Let $\mathcal{S}$ be the semigroup $\mathcal{S}=\sum^{\oplus k}_{i=1}\mathcal{S}_i$, where for each $i\in I$, $\mathcal{S}_i$ is a countable subsemigroup of the additive semigroup $\mathbb{R}_+$ containing $0$. We consider representations of $\mathcal{S}$ as contractions $\{T_s\}_{s\in\mathcal{S}}$ on a Hilbert space with the Nica-covariance property: $T_s^*T_t=T_tT_s^*$ whenever $t\wedge s=0$. We show that all such representations have a unique minimal isometric Nica-covariant dilation. This result is used to help analyse the nonself-adjoint semicrossed product algebras formed from Nica-covariant representations of the action of $\mathcal{S}$ on an operator algebra $\mathcal{A}$ by completely contractive endomorphisms. We conclude by calculating the $C^*$-envelope of the isometric nonself-adjoint semicrossed product algebra (in the sense of Kakariadis and Katsoulis).

We obtain a new representation for the solution to the operator Sylvester equation in the form of a Stieltjes operator integral. We also formulate new sufficient conditions for the strong solvability of the operator Riccati equation that ensures the existence of reducing graph subspaces for block operator matrices. Next, we extend the concept of the Lifshits-Krein spectral shift function associated with a pair of self-adjoint operators to the case of pairs of admissible operators that are similar to self-adjoint operators. Based on this new concept we express the spectral shift function arising in a perturbation problem for block operator matrices in terms of the angular operators associated with the corresponding perturbed and unperturbed eigenspaces.

Our objective in this sequel to \cite{MSp96a} is to develop extensions, to representations of tensor algebras over $C^{*}$-correspondences, of two fundamental facts about isometries on Hilbert space: The Wold decomposition theorem and Beurling's theorem, and to apply these to the analysis of the invariant subspace structure of certain subalgebras of Cuntz-Krieger algebras.