Document:

1st Amendment to 3rd Amended & Restated Underwriting & Continuing Indemnity Agmt

 Exhibit 10.2 

FIRST AMENDMENT TO 

THIRD AMENDED AND RESTATED 

UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT 

THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED UNDERWRITING AND CONTINUING INDEMNITY AGREEMENT, dated as of September 30, 2004
(the “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 (as assignee of Reliance Insurance Company, a Pennsylvania corporation, United Pacific Insurance Company, a Pennsylvania
corporation, Reliance National Insurance Company, a Delaware corporation, and Reliance Surety Company, a Delaware 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 the INTERCREDITOR AGREEMENT; 

WHEREAS, GLDDC intends to merge (the “GLDDC Merger”) with and into Great Lakes Dredge & Dock Company, LLC, a
Delaware limited liability company and a wholly-owned subsidiary of HOLDINGS (“Great Lakes LLC”), with Great Lakes LLC being the entity surviving the GLDDC Merger; 

WHEREAS, the GLDDC Merger is permitted under the Agreement as long as (a) HOLDINGS will be in compliance with Sections 6.19
and 6.20 of the Agreement after giving effect to the GLDDC Merger and (b) each party to the GLDDC Merger is an INDEMNITOR; and 

WHEREAS, TRAVELERS is willing to amend the Agreement and the INTERCREDITOR AGREEMENT as provided herein and, among other things, to
confirm the validity of all outstanding BONDS upon the consummation of the GLDDC Merger, 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 4 of this Amendment, the Agreement is hereby amended as
follows: 
 (a) Section 1.1 of the Agreement is hereby amended to delete the definition of
“GLDDC” in its entirety and to replace such definition with the following: 
 “GLDDC” means Great Lakes
Dredge & Dock Company, a New Jersey corporation, and, upon the effectiveness of the GLDDC MERGER, thereafter means Great Lakes Dredge & Dock Company, LLC, a Delaware limited liability company.” 

(b) Section 1.1 of the Agreement is hereby further amended by inserting the following new definitions in
the appropriate alphabetical order: 
 “GLDDC MERGER” means the merger of Great Lakes Dredge & Dock Company, a
New Jersey corporation, with and into Great Lakes Dredge & Dock Company, LLC, a Delaware limited liability company and the survivor of such merger. 

“NET WORTH” means, at any date of determination, total stockholder’s equity as set forth on the most recently available
annual consolidated balance sheet of HOLDINGS and its consolidated SUBSIDIARIES (excluding from the determination thereof the effects of any non-cash goodwill or other intangible asset impairment charges resulting from the application of SFAS
No. 142). 
 (c) Section 6.19 of the Agreement is hereby amended by deleting the reference
therein to “$90,000,000” and in its place substituting “$82,500,000”. 
 SECTION 3. ACKNOWLEDGEMENT
WITH RESPECT TO THE GLDDC MERGER. 
 TRAVELERS hereby acknowledges and agrees, for the benefit of GLDDC, Great Lakes LLC,
their respective AFFILIATES and each OBLIGEE, that, upon effectiveness of the GLDDC Merger, (a) each outstanding BOND shall continue to be valid, enforceable and in full force and effect and (b) any reference in any BOND to Great Lakes
Dredge & Dock Company shall be deemed to be a reference to Great Lakes Dredge & Dock Company, LLC (as successor by merger to Great Lakes Dredge & Dock Company). 

SECTION 4. CONDITIONS PRECEDENT. 

This Amendment shall be effective upon receipt by TRAVELERS of the documents listed below: 

 

 2 

 

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

(b) a supplement to the Second Preferred Fleet Mortgage duly executed by GLDDC in favor of TRAVELERS substantially in
the form of Exhibit A attached hereto; and 
 (c) the First Amendment to Intercreditor Agreement duly
executed by all parties thereto other than TRAVELERS substantially in the form of Exhibit B attached hereto. 
 SECTION
5. 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; and 
 (b) No EVENT OF DEFAULT has
occurred and is continuing. 
 SECTION 6. 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. 

[the remainder of this page intentionally left blank] 

 

 3 

 

 IN WITNESS WHEREOF, this Amendment is executed by the parties on the day and date first set
forth 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
		
	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/ William H. Hanson

		 	Name:	  	William H. Hanson
		 	Title:	  	President
	
	 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

[SIGNATURE PAGE TO FIRST AMENDMENT] 
  

 

					
	 NORTH AMERICAN SITE DEVELOPERS, INC.

		
	By:	 	 /s/ Deborah A. Wensel

		 	Name:	 	Deborah A. Wensel
		 	Title:	 	Vice President and Treasurer
	
	 JDC SOIL MANAGEMENT & DEVELOPMENT INC.

		
	By:	 	 /s/ Deborah A. Wensel

		 	Name:	 	Deborah A. Wensel
		 	Title:	 	Senior Vice President and Chief Financial Officer
	
	 GREAT LAKES DREDGE & DOCK COMPANY, LLC

		
	By:	 	 /s/ Deborah A. Wensel

		 	Name:	 	Deborah A. Wensel
		 	Title:	 	Senior Vice President, Chief Financial Officer 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

 
  

 EXHIBIT A 

FORM OF 

SUPPLEMENT NUMBER ONE TO 

SECOND PREFERRED FLEET MORTGAGE 
  

			
	 Vessel Names:
 Official
Numbers:
	  	 Schedule A attached hereto

Schedule A attached hereto

		
	 Percentage Owned:
 Interest
Mortgaged:
	  	 100%

100%

		
	Name of Mortgagor:	  	Great Lakes Dredge & Dock Company
		
	Address of Mortgagor:	  	 c/o Great Lakes Dredge & Dock Corporation

2122 York Road
 Oak Brook, IL
60523

		
	Name of Mortgagees:	  	Travelers Casualty and Surety Company and Travelers Casualty and Surety Company of America
		
	Address of Mortgagees:	  	 One Tower Square, 5PB

Hartford, CT 06183

		
	Date of Mortgage:	  	December 22, 2003
		
	Total Amount of Mortgage:	  	One Hundred Twenty-Five Million United States Dollars ($125,000,000) plus interest, expenses and fees

THIS SUPPLEMENT NUMBER ONE TO SECOND PREFERRED FLEET MORTGAGE (the “Supplement”) is made as of this 30th day of
September, 2004 by GREAT LAKES DREDGE & DOCK COMPANY, a New Jersey corporation (the “Mortgagor”) and TRAVELERS CASUALTY AND SURETY COMPANY, a Connecticut corporation, and TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA, a
Connecticut corporation, each having their address at One Tower Square, 5PB, Hartford, Connecticut 06183 (collectively, the “Mortgagees”, each holding an individual interest as a joint tenant in the vessels mortgaged). 

RECITALS 

A. Mortgagor executed and delivered to Mortgagees that certain Second Preferred Fleet Mortgage covering the whole of the vessels set
forth in Schedule A attached hereto, other 

 
than the vessel G.L. 66, Official Number 1151814, the vessel G.L. 142, Official Number 1139322, and the vessel G.L. 141, Official Number 538934 (together, the “Additional
Vessels”), which mortgage was recorded with the National Vessel Documentation Center on December 22, 2003 at 12:40 p.m. in Batch Number 181534, Document ID 1595263 (the “Mortgage”). 

B. Mortgagor is the sole owner of the whole of the Additional Vessels, which vessels are each duly documented in the name of Mortgagor
under the laws and flag of the United States of America. 
 C. Mortgagor and Mortgagees wish to amend the Mortgage to add the
Additional Vessels to the grant of mortgage contained therein. 
 NOW, THEREFORE, MORTGAGOR AND MORTGAGEES AGREE AS FOLLOWS:

 1. Defined Terms. Capitalized terms not otherwise defined in this Amendment shall have the meaning given in the
Mortgage. 
 2. Grant of Mortgage. Mortgagor, in consideration of certain loans and other financial accommodations that
have or will be made for the benefit of the Great Lakes Dredge & Dock Corporation, a Delaware corporation and Mortgagor’s direct parent corporation, under the Bonding Agreement and of other good and valuable consideration, the receipt
whereof is hereby acknowledged, and in order to secure the full and timely payment and performance of the payment of the Secured Obligations and all other sums which may be secured by the Mortgage, hereby grants, conveys, mortgages, pledges, grants
a security interest in, assigns, transfers, sets over and confirms unto Mortgagees and their successors and assigns the whole of the Additional Vessels, and each of them, together with all of the freights and earnings of each of the Additional
Vessels and all their boilers, engines, machinery, masts, spars, sails, rigging, boats, anchors, nets, chains, cables, tackle, apparel, furniture, fittings, cranes, drills, excavators, shovels, construction equipment, navigation equipment,
propulsion equipment, fuel, lubricating and other oils, consumables and other stores and equipment and all other appurtenances appertaining or belonging thereto, whether now owned or hereafter acquired, whether on board or not, and all additions,
improvements and replacements hereafter made in or to the Additional Vessels, or any part thereof, or in or to the equipment and appurtenances aforesaid. 

3. Definition of Vessels. The definition of the term “Vessels” used in the Mortgage shall mean and include the
whole of all of each and every vessel set forth in Schedule A attached hereto, together with all of the freights and earnings of each vessel and all the boilers, engines, machinery, masts, spars, sails, rigging, boats, anchors, nets, chains,
cables, tackle, apparel, furniture, fittings, cranes, drills, excavators, shovels, construction equipment, navigation equipment, propulsion equipment, fuel, lubricating and other oils, consumables and other stores and equipment and all other
appurtenances to a vessel appertaining or belonging, whether now owned or hereafter acquired, whether on board or not, and all additions, improvements and replacements hereafter made in or to each vessel, or any part thereof, or in or to the
equipment and appurtenances aforesaid and including Mortgagor’s rights under any leases in connection therewith, and the definition of the term “Vessel” used in the Mortgage shall mean any such vessel. 

 

 2 

 4. Amendment to Schedule A. Schedule A attached to the Mortgage is hereby
amended and restated as set forth in Schedule A attached hereto. 
 5. Representations and Warranties. Mortgagor
hereby represents and warrants to Mortgagees that each of the representations and warranties made or deemed made by Mortgagor in the Mortgage (as amended by this Amendment) is true and correct in each case as if made on and as of the date of this
Amendment. 
 6. No Further Amendment. Except as expressly modified by this Amendment, all terms, covenants, and
conditions of the Mortgage remain unchanged and in full force and effect and Mortgagor hereby ratifies and confirms each of its covenants, agreements and obligations arising thereunder. 

7. Preferred Status. Nothing contained herein shall be construed as a waiver by the Mortgagees or shall waive the preferred status
of the Mortgage and any provisions which would otherwise constitute such a waiver shall to such extent be void and have no force and effect. Nothing herein is intended to or shall effect the perfection or priority of the Mortgage. 

8. Filing. Mortgagor will cause this Supplement to be duly filed in accordance with the provisions of Chapter 313 and will
otherwise cause compliance with and satisfaction of all of the provisions of Chapter 313 in order to establish and maintain the Mortgage as supplemented by this Supplement as a second preferred mortgage lien thereunder upon the Vessels, including
the Additional Vessels. Mortgagor shall promptly pay and discharge all United States Coast Guard fees and expenses in connection with the recordation of this Supplement. 

Execution Follows 

* * * * 
  

 3 

 IN WITNESS WHEREOF, Mortgagor and Mortgagees have executed and consented to this Supplement
Number One to Second Preferred Fleet Mortgage this          day of September, 2004. 
  

							
	MORTGAGOR:	 	GREAT LAKES DREDGE & DOCK COMPANY,
		 	a New Jersey corporation
			
		 	By	 	  

		 		 	        Deborah A. Wensel
		 		 	 Senior Vice President, Chief Financial Officer and Treasurer

		
	MORTGAGEE:	 	TRAVELERS CASUALTY AND SURETY
		 	COMPANY, a Connecticut corporation
			
		 	By	 	  

		 		 	  
	 	
			
		 		 	Vice President
		
	MORTGAGEE:	 	TRAVELERS CASUALTY AND SURETY
		 	COMPANY OF AMERICA, a Connecticut
		 	corporation
			
		 	By	 	  

		 		 	  
	 	
				
		 		 	Vice President	 	

  

 4 

					
	STATE OF ILLINOIS	  	)	  	
		  	) ss.	  	
	COUNTY OF             	  	)	  	

 On this              day of
September, 2004, before me, a Notary Public in and for the State of Illinois, personally appeared DEBORAH A. WENSEL, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person who executed this instrument, on
oath stated that she was authorized to execute the instrument, and acknowledged it as the Senior Vice President, Chief Financial Officer and Treasurer of GREAT LAKES DREDGE & DOCK COMPANY, to be the free and voluntary act and deed of said
corporation for the uses and purposes mentioned in the instrument. 
 IN WITNESS WHEREOF, I have hereunto set my hand and
official seal the day and year first above written. 
  

	
	  

	NOTARY PUBLIC in and for the State of Illinois,
	residing at                           
                                         
               
	My appointment expires                        
                                

 

					
	STATE OF CONNECTICUT	  	)	  	
		  	) ss.	  	
	COUNTY OF             	  	)	  	

 On this              day of
September, 2004, before me, a Notary Public in and for the State of Connecticut, personally appeared
                                    , personally known to me
(or proved to me on the basis of satisfactory evidence) to be the person who executed this instrument, on oath stated that he was authorized to execute the instrument, and acknowledged it as the Vice President of TRAVELERS CASUALTY AND SURETY
COMPANY, to be the free and voluntary act and deed of said corporation for the uses and purposes mentioned in the instrument. 

IN WITNESS WHEREOF, I have hereunto set my hand and official seal the day and year first above written. 

 

	
	  

	NOTARY PUBLIC in and for the State of
	Connecticut, residing at                        
                                 
	My appointment expires                        
                                

 

 5 

					
	STATE OF CONNECTICUT	  	)	  	
		  	) ss.	  	
	COUNTY OF             	  	)	  	

 On this              day of
September, 2004, before me, a Notary Public in and for the State of Connecticut, personally appeared
                                        ,
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person who executed this instrument, on oath stated that he was authorized to execute the instrument, and acknowledged it as the Vice President of TRAVELERS
CASUALTY AND SURETY COMPANY OF AMERICA, to be the free and voluntary act and deed of said corporation for the uses and purposes mentioned in the instrument. 

IN WITNESS WHEREOF, I have hereunto set my hand and official seal the day and year first above written. 

 

	
	  

	NOTARY PUBLIC in and for the State of
	Connecticut, residing at                        
                                 
	My appointment expires                        
                                

 

 6 

 EXHIBIT A 

SCHEDULE A 
  

			
	 NAME OF VESSEL
	  	 OFFICIAL NUMBER

		
	 ALASKA
	  	283416
	 ILLINOIS
	  	580274
	 CALIFORNIA
	  	292779
		
	 G.L. 32
	  	609828
	 G.L. 51
	  	288765
	 G.L. 54
	  	560225
	 G.L. 64
	  	922737
	 G.L. 66
	  	1151814
	 G.L. 141
	  	538934
	 G.L. 142
	  	1139322
	 G.L. 230
	  	695575
	 G.L. 231
	  	695576
		
	 MANHATTAN ISLAND
	  	583706

  

 Schedule A - Page 1 of 1 

 EXHIBIT B 

FORM OF 

FIRST AMENDMENT 

TO INTERCREDITOR AGREEMENT 

THIS FIRST AMENDMENT TO INTERCREDITOR AGREEMENT (this “Amendment”), dated as of September 30, 2004, is by and among
Travelers Casualty and Surety Company, a Connecticut corporation (“Travelers”), Travelers Casualty and Surety Company of America, a Connecticut corporation (together with Travelers, the “Sureties”), Bank of America,
N.A., as representative for the Lender Secured Parties (as defined in the Intercreditor Agreement referred to below) (the “Administrative Agent”), GLDD Acquisitions Corp., a Delaware corporation (“Holdings”), Great
Lakes Dredge & Dock Corporation, a Delaware corporation (the “Borrower”), Great Lakes Dredge & Dock Company, a New Jersey corporation (“Great Lakes”), Great Lakes Caribbean Dredging, Inc., a
Delaware corporation (“Caribbean”), Dawson Marine Services Company, a Delaware corporation (“Dawson”), Fifty-Three Dredging Corporation, a New Jersey corporation (“Fifty-Three”), North American Site
Developers, Inc., a Massachusetts corporation (“NASDI”), JDC Soil Management & Development Inc., a Massachusetts corporation (“JDC”), and Great Lakes Dredge & Dock Company, LLC, a Delaware limited
liability company (“Great Lakes LLC”, and, together with Holdings, the Borrower, Great Lakes, Caribbean, Dawson, Fifty-Three, NASDI and JDC, the “Great Lakes Entities”). 

W I T N E S S E T H : 

WHEREAS, the Sureties, the Administrative Agent and the Great Lakes Entities are parties to that certain Intercreditor Agreement dated as
of December 22, 2003 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”); 

WHEREAS, the Great Lakes Entities have requested the amendments to the Intercreditor Agreement set forth herein and, subject to the
conditions set forth herein, the Sureties and the Administrative Agent agree to such amendments; 
 NOW, THEREFORE, in
consideration of the premises, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 SECTION
1. Defined Terms. Terms capitalized herein and not otherwise defined herein are used with the meanings ascribed to such terms in the Intercreditor Agreement. 

SECTION 2. Amendments to Intercreditor Agreement. Subject to satisfaction of the condition set forth in Section 3 of
this Amendment, the Intercreditor Agreement is hereby amended as follows: 
 (a) Section 4.6(c) of the Intercreditor
Agreement is hereby amended to delete such Section in its entity and to replace such Section with the following: 

(c) Restrictions on Taking Additional Collateral. Except as granted pursuant to the Collateral Agreements as in
effect on the date hereof or as otherwise expressly contemplated in Section 6.1(q) of the Credit Agreement or in Article III hereof, each of the Sureties and the Administrative Agent hereby agrees not to accept any additional property of
the Borrower or other party as 

 
collateral for any Lender Obligation or Travelers Obligation or other obligation owed by the Borrower or any of its Subsidiaries unless such action shall have been approved by each of the others,
and in such event only on the condition that such collateral shall immediately become subject to a Lien and shall be shared on a pro rata basis by the Sureties, on the one hand, and the Administrative Agent on the other hand;
provided, however, that nothing in this Section shall preclude: (i) the Sureties or the Administrative Agent from obtaining additional mortgages or the like with respect to any Vessel subject to a Ship Mortgage located or operated
other than in the United States waters, provided that the other receives corresponding mortgages or the like with respect to such Vessel and that the priorities of such mortgages correspond to the priorities of the Ship Mortgages on such Vessel;
(ii) the Sureties from obtaining any lien on additional property of the Indemnitors as contemplated in Section 3.3 of the Bonding Agreement (without giving effect to any amendments to such section after the date hereof) without sharing
such lien with the Administrative Agent; (iii) the Administrative Agent from obtaining any “Deposit” pursuant to and as defined in Section 7.2 of the Credit Agreement; (iv) the Administration Agent, for the benefit of the
Lender Secured Parties, from obtaining first priority liens or security interests on additional collateral in accordance with Section 6.1(p) of the Credit Agreement if second priority liens or security interests on such additional collateral
are granted to the Sureties; (v) the Administrative Agent, for the benefit of the Lender Secured Parties, from obtaining first priority liens or security interests on additional property of the Borrower or any of its Subsidiaries or other
Affiliates if second priority liens or security interests on such property are granted to the Sureties; or (vi) the Sureties from obtaining first priority liens or security interests on additional property of the Borrower or any of its
Subsidiaries or other Affiliates if second priority liens and security interests on such property are granted to the Administrative Agent, for the benefit of the Lender Secured Parties; provided, further, that, in the case of liens and
security interests in additional property obtained pursuant to clauses (iv), or (v) or (vi) of this section, (A) such first and second liens and security interests of the Administrative Agent and the Sureties
shall be subject to security agreements, mortgages and other security and perfection documentation substantially identical in form and substance to one another, and shall otherwise be in form and substance, and subject to such supporting title
abstracts, lien search reports, secretary’s certificates and legal opinions, as may be reasonably required by the Administrative Agent and Travelers, (B) all such additional security agreements, mortgages and other security and perfection
documentation shall constitute Collateral Agreements and Shared Collateral Agreements subject to the terms and conditions of this Agreement, (C) if the collateral subject to such additional security agreements and other documents constitute
Vessels, such security agreements and other documents shall thereupon become part of a Lender First Ship Mortgage, a Lender Second Ship Mortgage, a Travelers First Ship Mortgage, a Travelers Second Ship Mortgage, a Lender Equipment Security
Agreement and/or a Travelers Equipment Security Agreement, as applicable, and be subject to the terms and conditions of this Agreement, (D) if the collateral subject to such 

 

 -2- 

 
additional security agreements and other documents constitutes accounts receivable, general intangibles and/or other property relating to bonded contracts, such security agreements and other
documents shall thereupon become part of the Travelers Receivables Security Agreement or Lender Receivables Security Agreement, as applicable and subject to the terms and conditions of this Agreement, (E) the fair market value of each item of
such additional collateral subject to such liens and security interest shall have been determined pursuant to an appraisal performed by Merrill Marine (or such other appraiser reasonably satisfactory to Travelers and the Administrative Agent), and
such appraisal shall have been delivered by the Borrower to each of Travelers and the Administrative Agent, (F) no such further liens or security interests in additional property may be granted unless, simultaneously with the grant of any such
additional first priority liens and security interests to the Administrative Agent or the Sureties, first priority liens and security interests in other additional property deemed substantially similar by the other party shall be granted to such
other party (provided, however, that this clause (F) shall not apply to additions to collateral pursuant to clause (iv) of this Section 4.6(c) to the extent that the cumulative sum of the fair market
values of all additional property which becomes subject to such liens and security interests pursuant to clause (iv) of this Section does not exceed $10,000,000, and then this clause (F) shall apply only to such excess over
$10,000,000), and (G) unless the party granting such liens and security interests shall at such time already be a Great Lakes Entity, such party shall have agreed to become a party to this Agreement as an additional Great Lakes Entity pursuant
to Section 5.9 hereof. Notwithstanding anything in this Section to the contrary, except to the extent described in Section 3.1, replacement collateral provided to the Administrative Agent or to the Sureties in connection with
a substitution of collateral thereunder, shall not constitute additional collateral subject to this section, unless the liens and security interests in the original collateral or its proceeds were released more than twelve (12) months (or such
greater period as may be agreed to in writing by the Administrative Agent and Travelers) prior to the date on which liens and security interests in the replacement collateral are granted. 

SECTION 3. Condition to Effectiveness of Amendment. This Amendment shall become effective upon the due execution of this Amendment
by all parties hereto. 
 SECTION 4. Miscellaneous. 

(a) Upon the effectiveness of this Amendment, each reference in the Intercreditor Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Intercreditor Agreement as amended hereby. 

(b) This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and
assigns, including successors by way of merger, acquisition or similar event. 
  

 -3- 

 (c) This Amendment may be executed in any number of counterparts, each of which shall be an
original and all of which shall together constitute but one and the same Amendment. 
 (d) 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). 

[Signature Pages Follow] 
  

 -4- 

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

					
	SURETIES:	 	TRAVELERS CASUALTY AND SURETY COMPANY
			
		 	By:	 	  

		 	Name:	 	Michael Damewood
		 	Title:	 	Attorney-in-Fact
		
		 	TRAVELERS CASUALTY AND SURETY COMPANY OF AMERICA
			
		 	By:	 	  

		 	Name:	 	Michael Damewood
		 	Title:	 	Attorney-in-Fact

 SIGNATURE PAGE (FIRST
AMENDMENT TO INTERCREDITOR AGREEMENT) 

			
	ADMINISTRATIVE AGENT:	 	BANK OF AMERICA, N.A.,
		 	as Administrative Agent
		
		 	By:                            
                                         
                                         
            
		 	Name:                            
                                         
                                         
      
		 	Title:                            
                                         
                                         
        

 SIGNATURE PAGE (FIRST AMENDMENT TO INTERCREDITOR AGREEMENT)

					
	GREAT LAKES ENTITIES:	 	GLDD ACQUISITIONS CORP.
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
		 	GREAT LAKES DREDGE & DOCK CORPORATION
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
		 	GREAT LAKES DREDGE & DOCK COMPANY
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
		 	GREAT LAKES CARIBBEAN DREDGING, INC.
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
		 	DAWSON MARINE SERVICES COMPANY
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
		 	FIFTY-THREE DREDGING CORPORATION
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

SIGNATURE PAGE (FIRST AMENDMENT TO INTERCREDITOR AGREEMENT) 

					
		 	NORTH AMERICAN SITE DEVELOPERS, INC.
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
		 	JDC SOIL MANAGEMENT & DEVELOPMENT INC.
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
		 	GREAT LAKES DREDGE & DOCK COMPANY, LLC
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

SIGNATURE PAGE (FIRST AMENDMENT TO INTERCREDITOR AGREEMENT)First Amendment to International Letter of Credit Agreement

 Exhibit 10.1 

FIRST AMENDMENT 

TO 
 INTERNATIONAL
LETTER OF CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO INTERNATIONAL LETTER OF CREDIT AGREEMENT is dated as of the
16th day of July, 2007 (this “First Amendment”), and entered into among GREAT LAKES DREDGE & DOCK
CORPORATION, a Delaware corporation (the “Borrower”), GREAT LAKES DREDGE & DOCK COMPANY, LLC, a Delaware limited liability company (the “Guarantor”), and WELLS FARGO HSBC TRADE BANK, N.A. (the
“Bank”). 
 BACKGROUND: 

A. The Borrower, the Guarantor and Bank entered into an International Letter of Credit Agreement, dated as of September 29,
2006 (the “Agreement”). Unless specifically defined or redefined below, capitalized terms used herein shall have the meanings ascribed thereto in the Agreement. 

B. The Borrower has requested an amendment to the Agreement. 

C. The Bank hereby agrees to amend the Agreement, subject to the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set forth, and for other good and valuable
consideration, the receipt and adequacy of which are all hereby acknowledged, the Borrower, the Guarantor and the Bank covenant and agree as follows: 

SECTION 1. AMENDMENTS. 

(a) Amendment to Section 2.1(a). Section 2.1(a) of the Agreement is hereby amended and restated to read as
follows: 
 (a) Upon the terms and conditions and relying upon the representations and warranties herein set
forth, the Bank agrees to issue standby Letters of Credit for the account of the Borrower up to an aggregate face amount not exceeding at any one time outstanding the lesser of (i) $24,000,000.00 (such amount, as it may be reduced from time to
time pursuant to Section 3.6, being the Bank’s “Commitment”) or (ii) the International Borrowing Base. 

(b) Amendment to Section 4.1. Section 4.1 of the Agreement is hereby amended and restated to read as follows:

  

   

 

 Facility Fee. The Borrower shall pay to the Bank (i) on
July 16, 2007, a non-refundable facility fee in an amount equal to the product of (x) $4,000,000 and (y) the Annual Facility Fee Percentage, prorated for the period of time from July 16, 2007, through the Loan Facility
Anniversary Date, and (ii) on each Loan Facility Anniversary Date (other than the Maturity Date), a non-refundable facility fee in an amount equal to the product of (x) the Commitment and (y) the Annual Facility Fee Percentage.

 (c) Amendment to Section 9.5. Section 9.5 of the Agreement is hereby amended and restated to read
as follows: 
 9.5 Financial Covenants 

(a) Maximum Total Leverage. The Borrower and its consolidated Subsidiaries shall not permit the ratio (the
“Total Leverage Ratio”) of (i) the aggregate unpaid principal amount of Total Funded Debt as of the last day of any Fiscal Quarter ending during the periods described below to (ii) Adjusted Consolidated EBITDA for the
four (4) consecutive Fiscal Quarter period ending as of such date, to exceed the corresponding ratio set forth below opposite such period: 
  

			
	 Period
	  	Ratio
	 July 16, 2007 through and including September 30, 2008
	  	6.00 to 1.00
	 October 1, 2008 through and including September 30, 2009
	  	5.50 to 1.00
	 October 1, 2009 and thereafter
	  	5.00 to 1.00

(b) Interest Coverage Ratio. The Borrower and its consolidated Subsidiaries shall not permit the ratio
(the “Interest Coverage Ratio”) of (i) Adjusted Consolidated EBITDA for any four (4) consecutive Fiscal Quarter period ending as of the last day of any Fiscal Quarter ending during the periods described below to
(ii) Interest Expense for such period ending as of such date, to be less than the corresponding ratio set forth below opposite such period: 
  

			
	 Period
	  	Ratio
	 July 16, 2007 through and including December 31, 2008
	  	1.75 to 1.00
	 January 1, 2009 and thereafter
	  	2.00 to 1.00

(d) Amendment to Section 10.1(n) Section 10.1(n) of the Agreement is hereby amended and restated to read as
follows: 
 (n) Change of Control. A change in control pursuant to Section 7.1(j) (or such comparable
section) of the Domestic Credit Agreement shall occur; or 
  

 2 

 

 (e) Amendments to Exhibit “A” of the Agreement. (i) The
following definitions in Exhibit “A” of the Agreement are hereby amended and restated in their entirety, to read as follows: 

“Adjusted Consolidated EBITDA” means EBITDA adjusted as required or permitted by Regulation S-X of the 1933 Act, but in
any event in a manner consistent with the Borrower’s applicable filings submitted with the Securities and Exchange Commission. 

“Domestic Credit Agreement” shall mean the Credit Agreement dated as of June 12, 2007, among the Borrower, the other
Loan Parties from time to time party thereto, the financial institutions from time to time party thereto and LaSalle Bank National Association, as Administrative Agent, Swing Line Lender and an Issuing Lender, as the same may be amended, restated,
supplemented, modified, refunded, refinanced or replaced, in whole or in part, from time to time. 
 “Domestic
Lenders” shall mean LaSalle Bank National Association, as administrative agent, and other agents, arrangers and lenders now or hereafter party to the Domestic Credit Agreement. 

“EBITDA” means, with respect to any period, as determined in accordance with GAAP, the sum of the amounts for such period
of Net Income, (a) plus, without duplication and to the extent reflected as a charge in the consolidated statement of such Net Income for such period: (i) depreciation, depletion and amortization expense, (ii) federal, state,
local and foreign income taxes, (iii) Interest Expense, (iv) transaction fees and expenses incurred in connection with the Transactions (as defined in the Domestic Credit Agreement) to the extent not capitalized and to the extent not
exceeding in the aggregate $3,000,000, (v) non-cash charges and losses (excluding any such non-cash charges or losses to the extent (x) there were cash charges with respect to such charges and losses in past accounting periods or
(y) there is a reasonable expectation that there will be cash charges with respect to such charges and losses in future accounting periods), (vi) any amounts included in the calculation of Net Income for amortization or non-cash charges
for the write-off or impairment of goodwill, intangibles or other purchase accounting adjustments related to the accounting for the Transactions or other acquisitions under GAAP (including Financial Accounting Standards No. 141 and 142),
(vii) fees and expenses incurred in connection with the Bonding Agreement (as defined in the Domestic Credit Agreement) and the Equipment Financing Debt (as defined in the Domestic Credit Agreement), (viii) Net Income attributable to the
minority equity interest in NASDI (as defined in the Domestic Credit Agreement) that is not 
  

 3 

 

 
owned by the Borrower to the extent the Net Income in respect of such minority equity interest is received by the Borrower and (ix) transaction fees and expenses incurred in connection with
the acquisition of the vessels Ohio and Terrapin Island to the extent not capitalized, and (b) minus, without duplication, (i) non-cash gains (excluding any such non-cash gains to the extent (x) there were cash
gains with respect to such gains in past accounting periods or (y) there is a reasonable expectation that there will be cash gains with respect to such gains in future accounting periods) and (ii) Net Income attributable to the minority
equity interest in NASDI that is not owned, directly or indirectly, by the Borrower to the extent the Net Income in respect of such minority equity interest is distributed to the holder or holders of such minority equity interest and
(c) plus, without duplication, cash dividends received by the Borrower or any Subsidiary from Amboy Aggregates, a New Jersey joint venture, and any other equity joint ventures. 

“GAAP” means generally accepted accounting principles set forth in the rules, regulations, statements, opinions and
pronouncements of the American Institute of Certified Public Accountants and of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession), except as provided in
the definitions of “Debt” and “Interest Expense” in respect of the treatment of Capital Stock of the Borrower pursuant to Statement of Financial Accounting Standards No. 150 (“FAS 150”), which, subject to
Section 1.3, are applicable to the circumstances as of the date of determination. 
 “Interest
Expense” means, for any Fiscal Quarter, the aggregate consolidated interest expense (net of interest income) of the Borrower and its consolidated Subsidiaries for such Fiscal Quarter, as determined in accordance with GAAP, including
(i) Non-Use Fees (as defined in the Domestic Credit Agreement) paid or payable during such Fiscal Quarter, (ii) all other fees paid or payable with respect to the issuance or maintenance of any Guaranty or contingent Debt (including
Letters of Credit (as defined in the Domestic Credit Agreement) but excluding fees paid under the Bonding Agreement (as defined in the Domestic Credit Agreement)), which, in accordance with GAAP, would be included as interest expense, (iii) net
costs or benefits under any Rate Protection Agreement (excluding (A) any gain or loss recognized under GAAP resulting from the mark to market valuation of any Rate Protection Agreement and (B) the costs of any commodity hedging transaction
or foreign currency hedging transaction) and (iv) the portion of any payments made in respect of Capitalized Rentals of the Borrower and its consolidated Subsidiaries allocable to interest expense, but excluding any amortization

  

 4 

 

 
of costs and expenses incurred in connection with, and relating to, this Agreement or other financings permitted by this Agreement. Notwithstanding the foregoing, “Interest
Expense” shall not include (a) any non-cash dividends or other non-cash payments in respect of any Capital Stock of the Borrower that is not included in the definition of “Debt” pursuant to the last sentence of such definition or
(b) the positive or negative mark to market value of any interest rate hedging transaction. 
 “Maturity
Date” shall mean September 29, 2009. 
 “Note” shall mean the Amended and Restated International
Revolving Note executed by the Borrower, as of July 16, 2007, and payable to the Bank, in the original principal amount of Twenty-Four Million and No/100 Dollars ($24,000,000.00) and each renewal, increase, extension, amendment, replacement,
modification or other re-arrangement thereof. 
 “Restricted Payments” means (i) any dividend or other
distribution on account of any shares of any class of Capital Stock of the Borrower or any Subsidiary of the Borrower that is not a wholly-owned Subsidiary of the Borrower (including, without limitation, any class of preferred stock) now or
hereafter outstanding (except a dividend payable solely in shares or any warrants, options or other rights with respect thereto or rights to acquire shares, of common stock of the Borrower or any Subsidiary of the Borrower), (ii) any
redemption, retirement, repurchase, sinking fund or similar payment, purchase or other acquisition for value of any shares of any class of Capital Stock of the Borrower or any Subsidiary of the Borrower that is not a wholly-owned Subsidiary of the
Borrower now or hereafter outstanding or any warrants, options or other rights with respect thereto, (iii) any voluntary or mandatory redemption, repurchase, retirement, sinking fund payment or other payment of principal with respect to the
Note Indenture Obligations (as defined in the Domestic Credit Agreement), or any voluntary payment or other prepayment of interest with respect to the Note Indenture Obligations, except in each case in connection with a Permitted Note Refinancing
(as defined in the Domestic Credit Agreement) or (iv) any payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of any outstanding warrants, options or other rights to acquire shares of any class of Capital Stock of
the Borrower or any of its Subsidiaries. 
 (ii) The definition of “Debt” is hereby amended, by
deleting the last sentence therefrom, and substituting in lieu the following: 
 For the avoidance of doubt and
notwithstanding the requirements of GAAP, Capital Stock issued by Borrower hereafter shall not constitute Debt (including for the purpose of the covenants in Section 9.5) so long as

  

 5 

 

 
such Capital Stock does not require any cash payments or dividends thereon or require any mandatory redemption or repurchase prior to the date one year after the maturity of the Obligations (as
defined in the Domestic Credit Agreement). 
 (iii) The following definitions in Exhibit “A” of
the Agreement are hereby deleted in their entirety: Base Capital Expenditures Amount, Capital Expenditures, Holdings, Senior Debt and Senior Leverage Ratio. 

(f) All references in the Agreement to “Holdings” are hereby deleted. 

(g) The International Revolving Note, in the form of Exhibit B to the Agreement, is hereby amended to be in the form
of Exhibit B to this First Amendment. 
 SECTION 2. REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF
DEFAULT. By its execution and delivery hereof, the Borrower represents and warrants that, as of the date hereof: 

(a) (i) the Borrower has all requisite power and authority to execute and deliver this First Amendment, (ii) this First
Amendment has been duly executed and delivered by the Borrower, and (iii) this First Amendment and the Agreement, as amended hereby, constitute valid and legally binding obligations of the Borrower, enforceable against the Borrower in
accordance with their respective terms, except as limited by Debtor Laws; 
 (b) there exists no Event of Default or
Default under the Agreement both before and after giving effect to this First Amendment; 
 (c) the representations and
warranties set forth in the Agreement and other International Loan Documents are true and correct in all material respects on the date hereof both before and after giving effect to this First Amendment, except to the extent that such representations
and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; 

(d) the Agreement, as amended hereby, and the other International Loan Documents remain in full force and effect; and 

(e) neither the execution, delivery and performance of this First Amendment or the Agreement, as amended hereby, nor the
consummation of any transactions contemplated herein or therein, will (a) contravene the terms of the Organization Documents of the Borrower, (b) violate any Governmental Requirement or (c) conflict with any Obligation to which the
Borrower is a party; except in the case of clauses (b) and (c) above to the extent that such conflict could not reasonably be expected to have a Material Adverse Effect. 

 

 6 

 

 SECTION 3. CONDITIONS TO EFFECTIVENESS. All provisions of this First
Amendment shall be effective upon receipt by the Bank of executed signature pages from the Borrower, the Guarantor and the Bank. 

SECTION 4. ACKNOWLEDGEMENT AND AGREEMENT OF GUARANTOR. Guarantor hereby (i) consents to the terms and execution hereof;
(ii) reaffirms its obligations to the Bank pursuant to the terms of its Guaranty; and (iii) acknowledges that the Bank may amend, restate, extend, renew or otherwise modify the Agreement and any indebtedness or agreement of the Borrower,
or enter into any agreement or extend additional or other credit accommodations, without notifying or obtaining the consent of the Guarantor and without impairing the liability of the Guarantor under its Guaranty for all of the Borrower’s
present and future indebtedness to the Bank. 
 SECTION 5. REFERENCE TO THE AGREEMENT. 

(a) Upon the effectiveness of this First Amendment, each reference in the Agreement to “this Agreement”,
“hereunder”, or words of like import shall mean and be a reference to the Agreement, as affected and amended hereby. 

(b) The Agreement, as amended by the amendments referred to above, shall remain in full force and effect and is hereby ratified and
confirmed. 
 SECTION 6. COSTS, EXPENSES AND TAXES. The Borrower agrees to pay all reasonable out-of-pocket
costs and expenses incurred by the Bank in connection with the preparation, reproduction, execution and delivery of this First Amendment and the other instruments and documents to be delivered hereunder (including the reasonable fees, charges and
disbursements of counsel with respect thereto). 
 SECTION 7. EXECUTION IN COUNTERPARTS. This First Amendment
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and
the same instrument. For purposes of this First Amendment, a counterpart hereof (or signature page thereto) signed and transmitted by any Person party hereto to the Bank (or its counsel) by facsimile machine, telecopier or electronic mail is to
be treated as an original. The signature of such Person thereon, for purposes hereof, is to be considered as an original signature, and the counterpart (or signature page thereto) so transmitted is to be considered to have the same binding
effect as an original signature on an original document. 
 SECTION 8. HEADINGS. Section headings in this First
Amendment are included herein for convenience of reference only and shall not constitute a part of this First Amendment for any other purpose. 
  

 7 

 

 SECTION 9. ENTIRE AGREEMENT. THIS FIRST AMENDMENT AND THE OTHER
INTERNATIONAL LOAN DOCUMENTS 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. 
 SECTION 10. GOVERNING LAW. THIS FIRST 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 PROVISIONS OF 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

SECTION 11. WAIVERS OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAWS, THE PARTIES HERETO HEREBY WAIVE
ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS FIRST AMENDMENT OR INTERNATIONAL LOAN DOCUMENTS, OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS FIRST
AMENDMENT OR ANY INTERNATIONAL LOAN DOCUMENT AND AGREE THAT ANY ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

REMAINDER OF PAGE LEFT INTENTIONALLY BLANK 
  

 8 

 

 IN WITNESS WHEREOF, this First Amendment to Agreement is executed as of the
date first set forth above. 
  

					
	BORROWER:
	
	GREAT LAKES DREDGE & DOCK CORPORATION
		
	By:	 	 /s/ Deborah A. Wensel

		 	Deborah A. Wensel
		 	Senior Vice President, Chief Financial Officer and Treasurer
	
	GUARANTOR:
	
	GREAT LAKES DREDGE & DOCK COMPANY, LLC
		
	By:	 	 /s/ Deborah A. Wensel

		 	Deborah A. Wensel
		 	Senior Vice President, Chief Financial Officer and Treasurer
	
	BANK:
	
	WELLS FARGO HSBC TRADE BANK, N.A.
		
	By:	 	 /s/ Robert Corder

		 	Name:	 	 Robert Corder

		 	Title:	 	 Vice President

 

 9 

 EXHIBIT B 

AMENDED AND RESTATED INTERNATIONAL REVOLVING NOTE 
  

			
	$24,000,000.00	 	July 16, 2007

 FOR
VALUE RECEIVED, the undersigned, GREAT LAKES DREDGE & DOCK CORPORATION, a Delaware corporation (the “Borrower”), HEREBY PROMISES TO PAY to the order of WELLS FARGO HSBC TRADE BANK, N.A. (the “Bank”), on or before
September 29, 2009 (the “Maturity Date”), the principal sum of Twenty-Four Million and 00/100 Dollars ($24,000,000.00), or, if less, the aggregate principal amount of the Obligations outstanding on the Maturity Date, in accordance
with the terms and provisions of that certain International Letter of Credit Agreement dated as of September 29, 2006 by and among the Borrower, Great Lakes Dredge & Dock Company, LLC and the Bank (as amended from time to time, the
“Agreement”; capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement). 

The outstanding principal balance of this Note shall be due and payable as provided in the Agreement. The Borrower promises to pay
interest on the outstanding principal amount of Obligations from and including the date of any Unpaid Drawing evidenced by this Note to but not including the Maturity Date at the rate or rates, and shall be due and payable on the dates, set forth in
the Agreement. Interest shall accrue and be payable at the Default Rate when provided for in the Agreement. 
 Payments of
principal and interest, and all amounts due with respect to costs and expenses, shall be made in lawful money of the United States of America in immediately available funds, without deduction, set-off or counterclaim to the Bank in accordance with
Section 3.3 of the Agreement, on the dates on which such payments shall become due pursuant to the terms and provisions set forth in the Agreement. 

If any payment of principal or interest on this Note shall become due on a Saturday, Sunday, or public holiday on which the Bank is not
open for business, such payment shall be made on the next succeeding Business Day and such extension of time shall in such case be included in computing interest in connection with such payment. 

All payments and prepayments made hereon shall be recorded in the holder’s records and such records shall be controlling, absent
manifest error. 
 In addition to all principal and accrued interest on this Note, the Borrower agrees to pay (a) all
reasonable out-of-pocket costs and expenses incurred by any owners and holders of this Note in collecting this Note through any probate, reorganization, bankruptcy or any other proceeding and (b) reasonable attorneys’ fees when and if this
Note is placed in the hands of an attorney for collection after default. 
 All agreements between the Borrower, any Guarantor
and the Bank, whether now existing or hereafter arising and whether written or oral, are hereby expressly limited so that in 
  

 1 

 
no contingency or event whatsoever, whether by reason of demand being made on this Note or otherwise, shall the amount paid, or agreed to be paid, to the Bank for the use, forbearance, or
detention of the money to be loaned under the Agreement and evidenced by this Note or otherwise or for the payment or performance of any covenant or obligation contained in the Agreement, this Note or in any other International Loan Document exceed
the Highest Lawful Rate. If, as a result of any circumstances whatsoever, fulfillment of any provision hereof or of any of such documents, at the time performance of such provision shall be due, shall involve transcending the limit of validity
prescribed by applicable usury law, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of such validity, and if, from any such circumstance, the Bank shall ever receive interest or anything which might be deemed interest
under applicable law which would exceed the Highest Lawful Rate, such amount which would be excessive interest shall be applied to the reduction of the principal amount owing on account of the Obligations or the amounts owing on other obligations of
the Borrower and any Guarantor to the Bank under any International Loan Document and not to the payment of interest, or if such excessive interest exceeds the unpaid principal balance of the Obligations and the amounts owing on other obligations of
the Borrower and any Guarantor the Bank under any International Loan Documents, as the case may be, such excess shall be refunded to the Borrower or such Guarantor, as applicable. All sums paid or agreed to be paid to the Bank for the use,
forbearance, or detention of the indebtedness of the Borrower and the Guarantors to the Bank shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full term of such indebtedness until payment
in full of the principal thereof (including the period of any renewal or extension thereof) so that the interest on account of such indebtedness shall not exceed the Highest Lawful Rate. Notwithstanding anything to the contrary contained in the
Agreement or this Note, it is understood and agreed that if at any time the rate of interest which accrues on the outstanding Obligations shall exceed the Highest Lawful Rate, the rate of interest which accrues on the outstanding Obligations shall
be limited to the Highest Lawful Rate, but any subsequent reductions in the rate of interest which accrues on the outstanding Obligations shall not reduce the rate of interest which accrues on the outstanding Obligations below the Highest Lawful
Rate until the total amount of interest accrued on the outstanding Obligations equals the amount of interest which would have accrued if such interest rate had at all times been in effect. The terms and provisions of this paragraph shall control and
supersede every other provision of all agreements between the Borrower, the Guarantors and the Bank. 
 This Note is entitled to
the benefits of the Agreement, which Agreement, among other things, contains provisions for acceleration of the maturity hereof upon the happening of certain stated events, for prepayments on account of principal hereof prior to the maturity hereof
upon the terms and conditions and with the effect therein specified, and provisions to the effect that no provision of the Agreement or this Note shall require the payment or permit the collection of interest in excess of the Highest Lawful Rate.
The obligations of the Borrower hereunder are secured by the International Security Documents. It is contemplated that by reason of prepayments or repayments hereon prior to the Maturity Date, there may be times when no indebtedness is owing
hereunder prior to such date, but notwithstanding such occurrences, this Note shall remain valid and shall be in full force and effect as to reimbursement obligations in respect of Letters of Credit issued pursuant to the Agreement subsequent to
each such issuance. 
  

 2 

 Except as otherwise specifically provided for in the Agreement, the Borrower and any and all
endorsers, guarantors and sureties severally waive grace, demand, presentment for payment, notice of dishonor or default, protest, notice of protest, notice of intent to accelerate, notice of acceleration and diligence in collecting and bringing of
suit against any party hereto, and agree to all renewals, extensions or partial payments hereon, with or without notice, before or after maturity. 

The indebtedness evidenced by this Note is in renewal, extension and modification, but not in extinguishment or novation, of the
indebtedness evidenced by that certain promissory note dated September 29, 2006 in the original principal amount of $20,000,000 executed by Borrower payable to the order of the Bank. 

THIS NOTE, THE OTHER INTERNATIONAL LOAN DOCUMENTS (UNLESS ANY SUCH INTERNATIONAL LOAN DOCUMENT EXPRESSLY PROVIDES OTHERWISE) 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 PROVISIONS OF 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

THIS NOTE AND THE OTHER INTERNATIONAL LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AS TO THE SUBJECT MATTER HEREOF AND
THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES; AND THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

IN WITNESS WHEREOF, the Borrower has caused this Note to be executed and delivered by its officer thereunto duly authorized effective as
of the date first above written. 
  

			
	GREAT LAKES DREDGE & DOCK CORPORATION
		
	By:	 	  

		 	Deborah A. Wensel
		 	Senior Vice President, Chief Financial Officer and Treasurer

  

 3

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