(2) Long-Term Debt

Long-term debt of the Company at December 31, 2011 and 2010 is summarized as follows:


	2011		2010
Note payable, secured by certain real property, (interest 5.75% as of December 31, 2010)(a)	$	—	$	1,941
Term loan, secured by personal property, payable in quarterly principal installments of $2,000 plus interest (2.782% as of December 31, 2011) through December 31, 2012 and $2,500 plus interest thereafter through December 31, 2015 with remaining unpaid principal due January 10, 2016(a)		54,000		40,000
Notes payable on product acquisitions and asset purchases(b)		12,377		12,898
Revolving line of credit (interest rate of 5.75% at December 31, 2011)(a)		—		7,300

		66,377		62,139
Less current installments		14,460		8,429

	$	51,917	$	53,710

Approximate principal payments on long-term debt mature as follows:


2012	$	14,460
2013		15,917
2014		10,000
2015		10,000
2016		16,000

	$	66,377

(a)

On January 10, 2011, AMVAC, one of our subsidiaries, as borrower, and affiliates (including registrant), as guarantors, entered into an Amended and Restated Credit Agreement (the "New Credit Agreement") with a group of commercial lenders led by Bank of the West (AMVAC's primary bank) as agent, swing line lender and L/C issuer. The New Credit Agreement supersedes the First Amendment to Credit Agreement ("First Amendment") dated as of March 5, 2010 and more fully described in the Company's Form 8-K filed on March 8, 2010. The New Credit Agreement is a $137,000 senior secured lending facility consisting of a revolving line of credit of $75,000 and term loan commitments of $62,000. Also included in the facility is an additional accordion feature for up to $50,000. In connection with retiring the entire outstanding balance of the term loans and revolving credit facility (plus accrued interest) of the First Amendment upon termination thereof, on January 10, 2011, AMVAC borrowed approximately $62,000 under the New Credit Facility consisting of approximately $62,000 in term loans. These loans bear interest at a variable rate of interest based on LIBOR and the Eurodollar Reserve of the Federal Reserve ("Eurodollar Rate Loan"), or, at Amvac's option, a variable rate of interest based upon the prime rate, the Federal Funds rate, and LIBOR ("Alternative Base Rate Loan"). The principal payments of the term loans are payable (a) in equal quarterly installments on or before the last business day of each March, June, September and December (i) through 2012 in the amount of $2,000, and (ii) thereafter through December 2015 in the amount of $2,500, and (b) the remainder, if any, not later than January 10, 2016. Interest accruing on the Eurodollar Rate Loans is payable on the last day of the interest period, which may be one, three or six months, as per borrower's election. Interest accruing on the Alternate Base Rate Loans is payable monthly, in arrears, on the last day of the month and on the maturity date of any such loan in the amount of interest then accrued but unpaid. Both the senior secured revolving line of credit and the term loans mature on January 10, 2016.

The note payable, secured by certain real property reported above, was consolidated with the term debt into one term loan as part of the new credit facility agreement. The remaining unpaid principal was paid in January 2011.

(b)	Notes payable on product acquisitions and asset purchases, with one remaining payment of $400 due in May of 2012; two equal payments of $6,011 due on January 1, 2012 and 2013; term payments on an asset purchase in the total amount of $51

The Company has four key covenants under the New Credit Agreement (with which AMVAC is in compliance). The covenants are as follows: The Company must (1) maintain its borrowings below a certain consolidated funded debt ratio, (2) limit its annual spending on the acquisition of fixed asset capital additions, (3) maintain a certain consolidated fixed charge coverage ratio, and (4) maintain a certain modified current ratio.

At December 31, 2011 total indebtedness is $66,377 as compared to $62,139 at December 31, 2010. At December 31, 2011, based on its performance against the most restrictive covenants listed above, the Company has the capacity to increase its borrowings by up to $75,000 under the credit facility agreement.

Substantially all of the Company's assets are pledged as collateral with its banks.

The Company's main bank is Bank of the West, a wholly-owned subsidiary of the French bank, BNP Paribas. Bank of the West has been the Company's bank for more than 30 years. Bank of the West is the syndication manager for the Company's loans and acts as the counterparty on the Company's derivative transactions. The Company reviews the creditworthiness of its banks on a quarterly basis via both credit agencies and face-to-face meetings with senior management of the banks. Management believes that the Company has an excellent working relationship with Bank of the West and the other financial institutions in the Company's lender group.

The Company has various loans in place that together constitute the short-term and long-term loan balances shown in the balance sheet at December 31, 2011 and December 31, 2010. These are summarized in the following table:


Indebtedness	December 31, 2011						December 31, 2010
$000's	Long-term		Short-term		Total		Long-term		Short-term		Total
Term loan	$	46,000	$	8,000	$	54,000	$	32,000	$	8,000	$	40,000
Real estate		—		—		—		1,937		4		1,941
Working capital revolver		—		—		—		7,300		—		7,300
Notes payable on product acquisitions and asset purchases		5,917		6,460		12,377		12,473		425		12,898

Total indebtedness	$	51,917	$	14,460	$	66,377	$	53,710	$	8,429	$	62,139

The average amount outstanding of the senior secured revolving line of credit during the years ended December 31, 2011 and 2010 was $1,990 and $14,388. The weighted average interest rate on the revolving credit line during the years ended December 31, 2011 and 2010 was 4.0% and 3.8% respectively.