Document:

Amendment, Waiver and Consent, dated as of August 29, 2005

 Exhibit 10.40 
  
 AMENDMENT, WAIVER AND CONSENT 
  
 THIS AMENDMENT, WAIVER AND CONSENT (this “Amendment”), dated as of August 29, 2005, to the Credit Agreement referenced below, is by and
among Navigant International, Inc., a Delaware corporation (the “Borrower”), the Guarantors identified on the signature pages hereto (the “Guarantors”), the Lenders identified on the signature pages hereto and Bank
of America, N.A., as Administrative Agent. 
  
 W I T N E S S E T H

  
 WHEREAS, a $170 million credit facility has been extended to
the Borrower pursuant to the Credit Agreement (as amended, modified and supplemented from time to time, the “Credit Agreement”) dated as of October 31, 2003 among the Borrower, the Guarantors, the Lenders identified therein and Bank
of America, N.A., as Administrative Agent; and 
  
 WHEREAS, the
Borrower has requested certain modifications to the Credit Agreement and the Required Lenders have agreed to the requested modification on the terms and conditions set forth herein. 
  
 NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows: 
  
 1. Capitalized Terms. Capitalized terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement. 
  
 2. Consent. 
  
 (a) The Required Lenders agree to extend the date by which the Borrower is required to deliver the financial statements required under
Section 7.01(a) of the Credit Agreement for the fiscal year ended December 31, 2004, the related Compliance Certificate required under Section 7.02(b) of the Credit Agreement and the accountant’s certificate required by Section 7.02(a) of the
Credit Agreement for the fiscal year ended December 31, 2004 to September 30, 2005. 
  
 (b) The Required Lenders agree to extend the date by which the Borrower is required to deliver the financial statements required under
Section 7.01(b) of the Credit Agreement for the fiscal quarter ended on or about March 31, 2005 and the related Compliance Certificate required under Section 7.02(b) of the Credit Agreement (the “First Quarter Financial
Information”) to September 30, 2005. 
  
 (c) The Required Lenders agree to extend the date by which the Borrower is required to deliver the financial statements required under Section 7.01(b) of the Credit Agreement for the fiscal quarter ended on or about June 30, 2005 and the
related Compliance Certificate required under Section 7.02(b) of the Credit Agreement (the “Second Quarter Financial Information”) to September 30, 2005. 
  
 (d) The Loan Parties agree that the failure by the Borrower to deliver the Annual Financial Information, the
First Quarter Financial Information and the Second Quarter Financial Information to the Administrative Agent and the Lenders by September 30, 2005 shall constitute an immediate Event of Default. 

 3. Waivers. 
  
 (a) The Required Lenders hereby waive any Default or Event of Default arising solely from the
Borrower’s failure to comply with Section 8.11(a) or Section 8.11(d) of the Credit Agreement for the fiscal quarter ended on or about June 30, 2005, provided that the Borrower complies with each of Section 8.11(a) and Section 8.11(d), as
amended by this Amendment, for the fiscal quarter ended on or about June 30, 2005. 
  
 (b) The Required Lenders hereby waive any Default or Event of Default arising at any time on or prior to September 30, 2005 solely from
the Borrower’s failure to comply with Sections 7.04 and 9.01(e) of the Credit Agreement in connection with the approximately $10.25 million payment required under Section 1.3(b) of the Partnership Interests Purchase Agreement among the
Borrower, NWT Newco, Inc., Navigant International/North Central, Inc., Northwestern Travel Service, L.P., Northwestern Travel Service, Inc., Noble Family Limited Partnership and the limited partners named therein dated as of May 24, 2004, as
amended and modified from time to time (the “NWTBS Payment”), provided that this waiver shall not apply to any Default or Event of Default arising after September 30, 2005 as a result of the Borrower’s failure to make
the NWTBS Payment when due. 
  
 4. Amendments.
Subsections (a) and (d) of Section 8.11 of the Credit Agreement are amended and restated in their entirety to read as follows: 
  
 (a) Consolidated Total Leverage Ratio. Permit the Consolidated Total Leverage Ratio as of the end of any fiscal quarter of the
Borrower to be greater than (i) for the fiscal quarter ended on or about June 30, 2005, 3.80:1.0, (ii) for the fiscal quarter ending on or about September 30, 2005, 3.80:1.0, (iii) for the fiscal quarter ending on or about December 31, 2005,
3.60:1.0, (iv) for the fiscal quarter ending on or about March 28, 2006, 3.50:1.0 and (v) for each fiscal quarter ending thereafter, 3.25:1.0. 
  
 ************* 
  
 (d) Consolidated Fixed Charges Coverage Ratio. Permit the Consolidated Fixed Charges Coverage Ratio as of the end of any fiscal
quarter of the Borrower to be less than (i) for any fiscal quarter ending during the period from and including the fiscal quarter ending on or about June 30, 2005 to and including the fiscal quarter ending on or about September 30, 2006, 1.80:1.0
and (ii) for the fiscal quarter ending on or about December 31, 2006 and each fiscal quarter ending thereafter, 2.00:1.0. 
  
 5. Conditions Precedent. This Amendment shall be effective as of the date hereof upon satisfaction of each of the following conditions: 

 
 (a) execution of this Amendment by the Loan Parties and
the Required Lenders; 
  
 (b) receipt by the
Administrative Agent, for the ratable benefit of each Lender that approves this Amendment, of an amendment fee equal to twenty basis points (0.20%) of such Lender’s Revolving Commitment and outstanding Term Loan; and 
  
 (c) receipt by the Administrative Agent of all other fees
and expenses owing in connection with this Amendment. 
  

 2 

 6. Reaffirmation of Representations and Warranties. The Borrower hereby affirms that the
representations and warranties set forth in the Credit Agreement and the other Loan Documents are true and correct as of the date hereof (except (a) those that expressly relate to an earlier period, (b) the representations contained in Section 6.07
of the Credit Agreement in connection with the NWTBS Payment and (c) the representations contained in Sections 6.05(a), 6.05(b) and 6.05(d) of the Credit Agreement in connection with the Borrower’s restatement of financial statements for the
fiscal years 2000, 2001, 2002 and 2003, each of the four quarters of fiscal 2003 and the first three quarters of fiscal 2004, as a result of a review of Borrower’s allocation of purchase price between goodwill and customer-related intangibles
and other identifiable intangibles for businesses Borrower acquired during 2001 through 2004, and the re-evaluation of the Borrower’s lease accounting practices). 
  
 7. Reaffirmation of Guaranty. Each Guarantor (i) acknowledges and consents to all of the terms and conditions of this
Consent, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Consent and all documents executed in connection herewith do not operate to reduce or discharge such Guarantor’s obligations under the Credit
Agreement or the other Loan Documents. 
  
 8. Reaffirmation of
Security Interests. The Borrower and each Guarantor (i) affirms that each of the Liens granted in or pursuant to the Loan Documents are valid and subsisting and (ii) agrees that this Amendment shall in no manner impair or otherwise adversely
effect any of the Liens granted in or pursuant to the Loan Documents. 
  
 9. No Other Changes. This Consent is a one-time consent and, except as expressly set forth herein, all of the terms and provisions of the Credit Agreement and the other Loan Documents (including schedules and exhibits thereto) shall
remain in full force and effect. 
  
 10. Counterparts. This
Consent may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and it shall not be necessary in making proof of this Consent to produce or account for more than one such counterpart.

  
 11. Governing Law. This Consent shall be deemed to be a
contract made under, and for all purposes shall be construed in accordance with, the laws of the State of North Carolina. 
  
 [Signature Pages Follow] 
  

 3 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Consent and Amendment to
be duly executed and delivered as of the date first above written. 
  

											
	 BORROWER:
	 	 	 	NAVIGANT INTERNATIONAL, INC., a Delaware corporation
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 John Coffman

	 	 	 	 	 	 	 Title:
	 	Senior Vice President and Chief Accounting Officer
			
	 GUARANTORS:
	 	 	 	NAVIGANT INTERNATIONAL/NORTH CENTRAL, INC., an Illinois corporation
	 	 	 	 	 	 	NAVIGANT INTERNATIONAL/SOUTHWEST, LLC, a Delaware limited liability company
	 	 	 	 	 	 	CORNERSTONE ENTERPRISES, INC., a Massachusetts corporation
	 	 	 	 	 	 	NAVIGANT INTERNATIONAL/SOUTHEAST, INC., a North Carolina corporation
	 	 	 	 	 	 	NAVIGANT INTERNATIONAL/NORTHWEST, INC., a Washington corporation
	 	 	 	 	 	 	NAVIGANT INTERNATIONAL/NORTHEAST, INC., a Connecticut corporation
	 	 	 	 	 	 	NAVIGANT INTERNATIONAL U.K. HOLDINGS, INC., a Delaware corporation
	 	 	 	 	 	 	NAVIGANT CRUISE CENTER, INC., a Delaware corporation
	 	 	 	 	 	 	NAVIGANT INTERNATIONAL/ROCKY MOUNTAIN, INC., a Colorado corporation
	 	 	 	 	 	 	SCHEDULED AIRLINES TRAFFIC OFFICES, INC., a Delaware corporation
	 	 	 	 	 	 	PASSAGE INTERNATIONAL, INC., an Oregon corporation
	 	 	 	 	 	 	INCENTIVE CONNECTIONS, INC., a New Jersey corporation
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 John Coffman

	 	 	 	 	 	 	 Title:
	 	 Vice President

				
	 	 	 	 	 	 	NAVIGANT INTERNATIONAL/SOUTH CENTRAL, LP, a Texas limited partnership
					
	 	 	 	 	 	 	 By:
	 	ATLAS TRAVEL GP, INC., a Texas corporation
						
	 	 	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 Name:
	 	John Coffman
	 	 	 	 	 	 	 	 	 Title:
	 	Vice President
			
	 	 	 	 	NORTHWESTERN TRAVEL SERVICE, LP, a Minnesota limited partnership
				
	 	 	 	 	 	 	By: NWT Newco, Inc., an Illinois corporation, General Partner
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 John Coffman

	 	 	 	 	 	 	 Title:
	 	 Vice President

  
 [Signature Pages
Continue] 

									
	 ADMINISTRATIVE AGENT:
	 	 	 	BANK OF AMERICA, N.A., as Administrative Agent
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
			
	 LENDERS:
	 	 	 	 BANK OF AMERICA, N.A.,
 as a Lender, L/C
Issuer and Swing Line Lender

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
			
	 	 	 	 	U.S. BANK NATIONAL ASSOCIATION
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
			
	 	 	 	 	KEY BANK, N.A.
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
			
	 	 	 	 	THE BANK OF NOVA SCOTIA
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
			
	 	 	 	 	LASALLE BANK NATIONAL ASSOCIATION
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
			
	 	 	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 
			
	 	 	 	 	JP MORGAN CHASE BANK, N.A.
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:Second Amendment, dated as of August 29, 2005

 Exhibit 10.41 
  
 SECOND AMENDMENT 
  
 THIS SECOND AMENDMENT (this “Amendment”), dated as of August 29, 2005, to the Credit Agreement referenced below, is by and among Navigant
International, Inc., a Delaware corporation (the “Borrower”), the Guarantors identified on the signature pages hereto (the “Guarantors”), the Lenders identified on the signature pages hereto and Bank of America,
N.A., as Administrative Agent. 
  
 W I T N E S S E T H 

 
 WHEREAS, a $170 million credit facility has been extended to the Borrower
pursuant to the Credit Agreement (as amended, modified and supplemented from time to time, the “Credit Agreement”) dated as of October 31, 2003 among the Borrower, the Guarantors, the Lenders identified therein and Bank of America,
N.A., as Administrative Agent; and 
  
 WHEREAS, the Borrower has
requested certain modifications to the Credit Agreement and the Required Lenders have agreed to the requested modification on the terms and conditions set forth herein. 
  
 NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows: 
  
 1. Defined Terms. Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. 
  
 2. Amendments. The Credit Agreement is amended in the following respects: 
  
 2.1 In Section 1.01, the following definitions are amended or added to
read as follows: 
  
 “Second Amendment Effective
Date” means August 29, 2005. 
  
 “Collateral
Documents” means a collective reference to the Security Agreement, the Pledge Agreement, the Term Loan Intercreditor Agreement, and such other security documents as may be executed and delivered by the Loan Parties pursuant to the terms of
Section 7.14. 
  
 “Term Loan Documents”
means, collectively, (a) the Term Loan Credit Agreement dated as of the Second Amendment Effective Date among the Borrower, the guarantors identified therein, the lenders identified therein and Bank of America, N.A., as administrative agent, and (b)
all other documents, agreements and instruments executed in connection therewith, in each case as amended, modified and supplemented in a manner permitted hereunder. 
  
 “Term Loan Intercreditor Agreement” means the Intercreditor Agreement dated as of the Second Amendment
Effective Date among the Administrative Agent and the administrative agent under the Term Loan Documents. 
  
 “Waived Representations” means (a) the representations contained in Section 6.07 of the Incorporated Representations in connection with
the NWTBS Payment and (b) the representations contained in Sections 6.05(a), 6.05(b) and 6.05(d) of the Incorporated Representations in connection with the Borrower’s restatement of financial statements for the fiscal years 2000, 2001, 2002 and
2003, each of the four quarters of fiscal 2003 and 

 
the first three quarters of fiscal 2004, as a result of a review of Borrower’s allocation of purchase price between goodwill and customer-related
intangibles and other identifiable intangibles for businesses Borrower acquired during 2001 through 2004, and the re-evaluation of the Borrower’s lease accounting practices). 
  
 2.2 In Section 2.05(b), each of clauses (ii), (iii) and (iv) are amended to include “To the extent not required
to be used to prepay the term loan pursuant to the Term Loan Documents,” at the beginning of each clause. 
  
 2.3 In Section 8.01, the “and” immediately prior to clause (p) is replaced with “,” and a new clause (r) is added thereto to
read as follows: 
  
 (r) Liens pursuant to the Term Loan Credit
Agreement and related Collateral Documents. 
  
 2.4 In Section
8.02, clause (i) is amended to read as follows: 
  
 (i)
Permitted Acquisitions; provided that no obligations under the Term Loan Documents are outstanding; and 
  
 2.5 In Section 8.03, the “and” immediately prior to clause (h) is replaced with “,” and a new clause (i) is added thereto to
read as follows: 
  
 (i) Indebtedness arising under the Term Loan
Documents in an aggregate principal amount not to exceed $10,000,000; 
  
 2.6 In Section 8.09, the “and” immediately prior to clause (v) is replaced with “,” and a new clause (vi) is added thereto to read as follows: 
  
 (vi) the Term Loan Documents. 
  
 2.7 Section 10.01(b) is amended to read as follows: 
  
 (b) Each Lender authorizes and directs the Administrative Agent, on behalf of such Lender, to enter into the Term Loan Intercreditor Agreement and each
Lender agrees that such Lender shall be bound by all of the terms of the Term Loan Intercreditor Agreement. Each Lender that becomes a party to this Credit Agreement by way of assignment or other transfer pursuant to Section 11.07 hereof
acknowledges that the Administrative Agent, on behalf of such Lender, has entered (or may enter) into the Term Loan Intercreditor Agreement and such Lender agrees that such Lender shall be bound by all of the terms of the Term Loan Intercreditor
Agreement. 
  
 3. Consent to Term Loan Intercreditor
Agreement,. The Required Lenders hereby authorize and direct the Administrative Agent, on behalf of the Lenders, to enter into the Term Loan Intercreditor Agreement in substantially the form of Exhibit A hereto. 
  
 4. Conditions Precedent. This Amendment shall be effective as of the
date set forth above upon receipt by the Administrative Agent of counterparts of this Amendment executed by the Loan Parties and the Required Lenders. 
  

 2 

 5. No Other Changes. Except as expressly modified hereby, all of the terms and provisions of the
Loan Documents shall remain in full force and effect. 
  
 6.
Amendment is a “Loan Document”; Reaffirmation of Representations and Warranties. This Amendment is a Loan Document. Each Loan Party represents and warrants that, immediately prior to and immediately after giving effect to this
Amendment, each representation and warranty set forth in the Loan Documents (other than the Waived Representations) is true and correct in all material respects as of the date hereof (except those that expressly relate to an earlier period).

  
 7. Reaffirmation of Security Interests. Each Loan Party
(i) affirms that each of the Liens granted in or pursuant to the Loan Documents are valid and subsisting and (ii) agrees that this Amendment shall in no manner impair or otherwise adversely effect any of the Liens granted in or pursuant to the Loan
Documents. 
  
 8. Reaffirmation of Guaranty. Each of the
Guarantors (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Amendment and all documents executed in connection herewith do not
operate to reduce or discharge such Guarantor’s obligations under the Credit Agreement or the other Loan Documents. 
  
 9. Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an
original and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart. 
  
 10. Governing Law. This Amendment shall be deemed to be a contract made under, and for all purposes shall be construed in accordance with, the laws
of the State of North Carolina. 
  
 [Remainder of Page
Intentionally Left Blank] 
  

 3 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Second Amendment to be
duly executed and delivered as of the date first above written. 
  

											
	 BORROWER:
	 	 	 	NAVIGANT INTERNATIONAL, INC., a Delaware corporation
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 Name:
	 	 John Coffman

	 	 	 	 	 	 	 Title:
	 	Senior Vice President and Chief Accounting Officer
			
	 GUARANTORS:
	 	 	 	 NAVIGANT INTERNATIONAL/NORTH CENTRAL, INC., an Illinois corporation
 NAVIGANT INTERNATIONAL/SOUTHWEST, LLC,
 a Delaware limited liability company
 CORNERSTONE ENTERPRISES, INC., a Massachusetts corporation
 NAVIGANT
INTERNATIONAL/SOUTHEAST, INC., a North Carolina corporation
 NAVIGANT INTERNATIONAL/NORTHWEST, INC., a Washington corporation
 NAVIGANT INTERNATIONAL/NORTHEAST, INC., a Connecticut corporation
 NAVIGANT
INTERNATIONAL U.K. HOLDINGS, INC., a Delaware corporation
 NAVIGANT CRUISE CENTER, INC., a Delaware corporation
 NAVIGANT INTERNATIONAL/ROCKY MOUNTAIN, INC.,
 a Colorado
corporation
 SCHEDULED AIRLINES TRAFFIC OFFICES, INC., a Delaware corporation
 PASSAGE INTERNATIONAL, INC., an Oregon corporation
 INCENTIVE CONNECTIONS, INC., a New Jersey
corporation

					
	 	 	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 Name:
	 	 John Coffman

	 	 	 	 	 	 	 Title:
	 	 Vice President

				
	 	 	 	 	 	 	NAVIGANT INTERNATIONAL/SOUTH CENTRAL, LP,
	 	 	 	 	 	 	a Texas limited partnership
					
	 	 	 	 	 	 	By:	 	ATLAS TRAVEL GP, INC., a Texas corporation
						
	 	 	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	Name:	 	John Coffman
	 	 	 	 	 	 	 	 	Title:	 	Vice President
				
	 	 	 	 	 	 	NORTHWESTERN TRAVEL SERVICE, LP, a Minnesota limited partnership
				
	 	 	 	 	 	 	By: NWT Newco, Inc., an Illinois corporation, General Partner
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	Name:	 	John Coffman
	 	 	 	 	 	 	Title:	 	Vice President

  
 [Signature Pages
Continue] 

											
	 ADMINISTRATIVE AGENT:
	 	 	 	BANK OF AMERICA, N.A., as Administrative Agent
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 
			
	 LENDERS:
	 	 	 	 BANK OF AMERICA, N.A.,
 as a Lender, L/C
Issuer and Swing Line Lender

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 
			
	 	 	 	 	U.S. BANK NATIONAL ASSOCIATION
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 
			
	 	 	 	 	KEY BANK, N.A.
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 
			
	 	 	 	 	THE BANK OF NOVA SCOTIA
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 
			
	 	 	 	 	LASALLE BANK NATIONAL ASSOCIATION
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 
			
	 	 	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 
			
	 	 	 	 	JP MORGAN CHASE BANK, N.A.
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	Name:	 	 
	 	 	 	 	 	 	Title:	 	 

 Exhibit A 
  

TERM LOAN INTERCREDITOR AGREEMENT 
  
 (see attached)

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