Document:

EX-10.1: AMEND. TO CREDIT/GUARANTEE AGMT.

 

Exhibit 10.1

IPC ACQUISITION CORP.

CERTAIN SUBSIDIARIES OF IPC ACQUISITION CORP.

88 Pine Street

New York, New York 10005

AMENDMENT NO. 1 TO

AMENDED AND RESTATED

CREDIT AND GUARANTY AGREEMENT

	 	 
	December 12, 2003	 

GENERAL ELECTRIC CAPITAL CORPORATION

     as Administrative Agent under the

     Credit Agreement defined herein

2325 Lakeview Parkway, Suite 700

Alpharetta, GA 30004

Ladies and Gentlemen:

          Each of IPC Acquisition Corp. (the “Company”) and the Company’s
subsidiaries set forth below (collectively, the “Guarantors”), hereby agrees
with you as follows:

1.     Reference to Credit Agreement and Definitions. Reference is made to the
Amended and Restated Credit and Guaranty Agreement dated as of August 29, 2003
among the Company, the Guarantors, the Lenders from time to time party thereto,
Goldman Sachs Credit Partners L.P., as Sole Lead Arranger, and as Syndication
Agent, General Electric Capital Corporation, as Administrative Agent and as
Collateral Agent, and CIT Lending Services Corporation, as Documentation Agent
(the “Credit Agreement”). Terms defined in the Credit Agreement and not
otherwise defined herein are used herein with the meanings so defined.

2.     Recital. The Company has advised the Lenders that it desires certain
amendments to the Credit Agreement in order to make a clarification to the
definition of “Consolidated Net Income”. The Requisite Lenders have agreed to
amend the definition of “Consolidated Net Income” in the Credit Agreement.

3.     Amendments. The Credit Agreement is hereby amended, effective as of the
date hereof, as follows:

          3.1. The definition of “Consolidated Net Income” set forth in Section 1.1
of the Credit Agreement is amended by deleting clause (e) in its entirety and
replacing it with the following:

	 	 	 
	AMENDMENT TO	 	 
	CREDIT AND GUARANTY AGREEMENT	 	
EXECUTION

1

 

	 	 	“(e) (to the extent not included in clauses (a) through (d) above) any
net extraordinary or nonrecurring gains and losses, costs, and
restructuring and other charges (including, without limitation any
one-time costs incurred in connection with acquisitions).”

4.     Representations and Warranties. In order to induce you to enter into this
amendment, the Company and each of the Guarantors hereby represent and warrant
that (i) each of the representations and warranties contained in Section 4 of
the Credit Agreement is true and correct in all material respects (except that,
to the extent any such representation or warranty is qualified by materiality
or Material Adverse Effect, such representation or warranty shall be true in
all respects) on the date hereof, except for representations and warranties
that speak as of a specific date in which they were true and correct in all
material respects (except that, to the extent any such representation or
warranty is qualified by materiality or Material Adverse Effect, such
representation or warranty was true in all respects) on such earlier date and
(ii) after giving effect to this amendment no Default or Event of Default under
the Credit Agreement shall have occurred and be continuing.

5.     Miscellaneous. Except as expressly modified by this amendment, the Credit
Agreement and each of the other Credit Documents are and remain unchanged and
in full force and effect. This amendment may be executed in any number of
counterparts, which together shall constitute one instrument, shall be a Credit
Document, shall be governed by and construed in accordance with the laws of the
State of New York (including Sections 5-1401 and 5-1402 of the General
Obligations Law of the State of New York) (without giving effect to the
conflict of laws rules of any jurisdiction) and shall bind and inure to the
benefit of the parties hereto and their respective successors and assigns.

          If the foregoing corresponds with your understanding of our agreement,
please sign this letter and the accompanying copies thereof in the appropriate
space below and return the same to the undersigned. This letter shall become a
binding agreement among each of the Lenders and the Agents when both the
Company and the Agents shall have one or more copies hereof executed by each of
the Company, the Guarantors, the Agents and Requisite Lenders.

	 	 	 
	AMENDMENT TO	 	 
	CREDIT AND GUARANTY AGREEMENT	 	
EXECUTION

2

 

	 	 	 	 	 
	 	 	Very truly yours,
	 	 	 	 	 
	 	 	IPC ACQUISITION CORP.
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	IPC INFORMATION SYSTEMS, INC.
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	IPC FUNDING CORP.
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	V BAND CORPORATION
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	IPC INFORMATION SYSTEMS FAR EAST INC.
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:

	 	 	 
	AMENDMENT TO	 	 
	CREDIT AND GUARANTY AGREEMENT	 	
EXECUTION

S-1 

 

	 	 	 	 	 
	 	 	IPC INFORMATION SYSTEMS HOLDINGS,
INC.
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	IPC INFORMATION SYSTEMS HOLDINGS
USA, INC.
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	IPC INFORMATION SYSTEMS SERVICES,
INC.
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	IPC INFORMATION SYSTEMS HOLDINGS,
L.L.C.
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	IPC INFORMATION SYSTEMS HOLDINGS
USA, L.L.C.
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:

	 	 	 
	AMENDMENT TO	 	 
	CREDIT AND GUARANTY AGREEMENT	 	
EXECUTION

S-2 

 

	 	 	 	 	 
	 	 	IPC INFORMATION SYSTEMS SERVICES,
L.L.C.
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	GAINS ACQUISITION CORP.
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	GAINS INTERNATIONAL (U.S.) INC.
	 	 	 	 	 
	 	 	
By:
	 	/s/ John McSherry
	 	 	 	 	

	 	 	 	 	Name: John McSherry
	 	 	 	 	Title:

	 	 	 
	AMENDMENT TO	 	 
	CREDIT AND GUARANTY AGREEMENT	 	
EXECUTION

S-3 

 

	 	 	 	 	 
	 	 	GENERAL ELECTRIC CAPITAL
CORPORATION,

as Administrative Agent, Collateral Agent,

and a Lender
	 	 	 	 	 
	 	 	
By:
	 	/s/ Raymond N Shu
	 	 	 	 	

	 	 	
Name:
	 	Raymond N Shu
	 	 	
Title:
	 	Duly Authorized Signatory

	 	 	 
	AMENDMENT TO	 	 
	CREDIT AND GUARANTY AGREEMENT	 	
EXECUTION

S-4 

 

	 	 	 	 	 
	 	 	GOLDMAN SACHS CREDIT PARTNERS L.P.

as Sole Lead Arranger and Syndication Agent
	 	 	 	 	 
	 	 	
By:
	 	/s/ Elizabeth Fischer
	 	 	 	 	

	 	 	 	 	Authorized Signatory

	 	 	 
	AMENDMENT TO	 	 
	CREDIT AND GUARANTY AGREEMENT	 	
EXECUTION

S-5 

 

	 	 	 	 	 
	 	 	CIT LENDING SERVICES CORPORATION,

as Documentation Agent and a Lender
	 	 	 	 	 
	 	 	
By:
	 	/s/ Doug Maher
	 	 	 	 	

	 	 	 	 	Name: Doug Maher
	 	 	 	 	Title: Vice President

	 	 	 
	AMENDMENT TO	 	 
	CREDIT AND GUARANTY AGREEMENT	 	
EXECUTION

S-6 

 

	 	 	 	 	 
	 	 	Monument Capital Ltd., as Assignee

By: Alliance Capital Management L.P.,

as Investment Manager

By: Alliance Capital Management Corporation

as General Partner
	 	 	 	 	 
	 	 	
By:
	 	/s/ Joel Serebransky
	 	 	 	 	

	 	 	 	 	Name: Joel Serebransky
	 	 	 	 	Title: Senior Vice President

	 	 	 
	AMENDMENT TO	 	 
	CREDIT AND GUARANTY AGREEMENT	 	
EXECUTION

S-7<PAGE>
                                                                   Exhibit 10.35

--------------------------------------------------------------------------------

                                 HSBC BANK USA

                                      and

                       THE NEW YORK MORTGAGE COMPANY LLC

                    ----------------------------------------

                                    GUARANTY

                                 STEVEN SCHNALL

                    ----------------------------------------

                           Dated as of March 30, 2001

--------------------------------------------------------------------------------

<PAGE>

                                    GUARANTY

                                 STEVEN SCHNALL

     In consideration of any extension of credit whether heretofore or hereafter
made by HSBC BANK USA, a banking corporation organized under the laws of the
State of New York ("Secured Party") to THE NEW YORK MORTGAGE COMPANY LLC, a New
York limited liability company (the "Company"), the undersigned hereby
guarantees (a) the full and prompt payment to Secured Party when due, whether by
acceleration or otherwise, of any and all indebtedness and other liabilities of
the Company to Secured Party arising out of a Credit and Security Agreement
between Secured Party and the Company dated as of even date herewith ("Credit
Agreement") whether now existing or hereafter incurred, of every kind and
character, direct or indirect, and whether such indebtedness is from time to
time reduced and thereafter increased, or entirely extinguished and thereafter
reincurred ("Indebtedness"), and (b) the full and complete performance of all
the Company's obligations and compliance with all the Company's covenants set
forth in the Credit Agreement. The undersigned further agrees to pay all costs
and expenses, including, without limitation, attorneys' fees, at any time paid
or incurred by Secured Party in endeavoring to collect the Indebtedness or any
part thereof and in enforcing this Guaranty.

     This Guaranty is, and is intended to be, a continuing guaranty of the
payment of the Indebtedness (irrespective of the aggregate amount thereof)
independent of and in addition to any other guaranty, indorsement or collateral
held by Secured Party therefor whether or not furnished by the undersigned. The
undersigned shall have no right of subrogation with respect to any payments made
by the undersigned hereunder until all of the Indebtedness is paid in full.

     If any default shall be made in the payment of any Indebtedness, the
undersigned hereby agrees to pay the same to the extent above specified: (i)
without requiring protest or notice of nonpayment or notice of default to the
undersigned, to the Company, or to any other person; (ii) without proof of
demand; (iii) without requiring Secured Party to resort first to the Company or
to any other guaranty or any collateral which Secured Party may hold; (iv)
without requiring notice of acceptance hereof or assent hereto by Secured Party;
and (v) without requiring notice that any indebtedness has been incurred, all of
which the undersigned hereby waives.

     The undersigned authorizes Secured Party, without notice or demand and
without releasing, impairing or affecting the undersigned's obligations
hereunder, from time to time: (i) to take from any party and hold collateral for
the payment of the Indebtedness or any part thereof, and to exchange, enforce or
release such collateral or any part thereof; (ii) to accept and hold any
indorsement or guaranty of payment of the Indebtedness or any part thereof and
to release or substitute any such indorser or guarantor, or any party who has
given any security interest in any collateral as security for the payment of the
Indebtedness or any part thereof, or any other party in any way obligated to pay
the Indebtedness or any part thereof; (iii) to direct the order or manner of the
disposition of any and all collateral and the enforcement of any and all
indorsements and guaranties relating to the Indebtedness or any part thereof as
Secured Party, in its sole discretion, may determine; and (iv) to determine how,
when and what application of payments and credits, if any,
<PAGE>
                                      -2-

shall be made on the Indebtedness or any part thereof, and to apply the same
upon principal or interest or the portion thereof, if any, in excess of the
amount of this Guaranty.

     No delay or omission by Secured Party in exercising any right or remedy
hereunder shall operate as a waiver thereof or of any other right or remedy, and
no single or partial exercise thereof shall preclude any other or further
exercise thereof or the exercise of any other right or remedy. All rights and
remedies of Secured Party hereunder are cumulative.

     This Guaranty is absolute and unconditional and shall not be affected by
any act or thing whatsoever, except as herein provided. No modification or
amendment of any provision of this Guaranty shall be effective unless in writing
and subscribed by a duly authorized officer of Secured Party.

     This Guaranty shall be governed by and construed under the laws of the
State of New York, whose laws the undersigned expressly elects to apply to this
Guaranty. The undersigned agrees that any action or proceeding brought to
enforce or arising out of this Guaranty may be commenced in the New York Supreme
Court for the County of Erie, or in the District Court of the United States for
the Western District of New York, and the undersigned waives personal service of
process and agrees that a summons and complaint commencing an action or
proceeding in any such court shall be properly served and shall confer personal
jurisdiction if served by registered mail to the undersigned, or as otherwise
provided by the laws of the State of New York or the United States.

     The undersigned hereby knowingly, voluntarily, unconditionally and
irrevocably waives the right to a trial by jury in every jurisdiction in any
action, proceeding or counterclaim brought by or against the undersigned, its
personal representatives, successors or assigns, in respect of any matter
arising out of this Guaranty or the Indebtedness, including without limitation
any exercise of rights hereunder, any attempt to cancel, void, or rescind this
Guaranty, and any course of conduct of course of dealing in connection herewith.

     Secured Party and the undersigned as used herein shall include the estates,
executors or administrators, or successors or assigns, of those parties.

     IN WITNESS WHEREOF, this Guaranty has been signed by the undersigned at
                     , this 20th day of March, 2001.

Signature of Guarantor                       Address
/s/ Steven Schnall                           304 E. 65th Street #18A
------------------------------               ----------------------------
Steven Schnall                               New York, NY 10021
                                             ----------------------------

<PAGE>
                                      -3-

STATE OF NEW YORK)
                 ) SS.:
COUNTY OF QUEENS )

     On the 20 day of March, 2001 before me, the undersigned, a notary public in
and for said state, personally appeared Steven Schnall, personally known to me
or proved to me on the basis of satisfactory evidence to be the individual whose
name is subscribed to the within instrument and acknowledged to me that he
executed the same in his capacity, and that by his signature on the instrument,
the individual, or the person upon behalf of which the individual acted,
executed the instrument.

                                             /s/      ANNA MARIN
                                             --------------------------
                                                     Notary Public

                                                      ANNA MARIN
                                          Notary Public, State of New York
                                                   No. 01MA5039882
                                              Qualified in Queens County
                                          Commission Expires March 6, 2003

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