Document:

Exhibit 10.(b)

 

CONSENT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

We hereby
consent to the use in this Registration Statement on Form N-4 (File No.
333-112892) of our report dated March 30, 2009, relating to the consolidated
financial statements and financial statement schedules and the effectiveness of
internal controls over financial reporting of Protective Life Insurance Company
and subsidiaries, which appears in such Registration Statement.  We also consent to the use in this
Registration Statement on Form N-4 (File No. 333-112892) of our report dated
April 24, 2009, relating to the financial statements of Protective Variable
Annuity Separate Account, which appears in such Registration Statement.  We also consent to the reference to us under
the heading “Experts” in such Registration Statement.

 

 

PricewaterhouseCoopers
LLP

Birmingham,
Alabama

April
29, 2009Exhibit 10.(a)

 

[Sutherland Asbill and Brennan LLP
letterhead]

 

	
  STEPHEN
  E. ROTH

  	
   

  
	
  DIRECT
  LINE: 202.383.0158

  	
   

  
	
  Internet:
  steve.roth@sutherland.com

  	
   

  

 

April 24, 2009

 

Board of Directors

Protective Life Insurance Company

2801 Highway 201 South

Birmingham, Alabama 35223

 

Directors:

 

We hereby consent to the
reference to our name under the caption “Legal Matters” in the statement of
additional information filed as part of post-effective amendment number 9 to
the registration statement on Form N-4 (File No. 333-116814) filed by
Protective Life Insurance Company and Protective Variable Annuity Separate
Account with the Securities and Exchange Commission.  In giving this consent, we do not admit that
we are in the category of persons whose consent is required under Section 7
of the Securities Act of 1933.

 

 

	
   

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SUTHERLAND ASBILL & BRENNAN LLP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Stephen E. Roth

  
	
   

  	
   

  	
   

  	
  Stephen E. RothExhibit 10.(b)

 

CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM

 

We hereby consent to the
use in this Registration Statement on Form N-4 (File No. 333-116814)
of our report dated March 30, 2009, relating to the consolidated financial
statements and financial statement schedules of Protective Life Insurance
Company and subsidiaries, which appears in such Registration Statement.  We also consent to the use in this
Registration Statement on Form N-4 (File No. 333-116814) of our
report dated April 24, 2009, relating to the financial statements of
Protective Variable Annuity Separate Account, which appears in such
Registration Statement.  We also consent
to the reference to us under the heading “Experts” in such Registration
Statement.

 

PricewaterhouseCoopers
LLP

Birmingham, Alabama

April 29, 2009Exhibit 10.1

 

CONFORMED COPY

 

FIFTH
AMENDMENT TO

THIRD
AMENDED AND RESTATED

UNDERWRITING
AND CONTINUING INDEMNITY AGREEMENT

 

THIS FIFTH AMENDMENT TO
THIRD AMENDED AND RESTATED UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT,
dated as of April 27, 2009 (this “Amendment”), is entered into by
and among (i) GREAT LAKES DREDGE & DOCK CORPORATION, a Delaware
corporation (“HOLDINGS”), and the SUBSIDIARIES of HOLDINGS signatories
hereto (collectively with HOLDINGS, the “INDEMNITORS”), (ii) TRAVELERS
CASUALTY AND SURETY COMPANY, a Connecticut corporation (“TCASC”), and (iii) TRAVELERS
CASUALTY AND SURETY COMPANY OF AMERICA, a Connecticut corporation (“TRAVELERS
AMERICA” and together with TCASC, “TRAVELERS”).

 

W I T N E S S E T H:

 

WHEREAS, the INDEMNITORS
and TRAVELERS are parties to a certain Third Amended and Restated Underwriting
and Continuing Indemnity Agreement dated as of December 22, 2003, as
amended, supplemented or otherwise modified from time to time (as amended,
supplemented and modified, the “Agreement”);

 

WHEREAS, the INDEMNITORS
have requested TRAVELERS to amend the Agreement; and

 

WHEREAS, TRAVELERS is
willing to amend the Agreement as provided herein, subject to the terms and
conditions set forth herein;

 

NOW, THEREFORE, in
consideration of the premises, and intending to be legally bound hereby, the
INDEMNITORS and TRAVELERS hereby agree as follows:

 

SECTION 1. 
DEFINED TERMS.

 

Capitalized terms used
herein shall, unless otherwise defined herein, have the meanings provided in
the Agreement.

 

SECTION 2.  AMENDMENTS TO AGREEMENT.

 

Subject to satisfaction
of the conditions set forth in Section 3 of this Amendment, the
Agreement is hereby amended as follows:

 

(a)           Section 6.16 of the
Agreement is hereby amended by amending and restating such section in its entirety
to read as follows:

 

SECTION 6.16 
DIVIDEND RESTRICTIONS. 
HOLDINGS will not pay any dividend or make any other distribution to any
PERSON, except:

 

 

 

(a)          dividends
or distributions payable in common stock or warrants to purchase common stock
or splitups or reclassification of its stock into additional or other shares of
its common stock; and

 

(b)          dividends
or other distributions payable by HOLDINGS in an aggregate amount for all such
dividends and distributions not to exceed in any fiscal year an amount equal to
(i) $5,000,000 minus (ii) the aggregate amount of payments of
interest on or principal of, and payment for any redemption, purchase or
defeasance of, any SUBORDINATED DEBT in such fiscal year pursuant to clause (ii) in
the last sentence of Section 6.21(a); provided, that both
before and after giving effect to such dividends or distributions HOLDINGS
shall be in compliance with the provisions of Section 6.19 and 6.20.

 

Notwithstanding the foregoing, HOLDINGS may
consummate the transactions contemplated by the MERGER AGREEMENT.

 

(b)           Section 6.21 of the
Agreement is hereby amended by amending and restating such section in its
entirety to read as follows:

 

SECTION 6.21  SUBORDINATED DEBT AND PAYMENT BLOCKAGE
NOTICE.

 

(a)          HOLDINGS
shall not, and shall not suffer or permit any of its SUBSIDIARIES to, (i) make
any payment (other than any payment utilizing proceeds from the issuance of any
equity securities by HOLDINGS or any parent entity) of interest on any
SUBORDINATED DEBT on any day other than the stated, scheduled date (subject to
any applicable grace period) for such payment set forth in the document or
agreement evidencing or governing such SUBORDINATED DEBT, (ii) make any
voluntary or mandatory prepayment (other than any payment utilizing proceeds
from the issuance of any equity securities by HOLDINGS or any parent entity) of
principal of, or redeem, purchase or defease, any SUBORDINATED DEBT, or (iii) consent
to any amendment, supplement or other modification of any of the terms or
provisions contained in, or applicable to, any document or agreement evidencing
or governing SUBORDINATED DEBT, except to the extent that such amendment,
supplement or other modification would extend the date or reduce the amount of
any required repayment or redemption or would amend, supplement or modify any
term or provision in a manner not adverse to the rights or interests of
TRAVELERS.  Notwithstanding the
foregoing, HOLDINGS and its SUBSIDIARIES shall be (i) permitted to
refinance the NOTE INDENTURE OBLIGATIONS in connection with a PERMITTED NOTE
REFINANCING and (ii) permitted to, with the prior consent of TRAVELERS
(such consent not to be unreasonably withheld), make any payment of interest on
or principal of, or redeem, purchase or defease, any SUBORDINATED DEBT in an
aggregate amount not to exceed in any fiscal year an amount equal to (x) $5,000,000
minus (y) the aggregate amount of dividends and distributions paid
by Holdings in such fiscal year pursuant to Section 6.16(b) .

 

2

 

(b)          HOLDINGS
shall promptly give notice in writing to TRAVELERS of the receipt by the
Trustee under the DEBT INDENTURE of any PAYMENT BLOCKAGE NOTICE.

 

SECTION 3.   CONDITIONS PRECEDENT.

 

The provisions of this
Amendment shall be effective upon receipt by TRAVELERS of the documents listed
below:

 

(a)           this
Amendment duly executed by all parties hereto.

 

SECTION 4.   REPRESENTATIONS AND WARRANTIES.

 

To induce TRAVELERS to
enter into this Amendment, the INDEMNITORS represent and warrant to TRAVELERS
as of the date hereof and after giving effect to this Amendment that:

 

(a)           The
representations and warranties contained in Article V of the
Agreement, in Section 4 of each SECURITY AGREEMENT (A/R), in Section 4
of each SECURITY AGREEMENT (EQUIPMENT), in Section 4 of the PLEDGE
AGREEMENT and in Article I of each of the VESSEL MORTGAGES, are correct in
all material respects on and as of the date hereof as though made on and as of
such date except to the extent stated to relate to an earlier date, in which
case such representation and warranty shall be correct as of such earlier date.

 

(b)           No
EVENT OF DEFAULT has occurred and is continuing.

 

SECTION 5.  GENERAL.

 

(a)           As hereby modified, the Agreement
shall remain in full force and effect and is hereby ratified, approved and
confirmed in all respects.

 

(b)           This Amendment shall be binding upon
and shall inure to the benefit of the parties hereto and their respective
successors and assigns.

 

(c)           This Amendment may be executed in any
number of counterparts and by the different parties on separate counterparts,
and each such counterpart shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same Amendment.

 

(d)           HOLDINGS acknowledges and agrees that
any expense incurred by TRAVELERS in connection herewith and any other
documents referenced herein (if any) and the transactions contemplated hereby,
including reasonable legal fees and out-of-pocket costs and expenses of outside
counsel, shall be fully paid or reimbursed by HOLDINGS.

 

[Signature Pages Follow]

 

3

 

IN WITNESS WHEREOF, this
Amendment has been duly executed by the parties as of the date first written
above.

 

 

	
   

  	
  GREAT LAKES DREDGE & DOCK CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  
	
   

  	
   

  	
  Name:

  	
  Deborah A. Wensel

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President, Chief Financial Officer and
  Treasurer

  
	
   

  
	
   

  	
   

  
	
   

  	
  GREAT LAKES DREDGE & DOCK COMPANY, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  
	
   

  	
   

  	
  Name:

  	
  Deborah A. Wensel

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President, Chief Financial Officer and
  Treasurer

  
	
   

  	
   

  
	
   

  	
  LYDON DREDGING & CONSTRUCTION COMPANY, LTD.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  
	
   

  	
   

  	
  Name:

  	
  Deborah A. Wensel

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FIFTY-THREE DREDGING CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Susan M. Williams

  
	
   

  	
   

  	
  Name:

  	
  Susan M. Williams

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  DAWSON MARINE SERVICES COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  
	
   

  	
   

  	
  Name:

  	
  Deborah A. Wensel

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President, Chief Financial Officer and
  Treasurer

  

 

 

	
   

  	
  GREAT LAKES CARIBBEAN
  DREDGING, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  
	
   

  	
   

  	
  Name:

  	
  Deborah A. Wensel

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President,
  Chief Financial Officer and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NASDI, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  
	
   

  	
   

  	
  Name:

  	
  Deborah A. Wensel

  
	
   

  	
   

  	
  Title:

  	
  Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NASDI HOLDINGS CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  
	
   

  	
   

  	
  Name:

  	
  Deborah A. Wensel

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President, Chief Financial Officer and
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  YANKEE ENVIRONMENTAL SERVICES, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Deborah A. Wensel

  
	
   

  	
   

  	
  Name:

  	
  Deborah A. Wensel

  
	
   

  	
   

  	
  Title:

  	
  Vice President and Treasurer

  

 

 

	
   

  	
  TRAVELERS CASUALTY AND SURETY COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Damewood

  
	
   

  	
   

  	
  Name:

  	
  Michael Damewood

  
	
   

  	
   

  	
  Title:

  	
  Attorney-in-Fact

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TRAVELERS CASUALTY AND
  SURETY COMPANY OF AMERICA

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Damewood

  
	
   

  	
   

  	
  Name:

  	
  Michael Damewood

  
	
   

  	
   

  	
  Title:

  	
  Attorney-in-Fact

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