Exhibit 10.1

 

EXECUTION COPY

 

SECOND AMENDMENT TO AMENDED AND RESTATED

CREDIT AGREEMENT AND WAIVER

 

THIS SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT AND WAIVER (this
“Amendment”), dated as of August 5, 2005, is by and among THE PANTRY, INC., a
Delaware corporation, (the “Borrower”), those Domestic Subsidiaries of the
Borrower identified as a “Guarantor” on the signature pages hereto (individually
a “Guarantor” and collectively the “Guarantors”), the Lenders party hereto, and
WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in
such capacity, the “Administrative Agent”).

 

WITNESSETH

 

WHEREAS, the Borrower, the Guarantors, the several banks and other financial
institutions as may from time to time become parties thereto, and the
Administrative Agent have entered into that certain Amended and Restated Credit
Agreement dated as of March 12, 2004 (as previously amended, modified or
supplemented and as further amended, modified, supplemented, restated or amended
and restated from time to time, the “Credit Agreement”; capitalized terms used
but not otherwise defined herein shall have the meaning ascribed thereto in the
Credit Agreement);

 

WHEREAS, the Borrower has requested certain amendments to the Credit Agreement
as more fully set forth herein;

 

WHEREAS, the Borrower has notified the Administrative Agent and the Lenders that
(1) Events of Default exist under the Credit Agreement as a result of the
failure of the representations contained in Sections 3.3 and 3.18 of the Credit
Agreement to be true and correct when made as such representations relate to
financial statements and related certificates delivered by the Borrower for
Fiscal Years 2003 and 2004; (2) Events of Default exist under the Credit
Agreement as a result of the failure of the representation contained in Section
3.20 of the Credit Agreement to be true and correct when made as such
representation relates to Indebtedness incurred pursuant to the Sale Leaseback
Transaction and certain other sale leaseback transactions entered into by the
Credit Parties prior to the date hereof, previously characterized as Operating
Leases, that have been re-characterized as Capital Leases (collectively, with
the Sale Leaseback Transaction, the “Existing Sale Leaseback Transactions”); (3)
Events of Default exist under the Credit Agreement as a result of the Borrower’s
failure to deliver quarterly and annual financial statements and related
certificates which fairly present, in all material respects, the financial
condition of the Borrower and its Subsidiaries, as required by Sections 5.1(a),
(b) and (c) of the Credit Agreement; (4) an Event of Default exists under the
Credit Agreement as a result of Borrower’s failure to deliver a notice of
Default within the time period provided pursuant to Section 5.1(h) of the Credit
Agreement; (5) an Event of Default exists under the Credit Agreement as a result
of Borrower’s failure to maintain proper books and records as required pursuant
to Section 5.5(a) of the Credit Agreement; (6) Events of Default exist under the
Credit

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Agreement as a result of Borrower’s incurrence of Indebtedness pursuant to the
Existing Sale Leaseback Transactions which is not permitted pursuant to Section
6.1 of the Credit Agreement; (7) an Event of Default exists under the Credit
Agreement as a result of the guaranty of the Indebtedness incurred pursuant to
the Existing Sale Leaseback Transactions, which guaranty is not permitted
pursuant to Section 6.4 of the Credit Agreement; (8) an Event of Default exists
under the Credit Agreement as a result of the Liens on the assets subject to the
Existing Sale Leaseback Transactions, which Liens are not permitted pursuant to
Section 6.2 of the Credit Agreement; (the Events of Default referred to in
clauses (1)-(8) above, collectively, the “Acknowledged Events of Defaults”); and
(9) Events of Default exist under the Credit Agreement as a result of the
Borrower’s failure to join certain Domestic Subsidiaries (the “Non-Joined
Subsidiaries”) to the Credit Agreement as Additional Credit Parties as required
pursuant to Section 5.9 of the Credit Agreement (the “Joinder Events of
Default”);

 

WHEREAS, the Borrower has requested that the Required Lenders agree to waive the
Acknowledged Events of Default on a one-time basis; and

 

WHEREAS, the Required Lenders have agreed to such amendments and are willing to
grant such waivers, subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and
for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

AMENDMENTS TO CREDIT AGREEMENT

 

1.1 Definition of Applicable Margin. All references to “Leverage Ratio” in the
definition of “Applicable Margin” in Section 1.1 of the Credit Agreement are
hereby changed to refer to “Consolidated Pro Forma Leverage Ratio”.

 

1.2 Section 6.1(c). Section 6.1(c) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

 

(c) the Borrower and its Subsidiaries may become and remain liable with respect
to Indebtedness in respect of Capital Leases and Indebtedness incurred in the
ordinary course of business to finance the cost of acquisition or the cost of
construction, improvement or remodeling of an asset used in the business of the
Borrower and its Subsidiaries; provided that (i) the principal amount of such
Indebtedness does not exceed the sum of 100% of such cost of acquisition plus
the reasonable fees and expenses incurred in connection therewith and (ii) any
lien or encumbrance securing such Indebtedness is placed on such asset not more
than 90 days after its acquisition or the completion of construction,
improvement or remodeling, as the case may be;

 

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1.3 Section 6.4. Section 6.4 of the Credit Agreement is hereby amended by adding
the following clause (i) thereto and making corresponding grammatical
corrections to the remaining clauses of Section 6.4:

 

(i) the Borrower and its Subsidiaries may become and remain liable with respect
to Contingent Obligations with respect to Indebtedness of a Credit Party under
Permitted Sale Leaseback Transactions.

 

1.4 Section 6.6(a). Section 6.6(a) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

 

(a) Consolidated Pro Forma Leverage Ratio. The Consolidated Pro Forma Leverage
Ratio, as of the last day of each Fiscal Quarter of the Borrower occurring
during the periods indicated below, shall be less than or equal to the
following:

 

Period

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   Ratio

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Closing Date through September 29, 2004

   4.75 to 1.00

September 30, 2004 through September 28, 2005

   5.00 to 1.00

September 29, 2005 through September 27, 2006

   4.75 to 1.00

September 28, 2006 through September 26, 2007

   4.50 to 1.00

September 27, 2007 through September 24, 2008

   4.25 to 1.00

September 25, 2008 and thereafter

   4.00 to 1.00

 

1.5 Section 6.6(c). The introductory paragraph of Section 6.6(c) of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

 

(c) Consolidated Capital Expenditures. Consolidated Capital Expenditures made
during any Fiscal Year of the Borrower shall be less than or equal to the
greater of (i) 35% of Consolidated Pro Forma EBITDA as of the end of the
immediately preceding Fiscal Year or (ii) the amount set forth below with
respect to such Fiscal Year:

 

ARTICLE II

WAIVER

 

2.1 Waiver of Events of Default.

 

Notwithstanding the provisions of the Credit Agreement to the contrary, the
Lenders hereby waive, on a limited, one-time basis, (a) the Acknowledged Events
of Default under the Credit Agreement, in each case, on or prior to the date
hereof and (b) the Joinder Events of Default on or prior to the date hereof, so
long as each Non-Joined Subsidiary shall be joined to the Credit Agreement as an
Additional Credit Party as required pursuant to Section 5.9 of the Credit
Agreement within 30 days of the date of this Amendment.

 

This Amendment shall be effective only to the extent specifically set forth
herein and shall not (i) be construed as a waiver of any breach or default other
than as specifically waived

 

3

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herein nor as a waiver of any breach or default of which the Lenders have not
been informed by the Borrower, (ii) affect the right of the Lenders to demand
compliance by the Borrower with all terms and conditions of the Credit Agreement
in all other instances, (iii) be deemed a waiver of any transaction or future
action on the part of the Borrower requiring the Lenders’ or the Required
Lenders’ consent or approval under the Credit Agreement, or (iv) except as
waived hereby with respect to the Acknowledged Events of Default and the Joinder
Events of Default, be deemed or construed to be a wavier or release of, or a
limitation upon, the Administrative Agent’s or the Lenders’ exercise of any
rights or remedies under the Credit Agreement or any other document executed or
delivered in connection therewith, whether arising as a consequence of any Event
of Default which may now exist or otherwise, all such rights and remedies hereby
being expressly reserved.

 

ARTICLE III

CONDITIONS TO EFFECTIVENESS

 

3.1 Closing Conditions.

 

This Amendment shall become effective as of the date first above written upon
satisfaction of the following conditions (in form and substance reasonably
acceptable to the Administrative Agent):

 

(a) Executed Amendment. Receipt by the Administrative Agent of a copy of this
Amendment duly executed by each of the Credit Parties and the Required Lenders.

 

(b) Fees. Receipt by the Administrative Agent of all fees and expenses of the
Administrative Agent in connection with the arrangement, preparation, execution
and delivery of this Amendment, including, without limitation, the fees and
expenses of Moore & Van Allen PLLC.

 

ARTICLE IV

MISCELLANEOUS

 

4.1 Amended Terms. All references to the Credit Agreement in each of the Credit
Documents shall hereafter mean the Credit Agreement as amended by this
Amendment. Except as specifically amended hereby or otherwise agreed, the Credit
Agreement is hereby ratified and confirmed and shall remain in full force and
effect according to its terms. The amendments to the Credit Agreement set forth
in this Amendment shall be effective from and after the date of this Amendment
and shall not be applied retroactively.

 

4.2 Representations and Warranties of Credit Parties. Each of the Credit Parties
represents and warrants as follows:

 

(a) It has taken all necessary action to authorize the execution, delivery and
performance of this Amendment.

 

4

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(b) This Amendment has been duly executed and delivered by such Person and
constitutes such Person’s legal, valid and binding obligations, enforceable in
accordance with its terms, except as such enforceability may be subject to (i)
bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer,
moratorium or similar laws affecting creditors’ rights generally and (ii)
general principles of equity (regardless of whether such enforceability is
considered in a proceeding at law or in equity).

 

(c) No consent, approval, authorization or order of, or filing, registration or
qualification with, any court or governmental authority or third party is
required in connection with the execution, delivery or performance by such
Person of this Amendment.

 

(d) The representations and warranties set forth in Article III of the Credit
Agreement are true and correct as of the date hereof (except for those which
expressly relate to an earlier date).

 

(e) No Default or Event of Default (other than the Acknowledged Events of
Default and the Joinder Events of Default) exists before or after giving effect
to this Amendment.

 

4.3 Acknowledgment of Guarantors. The Guarantors acknowledge and consent to all
of the terms and conditions of this Amendment and agree that this Amendment and
all documents executed in connection herewith do not operate to reduce or
discharge the Guarantors’ obligations under the Credit Documents.

 

4.4 Credit Document. This Amendment shall constitute a Credit Document under the
terms of the Credit Agreement.

 

4.5 Entirety. This Amendment and the other Credit Documents embody the entire
agreement between the parties hereto and supersede all prior agreements and
understandings, oral or written, if any, relating to the subject matter hereof.

 

4.6 Counterparts; Telecopy. This Amendment 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. Delivery of an
executed counterpart to this Amendment by telecopy shall be effective as an
original and shall constitute a representation that an original will be
delivered.

 

4.7 Survival. Except as expressly modified and amended in this Amendment, all of
the terms and provisions and conditions of each of the Credit Documents shall
remain unchanged.

 

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

 

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4.9 GOVERNING LAW. THIS AMENDMENT AND WAIVER AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES UNDER THIS AMENDMENT AND WAIVER SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. EACH OF
THE CREDIT PARTIES AGREES THAT SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK SHALL APPLY TO THIS CREDIT AGREEMENT
AND THE OTHER CREDIT DOCUMENTS.

 

4.10 Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. The
jurisdiction, services of process and waiver of jury trial provisions set forth
in Sections 9.14 and 9.17 of the Credit Agreement are hereby incorporated by
reference, mutatis mutandis.

 

[BALANCE OF PAGE INTENTIONALLY LEFT BLANK]

 

6

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IN WITNESS WHEREOF the Borrower, the Guarantors and the Required Lenders have
caused this Amendment to be duly executed on the date first above written.

 

BORROWER:      

THE PANTRY, INC.,

       

a Delaware corporation

            By:  

/s/ Daniel J. Kelly

           

Name:

 

Daniel J. Kelly

           

Title:

 

Chief Financial Officer, Vice President–

Finance and Secretary

 

GUARANTORS:      

R & H MAXXON, INC.,

       

a South Carolina corporation

            By:  

/s/ Daniel J. Kelly

           

Name:

 

Daniel J. Kelly

           

Title:

 

Executive Vice President and

Assistant Secretary

       

KANGAROO, INC.,

       

a Georgia corporation

            By:  

/s/ Daniel J. Kelly

           

Name:

 

Daniel J. Kelly

           

Title:

 

Executive Vice President and

Assistant Secretary

 

The Pantry, Inc.

Second Amendment and Waiver

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ADMINISTRATIVE AGENT

AND LENDERS:

 

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Administrative Agent and as a Lender

By:

 

/s/ Michael R. Jordan

Name:

 

Michael R. Jordan

Title:

 

Managing Director

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

Allstate Life Insurance Company

By:  

/s/ Chris Goergen

Name:

 

Chris Goergen

Title:

 

Authorized Signatory

By:  

/s/ Breege A. Farrell

Name:

 

Breege A. Farrell

Title:

 

Authorized Signatory

 

AIMCO CDO, Series 2000-A

By:  

/s/ Chris Goergen

Name:

 

Chris Goergen

Title:

 

Authorized Signatory

By:  

/s/ Breege A. Farrell

Name:

 

Breege A. Farrell

Title:

 

Authorized Signatory

 

AIMCO CLO, Series 2005-A

By:  

/s/ Chris Goergen

Name:

 

Chris Goergen

Title:

 

Authorized Signatory

By:  

/s/ Breege A. Farrell

Name:

 

Breege A. Farrell

Title:

 

Authorized Signatory

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

Ares VIII CLO Ltd.

By:  

Ares CLO Management VIII, L.P.,

Its:  

Investment Manager

By:  

Ares CLO GP VIII, LLC,

Its:  

General Partner

By:  

/s/ Seth J. Brufsky

Name:

 

Seth J. Brufsky

Title:

 

Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

By:  

Ares Enhanced Loan Management, L.P.,

Investment Manager

By:  

Ares Enhanced Loan GP, LLC

Its:  

General Partner

By:  

/s/ Seth J. Brufsky

Name:

 

Seth J. Brufsky

Title:

 

Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):                

ARES IV CLO LTD.

       

By:

 

Ares CLO Management IV, L.P.

       

Its:

 

Investment Manager

       

By:

 

Ares CLO GP IV, LLC

       

Its:

 

Managing Member

           

By:

 

/s/ Seth J. Brufsky

           

Name:

 

Seth J. Brufsky

           

Title:

 

Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

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LENDERS (continued):                

BRYN MAWR CLO, Ltd.

        By:   Deerfield Capital Management LLC as its Collateral Manager        
   

By:

 

/s/ Dale Burrow

           

Name:

 

Dale Burrow

           

Title:

 

Sr. Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):                

Credit Industriel et Commercial

           

By:

 

/s/ Anthony Rock

 

/s/ Marcus Edward

           

Name:

 

Anthony Rock

 

Marcus Edward

           

Title:

 

Vice President

 

Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):                

FOREST CREEK CLO, Ltd

        By: Deerfield Capital Management LLC as its
Collateral Manager            

By:

 

/s/ Dale Burrow

           

Name:

 

Dale Burrow

           

Title:

 

Sr. Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):                

FOXE BASIN CLO 2003, LTD.

       

By: GSO Capital Partners LP as Collateral Manager

           

By:

 

/s/ Daniel H. Smith

           

Name:

 

Daniel H. Smith

           

Title:

 

Authorized Signatory

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):       Franklin CLO I, Limited            

By:

 

/s/ Alex Guang Yu

           

Name:

 

Alex Guang Yu

           

Title:

 

Authorized Signatory

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):       Franklin CLO II, Limited            

By:

 

/s/ Alex Guang Yu

           

Name:

 

Alex Guang Yu

           

Title:

 

Authorized Signatory

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):       Franklin CLO III, Limited            

By:

 

/s/ Alex Guang Yu

           

Name:

 

Alex Guang Yu

           

Title:

 

Authorized Signatory

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):       FRANKLIN CLO IV, LIMITED            

By:

 

/s/ Alex Guang Yu

           

Name:

 

Alex Guang Yu

           

Title:

 

Authorized Signatory

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):      

FRANKLIN TEMPLETION

LIM DURATION INCOME TRUST

           

By:

 

/s/ Richard Hsu

           

Name:

 

Richard Hsu

           

Title:

 

Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

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LENDERS (continued):       Franklin Floating Rate Master Series            

By:

 

/s/ Richard Hsu

           

Name:

 

Richard Hsu

           

Title:

 

Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):       FRANKLIN FLOATING RATE
DAILY ACCESS FUND            

By:

 

/s/ Richard Hsu

           

Name:

 

Richard Hsu

           

Title:

 

Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):      

GSC PARTNERS GEMINI FUND LIMITED

       

By:

  GSCP (NJ), L.P., as Collateral Monitor        

By:

  GSCP (NJ), INC., its General Partner            

By:

 

/s/ Seth Katzenstein

           

Name:

 

Seth Katzenstein

           

Title:

 

Authorized Signatory

               

GSC Partners

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):      

INDOSUEZ CAPITAL FUNDING VI LIMITED

        By:   Lyon Capital Management LLC,
As Collateral Manager            

By:

 

/s/ Alexander B. Kenna

           

Name:

 

Alexander B. Kenna

           

Title:

 

Portfolio Manager

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):      

ING PRIME RATE TRUST

        By:   ING Investment Management Co.
as its investment manager            

By:

 

/s/ Theodore M. Haag

           

Name:

 

Theodore M. Haag

           

Title:

 

Vice President

       

ING SENIOR INCOME FUND

        By:   ING Investment Management Co.
as its investment manager            

By:

 

/s/ Theodore M. Haag

           

Name:

 

Theodore M. Haag

           

Title:

 

Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):       Kitty Hawk Trust         By:   Morgan Stanley
Investment Management Inc.
as Investment Manager            

By:

 

/s/ Christina Jamieson

           

Name:

 

Christina Jamieson

           

Title:

 

Executive Director

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):      

LANDMARK CDO LTD

        By   Aladdin Capital Management LLC, as Manager            

By:

 

/s/ Angela Bozorgmir

           

Name:

 

Angela Bozorgmir

           

Title:

 

Director

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):      

LCM I LIMITED PARTNERSHIP

        By:  

Lyon Capital Management LLC,

As Collateral Manager

           

By:

 

/s/ Alexander B. Kenna

           

Name:

 

Alexander B. Kenna

           

Title:

 

Portfolio Manager

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):      

LCM III, Ltd.

        By:  

Lyon Capital Management LLC,

As Collateral Manager

           

By:

 

/s/ Alexander B. Kenna

           

Name:

 

Alexander B. Kenna

           

Title:

 

Portfolio Manager

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

LONG GROVE CLO, LIMITED

By:

 

Deerfield Capital Management LLC as its

Collateral Manager

By:

 

/s/ Dale Burrow

Name: Dale Burrow

Title: Sr. Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

Morgan Stanley Prime Income Trust

By:

 

/s/ Elizabeth Bodisch

Name:

 

Elizabeth Bodisch

Title:

 

Authorized Signatory

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

MUIRFIELD TRADING LLC

By:

 

/s/ M. Cristina Higgins

Name:

 

M. Cristina Higgins

Title:

 

Assistant Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

Pacifica CDO II, Ltd.

By:

 

/s/ Amy Adler

Name:

 

Amy Adler

Title:

 

Associate

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

Premium Loan Trust I, Ltd.

By:

 

/s/ Guia Trutter

Name:

 

Guia Trutter

Title:

 

Managing Director

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

Raymond James Bank, FSB By:  

/s/ Thomas F. Macina

Name:

 

Thomas F. Macina

Title:

 

Senior Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

ROSEMONT CLO, Ltd.

By:   Deerfield Capital Management LLC as its Collateral Manager By:  

/s/ Dale Burrow

Name:

 

Dale Burrow

Title:

 

Sr. Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

SEQUILS-Glace Bay, Ltd.

By: GSO Capital Partners LP as Collateral Manager By:  

/s/ Daniel H. Smith

Name:

 

Daniel H. Smith

Title:

 

Authorized Signatory

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

SIERRA CLO I, LTD

By:  

/s/ John M. Casparian

Name:

 

John M. Casparian

Title:

 

Chief Operating Officer

Centre Pacific LLC (Manager)

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

STANWICH LOAN FUNDING LLC

By:

 

/s/ M. Cristina Higgins

Name:

 

M. Cristina Higgins

Title:

 

Assistant Vice President

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

Trumbull THC2 Loan Funding LLC, for itself or as agent for Trumbull THC2 CFPI
Loan Funding LLC

By:

 

/s/ Janet Haack

Name:

 

Janet Haack

Title:

 

As Attorney-In-Fact

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

VAN KAMPEN

SENIOR INCOME TRUST

By: Van Kampen Asset Management

By:

 

/s/ Christina Jamieson

Name:

 

Christina Jamieson

Title:

 

Executive Director

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

VAN KAMPEN

SENIOR LOAN FUND

By: Van Kampen Asset Management

By:

 

/s/ Christina Jamieson

Name:

 

Christina Jamieson

Title:

 

Executive Director

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

Venture CDO 2002, Limited

By its investment advisor, MJX Asset

Management LLC

By:

 

/s/ Hans Christensen

Name: Hans Christensen

Title: Chief Investment Officer

--------------------------------------------------------------------------------

LENDERS (continued):

 

Venture II CDO 2002, Limited

By its investment advisor, MJX Asset

Management LLC

By:

 

/s/ Hans Christensen

Name: Hans Christensen

Title: Chief Investment Officer

--------------------------------------------------------------------------------

LENDERS (continued):

 

Venture III CDO Limited

By its investment advisor, MJX Asset

Management LLC

By:

 

/s/ Hans Christensen

Name: Hans Christensen

Title: Chief Investment Officer

--------------------------------------------------------------------------------

LENDERS (continued):

 

CREDIT SUISSE, CAYMAN ISLANDs BRANCH (f/k/a:

CREDIT SUISSE FIRST BOSTON, acting through its

Cayman Islands Branch)

By:

 

/s/ Vanessa Gomez

Name:

 

Vanessa Gomez

Title:

 

Vice President

By:

 

/s/ Karim Blasetti

Name:

 

Karim Blasetti

Title:

 

Associate

 

The Pantry, Inc.

Second Amendment and Waiver

--------------------------------------------------------------------------------

LENDERS (continued):

 

GUARANTY BANK

By:

 

/s/ Michael Ansolabehere

Name: Michael Ansolabehere

Title: Vice President

 

The Pantry, Inc.

Second Amendment and Waiver