Document:

Exhibit 10.2

 

June 13, 2005

 

Great Lakes Dredge &
Dock Company

Attn: Ms. Deb Wensel

2122 York Road

Oak Brook IL 60523

 

Dear Deb:

 

It is our understanding
that the Net Worth of Great Lakes Dredge & Dock Corporation and its
subsidiaries (GLDD) will remain below $82.5 million, the minimum Net Worth that
GLDD is required to maintain under Section 6.19 of the Third Amended and
Restated Underwriting and Continuing Indemnity Agreement.

 

Travelers Casualty and
Surety Company and Travelers Casualty and Surety Company of America
(collectively, “Travelers”) hereby agree to waive GLDD’s compliance with the
Net Worth requirement for the fiscal quarter ending June 30, 2005.  However, Travelers expressly reserves the
right to declare GLDD in default under the Third Amended and Restated
Underwriting and Continuing Indemnity Agreement should GLDD fail to increase
its Net Worth to $82.5 million for the fiscal quarter ending September 30,
2005, and maintain its Net Worth at that level or higher for any fiscal quarter
subsequent to September 30, 2005.

 

Sincerely,

 

Travelers Casualty and
Surety Company

Travelers Casualty and
Surety Company of America

 

	
  /s/ Michael
  Damewood

  	
   

  
	
   

  
	
  By:

  	
  Michael Damewood

  
	
   

  	
  Assistant
  Manager

  
			

 

 

Acknowledged and Agreed
to By:

 

Great Lakes Dredge &
Dock Corporation

 

	
  By:

  	
  /s/ Deborah A.
  Wensel

  	
   

  
	
   

  	
   

  	
   

  
	
  Its:

  	
  Senior Vice
  President and CFO

  	
   

  
	
   

  
	
  cc:

  	
  Brian Hart,
  Winston & StrawnEXHIBIT 10.19.11

 

WAIVER TO

AMENDED AND
RESTATED CREDIT AGREEMENT

 

WAIVER, dated as of February 25, 2005
(this “Waiver”), in respect of the Amended and Restated Credit
Agreement, dated as of April 30, 2004 (as amended, waived, restated,
supplemented or otherwise modified and in effect from time to time, the “Credit
Agreement”) among THE DOE RUN RESOURCES CORPORATION, a New York corporation
(the “Borrower”), the financial institutions from time to time parties
thereto (the “Lenders”), and THE RENCO GROUP, INC., a New York
corporation, as agent for the Lenders (in such capacity, the “Agent”).

 

WHEREAS, pursuant to Section 4.2.1 of
the Credit Agreement the Borrower is required to prepay the Loan and the
Discretionary Credit Obligations (as defined in the Credit Agreement) in the
amount of the lesser of (a) 75% of Consolidated Excess Cash Flow (as
defined in the Credit Agreement) for the 2004 fiscal year of the Borrower or (b) the
sum of (i) the amount of the Loan plus
(ii) the amount of the Discretionary Credit Obligations then outstanding,
which amount the Borrower, the Agent and the Lender agree is equal to
$11,078,000 (the “2004 Excess Cash Flow Prepayment”); and

 

WHEREAS, the Borrower has requested that the
Agent and the Lenders waive the requirement to make the 2004 Excess Cash Flow
Prepayment, and the Agent and the Lender are willing to grant such waiver but
only on the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in consideration of the
premises, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto hereby agree as
follows:

 

1.               Defined
Terms. Unless otherwise defined herein,
terms defined in the Credit Agreement are used herein as therein defined.

 

2.               Waiver. The Agent and the Lender hereby waive the requirement set
forth in Section 4.2.1 of the Credit Agreement that the Borrower make the
2004 Excess Cash Flow Prepayment.

 

3.               Representations. To induce the Agent and the Lenders to enter into this
Waiver, the Borrower ratifies and confirms each representation and warranty set
forth in the Credit Agreement as if such representations and warranties were
made on even date herewith, and further represents and warrants that (a) no
material adverse change has occurred in the financial condition or business
prospects of the Borrower since the date of the last financial statements
delivered to the Agent and the Lenders, (b) after giving effect to this
Waiver, no Default or Event of Default has occurred and is continuing, and (c) the
Borrower is fully authorized to enter into this Waiver.

 

 

4.               Conditions Precedent. This Waiver
shall become effective on the first date (the “Effective Date”) on which each
of the following conditions precedent shall have been satisfied:

 

(a)          Delivered
Documents. On the Effective Date, the
Agent shall have received executed originals of:

 

(i)             this
Waiver, executed by a duly authorized officer of each of the Borrower and the
Required Lenders; and

 

(ii)          such
other documents or certificates as the Agent or counsel to the Agent may
reasonably request.

 

(b)         No
Default. On the Effective Date, and after
giving effect to this Waiver, the Borrower shall be in compliance in all
material respects with all of the terms and provisions set forth in the Credit
Agreement and the other Credit Documents on its part to be observed and no
Event of Default shall have occurred and be continuing.

 

5.               Miscellaneous.

 

(a)          Limited
Effect. Except as expressly consented to
hereby, the Credit Agreement and the other Credit Documents shall remain in
full force and effect in accordance with their respective terms, without any
consent, amendment, waiver or modification of any provision thereof; provided,
however, that upon the Effective Date, all references herein and therein
to the “Credit Documents” shall be deemed to include, in any event, this Waiver
and all other documents delivered to the Agent or any Lender in connection
therewith.  Each reference to the Credit
Agreement in any of the Credit Documents shall be deemed to be a reference to
the Credit Agreement as waived hereby.

 

(b)         Reaffirmation. The Borrower hereby expressly reaffirms that it is indebted
to the Lenders for the Loan and the Discretionary Credit Obligations, and will
make all payments in respect of all principal, interest and other amounts owing
under the Credit Agreement and the other Credit Documents in the amounts and,
except as expressly waived hereby, at the times required by the Loan Agreement.

 

(c)          Severability. In case any of the provisions of this Waiver shall for any
reason be held to be invalid, illegal, or unenforceable, such invalidity,
illegality, or unenforceability shall not affect any other provision hereof,
and this Waiver shall be construed as if such invalid, illegal, or
unenforceable provision had never been contained herein.

 

(d)         Execution
in Counterparts. This
Waiver may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument, and any party hereto may
execute this Waiver by signing one or more counterparts. Delivery of an
executed counterpart of a signature page to this Waiver by

 

2

 

facsimile or telecopier shall be effective as delivery of an originally
executed counterpart of this Waiver.

 

(e)          Governing
Law. This Waiver shall be governed by,
and construed and interpreted in accordance with, the laws of the State of New
York without giving effect to the conflict of law principles thereof; provided,
however, that the Agent and the Lenders shall retain all rights under
federal law.

 

(f)            Rights
of Third Parties. All
provisions herein are imposed solely and exclusively for the benefit of the
Borrower, the Agent, the Lenders, and their permitted successors and assigns,
and no other Person shall be a direct or indirect legal beneficiary of, or have
any direct or indirect cause of action or claim in connection with this Waiver
or any of the other Credit Documents.

 

(g)         COMPLETE AGREEMENT. THIS WRITTEN WAIVER AND THE OTHER WRITTEN
AGREEMENTS ENTERED INTO AMONG THE PARTIES REPRESENT THE FINAL AGREEMENT AMONG
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

 

[SIGNATURES FOLLOW]

 

3

 

IN
WITNESS WHEREOF, the parties hereto have caused this Waiver to be duly executed
and delivered by their proper and duly authorized officers as of the day and
year first above written.

 

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE DOE RUN RESOURCES

  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Chaput

  	
   

  
	
   

  	
  Name:

  	
  David Chaput

  	
   

  
	
   

  	
  Title:

  	
  V.P. Finance, Treasurer & CFO

  	
   

  
	
   

  	
   

  
	
   

  	
  the Borrower’s Address:

  
	
   

  	
  The Doe Run Resources Corporation

  
	
   

  	
  1801 Park 270 Drive

  
	
   

  	
  Suite 300

  
	
   

  	
  St. Louis, Missouri 63146

  
	
   

  	
  Telecopy: (314) 453-7178

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AGENT AND LENDER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE RENCO GROUP, INC., as Agent

  and Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John A. Binko

  	
   

  
	
   

  	
  Name:

  	
  John A. Binko

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The Renco Group, Inc.

  
	
   

  	
  30 Rockefeller Plaza

  
	
   

  	
  New York, New York 10112

  
	
   

  	
  Telecopy: (212) 541-6197EXHIBIT 10.19.12

 

SECOND AMENDMENT AND WAIVER TO

AMENDED AND RESTATED CREDIT AGREEMENT

 

SECOND AMENDMENT AND WAIVER,
dated as of April 29, 2005 (this “Amendment and Waiver”), in
respect of the Amended and Restated Credit Agreement, dated as of April 30,
2004 (as amended, supplemented or otherwise modified prior to the date hereof,
the “Existing Credit Agreement”; as amended hereby and as further
amended, restated, supplemented or otherwise modified and in effect from time
to time, the “Credit Agreement”) among THE DOE RUN RESOURCES
CORPORATION, a New York corporation (the “Borrower”), the financial
institutions from time to time parties thereto (the “Lenders”), and THE
RENCO GROUP, INC., a New York corporation, as agent for the Lenders (in such
capacity, the “Agent”).

 

WHEREAS, the Borrower has
requested the Agent and the Lenders to waive the Borrower’s failure to comply
with and to amend the Capital Expenditure restrictions of Section 6.5.6
with respect to the Borrower’s current fiscal year;

 

WHEREAS, the Borrower has
requested that the amount of the 2004 Excess Cash Flow Prepayment described in
the Waiver to Amended and Restated Credit Agreement, dated as of February 25,
2005, among the Borrower, the Agent and the Lenders (the “February 2005
Waiver”), be increased to $12,673,000; and

 

WHEREAS, the Agent and
Lenders are willing to agree to such amendment and waivers, but only on the
terms and subject to the conditions set forth in this Amendment and Waiver;

 

NOW, THEREFORE, in
consideration of premises, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows:

 

1.                                       Defined Terms.  Unless otherwise defined herein, terms
defined in the Existing Credit Agreement are used herein as therein defined.

 

2.                                       Amendments to Existing Credit Agreement. 
The Existing Credit Agreement is hereby amended as follows:

 

(a)                                  Section 1
is hereby amended by inserting the following new definitions to read as
follows:

 

““Second
Amendment” means the Second Amendment and Waiver, dated as of April 29,
2005, to this Agreement.”

 

““Second
Amendment Effective Date”: means the “Effective Date” as defined in the
Second Amendment.”

 

 

(b)                                 Section 6.5.6
is hereby amended by (i) inserting the following new sentence in the first
paragraph thereof immediately following the second sentence of such paragraph:

 

“The aggregate
amount of Capital Expenditures made by the Company and its Domestic
Subsidiaries in the fiscal year of the Company ending on October 31, 2005
shall not exceed $20,916,000.”;

 

and (ii) by deleting the date “November 1, 2004” in the last
sentence of the first paragraph thereof and substituting in lieu thereof the
date “November 1, 2005”.

 

3.                                       Modification
to February 2005 Waiver.  The
Agent and each Lender hereby agree that the 2004 Excess Cash Flow Prepayment
amount of $11,078,000 set forth in the February 2005 Waiver shall be
amended, with effect from the Effective Date referred to in the February 2005
Waiver, to be $12,673,000.

 

4.                                       Waiver.  The Agent and
each Lender hereby waive the requirement set forth in Section 6.5.6 of the
Existing Credit Agreement with respect to the Borrower’s fiscal year commencing
on November 1, 2004; provided, that such waiver is given on the
condition that, as of the Effective Date, Section 6.5.6 of the Credit
Agreement (as amended by this Amendment and Waiver) shall not have been
contravened.

 

5.                                       Representations.  To induce the Agent and the Lenders to enter into this
Amendment and Waiver, the Borrower ratifies and confirms each representation
and warranty set forth in the Credit Agreement as if such representations and
warranties were made on even date herewith, and further represents and warrants
that (a) no material adverse change has occurred in the financial condition
or business prospects of the Borrower since the date of the last financial
statements delivered to the Agent and the Lenders, (b) no Default or Event
of Default has occurred and is continuing, and (c) the Borrower is fully
authorized to enter into this Amendment and Wavier.

 

6.                                       Conditions
Precedent.  This
Amendment and Waiver shall become effective on the first date (the “Effective
Date”) on which each of the following conditions precedent shall have been
satisfied:

 

(c)                                  Delivered
Documents.  On the Effective
Date, the Agent shall have received executed originals of:

 

(i)                                     this Amendment and Waiver, executed by a
duly authorized officer of each of the Borrower and the Required Lenders;

 

2

 

(ii)                                  payment shall be made to Renco by the
Borrowers for monthly management fees (a) in arrears for prior months
which will be permitted to be paid after giving effect to the waivers granted
within this Second Amendment, and (b) due in the month of May, 2005; both
in accordance with the terms of Section 6.9.2 of the Existing Credit
Agreement; and

 

(iii)                               such other documents or certificates as the Agent or
counsel to the Agent may reasonably request.

 

7.                                       Miscellaneous.

 

(d)                                 Limited Effect.  Except as expressly consented to hereby, the
Credit Agreement and the other Credit Documents shall remain in full force and
effect in accordance with their respective terms, without any consent,
amendment, waiver or modification of any provision thereof; provided, however,
that upon the Effective Date, all references herein and therein to the “Credit
Documents” shall be deemed to include, in any event, the Existing Credit Agreement, this Amendment and Waiver, ,
and all other documents delivered to the Agent or any Lender in connection therewith.  Each reference to the Credit
Agreement in any of the Credit Documents shall be deemed to be a reference to
the Credit Agreement as amended hereby.

 

(e)                                  Severability.  In case any of the provisions of this
Amendment and Waiver shall for any reason be held to be invalid, illegal, or
unenforceable, such invalidity, illegality, or unenforceability shall not
affect any other provision hereof, and this Amendment and Waiver shall be
construed as if such invalid, illegal, or unenforceable provision had never
been contained herein.

 

(f)                                    Execution in
Counterparts.  This
Amendment and Waiver may be executed in any number of counterparts, all of
which taken together shall constitute one and the same instrument, and any
party hereto may execute this Amendment and Waiver by signing one or more
counterparts.  Delivery of an executed
counterpart of a signature page to this Amendment and Waiver by facsimile
or telecopier shall be effective as delivery of an originally executed
counterpart of this Amendment and Waiver.

 

(g)                                 Governing Law.  This Amendment and Waiver shall be governed
by, and construed and interpreted in accordance with, the laws of the State of
New York without
giving effect to the conflict of law principles thereof; provided,
however, that the Agent and the Lenders shall retain all rights under
federal law.

 

(h)                                 Rights of Third
Parties.  All provisions herein are
imposed solely and exclusively for the benefit of the Borrower, the Agent, the
Lenders, and their permitted successors and assigns, and no other Person shall
be a direct or indirect legal beneficiary of, or have any direct or indirect
cause of action or claim in connection with this Amendment and Waiver or any of
the other Credit Documents.

 

3

 

(i)                                    COMPLETE
AGREEMENT.  THIS
WRITTEN AMENDMENT AND WAIVER, AND THE OTHER WRITTEN AGREEMENTS ENTERED INTO
AMONG THE PARTIES, REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT
BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES.  THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

 

 

[SIGNATURES FOLLOW]

 

4

 

IN WITNESS
WHEREOF, the parties hereto have caused this Amendment and Waiver to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

 

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  THE DOE
  RUN RESOURCES

  
	
   

  	
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Chaput

  	
   

  
	
   

  	
  Name:

  	
  David Chaput

  	
   

  
	
   

  	
  Title:

  	
  V.P. Finance,
  Treasurer & CFO

  	
   

  
	
   

  	
   

  
	
   

  	
  the Borrower’s
  Address:

  
	
   

  	
  The Doe Run
  Resources Corporation

  
	
   

  	
  1801 Park 270
  Drive

  
	
   

  	
  Suite 300

  
	
   

  	
  St. Louis,
  Missouri 63146

  
	
   

  	
  Telecopy: (314)
  453-7178

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AGENT AND LENDER:

  
	
   

  	
   

  
	
   

  	
  THE RENCO GROUP, INC., as Agent

  
	
   

  	
  and
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Roger Fay

  	
   

  
	
   

  	
  Name:

  	
  Roger Fay

  	
   

  
	
   

  	
  Title:

  	
  V.P. Finance

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  The Renco Group, Inc.

  
	
   

  	
  30 Rockefeller Plaza

  
	
   

  	
  New York, New York 10112

  
	
   

  	
  Telecopy: (212) 541-6197

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