Document:

<PAGE>   1

                                                                   Exhibit 4.3.3

                                 THIRD AMENDMENT

                  THIRD AMENDMENT, dated as of December 15, 2000 (this
"Amendment"), to the SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of
April 28, 1998 (as amended by the Amendment, dated as of March 31, 2000, the
Second Amendment, dated as of September 28, 2000, and as further amended,
supplemented or otherwise modified from time to time, the "Credit Agreement"),
among PAXSON COMMUNICATIONS CORPORATION, a Delaware corporation (the
"Borrower"), the lenders from time to time party thereto (the "Lenders") and
UNION BANK OF CALIFORNIA, N.A., as Agent.

                              W I T N E S S E T H:

                  WHEREAS, the Borrower, the Lenders and the Agent are parties
to the Credit Agreement; and

                  WHEREAS, the Borrower has requested that the agent and the
Lenders agree to amend certain provisions of the Credit Agreement, as more fully
described herein; and

                  WHEREAS, the Agent and the Lenders are willing to amend such
provisions of the Credit Agreement, but only upon the terms and subject to the
conditions set forth herein;

                  NOW, THEREFORE, in consideration of the premises and mutual
agreements contained herein, the parties hereto agree as follows:

                  1. Definitions. Unless otherwise defined herein, capitalized
terms which are used herein shall have the meanings assigned thereto in the
Credit Agreement.

                  2. Amendment to Section 1.1 (Defined Terms). Section 1.1 is
hereby amended by deleting the definition of "Applicable Margin" therein and
substituting in lieu thereof the following new definition:

                  "Applicable Margin": for Base Rate Loans, 2.50% per annum; and
         for Eurodollar Loans, 3.50% per annum.

                  3. Amendment to Section 2.3 (Installments). Section 2.3 is
hereby amended by deleting the chart therein in its entirety and substituting in
lieu thereof the following new chart:

<TABLE>
<CAPTION>
                  Installment Date              Principal Amount
                  ----------------              ----------------
<S>                                             <C>
                  December 31, 2000                   $500,000
                  March 31, 2001                       500,000
                  June 30, 2001                        500,000
                  September 30, 2001                   500,000
                  December 31, 2001                    500,000
                  March 31, 2002                    10,000,000
                  June 30, 2002                    109,500,000
</TABLE>
<PAGE>   2
                                                                               2

                  4. Conditions to Effectiveness. This Amendment shall become
effective on the date upon which the following conditions precedent shall have
been satisfied (the "Effective Date"):

                  (a) the Agent shall have received counterparts of this
Amendment, executed and delivered by a duly authorized officer of the Borrower,
the Agent and each of the Lenders; and

                  (b) the Borrower shall have paid to the Agent an amendment fee
of equal to $305,000 which shall be shared ratably with each Lender.

                  5. Representations and Warranties. The Borrower hereby
confirms, reaffirms and restates the representations and warranties set forth in
Section 3 of the Credit Agreement; provided that each reference to the Credit
Agreement therein shall be deemed to be a reference to the Credit Agreement
after giving effect to this Amendment. The Borrower represents and warrants that
(a) as of the date hereof, no Default or Event of Default has occurred and is
continuing and (b) this Amendment shall be a "Loan Document.".

                  6. Continuing Effect of Loan Documents. This Amendment shall
not constitute a waiver or amendment of any other provision of the Credit
Agreement or any other Loan Document not expressly referred to herein and shall
not be construed as a waiver or consent to any further or future action on the
part of the Borrower that would require a waiver or consent of the Agent or the
Lenders. Except as expressly amended hereby, the provisions of the Credit
Agreement and the other Loan Documents are and shall remain in full force and
effect.

                  7. Counterparts. This Amendment may be executed by the parties
hereto in any number of counterparts, and all of such counterparts taken
together shall be deemed to constitute one and the same instrument.

                  8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
<PAGE>   3
                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed and delivered by their respective duly authorized
officers as of the date first above written.

                                 PAXSON COMMUNICATIONS CORPORATION

                                 By:
                                    --------------------------------------------
                                     Name:
                                     Title:

                                 UNION BANK OF CALIFORNIA, N.A., as Agent
                                   and as a Lender

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 By:
                                    --------------------------------------------
                                    Name:
                                     Title:

                                 KZH ING-2 LLC

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 KZH SOLEIL LLC

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:
<PAGE>   4
                                 KZH SOLEIL-2 LLC

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 ARCHIMEDES FUNDING, L.L.C.

                                 By:  ING Capital Advisors LLC, as
                                          Collateral Manager

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 THE ING CAPITAL SENIOR SECURED HIGH INCOME FUND
                                 HOLDINGS, LTD.

                                 By:  ING Capital Advisors Inc., as
                                          Investment Manager

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 ELF FUNDING TRUST I

                                 By:  Highland Capital Management, L.P., as
                                          Collateral Manager

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:
<PAGE>   5
                                 GALAXY CLO 1999-1, LTD.

                                 By:  SAI Investment Advisor, Inc., its
                                          Collateral Manager

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 KZH HIGHLAND-2 LLC

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 GLENEAGLES TRADING LLC

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 KZH STERLING LLC

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 ARCHIMEDES FUNDING III, LTD.

                                 By:  ING Capital Advisors LLC, as
                                          Collateral Manager

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:
<PAGE>   6
                                 COOPERATIVE CENTRALE RAIFFEISEN-BOERENLEENBANK
                                    B.A.

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 SANKATY HIGH YIELD

                                 By: Sankaty Advisors Inc., as its Investment
                                          Manager

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 SANKATY HIGH YIELD ASSET

                                 By: Sankaty Advisors Inc., as its Investment
                                          Manager

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 BRANT POINT II CBO 2000-1 LTD.

                                 By: Sankaty Advisors Inc., as its Investment
                                          Manager

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:
<PAGE>   7
                                 GREAT POINT CLO 1999-1 LTD.

                                 By: Sankaty Advisors Inc., as its Investment
                                          Manager

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 TORONTO DOMINION BANK

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 CENTURION CDO II LTD.

                                 By:  American Express Asset Management Group,
                                          as its Collateral Manager

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:

                                 KZH STERLING LLC

                                 By:  American Express Asset Management Group,
                                          as its Collateral Manager

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:
<PAGE>   8
                                 RABOBANK

                                 By:  American Express Asset Management Group,
                                          as its Collateral Manager

                                 By:
                                    --------------------------------------------
                                    Name:
                                    Title:<PAGE>   1
                                                                   EXHIBIT 10.8
                                FIRST AMENDMENT

                  FIRST AMENDMENT (this "Amendment"), dated as of March 8, 2001
among PHILIP SERVICES CORPORATION, a Delaware corporation (the "Borrower"),
CANADIAN IMPERIAL BANK OF COMMERCE, as administrative agent for the Lenders (the
"Administrative Agent"), and the lenders from time to time parties to the
Secured PIK/Term Credit Agreement referred to below (the "Lenders"). All
capitalized terms used herein and not otherwise defined herein shall have the
respective meanings provided such terms in the Secured PIK/Term Credit Agreement
referred to below.

                              W I T N E S S E T H:
                               - - - - - - - - - -

                  WHEREAS, the Borrower, the Lenders and the Administrative
Agent are parties to a Credit Agreement, dated as of March 31, 2000 among the
Borrower, the Administrative Agent and the Lenders (the "Secured PIK/Term Credit
Agreement");

                  WHEREAS, the Borrower has requested certain amendments to the
Credit Agreement; and

                  WHEREAS, subject to the terms and conditions of this
Amendment, the Lenders are willing to grant such amendments.

                  NOW, THEREFORE, it is agreed:

                  1. Section 4.07(e) of the Credit Agreement is hereby amended
by deleting the text "Schedule XXVI" appearing therein and inserting the text
"Schedule XXVII" in lieu thereof.

                  2. Section 6.06 of the Credit Agreement is hereby amended by
deleting the text "Schedule XXI" appearing in sub-clause (c) thereof and
inserting the text "Schedule XXII" in lieu thereof.

                  3. Section 6.13 of the Credit Agreement is hereby amended by
deleting the text "Schedule XXII" appearing therein and inserting the text
"Schedule XXIII" in lieu thereof.

                  4. Section 8 of the Credit Agreement is hereby amended by
deleting the text "Schedule XXIV" appearing in sub-clause (h) of the definition
of "Permitted Dispositions" and inserting the text "Schedule XXV" in lieu
thereof.

                  5. Section 8 of the Credit Agreement is hereby further amended
by (i) deleting the text "Schedule XXV" appearing in sub-clause (b)(i) of the
definition of "Permitted Investments" and inserting the text "Schedule XXVI" in
lieu thereof and (ii) deleting the text "Schedule XXI" appearing in sub-clause
(b)(ii) of the definition of "Permitted Investments" and inserting the text
"Schedule XXII" in lieu thereof.

                  6. Section 8 of the Credit Agreement is hereby further amended
by deleting the text "Schedule XXVI" appearing in sub-clause (c) of the
definition of "Permitted Liens" and inserting the text "Schedule XXVII" in lieu
thereof.

<PAGE>   2

                  7. Notwithstanding anything contained in the Credit Agreement
to the contrary, the Borrower may incur certain indemnification obligations in
favor of the directors of, and agents engaged by, Phencorp International Finance
Inc., an Irish corporation, Cecatur Holdings, an Irish corporation, and Philip
Services (Delaware) L.L.C., a Delaware limited liability company (each such
director or agent, an "Indemnitee" and each such obligation, an "Indemnification
Obligation"); provided that (i) on the date of the incurrence of any
Indemnification Obligation, no Event of Default shall have occurred and be
continuing and (ii) as of any date of determination, the Borrower's maximum
indebtedness under all Indemnification Obligations then outstanding shall not
exceed $12,500,000.

                  8. The Borrower hereby represents and warrants that both
before and after giving effect to this Amendment (x) no Default or Event of
Default exists on the First Amendment Effective Date (as defined below) and (y)
all of the representations and warranties contained in the Secured PIK/Term
Credit Agreement or the other Credit Documents shall be true and correct in all
material respects on and before the First Amendment Effective Date with the same
effect as though such representations and warranties had been made on and as of
such date (it being understood that any representation or warranty made as of a
specific date shall be true and correct in all material respects as of such
specific date).

                  9. This Amendment is limited as specified and shall not
constitute a modification, acceptance or waiver of any other provision of the
Secured PIK/Term Credit Agreement or any other Credit Document. All capitalized
terms not defined herein shall have the meaning given to them in the Secured
PIK/Term Credit Agreement.

                  10. This Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which counterparts when executed and delivered shall be an original, but all
of which shall together constitute one and the same instrument. A complete set
of counterparts shall be lodged with the Borrower and the Administrative Agent.

                  11. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW
OF THE STATE OF NEW YORK.

                  12. This Amendment shall become effective on the date (the
"First Amendment Effective Date") when (i) with regard to paragraph 7 of this
amendment only, the Administrative Agent shall have received a copy of each
indemnification agreement entered into between the Borrower and an Indemnitee
(the form of which shall be satisfactory to the Administrative Agent) together
with a certificate from the Secretary of the Borrower certifying such
indemnification agreement as being a true, correct, and complete copy thereof,
(ii) with regard to paragraph 7 of this amendment only, the Administrative Agent
shall have received an executed copy of the Exit Lenders' consent to the
incurrence by the Borrower of the Indemnification Obligations (the form and
substance of which shall be satisfactory to the Administrative Agent), and (iii)
each of the Borrower and the Required Lenders shall have signed a copy hereof
(whether the same or different copies) and, in each case, shall have delivered
(including by way of telecopier) the same to the Administrative Agent at the
Notice Office.

                                      * * *

<PAGE>   3

                  IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this Amendment to be duly executed and delivered as of the date
first above written.

                                     PHILIP SERVICES CORPORATION

                                     By:
                                        -------------------------------------
                                          Title:

                                     CANADIAN IMPERIAL BANK OF COMMERCE
                                          As Administrative Agent and
                                          Individually

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   4

                                     ABN AMRO BANK CANADA

                                     By:
                                        -------------------------------------
                                          Title:

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   5

                                     AMERICAN REAL ESTATE HOLDINGS L.P.

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   6

                                     ACCORD FINANCIAL CORP.

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   7

                                     THE BANK OF EAST ASIA (CANADA)

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   8

                                     BEAR, STEARNS & CO. INC.

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   9

                                     CHASE BANK OF TEXAS N.A.

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   10

                                     THE CHASE MANHATTAN BANK

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   11

                                     THE CHASE MANHATTAN BANK OF CANADA

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   12

                                     CITIBANK, N.A.

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   13

                                     CLARICA LIFE INSURANCE COMPANY
                                        (f/k/a Mutual Life Assurance Company
                                        of Canada)

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   14

                                     COMERICA BANK

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   15

                                     CREDIT SUISSE FIRST BOSTON CANADA

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   16

                                     DAI-ICHI KANGYO BANK (CANADA)

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   17

                                     DAI-ICHI KANGYO BANK, LTD.,
                                         New York Branch

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   18

                                     DEUTSCHE BANK CANADA

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   19

                                     SENIOR DEBT PORTFOLIO

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   20

                                     FERNWOOD ASSOCIATES L.P.

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   21

                                     FOOTHILL CAPITAL CORPORATION

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   22

                                     GOLDMAN SACHS CREDIT PARTNERS L.P.

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   23

                                     GOLDMAN SACHS CANADA CREDIT PARTNERS CO.

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   24

                                     HIGH RIVER LIMITED PARTNERSHIP

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   25

                                     KEY BANK, N.A.

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   26

                                     MADELEINE CORP.

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   27

                                     MADELEINE LLC

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   28

                                     MELLON BANK OF CANADA
                                        by Mellon Bank, N.A.

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   29

                                     MUTUAL SHARES FUND, A SERIES OF
                                        FRANKLIN MUTUAL SERIES FUND, INC.

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   30

                                     BANK OF AMERICA, N.A. (FORMERLY
                                        KNOWN AS NATIONSBANK, N.A.)

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   31

                                     BNP PARIBAS

                                     By:
                                        -------------------------------------
                                          Title:

                                     By:
                                        -------------------------------------
                                          Title:

<PAGE>   32

                                     ROYAL BANK OF SCOTLAND PLC

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   33

                                     SAKURA BANK (CANADA)

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   34

                                     SOCIETE GENERALE (CANADA)

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   35

                                     TORONTO DOMINION (NEW YORK), INC.

                                     By:
                                        -------------------------------------
                                          Title:
<PAGE>   36

                                     WACHOVIA BANK, N.A.

                                     By:
                                        -------------------------------------
                                          Title:

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