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Exhibit 10.3

LIMITED WAIVER AND THIRD AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT

        This LIMITED WAIVER AND THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT (this "Waiver and Amendment") is dated as of February 3, 2003 and
entered into by and among PETCO ANIMAL SUPPLIES, INC., a Delaware corporation
("Company"), the financial institutions executing the Consent of Lender (the
"Consent") in the form of Exhibit A annexed hereto, and WELLS FARGO BANK,
NATIONAL ASSOCIATION ("Wells Fargo"), as administrative agent for Lenders (in
such capacity, "Administrative Agent"), and is made with reference to that
certain Amended and Restated Credit Agreement dated as of October 26, 2001, as
amended by the Limited Waiver, Consent and Amendment Regarding Initial Public
Offering dated as of February 1, 2002 and as further amended by the Second
Amendment to Amended and Restated Credit Agreement dated as of July 31, 2002 (as
so amended, the "Credit Agreement"), by and among Company, Lenders,
Administrative Agent, GOLDMAN SACHS CREDIT PARTNERS L.P., as Syndication Agent,
and GENERAL ELECTRIC CAPITAL CORPORATION, as Documentation Agent. Capitalized
terms used herein without definition shall have the same meanings herein as set
forth in the Credit Agreement.

RECITALS

        WHEREAS, Company and Lenders desire to waive certain requirements of
subsections 2.4B(iii)(d) and 7.5 of the Credit Agreement in connection with the
Offering (as defined below), to amend subsections 1.1, 7.5, 7.8 and 8.11 of the
Credit Agreement, and to waive the requirements of subsection 2.4B(iii)(e) for
the Fiscal Year ending February 1, 2003, subject to the terms and conditions set
forth herein.

        NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

Section 1. EFFECTIVENESS

        This Waiver and Amendment shall become effective as of the date hereof
upon (i) the execution of counterparts hereof by Company and counterparts of the
Consents by Lenders constituting Requisite Lenders and receipt by Company and
the Administrative Agent of written or telephonic notification of such execution
and authorization of delivery thereof, (ii) the receipt by Administrative Agent
for the account of each Lender that executes this Waiver and Amendment prior to
12:00 Noon, New York Time, January 31, 2003 of a waiver effectiveness fee equal
to 0.125% of the sum of such Lender's Revolving Loan Commitment and the
principal amount of the Term Loans held by such Lender and (iii) the receipt by
Administrative Agent of counterparts of the Waiver and Amendment Confirmation
dated as of the date hereof in the form of Exhibit B annexed hereto (the "Waiver
Confirmation"), executed by each of the Loan Parties; provided, however, if the
Offering is not consummated on or before May 31, 2003, the waiver set forth in
Section 2(a) shall terminate and shall be of no further force and effect and the
amendment set forth in Section 3(d) shall not become effective.

Section 2. WAIVERS

        (a)  Subject to the terms and conditions set forth herein and in
reliance on the representations and warranties of Company herein contained,
Lenders hereby waive compliance with the provisions of subsections 2.4B(iii)(d)
and 7.5 of the Credit Agreement to the extent, and only to the extent, necessary
to permit Company to (A) use 100% of the Net Equity Securities Proceeds of the
Offering (as defined below) to redeem or repurchase from time to time up to
$40.0 million in aggregate principal amount of its New Senior Subordinated Notes
plus any redemption premiums, interest and transaction expenses related to such
redemptions or repurchases and (B) retain any Net Equity Securities Proceeds of
the Offering in excess of the amounts applied under the immediately preceding
clause (A); provided that (x) the Offering shall be consummated on or before
May 31, 2003, (y) the Net

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Equity Securities Proceeds of the Offering shall be at least $40.0 million, and
(z) simultaneously with the consummation of the Offering, Company shall pay to
Administrative Agent for the account of each Lender that executes this Waiver
and Amendment prior to 12:00 Noon, New York Time, January 31, 2003 an offering
consummation fee equal to 0.125% of the sum of such Lender's Revolving Loan
Commitment and the principal amount of the Term Loans held by such Lender, it
being understood that such offering consummation fee shall not be payable unless
the Offering is consummated.

        As used in this Waiver and Amendment, the term "Offering" shall mean a
public offering of Company's common stock, including the exercise of any
overallotment option by the underwriters in connection therewith.

        (b)  Subject to the terms and conditions set forth herein and in
reliance on the representations and warranties of the Company herein contained,
Lenders hereby waive compliance with the provisions of subsection 2.4B(iii)(e)
for the Fiscal Year ending February 1, 2003.

Section 3. AMENDMENTS

        (a)  Subsection 1.1 of the Credit Agreement is hereby amended by adding
thereto the following definitions, which shall be inserted in proper
alphabetical order:

        "Third Amendment" means the Limited Waiver and Third Amendment to
Amended and Restated Credit Agreement, dated as of February 3, 2003, by and
among Company, Requisite Lenders and Administrative Agent.

        "Transaction Costs" means the fees, costs and expenses payable or
reimbursable by Company or any of its Subsidiaries in connection with the
transactions contemplated by (i) the Loan Documents and the Related Agreements,
(ii) the refinancing of the Existing Senior Subordinated Notes, (iii) the
Limited Waiver, Consent and Amendment Regarding Initial Public Offering dated as
of February 1, 2002, (iv) the Second Amendment and (v) the Third Amendment.

        (b)  Subsection 7.5 of the Credit Agreement is hereby amended by adding
a new clause (v) at the end thereof:

        ", and (v) Company may from and after the date of the Third Amendment
(i) redeem or repurchase from time to time through the date which is 270 days
after the closing of the Offering (as defined in the Third Amendment) up to
$40.0 million in aggregate principal amount of its New Senior Subordinated Notes
with the Net Equity Securities Proceeds of the Offering as permitted by
Section 2(a) of the Third Amendment and (ii) redeem or repurchase from time to
time up to an additional $50.0 million in aggregate principal amount of its New
Senior Subordinated Notes, provided that at the time of any redemption or
repurchase pursuant to clause (ii) of this subsection 7.5(v), after giving
effect to such redemption or repurchase (including the incurrence of any
Indebtedness in connections therewith), the Company's Consolidated Pro Forma
Senior Leverage Ratio is less than or equal to 1.25:1.00."

        (c)  Subsection 7.8 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

        "Company shall not, and shall not permit its Subsidiaries to, make or
incur Consolidated Capital Expenditures in an aggregate amount in excess of
(x) $68,860,710 for the Fiscal Year ending on the Saturday closest to January 31
in 2003, (y) $85,000,000 for each Fiscal Year ending on the Saturday closest to
January 31 in 2004 and 2005, and (z) $90,000,000 for each Fiscal Year thereafter
(such amount, for each Fiscal Year, the "Maximum Expenditure Amount"), provided
that the Maximum Expenditure Amount for any Fiscal Year, beginning with the
Fiscal Year ending in 2004, shall be increased by an amount equal to the excess,
if any, of the Maximum Expenditure Amount for the previous year (without giving
effect to any previous adjustment made in accordance with this proviso) over the
actual amount of Consolidated Capital Expenditures for such previous Fiscal
Year, but in no event shall such increase exceed 10% of the Maximum Expenditure
Amount for such previous Fiscal Year, provided, further that notwithstanding the
limitations set forth in clauses (x), (y) and (z) herein,

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Company may make or incur additional Consolidated Capital Expenditures from and
after the date of the Third Amendment in an aggregate amount not to exceed
$15 million for the purpose of purchasing the land and improvements comprising
Company's corporate headquarters (or a portion thereof)."

        (d)  Subject to the effectiveness of the waiver set forth in
Section 2(a), subsection 8.11 of the Credit Agreement is hereby amended by
deleting all references to "35%" therein and substituting "20%" therefor.

SECTION 4. LIMITATION OF WAIVERS

        Without limiting the generality of the provisions of subsections 10.6,
10.7 and 10.10 of the Credit Agreement, the waivers set forth above shall be
limited precisely as written and relate solely to the noncompliance by Company
with the provisions of subsections 2.4B(iii)(d), 2.4B(iii)(e) and 7.5 of the
Credit Agreement in the manner and to the extent described above, and nothing in
this Waiver and Amendment shall be deemed to:

        (a)  constitute a waiver of compliance by Company with respect to
(i) subsections 2.4 or 7.5 of the Credit Agreement in any other instance or
(ii) any other term, provision or condition of the Credit Agreement or any other
instrument or agreement referred to therein (whether in connection with the
Offering or otherwise); or

        (b)  prejudice any right or remedy that the Administrative Agent or any
Lender may now have or may have in the future under or in connection with the
Credit Agreement or any other instrument or agreement referred to therein.

        Except as expressly set forth herein, the terms, provisions and
conditions of the Credit Agreement and the other Loan Documents shall remain in
full force and effect and in all other respects are hereby ratified and
confirmed.

SECTION 5. REPRESENTATIONS AND WARRANTIES

        In order to induce Lenders to enter into this Waiver and Amendment,
Company hereby represents and warrants that after giving effect to this Waiver
and Amendment:

        (a)  as of the date hereof, there exists no Event of Default or
Potential Event of Default under the Credit Agreement;

        (b)  all representations and warranties contained in the Credit
Agreement and the other Loan Documents are true, correct and complete in all
material respects on and as of the date hereof except to the extent such
representations and warranties specifically relate to an earlier date, in which
case they were true, correct and complete in all material respects on and as of
such earlier date; and

        (c)  as of the date hereof, Company has performed all agreements to be
performed on its part as set forth in the Credit Agreement.

Section 6. COUNTERPARTS

        This Waiver and Amendment may be executed in any number of counterparts
and by different parties hereto and thereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document.

Section 7. REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT AND THE OTHER LOAN
DOCUMENTS

        On and after the date hereof, each reference in the Credit Agreement to
"this Agreement", "hereunder", "hereof", "herein" 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

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of like import referring to the Credit Agreement shall mean and be a reference
to the Credit Agreement as amended by this Waiver and Amendment.

Section 8. GOVERNING LAW

        THIS WAIVER AND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT
LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

[Remainder of page intentionally left bank]

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

COMPANY:      
 
 
PETCO ANIMAL SUPPLIES, INC.
 
 
By:
/s/  JAMES M. MYERS            

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Name: James M. Myers
Title: Executive Vice President and Chief Financial Officer
ADMINISTRATIVE AGENT:
 
 
      WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent
 
 
By:
/s/  ALEX Y. KIM            

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Name: Alex Y. Kim
Title: Vice President
LENDERS:
 
 
      Per Individual Consents executed by each signing Lender

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EXHIBIT A
CONSENT OF LENDER

        This Consent of Lender is delivered by the undersigned Lender with
reference to that certain Amended and Restated Credit Agreement dated as of
October 26, 2001, as amended by the Limited Waiver, Consent and Amendment
Regarding Initial Public Offering dated as of February 1, 2002 and as further
amended by the Second Amendment to Amended and Restated Credit Agreement dated
as of July 31, 2002 by and among Petco Animal Supplies, Inc., a Delaware
corporation, the Lenders from time to time party thereto ("Lenders"), Wells
Fargo Bank, National Association, as Administrative Agent, Goldman Sachs Credit
Partners L.P., as Syndication Agent, and General Electric Capital Corporation,
as Documentation Agent. The undersigned Lender hereby consents to the Limited
Waiver and Third Amendment to Amended and Restated Credit Agreement dated as of
February 3, 2003.

   

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[Name of Lender]     By:            

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    Name:            

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    Title:            

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EXHIBIT B
WAIVER AND AMENDMENT CONFIRMATION

        This WAIVER AND AMENDMENT CONFIRMATION is dated as of February 3, 2003
(the "Waiver Confirmation") and entered into by and among PETCO ANIMAL
SUPPLIES, INC., a Delaware corporation ("Company"), INTERNATIONAL PET SUPPLIES
AND DISTRIBUTION, INC., a California corporation ("IPSD"), PETCO
SOUTHWEST, INC., a California corporation ("Southwest Inc."), PETCO SOUTHWEST,
L.P., a California limited partnership ("Southwest L.P."), PET CONCEPTS
INTERNATIONAL, a California corporation ("Pet Concepts"), PM MANAGEMENT
INCORPORATED, a California corporation ("PM Management") (collectively the "Loan
Parties") and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent
for and representative of (in such capacity the "Secured Party") the financial
institutions ("Lenders") party to the Credit Agreement referred to below.

R E C I T A L S

        WHEREAS, pursuant to that certain Amended & Restated Credit Agreement
dated as of October 26, 2001, as amended by the Limited Waiver, Consent and
Amendment Regarding Initial Public Offering dated as of February 1, 2002 and as
further amended by the Second Amendment to Amended and Restated Credit Agreement
dated as of July 31, 2002 by and among Company, Secured Party, Goldman Sachs
Credit Partners, L.P., as syndication agent (in such capacity the "Syndication
Agent"), General Electric Capital Corporation, as documentation agent (in such
capacity the "Documentation Agent") and the Lenders named therein (as amended,
the "Credit Agreement", the terms defined therein and not otherwise defined
herein being used herein as therein defined), Lenders extended the credit
facilities set forth in the Credit Agreement to Company; and

        WHEREAS, pursuant to the terms of the Credit Agreement (i) each Loan
Party pledged and granted a security interest in certain of its real property,
(ii) each domestic Loan Party pledged all of its capital stock in each of its
subsidiaries, whether then existing or thereafter created or acquired,
(iii) each of IPSD, Southwest Inc., Southwest L.P., Pet Concepts and PM
Management guaranteed the obligations of Company and (iv) each Loan Party
granted a security interest in substantially all of its assets to the Secured
Party; and

        WHEREAS, Company, Lenders and Secured Party desire to waive and amend
certain provisions of the Credit Agreement pursuant to the Limited Waiver and
Third Amendment to Amended and Restated Credit Agreement, dated as of
February 3, 2003 (the "Waiver and Amendment");

        NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each Loan Party and the Secured Party hereby agrees as follows:

Section 1. CONFIRMATION.

        (a)  Each Loan Party hereby acknowledges that it has reviewed the terms
and provisions of the Waiver and Amendment and consents to the Waiver and
Amendment and this Waiver Confirmation. Each Loan Party hereby confirms that
each Credit Support Document to which it is a party or otherwise bound, and all
Collateral encumbered thereby will continue to guaranty or secure, as the case
may be, to the fullest extent possible the payment and performance of all
"Obligations," "Guarantied Obligations" and "Secured Obligations" as the case
may be (in each case as the applicable terms are defined in the applicable
Credit Support Document), including, without limitation, the payment and
performance of all such "Obligations," "Guarantied Obligations" and "Secured
Obligations," as the case may be, in respect of the Obligations of each of the
Loan Parties now or hereafter existing under or in respect of the Credit
Agreement and the Notes defined therein.

        (b)  Each Loan Party acknowledges and agrees that any of the Credit
Support Documents to which it is a party or otherwise bound, shall continue in
full force and effect and that all of its

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obligations thereunder shall be valid and enforceable and shall not be impaired
or limited by the execution or effectiveness of the Waiver and Amendment.

        (c)  Each Guarantor acknowledges and agrees that (i) notwithstanding the
conditions to effectiveness set forth in the Waiver and Amendment, such
Guarantor is not required by the terms of either the Credit Agreement or any
other Loan Document to consent to the Waiver and Amendment and (ii) nothing in
the Credit Agreement or any other Loan Document shall be deemed to require the
consent of such Guarantor to any future amendments of or waivers to the Credit
Agreement.

Section 2. MISCELLANEOUS.

        (a)  The execution, delivery and performance of this Waiver Confirmation
shall not, except as expressly provided herein, constitute a waiver of any
provision of, or operate as a waiver of any right, power or remedy of the
Secured Party or of any Lender under, the Credit Agreement or any of the other
Loan Documents.

        (b)  THIS WAIVER CONFIRMATION SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW
YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

        (c)  This Waiver Confirmation may be executed in any number of
counterparts, and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document.In witness whereof, the parties hereto have caused this Waiver
Confirmation to be duly executed and delivered as of the date first written
above.

    PETCO ANIMAL SUPPLIES, INC.     By                

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Name:
 
James M. Myers         Title:   Executive Vice President and Chief Financial
Officer
 
 
 
 
Address:
 
9125 Rehco Road
San Diego, California 92121
 
 
INTERNATIONAL PET SUPPLIES AND DISTRIBUTION, INC.
 
 
By
 
 
 
         

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Name:
 
James M. Myers         Title:   Senior Vice President and Chief Financial
Officer
 
 
 
 
Address:
 
9125 Rehco Road
San Diego, California 92121

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    PETCO SOUTHWEST, INC.
 
 
By
 
 
 
         

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        Name:   James M. Myers         Title:   Senior Vice President and Chief
Financial Officer
 
 
 
 
Address:
 
9125 Rehco Road
San Diego, California 92121
 
 
PET CONCEPTS INTERNATIONAL
 
 
By
 
 
 
         

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        Name:   James M. Myers         Title:   Senior Vice President and Chief
Financial Officer
 
 
 
 
Address:
 
9125 Rehco Road
San Diego, California 92121
 
 
PM MANAGEMENT INCORPORATED
 
 
By
 
 
 
         

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        Name:   James M. Myers         Title:   Senior Vice President and Chief
Financial Officer
 
 
 
 
Address:
 
9125 Rehco Road
San Diego, California 92121
 
 
PETCO SOUTHWEST, L.P.         by PETCO ANIMAL SUPPLIES, INC.
    Its General Partner
 
 
By
 
 
 
         

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        Name:   James M. Myers         Title:   Executive Vice President and
Chief Financial Officer
 
 
 
 
Address:
 
9125 Rehco Road
San Diego, California 92121
 
 
WELLS FARGO BANK, NATIONAL ASSOCATION
as Secured Party
 
 
By
 
 
 
         

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        Name:   Alex Y. Kim         Title:   Vice President
 
 
 
 
Address:
 
333 South Grand Avenue, 9th Floor
Los Angeles, California 90071

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EXHIBIT A
CONSENT OF LENDER

        This Consent of Lender is delivered by the undersigned Lender with
reference to that certain Amended and Restated Credit Agreement dated as of
October 26, 2001, as amended by the Limited Waiver, Consent and Amendment
Regarding Initial Public Offering dated as of February 1, 2002 and as further
amended by the Second Amendment to Amended and Restated Credit Agreement dated
as of July 31, 2002 by and among Petco Animal Supplies, Inc., a Delaware
corporation, the Lenders from time to time party thereto ("Lenders"), Wells
Fargo Bank, National Association, as Administrative Agent, Goldman Sachs Credit
Partners L.P., as Syndication Agent, and General Electric Capital Corporation,
as Documentation Agent. The undersigned Lender hereby consents to the Limited
Waiver and Third Amendment to Amended and Restated Credit Agreement dated as of
February 3, 2003.

   

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[Name of Lender]     By:            

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    Name:            

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    Title:            

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EXHIBIT B
WAIVER AND AMENDMENT CONFIRMATION

        This WAIVER AND AMENDMENT CONFIRMATION is dated as of February 3, 2003
(the "Waiver Confirmation") and entered into by and among PETCO ANIMAL
SUPPLIES, INC., a Delaware corporation ("Company"), INTERNATIONAL PET SUPPLIES
AND DISTRIBUTION, INC., a California corporation ("IPSD"), PETCO
SOUTHWEST, INC., a California corporation ("Southwest Inc."), PETCO SOUTHWEST,
L.P., a California limited partnership ("Southwest L.P."), PET CONCEPTS
INTERNATIONAL, a California corporation ("Pet Concepts"), PM MANAGEMENT
INCORPORATED, a California corporation ("PM Management") (collectively the "Loan
Parties") and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent
for and representative of (in such capacity the "Secured Party") the financial
institutions ("Lenders") party to the Credit Agreement referred to below.

R E C I T A L S

        WHEREAS, pursuant to that certain Amended & Restated Credit Agreement
dated as of October 26, 2001, as amended by the Limited Waiver, Consent and
Amendment Regarding Initial Public Offering dated as of February 1, 2002 and as
further amended by the Second Amendment to Amended and Restated Credit Agreement
dated as of July 31, 2002 by and among Company, Secured Party, Goldman Sachs
Credit Partners, L.P., as syndication agent (in such capacity the "Syndication
Agent"), General Electric Capital Corporation, as documentation agent (in such
capacity the "Documentation Agent") and the Lenders named therein (as amended,
the "Credit Agreement", the terms defined therein and not otherwise defined
herein being used herein as therein defined), Lenders extended the credit
facilities set forth in the Credit Agreement to Company; and

        WHEREAS, pursuant to the terms of the Credit Agreement (i) each Loan
Party pledged and granted a security interest in certain of its real property,
(ii) each domestic Loan Party pledged all of its capital stock in each of its
subsidiaries, whether then existing or thereafter created or acquired,
(iii) each of IPSD, Southwest Inc., Southwest L.P., Pet Concepts and PM
Management guaranteed the obligations of Company and (iv) each Loan Party
granted a security interest in substantially all of its assets to the Secured
Party; and

        WHEREAS, Company, Lenders and Secured Party desire to waive and amend
certain provisions of the Credit Agreement pursuant to the Limited Waiver and
Third Amendment to Amended and Restated Credit Agreement, dated as of
February 3, 2003 (the "Waiver and Amendment");

        NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each Loan Party and the Secured Party hereby agrees as follows:

Section 1. CONFIRMATION.

        (a)  Each Loan Party hereby acknowledges that it has reviewed the terms
and provisions of the Waiver and Amendment and consents to the Waiver and
Amendment and this Waiver Confirmation. Each Loan Party hereby confirms that
each Credit Support Document to which it is a party or otherwise bound, and all
Collateral encumbered thereby will continue to guaranty or secure, as the case
may be, to the fullest extent possible the payment and performance of all
"Obligations," "Guarantied Obligations" and "Secured Obligations" as the case
may be (in each case as the applicable terms are defined in the applicable
Credit Support Document), including, without limitation, the payment and
performance of all such "Obligations," "Guarantied Obligations" and "Secured
Obligations," as the case may be, in respect of the Obligations of each of the
Loan Parties now or hereafter existing under or in respect of the Credit
Agreement and the Notes defined therein.

        (b)  Each Loan Party acknowledges and agrees that any of the Credit
Support Documents to which it is a party or otherwise bound, shall continue in
full force and effect and that all of its

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obligations thereunder shall be valid and enforceable and shall not be impaired
or limited by the execution or effectiveness of the Waiver and Amendment.

        (c)  Each Guarantor acknowledges and agrees that (i) notwithstanding the
conditions to effectiveness set forth in the Waiver and Amendment, such
Guarantor is not required by the terms of either the Credit Agreement or any
other Loan Document to consent to the Waiver and Amendment and (ii) nothing in
the Credit Agreement or any other Loan Document shall be deemed to require the
consent of such Guarantor to any future amendments of or waivers to the Credit
Agreement.

Section 2. MISCELLANEOUS.

        (a)  The execution, delivery and performance of this Waiver Confirmation
shall not, except as expressly provided herein, constitute a waiver of any
provision of, or operate as a waiver of any right, power or remedy of the
Secured Party or of any Lender under, the Credit Agreement or any of the other
Loan Documents.

        (b)  THIS WAIVER CONFIRMATION SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW
YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

        (c)  This Waiver Confirmation may be executed in any number of
counterparts, and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document.In witness whereof, the parties hereto have caused this Waiver
Confirmation to be duly executed and delivered as of the date first written
above.

    PETCO ANIMAL SUPPLIES, INC.     By                

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Name:
 
James M. Myers         Title:   Executive Vice President and Chief Financial
Officer
 
 
 
 
Address:
 
9125 Rehco Road
San Diego, California 92121
 
 
INTERNATIONAL PET SUPPLIES AND DISTRIBUTION, INC.
 
 
By
 
 
 
         

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Name:
 
James M. Myers         Title:   Senior Vice President and Chief Financial
Officer
 
 
 
 
Address:
 
9125 Rehco Road
San Diego, California 92121

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    PETCO SOUTHWEST, INC.
 
 
By
 
 
 
         

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        Name:   James M. Myers         Title:   Senior Vice President and Chief
Financial Officer
 
 
 
 
Address:
 
9125 Rehco Road
San Diego, California 92121
 
 
PET CONCEPTS INTERNATIONAL
 
 
By
 
 
 
         

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        Name:   James M. Myers         Title:   Senior Vice President and Chief
Financial Officer
 
 
 
 
Address:
 
9125 Rehco Road
San Diego, California 92121
 
 
PM MANAGEMENT INCORPORATED
 
 
By
 
 
 
         

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        Name:   James M. Myers         Title:   Senior Vice President and Chief
Financial Officer
 
 
 
 
Address:
 
9125 Rehco Road
San Diego, California 92121
 
 
PETCO SOUTHWEST, L.P.         by PETCO ANIMAL SUPPLIES, INC.
    Its General Partner
 
 
By
 
 
 
         

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        Name:   James M. Myers         Title:   Executive Vice President and
Chief Financial Officer
 
 
 
 
Address:
 
9125 Rehco Road
San Diego, California 92121
 
 
WELLS FARGO BANK, NATIONAL ASSOCATION
as Secured Party
 
 
By
 
 
 
         

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        Name:   Alex Y. Kim         Title:   Vice President
 
 
 
 
Address:
 
333 South Grand Avenue, 9th Floor
Los Angeles, California 90071

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LIMITED WAIVER AND THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
RECITALS
EXHIBIT A CONSENT OF LENDER
EXHIBIT B WAIVER AND AMENDMENT CONFIRMATION
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EXHIBIT A CONSENT OF LENDER
EXHIBIT B WAIVER AND AMENDMENT CONFIRMATION
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