Exhibit 10.1

AMENDMENT NUMBER TWO TO CREDIT AGREEMENT

This AMENDMENT NUMBER TWO TO CREDIT AGREEMENT (this “Amendment”) is entered into
as of October 10, 2006 by the lenders identified on the signature pages hereof
(the “Lenders”), CANYON CAPITAL ADVISORS, LLC, a Delaware limited liability
company, in its capacity as agent for the Lenders (in such capacity, “Agent”;
and together with the Lenders, the “Lender Group”), HAWAIIAN HOLDINGS, INC., a
Delaware corporation (“Parent”), and HAWAIIAN AIRLINES, INC., a Delaware
corporation (“Borrower”), with reference to the following:

WHEREAS, Borrower, Parent, Agent and certain of the Lenders are parties to that
certain Credit Agreement, dated as of June 2, 2005 (as amended by that certain
Amendment Number One, dated March 13, 2006, and as further amended restated,
supplemented, or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS, Borrower and certain Lenders have requested that the Lender Group agree
to amend the Credit Agreement to provide, in certain circumstances, for the
assignment of rights and obligations under the Loan Documents in amounts less
than $5,000,000; and

WHEREAS, subject to the terms and conditions set forth herein, the Lender Group
is willing to make the requested amendment.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby agree as
follows:

1.     DEFINED TERMS.  CAPITALIZED TERMS USED HEREIN AND NOT OTHERWISE DEFINED
HEREIN SHALL HAVE THE MEANINGS ASCRIBED TO THEM IN THE CREDIT AGREEMENT.

2.     AMENDMENT TO LOAN DOCUMENTS.

(A)           SECTION 13.1(A) OF THE CREDIT AGREEMENT IS HEREBY AMENDED AND
RESTATED IN ITS ENTIRETY AS FOLLOWS:

13.1        Assignments and Participations.

(a) Any Lender may assign and delegate to one or more assignees (each an
“Assignee”) that are Eligible Transferees all, or any ratable portion of all, of
the Obligations and the other rights and obligations of such Lender hereunder
and under the other Loan Documents, in a minimum amount of $5,000,000 (except
that such minimum amount shall not apply to an Affiliate of a Lender or to a
Related Fund, or any Lender simultaneously assigning and delegating all of its
Obligations hereunder and under the other Loan Documents to an Assignee or an
Affiliated group of Assignees); provided, however, that Borrower and Agent may
continue to deal solely and directly with such Lender in connection with the
interest so assigned to an Assignee until (i) written notice of such assignment,
together with payment instructions, addresses, and related information with
respect to the Assignee, have been given to Borrower

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and Agent by such Lender and the Assignee, (ii) such Lender and its Assignee
have delivered to Borrower and Agent an Assignment and Acceptance and Agent has
notified the assigning Lender of its receipt thereof in accordance with Section
13.1(b), and (iii) unless waived by Agent, the assigning Lender or Assignee has
paid to Agent for Agent’s separate account a processing fee in the amount of
$3,500.  Anything contained herein to the contrary notwithstanding, the payment
of any fees shall not be required and the Assignee need not be an Eligible
Transferee if (x) such assignment is in connection with any merger,
consolidation, sale, transfer, or other disposition of all or any substantial
portion of the business or loan portfolio of the assigning Lender, or (y) the
assignee is an Affiliate (other than individual(s)) of a Lender or a Related
Fund.

3.     EFFECTIVENESS OF AMENDMENT.  THIS AMENDMENT SHALL BECOME EFFECTIVE UPON
THE AGENT’S RECEIPT OF DULY EXECUTED COPIES OF THIS AMENDMENT BY THE PARTIES
HERETO (THE DATE OF SUCH EFFECTIVENESS BEING HEREIN CALLED THE “SECOND AMENDMENT
EFFECTIVE DATE”).

4.     REPRESENTATIONS AND WARRANTIES.  BORROWER REPRESENTS AND WARRANTS TO THE
LENDER GROUP THAT (A) THE EXECUTION, DELIVERY, AND PERFORMANCE OF THIS AMENDMENT
AND OF THE CREDIT AGREEMENT, AS AMENDED HEREBY, (I) ARE WITHIN ITS POWERS, (II)
HAVE BEEN DULY AUTHORIZED BY ALL NECESSARY ACTION, AND (III) ARE NOT IN
CONTRAVENTION OF ANY LAW, RULE, OR REGULATION APPLICABLE TO IT, OR ANY ORDER,
JUDGMENT, DECREE, WRIT, INJUNCTION, OR AWARD OF ANY ARBITRATOR, COURT, OR
GOVERNMENTAL AUTHORITY, OR OF THE TERMS OF ITS GOVERNING DOCUMENTS, OR OF ANY
CONTRACT OR UNDERTAKING TO WHICH IT IS A PARTY OR BY WHICH ANY OF ITS PROPERTIES
MAY BE BOUND OR AFFECTED; (B) THIS AMENDMENT AND THE CREDIT AGREEMENT, AS
AMENDED HEREBY, ARE LEGAL, VALID AND BINDING OBLIGATIONS OF BORROWER,
ENFORCEABLE AGAINST BORROWER IN ACCORDANCE WITH THEIR RESPECTIVE TERMS; AND (C)
NO DEFAULT OR EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING ON THE DATE HEREOF
OR AS OF THE DATE UPON WHICH THIS AMENDMENT BECOMES EFFECTIVE.

5.     CHOICE OF LAW.  THE VALIDITY OF THIS AMENDMENT, ITS CONSTRUCTION,
INTERPRETATION AND ENFORCEMENT, THE RIGHTS OF THE PARTIES HEREUNDER, SHALL BE
DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK.

6.     COUNTERPART EXECUTION.  THIS AMENDMENT MAY BE EXECUTED IN ANY NUMBER OF
COUNTERPARTS, ALL OF WHICH WHEN TAKEN TOGETHER SHALL CONSTITUTE ONE AND THE SAME
INSTRUMENT, AND ANY OF THE PARTIES HERETO MAY EXECUTE THIS AMENDMENT BY SIGNING
ANY SUCH COUNTERPART.  DELIVERY OF AN EXECUTED COUNTERPART OF THIS AMENDMENT BY
TELEFACSIMILE OR ELECTRONIC MAIL SHALL BE EQUALLY AS EFFECTIVE AS DELIVERY OF AN
ORIGINAL EXECUTED COUNTERPART OF THIS AMENDMENT.  ANY PARTY DELIVERING AN
EXECUTED COUNTERPART OF THIS AMENDMENT BY TELEFACSIMILE OR ELECTRONIC MAIL ALSO
SHALL DELIVER AN ORIGINAL EXECUTED COUNTERPART OF THIS AMENDMENT, BUT THE
FAILURE TO DELIVER AN ORIGINAL EXECUTED COUNTERPART SHALL NOT AFFECT THE
VALIDITY, ENFORCEABILITY, AND BINDING EFFECT OF THIS AMENDMENT.

7.     EFFECT ON LOAN DOCUMENTS.

(A)           THE CREDIT AGREEMENT, AS AMENDED HEREBY, AND EACH OF THE OTHER
LOAN DOCUMENTS SHALL BE AND REMAIN IN FULL FORCE AND EFFECT IN ACCORDANCE WITH
THEIR RESPECTIVE TERMS AND HEREBY ARE RATIFIED AND CONFIRMED IN ALL RESPECTS. 
THE EXECUTION, DELIVERY, AND PERFORMANCE OF THIS AMENDMENT SHALL NOT OPERATE,
EXCEPT AS EXPRESSLY SET FORTH HEREIN, AS A MODIFICATION OR WAIVER OF ANY RIGHT,
POWER, OR REMEDY OF AGENT OR ANY LENDER UNDER THE CREDIT AGREEMENT OR ANY OTHER
LOAN DOCUMENT.

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(B)           UPON AND AFTER THE EFFECTIVENESS OF THIS AMENDMENT, EACH REFERENCE
IN THE CREDIT AGREEMENT TO “THIS AGREEMENT”, “HEREUNDER”, “HEREIN”, “HEREOF” OR
WORDS OF LIKE IMPORT REFERRING TO THE CREDIT AGREEMENT, AND EACH REFERENCE IN
THE OTHER LOAN DOCUMENTS TO “THE CREDIT AGREEMENT”, “THEREUNDER”, “THEREIN”,
“THEREOF” OR WORDS OF LIKE IMPORT REFERRING TO THE CREDIT AGREEMENT, SHALL MEAN
AND BE A REFERENCE TO THE CREDIT AGREEMENT AS MODIFIED AND AMENDED HEREBY.

(C)           TO THE EXTENT THAT ANY TERMS AND CONDITIONS IN ANY OF THE LOAN
DOCUMENTS SHALL CONTRADICT OR BE IN CONFLICT WITH ANY TERMS OR CONDITIONS OF THE
CREDIT AGREEMENT, AFTER GIVING EFFECT TO THIS AMENDMENT, SUCH TERMS AND
CONDITIONS ARE HEREBY DEEMED MODIFIED OR AMENDED ACCORDINGLY TO REFLECT THE
TERMS AND CONDITIONS OF THE CREDIT AGREEMENT AS MODIFIED OR AMENDED HEREBY.

(D)           THIS AMENDMENT IS A LOAN DOCUMENT.

8.     FEES. THE BORROWER SHALL PAY IN FULL ALL FEES, EXPENSES AND DISBURSEMENTS
INCURRED BY AGENT IN CONNECTION WITH THIS AMENDMENT, INCLUDING, WITHOUT
LIMITATION, THE REASONABLE FEES, EXPENSES AND DISBURSEMENTS OF AGENT’S COUNSEL.

9.     ENTIRE AGREEMENT.  THIS AMENDMENT EMBODIES THE ENTIRE UNDERSTANDING AND
AGREEMENT BETWEEN THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF
AND SUPERSEDES ANY AND ALL PRIOR OR CONTEMPORANEOUS AGREEMENTS OR UNDERSTANDINGS
WITH RESPECT TO THE SUBJECT MATTER HEREOF, WHETHER EXPRESS OR IMPLIED, ORAL OR
WRITTEN.

[signature page follows]

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IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date
first above written.

HAWAIIAN HOLDINGS, INC.,
a Delaware corporation

 

 

 

 

 

 

 

By:

 

 

Name:

 

Title:

 

 

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HAWAIIAN AIRLINES, INC.,
a Delaware corporation

 

 

 

 

 

 

 

By:

 

 

Name:

 

Title:

 

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CANYON CAPITAL ADVISORS LLC,
as Agent

 

 

 

 

By:

 

 

Name:

 

Title:

 

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CANPARTNERS INVESTMENTS IV, LLC,
as a Lender

 

 

 

 

 

 

 

 

By:

 

 

Name:

 

Title:

 

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BERNARD NATIONAL LOAN INVESTORS, LTD.,
as a Lender

 

 

 

 

 

 

 

By:

Bernard Capital Funding, LLC

 

 

 

its Investment Advisor

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

Name:

 

 

Title:

 

 

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QVT FUND LP, as a Lender

 

 

 

 

 

 

 

 

 

 

By:

its general partner, QVT Associates GP LLC

 

 

 

 

 

 

 

By:

 

 

Name:

 

Title:

 

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DEUTSCHE BANK AG, LONDON BRANCH,
as a Lender

 

 

 

 

 

 

 

 

 

By:

its investment manager, QVT Financial LP

 

 

 

 

 

 

 

 

 

 

By:

its general partner, QVT Financial GP LLC

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

Name:

 

 

Title:

 

 

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ORE HILL FUND L.P., as a Lender  

 

 

 

 

 

 

 

 

By:

Ore Hill Partners LLC

 

Its:

Investment Advisor

 

 

 

 

 

 

 

By:

 

 

Name:

 

Title:

 

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GOLDENTREE CAPITAL SOLUTIONS FUND FINANCING, as a Lender

 

 

 

 

 

 

 

By:

 

 

Name:

 

Title:

 

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GOLDENTREE CAPITAL OPPORTUNITIES, LP,
as a Lender

 

 

 

 

 

 

 

 

By:

 

 

Name:

 

Title:

 

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CONTEXT ADVANTAGE FUND, L.P.,
as a Lender
(formerly known as CONTEXT CONVERTIBLE ARBITRAGE FUND, L.P.)

 

 

 

 

 

 

 

 

 

By:

 

 

 

Name:

 

 

Title:

 

 

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CONTEXT OFFSHORE ADVANTAGE, LTD.,
as a Lender
(formerly known as CONTEXT CONVERTIBLE ARBITRAGE OFFSHORE, LTD.)

 

 

 

 

 

 

 

 

By:

 

 

Name:

 

Title:

 

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