Exhibit 10.1

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is entered into as of July 11, 2014 among AMVAC CHEMICAL
CORPORATION, a California corporation (the “Company”), AMERICAN VANGUARD
CORPORATION, a Delaware corporation, GEMCHEM, INC., a California corporation,
2110 DAVIE CORPORATION, a California corporation, AVD INTERNATIONAL LLC, a
Delaware limited liability company, AMVAC NETHERLANDS B.V., a besloten
vennootschap met beperkte aansprakelijkheid, organized under the law of the
Netherlands, AMVAC C.V., a commanditaire vennootschap, organized under the law
of the Neverlands, the Lenders party hereto and BANK OF THE WEST, as Agent.

RECITALS

A. Pursuant to a Second Amended and Restated Credit Agreement dated as of
June 17, 2013 (as amended or modified from time to time, the “Credit Agreement”)
among the Company, the Guarantors, the Designated Borrowers, the Lenders party
thereto and the Agent, the Lenders extended and agreed to extend credit to the
Borrowers. Capitalized terms used herein which are not otherwise defined shall
have the meanings given them in the Credit Agreement.

B. The Borrowers and the Guarantors have requested the Lenders to amend certain
provisions of the Credit Agreement, and the Lenders have agreed to do so,
subject to the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the above Recitals and for other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree as follows:

AGREEMENT

1. Amendments

(i) Section 8.08(a) of the Credit Agreement is amended and restated in its
entirety to read as follows:

(a) Permit the Consolidated Funded Debt Ratio as of the end of any fiscal
quarter to be greater than the ratio set forth below opposite such fiscal
quarter:

 

Fiscal quarter ending:

   Maximum Consolidated Funded Debt
Ratio:

Closing Date through June 30, 2014

   3.25 to 1.00

July 1, 2014 through September 30, 2014

   4.50 to 1.00

October 1, 2014 through December 31, 2014

   3.75 to 1.00

January 1, 2015 through March 31, 2015

   3.50 to 1.00

April 1, 2015 and thereafter

   3.25 to 1.00

(ii) Clause (c) of Section 8.16 of the Credit Agreement is amended and restated
in its entirety to read as follows:

(c) American Vanguard and its Subsidiaries may declare cash dividends in any
fiscal quarter and pay such cash dividends in the subsequent fiscal quarter to
its stockholders in an aggregate amount that, when aggregated with cash
dividends paid or payable during the fiscal quarter in which such cash dividend
is declared and cash dividends paid during the two fiscal quarters prior to the
quarter in which such declaration is made, does not exceed the Consolidated Net
Income of American Vanguard and its Subsidiaries for the four fiscal quarters
ending immediately prior to

 

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the fiscal quarter in which such cash dividends are declared; provided, however,
that cash dividends declared in each of the fourth fiscal quarter of 2014 and
the first fiscal quarter of 2015 (and payable in the first and second fiscal
quarters of 2015, respectively) shall not exceed the greater of (i) the amount
otherwise provided in this subsection (c) and (ii) the cash dividends paid in
the fiscal quarter ending September 30, 2014.

2. Compliance Certificate. The form of Compliance Certificate appearing as
Exhibit D to the Credit Agreement is amended and restated in its entirety to
read as set forth on Exhibit D to this Amendment.

3. Conditions Precedent to Effectiveness. This Amendment shall be effective as
of the date (the “Amendment Effective Date”) when the Agent determines that the
following conditions have been satisfied: (a) the Agent shall have executed and
received executed counterparts of this Amendment from each of the Loan Parties
and the Required Lenders, by original or electronic transmission (promptly
followed by originals), each in form and substance satisfactory to the Agent,
(b) all acts and conditions required to be done and performed and to have
happened precedent to the execution, delivery and performance of this Amendment
and to constitute the same a legal, valid and binding obligation of the parties,
enforceable in accordance with its terms shall have been done and performed and
shall have happened in due and strict compliance with all applicable laws,
(c) all documentation shall be reasonably satisfactory in form and substance to
the Agent and its counsel, (d) any upfront and other fees or expenses required
to be paid on or before the Amendment Effective Date shall have been paid, and
(e) there shall not have occurred and be continuing a Default or Event of
Default. The Agent shall notify the Loan Parties of the Amendment Effective
Date, and such notice shall be conclusive and binding.

4. Miscellaneous Provisions.

(a) Representations and Warranties. Each Loan Party hereby represents and
warrants to the Agent and each Lender that each of the representations and
warranties of the Company and each other Loan Party contained in Article V of
the Credit Agreement and any other Loan Document shall be true and correct in
all material respects on and as of the Amendment Effective Date, except to the
extent that such representations and warranties specifically refer to an earlier
date, in which case they shall be true and correct in all material respects as
of such earlier date.

(b) Ratification. The Credit Agreement and each of the other Loan Documents, as
amended hereby, is hereby ratified and remains in full force and effect.

(c) Entire Agreement. This Amendment embodies the entire agreement and
understanding between the parties hereto and supersedes all prior agreements and
understandings relating to the subject matter hereof and thereof.

(d) Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of California, without giving effect to
choice of law rules.

(e) Counterparts. This Amendment may be executed in any number of counterparts,
all of which taken together shall constitute one and the same agreement and any
of the parties hereto may execute this Amendment by signing any such
counterpart.

[Remainder of page intentionally left blank.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
as of the day and year first above written.

 

AMVAC CHEMICAL CORPORATION, as the Company By:  

 

Name:  

 

Title:

 

 

 

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AMERICAN VANGUARD CORPORATION,

as a Guarantor

   By:   

 

   Name:   

 

   Title:   

 

   GEMCHEM, INC., as a Guarantor    By:   

 

   Name:   

 

   Title:   

 

   2110 DAVIE CORPORATION, as a Guarantor    By:   

 

   Name:   

 

   Title:   

 

   AVD INTERNATIONAL LLC, as a Guarantor    By:   

 

   Name:   

 

   Title:   

 

  

AMVAC NETHERLANDS B.V.,

as a Designated Borrower and as a Guarantor

  

 

   Name:    A.P.M. de Jong    Title:    Managing Director    AMVAC C.V., as a
Designated Borrower and as a Guarantor    By: AMVAC Chemical Corporation,
General Partner

 

By:  

 

Name:  

 

Title:  

 

 

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BANK OF THE WEST, as Agent By:  

 

Name:  

 

Title:  

 

BANK OF THE WEST, as a Lender, L/C Issuer and Swing Line Lender By:  

 

Name:  

 

Title:  

 

 

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BMO HARRIS FINANCING, INC., as Lender By:  

 

Name:  

 

Title:  

 

 

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WELLS FARGO BANK, N.A., as Lender By:  

 

Name:  

 

Title:  

 

 

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UNION BANK, N.A., as Lender By:  

 

Name:  

 

Title:  

 

 

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AGSTAR FINANCIAL SERVICES, PCA, as Lender By:  

 

Name:  

 

Title:  

 

 

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GREENSTONE FARM CREDIT SERVICES, ACA, FLCA as

Lender

By:  

 

Name:  

 

Title:  

 

 

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