FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT
Exhibit
10.24
FIRST
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 “Pledge Agreements” in Section 1.1 of the Loan and Security
Agreement is hereby deleted in its
entirety.
|
| 2. |
Section
3.2(a) of the Loan and Security Agreement is hereby deleted in its
entirety.
|
| 3. |
Section
3.2(b) of the Loan and Security Agreement is hereby deleted in its
entirety.
|
| 4. |
The
current Section 3.2(c) of the Loan and Security Agreement shall be
renumbered as Section 3.2(b) of the Loan and Security
Agreement.
|
| 5. |
The
current Section 3.2(d) of the Loan and Security Agreement shall be
renumbered as Section 3.2(b) of the Loan and Security
Agreement.
|
| 6. |
Section
6.1(c) of the Loan and Security Agreement is hereby deleted in its
entirety.
|
| 7. |
Section
6.2 of the Loan and Security Agreement is hereby deleted and the following
is inserted therefore:
|
6.2 Other
Collateral.
In
addition, to the extent required by the Bank per Section 8.20 and Section
12.5(j) hereof, the Obligations are also secured by the Control
Agreements.
| 8. |
Section
8.25 of the Loan and Security Agreement is hereby deleted in its
entirety.
|
Except
as
specifically amended herein, the Loan and Security Agreement shall continue
in
full force and effect in accordance with its original terms. Reference to this
specific Amendment need not be made in the Loan and Security Agreement or in
any
other instrument or document executed in connection therewith, any reference
in
any such items to the Loan and Security Agreement being sufficient to refer
to
the Loan and Security Agreement as amended hereby.
This
Amendment may be executed in counterpart, and by facsimile and by the different
parties on different counterpart signature pages, which taken together shall
constitute one and the same Agreement. This Amendment shall be governed by
internal laws of the State of Illinois.
Dated
as
of this ____ day of ____________, 2007
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LA
SALLE BANK NATIONAL ASSOCIATION
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By:
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/s/
Xxxxxx Xxxxxxx
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Xxxxxx
Xxxxxxx
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Its:
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Senior
Vice President
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PRIMORIS
CORPORATION
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By:
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/s/
X. Xxxxxxxx
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X.
Xxxxxxxx
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Its:
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Chief
Financial Officer
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