Document:

exv10w1

Exhibit 10.1

Effective as of

April 8, 2009

The Frost National Bank

777 Main Street, Suite 500

Fort Worth, Texas 76102

	Attention: 	 	 Mr. John S. Warren

	 	Re: 	 	 Fourth Amendment to Credit Agreement dated as of January 18, 2008 among
Approach Resources Inc. (“Borrower”), the Frost National Bank and the institutions
named therein (“Lenders”) and The Frost National Bank, as Agent (“Agent”)

Gentlemen:

     Reference is hereby made to that certain Credit Agreement dated as of January 18, 2008 among
Approach Resources Inc., a Delaware corporation (“Borrower”), the Frost National Bank, as Agent
(“Agent”), and the Lenders that are signatory parties hereto (the “Lenders”), as amended by letter
amendment dated as of February 19, 2008, letter amendment dated as of May 6, 2008, third amendment
dated as of August 26, 2008 and as amended as of the date hereof (as amended, the “Loan
Agreement”). All capitalized terms herein shall have the meanings ascribed to them in the Loan
Agreement.

     Pursuant to this letter amendment (the “Amendment”), Agent, Lenders and Borrower agree,
effective as of April 8, 2009, to amend the Loan Agreement according to the terms and provisions
set forth below.

     1. Affirmation of Borrowing Base and Commitment. As of the effective date hereof,
the Borrowing Base and Commitment under the Loan Agreement will remain at $100,000,000, which will
remain in effect until the next redetermination of the Borrowing Base according to the terms of the
Loan Agreement.

     2. Amendment to Section 1. Defined Terms.

     Effective as of the date hereof, the definition of “Applicable Rate” is deleted in its
entirety and the following is substituted therefor:

“Applicable Rate means, for any day, with respect to any Base Rate Loan or
Eurodollar Loan, or with respect to the Unused Commitment Fees payable hereunder, as
the case may be, the applicable rate per annum set forth below under the caption
“Base Rate Margin”, “Eurodollar Margin” or “Unused Commitment Fee Rate”, as the case
may be, based upon the Borrowing Base Usage applicable on such date:

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Unused
	Borrowing Base	 	Eurodollar	 	Base Rate	 	Commitment
	Usage	 	Margin	 	Margin	 	Fee Rate
	≥ 90%
	 	 	325 b.p.	 	 	 	225 b.p.	 	 	 	50 b.p.	 
	≥ 75% and < 90%
	 	 	300 b.p.	 	 	 	200 b.p.	 	 	 	50 b.p.	 
	≥ 50% and < 75%
	 	 	275 b.p.	 	 	 	175 b.p.	 	 	 	50 b.p.	 
	≥ 25% and < 50%
	 	 	250 b.p.	 	 	 	150 b.p.	 	 	 	50 b.p.	 
	<25%
	 	 	225 b.p.	 	 	 	125 b.p.	 	 	 	50 b.p.	 

Each change in the Applicable Rate shall apply during the period commencing on the
effective date of such change and ending on the date immediately preceding the
effective date of the next change.”

     3. Ratification by Guarantors. Each Guarantor hereby ratifies and reaffirms all of
its obligations under its Guaranty Agreement (the “Guaranty”) of Borrower’s obligations under the
Loan Agreement, as amended hereby. Each Guarantor also hereby agrees that nothing in this
Amendment shall adversely affect any right or remedy of Lenders under the Guaranty and that the
execution and delivery of this Amendment shall in no way change or modify its obligations as
guarantor under the Guaranty. Although each Guarantor has been informed by Borrower of the matters
set forth in this Amendment and such Guarantor has acknowledged and agreed to the same, such
Guarantor understands that Agent has no duty to notify such Guarantor or to seek such Guarantor’s
acknowledgment or agreement, and nothing contained herein shall create such a duty as to any
transaction hereafter.

     4. Representations and Warranties. By executing this Amendment, Borrower
hereby represents, warrants and certifies to Lenders that, as of the date hereof, (a) there exists
no Event of Default or events which, with notice or lapse of time, would constitute an Event of
Default; (b) Borrower has performed and complied with all agreements and conditions contained in
the Loan Agreement or the other Loan Documents which are required to be performed or complied with
by Borrower; and (c) the representations and warranties contained in the Loan Agreement and the
other Loan Documents are true in all respects, with the same force and effect as though made on and
as of the date hereof.

     5. Confirmation and Ratification. Except as affected by the provisions set forth
herein, the Loan Agreement shall remain in full force and effect and is hereby ratified and
confirmed by all parties. The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or remedy of Lenders
under the Loan Agreement or the other Loan Documents.

     6. Reference to Loan Agreement. Each of the Loan Agreement and the Loan Documents,
and any and all other agreements, documents or instruments now or hereafter executed and delivered
pursuant to the terms hereof or pursuant to the terms of the Loan Agreement, as amended hereby, are

 

 

hereby amended so that any reference in the Loan Agreement, the Loan Documents and such other
documents to the Loan Agreement shall mean a reference to the Loan Agreement as amended hereby.

     7. Multiple Counterparts. This Amendment may be executed in a number of
identical separate counterparts, each of which for all purposes is to be deemed an original, but
all of which shall constitute, collectively, one agreement. No party to this Amendment shall be
bound hereby until a counterpart of this Amendment has been executed by all parties hereto.
Delivery of an executed counterpart of a signature page of this Amendment by telecopy shall be
effective as delivery of a manually executed counterpart of this amendment.

     8. Final Agreement. THE LOAN AGREEMENT, AS AMENDED BY THIS AMENDMENT, AND ALL
PROMISSORY NOTES AND OTHER LOAN DOCUMENTS EXECUTED PURSUANT THERETO OR HERETO, REPRESENT THE FINAL
AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG
ANY OF THE PARTIES.

     Please signify your acceptance to the foregoing terms and provisions by executing a copy of
this Amendment at the space provided below.

	 	 	 	 	 
	 	Very truly yours,

BORROWER:

APPROACH RESOURCES INC.,

a Delaware corporation

 	 
	 	By:  	/s/ J. Ross Craft
 	 
	 	 	J. Ross Craft, President and Chief Executive Officer 	 
	 
	 	Date: 	
  April 13, 2009	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	GUARANTORS:

APPROACH OIL & GAS INC.,

a Delaware corporation

 	 
	 	By:  	/s/ J. Ross Craft
 	 
	 	 	J. Ross Craft, President and Chief Executive Officer 	 
	 
	 	Date: 	

 April 13, 2009	 
	 
	 	APPROACH OIL & GAS (CANADA) INC.,

an Alberta, Canada corporation

 	 
	 	By:  	/s/ J. Ross Craft
 	 
	 	 	J. Ross Craft, President and Chief Executive Officer 	 
	 
	 	Date: 	

 April 13, 2009	 
	 
	 	APPROACH RESOURCES I, LP,

a Texas limited partnership

By:  Approach Operating, LLC,

        a Delaware limited liability company,

        its general partner
 	 
	 	 	 
	 	
By:  Approach Resources Inc.,

        a Delaware corporation,

        its sole member
 	 
	 	 	 
	 	By:  	                 /s/ J. Ross Craft
 	 
	 	 	J. Ross Craft, President and Chief Executive Officer 	 
	 
	 	Date: 	

  April 13, 2009 	 
	 

ACCEPTED AND AGREED TO

effective as of the date and year

first above written:

AGENT:

	 	 	 	 	 
	 	THE FROST NATIONAL BANK

 	 
	 	By:  	/s/ John S. Warren
 	 	 
	 	 	John S. Warren, Senior Vice President 	 
	 	 	 	 
	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	LENDERS:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	THE FROST NATIONAL BANK	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ John S. Warren	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 	 
	 

	 	John S. Warren, Senior Vice President	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	JPMORGAN CHASE BANK, NA	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Elizabeth K. Johnson	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 	 
	 

	 	Name: Elizabeth K. Johnson	 	 	 	 	 	 	 	 
	 

	 	Title: Vice President	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	FORTIS CAPITAL CORP.,

a Connecticut corporation	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Michele Jones
	 	 	 	By:
	 	/s/ Darrell Holley	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 
	 

	 	Name: Michele Jones
	 	 	 	 	 	Name: Darrell Holley	 	 
	 

	 	Title: Director
	 	 	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	KEYBANK NATIONAL ASSOCIATION	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Todd Coker	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 	 
	 

	 	Name: Todd Coker	 	 	 	 	 	 	 	 
	 

	 	Title: AVPexv10w25

EXHIBIT 10.25

AMENDMENT NO. 2 TO

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

     AMENDMENT NO. 2 dated as of March 27, 2009 (“Amendment”) between VIRCO MFG.
CORPORATION, a Delaware corporation (the “Borrower”), and WELLS FARGO BANK, NATIONAL
ASSOCIATION (the “Bank”), and amends the Second Amended and Restated Credit Agreement dated
as of March 12, 2008 (as amended, restated, supplemented or otherwise modified, the “Credit
Agreement”) between the Borrower and the Bank. Terms defined in the Credit Agreement and not
otherwise defined herein are used herein as therein defined.

     WHEREAS, subject to the satisfaction of the conditions set forth herein, the Borrower and the
Bank have agreed to certain amendments to the Credit Agreement.

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

     Section 1. Amendment to Section 1.2(c) of the Credit Agreement. Section 1.2(c) of the Credit
Agreement hereby is amended and restated in its entirety as follows:

     (c) Unused Commitment Fee. Borrower shall pay to Bank an unused commitment fee
on the 15th day of the month immediately following each fiscal quarter end in an amount equal
to 0.375% per annum times the result of (i) the Maximum Line of Credit Amount, less (ii) the
sum of (A) the average daily balance of Advances that were outstanding during the immediately
preceding quarter, plus (B) the average daily balance of Letters of Credit outstanding during
the immediately preceding quarter.

     Section 2. Amendment to Section 5.13 of the Credit Agreement. The table appearing in Section
5.13 of the Credit Agreement hereby is amended and restated in its entirety as follows:

	 	 	 
	 	 	Maximum Consolidated
	Applicable Fiscal Quarter	 	Leverage Ratio
	Fiscal quarter ended

	 	1.75 to 1.00
	January 31, 2009
	 	 
	 
	 	 
	Fiscal quarter ended

	 	3.25 to 1.00
	April 30, 2009
	 	 
	 
	 	 
	Fiscal quarter ended

	 	4.00 to 1.00
	July 31, 2009
	 	 
	 
	 	 
	Fiscal quarter ended

	 	1.25 to 1.00
	October 31, 2009
	 	 
	 
	 	 
	Fiscal quarter ended

	 	1.25 to 1.00
	January 31, 2010
	 	 

1

 

	 	 	 
	 	 	Maximum Consolidated
	Applicable Fiscal Quarter	 	Leverage Ratio
	Fiscal quarter ended

	 	3.25 to 1.00
	April 30, 2010
	 	 
	 
	 	 
	Fiscal quarter ended

	 	4.00 to 1.00
	July 31, 2010
	 	 
	 
	 	 
	Fiscal quarter ended

	 	1.25 to 1.00
	October 31, 2010
	 	 
	 
	 	 
	Fiscal quarter ended

	 	1.25 to 1.00
	January 31, 2011
	 	 

     Section 3. Amendments to Annex A to the Credit Agreement. (a) The following definitions
hereby are inserted in Annex A to the Credit Agreement in the proper alphanumerical order:

     “Amendment No. 2” means Amendment No. 2 to Second Amended and Restated Credit
Agreement dated as of March 27, 2009 between the Borrower and the Bank.

     “Second Amendment Effective Date” means the first date on which all conditions
set forth in Section 7 of Amendment No. 2 have been satisfied.

     (b) The following definitions appearing in Annex A to the Credit Agreement hereby are amended
and restated as follows:

     “Consolidated EBITDA” means, with reference to any four consecutive fiscal
quarter period, Net Income for such period plus the sum of all amounts deducted in
determining such Net Income in respect of (a) Interest Expense for such period, (b) federal,
state and local income taxes for such period, (c) depreciation of fixed assets and
amortization of intangible assets for such period and (d) non-cash impairment charges
resulting from the application of FASB 142; minus the sum of (x) gains from sales of capital
assets in such period, (y) any income or gain from extraordinary items in such period and (z)
income or gain from non-recurring items in such period, in each case as determined in
accordance with GAAP.

     “Line of Credit Termination Date” means March 1, 2011.

     “Maximum Line of Credit Amount” means, as of any date of determination, an
amount equal to:

     (a) for the period commencing on the Closing Date through and including March 31,
2008, $40,000,000,

     (b) for the period commencing on April 1, 2008 through and including September
30, 2008, $65,000,000,

     (c) for the period commencing on October 1, 2008 through and including October
31, 2008, $40,000,000,

     (d) for the period commencing on November 1, 2008 through and including January
31, 2009, $20,000,000,

2

 

     (e) for the period commencing on February 1, 2009 through and including March 31,
2009, $40,000,000,

     (f) for the period commencing on April 1, 2009 through and including September
30, 2009, $65,000,000,

     (g) for the period commencing October 1, 2009 through and including October 31,
2009, $40,000,000,

     (h) for the period commencing on November 1, 2009 through and including January
31, 2010, $20,000,000,

     (i) for the period commencing on February 1, 2010 through and including March 31,
2010, $40,000,000,

     (j) for the period commencing on April 1, 2010 through and including September
30, 2010, $65,000,000,

     (k) for the period commencing on October 1, 2010 through and including October
31, 2010, $40,000,000,

     (l) for the period commencing on November 1, 2010 through and including January
31, 2011, $20,000,000, and

     (m) for the period commencing on February 1, 2011 and thereafter, $40,000,000.

     Section 4. Restatement of Exhibits. Exhibit A attached to the Credit Agreement hereby
is amended and restated in form of Exhibit A attached to this Amendment.

     Section 5. Consent to Amendments. Each Guarantor hereby acknowledges and consents to this
Amendment, and affirms and acknowledges that the Guaranty and each other Loan Document to which it
is a party remains in full force and effect and that such Person remains obligated thereunder
without defense, offset or counterclaim of any kind whatsoever, as if such Guaranty or other Loan
Document were executed and delivered to the Bank on the date hereof.

     Section 6. Representations and Warranties. To induce the Bank to enter into this Amendment,
the Borrower represents and warrants to the Bank that:

     (a) Representations and Warranties in Credit Agreement. Each of the
representations and warranties of the Borrower and its Subsidiaries contained in the Credit
Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or
in connection with the Credit Agreement (i) were true and correct when made and (ii) after
giving effect to this Amendment, continue to be true and correct on the date hereof (except
to the extent that such representations and warranties relate expressly to an earlier date).

     (b) Authority. The execution and delivery by the Borrower of this Amendment and the
performance by the Borrower of its obligations under this Amendment (i) are within its power
and authority, (ii) have been duly authorized by all necessary proceedings, (iii) do not and
will not conflict with or result in any breach or contravention or any provision of law,
statute, rule or regulation to which the Borrower is subject or any judgment, order, writ,
injunction, license or permit applicable to the Borrower so as to materially adversely affect
the assets, business or any activity of the Borrower, (iv) do not conflict with any provision
of the certificate of incorporation or bylaws of the Borrower or any agreement or other
instrument binding upon the Borrower, (v) do not and will not require any waivers, consents
or approvals by any of its creditors which have not been obtained, or (vi) do not and will
not require any approval which has not been obtained.

     (c) Enforceability of Obligations. This Amendment and the Credit Agreement, as
amended hereby, constitute the legal, valid and binding obligations of the Borrower
enforceable against the Borrower in accordance with its terms, except as enforceability is
limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or
affecting

3

 

generally the enforcement of creditors’ rights and except to the extent that
availability of the remedy of specific performance or injunctive relief is subject to the
discretion of the court before which any proceeding therefor may be brought.

     (d) No Event of Default. No Event of Default or Default has occurred and is
continuing.

     Section 7. Conditions to Effectiveness. This Amendment shall become effective on the date
when the following conditions precedent have been satisfied:

     (a) The Borrower, each Guarantor and the Bank shall have delivered an executed
counterpart of this Amendment.

     (b) The Bank shall have received each of the following documents, each duly executed by
the parties thereto and in full force and effect:

          (i) a Line of Credit Note; and

          (ii) (1) a duly executed amendment to the Mortgage signed by the record owner of the
Real Property Collateral, together with customary Mortgage Related Documents relating
thereto, in each case in form and substance reasonably acceptable to the Bank and (2) either
mortgage modification endorsements to, or date down endorsements to (or re-dated title
insurance policies which replace), the existing title insurance policy issued on the Closing
Date, in any case issued by a nationally recognized title insurance company reasonably
acceptable to the Bank, insuring the Lien of the Mortgage, as amended by such amendment, as a
valid first priority Lien on the Real Property Collateral described therein, free of any
other Liens except as permitted by the Loan Documents.

     (c) The Borrower and each Guarantor shall have delivered to the Bank a certificate,
signed by the Secretary or Assistant Secretary of such Person, dated as of the Second
Amendment Effective Date certifying as to the incumbency, and containing the specimen
signature or signatures, of the Person or Persons authorized to execute this Amendment and
each other Loan Document contemplated hereby, together with evidence of the incumbency of
such Secretary or Assistant Secretary.

     (d) No Event of Default or Default shall have occurred and be continuing or would result
after giving effect to the transactions contemplated hereby.

     (e) The representations and warranties set forth in Section 6 hereof shall be true and
correct on the effective date of this Amendment.

     (f) No injunction, writ, restraining order, or other order of any nature prohibiting,
directly or indirectly, the consummation of the transactions contemplated herein shall have
been issued and remain in force by any Governmental Authority against the Borrower, any
Guarantor or the Bank.

     (g) The Borrower shall have paid all reasonable out-of-pocket costs and expenses of the
Bank, to the extent invoices therefor have been presented.

     (h) All other documents and legal matters in connection with the transactions
contemplated by this Amendment shall have been delivered or executed or recorded and shall be
in form and substance satisfactory to the Bank.

     Section 8. Admissions and Acknowledgments. The Borrower and each Guarantor expressly
acknowledges and agrees with each of the following:

     (a) That such Person does not dispute the validity or enforceability of any of the Loan
Documents or any of their respective obligations under any of the foregoing, or the validity,
priority, enforceability, scope or extent of any charge, Lien, security interest or any other
encumbrance of the Bank in, on or against any of the Collateral in any judicial,
administrative or other proceeding;

     (b) That such Person shall not challenge or dispute the validity of any of its
obligations under the Loan Documents to which it is party or any other obligations incurred
by such Person pursuant to the Loan Documents; and

4

 

     (c) That the Indebtedness evidenced by the Loan Documents is secured by first priority,
non-avoidable, perfected, valid and enforceable liens on and security interests in the
Collateral, subject only to Permitted Liens.

     Section 9. Reference to and Effect on Loan Documents.

     (a) Upon the effectiveness of this Amendment, on and after the date hereof, each
reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like
import, and each reference in the other Loan Documents to the Credit Agreement, shall mean
and be a reference to the Credit Agreement as amended hereby.

     (b) Except as expressly set forth herein, this Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies
of the Bank under the Credit Agreement or any other Loan Document, and shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations, covenants or
agreements contained in the Credit Agreement or any other Loan Document, all of which are
ratified and affirmed in all respects and shall continue in full force and effect.

     (c) Nothing herein shall be deemed to entitle the Borrower or any Guarantor to a waiver,
amendment, modification or other change of any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan Document in
similar or difference circumstances.

     (d) This Amendment shall be a Loan Document for all purposes.

     Section 10. Benefits of Amendment. The terms and provisions of this Amendment shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns to the extent contemplated by the Credit Agreement.

     Section 11. Interpretation. The Article and Section headings used in this Amendment are for
convenience of reference only and shall not affect the construction hereof.

     Section 12. Execution in Counterparts. This Amendment may be executed in any number of
counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an
original and all of which counterparts, taken together, shall constitute but one and the same
Amendment. Faxed signatures of this Amendment shall be binding for all purposes.

     Section 13. Severability. If any provision of this Amendment shall be held to be invalid,
illegal or unenforceable under applicable law in any jurisdiction, such provision shall be
ineffective only to the extent of such invalidity, illegality or unenforceability, which shall not
affect any other provisions hereof or the validity, legality and enforceability of such provision
in any other jurisdiction.

     Section 14. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of California. The arbitration provisions of Section 7.11 of the Credit
Agreement are incorporated herein by reference.

     Section 15. Expenses. The Borrower agrees to pay the reasonable out-of-pocket expenses of the
Bank, including but not limited to the reasonable fees, charges and disbursements, including but
not limited to the fees, charges and disbursements of Gibson, Dunn & Crutcher LLP, special counsel
for the Bank, incurred in connection with the preparation, negotiation, execution and delivery of
this Amendment and any subsequent waiver, amendment or modification of the Credit Agreement or any
other Loan Document and the security arrangements in connection herewith or therewith.

     Section 16. No Course of Dealing. The execution and delivery of this Amendment shall not
establish a course of dealing among the Bank, the Borrower and the Guarantors or in any other way
obligate the Bank to hereafter provide any further amendments, waivers, or consents of any kind to
the Borrower and the Guarantors.

     Section 17. Arm’s Length Agreement. Each of the parties to this Amendment agrees and
acknowledges that this Amendment has been negotiated in good faith, at arm’s length, and not by any
means forbidden by law.

     Section 18. Entire Agreement. This Amendment together with all other instruments, agreements,
and certificates executed by the parties in connection herewith or with reference thereto, embody
the entire understanding and agreement between the parties hereto and thereto with respect to the
subject matter hereof and thereof and supercede all prior agreements, understandings, and
inducements, whether express or implied, oral or written.

[Signature Pages Follow]

5

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered
as of the date first set forth above.

	 	 	 	 	 
	 	VIRCO MFG. CORPORATION,

     as the Borrower

 	 
	 	By:  	/s/ Robert E. Dose
 	 
	 	 	Name:  	Robert E. Dose 	 
	 	 	Title:  	Vice President - Finance, Secretary and
Treasurer 	 
	 

	 	 	 	 	 
	 	VIRCO, INC.,

      as a Guarantor

 	 
	 	By:  	/s/ Robert E. Dose
 	 
	 	 	Name:  	Robert E. Dose 	 
	 	 	Title:  	Vice President - Finance, Secretary and
Treasurer 	 
	 

	 	 	 	 	 
	 	VIRCO MGMT. CORPORATION,

      as a Guarantor

 	 
	 	By:  	/s/ Robert E. Dose
 	 
	 	 	Name:  	Robert E. Dose 	 
	 	 	Title:  	Vice President - Finance, Secretary and
Treasurer 	 
	 

6

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Jeffrey Heisinger
 	 
	 	 	Name:  	Jeffrey Heisinger 	 
	 	 	Title:  	Vice President 	 
	 

7

 

EXHIBIT A

FORM OF LINE OF CREDIT NOTE

[See Attached]

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