Document:

Exhibit 10.4(c)

EXHIBIT
10.4(c)

SECOND AMENDMENT

TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT

This Second Amendment to Third Amended and
Restated Credit Agreement ("Amendment") is made as of August 2, 2004, by and among
NATIONAL BEEF PACKINGCOMPANY, LLC, a Delaware limited liability company,
successor by conversion to Farmland National Beef Packing Company, L.P., a
Delaware limited partnership (the "Borrower"), U.S. BANK NATIONAL ASSOCIATION, a national
banking association ("U.S. Bank"), in its capacity as Agent for the Lenders
(in such capacity, the "Agent") and as one of the Lenders, and the other
financial institutions signatory hereto (together with U.S. Bank, being at
least the Required Lenders).

RECITAL

This Amendment is made with respect to the
Third Amended and Restated Credit Agreement
made as of the 6th day of August, 2003 (as amended, modified, supplemented,
renewed or restated from time to time, the "Agreement").
Capitalized terms that are not defined in this Amendment shall have the
meanings assigned to them in the Agreement. The Borrower desires to increase
the sub-limit on the issuance of Letters from $40,000,000 to $60,000,000. The
Lenders are willing to consent to this increase.

NOW, THEREFORE, in consideration of the
foregoing and of the terms and conditions contained in this Amendment, and of
any loans or extensions of credit or other financial accommodations heretofore,
now or hereafter made to or for the benefit of Borrower, the parties agree as
follows:

1. Subsection (a) of Section 2.2
of the Credit Agreement, Letters of Credit, shall be amended as follows:
the amount "$40,000,000" shall be amended to read "$60,000,000".

2. This Amendment shall be an integral part of
the Agreement, and all of the terms set forth therein are hereby incorporated
in this Amendment by reference, and all terms of this Amendment are hereby
incorporated into said Agreement as if made an original part thereof. All of
the terms and conditions of the Agreement, which are not modified in this
Amendment, shall remain in full force and effect. To the extent the terms of
this Amendment conflict with the terms of the Agreement, the terms of this
Amendment shall control.

3. This Amendment may be executed in several
counterparts, each of which shall be construed together as one original.
Facsimile signatures on this Amendment shall be considered as original
signatures.

IN WITNESS WHEREOF, the parties hereto have
executed this Second Amendment to Third Amended and Restated Credit Agreement
as of the day and year first herein above written.

NATIONAL BEEF
PACKING

COMPANY, LLC

By: 
/s/ Jay D. Nielsen              

 Its:  Chief Financial
Officer        

 

U.S. BANK
NATIONAL ASSOCIATION

 By:  
/s/ Alan V. Schuler            

 Its:  Senior Vice President       
 

 

{SIGNATURE PAGE TO SECOND AMENDEMENT TO THIRD AMENDED AND

RESTATED CREDIT AGREEMENT / August 2, 2004}

 

1

 

COBANK, ACB

By:  
/s/ Jim Stutzman               

 Its:  Vice President                   
 

 

COÖPERATIEVE CENTRALE

RAIFFEISEN-BOERENLEENBANK

B.A., "RABOBANK

INTERNATIONAL", NEW YORK

BRANCH

By: /s/ Rebecca O. Morrow                               By:
 /s/ Robert
K. Hughes          

 Its: Executive Director                                       Its:
 Vice
President                   
 

 

FARM CREDIT SERVICES OF

MINNESOTA VALLEY, PCA, DBA FCS

COMMERCIAL FINANCE GROUP

By:  
/s/ Lisa Caswell                 

 Its:  Commercial Loan Officer  
 

 

AGFIRST FARM CREDIT BANK

By:  
/s/ Bruce B. Fortner           

 Its:  Vice President                   
 

 

AMARILLO NATIONAL BANK

By:  
/s/ Leonard Herrington       

 Its:  Vice President                   
 

 

U.S. AGBANK, FCB F/K/A

FARM CREDIT BANK OF WICHITA,

AS DISCLOSED AGENT

By: __________________________  

Its: __________________________  

 

FARM CREDIT SERVICES OF

AMERICA, PCA

By:  
/s/ Bruce P. Rouse            

 Its:  Vice President                   
 

 

FIRST NATIONAL BANK OF OMAHA

By:  
/s/ Wade H. Horton            

 Its:  Vice President                   
 

 

ING CAPITAL LLC

By:  
/s/ Daniel W. Lamprecht    

 Its:  Managing Director            
 

 {SIGNATURE PAGE TO SECOND AMENDEMENT TO THIRD AMENDED AND

RESTATED CREDIT AGREEMENT / August 2, 2004}

2Exhibit 10.4(d)

EXHIBIT
10.4(d)

 

WAIVER AND
CONSENT

This Waiver and
Consent ("Waiver") is made as of October 6, 2004, by and among NATIONAL
BEEF PACKING COMPANY, LLC, a Delaware limited liability company,
successor by conversion to Farmland National Beef Packing Company, L.P., a Delaware
limited partnership (the "Borrower"), U.S. BANK NATIONAL ASSOCIATION, a
national banking association ("U.S. Bank"), in its capacity as Agent for
the Lenders (in such capacity, the "Agent") and as one of the Lenders,
and the other financial institutions signatory hereto (together with U.S. Bank,
being at least the Required Lenders).

RECITAL

This Waiver is
made with respect to the Third Amended and Restated Credit Agreement made as of
August 6, 2003 (as amended, modified, supplemented, renewed or restated from
time to time, the "Agreement").  Capitalized terms that are not
defined in this Waiver shall have the meanings assigned to them in the
Agreement.  A Matured Default has occurred.  The Borrower has requested
that the Lenders waive the Matured Default.  

NOW, THEREFORE,
in consideration of the foregoing and of the terms and conditions contained
herein, and of any loans or extensions of credit or other financial accommodations
heretofore, now or hereafter made to or for the benefit of Borrower, the
parties agree as follows:

1.        
As of the fiscal quarter ended August 28, 2004, Borrower's four-quarter rolling
EBITDA of $89,400,653 was less than the $92,000,000 four-quarter rolling EBITDA
required under Section 9.6(c) of the Agreement.  This resulted in
the occurrence of a Matured Default when the failure to comply with said Section
9.6(c) was not cured within the thirty-day grace period following August
28, 2004.  This Matured Default is referred to in this Waiver as the
"Subject Matured Default".  The Lenders hereby consent to the Subject
Matured Default and waive their rights powers and remedies with respect to the
Subject Matured Default.  Notwithstanding the foregoing consent and
waiver, it is expressly understood and agreed that the Lenders shall have the
right at all times hereafter to require strict performance by Borrower of all
terms of the Agreement or any other Financing Document, including without
limitation, the terms of Section 9.6(c) of the Agreement, that the
Lenders do not waive, affect or diminish any right, power or remedy of the
Lenders under the Agreement or any other Financing Document except as expressly
set forth herein with respect to the Subject Matured Default and that except as
expressly set forth herein with respect to the Subject Matured Default, the
Agreement and each other Financing Document shall continue in full force and
effect in accordance with their respective terms.

2.        
This Waiver may be executed in several counterparts, each of which shall be
construed together as one original.  Facsimile signatures on this Waiver
shall be considered as original signatures.

{SIGNATURE PAGES TO
FOLLOW}

 

1

 

 

IN WITNESS
WHEREOF, the parties hereto have executed this Waiver and Consent as of the day
and year first herein above written.

NATIONAL
BEEF PACKING

COMPANY, LLC

By:  /s/ Jay Nielsen                             

 Its:  Chief Financial Officer              
 

 

U.S. BANK NATIONAL ASSOCIATION

By:  /s/ Alan V. Schuler                     

 Its:  Senior Vice President
 

 

COBANK, ACB

By:  /s/ Jeff Liggett                             

 Its:  Vice President                             
 

 

COÖPERATIEVE CENTRALE 

RAIFFEISEN-BOERENLEENBANK 

B.A., "RABOBANK 

INTERNATIONAL", NEW YORK

BRANCH

	By: /s/ D. Shane Bownds                   
    

    Its: Vice President                              

    	By:

/s/ Rebecca O. Morrow              

 Its:

    
Executive Director                       
 

 

FARM CREDIT SERVICES OF

MINNESOTA VALLEY, PCA, DBA FCS 

COMMERCIAL FINANCE GROUP 

By:  /s/ Lisa Caswell                           

 Its:  Commercial Loan Officer         
 

 

AGFIRST FARM
CREDIT BANK 

By:  /s/ Bruce B. Fortner                   

 Its:  Vice President                             
 

{SIGNATURE PAGE TO WAIVER AND CONSENT / October 6,
2004}

 

2

 

 

AMARILLO
NATIONAL BANK 

By:  /s/ Leonard Herrington             

 Its:  Vice President                             
 

 

U.S. AGBANK,
FCB F/K/A

FARM CREDIT BANK OF WICHITA, 

AS
DISCLOSED AGENT

By:  /s/ Greg Sommerhalder             

 Its:  Vice President                             
 

 

FARM CREDIT SERVICES OF

AMERICA, PCA

By:  /s/ Bruce Rouse                          

 Its:  Vice President                             
 

 

FIRST NATIONAL BANK OF OMAHA

By:  /s/ Wade H. Horton                     

 Its:  Vice President                             
 

 

ING CAPITAL LLC

By: __________________________

Its:  __________________________

 

{SIGNATURE PAGE TO WAIVER AND CONSENT / October 6,
2004}

 

 

3Exhibit 10.4(e)

EXHIBIT
10.4(e)

THIRD AMENDMENT

TO THIRD AMENDED AND RESTATED
CREDIT AGREEMENT

This Third Amendment to Third Amended and Restated
Credit Agreement ("Amendment")
is made as of November 19, 2004, by and among NATIONAL BEEF PACKING COMPANY, LLC, a Delaware limited liability
company, successor by conversion to Farmland National Beef Packing Company,
L.P., a Delaware limited partnership (the "Borrower"), U.S. BANK NATIONAL ASSOCIATION, a national banking
association ("U.S.
Bank"), in
its capacity as Agent for the Lenders (in such capacity, the "Agent") and as one of the Lenders,
and the other financial institutions signatory hereto (together with U.S. Bank,
being at least the Required Lenders).

RECITAL

This Amendment is made with respect to the Third
Amended and Restated Credit Agreement made as of August 6, 2003 (as amended,
modified, supplemented, renewed or restated from time to time, the "Agreement"). Capitalized terms that are
not defined in this Amendment shall have the meanings assigned to them in the
Agreement.

NOW, THEREFORE, in consideration of the foregoing and
of the terms and conditions contained in this Amendment, and of any loans or
extensions of credit or other financial accommodations heretofore, now or hereafter made to or
for the benefit of Borrower, the parties agree as follows:

1. The compliance certificate
referred to Section 9.1 of the Agreement, Financial Statements, shall be in the form attached as Exhibit 9A-2.

2. Section 9.6 of the
Agreement, Financial Covenants and Ratios, shall be amended to read as
follows:

9.6 Financial
Covenants and Ratios.

The Borrower shall
have as of the end of each quarterly accounting period and as of the date the Borrower is required to deliver
any compliance certificate to the Agent:

(a) A maximum Funded Debt to
EBITDA Ratio, as follows:

Funded Debt

 to EBITDA                 Quarter
Ended

7.25 to 1.00                 November,
2004 through August, 2005

3.50 to 1.00                 November,
2005 through May, 2006

3.25 to 1.00                 August,
2006 through May, 2007

3.00 to 1.00                 August,
2007 through May, 2008

2.75 to 1.00                 August,
2008 and thereafter.

 

1

 

 

(b) A maximum Senior Secured
Funded Debt to EBITDA Ratio, as follows:

Senior Secured

Funded Debt

 to EBITDA                 Quarter
Ended

4.50 to 1.00                 November,
2004 through August, 2005

2.00 to 1.00                 November,
2005 through May, 2006

1.75 to 1.00                 August,
2006 through May, 2008

1.50 to 1.00                 August,
2008 and thereafter.

(c) A minimum four-quarter
rolling EBITDA as follows:

EBITDA                     
Quarter
Ended

$ 50 million                   November,
2004 through August, 2005

$105 million                  November,
2005 through May, 2006

$110 million                  August,
2006 and thereafter.

(d) At Quarter End November,
2005 and thereafter, a four-quarter rolling Fixed Charge Coverage Ratio of not
less than 1.15 to 1.00.

(e) At each Quarter Ended from
November, 2004 through August, 2005, minimum Working Capital of $92,250,000.

3. Section 10.7 of the
Agreement, Capital Investment Limitations, shall be amended to read as
follows:

10.7 Capital Investment
Limitations.

The Borrower shall
not have Net Capital Expenditures during Fiscal Year 2005 and during any Fiscal
Year thereafter in excess of $30,000,000.

4. Provided that this
Amendment becomes effective by signature of the Borrower and at least the Required Lenders, Borrower shall pay
an Amendment Fee to the Agent for the account of each Lender that has signed
this Amendment, without changes or reservations, and delivered signature pages
by fax to counsel for U.S. Bank before 5:00 pm (Denver Time) on November 19,
2004, equal to each such Lender's Pro Rata Percentage of $250,000, said
Amendment Fee to be payable on November 22, 2004.

5. This Amendment shall be an
integral part of the Agreement, and all of the terms set forth therein are
hereby incorporated in this Amendment by reference, and all terms of this
Amendment are hereby incorporated into said Agreement as if made an original
part thereof. All of the terms and conditions of the Agreement, which are not
modified in this Amendment, shall remain in full force and effect. To the
extent the terms of this Amendment conflict with the terms of the Agreement,
the terms of this Amendment shall control.

6. This Amendment may be
executed in several counterparts, each of which shall be construed together as
one original. Facsimile signatures on this Amendment shall be considered as
original signatures.

 

{SIGNATURE PAGES TO FOLLOW}

2

 

IN WITNESS WHEREOF, the parties hereto have executed
this Third Amendment to Third Amended and Restated Credit Agreement as of the
day and year first herein above written.

NATIONAL BEEF PACKING

COMPANY, LLC

By: Jay Nielsen                                 

Its: Chief Financial Officer               

 

U.S. BANK NATIONAL ASSOCIATION

By: Alan Schuler                                

Its: Senior Vice President                 

 

COBANK, ACB

By: Jim Stutzman                              

Its: Vice President                            

COÖPERATIEVE CENTRALE

RAIFFEISEN-BOERENLEENBANK

B.A., "RABOBANK

INTERNATIONAL", NEW YORK

BRANCH

By: D. Shane Bownds               
       By:
Rebecca O. Morrow                  

Its: Vice President                    
       Its: Executive Director                     

  

FARM CREDIT SERVICES OF

MINNESOTA VALLEY, PCA, DBA FCS

COMMERCIAL FINANCE GROUP

By: Lisa Caswell                               

Its: Commercial Loan Officer          

 

AGFIRST FARM CREDIT BANK

By: Bruce Fortner                             

Its: Vice President                            

 

{SIGNATURE PAGE TO THIRD AMENDEMENT TO THIRD AMENDED
AND

RESTATED CREDIT AGREEMENT / November 19, 2004}

 

3

 

AMARILLO NATIONAL BANK

By: Leonard Herrington                    

Its: Vice President                             

 

U.S. AGBANK, FCB F/K/A

FARM CREDIT BANK OF WICHITA,

AS DISCLOSED AGENT

By: Greg Sommerhalder                  

Its: Vice President                             

 

FARM CREDIT SERVICES OF

AMERICA, PCA

By: Bruce Rouse                               

Its: Vice President                             

 

FIRST NATIONAL BANK OF OMAHA

By: __________________________

Its: __________________________

 

ING CAPITAL LLC

By: __________________________

Its: __________________________

 

{SIGNATURE PAGE TO THIRD AMENDEMENT TO THIRD AMENDED
AND

RESTATED CREDIT AGREEMENT / November 19, 2004}

 

 

4

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