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Exhibit 10.34.1
 Execution Version
 
 CREDIT AGREEMENT
    FELCOR LODGING TRUST INCORPORATED   FELCOR LODGING LIMITED PARTNERSHIP
   JPMORGAN CHASE BANK, N.A.
  
 J.P. MORGAN SECURITIES INC.   CITIGROUP GLOBAL MARKETS INC.




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TABLE OF CONTENTS
 PageARTICLE I DEFINITIONS
    
    
    1SECTION 1.1.
    
    Defined Terms
    
    
    1SECTION 1.2.
    
    Classification of Loans and Borrowings
    
    
    14SECTION 1.3.
    
    Terms Generally
    
    
    14SECTION 1.4.
    
    Accounting Terms; GAAP
    
    
    14SECTION 1.5.
    
    Joint Venture Investments
    
    
    14ARTICLE II THE CREDITS
    
    
    15SECTION 2.1.
    
    Commitments
    
    
    15SECTION 2.2.
    
    Loans and Borrowings
    
    
    15SECTION 2.3.
    
    Requests for Revolving Borrowings
    
    
    16SECTION 2.4.
    
    [RESERVED]
    
    
    16SECTION 2.5.
    
    Swingline Loans
    
    
    16SECTION 2.6.
    
    Letters of Credit
    
    
    17SECTION 2.7.
    
    Funding of Borrowings
    
    
    21SECTION 2.8.
    
    Interest Elections
    
    
    21SECTION 2.9.
    
    Termination and Reduction of Commitments
    
    
    22SECTION 2.10.
    
    Repayment of Loans; Evidence of Debt
    
    
    23SECTION 2.11.
    
    Prepayment of Loans
    
    
    24SECTION 2.12.
    
    Fees
    
    
    25SECTION 2.13.
    
    Interest
    
    
    26SECTION 2.14.
    
    Alternate Rate of Interest
    
    
    26SECTION 2.15.
    
    Increased Costs
    
    
    27SECTION 2.16.
    
    Break Funding Payments
    
    
    28SECTION 2.17.
    
    Taxes
    
    
    28SECTION 2.18.
    
    Payments Generally; Pro Rata Treatment; Sharing of Set-offs
    
    
    29SECTION 2.19.
    
    Mitigation Obligations; Replacement of Lenders
    
    
    30SECTION 2.20.
    
    Joint and Several Liability of the Borrowers
    
    
    31ARTICLE III REPRESENTATIONS AND WARRANTIES
    
    
    33


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TABLE OF CONTENTS
  PageSECTION 3.1.
    
    Organization; Powers
    
    
    33SECTION 3.2.
    
    Authorization; Enforceability
    
    
    33SECTION 3.3.
    
    Governmental Approvals; No Conflicts
    
    
    33SECTION 3.4.
    
    Financial Condition; No Material Adverse Change
    
    
    33SECTION 3.5.
    
    Properties
    
    
    34SECTION 3.6.
    
    Litigation and Environmental Matters
    
    
    34SECTION 3.7.
    
    Compliance with Laws and Agreements
    
    
    34SECTION 3.8.
    
    Investment and Holding Company Status
    
    
    35SECTION 3.9.
    
    Taxes
    
    
    35SECTION 3.10.
    
    ERISA
    
    
    35SECTION 3.11.
    
    Disclosure
    
    
    35SECTION 3.12.
    
    Indebtedness
    
    
    35SECTION 3.13.
    
    Ownership; Organization Structure; Subsidiaries
    
    
    36SECTION 3.14.
    
    Solvency
    
    
    36SECTION 3.15.
    
    Location of Assets; Unencumbered Assets
    
    
    36SECTION 3.16.
    
    No Burdensome Restrictions
    
    
    36SECTION 3.17.
    
    Insurance
    
    
    36SECTION 3.18.
    
    Use of Proceeds; Margin Stock
    
    
    36SECTION 3.19.
    
    Foreign Asset Control Regulations
    
    
    36ARTICLE IV CONDITIONS
    
    
    37SECTION 4.1.
    
    Effective Date
    
    
    37SECTION 4.2.
    
    Each Credit Event
    
    
    38ARTICLE V AFFIRMATIVE COVENANTS
    
    
    38SECTION 5.1.
    
    Financial Statements; Ratings Change and Other Information
    
    
    39SECTION 5.2.
    
    Notices of Material Events
    
    
    40SECTION 5.3.
    
    Existence; Conduct of Business
    
    
    40SECTION 5.4.
    
    Payment of Obligations
    
    
    40SECTION 5.5.
    
    Maintenance of Properties; Insurance
    
    
    40SECTION 5.6.
    
    Books and Records; Inspection Rights
    
    
    41


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TABLE OF CONTENTS
  PageSECTION 5.7.
    
    Compliance with Laws
    
    
    41SECTION 5.8.
    
    Use of Proceeds and Letters of Credit
    
    
    41SECTION 5.9.
    
    Notices of Asset Sales or Dispositions
    
    
    41SECTION 5.10.
    
    Further Assurances
    
    
    41SECTION 5.11.
    
    Distributions in the Ordinary Course
    
    
    41SECTION 5.12.
    
    ERISA Compliance
    
    
    42SECTION 5.13.
    
    Additional Subsidiary Guarantors;
Release of Subsidiary Guarantors
    
    
    42ARTICLE VI NEGATIVE COVENANTS
    
    
    42SECTION 6.1.
    
    Financial Covenants and Other Covenants
    
    
    42SECTION 6.2.
    
    Liens
    
    
    43SECTION 6.3.
    
    Fundamental Changes; Governing Documents
    
    
    44SECTION 6.4.
    
    Indebtedness
    
    
    45SECTION 6.5.
    
    Transactions with Affiliates
    
    
    45SECTION 6.6.
    
    Asset Sales and Disposition of Assets
    
    
    45SECTION 6.7.
    
    Negative Pledge; Restrictive Agreements
    
    
    45SECTION 6.8.
    
    Restricted Investments; Acquisitions
    
    
    45SECTION 6.9.
    
    Fiscal Year
    
    
    45SECTION 6.10.
    
    Margin Regulations; Securities Laws
    
    
    45SECTION 6.11.
    
    ERISA
    
    
    46SECTION 6.12.
    
    Optional Prepayments and
Modifications of Certain Debt Instruments
    
    
    46ARTICLE VII EVENTS OF DEFAULT
    
    
    46ARTICLE VIII THE ADMINISTRATIVE AGENT
    
    
    48ARTICLE IX MISCELLANEOUS
    
    
    50SECTION 9.1.
    
    Notices
    
    
    50SECTION 9.2.
    
    Waivers; Amendments
    
    
    51SECTION 9.3.
    
    Expenses; Indemnity; Damage Waiver
    
    
    51SECTION 9.4.
    
    Successors and Assigns
    
    
    52SECTION 9.5.
    
    Survival
    
    
    55
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TABLE OF CONTENTS
  PageSECTION 9.6.
    
    Counterparts; Integration; Effectiveness
    
    
    55SECTION 9.7.
    
    Severability
    
    
    56SECTION 9.8.
    
    Right of Setoff
    
    
    56SECTION 9.9.
    
    Governing Law; Jurisdiction; Consent to Service of Process
    
    
    56SECTION 9.10.
    
    WAIVER OF JURY TRIAL
    
    
    56SECTION 9.11.
    
    Headings
    
    
    57SECTION 9.12.
    
    Confidentiality
    
    
    57SECTION 9.13.
    
    USA PATRIOT Act
    
    
    57SECTION 9.14.
    
    Interest Rate Limitation
    
    
    57
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SCHEDULES:
 Schedule SG
    
    
    
    Subsidiary GuarantorsSchedule 2.1
    
    
    
    CommitmentsSchedule 2.6
    
    
    
    Existing Letters of CreditSchedule 3.6
    
    
    
    Disclosed MattersSchedule 3.12
    
    
    
    Existing IndebtednessSchedule 3.13
    
    
    
    Organizational StructureSchedule 3.15
    
    
    
    Properties and Unencumbered Assets
 EXHIBITS




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DEFINITIONS
 Defined Terms
 ABR
 Adjusted LIBO Rate
 Administrative Agent
 Administrative Questionnaire
 Affiliate
 Agreement
 Alternate Base Rate 1 2
 Applicable Percentage
 Applicable Rate




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-2- ABR
    
    
    EurodollarLeverage Ratio:
    
    Spread
    
    
    SpreadCategory 1>6.25 to 1.0
    
    
    1.25%
    
    
    
    2.25%Category 2>5.50 to 1.0 and <6.25 to 1.0
    
    
    1.00%
    
    
    
    2.00%Category 3<5.50 to 1.0
    
    
    0.75%
    
    
    
    1.75%
 Calculation Date provided
 Approved Fund
 Assignment and Assumption
 Availability Period
 Board
 Borrower Borrowers
 Borrowing
 Borrowing Request
 Business Day provided




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-3- Business Day
 Calculation Date
 Capital Lease Obligations
 Cash Equivalents
      Change in Control
 Change in Law




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-4-  Class
 Closing Date
 Code
 Commitment Schedule 2.1
 Condominium Development
 Consolidated Net Income
 Control Controlling Controlled
 Credit Event
 Default
 Disclosed Matters Schedule 3.6
 dollars $
 Effective Date
 Environmental Laws




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-5- Environmental Liability
 Equity Interests
 ERISA
 ERISA Affiliate
 ERISA Event
 Eurodollar
 Event of Default
 Excluded Taxes




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-6-  Federal Funds Effective Rate
 FelCor Partnership
 FelCor Trust
 Financial Officer
 Fixed Charges
 Foreign Lender
 GAAP
 Governmental Authority
 Guarantee guarantor primary
obligor




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-7- provided
 Hazardous Materials
 Indebtedness
 Indemnified Taxes
 Interest Charges
 Interest Election Request Exhibit D
 Interest Payment Date




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-8-  Interest Period provided
 Investments
 Issuing Bank
 Joint Venture
 LC Disbursement
 LC Exposure
 Lenders Schedule 2.1
 Letter of Credit
 Leverage Ratio




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-9- LIBO Rate LIBO Rate
 Lien
 Loan Documents
 Loans
 Margin Stock
 Material Adverse Effect
 Material Indebtedness
 Maturity Date
 Moodys




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-10- Multiemployer Plan
 Non-Recourse Indebtedness
 Note Notes
 Obligations
 Other Taxes
 Participant
 PBGC
 Person
 Plan
 Prime Rate
 Recourse Indebtedness
 Register
 Regulations T, U, and X




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-11- REIT et seq.
 Related Parties
 Required Lenders provided
 Restricted Investments
    provided
 provided
    Restricted Payment




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-12-  Revolving Credit Exposure
 Revolving Loan
 S&P
 Secured Indebtedness
 Senior Unsecured Notes
 Senior Unsecured Notes Indentures
 Solvent
 Statutory Reserve Rate




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-13-  subsidiary parent
 Subsidiary
 Subsidiary Guarantor
 Subsidiary Guaranty Exhibit E
 Swap Agreement provided
 Swingline Exposure
 Swingline Lender
 Swingline Loan
 Taxes
 Total Assets
 Total EBITDA




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-14-  Total Net Debt
 Total Unencumbered Assets
 Transactions
 Type
 Unencumbered Assets
 Unencumbered Leverage Ratio
 Unsecured Indebtedness
 Unused Fee
 Unused Fee Rate




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-15- Withdrawal Liability
 Classification of Loans and Borrowings e g e g e g e g e g e g
 Terms Generally
 Accounting Terms; GAAP provided
 Joint Venture Investments




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-16-   THE CREDITS
 Commitments
 Loans and Borrowings provided
 provided
 provided provided
  Requests for Revolving Borrowings provided




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-17-        [RESERVED]
 Swingline Loans provided
 Exhibit B




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-18- mutatis mutandis
 Letters of Credit General Schedule 2.6
 Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions




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-19-  Expiration Date provided
 Participations
 Reimbursement provided mutatis mutandis




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-20-  Obligations Absolute provided
 Disbursement Procedures provided
 Interim Interest




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-21- provided
 Replacement of the Issuing Bank
 Cash Collateralization provided




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-22- Funding of Borrowings provided provided
  Interest Elections
 Exhibit D




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-23-        Termination and Reduction of Commitments
 provided
 provided




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-24- Schedule 2.1
  Repayment of Loans; Evidence of Debt provided




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-25-  prima facie provided
 Exhibit C
  Prepayment of Loans
 provided




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-26-  Fees th
 provided
    Interest




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-27-   provided
  Alternate Rate of Interest
   provided
 Increased Costs




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-28-      provided provided further
 Break Funding Payments




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-29-  Taxes provided




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-30-  Payments Generally; Pro Rata Treatment; Sharing of Set-offs
  provided




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-31-    Mitigation Obligations; Replacement of Lenders
 provided




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-32-  Joint and Several Liability of the Borrowers




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-33-     REPRESENTATIONS AND WARRANTIES
  Organization; Powers




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-34- Authorization; Enforceability
 Governmental Approvals; No Conflicts
 Financial Condition; No Material Adverse Change
  Properties




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-35-  Litigation and Environmental Matters
   Compliance with Laws and Agreements
 Investment and Holding Company Status
 Taxes
 ERISA




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-36-  Disclosure provided
 Indebtedness Schedule 3.12 Schedule 3.12
 Schedule 3.12
 Ownership; Organization Structure; Subsidiaries Schedule 3.13 Schedule 3.13
 Solvency
 Location of Assets; Unencumbered Assets Schedule 3.15




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-37- Schedule 3.15 Schedule 3.15
 No Burdensome Restrictions
 Insurance
 Use of Proceeds; Margin Stock
 Foreign Asset Control Regulations
  CONDITIONS
 Effective Date




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-38-         Each Credit Event




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-39-        AFFIRMATIVE COVENANTS
  Financial Statements; Ratings Change and Other Information




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-40-  Exhibit F Schedule 3.15
    Notices of Material Events




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-41-  Existence; Conduct of Business provided
 Payment of Obligations
 Maintenance of Properties; Insurance
 Books and Records; Inspection Rights
 Compliance with Laws
 Use of Proceeds and Letters of Credit




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-42- Notices of Asset Sales or Dispositions
  Further Assurances
 Distributions in the Ordinary Course
 ERISA Compliance
 Additional Subsidiary Guarantors; Release of Subsidiary Guarantors
 Exhibit E




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-43-    NEGATIVE COVENANTS
   Leverage Ratio Leverage Ratio
 Fixed Charge Coverage
 Total Unsecured Indebtedness Unencumbered Leverage Ratio
 Maximum Dividend Payout Ratio




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-44- Pro Forma Calculations
 Covenant Calculations
 Liens
   provided
 provided




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-45-  Fundamental Changes; Governing Documents
   Indebtedness
 Transactions with Affiliates
 Asset Sales and Disposition of Assets




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-46-  Negative Pledge; Restrictive Agreements
 Restricted Investments; Acquisitions
 Fiscal Year
 Margin Regulations; Securities Laws .
 ERISA .




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-47-     EVENTS OF DEFAULT
 Events of Default




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-48- provided




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-49-   THE ADMINISTRATIVE AGENT




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-50-      MISCELLANEOUS
 Notices




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-51-  th
 th
 th
    Waivers; Amendments




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-52- provided provided further
 Expenses; Indemnity; Damage Waiver
 Indemnitee




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-53- provided
 provided
   Successors and Assigns
  provided
 provided




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-54-   provided
     Register




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-55-   Participant provided provided
  provided




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-56-  Survival
 Counterparts; Integration; Effectiveness
 Severability
 Right of Setoff
 Governing Law; Jurisdiction; Consent to Service of Process




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-57-    WAIVER OF JURY TRIAL
 Headings
 Confidentiality




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-58- Information provided
 USA PATRIOT Act Act
 Interest Rate Limitation Charges Maximum Rate




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FELCOR LODGING TRUST INCORPORATEDBy:
    
    /s/ Andrew J. WelchName: Andrew J. WelchTitle:   Senior Vice President
 Address:
    
    545 E John Carpenter Freeway, Suite 1300Irving, Texas 75062Taxpayer Identification Number: 75-2541756
 FELCOR LODGING LIMITED PARTNERSHIPBy:
    
    FelCor Lodging Trust Incorporated,its General PartnerBy
    
    /s/ Andrew J. WelchName: Andrew J. WelchTitle:   Senior Vice President
 Address:
    
    545 E John Carpenter Freeway, Suite 1300Irving, Texas 75062Taxpayer Identification Number: 75-2544994




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JPMORGAN CHASE BANK, N.A., individually and asSwingline Lender, Issuing Bank and Administrative Agent,By:
    
    /s/ Donald S. ShokrianName: Donald S. ShokrianTitle:  Managing Director




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CITICORP NORTH AMERICA, INC.By:
    
    /s/ David BoutonName: David BoutonTitle:  Vice President




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MERRILL LYNCH CAPITAL CORPORATIONBy:
    
    /s/ John C. RowlandName: John C. RowlandTitle:  Vice President




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BANK OF AMERICA, N.A.By:
    
    /s/ Lesa J. ButlerName: Lesa J. ButlerTitle:  Senior Vice President




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DEUTSCHE BANK TRUST COMPANY AMERICASBy:
    
    /s/ Linda WangLinda WangVice PresidentBy:
    
    /s/ James RolisonJames RolisonDirector




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MORGAN STANLEY SENIOR FUNDING, INC.By:
    
    /s/ Daniel TwengeName: Daniel TwengeTitle:  Vice President