50 of the Top 250 law firms use our Products every day
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
|