Document:

WARRANT PURCHASE AGREEMENT
                           --------------------------

         WARRANT PURCHASE AGREEMENT (this "Agreement") dated as of the 21st day
of October 2005, by and between InterAmerican Acquisition Group Inc., a Delaware
corporation (the "Company"), and InterAmerican Capital Partners II LLC, a
Delaware limited liability company ("ICP").

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

         WHEREAS, the Company intends to sell in an initial public offering
("IPO") of units consisting of one share of common stock, par value $0.0001per
share (the "Common Stock") and two warrants to purchase shares of the Company's
common stock (the "Units");

         WHEREAS, in order to induce institutional investors to invest in the
IPO, ICP has agreed to purchase warrants (the "Warrants") to purchase shares of
Common Stock with terms substantially similar to the terms of the warrants
included as part of the units to be sold in the IPO; and

         WHEREAS, the Company shall issue and sell to ICP, and ICP agrees to
purchase, the Warrants, subject to the terms and conditions set forth below.

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

         1. Purchase Price. On the basis of the representations, warranties,
covenants and agreements, and subject to the terms and conditions set forth
herein, upon the Closing hereof (as that term is defined in Section 2 below),
the Company agrees to sell, transfer, convey and deliver to ICP or cause to be
delivered to ICP and ICP agrees to purchase, acquire and accept delivery from
the Company of the Warrants for an aggregate purchase price of One Million Three
Hundred Thousand Dollars ($1,300,000) (the "Purchase Price"). The Purchase Price
shall be payable by ICP to the Company in full at Closing. The number of
Warrants to be issued to ICP at the Closing shall equal the quotient of (i) the
Purchase Price and (ii) the average of the daily volume weighted average price
of the Warrants during the thirty trading days preceding the Closing; provided,
that (A) if the average of the daily volume weighted average price of the
Warrants during the thirty trading days preceding the Closing is less than
$0.40, then the average of the daily volume weighted average price of the
Warrants for such thirty trading day period shall be deemed to be $0.40, or (B)
if the average of the daily volume weighted average price of the Warrants during
the thirty trading days preceding the Closing is greater than $0.60, then the
average of the daily volume weighted average price of the Warrants for such
thirty trading day period shall be deemed to be $0.60.

         2. Closing for Sale of the Warrants. The closing for the purchase and
sale of the Warrants shall occur forty-five (45) days after the commencement of
the separate trading of the securities comprising the Units at the offices of
the Company or at such other mutually convenient time or at such other mutually
convenient place as agreed upon by the parties (the "Closing"). At the Closing,
the Company shall deliver or cause to be delivered to ICP one or more
certificates representing the Warrants of the Company registered in ICP's name,
and ICP shall pay the Purchase Price.

         3. Representations and Warranties of the Company. In order to induce
ICP to enter into this Agreement and to purchase the Warrants, the Company
hereby represents and warrants to ICP as follows:

                  (a) The Company is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware and has
all requisite corporate power and authority to own its properties and assets and
to carry on its business as now conducted and as presently proposed to be
conducted.

                  (b) All corporate action on the part of the Company's
directors and stockholders necessary for the authorization, execution, delivery
of, and the performance of all obligations of the Company under, this Agreement
and the Warrants, has been taken or will be taken prior to the Closing, and this
Agreement constitutes, and the Warrants when executed and delivered, will
constitute, valid and legally binding obligations of the Company, enforceable in
accordance with their respective terms, except as may be limited by (i)
applicable bankruptcy, insolvency, reorganization or other laws of general
application relating to or affecting the enforcement of creditor's rights
generally and (ii) the effect of rules of law governing the availability of
equitable remedies.

                  (c) The Company has the corporate power to execute and deliver
this Agreement and the Warrants to be purchased by ICP hereunder, to issue the
Warrants and to carry out and perform all its obligations under this Agreement
and the Warrants.

                  (d) The Company is not in violation or default of any
provisions of its Certificate of Incorporation or Bylaws or in any material
respect of any instrument, judgment, order, writ, decree, or contract to which
it is a party or by which it is bound. The execution, delivery and performance
of and compliance with this Agreement and the Warrants have not resulted and
will not result in any material violation of, or conflict with, any instrument,
judgment, order, writ, decree, or contract to which the Company is a party or by
which the Company is bound.

         4. Representations and Warranties of ICP. In order to induce the
Company to enter into this Agreement and to sell the Warrants, ICP hereby
represents and warrants to the Company as follows:

         (a) ICP is a limited liability company, duly organized, validly
existing and in good standing under the laws of Delaware. The Company (i) has
full power and authority to own and operate its properties and assets and to
conduct and carry on its business as it is now being conducted and operated, and
(ii) is duly qualified to do business and is in good standing, and is duly
licensed, authorized or qualified to transact or conduct business, in each
jurisdiction in which the ownership or lease of real property or the conduct of
its business requires it to be so licensed, authorized or qualified.

         (b) This Agreement constitutes ICP's valid and legally binding
obligation, enforceable in accordance with its terms except as may be limited by
(i) applicable bankruptcy, insolvency, reorganization or other laws of general
application relating to or affecting the enforcement of creditors' rights
generally and (ii) the effect of rules of law governing the availability of
equitable remedies. ICP represents that it has full power and authority to enter
into this Agreement.

         (c) The Warrants and the shares of the Company's capital stock issuable
upon exercise of the Warrants (collectively, the "Securities") will be acquired
for investment for ICP's own account, not as a nominee or agent, and not with a
view to the public resale or distribution thereof within the meaning of the Act.

         (d) ICP is an "accredited investor" within the meaning of Regulation D
promulgated under the Act.

         (e) ICP understands that the Securities are characterized as
"restricted securities" under the Act and Rule 144 promulgated thereunder
inasmuch as they are being acquired from the Company in a transaction not
involving a public offering, and that under the Act and applicable regulations
thereunder

                                      -2-

such securities may not be resold without registration under the Act only in
certain limited circumstances. The certificates for such Warrants shall contain
a legend indicating such restriction on transferability.

         5. Registration Rights; Warrant Agent. The Warrants and the shares of
Common Stock issuable upon exercise of the Warrants shall be registered by the
Company pursuant to a Registration Rights Agreement between the Company and ICP.
Prior to the date that the Securities and Exchange Commission declares the
registration statement effective, ICP will enter into a warrant agreement, or
amend any existing warrant agreement between the Company and Continental Stock
Transfer & Trust Company, as warrant agent (the "Warrant Agent"), to provide
that the Warrant Agent shall act on behalf of the Company in connection with the
issuance, registration, transfer, exchange, redemption and exercise of the
Warrants.

         6. Warrant Adjustments.

         6.1. Stock Dividends; Split-Ups. If after the date hereof, and subject
to the provisions of Section 6.6 below, the number of outstanding shares of
Common Stock is increased by a stock dividend payable in shares of Common Stock,
or by a split-up of shares of Common Stock, or other similar event, then, on the
effective date of such stock dividend, split-up or similar event, the number of
shares of Common Stock issuable on exercise of each Warrant shall be increased
in proportion to such increase in outstanding shares of Common Stock.

         6.2. Aggregation of Shares. If after the date hereof, and subject to
the provisions of Section 6.6, the number of outstanding shares of Common Stock
is decreased by a consolidation, combination, reverse stock split or
reclassification of shares of Common Stock or other similar event, then, on the
effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable
on exercise of each Warrant shall be decreased in proportion to such decrease in
outstanding shares of Common Stock.

         6.3 Adjustments in Exercise Price. Whenever the number of shares of
Common Stock purchasable upon the exercise of the Warrants is adjusted, as
provided in Section 6.1 and 6.2 above, the warrant exercise price shall be
adjusted (to the nearest cent) by multiplying such warrant exercise price
immediately prior to such adjustment by a fraction (x) the numerator of which
shall be the number of shares of Common Stock purchasable upon the exercise of
the Warrants immediately prior to such adjustment, and (y) the denominator of
which shall be the number of shares of Common Stock so purchasable immediately
thereafter.

         6.4. Replacement of Securities upon Reorganization, etc. In case of any
reclassification or reorganization of the outstanding shares of Common Stock
(other than a change covered by Section 6.1 or 6.2 hereof or that solely affects
the par value of such shares of Common Stock), or in the case of any merger or
consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and
that does not result in any reclassification or reorganization of the
outstanding shares of Common Stock), or in the case of any sale or conveyance to
another corporation or entity of the assets or other property of the Company as
an entirety or substantially as an entirety in connection with which the Company
is dissolved, the Warrant holders shall thereafter have the right to purchase
and receive, upon the basis and upon the terms and conditions specified in the
Warrants and in lieu of the shares of Common Stock of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares of stock or other securities
or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any
such sale or transfer, that the Warrant holder would have received if such
Warrant holder had exercised his, her or its Warrant(s) immediately prior to

                                      -3-

such event; and if any reclassification also results in a change in shares of
Common Stock covered by Section 6.1 or 6.2, then such adjustment shall be made
pursuant to Sections 6.1, 6.2, 6.3 and this Section 6.4. The provisions of this
Section 6.4 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

         6.5. Notices of Changes in Warrant. Upon every adjustment of the
warrant exercise price or the number of shares issuable upon exercise of a
Warrant, the Company shall give written notice thereof to the Warrant Agent,
which notice shall state the warrant exercise price resulting from such
adjustment and the increase or decrease, if any, in the number of shares
purchasable at such price upon the exercise of a Warrant, setting forth in
reasonable detail the method of calculation and the facts upon which such
calculation is based. Upon the occurrence of any event specified in Sections
6.1, 6.2, 6.3 or 6.4, then, in any such event, the Company shall give written
notice to each Warrant holder, at the last address set forth for such holder in
the warrant register, of the record date or the effective date of the event.
Failure to give such notice, or any defect therein, shall not affect the
legality or validity of such event.

         6.6. No Fractional Shares. Notwithstanding any provision contained in
this Agreement to the contrary, the Company shall not issue fractional shares
upon exercise of Warrants. If, by reason of any adjustment made pursuant to this
Section 6, the holder of any Warrant would be entitled, upon the exercise of
such Warrant, to receive a fractional interest in a share, the Company shall,
upon such exercise, round up to the nearest whole number the number of the
shares of Common Stock to be issued to the Warrant holder.

         6.7. Form of Warrant. The form of Warrant need not be changed because
of any adjustment pursuant to this Section 6, and Warrants issued after such
adjustment may state the same warrant exercise price and the same number of
shares as is stated in the Warrants initially issued pursuant to this Agreement.
However, the Company may at any time in its sole discretion make any change in
the form of Warrant that the Company may deem appropriate and that does not
affect the substance thereof, and any Warrant thereafter issued or
countersigned, whether in exchange or substitution for an outstanding Warrant or
otherwise, may be in the form as so changed.

         7. Miscellaneous.

         (a) ICP agrees that it will not sell, transfer or otherwise dispose of
the Warrants or any shares of Common Stock issuable upon exercise of the
Warrants until after the Company has consummated a merger, capital stock
exchange, asset acquisition or other similar business combination as
contemplated by the registration statement on Form S-1 filed in connection with
the IPO. The certificates for such Warrants shall contain a legend indicating
such restriction on transferability.

         (b) This Agreement (i) cannot be amended, modified or terminated except
in writing signed by both of the parties hereto, (ii) sets forth the entire
understanding of the parties with respect to the subject matter hereof and (iii)
supersedes any and all prior agreements or arrangements with respect thereto.

         (c) The parties agree to execute and deliver such other and further
documents and to take such action as may be reasonably necessary or desirable to
give effect to any of the provisions of this Agreement.

         (d) If any provisions of this Agreement shall be held to be invalid or
unenforceable, such invalidity or unenforceability shall attach only to such
provision and shall not in any way affect or render invalid or unenforceable any
other severable provision of this Agreement, and this Agreement shall be carried
out as if any invalid or unenforceable provision were not embodied herein.

                                      -4-

         (e) The Section headings contained herein are for the purposes of
convenience only and are not intended to define or limit the contents thereof.

         (f) This Agreement shall be governed by, construed and enforced in
accordance with the internal laws of the State of Delaware, without reference to
principles of conflict of laws.

         (g) This Agreement shall be binding upon and inure solely to the
benefit of the parties hereto and their respective successors and permitted
assigns.

         (h) This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original, but all of which shall constitute one
and the same

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first above written.

                                    INTERAMERICAN ACQUISITION GROUP INC.

                                    By: /s/ William C. Morro
                                    Name: William C. Morro
                                    Title: Chief Executive Officer

                                    INTERAMERICAN CAPITAL PARTNERS II LLC

                                    By: /s/ William C. Morro
                                    Name: William C. Morro
                                    Title:  Managing Member

                                      -5-exv10w1

 

EXHIBIT 10.1

CONSENT

     CONSENT, dated as of October 17, 2005 (this “Consent”), under the CREDIT AGREEMENT,
dated as of November 18, 1997, as amended and restated as of October 14, 2004, as amended and
waived by the First Amendment and Waiver dated as of March 31, 2005 and as further amended by the
Second Amendment and Consent dated as of August 24, 2005 (as in effect on the date immediately
prior to the date hereof, the “Credit Agreement”), among BALLY TOTAL FITNESS HOLDING
CORPORATION, a Delaware corporation (the “Borrower”), the lenders parties thereto (the
“Lenders”), JPMORGAN CHASE BANK, N.A., as agent for the Lenders (the “Agent”),
DEUTSCHE BANK SECURITIES, INC., as Syndication Agent, and LASALLE BANK NATIONAL ASSOCIATION, as
Documentation Agent. Terms used herein, but not defined, shall have the respective meanings set
forth in the Credit Agreement.

W I T N E S S E T H:

     1. The Borrower wishes to implement one or more Rights Plan Transactions (as defined in
Schedule I).

     2. Pursuant to Section 7.01 of the Credit Agreement, the consent of the Majority Lenders is
required in order for the Borrower to implement the Rights Plan Transactions.

     NOW, THEREFORE, the parties hereto hereby agree as follows:

     1. Consent. The Lenders consent to the adoption of one or more Rights Plans (as
defined in Schedule I) and implementation of one or more Rights Plan Transactions,
provided, that the aggregate payments made by the Borrower in respect of any Rights (as
defined in Schedule I) issued pursuant to, and of any Capital Stock in connection with, any Rights
Plan Transactions shall not exceed $100,000 (excluding in each case the value of Capital Stock of
the Borrower issued pursuant to any Rights Plan). This Consent is not intended to and shall not be
construed as granting the Borrower permission to purchase or redeem any Capital Stock (other than
the Rights and subject to the limit set forth in the proviso to the preceding sentence) in
connection with Rights Plan Transactions.

     2. Conditions to Effectiveness of this Consent. This Consent shall become effective
as of the date first set forth above (the “Effective Date”) at such time as:

     (i) the Agent shall have received counterparts of this Consent duly executed and
delivered by a duly authorized officer of each of the Borrower, each Guarantor and the
Majority Lenders; and

     (ii) the Agent shall have received payment of all invoiced fees and reasonable expenses
of the Agent and the Lenders that are earned, due and payable on or prior to the Effective
Date in connection with this Consent.

 

 

2

     3. Consent Fee. The Borrower agrees to pay to the Agent for the account of each
Lender which executes and delivers this Consent by 12:00 pm EST on or prior to October 19, 2005
(each, an “Approving Lender”) a consent fee equal to .05% of the sum of such Lender’s Term
Advances and Revolving Credit Commitments on the Effective Date, earned, due and payable on the
Effective Date.

     4. Representations and Warranties. The Borrower represents and warrants to each
Lender that as of the Effective Date after giving effect to this Consent: (a) the representations
and warranties made by the Credit Parties in the Credit Documents are true and correct in all
material respects on and as of the date hereof (except to the extent that such representations and
warranties are expressly stated to relate to an earlier date, in which case such representations
and warranties shall have been true and correct in all material respects on and as of such earlier
date) and (b) no Default or Event of Default shall have occurred and be continuing as of the date
hereof.

     5. Counterparts. This Consent may be executed by one or more of the parties to this
Consent on any number of separate counterparts (including by facsimile or electronic transmission),
and all of said counterparts taken together shall be deemed to constitute one and the same
instrument. The execution and delivery of this Consent by any Lender shall be binding upon each of
its successors and assigns and binding in respect of all of its Commitments and Advances, including
any acquired subsequent to its execution and delivery hereof and prior to the effectiveness hereof.

     6. Continuing Effect; No Other Amendments. This Consent is to be narrowly
constructed. Except to the extent specific transactions are specifically consented to hereunder,
all of the terms and provisions of the Credit Agreement and the other Credit Documents are and
shall remain in full force and effect. This Consent shall constitute a Credit Document.

     7. GOVERNING LAW. THIS CONSENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

[Rest of page intentionally left blank]

 

3

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

	 	 	 	 	 	 	 
	

	BALLY TOTAL FITNESS HOLDING CORPORATION
	 
	 
	 	By:

	/s/ Carl J. Landeck
	

	 	 
	

	 	Name: Carl J. Landeck
	

	 	Title: Senior Vice President and Chief Financial Officer
	 
	 	 
	 
	
	JPMORGAN CHASE BANK, N.A., individually and as Agent
	 
	 
	 	By:

	/s/ Barry Bergman
	

	 	 
	

	 	Name: Barry Bergman
	

	 	Title: Managing Director
	 
	 	 

 

4

	 	 	 	 	 	 	 
	

	Bally Total Fitness Holding Corporation Consent dated
as of October 17, 2005 under the Amended and Restated Credit Agreement
	 
	 	 
	 
	 	 
	

	LASALLE BANK NATIONAL ASSOCIATION
	 
	 
	 	By:

	/s/ Patrick R. Keller
	

	 	 
	

	 	Name: Patrick R. Keller
	

	 	Title: First Vice President
	 
	 	 
	 
	 	 
	

	Sankaty Advisors, LLC as Collateral Manager for AVERY POINT
CLO, LTD.
	 
	 	 
	 
	 	 
	 	By:

	/s/ James F. Kellogg III
	

	 	 
	

	 	Name: James F. Kellogg III
	

	 	Title: Managing Director
	 
	 	 
	 
	 	 
	

	Sankaty Advisors, Inc., as Collateral Manager for BRANT POINT
CBO 1999-1 LTD.
	 
	 	 
	 
	 	 
	 	By:

	/s/ James F. Kellogg III
	

	 	 
	

	 	Name: James F. Kellogg III
	

	 	Title: Managing Director
	 
	 	 
	 
	 	 
	

	Sankaty Advisors, LLC, as Collateral Manager for BRANT POINT
II CBO 2000-1 LTD.
	 
	 	 
	 
	 	 
	 	By:

	/s/ James F. Kellogg III
	

	 	 
	

	 	Name: James F. Kellogg III
	

	 	Title: Managing Director
	 
	 	 
	 
	 	 
	

	Sankaty Advisors, LLC as Collateral Manager for
CASTLE HILL I — INGOTS, LTD.
	 
	 	 
	 
	 	 
	 	By:

	/s/ James F. Kellogg III
	

	 	 
	

	 	Name: James F. Kellogg III
	

	 	Title: Managing Director
	 
	 	 
	 
	 	 
	

	Sankaty Advisors, LLC as Collateral Manager for CASTLE HILL
II — INGOTS, LTD.
	 
	 	 
	 
	 	 
	 	By:

	/s/ James F. Kellogg III
	

	 	 
	

	 	Name: James F. Kellogg III
	

	 	Title: Managing Director
	 
	 	 

 

5

	 	 	 	 	 	 	 
	

	HARBOUR TOWN FUNDING LLC
	 
	 	 
	 
	 	By:
	/s/ M. Cristina Higgins
	

	 	 
	

	 	Name: M. Cristina Higgins
	

	 	Title: Assistant Vice President
	 
	 	 
	 
	 	 
	

	Sankaty Advisors, LLC as Collateral
Manager for LOAN FUNDING
XI LLC
	 
	 	 
	 
	 	By:

	/s/ James F. Kellogg III
	

	 	 
	

	 	Name: James F. Kellogg III
	

	 	Title: Managing Director
	 
	 	 
	 
	 	 
	

	LONG LANE MASTER TRUST IV
	 
	 	 
	 
	 	By:

	/s/ M. Cristina Higgins
	

	 	 
	

	 	Name: M. Cristina Higgins
	

	 	Title: Assistant Vice President
	 
	 	 
	 
	 	 
	

	Sankaty Advisors, LLC as Collateral Manager for RACE POINT

CLO, LIMITED
	 
	 	 
	 
	 	By:
	/s/ James F. Kellogg III
	

	 	 
	

	 	Name: James F. Kellogg III
	

	 	Title: Managing Director
	 
	 	 
	 
	 	 
	

	Sankaty Advisors, LLC as Collateral Manager for RACE POINT II

CLO, LIMITED
	 
	 	 
	 
	 	By:

	/s/ James F. Kellogg III
	

	 	 
	

	 	Name: James F. Kellogg III
	

	 	Title: Managing Director
	 
	 	 
	 
	 	 
	

	Sankaty Advisors, LLC as Collateral Manager for PROSPECT

FUNDING I, LLC
	 
	 	 
	 
	 	By:

	/s/ James F. Kellogg III
	

	 	 
	

	 	Name: James F. Kellogg III
	

	 	Title: Managing Director
	 
	 	 

 

6

	 	 	 	 	 	 	 
	

	SANKATY HIGH YIELD PARTNERS III, L.P.
	 
	 
	 	By:

	/s/ James F. Kellogg III
	

	 	 
	

	 	Name: James F. Kellogg III
	

	 	Title: Managing Director
	 
	 	 
	 
	

	BLACK DIAMOND OFFSHORE, LTD.
	 	By:

	Carlson Capital, L.P., its investment advisor
	 	By:

	Asgard Investment Corp., its general partner
	 
	 
	 	By:

	/s/ Clint D. Carlson
	

	 	 
	

	 	Name: Clint D. Carlson
	

	 	Title: President
	 
	 	 
	 
	

	DOUBLE BLACK DIAMOND OFFSHORE LDC
	 	By:

	Carlson Capital, L.P., its investment advisor
	 	By:

	Asgard Investment Corp., its general partner
	 
	 
	 	By:

	/s/ Clint D. Carlson
	

	 	 
	

	 	Name: Clint D. Carlson
	

	 	Title: President
	 
	 	 
	 
	 	 
	

	CANYON CAPITAL CDO 2002-1, LTD.
	 
	 	 
	 
	 	 
	 	By:

	/s/ R. Christian B. Evensen
	

	 	 
	

	 	Name: R. Christian B. Evensen
	

	 	Title: Managing Director
	 
	 	 
	 
	 	 
	 	By:

	Canyon Capital Advisors LLC,

a Delaware limited liability company,

its Collateral Manager
	 
	 	 
	 
	 	 
	

	CANYON CAPITAL CLO 2004-1, LTD.
	 
	 
	 	By:

	/s/ R. Christian B. Evensen
	

	 	 
	

	 	Name: R. Christian B. Evensen
	

	 	Title: Managing Director
	 
	 	By:

	Canyon Capital Advisors LLC,
	

	 	 
	

	 	a Delaware limited liability company

its Collateral Manager
	 
	 	 
	 
	 	 
	

	DEUTSCHE BANK TRUST COMPANY AMERICAS
	 
	 
	 	By:

	/s/ Susan LeFevre
	

	 	 
	

	 	Name: Susan LeFevre
	

	 	Title: Director

 

7

	 	 	 	 	 	 	 
	 	By:

	/s/ Lana Gifas
	

	 	 
	

	 	Name: Lana Gifas
	

	 	Title: Vice President
	 
	 	 
	 
	 	 
	

	DURHAM ASSET MANAGEMENT L.L.C., on Behalf of CREDIT GENESIS
CLO 2005-1 LTD.
	 
	 	 
	 
	 	 
	 	By:

	/s/ Jeffrey A. Rosenkranz
	

	 	 
	

	 	Name: Jeffrey A. Rosenkranz
	

	 	Title: Principal
	 
	 	 
	 
	 	 
	

	HEALTH AND FITNESS TRUST
	 	By:

	Wilmington Trust Company not in its individual capacity,

but solely as Owner Trustee
	 
	 	 
	 
	 	 
	 	By:

	/s/ Joseph B. Feil
	

	 	 
	

	 	Name: Joseph B. Feil
	

	 	Title: Assistant Vice President
	 
	 	 
	 
	 	 
	

	General Electric Capital Corporation, as Administrator for,

MERRITT CLO HOLDING LLC
	 
	 	 
	 
	 	 
	 	By:

	/s/ Brian P. Schwinn
	

	 	 
	

	 	Name: Brian P. Schwinn
	

	 	Title: Duly Authorized Signatory
	 
	 	 
	 
	 	 
	

	GENERAL ELECTRIC CAPITAL CORPORATION
	 
	 	 
	 
	 	 
	 	By:

	/s/ Dwayne Coker
	

	 	 
	

	 	Name: Dwayne Coker
	

	 	Title: Duly Authorized Signer
	 
	 	 
	 
	 	 
	

	HBK MASTER FUND L.P.
	 	By:

	HBK Investment L.P., Investment Advisor
	 
	 	 
	 
	 	 
	 	By:

	/s/ Kevin O’Neal
	

	 	 
		
	Name: Kevin O’Neal	 
	

	 	Title: Authorized Signatory

 

8

	 	 	 	 	 	 	 
	

	TRS LEDA LLC
	 
	 	 
	 
	 	 
	 	By:

	/s/ Deborah O’Keeffe
	

	 	 
	

	 	Name: Deborah O’Keeffe
	

	 	Title: Vice President
	 
	 	 
	 
	 	 
	

	Q FUNDING III, L.P.
	 	By:

	Prufrock Onshore, L.P., its general partner
	 	By:

	J. Alfred Onshore, LLC, its general partner
	 
	 
	 	By:

	Robert McCormick
	

	 	 
	

	 	Name: Robert McCormick
	

	 	Title: Vice President
	 
	 	 
	 
	 	 
	

	C-SQUARED CDO LTD.
	 	By:

	TCW Advisors, Inc., as its Portfolio Manager
	 
	 
	 	By:

	/s/ Stephen Suo
	

	 	 
	

	 	Name: Stephen Suo
	

	 	Title: Vice President
	 
	 
	 	By:

	/s/ Vikas Mavinkurve
	

	 	 
	

	 	Name: Vikas Mavinkurve
	

	 	Title: Vice President
	 
	 	 
	 
	 	 
	

	CELERITY CLO LIMITED
	 	By:

	TCW Advisors, Inc., as Agent
	 
	 	 
	 
	 	 
	 	By:

	/s/ Jonathan R. Insull
	

	 	 
	

	 	Name: Jonathan R. Insull
	

	 	Title: Managing Director
	 
	 	 
	 	By:

	/s/ Stephen Suo
	

	 	 
	

	 	Name: Stephen Suo
	

	 	Title: Vice President
	 
	 	 
	 
	 	 
	

	FIRST 2004-I CLO, LTD.
	 	By:

	TCW Advisors, Inc., as its Collateral Manager
	 
	 	 
	 
	 	 
	 	By:

	/s/ Jonathan R. Insull
	

	 	 
	

	 	Name: Jonathan R. Insull
	

	 	Title: Managing Director
	 
	 	 
	 	By:

	/s/ Stephen Suo
	

	 	 
	

	 	Name: Stephen Suo
	

	 	Title: Vice President

 

9

	 	 	 	 	 	 	 
	

	FIRST 2004-II CLO, LTD.
	 	By:

	TCW Advisors, Inc., as its Collateral Manager
	 
	 	 
	 
	 	 
	 	By:

	/s/ Jonathan R. Insull
	

	 	 
	

	 	Name: Jonathan R. Insull
	

	 	Title: Managing Director
	 
	 	 
	 	By:

	/s/ Stephen Suo
	

	 	 
	

	 	Name: Stephen Suo
	

	 	Title: Vice President
	 
	 	 
	 
	 	 
	

	JEFFERSON-PILOT LIFE INSURANCE COMPANY
	 	By:

	TCW Advisors, Inc., as its Investment Advisor
	 
	 	 
	 
	 	 
	 	By:

	/s/ Jonathan R. Insull
	

	 	 
	

	 	Name: Jonathan R. Insull
	

	 	Title: Managing Director
	 
	 	 
	 	By:

	/s/ Stephen Suo
	

	 	 
	

	 	Name: Stephen Suo
	

	 	Title: Vice President
	 
	 	 
	 
	 	 
	

	LOAN FUNDING I LLC
	

	a wholly owned
subsidiary of Citibank, N.A.
	

	By:	TCW Advisors, Inc., as Portfolio Manager of Loan Funding
I LLC
	 
	 	 
	 
	 	 
	 	By:

	/s/ Stephen Suo
	

	 	 
	

	 	Name: Stephen Suo
	

	 	Title: Vice President
	 
	 	 
	 	By:

	/s/ Vikas Mavinkurve
	

	 	 
	

	 	Name: Vikas Mavinkurve
	

	 	Title: Vice President
	 
	 	 
	 
	 	 
	

	TCW SELECT LOAN FUND, LIMITED
	 	By:

	TCW Advisors, Inc., as its Collateral Manager
	 
	 	 
	 
	 	 
	 	By:

	/s/ Stephen Suo
	

	 	 
	

	 	Name: Stephen Suo
	

	 	Title: Vice President
	 
	 	 
	 	By:

	/s/ Jonathan R. Insull
	

	 	 
	

	 	Name: Jonathan R. Insull
	

	 	Title: Managing Director
	 
	 	 

 

10

	 	 	 	 	 	 	 
	

	TCW SENIOR SECURED FLOATING RATE LOAN FUND, L.P.
	 	By:

	TCW Advisors, Inc., as its Investment Advisor
	 
	 	 
	 
	 	 
	 	By:

	/s/ Stephen Suo
	

	 	 
	

	 	Name: Stephen Suo
	

	 	Title: Vice President
	 
	 	 
	 	By:

	/s/ Jonathan R. Insull
	

	 	 
	

	 	Name: Jonathan R. Insull
	

	 	Title: Managing Director
	 
	 	 
	 
	 	 
	

	VELOCITY CLO, LTD.
	 	By:

	TCW Advisors, Inc., its Collateral Manager
	 
	 	 
	 
	 	 
	 	By:

	/s/ Jonathan R. Insull
	

	 	 
	

	 	Name: Jonathan R. Insull
	

	 	Title: Managing Director
	 
	 	 
	 	By:

	/s/ Stephen Suo
	

	 	 
	

	 	Name: Stephen Suo
	

	 	Title: Vice President
	 
	 	 
	 
	 	 
	

	U.S. BANK NATIONAL ASSOCIATION
	 
	 	 
	 
	 	 
	 	By:

	/s/ Joseph L. Svehla
	

	 	 
	

	 	Name: Joseph L. Svehla
	

	 	Title: Vice President
	 
	 	 
	 
	 	 
	

	WB LOAN FUNDING 2, LLC
	 
	 	 
	 
	 	 
	 	By:

	/s/ Diana M. Himes
	

	 	 
	

	 	Name: Diana M. Himes
	

	 	Title: Associate
	 
	 	 
	 
	 	 
	

	WELLS FARGO FOOTHILL, LLC
	 
	 	 
	 
	 	 
	 	By:

	/s/ Maged G. Ghebrial
	

	 	 
	

	 	Name: Maged G. Ghebrial
	

	 	Title: Vice President
	 
	 	 
	 
	 	 
	

	THE FOOTHILL GROUP, INC.
	 
	 	 
	 
	 	 
	 	By:

	/s/ Michael R. Bohannon
	

	 	 
	

	 	Name: Michael R. Bohannon
	

	 	Title: Senior Vice President

 

11

	 	 	 	 	 
	

	 	 	 	THE CONSENT IS ACKNOWLEDGED AND AGREED:
	 
	 	 
	 
	 	 
	

	 	 	 	BALLY’S FITNESS AND RACQUET CLUBS, INC.
	

	 	 	 	BALLY FITNESS FRANCHISING, INC.
	

	 	 	 	BALLY FRANCHISE RSC, INC.
	

	 	 	 	BALLY FRANCHISING HOLDINGS, INC.
	

	 	 	 	BALLY ESTATE II, LLC
	

	 	 	 	REAL ESTATE III, LLC
	

	 	 	 	REAL ESTATE IV, LLC
	

	 	 	 	BALLY REFS WEST HARTFORD, LLC
	

	 	 	 	BALLY TOTAL FITNESS CORPORATION
	

	 	 	 	BALLY TOTAL FITNESS HOLDING CORPORATION
	

	 	 	 	BALLY TOTAL FITNESS INTERNATIONAL, INC.
	

	 	 	 	BALLY TOTAL FITNESS OF MISSOURI, INC.
	

	 	 	 	BALLY TOTAL FITNESS OF TOLEDO, INC.
	

	 	 	 	BFIT REHAB OF WEST PALM BEACH, INC.
	

	 	 	 	BALLY TOTAL FITNESS OF CONNECTICUT COAST, INC.
	

	 	 	 	BALLY TOTAL FITNESS OF CONNECTICUT VALLEY, INC.
	

	 	 	 	GREATER PHILLY NO. 1 HOLDING COMPANY
	

	 	 	 	GREATER PHILLY NO. 2 HOLDING COMPANY
	

	 	 	 	HEALTH & TENNIS CORPORATION OF NEW YORK
	

	 	 	 	HOLIDAY HEALTH & FITNESS CENTERS OF NEW YORK, INC.
	

	 	 	 	BALLY TOTAL FITNESS OF COLORADO, INC.
	

	 	 	 	BALLY TOTAL FITNESS OF THE SOUTHEAST, INC.
	

	 	 	 	HOLIDAY HEALTH CLUBS OF THE EAST COAST, INC.
	

	 	 	 	HOLIDAY/SOUTHEAST HOLDING CORP.
	

	 	 	 	BALLY TOTAL FITNESS OF CALIFORNIA, INC.
	

	 	 	 	BALLY TOTAL FITNESS OF THE MID-ATLANTIC, INC.
	

	 	 	 	BALLY TOTAL FITNESS OF GREATER NEW YORK, INC.
	

	 	 	 	JACK LALANNE HOLDING CORP.
	

	 	 	 	BALLY SPORTS CLUB, INC.
	

	 	 	 	NEW FITNESS HOLDING CO., INC.
	

	 	 	 	NYCON HOLDING CO., INC.
	

	 	 	 	BALLY TOTAL FITNESS OF PHILADELPHIA, INC.
	

	 	 	 	PROVIDENCE FITNESS CENTERS, INC.
	

	 	 	 	RHODE ISLAND HOLDING COMPANY
	

	 	 	 	BALLY TOTAL FITNESS OF THE MIDWEST, INC.
	

	 	 	 	BALLY TOTAL FITNESS OF MINNESOTA, INC.
	

	 	 	 	TIDELANDS HOLIDAY HEALTH CLUBS, INC.
	

	 	 	 	U.S. HEALTH, INC.

 

12

	 	 	 	 	 
	

	 	 	 	59TH STREET GYM LLC
	

	 	 	 	708 GYM LLC
	

	 	 	 	ACE, LLC
	

	 	 	 	CRUNCH CFI, LLC
	

	 	 	 	CRUNCH FITNESS INTERNATIONAL, INC.
	

	 	 	 	CRUNCH L.A. LLC
	

	 	 	 	CRUNCH WORLD LLC
	

	 	 	 	FLAMBE LLC
	

	 	 	 	MISSION IMPOSSIBLE, LLC
	

	 	 	 	SOHO HO LLC
	

	 	 	 	WEST VILLAGE GYM AT THE ARCHIVES LLC
	

	 	 	 	BALLY TOTAL FITNESS FRANCHISING, INC.

	 	 	 	 	 
	 	 	 
	 	By:  	                  /s/ Carl J. Landeck
 	 
	 	 	Name:  	Carl J. Landeck 	 
	 	 	Title:  	Senior Vice President and
Chief Financial Officer 	 

 

	 	 	 	 	 

Schedule I

“Rights Plan Transaction”

“Rights Plan Transaction” means the (i) distribution to then existing stockholders of the
Borrower and the issuance from time to time thereafter in connection with the issuance or exchange
of any shares of common stock of the Borrower of stock purchase rights (“Rights”) pursuant
to the terms of one or more Stockholder Rights Plans (each a “Rights Plan”), which will
entitle the holder thereof, in the circumstances set forth in a Rights Plan, to purchase from the
Borrower one one-thousandth of a share of a series of preferred stock or shares of common stock of
the Borrower upon payment of the exercise price and other terms set forth in the Rights Plan and
(ii) the issuance of shares of preferred or common stock of the Borrower upon exercise of such
Rights or the exchange of shares of common stock of the Borrower for such Rights in lieu of
purchase of such shares as provided in a Rights Plan.

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