Document:

Second Amendment to Credit Agreement

 Exhibit 10.4 
 SECOND AMENDMENT TO CREDIT AGREEMENT 
 THIS SECOND AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”) dated as of October 19, 2009 by and among TRX, INC. (the “Borrower”) and ATLANTIC CAPITAL BANK, as Lender (the “Lender”). 
 WHEREAS, the Borrower and the Lender have entered into that certain Credit Agreement dated as of May 30, 2008 (as amended,
supplemented, restated or otherwise modified from time to time and as in effect immediately prior to the date hereof, the “Credit Agreement”); and 
 WHEREAS, the Borrower and the Lender desire to amend certain provisions of the Credit Agreement on the terms and conditions contained herein; and 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the
parties hereto hereby agree as follows: 
 Section 1. Specific Amendments to Credit Agreement. The parties hereto
agree that the Credit Agreement is amended as follows: 
 (a) The Credit Agreement is amended by deleting the defined terms
“Applicable Rate” and “Maturity Date”, in each case in Section 1.01, in their entireties and substituting in their place the following: 
 “Applicable Rate” means a per annum rate equal to: (a) with respect to Base Rate Loans, 1.75%;
(b) with respect to LIBOR Loans and Letters of Credit, 3.00% and (c) with respect to the commitment fee, 0.50%. 
 “Maturity Date” means April 30, 2011. 
 (b) The Credit
Agreement is further amended by deleting clause (a) of Section 2.07 in its entirety and substituting in its place the following: 
 “(a) Subject to the provisions of subsection (b) below, (i) each LIBOR Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the greater of
(x) the LIBOR plus the Applicable Rate and (y) 4.25%; and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the greater of
(x) the Base Rate plus the Applicable Rate and (y) 4.25%.” 
 Section 2. Conditions Precedent.
The effectiveness of this Amendment is subject to receipt by the Lender of each of the following, each in form and substance satisfactory to the Lender: 

 (a) A counterpart of this Amendment duly executed by the Borrower, and the Lender;

 (b) A Guarantor Acknowledgment substantially in the form of Annex 1 attached hereto, executed by each Guarantor;

 (c) Payment of an amendment fee in the amount of $5,000; and 
 (d) Such other documents, instruments and agreements as the Lender may reasonably request. 
 Section 3. Representations. The Borrower represents and warrants to the Lender that: 
 (a) Authorization. The Borrower has the right and power, and has taken all necessary action to authorize it, to execute and deliver
this Amendment and to perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their respective terms. This Amendment has been duly executed and delivered by a duly authorized officer of the
Borrower and each of this Amendment and the Credit Agreement, as amended by this Amendment, is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with its respective terms except as (i) the
enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability. 
 (b) Compliance with Laws, etc. The execution and delivery by the Borrower of this Amendment and the performance by the Borrower of
this Amendment and the Credit Agreement, as amended by this Amendment, in accordance with their respective terms, do not and will not, by the passage of time, the giving of notice or otherwise: (i) require any approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person; (ii) conflict with, result in a breach of or constitute a default under the Borrower’s articles of incorporation or by-laws or
any indenture, agreement or other instrument to which the Borrower is a party or by which it or any of its properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon or with respect to any property now
owned or hereafter acquired by the Borrower. 
 (c) No Default. No Default or Event of Default has occurred and is
continuing as of the date hereof nor will exist immediately after giving effect to this Amendment. 
 Section 4.
Reaffirmation of Representations by Borrower. The Borrower hereby repeats and reaffirms in all material respects all representations and warranties made by the Borrower to the Lender in the Credit Agreement and the other Loan Documents to
which it is a party on and as of the date hereof (except to the extent that such representations and warranties are expressly made only as of an earlier date) with the same force and effect as if such representations and warranties were set forth in
this Amendment in full. 
  

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 Section 5. Certain References; Loan Document. Each reference to the Credit
Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this Amendment. Each of the parties hereto agree that this Amendment shall be deemed to be a Loan Document. 
 Section 6. Expenses. The Borrower shall reimburse the Lender upon demand for all costs and expenses (including reasonable
attorneys’ fees) incurred by the Lender in connection with the preparation, negotiation and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith. 
 Section 7. Benefits. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns. 
 Section 8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF GEORGIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 9. Effect. Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full force and effect. The amendments contained herein shall be deemed to have
prospective application only, unless otherwise specifically stated herein. 
 Section 10. Counterparts. This
Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. 
 Section 11. Definitions. All capitalized terms not otherwise defined herein are used herein with the respective definitions
given them in the Credit Agreement. 
 [Signatures on Next Page] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to Credit Agreement
to be executed as of the date first above written. 
  

					
	THE BORROWER:
	
	TRX, INC.
		
	By:	 	 /s/ David Cathcart

		 	Name:	 	David Cathcart
		 	Title:	 	CFO
	
	THE LENDER:
	
	ATLANTIC CAPITAL BANK
		
	By:	 	 /s/ Robert Bugbee

		 	Name:	 	Robert Bugbee
		 	Title:	 	Senior Vice President

 ANNEX 1 
 FORM OF GUARANTOR ACKNOWLEDGEMENT 
 THIS GUARANTOR ACKNOWLEDGEMENT dated as of
October         , 2009 (this “Acknowledgment”) executed by each of the undersigned in favor of Atlantic Capital Bank, as Lender (the “Lender”). 
 WHEREAS, TRX, Inc. (the “Borrower”) and the Lender have entered into that certain Credit Agreement dated as of May 30,
2008 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, each of the entities identified as “Subsidiary Guarantors” on the signature page hereto is a party to that certain Guaranty dated as of May 30, 2008 (as amended, restated, supplemented or otherwise modified from time
to time, the “Subsidiary Guaranty”) pursuant to which they guaranty, among other things, the Borrower’s obligations under the Credit Agreement on the terms and conditions contained in the Subsidiary Guaranty; 
 WHEREAS, BCD Holdings N.V. (“BCD”) is a party to that certain Guaranty dated as of December 2, 2008 (as amended,
restated, supplemented or otherwise modified from time to time, the “BCD Guaranty”) pursuant to which it guaranties, among other things, the Borrower’s obligations under the Credit Agreement on the terms and conditions
contained in the BCD Guaranty; 
 WHEREAS, the Borrower and the Lender are to enter into a Second Amendment to Credit Agreement
dated as of the date hereof (the “Amendment”), to amend the terms of the Credit Agreement on the terms and conditions contained in the Amendment; and 
 WHEREAS, it is a condition precedent to the effectiveness of the Amendment that the Subsidiary Guarantors and BCD execute and deliver this Acknowledgment. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the
parties hereto agree as follows: 
 Section 1. Reaffirmation. 
 (a) Each Subsidiary Guarantor hereby reaffirms its continuing obligations to the Lender under the Subsidiary Guaranty and agrees that the
transactions contemplated by the Amendment shall not in any way affect the validity and enforceability of the Subsidiary Guaranty, or reduce, impair or discharge the obligations of such Subsidiary Guarantor thereunder. 
 (b) BCD hereby reaffirms its continuing obligations to the Lender under the BCD Guaranty and agrees that the transactions contemplated by
the Amendment shall not in any way

 
affect the validity and enforceability of the BCD Guaranty, or reduce, impair or discharge the obligations of BCD thereunder. 
 Section 2. Governing Law. THIS ACKNOWLEDGEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
GEORGIA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3. Counterparts. This
Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding upon all parties, their successors and assigns. 
 [Signatures on Next Page] 
  

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 IN WITNESS WHEREOF, each of the Subsidiary Guarantors and BCD has duly executed and
delivered this Guarantor Acknowledgement as of the date and year first written above. 
  

					
	THE SUBSIDIARY GUARANTORS:
	
	TECHNOLOGY LICENSING COMPANY, LLC
	 TRAVEL TECHNOLOGY, LLC
 TRX DATA SERVICES, INC.
 TRX FULFILLMENT SERVICES, LLC

		
	By:	 	  

		 	Name:	 	David D. Cathcart
		 	Title:	 	Vice President, Secretary and Treasurer
	
	TRX TECHNOLOGY SERVICES, L.P.
		
	By:	 	TRAVEL TECHNOLOGY, LLC, its General Partner
		
	By:	 	  

		 	Name:	 	David D. Cathcart
		 	Title:	 	Vice President, Secretary and Treasurer
			
	BCD:	 		 	
	
	BCD HOLDINGS N.V.
		
	By:	 	  

		 	Name:	 	  

		 	Title:Second Letter of Amendment to the Master Service Agreement

 Exhibit 10.18 
 EXPEDIA CONFIDENTIAL 
 December 23, 2009 
 David Cathcart 
 Chief Financial Officer

 TRX, Inc. 
 2970 Clairmont Road

 Suite 300 
 Atlanta, GA 30329

  

	Re:	Second Letter of Amendment 

 Dear David:

 The purpose of this second letter of amendment is to further document certain amendments to the pricing and other terms set forth in the
Master Service Agreement, dated January 1, 2007, as amended by Amendment #1 on March 30, 2007 and Letter of Amendment dated February 19, 2009, and associated exhibits and Statements of Work thereunder (collectively, the
“Agreement”) between Expedia, Inc., (“Expedia”) and TRX, Inc. (“TRX”), and/or their respective subsidiaries. Capitalized terms, where not defined herein, will have the meanings set forth in the
Agreement. Expedia and TRX now agree to further amend the Agreement as follows: 
  

	 	1)	Pricing for Common Services. Beginning 1 January 2010, the pricing in Appendix 1 to Exhibit B (Pricing for Common Services) shall be modified
in accordance with the pricing set forth in the attached Exhibit 1. 

  

	 	2)	Exclusivity for Certain * Processes. During 2010, except as otherwise agreed by the Parties in writing, TRX will be the exclusive third-party provider of the
Services listed in the attached Exhibit 2 for the * Points of Sale (the “Select Services”). Notwithstanding the foregoing, the Parties agree that: 

  

	 	(a)	The foregoing exclusivity shall not apply to Expedia’s use of * 

  

	 	(b)	Additionally, Expedia may use, * to perform *, provided, that * 

  

	 	(c)	TRX shall have no liability of any kind for the performance of any such Services that Expedia performs without the involvement of TRX; and 

  

	 	(d)	Upon reasonable notice from TRX, Expedia will furnish TRX with * for the purpose of verifying Expedia’s compliance with the terms of this section. Any such
information provided by Expedia to TRX shall be deemed Expedia Confidential information. 

  

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 EXPEDIA CONFIDENTIAL 
  

	 	3)	Renewal of Pricing and Exclusivity for 2011. The pricing and exclusivity terms set forth in Section 1 and Section 2 of this second letter of amendment
will automatically be extended for calendar year 2011 unless either Party gives the other Party written notice of non-renewal of such terms on or before July 1, 2010. If such notice is given, Section 1 and Section 2 will cease to
apply, effective December 31, 2010, and the pricing terms under the Agreement (and associated SOWs) that were in place prior to this second letter of amendment will apply in calendar year 2011. 

  

	 	4)	Training of *. During 2010 and 2011, at Expedia’s request, TRX will provide reasonable assistance to (a) design/enhance training curriculum and/or
(b) train * so long as Expedia is current in its payment obligations to TRX. The specific scope of services will be defined in Statements of Work and mutually agreed by the parties. Such training services will be provided by TRX using
commercially reasonable efforts, and TRX shall have no liability of any kind for the success of the training services. Additionally, such training services will be billed at the hourly rates set forth in Appendix 1 of Exhibit B of the
Agreement, unless otherwise specified in the Statement of Work. Expedia will reimburse TRX for all travel and travel related expenses incurred in connection with such training services. Such expenses must be approved by Expedia in advance and billed
to Expedia without additional markup or administrative fees. 

  

	 	5)	*. TRX will continue to * described in Exhibit 3 of the Letter of Amendment dated February 19, 2009. Notwithstanding the foregoing, TRX agrees to use commercially
reasonable efforts to *. 

  

	 	6)	Pricing for *. Beginning 1 January 2010, the pricing for * in the * Statement of Work dated January 1, 2007 shall be modified to be *. All other terms
of this Statement of Work shall remain the same. 

  

	 	7)	System Failure. Section B.8 of Exhibit B (Common Services) of the Agreement will be deleted and replaced with the following:

 System Failure. In addition to the remedies specified above for failure to meet minimum Service Levels,
if TRX fails to meet the “System Failure Service Level” threshold for any Service as set forth in Appendix 2 or an applicable Statement of Work, upon thirty (30) days’ written notice to TRX, given no later than thirty
(30) days after the System Failure Service event, then (a) Expedia may elect in writing to * for the non-compliant Service for the remainder of the then-current calendar year, and (b) Expedia may elect to * containing such
non-compliant Service, provided that, in either case, TRX has not demonstrated to Expedia’s reasonable satisfaction that it has adequately remedied the underlying condition causing TRX’s failure to meet the System Failure Service Level. In
addition, if TRX fails to meet the “System Failure Service Level” threshold for * or more Services as set forth on Appendix 2 or an applicable Statement of Work within *, then Expedia may * upon thirty (30) days’ written
notice to TRX, given no later than thirty (30) days after * such System Failure Service event. In the event Expedia elects to * on or before July 1, 2010, within 30 days, TRX and Expedia shall agree on *. If agreement cannot be
reached, upon 90 days written notice, TRX will have the right to cease performance of all such Services (other than * Services) *. TRX shall continue to perform * Services until expiration or termination of the applicable SOW. 
  

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 EXPEDIA CONFIDENTIAL 
  

	 	8)	Professional Services for *. During 2010 and 2011, at Expedia’s request, TRX will provide reasonable assistance to Expedia to support Expedia in its
development of *, so long as Expedia is current in its payment obligations to TRX. The specific scope of services will be defined in Statements of Work and mutually agreed by the parties, and the Deliverables associated with these professional
services will be Expedia Works as defined in the Agreement. Such professional services will be provided by TRX using commercially reasonable efforts, and TRX shall have no liability of any kind for the success of these professional services.
Additionally, such professional services will be billed at the hourly rates set forth in Appendix 1 of Exhibit B of the Agreement, unless otherwise specified in the Statement of Work. Expedia will reimburse TRX for all travel and
travel related expenses incurred in connection with such training services. Such expenses must be approved by Expedia in advance and billed to Expedia without additional markup or administrative fees. 

  

	 	9)	Professional Services for *. During 2010 and 2011, at Expedia’s request, TRX will provide reasonable assistance to Expedia to support Expedia in its
development of * so long as Expedia is current in its payment obligations to TRX. The specific scope of services will be defined in Statements of Work and mutually agreed by the parties, and the Deliverables associated with these professional
services will be Expedia Works as defined in the Agreement. Such professional services will be provided by TRX using commercially reasonable efforts, and TRX shall have no liability of any kind for the success of these professional services.
Additionally, such professional services will be billed at the hourly rates set forth in Appendix 1 of Exhibit B of the Agreement, unless otherwise specified in the Statement of Work. Expedia will reimburse TRX for all travel and
travel related expenses incurred in connection with such training services. Such expenses must be approved by Expedia in advance and billed to Expedia without additional markup or administrative fees. 

  

	 	10)	Professional Services for *. Beginning on or prior to March 1, 2010 at TRX’s request, Expedia will provide reasonable assistance to TRX to support the
* in a * defined by Expedia *. Deliverables associated with these professional services will be Expedia Works as defined in the Agreement. Neither party will be responsible for the other party’s travel and travel-related expenses incurred in
connection with such *. 

  

	 	11)	* Data *. Beginning December 18, 2009, to the extent allowed by Applicable Law, TRX will include * (as defined in the Expedia * Statement of Work dated
April 9, 2008 or as otherwise agreed to by the parties) for TRX’s global agents utilizing the * in the * provided to Expedia by TRX. Notwithstanding the foregoing, *. 

  

	 	12)	* Processing for *. Beginning January 1, 2010 and until such time as Expedia provides * prior written notice, Expedia will pay a * fee of * which includes
up to * for * and up to * for * Section 6.5 (Capacity Planning) to Exhibit G (Technical Specifications) of the Agreement TRX will maintain its systems, hardware, and infrastructure such that TRX is capable of effectively
processing, at minimum, *. 

  

	 	13)	TRX Account Manager. Pursuant to Section 6.2 of the Agreement, Expedia hereby acknowledges and agrees that the TRX Account Management will no longer
* to Expedia. 

  

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 EXPEDIA CONFIDENTIAL 
  

	 	14)	Except as expressly set forth in this Second Letter of Amendment, the Agreement will remain in full force and effect in accordance with its terms.

 Please acknowledge your agreement to the foregoing by signing in the space provided below and returning a signed copy to me as
soon as possible. If you do not agree with any of the foregoing, please contact me as soon as possible so that we can determine how best to proceed. 
  

	
	Yours truly,
	
	Expedia, Inc.
	
	 /s/ Kerri Landeis

	 Kerri Landeis
 Vice President,
Global Supply Operations

 Acknowledged and Agreed: 
  

			
	TRX, Inc.
		
	By:	 	 /s/ David Cathcart

			
	Title:	 	 Chief Financial Officer

			
	Date Signed:	 	 12/28/09

  

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 EXPEDIA CONFIDENTIAL 
  

 EXHIBIT 1 
 MODIFIED PRICING FOR COMMON SERVICES 
 * 
  

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 * Confidential Treatment Requested 

 EXPEDIA CONFIDENTIAL 
  

 EXHIBIT 2 
 SELECT SERVICES 
 * 
  

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