Document:

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                                                                   EXHIBIT 10.11

                      SECOND AMENDMENT TO CREDIT AGREEMENT
                                   (TERM LOAN)

         THIS SECOND AMENDMENT TO CREDIT AGREEMENT ("Second Amendment") is made
as of August 24, 2001 ("Effective Date"), by and between U.S. PREMIUM BEEF,
LTD., a marketing cooperative formed under the laws of the State of Kansas,
("Borrower"), whose mailing address is 12200 North Ambassador Drive, Kansas
City, Missouri 64163, and COBANK, ACB ("CoBank"), as agent for the benefit of
the Syndication Parties (in that capacity, "Agent"), whose mailing address is
5500 South Quebec Street, Greenwood Village, Colorado 80111.

                                    RECITALS

         A.       CoBank, as Agent and as a Syndication Party (collectively, the
present and future Syndication Parties shall be referred to herein as the
"Syndication Parties" and, each, a "Syndication Party") and Borrower entered
into that certain Credit Agreement (Term Loan) dated as of November 25, 1997, as
amended by that certain First Amendment to Credit Agreement (Term Loan) dated
effective as of March 21, 2000 (as further amended, modified, supplemented,
restated or replaced from time to time, the "Credit Agreement") pursuant to
which the Syndication Parties agreed to make that certain term loan to Borrower
in an amount up to $65,000,000.00 under the terms and conditions set forth in
the Credit Agreement.

         B.       Borrower has requested that the Syndication Parties amend the
Credit Agreement in order to modify certain definitions and covenants contained
therein, which the Syndication Parties are willing to do under the terms and
conditions as set forth in this Second Amendment.

                                    AGREEMENT

         NOW, THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledge, including the mutual promises and agreements
contained herein, the parties hereto hereby agree as follows:

1.       AMENDMENTS TO CREDIT AGREEMENT. The Credit Agreement is amended as of
the Effective Date as follows:

         1.1      Section 1.26 is amended in its entirety to read as follows:

                  1.26     DEBT SERVICE COVERAGE RATIO: for any consecutive four
         Fiscal Quarters (a) net income (as determined in accordance with GAAP),
         (i) plus depreciation and amortization, (ii) plus the amount of all
         Unit Retains, (iii) plus cash distributions received from affiliates,
         and (iv) less retirements of equity (in the form of Unit Retains and
         the return of the non-cash portion of patronage distributions), cash
         patronage distributions, and earnings from affiliates, (b) divided by
         the total principal payments made on all debt. For purposes of this
         Section 1.26, cash distributions received from affiliates calculated
         for each Fiscal Quarter shall include, but without duplication in the
         following Fiscal Quarter, those distributions received from affiliates
         up to and including the last day of the month in which such Fiscal
         Quarter ends.

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         1.2      A new Section 1.40.5 is added to read as follows:

                  1.40.5   FISCAL QUARTER: the period of approximately three
         months commencing on the day after the last Saturday of each of the
         following months: August, November, February and May."

         1.3      Subsection 12.2.2 is amended by changing each reference
therein to "Quarter" to read "Fiscal Quarter."

         1.4      Section 12.19 is amended by changing the reference therein to
"Quarter" to read "Fiscal Quarter."

         1.5      Section 13.12 is amended by changing the reference therein to
"August 31" to read "the last Saturday in the month of August."

         1.6      Section 15.1(c) is amended by changing the reference therein
to "12.18" to read "12.19."

         1.7      Subsection 17.4.1 is amended in its entirety to read as
follows:

                  17.4.1   BORROWER:

                           U.S. Premium Beef, Ltd.
                           12200 North Ambassador Drive
                           Kansas City, Missouri  64163
                           FAX: (816) 713-8810
                           Attention: Chief Executive Officer

2.       CONDITIONS TO EFFECTIVENESS OF THIS SECOND AMENDMENT. The effectiveness
of this Second Amendment is subject to satisfaction, in the Agent's sole
discretion, of each of the following conditions precedent:

         2.1      REPRESENTATIONS AND WARRANTIES. The representations and
warranties of Borrower shall be true and correct in all material respects on and
as of the Effective Date as though made on and as of such date.

         2.2      NO EVENT OF DEFAULT. No Event of Default shall have occurred
and be continuing under the Credit Agreement as of the Effective Date of this
Second Amendment.

3.       GENERAL PROVISIONS.

         3.1      NO OTHER MODIFICATIONS. The Credit Agreement, as expressly
modified herein, shall continue in full force and effect and be binding upon the
parties thereto.

         3.2      SUCCESSORS AND ASSIGNS. This Second Amendment shall be binding
upon and inure to the benefit of Borrower and Agent, and their respective
successors and assigns, except that Borrower may not assign or transfer its
rights or obligations hereunder.

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         3.3      DEFINITIONS. Capitalized terms used, but not defined, in this
Second Amendment shall have the meaning set forth in the Credit Agreement.

         3.4      SEVERABILITY. Should any provisions of this Second Amendment
be deemed unlawful or unenforceable, said provision shall be deemed several and
apart from all other provisions of this Second Amendment and all remaining
provisions of this Second Amendment shall be fully enforceable.

         3.5      GOVERNING LAW. To the extent not governed by federal law, this
Second Amendment and the rights and obligations of the parties hereto shall be
governed by, interpreted and enforced in accordance with the laws of the State
of Colorado.

         3.6      HEADINGS. The captions or headings in this Second Amendment
are for convenience only and in no way defined, limit or describe the scope or
intent of any provision of this Second Amendment.

         3.7      COUNTERPARTS. This Second Amendment may be executed by the
parties hereto in separate counterparts, each of which, when so executed and
delivered, shall be an original, but all such counterparts shall together
constitute one and the same instrument. Each counterpart may consist of a number
of copies hereof, each signed by less than all, but together signed by all, of
the parties hereto. Telefax copies of documents or signature pages bearing
original signatures, and executed documents or signature pages delivered by
telefax, shall, in each such instance, be deemed to be, and shall constitute and
be treated as, an original signed document or counterpart, as applicable.

                        [SIGNATURES FOLLOW ON NEXT PAGE]

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         IN WITNESS WHEREOF, the parties hereto have caused this Second
Amendment to be executed as of the Effective Date.

                                       BORROWER:

                                       U.S. PREMIUM BEEF, LTD., a marketing
                                       cooperative formed under the laws of the
                                       State of Kansas

                                       By:    /s/ Steven D. Hunt
                                           --------------------------------
                                       Name:  Steven D. Hunt
                                       Title: Chief Executive Officer

                                       AGENT:

                                       COBANK, ACB

                                       By:    /s/ Joseph R. Slagle
                                           --------------------------------
                                       Name:  Joseph R. Slagle
                                       Title: Assistant Vice President

                                       SYNDICATION PARTY:

                                       COBANK, ACB

                                       By:    /s/ Joseph R. Slagle
                                           --------------------------------
                                       Name:  Joseph R. Slagle
                                       Title: Assistant Vice President

                                       4<PAGE>

                                                                   EXHIBIT 10.12

2/25/00

                       FIRST AMENDMENT TO CREDIT AGREEMENT
                                   (TERM LOAN)

U.S. Premium Beef, Ltd.
Loan No. T-2493

         THIS FIRST AMENDMENT TO CREDIT AGREEMENT ("AMENDMENT AGREEMENT") is
entered into as of the 25th day of February 2000, by and between COBANK, ACB
("COBANK") for its own benefit as a lender (in that capacity sometimes referred
to as "COBANK") and, as Agent Bank for the benefit of the present and future
Syndication Parties (in that capacity "AGENT"), and U.S. PREMIUM BEEF, LTD., a
marketing cooperative formed under the laws of the State of Kansas ("BORROWER").

                                    RECITALS

         A.       Borrower and CoBank entered into a document entitled Credit
Agreement (Term Loan) dated as of November 25, 1997 ("CREDIT AGREEMENT").

         B.       The parties hereto desire to amend the Credit Agreement as
hereinafter set forth.

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, including the mutual promises and
agreements contained herein, the parties hereto hereby agree as follows:

1.       DEFINITIONS. Capitalized terms used herein without definition shall
have the definition given to them in the Credit Agreement if defined therein.

2.       AMENDMENTS TO CREDIT AGREEMENT. The parties hereto agree that the
Credit Agreement shall be amended as follows as of the Effective Date:

         2.1      Section 1.26 shall be amended in its entirety to read as
                  follows:

                  1.26 DEBT SERVICE COVERAGE RATIO: for any consecutive four
         Quarters (a) net income (as determined in accordance with GAAP) (i)
         plus depreciation and amortization, and (ii) plus the amount of all
         Unit Retains, (iii) plus cash distributions received from affiliates,
         and (iv) less retirements of equity (in the form of Unit Retains and
         the return of the non-cash portion of patronage distributions), cash
         patronage distributions, and earnings from affiliates; (b) divided by
         the total principal payments made on all debt.

         2.2      Section 12.18 shall be deleted in its entirety and the
                  following inserted:

         "This Section intentionally omitted."

         2.3      Subsection 17.4.1 is amended in its entirety to read as
                  follows:

                  17.4.1   BORROWER:

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                           U.S. Premium Beef, Ltd.
                           10100 North Executive Hills Blvd.
                           Suite 105
                           Kansas City, Missouri 64153-2313
                           FAX: (816) 891-2310
                           Attention: Chief Financial Officer

3.       EFFECTIVE DATE. This Amendment Agreement shall become effective on
March 1, 2000 ("EFFECTIVE DATE"), so long as on or before that date the
Administrative Agent receives an original copy of this Amendment Agreement (or
original counterparts thereof) duly executed by each party hereto. Upon the
satisfaction of such condition, the Administrative Agent will notify each party
hereto in writing and will provide copies of all documentation in connection
herewith.

4.       COSTS; EXPENSES AND TAXES. Borrower agrees to reimburse the
Administrative Agent on demand for all out-of-pocket costs, expenses and charges
(including, without limitation, all fees and charges of external legal counsel
for the Administrative Agent) incurred by the Administrative Agent in connection
with the preparation, reproduction, execution and delivery of this Amendment
Agreement and any other instruments and documents to be delivered hereunder.

5.       GENERAL PROVISIONS.

         5.1      Borrower agrees to execute such additional documents as the
Administrative Agent may require to carry out or evidence the purposes of this
Amendment Agreement.

         5.2      The execution, delivery and effectiveness of this Amendment
Agreement shall not operate as a waiver of any right, power or remedy of the
Administrative Agent or any Syndication Party under any of the Loan Documents,
nor constitute a waiver of any provision of any of the Loan Documents, and the
Credit Agreement, as expressly modified herein, and each other Loan Document are
hereby ratified and confirmed and shall continue in full force and effect and be
binding upon the parties thereto. Any direct or indirect reference in the Loan
Documents to the "Credit Agreement" shall be deemed to be a reference to the
Credit Agreement as amended by this Amendment Agreement.

         5.3      The representations and warranties of Borrower contained in
each of the Loan Documents to which it is a party, shall be true and correct in
all material respects on and as of the Effective Date as though made on and as
of such date.

         5.4      The Credit Agreement, except as expressly modified herein,
shall continue in full force and effect and be binding upon the parties thereto.

         5.5      The captions or headings in this Amendment Agreement are for
convenience only and in no way define, limit or describe the scope or intent of
any provision of this Amendment Agreement.

6.       GOVERNING LAW. This Amendment Agreement shall be governed by and
construed in accordance with the laws of the State of Colorado.

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7.       COUNTERPARTS. This Amendment Agreement may be executed in any number of
counterparts and by different parties to this Amendment Agreement in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

         IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to Credit Agreement (Term Loan) to be executed by their duly authorized officers
as of the Effective Date.

                                    BORROWER:

                                    U.S. PREMIUM BEEF, LTD., a cooperative
                                    corporation formed under the laws of the
                                    State of Kansas.

                                    By:    /s/ Steven D. Hunt
                                        -----------------------------------
                                    Name:  Steven D. Hunt
                                    Title: Chief Executive Officer

                                    AGENT:

                                    COBANK, ACB

                                    By:    /s/ Greg E. Somerhalder
                                        -----------------------------------
                                    Name:  Greg E. Somerhalder
                                    Title: Vice President

                                    SYNDICATION PARTIES:

                                    COBANK, ACB

                                    By:    /s/ Greg E. Somerhalder
                                        -----------------------------------
                                    Name:  Greg E. Somerhalder
                                    Title: Vice President

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