Document:

Prepared by R.R. Donnelley Financial -- Joint Venture Agreement

  
 Exhibit 10.6 
  
 JOINT VENTURE AGREEMENT 
  
 This Joint venture Agreement (this “Agreement”) is
made and entered into on the 5th day of March 2001 (the “Effective Date”) by and between NuTech Digital, Inc.,
a California corporation, located at 15210 Keswick, Van Nuys, California 91405 (the “Company”) Joseph Anthony Giarmo, individual, whose address is 3944 Kentucky Drive #9, Los Angeles, California 90068. The Company and Giarmo hereby
agree as follows: 
  
 1.0    Association as Joint Venturers.    The Company and
Giarmo have agreed to associate themselves as joint venturers for the purpose of acquiring, from KSS INC., Agreement 1, a 5 year license to the theatrical rights, non-theatrical rights, television rights and video rights of the animated works listed
on Exhibit A to this Agreement and made a part of it (the “Product”). 
  
 2.0    Term.    The term of this Agreement shall begin on the Effective Date and shall end on the date provided for in paragraph 8.0 below. 
  

3.0    Ownership of License.    The Company shall take title to the license and shall be the sole licensee of KSS, INC. and the sole
sub-licensor of the Product. All revenues paid by third parties for any rights whatsoever relating to the Product, including revenues paid for the sub-license or use of the Product, shall be paid solely to the Company. 
  
 4.0    Contributions to Capital.    Giarmo contribution to the capital of this venture shall consist of
the sum of $60,000, which amount shall be paid on the Effective Date. The Company’s contribution to the capital of this venture shall consist of the Company’s efforts in negotiating the acquisition of the license for the Product and in the
reproduction, sub-licensing and distribution of the Product. 
  
 5.0    Authority.    The Company shall have sole authority in negotiating the terms of the license and in determining the manner in which the Product will be reproduced, sub-licensed and
distributed. 
  
 6.0    Books and Records.    So long as this joint venture is not
terminated, the Company shall keep accurate books of account in which all matters relating to the joint venture, including all income, expenditures, assets and liabilities shall be entered. The books of account shall be open to examination by Giarmo
on reasonable notice to the Company. 
  
 7.0    Payment to Giarmo. 
  
 7.1    Cash Payment.    Beginning on the 15th day of October 2001 and through the expiration or
termination of this Agreement, the Company shall pay to Giarmo on a monthly basis (see exhibit “B”), the sum of $0.25 for each VHS or DVD unit of the Product sub-licensed by the Company. A Product unit shall be deemed to be sub-licensed
once full payment for it is received by the Company. The Company anticipates that it will sub-license no less than 40,000 Product units per month, and therefore 

 agrees that each monthly payment shall equal or exceed the sum of $10,000. If the Company sub-licenses less than 40,000 Product units in any month, it shall pay
the sum of $10,000, and credit any excess amount paid to future Product unit sales. 
  
 7.2    Election to
Receive Stock.    Irrespective of the foregoing, if the Company’s common stock becomes publicly traded before September 1, 2001, Giarmo may elect, and the Company will agree, subject to paragraph 7.3 below, to issue to
Giarmo 60,000 shares of the Company’s restricted common stock in lieu of making the payments set forth in paragraph 7.1 above. This election must be made pursuant to a notice that must be received by the Company no later than August 1, 2001.

  
 7.3    Compliance with Securities Laws.    The Company will not be required to
issue shares of its restricted common stock unless the issuance of the stock is in compliance with all applicable federal and state securities laws, the rules and regulations of any governmental body, and the requirements of any stock exchange or
automated quotation system on which the shares may then be listed or quoted, as they are in effect on the date of issuance. Furthermore, the Company will have no obligation to issue or deliver certificates for the stock prior to: (a) obtaining any
approvals from governmental agencies that the Company determines are necessary or advisable; and/or (b) completing any registration or other qualification of such shares under any state or federal law or ruling of any governmental body that the
Company determines to be necessary or advisable. By permitting Giarmo to make the election set forth in paragraph 7.2 above, the Company is not under an obligation to Giarmo to register the shares of common stock Giarmo will receive with the
Securities & Exchange Commission or to effect compliance with the registration, qualification or listing requirements of any state securities laws, stock exchange or automated quotation system, and the Company will have no liability to Giarmo
for its inability or failure to do so. 
  
 8.0    Termination.    This Agreement
shall terminate immediately upon Giarmo’s receipt of $120,000 paid pursuant to paragraph 7.1 above or, if the Company’s common stock is publicly traded and Giarmo elects to receive the Company’s restricted common stock pursuant to
paragraph 7.2, this Agreement shall terminate upon Giarmo’s receipt of a certificate or certificates registered in their names totaling 100,000 shares of the Company’s restricted common stock. This Agreement shall also terminate upon the
written agreement of the parties to it or upon the bankruptcy or insolvency of the Company. 
  
 9.0    Miscellaneous. 
  
 9.1    Binding
Effect.    This Agreement shall inure to the benefit of and shall be binding upon the parties hereto and their respective successors and assigns. 
  
 9.2    Governing Law.    This Agreement shall be deemed to be made in, and in any and all respects shall be interpreted, construed and
governed by and in accordance with, the laws of the State of California. 

  
 9.3    Severability.    If any term or provision
of this Agreement or the application thereof to any person or circumstance shall, to any extent, be determined to be invalid, illegal or unenforceable under present or future laws effective during the term of this Agreement, then and, in that event:
(a) the performance of the offending term or provision (but only to the extent its application is invalid, illegal or unenforceable) shall be excused as if it had never been incorporated into this Agreement, and, in lieu of such excused provision,
there shall be added a provision as similar in terms and amount to such excused provision as may be possible and be legal, valid and enforceable, and (b) the remaining part of this Agreement (including the application of the offending term or
provision to persons or circumstances other than those as to which it is held invalid, illegal or unenforceable) shall not be affected thereby and shall continue in full force and effect to the fullest extent provided by law. 

 
 9.4    Headings.    The paragraph headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
  
 9.5    Further Assurances.    Each party shall cooperate with the other, and execute and deliver, or cause to be executed and delivered, all such other instruments and take all such other
actions as such party may be reasonably requested to take from time to time in order to effectuate the provisions and purposes of this Agreement. 
  
 9.6    Entire Agreement.    This Agreement embodies the entire agreement, and understanding between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings relating to such subject matter. This Agreement may be modified only by a written instrument signed by each of the parties to this Agreement. 
  

9.7    Waiver.    No breach of any agreement or provision herein contained, or of any obligation under this Agreement, may be waived,
nor shall any extension of time for performance of any obligations or acts be deemed an extension of time for performance of any other obligations or acts contained herein, except by written instrument signed by the party to be charged or as
otherwise expressly authorized herein. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof, or a waiver or relinquishment of any other agreement or provision
or right or power herein contained. 
  
 9.8    Counterpart Execution/Facsimile
Signature.    This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument, binding on all parties hereto. Any signature
page of this Agreement may be detached from any counterpart of this Agreement and reattached to any other counterpart of this Agreement identical in form hereto by having attached to it one or more additional signature pages. If a copy or
counterpart of this Agreement is originally executed and such copy or counterpart is thereafter transmitted electronically by facsimile or similar device, such facsimiled 

 document shall for all purposes be treated as if manually signed by the party whose facsimile signature appears. 
  
 9.9    Notice.    All notices, demands, requests, consents, approvals or other communications
(“Notices”) given hereunder shall be in writing, and shall be given by personal delivery or by express mail, Federal Express, DHL or other similar form of recognized airborne/overnight delivery service (which forms of Notice shall be
deemed to have been given upon delivery), by electronic or facsimile or telephonic transmission, provided the receiving party has a compatible device or confirms receipt thereof (which forms of Notice shall be deemed delivered upon confirmed
transmission or confirmation of receipt), or by mailing in the mail by registered or certified mail, return receipt requested, postage prepaid (which forms of Notice shall be deemed to have been given upon the fifth (5th) business day following the
date mailed). Notices shall be addressed to the addresses stated in the introductory paragraph of this Agreement. 
  
 9.10    Costs and Attorneys’ Fees.    If any dispute should arise out of or concerning this Agreement, the prevailing party in any such dispute or proceeding shall be entitled to recover
costs and reasonable attorneys’ fees. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written. 
  
 
	 NuTech Digital, Inc.
 
	 
	 By:
 	 	 /s/    LEE
KASPER                        3/14/01
 

	  	 	 Lee Kasper,
President                        Date
 

 
  
 
	  
	 
	  	 	 /s/    JOSEPH ANTHONY GIARMO    3/17/01  
 

	  	 	 Joseph Anthony
Giarmo                        Date
 

 

  
 EXHIBIT A 

  
 EXHIBIT B 
  
 Monthly Installment Payments 
  
 Monthly Installment payments will be calculated as stated
in 7.1 of the “Agreement” with the exception of a monthly advance in the amount of $862.21 payable to Joe Giarmo on the 1st of each month beginning March 12, 2001 (the first advance payment) and ending on September 1st, 2001 (the 7th
advance payment). 
  
 The total of the advance payments, equal to $6,035.47, shall be subtracted from the 1st installment payment
due on this contract beginning on October 15, 2001. 
  
 
	  
	 
	  	 	 /s/    LEE KASPER                            
                        
 

	  	 	 Lee
Kasper                                       
     
 

 
  
 
	  
	 
	  	 	 /s/    JOSEPH ANTHONY GIARMO                    
 

	  	 	 Joseph Anthony GiarmoTHIRD AMENDMENT AND EXTENSION OF
                              FORBEARANCE AGREEMENT

     THIS THIRD AMENDMENT AND EXTENSION OF FORBEARANCE AGREEMENT ("Agreement")
is made as of May 15, 2002, among NATIONAL GOLF OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership (the "Borrower"), continued pursuant to that
certain Third Amended and Restated Agreement of Limited Partnership, dated as of
July 28, 1999, as amended (the "Operating Agreement"), NATIONAL GOLF PROPERTIES,
INC., a Maryland corporation (the "Guarantor"), BANK ONE, NA, a national banking
association with its main office in Chicago Illinois, individually and as agent
("Agent") for Lenders (as defined in the Credit Agreement referenced below) and
the Lenders.

                                    Recitals:

     A. Pursuant to the terms of the Amended and Restated Credit Agreement dated
as of July 30, 1999, among Borrower, Guarantor, Agent, and the Lenders from time
to time that are parties thereto (as amended from time to time, the "Credit
Agreement"), the Lenders agreed to provide a term loan facility in the amount of
$100,000,000 ("Term Facility") and a revolving credit facility in the maximum
aggregate amount of $200,000,000 ("Revolving Facility"). Terms appearing as
initially capitalized terms and not otherwise expressly defined in this
Agreement shall have the respective meanings given them in the Credit Agreement.

     B. Pursuant to the terms of a Forbearance Agreement dated as of February 8,
2002 among the Borrower, Guarantor, Agent and Lenders (the "Original Forbearance
Agreement"), as amended by an Amendment and Extension of Forbearance Agreement
dated as of March 29, 2002 (the "First Amendment") and a Second Amendment and
Extension of Forbearance Agreement dated as of April 30, 2002 ( the "Second
Amendment", and collectively with the Original Forbearance Agreement, the
"Forbearance Agreement"), Lenders agreed to forbear from exercising their
remedies under the Loan Documents on account of certain "Specified Defaults" (as
defined in Section 1 of the Original Forbearance Agreement).

     C. Borrower and Guarantor have requested that Lenders extend the
effectiveness of the Forbearance Agreement and agree to amend certain other
provisions of the Credit Agreement. Lenders have agreed to amend such provisions
of the Credit Agreement and extend the effectiveness of the Forbearance
Agreement for a limited period of time on the conditions set forth in this
Agreement.

                                    Agreement

     NOW, THEREFORE, in consideration of the foregoing premises, the mutual
agreements of the parties contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Borrower, Guarantor, Agent and Lenders hereby agree as follows:

     1. Extension. The Required Lenders agree that the stated expiration date of
the "Forbearance Period" (as defined in Section 2 of the Original Forbearance
Agreement) is hereby extended from May 15, 2002 to May 31, 2002 and that all
other provisions of the Forbearance Agreement shall continue in effect, unless
otherwise expressly provided herein.

<PAGE>

     The Revolving Lenders and the Required Term Lenders agree that the
Revolving Facility Termination Date is hereby extended from May 15, 2002 to May
31, 2002.

     2. Inducements to Lenders to Extend. For the benefit and reliance of
Lenders, and to induce Lenders to enter into this Agreement, Borrower and
Guarantor individually and each on its own behalf hereby represents and warrants
as follows:

     (a)  Other than as contemplated by the terms hereof, the Credit Agreement,
          Notes, and all of the other Loan Documents executed by Borrower and/or
          Guarantor are in full force and effect on the date of this Agreement
          and are enforceable against Borrower and/or Guarantor in accordance
          with their terms;

     (b)  As of the date of this Agreement the unpaid balance of principal due
          and payable under the Revolving Facility is $168,891,904 and under the
          Term Facility is $82,757,033 (which amounts do not include attorneys'
          fees and other costs of Lenders incurred and unpaid as of the date
          hereof, or any accrued and unpaid interest or fees, all of which shall
          be in addition to such amount) and the Aggregate Revolving Commitment
          has been reduced to $168,891,904.

     (c)  To each's knowledge, Borrower and Guarantor have no right of set-off,
          defense, claim, or cause of action against Agent, Lenders or any of
          their affiliates, or any of their respective officers, directors,
          employees, agents, or attorneys, in connection with the Loan Documents
          as of the date hereof (whether fixed or contingent, or based on
          contract, tort, statute, strict liability, or other legal or equitable
          theory of recovery). Borrower and Guarantor each hereby, for itself,
          its successors and assigns (each a "Releasing Party" and collectively,
          the "Releasing Parties"), releases, acquits and forever discharges
          Agent and Lenders and their respective directors, officers, employees,
          agents, affiliates, successors and assigns ("Released Parties") of and
          from any and all claims, actions, causes of action, demands, rights,
          damages, costs, and expenses whatsoever which any Releasing Party
          might have because of anything done, omitted to be done, or allowed to
          be done by any of the Released Parties and in connection with the
          Revolving Facility, the Term Facility, the Credit Agreement or this
          Agreement or the other Loan Documents as of the date of execution of
          this Agreement, whether known or unknown, foreseen or unforeseen,
          including any damages and the consequences thereof resulting or to
          result from the events described, referred to or inferred hereinabove;

     (d)  Borrower and Guarantor have taken all necessary action to authorize
          the execution, delivery and performance of this Agreement, and this
          Agreement has been duly executed and delivered by or on behalf of
          Borrower and Guarantor and constitutes the legal, valid and binding
          obligation of Borrower and Guarantor enforceable against Borrower and
          Guarantor in accordance with its terms;

     (e)  The execution, delivery and performance of this Agreement by Borrower
          and Guarantor will not conflict with or result in a breach of any of
          the terms or provisions of, constitute a default under, require any
          consent under, or result in the creation or imposition of any lien,
          charge or encumbrance upon any of the property or assets of Borrower
          or Guarantor pursuant to the terms of, any indenture, mortgage, deed
          of trust, loan agreement, or other agreement or instrument to which
          Borrower or Guarantor is a party or by which Borrower's or Guarantor's
          property or assets is subject, nor will such action result in any

                                      -2-
<PAGE>

          violation of the provisions of any statute or any order, rule or
          regulation of any court or governmental agency or body having
          jurisdiction over Borrower or any of its properties or assets, and any
          consent, approval, authorization, order, registration or qualification
          of or with any court or any such regulatory authority or other
          governmental agency or body required for the execution, delivery and
          performance by Borrower of this Agreement or any other Loan Documents
          has been obtained and is in full force and effect;

     (f)  To each's actual knowledge, except for the Specified Defaults, no
          material Default has occurred that remains uncured as of the date
          hereof; and

     (g)  Other than the Liens on one Property described on Exhibit 3(g) to the
          Original Forbearance Agreement which was incorrectly identified as an
          Unencumbered Asset on the most recent compliance certificate furnished
          to Lenders, Borrower has not granted or suffered to exist any material
          Liens (other than Permitted Liens identified in Subsections 7.15 (i)
          to (iv)) on any of the Projects included in Unencumbered Assets as
          referenced in the most recent compliance certificate furnished to
          Lenders, and all such Projects comply with each of the requirements
          set forth in the definition of "Unencumbered Asset."

     3. Collateral. As consideration for the extension of the Forbearance Period
and of the Revolving Facility Termination Date, the Borrower reconfirms its
agreement in the First Amendment and Second Amendment to provide collateral to
the Lenders for the Facility when the Lenders are prepared to agree to an
extension of the Revolving Facility Termination Date to March 31, 2003, on such
other terms as may be mutually agreeable.

     4. Voluntary Agreement. Borrower represents and warrants that it is
represented by legal counsel of its choice, that it has consulted with counsel
regarding this Agreement, that it is fully aware of the terms of this Agreement,
and that it has entered into this Agreement voluntarily and without coercion or
duress of any kind.

     5. No Course of Conduct. Borrower acknowledges that the determination by
Lenders to enter into this Agreement does not constitute a course of conduct or
course of dealing. Borrower acknowledges that it has no basis to expect any
Lender to enter into any further forbearance or any modification of the Loan
Documents.

     6. Severability. In case any provision of this Agreement shall be invalid,
illegal, or unenforceable, the validity, legality, and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

     7. No Modification Except in Writing. None of the terms of this Agreement
may be modified, waived, altered, amended, supplemented, extended, consolidated,
replaced, exchanged or otherwise changed except by an instrument in writing duly
executed by all of the parties hereto.

     8. Further Assurances. Borrower, Guarantor, Agent and the Lenders executing
this Agreement shall execute and deliver such further instruments and perform
such further acts as may be reasonably requested by each other of the foregoing
persons from time to time to confirm the provisions of this Agreement and to
carry out the intents and purposes of this Agreement.

     9. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Illinois.

                                      -3-
<PAGE>

     10. Reservation and Remedies. Except as specifically stated in this
Agreement or in the Forbearance Agreement, this Agreement shall not be deemed or
construed to (i) constitute a waiver of any right or remedy available to any of
Borrower, Guarantor, Agent or Lenders under the Loan Documents, at law, in
equity or otherwise, and each of the foregoing hereby expressly reserves all of
such rights and remedies; or (ii) give any of Borrower, Guarantor, Agent or
Lenders any rights under the Credit Agreement that each would otherwise not have
due to the existence of a Default (even if such Default is one of the Specified
Defaults), unless expressly provided for in this Agreement or in the Forbearance
Agreement.

     11. Successors and Assigns. This Agreement shall be binding upon, and shall
inure to the benefit of, the parties hereto and their respective successors and
assigns.

     12. Interpretation. As used herein, the terms (a) "person" shall mean an
individual, a corporation, a partnership, a trust, an unincorporated
organization or other entity or any agency or political subdivision thereof; and
(b) "including" or "include" shall mean "including without limitation" or
"include, among other things", or "include, without limiting the generality of
the foregoing". The Recitals to this Agreement are incorporated herein and
expressly made a part hereof. The terms and provisions of this Agreement shall
be interpreted and construed in accordance with their usual and customary
meanings, and the parties hereby expressly waive and disclaim in connection with
the interpretation and construction of this Agreement, any rule of law or
procedure requiring otherwise, including, any rule of law to the effect that
ambiguous or conflicting terms or provisions contained in this Agreement shall
be interpreted or construed against the party whose attorney prepared this
Agreement or any earlier draft of this Agreement.

     13. Counterparts. This Agreement may be executed in two or more
counterparts (including by facsimile transmission of signature pages hereto),
each of which may be executed by one or more of the parties hereto, but all of
which, when taken together, shall constitute but one agreement.

     14. WAIVER OF JURY TRIAL. AGENT, LENDERS, BORROWER AND GUARANTOR, BY THEIR
ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION
OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENTS RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH
IS THE SUBJECT OF THIS AGREEMENT AND AGREE THAT ANY SUCH ACTION OR PROCEEDING
SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

     15. Integration. This Agreement, together with the Forbearance Agreement
and the Loan Documents, constitute the entire agreement among Agent, Lenders,
Borrower, and Guarantor with respect to the Term Facility and the Revolving
Facility and the subject matter of the foregoing documents, and all prior
writings and discussions and all contemporaneous discussions are hereby merged
into and superseded by the provisions of the foregoing documents. Except as
expressly modified by this Agreement, the Forbearance Agreement shall continue
in full force and effect.

     16. Agreement Controlling. In the event of a conflict or inconsistency
between the provisions of the Loan Documents and the provisions of this
Agreement, the provisions of this Agreement shall govern. This Agreement shall
constitute a Loan Document for all purposes. Any reference to the Credit
Agreement in any of the Loan Documents shall hereafter mean the Credit Agreement
as supplemented by the Forbearance Agreement and this Agreement as the same may
be

                                   -4-
<PAGE>

subsequently amended, modified, altered, supplemented, extended, consolidated,
replaced, exchanged or otherwise changed.

                [Signatures are contained on the following page]

                                      -5-
<PAGE>

     IN WITNESS WHEREOF, Borrower, Guarantor, Agent and Lenders have caused this
Agreement to be executed as of the date first above written.

BORROWER:                     NATIONAL GOLF OPERATING
--------                      PARTNERSHIP, L.P.

                              By:   National Golf Properties, Inc.,
                                    its general partner

                                    By:  /s/ Neil M. Miller
                                       --------------------------------
                                    Print Name  Neil M. Miller
                                              -------------------------
                                    Title:  CFO
                                          -----------------------------

GUARANTOR:                    NATIONAL GOLF PROPERTIES, INC.
---------

                                    By:  /s/ Neil M. Miller
                                       --------------------------------
                                    Print Name  Neil M. Miller
                                              -------------------------
                                    Title:  CFO
                                          -----------------------------

AGENT:                        BANK ONE, NA, Individually and as
------                        Administrative Agent

                                    By:  /s/ Richard R. Howard
                                       --------------------------------
                                    Print Name:  Richard R. Howard
                                               ------------------------
                                    Title:  Vice President
                                          -----------------------------

LENDERS:                       MERRILL LYNCH CAPITAL CORPORATION,
-------                        Individually and as Syndication Agent

                                    By:  /s/ Michael E. O'Brien
                                       --------------------------------
                                    Print Name:  Michael E. O'Brien
                                               ------------------------
                                    Title:  Vice President
                                          -----------------------------

                                      -6-
<PAGE>

                                ING CAPITAL LLC, as successor to
                                ING (U.S.) CAPITAL LLC, Individually and as
                                Co-Documentation Agent and Co-Arranger

                                    By:  /s/ David S. Lattimer
                                       --------------------------------
                                    Print Name:  David S. Lattimer
                                               ------------------------
                                    Title:  Vice President
                                          -----------------------------

                                UNION BANK OF CALIFORNIA, N.A.,
                                Individually and as Co-Documentation Agent

                                    By:  /s/ Scott Martin Bleifer
                                       --------------------------------
                                    Print Name:  Scott Martin Bleifer
                                               ------------------------
                                    Title:  Vice President
                                          -----------------------------

                                 FLEET NATIONAL BANK, Individually and as
                                 Co-Agent

                                    By:  /s/ Richard E. Lynch
                                       --------------------------------
                                    Print Name:  Richard E. Lynch
                                               ------------------------
                                    Title:  Vice President
                                          -----------------------------

                                  CITY NATIONAL BANK, Individually and as
                                  Co-Agent

                                    By:  /s/ Eric Bacura
                                       --------------------------------
                                    Print Name:  Eric Bacura
                                               ------------------------
                                    Title:  Vice President
                                          -----------------------------

                                  WELLS FARGO BANK, NATIONAL
                                  ASSOCIATION, Individually and as Co-Agent

                                    By:  /s/ Art Brokx
                                       --------------------------------
                                    Print Name:  Art Brokx
                                               ------------------------
                                    Title:  VP
                                          -----------------------------

                                      -7-
<PAGE>

                                  PACIFIC LIFE INSURANCE COMPANY

                                    By:  /s/ T. Anthony Premer
                                       --------------------------------
                                    Print Name:  T. Anthony Premer
                                               ------------------------
                                    Title:  Vice President
                                          -----------------------------

                                    By:  /s/ C.S. Dillion
                                       --------------------------------
                                    Print Name:  C.S. Dillion
                                               ------------------------
                                    Title:  Assistant Secretary
                                          -----------------------------

                                  AMSOUTH BANK

                                    By:  /s/ Carl M. Ferris
                                       --------------------------------
                                    Print Name:  Carl M. Ferris
                                               ------------------------
                                    Title:  Vice President
                                          -----------------------------

                                  CALIFORNIA FEDERAL BANK

                                    By:  /s/ Preston A. Minor
                                       --------------------------------
                                    Print Name:  Preston A. Minor
                                               ------------------------
                                    Title:  Vice President
                                          -----------------------------

                                  FIRST AMERICAN BANK TEXAS, SSB

                                    By:  /s/  Matt Malone
                                       --------------------------------
                                    Print Name:  Matt Malone
                                               ------------------------
                                    Title:  Assistant Vice President
                                          -----------------------------

                                  CREDIT LYONNAIS NEW YORK BRANCH

                                    By:  /s/ Bruno DeFloor
                                       --------------------------------
                                    Print Name:  Bruno DeFloor
                                               ------------------------
                                    Title:  Vice President
                                          -----------------------------

                                      -8-
<PAGE>

                                  DRESDNER BANK, AG, NEW YORK AND
                                  GRAND CAYMAN BRANCHES

                                    By:  /s/ Clifford Rooke
                                       --------------------------------
                                    Print Name:  Clifford Rooke
                                               ------------------------
                                    Title:  Director
                                          -----------------------------

                                    By:  /s/ Garrett W. Thelander
                                       --------------------------------
                                    Print Name:  Garrett W. Thelander
                                               ------------------------
                                    Title:  Director
                                          -----------------------------

                                  ING PRIME RATE TRUST
                                  By: ING Investments LLC

                                    By:  /s/ Jason Groom
                                       --------------------------------
                                    Print Name:  Jason Groom
                                               ------------------------
                                    Title:  Vice President
                                          -----------------------------

                                  THE TRAVELERS INSURANCE COMPANY

                                    By:  /s/ Pamela Westmoreland
                                       --------------------------------
                                    Print Name:  Pamela Westmoreland
                                               ------------------------
                                    Title:  Investment Officer
                                          -----------------------------

                                  MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

                                    By:  /s/ Steven J. Katz
                                       --------------------------------
                                    Print Name:  Steven J. Katz
                                               ------------------------
                                    Title:  Second Vice President and
                                          -----------------------------
                                            Associate General Counsel
                                          -----------------------------

                                  OCTAGON INVESTMENT PARTNERS II, LLC

                                    By:________________________________
                                    Print Name:________________________
                                    Title:_____________________________

                                      -9-
<PAGE>

                                  OCTAGON INVESTMENT PARTNERS III, LTD.

                                    By:________________________________
                                    Print Name:________________________
                                    Title:_____________________________

                                  OCTAGON INVESTMENT PARTNERS IV, LTD.

                                    By:________________________________
                                    Print Name:________________________
                                    Title:_____________________________

                                  KZH Soleil LLC

                                    By:  /s/ Susan Lee
                                       --------------------------------
                                    Print Name:  Susan Lee
                                               ------------------------
                                    Title:  Authorized Agent
                                          -----------------------------

                                  KZH Soleil-2 LLC

                                    By:  /s/ Susan Lee
                                       --------------------------------
                                    Print Name:  Susan Lee
                                               ------------------------
                                    Title:  Authorized Agent
                                          -----------------------------

                                  FIRSTRUST BANK

                                    By:  /s/ Richard E. Meyers
                                       --------------------------------
                                    Print Name:  Richard E. Meyers
                                               ------------------------
                                    Title:  E.V.P.
                                          -----------------------------

                                  GALAXY CLO 1999-1, Ltd.

                                    By:  /s/ Thomas G. Brandt
                                       --------------------------------
                                    Print Name:  Thomas G. Brandt
                                               ------------------------
                                    Title:  Managing Director
                                          -----------------------------

                                      -10-
<PAGE>

                                  PINEHURST TRADING, INC.

                                    By:  /s/ Ann E. Morris
                                       --------------------------------
                                    Print Name:  Ann E. Morris
                                               ------------------------
                                    Title:  Asst. Vice President
                                          -----------------------------

                                  CENTREPACIFIC  SIERRA CLO I

                                    By:  /s/ John M. Casparian
                                       --------------------------------
                                    Print Name:  John M. Casparian
                                               ------------------------
                                    Title:  Chief Operating Officer
                                          -----------------------------

                                  PB CAPITAL CORPORATION

                                    By:  /s/ Nina Zhou
                                       --------------------------------
                                    Print Name:  Nina Zhou
                                               ------------------------
                                    Title:  Associate
                                          -----------------------------

                                    By:  /s/ Jeffrey Frost
                                       --------------------------------
                                    Print Name:  Jeffrey Frost
                                               ------------------------
                                    Title:  Managing Director
                                          -----------------------------

                                      -11-

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