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SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT

Security Agreement

SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT | Document Parties: LaSalle Bank National Association | Primoris Corporation You are currently viewing:
This Security Agreement involves

LaSalle Bank National Association | Primoris Corporation

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Title: SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT
Date: 8/6/2008

SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT, Parties: lasalle bank national association , primoris corporation
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Exhibit 10.25

 

SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT

 

Reference is made to that certain Loan and Security Agreement dated as of March 22, 2007 (the “Loan and Security Agreement”) between the undersigned Primoris Corporation (the “Borrower”) and LaSalle Bank National Association (the “Bank”). All capitalized terms used herein without definition shall have the same meanings herein as those terms have in the Loan and Security Agreement. The Borrower and Bank hereby amend the Loan and Security Agreement as set forth below.

 

1.    The definition of “Change in Control” in Section 1.1 of the Loan and Security Agreement is hereby deleted and the following is inserted therefore:

 

Change in Control ” shall mean if Brian Pratt shall cease to own and control, directly or indirectly, at least 25% of the outstanding Capital Securities of the Borrower. For the purpose hereof, the terms “control” or “controlling” shall mean the possession of the power to direct, or cause the direction of, the management and policies of the Borrower by contract or voting of securities or ownership interests.

 

2.    Section 10.1 of the Loan and Security Agreement is hereby deleted in its entirety and the following is inserted therefore:

 

Tangible Net Worth . As of the end of each of its fiscal quarters, the Borrower shall maintain Tangible Net Worth in an amount not less than Thirty-Five Million and 00/100 Dollars ($35,000,000.00). The Tangible Net Worth shall be reset annually commencing with the Fiscal Year ending December 31, 2009 to increase by Forty Per


 
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