SEC Contract Filing

Filing Date: 2015-01-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.27
<SEQUENCE>6
<FILENAME>v399410_ex10-27.htm
<DESCRIPTION>EXHIBIT 10.27
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: none; text-align: right">Exhibit 10.27</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>pledge
AGREEMENT</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>THIS
PLEDGE AGREEMENT</B> (this &ldquo;<B>Agreement</B>&rdquo;) is made as of January 22, 2015, by and between <B>TWINLAB HOLDINGS,
INC.</B>, a Michigan corporation (&ldquo;<B>Pledgor</B>&rdquo;), and <B>MIDCAP FINANCIAL TRUST</B>, a Delaware statutory trust,
as agent (in such capacity, together with its successors and assigns, &ldquo;<B>Agent</B>&rdquo;) for itself and the other Lenders
(as defined herein).</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">RECITALS</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
term &ldquo;<B>Borrowers</B>&rdquo;, as used herein, shall mean collectively all of the following entities: 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, TCC CM SUBCO I, INC., a
Delaware corporation, TCC CM SUBCO II, INC., a Delaware corporation, and such other borrowers that may become &ldquo;Borrowers&rdquo;
under the Credit Agreement (as defined herein); the term &ldquo;<B>Borrower</B>&rdquo;, as used herein, shall mean individually
each entity that is one of the Borrowers; and the term &ldquo;<B>Company</B>&rdquo; as used herein shall mean, collectively, each
of Twinlab Corporation, a Delaware corporation, and ISI Brands Inc., a Michigan corporation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Pursuant
to that certain Credit and Security Agreement dated as of even date herewith among Borrowers, the financial institutions from
time to time parties thereto, as lenders (collectively, the &ldquo;<B>Lenders</B>&rdquo;), and Agent (as the same may be amended,
supplemented, modified, increased, renewed or restated from time to time, the &ldquo;<B>Credit Agreement</B>&rdquo;), Agent and
Lenders have agreed to make available to Borrowers a revolving loan facility in the maximum principal amount of $15,000,000. Borrowers
have executed and delivered one or more promissory notes evidencing the indebtedness incurred by Borrowers under the Credit Agreement
(as the same may be amended, modified, increased, renewed or restated from time to time, and together with all renewal notes issued
in respect thereof, collectively the &ldquo;<B>Notes</B>&rdquo;). The terms and provisions of the Credit Agreement and Notes are
hereby incorporated by reference in this Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
terms and provisions of the Credit Agreement and Notes are hereby incorporated by reference in this Agreement. This Agreement,
the Notes, the Credit Agreement and all of the other documents evidencing, securing and/or governing or executed in connection
with the Notes, as the same may be amended, modified, increased, renewed or restated from time to time, are herein referred to
collectively as the &ldquo;<B>Financing Documents</B>&rdquo;.</FONT></P>

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