Waiver Agreement between Travelers Casualty and Surety Companies and Great Lakes Dredge & Dock Corporation (April 2005)
Travelers Casualty and Surety Company and Travelers Casualty and Surety Company of America have agreed to temporarily waive the requirement for Great Lakes Dredge & Dock Corporation (GLDD) to maintain a minimum net worth of $82.5 million for the fiscal quarter ending March 31, 2005. However, GLDD must restore its net worth to at least $82.5 million by June 30, 2005, and maintain it thereafter, or Travelers may declare GLDD in default under their existing agreement.
Exhibit 10.1
April 21, 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) has dropped 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 March 31, 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 June 30, 2005, and maintain its Net Worth at that level or higher for any fiscal quarter subsequent to June 30, 2005.
Sincerely,
Travelers Casualty and Surety Company
Travelers Casualty and Surety Company of America
| /s/ Michael Damewood |
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| By: Michael Damewood | |
| Assistant Manager | |
Acknowledged and Agreed to By:
Great Lakes Dredge & Dock Corporation
| By: | /s/ Deborah A. Wensel |
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| Its: | Chief Financial Officer |
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cc: Brian Hart, Winston & Strawn
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