Opinion of Cooley Godward LLP

EX-10.1 3 f09852exv10w1.htm EXHIBIT 10.1 exv10w1
 

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

2


 

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.

[Remainder of page intentionally left blank.]

Limited Waiver

3


 

     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 CORPORATION–MARYLAND, a
    Maryland corporation
 
           
  By:   /s/ Judy L. Rodgers     
           
  Name:   Judy L. Rodgers    
  Title:   Vice President and Treasurer    
 
           
    URS CORPORATION–OHIO, 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