(2) Long-Term Debt

Long-term debt of the Company at December 31, 2016 and 2015 is summarized as follows:

	2016			2015
Revolving line of credit(a)	$	41,400		$	69,000
Notes payable		—			55
		41,400			69,055
Less current installments		—			(55	)
Less deferred loan fees		(449	)		(679	)
	$	40,951		$	68,321

Approximate principal payments on long-term debt at December 31, 2016 are as follows:

2017	$	—
2018		41,400
	$	41,400

As of June 17, 2013, AMVAC Chemical Corporation (“AMVAC”), the Company’s principal operating subsidiary, as borrower, and affiliates (including the Company), as guarantors and/or borrowers, entered into a Second Amended and Restated Credit Agreement (the “2013 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. On July 11, 2014, AMVAC, as borrower, and affiliates (including registrant), as guarantors and borrowers, entered into a First Amendment to the Second Amended and Restated Credit Agreement (the “First Amendment”), under which the Consolidated Funded Debt Ratio was increased for the third and fourth quarters of 2014 and the first quarter of 2015 and borrowers were permitted to pay cash dividends to stockholders during the first and second quarters of 2015, notwithstanding prior levels of net income. As of April 14, 2015, AMVAC, registrant’s principal operating subsidiary, as borrower, and affiliates (including registrant), as guarantors and/or borrowers, entered into a Second Amendment to Second Amended and Restated Credit Agreement (the “Second Amendment”), under which the Consolidated Funded Debt Ratio was increased for the second, third and fourth quarters of 2015 (to 3.5-to-1 from 3.25-to-1) and a fixed charge covenant, requiring, in effect, that the ratio of consolidated current assets to consolidated current liabilities exceed 1.2-to-1 for the duration of the term of the credit facility, was added. The 2013 Credit Agreement, as amended by the First Amendment and the Second Amendment (the “Credit Agreement”) is a senior secured lending facility with a five year term and consisting of a revolving line of credit of $200 million and an accordion feature for up to $100 million. The Credit Agreement includes both AMVAC CV and AMVAC BV as borrowers. Under the Credit Agreement, revolving loans bear interest at a variable rate based, at borrower’s election with proper notice, on either (i) LIBOR plus the “Applicable Rate” which is based upon the Consolidated Funded Debt Ratio (“Eurocurrency Rate Loan”) or (ii) the greater of (x) the Prime Rate, (y) the Federal Funds Rate plus 0.5%, and (z) the Daily One-Month LIBOR Rate plus 1.00%, plus, in the case of (x), (y) or (z) the Applicable Rate (“Alternate Base Rate Loan”). Interest payments for Eurocurrency Rate Loans are payable on the last day of each interest period (either one, two, three or six months, as selected by the borrower) and the maturity date, while interest payments for Alternate Base Rate Loans are payable on the last business day of each month and the maturity date. The senior secured revolving line of credit matures on June 17, 2018. Under the Credit Agreement, the Company has three key covenants (with which it was in compliance throughout the year and as of December 31, 2016). The covenants are as follows: (1) the Company must maintain its borrowings below a certain consolidated funded debt ratio, (2) the Company has a limitation on its annual spending on the acquisition of fixed asset capital additions, and (3) the Company must maintain a certain consolidated fixed charge coverage ratio.

At December 31, 2016, total indebtedness was $41,400 as compared to $69,055 at December 31, 2015. At December 31, 2016, based on its performance against the most restrictive covenants listed above, the Company had the capacity to increase its borrowings by up to the maximum of $104,853 according to the terms of the Credit Agreement.

Substantially all of the Company’s assets are pledged as collateral under the Credit Agreement.

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 and is the syndication manager for the Company’s loans.

The Company has various loans in place that together constitute the short-term and long-term loan balances shown in the consolidated balance sheets at December 31, 2016 and December 31, 2015. The average amount outstanding on the senior secured revolving line of credit during the years ended December 31, 2016 and 2015 was $59,897 and $94,765, respectively. The weighted average interest rate on the revolving credit line during the years ended December 31, 2016, 2015, and 2014 was 2.3%, 2.1%, and 2.5% respectively.