Document:

<PAGE>
                                                                    Exhibit 4.8

                                                          EXECUTION COUNTERPART

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

                              U.S. $250,000,000
                        364-DAY AMENDED AND RESTATED
                              CREDIT AGREEMENT

                          Dated as of May 2, 2001

                                   among

                       THE PEPSI BOTTLING GROUP, INC.

                            BOTTLING GROUP, LLC

                          THE LENDERS NAMED HEREIN

                          THE CHASE MANHATTAN BANK,
                                  as Agent,

                                JPMORGAN and
                          SALOMON SMITH BARNEY INC.,
                           as Co-Lead Arrangers and
                             Joint Book Managers

                                     and

                             CITIBANK, N.A. and
                            BANK OF AMERICA, N.A.,
                           as Co-Syndication Agents

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

<PAGE>
     AMENDED AND RESTATED CREDIT AGREEMENT dated as of May 2, 2001 among THE
PEPSI BOTTLING GROUP, INC., a Delaware corporation (the "Company"), BOTTLING
GROUP, LLC, a Delaware limited liability company (the "Guarantor"), the banks,
financial institutions and other institutional lenders (the "Initial Lenders")
listed on the signature pages hereof, and THE CHASE MANHATTAN BANK ("Chase"), as
Agent (in such capacity, the "Agent") for the Lenders.

     The Company, the Initial Lenders and the Agent are parties to a Credit
Agreement dated as of May 3, 2000 (as heretofore amended, modified and in effect
on the date hereof, the "Existing Credit Agreement") providing for the making of
loans by the Lenders to the Company in an aggregate principal amount at any one
time outstanding not exceeding $250,000,000.

     The parties hereto wish to amend the Existing Credit Agreement to, among
other things, extend the Termination Date by 364 days and add State Street Bank
and Trust Company (the "New Lender") as an "Initial Lender" thereunder, and to
restate the Existing Credit Agreement to read in its entirety as set forth in
the Existing Credit Agreement (which Existing Credit Agreement is incorporated
herein by this reference) as so amended (as so amended and restated, the "Credit
Agreement"). The parties hereto agree as follows:

     Section 1. Definitions. Capitalized terms used but not otherwise defined
herein have the meanings given them in the Existing Credit Agreement.

     Section 2. Amendments. The Existing Credit Agreement is hereby amended,
effective as of the Restatement Date (as defined in Section 4 hereof), as
follows, and as so amended is restated in its entirety effective on the
Restatement Date:

             (a) General. Each reference to this "Agreement" and words of
     similar import in the Existing Credit Agreement, as amended and restated
     hereby shall be deemed to be a reference to the Existing Credit Agreement
     as amended and restated hereby and as the same may be further amended,
     supplemented and otherwise modified and in effect from time to time.

             (b) Termination Date. The definition of "Termination Date" set
     forth in Section 1.01 of the Existing Credit Agreement is amended in its
     entirety to read as follows:

                "Termination Date" means May 1, 2002 or, if earlier, the date
          of termination in whole of the Commitments pursuant to Section 2.05(a)
          or 6.01 or, in the case of any Lender whose Commitment is extended
          pursuant to Section 2.06(c), the date to which such Commitment is
          extended; provided in each case

                     Amended and Restated Credit Agreement

<PAGE>
                                      -2-

          that if any such date is not a Business Day, the relevant Termination
          Date of such Lender shall be the immediately preceding Business Day."

               (c) New Lender. The New Lender shall be deemed to be an "Initial
     Lender" under and for all purposes of the Credit Agreement and each
     reference in the Credit Agreement to "Initial Lender" shall be deemed to
     include the New Lender.

          Section 3. Representations and Warranties. Each of the Company and
the Guarantor (each, a "Loan Party") represents and warrants that (i) each of
the representations and warranties of such Loan Party contained in Section 4.01
of the Existing Credit Agreement, after giving effect to the amendment and
restatement contemplated hereby, is true and correct on and as of the
Restatement Date with the same force and effect as if made on and as of the
Restatement Date, and as if each reference in Section 4.01(e) to "December 25,
1999" referred to "December 30, 2000", and (ii) no Default or Event of Default
has occurred and is continuing on and as of the Restatement Date. The Company
agrees that if any representation and warranty contained in this Section 3
shall prove to have been incorrect in any material respect when made, it shall
be deemed to be an Event of Default under Section 6.01(b) of the Existing
Credit Agreement as amended and restated hereby.

          Section 4. Conditions to Effectiveness. This Agreement shall become
effective on the date (the "Restatement Date") on which the Agent notifies the
Company that the following conditions have been satisfied;

               (i) Execution by All Parties. This Agreement shall have been
     executed and delivered by each of the Company, the Guarantor, the Agent and
     the Initial Lenders.

               (ii) Documents. On the Restatement Date, the Agent shall have
     received the following documents, each of which shall be dated the
     Restatement Date and shall otherwise be satisfactory to the Agent in form
     and substance;

               (a) Certified copies of the resolutions of the Board of Directors
          of the Company and of the Guarantor approving this Agreement, and of
          all documents evidencing other necessary corporate action and
          governmental approvals, if any, with respect to this Agreement.

               (b) A certificate of the Secretary or an Assistant Secretary of
          the Company certifying the names and true signatures of the officers
          of the Company authorized to sign this Agreement and the other
          documents to be delivered hereunder.

               (c) A certificate of the Secretary or an Assistant Secretary of
          the Guarantor certifying the names and true signatures of the officers
          of the Guarantor authorized to sign this Agreement and the other
          documents to be delivered hereunder.

                     Amended and Restated Credit Agreement
<PAGE>
                                      -3-

         (d) An opinion of Pamela McGuire, General Counsel of each of the
     Company and the Guarantor, substantially in the form of Exhibit C to the
     Existing Credit Agreement (with such necessary changes to reflect the
     amendment and restatement contemplated hereby) and as to such other matters
     as any Initial Lender through the Agent may reasonably request.

         (e) A favorable opinion of Milbank, Tweed, Hadley & McCloy LLP, special
     New York counsel for the Agent.

         (f) The Agent shall have received such other approvals, opinions or
     documents as any Initial Lender through the Agent may reasonably request.

     Section 5. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

     Section 6. EXPENSES. Without limiting its obligations under Section 8.04
of the Existing Credit Agreement, the Company agrees to pay all reasonable
out-of-pocket expenses incurred by the Agent and its Affiliates, including the
reasonable fees, charges and disbursements of counsel for the Agent, in
connection with the preparation, execution and delivery of this Agreement.

     Section 7. BINDING EFFECT. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
assigns.

     Section 8. GOVERNING LAW. This Agreement shall be governed by, and
construed in accordance with, the law of the State of New York.

                     Amended and Restated Credit Agreement
                     -------------------------------------
<PAGE>
     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered as of the day and year first above written.

                                                 THE PEPSI BOTTLING GROUP, INC.,
                                                 as Borrower

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

                                                 BOTTLING GROUP, LLC,
                                                 as Guarantor

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

                                                 THE CHASE MANHATTAN BANK,
                                                 as Agent

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

                    Amended and Restated Credit Agreement
                    -------------------------------------

<PAGE>
COMMITMENT                                            INITIAL LENDERS
----------                                            ---------------

$30,000,000                                           THE CHASE MANHATTAN BANK

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

$30,000,000                                           CITIBANK, N.A.

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

$30,000,000                                           BANK OF AMERICA, N.A.

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

$30,000,000                                           DEUTSCHE BANK AG, NEW
                                                      YORK AND/OR CAYMAN
                                                      ISLANDS BRANCH

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

                     Amended and Restated Credit Agreement
                     -------------------------------------

<PAGE>
$25,000,000                                      CREDIT SUISSE FIRST BOSTON

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

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

$20,000,000                                      THE NORTHERN TRUST
                                                 COMPANY

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

$20,000,000                                      LEHMAN COMMERCIAL PAPER
                                                 INC.

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

$15,000,000                                      ROYAL BANK OF CANADA

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

                     Amended and Restated Credit Agreement
                     -------------------------------------

<PAGE>
$12,500,000                                          BANCO BILBAO VIZCAYA

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

$12,500,000                                          THE BANK OF NEW YORK

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

$12,500,000                                          FLEET NATIONAL BANK

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

$12,500,000                                          STATE STREET BANK AND
                                                     TRUST COMPANY

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

---------------------------------------
$250,000,000 - Total of the Commitments

                     Amended and Restated Credit Agreement
                     -------------------------------------<PAGE>
                                                                   EXHIBIT 10.14

                            PBG DIRECTORS' STOCK PLAN
                         (Effective as of May 23, 2001)

1.       PURPOSES

         The principal purposes of the PBG Directors' Stock Plan (the "Plan")
are to provide compensation to those members of the Board of Directors of The
Pepsi Bottling Group, Inc. ("PBG") who are not also employees of PBG, assist PBG
in attracting and retaining outside directors with experience and ability on a
basis competitive with industry practices, and associate more fully the
interests of such directors with those of PBG's shareholders.

2.       EFFECTIVE DATE

         The Plan was unanimously approved by the Board of Directors of PBG,
conditional on shareholder approval, and will become effective on May 23, 2001.

3.       ADMINISTRATION

         The Plan shall be administered and interpreted by the Board of
Directors of PBG ("Board"). The Board shall have full power and authority to
administer and interpret the Plan and to adopt such rules, regulations,
guidelines and instruments for the administration of the Plan and for the
conduct of its business as the Board deems necessary or advisable. The Board's
interpretations of the Plan, and all actions taken and determinations made by
the Board pursuant to the powers vested in its members hereunder, shall be
conclusive and binding on all parties concerned, including PBG, its directors
and shareholders and any employee of PBG. The costs and expenses of
administering the Plan shall be borne by PBG and not charged against any award
or to any award recipient.

4.       ELIGIBILITY

         Directors of PBG who are not employees of PBG ("Non-Employee
Directors") are eligible to receive awards under the Plan. Directors of PBG who
are employees of PBG are not eligible to participate in the Plan, but shall be
eligible to participate in other PBG benefit and compensation plans.

5.       INITIAL AWARD

         Under the Plan, each Non-Employee Director shall, on the first day of
the month after commencing service as a director of PBG, receive a formula grant
of restricted stock ("Restricted Stock"). The number of shares of Restricted
Stock to be included in each such award shall be determined by dividing $25,000
by the Fair Market Value (as defined below) of a share of PBG Common Stock on
the date of grant (the "Stock Grant Date"), or if such day is not a trading day
on the New York Stock Exchange ("NYSE"), on the immediately preceding trading
day. The number of shares so determined shall be rounded to the nearest number
of whole shares. If the recipient of the Restricted Stock continuously remains a
director of PBG, the Restricted Stock granted hereunder shall vest and any
restrictions thereon shall lapse on the first anniversary of the Stock Grant
Date; provided, however, that, in the event of a Non-Employee Director's death
or Disability (as defined in Section 6(c) hereof), the Restricted Stock granted
to such Non-Employee Director shall vest and any restrictions thereon shall
lapse immediately. Notwithstanding the foregoing, a Non-Employee Director may
not sell or otherwise transfer any Restricted Stock granted to him or her prior
to the date such Non-Employee Director ceases to serve as a director of PBG for
any reason. The Non-Employee Director shall have all of the

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rights of a stockholder with respect to such Restricted Stock, including the
right to receive all dividends or other distributions paid or made with respect
to the stock. Any dividends or distributions that are paid or made in PBG Common
Stock shall be subject to the same restrictions as the Restricted Stock in
respect of which such dividends or distributions were paid or made. However, any
dividends or distributions paid or made in cash shall not be subject to such
restrictions. Each Restricted Stock award shall be evidenced by an agreement
setting forth the terms and conditions thereof, which terms and conditions shall
not be inconsistent with those set forth in this Plan.

6.       ANNUAL AWARD

         (a) Under the Plan, each Non-Employee Director shall receive an annual
formula grant of options to purchase shares of PBG Common Stock ("Options") at a
fixed price (the "Exercise Price"). Such grant shall be made annually on April 1
(the "Option Grant Date"); provided, however, that each individual who becomes a
Non-Employee Director after April 1, and in a month other than January, February
or March, shall receive a pro-rated annual formula grant of options (a
"Pro-Rated Grant") on the first day of the month following the date he or she
commences service as a director of PBG (the "Pro-Rated Option Grant Date"). To
receive a grant of Options, a Non-Employee Director must be actively serving as
a director of PBG on the Option Grant Date or the Pro-Rated Option Grant Date,
as applicable.

         (b) The number of Options to be included in each option award shall be
determined by dividing the Grant Amount (as defined below) by the Fair Market
Value (as defined below) of a share of PBG Common Stock on the Option Grant Date
or Pro-Rated Option Grant Date, as applicable, or if such day is not a trading
day on the NYSE, on the immediately preceding trading day. Grant Amount shall
mean $275,000, except that, in the case of a Pro-Rated Grant, Grant Amount shall
mean the following: (i) $206,250 in the case of an individual who commences
service as a director of PBG on or after April 2 and on or before June 30; (ii)
$137,500 in the case of an individual who commences service as a director of PBG
on or after July 1 and on or before September 30; (iii) $68,750 in the case of
an individual who commences service as a director of PBG on or after October 1
and on or before December 31. No Pro-Rated Grant shall be made in the case of an
individual who commences service as a director of PBG on or after January 1 and
on or before March 31. The number of Options so determined shall be rounded to
the nearest number of whole Options. "Fair Market Value" shall mean the average
of the high and low per share sale prices for PBG Common Stock on the composite
tape for securities listed on the NYSE for the day in question, except that such
average price shall be rounded up to the nearest one-fourth.

         (c) Options shall vest and become immediately exercisable on the Option
Grant Date or Pro-Rated Option Grant Date, as applicable. Each Option shall have
an Exercise Price equal to the Fair Market Value of PBG Common Stock on the
Option Grant Date or Pro-Rated Option Grant Date, as applicable, or if such day
is not a trading day on the NYSE, on the immediately preceding trading day. Each
Option shall have a term of ten years; provided, however, in the event the
holder thereof shall cease to be a director of PBG, or its successor, for a
reason other than death or Disability (as defined below), such Options shall
thereupon immediately terminate and expire. A Non-Employee Director has a
"Disability" if he or she is totally and permanently disabled as determined
using the standards PBG applies under its long-term disability program.

         (d) Non-Employee Directors may exercise their Options by giving an
exercise notice to PBG in the manner specified from time to time by the Board.
Options may be exercised by using either a standard cash exercise procedure or a
cashless exercise procedure. From time to time, the Board may change or adopt
procedures relating to Option exercises. If, at any time, a Non-Employee
Director suffers a Disability or is otherwise incapable of exercising his or her
Options before the expiration thereof, the Board may take any steps it deems
appropriate to prevent such Options from lapsing prior to being exercised.

         (e) Each Option award shall be evidenced by a written agreement setting
forth the terms and conditions thereof, which terms and conditions shall not be
inconsistent with those set forth in this Plan.

                                       B-2
<PAGE>
         (f) With respect to each Option award, by an election made before the
Option Grant Date or Pro-Rated Option Grant Date, as applicable, Non-Employee
Directors may elect to convert up to one hundred percent (100%) of their Options
into shares of PBG Common Stock at the ratio of three Options for one share. The
number of shares so determined shall be rounded to the nearest number of whole
shares. If less than one hundred percent (100%) of the Options are converted,
Options shall be converted in increments of thirty (30) Options.

7.       SHARES OF STOCK SUBJECT TO THE PLAN

         The shares that may be delivered under this Plan shall not exceed an
aggregate of 300,000 shares of PBG Common Stock, adjusted, if appropriate, in
accordance with Section 9 below; provided that any shares authorized but not
delivered under the Prior Plan (as hereinafter defined) shall be available for
delivery under this Plan in addition to the above mentioned 300,000 shares. The
shares granted or delivered under the Plan may be newly issued shares of Common
Stock or treasury shares.

8.       DEFERRAL

         Non-Employee Directors may make an advance election to defer into PBG
phantom stock units (i) all of the shares of Restricted Stock granted under
Section 5 and/or (ii) all of the shares resulting from an election made under
Section 6(f). Non-Employee Directors who elect to defer receipt of such shares
shall be credited with a number of phantom stock units equal to that number of
shares of Restricted Stock or PBG Common Stock that they would have received had
they not elected to defer. During the deferral period, the value of the phantom
stock units will fluctuate based on the market value of PBG Common Stock.
Non-Employee Directors will be credited with dividends on phantom stock units at
the same rate and time as dividends are declared on PBG Common Stock. Any such
dividends shall be credited as additional phantom stock units. At the end of the
deferral period, Non-Employee Directors will receive the aggregate value of the
PBG phantom stock units credited to them. The value of PBG phantom stock units
will be determined by multiplying the number of PBG phantom stock units by the
Fair Market Value of PBG Common Stock on the last trading day of the deferral
period. All payments of deferred awards shall be made in cash, unless the Board
in its discretion decides to make the distribution in shares of PBG Common Stock
or in a combination of cash and shares of PBG Common Stock. Unless otherwise
determined by the Board, (i) the deferral period with respect to shares of
Restricted Stock granted under Section 5 shall equal the Non-Employee Director's
period of service as a director of PBG (i.e., such deferral period shall end on
the date the Non-Employee Director ceases to be a director of PBG, including by
reason of death or disability), and (ii) the deferral period with respect to
shares resulting from an election made under Section 6(f) shall be such as
elected by the director of PBG and shall not be less than two (2) years.

9.       DILUTION AND OTHER ADJUSTMENTS

         The number and kind of shares of PBG Common Stock issuable under the
Plan, or which may or have been awarded to any Non-Employee Director, may be
adjusted proportionately by the Board to reflect stock dividends, stock splits,
recapitalizations, mergers, consolidations, combinations or exchanges of shares,
any spin off or other distribution of assets of the Company to its shareholders,
any partial or complete liquidation, or other similar corporate changes. Such
adjustment shall be conclusive and binding for all purposes of the Plan.

10.      EFFECT OF MISCONDUCT

         Notwithstanding anything to the contrary herein, if a Non-Employee
Director commits Misconduct (as defined below), he or she shall forfeit all
rights to any unexercised Options, Restricted Stock and PBG phantom stock units
credited to him or her under Section 8. For purposes of this Plan, Misconduct
occurs if a majority of the Board determines that a Non-Employee Director has:
(a) engaged in any act which is considered to be contrary to the PBG's best
interests; (b) violated the PBG's Code of Conduct or engaged in

                                       B-3
<PAGE>
any other activity which constitutes gross misconduct; (c) engaged in unlawful
trading in the securities of PBG or of any other company based on information
gained as a result of his or her service as a director of PBG; or (d) disclosed
to an unauthorized person or misused confidential information or trade secrets
of PBG.

11.      WITHHOLDING TAXES

         PBG shall have the right to require the payment (through withholding
from any amount payable from PBG to the Non-Employee Director or otherwise) of
any withholding taxes required by federal, state, local or foreign law in
respect of any award.

12.      RESALE RESTRICTIONS, ASSIGNMENT AND TRANSFER

         Options (unless the Board of Directors specifically determines
otherwise), Restricted Stock and PBG phantom stock units may not be sold,
transferred or assigned, except in the event of the Non-Employee Director's
death, in which case his or her Options, Restricted Stock or PBG phantom stock
units may be transferred by will or by the laws of descent and distribution. All
restrictions on Restricted Stock granted to a Non-Employee Director shall lapse
upon his or her death. Options may be exercised by the decedent's personal
representative, or by whomever inherits the Options, at any time, through and
including their original expiration date.

         Once awarded, the shares of PBG Common Stock received by Non-Employee
Directors may be freely transferred, assigned, pledged or otherwise subjected to
lien, subject to restrictions imposed by the Securities Act of 1933, as amended,
and subject to the trading restrictions imposed by Section 16 of the Securities
Exchange Act of 1934, as amended. PBG phantom stock units may not be transferred
or assigned except by will or the laws of descent and distribution.

13.      FUNDING

         The Plan shall be unfunded. PBG shall not be required to establish any
special or separate fund or to make any other segregation of assets to assure
the payment of any award under the Plan.

14.      PRIOR DIRECTORS' STOCK PLAN SUPERSEDED

         Upon this Plan's approval by the shareholders of PBG, this Plan shall
supersede The PBG Directors' Stock Plan of 1999 (the "Prior Plan"). Thereafter,
all shares authorized but not delivered under the Prior Plan shall be available
for delivery under this Plan, no more awards shall be made under the Prior Plan,
and all awards granted under the Prior Plan shall be governed by and
administered in accordance with the terms of this Plan.

15.      DURATION, AMENDMENTS AND TERMINATIONS

         The Board of Directors may terminate or amend the Plan in whole or in
part; provided, however, that the Plan may not be amended more than once every
six (6) months, other than to comport with changes in the Internal Revenue Code
of 1986, as amended, or the rules and regulations thereunder; provided further,
however, that no such action shall adversely affect any rights or obligations
with respect to any awards theretofore granted under the Plan, unless consented
to by the recipients of such awards. The Plan shall continue until terminated.

                                       B-4

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