Document:

Amendment No. 1 to Loan  and Servicing Agreement

 Exhibit 10.11.2 

AMENDMENT NO. 1 TO 

LOAN AND SERVICING AGREEMENT 
 This AMENDMENT NO. 1 TO LOAN AND SERVICING AGREEMENT, dated as of May 13, 2011 (this “Amendment”), is executed by and among DT WAREHOUSE IV, LLC, a Delaware limited liability company
(together with its successors and assigns, the “Borrower”), DT CREDIT COMPANY, LLC, an Arizona limited liability company, as servicer (in such capacity, the “Servicer”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a
national banking association, as Backup Servicer, Paying Agent and Securities Intermediary (“Paying Agent”), and THE ROYAL BANK OF SCOTLAND PLC, as Program Agent for the Conduit Lenders and the Committed Lenders (“Program
Agent”). Capitalized terms used, but not otherwise defined herein, shall have the meanings ascribed thereto in the “Loan and Servicing Agreement” (defined below). 

WITNESSETH: 

WHEREAS, the Borrower, the Servicer, the Program Agent, the Paying Agent, the Commercial Paper Conduits from time to time party thereto,
and the Financial Institutions from time to time party thereto entered into that certain Loan and Servicing Agreement dated as of July 23, 2010 (the “Loan and Servicing Agreement”); 

WHEREAS, as provided herein, the parties hereto have agreed to amend certain provisions of the Loan and Servicing Agreement as described
below; 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. Amendment to the Loan and Servicing Agreement. Effective as of the date hereof, and subject to the satisfaction of the conditions precedent and subsequent set forth in Section 2
hereof, the Loan and Servicing Agreement is hereby amended as follows: 
 1.1 The definitions of “Aggregate
Commitment”, “Charged-Off Contract”, “Commitment Termination Date”, “Eligible Contract”, “Fee Letter”, “Permitted State”, “Rating Reaffirmation Dates” and “Reserve
Percentage”, “Securitization Transaction” set forth in Section 1.01 of the Loan and Servicing Agreement are hereby amended and restated as follows: 

“Aggregate Commitment” means, at any time, the sum of the Commitments then in effect. The Aggregate
Commitment as of the date hereof is $125,000,000, and shall be subject to increase pursuant to Section 2.03. 
 “Charged-Off Contract” means a Contract with respect to which any of the following shall have occurred: (i) all, or any part in excess of 10%, of any Scheduled Payment is more than
ninety (90) days delinquent on the last day of a calendar month; (ii) the related Financed Vehicle has been surrendered or repossessed and the redemption period granted the Contract Debtor or required by applicable law has expired, or is
to be repossessed but is unable to be located or is otherwise subject to being repossessed; (iii) which has been settled for less than the Principal Balance; (iv) which has been liquidated

 
by the Servicer through the sale of the Financed Vehicle; (v) for which proceeds have been received which in the Servicer’s reasonable judgment, constitute the final amounts recoverable
in respect of such Contract; or (vi) which has been charged-off (or should have been charged-off) in accordance with the Credit and Collection Policy. 
 “Commitment Termination Date” means May 11, 2012, as such date may be extended from time to time pursuant to Section 2.08. 

“Contract Disposition Transaction” means (i) any sale of Contracts in connection with a
Securitization Transaction, a whole loan sale transaction or any other similar transaction or (ii) the distribution in respect of the membership interests of the Borrower of Pledged Contracts pursuant to the procedures required by its
certificate of formation and the limited liability company agreement. 
 “Fee Letter” means the
Amended and Restated Fee Letter dated as of May 13, 2011, between the Program Agent and the Borrower, as amended, restated, supplemented or otherwise modified from time to time. 

“Permitted State” means each of Arizona, Nevada, California, New Mexico, Texas, Florida, Georgia,
Virginia, North Carolina, Colorado, Oklahoma, South Carolina, Tennessee, Alabama, Mississippi, Ohio, Kentucky, Arkansas, Missouri and Indiana and such other states as may be approved by the Program Agent in writing from time to time (such approval
not to be unreasonably withheld). 
 “Rating Reaffirmation Dates” means each of the last
Business Days occurring in April and October of each year, starting October, 2011. 
 “Reserve
Percentage” means, at any time, the sum of (i) 47.0% plus (ii) if either (a) the Rolling Average Charged-Off Losses Ratio (Managed Portfolio Contracts) or the Rolling Average Charged-Off Losses Ratio (Pledged Contracts)
exceeds 3.15% for two (2) or more consecutive Accounting Periods or (b) the Rolling Average Delinquency Ratio (Managed Portfolio Contracts) or the Rolling Average Delinquency Ratio (Pledged Contracts) exceeds 13.00% for two (2) or
more consecutive Accounting Periods, 10% for each of the three succeeding Accounting Periods, as the same may be adjusted pursuant to Section 5.01(o). 
 “Securitization Transaction” means any securitization or structured finance transaction entered into by any DT Entity or an Affiliate thereof from time to time secured in whole or in part
by Contracts and/or Pledged Contracts. As of the date hereof, the closing date of the most recent Securitization Transaction was February 10, 2011. 
 1.2 The definition of “Eligible Contract” set forth in Section 1.01 of the Loan and Servicing Agreement is hereby amended by deleting clause (g) thereof and substituting, in lieu
thereof, respectively, the following: 
 (g) which is not (i) an Ineligible Securitization Contract,
(ii) a Charged-off Contract, (iii) a Contract for which the Contract Debtor is a party to a proceeding under any Debtor Relief Law which arose after the creation of such Contract (other than as a

 
creditor or claimant), or (iv) a Contract that (A) was previously a Pledged Contract and (B) was previously transferred by the Borrower in connection with a Contract Disposition
Transaction and, at the time of such Contract Disposition Transaction, was a Delinquency Measurement Contract; provided that notwithstanding the foregoing, a Contract of the type described in this clause (iv) may become an Eligible
Contract if it otherwise satisfies the definition thereof upon the earlier of (x) the date after such Contract Disposition Transaction on which such Contract is not a Delinquency Measurement Contract and the related Contract Debtor has made at
least four (4) Scheduled Payments thereunder and (y) the date on which such Contract was not a Delinquency Measurement Contract for three (3) consecutive Accounting Periods; 

1.3 The definition of “Level Two Trigger Event” set forth in Section 1.01 of the Loan and Servicing Agreement is hereby
amended by deleting clauses (c), (e) and (k) thereof and substituting, in lieu thereof, respectively, the following: 
 (c) [Deleted]; or 
 (e) the Walk-In Payment Ratio for such date of
determination exceeds 2%; or 
 (k) the Rolling Average Extension Rate (Managed Portfolio Contracts) or the
Rolling Average Extension Rate (Pledged Contracts) shall exceed 4.50% 
 1.4 Section 1.01 of the Loan and Servicing
Agreement is hereby amended by deleting the definitions of “Average Gross Margin” and “Alternate Payment Location”. 
 1.5 Section 1.01 of the Loan and Servicing Agreement is hereby amended by adding the following definitions of “Available Cash”, “Borrowing Base Surplus” and “Distribution
Conditions” to Section 1.01: 
 “Available Cash” means, with respect to the DT
Entities On A Consolidated Basis, at any date, the sum of (i) all cash and Cash Equivalents and (ii) if the conditions to the advance of a Loan in such amount under Section 3.02 are satisfied on such date, an amount equal to the
excess of the Borrowing Base over the Outstanding Loan Amount on such date. 
 “Borrowing Base
Surplus” means, at any time (i) the excess, if any, of (A) the Borrowing Base over (B) the Outstanding Loan Amount, less (ii) all accrued and unpaid Interest and Fees at the time of such distribution, less (iii) any
other Borrower Obligations are then due and payable at the time of such distribution. 
 “Distribution
Conditions” means, with respect to any such Contract Disposition Transaction pursuant to clause (ii) of the definition thereof, (i) the aggregate Principal Balances of all Pledged Contracts to be distributed shall not
exceed the Borrowing Base Surplus, (ii) such Contract Disposition Transaction shall be made in furtherance of the Borrower’s corporate purpose, and (iii) Borrower shall not have conducted another such Contract Disposition Transaction
during the same calendar month. 

 1.6 Section 2.02(a)(i) of the Loan and Servicing Agreement is hereby amended and
restated as follows: 
 (i) The Borrower shall request a Borrowing hereunder by submitting to the Program Agent a
written notice, substantially in the form of Exhibit B (each, a “Borrowing Request”) not later than 12:00 p.m. (New York City time) on the Business Day prior to the date of the proposed Borrowing (each, a “Borrowing
Date”). Promptly after its receipt thereof, the Program Agent shall submit a copy of each Borrowing Request to each Managing Agent who shall promptly forward a copy thereof to the Lenders in its Lender Group. 

1.7 Section 2.05(a) of the Loan and Servicing Agreement is hereby amended by deleting the fourth sentence thereof and substituting,
in lieu thereof, the following: 
 Unless otherwise agreed by a Managing Agent, each such prepayment of the Loans
to the Lenders in such Managing Agent’s Lender Group must be accompanied by a payment of any other amounts (including amounts payable under Section 2.12, but excluding accrued Interest (which shall be payable on the following Settlement
Date)) due from the Borrower hereunder in respect of such prepayment. 
 1.8 Section 2.13 of the Loan and Servicing
Agreement is hereby amended and restated as follows: 
 SECTION 2.13. Taxes. 

(a) Except to the extent required by applicable law, any and all payments and deposits required to be made hereunder or under any
instrument delivered hereunder by the Borrower hereunder shall be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto
(except for (a) taxes imposed on or measured by net income (however denominated), franchise or gross revenue taxes imposed in lieu of net income taxes imposed, by the United States (or any political subdivision thereof), or any other
jurisdiction (or any political subdivision thereof), as a result of the recipient being organized in, doing business in, or having its principal office or applicable lending office located in such jurisdiction; (b) any United States withholding
tax imposed pursuant to any branch profits taxes imposed by the United States or any similar taxes imposed by any other jurisdiction in which the Borrower is located; (c) any United States withholding tax imposed by reason of an Affected
Party’s failure to provide to Borrower the documents set forth in Section 2.13(c), to maintain or update such documents, or to provide any other documents, such that Borrower is required to withhold United States withholding tax;
(d) any taxes imposed pursuant to or as a result of FATCA). Except with respect to taxes included in the exclusion in the preceding sentence, if the Borrower or the Servicer shall be required by law to make any such deduction, (i) the
Borrower shall make an additional payment to such Affected Party, in an amount sufficient so that, after making all required deductions (including deductions applicable to additional sums payable under this Section 2.13), such Affected Party
receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower (or the 

 
Servicer, on its behalf) shall make such deductions and (iii) the Borrower (or the Servicer, on its behalf) shall pay the full amount deducted to the relevant taxation authority or other
authority in accordance with applicable law. FATCA means Sections 1471 through 1474 of the Code and any applicable Treasury regulation promulgated thereunder or published administrative guidance implementing such Sections whether in existence on the
date hereof or promulgated or published hereafter. 
 (b) In addition, the Borrower agrees to pay any present or future stamp or
other documentary taxes or any other excise or property taxes or similar levies which arise from any payment made hereunder or under any instrument delivered hereunder or from the execution, delivery or registration of, or otherwise with respect to,
this Agreement or any instrument delivered hereunder. 
 (c) (1) Each Affected Party that is a “United States
person” within the meaning of Section 7701(a)(30) of the Code agrees to complete and to deliver to the Borrower on or before the Effective Date (or, if later, on or prior to the date it becomes a party to this Agreement) a duly completed
and executed copy of Internal Revenue Service Form W-9 or successor form establishing that the Affected Party is a United States person that is not subject to U.S. backup withholding tax. 

(2) Each Affected Party which is not organized under the laws of the United States or any State thereof shall, on or prior
to the date that such Affected Party becomes a party to or obtains rights under this Agreement, and prior to any payment being made by the Borrower to such Affected Party, deliver to the Borrower (i) two duly completed and executed copies of
the IRS Form W-8BEN or W-8ECI (or any successor form) as applicable; and (ii) to the extent it may lawfully do so, such other forms or certificates as may be required under the laws of any applicable jurisdiction (on or before the date that any
such form expires or becomes obsolete), in order to permit the Borrower to make payments to, and deposit funds to or for the account of, such Affected Party hereunder and under the other Facility Documents without any deduction or withholding for or
on account of any tax. Each such Affected Party, to the extent it may lawfully do so, shall submit to the Borrower (with copies to the Program Agent) two updated, completed, and duly executed versions of: (i) all forms referred to in the
previous sentence upon the expiry of, or the occurrence of any event requiring a change in, the most recent form previously delivered by it to the Borrower or the substitution of such form; and (ii) such extensions or renewals thereof as may
reasonably be requested by the Borrower. 
 (3) Each Affected Party shall deliver to the Borrower such other tax
forms or other documents as shall be prescribed by applicable law, to the extent applicable, (x) to demonstrate that payments to such Affected Party under this Agreement and the Loans are exempt from any United States withholding tax imposed
pursuant to FATCA or (y) to allow the Borrower to determine the amount to deduct or withhold under FATCA from a payment hereunder. Each Affected Party further agrees to complete and to deliver to the Borrower from time to time, so long as it is
eligible to do so, any successor or additional form required by the Internal Revenue Service or reasonably requested by the Borrower in order to secure an exemption from, or reduction in the rate of, U.S. withholding tax. 

 (d) If the Borrower is required to pay additional amounts to or for the benefit of any
Affected Party pursuant to this Section as a result of a change of law or treaty occurring after such Affected Party first became a party to this Agreement, such Affected Party will, at the Borrower’s request, change the jurisdiction of its
applicable lending office if, in the sole judgment of such Affected Party, such change (i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) is not otherwise disadvantageous to such Affected Party.

 1.9 Section 2.15 of the Loan and Servicing Agreement is hereby amended by adding the following at the end thereof:

 (e) Release of Demand Note Guaranty. If both Ernest C. Garcia II and Verde Investments, Inc. shall have
been released from all liability under all guaranties and other credit enhancements previously provided by either of them in connection with the other Warehouse Facilities to which any DT Entity is a party, then, so long as no Event of Termination
or Incipient Event of Termination has occurred and is continuing, the Program Agent, upon certification to the Program Agent by Ernest C. Garcia II and Verde Investments, Inc. of such release, shall terminate the Demand Note Guaranty and shall
execute and deliver such instruments and documents as Ernest C. Garcia II and Verde Investments, Inc. may reasonably request in order to evidence such termination. 
 1.10 Section 2.17 of the Loan and Servicing Agreement is hereby amended and restated as follows: 
 SECTION 2.17. Certain Transactions. The Borrower may, but shall not be required to, from time to time enter into, or participate in, Contract Disposition Transactions pursuant to which the Borrower
distributes or sells some or all of the Pledged Contracts as of a specified cut-off date if (i) either (A) with respect to a sale of Pledged Contracts, the net proceeds payable to the Borrower in connection with any such Contract
Disposition Transaction are equal to or greater than the Required Takeout Price on the date of such sale or (B) with respect to a distribution of Pledged Contracts, the such distribution shall meet all of the Distribution Conditions,
(ii) the weighted average APR of the Pledged Contracts owned by the Borrower after giving effect to such Contract Disposition Transaction exceeds 18%, (iii) the Pledged Contracts to be included in such Contract Disposition Transaction are
selected by the Borrower, DTCC or DTAC in a manner consistent with customary practices for term asset-backed securities transactions or whole loan sales transactions and not in a manner intended to, or that could be reasonably expected to,
materially and adversely affect the interests of the Program Agent or the Secured Parties and (iv) with respect to a sale of Pledged Contracts, the Borrower has directed the buyer of the Pledged Contracts to be included in such Contract
Disposition Transaction in writing (with a copy to the Program Agent) to remit all such net proceeds of its purchase of such Pledged Contracts directly to the Collection Account. With respect to any sale of Pledged Contracts, upon receipt by the
Program Agent of confirmation that the net proceeds of the purchase price for the Pledged Contracts that are included in any Contract Disposition Transaction have been credited to the Collection Account, (x) the Program Agent shall apply such
net proceeds to reduce the Outstanding Loan Amount ratably among all Lenders and to pay any other Borrower Obligations 

 
included in the calculation of the Required Takeout Price and (y) the related Contract Documents shall be released to the buyer thereof. With respect to any distribution of Pledged
Contracts, upon approval by the Program Agent, exercising reasonable discretion, of a Release Request together with a Borrowing Base Certificate, the related Contract Documents shall be released from of the security interest of the Program Agent in
the applicable Pledged Contracts and the Program Agent shall execute and deliver such instruments of release, prepared by and at the expense of the Borrower, in each case without recourse, representation or warranty, as shall be necessary to release
the Program Agent’s security interest therein. In connection with any sale or distribution of Pledged Contracts by the Borrower in connection with a Contract Disposition Transaction, the Servicer shall deliver a Borrowing Base Certificate
(calculated after giving effect to such Contract Disposition Transaction) to each Managing Agent and make appropriate entries in its general accounting records to reflect the sale of the applicable Pledged Contracts. 

1.11 Section 2.18 of the Loan and Servicing Agreement is hereby amended and restated as follows: 

SECTION 2.18. Release of Lien. In connection with (a) any repurchase of Pledged Contracts by Originator from
the Borrower pursuant to the Purchase Agreement or (b) any sale or disposition of Pledged Contracts pursuant to Section 2.17, and promptly following the Final Collection Date, the Program Agent agrees, at the Borrower’s expense, and
without recourse, representation or warranty, to execute, deliver, file and record any release, document or other instrument and take such action that may be necessary or that the Borrower may reasonably request, to evidence the release by the
Program Agent of its security interest in the applicable Pledged Contracts and related Collateral. 
 1.12 Section 4.01(j)
of the Loan and Servicing Agreement is hereby amended and restated as follows: 
 (j) Collection Information;
Master Agency Agreement. The names and addresses of all the Approved Sub-servicers, Depository Account Banks and Lock-Box Processors, together with the addresses of the Lock-Boxes and the account numbers of the Depository Accounts are as
specified in Exhibit F. The Lock-Boxes set forth on Exhibit F are the only addresses to which Contract Debtors and Approved Sub-servicers of Pledged Contracts are directed to make payment. The Depository Accounts set forth on Exhibit F are the only
accounts to which Contract Debtors, Approved Sub-servicers or Lock-Box Processors remit Collections of Pledged Contracts by wire transfer or electronic funds transfer. Exhibit N hereto is a full, complete and correct copy of the Master Agency
Agreement and such agreement has not been modified and is in full force and effect. There are no agreements or understandings relating to the Master Agency Agreement that are not fully and accurately described in Exhibit N. No DT Entity has granted
any Person, other than Wells Fargo Bank, National Association under the Master Agency Agreement, “control” (within the meaning of Section 9-102 of any applicable enactment of the UCC) of any Depository Account or the right to take
control of any Depository Account at a future time or upon the occurrence of a future event. 

 1.13 Section 5.01(g)(i) of the Loan and Servicing Agreement is hereby amended and
restated as follows: 
 (i) Instruct all Contract Debtors to remit all payments made in respect of the Pledged
Contract to a Lock-Box or a Depository Account; 
 1.14 Section 5.01(i)(xx) of the Loan and Servicing Agreement is hereby
amended and restated as follows: 
 (xx) the Borrower shall take all other actions reasonably necessary on its
part to operate its business and perform its obligations under the Facility Documents in a manner consistent with the factual assumptions described in the legal opinions with respect to nonconsolidation and true sale matters of Snell &
Wilmer L.L.P. delivered to the Program Agent and the Managing Agents pursuant to Section 3.01 hereof, and any amendments, modifications, supplements and replacements thereof. 

1.15 Section 5.01(q) of the Loan and Servicing Agreement is hereby amended and restated as follows: 

(q) Rating Reaffirmations. Within five days after each Rating Reaffirmation Date, the Borrower shall obtain from
DBRS, and distribute to the Program Agent and the Managing Agents copies of, a written reaffirmation that the Notes. (The Borrower acknowledges that the Program Agent may request from DBRS a written reaffirmation of the rating of the Notes at any
time). 
 1.16 Section 5.03(d) of the Loan and Servicing Agreement is hereby amended and restated as follows: 

(d) Change in Payment Instructions to Contract Debtors. Make any change in its instructions to Contract Debtors
regarding the making of payments in respect of the Pledged Contracts to any Lock-Box or Depository Account, other than instructing Contract Debtors to remit payments to another Lock-Box or Depository Account. 

1.17 Section 5.03(e) of the Loan and Servicing Agreement is hereby amended by deleting the last sentence thereof. 

1.18 Section 5.03(o) of the Loan and Servicing Agreement is hereby amended and restated as follows: 

(o) Restricted Junior Payments. Make any Restricted Junior Payment; provided that prior to the Termination
Date, the Borrower may make Restricted Junior Payments out of Collections released pursuant to Section 2.06(b)(viii) hereof, the proceeds of the Loans, and Pledged Contracts released pursuant to Section 2.17 hereof, in each case, so long
as (i) no Event of Termination or Incipient Event of Termination shall then exist or would result therefrom and (ii) such Restricted Junior Payments have been approved by all necessary action on the part of the Borrower and in compliance
with all applicable laws. 

 1.19 Section 5.06(c) of the Loan and Servicing Agreement is hereby amended and
restated as follows: 
 (c) Change in Payment Instructions to Contract Debtors. Make any change in its
instructions to Contract Debtors regarding the making of payments in respect of the Pledged Contracts to any Lock-Box or Depository Account, other than instructing Contract Debtors to remit payments to another Lock-Box or Depository Account.

 1.20 Section 5.06(d) of the Loan and Servicing Agreement is hereby amended by deleting the last sentence thereof.

 1.21 Section 6.02(g) of the Loan and Servicing Agreement is hereby amended and restated as follows: 

On behalf of the Borrower and the Program Agent for the benefit of the Lenders, the Servicer shall use its best efforts,
consistent with its customary servicing procedures, to repossess or otherwise convert the ownership of the Financed Vehicle securing any Pledged Contract as to which the Servicer shall have determined eventual payment in full is unlikely. From time
to time, as appropriate for servicing or foreclosing upon any Pledged Contract, the Borrower shall, upon written request of the Servicer, execute such documents as shall be reasonably necessary to prosecute any such proceedings. The Servicer shall
follow such customary and usual practices and procedures as it shall deem necessary or advisable in its servicing of Contracts. The Servicer shall use all commercially reasonable efforts to maximize proceeds from the repossession of a Financed
Vehicle securing any Pledged Contract, which may include selling such Financed Vehicle at auction, public or private sale, or to an Affiliate of the Servicer, provided that (i) any such sale to an Affiliate is for fair market value,
(ii) any such sale to an Affiliate does not have a material adverse effect on the Lenders and (iii) the aggregate proceeds from the sale to such Affiliates of repossessed Financed Vehicles not sold through auction securing any Pledged
Contract in any calendar month does not exceed 10% of the aggregate proceeds from the sale of all repossessed Financed Vehicles securing any Pledged Contract. The foregoing shall be subject to the provision that, in any case in which the Financed
Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with the repair or the repossession of such Financed Vehicle unless it shall determine in its reasonable discretion that such repair and/or repossession will
increase the Net Liquidation Proceeds by an amount greater than the amount of such expenses. 
 1.22 Section 7.01(o) of the
Loan and Servicing Agreement is hereby amended and restated as follows: 
 (o) As of the last Business Day of any
month, Available Cash shall be less than $15,000,000, 
 1.23 Section 7.01(y)(iii) of the Loan and Servicing Agreement is
hereby amended and restated as follows: 

 (iii) the Demand Note Guaranty shall cease to be in full force and effect
(other than in accordance with its terms or in accordance with Section 2.15(e)) or Ernest C. Garcia II or Verde Investments, Inc. shall so assert in writing or otherwise seek to terminate or disaffirm his or its obligations under the Demand
Note Guaranty at any time following the execution thereof. 
 1.24 Schedule I to the Loan and Servicing Agreement is hereby
amended and restated as set forth on Schedule I hereto. 
 1.25 Exhibit F to the Loan and Servicing Agreement is hereby amended
and restated as set forth on Exhibit F hereto. 
 SECTION 2. Conditions to Effectiveness.  

2.1 Conditions Precedent. This Amendment shall become effective as of the date hereof upon receipt by the Program Agent of
(a) counterparts of this Amendment executed by each of the parties hereto, (b) counterparts of the Second Amended and Restated Fee Letter dated as of the date hereof executed by the parties thereto, (c) the “Amendment Fee”
payable on the date hereof pursuant to the Fee Letter and (d) a letter from DBRS with respect to the “AA” rating of Notes. 
 2.2 Conditions Subsequent. The continued effectiveness of this Amendment shall be conditioned upon the delivery to the Program Agent and Managing Agents, on or prior to May 27, 2011, of an
executed update letter or replacement legal opinion of Snell & Wilmer L.L.P., satisfactory to the Program Agent and Managing Agents in their sole discretion, reflecting that the terms of the Loan and Servicing Agreement (as amended hereby)
will not affect the conclusions set forth in the legal opinions with respect to nonconsolidation and true sale matters of Snell & Wilmer L.L.P. delivered to the Program Agent and the Managing Agents pursuant to Section 3.01 (and any
failure to deliver such updated letter or replacement legal opinion by such date shall be deemed an “Amendment Termination Event”). Upon the occurrence of an Amendment Termination Event, this Amendment shall be automatically
terminated and cease to be of any force or effect and the terms of the Loan and Servicing Agreement shall revert to the terms of the Loan and Servicing Agreement without regard to this Amendment. It is hereby understood and agreed that if, upon the
occurrence of an Amendment Termination Event and the resulting termination of the Amendment, there occurs a Borrowing Base Deficiency, such Borrowing Base Deficiency shall be deemed to occur as of May 27, 2011 and shall be remedied pursuant to
Section 2.05(b) of the Loan and Servicing Agreement (and if not so remedied, shall constitute an Event of Termination as of such date pursuant to Section 7.01(a) of the Loan and Servicing Agreement). 

SECTION 3. Representations, Warranties and Confirmations. Each of the Servicer and the Borrower hereby represents and warrants
that: 
 3.1 It has the power and is duly authorized to execute and deliver this Amendment. 

3.2 The execution and delivery of this Amendment has been duly authorized by all corporate or limited liability company action necessary
on its part. 

 3.3 This Amendment and the Loan and Servicing Agreement as amended hereby, constitute legal,
valid and binding obligations of such parties and are enforceable against such parties in accordance with their terms. 
 3.4
Immediately prior, and after giving all effect, to this Amendment, the covenants, representations and warranties of each such party, respectively, set forth in the Loan and Servicing Agreement and as amended hereby, are true and correct in all
material respects as of the date hereof (except to the extent such representations or warranties relate solely to an earlier date and then as of such date). 
 3.5 Immediately prior, and after giving all effect, to this Amendment, no event, condition or circumstance has occurred and is continuing which constitutes an Event of Termination or Incipient Event of
Termination. 
 SECTION 4. Entire Agreement. The parties hereto hereby agree that this Amendment constitutes the entire
agreement concerning the subject matter hereof and supersedes any and all written and/or oral prior agreements, negotiations, correspondence, understandings and communications. 

SECTION 5. Effectiveness of Amendment. Except as expressly amended by the terms of this Amendment, all terms and conditions of the
Loan and Servicing Agreement shall remain in full force and effect and are hereby ratified and confirmed. This Amendment is effective only for the specific purpose for which it is given and shall not operate as a consent, waiver, amendment or other
modification of any other term or condition set forth in the Loan and Servicing Agreement or any right, power or remedy of any Program Agent under the Loan and Servicing Agreement. Upon the effectiveness of this Amendment, each reference in the Loan
and Servicing Agreement to “this Agreement” or “this Loan and Servicing Agreement” or words of like import shall mean and be references to the Loan and Servicing Agreement as amended hereby, and each reference in any other
Facility Document to the Loan and Servicing Agreement or to any terms defined in the Loan and Servicing Agreement which are modified hereby shall mean and be references to the Loan and Servicing Agreement or to such terms as modified hereby.

 SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 7. Severability. In case any provision in this
Amendment will be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
 SECTION 8. Binding Effect. This Amendment shall be binding upon and shall be enforceable by parties hereto and their respective successors and permitted assigns. 

SECTION 9. Headings. The Section headings herein are for convenience only and will not affect the construction hereof. 

 SECTION 10. Novation. This Amendment does not constitute a novation or termination
of the Loan and Servicing Agreement or any Facility Document and all obligations thereunder are in all respects continuing with only the terms thereof being modified as provided herein. 

SECTION 11. Counterparts. This Amendment may be executed in any number of counterparts, each of which so executed will be deemed
to be an original, but all such counterparts will together constitute but one and the same instrument. 
 [SIGNATURE PAGE TO
FOLLOW] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective authorized officers as of the date first above written. 
  

			
	DT WAREHOUSE IV, LLC
		
	By: 	 	/s/ Jon Ehlinger
	Name:	 	Jon Ehlinger
	Title:	 	Secretary

  

			
	DT CREDIT COMPANY, LLC
		
	By: 	 	/s/ Jon Ehlinger
	Name:	 	Jon Ehlinger
	Title:	 	Secretary

  

			
	 WELLS FARGO BANK, NATIONAL
ASSOCIATION
 as Backup Servicer, Paying Agent and Securities
Intermediary

		
	By: 	 	/s/ Jeanine C. Casey
	Name:	 	Jeanine C. Casey
	Title:	 	Vice President

 
			
	 WINDMILL FUNDING CORPORATION
 as Conduit Lender

	
	By: RBS Securities Inc., as agent
		
	By: 	 	/s/ Jill A. Russo
	Name:	 	Jill A. Russo
	Title:	 	Vice President

  

			
	 THE ROYAL BANK OF SCOTLAND PLC
 as Program Agent, sole Managing Agent and sole
Committed Lender

	
	By: RBS Securities Inc., as agent
		
	By: 	 	/s/ Michael Zappaterrini
	Name:	 	Michael Zappaterrini
	Title:	 	Managing Director

 SCHEDULE I 
 LENDER GROUPS 
 RBS Lender Group 

 

					
			
	 Managing Agent:
	  		  	            The Royal Bank of Scotland PLC
			
	 Conduit Lenders:
	  		  	            Windmill Funding Corporation
			
	 Committed Lender:
	  		  	            The Royal Bank of Scotland PLC
			
	 Commitments:
	  		  	            $125,000,000
			
	 Reference Bank:
	  		  	            The Royal Bank of Scotland PLC

 EXHIBIT F 
 LIST OF LOCK-BOXES, LOCK-BOX PROCESSORS; DEPOSITORY ACCOUNTS; 
 AND
DEPOSITORY ACCOUNT BANKS 
 Lock-Box 
 DT Credit Company, LLC, P.O. Box 53087, Phoenix, AZ 85072-3087 
 P.O. BOXES

 DT Credit Company, LLC, P.O. Box 29018, Phoenix, AZ 85038 
 DT Credit Company, LLC, P.O. Box 2911, Phoenix, AZ 85062 
 DT Credit Company, LLC, P.O. Box 2997,
Phoenix, AZ 85062 
 DT Credit Company, LLC, P.O. Box 52020, Phoenix, AZ 85072 
 DEPOSITORY ACCOUNTS 
 Wells Fargo Bank, 100 West Washington Street, Phoenix, AZ 85003

 Attn: Mr Douglas Jorgensen, (602) 378-1348 
 Acct: 4806997359 (CA, AZ, TX, NM, CO, OK & NV Collections) 
 Acct: 4121127054 (Electronic
Collections) 
 Acct: 4945082576 (Concentration) 
 Acct: 4121620306 (ACH Deposits) 
 Acct: 2000031169727 (GA, FL, VA, NC, TN Collections)Third Amendment to Credit Agreement

 Exhibit 10.1 
 THIRD AMENDMENT TO CREDIT AGREEMENT 
 This THIRD AMENDMENT TO CREDIT
AGREEMENT (this “Agreement”), dated as of June 24, 2011, is by and among HORIZON LINES, INC., a Delaware corporation (the “Borrower”), certain Subsidiaries of the Borrower as Guarantors, certain
Lenders and WELLS FARGO BANK, N.A. (successor-by-merger to Wachovia Bank, National Association), as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used herein and not otherwise defined
herein shall have the meanings ascribed thereto in the Credit Agreement. 
 RECITALS 

A. The Borrower, the Guarantors, certain banks and financial institutions from time to time party thereto (the
“Lenders”) and the Administrative Agent are parties to that certain Credit Agreement dated as of August 8, 2007 (as amended by that certain First Amendment to Credit Agreement dated as of June 11, 2009, as amended by that
certain Second Amendment to Credit Agreement and Waiver dated as of March 9, 2011 and as further amended and otherwise modified from time to time, the “Credit Agreement”). 

B. The Credit Parties have requested that the Administrative Agent and the Required Lenders make certain modifications to the Credit
Agreement. 
 C. The Administrative Agent and the Required Lenders have agreed to do so, but only pursuant to the terms and
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

AGREEMENT 

1. Estoppel, Acknowledgement and Reaffirmation. The Credit Parties hereby acknowledge and agree that, as of June 21, 2011,
the aggregate outstanding principal amount of (i) the Revolving Loans was $188,500,000, (ii) the Term Loan was $84,375,000 and (iii) LOC Obligations was $18,580,845.02, each of which amounts constitute a valid and subsisting
obligation of the Credit Parties to the Lenders that is not subject to any credits, offsets, defenses, claims, counterclaims or adjustments of any kind. The Credit Parties hereby acknowledge their obligations under the respective Credit Documents to
which they are party, reaffirm that each of the liens and security interests created and granted in or pursuant to the Security Documents is valid and subsisting and agree that this Agreement shall in no manner impair or otherwise adversely affect
such obligations, liens or security interests, except as explicitly set forth herein. 
 2. Amendments to Credit
Agreement. Effective as of the Third Amendment Effective Date (as defined below) upon the terms and subject to the conditions herein, and in reliance on the representations and warranties contained herein, the Credit Agreement shall be amended
as follows: 
 (a) Section 1.1 of the Credit Agreement is hereby amended by adding the following definitions
to such section in the appropriate alphabetical order: 
 “Third Amendment” shall mean the Third
Amendment to Credit Agreement, dated as of the Third Amendment Effective Date, among the Credit Parties, the Administrative Agent, and the Required Lenders. 

 “Third Amendment Effective Date” means June 24, 2011.

 (b) The definition of Transaction Costs in Section 1.1 of the Credit Agreement is hereby amended and
restated to read as follows: 
 “Transaction Costs” shall mean the fees and expenses, including
but not limited to professional fees and expenses, incurred by the Borrower and its Subsidiaries in connection with (a) the Transactions, (b) the First Amendment, (c) the Second Amendment, (d) any consent or waiver of the holders
of the 2007 Senior Unsecured Convertible Notes in connection with the DOJ Judgment and Payment Deferral or otherwise, (e) any proposed refinancing of the Credit Party Obligations or the Indebtedness under the 2007 Senior Unsecured Convertible
Notes, and (f) the Third Amendment (provided that any fees and expenses incurred by the Borrower and its Subsidiaries in connection with the foregoing clauses (c), (d), (e) and (f) in excess of an aggregate amount of $5,000,000
shall be deemed not to constitute “Transaction Costs” for purposes of this Agreement). 
 (c)
Section 6.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

The Consolidated Senior Secured Leverage Ratio for the twelve (12) fiscal month period ending as of each fiscal
quarter end shall be less than or equal to (a) 6.25 to 1.00 for the fiscal quarter ending June 26, 2011, (b) 3.00 to 1.00 for the fiscal quarter ending September 25, 2011 and (c) 2.75 to 1.00 at all times thereafter.

 (d) Section 6.2 of the Credit Agreement is hereby amended and restated in its entirety to read as
follows: 
 The Interest Coverage Ratio for the twelve (12) fiscal month period ending as of each fiscal
quarter end shall be greater than or equal to (a) 1.50 to 1.00 for the fiscal quarter ending June 26, 2011, (b) 2.75 to 1.00 for the fiscal quarter ending September 25, 2011, (c) 3.00 to 1.00 for the fiscal quarter ending
December 25, 2011 and (d) 3.50 to 1.00 at all times thereafter. 
 3. Lender Advisor. Counsel to the
Administrative Agent has engaged a financial advisor to monitor the Credit Parties’ financial and operational performance and conduct (or subcontract) an appraisal or field exam of the Collateral. The Credit Parties hereby acknowledge and
reaffirm their obligations, in accordance with the terms of the Second Amendment, to (a) provide commercially reasonable cooperation with such financial advisor and provide such financial advisor with reasonable access to any non-privileged
information reasonably necessary for it to perform the services for which it was engaged and (b) promptly reimburse counsel to the Administrative Agent for all reasonable documented fees and out-of-pocket expenses incurred in connection with
counsel’s engagement of such financial advisor promptly after written demand therefor. 
 4. Amendment Fee. As a
condition to the effectiveness of this Agreement, the Borrower shall pay to the Administrative Agent, for the account of each Lender that executes this Agreement and returns a signature page hereto to the Administrative Agent no later than 12:00 pm
Eastern time on June 24, 2011, a fee of ten (10) basis points on the sum of (i) the amount of such Lender’s Revolving Commitment plus (ii) the amount of the Term Loan held by such Lender (the “Amendment
Fee”). The Amendment Fee shall be fully earned and non-refundable as of the Third Amendment Effective Date. 

  
 2 

 5. Conditions Precedent. This Agreement shall be and become effective as of the date
of satisfaction, provided that such date of satisfaction occurs on or before June 24, 2011 (the “Third Amendment Effective Date”), of the following conditions in form and substance satisfactory to the Administrative Agent:

 (a) The Administrative Agent shall have received counterparts of this Agreement duly executed by each of the
Credit Parties, the Administrative Agent and the Required Lenders. 
 (b) The Administrative Agent shall have
received such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each Credit Party as the Administrative Agent may require evidencing the identity, authority and capacity of each
Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Credit Documents to which such Credit Party is a party. 

(c) The Administrative Agent shall have received customary favorable opinions of counsel to the Borrower, addressed to the
Administrative Agent and each Lender, dated the Third Amendment Effective Date, and in form and substance, including without limitation opinions as to corporate authority and no conflicts with customarily applicable laws or organizational documents,
satisfactory to the Administrative Agent. 
 (d) The Administrative Agent shall have received the Amendment Fee
(for the account of each Lender that executes this Agreement) and all other fees due and payable to the Administrative Agent in each case in connection with the arrangement, negotiation, preparation, execution and delivery of this Agreement.

 (e) The Administrative Agent shall have received reimbursement from the Borrower for all costs (including
without limitation reasonable fees and costs of counsel to the Administrative Agent and the financial advisor engaged by counsel to the Administrative Agent) incurred in connection with the Credit Documents and this Agreement and invoiced through
the Third Amendment Effective Date. 
 6. Representations of the Credit Parties. Each of the Credit Parties hereby
represents and warrants to the Administrative Agent and the Lenders as follows: 
 (a) Each of the Credit Parties
has the full corporate or company power and authority to enter, execute and deliver this Agreement and perform its obligations hereunder, under the Credit Agreement, as amended hereby, and under each of the Credit Documents. The execution, delivery
and performance by each of the Credit Parties of this Agreement, and the performance by each of the Credit Parties of the Credit Agreement, as amended hereby, and each other Credit Document to which it is a party, in each case, are within such
Person’s powers and have been authorized by all necessary corporate, limited liability or partnership action of such Person. 
 (b) This Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforceability
may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such
enforceability is considered in a proceeding at law or in equity). 

  
 3 

 (c) No consent, approval, authorization or order of, or filing, registration
or qualification with, any court or Governmental Authority or third party is required in connection with its execution, delivery or performance of this Agreement and the transactions contemplated hereby. 

(d) The execution and delivery of this Agreement does not (i) violate, contravene or conflict with any provision of
its organization documents or (ii) materially violate, contravene or conflict with any laws applicable to it or any of its Subsidiaries. 
 (e) As of the date hereof after giving effect to this Agreement, no Default or Event of Default exists under the Credit Agreement or any of the other Credit Documents. 

(f) The representations and warranties made by the Credit Parties in each of the Credit Documents (i) with respect to
representations and warranties that contain a materiality qualification, are true and correct and (ii) with respect to representations and warranties that do not contain a materiality qualification, are true and correct in all material
respects, in each case on and as of the Third Amendment Effective Date as if made on and as of such date (except for those which expressly relate to an earlier date). 
 7. Release. In consideration of the Administrative Agent’s and the Lenders’ willingness to enter into this Agreement, each of the Credit Parties hereby releases and forever discharges the
Administrative Agent, the Lenders and each of the Administrative Agent’s and the Lenders’ predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys, representatives, and affiliates (hereinafter
all of the above collectively referred to as the “Lender Group”), from any and all claims, counterclaims, demands, damages, debts, suits, liabilities, actions and causes of action of any nature whatsoever, in each case to the extent
arising in connection with the Credit Documents through the date of this Agreement, whether arising at law or in equity, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether absolute or contingent,
foreseen or unforeseen, and whether or not heretofore asserted, which each of the Credit Parties may have or claim to have against any of the Lender Group. 
 8. Reaffirmation of Guaranty. Each Guarantor (a) acknowledges and consents to all of the terms and conditions of this Agreement, (b) affirms all of its obligations under the Credit
Documents after giving effect to the transactions contemplated hereby and (c) agrees that except as expressly provided herein, this Agreement and all documents executed in connection herewith do not operate to reduce or discharge such
Guarantor’s obligations under the Credit Documents. 
 9. Expenses. Upon written demand therefor, the Credit Parties
shall pay all reasonable out-of-pocket expenses incurred by the Administrative Agent (including without limitation the reasonable fees and out-of-pocket expenses of counsel to the Administrative Agent and the financial advisor engaged by counsel to
the Administrative Agent) in connection with or related to the negotiation, drafting, and execution of this Agreement and the closing of the transactions contemplated hereby. 
 10. Reference to and Effect on Credit Documents. Except as specifically modified herein, the Credit Documents shall remain in full force and effect. The execution, delivery and effectiveness of
this Agreement shall not operate as a waiver of any right, power or remedy of the Administrative Agent and the Lenders under any of the Credit Documents, or constitute a waiver or amendment of any provision of any of the Credit Documents, except as
expressly set forth herein. This Agreement shall constitute a Credit Document. 

  
 4 

 11. Further Assurances. The Credit Parties each agree to execute and deliver, or to
cause to be executed and delivered, all such instruments as may reasonably be requested to effectuate the intent and purposes, and to carry out the terms, of this Agreement. 
 12. GOVERNING LAW. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES
THEREOF, EXCEPT AS SET FORTH IN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. The jurisdiction, service of process and waiver of jury trail provisions set forth in Sections 10.14 and 10.17 of the Credit Agreement are hereby incorporated by
reference, mutatis mutandis. 
 13. Miscellaneous. 

(a) This Agreement shall be binding on and shall inure to the benefit of the Credit Parties, the Administrative Agent, the
Lenders and their respective successors and permitted assigns. The terms and provisions of this Agreement are for the purpose of defining the relative rights and obligations of the Credit Parties, the Administrative Agent and the Lenders with
respect to the transactions contemplated hereby and there shall be no third party beneficiaries of any of the terms and provisions of this Agreement. 
 (b) Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

(c) Wherever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement. 
 (d) Except as otherwise provided in this Agreement,
if any provision contained in this Agreement is in conflict with, or inconsistent with, any provision in the Credit Documents, the provision contained in this Agreement shall govern and control. 

(e) This Agreement may be executed in any number of separate counterparts, each of which shall collectively and separately
constitute one agreement. Delivery of an executed counterpart of this Agreement by telecopy or other electronic imaging means (including .pdf) shall be effective as an original. 

14. Entirety. This Agreement and the other Credit Documents embody the entire agreement between the parties and supersede all
prior agreements and understandings, if any, relating to the subject matter hereof. This Agreement and the other Credit Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or
subsequent oral agreements of the parties. 
 [remainder of page intentionally left blank] 

  
 5 

 IN WITNESS WHEREOF the parties hereto have caused this Third Amendment to Credit Agreement
to be duly executed on the date first above written. 
  

					
	BORROWER:	 	HORIZON LINES, INC.,
		 	a Delaware corporation
			
		 	By:	 	 /s/ Michael F. Zendan, II

		 	Name: Michael F. Zendan, II
		 	Title: Secretary
		
	GUARANTORS:	 	HORIZON LOGISTICS, LLC,
		 	a Delaware limited liability company
			
		 	By:	 	 /s/ Michael F. Zendan, II

		 	Name: Michael F. Zendan, II
		 	Title: Secretary
		
		 	HORIZON LINES OF PUERTO RICO, INC.,
		 	a Delaware corporation
			
		 	By:	 	 /s/ Michael F. Zendan, II

		 	Name: Michael F. Zendan, II
		 	Title: Secretary
		
		 	HORIZON LINES OF ALASKA, LLC,
		 	a Delaware limited liability company
			
		 	By:	 	 /s/ Michael F. Zendan, II

		 	Name: Michael F. Zendan, II
		 	Title: Secretary
		
		 	SEA-LOGIX, LLC,
		 	a Delaware limited liability company
			
		 	By:	 	 /s/ Michael F. Zendan, II

		 	Name: Michael F. Zendan, II
		 	Title: Secretary

  
 HORIZON
LINES, INC. 
 THIRD AMENDMENT TO CREDIT AGREEMENT 

					
		 	HORIZON LINES, LLC,
		 	a Delaware limited liability company
			
		 	By:	 	 /s/ Michael F. Zendan, II

		 	Name: Michael F. Zendan, II
		 	Title: Secretary
		
		 	 HORIZON SERVICES GROUP, LLC,
 a Delaware limited liability company

			
		 	By:	 	 /s/ Michael F. Zendan, II

		 	Name: Michael F. Zendan, II
		 	Title: Secretary
		
		 	 HAWAII STEVEDORES, INC.,
 a Hawaiian corporation

			
		 	By:	 	 /s/ Michael F. Zendan, II

		 	Name: Michael F. Zendan, II
		 	Title: Secretary
		
		 	 AERO LOGISTICS, LLC,
 a Delaware limited liability company

			
		 	By:	 	 /s/ Michael F. Zendan, II

		 	Name: Michael F. Zendan, II
		 	Title: Secretary
		
		 	 HORIZON LINES HOLDING CORP.,
 a Delaware corporation

			
		 	By:	 	 /s/ Michael F. Zendan, II

		 	Name: Michael F. Zendan, II
		 	Title: Secretary

  
 HORIZON
LINES, INC. 
 THIRD AMENDMENT TO CREDIT AGREEMENT 

					
		 	HORIZON LINES OF GUAM, LLC,
		 	a Delaware limited liability company
			
		 	By:	 	 /s/ Michael F. Zendan, II

		 	Name: Michael F. Zendan, II
		 	Title: Secretary
		
		 	 HORIZON LINES VESSELS, LLC,
 a Delaware limited liability company

			
		 	By:	 	 /s/ Michael F. Zendan, II

		 	Name: Michael F. Zendan, II
		 	Title: Secretary

  
 HORIZON
LINES, INC. 
 THIRD AMENDMENT TO CREDIT AGREEMENT 

					
	ADMINISTRATIVE AGENT:	 	WELLS FARGO BANK, N.A.
		 	 (successor-by-merger to Wachovia Bank,
 National Association), as a Lender
 and as Administrative Agent

			
		 	By:	 	 /s/ Ronald F. Bentien, Jr.

		 	Name: Ronald F. Bentien, Jr.
		 	Title: Director

  
 HORIZON
LINES, INC. 
 THIRD AMENDMENT TO CREDIT AGREEMENT 

					
	LENDERS:	 	  

		 	[INSERT NAME OF LENDER ABOVE]
			
		 	By:	 	  

		 	Name:
		 	Title:

  
 HORIZON
LINES, INC. 
 THIRD AMENDMENT TO CREDIT AGREEMENT

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