Document:

EXHIBIT 10.33 - 12/31/2003 FORM 10-K

EXHIBIT 10.33

AMENDMENT NO. 4 TO
SERIES 2001-1 SUPPLEMENT

          
This AMENDMENT NO. 4 dated as of October 31, 2003 (this
“Amendment”), is by and among H&T RECEIVABLE FUNDING
CORPORATION, as Transferor (the “Transferor”), BALLY TOTAL
FITNESS CORPORATION, as Servicer (the “Servicer”) and JP MORGAN
CHASE BANK (the “Trustee”). 

W I T N E S
S E T H

          
WHEREAS, the entities party hereto are parties to that certain Series
2001-1 Supplement to Pooling and Servicing Agreement, dated as of December 16,
1996 (as amended, amended and restated and otherwise modified from time to time,
the “Series 2001-1 Supplement”); and 

          
WHEREAS, the parties hereto desire to amend the Series 2001-1 Supplement.

          
NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 

          
A.     Definitions. As used herein, capitalized terms used
herein and not otherwise defined are used as defined in (or by reference in) the
Series 2001-1 Supplement or, if not defined therein, in the Certificate Purchase
Agreement (as defined in the Series 2001-1 Supplement).

          
B.     Amendment to Series 2001-1 Supplement. The
definitions of “Commitment Amount” and “Partial Amortization
Period Commencement Date” as set forth in Section 2 of the Series
2001-1 Supplement are hereby amended and restated in their entirety to read as
follows:

          
“Commitment Amount” shall mean $125,000,000; provided,
however, that as of the first day of the December 2003 Monthly Period,
the Commitment Amount shall be $100,000,000. 

          
“Partial Amortization Period Commencement Date” shall mean the
first day of the December 2003 Monthly Period or such later date as agreed in
writing (with notice to the Trustee) by the Transferor, the Servicer and CIBC,
in its capacities as the Managing Agent for and Alternate Transferee in the CIBC
Ownership Group. 

          
C.     Absence of Pay-Out Events and Unmatured Pay-Out
Events. The Transferor and the Servicer hereby severally represent and warrant
that, on and as of the date hereof and on and as of the Effective Date (as
defined below), after giving effect to the amendments to the Series 2001-1
Supplement as provided herein, no Pay-Out Event has occurred and is continuing
and no event has occurred and is continuing which, if such event remains
uncured, will, with the lapse of time, constitute a Pay-Out Event.

          
D.     Date; Binding Effect; Ratification;
Covenant.

          
(a)    The effective date (the “Effective Date”)
of this Amendment shall be October 31, 2003 provided that each of the following has occurred:

      
(i)    all parties hereto have executed and delivered
counterparts of this Amendment;

      
(ii)    each of the following documents has other been executed
and delivered by the parties thereto:

      
(A)    a conforming amendment of the Commitment Amount under the
Certificate Purchase Agreement; and

      
(B)    a conforming amendment of the Commitment under the
Liquidity Agreement.

          
(b)    This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

          
(c)    On and after the execution and delivery hereof, (i) this
Amendment shall be a part of the Series 2001-1 Supplement, and (ii) each
reference in the Series 2001-1 Supplement to “this Series 2001-1
Supplement” or “hereof”, “hereunder” or words of like
import, and each reference in any other document to the Series 2001-1 Supplement
shall mean and be a reference to the Series 2001-1 Supplement, as applicable, as
amended or modified hereby.

          
(d)    Except as expressly amended or modified hereby, the Series
2001-1 Supplement shall remain in full force and effect and is hereby ratified
and confirmed by the parties hereto.

          
E.     Miscellaneous.

          
(a)    Without limiting the effect of other provisions of the
Series 2001-1 Supplement, Sections 23, 24 and 25 of the
Series 2001-1 Supplement are hereby incorporated into this Amendment by this
reference, with the references in such sections to the Series 2001-1 Supplement
applying instead with equal force to this Amendment for purposes of this
Amendment.

          
(b)    No provision of this Amendment may be modified, terminated
or waived without the Managing Agent’s consent. The Managing Agent shall be
an express third-party beneficiary hereof.

          
(c)    The Managing Agent, on behalf of the Owners in the CIBC
Ownership Group, hereby certifies that the Owners in the CIBC Ownership Group
constitute 100% of the Invested Amount of the Series 2001-1 Certificates.

          
(d)    The Trustee, at the direction of the Managing Agent on
behalf of the Owners in the CIBC Ownership Group, and the Administrative Agent,
hereby waive the notice requirements in Section 10 of the Series 2001-1
Supplement and the requirement in Section 10 of the Series 2001-1
Supplement that a Reduction of the Invested Amount by the Transferor occur on a
Distribution Date. The Managing Agent on behalf of the Owners in the CIBC
Ownership Group hereby ratifies the actions taken by the Trustee in connection
with this Amendment.

[Signatures Follow]

          
IN WITNESS WHEREOF, the parties have executed this Amendment by their
respective officers thereunto duly authorized as of the date first above
written. 

	 	H & T RECEIVABLE FUNDING CORPORATION, as
	 	Transferor
	 	 
	 	By:     /s/  John W. Dwyer
	 	

	 	Name:   John W. Dwyer
	 	Title:   Executive Vice President and Chief Financial Officer
	 	 
	 	 
	 	BALLY TOTAL FITNESS CORPORATION, as Servicer
	 	 
	 	By:     /s/  John W. Dwyer
	 	

	 	Name:   John W. Dwyer
	 	Title:   Executive Vice President and Chief Financial Officer
	 	 
	 	 
	 	JP MORGAN CHASE BANK, not in its individual capacity,
	 	but solely as Trustee
	 	 
	 	By:     /s/  David Contino
	 	

	 	Name:   David Contino
	 	Title:   Trust Officer

The undersigned, as
Administrative Agent and as Managing Agent on behalf of the Owners in the CIBC
Ownership Group, hereby consents to the execution and delivery of this
Amendment. 

CANADIAN IMPERIAL BANK OF

COMMERCE, as Administrative Agent and as

Managing Agent for the

CIBC Ownership Group

By:     /s/  David Duncan

Name:   David Duncan

Title:   Authorized Signatory

By:     /s/  James W. Lees

Name:   James W. Lees

Title:   Authorized Signatory

S-1EXHIBIT 10.34 - 12/31/2003 FORM 10-K

EXHIBIT 10.34

AMENDMENT NO. 5 TO
SERIES 2001-1 SUPPLEMENT

          
This AMENDMENT NO. 5 dated as of November 28, 2003 (this
“Amendment”), is by and among H&T RECEIVABLE FUNDING
CORPORATION, as Transferor (the “Transferor”), BALLY TOTAL
FITNESS CORPORATION, as Servicer (the “Servicer”) and JP MORGAN
CHASE BANK (the “Trustee”). 

W I T N E S
S E T H

          
WHEREAS, the entities party hereto are parties to that certain Series
2001-1 Supplement to Pooling and Servicing Agreement, dated as of December 16,
1996 (as amended, amended and restated and otherwise modified from time to time,
the “Series 2001-1 Supplement”); 

          
WHEREAS, the Transferor has made an optional prepayment in the amount of
$15,000,000 on the date hereof pursuant to Section 10 of the
Series 2001-1 Supplement; and 

          
WHEREAS, the parties hereto desire to amend the Series 2001-1 Supplement.

          
NOW THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 

          
A.     Definitions. As used herein, capitalized terms
used herein and not otherwise defined are used as defined in (or by reference
in) the Series 2001-1 Supplement or, if not defined therein, in the Certificate
Purchase Agreement (as defined in the Series 2001-1 Supplement).

          
B.     Amendment to Series 2001-1 Supplement. The
definitions of “Commitment Amount” and “Partial Amortization
Period Commencement Date” as set forth in Section 2 of the Series
2001-1 Supplement are hereby amended and restated in their entirety to read as
follows:

          
“Commitment Amount” shall mean $110,000,000; provided,
however, that as of the first day of the January 2004 Monthly Period, the
Commitment Amount shall be $100,000,000. 

          
“Partial Amortization Period Commencement Date” shall mean the
first day of the January 2004 Monthly Period or such later date as agreed in
writing (with notice to the Trustee) by the Transferor, the Servicer and CIBC,
in its capacities as the Managing Agent for and Alternate Transferee in the CIBC
Ownership Group. 

          
C.     Absence of Pay-Out Events and Unmatured
Pay-Out Events. The Transferor and the Servicer hereby severally represent
and warrant that, on and as of the date hereof and on and as of the Effective
Date (as defined below), after giving effect to the amendments to the Series
2001-1 Supplement as provided herein, no Pay-Out Event has occurred and is
continuing and no event has occurred and is continuing which, if such event
remains uncured, will, with the lapse of time, constitute a Pay-Out
Event.

          
D.     Date; Binding Effect; Ratification;
Covenant.

          
(a)    The effective date (the “Effective Date”) of this
Amendment shall be November 28, 2003 provided that each of the following has occurred:

      
(i)    all parties hereto have executed and delivered counterparts of this
Amendment;

      
(ii)    each of the following documents has other been executed and delivered by
the parties thereto:

      
(A)    a conforming amendment of the Commitment Amount under the Certificate
Purchase Agreement; and

      
(B)    a conforming amendment of the Commitment under the Liquidity Agreement.

          
(b)    This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and
assigns.

          
(c)    On and after the execution and delivery hereof, (i) this
Amendment shall be a part of the Series 2001-1 Supplement, and (ii) each
reference in the Series 2001-1 Supplement to “this Series 2001-1
Supplement” or “hereof”, “hereunder” or words of like
import, and each reference in any other document to the Series 2001-1 Supplement
shall mean and be a reference to the Series 2001-1 Supplement, as applicable, as
amended or modified hereby.

          
(d)    Except as expressly amended or modified hereby, the Series
2001-1 Supplement shall remain in full force and effect and is hereby ratified
and confirmed by the parties hereto.

          
E.     Miscellaneous.

          
(a)    Without limiting the effect of other provisions of the
Series 2001-1 Supplement, Sections 23, 24 and 25 of the
Series 2001-1 Supplement are hereby incorporated into this Amendment by this
reference, with the references in such sections to the Series 2001-1 Supplement
applying instead with equal force to this Amendment for purposes of this
Amendment.

          
(b)    No provision of this Amendment may be modified, terminated
or waived without the Managing Agent’s consent. The Managing Agent shall be an
express third-party beneficiary hereof.

          
(c)    The Managing Agent, on behalf of the Owners in the CIBC
Ownership Group, hereby certifies that the Owners in the CIBC Ownership Group
constitute 100% of the Invested Amount of the Series 2001-1
Certificates.

          
(d)    The Trustee, at the direction of the Managing Agent on
behalf of the Owners in the CIBC Ownership Group, and the Administrative Agent,
hereby waive the notice requirements in Section 10 of the Series 2001-1
Supplement and the requirement in Section 10 of the Series 2001-1
Supplement that a Reduction of the Invested Amount by the Transferor occur on a
Distribution Date. The Managing Agent on behalf of the Owners in the CIBC
Ownership Group hereby ratifies the actions taken by the Trustee in connection
with this Amendment.

[Signatures Follow]

          
IN WITNESS WHEREOF, the parties have executed this Amendment by their
respective officers thereunto duly authorized as of the date first above
written. 

	 	H & T RECEIVABLE FUNDING CORPORATION, as
	 	Transferor
	 	 
	 	By:     /s/  John W. Dwyer
	 	

	 	Name:   John W. Dwyer
	 	Title:   Executive Vice President and Chief Financial Officer
	 	 
	 	 
	 	BALLY TOTAL FITNESS CORPORATION, as Servicer
	 	 
	 	By:     /s/  John W. Dwyer
	 	

	 	Name:   John W. Dwyer
	 	Title:   Executive Vice President and Chief Financial Officer
	 	 
	 	 
	 	JP MORGAN CHASE BANK, not in its individual capacity,
	 	but solely as Trustee
	 	 
	 	By:     /s/  David Contino
	 	

	 	Name:   David Contino
	 	Title:   Trust Officer

The undersigned, as
Administrative Agent and as Managing Agent on behalf of the Owners in the CIBC
Ownership Group, hereby consents to the execution and delivery of this
Amendment. 

CANADIAN IMPERIAL BANK OF

COMMERCE, as Administrative Agent and as

Managing Agent for the

CIBC Ownership Group

By:     /s/  David J. Duncan

Name:   David J. Duncan

Title:   Authorized Signatory

By:     /s/  James W. Lees

Name:   James W. Lees

Title:   Authorized Signatory

S-1

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