First Anniversary Extension and Facility Reduction Letter Agreement between The Gap, Inc. and Citicorp USA Inc. dated April 1, 2008
This agreement is between The Gap, Inc. and Citicorp USA Inc. The Gap requests to extend the termination date of their existing 3-Year Letter of Credit Agreement by one year, moving it to May 18, 2011. Additionally, The Gap reduces the facility amount under the agreement to $100 million, effective May 18, 2008. The letter serves as formal notice of these changes, which require Citicorp's acknowledgment and approval.
Exhibit 10.7
 | GPS Services Two Folsom Street San Franciso, CA 94105
www.gapinc.com |
Dated as of April 1, 2008
FIRST ANNIVERSARY EXTENSION REQUEST AND FACILITY REDUCTION
Citicorp USA Inc.
388 Greenwich, 23rd Floor
New York, NY 10013
Attention: John McQuiston
Ladies and Gentlemen:
We refer to the 3-Year Letter of Credit Agreement, dated as of May 6, 2005 (the “Agreement”), as amended May 18, 2007 (“Amendment No. 1”), between the undersigned and you.
Extension of Termination Date
Pursuant to Section 2.17 of the Agreement, the Company, by written notice, can request to extend the Termination Date set forth in the Agreement (May 18, 2010) by one year by providing notice at least 45 days but not more than 60 days prior to each of the first and second anniversaries of the date of Amendment No. 1.
The LC Issuer shall, not later than 30 days prior to such anniversary date, notify the Company in writing as to whether it will consent to such extension.
We hereby request extension of the termination date of the 3-Year Letter of Credit Agreement to May 18, 2011.
Reduction in Facility Amount
Further, pursuant to Section 2.09 of the Agreement, the Company hereby reduces the Facility Amount to $100,000,000.00, effective May 18, 2008.
| Very truly yours,
THE GAP, INC. | ||||||||
| Acknowledged and Approved, | By | /s/ Jennifer Cho | ||||||
| Vice President and Treasurer | ||||||||
| /s/ John McQuiston | ||||||||
| John McQuiston Citicorp USA Inc | ||||||||
