Document:

Letter of Credit Agreement Citibank, N.A., as LC Issuer

 Exhibit 10.4 
  
 EXECUTION COPY 
  
 AMENDMENT NO. 2 TO THE 
 LETTER OF
CREDIT AGREEMENT 
  
 Dated as of October 29, 2004 
  
 AMENDMENT NO. 2 TO THE LETTER OF CREDIT AGREEMENT (this
“Amendment”) among The Gap, Inc., a Delaware corporation (the “Company”), the LC Subsidiaries (as defined in the Existing LC Facility referred to below) and Citibank, N.A. (the “LC Issuer”).

  
 PRELIMINARY STATEMENTS: 
  
 (1) The Company, the LC Subsidiaries, and the LC Issuer entered into a
Letter of Credit Agreement dated as of June 25, 2003, as amended as of August 30, 2004, (the “Existing LC Facility”) and the Company and the LC Subsidiaries also entered into separate letter of credit agreements each dated June 25,
2003, as amended as of August 30, 2004, with HSBC Bank USA, National Association, JPMorgan Chase Bank and Bank of America, N.A., respectively, as issuing bank, the material terms of which are no more favorable to each such issuing bank than the
terms of the Existing LC Facility (as such agreements may be replaced, amended, supplemented or otherwise modified from time to time, the “Other Letter of Credit Facilities”). Capitalized terms not otherwise defined in this
Amendment have the same meanings as specified in the Existing LC Facility. 
  
 (2) On or around the date hereof, the Company and the LC Subsidiaries are to enter into amendments to the Other Letter of Credit Facilities, the material terms of which are no more favorable to the respective bank
than the terms hereof (the “LC Facility Amendments”). 
  
 (3) The Company, the LC Subsidiaries and the LC Issuer desire to enter into this Amendment to the Existing LC Facility on the amended terms as set forth below. 
  
 SECTION 1. Amendments to Letter of Credit Agreement. The Existing LC Facility is, effective as of the
date hereof and subject to the satisfaction of the conditions precedent set forth in Section 2, hereby amended as follows: 
  
 (a) Amendments to Subsection 1.01. Subsection 1.01 of the Existing LC Facility is hereby amended as follows: 
  
 (i) The term “Required Collateral Amount”
is hereby amended by deleting the text thereof in its entirety and inserting in lieu thereof the following: 
  
 “Required Collateral Amount” means 100 percent of the Facility Amount from time to time, provided, that the
Required Collateral Amount shall be increased to 101 percent of the Facility Amount during any period (and only for such time) that the Letters of Credit Issued are equal to or greater than 99 percent of the Facility Amount, provided,
further, that the Required Collateral Amount shall be increased to 105 percent of the 
  

 1 

 Facility Amount during any period (and only for such time) that the Company’s long-term senior
unsecured non-credit-enhanced debt rating by either S&P or Moody’s is less than the Effective Date Rating by such rating agency, respectively, provided, further, that to the extent that the collateral under the Collateral
Documents in respect of any EURO-denominated Letters of Credit consists of U.S. Dollar denominated investments or U.S. Dollars, the Required Collateral Amount in respect of such Letters of Credit shall be 110 percent of the aggregate face amount of
such Letters of Credit. 
  
 SECTION 2. Conditions of
Effectiveness. This Amendment shall become effective on and as of the first date on which the following conditions precedent have been satisfied: 
  
 (a) The LC Issuer shall have received all of the following documents, in form and substance satisfactory to the LC Issuer: 
  
 (i) Counterparts of this Amendment executed by each Account
Party. 
  
 (ii) Certified copies of the
resolutions of the board of directors (or persons performing similar functions) of each domestic Account Party approving this Amendment and the matters contemplated hereby. 
  
 (iii) A certificate of the Secretary or an Assistant Secretary of each domestic Account Party certifying the
names and true signatures of the officers of such Account Party authorized to sign this Amendment. 
  
 (b) Evidence that each of the LC Facility Amendments has been entered into and all conditions precedent to the effectiveness of each of the LC Facility
Amendments (except the entry into and effectiveness of this Amendment) have been satisfied or waived. 
  
 (c) Such other documents as the LC Issuer may reasonably request. 
  

The effectiveness of this Amendment is conditioned upon the accuracy of the factual matters described herein. This Amendment is subject to the
provisions of Section 8.01 of the Existing LC Facility. 
  
 SECTION 3. Representations and Warranties of the Company. The Company represents and warrants as follows: 
  
 (a) Each Account Party is duly organized or formed, validly existing and in good standing under the laws of its jurisdiction of
incorporation or organization. 
  
 (b) The
execution, delivery and performance by each Account Party of this Amendment are within such Account Party’s respective powers (corporate or otherwise), have been duly authorized by all necessary action (corporate or otherwise), and do not (i)
contravene such Account Party’s Constitutive Documents, (ii) violate any Requirements of Law, (iii) conflict with or result in the breach of, or constitute a default or require any payment to be made under, any material contract, loan
agreement, indenture, mortgage, deed of trust, lease or other material instrument binding on or 
  

 2 

 affecting any Account Party or any of its properties or (iv) result in or require the creation or
imposition of any Lien upon or with respect to any of the properties of any Account Party. No Account Party is in violation of any such Requirements of Law or in breach of any such contract, loan agreement, indenture, mortgage, deed of trust, lease
or other instrument, the violation or breach of which would be reasonably likely to have a Material Adverse Effect. 
  
 (c) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is
required for the due execution, delivery and performance by any Account Party of this Amendment. 
  
 (d) This Amendment has been duly executed and delivered by each Account Party. This Amendment is the legal, valid and binding obligation
of each Account Party enforceable against such Account Party in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights generally
and general principles of equity (regardless of whether considered in a proceeding in equity or at law). 
  
 SECTION 4. Reference to and Effect on the Existing LC Facility. (a) On and after the effectiveness of this Amendment, each reference
in the Existing LC Facility to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Existing LC Facility, and each reference in any other LC Facility Document to “the Letter of Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the Existing LC Facility, shall mean and be a reference to the Existing LC Facility, as amended by this Amendment. 
  
 (b) Each LC Facility Document, as specifically amended by this Amendment, is
and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Collateral Documents and all of the Collateral described therein do and shall continue to
secure the payment of all Obligations of the Account Parties under the LC Facility Documents, in each case as amended by this Amendment. 
  
 (c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or
remedy of the LC Issuer under any LC Facility Document, nor constitute a waiver of any provision of any LC Facility Document. 
  
 SECTION 5. Costs and Expenses. The Company agrees to pay on demand all costs and expenses of the LC Issuer in connection with the
preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the
LC Issuer) in accordance with the terms of Section 8.04 of the Existing LC Facility. 
  
 SECTION 6. Execution in Counterparts. This Amendment 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 
  

 3 

 constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by
telecopier shall be effective as delivery of a manually executed counterpart of this Amendment. 
  
 SECTION 7. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

  
 [Remainder of page intentionally left blank.] 
  

 4 

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

					
	 THE COMPANY:
  

	 	 	 THE GAP, INC.
  

	 	 	 By:
  
	 	

	 	 	Name:	 	Sabrina Simmons
	 	 	Title:	 	Senior Vice President and Treasurer
	  
 THE LC SUBSIDIARIES:
  

	 	 	 BANANA REPUBLIC, LLC
  

	 	 	 By:
  
	 	

	 	 	Name:	 	Sabrina Simmons
	 	 	Title:	 	Senior Vice President and Treasurer
	 	 	  
 GPS CONSUMER DIRECT, INC.
  

	 	 	 By:
  
	 	

	 	 	Name:	 	Sabrina Simmons
	 	 	Title:	 	Senior Vice President and Treasurer
	 	 	  
 GAP (CANADA) INC.
  

	 	 	 By:
  
	 	

	 	 	Name:	 	Sabrina Simmons
	 	 	Title:	 	Senior Vice President and Treasurer
	 	 	  
 GAP (FRANCE) S.A.S.
  

	 	 	 By:
  
	 	

	 	 	Name:	 	Lisa Mertens
	 	 	Title:	 	President

  

 5 

			
	 GAP (JAPAN) K.K.
  

	 By:
  
	 	

	Name:	 	Thomas J. Lima
	Title:	 	Director
	  
 GAP (NETHERLANDS) B.V.
  

	 By:
  
	 	

	Name:	 	Julie Kanberg
	Title:	 	Director
	  
 GPS (GREAT BRITAIN) LIMITED
  

	 By:
  
	 	

	Name:	 	Byron Pollitt
	Title:	 	Director
	  
 OLD NAVY (CANADA) INC.
  

	 By:
  
	 	

	Name:	 	Sabrina Simmons
	Title:	 	Senior Vice President and Treasurer

  

 6 

					
	 THE LC ISSUER:
  

	 	 	 CITIBANK, N.A.
  

	 	 	 By:
  
	 	

	 	 	Name:	 	 
	 	 	Title:	 	 

  

 7First Amendment dated September 9, 2004 to Credit Agreement

 Exhibit 10.1 
  
 FIRST AMENDMENT TO 
 CREDIT AGREEMENT 
  
 THIS FIRST AMENDMENT TO
CREDIT AGREEMENT (this “First Amendment”) is among MAGELLAN MIDSTREAM PARTNERS, L.P., a Delaware limited partnership (the “Borrower”), the banks and other financial institutions listed on the signature
pages hereto (together with each other person who becomes a Lender, collectively the “Lenders”), JPMORGAN CHASE BANK, a New York banking corporation, individually as a Lender and as Administrative Agent (the
“Agent”), and J.P. MORGAN SECURITIES INC. and LEHMAN BROTHERS INC, as Joint Bookrunners and Lead Arrangers. 
  
 Preliminary Statement 
  
 WHEREAS, Borrower, Agent and the Lenders are parties to that certain Credit Agreement dated as of May 25, 2004 (as same may be further amended,
restated, increased and extended, the “Credit Agreement”), under and subject to the terms of which the Lenders have committed to make Revolving Loans and issue Letters of Credit to Borrower; and 
  
 WHEREAS, Borrower has now requested that the Agent and Lenders modify
the Credit Agreement and change certain terms thereof, and the Agent and Lenders have agreed to do so; and 
  
 WHEREAS, Borrower, Agent and the Lenders wish to execute this First Amendment to evidence such agreement; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Borrower, Agent and the Lenders hereby agree as follows (all capitalized terms used herein and not otherwise defined
shall have the meanings as defined in the Credit Agreement): 
  
 Section 1. Amendment to Section 1.01. Section 1.01 of the Credit Agreement is hereby amended by deleting sub-section (b) of the defined term “Permitted Investments” in its entirety and is replaced by the following:

  
 “(b) investments in commercial paper,
asset backed securities, auction rate securities or similar instruments maturing or resetting within 270 days from the date of acquisition thereof and having, at such date, a credit rating of at least A-2 or AA from S&P or P-2 or Aa2 from
Moody’s;” 

 Section 2. Amendment to Section 6.08. Section 6.08 of the Credit Agreement is hereby deleted in
its entirety and replaced by the following: 
  
 “SECTION 6.08. Restrictive Agreements. The Borrower will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that
prohibits, restricts or imposes any condition upon the ability of any Restricted Subsidiary to (a) make Restricted Payments, including, without limitation, to pay dividends or other distributions in respect of any Equity Interests of such Restricted
Subsidiary, (b) make or repay loans or advances to the Borrower or any other Restricted Subsidiary, or (c) Guarantee Indebtedness of the Borrower or any other Restricted Subsidiary; provided that (i) the foregoing shall not apply to
restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.08 (but shall apply to any extension or renewal of, or any
amendment or modification expanding the scope of, any such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Restricted Subsidiary pending such
sale, provided such restrictions and conditions apply only to the Restricted Subsidiary that is to be sold and such sale is permitted hereunder, and (iv) the foregoing shall not apply to restrictions and conditions contained in that certain
Credit Agreement (the “Bridge Loan Agreement”) to be entered into on or before November 15, 2004, among the Borrower, Lehman Brothers Inc., as sole lead arranger and sole bookrunner, Lehman Commercial Paper Inc., as syndication
agent, and the several banks and other financial institutions or entities parties thereto, providing for borrowings of up to $300,000.000 by the Borrower (but shall apply to any extension or renewal of, or any amendment or modification expanding the
scope of, any restrictions or conditions contained in the Bridge Loan Agreement or any other documents entered into in connection therewith); provided that in no event shall such restrictions and conditions contained in the Bridge Loan Agreement be
more restrictive than the restrictions and conditions set forth in Section 6.06 of this Agreement and in this Section 6.08.” 
  
 Section 3. Amendment to Section 6.14. Section 6.14 is hereby deleted in its entirety and replaced by the following: 
  
 “SECTION 6.14. Intentionally Deleted.”

  
 Section 4. Representations True; No Default. Borrower
represents and warrants that: 
  
 (i) this First
Amendment has been duly authorized, executed and delivered on its behalf; the Credit Agreement, as amended hereby, together with the other Loan Documents to which Borrower is a party, constitute valid and legally binding agreements of Borrower
enforceable in accordance with their terms; 
  

 -2- 

 (ii) the representations and warranties of Borrower contained in Article III of the
Credit Agreement are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof; and 
  
 (iii) after giving effect to this First Amendment, no Default or Event of Default under the Credit Agreement has occurred and is
continuing. 
  
 Section 5. Expenses, Additional
Information. Borrower shall pay to the Agent all reasonable expenses incurred in connection with the execution of this First Amendment, including all reasonable expenses incurred in connection with any previous negotiation and loan
documentation. Borrower shall furnish to the Agent and Lenders all such other documents, consents and information relating to Borrower as the Agent or any Lender may reasonably require to accomplish the purposes hereof. 
  
 Section 6. Effectiveness. This First Amendment shall become effective
when, and only when Borrower, Agent and the Required Lenders shall have executed and delivered to the Agent a counterpart of this First Amendment. 
  
 Section 7. Miscellaneous Provisions. 
  
 (a) From and after the execution and delivery of this First Amendment, the Credit Agreement shall be deemed to be amended and modified as herein provided,
and except as so amended and modified the Credit Agreement shall continue in full force and effect. 
  
 (b) The Credit Agreement and this First Amendment shall be read and construed as one and the same instrument. 
  
 (c) Any reference in any of the Loan Documents to the Credit Agreement shall
be a reference to the Credit Agreement as amended by this First Amendment. 
  
 (d) This First Amendment shall be construed in accordance with and governed by the laws of the State of New York and of the United States of America. 
  
 (e) This First Amendment may be signed in any number of counterparts and by different parties in separate counterparts and
may be in original or facsimile form, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
  
 (f) The headings herein shall be accorded no significance in interpreting this First Amendment. 
  
 Section 8. Binding Effect. This First Amendment shall be binding upon
and inure to the benefit of Borrower, Lenders and the Agent and their respective successors and assigns, except that Borrower shall not have the right to assign its rights hereunder or any interest herein. 
  
 Section 9. Final Agreement of the Parties. THIS FIRST AMENDMENT,
THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS CONSTITUTE 
  

 -3- 

 A “LOAN AGREEMENT” AS DEFINED IN SECTION 26.02(a) OF THE TEXAS BUSINESS AND COMMERCE CODE AND REPRESENT THE
FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 
  
 Section 10. This First Amendment may be executed by the parties on separate
counterparts, and each counterpart when so executed and delivered shall constitute an original instrument, and all such separate counterparts shall constitute but one and the same instrument. 
  
 [The remainder of this page intentionally left blank.] 
  

 -4- 

 IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed by their respective duly
authorized officers on the 9th day of September, 2004, to be effective as of May 25, 2004. 
  

					
	 MAGELLAN MIDSTREAM PARTNERS, L.P.,
 a Delaware limited partnership

		
	 By:
	 	 Magellan GP, LLC,

	 	 	 a Delaware limited liability company

			
	 	 	 By:
	 	 /s/ John D. Chandler

	 	 	 Name:
	 	 John D. Chandler

	 	 	 Title:
	 	 Chief Financial Officer

		
	 	 	 JPMORGAN CHASE BANK,
 a New York banking corporation,
 individually and as Administrative Agent,

			
	 	 	 By:
	 	 /s/ Beth Lawrence

	 	 	 Name:
	 	 Beth Lawrence

	 	 	 Title:
	 	 Managing Director

  
 [Signature Page
to First Amendment to Credit Agreement] 

			
	 LEHMAN COMMERCIAL PAPER, INC.

		
	 By:
	 	 /s/ Janine M. Shugan

	 Name:
	 	 Janine M. Shugan

	 Title:
	 	 Authorized Signatory

  
 [Signature Page
to First Amendment to Credit Agreement] 

			
	 CITIBANK, N.A.

		
	 By:
	 	 /s/ Todd J. Mogil

	 Name:
	 	 Todd J. Mogil

	 Title:
	 	 Attorney-in-Fact

  
 [Signature Page
to First Amendment to Credit Agreement] 

			
	 SUNTRUST BANK

		
	 By:
	 	 /s/ David Edge

	 Name:
	 	 David Edge

	 Title:
	 	 Managing Director

  
 [Signature Page
to First Amendment to Credit Agreement] 

			
	 THE BANK OF NOVA SCOTIA

		
	 By:
	 	 /s/ V. Gibson

	 Name:
	 	 V. Gibson

	 Title:
	 	 Assistant Agent

  
 [Signature Page
to First Amendment to Credit Agreement] 

			
	 UBS LOAN FINANCE LLC

		
	 By:
	 	 /s/ Joseline Fernandes

	 Name:
	 	 Joesline Fernandes

	 Title:
	 	Associate Director, Banking Products Services, US
		
	 By:
	 	 /s/ Doris Mesa

	 Name:
	 	 Doris Mesa

	 Title:
	 	Associate Director, Banking Products Services, US

  
 [Signature Page
to First Amendment to Credit Agreement] 

			
	 UFJ BANK LIMITED

		
	 By
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 [Signature Page
to First Amendment to Credit Agreement] 

			
	 ROYAL BANK OF CANADA

		
	 By:
	 	 /s/ David McCluskey

	 Name:
	 	 David McCluskey

	 Title:
	 	 Authorized Signatory

  
 [Signature Page
to First Amendment to Credit Agreement] 

			
	 GOLDMAN SACHS CREDIT PARTNERS L.P.

		
	 By:
	 	 /s/ Bruce H. Mendalula

	 Name:
	 	 Bruce H. Mendalula

	 Title:
	 	 Authorized Signatory

  
 [Signature Page
to First Amendment to Credit Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00073-of-00352.parquet"}]]