Document:

ex_140545.htm

Exhibit 10.189

 

FIFTEENTH AMENDMENT TO NOTE AND WARRANT PURCHASE AGREEMENT 

 

This FIFTEENTH AMENDMENT TO NOTE AND WARRANT AGREEMENT (this "Amendment"), dated as of December 4, 2018, is made by and between TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada corporation, TWINLAB CONSOLIDATION CORPORATION, a Delaware corporation, TWINLAB HOLDINGS, INC., a Michigan corporation, ISI BRANDS INC., a Michigan corporation, and TWINLAB CORPORATION, a Delaware corporation, NUTRASCIENCE LABS, INC., a Delaware corporation, NUTRASCIENCE LABS IP CORPORATION., a Delaware corporation, ORGANIC HOLDINGS LLC, a Delaware limited liability company, RESERVE LIFE ORGANICS, LLC, a Delaware limited liability company, RESVITALE, LLC, a Delaware limited liability company, RE-BODY, LLC, a Delaware limited liability company, INNOVITAMIN ORGANICS, LLC, a Delaware limited liability company, ORGANICS MANAGEMENT LLC, a Delaware limited liability company, COCOAWELL, LLC, a Delaware limited liability company, FEMBODY, LLC, a Delaware limited liability company, RESERVE LIFE NUTRITION, L.L.C., a Delaware limited liability company, INNOVITA SPECIALTY DISTRIBUTION, LLC, a Delaware limited liability company, and JOIE ESSANCE, LLC, a Delaware limited liability company (each of the foregoing Persons being referred to herein individually as a "Company" and collectively as the "Companies"), and GOLISANO HOLDINGS LLC, a New York limited liability company, as successor by assignment to Penta Mezzanine SBIC Fund I, L.P. (the "Purchaser").

 

WHEREAS, the Companies and the Purchaser are parties to a Note and Warrant Purchase Agreement dated as of November 13, 2014, as amended by that certain First Amendment to Note and Warrant Purchase Agreement, Consent and Joinder dated as of January 22, 2015, that certain Second Amendment to Note and Warrant Purchase Agreement and Consent dated as of February 4, 2015, that certain Third Amendment to Note and Warrant Purchase Agreement and Consent dated as of April 30, 2015, that certain Fourth Amendment to Note and Warrant Purchase Agreement, Limited Consent and Limited Waiver dated as of June 30, 2015, that certain Fifth Amendment to Note and Warrant Purchase Agreement and Limited Consent dated as of September 9, 2015, that certain Sixth Amendment to Note and Warrant Purchase Agreement dated October 5, 2015, that certain Joinder Agreement dated as of October 30, 2015, that certain Seventh Amendment to Note and Warrant Purchase Agreement dated as of January 28, 2016, that certain Eighth Amendment to Note and Warrant Purchase Agreement dated as of April 5, 2016, that certain Ninth Amendment to Note and Warrant Purchase Agreement and Limited Consent dated as of August 11, 2016 but effective as of July 29, 2016, that certain Tenth Amendment to Note and Warrant Purchase Agreement and Limited Consent dated as of December 2, 2016, that Eleventh Amendment to Note and Warrant Purchase Agreement and Limited Consent, dated as of August 30, 2017, that certain Twelfth Amendment to Note and Warrant Purchase Agreement and Limited Consent, dated as of February 6, 2018, that certain Thirteenth Amendment to Note and Warrant Purchase Agreement and Limited Consent, dated as of July 27, 2018 and that certain Fourteenth Amendment to Note and Warrant Purchase Agreement and Limited Consent, dated as of November 2, 2018 (as the same may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Note Purchase Agreement"); and

 

WHEREAS, the Companies have requested that the Purchaser amend certain provisions of the Note Purchase Agreement to permit Parent to obtain an unsecured loan in the original principal amount of $15,000,000 from Macatawa Bank and the Purchaser has agreed to do so subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the promises and the mutual agreements contained in this Amendment, and subject to the terms and conditions set forth herein, each party hereto hereby agrees as follows:

 

1.     Capitalized Terms. Capitalized terms used but not defined herein shall have the meanings set forth in the Note Purchase Agreement.

 

 

 

 

2.     Amendments to Note Purchase Agreement. Subject to the satisfaction of the conditions precedent set forth herein and in reliance on the representations, warranties and covenants of the Companies set forth herein and in the Note Purchase Agreement, each party hereto hereby agrees that the Note Purchase Agreement be and hereby is, amended as follows:

 

2.1.     New Defined Terms. Section 1 of the Note Purchase Agreement is hereby amended by inserting each of the following defined terms in the appropriate alphabetical order:

 

Macatawa Bank Agreement" means that certain Term Loan Note and Agreement, dated as of December 4, 2018, between Macatawa Bank and Parent.

 

"Macatawa Bank" means Macatawa Bank, a Michigan banking corporation.

 

"Macatawa Bank Debt" means the $15,000,000 loan provided by Macatawa Bank pursuant to that the Macatawa Bank Agreement.

 

2.2.     Amendment to Section 6.7. Section 6.7 of the Note Purchase Agreement is hereby amended and restated in its entirety as follows:

 

"6.7     Indebtedness.

 

Create, incur, assume or suffer to exist any Indebtedness (exclusive of trade debt) except in respect of (a) the Indebtedness to Purchaser, (b) Permitted Senior Debt, (c) the Essex Debt, (d) the Little Harbor Debt, (e) Indebtedness, incurred at the time of, or within 20 days after, the acquisition of any fixed assets for the purpose of financing all or any part of the acquisition cost thereof, (f) the Utah Lease, (g) the Subordinated Debt; (h) Refinancing Indebtedness with respect to any of the foregoing; provided that any Refinancing Indebtedness that (i) is a renewal or extension of Permitted Senior Debt is renewed or extended in accordance with Section 15 of the Subordination Agreement, (ii) is a refinancing of Permitted Senior Debt is on terms reasonably satisfactory to the Purchaser, (iii) is a renewal or extension of the Subordinated Debt is renewed or extended in accordance with Section 15 of the JL-BBNC Subordination Agreement and (iv) is a refinancing of the Subordinated Debt is on terms reasonably satisfactory to the Purchaser; (i) the Nutricap Seller Notes; (j) the JL Properties Reimbursement Agreement, (k) the DVA Note, to the extent issued in accordance with the terms of the DVA Put Agreement, (l) the Golisano Holdings Debt; (m) the Great Harbor Debt, (n) the JL-Utah Debt and (o) the Macatawa Bank Debt."

 

3.     Representations and Warranties; No Default. Each Company hereby represents and warrants that:

 

3.1.     The execution, delivery and performance by such Company of this Amendment (a) are within such Company's corporate or similar powers and, at the time of execution hereof and have been duly authorized by all necessary corporate and similar action; (b) does not and will not result, in any breach or default under any other document, instrument or agreement to which a Company or any of its Subsidiaries is a party or to which a Company or any of its Subsidiaries, the Premises, the Collateral or any of the property of a Company or any of its Subsidiaries is subject or bound, except for such breaches or defaults which, individually or in the aggregate, have not had, and would not reasonably be expected to result in, a Material Adverse Effect and (c) will not violate any applicable law, statute, regulation, rule, ordinance, code, rule or order.

 

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3.2.     This Amendment has been duly executed and delivered for the benefit of or on behalf of each Company and constitutes a legal, valid and binding obligation of each Company, enforceable against such Company in accordance with its terms except (a) as the same may be limited by bankruptcy, insolvency, reorganization moratorium or similar laws now or hereafter in effect relating to creditors rights generally and (b) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

 

3.3.     Both before and after giving effect to this Amendment on the date hereof (a) the representations and warranties of the Companies contained in Section 4.1 of the Note Purchase Agreement and the other Transaction Documents are true, correct and complete on and as of the date hereof as if made on such date (and to the extent any representations and warranties shall relate to the Effective Date or another earlier date, such representation and warranties shall be deemed to be amended to relate to the date hereof), and (b) no Default or Event of Default has occurred and is continuing.

 

4.     Ratification and Confirmation. The Companies hereby ratify and confirm all of the terms and provisions of the Note Purchase Agreement and the other Transaction Documents and agree that all of such terms and provisions, as amended hereby, remain in full force and effect, except as, and to the extent expressly set forth herein.

 

5.     Condition to Effectiveness. The effectiveness of this Amendment shall be subject to the satisfaction of the following conditions precedent:

 

5.1.     The Purchaser shall have received a fully executed copy of this Amendment.

 

5.2.     The Purchaser shall have received the corresponding, fully executed copy of the Macatawa Bank Agreement, in form and substance satisfactory to the Purchaser.

 

5.3.     All representations and warranties of the Companies contained herein shall be true and correct in all material respects as of the date hereof (and such parties' delivery of their respective signatures hereto shall be deemed to be its certification thereof).

 

5.4.     The Purchaser shall have received all fees and other amounts due and payable to the Purchaser and its counsel in connection with this Amendment, and to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Companies under the Note Purchase Agreement.

 

	 	
			6.

				
			Miscellaneous.

			

 

6.1.     Except as otherwise expressly set forth herein, nothing herein shall be deemed to constitute an amendment, modification or waiver of any of the provisions of the Note Purchase Agreement, the Security Agreement or the other Transaction Documents, all of which remain in full force and effect as of the date hereof and are hereby ratified and confirmed. Each Company hereby acknowledges and agrees that nothing contained herein shall be deemed to entitle any Company to consent to, or a waiver, amendment or modification of, any of the terms, conditions, obligations, covenants or agreements contained in the Transaction Documents in similar or different circumstances. This Amendment (together with any other document executed in connection herewith) is not intended to be, nor shall it be construed as, a novation of the Note Purchase Agreement.

 

3

 

 

6.2.     This Amendment may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, but all counterparts shall together constitute one instrument. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or electronic mail shall be equally effective as delivery of a manually executed counterpart of this Amendment.

 

6.3.     This Amendment shall be governed by the laws of the State of New York without giving effect to any conflict of law principles and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

6.4.     The Companies agree to pay all reasonable expenses, including legal fees and disbursements, incurred by Purchaser in connection with this Amendment and the transactions contemplated hereby.

 

6.5.     This Amendment shall be deemed a Transaction Document for all purposes of the Note Purchase Agreement and the other Transaction Documents. On and after the date hereof, each reference in the Note Purchase Agreement and the other Transaction Documents to the Note Purchase Agreement, shall mean and be a reference to the Note Purchase Agreement, as modified by this Amendment.

 

6.6.     Each Company, voluntarily, knowingly, unconditionally and irrevocably, with specific and express intent, for and on behalf of itself and all of its respective parents, subsidiaries, affiliates, members, managers, predecessors, successors, and assigns, and each of their respective current and former directors, officers, shareholders, agents, and employees (collectively, "Releasing Parties"), does hereby fully and completely release, acquit and forever discharge each Indemnified Party of and from any and all actions, causes of action, suits, debts, disputes, damages, claims, obligations, liabilities, costs, expenses and demands of any kind whatsoever, at law or in equity, whether matured or unmatured, liquidated or unliquidated, vested or contingent, choate or inchoate, known or unknown that the Releasing Parties (or any of them) has against the Indemnified Parties (or any of them) that directly or indirectly arise out of, are based upon or are in any manner connected with any Prior Related Event. "Prior Related Event" means any transaction, event, circumstance, action, failure to act, occurrence of any type or sort, whether known or unknown, which occurred, existed, was taken, was permitted or begun in accordance with, pursuant to or by virtue of (a) any of the terms of this Amendment or any other Transaction Document, (b) any actions, transactions, matters or circumstances related hereto or thereto, (c) the conduct of the relationship between the Purchaser and any Company, or (d) any other actions or inactions by the Purchaser, all on or prior to the date hereof. Each Company acknowledges that the foregoing release is a material inducement to the Purchaser's decision to enter into this Amendment and to agree to the modifications contemplated hereunder.

 

[Signature Pages Follow.]

 

4

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment which shall be deemed to be a sealed instrument as of the date first above written.

 

 

	
			TWINLAB CONSOLIDATED 

			HOLDINGS, INC. 

				 	TWINLAB HOLDINGS, INC.
	
			 

			 

				 	 
	By	: /s/ Anthony Zolezzi	(Seal)	 	By	: /s/ Anthony Zolezzi	(Seal)	 
	Name:  Anthony Zolezzi

			Title:    Chief Executive Officer	 	
			Name:  Anthony Zolezzi

			Title:    Chief Executive Officer

			
	 	 	 

 

	
			TWINLAB CORPORATION 

				 	ISI BRANDS, INC.
	 	 	 
	By	: /s/ Anthony Zolezzi	(Seal)	 	By	: /s/ Anthony Zolezzi	(Seal)	 
	Name:  Anthony Zolezzi

			Title:    Chief Executive Officer	 	
			Name:  Anthony Zolezzi

			Title:    Chief Executive Officer

			
	 	 	 

 

	NUTRASCIENCE LABS, INC.	 	NUTRASCIENCE LABS IP CORPORATION
	
			 

			 

				 	 
	By	: /s/ Anthony Zolezzi	(Seal)	 	By	: /s/ Anthony Zolezzi	(Seal)	 
	Name:  Anthony Zolezzi

			Title:    Chief Executive Officer	 	
			Name:  Anthony Zolezzi

			Title:    Chief Executive Officer

			
	 	 	 

 

	
			ORGANIC HOLDINGS LLC

				 	RESERVE LIFE ORGANICS, LLC 
	
			 

				 	
			 

			By ORGANIC HOLDINGS LLC,

			
	By	: /s/ Anthony Zolezzi	
			(Seal)

				 	
			its sole Member

				 	 
	Name: Anthony Zolezzi	 	 	 	 	 
	Title:   Sole Manager	 	 	By	: /s/ Anthony Zolezzi	(Seal)	 
	 	 	
			Name: Anthony Zolezzi

			Title:   Sole Manager

			

 

 

	RESVITALE, LLC	 	RE-BODY, LLC 
	
			 

				 	 
	
			By ORGANIC HOLDINGS LLC,

			its sole Member

				 	
			By ORGANIC HOLDINGS LLC,

			its sole Member

			
	 	 	 
	By	: /s/ Anthony Zolezzi	(Seal)	 	By	: /s/ Anthony Zolezzi	(Seal)	 
	Name: Anthony Zolezzi

			Title:   Sole Manager	 	
			Name: Anthony Zolezzi

			Title:   Sole Manager

			

 

 

 

First Signature Page – Fifteenth Amendment to Note and Warrant Purchase Agreement

 

 

 

	INNOVITAMIN ORGANICS, LLC	 	ORGANICS MANAGEMENT LLC
	
			 

				 	 
	
			By ORGANIC HOLDINGS LLC,

			its sole Member

				 	
			By ORGANIC HOLDINGS LLC,

			its sole Member

			
	 	 	 
	By	: /s/ Anthony Zolezzi	(Seal)	 	By	: /s/ Anthony Zolezzi	(Seal)	 
	Name: Anthony Zolezzi

			Title:   Sole Manager	 	
			Name: Anthony Zolezzi

			Title:   Sole Manager

			

 

 

	COCOAWELL, LLC	 	FEMBODY, LLC
	
			 

				 	 
	
			By ORGANIC HOLDINGS LLC,

			its sole Member

				 	
			By ORGANIC HOLDINGS LLC,

			its sole Member

			
	 	 	 
	By	: /s/ Anthony Zolezzi	(Seal)	 	By	: /s/ Anthony Zolezzi	(Seal)	 
	Name: Anthony Zolezzi

			Title:   Sole Manager	 	
			Name: Anthony Zolezzi

			Title:   Sole Manager

			

 

 

	RESERVE LIFE NUTRITION, L.L.C.	 	INNOVITA SPECIALTY DISTRIBUTION LLC
	
			 

				 	 
	
			By ORGANIC HOLDINGS LLC,

			its sole Member

				 	
			By ORGANIC HOLDINGS LLC,

			its sole Member

			
	 	 	 
	By	: /s/ Anthony Zolezzi	(Seal)	 	By	:  /s/ Anthony Zolezzi	(Seal)	 
	Name: Anthony Zolezzi

			Title:   Sole Manager	 	
			Name: Anthony Zolezzi

			Title:   Sole Manager

			

 

 

	JOIE ESSANCE, LLC	 	 
	
			 

				 	 
	
			By ORGANIC HOLDINGS LLC,

			its sole Member

				 	 
	 	 	 
	By	: /s/ Anthony Zolezzi	(Seal)	 	 	 	 	 
	Name: Anthony Zolezzi

			Title:   Sole Manager	 	
			 

			

 

 

Second Signature Page – Fifteenth Amendment to Note and Warrant Purchase Agreement

 

 

 

 

	
			 

				
			PURCHASER:

			 

			GOLISANO HOLDINGS LLC,

			a New York limited liability company

			 

			 

			By:  /s/  B. Thomas Golisano                                                       

			Name:  B. Thomas Golisano

			Title:    Member

			

 

 

Third Signature Page – Fifteenth Amendment to Note and Warrant Purchase Agreementex_140670.htm

Exhibit 10.190

 

AMENDMENT NO. 15 TO CREDIT AND SECURITY AGREEMENT 

 

THIS AMENDMENT NO. 15 TO CREDIT AND SECURITY AGREEMENT (this “Amendment”) is made as of this 4th day of December, 2018, by and among TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada corporation, TWINLAB CONSOLIDATION CORPORATION, a Delaware corporation, TWINLAB HOLDINGS, INC., a Michigan corporation, ISI BRANDS INC., a Michigan corporation, TWINLAB CORPORATION, a Delaware corporation, NUTRASCIENCE LABS, INC., a Delaware corporation (formerly known as TCC CM Subco I, Inc.), NUTRASCIENCE LABS IP CORPORATION, a Delaware corporation (formerly known as TCC CM Subco II, Inc.), ORGANIC HOLDINGS LLC, a Delaware limited liability company, RESERVE LIFE ORGANICS, LLC, a Delaware limited liability company, RESVITALE, LLC, a Delaware limited liability company, RE-BODY, LLC, a Delaware limited liability company, INNOVITAMIN ORGANICS, LLC, a Delaware limited liability company, ORGANICS MANAGEMENT LLC, a Delaware limited liability company, COCOAWELL, LLC, a Delaware limited liability company, FEMBODY, LLC, a Delaware limited liability company, RESERVE LIFE NUTRITION, L.L.C., a Delaware limited liability company, INNOVITA SPECIALTY DISTRIBUTION, LLC, a Delaware limited liability company, and JOIE ESSANCE, LLC, a Delaware limited liability company (each of the foregoing Persons being referred to herein individually as a “Borrower”, and collectively as “Borrowers”), and MIDCAP FUNDING X TRUST, a Delaware statutory trust, as successor-by-assignment from MidCap Financial Trust (as Agent for Lenders, “Agent”, and individually, as a Lender), and the other financial institutions or other entities from time to time parties to the Credit Agreement referenced below, each as a Lender.

 

RECITALS

 

A.     Pursuant to that certain Credit and Security Agreement dated as of January 22, 2015 by and among Borrowers, Agent and Lenders (as amended by that certain Amendment No. 1 to Credit and Security Agreement and Limited Consent dated as of February 4, 2015, by that certain Amendment No. 2 to Credit and Security Agreement and Limited Consent dated as of April 7, 2015, by that certain Amendment No. 3 to Credit and Security Agreement and Limited Consent dated as of April 30, 2015, by that certain Amendment No. 4 to Credit and Security Agreement and Limited Waiver dated as of June 30, 2015, by that certain Amendment No. 5 to Credit and Security Agreement and Limited Consent dated as of June 30, 2015, by that certain Amendment No. 6 to Credit and Security Agreement, Limited Consent and Limited Waiver dated as of September 9, 2015, by that certain Amendment No. 7 and Joinder Agreement to Credit and Security Agreement dated as of October 5, 2015, by that certain Amendment No. 8 to Credit and Security Agreement dated as of January 28, 2016, by that certain Amendment No. 9 to Credit and Security Agreement dated as of April 5, 2016, by that certain Amendment No. 10 to Credit and Security Agreement dated as of August 11, 2016, but effective as of July 29, 2016, by that certain Amendment No. 11 to Credit and Security Agreement dated as of September 1, 2016, by that certain Amendment No. 12 to Credit and Security Agreement and Limited Consent dated as of December 2, 2017, by that certain Amendment No. 13 to Credit and Security Agreement and Limited Consent dated as of August 30, 2017, by that certain Amendment No. 14 to Credit and Security Agreement and Limited Waiver dated as of March 22, 2018 and as it may be further amended, modified and restated from time to time, the “Credit Agreement”), Agent and Lenders agreed to make available to Borrowers a secured revolving credit facility in a principal amount of up to $17,000,000 from time to time (as amended, modified, supplemented, extended and restated from time to time, collectively, the “Loans”). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings set forth in the Credit Agreement.

 

 

 

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Agent, Lenders and Borrowers hereby agree as follows:

 

1.     Recitals.  This Amendment shall constitute a Financing Document and the Recitals set forth above shall be construed as part of this Amendment as if set forth fully in the body of this Amendment.

 

2.     Amendment to Credit Agreement.     

 

(a)     Section 1.1 – New Defined Terms. Section 1.1 of the Credit Agreement is hereby amended to add the defined terms “Macatawa Bank,” “Macatawa Bank Debt,” and “Subordination Agreement (Macatawa Bank)” in their respective alphabetical order:

 

“Macatawa Bank” means Macatawa Bank, a Michigan banking corporation.

 

“Macatawa Bank Debt” means the “Subordinated Loans” (as that term is defined in the Subordination Agreement (Macatawa Bank). 

 

“Subordination Agreement (Macatawa Bank)” means the Subordination Agreement dated as of December 3, 2018 among Agent, Macatawa Bank and Borrowers, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time. 

 

Section 1.1 – Definition of Permitted Debt. The defined term “Permitted Debt” in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“Permitted Debt” means: (a) Borrowers’ and its Subsidiaries’ Debt to Agent and each Lender under this Agreement and the other Financing Documents; (b) Debt incurred as a result of endorsing negotiable instruments received in the Ordinary Course of Business; (c) purchase money Debt with respect to equipment, Debt listed on Schedule 5.1, and such other Debt (other than the Essex Lease) not to exceed $3,000,000 at any time (whether in the form of a loan or a Capital Lease) used solely to acquire equipment used in the Ordinary Course of Business and secured only by such equipment; (d) Debt existing on the date of this Agreement and described on Schedule 5.1 and any Refinancing Debt with respect thereto; (e) Debt in the form of insurance premiums financed through the applicable insurance company; (f) trade accounts payable arising and paid on a timely basis and in the Ordinary Course of Business; (g) Subordinated Debt (for the avoidance of doubt, including the Golisano Holdings Debt, Great Harbor Debt, Little Harbor Debt, JL US Debt and Macatawa Debt), (h) the Essex Lease; (i) the Nutricap Seller Notes; (j) the JL Properties Reimbursement Agreement; and (k) the DVA Note, to the extent issued in accordance with the terms of the DVA Put Agreement.

 

 

 

 

5.     Confirmation of Representations and Warranties; Reaffirmation of Security Interest.  Each Borrower hereby (a) confirms that all of the representations and warranties set forth in the Credit Agreement are, after giving effect to this Amendment and the transactions contemplated hereby, true and correct with respect to such Borrower as of the date hereof to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, and (b) covenants to perform its respective obligations under the Credit Agreement. Each Borrower confirms and agrees that all security interests and Liens granted to Agent continue in full force and effect, and all Collateral remains free and clear of any Liens, other than those granted to Agent and Permitted Liens. Nothing herein is intended to impair or limit the validity, priority or extent of Agent’s security interests in and Liens on the Collateral. 

 

6.     Enforceability.  This Amendment constitutes the legal, valid and binding obligation of each Borrower, and is enforceable against each of the Borrowers in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’ rights generally and by general equitable principles.

 

7.      Costs and Fees. Borrowers shall be responsible for the payment of all reasonable costs and fees of Agent’s counsel incurred in connection with the preparation of this Amendment and any related documents. If Agent or any Lender uses in-house counsel for any of these purposes, Borrowers further agree that the Obligations include reasonable charges for such work commensurate with the fees that would otherwise be charged by outside legal counsel selected by Agent or such Lender for the work performed. Borrowers hereby authorize Agent to deduct all of such fees set forth in this Section 7 from the proceeds of one or more Revolving Loans made under the Credit Agreement.

 

8.      Conditions to Effectiveness. This Amendment shall become effective as of the date on which each of the following conditions has been satisfied (the “Effective Date”):

 

(a)     Borrowers shall have delivered to Agent this Amendment, duly executed by an authorized officer of each Borrower;

 

(b)     all representations and warranties of Borrowers contained herein shall be true and correct in all material respects as of the Effective Date (and such parties’ delivery of their respective signatures hereto shall be deemed to be its certification thereof); and

 

(c)     Agent shall have received from Borrowers all of the fees owing pursuant to this Amendment and Agent’s reasonable out-of-pocket legal fees and expenses.

 

 

 

 

9.     Release. Each Borrower, voluntarily, knowingly, unconditionally and irrevocably, with specific and express intent, for and on behalf of itself and all of its respective parents, subsidiaries, affiliates, members, managers, predecessors, successors, and assigns, and each of their respective current and former directors, officers, shareholders, agents, and employees (collectively, “Releasing Parties”), does hereby fully and completely release, acquit and forever discharge each Indemnitee of and from any and all actions, causes of action, suits, debts, disputes, damages, claims, obligations, liabilities, costs, expenses and demands of any kind whatsoever, at law or in equity, whether matured or unmatured, liquidated or unliquidated, vested or contingent, choate or inchoate, known or unknown that the Releasing Parties (or any of them) has against the Indemnitees (or any of them) that directly or indirectly arise out of, are based upon or are in any manner connected with any Prior Related Event. “Prior Related Event” means any transaction, event, circumstance, action, failure to act, occurrence of any type or sort, whether known or unknown, which occurred, existed, was taken, was permitted or begun in accordance with, pursuant to or by virtue of (a) any of the terms of this Amendment or any other Financing Document, (b) any actions, transactions, matters or circumstances related hereto or thereto, (c) the conduct of the relationship between any Indemnitee and any Borrower, or (d) any other actions or inactions by any Indemnitee, all on or prior to the Effective Date. Each Borrower acknowledges that the foregoing release is a material inducement to Agent’s and Lender’s decision to enter into this Amendment and to agree to the modifications contemplated hereunder.

 

10.     No Waiver or Novation. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agent, nor constitute a waiver of any provision of the Credit Agreement, the Financing Documents or any other documents, instruments and agreements executed or delivered in connection with any of the foregoing. Nothing herein is intended or shall be construed as a waiver of any existing Defaults or Events of Default under the Credit Agreement or other Financing Documents or any of Agent’s rights and remedies in respect of such Defaults or Events of Default. This Amendment (together with any other document executed in connection herewith) is not intended to be, nor shall it be construed as, a novation of the Credit Agreement.

 

11.      Affirmation. Except as specifically amended pursuant to the terms hereof, the Credit Agreement and all other Financing Documents (and all covenants, terms, conditions and agreements therein) shall remain in full force and effect, and are hereby ratified and confirmed in all respects by Borrowers. Each Borrower covenants and agrees to comply with all of the terms, covenants and conditions of the Credit Agreement (as amended and modified hereby) and the Financing Documents, notwithstanding any prior course of conduct, waivers, releases or other actions or inactions on Agent’s or any Lender’s part which might otherwise constitute or be construed as a waiver of or amendment to such terms, covenants and conditions.

 

12.     Miscellaneous.

 

(a)     Reference to the Effect on the Credit Agreement.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of similar import shall mean and be a reference to the Credit Agreement, as amended and modified by this Amendment. Except as specifically amended and waived above, the Credit Agreement, and all other Financing Documents (and all covenants, terms, conditions and agreements therein), shall remain in full force and effect, and are hereby ratified and confirmed in all respects by Borrowers.

 

 

 

 

(b)     Incorporation of Credit Agreement Provisions. The provisions contained in Section 11.6 (Indemnification), Section 12.8 (Governing Law; Submission to Jurisdiction) and Section 12.9 (Waiver of Jury Trial) of the Credit Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety.

 

(c)     Headings. Section headings in this Amendment are included for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

(d)     Counterparts. This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Signatures by facsimile or by electronic mail delivery of an electronic version (e.g., .pdf or .tif file) of an executed signature page shall be treated as delivery of an original and shall bind the parties hereto. This Amendment constitutes the entire agreement and understanding among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

 

 

[SIGNATURES APPEAR ON FOLLOWING PAGES]

 

 

 

(Signature Page to Amendment No. 15 to Credit and Security Agreement)

 

 

IN WITNESS WHEREOF, intending to be legally bound, and intending that this document constitute an agreement executed under seal, the undersigned have executed this Amendment under seal as of the day and year first hereinabove set forth.

 

 

	AGENT:	MIDCAP FUNDING X TRUST, a Delaware statutory trust, as successor-by-assignment from MidCap Financial Trust
	 	 	 	 	 
	 	By:	 	Apollo Capital Management, L.P.,
	 	 	 	its investment manager
	 	 	 	 
	 	By:	 	Apollo Capital Management GP, LLC,
	 	 	 	its general partner
	 	 	 	 	 
	 	By:	 	/s/ Maurice Amsellem	(SEAL)
	 	Name:	Maurice Amsellem	 
	 	Title:	Authorized Signatory	 

 

 

 

	LENDER:	MIDCAP FUNDING X TRUST, a Delaware statutory trust, as successor-by-assignment from MidCap Financial Trust
	 	 	 	 	 
	 	By:	 	Apollo Capital Management, L.P.,
	 	 	 	its investment manager
	 	 	 	 
	 	By:	 	Apollo Capital Management GP, LLC,
	 	 	 	its general partner
	 	 	 	 	 
	 	By:	 	/s/ Maurice Amsellem	(SEAL)
	 	Name:	Maurice Amsellem	 
	 	Title:	Authorized Signatory	 

 

 

 

(Signature Page to Amendment No. 15 to Credit and Security Agreement)

 

	BORROWERS:	
			 

			TWINLAB CONSOLIDATED HOLDINGS, INC.

			TWINLAB CONSOLIDATION CORPORATION

			TWINLAB HOLDINGS, INC.

			TWINLAB CORPORATION 

			ISI BRANDS, INC.

			NUTRASCIENCE LABS, INC.

			NUTRASCIENCE LABS IP CORPORATION

			 

			 

			By: /s/ Anthony Zolezzi __________(Seal)

			Name:  Anthony Zolezzi

			Title:    Chief Executive Officer

			 

			 

			ORGANIC HOLDINGS LLC

			 

			 

			By: /s/ Anthony Zolezzi __________(Seal)

			Name:  Anthony Zolezzi

			Title:    Sole Manager

			 

			 

			RESERVE LIFE ORGANICS, LLC 

			RESVITALE, LLC

			RE-BODY, LLC

			INNOVITAMIN ORGANICS, LLC

			ORGANICS MANAGEMENT LLC

			COCOAWELL, LLC

			FEMBODY, LLC

			RESERVE LIFE NUTRITION, L.L.C.

			INNOVITA SPECIALTY DISTRIBUTION, LLC

			JOIE ESSANCE, LLC

			 

			 

			By ORGANIC HOLDINGS LLC,

			its sole Member

			 

			By: /s/ Anthony Zolezzi __________(Seal)

			Name:  Anthony Zolezzi

			Title:    Sole Manager

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]