Letter Agreement for Termination of 3-Year Letter of Credit Agreement between The Gap, Inc. and Citicorp USA, Inc. (September 21, 2010)
The Gap, Inc. and its subsidiaries have agreed with Citicorp USA, Inc. to immediately terminate their 3-Year Letter of Credit Agreement, originally dated May 6, 2005 and previously amended. This means The Gap, Inc. and its subsidiaries will no longer have the right to request letters of credit under that agreement. Both parties have formally acknowledged and accepted this termination as of September 21, 2010.
EXHIBIT 10.2
The Gap, Inc.
2 Folsom Street
San Francisco, CA 94105
Dated September 21st, 2010
CITICORP USA, INC.
388 Greenwich Street
New York, NY 10013
Attention: Marni McManus
Ladies and Gentlemen:
We refer to the 3-Year Letter of Credit Agreement dated as of May 6, 2005 between THE GAP, INC. (the “Company”) and CITICORP USA, INC. (the “Letter of Credit Agreement”), as amended on May 18, 2007. The Company and the LC Subsidiaries hereby elect to terminate the Letter of Credit Agreement and their right to request Letters of Credit thereunder, effective immediately.
| Very Truly Yours, | ||
| The Gap, INC. | ||
| By: | /s/ Jennifer Cho | |
| Name: | Jennifer Cho | |
| Title: | Vice President and Treasurer | |
| Acknowledged and Agreed | ||
| CITICORP USA, INC. | ||
| By: | /s/ Marni McManus | |
| Name: | Marni McManus | |
| Title: | Director | |
