EXHIBIT 10.4
FIRST LETTER AMENDMENT
June 30, 1998
To the Financial Institutions
parties as A Lenders
to the Credit Agreement
referred to below
Gentlemen:
We refer to the U.S. $150,000,000 Credit Agreement dated as of July 1,
1997 (the "Credit Agreement") among the undersigned, you, and Citicorp USA Inc.,
as Agent. Unless otherwise defined herein, the terms defined in the Credit
Agreement shall be used herein as therein defined.
It is hereby agreed by you and us that the Credit Agreement is,
effective as of the date first above written, hereby amended as follows:
(a) The definition of "A Commitment" in Section 1.01 is amended in
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full to read as follows:
"`A Commitment' means, as to each A Lender, the amount set forth
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opposite such A Lender's name on Schedule I to the First Letter
Amendment dated June 30, 1998 to this Agreement or, if such A
Lender has entered into one or more Assignment and Acceptances,
the amount set forth for such A Lender with respect thereto in
the Register maintained by the Agent pursuant to Section 9.07
hereof, in each case as such amount may be reduced pursuant to
Section 2.05."
(b) The definition of "Eurodollar Rate Margin" in Section 1.01 is
----------------------
amended by deleting the table therein and substituting for such table the
following table:
Debt Rating or CP Rating
S&P/Moody's Eurodollar Rate Margin
for Eurodollar Rate
Advances
------------------------------------------------------------
Level 1
-------
Debt Rating:
-----------
A+ or above or A1 or above .13%
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Level 2
-------
Debt Rating:
-----------
below A+ but at least A-
or below A1 but at
------------------------------------------------------------
------------------------------------------------------------
least A3
or
CP Rating:
---------
A1 or P1 .155%
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Level 3
-------
Debt Rating:
-----------
below A- but at least BBB-
or below A3 but
at least Baa3
or
CP Rating:
---------
below A1 or below P1 .21%
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Level 4
-------
Debt Rating:
-----------
none for S&P or Moody's or
below BBB- or below Baa3
and
CP Rating:
---------
None from S&P or Moody's .31%
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(c) The definition of "Facility Fee Percentage" in Section 1.01 is
-----------------------
amended by deleting the table therein and substituting for such table the
following table:
-------------------------------------------------------------
Debt Rating or CP Rating
S&P/Moody's Facility Fee
-------------------------------------------------------------
Level 1
-------
Debt Rating:
-----------
A+ or above or A1 or
above .06%
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Level 2
-------
Debt Rating:
------------
below A+ but at least A-
or below A1 but at
least A3
or
-------------------------------------------------------------
-------------------------------------------------------------
CP Rating:
---------
A1 or P1 .07%
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Level 3
-------
Debt Rating:
-----------
below A- but at least BBB-
or below A3 but
at least Baa3
or
CP Rating:
---------
below A1 or below P1 .115%
-------------------------------------------------------------
Level 4
-------
Debt Rating:
-----------
none for S&P or Moody's or
below BBB- or below Baa3
and
CP Rating:
---------
None from S&P or Moody's .19%
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(d) The definition of "Revolver Termination Date" in Section 1.01 is
-------------------------
amended by deleting the date "June 28, 2002" therein and substituting for
such date the date "June 28, 2003."
By executing this Amendment, each of the undersigned and each of you
agree that ABN AMRO Bank N.V. is a Lender for all purposes of the Credit
Agreement and its A Commitment is the amount set forth opposite its name on
Schedule I hereto.
On and after the effective date of this letter amendment, each
reference in the Credit Agreement to "this Agreement", "hereunder", "hereof" or
words of like import referring to the Credit Agreement, shall mean and be a
reference to the Credit Agreement as amended by this letter amendment. The
Credit Agreement, as 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.
If you agree to the terms and provisions hereof, please evidence such
agreement by executing and returning five signature pages of this letter
amendment to Shearman & Sterling, 555 California Street, San Francisco,
California 94104, Attention: Steven Sherman. This letter amendment shall become
effective as of the date first above written when and if on or before June 30,
1998 counterparts of this letter amendment shall have been executed by us and
all of the A Lenders. This letter amendment is subject to the provisions of
Section 10.01 covering amendments, etc. of the Credit Agreement.
4
This letter amendment may be executed in any number of counterparts
and by any combination of the parties hereto in separate counterparts, each of
which counterparts shall be an original and all of which taken together shall
constitute one and the same letter amendment.
Very truly yours,
THE BORROWER
THE GAP, INC.
By /s/ Warren R. Hashagen
--------------------------
Name:
Title:
Agreed as of the date first above written:
CITICORP USA INC., as a Bank
and as Agent
By /s/ Carolyn A. Wendler
------------------------
Name: Carolyn A. Wendler
Title: Managing Director
5
BANK OF AMERICA NATIONAL
TRUST & SAVINGS ASSOCIATION, as
a Bank and as Senior Managing Agent
By /s/ Maria Vickroy-Peralta
----------------------------
Name: Maria Vickroy-Peralta
Title: Vice President
6
THE HONGKONG AND SHANGHAI
BANK CORPORATION LIMITED, as
a Bank and as Senior Managing Agent
By /s/ Douglas F. Stolberg
----------------------------
Name: Douglas F. Stolberg
Title: Senior Vice President
7
NATIONSBANK OF TEXAS, N.A., as
a Bank
By /s/ Michael Shea
---------------------
Name: Michael Shea
Title: S.V.P.
8
THE ROYAL BANK OF CANADA, as
a Bank
By /s/ Molly Drennan
--------------------
Name: Molly Drennan
Title: Senior Manager Corporate Banking
9
BANK OF MONTREAL, as
a Bank
By /s/ Richard W. Camm
----------------------
Name: Richard W. Camm
Title: Managing Director
10
SOCIETE GENERALE, as
a Bank
By /s/ J. Blaine Shaum
-----------------------
Name: J. Blaine Shaum
Title: Managing Director
11
THE FUJI BANK, LIMITED, as
a Bank
By /s/ Keiichi Ozawa
---------------------
Name: Keiichi Ozawa
Title: Joint General Manager
12
MORGAN GUARANTY TRUST
COMPANY OF NEW YORK, as a Bank
and as a Senior Managing Agent
By /s/ Robert Bottamedi
-----------------------
Name: Robert Bottamedi
Title: Vice President
13
THE SUMITOMO BANK LIMITED, as
a Bank
By /s/ Kozo Masaki
------------------
Name: Kozo Masaki
Title: General Manager
14
DEUTSCHE BANK AG NEW YORK
BRANCH AND/OR CAYMAN ISLANDS
BRANCH, as a Bank
By /s/ Hans-Josef Thiele
-------------------------
Name: Hans-Josef Thiele
Title: Director
By /s/ Joel Makowsky
--------------------
Name: Joel Makowsky
Title: Vice President
15
UNION BANK OF SWITZERLAND,
NEW YORK BRANCH, as a Bank
By /s/ Paula Mueller
--------------------
Name: Paula Mueller
Title: Vice President Structured Finance
By /s/ Philippe R. Sandmeier
----------------------------
Name: Philippe R. Sandmeier
Title: Director
16
U.S. NATIONAL BANK OF OREGON, as
a Bank
By /s/ Brennan K. Church
------------------------
Name: Brennan K. Church
Title: Assistant Vice President
17
ABN AMRO BANK N.V., as a Bank
By /s/ Jeffrey A. French
------------------------
Name: Jeffrey A. French
Title: Group Vice President & Director
By /s/ Ian S. Hisert
--------------------
Name: Ian S. Hisert
Title: Corporate Banking Officer
SCHEDULE I
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Lender A Commitment
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Citicorp USA Inc. 16,578,947.37
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Bank of America National Trust & Savings 14,210,526.32
Association
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The Hongkong and Shanghai 14,210,526.32
Bank Corporation Limited
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NationsBank of Texas, N.A. 10,263,157.89
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The Royal Bank of Canada 7,894,736.84
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Bank of Montreal 7,894,736.84
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Societe Generale 10,263,157.89
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The Fuji Bank, Limited 7,894,736.84
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Morgan Guaranty Trust Company of New York 14,210,526.32
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The Sumitomo Bank Limited 10,263,157.89
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Deutsche Bank AG New York Branch and/or Cayman 10,263,157.89
Islands Branch
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Union Bank of Switzerland, New York Branch 7,894,736.84
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U.S. National Bank of Oregon 7,894,736.84
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ABN AMRO Bank N.V. 10,263,157.89
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