gridmarket theme error

I installed grid market and set it as the default theme in the wp-config file
define( 'WP_DEFAULT_THEME', 'gridmarket' );
It works nicely on the main site but then i created a new site. Viewed the new site and saw the following errors.

Warning: include(/home/ybrmark1/public_html/wp-content/themes/gridmarket/buddypress/buddypress-globals.php) [function.include]: failed to open stream: No such file or directory in /home/ybrmark1/public_html/wp-content/themes/gridmarket/header.php on line 5

Warning: include() [function.include]: Failed opening '/home/ybrmark1/public_html/wp-content/themes/gridmarket/buddypress/buddypress-globals.php' for inclusion (include_path='.:/usr/lib/php:/usr/local/lib/php') in /home/ybrmark1/public_html/wp-content/themes/gridmarket/header.php on line 5

Fatal error: Call to undefined function framemarket_font_show() in /home/ybrmark1/public_html/wp-content/themes/gridmarket/functions/theme.php on line 52

I looked at /gridmarket/header.php on line 5 and found (TEMPLATEPATH . '/buddypress/buddypress-globals.php');

what does this mean?

I also used the default template plugin just in case something was wrong with my default template code in config file but no dice.