Exhibit 10.1

 

FIRST AMENDMENT TO

CREDIT AGREEMENT

 

dated as of March 22, 2005

 

among

 

STRATEGIC HOTEL FUNDING, L.L.C.,

 

as the Borrower,

 

VARIOUS FINANCIAL INSTITUTIONS NAMED THEREIN,

 

as the Lenders,

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as the Administrative Agent

 

and

 

DEUTSCHE BANK SECURITIES INC.

 

as Sole Lead Arranger and Sole Book Running Manager

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FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this Amendment) is dated as of March
22, 2005 by and among STRATEGIC HOTEL FUNDING, L.L.C., a Delaware limited
liability company (the Borrower), DEUTSCHE BANK TRUST COMPANY AMERICAS (DBTCA),
as the administrative agent (in such capacity, the Administrative Agent) and the
various financial institutions become parties thereto (together with DBTCA,
collectively the Lenders and individually, a Lender).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to that certain Credit Agreement, dated as of June 29, 2004
among Borrower, the Lenders, and the Administrative Agent (as amended, restated,
replaced, supplemented or otherwise modified from time to time, the Credit
Agreement), Borrower obtained the Facility from the Lenders;

 

WHEREAS, Borrower has requested that the Lenders agree to amend the Credit
Agreement as set forth herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto hereby agree to amend the
terms of the Credit Agreement as follows:

 

1. Definitions. Capitalized terms used in this Amendment and not defined herein
shall have the meaning provided in the Credit Agreement.

 

2. Amendments to Credit Agreement.

 

  (a) The definition of “Applicable Margin” is hereby deleted in full and
replaced by the following:

 

“Applicable Margin” means with respect to the unpaid principal amount of any
Loan maintained as (i) a Base Rate Loan, a rate per annum equal to 1.70%, and
(ii) a LIBO Rate Loan, a rate per annum equal to 2.95%.

 

  (b) Section 7.2.2(e) is hereby amended by deleting the parenthetical at the
end of clause (ii) thereof and replacing it with the following:

 

“ (but, in any case, not with respect to Property acquisitions or in any event
recourse to Borrower or Guarantor; provided that recourse Indebtedness of
Borrower, Guarantor or any of their respective Subsidiaries incurred to finance
FF&E or other Property improvement costs shall be permitted hereunder so long as
such Indebtedness (x) does not exceed $15,000,000 in the aggregate at any time
outstanding, (y) is unsecured and (z) does not mature, by its terms, until at
least one (1) year after the Stated Maturity Date)”.

 

3. Document References. All references to the Credit Agreement in any of the
Loan Documents shall be deemed to be a reference to the Credit Agreement as
amended hereby.

 

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4. Effectiveness. This Amendment shall become effective only upon receipt by the
Administrative Agent of counterparts hereof signed by the Borrower, the
Administrative Agent and the Lenders (or, in the case of any party as to which
an executed counterpart shall not have been received, receipt by the
Administrative Agent in form satisfactory to it of telegraphic, telex or other
written confirmation from such party of execution of a counterpart hereof by
such party).

 

5. Full Force and Effect. Except as amended by this Amendment, each of the Loan
Documents shall continue to remain in full force and effect.

 

6. Headings. Each of the captions contained in this Amendment are for the
convenience of reference only and shall not define or limit the provisions
hereof.

 

7. Governing Law. This Amendment shall be governed by the laws of the State of
New York, without regard to choice of law rules.

 

8. Counterparts. This Amendment may be executed in one or more counterparts,
each of which shall constitute an original and all of which when taken together
shall constitute one binding agreement.

 

9. Severability. The provisions of this Amendment are severable, and if any one
clause or provision hereof shall be held invalid or unenforceable in whole or in
part, then such invalidity or unenforceablity shall affect only such clause or
provision, or part thereof, and not any other clause or provision of this
Amendment.

 

[signatures follow]

 

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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.

 

Borrower:

 

STRATEGIC HOTEL FUNDING, L.L.C.

a Delaware limited liability company

By:  

/S/    JAMES MEAD

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Name:   James Mead Title:   EVP, CFO

 

Administrative Agent and Lender:

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, By:  

/S/    GEORGE R. REYNOLDS

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Name:   George R. Reynolds Title:   Vice President By:  

/S/    JAMES ROLISON

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Name:   James Rolison Title:   Director

 

Signature Page to First Amendment to Strategic Hotel Funding LLC Credit
Agreement

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Lender:

 

BANK OF AMERICA, N.A. By:  

/S/    WILL BOWERS, JR.

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Name:   Will Bowers, Jr. Title:   Senior Vice President

 

Signature Page to First Amendment to Strategic Hotel Funding LLC Credit
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Lender:

 

CREDIT SUISSE FIRST BOSTON, acting

through its Cayman Islands Branch

By:  

/S/    BILL O’DALY

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Name:   Bill O’Daly Title:   Director By:  

/S/    CASSANDRA DROGAN

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Name:   Cassandra Drogan Title:   Associate

 

Signature Page to First Amendment to Strategic Hotel Funding LLC Credit
Agreement

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Lender:

 

LASALLE BANK NATIONAL

ASSOCIATION

By:  

/S/    KIM KALSETH

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Name:   Kim Kalseth Title:   VP

 

Signature Page to First Amendment to Strategic Hotel Funding LLC Credit
Agreement

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Lender:

 

MERRILL LYNCH CAPITAL, a division of

Merrill Lynch Business Financial Services, Inc.

By:  

/S/    TIMOTHY R. VERRILLI

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Name:   Timothy R. Verrilli Title:  

Director

Senior Transaction Attorney

 

Signature Page to First Amendment to Strategic Hotel Funding LLC Credit
Agreement

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Lender:

 

WACHOVIA BANK, NATIONAL

ASSOCIATION

By:  

/S/    LEROY SAVAGE

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Name:   LeRoy Savage Title:   Vice President

 

Signature Page to First Amendment to Strategic Hotel Funding LLC Credit
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Lender:

 

RAYMOND JAMES BANK, FSB By:  

/S/    THOMAS F. MACINA

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Name:   Thomas F. Macina Title:   Senior Vice President

 

Signature Page to First Amendment to Strategic Hotel Funding LLC Credit
Agreement