Document:

EX-10.1

    Exhibit
      10.1

    

    CONTRIBUTION
      AGREEMENT

     

    THIS
      CONTRIBUTION AGREEMENT (this “Agreement”)
      is
      made this 16th
      day of
      August, 2006, by and between MAGYAR BANK, a New Jersey state chartered savings
      bank (“Bank”) and MAGBANK INVESTMENT COMPANY, a New Jersey Corporation (“MagBank
      Investment”).

     

    W
      I T N E
      S S E T H:

     

    WHEREAS,
      Bank hereby wishes to contribute to MagBank Investment certain assets identified
      in this Agreement in exchange for shares of stock in MagBank
      Investment.

     

    NOW,
      THEREFORE, in consideration of the premises and of the respective
      representations, warranties, covenants, agreements and conditions contained
      herein, the parties agree as follows:

     

    1.     Contribution
      to MagBank Investment.
      Bank
      hereby contributes to MagBank Investment the assets identified on Exhibit A
      attached hereto, valued in the amount of $34,968,000, in exchange for 100 shares
      of stock in MagBank Investment represented by share certificate number 1.

     

    2.    Acceptance
      by MagBank Investment.
      MagBank
      Investment accepts from Bank the assets identified on Exhibit A.

     

    3.     Governing
      Law.
      This
      Agreement and the rights and obligations of the parties hereunder shall in
      all
      respects be governed by, and construed and enforced in accordance with, the
      laws
      of the State of New Jersey.

     

    4.     Entire
      Agreement; Amendment.
      This
      Agreement constitutes the entire agreement between the parties with respect
      to
      the subject matter hereof and supersedes any and all prior agreements with
      respect thereto. This Agreement may not be amended or modified without the
      written consent of each party hereto. 

     

    5.     Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed to be an original as against any party whose signature appears thereon,
      and all of which shall together constitute one and the same instrument. For
      purposes of the execution of this Agreement by the parties, a facsimile
      signature by any party shall be deemed an original signature of such
      party.

     

    

     

    

     

    
      
        
          

           

        

        -4-

      

      
        
        

        
          

        

      

      
        
        

        
          

        

      

    

    IN
      WITNESS WHEREOF, this Agreement has been executed on behalf of each of the
      parties hereto as of the day and year first above written.

     

    
      	 	
              MAGYAR
                BANK

            	 
	 	 	 	 
	 	 	 	 
	 	
              By: 

            	
               /s/
                Elizabeth E. Hance

            	 
	 	 	
              Elizabeth
                E. Hance

            	 
	 	 	
              President
                and Chief Executive Officer

            	 
	 	 	 	 
	 	 	 	 
	 	
              MAGBANK
                INVESTMENT COMPANY

            	 
	 	 	 	 
	 	 	 	 
	 	
              By: 
                

            	
              /s/
                Jon R. Ansari 

            	 
	 	 	
              Jon
                R. Ansari

            	 
	 	 	
              Treasurer
                and Senior Vice President

            	 

    

    

     

     

     

    -5-Exhibit 10.1
                                                                  ------------

                                         PROMISSORY NOTE

                                                           Salt Lake City, Utah
$5,797.00                                                    Date: July 7, 2006

For  cash  advanced   during  the  years  calendar  years  2002  and  2003,  the
undersigned,  LILM, INC., (hereinafter "Maker"), promises to pay to the order of
ALEWINE LIMITED LIABILITY COMPANY, at 1390 South 1100 East, Suite 204, Salt Lake
City, UT, 84111 (hereinafter  "Payee"), the principal sum of Five Thousand Seven
Hundred Ninety-Seven Dollars ($5,797.00) in lawful money of the United States of
America.

Payment of principal shall be due upon demand by the holder hereof.

The Maker of this Promissory  Note shall have the privilege,  without penalty or
premium, of paying in advance the entire principal or any portion thereof.

In the event  that any  portion  of  principal  is not paid  when due,  it shall
thereafter  bear  interest  at the rate of ten percent  (10.0%) per annum,  both
before and after  judgment,  until paid in full.  In the event of default on any
payment herein  provided for, then without  notice,  presentment or demand,  the
principal sum hereof  together with any accrued  interest  thereon shall, at the
option  of  the  holder  of  this  Promissory  Note,   become  due  and  payable
immediately.  Failure to delay in exercising  its option shall not  constitute a
waiver of any such  breach  or  default  nor  waiver  of the  holder's  right to
exercise said option upon any subsequent breach or default.

The undersigned hereby expressly waives all statutes of limitation affecting the
enforceability  of  this  Promissory  Note,  and  agree  to pay  all  reasonable
attorneys  fees and costs  incurred in  collection  of  payments  due, or in the
enforcement of any right or remedy hereunder. The Makers,  assumers,  endorsers,
sureties,  and  guarantors  of this  Promissory  Note  consent to all  renewals,
indulgences,  extensions,  and all releases of security  granted or permitted by
the owner or holder without notice.

Payment of this promissory note is unsecured.

                                        MAKER:

                                        LILM, INC.

                                        By:   /s/ George I. Norman III
                                              ------------------------
                                        Its:  PresidentEX-10.1

 

Exhibit 10.1

Waiver and Consent

          This Waiver and Consent, dated as of August 14, 2006 (this
“Waiver”), to Credit Agreement, dated as of October 26, 2005 (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Alpha NR Holding, Inc., a Delaware corporation
(“Holdings”), Alpha Natural Resources, LLC, a Delaware limited liability company
(the “Borrower”), the Lenders and Issuing Banks party thereto from time
to time, and Citicorp North America, Inc., as administrative agent (in such capacity, the
“Administrative Agent”) and as collateral agent for the Lenders and Issuing Banks.
Capitalized terms used herein but not defined herein are used as defined in the Credit Agreement as
amended.

W i t n e s s e t h:

          Whereas, Holdings and the Borrower have requested a waiver of certain reporting
covenants under the Credit Agreement as set forth herein; and

          Whereas, the Lenders signatory to a consent (an “Acknowledgment and Consent”)
and the Administrative Agent have agreed to consent to such waiver on the terms and subject to the
conditions herein provided.

          Now, Therefore, in consideration of the foregoing, the mutual covenants and
obligations herein set forth and other good and valuable consideration, the adequacy and receipt of
which is hereby acknowledged, and in reliance upon the representations, warranties and covenants
herein contained, the parties hereto, intending to be legally bound, hereby agree as follows:

     Section 1. Waiver. As of the Effective Date (as defined below), the
Administrative Agent and each Lender signatory to an
Acknowledgment and Consent hereby (i) consent to the delivery,
on or prior to October 13, 2006 (the “Waiver Expiration
Date”),
of the financial statements required by Section 5.04(b) and the
Financial Officer’s certificate required by Section 5.04(c) of
the Credit Agreement with respect to the fiscal quarter of
Holdings and its Subsidiaries ended June 30, 2006
(collectively, the “June 30 Reports”) and (ii) waive any
Default or Event of Default arising under Section 5.04(b) and
Section 5.04(c) of the Credit Agreement solely as a result of
the delay in delivery of the June 30 Reports as contemplated in
this Waiver; provided, however, that nothing contained in this
Waiver shall be construed as a waiver of any other Default or
Event of Default, including, without limitation, any such
Default or Event of Default arising under Section 7.01(f) of
the Credit Agreement.

     Section 2. Confirmation and Acknowledgment.

     (a) Each Revolving Facility Lender signatory to an Acknowledgment and Consent hereby confirms
that, for the purposes of the definition of “Applicable
Margin” in Section 1.01 of the Credit
Agreement, the Leverage Ratio shall be deemed to be “Category
3” until the earlier of (i) the
delivery of the June 30 Reports and (ii) the Waiver Expiration Date.

     (b) The Administrative Agent and each Lender signatory to an Acknowledgment and Consent hereby
confirm that, based upon the information provided to the Administrative Agent and the Lenders as of
the Effective Date by Holdings or the Borrower with respect to proposed

 

 

potential accounting adjustments arising from certain purchases and sales on the over-the-counter
coal market, such adjustments (and any resulting restatement of any financial statements of
Holdings, the Borrower and their Subsidiaries to the extent arising from such accounting
adjustments) do not and shall not constitute a breach of, or a Default or Event of Default pursuant
to, Sections 3.05, 3.13, 3.21, 5.04(a), 5.04(b), 5.07 or 7.01(a) of the Credit Agreement.

     Section 3. Conditions Precedent. This Waiver shall become effective as of the date (the
“Effective Date”) on which each of the following conditions precedent shall have been
satisfied or duly waived:

     (a) Certain Documents. The Administrative Agent shall have received each of the following, in
form and substance satisfactory to the Administrative Agent:

          (i) this Waiver, duly executed by the Borrower and Holdings, on behalf of itself and each other
Loan Party, and the Administrative Agent;

          (ii) an Acknowledgment and Consent, in the form set forth hereto as Exhibit A, duly executed by
each of the Required Lenders and the Majority Lenders under the Revolving Facility; and

          (iii) such additional documentation as the Administrative Agent may reasonably require.

     (b) Payment of Fees Costs and Expenses. The Administrative Agent and the Lenders shall have
received payment of all fees, costs and expenses, including, without limitation, all fees,
costs and expenses of the Administrative Agent and the Lenders (including, without limitation,
the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent) in
connection with this Waiver, the Credit Agreement and each other Loan Document, as required by
Section 5 and Section 6 hereof.

     (c) Representations and Warranties. Each of the representations and warranties contained in
Section 4 below shall be true and correct.

     Section 4. Representations and Warranties. Each of Holdings and the Borrower, on behalf of
itself and each Loan Party, hereby represents and warrants to the Administrative Agent and
each Lender, with respect to all Loan Parties, as follows:

     (a) After giving effect to this Waiver, each of the representations and warranties in the Credit
Agreement and in the other Loan Documents are true and correct in all material respects on and
as of the date hereof as though made on and as of such date, except to the extent that any
such representation or warranty expressly relates to an earlier date and except for changes
therein expressly permitted by the Credit Agreement.

     (b) The execution, delivery and performance by Holdings and the Borrower of this Waiver have been
duly authorized by all requisite corporate or limited liability company action and will not
violate the articles of incorporation or bylaws (or other constituent documents) of Holdings
or the Borrower.

     (c) After giving effect to this Waiver, no Default or Event of Default has occurred and is
continuing as of the date hereof.

- 2 -

 

     Section 5. Fees. As consideration for the execution of this Waiver, the
Borrower agrees to pay to the Administrative Agent for the
account of each Lender for which the Administrative Agent shall
have received (by facsimile or otherwise) an executed
Acknowledgment and Consent (or a release from escrow of an
Acknowledgment and Consent previously delivered in escrow) with
respect to this Waiver by 12:00 p.m. (New York Time) on August
11, 2006 (or such later date or time as the Administrative
Agent and the Borrower may agree), a waiver fee equal to 0.075%
of such Lender’s aggregate Loans then outstanding and (without
duplication) Commitments then in effect.

     Section 6.  Costs and Expenses. As provided in Section 9.05(a) of the
Credit Agreement, the Borrower agrees to reimburse the
Administrative Agent for all reasonable out-of-pocket expenses
incurred by the Administrative Agent in connection with this
Waiver, including the reasonable fees, charges and
disbursements of counsel or other advisors for advice,
assistance or other representation in connection with this
Waiver.

     Section 7. Reference to and Effect on the Loan Documents.

     (a) As of the Effective Date, each reference in the Credit Agreement and the other Loan Documents
to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each
reference in the other Loan Documents to the Credit Agreement (including, without limitation,
by means of words like “thereunder”, “thereof” and words of like import), shall mean and be a
reference to the Credit Agreement as amended and as waived hereby with respect to the certain
requirements outlined above, and this Waiver and the Credit Agreement shall be read together
and construed as a single instrument.

     (b) Except as expressly amended hereby, all of the terms and provisions of the Credit Agreement
and all other Loan Documents are and shall remain in full force and effect and are hereby
ratified and confirmed.

     (c) The execution, delivery and effectiveness of this Waiver shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the Administrative
Agent, any Lender or any Issuer under the Credit Agreement or any Loan Document, or constitute
a waiver or amendment of any other provision of the Credit Agreement or any Loan Document
except as and to the extent expressly set forth herein.

     (d) Each of Holdings and the Borrower, on behalf of itself and each other Loan Party, hereby
confirms that the guaranties, security interests and liens granted pursuant to the Loan
Documents continue to guarantee and secure the Obligations as set forth in the Loan Documents
and that such guaranties, security interests and liens remain in full force and effect.

     Section 8. Counterparts. This Waiver may be executed in any number of
counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall
constitute one and the same agreement. Receipt by the
Administrative Agent of a facsimile copy of an executed
signature page hereof shall constitute receipt by the
Administrative Agents of an executed counterpart of this
Waiver.

     Section 9. Governing Law. This Waiver and the rights and obligations of
the parties hereto shall be governed by, and construed and
interpreted in accordance with, the law of the State of New
York.

- 3 -

 

     Section 10. Headings. Section headings contained in this Waiver are
included herein for convenience of reference only and shall
not constitute a part of this Waiver for any other purposes.

     Section 11. Waiver of Jury Trial. Each Of The Parties Hereto
Irrevocably Waives Trial By Jury In Any Action Or Proceeding
With Respect To This Waiver Or Any Other Loan Document.

[Signature Pages Follow]

- 4 -

 

     In Witness Whereof, the parties hereto have caused this Waiver to be executed by
their respective officers and members thereunto duly authorized, on the date indicated below.

	 	 	 	 	 
	 	Alpha NR Holding, Inc. 

     as Holdings

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Alpha Natural Resources, LLC

     as Borrower

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[SIGNATURE PAGE TO ANR WAIVER]

 

 

	 	 	 	 	 
	 	Citicorp North America, Inc., 

as Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[SIGNATURE PAGE TO ANR WAIVER]

 

 

Exhibit A

Acknowledgement And Consent

			
	To:	 	Citicorp North America, Inc., as Administrative Agent

388 Greenwich Street

New York, New York 10013

 

Attention: Daniel J. Miller

          Re: Alpha Natural Resources, LLC

          Reference is made to Credit Agreement, dated as of October 26, 2005 (as the same
may be amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Alpha NR Holding, Inc., a Delaware corporation
(“Holdings”), Alpha Natural Resources, LLC, a Delaware limited liability company
(the “Borrower”), Lenders and Issuing Banks party thereto from time to
time, and Citicorp North America, Inc., as administrative agent (in such capacity, the
“Administrative Agent”) and as collateral agent for the Lenders and Issuing Banks.
Capitalized terms used herein but not defined herein are used as defined in the Credit Agreement as
amended.

          Holdings and the Borrower have requested that the Lenders consent to a waiver to the Credit
Agreement on the terms described in the Waiver and Consent to Credit Agreement (the
“Waiver”), the form of which is attached hereto.

          Pursuant to Section 9.08 of the Credit Agreement, the undersigned Lender hereby consents to
the terms of the Waiver and authorizes the Administrative Agent to execute and deliver the Waiver
on its behalf.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[Name of Lender]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

Dated as of August __, 2006

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