Document:

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                                                                    EXHIBIT 10.5

                            HANGAR LICENSE AGREEMENT

         Agreement, dated September 19, 2002, by and between CONAGRA FOODS,
INC., a Delaware corporation ("ConAgra") and SWIFT BEEF COMPANY, a Delaware
corporation ("Company").

RECITALS:

         This Agreement is made with reference to the following facts and
circumstances:

         (a)      Company is the assignee from ConAgra of the tenant's interest
                  in land in Greeley, Weld County, Colorado leased from
                  Greeley-Weld County Airport Authority ("Authority") pursuant
                  to a Greeley-Weld County Airport Ground Lease Agreement for
                  Land Space # 19 & 65 dated August 2, 2000, as amended by an
                  Amendment No. 1 dated October 27, 2000 and an Amendment No. 2
                  dated December 4, 2001 (the "Ground Lease"), as more
                  particularly described therein (the "Land").

         (b)      Company is the transferee from ConAgra of the buildings,
                  fixtures and other improvements affixed to the Land (the
                  "Hangar"). The Land and the Hangar are collectively referred
                  to as the "Premises".

         (c)      ConAgra and Company each own an aircraft that is based at the
                  Hangar, described as:

                  ConAgra Learjet: Learjet 35A S/N 459 N829CA ("ConAgra Plane")
                  Company Learjet: Learjet 35A S/N 590 N827CA ("Company Plane")
                  collectively the "Planes".

         (d)      The parties desire to set forth herein certain other
                  agreements with respect to the joint use of the Premises by
                  the parties.

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 agree,
subject to the terms and conditions hereinafter set forth, as follows:

         1. Term. The term of this Agreement shall be two (2) years, commencing
on September 19, 2002 (the "Commencement Date and ending on September 19, 2004
(the "Termination Date").

         2. Maintenance of Premises. Company shall, at its sole cost and
expense, be responsible for all maintenance, repair, replacement of and services
to the Premises and the performance of all of the tenant's obligations under the
Ground Lease. Services include, but are

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not limited to, weather reporting services, utilities, electrical, trash,
janitorial, snow removal, mowing and the like.

         3. Non-Exclusive License.

                  (a)      Grant of License. Company hereby grants to ConAgra a
                           non-exclusive license for the Licensed Premises
                           (defined below) for the storage, maintenance,
                           scheduling and operation of the ConAgra Plane (the
                           "Permitted Use").

                  (b)      License Fee. ConAgra shall pay Company the sum of
                           Eighteen Thousand and No/100 Dollars ($18,000.00) per
                           annum, payable monthly in advance, in equal monthly
                           installments of One Thousand Five Hundred and No/100
                           Dollars ($1,500.00) (the "License Fee") for ConAgra's
                           use of the Licensed Premises. ConAgra shall timely
                           pay to Company the License Fee on the first day of
                           each month, without notice, demand, deduction or set
                           off (except as otherwise expressly provided herein),
                           by good and sufficient check drawn on a national
                           banking association at Company's address provided for
                           in Section 10 of this Agreement or as otherwise
                           specified by Company and shall be accompanied by all
                           applicable state and local sales or use taxes. All
                           past due payments required of ConAgra hereunder shall
                           bear interest from the date due until paid at the
                           lesser of eighteen percent per annum or the maximum
                           lawful rate of interest.

                  (c)      Licensed Premises. As used herein, the term "Licensed
                           Premises" shall mean that portion of the Premises
                           that is reasonably necessary for the Permitted Use
                           and that does not interfere with Company's use of the
                           Premises and operation of the Company Plane, as
                           reasonably determined by Company, but in no event
                           shall the Licensed Premises be more than 50% of the
                           Premises.

                  (d)      Use. ConAgra shall not use the Licensed Premises for
                           any other purpose without the express written consent
                           of Company, which consent shall not be unreasonably
                           withheld. ConAgra agrees to pay any costs, loss,
                           liability or damages which may arise by reason of
                           ConAgra's use of the Licensed Premises hereunder.
                           Additionally, ConAgra's use of the Licensed Premises
                           shall be in such a manner so as not to interfere in
                           any way with the operations of Company on the
                           Premises, as determined by the Company in its
                           reasonable discretion. Notwithstanding any provision
                           herein to the contrary, Company agrees that the
                           Company's use of the Premises shall not interfere
                           with ConAgra's Permitted Use and Operation of the
                           ConAgra Plane. ConAgra shall fully pay for all labor
                           and materials used in, on, or about the Licensed
                           Premises and will not permit or suffer any mechanics'
                           or materialmen's liens of any nature to be affixed
                           against Premises by reason of any work done or
                           materials furnished to the Licensed Premises at
                           ConAgra's instance or request.

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         4. Non-liability. ConAgra shall not be liable for, and Company waives,
releases and covenants not to sue ConAgra for, any claim, liability, damage,
cost, fine, penalty or expense in any way relating to the maintenance, repair or
operation of the Premises.

         5. Indemnification. Company shall indemnify, defend and hold ConAgra
harmless from and against all losses, damages, liabilities, costs and expenses,
including, but not limited to attorney's fees and legal costs, arising out of:
(a) a default under the Ground Lease; or (b) the Company's or its employees',
agents' or contractors' negligence or willful misconduct in connection with the
use, maintenance, repair or operation of the Premises or the Company Plane.
ConAgra shall indemnify, defend and hold Company harmless from and against all
losses, damages, liabilities, cost and expenses, including, but not limited to
attorney's fees and legal costs, arising out of ConAgra's or its employees',
agents', or contractors' negligence or willful misconduct in connection with the
maintenance, repair or operation of the ConAgra Plane or other activities of
such persons at the Premises.

         6. Insurance.

                  (a)      Insurance on the Hangar. Company shall, at its sole
                           cost and expense, keep the Hangar insured against
                           loss by an "all risk" property insurance policy in an
                           amount sufficient to prevent Company from being a
                           co-insurer under the terms of the applicable policy,
                           but in any event in an amount not less than ninety
                           percent (90%) of the full replacement value of the
                           Hangar, as determined from time to time. Such
                           insurance shall contain a provision that no act or
                           omission of Company or ConAgra shall affect or limit
                           the obligation of the insurance company to pay the
                           amount of any loss sustained and shall contain a
                           waiver of subrogation. Nothing contained herein shall
                           be construed as creating any liability or
                           responsibility on the part of ConAgra for the
                           adequacy of insurance coverage on the Hangar. Company
                           shall be deemed to be a self-insurer as to the
                           deductible, self-insurance retention, or co-insurance
                           applicable to such insurance coverage and shall pay
                           any such amount applicable in the event of such loss
                           or damage.

                  (b)      Hangarkeepers Liability Insurance. Company shall, at
                           its sole cost and expense maintain hangarkeepers
                           liability insurance affording minimum single limit
                           protection of Five Million Dollars ($5,000,000.00)
                           per occurrence, and Ten Million Dollars
                           ($10,000,000.00) in the aggregate.

                  (c)      Liability Insurance. The parties shall each, at their
                           respective sole cost and expense maintain:

                           (i) Commercial general liability insurance written on
                           an occurrence form, including blanket contractual
                           liability coverage against claims for bodily injury,
                           death and property damage occurring in or about the
                           Premises, affording minimum single limit protection
                           of Five Million Dollars ($5,000,000.00) per
                           occurrence, and Ten Million Dollars ($10,000,000.00)

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                           in the aggregate, with respect to personal injury or
                           death and property damage; and

                           (ii) Automobile liability insurance against claims
                           for bodily injury, death and property damage,
                           affording minimum single limit protection of Two
                           Million Dollars ($2,000,000.00) with respect to
                           personal injury or death and property damage
                           occurring or resulting from one occurrence.

                  (d)      Terms Applicable to All Insurance Policies. All
                           insurance policies maintained by the parties shall be
                           issued by financially sound insurance companies duly
                           authorized to conduct business in the State of
                           Colorado. The insurance companies shall be required
                           to give the parties thirty (30) days prior written
                           notice in the event of cancellation or material
                           alteration of coverage. Upon request, a party shall
                           furnish the other party a certificate of insurance
                           evidencing the coverages required hereunder.

         7. Termination. This Agreement may be terminated before the Termination
Date under the following circumstances:

         (a)      The parties may agree to terminate this Agreement at any time
                  and under any circumstances that have been mutually agreed
                  upon in writing.

         (b)      At the option of ConAgra on ninety (90) days prior written
                  notice to Company.

         (c)      If one of the parties breaches the terms of this Agreement or
                  any of the other documents referenced herein, the other party
                  may give the breaching party a notice in writing which
                  specifically sets out the nature and extent of the breach, and
                  the steps that must be taken to cure the breach.

                  After receiving such a written notice, the breaching party
                  will then have ten (10) days to cure the breach. If the
                  breaching party does not do so, the non-breaching party will
                  have the right to terminate this Agreement.

         (d)      In the event that a party to this Agreement incurs costs,
                  expenses, and attorneys' fees in connection with protecting
                  its rights or enforcing its remedies following a breach of
                  this Agreement by the other party, the breaching party must
                  reimburse the non-breaching party for all such costs,
                  expenses, and attorneys' fees, regardless of whether or not
                  the protection of rights or the enforcement of remedies
                  involved judicial proceedings, arbitration proceedings, or
                  other formal dispute resolution proceedings. The breaching
                  party must reimburse the non-breaching party for these costs,
                  expenses, and attorneys' fees within ten (10) days of
                  receiving a reasonably detailed reimbursement claim from the
                  non-breaching party.

          8. Survival of Claims. Any claims that the parties have against each
other that arise out of actions or omissions that take place while this
Agreement is in effect will survive the termination of this Agreement for three
(3) years after termination of this Agreement.

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          9. Authority. Both parties to this Agreement represent and warrant
that they have taken all corporate action necessary to authorize them to enter
into and be bound by this Agreement. The parties further represent and warrant
to each other that the officer signing this Agreement on behalf of each party
has the necessary authority to do so, and has the authority to bind the party on
whose behalf he is signing to perform its duties and obligations under this
Agreement.

         10. Notices. All written notices sent under this Agreement will be sent
by certified mail, return receipt requested, or by facsimile. All such notices
will be effective upon receipt.

         Notices to ConAgra will be addressed as follows:

                           ConAgra Flight Operations
                           3619 Doolittle Plaza
                           Eppley Airfield
                           Omaha, Nebraska  68110
                           Attention: James W. Hollenbeck
                           Facsimile No.: (402) 595-4050

         With a copy to:

                           ConAgra Foods, Inc.
                           One ConAgra Drive
                           Omaha, Nebraska 68102-5001
                           Attention: Senior Vice President - Controller
                           Facsimile No. (402) 595-4611

         Notices to Company will be addressed as follows:

                           Swift Beef Company
                           1770 Promontory Circle
                           Greeley, CO 80634
                           Attention: President
                           Facsimile No. (970) 506-8323

         With a copy to:

                           Vinson & Elkins L.L.P.
                           3700 Trammell Crow Center
                           2001 Ross Avenue
                           Dallas, Texas 75201
                           Attention: Michael D. Wortley
                           Facsimile No. (214) 220-7716

         11. Governing Law. This Agreement will be interpreted and enforced in
accordance with the laws of the State of Colorado.

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         12. Assignment. This Agreement may be assigned by either party with
prior written notice to the other party.

         13. Entire Agreement. This Agreement and the other documents referenced
in it set out the entire agreement between the parties regarding the matters
described in this Agreement. The parties agree that there are no other oral or
written understandings or agreements between them regarding these matters, and
that this Agreement and the other documents referenced in it supersede any
previous oral or written understandings or agreements.

         14. Interpretation. This Agreement and any other documents related to
it will be interpreted in a fair and neutral manner, without favoring one party
over the other. No provision of this Agreement or any other document related to
it will be interpreted for or against any party because the provision was
drafted by that party or its legal representatives.

         15. Amendment, Modification, or Waiver. No amendment, modification, or
waiver of any provision of this Agreement or any other document related to it
will be effective unless it is made in writing, unless it is signed by the
parties to be bound by it, and unless it clearly specifies the nature and extent
of the amendment, modification, or waiver.

         16. Severability. If any provision of this Agreement is held to be
invalid or unenforceable under any applicable law, that holding will not affect
the validity or enforceability of the rest of the Agreement. Also, any provision
of this Agreement which is held to be invalid or unenforceable will not be
completely invalidated, but will instead be considered amended to the extent
necessary to remove the cause of the invalidity or the unenforceability.

         17. Relationship of Parties. The relationship of the parties hereunder
shall be that of independent contractors, and nothing shall be construed to
alter this relationship. Nothing herein shall be construed to create a
relationship of partner, agency, joint venture or employer/employee between the
parties.

         18. No Waiver. If either party to this Agreement fails to insist upon
strict performance of any obligation under this Agreement or any other document
related to it, that failure will not result in a waiver of that party's right to
demand strict performance in the future. This will be the case no matter how
long the failure to insist upon strict performance continues.

         19. Successors and Assigns. This Agreement will be binding upon and
will continue in effect for the benefit of the parties to it, as well as their
successors and permitted assigns.

         20. Headings and Captions. The headings and captions of the sections
and subsections of this Agreement are for convenience of reference only. Those
headings and captions are not part of this Agreement, and will not be used in
interpreting the Agreement.

         21. Company Plane Pilots. Simultaneous with the execution of this
Agreement, ConAgra shall terminate two (2) pilots, selected by ConAgra, who
regularly pilot the Company Plane, and Company shall offer such pilots
employment to pilot the Company Plane at the same base salary as such pilots
received from ConAgra. If such pilots, or either of them, accept

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employment with Company, nothing contained in this Agreement shall prohibit
Company from terminating or changing the terms of employment of any such pilot
(other than a reduction of such pilot's base salary) after the date hereof.

                            [Signatures on next page]

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         IN WITNESS WHEREOF, the parties to this Agreement have executed this
Agreement effective as of the date set forth above.

CONAGRA FOODS, INC.                          SWIFT BEEF COMPANY

By:  /s/ DWIGHT J. GOSLEE                    By:  /s/ DEBRA L. KEITH
   ---------------------------------            --------------------------------

Print Name: Dwight J. Goslee                 Print Name: Debra L. Keith

Title: Executive Vice President,             Title: Vice President, Tax
         Operations Control and
         Development<PAGE>
                                                                    EXHIBIT 10.6

     "***" - 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

                          LIVE CATTLE SUPPLY AGREEMENT

         This Live Cattle Supply Agreement ("Agreement") is made this 19th day
of September, 2002, by and between SWIFT BEEF COMPANY, a Delaware corporation
(the "Company") and MONFORT FINANCE COMPANY, INC., a Colorado corporation (the
"Supplier").

RECITALS:

         (a)      The Company and the Supplier desire to develop a purchase and
                  supply relationship whereby the Company will purchase Cattle
                  (as defined in Section 1) from the Supplier for processing at
                  plants owned by the Company;

         (b)      The Company desires to assure a continuing supply of the
                  Cattle and the Supplier desires to supply the Company with the
                  Cattle;

         (c)      It is in both parties best interests to keep the Facilities
                  (as defined in Section 1) as full as economically feasible
                  which, consistent with past practices, has been approximately
                  90% to 95% of capacity; and

         (d)      The Supplier is willing to dedicate the production of Cattle
                  from the Facilities for sale hereunder to the Company, and the
                  Company desires to purchase all of the Cattle produced at the
                  Facilities.

AGREEMENT:

         In consideration of the foregoing premises and of the mutual promises
set forth herein, the parties hereto agree to the following:

1. CERTAIN DEFINITIONS.

         1.1 "Cattle" means fed cattle ready for slaughter.

         1.2 "Cattle Price" means the price for the Cattle as determined in
accordance with the calculations set forth on SCHEDULE 1.2.

         1.3 "Contract Year" means each whole calendar year during the Term of
this Agreement; provided, however, that the First Contract Year shall be the
period of time from the Commencement Date until December 31, 2002.

         1.4 "Discounts" means a decrease to the Cattle Price as determined by
mutual agreement of the parties in accordance with past practice.

<PAGE>

         1.5 "Facility" or "Facilities" means any one or all (as appropriate) of
the feedyards identified on SCHEDULE 1.5, owned by the Supplier.

         1.6 "Person" means an individual, a corporation, a partnership, an
association, a governmental entity, a trust or other entity or organization.

         1.7 "Plant" means the slaughter plants identified on SCHEDULE 1.7 owned
by the Company.

         1.8 "Premiums" means an amount in addition to the Cattle Price as
determined by mutual agreement of the parties in accordance with past practice.

         1.9 "Quality Grading" means the final classification of the Cattle
carcass pursuant to USDA quality grades.

         1.10 "Quarter" means the four periods falling in each Contract Year,
each such period being three months in duration, with the first such period in
any Contract Year ending March 31, the second ending June 30, the third ending
September 30 and the fourth ending December 31.

         1.11 "Term" shall have the meaning set forth in Section 4 hereof.

         1.12 "Yield Grading" means the final classification of the Cattle
carcass pursuant to USDA yield grades.

2. SUPPLY.

         During the Term hereof, the Supplier shall sell to the Company, and the
Company shall purchase from the Supplier, the total production of Cattle from
the Facilities. Supplier agrees to use its reasonable commercial efforts to
place Cattle in the Facilities in a manner consistent with past practice,
subject to the provisions of the cattle feeding risk management policy of
ConAgra Foods, Inc. ("CAGCO") and the provisions of its Risk Management
Agreement with CAGCO ("RISK MANAGEMENT AGREEMENT") (copies of which have been
provided to the Company).

3. PURCHASE AND SALE OF CATTLE.

         3.1 The term of this Agreement shall commence on September 19, 2002,
or such other date as is mutually agreed upon in writing by the parties (the
"COMMENCEMENT DATE").

         3.2 Shipment of Cattle from each Facility shall occur on mutually
scheduled days from Monday through Saturday as coordinated between the Company
and the Supplier. The Company and the Supplier shall jointly establish efficient
shipping and transporting procedures so as to minimize the time that Cattle are:
(a) waiting to be loaded at a Facility, (b) standing on a truck, (c) waiting to
be unloaded at the Plant, and (d) waiting to be slaughtered.

         3.3 Title to and risk of loss of Cattle shall pass to the Company as
the Cattle are unloaded at the Plant.

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         3.4 The Company, at its sole cost and expense, shall provide trucks,
labor for loading Cattle onto trucks and drivers for transport of Cattle from
Facility to Plant. The Supplier, at its sole cost and expense, shall gather the
Cattle for loading and weigh the Cattle on certified scales at each Facility.

         3.5 Each shipment of Cattle will be accompanied by an invoice
containing number of head and a scale ticket and such other information
consistent with past practice as the Company may reasonably request. The Company
shall pay the Cattle Price to Supplier for each shipment pursuant to the payment
requirements set forth in The Packers and Stockyards Act. All such payments are
to be made by wire transfer to an account or accounts designated by Supplier.
Quality Grading, Yield Grading, Premiums and Discounts shall all be determined
in a manner consistent with how such matters are determined by the Company for
third party suppliers of cattle to the Company.

4. TERM.

         The term of this Agreement shall begin on the Commencement Date and end
concurrently with the termination of that certain Credit Agreement of even date
herewith among the Supplier, CAGCO and Swift Cattle Holdco, Inc., provided that
this Agreement may be extended for a one (1) year period in connection with the
sale of Supplier or any Facility.

5. FORECASTS.

         The parties will meet periodically, but in all events no less
frequently than every 90 days, to determine quantities of Cattle to be supplied
hereunder.

6. CATTLE PRODUCTION AND INSPECTION.

         6.1 The Cattle shall be produced in accordance with USDA regulations
and general industry standard animal husbandry practices (the "CATTLE PRODUCTION
STANDARDS"). If the Company requests that the Supplier add or remove an input,
which would have the effect of increasing the cost of production of Cattle
(whether such cost is due to the cost of additional inputs or a net increase in
the cost of production due to the elimination of certain inputs), the Company
shall bear the net cost of such change. The Supplier shall favorably consider
such requests of the Company subject to process feasibility, availability of
processing labor and equipment and commercial availability of raw materials.

         6.2 The Company personnel and other representatives shall, during
normal business hours and with minimal disruption of business, have reasonable
access to (a) the Facilities, and (b) all operational and medical records
(including computer or other electronically encoded records) relating to the
Cattle (collectively "SUPPLIER RECORDS"). The Supplier shall cooperate fully
with the Company during all inspections and shall, upon request, promptly
provide to the Company copies of any Supplier Records as are reasonably
necessary. If deficiencies are identified relative to current Cattle Production
Standards during such inspections, the Company

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shall promptly advise the Supplier and the Supplier shall promptly take
appropriate corrective actions.

         6.3 The Supplier personnel and other representatives shall, during
normal business hours and with minimal disruption of business, have reasonable
access to (a) the Plant, and (b) all operational, financial and other records
(including computer or other electronically encoded records) relating to the
Cattle, the Quality Grading and Yield Grading of the Cattle and the calculation
of Premiums and Discounts with respect to the Cattle (including data included or
necessary to compute such Premiums and Discounts but excluding any records
relating to cattle not delivered by Supplier, the sale of beef or other products
or financial or operational records of the Company except to the extent needed
to compute Cattle Price, Premiums and Discounts) (collectively, "COMPANY
RECORDS"). The Company shall cooperate fully with the Supplier during all
inspections and shall, upon request, promptly provide to the Supplier copies of
any Company Records as are reasonably necessary.

7. COVENANTS.

         7.1 The Supplier covenants that, during the Term of this Agreement, it
shall:

         (a)      operate the Facilities substantially in compliance with all
                  applicable laws and regulations;

         (b)      use its reasonable best efforts, consistent with industry
                  practices in the production of the Cattle and recordkeeping
                  relative to medication and withdrawals; and

         (c)      obtain and maintain such regulatory and/or governmental
                  permits as Supplier reasonably determines are necessary or
                  appropriate to feed cattle at each of the Facilities. Supplier
                  shall bear the responsibility for filing any reports relating
                  to the Cattle prior to delivery to Company which are required
                  by applicable government authorities.

         7.2 The Company covenants that, during the Term of this Agreement, it
shall:

         (a)      operate the Plant substantially in compliance with all
                  applicable laws and regulations;

         (b)      use its reasonable best efforts, consistent with industry
                  practices in the slaughter and processing of the Cattle; and

         (c)      obtain and maintain such regulatory and/or governmental
                  permits as the Company reasonably determines are necessary or
                  appropriate to slaughter and process beef at the Plant. The
                  Company shall bear the responsibility for filing any reports
                  relating to the Cattle subsequent to delivery to Company which
                  are required by applicable government authorities.

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<PAGE>

8. FORCE MAJEURE.

         Neither the Supplier nor the Company 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 the Company or the Supplier. Should any force
majeure condition occur which prevents Supplier from performing its obligations
pursuant to this Agreement from one of the Facilities, Supplier shall, at
Company's request, use reasonable best efforts to supply the Cattle to be
provided hereunder from Cattle at Supplier's other Facilities. Should any force
majeure condition occur which prevents the Company from performing its
obligations pursuant to this Agreement at the Plant, the Company shall, at the
Supplier's request, use reasonable best efforts to accept the Cattle to be
provided hereunder at the Company's other Plants and Supplier shall have the
right to sell to third parties any Cattle not purchased by the Company during
such period of force majeure. 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.

9. INSURANCE.

         The Company and Supplier shall at all times maintain (i) commercial
general liability insurance, including product liability, completed operations
and contractual liability coverage, (ii) automobile liability, (iii) workers
compensation and employer liability insurance the coverages, amounts and
deductible levels of such policies to be consistent with industry standards, in
the minimum levels set forth in SCHEDULE 9. Such policies shall be primary and
non-contributory and name the other party as additional insured with waiver of
subrogation and each party shall provide the other party with certificates of
insurance evidencing these insurance coverages providing for 30 days' advance
written notice to the other party of any material change or termination of these
coverages.

10. SUCCESSORS AND ASSIGNS.

         In the event that Supplier or any Facility is sold, all reasonable
attempts will be made to assign this Agreement to the buyer of the Facility so
that, with respect to such Facility, this Agreement shall be by and between the
buyer thereof and the Company. This Agreement shall remain in place between
Supplier and the Company with respect to the remaining Facilities owned by
Supplier. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. Except as provided
in the first sentence of this Section 10, this Agreement shall not be assigned
by the Company or Supplier without the prior written consent of the other party;
provided, however, that to the extent requested by the Company'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.

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<PAGE>

11. INDEPENDENT CONTRACTOR.

         This Agreement shall not constitute or give rise to a partnership
between the parties. All activities by the Supplier hereunder shall be carried
on by the Supplier as an independent contractor and not as an agent for the
Company. All activities by the Company hereunder shall be carried on by the
Company as an independent contractor and not as an agent for the Supplier.
Neither party shall have, nor represent that it has, the power to bind the other
party to this Agreement.

12. INDEMNIFICATION.

         (a)      Supplier shall indemnify and hold the Company 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) (collectively, "CLAIMS")
                  of any nature incurred by the Company which result from
                  Supplier's operation of its Facilities, any act or omission of
                  Supplier in connection herewith or any breach by Supplier of
                  any representation, warranty, covenant or agreement provided
                  herein. Provided, however, nothing in this Section 12 shall
                  impact, affect or relate to, or shall be deemed to impact,
                  affect or relate to, the parties' agreements and undertakings
                  under the Risk Management Agreement including, without
                  limitation, the agreements and undertakings set forth in
                  Exhibit "A" to the Risk Management Agreement.

         (b)      The Company shall indemnify and hold Supplier harmless from
                  and against any and all Claims of any nature incurred by
                  Supplier which result from the Company's operation of any
                  Plant, any act or omission of the Company in connection
                  herewith or any breach by the Company of any representation,
                  warranty, covenant or agreement provided herein.

13. NOTICES.

         Any notice or other communication provided for herein or given
hereunder to a party hereto shall be in writing and shall be (i) effective upon
receipt or evidence of refusal to accept if mailed by first class registered or
certified mail, postage prepaid, (ii) effective upon receipt or evidence of
refusal to accept if delivered by a nationally recognized overnight courier
service, or (iii) effective upon transmittal by confirmed facsimile or other
confirmed electronic transmission, addressed as follows:

         IF TO COMPANY:    Swift Beef Company
                           1770 Promontory Circle
                           Greeley, CO 80634
                           Attn: President
                           Fax: (970) 506-8323

                                       6
<PAGE>

         IF TO SUPPLIER:   Monfort Finance Company, Inc.
                           1770 Promontory Circle
                           Greeley, CO 80634
                           Attn: President
                           Fax: (970) 506-8323

or to such other address with respect to a party as such party shall notify the
other party in writing as above provided.

14. ENTIRE AGREEMENT; AMENDMENT.

         This Agreement (including exhibits) represents the entire agreement
between the parties and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements of the parties. Any amendment of
this Agreement shall be in writing, signed by both parties.

15. 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.

16. GOVERNING LAW.

         This Agreement shall be construed and enforced in accordance with the
laws (excluding the law of conflicts) of the State of Delaware without giving
effect to the conflicts of law provisions thereof.

17. 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 CATTLE
DELIVERED HEREUNDER, EVEN IF THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES.

18. 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

                                       7
<PAGE>

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 remainder of this page intentionally left blank.]

                                       8
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this instrument as
of the date first above written.

                                       SWIFT BEEF COMPANY, a Delaware
                                       corporation

                                       By: /s/ DEBRA L. KEITH
                                          --------------------------------------
                                       Title: Vice President, Tax
                                             -----------------------------------

                                       MONFORT FINANCE COMPANY,
                                       INC., a Colorado corporation

                                       By: /s/ DEBRA L. KEITH
                                          --------------------------------------
                                       Title: Vice President, Tax
                                             -----------------------------------

                                       9
<PAGE>

                                  SCHEDULE 1.2

                                PRICING MECHANISM

The price of cattle will be determined by a "starting price" adjusted for an
allowance to determine a base price. This base price will be adjusted depending
on local markets, yield grade factors, etc.

         Starting Price             Greeley and Hyrum Cattle - the higher of
                                    Nebraska or Colorado USDA dressed weekly
                                    weighted average cattle price Dumas Cattle -
                                    the Texas and Oklahoma USDA weekly weighted
                                    live cattle price divided by the Dumas plant
                                    average yield

         Plus              +        Allowance "***" a hundred weight for Greeley
                                    and Hyrum and "***" a hundred weight for
                                    Dumas

         Equals            =        Base Price

Base Price Adjusted According to:   Greeley and Hyrum - Grade base 55-60% prime
                                    and choice Dumas - Grade base is plant
                                    average week prior

<Table>
<Caption>
MARKETS                                                 GREELEY                    HYRUM                    DUMAS
-------                                                 -------                    -----                    -----
<S>                            <C>                <C>                           <C>                 <C>
                                                     Higher NE/CO               Higher NE/CO
                                                        Dressed                    Dressed                TX/OK Live

Allowance                                                  "***" CWT               "***" CWT                 "***" CWT
Yield Grade 1                      Base +                  "***" CWT               "***" CWT                 "***" CWT
Yield Grade 2                      Base +                  "***" CWT               "***" CWT                 "***" CWT
Yield Grade 3                      Base +                  "***" CWT               "***" CWT                 "***" CWT
Yield Grade 4                      Base +                  "***" CWT               "***" CWT                 "***" CWT
Yield Grade 5                      Base +                  "***" CWT               "***" CWT                 "***" CWT

Standard                           Base +                  "***" CWT               "***" CWT                 "***" CWT
Substandard                                       ------------- Select carcass price "***" CWT -----------

Certified Angus                ----------            Base +  "***" CWT          premium             -----------
Carcass WT>1000 lbs.           ----------            Base +  "***" CWT          ----------          ----------
Carcass WT<534 lbs.            ----------            Base +  "***" CWT          ----------          ----------
Dark Cutters                                      ------------- Select carcass price "***" CWT -----------
Prime Carcasses                                      Base +  "***" CWT          premium
</Table>

                                       10
<PAGE>

                                  SCHEDULE 1.5

                                   FACILITIES

<Table>
<Caption>
                                                                                              CAPACITY
                                                                                              --------
<S>                                                                                           <C>
1.             Malta Feedlot                                                                   52,000

               1700 South 2450 East
               Malta, ID 83342

2.             Yuma Feedlot                                                                    125,000

               38002 County Road North
               Yuma, CO 80759

3.             Friona Feedlot                                                                  85,000

               2548 County Road 15
               Friona, TX 79035

4.             Kuner Feedlot                                                                   90,000

               28625 Highway 34
               Kersey, CO 80644

5.             Gilcrest Feedlot                                                                90,000

               22777 Weld County Road 31
               La Salle, CO 80645
</Table>

                                       11
<PAGE>

                                  SCHEDULE 1.7

                                     PLANTS

                  Dumas, Texas
                  Grand Island, Nebraska
                  Greeley, Colorado
                  Hyrum, Utah

                                       12
<PAGE>

                                   SCHEDULE 9

                                    INSURANCE

         (i) Comprehensive general liability (with minimum single limit of
$2,000,000 and endorsement for contractual liability, products liability and
completed operations);

         (ii) Comprehensive automobile for all owned, non-owned and hired
vehicles (with minimum single limit of $2,000,000);

         (iii) Workers' compensation insurance in compliance with the laws of
each state in which any Plant or Facility is located, together with employer's
liability coverage (with endorsements for other states, voluntary compensation
and occupational disease and minimum limits on employer's liability coverage of
$2,000,000 per occurrence); and

         (iv) Excess liability insurance, written on a "following form" basis,
with minimum annual per occurrence and aggregate limits of $75,000,000.

                                       13

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