Exhibit 10.1

EXECUTION COPY

AMENDMENT NO. 2 TO CREDIT AGREEMENT

THIS AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”), dated as of May 10,
2010, is made by and among Great Lakes Dredge & Dock Corporation (the
“Borrower”), the other “Loan Parties” from time to time party to the Credit
Agreement referred to and defined below (together with the Borrower, the “Loan
Parties”), the Lenders (as defined below) signatory hereto and Bank of America,
N.A. (successor by merger to LaSalle Bank National Association) as Swing Line
Lender, Sole Lead Arranger, Issuing Lender and Administrative Agent (in such
capacity, the “Administrative Agent”). Capitalized terms used herein and not
otherwise defined herein shall have the meanings ascribed to such terms in the
Credit Agreement referred to and defined below.

W I T N E S S E T H:

WHEREAS, the Borrower, the other Loan Parties, the financial institutions from
time to time party thereto (collectively, the “Lenders”), the Administrative
Agent and the Issuing Lender have entered into that certain Credit Agreement
dated as of June 12, 2007 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”), pursuant to which, among
other things, the Lenders have agreed to provide, subject to the terms and
conditions contained therein, certain loans and other financial accommodations
to the Borrower;

WHEREAS, the Borrower, the Lenders and the Administrative Agent have agreed,
pursuant to the terms hereof, to amend the Credit Agreement to effect a
reduction to zero of the Revolving Loan Commitment of Lehman Commercial Paper
Inc. (“Lehman”) on a non-pro rata basis, and to cause Lehman to no longer be a
Lender under the Credit Agreement; and

WHEREAS, subject to the terms and conditions of this Amendment, the parties have
agreed to so amend the Credit Agreement;

NOW, THEREFORE, in consideration of the foregoing premises, the terms and
conditions stated herein and other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the Borrower, the other Loan
Parties, the Lenders, Lehman and the Administrative Agent, such parties hereby
agree as follows:

1. Amendments to Credit Agreement. Subject to the satisfaction of each of the
conditions set forth in Section 2 of this Amendment, the Credit Agreement is
hereby amended as follows:

(a) Schedule I of the Credit Agreement is hereby amended as follows:

(i) The definition of “Lenders” is hereby amended to delete such definition in
its entirety and to replace such definition with the following definition:

“Lenders” means the institutions listed on the signature pages hereof and each
institution that shall become a party hereto pursuant to Section 9.7; provided,
however, that from and after the “Effective Date” under and as defined

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in that certain Amendment No. 2 to this Agreement dated as of as of May 10, 2010
among the Borrower, the Administrative Agent and certain of the Lenders, Lehman
Commercial Paper Inc. shall no longer constitute a “Lender” hereunder.

(ii) The definition of “Revolving Commitment Amount” is hereby amended to delete
such definition in its entirety and to replace such definition with the
following definition:

“Revolving Commitment Amount” means $145,000,000, as the same may be reduced
pursuant to Section 2.2, or increased pursuant to Section 2.23, after the
“Effective Date” under and as defined in that certain Amendment No. 2 to this
Agreement dated as of May 10, 2010 among the Borrower, the Administrative Agent
and certain of the Lenders.

(b) Schedule V of the Credit Agreement is hereby replaced with Schedule V
attached hereto as Exhibit A.

2. Effectiveness of this Amendment; Conditions Precedent. The provisions of
Section 1 of this Amendment shall be deemed to have become effective as of the
date first written above (the “Effective Date”), but such effectiveness shall be
expressly conditioned upon the Administrative Agent’s receipt of executed
counterparts of this Amendment executed by Authorized Officers of the Borrower
and the other Loan Parties, the Majority Lenders and Lehman.

3. Representations, Warranties and Covenants.

(a) The Borrower and each other Loan Party hereby represents and warrants that
this Amendment and the Credit Agreement as amended hereby (collectively, the
“Amendment Documents”) constitute legal, valid and binding obligations of the
Borrower and the other Loan Parties enforceable against the Borrower and the
other Loan Parties in accordance with their terms.

(b) The Borrower and each other Loan Party hereby represents and warrants that
its execution and delivery of this Amendment, and the performance of the
Amendment Documents, have been duly authorized by all proper corporate or
limited liability company action, do not violate any provision of its
organizational documents, will not violate any law, regulation, court order or
writ applicable to it, and will not require the approval or consent of any
governmental agency, or of any other third party under the terms of any contract
or agreement to which it or any of its Affiliates is bound (which has not been
previously obtained), including without limitation, the Note Indenture and the
Bonding Agreement.

(c) The Borrower and each other Loan Party hereby represents and warrants that,
both before and after giving effect to the provisions of this Amendment, (i) no
Default or Event of Default has occurred and is continuing or will have occurred
and be continuing and (ii) all of the representations and warranties of the
Borrower and each other Loan Party contained in the Credit Agreement and in each
other Loan Document (other than representations and warranties which, in
accordance with their express terms,

 

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are made only as of an earlier specified date) are, and will be, true and
correct as of the date of its execution and delivery hereof or thereof in all
material respects as though made on and as of such date.

4. Reaffirmation, Ratification and Acknowledgment. The Borrower and each other
Loan Party hereby (a) ratifies and reaffirms all of its payment and performance
obligations, contingent or otherwise, and each grant of security interests and
liens in favor of the Administrative Agent, under each Loan Document to which it
is a party, (b) agrees and acknowledges that such ratification and reaffirmation
is not a condition to the continued effectiveness of such Loan Documents and
(c) agrees that neither such ratification and reaffirmation, nor the
Administrative Agent’s, or any Lender’s solicitation of such ratification and
reaffirmation, constitutes a course of dealing giving rise to any obligation or
condition requiring a similar or any other ratification or reaffirmation from
the Borrower or such other Loan Parties with respect to any subsequent
modifications to the Credit Agreement or the other Loan Documents. As modified
hereby, the Credit Agreement is in all respects ratified and confirmed, and the
Credit Agreement as modified by this Amendment shall be read, taken and so
construed as one and the same instrument. Each of the Loan Documents shall
remain in full force and effect and are hereby ratified and confirmed. Neither
the execution, delivery nor effectiveness of this Amendment shall operate as a
waiver of any right, power or remedy of the Administrative Agent or the Lenders,
or of any Default or Event of Default (whether or not known to the
Administrative Agent or the Lenders), under any of the Loan Documents. This
Amendment shall constitute Loan Documents for purposes of the Credit Agreement.

5. Effect of this Amendment. From and after the Effective Date, (a) Lehman shall
have no further obligation to fund any amount or extend any credit under the
Loan Documents and shall no longer be considered a Lender thereunder, (b) the
Revolving Commitment of each Lender other than Lehman shall remain unchanged, as
set forth in amended Schedule V attached hereto, (c) the Revolving Credit
Percentage of each Lender other than Lehman shall be increased as set forth in
amended Schedule V attached hereto, including, without limitation, with respect
to participation obligations for currently outstanding Letters of Credit
pursuant to Section 3.4 of the Credit Agreement, and reimbursement and
indemnification obligations thereafter claimed by the Administrative
Agent-Related Persons pursuant to Section 8.7 of the Credit Agreement
(regardless of whether the events and circumstances giving rise to such
reimbursement or indemnification obligations occurred prior to or after the
Effective Date), and (d) notwithstanding anything herein to the contrary, any
and all interest on outstanding Loans, and Letter of Credit Fees, in each case
which have accrued and are allocable to Lehman with respect to periods prior to
the Effective Date (based upon its Revolving Credit Percentage in effect prior
to the Effective Date), but which are paid to the Administrative Agent or the
Lenders on or after the Effective Date, shall be paid to Lehman.

6. Mutual Release.

(a) For good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and in connection with this Amendment, each of the
Borrower, the Loan Parties, the Administrative Agent and the Lenders (other than
Lehman) (each a “Remaining Party”) hereby unconditionally and irrevocably waives
all claims, suits, debts, liens, losses, causes of action, demands, rights,
damages or costs, or expenses of

 

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any kind, character or nature whatsoever, known or unknown, fixed or contingent,
which any such Remaining Party may have or claim to have against Lehman (in its
capacity as a lender) or its agents, employees, officers, affiliates, directors,
representatives, attorneys, successors and assigns (collectively, the “Released
Lehman Parties”), to the extent arising out of or in connection with the Loan
Documents or any prior or future Borrower request to fund or make an extension
of credit under the Credit Agreement including, without limitation, any past or
future failure by Lehman to fund any Loan required to be funded by it under the
Credit Agreement, but excluding any breach by Lehman of its contractual
obligations under this Amendment (collectively, the “Remaining Party Claims”).
Each of the Remaining Parties further agree forever to refrain from commencing,
instituting or prosecuting any lawsuit, action or other proceeding against any
Released Lehman Party, with respect to any and all of the foregoing described
waived, released, acquitted and discharged Remaining Party Claims and from
exercising any right of recoupment or setoff that it may have under a master
netting agreement or otherwise against any Released Lehman Party with respect to
Obligations under the Loan Documents. Each of the Released Lehman Parties shall
be a third party beneficiary of this Amendment.

(b) For good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, and in connection with this Amendment, Lehman hereby
unconditionally and irrevocably waives all claims, suits, debts, liens, losses,
causes of action, demands, rights, damages or costs, or expenses of any kind,
character or nature whatsoever, known or unknown, fixed or contingent, which
Lehman (in its capacity as a lender) may have or claim to have against any
Remaining Party or its agents, employees, officers, affiliates, directors,
representatives, attorneys, successors and assigns (collectively, the “Released
Remaining Parties”), to the extent arising out of or in connection with the Loan
Documents or any prior or future Borrower request to fund or make an extension
of credit under the Credit Agreement, but excluding any breach by any such
Released Remaining Party of its contractual obligations under this Amendment
(collectively, the “Lehman Claims”). Lehman further agrees forever to refrain
from commencing, instituting or prosecuting any lawsuit, action or other
proceeding against any Released Remaining Party, with respect to any and all of
the foregoing described waived, released, acquitted and discharged Lehman Claims
and from exercising any right of recoupment or setoff that it may have under a
master netting agreement or otherwise against any such Released Remaining Party
with respect to Obligations under the Loan Documents. Each of the Released
Remaining Parties shall be a third party beneficiary of this Amendment.

7. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO ITS
CONFLICTS OF LAW PRINCIPLES (OTHER THAN THE PROVISIONS OF 5-1401 AND 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW).

8. Administrative Agent’s Expenses. The Borrower hereby agrees to promptly
reimburse the Administrative Agent for all of the reasonable out-of-pocket
expenses, including, without limitation, attorneys’ and paralegals’ fees, it has
heretofore or hereafter incurred or incurs in connection with the preparation,
negotiation and execution of this Amendment and the other documents, agreements
and instruments contemplated hereby.

 

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9. Counterparts. This Amendment may be executed in counterparts, each of which
shall be an original and all of which together shall constitute one and the same
agreement among the parties.

* * * *

 

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year
first above written.

 

GREAT LAKES DREDGE & DOCK CORPORATION By:  

/s/ Deborah A. Wensel

Name:  

Deborah A. Wensel

Title:  

Chief Financial Officer

GREAT LAKES CARIBBEAN DREDGING, INC. By:  

/s/ Deborah A. Wensel

Name:  

Deborah A. Wensel

Title:  

Chief Financial Officer

GREAT LAKES DREDGE & DOCK COMPANY, LLC By:  

/s/ Deborah A. Wensel

Name:  

Deborah A. Wensel

Title:  

Chief Financial Officer

DAWSON MARINE SERVICES COMPANY By:  

/s/ Deborah A. Wensel

Name:  

Deborah A. Wensel

Title:  

Chief Financial Officer

Signature Page to

Amendment No. 2 to Credit Agreement

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NASDI HOLDINGS CORPORATION By:  

/s/ Deborah A. Wensel

Name:  

Deborah A. Wensel

Title:  

Chief Financial Officer

NASDI, LLC By:  

/s/ Deborah A. Wensel

Name:  

Deborah A. Wensel

Title:  

Chief Financial Officer

FIFTY-THREE DREDGING CORPORATION By:  

/s/ Paul E. Dinquel

Name:  

Paul E. Dinquel

Title:  

Vice President

Signature Page to

Amendment No. 2 to Credit Agreement

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BANK OF AMERICA, N.A., as successor by

merger to LaSalle Bank National Association,

as Administrative Agent

By:  

/s/ Bozana Janociak

Name:  

Bozana Janociak

Title:  

Assistant Vice President

Signature Page to

Amendment No. 2 to Credit Agreement

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BANK OF AMERICA, N.A., as a Lender,

Swing Line Lender and Issuing Lender

By:  

/s/ Jonathan M. Phillips

Title:   Senior Vice President

Signature Page to

Amendment No. 2 to Credit Agreement

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GENERAL ELECTRIC CAPITAL CORPORATION,

as a Lender and as Syndication Agent

By:  

/s/ Danuta Buellesbach

Title:   Duly Authorized Signatory

Signature Page to

Amendment No. 2 to Credit Agreement

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FIFTH THIRD BANK, as a Lender

and as Co-Documentation Agent

By:  

/s/ Neil Mesch

Title:   Vice President

Signature Page to

Amendment No. 2 to Credit Agreement

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PNC BANK, NATIONAL ASSOCIATION,

as successor to National City Bank,

as a Lender and as Co-Documentation Agent

By:  

/s/ Jon R. Hinard

Title:   Senior Vice President

Signature Page to

Amendment No. 2 to Credit Agreement

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RBS CITIZENS, N.A., as successor

by merger to Charter One Bank,

as a Lender and as Co-Documentation Agent

By:  

 

Title:  

Signature Page to

Amendment No. 2 to Credit Agreement

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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender By:  

/s/ Joseph Colianni

Title:   Managing Director

Signature Page to

Amendment No. 2 to Credit Agreement

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MB FINANCIAL BANK, as a Lender By:  

/s/ Henry Wessel

Title:   Vice President

Signature Page to

Amendment No. 2 to Credit Agreement

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LEHMAN COMMERCIAL PAPER INC. By:  

/s/ Maria M. Lund

Title:   Authorized Signatory

Signature Page to

Amendment No. 2 to Credit Agreement

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EXHIBIT A

SCHEDULE V

COMMITMENT SCHEDULE

 

LENDER

   REVOLVING LOAN
COMMITMENT    REVOLVING CREDIT
PERCENTAGE  

Bank of America, N.A.

   $ 37,500,000.00    25.8620689 % 

General Electric Capital Corporation

   $ 22,500,000.00    15.5172413 % 

Fifth Third Bank

   $ 20,000,000.00    13.7931034 % 

PNC Bank, National Association

   $ 20,000,000.00    13.7931034 % 

RBS Citizens, N.A.

   $ 20,000,000.00    13.7931034 % 

Wells Fargo Bank, National Association

   $ 15,000,000.00    10.3448275 % 

MB Financial Bank

   $ 10,000,000.00    6.8965517 % 

Total

   $ 145,000,000.00    100.00 %