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                                                                    Exhibit 10.9

            ALPHA NATURAL RESOURCES ANNUAL INCENTIVE BONUS (AIB) PLAN

                                    ARTICLE 1

                              STATEMENT OF PURPOSE

Alpha Natural Resources' compensation policies are intended to support the
Company's overall objective of enhancing stockholder value. In furtherance of
this philosophy, the Alpha Natural Resources Annual Incentive Bonus (AIB) Plan
is designed to provide incentives for business performance, reward contributions
towards goals consistent with the Company's business strategy and enable the
Company to attract and retain highly qualified executive officers and other key
employees.

                                    ARTICLE 2

                                   DEFINITIONS

The terms used in this Plan include the feminine as well as the masculine gender
and the plural as well as the singular, as the context in which they are used
requires. The following terms, unless the context requires otherwise, are
defined as follows:

2.1   "ALPHA NATURAL RESOURCES" means ANR Holdings, LLC, Alpha Natural
      Resources, LLC, or any successor to its obligations under this Plan.

2.2   "BONUS" means the incentive compensation determined by the Committee under
      Section 4.4 of the Plan payable in cash.

2.3   "BOARD" means the Alpha Natural Resources Board of Directors.

2.4   "CODE" means the Internal Revenue Code of 1986, as amended.

2.5   "COMMITTEE" means the Compensation Committee of the Board or any successor
      committee with responsibility for compensation, or any subcommittee, as
      long as the number of Committee members and their qualifications shall at
      all times be sufficient to meet the applicable requirements for "outside
      directors" under Section 162(m) and the regulations thereunder, as in
      effect from time to time, and the independence requirements of the New
      York Stock Exchange, Inc. or any other applicable exchange on which Alpha
      Natural Resources' common equity is at the time listed.

2.6   "COMPANY" means Alpha Natural Resources and any of its Subsidiaries or
      parent company that adopt this Plan or that have employees who are
      participants under this Plan.

2.7   "DISABILITY" means permanent and total disability as defined in Code
      Section 22(e)(3)

2.8   "EXECUTIVE OFFICER" means any Company employee who is an "executive
      officer" as defined in Rule 3b-7 promulgated under the Exchange Act.

2.9   "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

2.10  "PARTICIPANT" means an Executive Officer or key management employee as
      described in Article 3 of this Plan.

2.11  "PERFORMANCE PERIOD" means the period for which a Bonus may be made.
      Unless otherwise specified by the Committee, the Performance Period shall
      be a calendar year, beginning on January 1 of any year.

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2.12  "PLAN" means the Alpha Natural Resources Annual Incentive Bonus (AIB)
      Plan, as it may be amended from time to time.

2.13  "RETIREMENT" means a Termination of Employment, after appropriate notice
      to the Company, (a) on or after the earliest permissible retirement date
      under a qualified pension or retirement plan of the Company or (b) upon
      such terms and conditions approved by the Committee, or officers of the
      Company designated by the Board or the Committee.

2.14  "SEC" means the Securities and Exchange Commission.

2.15  "SECTION 162(M)" means Code Section 162(m) and regulations promulgated
      thereunder by the Secretary of the Treasury.

2.16  "SUBSIDIARY" means any corporation, partnership, limited liability
      company, association or other entity of which securities or other
      ownership interests representing more than 50% of the equity or more than
      50% of the ordinary voting power or more than 50% of the general
      partnership interests are, at the time any determination is being made, ,
      directly or indirectly owned by Alpha Natural Resources.

2.17  "TERMINATION OF EMPLOYMENT" means (a) the termination of the Participant's
      active employment relationship with the Company, unless otherwise
      expressly provided by the Committee, or (b) the occurrence of a
      transaction by which the Participant's employing Company ceases to be a
      Subsidiary.

                                    ARTICLE 3

                                  PARTICIPATION

An Executive Officer or other key employee of the Company designated by the
Committee shall be a Participant in this Plan and shall continue to be a
Participant until any Bonus he may receive has been paid or forfeited under the
terms of this Plan. Not later than 90 days after the beginning of each
Performance Period, the Committee shall designate, by name or position title,
the Plan Participants for such Performance Period.

                                    ARTICLE 4

                                INCENTIVE BONUSES

4.1   OBJECTIVE PERFORMANCE GOALS. The Committee shall establish written,
      objective performance goals for each Performance Period not later than 90
      days after the beginning of such Performance Period (but not after more
      than 25% of such Performance Period has elapsed), except in the case of
      the 2004 Performance Period, for which performance goals shall be
      established at the time this Plan is approved by the Committee. The
      objective performance goals shall be stated as specific amounts of, or
      specific changes in, one or more of the financial measures described in
      Section 4.2. Objective performance goals may also include operational
      goals such as: productivity, safety, other strategic objectives and
      individual performance goals. The objective performance goals need not be
      the same for different Performance Periods and for any Performance Period
      may be stated: (a) as goals for Alpha Natural Resources, for one or more
      of its Subsidiaries, divisions, business or organizational units, or for
      any combination of the foregoing; (b) on an absolute basis or relative to
      the performance of other companies or of a specified index or indices, or
      be based on any combination of the foregoing; and (c) separately for one
      or more of the Participants, collectively for Participants holding the
      same position title or for the entire group of Participants, or in any
      combination of the foregoing.

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4.2   FINANCIAL MEASURES.

            The Committee shall use any one or more of the following financial
      measures to establish objective performance goals under Section 4.1:
      earnings, operating earnings, earnings per share, operating earnings per
      share, earnings before interest taxes depreciation and amortization
      (EBITDA), revenues, stockholders' equity, return on equity, return on
      assets, return on invested capital, economic value added, operating
      margins, cash flow, total stockholder return, expenses, dept-to-capital
      ratio or market share. The Committee may specify any reasonable definition
      of the financial measures it uses. Such definitions may provide for
      reasonable adjustments and may include or exclude items, including but not
      limited to: realized investment gains and losses; extraordinary, unusual
      or non-recurring items; effects of accounting changes, currency
      fluctuations, acquisitions, divestitures, or necessary financing
      activities; recapitalizations, including stock splits and dividends;
      expenses for restructuring or productivity initiatives; and other
      non-operating items.

4.3   PERFORMANCE EVALUATION. Within a reasonable time after the close of a
      Performance Period, the Committee shall determine whether the objective
      performance goals established for that Performance Period have been met by
      the respective Participants. If the objective performance goals and any
      other material terms established by the Committee have been met by a
      Participant, the Committee shall so certify in writing with respect to
      such Participant.

4.4   BONUS. If the Committee has made the written certification under Section
      4.3 for a Performance Period, each Participant to whom the certification
      applies shall be eligible for a Bonus for the Performance Period. The
      Bonus for each such Participant shall not exceed 200% of the Participant's
      base salary in effect on the first day of the applicable Performance
      Period (which shall be January 1 for a calendar year Performance Period).
      For any Performance Period, however, the Committee shall have sole and
      absolute discretion to reduce the amount of, or eliminate entirely, the
      Bonus to one or more of the Participants based upon the Committee's review
      of the objective performance goals for each Participant pursuant to
      Section 4.3.

4.5   PAYMENT OR DEFERRAL OF THE BONUS.

            (a) As soon as practicable after the Committee's determination under
      Section 4.4, but subject to Section 4.5(b), the Company shall pay the
      Bonus to the Participant. The target timing for the payments under the
      Plan shall be on or before the date that is three months after the end of
      the Performance Period. The Company shall have the right to deduct from
      any Bonus, any applicable Federal, state and local income and employment
      taxes, and any other amounts that the Company is otherwise required to
      deduct.

            (b) Subject to the Committee's approval and applicable law,
      Participants may request that payments of a Bonus be deferred under a
      deferred compensation arrangement maintained by the Company by making a
      deferral election pursuant to such rules and procedures as the Committee
      may establish from time to time.

4.6   ELIGIBILITY FOR PAYMENTS.

            (a) Except as otherwise provided in this Section 4.6, a Participant
      shall be eligible to receive a Bonus for a Performance Period only if such
      Participant is employed by the Company continuously from the beginning of
      the Performance Period to the end of the Performance Period.

            (b) Under Section 4.6(a), a leave of absence that lasts less than
      three months and that is approved in accordance with applicable Company
      policies is not a break in continuous employment. In the case of a leave
      of absence of three months or longer: (1) the Committee shall determine

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      whether the leave of absence constitutes a break in continuous employment,
      and (2) if a Participant is on a leave of absence on the date that a Bonus
      or payment of the Bonus is to be made, the Committee may require that the
      Participant return to active employment with the Company at the end of the
      leave of absence as a condition of receiving the Bonus or payment. Any
      determination as to a Participant's eligibility for a Bonus or payment
      under this Section 4.6(b) may be deferred for a reasonable period after
      such Participant's return to active employment.

            (c) The Committee may determine, in its sole discretion, that a
      Bonus will be payable pro-rata for a Participant who either (1) becomes
      eligible to participate during the Performance Period due to commencement
      of his employment or his promotion during such Performance Period, or (2)
      terminates his employment with the Company during such Performance Period
      due to his death, Retirement or Disability. Notwithstanding the foregoing,
      (x) no Bonus will be payable for a Performance Period to an employee who
      first becomes eligible to participate during the fourth quarter of such
      Performance Period and (y) any Bonus payable to a Participant who is
      promoted during the fourth quarter of a Performance Period will be based
      on the performance goals and bonus amounts determined for employees of the
      same level of position as was such Participant prior to his promotion.

                                    ARTICLE 5

                                 ADMINISTRATION

5.1   GENERAL ADMINISTRATION. This Plan shall be administered by the Committee,
      subject to such requirements for review and approval by the Board as the
      Board may establish. Subject to the terms and conditions of this Plan and
      Section 162(m), the Committee is authorized and empowered in its sole
      discretion to select or approve Participants and to make Bonuses in such
      amounts and upon such terms and conditions as it shall determine.

5.2   ADMINISTRATIVE RULES. The Committee shall have full power and authority to
      adopt, amend and rescind administrative guidelines, rules and regulations
      pertaining to this Plan and to interpret this Plan and rule on any
      questions respecting any of its provisions, terms and conditions.

5.3   COMMITTEE MEMBERS NOT ELIGIBLE. No member of the Committee shall be
      eligible to participate in this Plan.

5.4   COMMITTEE MEMBERS NOT LIABLE. The Committee and each of its members shall
      be entitled to rely upon certificates of appropriate officers of the
      Company with respect to financial and statistical data in order to
      determine if the objective performance goals for a Performance Period have
      been met. Neither the Committee nor any member shall be liable for any
      action or determination made in good faith with respect to this Plan or
      any Bonus made hereunder.

5.5   DECISIONS BINDING. All decisions, actions and interpretations of the
      Committee concerning this Plan shall be final and binding on Alpha Natural
      Resources and its Subsidiaries and their respective boards of directors,
      and on all Participants and other persons claiming rights under this Plan.

5.6   APPLICATION OF SECTION 162(m); STOCKHOLDER APPROVAL.

            (a) This Plan is intended to be administered, interpreted and
      construed so that Bonus payments remain tax deductible to the Company and
      unlimited by Section 162(m), which restricts under certain circumstances
      the Federal income tax deduction for compensation paid by a public company
      to named executives in excess of $1 million per year. As of this Plan's
      effective date, the exemption is based on Treasury Regulation Section
      1.162-27(f), which generally exempts from the application of Section
      162(m) compensation paid pursuant to a plan that existed before a company

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      becomes publicly held. Under such Treasury Regulation, this exemption is
      available to this Plan for the duration of the period that lasts until the
      earlier of the expiration or material modification of this Plan or the
      first meeting of stockholders at which directors are to be elected that
      occurs after the close of the third calendar year following the calendar
      year in which the Company first becomes subject to the reporting
      obligations of Section 12 of the Exchange Act. The Committee, or the
      Board, may, without stockholder approval, amend this Plan retroactively or
      prospectively to the extent it determines necessary to comply with any
      subsequent amendment or clarification of Section 162(m) required to
      preserve the Company's Federal income tax deduction for compensation paid
      pursuant to this Plan.

            (b) To the extent that the Committee determines that the exemption
      described in Section 5.6(a) above is no longer available with respect to a
      Bonus, such Bonus shall be intended to satisfy the applicable requirements
      for the performance-based compensation exception under Section 162(m) and
      shall be contingent upon stockholder approval of this Plan in accordance
      with Section 162(m), the regulations thereunder and other applicable U.S.
      Treasury regulations. Unless and until such stockholder approval is
      obtained, no Bonus shall be made under this Plan.

                                    ARTICLE 6

                             AMENDMENTS; TERMINATION

This Plan may be amended or terminated by the Board or the Committee. All
amendments to this Plan, including an amendment to terminate this Plan, shall be
in writing. An amendment to this Plan shall not be effective without the prior
approval of the stockholders of Alpha Natural Resources if such approval is
necessary to continue to qualify Bonuses as performance-based compensation under
Section 162(m), or otherwise under Treasury or SEC regulations, the rules of the
New York Stock Exchange, Inc. or any other applicable exchange or any other
applicable law or regulations. Unless otherwise expressly provided by the Board
or the Committee, no amendment to this Plan shall apply to Bonuses made before
the effective date of such amendment. A Participant's rights with respect to any
Bonuses made to him may not be abridged by any amendment, modification or
termination of this Plan without his individual consent.

                                    ARTICLE 7

                                OTHER PROVISIONS

7.1   DURATION OF THE PLAN. This Plan is effective as of January 1, 2004 (the
      "Effective Date"). This Plan shall remain in effect until all Bonuses made
      under this Plan have been paid or forfeited under the terms of this Plan,
      and all Performance Periods related to Awards made under this Plan have
      expired. No Bonuses may be made under this Plan for any Performance Period
      that would end after the expiration of the exemption referred to in
      Section 5.6, unless the Board, subject to any stockholder approval that
      may then be required to continue to qualify this Plan as a
      performance-based plan under Section 162(m), extends this Plan.

7.2   BONUSES NOT ASSIGNABLE. No Bonus or any right thereto shall be assignable
      or transferable by a Participant except by will or by the laws of descent
      and distribution. Any other attempted assignment or alienation shall be
      void and of no force or effect.

7.3   PARTICIPANT'S RIGHTS. The right of any Participant to receive any payments
      under a Bonus granted to such Participant pursuant to the provisions of
      this Plan shall be an unsecured claim against the

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      general assets of the Company. This Plan shall not create, nor be
      construed in any manner as having created, any right by a Participant to
      any Bonus for a Performance Period because of a Participant's
      participation in this Plan for any prior Performance Period, or because
      the Committee has made a written certification under Section 4.3 for the
      Performance Period. Moreover, there is not obligation for uniform
      treatment for Participants under this Plan.

7.4   TERMINATION OF EMPLOYMENT. The Company retains the right to terminate the
      employment of any Participant or other employee at any time for any reason
      or no reason, and a Bonus is not, and shall not be construed in any manner
      to be, a waiver of such right.

7.5   EXCLUSION FROM BENEFITS. Bonuses under this Plan shall not constitute
      compensation for the purpose of determining participation or benefits
      under any other plan of the Company unless specifically included as
      compensation in such other plan. Notwithstanding anything to the contrary
      contained herein, the Company may provide employer contributions,
      including direct or matching contributions, pursuant to its 401(k) plan or
      pension plan in connection with Bonuses awarded to Participants pursuant
      to this Plan.

7.6   SUCCESSORS. Any successor (whether direct or indirect, by purchase,
      merger, consolidation or otherwise) to all or substantially all of Alpha
      Natural Resources' business or assets, shall assume Alpha Natural
      Resources' liabilities under this Plan and perform any duties and
      responsibilities in the same manner and to the same extent that Alpha
      Natural Resources would be required to perform if no such succession had
      taken place.

7.7   LAW GOVERNING CONSTRUCTION. The construction and administration of this
      Plan and all questions pertaining thereto shall be governed by the laws of
      the State of Delaware, except to the extent that such law is preempted by
      Federal law.

7.8   HEADINGS NOT A PART HERETO. Any headings preceding the text of the several
      Articles, Sections, subsections, or paragraphs hereof are inserted solely
      for convenience of reference and shall not constitute a part of this Plan,
      nor shall they affect its meaning, construction or effect.

7.9   SEVERABILITY OF PROVISIONS. If any provision of this Plan is determined to
      be void by any court of competent jurisdiction, this Plan shall continue
      to operate and, for the purposes of the jurisdiction of the court only,
      shall be deemed not to include the provision determined to be void.

                                        6EXHIBIT 10.21

 

EXHIBIT 10.21

Execution Version

SECOND AMENDMENT AND CONSENT RELATED TO

AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT

     THIS SECOND AMENDMENT AND CONSENT RELATED TO AMENDED AND RESTATED CREDIT
AND GUARANTY AGREEMENT (this “Amendment”), is made and entered into as of
November 30, 2004, by and among IPC ACQUISITION CORP., a Delaware corporation
(the “Borrower”), certain subsidiaries of the Borrower signatory hereto (the
“Guarantors”), the Lenders signatory hereto, and GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation, as Administrative Agent and Collateral
Agent for the Lenders (the “Agent”).

W I T N E S S E T H:

     WHEREAS, the Borrower, the Guarantors, Goldman Sachs Credit Partners L.P.,
as Sole Lead Arranger and Syndication Agent, CIT Lending Services Corporation,
as Documentation Agent, the Lenders and the Agent are parties to that certain
Amended and Restated Credit and Guaranty Agreement, dated as of August 29, 2003
(as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”; capitalized terms used herein and not otherwise defined
shall have the meanings assigned to such terms in the Credit Agreement),
pursuant to which, among other things, the Lenders have made certain financial
accommodations available to the Borrower; and

     WHEREAS, the Borrower has requested that (i) the Lenders and the Agent
consent to the acquisition of all of the issued and outstanding stock of
Orbacom Systems Inc., a New Jersey corporation (“Orbacom”), by IPC Information
Systems Holdings, Inc., a Delaware corporation (“Holdings”), pursuant to that
certain Stock Purchase Agreement, dated as of October 1, 2004 (the “Orbacom
Purchase Agreement”) by and among Orbacom, Holdings, IPC Information Systems,
LLC, a Delaware limited liability company (“IPC Information Systems”), and the
individual sellers listed on the signature pages thereto (the transactions
contemplated by the Orbacom Purchase Agreement are referred to as the “Orbacom
Acquisition”) and (ii) the Lenders and the Agent agree to amend the Credit
Agreement in certain other respects, all as more fully set forth herein and
subject to the terms and conditions hereof, and the Lenders are willing to do
so.

     NOW, THEREFORE, for good and valuable consideration, the sufficiency and
receipt of all of which are acknowledged, the Borrower, the Guarantors, the
Lenders and the Agent agree as follows:

 

 

     1. Consent. The Borrower hereby requests, and subject to the terms and
conditions contained herein, the Lenders and the Agent hereby agree and consent
to the Orbacom Acquisition.

     2. Amendments.

          (a) Amendments to Section 1. The Credit Agreement is hereby amended by
inserting the following new definitions of “Holdings”, “IPC Information
Systems”, “Second Amendment”, “Second Amendment Effective Date”, “Orbacom”,
“Orbacom Acquisition” and “Orbacom Purchase Agreement” into Section 1 of the
Credit Agreement in the appropriate alphabetical order:

     ”Holdings” means IPC Information Systems Holdings, Inc., a
Delaware corporation.

     ”IPC Information Systems” means IPC Information Systems,
LLC, a Delaware limited liability company.

     ”Orbacom” means Orbacom Systems Inc., a New Jersey
corporation.

     ”Orbacom Acquisition” means the purchase of all of the issued
and outstanding shares of stock of Orbacom by Holdings, pursuant
to the Orbacom Purchase Agreement.

     ”Orbacom Purchase Agreement” means that certain Stock
Purchase Agreement, dated as of October 1, 2004, by and among
Orbacom, Holdings, IPC Information Systems, and the individual
sellers listed on the signature pages thereto, together with all
exhibits, schedules, amendments, consents and other documents
related thereto.

     ”Second Amendment” means the Second Amendment and Consent
Related to Amended and Restated Credit and Guaranty Agreement,
dated as of November 30, 2004, by and among the Borrower, certain
Subsidiaries of the Borrower signatory thereto, the Agent and the
Lenders.

     ”Second Amendment Effective Date” means the date on which the
conditions precedent set forth in Section 3 of the Second
Amendment are satisfied.

          (b) Further Amendment to Section 1. The Credit Agreement is hereby
further amended by replacing the definition of “Permitted Acquisition”
contained in Section 1 of the Credit Agreement with the following definition:

"Permitted Acquisition” means (i) the Orbacom Acquisition; and
(ii) any acquisition by Company or any of its wholly-owned
Guarantor Subsidiaries, whether by purchase, merger or otherwise,
of all or substantially all of the assets

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of, all of the Capital Stock of, or a business line or unit of or
division of, any Person, provided,

     (a) immediately prior to, and after giving effect thereto, no
Default or Event of Default shall have occurred and be continuing
or would result therefrom;

     (b) all transactions in connection therewith shall be
consummated, in all material respects, in accordance with all
applicable laws and in conformity with all applicable Governmental
Authorizations;

     (c) in the case of the acquisition of Capital Stock, all of
the Capital Stock except for any such Securities in the nature of
directors’ qualifying shares required pursuant to applicable law)
acquired or otherwise issued by such Person or any newly formed
Subsidiary of Company in connection with such acquisition shall be
owned 100% by Company or a Guarantor Subsidiary thereof, and
Company shall have taken, or caused to be taken, as of the date
such Person becomes a Subsidiary of Company, each of the actions
set forth in Sections 5.10 and/or 5.11, as applicable;

     (d) Company and its Subsidiaries shall be in compliance with
the financial covenants set forth in Section 6.8 on a pro forma
basis after giving effect to such acquisition as of the last day
of the Fiscal Quarter most recently ended and as of the last day
of the current Fiscal Quarter (as projected);

     (e) Company shall have delivered to Administrative Agent (A)
at least ten (10) Business Days prior to such proposed
acquisition, a Compliance Certificate evidencing compliance with
Section 6.8 as required under clause (iv) above, together with all
relevant financial information with respect to such acquired
assets, including, without limitation, the aggregate consideration
for such acquisition and any other information required to
demonstrate compliance with Section 6.8; and

     (f) any Person or assets or division as acquired in
accordance herewith shall be in the same business or lines of
business in which Company and/or its Subsidiaries are engaged as
of the Effective Date or, other related lines of business.

          (c) Amendment to Section 6.9. Section 6.9(e) of the Credit Agreement is
hereby amended by deleting clause (e) in its entirety and by replacing it with
the following:

     (e) Permitted Acquisitions, either (A) as specified on
Schedule 6.9(e), (B) the aggregate Cash consideration (together
with (i) the aggregate principal amount of any Indebtedness
assumed and (ii) any Earn-Out Obligations paid by Company and its
Subsidiaries in connection therewith) for which does not exceed
$25,000,000 in the aggregate (the “Permitted Acquisition
Threshold”) from the Second Amendment Effective Date to the date
of determination; provided,

3

 

however, that the purchase price payable in connection with
the Orbacom Acquisition shall not be included in the calculation
of the Permitted Acquisition Threshold; provided, further, that on
and after the date that the Senior Secured Leverage Ratio is
0.90:1.00 or less, Company and its Subsidiaries may also make
Permitted Acquisitions for additional Cash consideration
(including the aggregate principal amount of any Indebtedness
assumed) for which does not exceed, in any Fiscal Year, an amount
equal to 25% of Company’s Consolidated Excess Cash Flow for the
most recently completed Fiscal Year prior to the date of
consummation of such Permitted Acquisition or (C) to the extent
made in consideration of the issuance of Capital Stock by the
Company or with the proceeds of issuances of Capital Stock of the
Company, which proceeds are not required to be used to prepay the
Loans pursuant to Section 2.12(c);

     3. Conditions to Effectiveness. Notwithstanding any other provision of
this Amendment and without affecting in any manner the rights of the Lenders
and the Agent hereunder, it is understood and agreed that this Amendment shall
not become effective, and the Borrower shall have no rights under this
Amendment, unless and until the Agent shall have received the following on or
as soon as practicable after, but not later than ten (10) days after, the date
of this Amendment:

          (a) duly executed, original signature pages to this Amendment from the
Lenders, the Borrower, the Agent, Orbacom and each Guarantor;

          (b) duly executed, original reliance letters of counsel for each of
Holdings, IPC Information Systems and Orbacom for the opinions delivered in
connection with the Orbacom Acquisition, each in form and substance
satisfactory to the Agent and its counsel, dated the Second Amendment Effective
Date;

          (c) copies of duly executed payoff letters in form and substance
reasonably satisfactory to the Agent, by and between all holders of outstanding
Indebtedness with respect to the assets, properties and businesses of Orbacom
on the Second Amendment Effective Date, evidencing repayment in full of all
such Indebtedness, together with (i) authorization for the Agent to file UCC-3
or other appropriate termination statements, releases and terminations, in form
and substance satisfactory to the Agent, releasing all liens of the holders of
such Indebtedness upon any of the assets, properties and businesses being so
acquired, and (ii) termination of all blocked account agreements, bank agency
agreements or other similar agreements or arrangements or arrangements in favor
of such holders;

          (d) evidence that, other than the payment of the Purchase Price (as such
term is defined in the Orbacom Purchase Agreement), the transactions
contemplated by the Orbacom Purchase Agreement have been consummated, together
with certified copies of the Orbacom Purchase Agreement and final and complete
copies of each of the other documents executed in connection therewith, each of
which shall be in full force and effect on the Second Amendment Effective Date
and shall be in form and substance satisfactory to the Agent;

          (e) duly executed, original opinion letters of each of (i) Fried, Frank,
Harris, Shriver & Jacobson LLP (“FFHSJ”) and (ii) Wollmuth Mayer & Deutsch LLP
(“WMD”),

4

 

together with any local counsel opinions requested by the Agent, each in
form and substance satisfactory to the Agent and its counsel, dated the Second
Amendment Effective Date, and accompanied by a letter addressed to each of
FFHSJ and WMD from Orbacom, authorizing and directing such counsel to address
its opinion to the Agent, on behalf of Lenders;

          (f) duly executed, originals of the Counterpart Agreement from Orbacom,
pursuant to which Orbacom shall become a “Guarantor” under the Credit Agreement
and a “Grantor” under the Pledge and Security Agreement, together with all
schedules thereto;

          (g) duly executed, originals of the Pledge Supplement from Holdings,
pursuant to which Holdings shall pledge all of the issued and outstanding
shares of stock of Orbacom to the Agent for the benefit of the Lenders;

          (h) original stock certificates of Orbacom, which represent all of the
issued and outstanding shares of stock of Orbacom, together with stock powers
executed in blank;

          (i) evidence that the assets, properties and businesses of Orbacom have
insurance coverage as required by Section 5.5 of the Credit Agreement;

          (j) duly executed, originals of a certificate of the chief financial
officer or the chief executive officer of the Borrower to the effect that
Holdings will be Solvent upon the consummation of the Orbacom Acquisition;

          (k) payment of all reasonable fees and expenses of the Agent and the
Lenders owing as of the Second Amendment Effective Date, including without
limitation all fees and expenses of counsel to the Agent and receipt by the
Agent, for the benefit of the Agent, of an amendment fee in an amount equal to
$112,500, such fee to be fully earned and non-refundable on the Second
Amendment Effective Date (the “Amendment Fee”). Upon receipt of the Amendment
Fee, the Agent shall promptly distribute to each Lender signatory hereto its
Pro Rata Share thereof;

          (l) evidence satisfactory to the Agent, that the Purchase Price (as such
term is defined in the Orbacom Purchase Agreement) payable in connection with
the Orbacom Acquisition shall not exceed $18,000,000 in the aggregate;

          (m) evidence satisfactory to the Agent that the Agent (for the benefit of
itself and Lenders) has a valid and perfected First Priority security interest
in the Collateral being acquired pursuant to the Orbacom Acquisition, including
(i) such documents duly executed by Orbacom (including financing statements
under the UCC, originals of the Intellectual Property Security Agreements, and
other applicable documents under the laws of any jurisdiction with respect to
the perfection of Liens) as the Agent may request in order to perfect its
security interests in such Collateral and (ii) copies of UCC search reports
listing all effective financing statements that name Orbacom as debtor,
together with copies of such financing statements, none of which shall cover
the Collateral other than Permitted Liens;

5

 

          (n) copies of the resolutions of the sole Member of IPC Information
Systems, approving and authorizing the execution, delivery and performance of
the Orbacom Purchase Agreement and the transactions to be consummated in
connection therewith, each certified as of the Second Amendment Effective Date
by its corporate secretary or an assistant secretary as being in full force and
effect without any modification or amendment;

          (o) copies of the resolutions of the Board of Directors of Holdings,
approving and authorizing the execution, delivery and performance of the
Orbacom Purchase Agreement and the transactions to be consummated in connection
therewith, each certified as of the Second Amendment Effective Date by its
corporate secretary or an assistant secretary as being in full force and effect
without any modification or amendment;

          (p) Orbacom’s (i) charter and all amendments thereto and (ii) good
standing certificates and certificates of qualification to conduct business in
each jurisdiction where ownership or lease of property or the conduct of its
business requires such qualification, except in jurisdictions where the failure
to be so qualified or in good standing has not had, and could not be reasonably
expected to have, a Material Adverse Effect, each dated a recent date prior to
the Second Amendment Effective Date and certified by the applicable Secretary
of State or other authorized Governmental Authority;

          (q) Orbacom’s (i) bylaws, together with all amendments thereto and (ii)
resolutions of its Board of Directors, approving and authorizing the execution,
delivery and performance of the Credit Documents to which it is a party and the
transactions to be consummated in connection therewith, each certified as of
the Second Amendment Effective Date by its corporate secretary or an assistant
secretary as being in full force and effect without any modification or
amendment;

          (r) signature and incumbency certificates of the officers of Orbacom
executing any of the Credit Documents, certified as of the Second Amendment
Effective Date by its corporate secretary or an assistant secretary as being
true, accurate, correct and complete;

          (s) duly executed, originals of a certificate of an Authorized Officer of
the Borrower, dated the Second Amendment Effective Date, stating that, (i)
since September 30, 2003, no event or condition has occurred or is existing
which could reasonably be expected to have a Material Adverse Effect; and (ii)
upon the consummation of the transactions contemplated by the Second Amendment,
no Default or Event of Default has occurred or would arise therefrom;

          (t) duly executed, original of an Assignment of Representations,
Warranties, Covenants, Indemnities and Rights in respect of the rights of IPC
Information Systems and Holdings under the Orbacom Purchase Agreement, which
assignment shall be expressly permitted under the Orbacom Purchase Agreement or
shall have been consented to by the Sellers (as such term is defined in the
Orbacom Purchase Agreement) in writing;

          (u) either (i) a duly executed Landlord Personal Property Collateral
Access Agreement for 1704 Taylors Lane, Units 1-8, Cinnaminson, New Jersey
substantially in the form

6

 

attached as Exhibit K to the Credit Agreement or (ii) a certificate duly
executed by an Authorized Officer of Orbacom certifying that Orbacom used
commercially reasonable efforts to obtain such Landlord Personal Property
Collateral Access Agreement but was unable to do so;

          (v) evidence satisfactory to the Agent that the New Jersey Industrial Site
Recovery Act (“ISRA”) clearance from the New Jersey Department of Environmental
Protection has been obtained in connection with the Orbacom Acquisition; and

          (w) such other certificates, documents and agreements respecting any
Credit Party as the Agent may reasonably request.

     4. Representations and Warranties. To induce the Lenders and the Agent to
enter into this Amendment, the Borrower, Orbacom and each Guarantor
(collectively, the “Credit Parties”) hereby represent and warrant to the
Lenders and the Agent that:

          (a) The execution, delivery and performance by each Credit Party of this
Amendment does not and will not (i) violate any provision of any law or any
governmental rule or regulation applicable to such Credit Party, any of the
Organizational Documents of such Credit Party, or any order, judgment or decree
of any court or other agency of government binding on such Credit Party except
to the extent such violation could not be reasonably expected to have a
Material Adverse Effect; (ii) conflict with, result in a breach of or
constitute (with due notice or lapse of time or both) a default under any
Contractual Obligation of such Credit Party except to the extent such conflict,
breach or default could not reasonably be expected to have a Material Adverse
Effect; (iii) result in or require the creation or imposition of any Lien upon
any of the properties or assets of such Credit Party (other than any Liens
created under any of the Credit Documents in favor of the Agent, on behalf of
Secured Parties); or (iv) require any approval of stockholders, members or
partners or any approval or consent of any Person under any Contractual
Obligation of such Credit Party, except for such approvals or consents which
will be obtained on or before the Second Amendment Effective Date and disclosed
in writing to the Agent and the Lenders and except for any such approvals or
consents the failure of which to obtain will not have a Material Adverse
Effect;

          (b) This Amendment has been duly executed and delivered for the benefit of
or on behalf of each Credit Party and constitutes a legal, valid and binding
obligation of each Credit Party, enforceable against such Credit Party in
accordance with its terms except as the enforceability hereof may be limited by
bankruptcy, insolvency, reorganization, moratorium and other similar laws
relating to or limiting creditors’ rights generally or by equitable principles
relating to enforceability;

          (c) After giving effect to this Amendment, the representations and
warranties contained in the Credit Agreement and the other Credit Documents are
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 and correct in all
respects), except to the extent such representations and warranties
specifically relate to an earlier date, in which case such representations and
warranties shall have been true and correct in all material respects (except
that, to the extent any such representation or warranty is qualified by

7

 

materiality or Material Adverse Effect, such representation or warranty shall
be true and correct in all respects) on and as of such earlier date, and no
Default or Event of Default has occurred and is continuing as of the date
hereof;

          (d) With the exception of ISRA clearance from the New Jersey Department of
Environmental Protection, the execution, delivery and performance of the
Orbacom Purchase Agreement and this Amendment and the consummation of the
Orbacom Acquisition do not and will not require any registration with, consent
or approval of, or notice to, or other action to, with or by, any Governmental
Authority except for filings and recordings with respect to the Collateral to
be made or otherwise delivered to the Agent for filing and/or recordation.

          (e) As of the Second Amendment Effective Date, other than with respect to
items covered by Holdings’ indemnification rights under the Obracom Purchase
Agreement, Orbacom shall have no known contingent liability or liability for
taxes, long-term leases or unusual or forward or long-term commitment which, in
any case, is material in relation to its businesses, operations, properties,
assets, condition (financial or otherwise) or prospects which has not been
disclosed to the Agent and the Lenders.

     5. Reaffirmations and Acknowledgments.

          (a) Reaffirmation of Guaranty. Each Guarantor consents to the execution
and delivery by the Borrower of this Amendment, and jointly and severally
ratifies and confirms the terms of the Credit Agreement with respect to the
indebtedness now or hereafter outstanding thereunder as amended hereby and all
promissory notes issued thereunder. Each Guarantor acknowledges that,
notwithstanding anything to the contrary contained herein or in any other
document evidencing any indebtedness of the Borrower to the Lenders or any
other obligation of the Borrower, or any actions now or hereafter taken by the
Lenders with respect to any obligation of the Borrower, the Credit Agreement
(i) is and shall continue to be a primary obligation of such Guarantors, (ii)
is and shall continue to be an absolute, unconditional, joint and several,
continuing and irrevocable guaranty of payment, and (iii) is and shall continue
to be in full force and effect in accordance with its terms. Nothing contained
herein to the contrary shall release, discharge, modify, change or affect the
original liability of such Guarantors under the Credit Agreement.

          (b) Acknowledgment of Perfection of Security Interest. Each Credit Party
hereby acknowledges that, as of the date hereof, the security interests and
liens granted to the Agent and the Lenders under the Credit Agreement and the
other Credit Documents are in full force and effect, are properly perfected and
are enforceable in accordance with the terms of the Credit Agreement and the
other Credit Documents.

          (c) Acknowledgment of Section 3.3(a) of Pledge and Security Agreement. To
the extent that Orbacom has any Receivable (as defined in the Pledge and
Security Agreement) subject to the terms of Section 3.3(a) of the Pledge and
Security Agreement, Orbacom hereby acknowledges and agrees to comply with the
terms therewith in all respects.

8

 

     6. Effect of Amendment. Except as set forth expressly herein, all terms
of the Credit Agreement, as amended hereby, and the other Credit Documents
shall be and remain in full force and effect and shall constitute the legal,
valid, binding and enforceable obligations of the Credit Parties except as the
enforceability hereof may be limited by bankruptcy, insolvency, reorganization,
moratorium and other similar laws relating to or limiting creditors’ rights
generally or by equitable principles relating to enforceability. The
execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any right, power or remedy of
the Lenders under the Credit Agreement, nor constitute a waiver of any
provision of the Credit Agreement. This Amendment shall constitute a Credit
Document for all purposes of the Credit Agreement.

     7. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the internal laws of the State of New York and all applicable
federal laws of the United States of America.

     8. No Novation. This Amendment is not intended by the parties to be, and
shall not be construed to be, a novation of the Credit Agreement or an accord
and satisfaction in regard thereto.

     9. Costs and Expenses. The Borrower agrees to pay on demand all
reasonable costs and expenses of the Agent in connection with the preparation,
execution and delivery of this Amendment, including, without limitation, the
reasonable fees and out-of-pocket expenses of outside counsel for the Agent
with respect thereto.

     10. Counterparts. This Amendment may be executed by one or more of the
parties hereto in any number of separate counterparts, each of which shall be
deemed an original and all of which, taken together, shall be deemed to
constitute one and the same instrument. Delivery of an executed counterpart of
this Amendment by facsimile transmission or by electronic mail in pdf form
shall be as effective as delivery of a manually executed counterpart hereof.

     11. Binding Nature. This Amendment shall be binding upon and inure to the
benefit of the parties hereto, their respective successors,
successors-in-titles, and assigns.

     12. Entire Understanding. This Amendment and the other Credit Documents
set forth the entire understanding of the parties with respect to the matters
set forth herein, and shall supersede any prior negotiations or agreements,
whether written or oral, with respect thereto.

     13. Release. Each Credit Party hereby releases, acquits, and forever
discharges the Agent and each of the Lenders, and each and every past and
present subsidiary, affiliate, stockholder, officer, director, agent, servant,
employee, representative, and attorney of the Agent and the Lenders, from any
and all claims, causes of action, suits, debts, liens, obligations,
liabilities, demands, losses, costs and expenses (including attorneys’ fees) of
any kind, character, or nature whatsoever, known or unknown, fixed or
contingent, which such Credit Party may have or claim to have now or which may
hereafter arise out of or connected with any act of commission or omission of
the Agent or the Lenders with respect to the Credit Agreement or any other of
the Credit Documents existing or occurring on or prior to the date of this
Amendment,

9

 

provided that this paragraph shall not release the Agent or the Lenders in
respect of any of the foregoing acts of commission or omission to the extent
existing or occurring subsequent to the date of this Amendment. The provisions
of this paragraph shall be binding upon each Credit Party and shall inure to
the benefit of the Agent, the Lenders, and their respective heirs, executors,
administrators, successors and assigns.

[Signature Pages To Follow]

10

 

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective authorized officers as of the day and year
first above written.

	 	 	 	 	 
	 	BORROWER:

IPC ACQUISITION CORP.

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	GUARANTORS:

IPC INFORMATION SYSTEMS, LLC

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	IPC FUNDING CORP.

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	V BAND CORPORATION

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	IPC INFORMATION SYSTEMS FAR EAST INC.

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	IPC INFORMATION SYSTEMS HOLDINGS, INC.

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	IPC INFORMATION SYSTEMS HOLDINGS USA, INC.

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	IPC INFORMATION SYSTEMS SERVICES, INC.

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	IPC INFORMATION SYSTEMS HOLDINGS, L.L.C.

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	IPC INFORMATION SYSTEMS HOLDINGS USA, L.L.C.

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	IPC INFORMATION SYSTEMS SERVICES, L.L.C.

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	GAINS ACQUISITION CORP.

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	IPC NETWORK SERVICES, INC.

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	ORBACOM SYSTEMS INC.

 	 
	 	By:  	                                    /s/ Timothy Whelan
 	 
	 	 	Name:  	Timothy Whelan 	 
	 	 	Title:  	Vice President 	 
	 

[Signatures continue on following page]

 

 

	 	 	 	 	 
	 	AGENT AND LENDERS:

GENERAL ELECTRIC CAPITAL

CORPORATION,

as Administrative Agent, Collateral Agent

and Lender

 	 
	 	By:  	
/s/ Raymond Shu
 	 
	 	 	Duly Authorized Signatory 	 
	 	 	 	 
	 

[Signatures continue on following page]

 

 

	 	 	 	 	 
	 	BLACK DIAMOND,

as a Lender

 	 
	 	By:  	                                    /s/ David Dyer
 	 
	 	 	Name:  	David Dyer 	 
	 	 	Title:  	Director 	 
	 

[Signatures continue on following page]

 

 

	 	 	 	 	 
	 	CIT LENDING SERVICES CORPORATION,

as a Lender

 	 
	 	By:  	                      /s/ Douglas E. Maher
 	 
	 	 	Name:  	Douglas E. Maher 	 
	 	 	Title:  	Vice President 	 
	 

[Signatures continue on following page]

 

 

	 	 	 	 	 
	 	CREDIT SUISSE ASSET MANAGEMENT, LLC, 

as a Lender

 	 
	 	By:  	                                    /s/ Linda R. Karn
 	 
	 	 	Name:  	Linda R. Karn 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signatures continue on following page]

 

 

	 	 	 	 	 
	 	T. ROWE PRICE,

as a Lender

 	 
	 	By:  	                                    /s/ Darrell Braman
 	 
	 	 	Name:  	Darrell Braman 	 
	 	 	Title:  	Vice President

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