Document:

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                                                                    EXHIBIT 10.4

                                                                  EXECUTION COPY

                    AMENDED AND RESTATED COLLATERAL AGREEMENT

               AMENDED AND RESTATED COLLATERAL AGREEMENT, dated as of November
17, 2000, made by LORAL SATELLITE, INC., a Delaware corporation (together with
its permitted successors and assigns, "Loral Satellite," and together with any
Person that may become a party hereto, individually a "Grantor"; collectively,
the "Grantors"), in favor of BANK OF AMERICA, NATIONAL ASSOCIATION, as
collateral agent (in such capacity, the "Collateral Agent") under the Amended
and Restated Collateral Agency Agreement, dated as of November 17, 2000 (the
"Collateral Agency Agreement"), for the several lenders (the "Lenders") from
time to time parties to the Credit Agreement, dated as of November 17, 2000 (as
amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among Loral Satellite, the Lenders and Bank of America, National
Association ("Bank of America"), as administrative agent for the Lenders (in
such capacity, the "Administrative Agent").

                              W I T N E S S E T H:

               WHEREAS, each of Loral SatCom, Ltd., a Bermuda company
("SatCom"), and Loral Satellite are parties to the Guarantee and Collateral
Agreement, dated as of August 5, 1999 (as amended, supplemented or otherwise
modified from time to time, the "Existing Guarantee and Collateral Agreement")
in favor of Bank of America, National Association, as collateral agent for the
several lenders from time to time parties to the Credit Agreement, dated as of
August 5, 1999 (as amended, supplemented or otherwise modified from time to
time, the "Globalstar Credit Agreement"), among Globalstar, L.P., a Delaware
limited partnership (together with its successors and assigns, "Globalstar"),
the lenders parties thereto and Bank of America, as administrative agent;

               WHEREAS, each of the lenders to the Globalstar Credit Agreement
wishes to sell, assign and transfer to Loral Satellite, and Loral Satellite
wishes to purchase from the lenders, all of the rights, obligations and
commitments of the lenders under the Globalstar Credit Agreement (the
"Assignment"), subject to the terms and conditions of the Assignment Amendment
and Release Agreement, dated as of November 17, 2000 (the "Assignment
Agreement"), among the lenders parties to the Globalstar Credit Agreement, Loral
Satellite, SatCom, Loral Space & Communications Ltd., a Bermuda company
(together with its successors and assigns, "Loral"), Loral Space and
Communications Corporation (together with its successors and assigns, "LSCC"),
Globalstar and Bank of America, as administrative agent;

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               WHEREAS, in connection with the Assignment, all of the assets of
SatCom will be acquired by the Assignee (with SatCom to be liquidated) (the
"Reorganization");

               WHEREAS, as consideration for the Assignment, Loral Satellite
(upon consummation of the Reorganization) will enter into the Credit Agreement
pursuant to which Loral Satellite will, on the Effective Date, undertake the
obligations of the borrower thereunder and, without limiting the foregoing, to
repay loans outstanding thereunder in an aggregate principal amount of
$500,000,000 (such amount being equal to the aggregate principal amount of loans
outstanding under the Globalstar Credit Agreement) in accordance with the terms
thereof; and

               WHEREAS, it is a condition precedent to the effectiveness of the
Assignment Agreement and to the obligation of the Lenders to make their
respective Loans to the Borrower under the Credit Agreement that the Grantors
shall have executed and delivered this Agreement to the Administrative Agent for
the ratable benefit of the Lenders pursuant to which the collateral which
previously secured the Existing Guarantee and Collateral Agreement will secure
the Grantors' obligations in respect of the Credit Agreement;

               NOW, THEREFORE, in consideration of the premises and to induce
the Administrative Agent and the Lenders to enter into the Assignment Agreement
and to induce the Lenders to make their respective Loans to the Borrower under
the Credit Agreement, each Grantor hereby agrees with the Collateral Agent, for
the ratable benefit of the Lenders, as follows:

               1. Defined Terms.  (a)  Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to
them in the Credit Agreement and the following terms are used herein as defined
in the New York UCC:  Accounts,  Equipment and General Intangibles.  As used
herein, the following terms shall have the following meanings:

               "Agreement":  this Collateral Agreement, as may be amended,
supplemented or otherwise modified from time to time.

               "Collateral Pool":  as defined in Section 2 hereof.

               "Globalstar Collateral":  the collective reference to the
Globalstar Credit Agreement and all General Intangibles related thereto.

               "Secured Obligations": (a) as to Loral Satellite, the Obligations
and (b) as to any other Grantor, its obligations under the Subsidiary Guarantee.

               "Secured Parties": the collective reference to the Administrative
Agent, the Collateral Agent, the Lenders and their respective successors,
indorsees, transferees and assigns.

               (b) The words "hereof," "herein" and "hereunder" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement, and section and
paragraph references are to this Agreement unless otherwise specified.

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               (c) The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms.

               (d) For purposes of this Agreement, the term "Lender" shall
include any Affiliate of a lender which has entered into a Hedge Agreement with
the Borrower if such Hedge Agreement is designated by the Borrower as a Hedge
Agreement for purposes of this Agreement and the term "Loan Document" shall
include any such Hedge Agreement.

               2. Collateral. (a) Each of the Grantors hereby assigns and
transfers to the Collateral Agent, and hereby grants to the Collateral Agent,
for the ratable benefit of the Secured Parties, a security interest in, all of
the following property now owned or at any time hereafter acquired by such
Grantor or in which such Grantor now has or at any time in the future may
acquire any right, title or interest (collectively, the "Collateral Pool"), as
collateral security for the prompt and complete payment and performance when due
(whether at the stated maturity, by acceleration or otherwise) of the Secured
Obligations:

               (i)     Telstar 6, Telstar 7 and any Replacement Satellite;

               (ii)    the Availability Agreements, the TT&C Agreement and all
               other agreements entered into pursuant to subsection 5.16 of the
               Credit Agreement;

               (iii)   to the extent permitted by applicable law, the FCC
               Licenses;

               (iv)    all transponder lease agreements to which such Grantor is
               a party (including, without limitation, all Master Lease
               Agreements);

               (v)     the Intercompany Notes;

               (vi)    the Loral Satellite Collateral Account and any other
               collateral account established pursuant to the Collateral Agency
               Agreement;

               (vii)   the Telstar 6 Transponder Transfer Agreement and the
               Telstar 7 Transponder Transfer Agreement;

               (viii)  the Globalstar Collateral;

               (ix)    all Accounts, General Intangibles (including construction
               and purchase contracts) and Equipment, in each case solely to the
               extent relating to any other item in the Collateral Pool;

               (x)     all books and records pertaining to the Collateral Pool;

               (xi)    the Equity Interests of any Subsidiary of such Grantor;
               and

               (xii)   to the extent not otherwise included, all Proceeds and
               products of any and all of the foregoing (including, without
               limitation, all Equity Interests in Globalstar received in
               connection with any of the foregoing) and all collateral security
               and guarantees given by any Person with respect to any of the
               foregoing.

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               (b) So long as no Default or Event of Default shall have occurred
and be continuing or would result therefrom, each Grantor shall be permitted to:
(i) remove any transponder on any Satellite from the Collateral Pool upon
delivery to the Collateral Agent of Acceptable Collateral, together with such
appraisals thereof as may be required by and be satisfactory to the
Administrative Agent and the Majority Lenders; (ii) remove up to 10 transponders
on the Satellites from the Collateral Pool; (iii) remove up to 15 additional
transponders from the Satellites to the extent such transponders are sold
pursuant to Section 6.5(vii) of the Credit Agreement; and (iv) remove additional
transponders from the Satellites (in addition to the 25 transponders permitted
under clauses (ii) and (iii) above) so long as the Grantors simultaneously
remove the Satellite on which such transponders are located, together with all
other transponders on such Satellite then owned by the Grantors, from the
Collateral Pool and such transponders and such Satellite are sold pursuant to
subsection 6.5(viii) of the Credit Agreement; in each case, provided that no
such removal shall be permitted (A) if, after giving effect thereto, the
Collateral Coverage Ratio, as computed after giving effect to such removal or
substitution, would be less than 1.20 to 1.00 and (B) in the case of a
substitution under clause (i) above only, unless the Acceptable Collateral is
subject to a fully perfected security interest in favor of the Collateral Agent
pursuant to this Agreement, and provided further that for purposes of
determining compliance with clause (A) above and subsection 5.15 of the Credit
Agreement, the Appraised Value of any Satellite shall be immediately reduced by
the proceeds received from any such sale of any transponders on such Satellite.

               (c) So long as no Default or Event of Default shall have occurred
and be continuing or would result therefrom, the Grantors shall be permitted to
make cash withdrawals from the Loral Satellite Collateral Account or any other
collateral account maintained by the Grantors in connection with the Agreement,
provided, that the Grantors shall not be permitted to withdraw amounts deposited
therein pursuant to subsection 5.12 or subsection 5.13 of the Credit Agreement.

               (d) The Grantors may sell or otherwise dispose of the Globalstar
Collateral to the extent permitted under subsection 6.5 of the Credit Agreement.

               3. Authority of Collateral Agent. Each Grantor acknowledges that
the rights and responsibilities of the Collateral Agent under this Agreement
with respect to any action taken by the Collateral Agent or the exercise or
non-exercise by the Collateral Agent of any option, right, request, judgment or
other right or remedy provided for herein or resulting or arising out of this
Agreement shall, as between the Collateral Agent and the Lenders, be governed by
the Collateral Agency Agreement and the Credit Agreement and by such other
agreements with respect thereto as may exist from time to time among them, but,
as between the Collateral Agent and such Grantor, the Collateral Agent shall be
conclusively presumed to be acting as agent for the Secured Parties with full
and valid authority so to act or refrain from acting, and such Grantor shall not
be under any obligation, or entitlement, to make any inquiry respecting such
authority.

               4. Notices. All notices, requests and demands to or upon the
Collateral Agent, any Lender or any Grantor to be effective shall be in writing
(or by telex, fax or similar electronic transfer confirmed in writing) and shall
be deemed to have been duly given or made when delivered by hand or if given by
mail, when deposited in the mails by certified mail, return receipt requested,
or if by telex, fax or similar electronic transfer, when sent and receipt has
been confirmed, addressed as follows:

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               (a) if to any Lender, at its address or transmission number for
notices provided in Section 9.2 of the Credit Agreement;

               (b) if to the Collateral Agent, at its address or transmission
number for notices provided on the signature pages of the Collateral Agency
Agreement; and

               (c) if to any Grantor, at its address or transmission number for
notices set forth under its signature below.

               The Collateral Agent, each Lender and each Grantor may change its
address and transmission numbers for notices by notice in the manner provided in
this Section.

               5. Severability. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

               6. Integration. This Guarantee and the other Loan Documents
represent the agreement of the Loan Parties, the Collateral Agent and the
Lenders with respect to the subject matter hereof, and there are no promises,
undertakings, representations or warranties by the Collateral Agent or any
Lender relative to subject matter hereof not expressly set forth or referred to
herein or in the other Loan Documents.

               7. Amendments in Writing; No Waiver; Cumulative Remedies.  (a)
Subject to subsection 9.1 of the Credit Agreement, none of the terms or
provisions of this Agreement may be waived, amended, supplemented or otherwise
modified except by a written instrument executed by the Grantors and the
Collateral Agent.

               (b) Neither the Collateral Agent nor any Lender shall by any act
(except by a written instrument pursuant to Section 7(a) hereof), delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any Default or Event of Default or in any
breach of any of the terms and conditions hereof. No failure to exercise, nor
any delay in exercising, on the part of the Collateral Agent or any Lender, any
right, power or privilege hereunder shall operate as a waiver thereof. No single
or partial exercise of any right, power or privilege hereunder shall preclude
any other or further exercise thereof or the exercise of any other right, power
or privilege. A waiver by the Collateral Agent or any Lender of any right or
remedy hereunder on any one occasion shall not be construed as a bar to any
right or remedy which the Collateral Agent or such Lender would otherwise have
on any future occasion.

               (c) The rights and remedies herein provided are cumulative, may
be exercised singly or concurrently and are not exclusive of any other rights or
remedies provided by law.

               8. Section Headings.  The section headings used in this Agreement
are for convenience of reference only and are not to affect the construction
hereof or be taken into consideration in the interpretation hereof.

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               9. Successors and Assigns. This Agreement shall be binding upon
the successors and assigns of each Grantor and shall inure to the benefit of the
Collateral Agent and the Lenders and their successors and assigns. No Grantor
may transfer any of its rights or obligations under this Agreement without the
written consent of each Lender.

               10. Governing Law.  This Agreement shall be governed by, and
construed and interpreted in accordance with, the law of the State of New York.

               11. Submission To Jurisdiction; Waivers.  Each Grantor hereby
irrevocably and unconditionally:

               (a) submits for itself and its property in any legal action or
proceeding relating to this Agreement and the other Loan Documents to which it
is a party, or for recognition and enforcement of any judgement in respect
thereof, to the non-exclusive general jurisdiction of the Courts of the State of
New York, the courts of the United States of America for the Southern District
of New York, and appellate courts from any thereof;

               (b) consents that any such action or proceeding may be brought in
such courts and waives any objection that it may now or hereafter have to the
venue of any such action or proceeding in any such court or that such action or
proceeding was brought in an inconvenient court and agrees not to plead or claim
the same;

               (c) agrees that service of process in any such action or
proceeding may be effected by mailing a copy thereof by registered or certified
mail (or any substantially similar form of mail), postage prepaid, to such
Grantor at its address set forth under its signature below or at such other
address of which the Administrative Agent shall have been notified pursuant
thereto;

               (d) agrees that nothing herein shall affect the right to effect
service of process in any other manner permitted by law or shall limit the right
to sue in any other jurisdiction; and

               (e) waives, to the maximum extent not prohibited by law, any
right it may have to claim or recover in any legal action or proceeding referred
to in this subsection any special, exemplary, punitive or consequential damages.

               12. Acknowledgments.  Each Grantor hereby acknowledges that:

               (a) it has been advised by counsel in the negotiation, execution
and delivery of this Agreement and the other Loan Documents;

               (b) neither the Collateral Agent nor any Lender has any fiduciary
relationship with or duty to any Loan Party arising out of or in connection with
this Agreement or any of the other Loan Documents, and the relationship between
the Collateral Agent and Lenders, on one hand, and the Loan Parties, on the
other hand, in connection herewith or therewith is solely that of debtor and
creditor; and

               (c) no joint venture is created hereby or by the other Loan
Documents or otherwise exists by virtue of the transactions contemplated hereby
among the Lenders or among the Loan Parties and the Lenders.

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               13. WAIVERS OF JURY TRIAL. EACH GRANTOR, THE COLLATERAL AGENT AND
THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY
LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
AND FOR ANY COUNTERCLAIM THEREIN.

               14. Regulatory Approvals. (a) Any provision contained herein to
the contrary notwithstanding, except for the security interests expressly
granted herein or therein or upon the exercise by the Collateral Agent of rights
and remedies in accordance herewith or therewith and pursuant to clause (b)
below upon the occurrence and continuation of an Event of Default, this
Agreement, the other Loan Documents and the transactions contemplated hereby and
thereby (i) do not and will not constitute, create, or have the effect of
constituting or creating, directly or indirectly, actual or practical ownership
of any Loan Parties by the Secured Parties, or control, affirmative or negative,
direct or indirect, by the Secured Parties over the management or any other
aspect of the operation of any Grantor, which ownership and control remain
exclusively and at all times in such Grantor and (ii) do not and will not
constitute the transfer, assignment, or disposition in any manner, voluntarily
or involuntarily, directly or indirectly, of any license, permit, certificate or
authorization at any time issued to any Grantor by the FCC, any other federal,
state or local regulatory or governmental bodies applicable to or having
jurisdiction over the relevant Loan Party or any other Governmental Authority,
or the transfer of control of any such Grantor within the meaning of the Federal
Communications Act of 1934, as amended, and the respective rules and regulations
thereunder and thereof, any other federal or state laws, rules and regulations
of other operating municipality regulatory or governmental bodies applicable to
or having jurisdiction over any Grantor as well as pursuant to the terms of any
franchise, license or similar operating right held by such Grantor.

               (b) Any provision contained herein to the contrary
notwithstanding, no action, including any foreclosure on, sale, transfer or
other disposition of, or the exercise of any right to vote or consent, shall be
taken hereunder by the Collateral Agent with respect to any item of the
Collateral unless and until all applicable requirements (if any) of the FCC
under the Federal Communications Act of 1934, as amended, and the respective
rules and regulations thereunder and thereof, as well as any other federal or
state laws, rules and regulations of other operating municipality regulatory or
governmental bodies applicable to or having jurisdiction over any Grantor, have
been satisfied with respect to such action and there have been obtained such
consents, approvals and authorizations (if any) as may be required to be
obtained from the FCC, any operating municipality and any other Governmental
Authority under the terms of any franchise, license or similar operating right
held by such Grantor. It is the intention of the parties hereto that the Liens
in favor of the Collateral Agent on the Collateral shall in all relevant aspects
be subject to and governed by said statutes, rules and regulations as well as
the terms of any franchise, license or similar operating right held by any
Grantor and that nothing in this Agreement shall be construed to diminish the
control exercised by such Grantor except in accordance with the provisions of
such statutory requirements and rules and regulations as well as the terms of
any franchise, license or similar operating right held by such Grantor and the
obtaining in advance of any necessary consents, approvals or authorizations
pursuant thereto. Each Grantor agrees that upon request by the Collateral Agent
from time to time after which a Notice of Default is in effect, it will use its
reasonable best efforts to obtain any governmental, regulatory or third party
consents, approvals or authorizations referred to in this Section 14.

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               IN WITNESS WHEREOF, the undersigned has caused this Guarantee to
be duly executed and delivered by its duly authorized officer as of the day and
year first above written.

                                            LORAL SATELLITE, INC.

                                            By: /s/ Janet T. Yeung
                                                --------------------------------
                                                Name:  Janet T. Yeung
                                                Title: Vice President and
                                                       Assistant Secretary

                                            Address for Notices:
                                            c/o Loral SpaceCom Corporation
                                            600 Third Avenue
                                            Attn:  General Counsel and Treasurer
                                            New York, New York  10016
                                            Telex:
                                            Fax:

BANK OF AMERICA, NATIONAL
ASSOCIATION, as Collateral Agent

By:  /s/ Steve Aronowitz
     --------------------------------
     Name:  Steve Aronowitz
     Title: Managing Director

<PAGE>   9

                                                                      Annex 1 to
                                                            Collateral Agreement

               ASSUMPTION AGREEMENT, dated as of ________________, 2000, made by
______________________________, a ______________ corporation (the "Additional
Grantor"), in favor of ____________________, as collateral agent (in such
capacity, the "Collateral Agent") for the banks and other financial institutions
(the "Lenders") parties to the Credit Agreement referred to below. All
capitalized terms not defined herein shall have the meaning ascribed to them in
such Credit Agreement.

                              W I T N E S S E T H :

               WHEREAS, Loral Satellite, Inc. (the "Borrower"), the Lenders and
Bank of America, National Association, as Administrative Agent for the Lenders,
have entered into a Credit Agreement, dated as of November __, 2000 (as amended,
supplemented or otherwise modified from time to time, the "Credit Agreement");

               WHEREAS, in connection with the Credit Agreement, the Borrower
(other than the Additional Grantor) has entered into the Amended and Restated
Collateral Agreement, dated as of November __, 2000 (as amended, supplemented or
otherwise modified from time to time, the "Collateral Agreement") in favor of
the Collateral Agent for the benefit of the Lenders;

               WHEREAS, the Credit Agreement requires the Additional Grantor to
become a party to the Collateral Agreement; and

               WHEREAS, the Additional Grantor has agreed to execute and deliver
this Assumption Agreement in order to become a party to the Collateral
Agreement;

               NOW, THEREFORE, IT IS AGREED:

               1. Collateral Agreement. By executing and delivering this
Assumption Agreement, the Additional Grantor, as provided in subsection 5.17 of
the Credit Agreement, hereby becomes a party to the Collateral Agreement as a
Grantor thereunder with the same force and effect as if originally named therein
as a Grantor and, without limiting the generality of the foregoing, hereby
expressly assumes all obligations and liabilities of a Grantor thereunder. The
Additional Grantor hereby represents and warrants that each of the
representations and warranties contained in Section 3 of the Credit Agreement is
true and correct as to it on and as the date hereof (after giving effect to this
Assumption Agreement) as if made on and as of such date.

               2.  GOVERNING LAW.  THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK.

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               IN WITNESS WHEREOF, the undersigned has caused this Assumption
Agreement to be duly executed and delivered as of the date first above written.

                                            [ADDITIONAL GRANTOR]

                                            By:
                                                --------------------------------
                                                Name:
                                                Title:<PAGE>   1
                                                                   EXHIBIT 10.46

                           THIRD AMENDMENT AND WAIVER

                 THIRD AMENDMENT AND WAIVER, dated as of November 14, 2000 (this
"Amendment"), to the Amended and Restated Credit and Guarantee Agreement, dated
as of November 15, 1996 (as amended, supplemented or otherwise modified from
time to time, the "Credit Agreement"), among Twinlab Corporation, a Delaware
corporation ("Holdings"), Twin Laboratories Inc., a Utah corporation (the
"Borrower"), the several banks and other financial institutions parties to the
Credit Agreement (the "Lenders"), The Bank of New York, as co-agent for the
Lenders thereunder (in such capacity, the "Co-Agent"), and The Chase Manhattan
Bank, as administrative agent for the Lenders thereunder (in such capacity, the
"Administrative Agent").

                              W I T N E S S E T H:
                               - - - - - - - - - -

                 WHEREAS, the Borrower has requested that the Administrative
Agent and the Lenders amend the Credit Agreement and waive certain covenants and
defaults arising from the Borrower's failure to comply with certain covenants;

                 WHEREAS, the Administrative Agent and the Lenders are willing
to agree to the requested amendments and waivers on the terms and conditions
contained herein;

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

                 1. Definitions. Unless otherwise defined herein, terms defined
in the Credit Agreement shall have their defined meanings when used herein.

                 2. Amendment to the Definition of Applicable Margin (Subsection
1.1 of the Credit Agreement). The definition of "Applicable Margin" appearing in
subsection 1.1 of the Credit Agreement is hereby amended by inserting at the end
thereof the following:

         Notwithstanding the foregoing, during the period from and including the
         Amendment Effective Date (as defined in the Third Amendment and Waiver
         to this Agreement) to and including December 15, 2000, the Applicable
         Margin shall be 2.00%, if such Loans are ABR Loans, and 3.00%, if such
         Loans are Eurodollar Loans.

                 3. Amendment to Commitments and Other Fees (Subsection 2.3 of
the Credit Agreement). Subsection 2.3(a) of the Credit Agreement is hereby
amended by inserting at the end thereof the following:

         Notwithstanding the foregoing, during the period from and including the
         Amendment Effective Date (as defined in the Third Amendment and Waiver
         to this Agreement) to and including December 15, 2000, the commitment
         fee shall be computed at a rate of .50%.

                 4. Certain Agreements. (a) The Borrower, the Administrative
Agent and the Lenders hereby acknowledge and agree that, during the period from
and including the
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Amendment Effective Date (as defined below) to and including December 15, 2000,
the Lenders shall make Extensions of Credit only to the extent that such
Extensions of Credit do not exceed the lesser of (i) a borrowing base of 70% of
net accounts receivable and 40% of net inventory, in each case as the same shall
be calculated on a consolidated basis in accordance with GAAP, and (ii)
$47,000,000. During such period, the Borrower agrees to prepay forthwith the
Revolving Credit Commitments to the extent that the Extensions of Credit exceed
such lesser amount on any Business Day. The Borrower shall furnish to the
Administrative Agent 30 days after the end of each calendar month a report
setting forth in reasonable detail a calculation of such borrowing base and such
report shall be effective for purposes of this section until the next such
report is due to be furnished.

                 (b) The Borrower hereby also acknowledges and agrees that,
during the period from and including the Amendment Effective Date to and
including December 15, 2000, the Borrower shall not, and shall not permit any of
its Subsidiaries to, make any Restricted Payments on any class of the Capital
Stock of the Borrower (other than as permitted under subsections 7.7(a), (b) and
(c) of the Credit Agreement) or make any optional payment or prepayment or
redemption, defeasance or purchase of any Senior Subordinated Notes or any other
Subordinated Indebtedness (if any) of the Borrower.

                 (c) Failure to comply with the prepayment requirements of this
section shall constitute an Event of Default under Section 10(a) of the Credit
Agreement, and failure to comply with the other agreements in this Section shall
constitute an Event of Default under Section 10(d) of the Credit Agreement.

                 5. Waivers. (a) From the Amendment Effective Date (as defined
below) to and including December 15, 2000, the Administrative Agent and the
Lenders hereby waive (i) the Borrower's non-compliance with the provisions of
subsections 6.1, 6.2, 6.6 and 6.7 of the Credit Agreement, solely insofar as
such non-compliance related to the Borrower's failure to deliver financial
statements in accordance with GAAP in respect of its 1998 and 1999 fiscal years
and of periods included in its 1998, 1999 and 2000 fiscal years through and
including June 30, 2000, and (ii) the Borrower's non-compliance with the
financial covenants contained in subsection 7.1(a) and 7.1(b) of the Credit
Agreement (to the extent that there would be non-compliance with the interest
coverage ratio contained in subsection 7.1(b) of the Credit Agreement, but only
to the extent that such interest coverage ratio is not less than 2.95 to 1.00),
solely insofar as such non-compliance relates to its 1998 and 1999 fiscal years
and to fiscal quarters in its 1998, 1999 and 2000 fiscal years through and
including the fiscal quarter ended September 30, 2000, but in each case only to
the extent such non-compliance arises out of or relates to the inventory
adjustments disclosed in the draft of Holdings' Report on Form 10-Q to be filed
for the fiscal quarter ended September 30, 2000, a copy of which draft has been
furnished to each Lender, with aggregate amounts with respect to such inventory
adjustments being substantially as disclosed therein.

                 (b) From the Amendment Effective Date to and including December
15, 2000, the Administrative Agent and the Lenders hereby waive any breach by
the Borrower of any representation or warranty made or deemed to be made by it
pursuant to subsection 5.2 of the Credit Agreement, solely insofar as such
breach arises out of the matters described in clauses (i) and (ii) of Section
5(a) of this Amendment.
<PAGE>   3
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                 (c) The Administrative Agent and the Lenders hereby agree that
the waivers contained in this Amendment shall have effect for purposes of
Sections 10(b), (c) and (d) of the Credit Agreement.

                 6. Conditions to Effectiveness. This Amendment shall be
effective on the date (the "Amendment Effective Date") that (a) the
Administrative Agent shall have received counterparts hereof, duly executed and
delivered by the Borrower, Holdings, the Required Lenders and the Grantors under
the Guarantee and Collateral Agreement dated as of May 7, 1996 (the "Guarantee
and Collateral Agreement") among Holdings, the Borrower, the Subsidiary
Guarantors named therein and the Administrative Agent; (b) the Administrative
Agent shall have received, for the account of each Lender which executes and
delivers this Amendment, an amendment fee in the amount equal to the product of
(i) 0.125% and (ii) such Lender's Commitment; and (c) no Default or Event of
Default shall have occurred and be continuing on the date hereof after giving
effect to this Amendment.

                 7. Additional Collateral. Pursuant to subsection 12.16(b) of
the Credit Agreement, the Borrower hereby agrees, as soon as reasonably
practicable, but no later than 15 business days after the date hereof, to, or
cause any Subsidiary to, execute a Mortgage or Mortgages in favor of the
Administrative Agent, for the ratable benefit of the Lenders, on its real
property located in New York State upon such terms and conditions as the
Administrative Agent shall reasonably request.

                 8. Additional Agreements. The Borrower hereby agrees to pay, or
reimburse the Administrative Agent (as the case may be), for (i) the reasonable
costs and expenses incurred in connection with the retention of a financial
consultant or advisor for the benefit of the Lenders and (ii) the reasonable
costs and expenses incurred in connection with a review of the accounts and
inventory of the Borrower and its Subsidiaries associated with the determination
of a prospective borrowing base to be applied after December 15, 2000, including
the fees and expenses of any collateral audit group or firm.

                 9. Representations and Warranties. In order to induce the
Administrative Agent and the Lenders to enter into this Amendment, the Borrower
and Holdings hereby represent and warrant to the Administrative Agent and the
Lenders that the representations and warranties of the Borrower and Holdings
contained in the Loan Documents are true and correct in all material respects on
and as of the Amendment Effective Date (after giving effect hereto) as if made
on and as of the Amendment Effective Date (except where such representations and
warranties expressly relate to an earlier date in which case such
representations and warranties were true and correct in all material respects as
of such earlier date); provided that all references to the "Credit Agreement" in
any Loan Document shall be and are deemed to mean the Credit Agreement as
amended hereby.

                 10. Notice of Effectiveness. The Administrative Agent shall
promptly advise the Lenders and the Borrower of the effectiveness of this
Amendment.

                 11. Payment of Expenses. The Borrower agrees to pay or
reimburse the Administrative Agent for all of its out-of-pocket costs and
expenses incurred in connection with the development, preparation and execution
of this Amendment and any other documents
<PAGE>   4
                                                                               4

prepared in connection herewith, and the consummation and administration of the
transactions contemplated hereby, including, without limitation, the reasonable
fees and disbursements of counsel to the Administrative Agent.

                 12. Counterparts. This Amendment may be executed by the parties
to this Amendment on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to be one and the same instrument.

                 13. Successors and Assigns. This Amendment shall be binding
upon and inure to the benefit of the Borrower and Holdings and their respective
successors and assigns, and upon the Administrative Agent and the Lenders and
their successors and assigns. The execution and delivery of this Amendment by
any Lender prior to the Amendment Effective Date shall be binding upon its
successors and assigns and shall be effective as to any loans or commitments
assigned to it after such execution and delivery.

                 14. Continuing Effect. Except as expressly amended hereby, the
Credit Agreement as amended by this Amendment shall continue to be and shall
remain in full force and effect in accordance with its terms. This Amendment
shall not constitute an amendment or waiver of any provision of the Credit
Agreement not expressly referred to herein and shall not be construed as an
amendment, waiver or consent to any action on the part of the Borrower and
Holdings that would require an amendment, waiver or consent of the
Administrative Agent or the Lenders except as expressly stated herein. Any
reference to the "Credit Agreement" in the Loan Documents or any related
documents shall be deemed to be a reference to the Credit Agreement as amended
by this Amendment.

                 15. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
<PAGE>   5
                 IN WITNESS WHEREOF, the parties have caused this Amendment to
be executed and delivered by their respective duly authorized officers as of the
day and year first above written.

                                           TWINLAB CORPORATION

                                           By:_________________________
                                           Name:
                                           Title:

                                           TWIN LABORATORIES INC.

                                           By:_________________________
                                           Name:
                                           Title:

                                           THE CHASE MANHATTAN BANK as
                                           Administrative Agent,
                                           Issuing Bank, Swing Line
                                           Lender and as a Lender

                                           By:_________________________
                                           Name:
                                           Title:
<PAGE>   6
                                           THE BANK OF NEW YORK,
                                           as Co-Agent and as a Lender

                                           By:_________________________
                                           Name:
                                           Title:

                                           FLEETBOSTON,
                                           as a Lender

                                           By:_________________________
                                           Name:
                                           Title:

                                           DRESDNER BANK AG, NEW YORK BRANCH
                                           AND GRAND CAYMAN BRANCH,
                                           as a Lender

                                           By:_________________________
                                           Name:
                                           Title:

                                           By:_________________________
                                           Name:
                                           Title:

                                           U.S. BANK NATIONAL ASSOCIATION,
                                           as a Lender

                                           By:_________________________
                                           Name:
                                           Title:
<PAGE>   7
                                           EUROPEAN AMERICAN BANK,
                                           as a Lender

                                           By:_________________________
                                           Title:

                                           ERSTE BANK DER OESTERREICHISCHEN
                                           SPARKASSEN AG, GRAND CAYMAN
                                           ISLAND BRANCH, as a Lender

                                           By:_________________________
                                           Name:
                                           Title:

                                           ZIONS FIRST NATIONAL BANK,
                                           as a Lender

                                           By:_________________________
                                           Name:
                                           Title:
<PAGE>   8
                                           ADVANCED RESEARCH PRESS, INC.,
                                           as a Grantor

                                           By:_________________________
                                           Name:
                                           Title:

                                           BRONSON LABORATORIES, INC.,
                                           as a Grantor

                                           By:_________________________
                                           Name:
                                           Title:

                                           CHANGES INTERNATIONAL, INC.,
                                           as a Grantor

                                           By:_________________________
                                           Name:
                                           Title:

                                           HEALTH FACTORS INTERNATIONAL, INC.
                                           as a Grantor

                                           By:_________________________
                                           Name:
                                           Title:

                                           PR NUTRITION, INC.,
                                           as a Grantor

                                           By:_________________________
                                           Name:
                                           Title:

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