Document:

EX-10.25

 Exhibit 10.25 

THIS DEED OF AMENDMENT NO.1 TO THE PROCEEDS DEED is dated 24 March 2014 and made between: 

 

	(1)	Avolon Aerospace (Funding 3) Limited 

 (as Borrower) 

 

	(2)	Deutsche Bank Trust Company Americas 

 (as Agent and Security
Trustee) 
  

	(3)	Deutsche Bank AG, London Branch and Crédit Agricole Corporate and Investment Bank 

 (as
Joint Lead Arranger) 
  

	(4)	National Australia Bank Limited 

 (as Co-arranger) 

 

	(5)	Deutsche Bank AG, London Branch, Crédit Agricole Corporate and Investment Bank, National Australia Bank Limited, HSBC Bank plc and DBS Bank Ltd 

(as Lenders) 
  

	(6)	Avolon Aerospace AOE 73 Limited and Avolon Aerospace AOE 68 Limited 

 (as Owners)

  

	(7)	Avolon Aerospace Leasing Limited (as Guarantor) 

  

	(8)	Avolon Aerospace Leasing Limited and Avolon Aerospace (Funding 3) Limited (as Subordinated Parties) 

We refer to the proceeds deed dated 14 March 2014 originally between the Borrower, the Agent, the Security Trustee, the Joint Lead Arrangers, the
Co-Arranger, the financial institutions named therein as lenders, the Guarantor and the Subordinated Parties (the “Proceeds Deed”) 

NOW IT IS AGREED as follows: 
 1. Capitalised words and
expressions used in this Deed (this Deed) shall have the meanings given to them in the Proceeds Deed (as defined therein or by reference to another document) unless the context otherwise requires. 

2. The parties agree that the Proceeds Deed will be amended by deleting paragraph (c) of the definition of “Business Day” in the Proceeds Deed
and replacing it with the following: 
  

	“(c)	for all other purposes, New York, Paris, Dublin, Sydney, London and Singapore.” 

 3. Miscellaneous. 

  
 - 1- 

	(a)	Except as expressly modified by this Deed, all of the terms and conditions of the Proceeds Deed shall remain unchanged and in full force and effect in accordance with their respective terms. 

 

	(b)	This Deed shall become effective as of the date hereof. 

  

	(c)	Clause 21 (Confidentiality) of the Proceeds Deed will apply as between the parties hereto as if set out in full herein mutatis mutandis. 

 

	(d)	This Deed shall not be amended or waived except by an instrument in writing signed by each of the parties hereto. 

  

	(e)	This Deed and any non-contractual obligations arising out of or in connection with this Deed shall be governed by and construed in accordance with English law and the provisions of clause 24 (Enforcement) of the
Proceeds Deed shall apply as between the parties hereto as if set out in full herein mutatis mutandis. 

  

	(f)	This Deed may be executed in any number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery
of a counterpart of this Deed by e-mail attachment shall be an effective mode of delivery. 

  

	(g)	The Borrower and the Agent agree that for the purposes of the Transaction Documents, this Deed will be a “Transaction Document”. 

 

	(h)	Pursuant to clause 1.2 (Instructions) of Schedule 8 (The Finance Parties) of the Facility Agreement, the Lenders hereby instruct the Agent to execute and pursuant to clause 14.2 of the Proceeds Deed, to
instruct the Security Trustee to execute this Deed. 

 This Deed has been entered into on the date stated at the beginning of this Deed and
has been executed as a deed by the Parties and is intended to be and is delivered by them as a deed on the date specified above. 

  
 - 2- 

					
	 EXECUTED as a DEED by
	  	)	  	 /s/ Deirdre Ni Chearbhaill

	 AVOLON AEROSPACE (FUNDING 3)
	  	)	  	 Deirdre Ni Chearbhaill

	 LIMITED as Borrower
	  	)	  	 Authorized Signatory

	 acting by:
	  	)	  	
	 in the presence of:
	  	)	  	

 Signature of witness: /s/ T. Gathercole 

Name of Witness: T. Gathercole 

  
 - 3- 

					
	EXECUTED as a DEED by	  	)	 	 /s/ Deirdre Ni Chearbhaill

	AVOLON AEROSPACE LEASING	  	)	 	 Deirdre Ni Chearbhaill

	LIMITED as Guarantor	  	)	 	 Authorized Signatory

	acting by:	  	)	 	
	in the presence of:	  	)	 	

  

	
	Signature of witness: /s/ T. Gathercole
	
	Name of Witness: T. Gathercole

  
 - 4- 

			
	EXECUTED as a DEED by	 	)
	DEUTSCHE BANK TRUST COMPANY	 	)
	AMERICAS as Agent	 	)
		 	)
	By its authorised signatories:	 	)

  

	
	 /s/ Melissa Sadler

	Signature
	
	Melissa Sadler
	 Vice President

	Name
	
	 /s/ Youngmi Park

	Signature
	
	Youngmi Park
	 Vice President

	Name

  
 - 5- 

			
	 EXECUTED as a DEED by
	 	)
	 DEUTSCHE BANK TRUST COMPANY
	 	)
	 AMERICAS as Security Trustee
	 	)
		 	)
	 By its authorised signatories:
	 	)

  

	
	 /s/ Dominador S. De Guzman III

	 Signature

	
	             Dominador S. De Guzman III

	             Assistant Vice
President

	 Name

	
	 /s/ Youngmi Park

	 Signature

	
	            Youngmi Park
	             Vice President

	Name

  
 - 6- 

							
	EXECUTED as a DEED by	  	)	    		 	
	DEUTSCHE BANK AG, LONDON	  	)	    	/s/ Richard Moody	 	/s/ Zach Veitch
	BRANCH as Joint Lead Arranger	  	)	    	Richard Moody	 	Zach Veitch
	acting by:	  	)	    	Managing Director	 	Director
	in the presence of:	  	)	    		 	
				
	Signature of witness: /s/ Jose Fernandez-Pirle	  		    		 	
				
	Name of Witness: Jose Fernandez-Pirle	  		    		 	

  
 - 7- 

							
	EXECUTED as a DEED by	  	)	    	/s/ Alfonso Pereda Revuelta	 	/s/ Sébastien Maetz
	CRÉDIT AGRICOLE CORPORATE AND	  	)	    	Alfonso Pereda Revuelta	 	Sébastien Maetz
	INVESTMENT BANK as Joint Lead Arranger	  	)	    		 	
	acting by:	  	)	    		 	
	in the presence of:	  	)	    		 	
				
	Signature of witness: /s/ Julien Clamou	  		    		 	
				
	Name of Witness: Julien Clamou	  		    		 	

  
 - 8- 

					
	EXECUTED as a DEED by	  	)	  	
	NATIONAL AUSTRALIA BANK	  	)	  	 /s/ Margaret Comninos

	LIMITED as Co-arranger	  	)	  	 Margaret Comninos

	acting by:	  	)	  	
	in the presence of:	  	)	  	
			
	Signature of witness: /s/ Jackson Flint	  		  	
			
	Name of Witness: Jackson Flint	  		  	

  
 - 9- 

							
	EXECUTED as a DEED by	  	)	    		 	
	DEUTSCHE BANK AG, LONDON	  	)	    	/s/ Richard Moody	 	/s/ Zach Veitch
	BRANCH as Lender	  	)	    	Richard Moody	 	Zach Veitch
	acting by:	  	)	    	Managing Director	 	Director
	in the presence of:	  	)	    		 	
				
	Signature of witness: /s/ Jose Fernandez-Pirle	  		    		 	
				
	Name of Witness: Jose Fernandez-Pirle	  		    		 	

  
 - 10- 

							
	EXECUTED as a DEED by	  	)	    		    	
	CRÉDIT AGRICOLE CORPORATE 	  	)	    	/s/ Alfonso Pereda Revuelta	    	/s/ Sébastien Maetz
	AND INVESTMENT BANK as Lender	  	)	    	Alfonso Pereda Revuelta	    	Sébastien Maetz
	acting by:	  	)	    		    	
	in the presence of:	  	)	    		    	
				
	Signature of witness: /s/ Julien Clamou 	  		    		    	
				
	Name of Witness: Julien Clamou	  		    		    	

  
 - 11- 

					
	EXECUTED as a DEED by	  	)	  	
	NATIONAL AUSTRALIA BANK	  	)	  	 /s/ Margaret Comninos

	LIMITED acting through its Offshore	  	)	  	 Margaret Comninos

	Business Unit, as Lender	  	)	  	
	acting by:	  	)	  	
	in the presence of:	  	)	  	
			
	Signature of witness: /s/ Jackson Flint	  		  	
			
	Name of Witness: Jackson Flint	  		  	

  
 - 12- 

					
	EXECUTED as a DEED by	  	)	  	
	HSBC BANK PLC as Lender	  	)	  	 /s/ Thomas Kilraine

	acting by:	  	)	  	 Thomas Kilraine

	in the presence of:	  	)	  	
			
	Signature of witness: /s/ Mark McDonagh	  		  	
			
	Name of Witness: Mark McDonagh	  		  	

  
 - 13- 

					
	EXECUTED as a DEED by	  	)	  	
	DBS BANK LTD as Lender	  	)	  	 /s/ Rita So

	acting by:	  	)	  	 Rita So

	in the presence of:	  	)	  	 Attorney-in-fact

			
	Signature of witness: /s/ Linda Chandra	  		  	
			
	Name of Witness: Linda Chandra	  		  	

  
 - 14- 

					
	EXECUTED as a DEED by	  	)	  	
	AVOLON AEROSPACE AOE	  	)	  	 /s/ Deirdre Ni Chearbhaill

	73 LIMITED as Owner	  	)	  	 Deirdre Ni Chearbhaill

	acting by:	  	)	  	 Authorized Signatory

	in the presence of:	  		  	

 Signature of witness: /s/ T. Gathercole 

Name of Witness: T. Gathercole 

  
 - 15- 

							
	 EXECUTED as a DEED by
	  	 	)	  	  	
	 AVOLON AEROSPACE AOE
	  	 	)	  	  	 /s/ Deirdre Ni Chearbhaill

	 68 LIMITED as Owner
	  	 	)	  	  	 Deirdre Ni Chearbhaill

	 acting by:
	  	 	)	  	  	 Authorized Signatory

	 in the presence of:
	  	 	)	  	  	

 Signature of witness: /s/ T. Gathercole 

Name of Witness: T. Gathercole 

  
 - 16- 

					
	EXECUTED as a DEED By	  	)	  	
	AVOLON AEROSPACE (FUNDING 3)	  	)	  	 /s/ Deirdre Ni Chearbhaill

	LIMITED as Subordinated Party	  	)	  	 Deirdre Ni Chearbhaill

	acting by:	  	)	  	 Authorised Signatory

	in the presence of:	  	)	  	
			
	Signature of witness: /s/ T. Gathercole 	  		  	
			
	Name of Witness: T. Gathercole	  		  	

  
 - 17- 

					
	EXECUTED as a DEED By	  	)	  	
	AVOLON AEROSPACE LEASING	  	)	  	 /s/ Deirdre Ni Chearbhaill

	LIMITED as Subordinated Party	  	)	  	 Deirdre Ni Chearbhaill

	acting by:	  	)	  	 Authorised Signatory

	in the presence of:	  	)	  	

 Signature of witness: /s/ T. Gathercole 

Name of Witness: T. Gathercole 

  
 - 18-VIRC-2014.7.31 - EX10.1

Exhibit 10.1 

EIGHTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT 

This EIGHTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT (this “Amendment”) is entered into as of August 18, 2014, by and among VIRCO MFG. CORPORATION, a Delaware corporation (“VMC”), VIRCO INC., a Delaware corporation (“Virco”, and together with VMC, “Borrowers” and, each individually, a “Borrower”), the financial institutions from time to time party to the Credit Agreement (as defined below) as lenders (collectively, “Lenders”), and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as administrative agent for Lenders (PNC, in such capacity, “Agent”), with respect to the following:
A.Borrowers, Lenders and Agent have previously entered into that certain Revolving Credit and Security Agreement, dated as of December 22, 2011 (as amended, restated or otherwise modified from time to time, the “Credit Agreement”). 
B.Borrowers have requested that Agent and Lenders extend the draw period under the Temporary Equipment Line and make certain other changes to the Credit Agreement.  Agent and Lenders are agreeable to the Borrowers’ requests but only on the terms and conditions set forth below. 
NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in the Credit Agreement, the Loan Documents and this Amendment, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
1.Definitions Incorporated.  Initially capitalized terms used but not otherwise defined in this Amendment have the respective meanings set forth in the Credit Agreement, as amended hereby.
2.Amendments to the Credit Agreement.  The Credit Agreement is hereby amended as follows:
(a)The definition of “Temporary Equipment Line” set forth in  to Section 1.2 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“‘Temporary Equipment Line’ means a temporary line of credit terminating on January 1, 2015 of up to $1,000,000 in the aggregate outstanding to be used exclusively by Borrowers to finance up to 80% of the invoice cost of new or used equipment, net of tax, freight and installation charges.”
3.Repayment of Temporary Equipment Line.  Section 2.5(e) of the Credit Agreement is hereby amended and restated in its entirety as follows:
“(e)    Unpaid advances on the Temporary Equipment Line must be repaid beginning February 1, 2015 and continuing on the first date of each month thereafter, in an amount that will reduce the 80% advance rate against each item of equipment financed through the Temporary Equipment Line by 2.77% per month.”
4.Conditions Precedent.  The obligations of Agent and Lenders hereunder, and this Amendment, will be effective on the date (the “Eighth Amendment Effective Date”) of satisfaction of each of the following conditions precedent, each in a manner in form and substance acceptable to Agent:  
(a)Representations and Warranties.  The representations and warranties contained herein and in the Credit Agreement, as amended hereby, shall be true and correct in all material respects as of the date hereof as if made on the date hereof, except for such representations and warranties limited by their terms to a specific date, in which case each such representation and warranty shall be true and correct in all material respects as of such specific date;
(b)No Default.  After giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing;
(c)Amendment.  Borrowers shall have delivered to Agent an executed original of this Amendment; and
(d)Other.  All corporate and other proceedings, and all documents, instruments and other legal matters in connection with the transactions contemplated hereby shall be satisfactory in form and substance to Agent and its counsel.
5.Representations and Warranties.  To induce Lenders and Agent to enter into this Amendment, each Borrower represents and warrants to Lenders and Agent as of the date hereof as follows:
(a)Such Borrower has full power, authority and legal right to enter into this Amendment and to perform all its respective Obligations hereunder.  This Amendment has been duly executed and delivered by such Borrower and the Credit Agreement, as amended by this Amendment constitutes the legal, valid and binding obligation of such Borrower enforceable in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or similar laws affecting creditors’ rights generally.  The execution, delivery and performance of this Amendment (i) are within such Borrower’s powers, have been duly authorized by all necessary company action, are not in contravention of law or the terms of such Borrower’s by-laws, certificate of incorporation, or other applicable 

documents relating to such Borrower’s formation or to the conduct of such Borrower’s business or of any material agreement or undertaking to which such Borrower is a party or by which such Borrower is bound, (ii) will not conflict with or violate any law or regulation, or any judgment, order, writ, injunction or decree of any court or Governmental Body, (iii) will not require the Consent of any Governmental Body or any other Person, except those Consents which will have been duly obtained, made or compiled prior to date hereof and which are in full force and effect, and (iv) will not conflict with, nor result in any breach in any of the provisions of or constitute a default under or result in the creation of any Lien except Permitted Encumbrances upon any asset of such Borrower under the provisions of any material agreement, charter document, instrument, by-law or other instrument to which such Borrower is a party or by which it or its property is a party or by which it may be bound.
(b)After giving effect to this Amendment, the representations and warranties contained in the Credit Agreement are true and correct in all material respects except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case each such representation and warranty is true and correct in all material respects as of such specific date, and no Default or Event of Default has occurred and is continuing.
6.Reaffirmation.  Except as specifically modified by this Amendment, the Credit Agreement and the other Loan Documents remain in full force and effect in accordance with their respective terms and are hereby ratified, reaffirmed and confirmed by Borrowers.  
7.Events of Default.  Any failure to comply with the terms of this Amendment will constitute an Event of Default under the Credit Agreement.
8.Integration.  This Amendment, together with the Credit Agreement and the Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof.
9.Severability.  If any part of this Amendment is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall be given effect so far as possible.
10.Submission of Amendment.  The submission of this Amendment to the parties or their agents or attorneys for review or signature does not constitute a commitment by Agent or Lenders to amend or otherwise modify any of the provisions of the Credit Agreement and this Amendment shall have no binding force or effect until the Seventh Amendment Effective Date.
11.Counterparts; Facsimile Signatures.  This Amendment may be executed in any number of and by different parties hereto on separate counterparts, all of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement.  Any signature delivered by a party by facsimile transmission shall be deemed to be an original signature hereto.
12.Governing Law.  This Amendment is a Loan Document and is governed by the Applicable Law pertaining in the State of New York, other than those conflict of law provisions that would defer to the substantive laws of another jurisdiction.  This governing law election has been made by the parties in reliance on, among other things,  Section 5-1401 of the General Obligations Law of the State of New York, as amended (as and to the extent applicable), and other Applicable Law.
13.Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of Borrowers, Lenders, Agent, and all future holders of the Obligations and their respective successors and assigns, except that no Borrower may assign or transfer any of its rights or obligations under this Amendment without the prior written consent of Agent.
14.Attorneys’ Fees; Costs.  Borrowers agree to promptly pay, upon written demand, all reasonable and documented attorneys’ fees and costs incurred in connection with the negotiation, documentation and execution of this Amendment.  If any legal action or proceeding shall be commenced at any time by any party to this Amendment in connection with its interpretation or enforcement, the prevailing party or parties in such action or proceeding shall be entitled to reimbursement of its reasonable attorneys’ fees and costs in connection therewith, in addition to all other relief to which the prevailing party or parties may be entitled.
15.Jury Trial Waiver.  To the extent not prohibited by applicable law, each party to this Amendment hereby expressly waives any right to trial by jury of any claim, demand, action, or cause of action (a) arising under this Amendment or any other instrument, document, or agreement executed or delivered in connection herewith, or (b) in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect to this Amendment or any other instrument, document, or agreement executed or delivered in connection herewith, or the transactions related hereto or thereto in each case whether now existing or hereafter arising, and whether sounding in contract or tort or otherwise and each party hereto hereby consents that any such claim, demand, action, or cause of action shall be decided by court trial without a jury, and that any party to this Amendment may file an original counterpart or a copy of this Section with any court as written evidence of the consents of the parties hereto to the waiver of their right to trial by jury.  Without limiting the applicability of any other provision of the Credit Agreement, the terms of Article XII of the Credit Agreement shall apply to this Amendment.
16.Total Agreement.  This Amendment, the Credit Agreement, and the other Loan Documents contain the entire understanding among Borrowers, Lenders and Agent and supersede all prior agreements and understandings, if any, relating to the subject matter hereof. Any promises, representations, warranties, or guarantees not herein contained and hereinafter made have no force and effect unless in writing, signed by Borrowers’ and Agent’s respective officers.  Neither this Amendment nor any portion or provisions hereof may be changed, modified, amended, waived, supplemented, discharged, cancelled, or terminated 

orally or by any course of dealing, or in any manner other than by an agreement in writing, signed by the party to be charged.  Each Borrower acknowledges that it has been advised by counsel in connection with the execution of this Amendment and the other Loan Documents and is not relying upon oral representations or statements inconsistent with the terms and provisions of this Amendment.
[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first written above.
                        
                        	
	
	VIRCO MFG. CORPORATION,

	a Delaware corporation, as a Borrower

	 

	/s/ Robert E. Dose

	Robert E. Dose

	Vice President 

                        	
	
	VIRCO INC.

	a Delaware corporation, as a Borrower

	 

	/s/ Robert E. Dose

	Robert E. Dose

	Vice President 

                        	
	
	PNC BANK, NATIONAL ASSOCIATION,

	as Lender and as Agent

	 

	/s/ Jeanette Vandenbergh

	Jeanette Vandenbergh

	Vice President

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