Document:

<PAGE>
                                                                    Exhibit 10.8

                               SEVENTH AMENDMENT
                               -----------------

               SEVENTH AMENDMENT (this "Amendment"), dated as of July 3, 2002,
among TOWN SPORTS INTERNATIONAL, INC., a New York corporation (the "Borrower"),
the various lending institutions party to the Credit Agreement referred to below
(the "Banks"), and DEUTSCHE BANK TRUST COMPANY AMERICAS (formerly known as
Bankers Trust Company), as administrative agent (the "Administrative Agent").
All capitalized terms used herein and not otherwise defined herein shall have
the respective meanings provided such terms in the Credit Agreement referred to
below.

                                   WITNESSETH:
                                   ----------

               WHEREAS, the Borrower, the Banks and the Administrative Agent are
parties to an Amended and Restated Credit Agreement, dated as of October 16,
1997 (as amended, modified or supplemented through, but not including, the date
hereof, the "Credit Agreement"); and

               WHEREAS, the parties hereto wish to amend the Credit Agreement
as provided herein to permit the Borrower to incur up to an additional
$5,500,000 of senior subordinated loans under the Mezzanine Subordinated Loan
Documents;

               NOW, THEREFORE, it is agreed that as of the Seventh Amendment
Effective Date (as defined below):

I.        Consent under the Credit Agreement.
          -----------------------------------

               1.   The Banks hereby consent to the amendment to the applicable
Mezzanine Subordinated Loan Documents to allow for an additional $5,500,000 of
loans to be incurred thereunder so long as the form and substance of such
amendment is otherwise reasonably satisfactory to the Administrative Agent.

II.       Amendments to the Credit Agreement.
          -----------------------------------

               1.   Clause (d) of Section 3.03 of the Credit Agreement is
hereby amended by deleting the text "Fifth Amendment Effective Date" appearing
in the second parenthetical contained in such clause (d) and inserting in lieu
thereof the text "Seventh Amendment Effective Date".

               2.   Section 8.04(j) of the Credit Agreement is hereby amended by
deleting the number "$22,500,000" appearing therein and inserting the number
"$28,000,000" in lieu thereof.

               3.   Section 10 of the Credit Agreement is hereby further
amended by inserting the following new definition in the appropriate
alphabetical order:
<PAGE>
          "Seventh Amendment Effective Date" shall have the meaning set forth in
the Seventh Amendment, dated as of July 3, 2002, to this Agreement.

III. Miscellaneous.

          1.   In order to induce the Banks to enter into this Amendment, the
Borrower hereby represents and warrants that on the Seventh Amendment Effective
Date, both before and after giving effect to this Amendment and the
transactions contemplated hereby, (x) no Default or Event of Default shall
exist and (y) all of the representations and warranties contained in the Credit
Documents shall be true and correct in all material respects, with the same
effect as though such representations and warranties had been made on and as of
the Seventh Amendment Effective Date (it being understood that any
representation or warranty made as of a specific date shall be true and correct
in all material respects as of such specific date).

          2.   This Amendment is limited as specified and shall not constitute
a modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.

          3.   This Amendment may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with the Borrower and the Administrative Agent.

          4.   THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK.

          5.   This Amendment shall become effective as of the date hereof (the
"Seventh Amendment Effective Date") when the Borrower and the Required Banks
shall have signed a counterpart hereof (whether the same or different
counterparts) and shall have delivered (including by way of telecopier) the
same to the Administrative Agent.

                                   *   *   *

                                     - 2 -

<PAGE>
         IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this Amendment to be duly executed and delivered as of the date
first above written.

                                       TOWN SPORTS INTERNATIONAL, INC.

                                       By /s/ Richard G Pyle
                                          _______________________________
                                          Name: Richard G Pyle
                                          Title: CFO

                                       DEUTSCHE BANK TRUST COMPANY
                                       AMERICAS,
                                          Individually and as Administrative
                                             Agent

                                       By /s/ Mary Kay Coyle
                                          _______________________________
                                          Name:  Mary Kay Coyle
                                          Title: Managing Director

                                       BANK OF SCOTLAND

                                       By /s/ Joseph Fratus
                                          _______________________________
                                          Name:  Joseph Fratus
                                          Title: First Vice President<PAGE>
                                                                   Exhibit 10.10

                   AMENDMENT TO SUBORDINATED CREDIT AGREEMENT
                   ------------------------------------------

         AMENDMENT TO SUBORDINATED CREDIT AGREEMENT, dated as of November 6,
2000 (as amended from time to time, the "Agreement"; capitalized terms used and
not otherwise defined herein having the definitions provided therefor in the
Agreement), by and between TOWN SPORTS INTERNATIONAL, INC., a New York
corporation (the "Borrower") and CAPITALSOURCE FINANCE LLC, a Delaware limited
liability company ("Lender").

         WHEREAS, the parties hereto wish to amend the Agreement in accordance
with the terms thereof as provided herein.

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties to this Agreement hereby agree as
follows:

         Amendment to Section 2.3--"Procedures for Borrowing". Section 2.3 of
the Agreement is hereby amended in its entirety and replaced by the following:

         As a condition to each Advance, Borrower shall deliver to Lender,
prior to 11:00 a.m. (New York time) on any Business Day which is not less than
(5) days prior to the date of such requested Advance (which date shall be a
Business Day), or such shorter period of time as may be acceptable to the
Lender, an irrevocable written notice substantially in the form of Exhibit B
hereto (each, a "Borrowing Notice"), duly executed by an Authorized Officer of
Borrower. Each Borrowing Notice shall be effective upon receipt by the Lender
and shall (a) specify the amount of the requested Advance and the date that
such Advance is to be made and (b) certify that each of the conditions set
forth in Section 4.2 hereof has been satisfied as of the date of such Borrowing
Notice. Notwithstanding the foregoing, should any amount required to be paid
hereunder or under any other Loan Document be unpaid, such amount may be paid
by the Lender and the Payment thereof shall be deemed a request for an Advance
as of the date such payment is due.

                                    *  *  *

<PAGE>
          IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written.

                                   TOWN SPORTS INTERNATIONAL, INC.

                                   BY: /s/ Richard G Pyle
                                      ____________________________
                                      Name:  Richard G Pyle
                                      Title: CFO

                                   CAPITALSOURCE HOLDINGS LLC

                                   BY: /s/ Steven A. Museles
                                      ______________________________
                                      Name:   Steven A. Museles
                                      Title:  Senior Vice President<PAGE>

                                                                   Exhibit 10.11

                               AMENDMENT NO. 2 TO
                          SUBORDINATED CREDIT AGREEMENT

      THIS AMENDMENT NO. 2 TO SUBORDINATED CREDIT AGREEMENT, dated as of
February 28, 2002 (the "AMENDMENT"), is entered into by and between
CAPITALSOURCE FINANCE LLC, a Delaware limited liability company ("LENDER"), and
TOWN SPORTS INTERNATIONAL, INC., a New York corporation ("BORROWER").
Capitalized terms used and not otherwise defined herein are used as defined in
the Agreement (as defined below).

      WHEREAS, the parties hereto entered into that certain Subordinated Credit
Agreement, dated as of November 6, 2000 (as amended, supplemented, modified
and/or restated as of the date hereof and from time to time, the "AGREEMENT");

      WHEREAS, Interest under the Agreement is currently computed monthly at a
rate of thirteen percent (13%) per annum, and the Lender and Borrower have
agreed to change the Interest rate; and

      WHEREAS, the parties hereto desire to amend the Agreement in certain
respects as provided herein;

      NOW, THEREFORE, in consideration of the premises and the other mutual
covenants contained herein, the receipt and sufficiency are hereby acknowledged,
the parties hereto agree as follows:

      SECTION 1. AMENDMENTS.

      (i) Section 1.1 of the Agreement hereby is amended by adding the following
definition thereto in proper alphabetical order to read in full as follows:

         "'Prime Rate' shall mean a fluctuating interest rate per annum equal at
         all times to the rate of interest announced publicly from time to time
         by Citibank, N.A. as its base rate; provided, that such rate is not
         necessarily the best rate offered to its customers, and, should Lender
         be unable to determine such rate, such other indication of the
         prevailing prime rate of interest as may reasonably be chosen by
         Lender; provided, that each change in fluctuating interest rate shall
         take effect simultaneously with the corresponding change in the Prime
         Rate."

      (ii) Section 2.5(a) of the Agreement hereby is amended and restated and
replaced in its entirety to read as follows:

         " (a) Interest on outstanding Advances shall be payable monthly in
         arrears on the first day of each calendar month at an annual rate of
         Prime Rate plus 3.0%, provided, however, that, notwithstanding, any
         other provision of this Agreement or any other Loan Document, the
         interest on outstanding Advances shall not be less than 12.75%."

      SECTION 2. AGREEMENT IN FULL FORCE AND EFFECT AS AMENDED. Except as
specifically amended hereby, the Agreement shall remain in full force and effect
and is hereby ratified and confirmed as so amended hereby. All references to the
Agreement shall be deemed to mean the Agreement as modified hereby. This
Agreement shall not constitute a novation of the Agreement, but shall constitute
an amendment thereof. The parties hereto agree to be bound by the terms and
conditions of the Agreement as amended by this Amendment, as though such terms
and conditions were set forth herein.

      SECTION 3. REPRESENTATIONS. The Borrower hereby represents and warrants as
of the date of this Amendment as follows: (i) it is duly incorporated, validly
existing and in good standing under the
<PAGE>
laws of its jurisdiction of organization; (ii) the execution, delivery and
performance by it of this Amendment are within its powers, have been duly
authorized, and do not contravene (A) its articles of incorporation or other
organizational documents, or (B) any applicable law; (iii) no consent, license,
permit, approval or authorization of, or registration, filing or declaration
with any Governmental Authority or other Person is required in connection with
the execution, delivery, performance, validity or enforceability of this
Amendment by or against it; (iv) this Amendment has been duly executed and
delivered by it; (v) this Amendment constitutes its legal, valid and binding
obligation enforceable against it in accordance with its terms, except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally or by general principles of equity; and (vi) it is
not in default under the Agreement and no Default or Event of Default exists or
would result by the execution, delivery or performance of this Amendment.

      SECTION 4. MISCELLANEOUS.

      (a) The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of Lender, nor constitute a waiver of any provision of the Agreement or
any other Loan Document, or any other documents, instruments and agreements
executed or delivered in connection therewith or of any Event of Default under
any of the foregoing whether arising before or after the date hereof or as a
result of performance hereunder.

      (b) This Amendment may be executed in any number of counterparts
(including by facsimile), and by the different parties hereto on the same or
separate counterparts, each of which shall be deemed to be an original
instrument but all of which together shall constitute one and the same
agreement. The descriptive headings of the various sections of this Amendment
are inserted for convenience of reference only and shall not be deemed to affect
the meaning or construction of any of the provisions hereof. Whenever the
context and construction so require, all words used in the singular number
herein shall be deemed to have been used in the plural, and vice versa, and the
masculine gender shall include the feminine and neuter and the neuter shall
include the masculine and feminine.

      (c) This Amendment may not be amended or otherwise modified except by
written agreement of Borrower and Lender. This Amendment shall be considered
part of the Agreement and shall be a Loan Document for all purposes under the
Agreement.

      (d) This Amendment and the Agreement constitute the final entire agreement
and understanding between the parties with respect to the subject matter hereof
and thereof and may not be contradicted by evidence of prior, contemporaneous or
subsequent oral agreements between the parties, and shall be binding upon and
inure to the benefit of the successors and assigns of the parties hereto and
thereto. There are no unwritten oral agreements between the parties with respect
to the subject matter hereof.

      (E) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN THE AGREEMENT AND SHALL BE
SUBJECT TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS OF THE AGREEMENT.

                      [SIGNATURES APPEAR ON FOLLOWING PAGE]

                                       2
<PAGE>
      IN WITNESS WHEREOF, the parties have caused this Amendment No. 2 to
Subordinated Credit Agreement to be executed by their respective officers
thereunto duly authorized, as of the date first above written.

LENDER:                                     CAPITALSOURCE FINANCE LLC

                                            By: /s/ Stephen A. Museles
                                                -------------------------------
                                            Name: Stephen A. Museles
                                                  ------------------------------
                                            Title: Senior Vice President
                                                   -----------------------------

BORROWER:                                   TOWN SPORTS INTERNATIONAL, INC.

                                            By: /s/ Richard Pyle
                                                --------------------------------
                                            Name: Richard Pyle
                                                  ------------------------------
                                            Title:  Chief Financial Officer
                                                    ----------------------------

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