Document:

Second Amendment to Credit Agreement, dated as of December 9, 2011

 Exhibit 10.5 
 SECOND AMENDMENT TO CREDIT AGREEMENT 
 SECOND AMENDMENT TO CREDIT
AGREEMENT (this “Second Amendment”), dated as of December 9, 2011, among STARWOOD HOTELS & RESORTS WORLDWIDE, INC., a Maryland corporation (the “Corporation”), each additional Dollar Revolving Loan Borrower
(as defined in the Credit Agreement referred to below), each additional Alternate Currency Revolving Loan Borrower (as defined in the Credit Agreement referred to below), various lenders from time to time party to the Credit Agreement (the
“Lenders”) and DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, all capitalized terms used herein shall have the respective
meanings provided such terms in the Credit Agreement referred to below. 
 W I T N E
S S E T H: 
 WHEREAS, the Corporation, the other Borrowers, the Lenders from time
to time party thereto, the Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, and Deutsche Bank Securities Inc., J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated (as successor by merger with
Banc of America Securities LLC), as Lead Arrangers and Book Running Managers, are parties to that certain Credit Agreement, dated as of April 20, 2010 (as amended, modified, and/or supplemented to, but not including, the date hereof, the
“Credit Agreement”); and 
 WHEREAS, subject to the terms and conditions of this Second Amendment, the
Corporation, the other Borrowers, the Lenders and the Administrative Agent wish to amend Section 8.07 of the Credit Agreement as provided herein; 
 NOW, THEREFORE, it is agreed: 
 PART I. Amendments. 

Section 8.07 of the Credit Agreement is hereby amended by deleting the period (“.”) at the end of clause (ii) of said Section
and inserting the following new text in lieu thereof: 
 “; provided, however, that Subsidiaries of the
Corporation that are included (together with full financial results for the applicable period) in the Corporation’s consolidated financial statements and related schedules for a fiscal quarter and a Fiscal Year of the Corporation (as required
to be delivered pursuant to Section 8.01(a) or (b), as applicable) shall not be required to maintain the fiscal year and fiscal quarter ends described in clause (i) and (ii) above.”. 
 PART II. Miscellaneous Provisions. 
 A. Each Guarantor, by its
signature below, hereby confirms that (i) its Guaranty shall remain in full force and effect and (ii) its Guaranty covers its Relevant Guaranteed Obligations, in each case after giving effect to this Second Amendment. 

 B. In order to induce the Administrative Agent and the Lenders to enter into this Second
Amendment, the Corporation represents and warrants to the Lenders that, on the Second Amendment Effective Date (as defined below), before, as of and after giving effect to this Second Amendment and the transactions contemplated hereby, (i) there
shall exist no Default or Event of Default and (ii) all representations and warranties contained in the Credit Agreement and in the other Credit Documents are true and correct in all material respects with the same effect as though such
representations and warranties had been made on the Second Amendment Effective Date (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be true and correct in all material
respects only as of such specified date). 
 C. This Second Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit Agreement or any other Credit Document. 
 D. This
Second Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one
and the same instrument. A complete set of counterparts shall be lodged with the Corporation and the Administrative Agent. 
 E.
THIS SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 F. This Second Amendment shall become effective on the date (the “Second Amendment Effective Date”) when each of the following conditions has been satisfied: 

(i) each Borrower, each Guarantor, the Administrative Agent and Lenders constituting the Required Lenders shall have
signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile transmission) the same to the Administrative Agent (or its designee); and 

(ii) the Corporation shall have paid (or caused to be paid) to the Agents and the Lenders all fees, costs and expenses
(including, without limitation, reasonable legal fees and expenses) payable to the Agents and the Lenders to the extent then due. 
 G. From and after the Second Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit
Agreement as modified by this Second Amendment on the Second Amendment Effective Date. This Second Amendment shall constitute a Credit Document for all purposes under the Credit Agreement and the other Credit Documents. 

[Signatures appear on the following page.] 

  
 -2-

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute
and deliver this Second Amendment as of the date first above written. 
  

			
	 STARWOOD HOTELS & RESORTS WORLDWIDE, INC., as Borrower and Guarantor

		
	By:	 	/s/    Timothy C. Fetten        
	Name:	 	Timothy C. Fetten
	Title:	 	VICE PRESIDENT & Treasurer

  

			
	 STARWOOD FINANCE EUROPE LIMITED, as an Alternate Currency Revolving Loan Borrower

		
	By:	 	/s/    Timothy C. Fetten        
	Name:	 	Timothy C. Fetten
	Title:	 	ATTORNEY

  

			
	 SHERATON HOTELS (U.K.) PLC, as an Alternate Currency Revolving Loan Borrower

		
	By:	 	/s/    Timothy C. Fetten        
	Name:	 	Timothy C. Fetten
	Title:	 	ATTORNEY

  

			
	 SHERATON ON THE PARK PTY LIMITED (ABN 14 003 366 550), as an Alternate Currency Revolving Loan
Borrower

		
	By:	 	/s/    Kristen W. Prohl        
	Name:	 	KRISTEN W. PROHL
	Title:	 	ATTORNEY

  

			
	 OPERADORA SHERATON S de RL de CV,
     as an Alternate Currency Revolving Loan

    Borrower

		
	By:	 	/s/ Jack Spitzer
		 	 Name: JACK SPITZER
 Title:
  LEGAL REPRESENTATIVE

  

			
	 STARWOOD ITALIA S.R.L., as an Alternate
     Currency Revolving Loan Borrower

		
	By:	 	/s/ Timothy C. Fetten
		 	 Name: TIMOTHY C. FETTEN

Title:   ATTORNEY

  

			
	 STARWOOD JAPAN HOLDINGS PTE. LTD.,
     as an Alternate Currency Revolving Loan

    Borrower

		
	By:	 	/s/ Timothy C. Fetten
		 	 Name: TIMOTHY C. FETTEN

Title:   ATTORNEY

  

			
	 CIGAHOTELS ESPANA SL, as an Alternate
     Currency Revolving Loan Borrower

		
	By:	 	/s/ Timothy C. Fetten
		 	 Name: TIMOTHY C. FETTEN

Title:   ATTORNEY

  

			
	 DEUTSCHE BANK AG NEW YORK
     BRANCH,
     Individually and as Administrative
Agent

		
	By:	 	/s/ George R. Reynolds
		 	Name: GEORGE R. REYNOLDS
		 	Title:    DIRECTOR

  

			
		
	By:	 	/s/ James Rolison
		 	Name: JAMES ROLISON
		 	Title:   MANAGING DIRECTOR

 Second Amendment to the Starwood Hotels & Resorts Worldwide Revolving Credit Agreement dated April 20, 2010

			
	 SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS
OF APRIL 20, 2010, AMONG STARWOOD HOTELS & RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH,
AS ADMINISTRATIVE AGENT, JPMORGAN CHASE BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)

 
 NAME OF INSTITUTION:

 
 BANK OF AMERICA, N.A.

		
	By:	 	/s/ Roger C. Davis
		 	Name: Roger C. Davis
		 	Title: Senior Vice President

			
	 SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS
OF APRIL 20, 2010, AMONG STARWOOD HOTELS & RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH,
AS ADMINISTRATIVE AGENT, JPMORGAN CHASE BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)

 
 NAME OF INSTITUTION:

 
 THE BANK OF NOVA SCOTIA

		
	By:	 	/s/ Ajit Goswami
		 	Name: Ajit Goswami
		 	Title: Director

			
	 SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS
OF APRIL 20, 2010, AMONG STARWOOD HOTELS & RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH,
AS ADMINISTRATIVE AGENT, JPMORGAN CHASE BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)

 
 NAME OF INSTITUTION:

 
 The Bank of Tokyo-Mitsubishi UFJ, Ltd.

		
	By:	 	/s/ Kenneth Egusa
		 	Name: KENNETH EGUSA
		 	Title: VICE PRESIDENT

  

			
	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)
	
	NAME OF INSTITUTION:
	
	BARCLAYS BANK PLC
		
	By:	 	/s/ Diane Rolfe
		 	 Name:  Diane Rolfe

		 	 Title:  Director

  

			
	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)
	
	NAME OF INSTITUTION:
	
	CITIBANK, N.A.
		
	By:	 	/s/ John Rowland
		 	 Name:  John Rowland

		 	 Title:    Vice President

  

			
	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)
	
	NAME OF INSTITUTION:
	
	Credit Agricole Corporate and Investment Bank
		
	By:	 	/s/ Steven Jonassen
		 	 Name:  Steven Jonassen

		 	 Title:    Managing Director

		
	By:	 	/s/ David Bowers
		 	 Name:   David Bowers

		 	 Title:    Managing Director

	 	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED) 

 

					
	NAME OF INSTITUTION:	 	
		
	CREDIT SUISSE AG, Cayman Islands Branch	 	
			
	By:	 	/s/ Karl Studer	 	
		 	Name: Karl Studer	 	
		 	Title: Director	 	

  

					
	By:	 	/s/ Stephan Brechtbuehl	 	
		 	Name: Stephan Brechtbuehl	 	
		 	Title: Assistant Vice President	 	

			
	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)
	
	NAME OF INSTITUTION:
	
	Goldman Sachs Bank USA
		
	By:	 	/s/ Ashwin Ramakrishna
		 	Name: Ashwin Ramakrishna
		 	Title: Authorized Signatory

  

			
	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)
	
	NAME OF INSTITUTION:
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	/s/ Marc Costantino
		 	Name: Marc Costantino
		 	Title: Executive Director

  

			
	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)
	
	NAME OF INSTITUTION:
	
	Mizuho Corporate Bank, Ltd.
		
	By:	 	/s/ Noel Purcell
		 	 Name:  Noel Purcell

		 	 Title:    Authorized Signatory

  

			
	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)
	
	Morgan Stanley Bank, N.A.
		
	By:	 	/s/ Nick Zangari
	Name:	 	Nick Zangari
	Title:	 	Authorized Signatory

  

			
	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)
	
	Royal Bank of Canada:
		
	 	 	 
		
	By:	 	/s/ G. David Cole
		 	Name:  G. David Cole
		 	 Title:    Authorized Signatory

 
			
	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)
	
	NAME OF INSTITUTION:
	
	The Royal Bank of Scotland plc
		
	By:	 	/s/    Timothy J. McNaught
		 	Name: Timothy J. McNaught
		 	Title:    Managing Director

 
			
	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS
	
	NAME OF INSTITUTION:
	
	Sumitomo Mitsui Banking Corporation
		
	By:	 	/s/    William G. Karl
		 	Name: William G. Karl
		 	Title:    Managing Director

  

			
	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)
	
	NAME OF INSTITUTION:
	
	US Bank, National Association
		
	By:	 	/s/    Steven L. Sawyer        
		 	Name: Steven L. Sawyer
		 	Title: Vice President

  

			
	SIGNATURE PAGE TO THE SECOND AMENDMENT, DATED AS OF THE DATE FIRST WRITTEN ABOVE, TO THAT CERTAIN CREDIT AGREEMENT, DATED AS OF APRIL 20, 2010, AMONG STARWOOD HOTELS
& RESORTS WORLDWIDE, INC., EACH ADDITIONAL DOLLAR REVOLVING LOAN BORROWER, EACH ADDITIONAL ALTERNATE CURRENCY REVOLVING LOAN BORROWER, THE VARIOUS LENDERS PARTY THERETO, DEUTSCHE BANK AG NEW YORK BRANCH, AS ADMINISTRATIVE AGENT, JPMORGAN CHASE
BANK, N.A., AS SYNDICATION AGENT, AND DEUTSCHE BANK SECURITIES INC., J.P. MORGAN SECURITIES INC. AND BANC OF AMERICA SECURITIES LLC, AS LEAD ARRANGERS AND BOOK RUNNING MANAGERS (AS AMENDED)
	
	NAME OF INSTITUTION:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Mark F. Monahan
		 	Name: Mark F. Monahan
		 	Title: Senior Vice PresidentAmendment to employment agreement between the Company and Matthew Avril

 Exhibit 10.41 

 
 

 
 December 15, 2011 
 Matthew E. Avril 
 c/o Starwood Hotels & Resorts Worldwide, Inc. 

One StarPoint 
 Stamford, CT 06902 

 

	 	Re:	Assignment of Employment to US Branch of Starwood International Licensing Company, S.a.r.L., a Luxembourg company 

Dear Matt: 
 As we have previously discussed,
your employment with Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”) will be assigned to, and assumed by, the US Branch of Starwood International Licensing Company, S.a.r.l., a Luxembourg company
(“LuxCo”), effective as of January 1, 2012 (the “Effective Date”), and you will become an employee of LuxCo as of such date. 
 In connection with such assignment, we wish to confirm the following: 
  

	 	1.	The offer letter dated August 22, 2008 between you and Starwood, as amended, effective December 20, 2008 (the “Offer Letter”) shall be
assigned to, and assumed by, LuxCo as of the Effective Date, however, this assignment and assumption shall have no effect on your current terms and conditions of employment, including, without limitation, compensation, title, duties, work location,
your eligibility for severance as outlined in the Offer Letter, your participation in Starwood’s benefits plans and programs, Annual Incentive Plan or Long Term Incentive Plan, or your status as an at-will employee. 

 

	 	2.	The Mutual Agreement to Arbitrate executed by you and Starwood on or about August 22, 2008 (the “Mutual Agreement”), and the Non-Solicitation,
Confidentiality and Intellectual Property Agreement executed by you and Starwood on or about August 22, 2008 (the “Non-Solicitation Agreement”) shall be assigned to, and assumed by, LuxCo as of the Effective Date and shall
remain in full force and effect, provided, however, that as of the Effective Date, the defined terms “Starwood” and the “Company”, as used throughout the Mutual Agreement and Non-Solicitation Agreement, respectively, shall mean
both Starwood Hotels & Resorts Worldwide, Inc. and the U.S. Branch of Starwood International Licensing Company, S.a.r.l. 

  

	 	3.	The Severance Agreement executed by you and Starwood dated December 20, 2008 (the “Severance Agreement” and collectively with the Offer Letter,
Mutual Agreement and Non-Solicitation Agreement, the “Assigned Employment Agreements”) shall be assigned to and assumed by LuxCo as of the Effective Date and shall remain in full force and effect, provided, however, that as of the
Effective Date, the defined terms “Starwood” and the “Company”, as used throughout the Severance Agreement, shall mean both Starwood Hotels & Resorts Worldwide, Inc. and the US Branch of Starwood International Licensing
Company, S.a.r.l., except that any 

  

					
	 

	  	 

 Matthew E. Avril 
 December 15, 2011 
 Assignment of Employment to US Branch of Starwood International Licensing
Company, S.a.r.l., 
 Page 2 
  

	 	
references to the Company as your employer shall mean only the US Branch of Starwood International Licensing Company, S.a.r.l. and any references in paragraph 18 to the “Company” shall
mean only Starwood Hotels & Resorts Worldwide, Inc. 

  

	 	4.	The Indemnification Agreement executed by you and Starwood on or about November 23, 2009 (as amended from time to time, the “Indemnification
Agreement”) shall be applicable to your employment by LuxCo and shall remain in full force and effect and, as of the Effective Date, Starwood agrees and covenants that to the extent the Indemnification Agreement provides benefits to a
director or officer but not an employee that Starwood shall provide such benefits as if the word “employee” had been included in any such applicable provision to the extent allowed by applicable law. Further, as of the Effective Date,
Starwood shall also indemnify and reimburse you for any and all incremental costs and expenses incurred by you in connection with the assignment of your employment to LuxCo, including, without limitation, all costs incurred for the preparation of
any tax returns other than US Federal and State Income tax returns, and taxes payable outside the United States, any and all incremental payroll taxes, and any other costs whatsoever incurred as a result of you being employed by LuxCo instead of
Starwood. Starwood shall also gross up for any taxes payable by you as a result of any payments required to be made under the Indemnification Agreement. 

  

	 	5.	The assignment of your employment to LuxCo shall not be deemed a termination of your employment from Starwood for purposes of any severance or other payments or
consideration, nor shall it be deemed a material change in the terms and conditions of your employment. 

  

	 	6.	Starwood hereby unconditionally, absolutely and irrevocably guarantees to you the performance of any and all obligations of LuxCo owing to you in respect of the
Assigned Employment Agreements, whether now existing or hereafter arising, direct or indirect, absolute or contingent, joint or several, and however acquired by you, when due, in accordance with the terms of the Assigned Employment Agreements.

 Please sign below indicating your acknowledgment and acceptance of these terms. 

Very truly yours, 
 STARWOOD HOTELS &
RESORTS WORLDWIDE, INC. 
  

			
	 By:
	 	/s/ Jeffrey M. Cava
		 	 Name:  JEFFREY M. CAVA

		 	 Title:    EVP, CHIEF HUMAN RESOURCES OFFICER

 Accepted and Agreed on this 26th day of December, 2011: 
  

			
		 	/s/ Matthew E. Avril
		 	 Matthew E. Avril

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]