Gap Inc. reported that it amended its existing asset-based revolving credit facility, extending the maturity of a major source of corporate liquidity while keeping the facility size unchanged. On July 17, 2026, The Gap, Inc., as parent borrower, entered into Amendment No. 2 to its Fourth Amended and Restated Revolving Credit Agreement. The agreement also includes certain U.S. and Canadian subsidiaries of Gap as borrowers and guarantors, the lenders and issuing banks named in the agreement, and Bank of America, N.A. as administrative agent and collateral agent. The amendment modifies Gap’s existing asset-based lending facility, originally set at an aggregate principal amount of $2.2 billion under a credit agreement dated July 13, 2022. The principal change is an extension of the facility’s maturity from July 13, 2027 to July [ ], 2031, as stated in the filing. The amendment also removes sustainability-linked pricing adjustments and updates the credit agreement to reflect certain regulatory and legal changes. The maximum availability under the asset-based revolving credit facility remains $2.2 billion. The facility continues to be available for revolving borrowings in U.S. dollars and certain alternative currencies. It includes a $300 million sublimit for letters of credit, a $200 million sublimit for swingline loans, and a $200 million sublimit for borrowings by Canadian borrowers. Gap may borrow, repay and reborrow under the facility through maturity, subject to borrowing-base availability. Proceeds may be used for working capital, capital expenditures and other general corporate purposes for Gap and its subsidiaries. Interest terms remain tied to market benchmarks and borrowing-base availability. U.S. dollar loans bear interest at SOFR, subject to a zero floor, plus a margin of 125 to 150 basis points. Gap may alternatively choose a base-rate structure equal to the highest of the federal funds rate plus 0.50%, Bank of America’s prime rate, one-month Term SOFR plus 1.00%, or 1.00%, plus a margin of 25 to 50 basis points. Undrawn availability carries a fee of 25 basis points per year. Gap also retained flexibility to increase availability under the credit facility or add “last-out” term loans. The permitted increase is capped at the greater of $500 million and any “suppressed availability,” plus any voluntary reductions of commitments, though last-out term loans themselves may not exceed $100 million. The obligations remain guaranteed by certain U.S. and Canadian subsidiaries and secured by specified U.S. and Canadian assets. The collateral includes a first lien on inventory, certain receivables and related assets. The agreement continues to include customary operating restrictions, including limits on asset sales, mergers, certain leases, related-party transactions, derivatives, additional debt, liens, investments, dividends, stock repurchases, guarantees, sale-leasebacks and corporate-structure changes. Some restrictions apply only when unused availability falls below specified levels, and the financial covenant is a springing fixed-charge coverage ratio triggered when availability drops below a threshold. The filing was made under Item 1.01, covering entry into a material definitive agreement, and Item 2.03, covering the creation of a direct financial obligation. Gap also filed the amendment as Exhibit 10.1. The report was signed July 20, 2026, by Katrina O’Connell, Executive Vice President and Chief Financial Officer.