PANTRY INC
SECOND AMENDMENT TO CREDIT AGREEMENT
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<TYPE>EX-10.44
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<FILENAME>dex1044.htm
<DESCRIPTION>SECOND AMENDMENT TO CREDIT AGREEMENT
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<TITLE>Second Amendment to Credit Agreement</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Exhibit 10.44 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>LETTER AGREEMENT</U> </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">November 4, 2003 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Wachovia Bank, National Association, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as Administrative Agent for the Lenders </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">One Wachovia Center, TW-5 </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Charlotte, North Carolina 28288-0479 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Attention: Douglas Boothe </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><I>RE:</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><I>Amended and Restated Credit Agreement dated as of April 14, 2003 (as previously amended and as further amended, restated or otherwise modified from time to time, the
&#147;<U>Credit Agreement</U>&#148;; capitalized terms used herein shall have the meanings ascribed thereto in the Credit Agreement unless otherwise defined herein) by and among The Pantry, Inc. (the &#147;<U>Borrower</U>&#148;), the Domestic
Subsidiaries of the Borrower from time to time party thereto, as Guarantors, the Lenders from time to time party thereto and Wachovia Bank, Notional Association, as administrative agent (the &#147;<U>Administrative Agent</U>&#148;)</I>
</FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Ladies and Gentlemen: </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT FACE="Times New Roman" SIZE="2">Pursuant to Section 2.1(f) of the Credit Agreement, the Borrower hereby
requests the extension of an Incremental Revolver in the amount of $4,000,000. Wachovia Bank, National Association, in its individual capacity as a Lender (&#147;<U>Wachovia</U>&#148;), hereby agrees to meet the Borrower&#146;s financing request by
increasing its Revolving Commitment by $4,000,0000. Accordingly, as of the date hereof, the Revolving Committed Amount shall be increased from $52,000,000 to $56,000,0000. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT FACE="Times New Roman" SIZE="2">The Borrower represents and warrants to the Lenders that no Default or Event of Default has occurred and is continuing as of
the date hereof and no Default or Event of Default shall occur after giving effect to this letter agreement (this &#147;<U>Letter Agreement</U>&#148;) and any transactions to be made on the date hereof. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT FACE="Times New Roman" SIZE="2">The Guarantors acknowledge and consent to all of the terms and conditions of
this Letter Agreement and agree that this Letter Agreement and all documents executed in connection herewith do not operate to reduce or discharge the Guarantors&#146; obligations under the Credit Documents. Except as specifically modified hereby or
otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain in full force and effect according to its terms. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT FACE="Times New Roman" SIZE="2">This Letter Agreement, (a) shall constitute a Credit Document under the terms of the Credit Agreement, (b) may be executed in any number of counterparts,
each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument and (c) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.
Delivery of executed counterparts of this Letter Agreement by telecopy shall be effective as an original and shall constitute a representation that an original shall be delivered. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">[Signature Page Follows] </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:7%"><FONT FACE="Times New Roman" SIZE="2">The Borrower, the Guarantors, Wachovia and the Administrative Agent have caused this Letter Agreement to
be duly executed on the date first above written. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3" NOWRAP WIDTH="84%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>THE PANTRY, INC.,</B> a Delaware corporation,</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" WIDTH="84%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">as the Borrower</FONT></P></TD></TR>
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<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2"><I>/s/&nbsp;&nbsp;&nbsp;&nbsp;Daniel J. Kelly</I></FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
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<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2">Daniel J. Kelly</FONT></TD></TR>
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<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2">Chief Financial Officer, Vice President-Finance and</FONT></TD></TR>
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<TD VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2">Secretary</FONT></TD></TR>
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<TD HEIGHT="32" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" NOWRAP WIDTH="84%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>R &amp; H MAXXON, INC.,</B> a South Carolina corporation,</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" WIDTH="84%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">as a Guarantor</FONT></P></TD></TR>
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<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2"><I>/s/&nbsp;&nbsp;&nbsp;&nbsp;Daniel J. Kelly</I></FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
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<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2">Daniel J. Kelly</FONT></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President and Assistant Secretary</FONT></TD></TR>
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<TD HEIGHT="32" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" WIDTH="84%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>KANGAROO, INC.,</B> a Georgia corporation,</FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" WIDTH="84%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">as a Guarantor</FONT></P></TD></TR>
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<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2"><I>/s/&nbsp;&nbsp;&nbsp;&nbsp;Daniel J. Kelly</I></FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
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<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2">Daniel J. Kelly</FONT></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2">Executive Vice President and Assistant Secretary</FONT></TD></TR>
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<TD HEIGHT="32" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" NOWRAP WIDTH="84%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>WACHOVIA BANK, NATIONAL ASSOCIATION,</B></FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" WIDTH="84%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">in its capacity as a Lender</FONT></P></TD></TR>
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<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2"><I>/s/&nbsp;&nbsp;&nbsp;&nbsp;Douglas Boothe</I></FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
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<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2">Douglas Boothe</FONT></TD></TR>
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<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2">Director</FONT></TD></TR>
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<TD HEIGHT="32" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" NOWRAP WIDTH="84%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2"><B>WACHOVIA BANK, NATIONAL ASSOCIATION,</B></FONT></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2">as the Administrative Agent on behalf of the Lenders in accordance with the terms of Section 2.1(f) of the Credit Agreement</FONT></TD></TR>
<TR>
<TD HEIGHT="27"></TD>
<TD HEIGHT="27" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">By:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2"><I>/s/&nbsp;&nbsp;&nbsp;&nbsp;Douglas Boothe</I></FONT></TD></TR>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><HR SIZE="1" NOSHADE COLOR="#000000"></TD></TR>
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<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2">Douglas Boothe</FONT></TD></TR>
<TR>
<TD VALIGN="top" WIDTH="14%"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></P></TD>
<TD VALIGN="bottom" WIDTH="2%" ><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" WIDTH="84%"><FONT FACE="Times New Roman" SIZE="2">Director</FONT></TD></TR>
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