharge. Notwithstanding the terms of any Promissory Note giving
the Borrower the right to repay any loan prior to the date it would otherwise
be due and payable, the Borrower agrees to provide three Business Days' prior
written notice for any prepayment of a fixed rate balance and to pay to Lender
a broken funding surcharge in the amount set forth below in the event the
Borrower: (a) repays any fixed rate balance prior to the last day of its fixed
rate period (whether such payment is made voluntarily, as a result of an
acceleration, or otherwise); (b) converts any fixed rate balance to another
fixed rate or to a variable rate prior to the last day of the fixed rate period
applicable to such balance; or (c) fails to borrow any fixed rate balance on
the date scheduled therefor. The surcharge will be in an amount equal to the
greater of (1) the present value of any funding losses imputed by Lender to
have been incurred as a result of such payment, conversion or failure or (2)
$300.00. Notwithstanding the foregoing, in the event any fixed rate balance is
repaid as a result of the Borrower refinancing the loan with another lender or
by other means, then in lieu of the foregoing, the Borrower will pay to Lender
a surcharge in an amount sufficient (on a present value basis) to enable Lender
to maintain the yield it would have

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Agreement No.
00001544SLA

earned during the fixed rate period on the
amount repaid. Any surcharge will be determined and calculated in accordance
with methodology established by Lender, a copy of which will be made available
upon request. Notwithstanding the foregoing, in the event of a conflict between
the provisions of this section and of the broken funding charge section of a
forward fix agreement between Lender and the Borrower, the provisions of the
forward fix agreement will control.

2.6        Taxes;
Change in Law. Any payment by the Borrower to Lender will be made net of
any taxes (other than income and similar taxes
imposed on or measured by Lender's overall net income). If any change in any
law, rule, regulation, code, ordinance, order or the like to which the Borrower
is subject, including, without limitation, all laws relating to environmental
protection, and taxes (collectively, "Laws"), increases the cost of
making or maintaining any loan (or any associated commitment to lend), or
reduces the amount received or receivable by Lender hereunder then, upon
request, the Borrower will pay to Lender such additional amount as will
compensate Lender for such additional costs incurred or reduction suffered.

ARTICLE
3   Conditions Precedent.

3.1   Conditions
to Initial Promissory Note. Lender's obligation to extend credit under the initial Promissory Note hereunder is subject to the condition
precedent that Lender receive, in form and substance satisfactory to Lender,
each of the following, except as otherwise provided in the Promissory Note or
in an Instruction Letter:

(a)   This Agreement. A duly executed copy of
this Agreement, the other Loan Documents (as defined below), the Instruction
Letter accompanying this Agreement, and all instruments and documents
contemplated hereby and thereby.

(b)   Banking Service Agreements. A duly completed and executed copy of any
banking service agreement, including any agreement relating to the provision by
Lender of cash management services, required by Lender from time to time.
Lender will be entitled to rely on (and will incur no liability to the Borrower
in acting on) any request or direction furnished in accordance with the terms
thereof.

3.2   Conditions to Each Promissory
Note. Lender's
obligations to extend credit under each Promissory Note hereunder, including the
initial Promissory Note, is subject to the condition precedent that Lender
receive, in form and substance satisfactory to Lender, each of the following,
except as otherwise provided in the Promissory Note or in an Instruction
Letter:

(a)   Promissory
Note. A duly executed copy of the Promissory Note and all instruments and
documents contemplated by the Promissory Note.

(b)   Instruction Letter. Any and all items or requirements detailed in an
Instruction Letter.

(c)   Evidence of
Perfection. Such evidence as Lender may require that it has duly perfected
liens as required under this Agreement.

(d)   Evidence of Authority. Such certified board resolutions, certificates of
incumbency, and other evidence that Lender may require that the Promissory
Note, all instruments and documents executed in connection therewith, and, in
the case of the initial Promissory Note hereto, this Agreement, the other Loan
Documents (as defined below) and all instruments and documents executed in
connection herewith and therewith, including any security documents, have been
duly authorized and executed.

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(e)     Fees and
Other Charges. Any fees or other charges provided for herein, in the Promissory Note or in any invoice
provided by Lender.

(f)     Insurance.
Such evidence as Lender may require that the Borrower is in compliance with Section
5.4 below.

3.3   Conditions to
Each Loan. Lender's obligation under each Promissory Note to make any loan to the Borrower thereunder is subject to the condition that
no "Event of Default" (as defined in Section 8.1 below) or event
that, with the giving of notice and/or the passage of time and/or the
occurrence of any other condition, would ripen into an Event of Default (a
"Potential Default") will have occurred and be continuing or would be
caused by the making of such loan.

ARTICLE 4   Representations and Warranties.
The execution by the Borrower of this Agreement and each Promissory Note
hereunder, or any renewal or extension by Lender of any Promissory Note hereunder,
will constitute a representation and warranty by the Borrower that:

  4.1   Instruction
Letter; Loan Documents. Each representation and warranty and all information set forth in any Instruction Letter and/or any of the
Loan Documents (as defined below) and/or any other document submitted in
connection with, or to induce Lender to enter into, such Promissory Note is
correct in all material respects as of the date of such Promissory Note.

 
4.2   Compliance; Legal
Proceedings. Each Loan Party (as defined below) and its Subsidiaries (as defined below) and all property owned or leased or proposed to
be acquired with the proceeds of any Promissory Note hereunder by each Loan
Party and/or its Subsidiaries and all of its/their operations are in compliance
with all applicable Laws and the terms of the Loan Documents and no Event of
Default or Potential Default exists or is continuing. In addition, there are no
pending legal, arbitration, or governmental actions or proceedings to which any
Loan Party or any Subsidiary is a party or to which any of its or any
Subsidiaries' property is subject which, if adversely determined, might have a
material adverse effect on the financial condition, operations, properties,
profits, or business of any Loan Party or any Subsidiary, and to the best of
each Loan Party's knowledge, no such actions or proceedings are threatened or
contemplated. "Loan Party" means the Borrower and any Guarantor.

 
4.3   Organization; Good Standing.
Each Loan Party (a) is duly organized, validly existing and in good standing under the Laws of its
jurisdiction of organization, (b) has the lawful power to own or lease its
properties and to engage in the business it conducts or proposes to conduct,
and (c) is duly qualified and in good standing in each jurisdiction where the
property owned or leased by it or the nature of the business transacted by it
makes such qualification necessary.

  4.4   Binding
Agreement. The Loan Documents constitute legal, valid, and binding obligations of each Loan Party that
are enforceable in accordance with their terms.

  4.5   Conflicting
Agreements. Neither this Agreement nor any Promissory Note, Interest Rate Agreement,
or other instrument or document securing or otherwise relating hereto or to any
Promissory Note (each a "Loan Document" and collectively, at any
time, the "Loan Documents") conflicts with, or constitutes (with or
without the giving of notice and/or the passage of time and/or the occurrence
of any other condition) a default under, any other agreement to which the
Borrower is a party or by which it or any of its property may be bound or
affected, and does not conflict with any provision of its bylaws, articles of
incorporation or other organizational documents.

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4.6   Consents
and Approvals. No consent, permission, authorization, order or license of any governmental authority or of any party to
any agreement to which each Loan Party is a party or by which it or any of its
property may be bound or affected, is necessary in connection with the project,
acquisition or other activity being financed by such Promissory Note, or the
execution, delivery, performance or enforcement of any Loan Document, except as
have been obtained and are in full force and effect.

4.7   Budgets;
Full Disclosure. All budgets, projections, feasibility studies, and other documentation
submitted by the Borrower or its Affiliates (as defined below) to Lender in
connection with, or to induce Lender to enter into, such Promissory Note are
based upon assumptions that are reasonable and realistic, and as of the date of
such Promissory Note, no fact has come to light, and no event has occurred, that would cause any assumption made therein to not be
reasonable or realistic. No Loan Document or other certificate, statement,
agreement, or document furnished to Lender in connection with this Agreement or
any other Loan Document (a) contains any untrue statement of a material fact,
or (b) fails to state a material fact necessary in order to make the statements
contained herein or therein, in light of the circumstances under which they
were made, not misleading. The Borrower is not aware of any Material Adverse
Change that has not been disclosed in writing to Lender. "Affiliate"
means any individual, sole proprietorship, partnership, limited liability
company, joint venture, trust, unincorporated organization, association,
corporation, institution, public benefit corporation, firm, joint stock
company, estate, entity or governmental agency, (1) that directly or indirectly
controls, is controlled by, or is under common control with the Borrower, (2)
that beneficially owns or holds 5% or more of any class of the voting or other
equity interests of the Borrower, or (3) 5% or more of any class of voting
interests or other equity interests of which is beneficially owned or held,
directly or indirectly, by the Borrower. A "Material Adverse Change"
means any material adverse change, as reasonably determined by Lender, in the
condition, financial or otherwise, operations, business, liabilities (actual or
contingent) or properties of a Loan Party or Subsidiary or in its ability to
perform its obligations hereunder, under any security instrument or document,
or under any other Loan Document.

  4.8   Accurate
Financial Information. Each submission of financial information or documents relating to a Loan Party will constitute a
representation and warranty by the Loan Party that such information and
documents (a) are true and accurate in all material respects, (b) do not fail to
state a material fact necessary in order to make the statements contained
therein, in light of the circumstances under which they were made, not
misleading, and (c) have been reviewed by a Principal Financial Officer of the
Borrower or, as applicable, the relevant Loan Party. As used herein, the term
"Principal Financial Officer" means an officer of the applicable Loan
Party responsible for overseeing the financial activities of the Loan Party.

4.9   ERISA. The Borrower and its Subsidiaries are in
compliance in all material respects with the applicable provisions of the
Employee Retirement Income Security Act of 1974, and the regulations and
published interpretations thereunder from time to time ("ERISA").

4.10  Margin Stock. No Loan Party is engaged or intends to
engage principally, or as one of its important activities, in the business of
extending credit for the purpose, immediately, incidentally or ultimately, of
purchasing or carrying margin stock (within the meaning of Regulation U, T or X
as promulgated by the Board of Governors of the Federal Reserve System of the
United States of America (the "Board")). No part of the proceeds of
any loan made by Lender to the Borrower has been or will be used, immediately, incidentally
or ultimately, to purchase or carry any margin stock or to extend credit to
others for the purpose of purchasing or carrying any margin stock or in any way
that is inconsistent with the provisions of the regulations of the Board. No
Loan Party or any Subsidiary of any Loan Party holds

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or intends to hold margin stock in such
amounts that more than 25% of the reasonable value of the assets of any Loan
Party or Subsidiary of any Loan Party are or will be represented by margin
stock.

ARTICLE 5   Affirmative Covenants. Unless
otherwise agreed to in writing by Lender, while this Agreement is in effect,
the Borrower agrees to, and with respect to Sections 5.3, 5.4, 5.5, and 5.8,
agrees to cause each subsidiary, if any, listed on SCHEDULE 5.0 attached hereto
(singularly a "Subsidiary", and collectively the
"Subsidiaries") to:

5.1   Reports and Notices. 
Furnish to Lender:

(a)   Annual Financial
Statements. As soon as available, but in no event more than 120 days after the
end of each fiscal year of the Borrower occurring during the term hereof,
annual consolidated financial statements of the Borrower and its consolidated
Subsidiaries, prepared in accordance with the Accounting Standards. Such
financial statements will: (1) be audited by independent certified public
accountants selected by the Borrower and acceptable to Lender; (2) be
accompanied by a report of such accountants containing an opinion thereon
acceptable to Lender; (3) be prepared in reasonable detail and in comparative
form; and (4) include a balance sheet, a statement of income, a statement of
retained earnings, a statement of cash flows, and all notes and schedules relating
thereto.

(b)   Interim
Financial Statements. As soon as available, but in no event more than 60 days
after the end of each fiscal quarter of the Borrower (other than the last
quarter in each fiscal year of the Borrower), a consolidated balance sheet of the
Borrower and its consolidated Subsidiaries, as of the end of such fiscal
quarter a consolidated statement of income for the Borrower and its
consolidated Subsidiaries, for such period and for the period year to date, and
such other interim statements as Lender may specifically request, all prepared
in reasonable detail and in comparative form in accordance with the Accounting
Standards; and, if required by written notice from Lender, certified by a
Principal Financial Officer of the Borrower.

(c)   Notice
of Default. Promptly after becoming aware thereof, notice of the occurrence of
an Event of Default or a Potential Default, including, without limitation, any
error in the Borrower's financial information previously provided to Lender and
the occurrence of any breach, default, event of default or event that, with the
giving of notice and/or the passage of time and/or the occurrence of any other
condition, would become a breach, default or event of default under any loan
agreement, indenture, mortgage, or other credit or security agreement or
instrument to which a Loan Party is a party or by which it or any of its
property may be bound or affected.

(d)   Notice of Litigation, Environmental Matters, Etc. Promptly after
becoming aware thereof, notice of: (1) the commencement of any action, suit or
proceeding before any court, arbitrator or governmental department, commission,
board, bureau, agency, or instrumentality having jurisdiction over any Loan
Party or any Subsidiary, that, if adversely decided, could result in a Material
Adverse Change; (2) the receipt of any notice, indictment, pleading or other
communication alleging a condition that may require any Loan Party or any
Subsidiary to undertake or to contribute to a clean-up or other response under
any environmental Law, or that seeks penalties, damages, injunctive relief,
criminal sanctions or other relief as a result of an alleged violation of any
such Law, or that claims personal injury or property damage as a result of
environmental factors or conditions; and (3) any matter that could cause a
Material Adverse Change, including any decision of any regulatory authority or
commission.

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(e)   Notice of
Certain Events. (1) Notice at least 30 days prior thereto, of any change in the Borrower's name or corporate structure; (2)
notice at least 30 days prior thereto, of any change in the Borrower's
organizational documents or membership and marketing agreements (or similar
documents), which changes must be approved in writing by Lender in its
reasonable discretion; (3) notice at least 30 days prior thereto, of any change
in the principal place of business of the Borrower or the office where its records
concerning its accounts are kept; and (4) as soon as available after any
changes thereto, copies of the Borrower's organizational documents or
membership and marketing agreements (or similar documents), in each case
certified by the Borrower's Secretary or equivalent officer acceptable to
Lender.

(f)   Compliance Certificates. Together with
each set of financial statements furnished to Lender pursuant to Section 5.1(a)
and Section 5.1(b) above, as applicable, a certificate of a Principal Financial
Officer of the Borrower, in form and content acceptable to Lender; (1)
certifying that no Event of Default or Potential Default occurred during the
period covered by such statement(s) or, if an Event of Default or Potential
Default occurred, a description thereof and of all actions taken or to be taken
to remedy same; and (2) setting forth calculations showing compliance with the
financial covenants set forth in Article 7 below,

5.2   Instruction
Letter. Comply with any and all requirements detailed in an Instruction Letter.

5.3   Corporate
Existence, Etc. Preserve and keep in full force and effect its existence and good standing in the jurisdiction of its incorporation or
formation, qualify and remain qualified to transact business in all
jurisdictions where such qualification is required, and obtain and maintain all
licenses, certificates, permits, authorizations, approvals, and the like that
are material to the conduct of its business or required by any Law.

5.4   Insurance. Maintain insurance with
reputable and financially sound insurance companies or associations, including self-insurance to the extent customary,
acceptable to Lender in such amounts and covering such risks as are usually
carried by companies engaged in the same or similar business and similarly
situated, and make such increases in the type or amount of coverage as Lender
may reasonably request. All such policies insuring any collateral for the
Borrower's obligations to Lender will have additional insured, mortgagee and
lender's loss payee clauses or endorsements, as applicable, in form and
substance satisfactory to Lender. At Lender's request, the Borrower agrees to
deliver to Lender such proof of compliance with this section as Lender may
require.

5.5   Property
Maintenance. Maintain in
good repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of
other businesses of similar character and size, all of those properties useful
or necessary to its business, and make all alterations, replacements, and
improvements thereto as may from time to time be necessary in order to ensure
that its properties remain in good working order and condition. The Borrower
agrees that at Lender's request, which request may not be made more than once a
year, the Borrower will furnish to Lender a report on the condition of the
Borrower's property.

5.6   Inspection.
Permit Lender or its agents, upon reasonable notice and during normal business hours or at such other times as the
parties may agree, to inspect and visit any of its properties, examine and make
excerpts from its books and records, and to discuss its business affairs,
finances and accounts with its officers, directors, employees, and independent
certified public accountants and to conduct reviews of any collateral. Without
limiting the foregoing, the Borrower will permit Lender, through an

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employee of Lender or through an independent third party contracted by
Lender, to conduct on an annual basis a review of the collateral covered by any
security instruments or documents provided to Lender pursuant to this
Agreement. The Borrower further agrees to pay to Lender a collateral inspection
fee designated by Lender and reimburse Lender all reasonable costs and expenses
incurred by Lender in connection with such collateral inspection reviews
performed by Lender employees or its agents.

5.7    Books and Records. Maintain and
keep proper books and records of account in which full, true and correct entries of
all its dealings, business and financial affairs will be made in accordance
with the Accounting Standards.

5.8    Compliance With Laws. Comply in all material respects with all Laws and any patron or member
investment program applicable to the Borrower. In addition, the Borrower agrees
to cause all persons occupying or present on any of its properties, and to
cause each Subsidiary to cause all persons occupying or present on any of its
properties, to comply in all material respects with all Laws relating to such
properties.

5.9    Further Assurances and Other
Information. From time to time and at its expense, execute and
deliver such documents and do such other acts and things as Lender in its sole
discretion may deem necessary or advisable from time to time in order to more
fully carry out the provisions and purpose of the Loan Documents, including
delivery of such other information regarding the condition or operations,
financial or otherwise, of a Loan Party or Subsidiary as Lender may from time
to time reasonably request, including, but not limited to, copies of all
pleadings, notices and communications referred to in Section 5.1(d) above.

5.10   Capital. Maintain its status as an entity eligible to borrow from Lender and
acquire equity in Lender
in such amounts and at such times as Lender may from time to time require in
accordance with its Bylaws and Capital Plan (as each may be amended from time
to time), except that the maximum amount of equity that the Borrower may be
required to purchase in connection with a loan may not exceed the maximum
amount permitted by the Bylaws at the time the Promissory Note relating to such
loan is entered into or such loan is renewed or refinanced by Lender. The
rights and obligations of the parties with respect to such equity and any
patronage or other distributions made by Lender will be governed by Lender's
Bylaws and Capital Plan (as each may be amended from time to time).

5.11    Delivery
of Original Loan Documents. If copies of any executed Loan Documents are delivered to Lender as provided
in Article 3 above, immediately deliver to Lender the original executed
versions of such Loan Documents.

5.12    Indemnity
for Taxes. At all times indemnify and hold and save Lender harmless from and against any and all actions or causes of
action, claims, demands, liabilities, loss, damage or expense of
whatsoever kind and nature incurred by Lender as a result of the non-payment of
any documentary stamp tax, intangible tax, interest or penalties associated
therewith or any other local, state or federal assessment required to be paid,
but not paid in conjunction with the indebtedness evidenced by the Loan
Documents. The Borrower agrees to pay to Lender, its successors and assigns,
all sums of money requested by Lender hereunder within ten days of such
request, which Lender will or may advance, pay or cause to be paid, or become
liable to pay, on account of or in connection with failure to pay as required
by the regulations of the governmental authority so imposing said payment.
Lender will be entitled to charge for any and all disbursements made by it in
good faith, under the reasonable belief that it or the Borrower is or was
liable for the amount so assessed. Any default by the Borrower in making any
payments required under this

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00001544SLA

covenant will
constitute a payment Event of Default under the Loan Documents and Lender may,
at its option, declare the entire amount of principal plus accrued interest
thereon due and payable without notice or demand.

5.13   ERISA. The Borrower and its Subsidiaries,
for so long as this Agreement remains outstanding, will remain in compliance in
all material respects with the applicable provisions of ERISA, the failure to
comply with which has or may cause a Material Adverse Change.

ARTICLE 6   Negative Covenants. Unless
otherwise agreed to in writing by Lender, while this Agreement is in effect,
the Borrower will not:

6.1    Other Indebtedness. Create,
incur, assume or allow to exist, directly or indirectly, any indebtedness or
liability for borrowed money (including trade or bankers' acceptances), letters
of credit, or for the deferred purchase price of property or services
(including leases that should be capitalized on the books of the lessee in
accordance with the Accounting Standards), except for:

(a)    debt to Lender.

(b)    accounts
payable to trade creditors incurred in the ordinary course of business.

(c)    current operating
liabilities (other than for borrowed money) incurred in the ordinary course of
business.

(d)    capitalized
leases with Farm Credit Leasing Services Corporation.

(e)    capitalized leases and
purchase money financing of property used in the ordinary course of Borrower's
business in an aggregate amount not exceeding $200,000.00 at any one time
outstanding.

6.2    Contingent
Liabilities. Assume, guarantee, become liable as a surety, endorse,
contingently agree to purchase, or otherwise be or become liable, directly or
indirectly (including, but not limited to, by means of a maintenance agreement,
an asset or stock purchase agreement, or any other agreement designed to ensure
any creditor against loss), for or on account of the obligation of any person
or entity, except:

(a)    by the endorsement of
negotiable instruments for deposit or collection or similar transactions in the
ordinary course of the Borrower's business.

6.3    Liens. Create, incur, assume,
or allow to exist any mortgage, deed of trust, pledge, lien (including the lien
of an attachment, judgment, or execution), security interest, or other
encumbrance of any kind upon any of its property, real or personal
(collectively, "Liens"). The foregoing restrictions will not apply
to:

(a)    Liens in favor of
Lender.

(b)    Liens
for taxes, assessments, or governmental charges that are not past due.

(c)    Liens and deposits
under workers' compensation, unemployment insurance, and social security Laws.

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544SLA

(d)   Liens and deposits to
secure the performance of bids, tenders, contracts (other than contracts for
the payment of money), and like obligations arising in the ordinary course of
business as conducted on the date hereof.

(e)   Liens imposed by Law in
favor of mechanics, materialmen, warehousemen, and like persons that secure
obligations that are not past due.

(f)   Easements,
rights-of-way, restrictions, and other similar encumbrances which, in the
aggregate, do not materially interfere with the occupation, use, and enjoyment
of the property or assets encumbered thereby in the normal course of-its
business or materially impair the value of the property subject thereto.

(g)   Liens
in favor of Farm Credit Leasing Services Corporation.

(h)   purchase money security
interests in inventory and equipment existing on the date hereof and previously
approved by Lender in writing.

6.4   Transactions with Affiliates.
Enter into any transaction with any Affiliate except in the ordinary course of
and pursuant to the reasonable requirements of its business and upon fair and
reasonable terms no less favorable to it than it would obtain in a comparable
arm's-length transaction with a person or entity that was not an Affiliate.

6.5   Loans and Investments. Make any
loan or advance to any person or entity, or purchase any capital stock,
obligations or other securities of, make any capital contributions to, or
otherwise invest in any person or entity, or form or create any partnerships or
joint ventures, except:

(a)   trade
credit extended in the ordinary course of business.

(b)   equity
in, or obligation of, Lender.

(c)   the
Borrower's membership interests in National Beef Packing Company, LLC.

(d)   commercial paper
maturing not in excess of one year from the date of acquisition and rated PI by
Moody's Investors Service, Inc., or  Al by Standard & Poor's Corporation on
the date of acquisition.

(e)   certificates of deposit
in North American commercial banks rated C or better by Keefe, Bruyette &
Woods, Inc., or 3 or better by Cates Consulting Analysts, maturing not in
excess of one year from the date of acquisition.

(f)   obligations of the United States government
or any agency thereof, the obligations of which are guaranteed by the United
States government, maturing, in each case, not in excess of one year from the
date of acquisition.

(g)   repurchase agreements of any
bank or trust company incorporated under the laws of the United States of
America or any state thereof and fully secured by a pledge of obligations
issued or fully and unconditionally guaranteed by the United States government.

(h)   investments in Lender's
cash investment program.

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6.6   Dividends
and Distributions. Directly or indirectly declare or pay any dividends on account of any units of any class of its
equity or any of its patronage notices now or hereafter outstanding, or set
aside or otherwise deposit or invest any sums for such purpose, or redeem,
retire, defease, purchase or otherwise acquire any units of any class of its
equity or any of its patronage notices (or set aside or otherwise deposit or
invest any sums for such purpose) for any consideration other than additional
units or patronage notices or apply or set apart any sum, or make any other
distribution (by reduction of capital or otherwise) in respect of any such
units of any class of its equity or any of its patronage notices, or make any
other distribution or allocation of its assets to any holder of units of any
class of its equity or any of its patronage notices, or agree to do any of the
foregoing; provided, that the Borrower may, so long as the Borrower is treated
as a partnership for tax purposes, make distributions to its unitholders on
account of the federal and state income taxes that would be assessed to such
unitholders based on the Borrower's taxable income, provided that the Borrower
delivers to Lender a certificate that no Event of Default has occurred or will
result thereby, further provided that the aggregate amount of all such
distributions with respect to any calendar year may not exceed the amount of
such income which would be taxable to such unitholders for such calendar year
multiplied by the maximum applicable state and federal income tax rate for the
calendar year in which taxed, and further provided that interim distributions
shall not exceed seventy five percent (75%) of the estimated federal and state
income taxes that would be assessed to such unitholders based on the Borrower's
taxable income multiplied by the maximum applicable state and federal income tax. Notwithstanding the foregoing, the Borrower may make distributions
to unitholders, provided that, after giving effect to the distribution, there
is no outstanding balance under that certain Amended and Restated Revolving
Term Promissory Note No. 00001544T01 (as may be amended and restated from time
to time), and provided further that the Borrower delivers to Lender a
certificate that no Event of Default has occurred or will result from such
distribution.

6.7    Mergers,
Acquisitions, Etc. Merge or consolidate with any other entity or acquire all or a material part of the assets of any other person or entity, or
form or create any new Subsidiary, or commence operations under any other name,
organization, or entity, including any joint venture.

6.8    Transfer of
Assets. Sell, transfer, lease, or otherwise dispose of any of its assets,
except: (a) in the
ordinary course of business; and (b) the sale, transfer or disposal of any
obsolete or worn-out assets that are no longer necessary or required in the
conduct of the Borrower's business, provided that, in each calendar year, the
Borrower shall not sell, transfer, or dispose such assets in excess of
$200,000.00 in the aggregate for such year.

6.9    Change
in Business. Engage in any business activities or operations substantially
different from or unrelated to the
Borrower's present business activities or operations.

6.10   Use of
Proceeds. Use the proceeds of any loan made by Lender to the Borrower, whether
directly or indirectly, and whether immediately, incidentally or ultimately, to
purchase or carry margin stock (within the meaning of Regulation U of the
Board) or to extend credit to others for the purpose of purchasing or carrying
margin stock or to refund indebtedness originally incurred for such purpose.

ARTICLE 7   Financial Covenants. Unless
otherwise agreed to in writing by Lender, while this Agreement is in effect:

7.1   Net Worth.
The Borrower will have at the end of each fiscal quarter of the Borrower an excess
of consolidated total assets over consolidated total liabilities of not less
than $70,000,000.00 (all as determined in accordance with the Accounting
Standards).

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ARTICLE
8   Default.

8.1   Each
of the following will constitute an "Event of Default" hereunder:

(a)   Payment
Default. The Borrower should fail to make any payment to Lender when due.

(b)   Representations and
Warranties. Any representation, warranty, certification or statement of fact
made at any time by the Borrower, herein or in any other Loan Document, or in
any certificate, other instrument or statement furnished to Lender by or on
behalf of the Borrower, will have been false or misleading in any material
respect as of the time it was made or furnished.

(c)   Covenants. The Borrower
will default in the observance or performance of any covenant set forth in
Article 5 (other than Sections 5.1(c), 5.1(d), 5.1(e)(1), 5.1(e)(2), and 5.2
above), and such default continues for 30 days after written notice thereof
will have been delivered to the Borrower by Lender.

(d)   Other Covenants and
Agreements. The Borrower will default in the observance or performance of
Sections 5.1(c), 5.1(d), 5.1(e)(1), 5.l(e)(2), and 5.2 or any other covenant or
agreement contained herein or in any other Loan Document or if Borrower uses
the proceeds of any loan for any unauthorized purpose.

(e)   Cross Default. Any Loan
Party should, after any applicable grace period, breach or be in default under
the terms of any other Loan Document (including, without limitation, any
security instrument or document) or any other agreement between any Loan Party
and Lender, or between any Loan Party and any Affiliate of Lender, including
without limitation Farm Credit Leasing Services Corporation.

(f)   Other
Indebtedness. Any Loan Party or Subsidiary should fail to pay when due any
indebtedness to any other person or entity for borrowed money or any long-term
obligation for the deferred purchase price of property (including any
capitalized lease), or any other event occurs that, under any agreement or
instrument relating to such indebtedness or obligation, has the effect of
accelerating or permitting the acceleration of such indebtedness or obligation,
whether or not such indebtedness or obligation is actually accelerated or the
right to accelerate is conditioned on the giving of notice, the passage of
time, or otherwise.

(g)   Judgments. A judgment,
decree, or order for the payment of money will have been rendered against any
Loan Party and either: (1) enforcement proceedings will have been commenced;
(2) a Lien prohibited by this Agreement, any security instrument, or any other
Loan Document, will have been obtained; or (3) such judgment, decree, or order
will continue unsatisfied and in effect for a period of 30 consecutive days
without being vacated, discharged, satisfied, bonded, or stayed pending appeal.

(h)   Loan Document Unenforceable.
Any of the Loan Documents ceases to be a legal, valid, and binding agreement
enforceable against any Loan Party or is in any way terminated (except in
accordance with its terms) or becomes or is declared ineffective or
inoperative.

(i)   Revocation of Guaranty. Any
guaranty, suretyship, subordination agreement, maintenance agreement, or other
agreement furnished in connection with the Borrower's obligations hereunder and
under any Promissory Note will, at any time, cease to be in full force and
effect, or will be revoked or declared 'null and void, or the validity thereof
will be contested by the Guarantor, surety or other maker thereof, or the
Guarantor will deny any further liability or obligations thereunder, or will
fail to perform its obligations thereunder, or any representation or warranty
set forth therein will be breached, or

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the Guarantor will breach or be in default
under the terms of any other agreement with Lender (including any loan
agreement or security agreement), or a default set forth in sections (f)
through (h) will occur with respect to the Guarantor.

(j)   Insolvency, Etc. Any
Loan Party or Subsidiary will: (1) become insolvent or will generally not, or
will be unable to, or will admit in writing its inability to, pay its debts as
they become due; or (2) suspend its business operations or a material part
thereof or make an assignment for the benefit of creditors; or (3) apply for,
consent to, or acquiesce in the appointment of a trustee, receiver, or other
custodian for it or any of its property; or (4) have commenced against it any
action or proceeding for the appointment of a trustee, receiver, or other
custodian and such action or proceeding is not dismissed within 30 days of the
date thereof, or a trustee, receiver, or other custodian is appointed for all
or any part of its property; or (5) receive notice from any regulatory or
governmental authority to the effect that such authority intends to replace the
management of any Loan Party or assume control over any Loan Party or
Subsidiary; or (6) commence or have commenced against it any proceeding under
any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution,
or liquidation law of any jurisdiction.

(k)   Material Adverse Change. Any
Material Adverse Change occurs, as reasonably determined by Lender.

8.2   Remedies.
Upon the occurrence and during the continuance of an Event of Default or
Potential Default, Lender will have no obligation to extend or continue to
extend credit to the Borrower and may discontinue doing so at any time without
prior notice or other limitation. In addition, upon the occurrence and during
the continuance of any Event of Default, Lender may, upon notice to the
Borrower:

(a)   Termination and
Acceleration. Terminate any commitment and declare the unpaid principal balance
of the loans, all accrued interest thereon, and all other amounts payable under
this Agreement, each Promissory Note, and all other Loan Documents to be
immediately due and payable. Upon such a declaration, the unpaid principal
balance of the loans and all such other amounts will become immediately due and
payable, without protest, presentment, demand, or further notice of any kind,
all of which are hereby expressly waived by the Borrower.

(b)   Enforcement.
Proceed to protect, exercise, and enforce such rights and remedies as may be
provided by this Agreement, any security instrument or document, any other Loan
Document, or under Law. Each and every one of such rights and remedies will be
cumulative and may be exercised from time to time, and no failure on the part
of Lender to exercise, and no delay in exercising, any right or remedy will
operate as a waiver thereof, and no single or partial exercise of any right or
remedy will preclude any future or other exercise thereof, or the exercise of
any other right. Without limiting the foregoing, Lender may hold and/or set off
and apply against the Borrower's obligations to Lender the proceeds of any
equity in Lender, any cash collateral held by Lender, or any balances held by
Lender for the Borrower's account (whether or not such balances are then due).

(c)   Application of Funds. Lender
may apply all payments received by it to the Borrower's obligations to Lender
in such order and manner as Lender may elect in its sole discretion.

(d)   Interest
upon default. In addition to the rights and remedies set forth above and
notwithstanding any Promissory Note: (1) upon the occurrence and during the
continuance of an Event of Default, at Lender's option in each instance, the
entire indebtedness outstanding hereunder and under each Promissory Note will
bear interest from the date of such Event of Default until such Event of
Default will have been waived or cured in a manner satisfactory to Lender at
4.00% per annum in excess of the rate(s)

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Agreement No. 00001544SLA

of interest that would otherwise be in
effect on that loan under the terms of the applicable Promissory Note; and (2)
after the maturity of any loan (whether as a result of acceleration or
otherwise), the unpaid principal balance of such loan (including without
limitation, principal, interest, fees and expenses) will automatically bear
interest at 4.00% per annum in excess of the rate(s) of interest that would
otherwise be in effect on that loan under the terms of the Promissory Note. All
interest provided for herein will be payable on demand and will be calculated
on the basis of a year consisting of 360 days.

ARTICLE
9   Expenses; Indemnification; Damage Waiver.

9.1   Costs and Expenses. To the extent allowed by Law, the Borrower agrees to pay
all reasonable out-of-pocket costs and expenses (including the fees and
expenses of counsel retained or employed by Lender) incurred by Lender and any
participants of Lender in connection with the origination, administration,
collection and enforcement of this Agreement and the other Loan Documents,
including, without limitation, all costs and expenses incurred in obtaining,
perfecting, maintaining, determining the priority of, and releasing any security
for the Borrower's obligations to Lender, and any stamp, intangible, transfer
or like tax incurred in connection with this Agreement or any other Loan
Document or the recording hereof or thereof.

9.2   Indemnification. The Borrower indemnifies Lender, its
Affiliates and its and their respective officers, directors, employees, agents
and advisors (each an "Indemnitee") against, and holds each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and
related expenses (including fees and expenses of employed or retained counsel)
incurred by any Indemnitee or asserted against any Indemnitee by any third
party arising out of or as a result of (a) the execution or delivery of any
Loan Document, the performance or nonperformance by the Borrower of its
obligations under any Loan Document or the consummation of the transactions
contemplated thereby, including the use of the proceeds therefrom, (b) breach
of representations, warranties or covenants of the Borrower under any Loan
Document, or (c) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, including any such items or losses
relating to or arising under environmental Laws or pertaining to environmental matters,
regardless whether any Indemnitee is a party thereto; provided that such
indemnity will not, as to an Indemnitee, be available to the extent that such
losses, claims, damages, liabilities or related expenses are determined by a
court of competent jurisdiction by a final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee.

9.3   Waiver of Consequential Damages. To the fullest extent permitted by
applicable Law, the Borrower
will not assert, and hereby waives, any claim against any Indemnitee, on any
theory of liability, for special, indirect, consequential or punitive damages
arising out of, in connection with, or as a result of, any Loan Document, the
transactions contemplated thereby or the use of the proceeds thereof.

ARTICLE
10   Miscellaneous.

10.1   Amendments; Waivers; Etc. No amendment, modification, or waiver of
any provision of this Agreement or
the other Loan Documents, and no consent to any departure by the Borrower
herefrom or therefrom, will be effective unless approved by Lender and
contained in a writing signed by or on behalf of Lender, and then such waiver
or consent will be effective only in the specific instance and for the specific
purpose for which given. In the event this Agreement is amended or restated,
each such amendment or restatement will be applicable to all Promissory Notes
hereto.

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10.2   Notices.
All notices hereunder will be in writing and will be deemed to have been duly given when addressed to the party intended to
receive the same at the address of such party set forth below (or such other
address either party may specify by like notice), (a) upon delivery if
personally delivered to a party at such address, (b) three days after the same
is deposited in the United States mail as first class, certified mail, return
receipt requested, postage paid, (c) one business day after the same has been
deposited with Federal Express or another nationally recognized overnight
courier service if designated for next-day delivery, and (d) upon delivery if
sent by facsimile or electronic mail with confirmation of delivery of the same:

	
		If to Lender, as follows:

		For general
  correspondence purposes:

		P.O. Box 5110

		Denver, Colorado
  80217-5110

		For direct delivery
  purposes, when desired: 

		6340 South Fiddlers Green Circle 

		Greenwood Village,
  Colorado 80111-1914

		Attention: Credit
  Information Services 

		Fax No.: (303) 224-6101
	
		If to the Borrower, as
  follows:

		U.S. Premium Beef, LLC

		P. O. Box 1751

		Dodge City, Kansas 67801

		12200 N Ambassador Drive 
Kansas City, Missouri 64163

		Attention: Danielle Imel, Treasurer

		

10.3   Survival.
Notwithstanding anything to the contrary in this or any other Loan Document, Sections 5.12, 8.2, all of Article 9, and
Section 10.7 will survive the termination of this Agreement, repayment of every
Promissory Note, and the foreclosure, or any other enforcement action, of any
and all security pledged pursuant to Section 2.3 above. The representations,
warranties, acknowledgments, and agreements set forth herein will survive the
dale of this Agreement, but not its termination unless otherwise agreed.

10.4   Effectiveness
and Severability. This Agreement will continue in effect until: (a) all indebtedness and
obligations of the Borrower under this Agreement and the other Loan Documents
have been paid or satisfied; (b) Lender has no commitment to extend credit to
or for the account of the Borrower under any Promissory Note; and (c) either
party sends written notice to the other party terminating this Agreement. Any
provision of this Agreement or any other Loan Document that is prohibited or
unenforceable in any jurisdiction will be ineffective to the extent of such
prohibition or unenforceable without invalidating the remaining provisions
hereof or thereof.

10.5   Successors and
Assigns.

(a)      Successors and Assigns
Generally. This Agreement and the other Loan Documents will be binding upon and
inure to the benefit of the Borrower and Lender and their respective successors
and assigns, except that the Borrower may not assign or transfer its rights or
obligations under this Agreement or the other Loan Documents without the prior
written consent of Lender.

(b)      Participations,
Etc. From time to time,
Lender may sell to one or more banks, financial institutions, or other lenders
a participation in one or more of the loans or other extensions of credit made
pursuant to this Agreement. However, no such participation will relieve Lender of
any commitment made

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to the Borrower
hereunder. In connection with the foregoing, Lender may disclose information
concerning the Borrower and its subsidiaries, if any, to any participant or
prospective participant, provided that such participant or prospective
participant agrees to keep such information confidential. Patronage
distributions in the event of a sale of a participation interest will be
governed by Lender's Bylaws and Capital Plan (as each may be amended from time
to time). A sale of a participation interest may include certain voting rights
of the participants regarding the loans hereunder (including without limitation
the administration, servicing, and enforcement thereof). Lender agrees to give
written notification to the Borrower of any sale of a participation interest.

10.6   Integration;
Other Types of Credit; Counterparts; Electronic Signatures.

(a)      Integration.
The Loan Documents are intended by the parties to be a complete and final
expression of their agreement. Each Promissory Note will be deemed to
incorporate all of the terms and conditions of this Agreement as if fully set
forth therein. Without limiting the foregoing, any capitalized term utilized in
any Promissory Note (or in any amendment to this Agreement or Promissory Note)
and not otherwise defined in the Promissory Note (or amendment) will have the
meaning set forth herein or, if applicable, in the Accounting Standards. In the
event the Accounting Standards are changed after the date hereof, then alt such
changes will be applicable hereto, unless Lender otherwise specifies in
writing.

(b)      Other Types of Credit.
From time to time, Lender may issue letters of credit or extend other types of
credit to or for the account of the Borrower. In the event the parties desire
to do so under the terms of this Agreement, then the agreement of the parties
with respect thereto may be set forth in a Promissory Note and this Agreement
will be applicable thereto.

(c)      Counterparts;
Electronic Signatures. This Agreement, each Promissory Note and any other Loan
Document may be executed in counterparts, each of which will constitute an
original, but all of which when taken together will constitute a single
contract. Delivery of an executed counterpart of a signature page of this
Agreement, any Promissory Note or any other Loan Document by facsimile or other
electronic means will be as effective as delivery of a manually executed
counterpart of each such Agreement, Promissory Note or Loan Document. The
parties agree that the electronic signature of a party to this Agreement, any
Promissory Note or any other Loan Document shall be as valid as an original
signature of such party and shall be effective to bind such party to this
Agreement or such Loan Document. The parties agree that any electronically
signed Loan Document (including this Agreement) shall be deemed (i) to be
"written" or "in writing," (ii) to have been signed and
(iii) to constitute a record established and maintained in the ordinary course
of business and an original written record when printed from electronic files.
The parties presently intend to authenticate any Loan Documents to which they
are a party by either signing such Loan Document or attaching thereto or
logically associating therewith an electronic sound, symbol or process as their
respective electronic signature. The words "execution,"
"signed," "signature," and words of like import in any Loan
Document shall be deemed to include electronic signatures or the keeping of
records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as
provided for in any applicable Law, including the Federal Electronic Signatures
in Global and National Commerce Act, or any similar state Laws based on the
Uniform Electronic Transactions Act.

10.7   Applicable Law; Submission
to Jurisdiction; Service of Process; Waiver of Venue; Waiver of Jury Trial.

16

 

U.S. PREMIUM BEEF, LLC

Kansas City, Missouri

Agreement No. 00001544SLA

(a)      Applicable Law.
Without giving effect to the principles of conflict of laws and except to the
extent governed by federal law, the Laws of the State of Colorado, without
reference to choice of law doctrine, will govern this Agreement, each
Promissory Note and any other Loan Document for which Colorado is specified as
the applicable law, and all disputes and matters between the parties to this
Agreement, including all disputes and matters whatsoever arising under, in
connection with or incident to the lending and/or leasing or other business
relationship between the parties, and the rights and obligations of the parties
to this Agreement or any other Loan Document by and between the parties for
which Colorado is specified as the applicable law.

(b)      Submission to
Jurisdiction; Service of Process. The Borrower hereby irrevocably consents to
the nonexclusive jurisdiction of any state or federal court in Denver,
Colorado, and consents that Lender may effect any service of process in the
manner and at the Borrower's address set forth herein for providing notice or
demand; provided that nothing contained in this Agreement will prevent Lender
from bringing any action, enforcing any award or judgment or exercising any
rights against the Borrower individually, against any collateral or against any
property of the Borrower within any other county, state or other foreign or
domestic jurisdiction.

(c)      Waiver
of Venue. The Borrower acknowledges and agrees that the venue provided above is
the most convenient forum for the Borrower and Lender. The Borrower waives any
objection to venue and any objection based on a more convenient forum in any
action instituted under this Agreement.

(d)      Waiver
of Jury Trial. The Borrower and Lender each hereby irrevocably waives any right
it may have to a trial by jury in connection with any action directly or
indirectly arising out of or relating to this Agreement or any other Loan
Document. Each party hereto (1) certifies that no representative,
administrative agent or attorney of any other person has represented, expressly
or otherwise, that such other person would not, in the event of litigation,
seek to enforce the foregoing waiver and (2) acknowledges that it and the other
parties hereto have been induced to enter into this Agreement and other Loan
Documents by, among other things, the mutual waivers and certifications in this
section.

10.8   USA Patriot
Act Notice. Lender hereby notifies the Borrower that pursuant to the
requirements of the USA Patriot Act, it is required to obtain, verify, and
record information that identifies the Borrower in accordance with the USA
Patriot Act. The Borrower covenants and agrees it will not, and agrees to cause
each of its subsidiaries not to, at any time, directly or indirectly be (a) a
person with whom Lender is restricted from doing business under any
Anti-Terrorism Law, (b) engaged in any business involved in making or receiving
any contribution of funds, goods or services to or for the benefit of such a
person or in any transaction that evades or avoids, or has the purpose of
evading or avoiding, the prohibitions set forth in any Anti-Terrorism Law, or
(c) otherwise in violation of any Anti-Terrorism Law (the Borrower will and
will cause each of its subsidiaries to provide to Lender any certifications or
information that Lender requests to confirm compliance by the Borrower and its
subsidiaries with any Anti-Terrorism Law). "Anti-Terrorism Law" means
any Law relating to terrorism or money laundering, including Executive Order
No. 13224, the USA Patriot Act, the Laws comprising or implementing the Bank
Secrecy Act, and the Laws administered by the United States Treasury
Department's Office of Foreign Asset Control, as any of the foregoing Laws may
from time to time be amended, renewed, extended, or replaced.

 

SIGNATURE PAGE FOLLOWS

17

 

U.S. PREMIUM BEEF, LLC

Kansas City, Missouri

Agreement No.
00001544SLA

 

SIGNATURE PAGE TO CREDIT AGREEMENT

IN WITNESS
WHEREOF, the parties hereto, by their duly authorized officers, have executed
this Agreement.

 

		
			
			

 

		
			
			

 

18
 

U.S. PREMIUM BEEF, LLC

Kansas City, Missouri

Agreement No. 00001544SLA

 

 

SIGNATURE PAGE TO CREDIT AGREEMENT

IN WITNESS WHEREOF, the parties hereto, by
their duly authorized officers, have executed this Agreement.
 
		
			
			

 

 

 

 

19

 

 

U.S. PREMIUM BEEF,
LLC 

Kansas City, Missouri 

Agreement No. 00001544SLA
 
SCHEDULE 5.0 - Subsidiaries 

Agreement No.
00001544SLA

None.

  

 

 

 

 

 

 

 

20

EXHIBIT A

COMPLIANCE CALCULATION

NET WORTH

Test: Net Worth shall not be less than $70,000,000

As of Fiscal Quarter ended:  
_______________________

		1. 
Assets	
			
			                      

	2. 
Liabilities  	
			 

			
	3. 
#1 less #2
(Borrower's Net Worth) 	
			 

			
	Compliance? (Yes/No) 	
			 

			

CERTIFICATION

U.S. Premium
Beef, LLC ("Borrower"), hereby certifies to CoBank, ACB, that no
Event of Default or Potential Default occurred during the period covered by the
above Net Worth calculation. In the alternative, if an Event of Default of
Potential Default occurred during such time period, a description thereof and
all actions taken or to be taken to remedy the same is attached hereto.

U.S. Premium Beef, LLC,

a Delaware
limited liability company

By:________________________________________ 

Title:_______________________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]