Document:

Letter Amendment No. 2 to the 3-Year Letter of Credit Agreement

 EXHIBIT 10.1 
 LETTER AMENDMENT NO. 2 
 Dated as of September 21,
2010 
 HSBC Bank USA, National Association 
 452 Fifth Avenue, 8th Floor 
 New York, NY 10018 

Attention: Thomas Foley, Managing Director 

Ladies and Gentlemen: 
 We
refer to the 3-Year Letter of Credit Agreement dated as of May 6, 2005 (such 3-Year Letter of Credit Agreement, as heretofore amended, the “Letter of Credit Agreement”) among the undersigned and you. Capitalized terms not
otherwise defined in this Letter Amendment No. 2 (this “Letter Amendment”) have the same meanings as specified in the Letter of Credit Agreement. 
 It is hereby agreed by you and us that the Letter of Credit Agreement is, effective as of the date of this Letter Amendment, hereby amended as follows: 

(a) The definition of “Termination Date” in Section 1.01 is hereby amended to read in its entirety
as follows: 
 “Termination Date” means the first to occur of (i) the second anniversary of
the date of Amendment No. 2, (ii) the date the LC Issuer receives irrevocable written notice from the Company of the termination of its right to request Letters of Credit hereunder, or (iii) the date the obligation of the LC Issuer to
issue Letters of Credit is terminated pursuant to Section 7.01 hereof. 
 (b) The definition of
“Applicable Margin” in Section 1.01 is hereby amended to read in its entirety as follows: 

“Applicable Margin” means 0.40% per annum. 

(c) Section 1.01 is amended by adding in appropriate alphabetical order the following definition: 

“Amendment No. 2” means the Letter Amendment No. 2 dated as of September 21, 2010 to this
Agreement. 
 We hereby represent and warrant to you as follows: 

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

 (b) The Consolidated balance sheets of the Company and its Subsidiaries as of
January 30, 2010, and the related Consolidated statements of income and retained earnings of the Company and its Subsidiaries for the Fiscal Year then ended, certified by Deloitte & Touche LLP, when taken as a whole fairly present the
Consolidated financial condition of the Company and its Subsidiaries as at such date and the results of the operations of the Company and its Subsidiaries for the period ended on such date, all in accordance with GAAP; 

(c) Since January 30, 2010, there has been no Material Adverse Change; and 

(d) No event has occurred and is continuing, or would result from entering into this Letter Amendment, which constitutes an Event of
Default or Default. 
 This Letter Amendment shall become effective as of the date first above written when, and only when, you
shall have received counterparts of this Letter Amendment executed by the undersigned. 
 On and after the effectiveness of this
Letter Amendment, each reference in the Letter of Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Letter of Credit Agreement, shall mean and be a reference to the
Letter of Credit Agreement, as amended by this Letter Amendment. 
 The Letter of Credit Agreement, as specifically amended by
this Letter Amendment, is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed. The execution, delivery and effectiveness of this Letter Amendment shall not, except as expressly provided herein,
operate as a waiver of any right, power or remedy of the LC Issuer under the Letter of Credit Agreement, nor constitute a waiver of any provision of the Letter of Credit Agreement. 

If you agree to the terms and provisions hereof, please evidence such agreement by executing and returning at least two counterparts of
this Letter Amendment to Jennifer Cho’s attention at 2 Folsom, San Francisco, CA 94105. 
 This Letter 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 constitute one and the same agreement. Delivery
of an executed counterpart of a signature page to this Letter Amendment by telecopier or other electronic transmission (i.e., a “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Letter
Amendment. 
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 This Letter Amendment shall be governed by, and construed in accordance with, the laws of
the State of New York. 
  

					
	Very truly yours,
	
	THE GAP, INC.
		
	By 	 	/s/ Jennifer Cho
		 	Name:	 	Jennifer Cho
		 	Title:	 	Vice President and Treasurer
	
	BANANA REPUBLIC, LLC
		
	By	 	/s/ Jennifer Cho
		 	Name:	 	Jennifer Cho
		 	Title:	 	Vice President and Treasurer
	
	GAP (CANADA) INC.
		
	By	 	/s/ Jennifer Cho
		 	Name:	 	Jennifer Cho
		 	Title:	 	Vice President and Treasurer
	
	GAP (FRANCE) S.A.S.
		
	By	 	/s/ Lisa D. Mertens
		 	Name:	 	Lisa D. Mertens
		 	Title:	 	President
	
	GAP (JAPAN) K.K.
		
	By	 	/s/ Thomas J. Lima
		 	Name:	 	Thomas J. Lima
		 	Title:	 	Director
	
	GAP (NETHERLANDS) B.V.
		
	By	 	/s/ Lisa D. Mertens
		 	Name:	 	Lisa D. Mertens
		 	Title:	 	Director

  

					
	GPS CONSUMER DIRECT, INC.
		
	By 	 	/s/ Jennifer Cho
		 	Name:	 	Jennifer Cho
		 	Title:	 	Vice President and Treasurer
	
	GPS (GREAT BRITAIN) LIMITED
		
	By	 	/s/ Jennifer Cho
		 	Name:	 	Jennifer Cho
		 	Title:	 	Director
	
	OLD NAVY (CANADA) INC.
		
	By	 	/s/ Jennifer Cho
		 	Name:	 	Jennifer Cho
		 	Title:	 	Vice President and Treasurer
	
	FORTH & TOWNE LLC
		
	By	 	/s/ Jennifer Cho
		 	Name:	 	Jennifer Cho
		 	Title:	 	Vice President and Treasurer
	
	GAP STORES (IRELAND) LIMITED
		
	By	 	/s/ Lisa D. Mertens
		 	Name:	 	Lisa D. Mertens
		 	Title:	 	Director
	
	GAP EUROPE LIMITED
		
	By	 	/s/ Jennifer Cho
		 	Name:	 	Jennifer Cho
		 	Title:	 	Director
	
	GAP EUROPE HOLDINGS B.V.
		
	By	 	/s/ Lisa D. Mertens
		 	Name:	 	Lisa D. Mertens
		 	Title:	 	Director

 Agreed as of the date first above written: 

 

					
	HSBC BANK USA, NATIONAL ASSOCIATION
		
	By	 	/s/ Thomas A. Foley
		 	Name:	 	Thomas A. Foley
		 	Title:	 	Managing DirectorLetter Agreement dated 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:	 	DirectorFirst Amendment to Credit Agreement

 Exhibit 10.1 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO CREDIT AGREEMENT
(this “Amendment”) dated as of September 8, 2010 by and among EXCEL TRUST, L.P. (the “Borrower”), EXCEL TRUST, INC. (the “Parent”), each of the Lenders party hereto, and WELLS FARGO BANK, as Administrative
Agent (the “Administrative Agent”). 
 WHEREAS, the Borrower, the Parent, the Lenders, the Administrative Agent and
certain other parties have entered into that certain Credit Agreement dated as of July 8, 2010 (as in effect immediately prior to the date hereof, the “Credit Agreement”); and 

WHEREAS, the Borrower, the Parent, the Lenders, and the Administrative Agent desire to amend the Credit Agreement on the terms and
conditions contained herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows: 
 Section 1. Specific Amendments
to Credit Agreement. The parties hereto agree that the Credit Agreement is amended as follows: 
 (a) The Credit Agreement
is hereby amended by adding the following sentence to the end of the definition of “Total Asset Value”: 
 “Solely
for the purpose of calculating “Total Asset Value” at a given time prior to and including September 30, 2011, the Parent may add general and administrative expenses incurred in connection with a Property to EBITDA for purposes of
calculating clause (b) of this definition; provided, however, that the total amount of general and administrative expenses added to EBITDA for any fiscal quarter shall not exceed $2,000,000.” 

Section 2. Conditions Precedent. The effectiveness of this Amendment is subject to receipt by the Administrative Agent of
each of the following, each in form and substance satisfactory to the Administrative Agent: 
 (a) A counterpart of this
Amendment duly executed by the Borrower, the Parent and the Requisite Lenders; 
 (b) A Guarantor Acknowledgement substantially
in the form of Exhibit A attached hereto, executed by each Guarantor; and 
 (c) Such other documents, instruments and
agreements as the Administrative Agent may reasonably request. 

 Section 3. Representations. Each of the Parent and the Borrower represents and
warrants to the Administrative Agent and the Lenders that: 
 (a) Authorization. Each of the Parent and the Borrower, as
applicable, has the right and power, and has taken all necessary action to authorize it, to execute and deliver this Amendment and to perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with
their respective terms. This Amendment has been duly executed and delivered by a duly authorized officer of the Borrower and the Parent, as applicable, and each of this Amendment and the Credit Agreement, as amended by this Amendment, is a legal,
valid and binding obligation of the Borrower and the Parent, as applicable, enforceable against such Person in accordance with its respective terms except as (i) the enforceability thereof may be limited by bankruptcy, insolvency or similar
laws affecting creditors rights generally and (ii) the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles
generally. 
 (b) Compliance with Laws, etc. The execution and delivery by the Borrower and the Parent, as applicable, of
this Amendment and the performance by the Borrower and the Parent, as applicable, of this Amendment and the Credit Agreement, as amended by this Amendment, in accordance with their respective terms, do not and will not, by the passage of time, the
giving of notice or otherwise: (i) require any Government Approvals or violate any Applicable Laws (including all Environmental Laws) relating to the Parent, the Borrower or any other Loan Party; (ii) conflict with, result in a breach of
or constitute a default under the organizational documents of the Parent, the Borrower or any other Loan Party, or any indenture, agreement or other instrument to which the Parent, the Borrower or any other Loan Party is a party or by which it or
any of its respective properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Parent, the Borrower or any other Loan Party.

 (c) No Default. No Default or Event of Default has occurred and is continuing as of the date hereof nor will exist
immediately after giving effect to this Amendment. 
 Section 4. Reaffirmation of Representations by Borrower and
Parent. Each of the Parent and the Borrower hereby repeats and reaffirms all representations and warranties made by the Parent and the Borrower to the Administrative Agent and the Lenders in the Credit Agreement and the other Loan Documents to
which it is a party on and as of the date hereof with the same force and effect as if such representations and warranties were set forth in this Amendment in full. 
 Section 5. Certain References. Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment.

 Section 6. Expenses. The Borrower shall reimburse the Administrative Agent upon demand for all costs and expenses
(including reasonable attorneys’ fees) incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith.

  
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 Section 7. Benefits. This Amendment shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns. 
 Section 8. GOVERNING LAW. THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 9. Effect. Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect. The amendments contained
herein shall be deemed to have prospective application only, unless otherwise specifically stated herein. 
 Section 10.
Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. 

Section 11. Loan Documents. This Amendment and the executed Guarantor Acknowledgement substantially in the form attached
hereto as Exhibit A shall be deemed to be “Loan Documents” for all purposes under the Credit Agreement and the other Loan Documents. 
 Section 12. Definitions. All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Credit Agreement. 

[Signatures on Next Page] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit Agreement
to be executed as of the date first above written. 
  

					
	THE BORROWER:
	
	EXCEL TRUST, L.P.
		
	 By:
	 	Excel Trust, Inc., its sole general partner
		
	 By:
	 	 /s/ Spencer Plumb

		 	Name:	 	 Spencer Plumb

		 	Title:	 	 President / COO

	
	 THE PARENT:

	
	 EXCEL TRUST, INC.

		
	 By:
	 	 /s/ James Nakagawa

		 	Name:	 	 James Nakagawa

		 	Title:	 	 CFO

 [Signatures Continued on Next Page] 

 [Signature Page to First Amendment to 

Credit Agreement for Excel Trust, L.P.] 

 

					
	 THE ADMINISTRATIVE AGENT AND THE LENDERS:

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, Administrative Agent, as Issuing Bank, as Swingline Lender and as a
Lender

		
	 By:
	 	 /s/ John P. Wickenhiser

		 	Name:	 	 John P. Wickenhiser

		 	Title:	 	 Senior Vice President

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 [Signature Page to First Amendment to 

Credit Agreement for Excel Trust, L.P.] 

 

					
	 KEYBANK, NATIONAL ASSOCIATION, as a Lender

		
	By:	 	 /s/ Nathan Weyer

		 	Name:	 	 Nathan Weyer

		 	Title:	 	 Vice President

[Signatures Continued on Next Page] 

 [Signature Page to First Amendment to 

Credit Agreement for Excel Trust, L.P.] 

 

					
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Michael Paris

		 	Name:	 	 Michael Paris

		 	Title:	 	 Vice President

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 [Signature Page to First Amendment to 

Credit Agreement for Excel Trust, L.P.] 

 

					
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Darin Mortimer

		 	Name:	 	 Darin Mortimer

		 	Title:	 	 Assistant Vice President

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 [Signature Page to First Amendment to 

Credit Agreement for Excel Trust, L.P.] 

 

					
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ Noam Azachi

		 	Name:	 	 Noam Azachi

		 	Title:	 	 Assistant Vice President

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 [Signature Page to First Amendment to 

Credit Agreement for Excel Trust, L.P.] 

 

					
	 MORGAN STANLEY SENIOR FUNDING, INC., as a Lender

		
	By:	 	 /s/ Ryan Vetsch

		 	Name:	 	 Ryan Vetsch

		 	Title:	 	 Vice President

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 [Signature Page to First Amendment to 

Credit Agreement for Excel Trust, L.P.] 

 

					
	 RAYMOND JAMES BANK, FSB, as a Lender

		
	By:	 	 /s/ James M. Armstrong

		 	Name:	 	 James M. Armstrong

		 	Title:	 	 Vice President

[Signatures Continued on Next Page] 

 [Signature Page to First Amendment to 

Credit Agreement for Excel Trust, L.P.] 

 

					
	UBS LOAN FINANCE LLC, as a Lender
		
	By:	 	 /s/ Mary E. Evans

		 	Name:	 	 Mary E. Evans

		 	Title:	 	 Associate Director

		
	By:	 	 /s/ Irja R. Otsa

		 	Name:	 	 Irja R. Otsa

		 	Title:	 	 Associate Director

 EXHIBIT A 
 FORM OF GUARANTOR ACKNOWLEDGEMENT 
 THIS GUARANTOR ACKNOWLEDGEMENT dated as of
September 8, 2010 (this “Acknowledgement”) executed by each of the undersigned (the “Guarantors”) in favor of Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) and each
“Lender” a party to the Credit Agreement referred to below (the “Lenders”). 
 WHEREAS, Excel Trust, L.P.
(the “Borrower”), Excel Trust, Inc., the Lenders, the Administrative Agent and certain other parties have entered into that certain Credit Agreement dated as of July 8, 2010 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”); 
 WHEREAS, each of the Guarantors is a party to that certain Guaranty
dated as of July 8, 2010 (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s obligations under the Credit Agreement on
the terms and conditions contained in the Guaranty; 
 WHEREAS, the Borrower, the Administrative Agent and the Lenders are to
enter into a First Amendment to Credit Agreement dated as of the date hereof (the “Amendment”), to amend the terms of the Credit Agreement on the terms and conditions contained therein; and 

WHEREAS, it is a condition precedent to the effectiveness of the Amendment that the Guarantors execute and deliver this Acknowledgement.

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the
parties hereto, the parties hereto agree as follows: 
 Section 1. Reaffirmation. Each Guarantor hereby reaffirms
its continuing obligations to the Administrative Agent and the Lenders under the Guaranty and agrees that the transactions contemplated by the Amendment shall not in any way affect the validity and enforceability of the Guaranty, or reduce, impair
or discharge the obligations of such Guarantor thereunder. 
 Section 2. Governing Law. THIS ACKNOWLEDGEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3. Counterparts. This Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their
successors and assigns. 
 [Signatures on Next Page] 

  
 A-1

 IN WITNESS WHEREOF, each Guarantor has duly executed and delivered this Guarantor
Acknowledgement as of the date and year first written above. 
  

					
	THE GUARANTORS:
	
	EXCEL TRUST, INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:

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