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Exhibit 10.1
 
First Amendment to Credit Agreement
 
This First Amendment to Credit Agreement is dated as of October 22, 2013 (this
“Amendment”), among AMCOL International Corporation (the “Company”), the
Borrowing Subsidiaries, the guarantors party hereto, the financial institutions
listed on the signature pages hereof as Lenders, and BMO Harris Bank N.A. as
administrative agent (in such capacity, the “Administrative Agent”).
 
Preliminary Statements
 
A.The Company, the Borrowing Subsidiaries, the guarantors party thereto (the
“Guarantors”), the financial institutions party thereto as Lenders, and the
Administrative Agent have heretofore entered into that certain Credit Agreement,
dated as of January 20, 2012 (as amended, the “Credit Agreement”); and
 
B.The Company has asked the Lenders and the Administrative Agent to amend the
definition of EBITDA contained in the Credit Agreement and the Lenders and the
Administrative Agent are willing to do so on the terms and conditions set forth
in this Amendment.
 
Now, Therefore, in consideration of the premises set forth above, the terms and
conditions contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
 
Article I
 
Definitions
 
Section 1.1. Use of Defined Terms.  Unless otherwise defined or the context
otherwise requires, terms for which meanings are provided in the Credit
Agreement shall have such meanings when used in this Amendment.
 
Article II
 
Amendments
 
Section 2.1 The defined term “EBITDA” contained in Section 5.1 of the Credit
Agreement is hereby amended in its entirety and as so amended shall read as
follows:
 
“EBITDA” means, with reference to any period, Net Income for such period plus
(A) the sum of all amounts deducted in arriving at such Net Income amount 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) other non-cash charges (other than
for deferred tax expenses and additions to bad debt reserves or bad debt
expenses and any noncash charge that results from the write-down or write-off of
accounts receivables) for such period plus (B) an amount calculated by the
Company and approved by the Administrative Agent in its reasonable discretion
equal to the EBITDA of the Persons or assets which are the subject of an
Acquisition consummated during such period as if such Acquisition was
consummated on the first day of such period to the extent not subsequently sold
or otherwise disposed of during such period; provided that any cash payment made
with respect to any non-cash charges added back in computing EBITDA for any
prior period pursuant to clause (d) above shall be subtracted in computing
EBITDA for the period in which such cash payment is made.
 
 
 

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Section 2.2. Schedule I to Exhibit F of the Credit Agreement is hereby amended
in its entirety and as so amended shall read as set forth as Addendum I to this
Amendment.
 
Article III
 
Representations And Warranties
 
Section 3.1. Credit Agreement Representations.  In order to induce the Lenders
and the Administrative Agent to enter into this Amendment, each Borrower hereby
reaffirms, as of the date hereof, its representations and warranties contained
in Section 6 of the Credit Agreement and additionally represents and warrants to
the Administrative Agent and each Lender as set forth in this Article III.
 
Section 3.2. Due Authorization, Non-Contravention, etc.  The execution, delivery
and performance by each Borrower and each Guarantor of this Amendment are within
such Borrower’s and such Guarantor’s powers, have been duly authorized by all
necessary corporate action, and do not:
 
(a)contravene any Borrower’s or any Guarantor’s constituent documents;
 
(b)contravene any contractual restriction, law or governmental regulation or
court decree or order binding on or affecting any Borrower or any Guarantor; or
 
(c)result in, or require the creation or imposition of, any Lien on any of the
properties of a Borrower or a Guarantor.
 
Section 3.3. Government Approval, Regulation, etc.  No authorization or approval
or other action by, and no notice to or filing with, any governmental authority
or regulatory body or other Person is required for the due execution, delivery
or performance by any Borrower or any Guarantor of this Amendment.
 
Section 3.4. Validity, etc.  This Amendment constitutes the legal, valid and
binding obligation of each Borrower and each Guarantor enforceable in accordance
with its terms.
 
 
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Article IV
 
Conditions Precedent
 
Section 4.1. Effectiveness.  This Amendment shall become effective as of
September 30, 2013 upon receipt by the Administrative Agent of executed
counterparts hereof from the Borrowers, the Guarantors, the Administrative
Agent, and the Required Lenders.
 
Article V
 
Miscellaneous Provisions
 
Section 5.1. Ratification of and References to the Credit Agreement.  Except for
the amendments expressly set forth above, the Credit Agreement and each other
Loan Document is hereby ratified, approved and confirmed in each and every
respect.  Reference to this specific Amendment need not be made in the Credit
Agreement, the Notes, or any other instrument or document executed in connection
therewith, or in any certificate, letter or communication issued or made
pursuant to or with respect to the Credit Agreement, any reference in any of
such items to the Credit Agreement being sufficient to refer to the Credit
Agreement as amended hereby.
 
Section 5.2. Headings.  The various headings of this Amendment are for
convenience of reference only, are not part of this Amendment and shall not
affect the construction of, or be taken into consideration in interpreting, this
Amendment.
 
Section 5.3. Execution in Counterparts.  This Amendment may be executed in
counterparts (and by different parties hereto on different counterparts), each
of which shall constitute an original, but all of which when taken together
shall constitute a single agreement.  Any of the parties hereto may execute this
Amendment by signing any such counterpart and each of such counterparts shall
for all purposes be deemed to be an original.  Delivery of a counterpart hereof
by facsimile transmission or by e-mail transmission of an Adobe portable
document format file (also known as a “PDF” file) shall be effective as delivery
of a manually executed counterpart hereof.
 
Section 5.4. No Other Amendments.  Except for the amendments expressly set forth
above, the text of the Credit Agreement and the other Loan Documents shall
remain unchanged and in full force and effect, and the Lenders and the
Administrative Agent expressly reserve the right to require strict compliance
with the terms of the Credit Agreement and the other Loan Documents.
 
Section 5.5. Costs and Expenses.  The Company agrees to pay on demand all costs
and expenses of or incurred by the Administrative Agent in connection with the
negotiation, preparation, execution and delivery of this Amendment, including
the fees and expenses of counsel for the Administrative Agent.
 
Section 5.6. Governing Law.  This Amendment shall be construed in accordance
with and governed by the law of the State of Illinois.  
 
[Remainder of Page Intentionally Left Blank]
 
 
 
 
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In Witness Whereof, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective duly authorized officers as of the
day and year first above written.
 
 
“Borrowers”

 
 
AMCOL International Corporation

 
 
By /s/ Donald W. Pearson

 
     Name:  Donald W. Pearson

 
     Title:  Vice President and Chief Financial Officer

 
 
CETCO Europe Ltd.

 
 
By /s/ Donald W. Pearson

 
      Name:  Donald W. Pearson

 
      Title:  Director

 
 
Amcol Minerals Europe Ltd.

 
 
By  /s/ Donald W. Pearson

 
       Name:  Donald W. Pearson

 
       Title:  Director

 
 
Cetco-Poland, Cetco Spółka Z Ograniczoną Odpowiedzialnością S.K.A.

 
 
By /s/ Donald W. Pearson

 
      Name:  Donald W. Pearson

 
      Title:  Authorized Signatory

 
 
AMCOL Australia Pty Ltd.

 
 
By /s/ Donald W. Pearson

 
      Name:  Donald W. Pearson

 
      Title:  Authorized Signatory

 
First Amendment to AMCOL International Corporation Credit Agreement
 
 

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“Guarantors”

 
AMCOL International Corporation
 
 
By /s/ Donald W. Pearson

 
      Name:  Donald W. Pearson

 
      Title:  Vice President and Chief Financial Officer

 
CETCO Energy Services Company LLC
 
 
By /s/ Donald W. Pearson

 
      Name:  Donald W. Pearson

 
      Title:  Treasurer

 
American Colloid Company
 
 
By /s/ Donald W. Pearson

 
      Name:  Donald W. Pearson

 
      Title:  Vice President and Treasurer

 
Colloid Environmental Technologies Company LLC
 
 
By /s/ Donald W. Pearson

 
      Name:  Donald W. Pearson

 
      Title:  Treasurer

 
AMCOL International Holdings Corporation
 
 
By /s/ Donald W. Pearson

 
      Name:  Donald W. Pearson

 
      Title:  Vice President and Treasurer

 
Volclay International LLC
 
 
By /s/ Donald W. Pearson

 
      Name:  Donald W. Pearson

 
      Title:  Vice President and Treasurer

 
First Amendment to AMCOL International Corporation Credit Agreement
 
 

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“Lenders”

 
 
BMO Harris Bank N.A. in its individual capacity as a Lender, as L/C Issuer,
Swing Line Lender, and as Administrative Agent

 
 
By /s/ Scott W. Morris

 
      Name:  Scott W. Morris

 
      Title:    Director

 
First Amendment to AMCOL International Corporation Credit Agreement
 
 

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Wells Fargo Bank, N.A.

 
 
By /s/ Keith J. Cable

 
      Name:  Keith J. Cable

 
      Title:   Vice President

 
First Amendment to AMCOL International Corporation Credit Agreement
 
 

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Bank of America, N.A.

 
 
By /s/ Daniel R. Petrik

 
      Name:  Daniel R. Petrik

 
      Title:   Senior Vice President

 
 
First Amendment to AMCOL International Corporation Credit Agreement
 
 

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The Northern Trust Company

 
 
By /s/ M. Scott Randall

 
      Name:  M. Scott Randall

 
      Title:    Second Vice President

 
First Amendment to AMCOL International Corporation Credit Agreement
 
 

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RBS Citizens, N.A.

 
 
By /s/ Stephen A. Maenhout

 
      Name:  Stephen A. Maenhout

 
      Title:    Senior Vice President

 
First Amendment to AMCOL International Corporation Credit Agreement
 
 

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HSBC Bank USA, N.A.

 
 
By /s/ Kambiz Ghorashi

 
      Name:  Kambiz Ghorashi

 
      Title:    Vice President

 
First Amendment to AMCOL International Corporation Credit Agreement
 
 

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Addendum I

Schedule I
to Exhibit F
 
AMCOL International Corporation
 
Compliance Calculations
for Credit Agreement dated as of January 20, 2012
 
Calculations as of _____________, _______

 

 
For Period Ending
Covenant 8.20(a) - Leverage Ratio
Debt:
Indebtedness
_________________
_________________
_________________
_________________
_________________
Debt
EBITDA (information for past 4 quarters):
Net income
Interest expense
Income tax expense
Depreciation and amortization expense
EBITDA of acquisitions, as approved by Administrative Agent
Non-cash charges
minus Non-cash gains
EBITDA
Leverage Ratio (Debt/EBITDA)
Leverage Ratio covenant limitation not to exceed:
Is the company in compliance?
Covenant 8.20(b) - Net Worth
Net Worth - current period
Minimum Net Worth required
Minimum Net Worth at last measurement period
25% of Net Income
25% of Net Cash Proceeds of the issuance of equity securities
Minimum Net Worth required
Is the company in compliance?
Covenant 8.20(c) - Interest Coverage Ratio
EBITDA
Interest expense
EBITDA/Interest expense
Covenant limitation - not less than
Is the company in compliance?

 
 

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