April 21, 2005 Great Lakes Dredge & Dock Company Attn: Ms. Deb Wensel 2122 York Road Oak Brook IL 60523 Dear Deb:Waiver Agreement • April 26th, 2005 • Great Lakes Dredge & Dock Corp • Heavy construction other than bldg const - contractors
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.
