Opinion of Cooley Godward LLP
Exhibit 10.1
LIMITED WAIVER REGARDING REPURCHASE OF
OUTSTANDING SENIOR NOTES
This LIMITED WAIVER (this Waiver) is dated as of June 6, 2005 and is entered into by and among URS CORPORATION, a Delaware corporation (Company), the FINANCIAL INSTITUTIONS LISTED ON THE SIGNATURE PAGES HEREOF (the Lenders), CREDIT SUISSE, Cayman Islands Branch (formerly Credit Suisse First Boston), as administrative agent for Lenders (Administrative Agent) and, for purposes of Section 6 hereof, the Loan Parties other than Company listed on the signature pages hereof (the Subsidiary Guarantors) and is made with reference to that certain Credit Agreement dated as of August 22, 2002, as amended by that certain First Amendment to Credit Agreement dated as of January 30, 2003, that certain Second Amendment to Credit Agreement dated as of November 6, 2003, that certain Third Amendment to Credit Agreement dated as of December 16, 2003, that certain Fourth Amendment to Credit Agreement dated as of March 29, 2004, that certain Fifth Amendment to Credit Agreement dated as of June 4, 2004, that certain Sixth Amendment to Credit Agreement dated as of November 29, 2004 and that certain Seventh Amendment to Credit Agreement dated as of January 27, 2005 (as so amended and as further amended, modified, restated or otherwise supplemented to the date hereof, the Credit Agreement), by and among Company, Lenders, CREDIT SUISSE FIRST BOSTON, as a Co-Lead Arranger and Administrative Agent for Lenders, WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Co-Lead Arranger and Syndication Agent for Lenders, and BNP PARIBAS, HARRIS TRUST & SAVINGS BANK and THE ROYAL BANK OF SCOTLAND PLC, as Co-Documentation Agents for Lenders. Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement.
RECITALS
WHEREAS, Company and the Lenders desire to waive compliance with certain provisions related to the repurchase of all outstanding Senior Notes;
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
Section 1. WAIVER
Subject to the terms and conditions set forth herein and in reliance on the representations and warranties of Company herein contained, the undersigned Lenders, constituting Requisite Lenders, hereby waive compliance with the provisions of subsections 2.4B(iii)(c) and 7.5B of the Credit Agreement to the extent, and only to the extent, necessary to permit Company, prior to the date that is 180 days following the date hereof, to use the Net Securities Proceeds from the issuance of the Capital Stock of Company, together with Cash on hand and the proceeds of Revolving Loans, to repurchase the outstanding Senior Notes.
Section 2. LIMITATION OF WAIVER
Without limiting the generality of the provisions of subsection 10.6 of the Credit Agreement, the waiver set forth above shall be limited precisely as written and relates solely to the noncompliance by Company with the provisions of subsections 2.4B(iii)(c) and 7.5B of the Credit Agreement in the manner and to the extent described above, and nothing in this Waiver shall be deemed to:
(a) constitute a waiver of compliance by Company with respect to (i) subsections 2.4B(iii)(c) and 7.5B of the Credit Agreement in any other instance or (ii) any other term, provision or condition of the Credit Agreement or any other instrument referred to therein; or
(b) prejudice any right or remedy that Administrative Agent or any Lender may now have (except to the extent such right or remedy was based upon existing defaults that will not exist after giving effect to this Waiver) or may have in the future under or in connection with the Credit Agreement or any other instrument or agreement referred to therein.
Except as expressly set forth herein, the terms, provisions and conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect and in all other respects are hereby ratified and confirmed.
Section 3. REPRESENTATIONS AND WARRANTIES
In order to induce Lenders to enter into this Waiver, Company hereby represents and warrants that:
(a) as of the date hereof, there exists no Event of Default or Potential Event of Default under the Credit Agreement;
(b) all representations and warranties contained in the Credit Agreement and the other Loan Documents are true, correct and complete in all material respects on and as of the date hereof except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and as of such earlier date; and
(c) as of the date hereof, Company has performed all agreements to be performed on its part as set forth in the Credit Agreement.
Section 4. COUNTERPARTS; EFFECTIVENESS
This Waiver 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 an original, but all such counterparts together shall constitute but one and the same
Limited Waiver
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instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. This Waiver shall become effective as of the date hereof upon the execution of counterparts hereof by Company and Subsidiary Guarantors and by Lenders constituting Requisite Lenders and receipt by Company and Administrative Agent of written or telephonic notification of such execution and authorization of delivery thereof.
Section 5. GOVERNING LAW
THIS WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE APPLICATION OF ANOTHER LAW.
Section 6. ACKNOWLEDGEMENT AND CONSENT BY SUBSIDIARY GUARANTORS
Each Subsidiary Guarantor hereby acknowledges that it has read this Waiver and consents to the terms thereof and further hereby confirms and agrees that, notwithstanding the effectiveness of this Waiver, the obligations of Subsidiary Guarantor under the Subsidiary Guaranty shall not be impaired or affected and the Subsidiary Guaranty is, and shall continue to be, in full force and effect and is hereby confirmed and ratified in all respects.
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IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.
URS CORPORATION, a Delaware corporation | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Executive Vice President and Chief Financial Officer | |||||
CREDIT SUISSE, Cayman Islands Branch (formerly Credit Suisse First Boston), | ||||||
Individually and as Administrative Agent | ||||||
By: | /s/ S. William Fox | |||||
Title: | Director | |||||
By: | /s/ David Dodd | |||||
Title: | Vice President | |||||
Limited Waiver
[SUBSIDIARY GUARANTORS:] | ||||||
AMAN ENVIRONMENTAL CONSTRUCTION, INC., a California corporation | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Executive Vice President and Chief Financial Officer | |||||
BANSHEE CONSTRUCTION COMPANY, INC., | ||||||
a California corporation | ||||||
By: | /s/ Rita Armstrong | |||||
Name: | Rita Armstrong | |||||
Title: | Vice President and Treasurer | |||||
CLEVELAND WRECKING COMPANY, | ||||||
a California corporation | ||||||
By: | /s/ Rita Armstrong | |||||
Name: | Rita Armstrong | |||||
Title: | Vice President and Treasurer | |||||
EG&G DEFENSE MATERIALS, INC., | ||||||
a Utah corporation | ||||||
By: | /s/ William Neeb | |||||
Name: | William Neeb | |||||
Title: | Vice President, Chief Financial Officer, Assistant Secretary and Assistant Treasurer |
Limited Waiver
EG&G TECHNICAL SERVICES, INC., | ||||||
a Delaware corporation | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Executive Vice President | |||||
D&M CONSULTING ENGINEERS, INC., | ||||||
a Delaware corporation | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Executive Vice President and Chief Financial Officer |
Limited Waiver
E.C. DRIVER & ASSOCIATES, INC., | ||||||
a Florida corporation | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Executive Vice President and Chief Financial Officer | |||||
LEAR SIEGLER LOGISTICS INTERNATIONAL, INC., | ||||||
a Delaware corporation | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Executive Vice President | |||||
LEAR SIEGLER SERVICES, INC. | ||||||
a Delaware corporation | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Executive Vice President | |||||
RADIAN ENGINEERING, INC. | ||||||
a New York corporation | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Executive Vice President, Chief Financial Officer and Secretary |
Limited Waiver
URS CORPORATION AES, | ||||||
a Connecticut corporation | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Executive Vice President and Chief Financial Officer | |||||
URS CORPORATION ARCHITECTURE - NC, P.C., | ||||||
a North Carolina corporation | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Executive Vice President and Chief Financial Officer | |||||
URS CORPORATION NEW YORK, | ||||||
a New York corporation | ||||||
By: | /s/ Peter J. Pedalino | |||||
Name: | Peter J. Pedalino | |||||
Title: | Vice President, Treasurer and Controller | |||||
URS RESOURCES, LLC, | ||||||
a Delaware limited liability company | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Member Representative | |||||
RADIAN INTERNATIONAL LLC, | ||||||
a Delaware limited liability company |
By: | /s/ Judy L. Rodgers | |||||
Name: | Judy L. Rodgers | |||||
Title: | Vice President and Treasurer |
Limited Waiver
SIGNET TESTING LABORATORIES, INC., | ||||||
a Delaware corporation | ||||||
By: | /s/ Rita Armstrong | |||||
Name: | Rita Armstrong | |||||
Title: | Vice President and Treasurer | |||||
URS CONSTRUCTION SERVICES, INC., | ||||||
a Florida corporation | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Executive Vice President and Chief Financial Officer | |||||
URS CORPORATION, a Nevada | ||||||
corporation | ||||||
By: | /s/ Judy L. Rodgers | |||||
Name: | Judy L. Rodgers | |||||
Title: | Vice President and Treasurer | |||||
URS CORPORATION GREAT LAKES, | ||||||
a Michigan corporation | ||||||
By: | /s/ Kent P. Ainsworth | |||||
Name: | Kent P. Ainsworth | |||||
Title: | Executive Vice President and Chief Financial Officer |
Limited Waiver
URS CORPORATIONMARYLAND, a | ||||||
Maryland corporation | ||||||
By: | /s/ Judy L. Rodgers | |||||
Name: | Judy L. Rodgers | |||||
Title: | Vice President and Treasurer | |||||
URS CORPORATIONOHIO, an Ohio corporation | ||||||
By: | /s/ Judy L. Rodgers | |||||
Name: | Judy L. Rodgers | |||||
Title: | Vice President and Treasurer | |||||
URS CORPORATION SOUTHERN, a | ||||||
California corporation | ||||||
By: | /s/ Judy L. Rodgers | |||||
Name: | Judy L. Rodgers | |||||
Title: | Vice President and Treasurer | |||||
URS GROUP, INC., a Delaware corporation | ||||||
By: | /s/ Judy L. Rodgers | |||||
Name: | Judy L. Rodgers | |||||
Title: | Vice President and Assistant Treasurer |
Limited Waiver
URS HOLDINGS, INC., a Delaware corporation | ||||||
By: | /s/ Judy L. Rodgers | |||||
Name: | Judy L. Rodgers | |||||
Title: | Vice President and Treasurer | |||||
URS INTERNATIONAL INC., a Delaware | ||||||
corporation | ||||||
By: | /s/ Judy L. Rodgers | |||||
Name: | Judy L. Rodgers | |||||
Title: | Vice President and Treasurer | |||||
URS OPERATING SERVICES, INC., | ||||||
a Delaware corporation | ||||||
By: | /s/ Peter J. Pedalino | |||||
Name: | Peter J. Pedalino | |||||
Title: | Vice President and Controller |
Limited Waiver
Landmark II CDO Limited By: Aladdin Capital Management LLC, as manager, as a Lender | ||||
By: | /s/ Joseph Moroney Name: Joseph Moroney, CFA Title: Authorized Signatory | |||
BNP PARIBAS, as a Lender | ||||
By: | /s/ Katherine Wolfe Name: Katherine Wolfe Title: Director | |||
By: | /s/ Sandy Bertram Name: Sandy Bertram Title: Vice President | |||
Bank Leumi USA, as a Lender | ||||
By: | /s/ Joung Hee Hong Name: Joung Hee Hong Title: Vice President | |||
Bank of America, N.A., as a Lender | ||||
By: | /s/ Michael J. Landini Name: Michael J. Landini Title: Senior Vice President | |||
Callidus Debt Partners CDO Fund I, Ltd. By: Its Collateral Manager, Callidus Capital Management, LLC, as a Lender | ||||
By: | /s/ Mavis Taintor Name: Mavis Taintor Title: Senior Managing Director |
Callidus Debt Partners CDO Fund II, Ltd. By: Its Collateral Manager, Callidus Capital Management, LLC, as a Lender | ||||
By: | /s/ Mavis Taintor Name: Mavis Taintor Title: Senior Managing Director | |||
Callidus Debt Partners CDO Fund III, Ltd. By: Its Collateral Manager, Callidus Capital Management, LLC, as a Lender | ||||
By: | /s/ Mavis Taintor Name: Mavis Taintor Title: Senior Managing Director | |||
Denali Capital LLC, managing member of DC Funding Partners, portfolio manager for DENALI CAPITAL CLO I, LTD., or an affiliate, as a Lender | ||||
By: | /s/ John P. Thacker Name: John P. Thacker Title: Chief Credit Officer | |||
Denali Capital LLC, managing member of DC Funding Partners, portfolio manager for DENALI CAPITAL CLO II, LTD., or an affiliate, as a Lender | ||||
By: | /s/ John P. Thacker Name: John P. Thacker Title: Chief Credit Officer |
Denali Capital LLC, managing member of DC Funding Partners, portfolio manager for DENALI CAPITAL CLO III, LTD., or an affiliate, as a Lender | ||||
By: | /s/ John P. Thacker Name: John P. Thacker Title: Chief Credit Officer | |||
ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG, as a Lender | ||||
By: | /s/ John Fay Name: John Fay Title: Director | |||
By: | /s/ Bryan Lynch Name: Bryan Lynch Title: First Vice President | |||
General Electric Capital Corporation, as a Lender | ||||
By: | /s/ Brian Schwinn Name: Brian Schwinn Title: Duly Authorized Signatory | |||
Harris N.A., as a Lender | ||||
By: | /s/ Joann Holman Name: Joann Holman Title: Director | |||
IKB Capital Corporation, as a Lender | ||||
By: | /s/ David Snyder Name: David Snyder Title: President |
National City Bank, as a Lender | ||||
By: | /s/ Frank Byrne Name: Frank Byrne Title: AVP | |||
NATIONWIDE MUTUAL INSURANCE CO., as a Lender | ||||
By: | /s/ Joseph P. Young Name: Joseph P. Young Title: Authorized Signatory | |||
SCOTTSDALE INSURANCE CO., as a Lender | ||||
By: | /s/ Joseph P. Young Name: Joseph P. Young Title: Authorized Signatory | |||
AMCO INSURANCE CO., as a Lender | ||||
By: | /s/ Joseph P. Young Name: Joseph P. Young Title: Authorized Signatory | |||
The Norinchukin Bank, New York Branch, as a Lender | ||||
By: | /s/ Masanori Shoji Name: Masanori Shoji Title: Joint General Manager | |||
North Fork Business Capital Corp., as a Lender | ||||
By: | /s/ Ron Walker Name: Ron Walker Title: VP |
OAK HILL SECURITIES FUND, L.P., | ||||
By: Oak Hill Securities GenPar, L.P. its General Partner | ||||
By: Oak Hill Securities MGP, Inc., its General Partner | ||||
By: | /s/ Scott D. Krase Name: Scott D. Krase Title: Vice President | |||
OAK HILL SECURITIES FUND II, L.P., | ||||
By: Oak Hill Securities GenPar II, L.P. its General Partner | ||||
By: Oak Hill Securities MGP II, Inc., its General Partner | ||||
By: | /s/ Scott D. Krase Name: Scott D. Krase Title: Vice President | |||
OAK HILL CREDIT PARTNERS I, LIMITED | ||||
By: Oak Hill CLO Management I, LLC As Investment Manager | ||||
By: | /s/ Scott D. Krase Name: Scott D. Krase Title: Vice President | |||
OAK HILL CREDIT PARTNERS II, LIMITED | ||||
By: Oak Hill CLO Management II, LLC As Investment Manager | ||||
By: | /s/ Scott D. Krase Name: Scott D. Krase Title: Vice President |
Pacific CDO II, Ltd., as a Lender | ||||
By: | /s/ Phil Otero Name: Phil Otero Title: Senior Vice President | |||
Pacific CDO III, Ltd., as a Lender | ||||
By: | /s/ Phil Otero Name: Phil Otero Title: Senior Vice President | |||
PILGRIM CLO 1999-1 LTD. By: ING Investments, LLC As its investment manager | ||||
By: | /s/ Robert Wilson Name: Robert Wilson Title: Senior Vice President | |||
ML CLO XII PILGRIM AMERICA (CAYMAN) LTD. By: ING Investments, LLC As its investment manager | ||||
By: | /s/ Robert Wilson Name: Robert Wilson Title: Senior Vice President | |||
ML CLO XV PILGRIM AMERICA (CAYMAN) LTD. By: ING Investments, LLC As its investment manager | ||||
By: | /s/ Robert Wilson Name: Robert Wilson Title: Senior Vice President |
ING SENIOR INCOME FUND By: ING Investment Management Co. As its investment manager | ||||
By: | /s/ Robert Wilson Name: Robert Wilson Title: Senior Vice President | |||
PPM SHADOW CREEK FUNDING LLC as a Lender | ||||
By: | /s/ Meredith J. Koslick Name: Meredith J. Koslick Title: Assistant Vice President | |||
PPM SPYGLASS FUNDING TRUST as a Lender | ||||
By: | /s/ Meredith J. Koslick Name: Meredith J. Koslick Title: Assistant Vice President | |||
The Royal Bank of Scotland, as a Lender | ||||
By: | /s/ Curt Lueker Name: Curt Lueker Title: Director | |||
Granite Ventures I Ltd, By: Stone Tower Debt Advisors as its Collateral Manager, as a Lender | ||||
By: | /s/ W. Anthony Edson Name: W. Anthony Edson Title: Authorized Signatory |
Stone Tower CLO III Ltd, By: Stone Tower Debt Advisors as its Collateral Manager, as a Lender | ||||
By: | /s/ W. Anthony Edson Name: W. Anthony Edson Title: Authorized Signatory | |||
STANWICH LOAN FUNDING LLC, as a Lender | ||||
By: | /s/ Meredith J. Koslick Name: Meredith J. Koslick Title: Assistant Vice President | |||
Toronto Dominion (New York), LLC, as a Lender | ||||
By: | /s/ Masood Fikrec Name: Masood Fikrec Title: Authorized Signatory | |||
Transamerica Business Capital Corporation, as a Lender | ||||
By: | /s/ Brian Schwinn Name: Brian Schwinn Title: Duly Authorized Signatory | |||
Trumbull THC2 Loan Funding LLC, for itself or as agent for Trumbull THC2 CFP1 Loan Funding LLC, as a Lender | ||||
By: | /s/ Dominic Blea Name: Dominic Blea Title: As Attorney-in-Fact |
Union Bank of California, N.A., as a Lender | ||||
By: | /s/ David Jackson Name: David Jackson Title: Vice President | |||
Union Bank National Association, as a Lender | ||||
By: | /s/ David Jackson Name: David Jackson Title: Vice President | |||
Wachovia Bank, N.A., as a Lender | ||||
By: | /s/ John G. Taylor Name: John G. Taylor Title: Vice President | |||
Wells Fargo, as a Lender | ||||
By: | /s/ Marsha Poenisch Name: Marsh Poenisch Title: Vice President |