Document:

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                                                                 Exhibit 4(c)(3)

                                AMENDMENT NO. 1
                         Dated as of December 13, 1999
                                      to
                        RECEIVABLES PURCHASE AGREEMENT
                           Dated as of June 30, 1999

     This AMENDMENT NO. 1 (this "Amendment") dated as of December 13, 1999 is
entered into among IMPERIAL SECURITIZATION CORPORATION (the "Seller"), IMPERIAL
DISTRIBUTING, INC. ("Imperial"), as Servicer, IMPERIAL SUGAR COMPANY (the
"Performance Guarantor"), FAIRWAY FINANCE CORPORATION (the "Purchaser"), and
NESBITT BURNS SECURITIES INC. ("Nesbitt Burns"), as agent for Purchaser (in such
capacity, together with its successors and assigns, the "Agent").

                                   RECITALS

     WHEREAS, the parties hereto have entered into a certain Receivables
Purchase Agreement dated as of June 30, 1999 (the "Agreement");

     WHEREAS, the parties hereto wish to make certain changes to the Agreement
as herein provided;

     NOW, THEREFORE, in consideration of the promises and the mutual agreements
contained herein and in the Agreement, the parties hereto agree as follows:

     SECTION 1. Definitions. All capitalized terms not otherwise defined herein
are used as defined in the Agreement.

     SECTION 2. Amendments to Agreement. The Agreement is hereby amended as
follows:

     2.1 The first sentence of Section 3.1(a) of the Agreement is herby amended
by inserting the phrase ", each Program Support Provider" after the term
"Agent."

     2.2 Section 4.3(d) of the Agreement is hereby amended in its entirety to
read as follows:

     "(d) Permitted Investments. Any amounts in the Liquidation Account or the
Collection Account, as the case may be, may be invested by the Liquidation
Account Bank or Collection Account Bank, respectively, at Servicer's direction,
in Permitted Investments, so long as Purchaser's interest in such Permitted
Investments is perfected and such Permitted Investments are subject to no
Adverse Claims other than those of the Purchaser provided hereunder; provided,
however, that such investments shall mature not later than one Business Day next
preceding the last day of any Settlement Period for any Portion of Investment
next succeeding the date of such investment."

                                                                    Amendment #1
<PAGE>

     2.3 Section 5.3(b) of the Agreement is hereby amended by adding the
following after the word "Participation" in the first sentence:

     "with the prior written consent of the Seller; provided, however, that such
consent shall not be unreasonably withheld; provided, further, that no such
consent shall be required if the participating interests or security interests
in the Participation are granted to the Bank of Montreal, a Canadian chartered
bank acting through its Chicago Branch, any Affiliate of the Purchaser or any
existing Liquidity Bank as of the date of this Amendment."

     2.4 Section 5.4(a) of the Agreement is hereby amended in its entirety to
read as follows:

     "Section 5.4 Costs, Expenses and Taxes. (1) In addition to the rights of
indemnification granted under Section 3.1 hereof, the Seller agrees to pay on
demand all reasonable costs and expenses in connection with the preparation,
execution, delivery and administration (including periodic auditing of Pool
Receivables) of this Agreement, the Liquidity Agreement, and the other documents
and agreements to be delivered hereunder, including all reasonable costs and
expenses relating to the amending, amending and restating, modifying or
supplementing of this Agreement, the Liquidity Agreement and the other documents
and agreements to be delivered hereunder and the waiving of any provisions
thereof, and including in all cases, without limitation, Attorney Costs for the
Agent, the Purchaser, each Program Support Provider and their respective
Affiliates and agents with respect thereto and with respect to advising the
Agent, the Purchaser, each Program Support Provider and their respective
Affiliates and agents as to their rights and remedies under this Agreement and
the other Transaction Documents, and all reasonable costs and expenses, if any
(including Attorney Costs), of the Agent, the Purchaser, each Program Support
Provider and their respective Affiliates and agents, in connection with the
enforcement of this Agreement and the other Transaction Documents."

     2.5 Section 5.6 of the Agreement is hereby amended in its entirety to read
as follows:

     "Section 5.6 Confidentiality. Unless otherwise required by applicable law
(including the disclosure requirement of applicable securities laws), the Seller
agrees to maintain the confidentiality of this Agreement and the other
Transaction Documents (and all drafts thereof) in communications with third
parties and otherwise; provided that this Agreement may be disclosed to (a)
third parties to the extent such disclosure is made pursuant to a written
agreement of confidentiality in form and substance reasonably satisfactory to
the Agent, (b) any Program Support Provider and (c) the Seller's legal counsel
and auditors if they agree to hold it confidential, provided that only the terms
and conditions of this agreement may be revealed to such parties and not the
details of any fees, pricing or interest rates."

     2.6 The definition of "Attorney Costs" as set forth in the Exhibit I of the
Agreement is hereby amended in its entirety as follows:

                                                                    Amendment #1

                                       2
<PAGE>

     "'Attorney Costs' means and includes all fees and disbursements of any law
firm or other external counsel, the allocated costs of internal legal services
and all disbursements of internal counsel, to be paid as set forth in the Fee
Letter or otherwise in the case of any Program Support Provider, as provided in
Section 5.4."

     2.7 The definition of "Defaulted Receivable" as set forth in the Exhibit I
of the Agreement is hereby amended in its entirety as follows:

     "Defaulted Receivable" means a Receivable:

          (i) as to which any payments, or part thereof, remains unpaid for more
     than 60 days from the due date for such Receivable or such other number of
     days from the due date for such Receivable approval by the Agent subject to
     the satisfaction of the Rating Agency Condition;

          (ii) as to which the Obligor thereof or any other Person obligated
     thereon or owning any Related Security in respect thereof becomes the
     subject of any Insolvency Proceeding; or

          (iii) which, consistent with the Credit and Collection Policy, would
     be written off the Seller's books as uncollectible."

     2.8 Clause (i) of the definition of "Delinquent Receivable" as set forth in
the Exhibit I of the Agreement is hereby amended in its entirety as follows:

          "(i) as to which any payment, or part thereof, remains unpaid for more
     than 30 days from the due date for such Receivable or such other number of
     days from the due date for such Receivable approved by the Agent subject to
     the satisfaction of the Rating Agency Condition; or".

     2.9 Clause (i) of the definition of "Eligible Receivables" as set forth in
Exhibit I of the Agreement is hereby amended in its entirety as follows:

     "(i) the Obligor of which is (i) a United States resident or OECD resident;
provided, however, if the Obligor of such Receivable is a resident of a
jurisdiction other than the United States or OECD, such Obligor's obligations
with respect to such Receivables are supported by a letter of credit or guaranty
from an entity with a rating of at least (a) A by Standard & Poor's and (b) A2
by Moody's, (ii) not a government or a governmental subdivision, affiliate or
agency; provided, however, if the Obligor of such Receivable is a government or
a governmental subdivision, affiliate or agency, the aggregate Outstanding
Balance of all Pool Receivables of such Obligor that are Eligible Receivables
when added to the aggregate Outstanding Balance of all other Eligible
Receivables or Obligors that are governments or governmental subdivisions,
affiliates or agencies shall not exceed 3% of the Net Receivables Pool Balance,
(iii) not an Affiliate of Imperial or any

                                                                    Amendment #1

                                       3

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Affiliate of Imperial, (iv) not subject to an exchange agreement with any
Originator, and (v) not deemed unacceptable by the Agent, and;"

     2.10  The definition of "Investment Grade" as set forth in the Exhibit I of
the Agreement is hereby amended by deleting the word "or" immediately following
the reference to "Standard & Poor's" in the second line thereof, and
substituting therefor the word "and".

     2.11  The definition of "Normal Concentration Percentage" as set forth in
the Exhibit I of the Agreement is hereby amended in its entirety as follows:

     "'Normal Concentration Percentage' for any Obligor means at any time 2.5%
if such Obligor is not a Special Obligor, or if such Obligor is a Special
Obligor, 8% if such Special Obligor is rated A or better by S&P and A2 or better
by Moody's, 6% if such Special Obligor is rated BBB+ or better by S&P and Baa1
or better by Moody's and 4% if such Special Obligor is not so rated but is rated
at least BBB- by S&P and Baa3 by Moody's."

     2.12  The definition of "Total Reserves" as set forth in Exhibit I of the
Agreement is amended in its entirety as follows:

     "'Total Reserves' means the sum of the Discount Reserve, the Loss Reserve
and the Servicing Fee Reserve."

     2.13  Exhibit IV of the Agreement is hereby amended to add the following at
the end thereof:

     "(s) Credit Agreement. Imperial will provide to the Agent (in multiple
copies, if requested by the Agent) the following:

          (i) as soon as possible and in any event within 5 Business Days after
     a Responsible Officer of Imperial obtains knowledge thereof, notice of any
     amendment, modification or waiver in any of the financial covenants set
     forth in Section 7 of the Credit Agreement.

          (ii) as soon as possible and in any event within 50 days after the end
     of each of the first three quarters of each fiscal year of Imperial and 100
     days after the last fiscal quarter of each fiscal year of Imperial, a copy
     of the certificate provided to the lenders under the Credit Agreement with
     respect to the financial covenants contained in Section 7 of the Credit
     Agreement."

     2.14 Paragraph (h) of Exhibit V of the Agreement is hereby amended in its
entirety as follows:

          "; or (h) As of the last day of any Fiscal Month (i) the arithmetic
     average for the most recent three Fiscal Months of (A) the Default Ratios
     from November 30, 1999 until May 31,

                                                                    Amendment #1

                                       4
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2000 shall exceed 7% and thereafter shall exceed 6%, or (B) the Delinquency
Ratios from November 30, 1999 until May 31, 2000 shall exceed 12.5% and
thereafter shall exceed 10%, or (C) the Dilution Ratio shall exceed 2.5% or (ii)
the arithmetic average of the Loss-to-Liquidation Ratios for the most recent
twelve Fiscal Months shall exceed 1%; or"

     2.15 Paragraph (m) of Exhibit V of the Agreement is hereby amended in its
entirety as follows:

          "; or (m) Imperial shall fail to perform and comply with each of the
financial covenants set forth in Section 7 of the Credit Agreement as in effect
on the date hereof, (but without giving effect to any other amendment,
modification or waiver to such financial covenants from time to time under the
Credit Agreement, except as set forth below), each of which covenants and
agreements, together with all related definitions, exhibits and ancillary
provisions, are hereby incorporated in this Agreement by reference as though
specifically set forth in this paragraph (m) and shall survive the termination
and/or expiration of the Credit Agreement; provided, however, that if at least
50% of the Lenders (as such term is defined in the Credit Agreement) including
Harris, and the Bank of Montreal, a Canadian chartered bank acting through its
Chicago Branch (but not any Person to whom the Bank of Montreal may grant, sell
or assign all or any part of its rights under this Agreement, the Participation
or any liquidity agreement related to this Agreement) approves any amendment,
modification or waiver of any financial covenant set forth in Section 7 of the
Credit Agreement, then a Termination Event shall occur with respect to a failure
to comply with such financial covenant only if Imperial shall fail to comply
with the financial covenant set forth in Section 7, of the Credit Agreement as
so amended, modified or waived; or"

     2.16 Exhibit V of the Agreement is hereby amended to add the following at
the end thereof:

          "; or (n) the occurrence of any event of default set forth in Section
8 of the Credit Agreement as in effect on the date hereof, (regardless of
whether such event of default may be amended, modified or waived from time to
time in accordance with the Credit Agreement), each of which events of default
and agreements, together with all related definitions, exhibits and ancillary
provisions, are hereby incorporated in this Agreement by reference as though
specifically set forth in this paragraph (n) and shall survive the termination
and/or expiration of the Credit Agreement; provided, however, that if at least
50% of the Lenders (as such term is defined in the Credit Agreement) including
Harris approves any amendment, modification or waiver of any event of default
set forth in Section 8 of the Credit Agreement, then a Termination Event shall
occur with respect to a failure to comply with such event of default only if
Imperial shall fail to comply with the event of default set forth in Section 8,
of the Credit Agreement as so amended, modified or waived."

                                                                    Amendment #1

                                       5
<PAGE>

     SECTION 3. Miscellaneous.

     3.1  Effectiveness. This Amendment shall become effective on the date when
the Agent shall have received an original counterpart (or counterparts) of this
Amendment, executed and delivered by each of the parties hereto, or other
evidence satisfactory to the Agent of the execution and delivery of this
Amendment by such parties.

     3.2  References to Agreement. Upon the effectiveness of this Amendment,
each reference in the Agreement to "this Agreement", "hereunder", "hereof",
"herein", or words of like import shall mean and be a reference to the Agreement
as amended hereby, and each reference to the Agreement in any other document,
instrument or agreement executed and/or delivered in connection with the
Agreement shall mean and be a reference to the Agreement as amended hereby.

     3.3  Effect on the Agreement. Except as specifically amended above, the
Agreement and all other documents, instruments and agreements executed and/or
delivered in connection therewith shall remain in full force and effect and are
hereby ratified and confirmed.

     3.4  No Waiver. The execution, delivery and effectiveness of this Amendment
shall not operate as a waiver of any right, power or remedy of any party under
the Agreement or any other document, instrument or agreement executed in
connection therewith, nor constitute a waiver of any provision contained
therein, except as specifically set forth herein.

     3.5  Governing Law. This Amendment, including the rights and duties of the
parties hereto, shall be governed by, and construed in accordance with, the laws
of the State of Texas (without giving effect to the conflict of laws principles
thereof).

     3.6  Successors and Assigns. This Amendment shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and
assigns.

     3.7  Headings. The Section headings in this Amendment are inserted for
convenience of reference only and shall not affect the meaning or interpretation
of this Amendment or any provision hereof.

     3.8  Counterparts. This Amendment may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original and all of
which shall constitute together but one and the same agreement.

                                                                    Amendment #1

                                       6
<PAGE>

     IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.

                                IMPERIAL SECURITIZATION CORPORATION

                                By: /s/ W. F. Schwer
                                    ------------------------------------
                                    Name:  W. F. Schwer
                                    Title: President

                                IMPERIAL DISTRIBUTING, INC.,
                                 as Servicer

                                By: /s/ W. F. Schwer
                                    ------------------------------------
                                    Name:  W. F. Schwer
                                    Title: Sr. Vice President

                                IMPERIAL SUGAR COMPANY,
                                 as Performance Guarantor

                                By: /s/ Mark Q. Huggins
                                    ------------------------------------
                                    Name:  Mark Q. Huggins
                                    Title: Managing Director and
                                           Chief Financial Officer

                                                                    Amendment #1

                                      S-1

<PAGE>

                                FAIRWAY FINANCE CORPORATION, as Purchaser

                                By: /s/ Dwight Jenkins
                                    ------------------------------------
                                    Name:  Dwight Jenkins
                                    Title: Vice President

                                NESBITT BURNS SECURITIES INC., as Agent

                                By: /s/ David J. Kucera
                                    ------------------------------------
                                    Name:  David J. Kucera
                                    Title: Managing Director

                                By: /s/ James P. Walsh
                                    ------------------------------------
                                    Name:  James P. Walsh
                                    Title: Managing Director

                                                                    Amendment #1

                                      S-2<PAGE>

                                                                 Exhibit 4(c)(4)

                                AMENDMENT NO.2
                          Dated as of March 27, 2000
                                      to
                        RECEIVABLES PURCHASE AGREEMENT
                           Dated as of June 30, 1999

        This AMENDMENT NO. 2 (this "Amendment") dated as of March 27, 2000 is
entered into among IMPERIAL SECURITIZATION CORPORATION (the "Seller"), IMPERIAL
DISTRIBUTING, INC. ("Imperial"), as Servicer, IMPERIAL SUGAR COMPANY (the
"Performance Guarantor"), FAIRWAY FINANCE CORPORATION (the "Purchaser"), and BMO
NESBITT BURNS CORP. ("Nesbitt Burns") (formerly known as NESBITT BURNS
SECURITIES INC.), as agent for Purchaser (in such capacity, together with its
successors and assigns, the "Agent").

                                   RECITALS

        WHEREAS, the parties hereto have entered into a certain Receivables
Purchase Agreement dated as of June 30, 1999, as amended by Amendment No. 1,
dated as of December 13, 1999 (the "Agreement");

        WHEREAS, the parties hereto wish to make certain changes to the
Agreement as herein provided;

        NOW, THEREFORE, in consideration of the promises and the mutual
agreements contained herein and in the Agreement, the parties hereto agree as
follows:

        SECTION 1. Definitions. All capitalized terms not otherwise defined
herein are used as defined in the Agreement.

        SECTION 2. Amendments to Agreement. The Agreement is herby amended as
follows:

        2.1 Exhibit I of the Agreement is hereby amended by adding the following
definitions, as alphabetically appropriate:

        "'Aged Ratio' means the ratio (expressed as a percentage and rounded
upward to the nearest 1/100 of 1%) computed as of the last day of each Fiscal
Month by dividing (i) the aggregate Outstanding Balance of all Pool Receivables
that are Aged Receivables or that would have been Aged Receivables had they not
been written off the books of the Seller by (ii) the aggregate credit sales made
by all the Originators during the month that is three Fiscal Months before such
month."

                                                                    Amendment #2

<PAGE>

        "'Aged Receivable' means a Receivable:

                (i) as to which any payment, or part thereof, remains unpaid for
        more than 90 days from the invoice date for such Receivable or such
        other number of days from the invoice date for such Receivable approved
        by the Agent subject to the satisfaction of the Rating Agency Condition;

                (ii) as to which the Obligor thereof or any other Person
        obligated thereon or owning any Related Security in respect becomes the
        subject of any Insolvency Proceeding; or

                (iii) which, consistent with the Credit and Collection Policy,
        would be written off the Seller's books as uncollectible."

        "'Cut-Off Date' means February 29, 2000."

        "'GAAP' means the general accepted United States accounting principles
promulgated or adopted by the Financial Accounting Standards Board and its
predecessors and successors from time to time."

        "'Shortpay Amount' means with respect to any Shortpay Receivable at any
time an amount equal to the difference between the original invoiced amount for
such Shortpay Receivable and the amount actually received by the Seller or the
Servicer from or on behalf of the Obligor of such Shortpay Receivable."

        "'Shortpay Receivable' means a Receivable as to which the Obligor has
paid to the Seller on account of such Receivable less than the original invoiced
amount for such Receivable because such Obligor believes it is entitled to a
promotional discount or allowance with respect thereto."

    2.2 The definition of "Defaulted Receivable" as set forth in the Exhibit I
of the Agreement is hereby amended by adding the following proviso to clause
(i) of such definition.

"provided, however, that on and prior to the Cut-Off Date any portion of such
payment that remains so unpaid equal to the Shortpay Amount with respect to such
Receivable shall not be considered to be past due for purposes of this clause
(i) and after the Cut-Off date any portion of such payment that remains so
unpaid equal to the Shortpay Amount with respect to such Receivable shall be
considered to be past due for purposes of this clause (i), unless and until the
date the Servicer determines that the Obligor is entitled to the promotional
discount or allowance that gave rise to such Shortpay Amount."

    2.3  The definition of "Delinquent Receivable" as set forth in the Exhibit
I of the Agreement is hereby amended by adding the following proviso to clause
(i) of such definition:

                                                                    Amendment #2
                                       2
<PAGE>

"provided, however, that on and prior to the Cut-Off Date any portion of such
payment that remains so unpaid equal to the Shortpay Amount with respect to such
Receivable shall not be considered to be past due for purposes of this clause
(i) and after the Cut-Off date any portion of such payment that remains so
unpaid equal to the Shortpay Amount with respect to such Receivable shall be
considered to be past due for purposes of this clause (i), unless and until the
date the Servicer determines that the Obligor is entitled to the promotional
discount or allowance that gave rise to such Shortpay Amount."

        2.4  The definition of "Dilution Ratio" as set forth in the Exhibit I of
the Agreement is hereby amended in its entirety as follows:

        "'Dilution Ratio' means for any Fiscal Month, the ratio (expressed as a
percentage and rounded upwards to the nearest 1/100th of 1%) of (a) the extent
to which the aggregate Outstanding Balance of all Pool Receivables during such
period that have been reduced or adjusted as a result of any defective,
rejected, returned, repossessed or foreclosed goods or services, or any discount
or adjustment made by Seller or Servicer or any dispute between the Seller or
the Servicer and an Obligor, to (b) the aggregate credit sales made by all the
Originators during the Fiscal Month that is two months prior to such Fiscal
Month; provided, however, that (i) on and prior to the Cut-Off Date, any
Shortpay Amounts shall be included in the amount calculated pursuant to clause
(a) in the month that such Shortpay Amount occurred and (ii) after the Cut-Off
Date, any Shortpay Amount with respect to any Pool Receivable shall be included
in the amount calculated pursuant to clause (a) on the date the Servicer
determines that the Obligor is entitled to the promotional discount or allowance
that gave rise to the Shortpay Amount."

        2.5 Clause (ii) of the definition of "Loss Percentage" as set forth in
the Exhibit I of the Agreement is hereby amended in its entirety as follows:

        "(ii)(A) on and prior to July 15, 2000, 4 times the sum of the (x)
highest average of Aged Ratios for any three consecutive Fiscal Months during
the twelve most recent Fiscal Months, plus (y) the highest average of Dilution
Ratios for any three consecutive Fiscal Months during the twelve most recent
Fiscal Months, and (B) after July 15, 2000 (unless otherwise agreed to by the
Agent in a writing signed by the Agent), 4 times the sum of the (x) highest
average of Default Ratios for any three consecutive Fiscal Months during the
twelve most recent Fiscal Months, plus (y) the highest average of Dilution
Ratios for any three consecutive Fiscal Months during the twelve most recent
Fiscal Months,,"

        2.6 The definition of "Normal Concentration Percentage" as set forth in
the Exhibit I of the Agreement is hereby amended in its entirety as follows:

        "'Normal Concentration Percentage' for any Obligor means at any time
2.5% if such Obligor is not a Special Obligor, 4.5% if such Obligor is Alliant
Food Service, Inc., or Mars, Inc., or if such Obligor is a Special Obligor, 8%
if such Special Obligor is rated A or better by S&P and A2 or better by Moody's,
6% if such Special Obligor is rated BBB+ or better by S&P and Baa1 or

                                                                    Amendment #2

                                       3
<PAGE>

better by Moody's and 4% if such Special Obligor is not so rated but is rated at
least BBB- by S&P and Baa3 by Moody's."

        2.7  The definition of "Outstanding Balance" as set forth in Exhibit I
of the Agreement is hereby amended in its entirety as follows:

        "'Outstanding Balance' means with respect to any Receivable at any time,
the then outstanding principal balance thereof; provided, however, that (i) on
and prior to the Cut-Off Date such principal balance shall be calculated net of
any Shortpay Amount on the day that such Shortpay Amount occurred with respect
to any Receivable and (ii) after the Cut-Off Date if such Receivable is a
Shortpay Receivable the related Shortpay Amount (other than a Shortpay Amount
referred to in clause (i) above) shall be deducted from the calculation of the
outstanding principal balance of such Receivable on the date the Servicer
determines that the Obligor is entitled to the promotional discount or allowance
that gave rise to the Shortpay Amount."

        2.8  The definition of "Participation Report Date" as set forth in
Exhibit I of the Agreement is hereby amended in its entirety as follows:

        "'Participation Report Date' means the last Business Day of each week or
more frequently as requested by the Agent."

        2.9  Section 1.4(e) of the Agreement is hereby amended in its entirety
as follows:

        "(i) if on any day the Outstanding Balance of any Pool Receivable is
reduced or adjusted as a result of any defective, rejected, returned,
repossessed or foreclosed goods or services, or any discount, rebate or other
adjustment made by the Seller, any Originator or Servicer, or any setoff or
dispute between the Seller, any Originator or the Servicer (if the Servicer is
IDI or an Affiliate thereof) and an Obligor, the Seller shall be deemed to have
received on such day a Collection of such Pool Receivable in the amount of such
reduction or adjustment; provided, however, that (i) on and prior to the Cut-Off
Date, any Shortpay Amounts shall be included in the amount of such reduction or
adjustment and (ii) after the Cut-Off Date, any Shortpay Amount with respect to
any Pool Receivable shall be included in the amount of such reduction or
adjustment on the date the Servicer determines that the Obligor is entitled to
the promotional discount or allowance that gave rise to the Shortpay Amount;"

        2.10  Paragraph (d) of Exhibit V is amendment in its entirety as
follows:

        "The Seller, any Originator or the Servicer shall fail to perform or
observe any other term, covenant or agreement contained in the Agreement or any
other Transaction Document on its part to be performed or observed and any such
failure shall remain unremedied for 30 days (or, with respect to a failure to
deliver a Servicer Report or Participation Report one Business Day) after a

                                                                    Amendment #2
                                       4
<PAGE>

Responsible Officer of the Seller, any Originator or Servicer, as applicable,
has notice or knowledge thereof;"

        2.11  Paragraph (i) of Exhibit V is amended by deleting the word "five"
and inserting in its place the word "three."

        2.12  Schedule II is hereby amended to add the following:

"Lock-Box Bank"                 "Lock-Box Account"
---------------                 ------------------
Mellon Bank, N.A.               0584860

        SECTION 3. Miscellaneous.

        3.1  Effectiveness. This Amendment shall become effective on the date
when the following conditions shall have been satisfied:

        (a) the Agent shall have received (i) an original counterpart (or
counterparts) of this Amendment, executed and delivered by each of the parties
hereto, or other evidence satisfactory to the Agent of the execution and
delivery of this Amendment by such parties, (ii) a written statement by S&P and
Moody's that this Amendment will not result in a downgrade or withdrawal of the
rating of the Notes, (iii) a confirmation from each Originator to the effect
that the Servicer and each Originator have placed on the most recent, and have
taken all steps reasonably necessary to ensure that there shall be placed on
subsequent, summary master control data processing reports the legend referred
to in Section 4.1(i) of the Purchase and Sale Agreement, and (iv) such other
documents and instruments as the Agent may reasonably request, and

        (b) Evidence of payment by the Seller of all accrued and unpaid fees
(including those contemplated by the Fee Letter), costs and expenses to the
extent then due and payable on the date hereof, together with Attorney Costs of
the Agent to the extent invoiced prior to or on such date, plus such additional
amounts of Attorney Costs as shall constitute the Agent's reasonable estimate of
Attorney Costs incurred or to be incurred by it through the effective date of
this Amendment; including any such costs, fees and expenses arising under or
referenced in Section 5.4 of the Agreement.

        3.2  References to Agreement. Upon the effectiveness of this Amendment,
each reference in the Agreement to "this Agreement", "hereunder", "hereof",
"herein", or words of like import shall mean and be a reference to the Agreement
as amended hereby, and each reference to the Agreement

                                                                    Amendment #2

                                       5
<PAGE>

in any other document, instrument or agreement executed and/or delivered in
connection with the Agreement shall mean and be a reference to the Agreement as
amended hereby.

        3.3  Effect on the Agreement. Except as specifically amended above, the
Agreement and all other documents, instruments and agreements executed and/or
delivered in connection therewith shall remain in full force and effect and are
hereby ratified and confirmed.

        3.4  No Waiver. The execution, delivery and effectiveness of this
Amendment shall not operate as a waiver of any right, power or remedy of any
party under the Agreement or any other document, instrument or agreement
executed in connection therewith, nor constitute a waiver of any provision
contained therein, except as specifically set forth herein.

        3.5  Governing Law. This Amendment, including the rights and duties of
the parties hereto, shall be governed by, and construed in accordance with, the
laws of the State of Texas (without giving effect to the conflict of laws
principles thereof).

        3.6  Successors and Assigns. This Amendment shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors
and assigns.

        3.7  Headings. The Section headings in this Amendment are inserted for
convenience of reference only and shall not affect the meaning or interpretation
of this Amendment or any provision hereof.

        3.8  Counterparts. This Amendment may be executed by the parties hereto
in several counterparts, each of which shall be deemed to be an original and all
of which shall constitute together but one and the same agreement.

                                                                    Amendment #2

                                       6
<PAGE>

        IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

                                IMPERIAL SECURITIZATION CORPORATION

                                By: /s/ Karen L. Mercer
                                    ---------------------------------
                                    Name:  Karen L. Mercer
                                    Title: Vice President & Treasurer

                                IMPERIAL DISTRIBUTING, INC. as Servicer

                                By: /s/ Karen L. Mercer
                                    ---------------------------------
                                    Name:  Karen L. Mercer
                                    Title: Vice President & Treasurer

                                IMPERIAL SUGAR COMPANY
                                as Perfomance Guarantor

                                By: /s/ Mark Q. Huggins
                                    ---------------------------------
                                    Name:  Mark Q. Huggins
                                    Title: Chief Financial Officer

                                FAIRWAY FINANCE CORPORATION, as Purchaser

                                By: /s/ Dwight Jenkins
                                    ---------------------------------
                                    Name:  Dwight Jenkins
                                    Title: Vice President

                                                                    Amendment #2

                                      S-1
<PAGE>

                                BMO NESBITT BURNS CORP., as Agent

                                By: /s/ David J. Kucera
                                    ------------------------------------
                                    Name:  David J. Kucera
                                    Title: Managing Director

                                By: /s/ Jeffrey J. Phillips
                                    ------------------------------------
                                    Name:  Jeffrey J. Phillips
                                    Title: Managing Director

                                                                    Amendment #2

                                      S-2

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