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<title>USPB Form 8K</title>


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<div style='page:Section1;'>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>&nbsp;</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>&nbsp;</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>UNITED STATES</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b>SECURITIES AND
EXCHANGE COMMISSION</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>Washington, D.C.
20549</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>
<b>FORM
8-K</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>CURRENT REPORT</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>PURSUANT TO SECTION
13 OR 15(d) OF</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>THE SECURITIES
EXCHANGE ACT OF 1934</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>Date of Report (date
of earliest event reported):&nbsp; July 28, 2011</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'><b><u>U.S. PREMIUM BEEF,
LLC</u></b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>(Exact name of
Registrant as specified in its charter)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>

  <p style='margin-top:0in;margin-right:-.75pt;margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:justify;page-break-after:avoid;font-family:"Times New Roman";font-weight:bold;text-decoration:underline;text-align:center'>Delaware</p>
  <p style='margin-right:0in;margin-left:0in;font-size:12.0pt;font-family:"Times New Roman";margin:0in;margin-bottom:.0001pt;text-align:center'>(State
  or other jurisdiction of incorporation)</p>
  <p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellpadding=0 width=600
 style='width:100%;margin-left:.9pt;border-collapse:collapse'>
 <tr>
  <td colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:0;margin-bottom:0in;margin-bottom:0;text-align:justify;page-break-after:avoid;font-family:"Times New Roman";text-align:left'>
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333-115164</td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman";text-align:center; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman";text-align:center; margin-top:0'>20-1576986</p>
  </td>
 </tr>
 <tr>
  <td colspan=2 valign=bottom style='border:medium none;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='font-size:12.0pt;font-family:"Times New Roman";margin-bottom:0; margin-top:0'>(Commission File Number)</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='border:medium none;
  padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0' align="center">(I.R.S. Employer Identification No.)</p>
  </td>
 </tr>
 <tr>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.0pt'>
  <td colspan=3 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:13.0pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:0;margin-bottom:0in;margin-bottom:0;page-break-after:avoid;font-family:"Times New Roman";'>
	<font size="3">12200 North Ambassador
  Drive</font></p>
  <p style='margin-top:0;margin-bottom:0in;margin-bottom:0;page-break-after:avoid;font-family:"Times New Roman";'>
	<font size="3">Kansas
  City, Missouri&nbsp;</font></td>
  <td valign=bottom style='height:13.0pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman";text-align:center; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; border-bottom:1.0pt solid windowtext; height:13.0pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman";text-align:center;margin-top:0'>&nbsp;</p>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman";text-align:center;margin-top:0'>64163</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.0pt'>
  <td colspan=3 valign=bottom style='height:13.0pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='font-size:12.0pt;font-family:"Times New Roman";margin-bottom:0; margin-top:0'>(Address of principal executive
  offices)</p>
  </td>
  <td valign=bottom style='height:13.0pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:0;margin-bottom:12.0pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:0'>&nbsp;</p>
  </td>
  <td colspan=2 valign=bottom style='height:13.0pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:0;margin-bottom:12.0pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:0'>(Zip Code)</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.0pt'>
  <td valign=bottom style='height:13.0pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom style='height:13.0pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' valign="bottom">
	<p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</td>
 </tr>
 <tr style='page-break-inside:avoid;height:.25in'>
  <td valign=bottom style='height:.25in; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' colspan="6">
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman";text-align:center; margin-top:0'>
	<u>(816) 713-8800</u></p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:8.1pt'>
  <td valign=bottom style='height:8.1pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in' colspan="6">
  <p style='margin-top:0;margin-bottom:12.0pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:0'>Registrant&#146;s
  telephone, number, including area code</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:13.0pt'>
  <td valign=bottom style='height:13.0pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman";text-align:center; margin-top:0'>&nbsp;</p>
  </td>
  <td colspan=4 valign=bottom style='height:13.0pt; padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in'>
  <p style='margin-top:0;margin-bottom:12.0pt;text-align:center;font-size:12.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:0'>&nbsp;</p>
  </td>
  <td style='border:none;padding:0in 0in 0in 0in' valign="bottom">
	<p style='margin-bottom:0;font-size:12.0pt;font-family:"Times New Roman"; margin-top:0'>&nbsp;</td>
 </tr>
 </table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (<i>see</i> General
Instruction A.2. below):</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;font-size:10.0pt;font-family:"Times New Roman";text-indent:.25in'><font style="font-size: 12.0pt">&#9633;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</font></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-indent:.25in'>&#9633;&nbsp;&nbsp;&nbsp; Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-indent:-.25in'>&#9633;&nbsp;&nbsp;&nbsp; Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240-14d-2(b))</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:justify;text-indent:-.25in'>&#9633;&nbsp;&nbsp;&nbsp; Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:justify;text-indent:-.25in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:justify;text-indent:-.25in'>&nbsp;</p>
<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";margin-left:.5in;text-align:justify;text-indent:-.25in'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:center;font-size:11.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<font face="Times New Roman">

<br clear=all
style='page-break-before:always'>


</font>


<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'>Items
under Sections 3 through 8 are not applicable and therefore are omitted.</p>

<p style='margin-bottom:.0001pt;text-align:justify;font-family:Times New Roman;10; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";text-align:justify; margin-left:0in; margin-right:0in; margin-top:0in'><b>Item
1.01 Entry into a Material Definitive Agreement and</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:justify'><b>
<font size="3">Item
2.03 Creation of a Direct Financial Obligation</font></b><font size="3">.</font></p>

<p style='margin-right:0in;margin-left:0in;font-family:"Times New Roman";margin-bottom:.0001pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";color:black;text-indent:.5in; margin-left:0in; margin-right:0in; margin-top:0in'>On July 28, 2011, U.S. Premium
Beef, LLC (&#147;USPB&#148;), and CoBank, ACB (&#147;CoBank&#148;), entered into a Master Loan
Agreement, Revolving Term Loan Supplement to the Master Loan Agreement, Pledge
Agreement, and Security Agreement.&nbsp; The Master Loan Agreement, Revolving Term
Loan Supplement Pledge Agreement, and Security Agreement replace, amend and
restate the arrangements between CoBank and USPB contained in that certain
Amended and Restated Credit Agreement and Security Agreement dated June 22,
2009, as amended (the &#147;Prior Agreement.&#148;).</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";color:black;'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";color:black; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Master Loan Agreement and the Revolving
Term Loan Supplement provide for a $15 million Revolving Credit Commitment.&nbsp;
That commitment carries a term of three years, maturing on June 30, 2014.&nbsp; The
Amendment also defines the Interest Spread and Non-Use fee pricing as equal to
the &#147;Applicable Margin&#148; as defined in National Beef Packing Company LLC&#146;s
Amended and Restated Credit Agreement dated June 4, 2010.&nbsp; The other terms and
conditions of the Master Loan Agreement and the Revolving Term Loan Supplement
continue the terms and conditions of the Prior Agreement without material
modifications.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";color:black;'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";color:black; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Pledge Agreement provides CoBank with a
first-priority security interest in USPB&#146;s Membership Interests in, and
Distributions from, National Beef Packing Company, LLC.&nbsp; The Security Agreement
provides CoBank a security interest in all of the personal property of USPB.</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman";color:black;'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><b>Item 9.01
Financial Statements and Exhibits</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'><b>&nbsp;</b></p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>(d) Exhibits</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>The following are
filed as Exhibits to this Report:</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:-.4pt;border-collapse:collapse' width="100%">
 <tr>
  <td width=96 valign=bottom style='width:1.0in;border:none;border-bottom:solid windowtext 1.0pt;
  padding:0in 0in 0in 0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>Exhibit No.</p>
  </td>
  <td width=36 valign=top style='width:26.85pt;padding:0in 0in 0in 0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=505 valign=top style='width:378.95pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in 0in 0in 0in'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>Description</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:6.35pt'>
  <td width=96 valign=top style='width:1.0in;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>10.1</p>
  </td>
  <td width=36 valign=top style='width:26.85pt;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=505 valign=top style='width:378.95pt;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>Master Loan Agreement
  between U.S. Premium Beef, LLC and CoBank, ACB, executed July 28, 2011</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:6.35pt'>
  <td width=96 valign=top style='width:1.0in;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=36 valign=top style='width:26.85pt;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=505 valign=top style='width:378.95pt;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:43.0pt;margin-left:0in;font-size:11.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:6.35pt'>
  <td width=96 valign=top style='width:1.0in;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>10.2</p>
  </td>
  <td width=36 valign=top style='width:26.85pt;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=505 valign=top style='width:378.95pt;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:43.0pt;margin-left:0in;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:.0001pt'>Revolving
  Term Loan Supplement between U.S. Premium Beef, LLC and CoBank, ACB executed
  July 28, 2011.</p>
  </td>
 </tr>
</table>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<table class=MsoNormalTable border=0 cellpadding=0
 style='margin-left:-.4pt;border-collapse:collapse' width="100%">
 <tr style='page-break-inside:avoid;height:6.35pt'>
  <td width=96 valign=top style='width:1.0in;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>10.3</p>
  </td>
  <td width=36 valign=top style='width:26.85pt;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=505 valign=top style='width:378.95pt;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:43.0pt;margin-left:0in;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:.0001pt'>Pledge
  Agreement between U.S. Premium Beef, LLC and CoBank, ACB executed July 28,
  2011.</p>
  </td>
 </tr>
 <tr style='page-break-inside:avoid;height:6.35pt'>
  <td width=96 valign=top style='width:1.0in;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>10.4</p>
  </td>
  <td width=36 valign=top style='width:26.85pt;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
  </td>
  <td width=505 valign=top style='width:378.95pt;padding:0in 0in 0in 0in;
  height:6.35pt'>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:43.0pt;margin-left:0in;font-size:11.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;</p>
  <p style='margin-top:0in;margin-right:0in;margin-bottom:43.0pt;margin-left:0in;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:.0001pt'>Security
  Agreement between U.S. Premium Beef, LLC and CoBank, ACB executed July 28,
  2011.</p>
  </td>
 </tr>
</table>

<p style='margin-bottom:.0001pt;text-align:center;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:center;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:center;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:center;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:center;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:center;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>2</p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:center;font-size:11.0pt;font-family:"Times New Roman";text-align:left;line-height:12.0pt'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<font face="Times New Roman">

<br clear=all
style='page-break-before:always'>


</font>


<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:center;page-break-after:avoid;font-size:12.0pt;font-family:"Courier 10cpi";0'>
<font face="Times New Roman"><b>SIGNATURE</b></font></p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:43.0pt;margin-left:0in;font-size:11.0pt;font-family:"Times New Roman";margin-bottom:0in;margin-bottom:.0001pt'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>

<div align="right">
	<table border="0" style="border-collapse: collapse" width="50%" id="table1">
		<tr>
			<td>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'>U.S.
PREMIUM BEEF, LLC </p>

			</td>
		</tr>
		<tr>
			<td>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'>&nbsp;</p>

			</td>
		</tr>
		<tr>
			<td>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'>By:<u>&nbsp; /s/ Steven D. Hunt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p>

			</td>
		</tr>
		<tr>
			<td>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'>Steven D. Hunt</p>

			</td>
		</tr>
		<tr>
			<td>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-right:0in; margin-top:0in'>Chief Executive Officer</p>

			</td>
		</tr>
	</table>
</div>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman";margin-left:225.0pt;text-indent:27.0pt; margin-right:0in; margin-top:0in'>&nbsp;</p>

<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>Date:&nbsp;&nbsp; August 1, 2011</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:center;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>3</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>
<p style='margin-bottom:.0001pt;text-align:left;font-family:"Times New Roman";line-height:12.0pt; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>

<p style='margin:0in;margin-bottom:.0001pt;text-align:center;font-size:11.0pt;font-family:"Times New Roman";text-align:left;line-height:12.0pt'>&nbsp;</p>

<div style='margin:0in;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman";text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>

<p style='margin:0in;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman";line-height:1.0pt'>&nbsp;</p>

<p style='margin-bottom:.0001pt;font-family:"Times New Roman"; margin-left:0in; margin-right:0in; margin-top:0in'>&nbsp;</p>

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</html>
[{"type": "8-K", "sequence": "1", "filename": "esuspbcobank8k.htm", "secsgml_size_bytes": 32964}]
{"company-data": {"conformed-name": "U. S. Premium Beef, LLC", "cik": "0001289237", "assigned-sic": "0200", "irs-number": "201576986", "fiscal-year-end": "0831"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-115164", "film-number": "111000764"}, "business-address": {"street1": "12200 NORTH AMBASSADOR DRIVE, SUITE 501", "city": "KANSAS CITY", "state": "MO", "zip": "64163", "phone": "816-713-8800"}, "mail-address": {"street1": "12200 NORTH AMBASSADOR DRIVE, SUITE 501", "city": "KANSAS CITY", "state": "MO", "zip": "64163"}, "former-company": {"former-conformed-name": "U. S. Premium Beef, Inc.", "date-changed": "20040504"}}
USPB Form 8K
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION
13 OR 15(d) OF
THE SECURITIES
EXCHANGE ACT OF 1934
Date of Report (date
of earliest event reported):  July 28, 2011
U.S. PREMIUM BEEF,
LLC
(Exact name of
Registrant as specified in its charter)
Delaware
(State
  or other jurisdiction of incorporation)
333-115164
20-1576986
(Commission File Number)
(I.R.S. Employer Identification No.)
12200 North Ambassador
  Drive
Kansas
  City, Missouri
64163
(Address of principal executive
  offices)
(Zip Code)
(816) 713-8800
Registrant's
  telephone, number, including area code
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (
see
General
Instruction A.2. below):
□    Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
□    Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
□    Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240-14d-2(b))
□    Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Items
under Sections 3 through 8 are not applicable and therefore are omitted.
Item
1.01 Entry into a Material Definitive Agreement and
Item
2.03 Creation of a Direct Financial Obligation
.
On July 28, 2011, U.S. Premium
Beef, LLC ("USPB"), and CoBank, ACB ("CoBank"), entered into a Master Loan
Agreement, Revolving Term Loan Supplement to the Master Loan Agreement, Pledge
Agreement, and Security Agreement.  The Master Loan Agreement, Revolving Term
Loan Supplement Pledge Agreement, and Security Agreement replace, amend and
restate the arrangements between CoBank and USPB contained in that certain
Amended and Restated Credit Agreement and Security Agreement dated June 22,
2009, as amended (the "Prior Agreement.").
The Master Loan Agreement and the Revolving
Term Loan Supplement provide for a $15 million Revolving Credit Commitment. 
That commitment carries a term of three years, maturing on June 30, 2014.  The
Amendment also defines the Interest Spread and Non-Use fee pricing as equal to
the "Applicable Margin" as defined in National Beef Packing Company LLC's
Amended and Restated Credit Agreement dated June 4, 2010.  The other terms and
conditions of the Master Loan Agreement and the Revolving Term Loan Supplement
continue the terms and conditions of the Prior Agreement without material
modifications.
The Pledge Agreement provides CoBank with a
first-priority security interest in USPB's Membership Interests in, and
Distributions from, National Beef Packing Company, LLC.  The Security Agreement
provides CoBank a security interest in all of the personal property of USPB.
Item 9.01
Financial Statements and Exhibits
(d) Exhibits
The following are
filed as Exhibits to this Report:
Exhibit No.
Description
10.1
Master Loan Agreement
  between U.S. Premium Beef, LLC and CoBank, ACB, executed July 28, 2011
10.2
Revolving
  Term Loan Supplement between U.S. Premium Beef, LLC and CoBank, ACB executed
  July 28, 2011.
10.3
Pledge
  Agreement between U.S. Premium Beef, LLC and CoBank, ACB executed July 28,
  2011.
10.4
Security
  Agreement between U.S. Premium Beef, LLC and CoBank, ACB executed July 28,
  2011.
2
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
U.S.
PREMIUM BEEF, LLC
By:
/s/ Steven D. Hunt
Steven D. Hunt
Chief Executive Officer
Date:   August 1, 2011
3