Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT

FIRST AMENDMENT, dated as of March 7, 2011 (this “Agreement”), to the Credit
Agreement, dated as of January 19, 2011 (as heretofore and hereafter amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”),
among AMERICAN ASSETS TRUST, L.P., a Maryland limited partnership (the
“Borrower”), AMERICAN ASSETS TRUST, INC. a Maryland corporation (“REIT”), the
lenders, from time to time party thereto (the “Lenders”), BANK OF AMERICA, N.A.,
as Administrative Agent (in such capacity, together with any successor
administrative agent, the “Administrative Agent”) and BANK OF AMERICA as Swing
Line Lender and L/C Issuer thereunder. Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to such terms in the
Credit Agreement.

WHEREAS, the Borrower has requested that the Lenders amend the definition of
“Cash Equivalents” contained in Section 1.01 of the Credit Agreement to include
Investments in mortgage backed securities that are issued by the Government
National Mortgage Association.

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

SECTION 1. Amendments to Credit Agreement. Subject to all of the terms and
conditions set forth in this Agreement:

1.1 Definition of Cash Equivalents. The definition of “Cash Equivalents”
contained in Section 1.01 of the Credit Agreement is hereby amended by
(i) deleting the word “and” appearing at the end of clause (c) thereof,
(ii) deleting the “.” at the end of clause (d) thereof and substituting “; and”
therefor and (iii) adding a new clause (e) at the end thereof which reads as
follows:

“(e) Mortgage backed securities that are issued by the Government National
Mortgage Association and fully guaranteed by the United States of America having
maturities of not more than 30 years from the date of acquisition thereof;
provided that the full faith and credit of the United States of America is
pledged in support thereof (“GNMA Securities”).”

1.2 Definition of GNMA Securities. Section 1.01 of the Credit Agreement is
hereby amended by inserting the following new definition in the appropriate
alphabetical order:

“GNMA Securities” has the meaning specified in clause (e) of the definition of
“Cash Equivalents.”

1.3 Addition of Section 1.07. Article I of the Credit Agreement is hereby
amended by adding the following new paragraph as Section 1.07 thereof:

“1.07. GNMA Securities. For purposes of determining the value of Cash
Equivalents as of any date, the value of GNMA Securities that are included as
Cash Equivalents on such date shall be 95% of the marked-to-market value of such
GNMA Securities determined in accordance with GAAP as of the last day of the
then most recently ended fiscal quarter of the REIT.”

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SECTION 2. Waiver. Subject to all of the terms and conditions set forth in this
Agreement, the Lenders party to this Agreement hereby waive any Default or Event
of Default that now exists or at any time existed as a direct or indirect result
of the acquisition of GNMA Securities by one or more Loan Parties prior to the
date that this Agreement becomes effective.

SECTION 3. Conditions Precedent. This Agreement shall become effective upon
receipt by the Administrative Agent of executed counterparts of this Agreement
duly executed by each the Loan Parties, the Administrative Agent and the
Required Lenders.

SECTION 4. Representations and Warranties. After giving effect to this
Agreement, each of the Loan Parties reaffirms and restates the representations
and warranties made by it set forth in the Loan Documents and all such
representations and warranties shall be true and correct on the date hereof with
the same force and effect as if made on such date (except (i) to the extent such
representations and warranties expressly relate to an earlier date, in which
case such representations and warranties shall be true and correct as of such
earlier date and (ii) any representation or warranty that is already by its
terms qualified as to “materiality”, “Material Adverse Effect” or similar
language shall be true and correct in all respects as of such date after giving
effect to such qualification). Each of the Loan Parties represents and warrants
(which representations and warranties shall survive the execution and delivery
hereof) to the Administrative Agent and the Lenders that:

(a) it has the power and authority to execute, deliver and carry out the terms
and provisions of this Agreement and the transactions contemplated hereby and
has taken or caused to be taken all necessary action to authorize the execution,
delivery and performance of this Agreement and the transactions contemplated
hereby;

(b) no consent of any Person (including, without limitation, any of its equity
holders or creditors), and no action of, or filing with, any governmental or
public body or authority is required to authorize, or is otherwise required in
connection with, the execution, delivery and performance of this Agreement;

(c) this Agreement has been duly executed and delivered on its behalf by a duly
authorized officer, and constitutes its legal, valid and binding obligation
enforceable in accordance with its terms, subject to bankruptcy, reorganization,
insolvency, moratorium and other similar laws affecting the enforcement of
creditors’ rights generally and the exercise of judicial discretion in
accordance with general principles of equity;

(d) after giving effect to this Agreement no Default or Event of Default has
occurred and is continuing; and

(e) the execution, delivery and performance of this Agreement will not violate
any law, statute or regulation, or any order or decree of any court or
governmental instrumentality, or conflict with, or result in the breach of, or
constitute a default under, any contractual obligation of any Loan Party or any
of its Subsidiaries.

 

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SECTION 5. Affirmation of Guarantors. Each Guarantor hereby approves and
consents to this Agreement and the transactions contemplated by this Agreement
and agrees and affirms that its guarantee of the Obligations continues to be in
full force and effect and is hereby ratified and confirmed in all respects and
shall apply to the Credit Agreement and all of the other Loan Documents, as such
are amended, restated, supplemented or otherwise modified from time to time in
accordance with their terms.

SECTION 6. Costs and Expenses. The Borrower acknowledges and agrees that its
payment obligations set forth in Section 10.04 of the Credit Agreement include
the costs and expenses incurred by the Administrative Agent in connection with
the preparation, execution and delivery of this Agreement and any other
documentation contemplated hereby (whether or not this Agreement becomes
effective or the transactions contemplated hereby are consummated and whether or
not a Default or Event of Default has occurred or is continuing), including, but
not limited to, the reasonable fees and disbursements of Kaye Scholer LLP,
counsel to the Administrative Agent.

SECTION 7. Ratification.

(a) Except as herein agreed, the Credit Agreement and the other Loan Documents
remain in full force and effect and are hereby ratified and affirmed by the Loan
Parties. Each of the Loan Parties hereby (i) confirms and agrees that the
Borrower is truly and justly indebted to the Administrative Agent and the
Lenders in the aggregate amount of the Obligations without defense, counterclaim
or offset of any kind whatsoever, and (ii) reaffirms and admits the validity and
enforceability of the Credit Agreement and the other Loan Documents.

(b) This Agreement shall be limited precisely as written and, except as
expressly provided herein, shall not be deemed (i) to be a consent granted
pursuant to, or a waiver, modification or forbearance of, any term or condition
of the Credit Agreement or any of the instruments or agreements referred to
therein or a waiver of any Default or Event of Default under the Credit
Agreement, whether or not known to the Administrative Agent or any of the
Lenders, or (ii) to prejudice any right or remedy which the Administrative Agent
or any of the Lenders may now have or have in the future against any Person
under or in connection with the Credit Agreement, any of the instruments or
agreements referred to therein or any of the transactions contemplated thereby.

SECTION 8. Waivers; Amendments. Neither this Agreement, nor any provision
hereof, may be waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by the Administrative Agent and the Required
Lenders.

SECTION 9. References. The Loan Parties acknowledge and agree that this
Agreement constitutes a Loan Document. All references to the “Credit Agreement”,
“thereunder”, “thereof” or words of like import in the Credit Agreement or any
other Loan Document and the other documents and instruments delivered pursuant
to or in connection therewith shall mean and be a reference to the Credit
Agreement as modified hereby and as each may in the future be amended, restated,
supplemented or modified from time to time.

 

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SECTION 10. Counterparts. This Agreement may be executed by the parties hereto
individually or in combination, in one or more counterparts, each of which shall
be an original and all of which shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page by telecopier or
electronic mail (in a .pdf format) shall be effective as delivery of a manually
executed counterpart.

SECTION 11. Successors and Assigns. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

SECTION 12. Severability. If any provision of this Agreement shall be held
invalid or unenforceable in whole or in part in any jurisdiction, such provision
shall, as to such jurisdiction, be ineffective to the extent of such invalidity
or enforceability without in any manner affecting the validity or enforceability
of such provision in any other jurisdiction or the remaining provisions of this
Agreement in any jurisdiction.

SECTION 13. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE
CONFLICTS OF LAW PROVISIONS THEREOF).

SECTION 14. Headings. Section headings in this Agreement are included for
convenience of reference only and are not to affect the construction of, or to
be taken into consideration in interpreting, this Agreement.

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IN WITNESS WHEREOF, the Loan Parties, the Administrative Agent and the
undersigned Lenders have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.

 

BORROWER: AMERICAN ASSETS TRUST, L.P. By:  

/s/ Robert F. Barton

  Name: Robert F. Barton   Title: CFO

 

[Signature Page to First Amendment to AAT Credit Agreement]

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GUARANTORS: AMERICAN ASSETS TRUST MANAGEMENT LLC PACIFIC DEL MAR ASSETS LLC
PACIFIC CARMEL MOUNTAIN ASSETS LLC PACIFIC SOLANA BEACH ASSETS LLC RANCHO CARMEL
PLAZA LLC PACIFIC OCEANSIDE HOLDINGS LLC DEL MONTE SAN JOSE HOLDINGS LLC KEARNY
MESA BUSINESS CENTER LLC DEL MONTE CENTER HOLDINGS LLC BEACH WALK HOLDINGS LLC
ICW PLAZA MERGER SUB LLC ICW VALENCIA LLC PACIFIC SOUTH COURT ASSETS LLC PACIFIC
TORREY DAYCARE ASSETS LLC LANDMARK VENTURE JV, LLC PACIFIC FIRECREEK HOLDINGS,
LLC IMPERIAL STRAND LLC MARINER’S POINT, LLC PACIFIC TORREY RESERVE WEST ASSETS
LLC BROADWAY 101 SORRENTO HOLDINGS, LLC BROADWAY 225 SORRENTO HOLDINGS, LLC
BROADWAY 101 STONECREST HOLDINGS, LLC BROADWAY 225 STONECREST HOLDINGS, LLC EBW
HOTEL LLC WAIKELE VENTURE HOLDINGS LLC VISTA HACIENDA LLC PACIFIC SANTA FE
ASSETS LLC By: AMERICAN ASSETS TRUST, L.P., ITS SOLE MEMBER BY: AMERICAN ASSETS
TRUST, INC., ITS GENERAL PARTNER BY:  

/s/ John W. Chamberlain

  NAME: JOHN W. CHAMBERLAIN   TITLE: CHIEF EXECUTIVE OFFICER & PRESIDENT

 

[Signature Page to First Amendment to AAT Credit Agreement]

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PACIFIC TORREY RESERVE WEST HOLDINGS, L.P. BY: PACIFIC TORREY RESERVE WEST
ASSETS LLC, ITS GENERAL PARTNER BY: AMERICAN ASSETS TRUST, L.P., ITS SOLE MEMBER
BY: AMERICAN ASSETS TRUST, INC., ITS GENERAL PARTNER BY:  

/s/ John W. Chamberlain

  NAME: JOHN W. CHAMBERLAIN   TITLE: CHIEF EXECUTIVE OFFICER & PRESIDENT CARMEL
COUNTRY PLAZA, L.P. BY: PACIFIC DEL MAR ASSETS LLC, ITS GENERAL PARTNER BY:
AMERICAN ASSETS TRUST, L.P., ITS SOLE MEMBER BY: AMERICAN ASSETS TRUST, INC.,
ITS GENERAL PARTNER BY:  

/s/ John W. Chamberlain

  NAME: JOHN W. CHAMBERLAIN   TITLE: CHIEF EXECUTIVE OFFICER & PRESIDENT

 

[Signature Page to First Amendment to AAT Credit Agreement]

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PACIFIC CARMEL MOUNTAIN HOLDINGS, L.P. BY: PACIFIC CARMEL MOUNTAIN ASSETS LLC,
ITS GENERAL PARTNER BY: AMERICAN ASSETS TRUST, L.P., ITS SOLE MEMBER BY:
AMERICAN ASSETS TRUST, INC., ITS GENERAL PARTNER BY:  

/s/ John W. Chamberlain

  NAME: JOHN W. CHAMBERLAIN   TITLE: CHIEF EXECUTIVE OFFICER & PRESIDENT PACIFIC
SOLANA BEACH HOLDINGS, L.P. BY: PACIFIC SOLANA BEACH ASSETS LLC, ITS GENERAL
PARTNER BY: AMERICAN ASSETS TRUST, L.P., ITS SOLE MEMBER BY: AMERICAN ASSETS
TRUST, INC., ITS GENERAL PARTNER BY:  

/s/ John W. Chamberlain

  NAME: JOHN W. CHAMBERLAIN   TITLE: CHIEF EXECUTIVE OFFICER & PRESIDENT

 

[Signature Page to First Amendment to AAT Credit Agreement]

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RANCHO CARMEL HOLDINGS, LLC BY: RANCHO CARMEL PLAZA LLC, ITS SOLE MEMBER BY:
AMERICAN ASSETS TRUST, L.P., ITS SOLE MEMBER BY: AMERICAN ASSETS TRUST, INC.,
ITS GENERAL PARTNER BY:  

/s/ John W. Chamberlain

  NAME: JOHN W. CHAMBERLAIN   TITLE: CHIEF EXECUTIVE OFFICER & PRESIDENT ABW
LEWERS LLC BY: BEACH WALK HOLDINGS LLC, ITS MANAGING MEMBER BY: AMERICAN ASSETS
TRUST, L.P., ITS SOLE MEMBER BY: AMERICAN ASSETS TRUST, INC., ITS GENERAL
PARTNER BY:  

/s/ John W. Chamberlain

  NAME: JOHN W. CHAMBERLAIN   TITLE: CHIEF EXECUTIVE OFFICER & PRESIDENT

 

[Signature Page to First Amendment to AAT Credit Agreement]

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ICW PLAZA HOLDINGS, LLC BY: ICW PLAZA MERGER SUB LLC, ITS SOLE MEMBER BY:
AMERICAN ASSETS TRUST, L.P., ITS SOLE MEMBER BY: AMERICAN ASSETS TRUST, INC.,
ITS GENERAL PARTNER BY:  

/s/ John W. Chamberlain

  NAME: JOHN W. CHAMBERLAIN   TITLE: CHIEF EXECUTIVE OFFICER & PRESIDENT PACIFIC
TORREY DAYCARE HOLDINGS, L.P. BY: PACIFIC TORREY DAYCARE ASSETS, LLC, ITS
GENERAL PARTNER BY: AMERICAN ASSETS TRUST, L.P., ITS SOLE MEMBER BY: AMERICAN
ASSETS TRUST, INC., ITS GENERAL PARTNER BY:  

/s/ John W. Chamberlain

  NAME: JOHN W. CHAMBERLAIN   TITLE: CHIEF EXECUTIVE OFFICER & PRESIDENT SB
TOWNE CENTRE LLC BY: SBTC ASSETS, INC., ITS MANAGING MEMBER BY:  

/s/ John W. Chamberlain

  NAME: JOHN W. CHAMBERLAIN   TITLE: CHIEF EXECUTIVE OFFICER & PRESIDENT

 

[Signature Page to First Amendment to AAT Credit Agreement]

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SB CORPORATE CENTRE LLC BY: SBCC ASSETS, INC., ITS MANAGING MEMBER BY:  

/s/ John W. Chamberlain

  NAME: JOHN W. CHAMBERLAIN   TITLE: CHIEF EXECUTIVE OFFICER & PRESIDENT PACIFIC
SANTA FE HOLDINGS, L.P. BY: PACIFIC SANTA FE ASSETS LLC, ITS GENERAL PARTNER BY:
AMERICAN ASSETS TRUST, L.P., ITS SOLE MEMBER BY: AMERICAN ASSETS TRUST, INC.,
ITS GENERAL PARTNER BY:  

/s/ John W. Chamberlain

  NAME: JOHN W. CHAMBERLAIN   TITLE: CHIEF EXECUTIVE OFFICER & PRESIDENT

 

[Signature Page to First Amendment to AAT Credit Agreement]

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BANK OF AMERICA, N.A., as Administrative Agent By:  

/s/ Kathleen M. Carry

  Name: Kathleen M. Carry   Title: Vice President

 

[Signature Page to First Amendment to AAT Credit Agreement]

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BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender By:  

/s/ James P. Johnson

  Name: James P. Johnson   Title: Senior Vice President

 

[Signature Page to First Amendment to AAT Credit Agreement]

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WELLS FARGO BANK, N.A., as a Lender By:  

/s/ Dale Northup

  Name: Dale Northup   Title: Vice President

 

[Signature Page to First Amendment to AAT Credit Agreement]

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KEYBANK NATIONAL ASSOCIATION, as a Lender By:  

/s/ Timothy Sylvain

  Name: Timothy Sylvain   Title: AVP

 

[Signature Page to First Amendment to AAT Credit Agreement]

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ROYAL BANK OF CANADA, as a Lender By:  

/s/ G. David Cole

  Name: G. David Cole   Title: Authorized Signatory

 

[Signature Page to First Amendment to AAT Credit Agreement]

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U.S. BANK NATIONAL ASSOCIATION, as a Lender By:  

/s/ Sara Peterson

  Name: Sara Peterson   Title: Vice President

 

[Signature Page to First Amendment to AAT Credit Agreement]

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MORGAN STANLEY BANK, N.A., as a Lender By:  

/s/ Nick Zangari

  Name: Nick Zangari   Title: Authorized Signatory

 

[Signature Page to First Amendment to AAT Credit Agreement]

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PNC BANK, NATIONAL ASSOCIATION, as a Lender By:  

/s/ Darin Mortimer

  Name: Darin Mortimer   Title: Vice President

 

[Signature Page to First Amendment to AAT Credit Agreement]