Document:

<PAGE>

                                                                   EXHIBIT 10.29

                          CONSENT AND AMENDMENT NO. 7
                          ---------------------------

          CONSENT AND AMENDMENT NO. 7, dated as of January 31, 2000 (this
"Consent and Amendment"), to Amended and Restated Credit Agreement, dated as of
June 21, 1999 (as amended by Amendment No. 1 thereto, dated as of July 1, 1999,
Amendment No. 2 thereto, dated as of August 12, 1999, Amendment No. 3 thereto,
dated as of September 24, 1999, Amendment No. 4 thereto, dated as of December 1,
1999, Amendment No. 5 thereto, dated as of December 15, 1999, and Amendment No.
6 thereto, dated as of January 21, 2000, the "Credit Agreement"), by and among
IPC Information Systems, Inc., as Parent Borrower, IPC Funding Corp., as Sub
Borrower, IPC Communications, Inc., as a Loan Party, the Lenders signatory
thereto, as Lenders, General Electric Capital Corporation, as Issuing Bank,
Collateral Agent and Administrative Agent, and First Union Capital Markets,
Inc., as Documentation Agent.

                            PRELIMINARY STATEMENTS
                            ----------------------

          A.  International Exchange Networks, Ltd., a Delaware corporation
("IXnet") and an indirect Subsidiary of the Parent Borrower, desires to acquire
all of the outstanding shares of capital stock (the "Acquisition") of Business
Networks of New York, Inc., a New York corporation ("Business Networks"), from
Joseph Sciacca, Gerard Tsarnas and Joseph Fabiilli (collectively, the "Sellers")
for an aggregate purchase price consisting of (1) $24,500,000 in cash, and (2)
up to $4,000,000 in shares of common stock of IXnet, Inc., a Delaware
corporation ("IXnet Holdings") and the direct parent of IXnet, such number of
shares to be issued being calculated pursuant to the Stock Purchase Agreement by
and among Business Networks, IXnet and the Sellers, dated as of January 31, 2000
(the "Stock Purchase Agreement").

          B.  Section 5.02(f)(vii) of the Credit Agreement permits the Parent
Borrower and its Subsidiaries to make certain Investments, subject to the
satisfaction of certain conditions specified therein.

          C.  Section 5.02(f)(ix) of the Credit Agreement permits the Parent
Borrower and its Subsidiaries to make certain Investments with the IPO Net Cash
Proceeds, subject to the satisfaction of certain conditions specified therein.

          D.  Section 5.02(g) of the Credit Agreement prohibits the Parent
Borrower and its Subsidiaries from issuing any shares of capital stock, subject
to certain exceptions specified therein.

          E.   The Administrative Agent and Lenders are willing to consent to
the Acquisition and certain related matters and to amend the Credit Agreement on
the terms and conditions set forth herein.

          NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements contained herein, the parties hereto hereby agree as
follows:
<PAGE>

1.   Definitions.   The terms defined in the Credit Agreement and not otherwise
     -----------
defined herein shall have the meanings ascribed to them in the Credit Agreement.

2.   Consent.  Subject to the satisfaction of the condition set forth in Section
     -------
4 hereof:

     2.1. Notwithstanding the conditions set forth in clauses (2) and (4) of
Section 5.02(f)(vii) of the Credit Agreement or the provisions of Section
5.02(g) of the Credit Agreement, but subject to the satisfaction of all other
conditions set forth in Section 5.02(f)(vii) and to the compliance with all
other terms and conditions set forth in this Consent and Amendment, the Credit
Agreement (including without limitation, Section 5.01(o) of the Credit
Agreement) and the other Loan Documents, the Lenders hereby consent to the
issuance of up to $4,000,000 of shares of the common stock of IXnet Holdings as
part of the consideration for the Acquisition under the Stock Purchase Agreement
as an Investment under Section 5.02(f)(vii) of the Credit Agreement; provided,
                                                                     --------
that, the exact number of shares to be issued shall be calculated pursuant to
----
Sections 1.2(a) and 1.2(b) of the Stock Purchase Agreement and further provided,
                                                               ------- --------
that, after giving effect to such stock issuance, such aggregate number of
----
shares issued does not exceed 0.4% of the outstanding common stock of IXnet
Holdings.

     2.2. Notwithstanding the conditions set forth in clauses (3) and (5) of
Section 5.02(f)(ix) of the Credit Agreement, but subject to the satisfaction of
all other conditions set forth in Section 5.02(f)(ix) and to the compliance with
all other terms and conditions set forth in this Consent and Amendment, the
Credit Agreement (including without limitation, Section 5.01(o) of the Credit
Agreement) and the other Loan Documents, the Lenders hereby consent to the
Investment of $24,500,000 of the IPO Net Cash Proceeds as part of the
consideration for the Acquisition under the Stock Purchase Agreement as an
Investment under Section 5.02(f)(ix) of the Credit Agreement.

     2.3. Each of the foregoing consents is only applicable and shall only be
effective in the specific instance and for the specific purpose for which made.
Each consent is expressly limited to the facts and circumstances referred to
herein and shall not operate (i) as a waiver of or consent to non-compliance
with any other Section or provision of the Credit Agreement or any other Loan
Document, (ii) as a waiver of any other right, power or remedy of either the
Administrative Agent or any Lender Party under the Credit Agreement or any other
Loan Document or (iii) as a waiver of or consent to any Default or Event of
Default under the Credit Agreement or any other Loan Document.

3.   Amendment.  Section 5.03 of the Credit Agreement is amended by adding at
     ---------
the end thereof the following:

     "(v)  Capitalization.  As soon as available and in any event within 30
           --------------
days after the end of each quarter of each Fiscal Year, (i) a statement of the
number of options of IXnet Holdings granted and outstanding as of such date
(specifying which options are (a) exercisable and (b) unexercisable), (ii) a
statement of the total number of shares of IXnet Holdings outstanding as of such
date and (iii) a statement as to the percentage of the outstanding shares of
IXnet Holdings which are owned by Parent Borrower as of such date."
<PAGE>

4.   Condition to Consent and Amendment.  The effectiveness of the consents
     ----------------------------------
contained in Section 2 and the amendment contained in Section 3 shall be subject
to the fulfillment of the condition precedent that the Borrowers, Holdings, the
Administrative Agent and the Required Lenders shall have executed and delivered
this Consent and Amendment to the Administrative Agent.

5.   Reference to and Effect Upon the Credit Agreement and other Loan Documents.
     --------------------------------------------------------------------------
Except as specifically amended hereby, the Credit Agreement, the Notes and each
other Loan Document shall remain in full force and effect and each is hereby
ratified and confirmed.  Each reference in the Credit Agreement to "this
Agreement", "hereunder", "hereof", "herein" or any other word or words of
similar import shall mean and be a reference to the Credit Agreement as amended
hereby, and each reference in any other Loan Document to the Credit Agreement or
any word or words of similar import shall be and mean a reference to the Credit
Agreement as amended hereby.

6.   Miscellaneous.
     -------------

     6.1.  Governing Law.  This Consent and Amendment shall be governed and
           -------------
construed in accordance with the laws of the State of New York (without giving
effect to its conflicts of law principles).

     6.2.  Counterparts.  This Consent and Amendment may be signed in any
           ------------
number of counterparts with the same effect as if the signatures thereto and
hereto were upon the same instrument. Delivery of an executed signature page to
this Consent and Amendment by facsimile shall be as effective as delivery of an
original executed signature page.

     6.3.  Binding Effect; Assignment. This Consent and Amendment shall be
           --------------------------
binding upon and inure to the benefit of the Borrowers and to the benefit of the
Administrative Agent and the Lenders and their respective permitted successors
and assigns.

     6.4.  Fees and Expenses.  The Borrowers shall pay the Administrative
           -----------------
Agent for all reasonable expenses, including reasonable fees of legal counsel,
incurred by the Administrative Agent in connection with the preparation,
negotiation and execution of this Consent and Amendment and any related matters.

                           [SIGNATURE PAGES FOLLOW]
<PAGE>

          IN WITNESS WHEREOF, this Consent and Amendment has been duly executed
as of the date first written above.

                                    IPC INFORMATION SYSTEMS, INC.,
                                    as Parent Borrower

                                    By: _________________________
                                    Title:_______________________

                                    IPC FUNDING CORP.,
                                    as Sub Borrower

                                    By:__________________________
                                    Title:_______________________

                                    IPC COMMUNICATIONS, INC.,
                                    as a Loan Party

                                    By:__________________________
                                    Title:_______________________

                                    GENERAL ELECTRIC CAPITAL CORPORATION,
                                    as Administrative Agent, Collateral Agent,
                                    Issuing Bank and Lender

                                    By:__________________________
                                    Title:_______________________

                                    FIRST UNION NATIONAL BANK,
                                    as a Lender

                                    By: ___________________________
                                    Title: ________________________
<PAGE>

                                    GMAC COMMERCIAL CREDIT LLC,
                                    as a Lender

                                    By: _____________________________

                                    Title:___________________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   INTERNATIONAL EXCHANGE NETWORKS,
                                   LTD., as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   INTERNATIONAL EXCHANGE NETWORK
                                   CORP., as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   HNG CORP., as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   V BAND CORPORATION, as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   IXNET, INC., as a Guarantor

                                   By: _________________________

                                   Title:_______________________
<PAGE>

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   IPC INFORMATION SYSTEMS FAR EAST INC.,
                                   as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   MXNET INC., as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   IPC INFORMATION SYSTEMS ASIA
                                   PACIFIC, LIMITED, as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   IPC INFORMATION SYSTEMS CANADA, INC.,
                                   as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   IXNET UK LIMITED, as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   IPC INFORMATION SYSTEMS, as a Guarantor

                                   By: _________________________

                                   Title:_______________________

<PAGE>

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   IPC UK HOLDINGS, LTD., as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   IPC UK SPC LIMITED, as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   SATURN GLOBAL NETWORK
                                   SERVICES HOLDINGS LIMITED, as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   IXNET AUSTRALIA PTY LIMITED, as a
                                   Guarantor

                                   By: _________________________

                                   Title:_______________________
<PAGE>

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   IXNET HONG KONG LIMITED (f/k/a Saturn
                                   Global Network Services (Hong Kong) Limited)
                                   as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   SATURN GLOBAL NETWORK SERVICES
                                   (JAPAN) LTD., as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   SATURN GLOBAL NETWORK SERVICES
                                   (SINGAPORE) PTE LTD., as a Guarantor

                                   By: _________________________

                                   Title:_______________________

          The undersigned hereby acknowledges and consents to this Consent and
Amendment No. 7 and hereby ratifies and confirms the Guaranty and each other
Loan Document to which it is a party.

                                   IPC FUNDING CORP, as a Guarantor

                                   By: _________________________

                                   Title:_______________________<PAGE>

                                                                   EXHIBIT 10.30

                          AMENDMENT NO. 8 AND WAIVER
                          --------------------------

          THIS AMENDMENT NO. 8 AND WAIVER, dated as of February __, 2000 (this
"Amendment and Waiver"), is entered into by and among IPC Information Systems,
Inc., a Delaware corporation (the "Parent Borrower"); IPC Funding Corp., a
Delaware corporation (the "Sub Borrower"); IPC Communications, Inc., a Delaware
corporation ("Holdings"), as a Loan Party; General Electric Capital Corporation,
as a Lender, and as Collateral Agent, Issuing Bank and Administrative Agent (the
"Administrative Agent") for the Lender Parties; and the other Lenders.

                            PRELIMINARY STATEMENTS
                            ----------------------

          A.   Borrowers, Holdings, the Administrative Agent, the Lenders and
First Union Capital Markets, Inc., as Documentation Agent, are parties to that
certain Amended and Restated Credit Agreement, dated as of June 21, 1999 (as
amended by Amendment No. 1 thereto, dated as of July 1, 1999, Amendment No. 2
thereto, dated as of August 12, 1999, Amendment No. 3 thereto, dated as of
September 24, 1999, Amendment No. 4 thereto, dated as of December 1, 1999,
Amendment No. 5 thereto, dated as of December 15, 1999, Amendment No. 6 thereto,
dated as of January 21, 2000 and Amendment No. 7 thereto, dated as of January
31, 2000, as so amended, the "Credit Agreement").

          B.   Borrowers, Holdings, the Administrative Agent and the Lenders are
desirous of amending certain Sections of, waiving compliance with certain
specified provisions of, and making certain other changes to, the Credit
Agreement, all as and to the extent set forth in this Amendment and Waiver and
subject to the terms and conditions set forth herein.

          NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements contained herein, the parties hereto hereby agree as
follows:

1.   Definitions. The terms defined in the Credit Agreement and not otherwise
     -----------
defined herein shall have the meanings ascribed to them in the Credit Agreement.

2.   Waivers. Subject to the satisfaction of the conditions set forth in
     -------
Section 5 hereof:

     2.1.   The Administrative Agent and the Lenders hereby waive any Events of
Default which may exist as a result of the Borrower's failure to satisfy the
financial covenant contained in Section 5.04(c) of the Credit Agreement for any
period ended on or before December 31, 1999.

     2.2.   The foregoing waiver is only applicable and shall only be effective
in the specific instance and for the specific purpose for which made. Such
waiver is expressly limited to the facts and circumstances referred to herein
and shall not operate (i) as a waiver of or consent to non-compliance with any
other Section or provision of the Credit Agreement or any other Loan Document,
(ii) as a waiver of any other right, power or remedy of the Administrative
Agent, the Collateral Agent or any Lender Party under the Credit Agreement or
any other Loan Document

                                       1
<PAGE>

or (iii) as a waiver of or consent to any Default or Event of Default under the
Credit Agreement or any other Loan Document, other than as provided in Section
2.1 above.

3.   Amendments. Subject to the satisfaction of the conditions set forth in
     ----------
Section 5 hereof:

     3.1.   Section 2.04(c) of the Credit Agreement is deleted in its entirety
and replaced by the following:

            "(c)  Term Loan Advances. The Parent Borrower shall repay to the
                  ------------------
Administrative Agent for the ratable account of the Term Loan Lenders the
aggregate outstanding principal amount of the Term Loan Advances to the Parent
Borrower on the following dates in the amounts indicated (which amounts shall be
reduced as a result of the application of prepayments in accordance with the
order of priority set forth in Section 2.06):

Date                               Amount
----                               ------

September 30, 1999                 $1,300,000
December 31, 1999                  $1,300,000
February 29, 2000                  $1,300,000
March 31, 2000                     $1,300,000
April 30, 2000                     $1,300,000
May 31, 2000                       $1,300,000
June 30, 2000                      $1,300,000
July 31, 2000                      $1,300,000
August 31, 2000                    $1,300,000
September 30, 2000                 $1,300,000
October 31, 2000                   $  500,000
November 30, 2000                  $  500,000
December 31, 2000                  $  500,000
January 31, 2001                   $  500,000
February 28, 2001                  $  500,000
March 31, 2001                     $  500,000
April 30, 2001                     $  500,000
May 31, 2001                       $  500,000
June 30, 2001                      $  500,000
July 31, 2001                      $  500,000
August 31, 2001                    $  500,000
September 30, 2001                 $  500,000
October 31, 2001                   $  500,000
November 30, 2001                  $  500,000

provided, however, that the final principal installment shall be in an amount
--------  -------
equal to the aggregate principal amount of the Term Loan Advances outstanding on
such date."

     3.2.   Section 5.04 of the Credit Agreement, Financial Covenants, is
deleted in its entirety and replaced by the following:

                                       2
<PAGE>

          " SECTION 5.04.  Financial Covenants.  So long as any Advance shall
                           -------------------
remain unpaid, any Letter of Credit shall be outstanding or any Lender Party
shall have any Commitment hereunder, the Parent Borrower shall:

          (a)  Minimum EBITDA. Maintain at the end of each fiscal quarter of the
               --------------
     Parent Borrower, EBITDA of not less than the amount set forth below for
     each four consecutive fiscal quarter period set forth below:

          Four Fiscal Quarters Ending                  Amount
          ---------------------------                  ------

          September 30, 1998                           $24,000,000
          December 31, 1998                            $26,000,000

          March 31, 1999                               $28,600,000
          June 30, 1999                                $31,000,000
          September 30, 1999                           $36,000,000
          December 31, 1999                            $31,000,000

          March 31, 2000                               $19,500,000
          June 30, 2000                                $21,500,000
          September 30, 2000                           $30,000,000
          December 31, 2000                            $39,000,000

          March 31, 2001                               $48,000,000
          June 30, 2001                                $51,000,000
          September 30, 2001                           $51,500,000
          December 31, 2001                            $55,000,000

          March 31, 2002                               $61,500,000
          June 30, 2002                                $72,000,000
          September 30, 2002                           $80,500,000
          December 31, 2002                            $89,000,000

          March 31, 2003                               $99,500,000
          June 30, 2003                                $107,00,000

          (b)  Interest Coverage Ratio.  Maintain at the end of each fiscal
               -----------------------
     quarter of the Parent Borrower a ratio of Consolidated EBITDA to cash
     interest payable on all Debt of the Parent Borrower and its Subsidiaries,
     in each case for the four consecutive fiscal quarter period ending on the
     date set forth below, of not less than the ratio set forth below:

          Four Fiscal Quarters Ending             Ratio
          ---------------------------             -----

          June 30, 1999                           4.00:1.00
          September 30, 1999                      4.00:1.00
          December 31, 1999                       4.00:1.00

                                       3
<PAGE>

          March 31, 2000                          3.10:1.00
          June 30, 2000                           2.80:1.00
          September 30, 2000                      3.50:1.00
          December 31, 2000                       4.00:1.00

          March 31, 2001                          4.00:1.00
          June 30, 2001                           3.30:1.00
          September 30, 2001                      2.35:1.00
          December 31, 2001                       1.90:1.00

          March 31, 2002                          1.75:1.00
          June 30, 2002                           2.00:1.00
          September 30, 2002                      2.30:1.00
          December 31, 2002                       2.60:1.00

          March 31, 2003                          3.00:1.00
          June 30, 2003                           3.50:1.00

          (c)  Leverage Ratio. Maintain at the end of each fiscal quarter of the
               --------------
     Parent Borrower a Leverage Ratio of the Parent Borrower and its
     Subsidiaries, in each case for the four consecutive fiscal quarter period
     ending on the date set forth below, of not more than the ratio set forth
     below (provided, however, that, solely for the periods ending on September
            --------  -------
     30, 1999, December 31, 1999, March 31, 2000 and June 30, 2000, any amount
     of Debt expressly permitted under Section 5.02(b)(ii)(C) (including,
     without limitation, clause (y) thereof) that is outstanding at such time
     shall not be included in the calculation of the Leverage Ratio for such
     period):

          Four Fiscal Quarters Ending             Ratio
          ---------------------------             -----

          June 30, 1999                           5.90:1.00
          September 30, 1999                      7.70:1.00
          December 31, 1999                       9.70:1.00

          March 31, 2000                         15.50:1.00
          June 30, 2000                          14.50:1.00
          September 30, 2000                     10.70:1.00
          December 31, 2000                       8.50:1.00

          March 31, 2001                          7.00:1.00
          June 30, 2001                           6.65:1.00
          September 30, 2001                      6.60:1.00
          December 31, 2001                       6.10:1.00

          March 31, 2002                          5.30:1.00
          June 30, 2002                           4.50:1.00
          September 30, 2002                      3.90:1.00
          December 31, 2002                       3.40:1.00

                                       4
<PAGE>

          March 31, 2003                          3.00:1.00
          June 30, 2003                           2.60:1.00

          (d)  Fixed Charge Coverage Ratio.  Maintain at the end of each fiscal
               ---------------------------
     quarter of the Parent Borrower a ratio of (i) EBITDA for the most recently
     completed four fiscal quarters of the Parent Borrower and its Subsidiaries,

     less Capital Expenditures made by the Parent Borrower and its Subsidiaries
     ----
     during such period, other than (x) Capital Expenditures to the extent
     financed by Capitalized Leases (but only to the extent so financed and not
     paid in cash), (y) Capital Expenditures to the extent financed by purchase
     money indebtedness (but only to the extent so financed and not paid in
     cash) and (z) Capital Expenditures made by IXnet and its Subsidiaries out
     of the IPO Net Cash Proceeds (but only to the extent so made out of the IPO
     Net Cash Proceeds) (in the case of (x), (y) and (z) only to the extent that
     such transactions otherwise are permitted by, and in compliance with, the
     terms and conditions of this Agreement), less the aggregate amount of
                                              ----
     federal, state, local and foreign income taxes paid by the Parent Borrower
     and its Subsidiaries in cash during such period, other than (x) various
     foreign income taxes paid by Foreign Subsidiaries to the extent that such
     foreign income taxes do not in the aggregate exceed $1,000,000 during such
     period, (y) the payment by IPC UK in June 1999 of certain foreign income
     taxes in the aggregate amount of approximately (Pounds)4,200,000 and (z)
     the payment by IPC UK in July 1999 of the ACT (Advance Corporation Tax) in
     the aggregate amount of approximately (Pounds)5,625,000, less cash
                                                              ----
     dividends paid by the Parent Borrower to the holder of its common stock
     (i.e. Holdings) during such period to the extent that the Parent Borrower
     is expressly permitted to pay such dividends under this Agreement, to the
     (ii) sum of (x) cash interest payable by the Parent Borrower and its
     Subsidiaries on all Debt during such period plus (y) principal amounts of
                                                 ----
     all Debt payable by the Parent Borrower and its Subsidiaries during such
     period, of not less than the ratio set forth below for such period

     (provided, however, that, solely for the periods ending on September 30,
     ---------  -------  ----
     1999, December 31, 1999, March 31, 2000 and June 30, 2000, any amount of
     Debt expressly permitted under Section 5.02(b)(ii)(C) (including, without
     limitation, clause (y) thereof) that is outstanding at such time shall not
     be included in the calculation of the Fixed Charge Coverage Ratio for such
     period:

          Four Fiscal Quarters Ending             Ratio
          ---------------------------             -----

          June 30, 1999                           1.06:1.00
          September 30, 1999                      1.07:1.00
          December 31, 1999                       1.30:1.00

          March 31, 2000                           .85:1.00
          June 30, 2000                            .75:1.00
          September 30, 2000                       .90:1.00
          December 31, 2000                       1.10:1.00

                                       5
<PAGE>

          March 31, 2001                          1.40:1.00
          June 30, 2001                           1.30:1.00
          September 30, 2001                      1.20:1.00
          December 31, 2001                       1.05:1.00

          March 31, 2002                          1.00:1.00
          June 30, 2002                           1.20:1.00
          September 30, 2002                      1.00:1.00
          December 31, 2002                       1.00:1.00

          March 31, 2003                          1.00:1.00
          and thereafter"

     3.3.   Section 5.02(g) of the Credit Agreement is amended by deleting from
clause (iii)(D) the words "fourteen percent (14%)"and replacing them with the
words "fifteen and three tenths percent (15.3%)".

4.   Acknowledgment and Consent of Guarantors.  Each Guarantor hereby consents
     ----------------------------------------
to this Amendment and Waiver and hereby confirms and agrees that (a)
notwithstanding the effectiveness of this Amendment and Waiver or any of the
other prior amendments comprising part of the Credit Agreement, the Guaranty and
each other Loan Document to which it is a party is, and shall continue to be, in
full force and effect and is hereby ratified and confirmed in all respects, and
(b) the Collateral Documents to which such Guarantor is a party and all of the
Collateral described therein do, and shall continue to, secure the payment of
all of the Secured Obligations (in each case, as defined therein).

5.   Conditions to Amendment and Waiver.  The effectiveness of the waivers
     ----------------------------------
contained in Section 2 and the amendments contained in Section 3 shall be
subject to the fulfillment of the following conditions precedent in a manner
acceptable to the Administrative Agent:

     5.1.   The Borrowers, Holdings, each of the Guarantors, the Administrative
Agent and the Lenders shall have executed and delivered this Amendment and
Waiver to the Administrative Agent.

     5.2.   A favorable opinion of Skadden, Arps, Slate, Meagher & Flom, LLP,
counsel for the Borrowers, addressed to the Administrative Agent, Collateral
Agent and each of the Lender Parties, in form and substance satisfactory to the
Administrative Agent, the Collateral Agent and the Lender Parties as to such
matters as the Administrative Agent may request shall have been delivered to the
Administrative Agent, Collateral Agent and Lender Parties.

     5.3.   Certified copies of resolutions of the Board of Directors of each of
the Borrowers approving this Amendment and Waiver and the matters contemplated
hereby shall have been delivered to the Administrative Agent, Collateral Agent
and the Lender Parties.

     5.4.   The Parent Borrower shall have paid an amendment fee in an amount
equal to $100,000 to the Administrative Agent, for the pro rata account of each
Lender that timely

                                       6
<PAGE>

executes and delivers its signature page evidencing its agreement to this
Amendment and Waiver.

6.   Reference to and Effect Upon the Credit Agreement and other Loan Documents.
     --------------------------------------------------------------------------
Except as specifically amended hereby, the Credit Agreement, the Notes and each
other Loan Document shall remain in full force and effect and each is hereby
ratified and confirmed.  Each reference in the Credit Agreement to "this
Agreement", "hereunder", "hereof", "herein" or any other word or words of
similar import shall mean and be a reference to the Credit Agreement as amended
hereby, and each reference in any other Loan Document to the Credit Agreement or
any word or words of similar import shall be and mean a reference to the Credit
Agreement as amended hereby.

7.   Miscellaneous.
     -------------

     7.1.   Governing Law. This Amendment and Waiver shall be governed and
            -------------
construed in accordance with the laws of the State of New York (without giving
effect to its conflicts of law principles).

     7.2.   Counterparts.  This Amendment and Waiver may be signed in any number
            ------------
of counterparts with the same effect as if the signatures thereto and hereto
were upon the same instrument.  Delivery of an executed signature page to this
Amendment and Waiver by facsimile shall be as effective as delivery of an
original executed signature page.

     7.3.   Binding Effect; Assignment. This Amendment and Waiver shall be
            --------------------------
binding upon and inure to the benefit of the Borrowers and to the benefit of the
Administrative Agent, the Collateral Agent and the Lenders and their respective
permitted successors and assigns.

     7.4.   Fees and Expenses.  The Borrowers shall pay the Administrative Agent
            -----------------
for all reasonable expenses, including reasonable fees of legal counsel,
incurred by the Administrative Agent in connection with the preparation,
negotiation and execution of this Amendment and Waiver and any related matters.

                           [SIGNATURE PAGES FOLLOW]

                                       7
<PAGE>

          IN WITNESS WHEREOF, this Amendment and Waiver has been duly executed
as of the date first written above.

                                   IPC INFORMATION SYSTEMS, INC.,
                                   as Parent Borrower

                                   By: ___________________________
                                   Title:_________________________

                                   IPC FUNDING CORP.,
                                   as Sub Borrower

                                   By:____________________________
                                   Title:_________________________

                                   IPC COMMUNICATIONS, INC.,
                                   as a Loan Party

                                   By:____________________________
                                   Title:_________________________

                                   GENERAL ELECTRIC CAPITAL CORPORATION,
                                   as Administrative Agent, Collateral Agent,
                                   Issuing Bank and Lender

                                   By:____________________________
                                   Title:_________________________

                                   IPC FUNDING CORP.,
                                   as Sub Borrower

                                   By:____________________________
                                   Title:_________________________
<PAGE>

                                   IPC COMMUNICATIONS, INC.,
                                   as a Loan Pary

                                   By:____________________________
                                   Title:_________________________

                                   GENERAL ELECTRIC CAPITAL CORPORATION
                                   as Administration Agent, Collateral Agent,
                                   Issuing Bank and Lender

                                   By:____________________________
                                   Title:_________________________

                                   FIRST UNION NATIONAL BANK,
                                   as a Lender

                                   By: ___________________________
                                   Title:_________________________

                                   GMAC COMMERCIAL CREDIT LLC,
                                   as a Lender

                                   By: ___________________________
                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   INTERNATIONAL EXCHANGE NETWORKS,
                                   LTD., as a Guarantor

                                   By: ___________________________

                                   Title:_________________________
<PAGE>

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   INTERNATIONAL EXCHANGE NETWORK
                                   CORP., as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   HNG CORP., as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   V BAND CORPORATION, as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   IXNET, INC., as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   IPC INFORMATION SYSTEMS FAR EAST INC.,
                                   as a Guarantor

                                   By: ___________________________

                                   Title:_________________________
<PAGE>

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   MXNET INC., as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   IPC INFORMATION SYSTEMS ASIA
                                   PACIFIC, LIMITED, as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   IPC INFORMATION SYSTEMS CANADA, INC.,
                                   as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   IXNET UK LIMITED, as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   IPC INFORMATION SYSTEMS, as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   IPC UK HOLDINGS, LTD., as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   IPC UK SPC LIMITED, as a Guarantor

                                   By: ___________________________

                                   Title:_________________________
<PAGE>

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   SATURN GLOBAL NETWORK SERVICES
                                   HOLDINGS LIMITED, as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   IXNET AUSTRALIA PTY LIMITED, as a
                                   Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   IXNET HONG KONG LIMITED (f/k/a Saturn
                                   Global Network Services (Hong Kong)
                                   Limited), as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   SATURN GLOBAL NETWORK SERVICES
                                   (JAPAN) LTD., as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   SATURN GLOBAL NETWORK SERVICES
                                   (SINGAPORE) PTE LTD., as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

          The undersigned hereby acknowledges and consents to this Amendment No.
8 and Waiver and hereby ratifies and confirms the Guaranty and each other Loan
Document to which it is a party.

                                   IPC FUNDING CORP, as a Guarantor

                                   By: ___________________________

                                   Title:_________________________

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