Document:

EX-10.1

NOTE

	 	 	 
	Date:

	 	May 11, 2009
	Maker:

	 	Claimsnet.com, Inc.
	Payee:

	 	National Financial Corporation
	Place for Payment:

	 	14860 Montfort Dr., Suite 250, Dallas, TX 75254
	Principal Amount:

	 	One Hundred Thousand U.S. dollars (USD$100,000.00)

Annual Interest Rate on Unpaid Principal from Date of Funding: Three percent (3%)

Terms of Payment: Principal and interest shall be due and payable on demand, interest being
calculated on the unpaid principal balance to the date of each installment paid, and the payment
made credited first to the discharge of interest accrued and the balance to the reduction of the
principal. Accrued and unpaid interest shall be computed on the basis of the actual days elapsed
in a year consisting of 365 days on the principal.

Annual Interest Rate on Demanded, Unpaid Amounts: The highest rate allowed by law.

Security for Payment: None

Maker promises to pay to the order of Payee at the place for payment and according to the
terms of payment the principal amount plus interest at the rates stated above. All unpaid amounts
shall be due upon demand.

On default in the payment of this note or in the performance of any obligation in any
instrument securing or collateral to it, this note and all obligations in all instruments securing
or collateral to it shall become immediately due at the election of Payee. Maker and each surety,
endorser, and guarantor waive all demands for payment, presentations for payment, notices of
intention to accelerate maturity, notices of acceleration of maturity, protest, and notices of
protest.

If this note or any instrument securing or collateral to it is given to an attorney for
collection or enforcement, or if suit is brought for collection or enforcement, or if it is
collected or enforced through probate, bankruptcy, or other judicial proceeding, then Maker shall
pay Payee reasonable attorney’s fees in addition to other amounts due. Reasonable attorney’s fees
shall be 10.0% of all amounts due unless either party pleads otherwise.

Nothing in this note shall authorize the collection of interest in excess of the highest rate
allowed by law.

Maker reserves the right to prepay the outstanding principal balance of this Note, in whole or
in part, at any time and from time to time, without premium or penalty. Any such pre-payment shall
be made together with payment of interest accrued on the amount of principal being prepaid through
the date of such prepayment, and shall be applied to the installments of principal due hereunder in
the inverse order of maturity.

Each Maker is responsible for the entire amount of this note.

The terms Maker and Payee and other nouns and pronouns include the plural if more than one.

Maker shall not be deemed to be in default of this note unless and until Maker shall have been
given seven (7) days written notice and opportunity to cure such default, via certified mail return
receipt requested.

Claimsnet.com, Inc.

By:  /s/ Don Crosbie

Don Crosbie, CEO

MAKEREX-4.1

STARWOOD HOTELS AND RESORTS WORLDWIDE, INC.

AND

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

SUPPLEMENTAL INDENTURE NO. 3

Dated as of May 7, 2009

THIS SUPPLEMENTAL INDENTURE No. 3 (this “Supplemental Indenture No. 3”), dated as of
May 7, 2009, is between STARWOOD HOTELS AND RESORTS WORLDWIDE, INC., a Maryland corporation (the
“Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the
“Trustee”).

RECITALS

WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture dated
as of September 13, 2007, between the Company and the Trustee (the “Base Indenture” and together
with this Supplemental Indenture No. 3, the “Indenture”), providing for the issuance from time to
time of series of the Company’s Securities;

WHEREAS, Section 10.01(e) of the Base Indenture provides for the Company and the Trustee to
enter into an indenture supplemental to the Base Indenture to establish the forms or terms of
Securities of any series as permitted by Section 2.01 or Section 2.02 of the Base Indenture;

WHEREAS, pursuant to Section 2.02 of the Base Indenture, the Company wishes to provide for the
issuance of a new series of Securities to be known as its 7.875% Senior Notes due 2014 (the
“Notes”), the form and terms of such Notes and the terms, provisions and conditions thereof to be
set forth as provided in this Supplemental Indenture No. 3; and

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental
Indenture No. 3 and all requirements necessary to make this Supplemental Indenture No. 3 a valid,
binding and enforceable instrument in accordance with its terms, and to make the Notes, when
executed by the Company and authenticated and delivered by the Trustee, the valid, binding and
enforceable obligations of the Company, have been done and performed, and the execution and
delivery of this Supplemental Indenture No. 3 has been duly authorized in all respects;

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

ARTICLE 1

DEFINITIONS

Section 1.01 Relation to Base Indenture. This Supplemental Indenture No. 3
constitutes an integral part of the Base Indenture.

Section 1.02 Definition Of Terms. For all purposes of this Supplemental Indenture
No. 3:

(a) Capitalized terms used herein without definition shall have the meanings set forth in the
Base Indenture;

(b) a term defined anywhere in this Supplemental Indenture No. 3 has the same meaning
throughout;

(c) the singular includes the plural and vice versa;

(d) headings are for convenience of reference only and do not affect interpretation;

(e) the following terms have the meanings given to them in this Section 1.02(e):

“Business Day” shall mean, unless otherwise specified, any calendar day that is not a
Saturday, Sunday or legal holiday in New York, New York and on which commercial banks are open for
business in New York, New York.

“Change of Control” shall mean the occurrence of any of the following: (1) the direct or
indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the
assets of the Company and its Subsidiaries taken as a whole to any Person other than the Company or
one of its subsidiaries, provided that the Company will be deemed to own any asset that the Company
sells, transfers, conveys or otherwise disposes and, following such transaction, manages pursuant
to a management agreement or it is operated by a third party subject to a franchise or license
agreement with the Company; (2) the consummation of any transaction (including, without limitation,
any merger or consolidation) the result of which is that any Person becomes the beneficial owner,
directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s
Voting Stock; or (3) the first day on which a majority of the members of the Company’s Board of
Directors are not Continuing Directors.

“Capitalized Lease-Back Obligation” shall mean the total net rental obligations of the Company
or any Restricted Subsidiary under any lease entered into as part of a sale and lease-back
transaction involving a Principal Property discounted to present value at the rate of 9% per annum.

“Comparable Treasury Issue” shall mean the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining
Life”) of the Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Notes.

“Comparable Treasury Price” shall mean, with respect to any Redemption Date, (A) the average
of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest
and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
Quotations or, if only one such Quotation is obtained, such Quotation.

“Continuing Directors” shall mean, as of any date of determination, any member of the
Company’s Board of Directors who (1) was a member of such Board of Directors on the date of the
issuance of the Notes; or (2) was nominated for election or elected to such Board of Directors with
the approval of a majority of the Continuing Directors who were members of such Board of Directors
at the time of such nomination or election (either by a specific vote or by approval of the
Company’s proxy statement in which such member was named as a nominee for election as a director,
without objection to such nomination).

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Fair Value” when used with respect to property, shall mean the fair value as determined in
good faith by the Board of Directors.

“Global Note” shall have the meaning set forth in Section 2.04.

“Independent Investment Banker” shall mean an independent investment banking institution of
national standing appointed by the Company, which may be one of the Reference Treasury Dealers.

“Interest Payment Date” shall have the meaning set forth in Section 2.05(b).

“Maturity Date” shall have the meaning set forth in Section 2.02.

“Person” has the meaning set forth in the Base Indenture and includes a “person” or “group” as
these terms are used in Section 13(d)(3) of the Exchange Act.

“Principal Property” shall mean any single property owned by the Company or any of its
Subsidiary having a gross book value in excess of the greater of (i) $100 million and (ii) 5% of
Consolidated Net Assets, except any such property or portion thereof which the Board of Directors
by resolution declares is not of material importance to the total business conducted by the Company
and its Subsidiaries as an entirety.

“Record Date” shall mean, with respect to any Interest Payment Date for the Notes, the first
day, whether or not a Business Day, of the calendar month in which such Interest Payment Date
falls.

“Redemption Date” shall mean, with respect to any redemption of Notes, the date fixed for such
redemption pursuant to the Indenture and such Notes.

“Reference Treasury Dealer” shall mean any primary U.S. government securities dealer in New
York City (a “Primary Treasury Dealer”) that the Company selects. The Company has selected Banc of
America Securities LLC and J.P. Morgan Securities Inc., and their respective successors as Primary
Treasury Dealers.

“Reference Treasury Dealer Quotations” shall mean, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of
the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Independent Investment Banker by the Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such
Redemption Date.

“Restricted Subsidiary” shall mean any of the Company’s Subsidiaries organized and existing
under the laws of the United States of America and the principal business of which is carried on
within the United States of America (x) which owns, or is a lessee pursuant to a capital lease of,
any Principal Property or (y) in which the investment of the Company and all of its Subsidiaries
exceeds 5% of Consolidated Net Assets as of the date of such determination other than, in the case
of either clause (x) or (y), (i) each Subsidiary whose principal business consists of finance,
banking, credit, leasing, insurance, financial services or other similar operations, or any
combination thereof, (ii) each Subsidiary formed or acquired after the date hereof for the purpose
of developing new assets or acquiring the business or assets of another Person and which does not
acquire any part of the business or assets of the Company or any Restricted Subsidiary, (iii) each
Subsidiary organized under the laws of the United States of America whose principal business
consists of managing, licensing, supervising, directing or controlling activities outside the
United States of America; and (iv) each subsidiary whose principal business consists of conducting
timeshare, fractional, residential and related activities.

“Unrestricted Subsidiary” shall mean any of the Company’s Subsidiaries other than a Restricted
Subsidiary.

“Treasury Rate” shall mean, with respect to any Redemption Date, (i) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15 (519)” or any successor publication which
is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the
caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the Remaining Life, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month), (ii) if the period from the Redemption Date to
the Maturity Date of the Notes to be redeemed is less than one year, the weekly average yield on
actually traded United States Treasury securities adjusted to a constant maturity of one year will
be used, or (iii) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per annum equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated by the
Company on the third Business Day preceding such Redemption Date. The Trustee shall not be
responsible for any such calculation.

“Voting Stock” of any Person as of any date means the capital stock of such Person that is at
the time entitled to vote generally in the election of the Board of Directors or similar governing
body of such Person.

The terms “Company,” “Trustee,” “Indenture,” “Base Indenture,” and “Notes” shall have the
respective meanings set forth in the recitals to this Supplemental Indenture No. 3 and the
paragraph preceding such recitals.

ARTICLE 2

GENERAL TERMS AND CONDITIONS OF THE NOTES

Section 2.01 Designation and Principal Amount. The Notes may be issued from time to
time upon written order of the Company for the authentication and delivery of Notes pursuant to
Section 2.03 of the Base Indenture. There is hereby authorized a series of Securities designated
as the 7.875% Senior Notes due 2014, limited in aggregate principal amount to U.S. $500,000,000
(except for Notes authenticated and delivered in accordance with the last paragraph of Section 2.02
of the Base Indenture or upon registration of transfer of, or in exchange for, or in lieu of, other
Notes pursuant to Sections 2.06, 2.07, 2.08, 3.03 or 10.04 of the Base Indenture).

Section 2.02 Maturity. The date upon which the Notes shall become due and payable
at final maturity, together with any accrued and unpaid interest, is October 15, 2014 (the
“Maturity Date”).

Section 2.03 Form, Payment and Appointment. Except as provided in Section 2.04, the
Notes shall be issued in fully registered, certificated form. Principal of and interest on the
Notes will be payable, the transfer of such Notes will be registrable, and such Notes will be
exchangeable for Notes of a like aggregate principal amount, at the office or agency of the Company
maintained for such purpose in the Borough of Manhattan, The City of New York, which shall
initially be the Principal Office of the Trustee; provided, however, that payment of interest may
be made at the option of the Company by check mailed to the Person entitled thereto at such address
as shall appear in the Security register or by wire transfer to an account appropriately designated
by the Person entitled to payment; provided, that the paying agent shall have received written
notice of such account designation at least five Business Days prior to the date of such payment
(subject to surrender of the relevant Note in the case of a payment of interest on a Redemption
Date or the Maturity Date).

No service charge shall be made for any registration of transfer or exchange of the Notes, but
the Company may require payment from the holder of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith.

The Security registrar and paying agent for the Notes shall initially be the Trustee.

The Notes shall be issuable in denominations of U.S. $2,000 and integral multiples of U.S.
$1,000 in excess thereof.

The Specified Currency of the Notes shall be U.S. Dollars.

Section 2.04 Global Notes. The Notes shall be issued initially in the form of a
permanent Global Security in registered form (a “Global Note”), deposited with The Depository Trust
Company or such other Depositary as any officer of the Company may from time to time designate.
Unless and until such Global Note is exchanged for Notes in certificated form, such Global Note may
be transferred, in whole but not in part, and any payments on the Notes shall be made only to the
Depositary or a nominee of the Depositary, or to a successor Depositary selected or approved by the
Company or to a nominee of such successor Depositary.

Section 2.05 Interest. (a) Interest payable on any Interest Payment Date, the
Maturity Date or, if applicable, the Redemption Date, with respect to the Notes shall be the amount
of interest accrued from, and including, the immediately preceding Interest Payment Date in respect
of which interest has been paid or duly provided for (or from and including the original issue date
of May 7, 2009, if no interest has been paid or duly provided for with respect to the Notes) to,
but excluding, such Interest Payment Date, Maturity Date or, if applicable, Redemption Date, as the
case may be (each, an “Interest Period”).

(b) The Notes will bear interest at the rate of 7.875% per year from the original issue date
thereof through and including the Maturity Date. Interest on the Notes shall be payable
semi-annually in arrears on April 15 and October 15 of each year (each, an “Interest Payment
Date”), commencing October 15, 2009, to the Persons in whose names the relevant Notes are
registered at the close of business on the Record Date for such Interest Payment Date, except as
provided in Section 2.05(d).

(c) The amount of interest payable for any full semi-annual Interest Period will be computed
on the basis of a 360-day year consisting of twelve 30-day months. The amount of interest payable
for any period shorter than a full semi-annual Interest Period for which interest is computed will
be computed on the basis of a 30-day month and, for any period less than a month, on the basis of
the actual number of days elapsed per 30-day month. In the event that any scheduled Interest
Payment Date for the Notes falls on a day that is not a Business Day, then payment of interest
payable on such Interest Payment Date will be postponed to the next succeeding day which is a
Business Day (and no interest on such payment will accrue for the period from and after such
scheduled Interest Payment Date).

(d) In the event that the Maturity Date or a Redemption Date for any Note falls on a day that
is not a Business Day, then the related payments of principal, premium, if any, and interest may be
made on the next succeeding day that is a Business Day (and no additional interest will accumulate
on the amount payable for the period from and after the Maturity Date). Interest due on the
Maturity Date or a Redemption Date (in each case, whether or not an Interest Payment Date) of any
Notes will be paid to the Person to whom principal of such Notes is payable.

Section 2.06 No Sinking Fund. The Notes are not entitled to the benefit of any
sinking fund.

ARTICLE 3

REDEMPTION OF THE NOTES

Section 3.01 Optional Redemption by Company. Except as otherwise may be specified
in this Supplemental Indenture No. 3, the Company shall have the right to redeem the Notes, in
whole or in part, at any time or from time to time, at a redemption price (the “Optional Redemption
Price”) equal to the greater of:

(i) 100% of the principal amount plus accrued and unpaid interest to, but excluding, the
Redemption Date; and

(ii) the sum, as determined by an Independent Investment Banker, of the present values of the
remaining scheduled payments of principal and interest (exclusive of interest accrued to the
Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus accrued and
unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date.

The Company will mail notice of such redemption to the registered holders of the Notes to be
redeemed not less than 30 nor more than 60 days prior to the Redemption Date. If Notes are only
partially redeemed pursuant to this Section 3.01, the Notes to be redeemed will be selected by the
Trustee in such manner as in its sole discretion it shall deem appropriate and fair; provided, that
if at the time of redemption the Notes to be redeemed are registered as a Global Note, the
Depositary shall determine, in accordance with its procedures, the principal amount of the Notes to
be redeemed held by each of its participants that holds a position in such Notes. The Optional
Redemption Price shall be paid prior to 12:00 noon, New York City time, on the Redemption Date or
at such later time as is then permitted by the rules of the Depositary for the Notes (if then
registered as a Global Note); provided, that the Company shall deposit with the Trustee an amount
sufficient to pay the Optional Redemption Price by 10:00 a.m., New York City time, on the date such
Optional Redemption Price is to be paid.

If money sufficient to pay the redemption price of all of the Notes (or portions thereof) to
be redeemed on the Redemption Date is deposited with the Trustee or paying agent on or before the
Redemption Date and certain other conditions are satisfied, then on and after such Redemption Date,
interest will cease to accrue on such Notes (or such portion thereof) called for redemption.

Section 3.02 Change of Control. If a Change of Control occurs, unless the Company
has exercised its right to redeem the Notes as described in Section 3.01, holders of Notes will
have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral
multiple of $1,000 in excess thereof) of their Notes pursuant to the offer described below (the
“Change of Control Offer”) on the terms set forth in the Notes. In the Change of Control Offer, the
Company will be required to offer payment in cash equal to 101% of the aggregate principal amount
of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to the date
of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control, or,
at the Company’s option, prior to the date of the consummation of any Change of Control, but after
the public announcement of the Change of Control, the Company will be required to mail a notice to
holders of Notes, with a copy to the Trustee, describing the transaction or transactions that
constitute or may constitute the Change of Control and offering to repurchase the Notes on the date
specified in the notice, which date will be no earlier than 30 days and no later than 60 days from
the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures
required by the Notes and described in such notice. The notice shall, if mailed prior to the date
of the consummation of the Change of Control, state that the offer to purchase is conditioned on
the Change of Control occurring on or prior to the payment date specified in the notice. The
Company must comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable
in connection with the repurchase of the Notes as a result of a Change of Control. To the extent
that the provisions of any securities laws or regulations conflict with the Change of Control
provisions of the Notes, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under the Change of Control
provisions of the Notes by virtue of such conflicts.

On the Change of Control Payment Date, the Company will be required, to the extent lawful, to:

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change
of Control Offer;

(ii) deposit with the paying agent an amount equal to the Change of Control Payment in respect
of all Notes or portions of Notes properly tendered; and

(iii) deliver or cause to be delivered to the Trustee the Notes properly accepted.

The paying agent will promptly mail to each holder of Notes properly tendered the purchase
price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be
transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased
portion of any Notes surrendered; provided that each new Note will be in a principal amount of U.S.
$2,000 or an integral multiple of U.S. $1,000 in excess thereof. The Company will not be required
to make an offer to repurchase the Notes upon a Change of Control if a third party makes such an
offer in the manner, at the times and otherwise in compliance with the requirements for an offer
made by the Company and such third party purchases all Notes properly tendered and not withdrawn
under its offer.

ARTICLE 4

FORM OF NOTES

Section 4.01 Form of Notes.

The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be
substantially in the forms attached as Exhibit A hereto, with such changes therein as the officers
of the Company executing the Notes (by manual or facsimile signature) may approve, such approval to
be conclusively evidenced by their execution thereof.

ARTICLE 5

ORIGINAL ISSUE OF NOTES

Section 5.01 Original Issue of Notes. Notes having an aggregate principal amount of
U.S. $500,000,000 (subject to the last paragraph of Section 2.02 of the Base Indenture) may from
time to time, upon execution of this Supplemental Indenture No. 3, be executed by the Company and
delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and
deliver said Notes to or upon the written order of the Company pursuant to Section 2.03 of the Base
Indenture without any further action by the Company (other than as required by the Base Indenture).

ARTICLE 6

PARTICULAR COVENANTS OF THE COMPANY

In addition to the covenants set forth in Article 4 of the Base Indenture, the Notes shall
include the following additional covenants, and such additional covenants shall be subject to
covenant defeasance pursuant to Section 12.03 of the Base Indenture.

Section 6.01 Limitation on Sale And Lease-Backs. The Company will not, nor will it
permit any Restricted Subsidiary to, enter into any arrangement with any Person providing for the
leasing by the Company or any Restricted Subsidiary of any Principal Property (except for temporary
leases of a term of not more than three years and except for leases between the Company and a
Restricted Subsidiary or between Restricted Subsidiaries), which property has been or is to be sold
or transferred by the Company or such Restricted Subsidiary to such Person more than 180 days after
the acquisition thereof or the completion of construction and commencement of full operation
thereof, unless either (i) the Company shall apply an amount equal to the greater of the Fair Value
of such property or the net proceeds of such sale, within 180 days of the effective date of any
such arrangement, to the retirement (other than any mandatory retirement or by way of payment at
maturity) of Notes or other indebtedness ranking on a parity with the Notes, or to the acquisition,
construction, development or improvement of properties, facilities or equipment used for operating
purposes which are, or upon such acquisition, construction, development or improvement will be, a
Principal Property or a part thereof or (ii) at the time of entering into such arrangement, such
Principal Property could have been subjected to a mortgage, pledge or other lien securing
indebtedness of the Company or a Restricted Subsidiary in a principal amount equal to the
Capitalized Lease-Back Obligation with respect to such Principal Property under clause (n) of
Section 6.02 without also securing the Notes pursuant to such Section 6.02.

Section 6.02 Limitation on Liens. The Company will not, and will not permit any
Restricted Subsidiary to, create, suffer to be created, or assume (directly or indirectly) any
mortgage, pledge or other lien upon any Principal Property, unless effective provision is made by
the Company to secure directly the Notes by such mortgage, pledge or other lien, equally and
ratably with any and all other indebtedness thereby secured, so long as any such indebtedness shall
be so secured; provided, however, that this Section shall not apply to any of the following:

(a) any mortgage, pledge or other lien on any Principal Property hereafter acquired,
constructed or improved by the Company or any Restricted Subsidiary which is created or assumed to
secure or provide for the payment of any part of the purchase price of such property or the cost of
such construction or improvement, or any mortgage, pledge or other lien on any Principal Property
existing at the time of acquisition thereof; provided, however, that the indebtedness is incurred
and related liens are created within 24 months of the acquisition, completion of construction or
improvement or commencement of full operation, whichever is later; provided further that in the
case of any such acquisition the mortgage, pledge or other lien shall not extend to any Principal
Property theretofore owned by the Company or any Restricted Subsidiary;

(b) any mortgage, pledge or other lien existing upon any property of a company which is merged
with or into or is consolidated into, or substantially all the assets or shares of capital stock of
which are acquired by, the Company or a Restricted Subsidiary, at the time (i) of such merger,
consolidation or acquisition or (ii) such company becomes a Restricted Subsidiary; provided that
such mortgage, pledge or other lien does not extend to any other Principal Property, other than
improvements to the property subject to such mortgage, pledge or other lien;

(c) any pledge or deposit to secure payment of workmen’s compensation or insurance premiums,
or in connection with tenders, bids, contracts (other than contracts for the payment of money) or
leases;

(d) any pledge of, or other lien upon, any assets as security for the payment of any tax,
assessment or other similar charge by any governmental authority or public body, or as security
required by law or governmental regulation as a condition to the transaction of any business or the
exercise of any privilege or right;

(e) any pledge or lien necessary to secure a stay of any legal or equitable process in a
proceeding to enforce a liability or obligation contested in good faith by the Company or a
Restricted Subsidiary or required in connection with the institution by the Company or a Restricted
Subsidiary of any legal or equitable proceeding to enforce a right or to obtain a remedy claimed in
good faith by the Company or a Restricted Subsidiary, or required in connection with any order or
decree in any such proceeding or in connection with any contest of any tax or other governmental
charge; or the making of any deposit with or the giving of any form of security to any governmental
agency or any body created or approved by law or governmental regulation in order to entitle the
Company or a Restricted Subsidiary to maintain self-insurance or to participate in any fund in
connection with workmen’s compensation, unemployment insurance, old age pensions or other social
security or to share in any provisions or other benefits provided for companies participating in
any such arrangement or for liability on insurance of credits or other risks;

(f) any mechanics’, carriers’, workmen’s, repairmen’s or other like liens, if arising in the
ordinary course of business, in respect of obligations which are not overdue or liability for which
is being contested in good faith by appropriate proceedings;

(g) any lien or encumbrance on property in favor of the United States of America or of any
agency, department or other instrumentality thereof to secure partial, progress or advance payments
pursuant to the provisions of any contract;

(h) any mortgage, pledge or other lien securing any indebtedness incurred in any manner to
finance or recover the cost to the Company or any Restricted Subsidiary of any physical property,
real or personal, which prior to or simultaneously with the creation of such indebtedness shall
have been leased by the Company or a Restricted Subsidiary to the United States of America or a
department or agency thereof at an aggregate rental, payable during that portion of the initial
term of such lease (without giving effect to any options of renewal or extension) which shall be
unexpired at the date of the creation of such indebtedness, sufficient (taken together with any
amounts required to be paid by the lessee to the lessor upon any termination of such lease) to pay
in full at the stated maturity date or dates thereof the principal of and the interest on such
indebtedness;

(i) any mortgage, pledge or other lien securing indebtedness of a Restricted Subsidiary to the
Company or a Restricted Subsidiary; provided that in the case of any sale or other disposition of
such indebtedness by the Company or such Restricted Subsidiary, such sale or other disposition
shall be deemed to constitute the creation of another mortgage, pledge or other lien;

(j) any mortgage, pledge or other lien affecting property of the Company or any Restricted
Subsidiary securing indebtedness of the United States of America or a State thereof (or any
instrumentality or agency of either thereof) issued in connection with a pollution control or
abatement program required in the opinion of the Company to meet environmental criteria with
respect to any facility of the Company or any Restricted Subsidiary and the proceeds of which
indebtedness have financed the cost of acquisition of such program;

(k) mortgages, pledges or other liens on property of a Restricted Subsidiary to secure
indebtedness with respect to all or part of the acquisition cost of the Restricted Subsidiary;
provided, however, that the indebtedness is incurred and related liens are created within 24 months
of the acquisition of the Restricted Subsidiary and such indebtedness does not exceed the
acquisition cost of the Restricted Subsidiary;

(l) any renewal, extension, replacement or refunding of any mortgage, pledge, lien, deposit,
charge or other encumbrance permitted by the foregoing provisions of this Section upon the same
property theretofore subject thereto, or the renewal, extension, replacement or refunding of the
amount secured thereby; provided that in each case such amount outstanding at that time does not
exceed the sum of (i) the greater of (x) the principal amount secured thereby at the time of such
renewal, extension, replacement or refinancing and (y) 85% of the fair market value (in the
determination of the Company’s Board of Directors) of the properties subject to such renewal,
extension, replacement or refinancing; and (ii) any reasonable fees and expenses associated with
such renewal, extension, replacement or refinancing;

(m) any mortgage, pledge or liens affecting property of the Company or any Restricted
Subsidiary existing on the date of this Supplemental Indenture No. 3; or

(n) any other mortgage, pledge or other lien, provided that immediately after the creation or
assumption of such mortgage, pledge or other lien, the total of (i) the aggregate principal amount
of indebtedness of the Company and Restricted Subsidiaries secured by all mortgages, pledges and
other liens created or assumed under the provisions of this clause (n), plus (ii) the aggregate
amount of Capitalized Lease-Back Obligations of the Company and Restricted Subsidiaries under the
entire unexpired terms of all leases entered into in connection with sale and lease-back
transactions which would have been precluded by the provisions of Section 6.01 but for the
satisfaction of the condition set forth in clause (ii) thereof, shall not exceed an amount equal to
15% of Consolidated Net Assets.

Neither (a) the lease of any property by the Company or a Restricted Subsidiary, and rental
obligations with respect thereto (whether or not arising out of sale and lease-back of properties
and whether or not in accordance with generally accepted principles of accounting such property is
carried as an asset and such rental obligations are carried as indebtedness on the Company’s or a
Restricted Subsidiary’s balance sheet) nor (b) the sale or other transfer of (i) timber or other
natural resources in place for a period of time until, or in an amount such that, the purchaser
will realize therefrom a specified amount of money (however determined) or a specified amount of
such resources, or (ii) any other interest in property of the character commonly referred to as a
“production payment,” shall in any event be deemed to be the creation of a mortgage, pledge
or other lien.

Section 6.03 Corporate Existence. The Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence, material
rights (charter and statutory) and material franchises (other than as contemplated by Section 11.01
of the Base Indenture); provided, however, that the Company shall not be required to preserve any
such right or franchise if the Board of Directors shall determine that the preservation of such
rights or franchises is no longer desirable in the conduct of the business of the Company.

Section 6.04 Further Instruments and Acts. The Company shall execute and deliver to
the Trustee such further instruments and do such further acts as may be reasonably necessary or
proper to carry out more effectively the purpose of the Indenture.

ARTICLE 7

SUPPLEMENTAL INDENTURES

Section 7.01 Supplemental Indentures with Consent of holders of Notes. As set forth
in Section 10.02 of the Base Indenture, with the consent of the holders of a majority in the
aggregate principal amount of Securities of each series affected by such supplemental indenture at
the time Outstanding, the Company and the Trustee may from time to time and at any time enter into
an indenture or indentures supplemental to the Base Indenture for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of the Base Indenture
or this Supplemental Indenture No. 3 or of modifying in any manner the rights of the holders of the
Securities.

ARTICLE 8

MISCELLANEOUS

Section 8.01 Ratification of Indenture. The Base Indenture, as supplemented by this
Supplemental Indenture No. 3, is in all respects ratified and confirmed, and this Supplemental
Indenture No. 3 shall be deemed part of the Base Indenture in the manner and to the extent herein
and therein provided.

Section 8.02 Trustee Not Responsible for Recitals. The recitals herein contained
are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the
correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this
Supplemental Indenture No. 3.

Section 8.03 New York Law To Govern. THIS SUPPLEMENTAL INDENTURE NO. 3 AND EACH
NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL
PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE.

Section 8.04 Separability. In case any one or more of the provisions contained in
this Supplemental Indenture No. 3 or in the Notes shall for any reason be held to be invalid,
illegal or unenforceable in any respect, then, to the extent permitted by law, such invalidity,
illegality or unenforceability shall not affect any other provisions of this Supplemental Indenture
No. 3 or of the Notes, but this Supplemental Indenture No. 3 and the Notes shall be construed as if
such invalid or illegal or unenforceable provision had never been contained herein or therein.

Section 8.05 Counterparts. This Supplemental Indenture No. 3 may be executed in any
number of counterparts each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument.IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture No. 3 to be duly executed, as of the day and year first written
above.

STARWOOD HOTELS AND RESORTS WORLDWIDE, INC.

	 	 	 
	By:
	 	/s/ Vasant M. Prabhu

	 	 	 

	Name: Vasant M. Prabhu
	Title:
	 	Executive Vice President and Chief Financial

Officer

	 	 	 
	 	 

                 U.S. BANK NATIONAL ASSOCIATION,              }
                 as Trustee                                   }
                 By:                  /s/ Raymond S. Haverstock

                                              Name:  Raymond S. Haverstock

                                              Title:    Vice President
U.S. BANK NATIONAL ASSOCIATION,
    	 
	 	 	as Trustee	 
	 	 	By:   /s/ Raymond S. Haverstock	 
	 	 	Name: Raymond S. Haverstock
	 
	 	 	Title:	 	 	Vice President

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