Document:

<PAGE>

                                                                    EXHIBIT 10b1

                                    TERMINATION, REPLACEMENT AND RESTATEMENT
                           AGREEMENT dated as of July 10, 2003, among FORTUNE
                           BRANDS, INC., a Delaware corporation (the "Company"),
                           the financial institutions listed in Annex I hereto
                           under the captions "Continuing Lenders" (the
                           "Continuing Lenders") and "Additional Lenders" (the
                           "Additional Lenders", and together with the
                           Continuing Lenders, the "Lenders"), JPMORGAN CHASE
                           BANK, as successor to The Chase Manhattan Bank, a New
                           York banking corporation, as administrative agent (in
                           such capacity, the "Administrative Agent") for the
                           Lenders, and CITIBANK, N.A., as Syndication Agent.
                           Capitalized terms used and not defined herein shall
                           have the meanings assigned to such terms in the New
                           Credit Agreement (as defined below).

                  WHEREAS, the Company, the Continuing Lenders, certain other
lenders and the Administrative Agent are parties to the 364-Day Revolving Credit
Agreement dated as of July 11, 2002 (the "Existing Credit Agreement");

                  WHEREAS, the Existing Credit Agreement is to be terminated as
provided herein; and

                  WHEREAS, the Continuing Lenders and the Additional Lenders are
willing, subject to the terms and conditions of this Agreement, to replace the
Existing Credit Agreement with a new credit agreement as provided herein.

                  NOW, THEREFORE, in consideration of the mutual agreements
contained in this Agreement and other good and valuable consideration, the
sufficiency and receipt of which are hereby acknowledged, the parties hereto
hereby agree as follows:

                  SECTION 1. Replacement and Restatement. Subject to the
conditions set forth in Section 3 hereof:

                  (a) the Existing Credit Agreement, including all schedules and
         exhibits thereto, is hereby terminated, subject to applicable
         provisions set forth therein as to the survival of certain rights and
         obligations, and simultaneously replaced by a new credit agreement (the
         "New Credit Agreement") identical in form and substance to the Existing
         Credit Agreement except as expressly set forth below.

                  (b) The heading of the New Credit Agreement shall read as
         follows:

                                    "364-DAY REVOLVING CREDIT AGREEMENT dated as
                           of July 10, 2003, among FORTUNE BRANDS, INC., a
                           Delaware corporation, the LENDERS party hereto,
                           JPMORGAN CHASE BANK, as Administrative Agent,
                           CITIBANK, N.A., as

<PAGE>

                                                                               2

                           Syndication Agent and FLEET NATIONAL BANK, CREDIT
                           SUISSE FIRST BOSTON, and BARCLAYS BANK PLC, as
                           Documentation Agents."

         and all references to the "Effective Date" in the New Credit Agreement
         shall be deemed to refer to July 10, 2003.

                  (c) The definition of "Maturity Date" in Section 1.01 of the
         New Credit Agreement shall read as follows:

                           "Maturity Date" means the Termination Date, or, if
                  the Company exercises its option under Section 2.21, July 8,
                  2005.

                  (d) The definition of "Termination Date" in Section 1.01 of
         the New Credit Agreement shall read as follows:

                           "Termination Date" means July 8, 2004.

                  (e) Section 3.04 of the New Credit Agreement shall read as
         follows:

                           SECTION 3.04. Financial Condition; No Material
                  Adverse Change. (a) The Company has heretofore furnished to
                  the Lenders its consolidated balance sheet and statements of
                  income, stockholders equity and cash flows (i) as of and for
                  the fiscal year ended December 31, 2002 reported on by
                  PricewaterhouseCoopers, independent public accountants, and
                  (ii) as of and for the fiscal quarter and the portion of the
                  fiscal year ended March 31, 2003, as filed by the Company with
                  the Securities and Exchange Commission under the Securities
                  Exchange Act of 1934, as amended. Such financial statements
                  present fairly, in all material respects, the financial
                  position and results of operations and cash flows of the
                  Company and its consolidated Subsidiaries as of such dates and
                  for such periods in accordance with GAAP, subject to year-end
                  audit adjustments and the absence of footnotes in the case of
                  the statements referred to in clause (ii) above.

                           (b) Since December 31, 2002 there has been no
                  material adverse change in the business, assets, operations or
                  financial condition of the Company and its Subsidiaries, taken
                  as a whole."

                  (f) The following sentences shall be added to the end of
         Section 9.12:

                  Notwithstanding anything herein to the contrary, any Lender
                  (and any employee, representative or other agent of such
                  Lender) may disclose to any and all persons, without
                  limitation of any kind, such Lender's U.S. federal income tax
                  treatment and the U.S. federal income tax structure of the
                  transactions contemplated hereby relating to such Lender and
                  all materials of any kind (including opinions or other tax
                  analyses) that are provided to it relating to such tax
                  treatment and tax structure. However,

<PAGE>

                                                                               3

                  no disclosure of any information relating to such tax
                  treatment or tax structure may be made to the extent
                  nondisclosure is reasonably necessary in order to comply with
                  applicable securities laws.

                  (g) The references to "July 11, 2002" in Exhibit A, Exhibit B
         and Exhibit D of the Existing Credit Agreement shall be changed to
         references to "July 10, 2003" in the New Credit Agreement.

                  (h) Schedule 2.01 to the New Credit Agreement shall be in the
         form of Schedule 2.01 to this Agreement.

                  (i) Schedule 3.06 to the New Credit Agreement shall be in the
         form of Schedule 3.06 to this Agreement.

                  SECTION 2. Representations and Warranties. The Company
represents and warrants to each of the Lenders as of the Effective Date (as
defined below) that:

                  (a) This Agreement and the New Credit Agreement have been duly
         authorized and, in the case of this Agreement, executed and delivered
         by it and each constitutes its legal, valid and binding obligations
         enforceable in accordance with their terms.

                  (b) The representations and warranties set forth in Article
         III of the New Credit Agreement, after giving effect to this Agreement,
         are true and correct on the date hereof with the same effect as if made
         on the date hereof.

                  (c) Before and after giving effect to this Agreement, no
         Default has occurred and is continuing.

                  SECTION 3. Conditions to Effectiveness. This Agreement shall
become effective as of July 10, 2003 (the "Effective Date") upon the occurrence
of the following conditions precedent:

                  (a) The Administrative Agent (or its counsel) shall have
         received from each party hereto either (i) a counterpart of this
         Agreement signed on behalf of such party or (ii) written evidence
         satisfactory to the Administrative Agent (which may include telecopy
         transmission of a signed signature page of this Agreement) that such
         party has signed a counterpart of this Agreement.

                     (b) The Administrative Agent shall have received a
           favorable written opinion (addressed to the Administrative Agent and
           the Lenders and dated the Effective Date) of Chadbourne & Parke LLP,
           counsel for the Company, substantially in the form of Exhibit B to
           the Existing Credit Agreement but referring to this Agreement and the
           New Credit Agreement and covering such other matters relating to the
           Company, this Agreement, the New Credit Agreement or the Transactions
           as the Required Lenders shall reasonably request. The Company hereby
           requests such counsel to deliver such opinions.

<PAGE>

                                                                               4

                  (c) The Administrative Agent shall have received such
         documents and certificates as the Administrative Agent or its counsel
         may reasonably request relating to the organization, existence and good
         standing of the Company, the authorization of the Transactions and any
         other legal matters relating to the Company, this Agreement, the New
         Credit Agreement or the Transactions, all in form and substance
         reasonably satisfactory to the Administrative Agent and its counsel.

                  (d) The Administrative Agent shall have received a
         certificate, dated the Effective Date and signed by the President, a
         Vice President or a Financial Officer of the Company, confirming
         compliance with the conditions set forth in paragraphs (b) and (c) of
         Section 2.

                  (e) The Administrative Agent shall have received all fees and
         other amounts due and payable on or prior to the Effective Date,
         including the fees set forth in Section 4 and, to the extent invoiced,
         reimbursement or payment of all out-of-pocket expenses required to be
         reimbursed or paid by the Company hereunder.

                  (f) The commitments under the Existing Credit Agreement shall
         have been terminated and all principal, interest and other amounts
         outstanding thereunder (including all fees accrued thereunder to the
         Effective Date) shall have been paid in full.

                  SECTION 4. Fees. The Company agrees to pay to each Lender a
fee in an amount equal to 0.02% of such Lender's Revolving Commitment (whether
used or unused), in each case as of the Effective Date; provided that the
Company shall have no liability for any such fee if this Agreement does not
become effective pursuant to Section 3.

                  SECTION 5. Applicable Law. THIS AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES THEREOF.

                  SECTION 6. Existing Credit Agreement. Until the occurrence of
the Effective Date as provided in Section 3 hereof, the Existing Credit
Agreement shall continue in full force and effect in accordance with the
provisions thereof and the rights and obligations of the parties thereto shall
not be affected hereby, all Revolving Commitments and Revolving Loans thereunder
shall continue as set forth therein and all fees and interest accruing under the
Existing Credit Agreement shall continue to accrue at the rates provided for
therein.

                  SECTION 7. Counterparts. This Agreement may be executed in two
or more counterparts, each of which shall constitute an original but all of
which when taken together shall constitute but one contract.

<PAGE>

                                                                               5

                  SECTION 8. Expenses. The Company agrees to reimburse the
Administrative Agent for its out-of-pocket expenses in connection with this
Agreement including the reasonable fees, charges and disbursements of Cravath,
Swaine & Moore LLP, counsel for the Administrative Agent.

<PAGE>

                                                                               6

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by their respective authorized officers as of the
day and year first written above.

                                          FORTUNE BRANDS, INC.,

                                            by ________________________________
                                               Name:
                                               Title:

                                          JPMORGAN CHASE BANK, individually and
                                          as Administrative Agent,

                                            by ________________________________
                                               Name:
                                               Title:

                                          CITIBANK, N.A.,

                                            by ________________________________
                                               Name:
                                               Title:

                                          BARCLAYS BANK PLC,

                                            by ________________________________
                                               Name:
                                               Title:

                                          CREDIT SUISSE FIRST BOSTON, CAYMAN
                                          ISLANDS BRANCH,

                                            by ________________________________
                                               Name:
                                               Title:

<PAGE>

                                                                               7

                                          FLEETBOSTON FINANCIAL,

                                            by ________________________________
                                               Name:
                                               Title:

                                          U.S. BANK, NATIONAL ASSOCIATION,

                                            by ________________________________
                                               Name:
                                               Title:

                                          THE NORTHERN TRUST COMPANY,

                                            by ________________________________
                                               Name:
                                               Title:

                                          THE BANK OF TOKYO MITSUBISHI, LTD.,
                                          CHICAGO BRANCH,

                                            by ________________________________
                                               Name:
                                               Title:

                                          BANK ONE, NA,

                                            by ________________________________
                                               Name:
                                               Title:

                                          THE BANK OF NEW YORK,

                                            by ________________________________
                                               Name:
                                               Title:

<PAGE>

                                                                               8

                                          WESTPAC INSTITUTIONAL BANK,

                                            by ________________________________
                                               Name:
                                               Title:

                                          ABN AMRO Bank N.V.,

                                            by ________________________________
                                               Name:
                                               Title:

                                          HSBC BANK PLC,

                                            by ________________________________
                                               Name:
                                               Title:

<PAGE>

                                                                         ANNEX I

Continuing Lenders

JPMorgan Chase Bank
Citibank, N.A.
Barclays Bank PLC
Credit Suisse First Boston
FleetBoston Financial
U.S. Bank, National Association
The Northern Trust Company
The Bank of Tokyo-Mitsubishi, Ltd., Chicago Branch
The Bank One, NA (Main Office Chicago)
The Bank of New York
Westpac Institutional Bank
ABN AMRO Bank N.V.
HSBC Bank PLC

Additional Lenders

<PAGE>

<TABLE>
<CAPTION>
                Lender                      Revolving Commitment
                ------                      --------------------
<S>                                         <C>
JPMorgan Chase Bank                            $ 29,000,000
----------------------------------------------------------------
Citibank, N.A.                                 $ 29,000,000
----------------------------------------------------------------
Barclays Bank PLC                              $ 25,000,000
----------------------------------------------------------------
Credit Suisse First Boston                     $ 25,000,000
----------------------------------------------------------------
FleetBoston Financial                          $ 25,000,000
----------------------------------------------------------------
U.S. Bank, National Association                $ 22,000,000
----------------------------------------------------------------
The Northern Trust Company                     $ 19,000,000
----------------------------------------------------------------
The Bank of Tokyo-Mitsubishi, Ltd.,
Chicago Branch                                 $ 15,000,000
----------------------------------------------------------------
The Bank One, NA (Main Office Chicago)         $ 15,000,000
----------------------------------------------------------------
The Bank of New York                           $ 15,000,000
----------------------------------------------------------------
Westpac Institutional Bank                     $ 11,000,000
----------------------------------------------------------------
ABN AMRO Bank N.V.                             $ 10,000,000
----------------------------------------------------------------
HSBC Bank PLC                                  $ 10,000,000
================================================================
               Total                           $250,000,000
</TABLE><PAGE>
                                                                   EXHIBIT 10.1

                                THIRD AMENDMENT
                                       TO
                                CREDIT AGREEMENT

          This THIRD AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is dated
as of July 25, 2003 and is by and among LIBERTY GROUP OPERATING, INC., as
Borrower, LIBERTY GROUP PUBLISHING, INC. ("Holdings"), the LENDERS (as defined
in the Credit Agreement referred to below) party hereto, CITIBANK, N.A., as
Issuing Bank, and CITICORP USA, INC., as Administrative Agent and as Swingline
Lender.

                                    RECITALS

     1. The Borrower and Holdings have previously entered into that certain
Amended and Restated Credit Agreement dated as of April 18, 2000 with the
Lenders from time to time party thereto, CITICORP USA, INC., as Administrative
Agent and Swingline Lender, CITIBANK, N.A., as Issuing Bank, DB ALEX. BROWN LLC,
as Syndication Agent, WELLS FARGO BANK, N.A., as Documentation Agent, and BANK
OF AMERICA, N.A., as Co-Agent, as amended by the First Amendment to the Credit
Agreement dated as of May 10, 2001, by the Second Amendment to the Credit
Agreement and Limited Waiver dated as of December 14, 2001 and the Third
Amendment to Credit Agreement and Limited Waiver and Consent dated as of June
12, 2002 (as so amended, the "Credit Agreement").

     2. The Borrower and Holdings have requested that the Lenders agree to amend
certain provisions set forth in the Credit Agreement necessary to permit, among
other things, (i) Holdings to incur indebtedness in lieu of the payment of cash
interest in respect of the Discount Debentures; and (ii) the issuance of such
indebtedness to LG&P (as defined in the Credit Agreement) (or an affiliate) in
connection therewith.

     4. The Lenders are willing to agree to such amendments on the terms and
conditions set forth herein.

                                    AGREEMENT

                                       I.
                                   DEFINITIONS

     1.1 Defined Terms. Capitalized terms used but not otherwise defined herein
shall have the respective meanings assigned to such terms in the Credit
Agreement.

                                      II.
                                   AMENDMENTS

     2.1 Amendments to Credit Agreement. As of the Third Amendment Effective
Date (as defined below), the Credit Agreement shall be amended as follows:

<PAGE>

          2.1.1 The definition of the term "Consolidated Cash Interest Expense"
in Section 1.1 of the Credit Agreement is hereby amended by adding a new clause
(iv) to clause (c) thereof to read as follows: "or (iv) interest paid in the
form of PIK Notes."

          2.1.2 Section 1.1 of the Credit Agreement is hereby further amended by
adding thereto in appropriate alphabetical order the following definitions:

                    "THIRD AMENDMENT" means the Third Amendment to Credit
          Agreement dated as of July 25, 2003 among the Borrower, Holdings, the
          Lenders, Citibank, N.A., as Issuing Bank, and Citicorp USA, Inc., as
          Administrative Agent and as Swingline Lender.

                    "THIRD AMENDMENT EFFECTIVE DATE" has the meaning set forth
          in the Third Amendment."

                    "PIK NOTES" means Indebtedness of Holdings issued in lieu of
          the payment of cash interest on any Discount Debentures and/or an any
          such Indebtedness, the terms of which are no less favorable to
          Holdings than the terms of the Discount Debentures."

          2.1.3 Section 6.1(a)(iii) is hereby amended by adding the following
immediately after the words "Discount Debenture Indenture" appearing in such
Section: "and Indebtedness represented by the PIK Notes.

          2.1.4 Section 6.9 is hereby amended by adding a new clause at the end
of such Section to read as follows:

                    "and (f) an agreement, on terms and conditions reasonably
          satisfactory to the Administrative Agent, between an Affiliate and
          Holdings pursuant to which such Affiliate agrees to accept PIK Notes
          in lieu of the payment of cash interest otherwise payable on the
          Discount Debentures held by such Affiliate and the transactions
          described in such agreement.

                                      III.
                                   [RESERVED]

                                      IV.
                         REPRESENTATIONS AND WARRANTIES

     4.1 Representations and Warranties. Each of the Borrower and Holdings
hereby represents and warrants to each Agent, each Lender and the Issuing Bank
as follows:

          4.1.1 Such party is duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation, with all
requisite power and authority to carry on its business as now conducted and to
enter into and perform its obligations under this Amendment (and the Credit
Agreement as amended hereby) and, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in
a Material

                                       2
<PAGE>

Adverse Effect, is qualified to do business in, and is in good standing in,
every jurisdiction where such qualification is required.

          4.1.2 Such party has taken all necessary corporate action to authorize
the execution, delivery and performance of this Amendment (and the Credit
Agreement as amended hereby).

          4.1.3 The execution, delivery and performance of this Amendment and
the performance of each of the Loan Documents as amended hereby (a) do not
require any consent or approval of, registration or filing with, or any other
action by, any Governmental Authority, except such as have been obtained or made
and are in full force and effect and except filings necessary to perfect Liens
created under the Loan Documents, (b) will not violate any applicable law or
regulation or the charter, by-laws or other organizational documents of any
member of the Holdings Group or any order of any Governmental Authority, (c)
will not violate or result in a default under any indenture, agreement or other
instrument governing Material Indebtedness of, or any other material agreement
binding upon, any member of the Holdings Group or its assets, or give rise to a
right thereunder to require any payment to be made by any member of the Holdings
Group, and (d) will not result in the creation or imposition of any Lien on any
asset of any member of the Holdings Group, except Liens created under the Loan
Documents.

          4.1.4 This Amendment has been duly executed and delivered by such
party and each of this Amendment and the Credit Agreement as amended hereby
constitutes the legal, valid and binding obligation of such party, enforceable
against such party in accordance with its terms, except as enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors' rights generally and by general principles of equity
(regardless of whether enforcement is sought in a proceeding at law or in
equity).

          4.1.5 After giving effect to this Amendment, no event has occurred and
is continuing, or would result from the execution and delivery of this Amendment
that would constitute a Default.

          4.1.6 Each of the representations and warranties contained in this
Amendment and the Credit Agreement as amended hereby and in each of the other
Loan Documents is true and correct in all material respects as if set forth in
full herein and made on the date this Amendment becomes effective, except to the
extent that any such representation and warranty refers to an earlier date, in
which case it was true and correct as of such earlier date.

                                       V.
                           CONDITIONS TO EFFECTIVENESS

          The amendments effected by this Amendment shall become effective on
the date (the "Third Amendment Effective Date"), on which (i) Holdings, the
Borrower, the Administrative Agent, the Issuing Bank and the Required Term B
Lenders and the Required Revolving Lenders shall have executed and delivered
this Amendment to the Administrative Agent, and (ii) each other Guarantor shall
have executed and delivered the Consent attached hereto to the Administrative
Agent.

                                       3
<PAGE>

                                      VI.
                                  MISCELLANEOUS

     6.1 Effect of Amendment; No Waiver.

               (a) Upon and after the effectiveness of this Amendment, each
reference in the Credit Agreement to "this Agreement", "hereunder", "hereof" or
words of like import referring to the Credit Agreement, and each reference in
the other Loan Documents to "the Credit Agreement", "thereunder", "thereof" or
words of like import referring to the Credit Agreement, shall mean and be a
reference to the Credit Agreement as modified hereby.

               (b) Except as specifically modified above, the Credit Agreement
and the other Loan Documents, as in effect immediately prior to the
effectiveness of this Amendment, are and shall continue to be in full force and
effect and are hereby in all respects ratified and confirmed. Without limiting
the generality of the foregoing, the Security Documents and all of the
Collateral described therein (to the extent that the Lien thereon has not been
released pursuant to the terms of the Loan Documents) do and shall continue to
secure the payment of all Secured Obligations under and as defined therein, in
each case as amended hereby.

               (c) The execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of any Lender, the Issuing Bank or any Agent under any of
the Loan Documents, or constitute a waiver or amendment of any provision of any
of the Loan Documents.

     6.2 Expenses. Without limiting any provision of this Amendment or Section
7.2 of the Credit Agreement, each of the Borrower and Holdings jointly and
severally agrees to pay promptly all reasonable and documented out-of-pocket
costs and expenses of the Administrative Agent and the reasonable and documented
costs and expenses of the Administrative Agent's legal counsel in connection
with the preparation, negotiation, execution, delivery and administration of
this Amendment and the transactions contemplated hereby.

     6.3 Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York, without regard to conflicts
of law principles. The provisions of Sections 9.9(b)-(d) and 9.10 of the Credit
Agreement shall apply hereto.

     6.4 Severability. The illegality or unenforceability of any provision of
this Amendment, the Credit Agreement (including as amended hereby) or any other
document or any other instrument or agreement required hereunder or thereunder
shall not in any way affect or impair the legality or enforceability of the
remaining provisions of this Amendment, the Credit Agreement (including as
amended hereby) or such other document or any other instrument or agreement
required hereunder or thereunder.

     6.5 Headings. Article and Section headings used herein are for convenience
of reference only, are not part of this Amendment and shall not affect the
construction of, or be taken into consideration in interpreting, this Amendment
(or the Credit Agreement as amended hereby).

                                       4
<PAGE>

     6.6 Counterparts. This Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, each of which, when so
executed shall be deemed an original, and all of said counterparts taken
together shall be deemed to constitute but one and the same instrument. Delivery
of an executed counterpart of a signature page of this Amendment by telecopy
shall be effective as delivery of a manually executed counterpart of this
Amendment.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       5
<PAGE>

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

                                    LIBERTY GROUP OPERATING, INC., as Borrower

                                    By: /s/   Daniel D. Lewis
                                        ----------------------------------------
                                        Name:  Daniel D. Lewis
                                              ----------------------------------
                                        Title: CFO
                                              ----------------------------------

                                    LIBERTY GROUP PUBLISHING, INC., as a
                                    Guarantor

                                    By: /s/   Daniel D. Lewis
                                        ----------------------------------------
                                        Name:  Daniel D. Lewis
                                              ----------------------------------
                                        Title: CFO
                                              ----------------------------------

                                    CITICORP USA, INC., as Administrative Agent,
                                    Swingline Lender and as a Lender

                                    By: /s/ Tammy A. Koch
                                        ----------------------------------------
                                        Name:  Tammy A. Koch
                                              ----------------------------------
                                        Title: Vice President
                                              ----------------------------------

                                    CITIBANK, N.A., as Issuing Bank

                                    By: /s/ (Illegible)
                                        ----------------------------------------
                                        Name:   (Illegible)
                                              ----------------------------------
                                        Title:  VP
                                              ----------------------------------

                                       S-1

<PAGE>

                                    DB ALEX. BROWN LLC, as Syndication Agent

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-2
<PAGE>

                                    BANKERS TRUST COMPANY, as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-3
<PAGE>

                                    WELLS FARGO BANK, N.A., as  Documentation
                                    Agent and as a Lender

                                    By: /s/ Alex Y. Kim
                                        ----------------------------------------
                                        Name:  Alex Y. Kim
                                              ----------------------------------
                                        Title: Vice President
                                              ----------------------------------

                                      S-4
<PAGE>

                                    BANK OF AMERICA, N.A., as Co-Agent and as
                                    a Lender

                                    By:  /s/  Marlene M. Tuma
                                        ----------------------------------------
                                        Name:  Marlene M. Tuma
                                              ----------------------------------
                                        Title: Vice President
                                              ----------------------------------

                                      S-5
<PAGE>

                                    BLUE SQUARE FUNDING LTD. SERIES 3, as
                                    a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-6
<PAGE>

                                    JPMORGAN CHASE BANK, as a Lender

                                    By: /s/  David M. Mallett
                                        ----------------------------------------
                                        Name:  David M. Mallett
                                              ----------------------------------
                                        Title: Vice President
                                              ----------------------------------

                                      S-7
<PAGE>

                                    EATON VANCE INSTITUTIONAL SENIOR LOAN FUND,
                                    as a Lender
                                    By: Eaton Vance Management
                                    as Investment Advisor

                                    By: /s/  Payson F. Swaffield
                                        ----------------------------------------
                                        Name:  Payson F. Swaffield
                                              ----------------------------------
                                        Title: Vice President
                                              ----------------------------------

                                      S-8
<PAGE>

                                    EATON VANCE PRIME FUND, INC., as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-9
<PAGE>

                                    EATON VANCE SENIOR INCOME TRUST, as
                                    a Lender
                                    By: Eaton Vance Management
                                    as Investment Advisor

                                    By: /s/  Payson F. Swaffield
                                        ----------------------------------------
                                        Name:  Payson F. Swaffield
                                              ----------------------------------
                                        Title: Vice President
                                              ----------------------------------

                                      S-10
<PAGE>

                                    ELF FUNDING TRUST I, as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-11
<PAGE>

                                    EMERALD ORCHARD LIMITED, as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-12
<PAGE>

                                    U.S. BANK NATIONAL ASSOCIATION, as a
                                    Lender

                                    By: /s/  Eric J. Swanson
                                        ----------------------------------------
                                        Name:      Eric J. Swanson
                                              ----------------------------------
                                        Title:     Corporate Banking Officer
                                              ----------------------------------

                                      S-13
<PAGE>

                                    GALAXY CLO 1999-1, LTD., as a Lender

                                    By: SAI INVESTMENT ADVISER, INC.,
                                        its Collateral Manager

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-14
<PAGE>

                                    KZH SOLEIL LLC, as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-15
<PAGE>

                                    KZH SOLEIL-2 LLC, as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-16
<PAGE>

                                    KZH STERLING LLC, as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-17
<PAGE>

                                    MAPLEWOOD (CAYMAN) LIMITED, as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-18
<PAGE>

                                    MASSACHUSETTS MUTUAL LIFE INSURANCE CO, as
                                    a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-19
<PAGE>

                                    MASTER SENIOR FLOATING RATE TRUST, as
                                    a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-20
<PAGE>

                                    MERRILL LYNCH PRIME RATE PORTFOLIO, as
                                    a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-21
<PAGE>

                                    MERRILL LYNCH SENIOR FLOATING RATE
                                    FUND, INC., as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-22
<PAGE>

                                    NATIONAL CITY BANK OF MICHIGAN/ILLINOIS, as
                                    a Lender

                                    By: /s/ Richard H. Ault
                                        ----------------------------------------
                                        Name:  Richard H. Ault
                                              ----------------------------------
                                        Title: Vice President
                                              ----------------------------------

                                      S-23
<PAGE>

                                    OXFORD STRATEGIC INCOME FUND, as a Lender
                                    By: Eaton Vance Management
                                    as Investment Advisor

                                    By: /s/  Payson F. Swaffield
                                        ----------------------------------------
                                        Name:  Payson F. Swaffield
                                              ----------------------------------
                                        Title: Vice President
                                              ----------------------------------

                                      S-24
<PAGE>

                                    THE PROVIDENT BANK, as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-25
<PAGE>

                                    SUNTRUST BANK, as a Lender

                                    By: /s/ William C. Washburn, Jr.
                                        ----------------------------------------
                                        Name:  William c. Washburn, Jr.
                                              ----------------------------------
                                        Title: Vice President
                                              ----------------------------------

                                      S-26
<PAGE>

                                    VAN KAMPEN CLO I, LIMITED
                                    By: Van Kampen Investment Advisory Corp
                                    As Collateral Manager

                                    By: /s/ Darvin D. Pierce
                                        ----------------------------------------
                                        Name:  Darvin D. Pierce
                                              ----------------------------------
                                        Title: Executive Director
                                              ----------------------------------

                                      S-27
<PAGE>

                                    VAN KAMPEN CLO II, LIMITED
                                    By: Van Kampen Investment Advisory Corp
                                    As Collateral Manager

                                    By: /s/  Darvin D. Pierce
                                        ----------------------------------------
                                        Name:  Darvin D. Pierce
                                              ----------------------------------
                                        Title: Executive Director
                                              ----------------------------------

                                      S-28
<PAGE>

                                    VAN KAMPEN
                                    SENIOR INCOME TRUST
                                    By: Van Kampen Investment Advisory Corp.

                                    By: /s/ Darvin D. Pierce
                                        ----------------------------------------
                                        Name:  Darvin D. Pierce
                                              ----------------------------------
                                        Title: Executive Director
                                              ----------------------------------

                                      S-29
<PAGE>

                                    VAN KAMPEN SENIOR FLOATING RATE FUND,
                                    as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-30
<PAGE>

                                    VAN KAMPEN SENIOR LOAN FUND
                                    By: Van Kampan Investment Advisory Corp.

                                    By: /s/ Darvin D. Pierce
                                        ----------------------------------------
                                        Name:  Darvin D. Pierce
                                              ----------------------------------
                                        Title: Executive Director
                                              ----------------------------------

                                      S-31
<PAGE>

                                    CENTURION CDO II, LTD., as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-32
<PAGE>

                                    SEQUILS-CENTURION V, LTD., as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-33
<PAGE>

                                    KZH CYPRESSTREE LLC, as a Lender

                                    By:
                                        ----------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-34
<PAGE>

                                    EATON VANCE CDO II, LTD., as a Lender
                                    By: Eaton Vance Management
                                    as Investment Advisor

                                    By: /s/ (Illegible)
                                        ----------------------------------------
                                        Name:  (Illegible)
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-35
<PAGE>

                                    EATON VANCE CDO IV, LTD., as a Lender
                                    By: Eaton Vance Management
                                    as Investment Advisor

                                    By: /s/ (Illegible)
                                        ----------------------------------------
                                        Name:  (Illegible)
                                              ----------------------------------
                                        Title:
                                              ----------------------------------

                                      S-36
<PAGE>

                                    GRAYSON & CO., as a Lender
                                    By: Boston Management and Research
                                    as Investment Advisor

                                    By: /s/ Payson E. Swaffield
                                        ----------------------------------------
                                        Name:  Payson E. Swaffield
                                              ----------------------------------
                                        Title: Vice President
                                              ----------------------------------

                                      S-37
<PAGE>

                                     CONSENT

                            DATED AS OF JULY 25, 2003

          The undersigned, in their respective capacities as (i) Guarantors
under the Guaranty, Indemnity and Subordination Agreement, (ii) Grantors under,
and as defined in, the Pledge and Security Agreements, (iii) Assignors under,
and as defined in, the Trademark Collateral Assignment and the Copyright
Security Agreement, and (iv) Makers and Payees under, and as defined in, the
Subsidiary Notes (as such terms are defined in and under that certain Amended
and Restated Credit Agreement dated as of April 18, 2000 (as amended,
supplemented, replaced or otherwise modified from time to time, the "CREDIT
AGREEMENT") among Liberty Group Operating, Inc., a Delaware corporation (the
"BORROWER"), Liberty Group Publishing, Inc., a Delaware corporation
("HOLDINGS"), the Lenders party thereto, Citicorp USA, Inc., as Administrative
Agent (in such capacity, the "ADMINISTRATIVE AGENT") and Swingline Lender (in
such capacity, the "SWINGLINE LENDER"), Citibank, N.A., as Issuing Bank (the
"ISSUING BANK"), DB Alex. Brown LLC, as Syndication Agent (the "SYNDICATION
AGENT"), Wells Fargo Bank, N.A., as Documentation Agent (the "DOCUMENTATION
AGENT"), and Bank of America, N.A., as Co-Agent) (the "CO-AGENT") ), each hereby
consents and agrees to the foregoing Amendment and hereby confirms and agrees
that (a) each of the Guaranty, Indemnity and Subordination Agreement, the Pledge
and Security Agreements, the Trademark Collateral Assignment, the Copyright
Security Agreement, and each of the Subsidiary Notes, and each of the other
Security Documents is, and shall continue to be, in full force and effect and is
hereby ratified and confirmed in all respects, (b) each reference in the
Guaranty, Indemnity and Subordination Agreement, the Pledge and Security
Agreements, the Trademark Collateral Assignment, the Copyright Security
Agreement, the Subsidiary Notes and the other Security Documents to "the Credit
Agreement", "thereunder", "thereof" or words of like import referring to the
Credit Agreement shall mean and be a reference to the Credit Agreement as
modified by the foregoing Amendment, (c) the Guaranty, Indemnity and
Subordination Agreement does, and shall continue to, secure the payment and
performance of all of the Guaranteed Obligations (as defined in the Guaranty,
Indemnity and Subordination Agreement), (d) the Pledge and Security Agreements
and all of the Collateral does, and shall continue to, secure the payment and
performance of all of the Secured Obligations (as such terms are defined in the
Pledge and Security Agreements), (e) the Trademark Collateral Assignment and all
of the Trademark Collateral does, and shall continue to, secure the payment and
performance of all of the Secured Obligations (as such terms are defined in the
Trademark Collateral Assignment), (f) the Copyright Security Agreement and all
of the Copyright Collateral described therein does, and shall continue to,
secure the payment and performance of all of the Secured Obligations (as defined
in the Copyright Security Agreement) and (g) the Subsidiary Notes and all of the
Guarantor Collateral (as defined therein) do, and shall continue to, secure the
payment of all amounts payable thereunder.

                            (SIGNATURE PAGE FOLLOWS)

                                      S-38
<PAGE>
          IN WITNESS WHEREOF, the parties hereto have duly executed this Consent
as of the date first above written.

                                LIBERTY GROUP ARIZONA HOLDINGS, INC.
                                LIBERTY GROUP ARKANSAS HOLDINGS, INC.
                                LIBERTY GROUP CALIFORNIA HOLDINGS, INC.
                                LIBERTY GROUP IDAHO HOLDINGS, INC.
                                LIBERTY GROUP ILLINOIS HOLDINGS, INC.
                                LIBERTY GROUP IOWA HOLDINGS, INC.
                                LIBERTY GROUP KANSAS HOLDINGS, INC.
                                LIBERTY GROUP LOUISIANA HOLDINGS, INC.
                                LIBERTY GROUP MICHIGAN HOLDINGS, INC.
                                LIBERTY GROUP MINNESOTA HOLDINGS, INC.
                                LIBERTY GROUP MISSOURI HOLDINGS, INC.
                                LIBERTY GROUP NEBRASKA HOLDINGS, INC.
                                LIBERTY GROUP NEVADA HOLDINGS, INC.
                                LIBERTY GROUP NEW YORK HOLDINGS, INC.
                                LIBERTY GROUP NORTH DAKOTA HOLDINGS, INC.
                                LIBERTY GROUP PENNSYLVANIA HOLDINGS, INC.
                                LIBERTY GROUP MANAGEMENT SERVICES, INC.
                                LIBERTY GROUP SUBURBAN NEWSPAPERS, INC.
                                ELKO DAILY FREE PRESS
                                MINERAL DAILY NEWS TRIBUNE, INC. ("WEST
                                VIRGINIA")

                                By: /s/ Daniel D. Lewis
                                    ------------------------------------------
                                    Name:  Daniel D. Lewis
                                           -----------------------------------
                                    Title: CFO, Liberty Group Publishing, Inc.
                                           -----------------------------------
                                [Acting for and on behalf of each of the
                                entities named above]

                                       S-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]