Exhibit 10.31
FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
FIRST AMENDMENT, dated as of September __, 2011 (this “Agreement”), to the
Amended and Restated Credit Agreement, dated as of September 1, 2011 (as
amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Credit Agreement”), among COLONY FINANCIAL, INC., a Maryland
corporation (the “REIT”), CFI MEZZ FUNDING, LLC, a Delaware limited liability
company (“CFI Mezz Funding”), CFI RE HOLDCO, LLC, a Delaware limited liability
company (“CFI RE Holdco”), COLFIN ESH FUNDING, LLC, a Delaware limited liability
company (“ColFin ESH Funding”), COLFIN 2100 FUNDING, LLC, a Delaware limited
liability company (“ColFin 2100”), CFI CORAMERICA 2100 FUNDING, LLC, a Delaware
limited liability company (“CorAmerica 2100”), CFI RE MASTERCO, LLC, a Delaware
limited liability company (“CFI RE Masterco”; and together with the REIT, CFI
Mezz Funding, CFI RE Holdco, ColFin ESH Funding, ColFin 2100 Funding, CFI
CorAmerica and any Operating Partnership (as defined in the Credit Agreement)
that is formed after the Restatement Effective Date and becomes a co-borrower
thereunder in accordance with Section 6.12(c), each a “Borrower” and
collectively, the “Borrowers”), the lenders from time to time party thereto (the
“Lenders”), and BANK OF AMERICA, N.A., as Administrative Agent (in such
capacity, together with any successor administrative agent, the “Administrative
Agent”) Capitalized terms used herein and not otherwise defined shall have the
meanings assigned to such terms in the Credit Agreement.

WHEREAS, the REIT desires to enter into Swap Contracts (as defined in the Credit
Agreement) from time to time;

WHEREAS, in connection with such Swap Contracts, the REIT desires to post as
collateral thereunder cash or other assets that are not Collateral (as defined
in the Credit Agreement);

WHEREAS, Section 7.01 of the Credit Agreement restricts the Borrowers from
incurring Liens on cash or other assets in connection with Swap Contracts and
Section 7.03 of the Credit Agreement restricts the Borrowers from entering into
secured Swap Contracts; and
WHEREAS, the Borrowers have requested that the Lenders amend certain provisions
of the Credit Agreement to the extent necessary to permit the REIT to enter into
secured Swap Contracts and incur Liens in connection therewith.
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 herein:
1.1    Section 7.01 of the Credit Agreement is hereby amended by (a) deleting
the phrase “and” appearing at the end of section (h), (b) adding the phrase “;
and” at the end of section (i) and (c) adding a new clause (j) at the end
thereof which reads as follows:
“(j)    Liens on cash that does not constitute Collateral to secure obligations
arising under Swap Contracts that are permitted pursuant to Section 7.03(d),
provided that at no time shall the aggregate amount of cash subject to such
Liens exceed $5,000,000;”
1.2    Section 7.03(d) of the Credit Agreement is hereby amended by deleting the
phrase “unsecured” appearing therein.
SECTION 2.    Conditions Precedent.

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This Agreement shall become effective upon receipt by the Administrative Agent
of executed counterparts of this Agreement duly executed by each of the Loan
Parties, the Administrative Agent and the Required Lenders.
SECTION 3.    Representations and Warranties. After giving effect to this
Agreement, the Loan Parties, jointly and severally, reaffirm and restate the
representations and warranties set forth in the Credit Agreement and in the
other 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)    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.
SECTION 4.    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 (i) the Credit Agreement and (ii) 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 5.    Costs and Expenses. The Loan Parties acknowledge and agree 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 6.    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)

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confirms and agrees that the Borrowers are 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.
(a)    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 7.    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 8.    References. 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.
SECTION 9.    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 10.    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 11.    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 12.    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
SECTION 13.    Loan Document. The Loan Parties acknowledge and agree that this
Agreement constitutes a Loan Document and that the failure of any of the Loan
Parties to comply with the provisions of this Agreement shall constitute an
Event of Default.
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 Required
Lenders have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written.
BORROWERS:
COLONY FINANCIAL, INC., a Maryland corporation
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer

CFI RE MASTERCO, LLC, a Delaware limited liability company

By: Colony Financial, Inc., its managing member
  
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer

CFI RE HOLDCO, LLC, a Delaware limited liability company

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member
  
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer

CFI MEZZ FUNDING, LLC, a Delaware limited liability company

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer
 

COLFIN ESH FUNDING, LLC, a Delaware limited liability company

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer

[Signature page to Colony First Amendment Agreement]

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COLFIN 2100 FUNDING, LLC, a Delaware limited liability company

By: CFI RE Holdco, LLC, its managing member

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member

By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer

CFI CORAMERICA 2100 FUNDING, LLC, a Delaware limited liability company

By: ColFin 2100 Funding, LLC, its managing member

By: CFI RE Holdco, LLC, its managing member

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member
 
By: /s/ Mark M. Hedstrom     
Name: Mark M. Hedstrom
Title: Vice President

GUARANTORS:

COLONY FINANCIAL HOLDCO, LLC, a Delaware limited liability company

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer
  

COLONY FINANCIAL TRS, LLC, a Delaware limited liability company

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer

[Signature page to Colony First Amendment Agreement]

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CFI FRB FUNDING, LLC, a Delaware limited liability company

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer
 

COLONY FINANCIAL AMC, LLC, a Delaware limited liability company

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer
 

CFI DB HOLDING, LLC, a Delaware limited liability company

By: CFI RE Holdco, LLC, its managing member

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer
 

CFI MBS HOLDING, LLC, a Delaware limited liability company

By: CFI RE Holdco, LLC, its managing member

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer
  

COLFIN JIH FUNDING, LLC, a Delaware limited liability company

By: CFI RE Holdco, LLC, its managing member

By: CFI RE Masterco, LLC, its managing member

[Signature page to Colony First Amendment Agreement]

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By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer

COLFIN 2011 ADC HOLDING, LLC, a Delaware limited liability company

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer

COLONY AMC MILESTONE NORTH, LLC, a Delaware limited liability company

By: Colony Financial AMC, LLC, its managing member

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer
 

CFI 2011 CRE HOLDCO, LLC, a Delaware limited liability company

By: CFI RE Holdco, LLC, its managing member

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member

By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer

CFI GNE LOAN FUNDING, LLC, a Delaware limited liability company

By: CFI RE Holdco, LLC, its managing member

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member
 

[Signature page to Colony First Amendment Agreement]

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By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer
 

CFI GNE WARRANT INVESTOR, LLC, a Delaware limited liability company

By: CFI RE Holdco, LLC, its managing member

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member

By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer
 

CFI INLAND INVESTOR, LLC, a Delaware limited liability company

By: CFI RE Holdco, LLC, its managing member

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer
 

CFI MILESTONE NORTH HOLDCO, LLC, a Delaware limited liability company

By: CFI RE Holdco, LLC, its managing member

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer

COLONY AMC MILESTONE WEST, LLC, a Delaware limited liability company

By: Colony Financial AMC, LLC, its managing member

By: Colony Financial, Inc., its managing member

[Signature page to Colony First Amendment Agreement]

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By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer

CFI HUNT TRS INVESTOR, LLC, a Delaware limited liability company

By: CFI RE Holdco, LLC, its managing member

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer
 

CFI RS HOLDING, LLC, a Delaware limited liability company

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member
 
By: /s/ Mark M. Hedstrom     
Name: Mark M. Hedstrom
Title: Vice President
 

CFI CENTCO FUNDING, LLC, a Delaware limited liability company

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer
 

CFI BULLS TRS INVESTOR, LLC, a Delaware limited liability company

By: CFI RE Masterco, LLC, its managing member

By: Colony Financial, Inc., its managing member
 
By: /s/ Darren J. Tangen
Name: Darren J. Tangen
Title: Chief Financial Officer

[Signature page to Colony First Amendment Agreement]

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

By: _/s/ Paley Chen____________________
Name: Paley Chen
Title: Assistant Vice President

[Signature page to Colony First Amendment Agreement]

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BANK OF AMERICA, N.A., as a Lender

By: /s/ James P. Johnson     
Name: James P. Johnson
Title: Senior Vice President

[Signature page to Colony First Amendment Agreement]

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JPMORGAN CHASE BANK, N.A., as a Lender

By: /s/ John J. Coffey     
Name: John J. Coffey
Title: Managing Director
 

[Signature page to Colony First Amendment Agreement]

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MORGAN STANLEY SENIOR FUNDING, INC., as a Lender

By: /s/ Harry Comninellis     
Name: Harry Comninellis
Title: Vice President

[Signature page to Colony First Amendment Agreement]

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ROYAL BANK OF CANADA, as a Lender

By: /s/ Patrick Shields     
Name: Patrick Shields
Title: Authorized Signatory

[Signature page to Colony First Amendment Agreement]

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UBS LOAN FINANCE LLC, as a Lender

By: /s/ Irja R. Otsa     
Name: Irja R. Otsa
Title: Associate Director

By: /s/ Mary E. Evans     
Name: Mary E. Evans
Title: Associate Director

[Signature page to Colony First Amendment Agreement]

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CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

By: /s/ Bill O'Daly
Name: Bill O'Daly
Title: Director

By: /s/ Kevin Buddhdew     
Name: Kevin Buddhdew
Title: Associate

[Signature page to Colony First Amendment Agreement]

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GOLDMAN SACHS BANK USA, as a Lender

By: /s/ Rick Canonico     
Name: Rick Canonico
Title: Authorized Signatory

[Signature page to Colony First Amendment Agreement]

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ONEWEST BANK, FSB, as a Lender

By: /s/ John Devereux     
Name: John Devereux
Title: EVP

[Signature page to Colony First Amendment Agreement]