Document:

Exhibit 10.19

                              ACQUISITION AGREEMENT

                                  July 6, 2005

                          POCKETSPEC TECHNOLOGIES INC.
                                 ACQUISITION OF
                               SPANISH TRAILS, LLC

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                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

Recitals ................................................................    1

Agreement  ..............................................................    1

         1.  Plan of Acquisition  .......................................    1

         2.  Exchange of Equity .........................................    1

         3.  Delivery of Shares  ........................................    1

         4.  Representations of Acquiree  ...............................    1

         5.  Representations of Acquiring Corporation  ..................    3

         6.  Closing and Delivery Date  .................................    5

         7.  Conditions Precedent to the Obligations of Acquiree  .......    5

         8.  Conditions Precedent to the Obligations of Acquiror  .......    6

         9.  Indemnification  ...........................................    6

         10. Nature and Survival of Representations  ....................    7

         11. Documents at Closing  ......................................    7

         12. Miscellaneous  .............................................    7

Signature Page  .........................................................    9

                                      -ii-
<PAGE>

                              ACQUISITION AGREEMENT

     THIS ACQUISITION AGREEMENT is entered into this 6th day of July, 2005, by
and between POCKETSPEC TECHNOLOGIES INC., a Colorado corporation, (hereinafter
"Acquiror"); and SPANISH TRAILS, LLC, a New Mexico limited liability company;
(hereinafter referred to as "Acquiree"); and the undersigned Members of
Acquiree, (hereinafter referred to as "Members").

                                    RECITALS

     Members of Acquiree own or control all of the issued and outstanding
memberships of Acquiree. Acquiror desires to acquire all of the issued and
outstanding memberships of Acquiree, making Acquiree a wholly-owned subsidiary
of Acquiror, and Members desire to make a tax-free exchange solely of their
memberships in Acquiree for shares of Acquiror's common stock to be exchanged as
set out herein with said Members.

     NOW, THEREFORE, for the mutual consideration set out herein, the parties
agree as follows:

                                    AGREEMENT

     1.   Plan of Acquisition. Members of Acquiree are the owners of all the
          issued and outstanding memberships of said Acquiree. It is the
          intention of the parties hereto that all of the issued and outstanding
          memberships of Acquiree shall be acquired by Acquiror in exchange
          solely for newly issued Acquiror voting stock. It is the intention of
          the parties hereto that this transaction qualify as a tax-free
          reorganization under Section 368 of the Internal Revenue Code of 1986,
          as amended, as an exchange of equity.

     2.   Exchange of Equity. Acquiror and Members agree that all of the issued
          and outstanding memberships of Acquiree shall be exchanged with
          Acquiror for an aggregate total of 614,882,069 shares of restricted
          common stock of Acquiror. The Acquiror shares will, on the date of
          delivery to the Members, (which is hereafter defined as the Delivery
          Date), be delivered to the Members in exchange for their memberships
          in Acquiree. Members represent and warrant that they will hold such
          shares of common stock of Acquiror for investment purposes and not for
          further public distribution and agree that the shares shall be
          appropriately restricted.

     3.   Delivery of Shares. On the Delivery Date (which is defined as the date
          in Paragraph 6 herein), Members will deliver certificates for the
          memberships of Acquiree duly endorsed so as to make Acquiror the sole
          holder thereof free and clear of all claims and encumbrances. On the
          Delivery Date, delivery of the Acquiror shares, which will be
          appropriately restricted as to transfer, will be made to the Members
          as set forth herein. A list of the memberships of Acquiree and shares
          of Acquiror to be received by said Members is attached hereto as
          Exhibit "A" and by this reference is incorporated herein.

     4.   Representations of Acquiree. The Acquiree, hereby represents and
          warrants that, with respect to the Acquiree, effective this date, the
          Closing Date (which is defined as the date in Paragraph 6 herein), and
          the Delivery Date, the representations listed below are true and
          correct to the best of their knowledge, information, and belief. Said
          representations are meant and intended by all parties to apply to the
          Acquiree:

<PAGE>

          (a)  The listed Members on Exhibit "A" are the sole owners of all of
               the issued and outstanding memberships of Acquiree; such
               memberships are free from claims, liens, or other encumbrances
               except as disclosed in any Exhibit hereto; and Members have the
               unqualified right to transfer and dispose of such memberships.

          (b)  The issued memberships of Acquiree constitute validly issued
               memberships of Acquiree, fully-paid and nonassessable.

          (c)  Reserved.

          (d)  Prior to and as of the Closing Date and the Delivery Date, there
               will not be any negative material changes in the financial
               position of Acquiree, except changes arising in the ordinary
               course of business, which changes will in no event adversely
               affect the financial position of said Acquiree.

          (e)  To the best of Acquiree's knowledge, information and belief, it
               is not involved in, and has not received judicial notice of any
               pending litigation or governmental investigation or proceeding
               not reflected in such financial statement, or otherwise disclosed
               in writing to Acquiror and, to the best knowledge of Acquiree, no
               material litigation, claims, or assessments, or governmental
               investigation or proceeding is threatened against Acquiree, its
               principal Members or properties.

          (f)  As of the Closing Date and the Delivery Date, Acquiree will be in
               good standing in its jurisdiction of incorporation, and will be
               in good standing and in the process of becoming duly qualified to
               do business in each jurisdiction where required to be so
               qualified.

          (g)  Acquiree has complied with all applicable laws in connection with
               its formation, issuance of securities, organization,
               capitalization and operations, and to the best of Acquiree's
               knowledge, information and belief, no contingent liabilities have
               been threatened or claims made, and no basis for the same exists
               with respect to said operations, formation or capitalization,
               including claims for violation of any state or federal securities
               laws.

          (h)  Acquiree has filed all governmental, tax or related returns and
               reports due or required to be filed and has paid all taxes or
               assessments which have or which shall become due as of the
               Closing Date and the Delivery Date.

          (i)  Except as disclosed in this Agreement or on any Exhibit, Acquiree
               has not breached any material agreement to which it individually
               or collectively may be a party.

                                        2
<PAGE>

          (j)  Acquiree has no subsidiary corporations.

          (k)  The corporate financial records, minute books, and other
               documents and records of Acquiree are to be available to present
               management of Acquiror prior to the Closing Date and turned over
               to new management of Acquiror in their entirety on the Delivery
               Date.

          (l)  The execution of this Agreement will not violate or breach any
               agreement, contract, or commitment to which Acquiree or Members
               are a party, except as has been disclosed to Acquiror, and has
               been duly authorized by all appropriate and necessary action.

          (m)  The authorized and issued capitalization of Acquiree is 100
               Units. Acquiree has only one class of memberhip. As of the
               Closing Date, all outstanding memberships will have been duly
               authorized, validly issued and will be fully paid and
               nonassessable with no personal liability attaching to the
               ownership thereof. There will be no outstanding convertible
               securities, warrants, options or commitments of any nature which
               may cause authorized but unissued securities to be issued to any
               person.

          (n)  To the best knowledge of Members and Acquiree, Acquiree is not
               subject to any material labor disputes or disagreements, either
               actual or contingent. Further, as of the Closing Date, there will
               not be any employee or consultant contracts issued and
               outstanding which have not been disclosed in Exhibit D hereto.

          (o)  To the best knowledge of Members and Acquiree, Acquiree's
               products, materials and brochures do not infringe the patent or
               copyright rights of any other person or entity.

          (p)  At the date of this Agreement, Members have, and at the Closing
               Date and the Delivery Date, they will have to the best of their
               knowledge, disclosed all events, conditions and facts materially
               affecting the business and prospects of Acquiree and its assets.
               Members have not now and will not have, at the Closing Date or
               the Delivery Date, withheld knowledge of any such events,
               conditions, and facts which they know, or have reasonable grounds
               to know, may materially affect the business and prospects of
               Acquiree or its assets.

5.   Representations of Acquiring Corporation. Acquiror hereby represents and
     warrants as follows, effective this date, the Closing Date, and the
     Delivery Date, the representations listed below are true and correct to the
     best of its knowledge, information, and belief:

     (a)  As of the Delivery Date, the Acquiror shares to be delivered to the
          Members will constitute valid and legally issued shares of Acquiror,
          fully-paid and nonassessable, and will be legally equivalent in all
          respects to the common stock of Acquiror issued and outstanding as of
          the date thereof.

                                        3
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     (b)  The officers of Acquiror are duly authorized to execute this Agreement
          and have taken all actions required by law and agreements, charters,
          and bylaws, to properly and legally execute this Agreement.

     (c)  Acquiror has made available to Acquiree combined audited financial
          statements for the past two fiscal years, which shall be true,
          complete and accurate; there are and shall be no substantial
          liabilities, either fixed or contingent, not reflected in such
          financial statements and records or to which the Acquiree has not been
          made aware. Said financial statements fairly and accurately reflect
          the financial condition of the Acquiror as of the date thereof and the
          results of operations for the period reflected therein. Such
          statements shall have been prepared in accordance with US Generally
          Accepted Accounting Principles, consistently applied.

     (d)  Prior to and as of the Closing Date and the Delivery Date, there will
          not be any material changes in the financial position of Acquiror,
          except changes arising in the ordinary course of business, which
          changes will in no event adversely affect the financial condition of
          the Acquiror.

     (e)  Except as previously disclosed, Acquiror is not involved in any
          pending litigation, claims, or governmental investigation or
          proceeding not reflected in such financial statements or otherwise
          disclosed in writing to the Members, and there are otherwise no
          lawsuits, claims, assessments, investigations, or similar matters, to
          the best knowledge of management, threatened or contemplated against
          Acquiror, its management or properties.

     (f)  As of the Closing Date and the Delivery Date, Acquiror is duly
          organized, validly existing and in good standing under the laws of the
          State of Colorado; it has the corporate power to own its property and
          to carry on its business as now being conducted and is duly qualified
          to do business in any jurisdiction where so required.

     (g)  Acquiror will have filed, by the Delivery Date, all federal, state,
          county and local income, excise, property and other tax returns,
          forms, or reports, which are due or required to be filed by it prior
          to the date hereof and has paid or made adequate provision for the
          payment of all taxes, fees, or assessments which have or may become
          due pursuant to such returns or pursuant to any assessments received.

     (h)  Except as previously disclosed, Acquiror has not breached, nor is
          there any pending or threatened claims or any legal basis for a claim
          that Acquiror has breached, any of the terms or conditions of any
          agreements, contracts or commitments to which it is a party or is
          bound and the execution and performance hereof will not violate any
          provisions of applicable law of any agreement to which Acquiror is
          subject.

                                        4
<PAGE>

     (i)  The present capitalization of Acquiror is consists of 900,000,000
          authorized common shares, of which 137,265,372 shares are issued and
          outstanding, and 1,000,000 authorized preferred shares, of which none
          are issued or outstanding. All outstanding shares have been duly
          authorized, validly issued, and fully paid. There are also shares
          reserved for issuance under the Aquiror's Form S-8 registration
          statement. Otherwise, there are not outstanding or presently
          authorized securities, warrants, options or related commitments of any
          nature.

     (j)  Acquiror has one subsidiary corporation, Sierra Norte, LLC.

     (k)  The shares of restricted common stock of Acquiror to be issued to
          Members as of the Delivery Date, will be validly issued, nonassessable
          and fully-paid under Colorado corporation law and will be issued in a
          non-public offering and exempted transaction under federal and state
          securities laws.

     (l)  At the date of this Agreement, Acquiror has, and at the Closing Date,
          and as of the Delivery Date it will have, disclosed all events,
          conditions and facts materially affecting the business and prospects
          of Acquiror. Acquiror has not now and will not have, at the Closing
          Date, or at the Delivery Date, withheld disclosure of any such events,
          conditions, and facts which it, through management has knowledge of,
          or has reasonable grounds to know, may materially affect the business
          and prospects of Acquiror.

     (m)  Acquiror is a public company and represents that, except as previously
          disclosed, it has no existing or threatened liabilities, claims,
          lawsuits, or basis for the same with respect to its shareholders, the
          public, brokers, the U.S. Securities and Exchange Commission, state
          agencies or other persons. This includes matters relating to state or
          federal securities laws as well as general common law or state
          corporation law principles.

6.   Closing and Delivery Date. The Closing Date herein referred to shall be
     upon such date as the parties hereto may mutually agree for the execution
     of this Agreement but is expected to be on or about July 6, 2005. This
     Agreement is executed by the parties and effective as of the date hereof,
     subject only to the final approval of the Boards of Directors of both
     parties. The date of final approval of the transaction shall be known as
     the Delivery Date. Certain exhibits, etc. may be delivered subsequent to
     the Delivery Date upon the mutual agreement of the parties hereto. The
     Members will be deemed to have accepted, as of the Delivery Date, delivery
     of the certificates of stock to be issued in their respective names, and in
     connection therewith will make delivery of their stock in Acquiree to
     Acquiror.

7.   Conditions Precedent to the Obligations of Acquiree. All obligations of
     Acquiree and Members under this Agreement are subject to the fulfillment,
     prior to, as of the Closing Date, or at the Delivery Date, of each of the
     following conditions:

     (a)  The representations and warranties by or on behalf of Acquiror
          contained in this Agreement or in any certificate or document
          delivered to Acquiree pursuant to the provisions hereof shall be true
          in all material respects at and as of the Closing Date and the
          Delivery Date as though such representations and warranties were made
          at and as of such time.

                                        5
<PAGE>

     (b)  Acquiror shall have performed and complied with all covenants,
          agreements, and conditions required by this Agreement to be performed
          or complied with by it prior to or at the Closing Date, subject only
          to the conditions required on the Delivery Date.

     (c)  The Directors of Acquiror shall have approved this transaction and
          such other reasonable matters as requested by Acquiree as pertaining
          to this transaction.

8.   Conditions Precedent to the Obligations of Acquiror. All obligations of the
     Acquiror under this Agreement are subject to the fulfillment, prior to, as
     of the Closing Date, or at the Delivery Date, of each of the following
     conditions:

     (a)  The representations and warranties by Acquiree and Members contained
          in this Agreement or in any certificate or document delivered to
          Acquiror pursuant to the provisions hereof shall be true at and as of
          the Closing Date and the Delivery Date as though such representations
          and warranties were made at and as of such time.

     (b)  Acquiree and Members shall have performed and complied with all
          covenants, agreements, and conditions required by this Agreement to be
          performed or complied with by it prior to or at the Closing Date,
          subject only to the conditions on the Delivery Date.

     (c)  Members shall deliver to Acquiror a letter commonly known as an
          "investment letter" agreeing that the shares of stock in Acquiror are
          being acquired for investment purposes, and not with a view to resale.

     (d)  Members shall state, and reaffirm as of the Delivery Date, that the
          materials, including, current financial statements, prepared and
          delivered by Acquiror to Members, have been read and understood by
          Members, that they are familiar with the business of Acquiror, that
          they are acquiring the Acquiror shares under Section 4(2), commonly
          known as the private offering exemption of the Securities Act of 1933,
          and that the shares are restricted and may not be resold, except in
          reliance on an exemption under the Act.

     (e)  The Directors of the Acquiror shall have approved this Agreement.

9.   Indemnification. Within the period provided in paragraph 10 herein and in
     accordance with the terms of that paragraph, each party to this Agreement,
     shall indemnify and hold harmless each other party at all times after the
     date of this Agreement against and in respect of any liability, damage or
     deficiency, all actions, suits, proceedings, demands, assessments,
     judgments, costs and expenses including attorney's fees incident to any of
     the foregoing, resulting from any misrepresentations, breach of covenant or
     warranty or non-fulfillment of any agreement on the part of such party
     under this Agreement or from any misrepresentation in or omission from any
     certificate furnished or to be furnished to a party hereunder. Subject to
     the terms of this Agreement, the defaulting party shall reimburse the other
     party or parties on demand, for any reasonable payment made by said parties
     at any time after the Closing, in respect of any liability or claim to
     which the foregoing indemnity relates, if such payment is made after
     reasonable notice to the other party to defend or satisfy the same and such
     party failed to defend or satisfy the same.

                                        6
<PAGE>

10.  Nature and Survival of Representations. All representations, warranties and
     covenants made by any party in this Agreement shall survive the Closing
     hereunder and the consummation of the transactions contemplated hereby for
     three years from the date hereof. All of the parties hereto are executing
     and carrying out the provisions of this Agreement in reliance solely on the
     representations, warranties and covenants and agreements contained in this
     Agreement and not upon any investigation upon which it might have made or
     any representations, warranty, agreement, promise or information, written
     or oral, made by the other party or any other person other than as
     specifically set forth herein.

11.  Documents at Closing. Between the date hereof and the Delivery Date, the
     following transactions shall occur, all of such transactions being deemed
     to occur simultaneously:

     (a)  Members will deliver, or cause to be delivered, to Acquiror the
          following:

          (1)  membership certificates for the memberships of Acquiree being
               tendered hereunder, duly endorsed in blank,

          (2)  all corporate records of Acquiree, including without limitation
               corporate minute books (which shall contain copies of the
               Articles of Incorporation and Bylaws, as amended to the Delivery
               Date), stock books, stock transfer books, corporate seals, and
               such other corporate books and records as may reasonably
               requested for review by Acquiror and its counsel;

          (3)  such other instruments, documents and certificates, if any, as
               are required to be delivered pursuant to the provisions of this
               Agreement or which may be reasonably requested in furtherance of
               the provisions of this Agreement;

     (b)  Acquiror will deliver or cause to be delivered to Members and
          Acquiree:

          (1)  stock certificates for Common Stock to be issued as a part of the
               exchange as listed on Exhibit "A";

          (2)  such other instruments and documents as are required to be
               delivered pursuant to the provisions of this Agreement.

12.  Miscellaneous.

     (a)  Further Assurances. At any time, and from time to time, after the
          effective date, each party will execute such additional instruments
          and take such action as may be reasonably requested by the other party
          to confirm or perfect title to any property transferred hereunder or
          otherwise to carry out the intent and purposes of this Agreement.

                                        7
<PAGE>

     (b)  Waiver. Any failure on the part of any party hereto to comply with any
          of its obligations, agreements or conditions hereunder may be waived
          in writing by the party to whom such compliance is owed.

     (c)  Brokers. Neither party has employed any brokers or finders with regard
          to this Agreement unless otherwise described in writing to all parties
          hereto.

     (d)  Notices. All notices and other communications hereunder shall be in
          writing and shall be deemed to have been given if delivered in person
          or sent by prepaid first class registered or certified mail, return
          receipt requested to such person's address as it appears in Exhibit
          "A".

     (e)  Headings. The section and subsection headings in this Agreement are
          inserted for convenience only and shall not affect in any way the
          meaning or interpretation of this Agreement.

     (f)  Counterparts. This Agreement may be executed simultaneously in two or
          more counterparts, each of which shall be deemed an original, but all
          of which together shall constitute one and the same instrument.

     (g)  Governing Law. This Agreement was negotiated and is being contracted
          for in the State of Colorado, and shall be governed by the laws of the
          State of Colorado, and the securities being issued herein are being
          issued and delivered within said jurisdiction in accordance with the
          isolated transaction and non-public offering exemption.

     (h)  Binding Effect. This Agreement shall be binding upon the parties
          hereto and inure to the benefit of the parties, their respective
          heirs, administrators, executors, successors and assigns.

     (i)  Entire Agreement. This Agreement is the entire agreement of the
          parties covering everything agreed upon or understood in the
          transaction. There are no oral promises, conditions, representations,
          understandings, interpretations or terms of any kind of condition or
          inducements to the execution hereof.

     (j)  Time. Time is of the essence.

     (k)  Severability. If any part of this Agreement is deemed to be
          unenforceable the balance of the Agreement shall remain in full force
          and effect.

     (l)  Default Costs. In the event any party hereto has to resort to legal
          action to enforce any of the terms hereof, such party shall be
          entitled to collect attorneys fees and other costs from the party in
          default.

                                        8
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement the day and
year first above written.

                                          POCKETSPEC TECHNOLOGIES INC. a
                                          Colorado Corporation

                                          By:  /s/
                                              ----------------------------------
                                              President

                                          SPANISH TRAILS, LLC
                                          a New Mexico limited liability company

                                          By:  /s/
                                              ----------------------------------
                                              Manager

                              MEMBERS OF ACQUIREE:

                                          REAL ESTATE SERVICES, INC.
                                          a New Mexico corporation

                                          By: /s/
                                              ----------------------------------
/s/ FRED M. MONTANO                           President
----------------------------
FRED M. MONTANO, Indivdually

                                          NEW WORLD DEVELOPMENT, INC.

/s/ KAREN Y. DURAN
----------------------------
KAREN Y. DURAN, Individually
                                          By: /s/
                                              ----------------------------------
                                              President

                                            FALCON RIDGE DEVELOPMENT, LLC

                                          By: /s/
                                              ----------------------------------
                                              Manager

                                          BALBOA LIMITED LIABILITY COMPANY,
                                          a Colorado limited liability company

                                          By: /s/
                                              ----------------------------------
                                              Manager

                                          SIESTA KEY REVOCABLE LIVING TRUST,
                                          a Colorado trust

                                          By:  /s/
                                               --------------------------------
                                               Trustee

                                        9
<PAGE>

                                    EXHIBIT A

         Name                               Number of Shares to be Received
         -----                              -------------------------------

Real Estate Services, Inc.                              25,148,674

New World Development, Inc.                             25,150,446

Falcon Ridge Development, LLC.                          61,488,207

Fred M. Montano                                        239,437,267

Karen Y. Duran                                         195,934,363

Balboa Limited Liability Co.                            33,861,556

Siesta Key Revocable Trust                              33,861,556
                                                       -----------

Total:                                                 614,882,069
                                                       ===========
                                       10Exhibit 10.1

 

SECOND AMENDMENT TO CREDIT AGREEMENT

 

THIS
SECOND AMENDMENT TO CREDIT AGREEMENT (this “Agreement”), dated as of
July 6, 2005, is by and among GREAT LAKES DREDGE & DOCK COMPANY, a New
Jersey corporation (the “Borrower”), GREAT LAKES DREDGE & DOCK
CORPORATION, a Delaware corporation (the “Guarantor”), and GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation (the “Lender”).

 

W  I  T  N  E
S  S  E  T  H :

 

WHEREAS,
the Borrower and the Lender are parties to that certain Credit Agreement dated
as of December 17, 2003 (as amended by that certain First Amendment to Credit
Agreement and Guaranty dated as of September 30, 2004 and as otherwise amended,
restated, supplemented or modified and in effect from time to time, the “Credit
Agreement”), pursuant to which the Lender has extended the Loan to the
Borrower; and

 

WHEREAS,
the Borrower and the Lender desire to
amend the Credit Agreement under the terms and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants
contained herein, and other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the parties hereto hereby agree as
follows:

 

1.             Defined Terms.  Terms capitalized herein and not
otherwise defined herein are used with the meanings ascribed to such terms in
the Credit Agreement.

 

2.             Amendment to Credit Agreement.  Section
5.2(r)(iii)(i) of the Credit Agreement is hereby amended by deleting the
ratio “3.00 to 1.00” appearing opposite the period “April 1, 2005 through and
including June 30, 2005” in the table appearing in such section and replacing
such ratio with the ratio “3.30 to 1.00”.

 

3.             Representations and Warranties.  In order
to induce the Lender to enter into this Agreement, the Borrower and the
Guarantor hereby represent and warrant to the Lender, in each case after giving
effect to this Agreement, as follows:

 

(a)           Each of
the Borrower and the Guarantor has the right, power and capacity and has been
duly authorized and empowered by all requisite corporate and shareholder action
to enter into, execute, deliver and perform this Agreement and all agreements,
documents and instruments executed and delivered pursuant to this Agreement.

 

(b)           This
Agreement constitutes each of the Borrower’s and the Guarantor’s legal, valid
and binding obligation, enforceable against it, except as enforcement thereof
may be subject to the effect of any applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting creditors’ rights
generally and general principles of equity (regardless of whether such
enforcement is sought in a proceeding in equity or at law or otherwise).

 

 

(c)           The
execution, delivery and performance of this Agreement by the Borrower and the
Guarantor does not and will not violate such party’s certificate or articles of
incorporation (as applicable) or by-laws, any law, rule, regulation, order,
writ, judgment, decree or award applicable to the Borrower or the Guarantor or
any contractual provision to which the Borrower or the Guarantor is a party or
to which the Borrower or the Guarantor or any of their respective properties is
subject.

 

(d)           No
authorization or approval or other action by, and no notice to or filing or
registration with, any governmental authority or regulatory body (other than
those which have been obtained and are in force and effect) is required in
connection with the execution, delivery and performance by the Borrower or the
Guarantor of this Agreement and all agreements, documents and instruments
executed and delivered pursuant to this Agreement.

 

(e)           No Event
of Default or Default exists under the Credit Agreement or would exist after
giving effect to this Agreement.

 

4.             Miscellaneous.  The parties hereto hereby further
agree as follows:

 

(a)           Payment of Fees and
Costs.  The Borrower hereby agrees to
pay (i) an amendment fee in the amount of $15,356 (the “Amendment Fee”)
and (ii) all reasonable out-of-pocket costs and expenses (evidenced by invoices
in reasonable detail) incurred by the Lender (including the reasonable fees and
expenses of its counsel) in connection with the preparation, execution and
delivery of this Agreement.  This
Agreement shall not be effective until the Borrower shall have  (i) paid the Amendment Fee to the Lender and
(ii) paid to Lender’s counsel the fees set forth on that certain invoice dated
June 30, 2005.

 

(b)           Counterparts.  This Agreement may be executed in one or more
counterparts, each of which, when executed and delivered, shall be deemed to be
an original and all of which counterparts, taken together, shall constitute but
one and the same document with the same force and effect as if the signatures
of all of the parties were on a single counterpart, and it shall not be
necessary in making proof of this Agreement to produce more than one (1) such
counterpart.

 

(c)           Headings.  Headings used in this Agreement are for
convenience of reference only and shall not affect the construction of this
Agreement.

 

(d)           Integration.  This Agreement, the other agreements and
documents executed and delivered pursuant to this Agreement, the Credit
Agreement and the other Loan Documents constitute the entire agreement among
the parties hereto with respect to the subject matter hereof.

 

(e)           Governing
Law.  THIS AGREEMENT SHALL BE DEEMED
TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL
PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS AND DECISIONS OF SAID
STATE, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS
LAW BUT EXCLUDING ALL OTHER CHOICE OF LAW AND CONFLICTS OF LAWS RULES.

 

2

 

(f)            Binding
Effect.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the Borrower,
the Guarantor and the Lender and their respective successors and assigns.  Except as expressly set forth to the contrary
herein, this Agreement shall not be construed so as to confer any right or
benefit upon any Person other than the Borrower, the Guarantor and the Lender and
their respective successors and permitted assigns.

 

(g)           Amendment;
Waiver.  The parties hereto agree and
acknowledge that nothing contained in this Agreement in any manner or respect
limits or terminates any of the provisions of the Credit Agreement or any of
the other Loan Documents other than as expressly set forth herein and further
agree and acknowledge that the Credit Agreement (as amended hereby) and each of
the other Loan Documents remain and continue in full force and effect and are
hereby ratified and confirmed.  Except to
the extent expressly set forth herein, the execution, delivery and
effectiveness of this Agreement shall not operate as an amendment of any
rights, power or remedy of the Lender under the Credit Agreement or any other
Loan Document, nor constitute an amendment of any provision of the Credit
Agreement or any other Loan Document.  No
delay on the part of the Lender in exercising any of its rights, remedies,
powers and privileges under the Credit Agreement or any of the Loan Documents
or partial or single exercise thereof, shall constitute an amendment
thereof.  On and after the Effective Date
each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein” or words of like import, and each reference to the Credit Agreement in
the Loan Documents and all other documents delivered in connection with the
Credit Agreement shall mean and be a reference to the Credit Agreement as
amended hereby.  None of the terms and
conditions of this Agreement may be changed, waived, modified or varied in any
manner, whatsoever, except in accordance with Section 7.1 of the Credit
Agreement.

 

(h)           Reaffirmation
of Guaranty.  The Guarantor
acknowledges receipt of a copy of this Agreement, consents to this Agreement
and each of the transactions referenced in this Agreement and hereby reaffirms
its obligations under the Guaranty.

 

[signature pages follow]

 

3

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed by their respective
officers thereunto duly authorized, as of the date first written above.

 

 

	
   

  	
  GREAT LAKES DREDGE & DOCK COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Leslie A. Braun

  	
   

  
	
   

  	
  Name:

  	
    Leslie
  A. Braun

  	
   

  
	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GREAT LAKES DREDGE & DOCK

  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Leslie A. Braun

  	
   

  
	
   

  	
  Name:

  	
    Leslie
  A. Braun

  	
   

  
	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GENERAL ELECTRIC CAPITAL

  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Frederik W. Aase

  	
   

  
	
   

  	
  Name:

  	
   Frederik
  W. Aase

  	
   

  
	
   

  	
  Title:

  	
    Duly
  Authorized Signatory

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