{"id":41280,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/second-amendement-to-3-year-letter-of-credit-agreement-gap.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"second-amendement-to-3-year-letter-of-credit-agreement-gap","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/finance\/second-amendement-to-3-year-letter-of-credit-agreement-gap.html","title":{"rendered":"Second Amendement to 3-year Letter of Credit Agreement – Gap"},"content":{"rendered":"

LETTER AMENDMENT NO. 2 <\/strong><\/p>\n

Dated as of September 21, 2010<\/p>\n

HSBC Bank USA, National Association<\/p>\n

452 Fifth Avenue, 8th Floor<\/p>\n

New York, NY 10018<\/p>\n

Attention: Thomas Foley, Managing Director<\/p>\n

Ladies and Gentlemen:<\/p>\n

We refer to the 3-Year Letter of Credit Agreement dated as of May 6, 2005
\n(such 3-Year Letter of Credit Agreement, as heretofore amended, the “Letter
\nof Credit Agreement<\/u>“) among the undersigned and you. Capitalized terms not
\notherwise defined in this Letter Amendment No. 2 (this “Letter
\nAmendment<\/u>“) have the same meanings as specified in the Letter of Credit
\nAgreement.<\/p>\n

It is hereby agreed by you and us that the Letter of Credit Agreement is,
\neffective as of the date of this Letter Amendment, hereby amended as follows:\n<\/p>\n

(a) The definition of “Termination Date<\/u>” in Section 1.01 is hereby
\namended to read in its entirety as follows:<\/p>\n

“Termination Date<\/u>” means the first to occur of (i) the second
\nanniversary of the date of Amendment No. 2, (ii) the date the LC Issuer receives
\nirrevocable written notice from the Company of the termination of its right to
\nrequest Letters of Credit hereunder, or (iii) the date the obligation of the LC
\nIssuer to issue Letters of Credit is terminated pursuant to Section 7.01 hereof.\n<\/p>\n

(b) The definition of “Applicable Margin<\/u>” in Section 1.01 is hereby
\namended to read in its entirety as follows:<\/p>\n

“Applicable Margin<\/u>” means 0.40% per annum.<\/p>\n

(c) Section 1.01 is amended by adding in appropriate alphabetical order the
\nfollowing definition:<\/p>\n

“Amendment No. 2<\/u>” means the Letter Amendment No. 2 dated as of
\nSeptember 21, 2010 to this Agreement.<\/p>\n

We hereby represent and warrant to you as follows:<\/p>\n

(a) The representations and warranties contained in Section 5.01 of the
\nLetter of Credit Agreement (except for the representation and warranties
\ncontained in Sections 5.01(e) and (f) thereof), as amended by this Letter
\nAmendment, are true and correct in all material respects on and as of the date
\nhereof, before and after giving effect to this Letter Amendment, as though made
\non and as of such date, except to the extent that any such representation or
\nwarranty is stated to relate to an earlier date, in which case such
\nrepresentation or warranty shall be true and correct in all material respects on
\nand as of such earlier date;<\/p>\n<\/p>\n

\n

(b) The Consolidated balance sheets of the Company and its Subsidiaries as of
\nJanuary 30, 2010, and the related Consolidated statements of income and retained
\nearnings of the Company and its Subsidiaries for the Fiscal Year then ended,
\ncertified by Deloitte & Touche LLP, when taken as a whole fairly present the
\nConsolidated financial condition of the Company and its Subsidiaries as at such
\ndate and the results of the operations of the Company and its Subsidiaries for
\nthe period ended on such date, all in accordance with GAAP;<\/p>\n

(c) Since January 30, 2010, there has been no Material Adverse Change; and\n<\/p>\n

(d) No event has occurred and is continuing, or would result from entering
\ninto this Letter Amendment, which constitutes an Event of Default or Default.\n<\/p>\n

This Letter Amendment shall become effective as of the date first above
\nwritten when, and only when, you shall have received counterparts of this Letter
\nAmendment executed by the undersigned.<\/p>\n

On and after the effectiveness of this Letter Amendment, each reference in
\nthe Letter of Credit Agreement to “this Agreement”, “hereunder”, “hereof” or
\nwords of like import referring to the Letter of Credit Agreement, shall mean and
\nbe a reference to the Letter of Credit Agreement, as amended by this Letter
\nAmendment.<\/p>\n

The Letter of Credit Agreement, as specifically amended by this Letter
\nAmendment, is and shall continue to be in full force and effect and is hereby in
\nall respects ratified and confirmed. The execution, delivery and effectiveness
\nof this Letter Amendment shall not, except as expressly provided herein, operate
\nas a waiver of any right, power or remedy of the LC Issuer under the Letter of
\nCredit Agreement, nor constitute a waiver of any provision of the Letter of
\nCredit Agreement.<\/p>\n

If you agree to the terms and provisions hereof, please evidence such
\nagreement by executing and returning at least two counterparts of this Letter
\nAmendment to Jennifer Cho153s attention at 2 Folsom, San Francisco, CA 94105.<\/p>\n

This Letter Amendment may be executed in any number of counterparts and by
\ndifferent parties hereto in separate counterparts, each of which when so
\nexecuted shall be deemed to be an original and all of which taken together shall
\nconstitute one and the same agreement. Delivery of an executed counterpart of a
\nsignature page to this Letter Amendment by telecopier or other electronic
\ntransmission (i.e., a “pdf” or “tif”) shall be effective as delivery of a
\nmanually executed counterpart of this Letter Amendment.<\/p>\n

[Remainder of Page Intentionally Left Blank<\/em>]<\/p>\n<\/p>\n

– 2 –<\/p>\n<\/p>\n

\n

This Letter Amendment shall be governed by, and construed in accordance with,
\nthe laws of the State of New York.<\/p>\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Very truly yours,<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

THE GAP, INC.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By <\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Vice President and Treasurer<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

BANANA REPUBLIC, LLC<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Vice President and Treasurer<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

GAP (CANADA) INC.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Vice President and Treasurer<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

GAP (FRANCE) S.A.S.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Lisa D. Mertens<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Lisa D. Mertens<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

President<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

GAP (JAPAN) K.K.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Thomas J. Lima<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Thomas J. Lima<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Director<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

GAP (NETHERLANDS) B.V.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Lisa D. Mertens<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Lisa D. Mertens<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Director<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

GPS CONSUMER DIRECT, INC.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By <\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Vice President and Treasurer<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

GPS (GREAT BRITAIN) LIMITED<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Director<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

OLD NAVY (CANADA) INC.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Vice President and Treasurer<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

FORTH & TOWNE LLC<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Vice President and Treasurer<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

GAP STORES (IRELAND) LIMITED<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Lisa D. Mertens<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Lisa D. Mertens<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Director<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

GAP EUROPE LIMITED<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Jennifer Cho<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Director<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

GAP EUROPE HOLDINGS B.V.<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Lisa D. Mertens<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Lisa D. Mertens<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Director<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\n

Agreed as of the date first above written:<\/p>\n<\/p>\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

HSBC BANK USA, NATIONAL ASSOCIATION<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

By<\/p>\n<\/td>\n

<\/td>\n\n

\/s\/ Thomas A. Foley<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Name:<\/p>\n<\/td>\n

<\/td>\n\n

Thomas A. Foley<\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n\n

Title:<\/p>\n<\/td>\n

<\/td>\n\n

Managing Director<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7600],"corporate_contracts_industries":[9494],"corporate_contracts_types":[9561,9560],"class_list":["post-41280","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-gap-inc","corporate_contracts_industries-retail__clothing","corporate_contracts_types-finance__credit","corporate_contracts_types-finance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/41280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=41280"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=41280"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=41280"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=41280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}