<PAGE>
                                                                    Exhibit 10.6

                                    GUARANTY

THIS GUARANTY, dated as of October 15, 2002 (this "GUARANTY") by and among
Golfsmith International, Inc., Golfsmith International Holdings, Inc., Golfsmith
GP Holdings, Inc., Golfsmith Holdings, L.P., Golfsmith GP, L.L.C., Golfsmith
Delaware, L.L.C., Golfsmith Canada, L.L.C., Golfsmith Europe, L.L.C., and
Golfsmith Licensing, L.L.C., (referred to herein individually as "GUARANTOR" and
collectively as "GUARANTORS"), and GENERAL ELECTRIC CAPITAL CORPORATION, a
Delaware corporation, as Agent (in such capacity, "AGENT") for itself and the
lenders from time to time party to the Credit Agreement as defined below
("LENDERS").

WHEREAS:

(A)   WHEREAS, pursuant to that certain Credit Agreement dated as of the date
      hereof by and among Golfsmith International, Inc., Golfsmith International
      Holdings, Inc., Golfsmith GP Holdings, Inc., Golfsmith Holdings, L.P.,
      Golfsmith International, L.P. ("L.P."), Golfsmith GP, L.L.C., Golfsmith
      Delaware, L.L.C., Golfsmith Canada, L.L.C., Golfsmith Europe, L.L.C.,
      Golfsmith USA, L.L.C. ("USA"), Golfsmith NU, L.L.C. ("NU"), and Golfsmith
      Licensing, L.L.C., each as a Credit Party (with L.P., NU and USA as
      Borrowers), Agent and Lenders (including all annexes, exhibits and
      schedules thereto, and as from time to time amended, restated,
      supplemented or otherwise modified, the "CREDIT AGREEMENT") the Lenders
      have agreed to make available to Borrowers, upon terms and conditions
      thereof, the Revolving Loans and Letters of Credit provided for in the
      Credit Agreement;

(B)   Borrowers wish to borrow certain Loans and cause certain Letters of Credit
      to be issued;

(C)   Each of the Guarantors will benefit from the making of the Loans and the
      Letter of Credit Obligations as provided for in the Credit Agreement, and
      have agreed to guarantee payment of the Obligations.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter
contained, and to induce Lenders to make the Loans and to incur the Letter of
Credit Obligations to be made and incurred by Lenders under the Credit
Agreement, it is agreed as follows:

1.    DEFINITIONS

      Capitalized terms used herein shall have the meanings assigned to them in
      the Credit Agreement and Annex A thereto, unless otherwise defined herein.

      References to this "GUARANTY" shall mean this Guaranty, including all
      amendments, modifications and supplements and any annexes, exhibits and
      schedules to any of the foregoing, and shall refer to this Guaranty as the
      same may be in effect at the time such reference becomes operative.

2.    THE GUARANTY

2.1   Guaranty of Guaranteed Obligations

      Each Guarantor, jointly and severally, hereby absolutely, unconditionally
      and irrevocably guarantees to Agent for the ratable benefit of the Lenders
      and their respective successors, endorsees, transferees and assigns, the
      prompt payment (whether at stated maturity, by
<PAGE>
      acceleration or otherwise) and performance of the Obligations
      (collectively, the "GUARANTEED OBLIGATIONS"). Each Guarantor agrees that
      this Guaranty is a guaranty of payment and performance and not of
      collection, and that its obligations under this Guaranty shall be primary,
      absolute and unconditional, irrespective of, and unaffected by:

      (a)   the genuineness, validity, regularity, enforceability or any future
            amendment of, or change in, this Guaranty, any other Loan Document
            or any other agreement, document or instrument to which any Credit
            Party and/or Guarantor is or may become a party;

      (b)   the absence of any action to enforce this Guaranty or any other Loan
            Document or the waiver or consent by Agent and/or Lenders with
            respect to any of the provisions thereof;

      (c)   the existence, value or condition of, or failure to perfect Agent's
            Lien against, any Collateral for the Guaranteed Obligations or any
            action, or the absence of any action, by Agent in respect thereof
            (including, without limitation, the release of any such security);

      (d)   the insolvency of any Credit Party; or

      (e)   any other action or circumstances which might otherwise constitute a
            legal or equitable discharge or defense of a surety or guarantor,

      it being agreed by each Guarantor that its obligations under this Guaranty
      shall not be discharged until the Termination Date. Each Guarantor shall
      be regarded, and shall be in the same position, as principal debtor with
      respect to the Guaranteed Obligations. Each Guarantor agrees that any
      notice or directive given at any time to Agent which is inconsistent with
      the waiver in the immediately preceding sentence shall be null and void
      and may be ignored by Agent and Lenders and, in addition, may not be
      pleaded or introduced as evidence in any litigation relating to this
      Guaranty for the reason that such pleading or introduction would be at
      variance with the written terms of this Guaranty, unless Agent and Lenders
      have specifically agreed otherwise in writing. It is agreed among
      Guarantors, Agent and Lenders that the foregoing waivers are of the
      essence of the transaction contemplated by the Loan Documents and that,
      but for this Guaranty and such waivers, Agent and Lenders would decline to
      enter into the Credit Agreement.

2.2   Demand by Agent or Lenders

      In addition to the terms of the Guaranty set forth in Section 2.1 hereof,
      and in no manner imposing any limitation on such terms, it is expressly
      understood and agreed that, if, at any time, the outstanding principal
      amount of the Guaranteed Obligations under the Credit Agreement (including
      all accrued interest thereon) is declared to be immediately due and
      payable, then each Guarantor shall, jointly and severally, without demand,
      pay to the holders of the Guaranteed Obligations the entire outstanding
      Guaranteed Obligations due and owing to such holders. Payment by the
      Guarantors shall be made to Agent in immediately available funds to an
      account, designated by Agent or at the address set forth herein for the
      giving of notice to Agent or at any other address that may be specified in
      writing from time to time by Agent, and shall be credited and applied to
      the Guaranteed Obligations.

2.3   Enforcement of Guaranty

      In no event shall Agent have any obligation (although it is entitled, at
      its option) to proceed against any Borrower or any other Credit Party or
      any Collateral pledged to secure Guaranteed Obligations before seeking
      satisfaction from any Guarantor, and Agent may proceed, prior or
      subsequent to, or simultaneously with, the enforcement of Agent's rights
      hereunder, to exercise

                                       2
<PAGE>
      any right or remedy which it may have against any Collateral, as a result
      of any Lien it may have as security for all or any portion of the
      Guaranteed Obligations.

2.4   Waiver

      In addition to the waivers contained in Section 2.1 hereof, each Guarantor
      waives and agrees that it shall not at any time insist upon, plead or in
      any manner whatsoever claim or take the benefit or advantage of, any
      appraisal, valuation, stay, extension, marshaling of assets or redemption
      laws, or exemption, whether now or at any time hereafter in force, which
      may delay, prevent or otherwise affect the performance by such Guarantor
      of its Guaranteed Obligations under, or the enforcement by Agent or
      Lenders of, this Guaranty. Each Guarantor hereby waives diligence,
      presentment and demand (whether for non-payment or protest or of
      acceptance, maturity, extension of time, change in nature or form of the
      Guaranteed Obligations, acceptance of further security, release of further
      security, composition or agreement arrived at as to the amount of, or the
      terms of, the Guaranteed Obligations, notice of adverse change in any
      Borrower's financial condition or any other fact which might increase the
      risk to such Guarantor) with respect to any of the Guaranteed Obligations
      or all other demands whatsoever and, to the fullest extent permitted by
      law, waives the benefit of all provisions of law which are or might be in
      conflict with the terms of this Guaranty. Each Guarantor represents,
      warrants and agrees that, as of the date of this Guaranty, its obligations
      under this Guaranty are not subject to any offsets or defenses against
      Agent or Lenders or any Credit Party of any kind. Each Guarantor further
      agrees that its obligations under this Guaranty shall not be subject to
      any counterclaims, offsets or defenses against Agent or any Lender or
      against any Credit Party of any kind which may arise in the future.

2.5   Benefit of Guaranty

      The provisions of this Guaranty are for the benefit of Agent and Lenders
      and their respective successors, transferees, endorsees and assigns, and
      nothing herein contained shall impair, as between any Credit Party and
      Agent or Lenders, the obligations of any Credit Party under the Loan
      Documents. In the event all or any part of the Guaranteed Obligations are
      transferred, indorsed or assigned by Agent or any Lender to any Person or
      Persons, any reference to "AGENT" or "LENDER" herein shall be deemed to
      refer equally to such Person or Persons.

2.6   Modification of Guaranteed Obligations, Etc.

      Each Guarantor hereby acknowledges and agrees that Agent and Lenders may
      at any time or from time to time, with or without the consent of, or
      notice to such Guarantor:

      (a)   change or extend the manner, place or terms of payment of, or renew
            or alter all or any portion of, the Guaranteed Obligations;

      (b)   take any action under or in respect of the Loan Documents in the
            exercise of any remedy, power or privilege contained therein or
            available to it at law, equity or otherwise, or waive or refrain
            from exercising any such remedies, powers or privileges;

      (c)   amend or modify, in any manner whatsoever, the Loan Documents;

      (d)   extend or waive the time for any Credit Party's performance of, or
            compliance with, any term, covenant or agreement on its part to be
            performed or observed under the Loan Documents, or waive such
            performance or compliance or consent to a failure of, or departure
            from, such performance or compliance;


                                       3
<PAGE>
      (e)   take and hold Collateral for the payment of the Guaranteed
            Obligations guaranteed hereby or sell, exchange, release, dispose
            of, or otherwise deal with, any property pledged, mortgaged or
            conveyed, or in which Agent or Lenders have been granted a Lien, to
            secure any Obligations;

      (f)   release anyone who may be liable in any manner for the payment of
            any amounts owed by any Guarantor or any Credit Party to Agent or
            any Lender;

      (g)   modify or terminate the terms of any intercreditor or subordination
            agreement pursuant to which claims of other creditors of any
            Guarantor or any Credit Party are subordinated to the claims of
            Agent and Lenders; and/or

      (h)   apply any sums by whomever paid or however realized to any amounts
            owing by any Guarantor or any Credit Party to Agent or any Lender in
            such manner as Agent or any Lender shall determine in its
            discretion,

      and Agent and Lenders shall not incur any liability to any Guarantor as a
      result thereof, and no such action shall impair or release the Guaranteed
      Obligations of any Guarantor under this Guaranty.

2.7   Reinstatement

      This Guaranty shall remain in full force and effect and continue to be
      effective should any petition be filed by or against any Credit Party or
      any Guarantor for liquidation or reorganization, should any Credit Party
      or any Guarantor become insolvent or make an assignment for the benefit of
      creditors or should a receiver or trustee be appointed for all or any
      significant part of such Credit Party's or Guarantor's assets, and shall
      continue to be effective or be reinstated, as the case may be, if at any
      time payment and performance of the Guaranteed Obligations, or any part
      thereof, is, pursuant to applicable law, rescinded or reduced in amount,
      or must otherwise be restored or returned by Agent or any Lender, whether
      as a "voidable preference", "fraudulent conveyance", or otherwise, all as
      though such payment or performance had not been made. In the event that
      any payment, or any part thereof, is rescinded, reduced, restored or
      returned, the Guaranteed Obligations shall be reinstated and deemed
      reduced only by such amount paid and not so rescinded, reduced, restored
      or returned.

2.8   Deferral of Subrogation, Etc.

      Notwithstanding anything to the contrary in this Guaranty, or in any other
      Loan Document, each Guarantor hereby:

      (a)   expressly and irrevocably waives, on behalf of itself and its
            successors and assigns (including any surety) until the Termination
            Date, any and all rights at law or in equity to subrogation, to
            reimbursement, to exoneration, to contribution, to indemnification,
            to set off or to any other rights that could accrue to a surety
            against a principal, to any Guarantor against a principal, to any
            Guarantor against a maker or obligor, to an accommodation party
            against the party accommodated, to a holder or transferee against a
            maker, or to the holder of any claim against any Person, and which
            any Guarantor may have or hereafter acquire against any Credit Party
            in connection with or as a result of Guarantor's execution, delivery
            and/or performance of this Guaranty, or any other documents to which
            any Guarantor is a party or otherwise; and

      (b)   acknowledges and agrees that this waiver is intended to benefit
            Agent and Lenders and shall not limit or otherwise effect any
            Guarantor's liability hereunder or the enforceability

                                       4
<PAGE>
            of this Guaranty, and that Agent, Lenders and their respective
            successors and assigns are intended third party beneficiaries of the
            waivers and agreements set forth in this Section 2.8 and their
            rights under this Section 2.8 shall survive payment in full of the
            Guaranteed Obligations.

2.9   Election of Remedies

      If Agent may, under applicable law, proceed to realize benefits under any
      of the Loan Documents giving Agent or Lenders a Lien upon any Collateral
      owned by any Credit Party, either by judicial foreclosure or by
      non-judicial sale or enforcement, Agent may, at its sole option, determine
      which of such remedies or rights it may pursue without affecting any of
      such rights and remedies under this Guaranty. If, in the exercise of any
      of its rights and remedies, Agent shall forfeit any of its rights or
      remedies, including its right to enter a deficiency judgment against any
      Credit Party, whether because of any applicable laws pertaining to
      "election of remedies" or the like, each Guarantor hereby consents to such
      action by Agent and waives any claim based upon such action, even if such
      action by Agent shall result in a full or partial loss of any rights of
      subrogation which any Guarantor might otherwise have had but for such
      action by Agent. Any election of remedies which results in the denial or
      impairment of the right of Agent to seek a deficiency judgment against any
      Credit Party shall not impair any Guarantor's obligation to pay the full
      amount of the Guaranteed Obligations. In the event Agent shall bid at any
      foreclosure or trustee's sale or at any private sale permitted by law or
      the Loan Documents, Agent may bid all or less than the amount of the
      Guaranteed Obligations and the amount of such bid need not be paid by
      Agent but shall be credited against the Guaranteed Obligations. The amount
      of the successful bid at any such sale shall be conclusively deemed to be
      the fair market value of the collateral and the difference between such
      bid amount and the remaining balance of the Guaranteed Obligations shall
      be conclusively deemed to be the amount of the Guaranteed Obligations
      guaranteed under this Guaranty, notwithstanding that any present or future
      law or court decision or ruling may have the effect of reducing the amount
      of any deficiency claim to which Agent and Lenders might otherwise be
      entitled but for such bidding at any such sale.

3.    DELIVERIES

      In a form satisfactory to Agent, each Guarantor shall deliver to Agent
      (with sufficient copies for each Lender), concurrently with the execution
      of this Guaranty and the Credit Agreement, the Loan Documents and other
      instruments, certificates and documents as are required to be delivered by
      such Guarantor to Agent under the Credit Agreement, to the extent not
      otherwise delivered thereunder.

4.    REPRESENTATIONS AND WARRANTIES

      To induce Lenders to make the Loans and incur Letter of Credit Obligations
      under the Credit Agreement, each Guarantor makes the representations and
      warranties as to such Guarantor contained in the Credit Agreement, each of
      which is incorporated herein by reference, and all of which shall be
      deemed to be made on the date of each borrowing by any Borrower under the
      Credit Agreement on and as of the date of such borrowing as though made
      hereunder on and as of such date.

5.    FURTHER ASSURANCES

      Each Guarantor agrees, upon the written request of Agent or any Lender, to
      execute and deliver to Agent or such Lender, from time to time, any
      additional instruments or documents reasonably considered necessary by
      Agent or such Lender to cause this Guaranty to be, become or remain valid
      and effective in accordance with its terms.


                                       5
<PAGE>
6.    PAYMENTS FREE AND CLEAR OF TAXES

      All payments required to be made by any Guarantor hereunder shall be made
      to Agent and Lenders free and clear of, and without deduction for, any and
      all present and future Taxes. If any Guarantor shall be required by law to
      deduct any Taxes from or in respect of any sum payable hereunder, the sum
      payable shall be increased as much as shall be necessary so that after
      making all required deductions (including deductions applicable to
      additional sums payable under this Section 6) Agent or Lenders, as
      applicable, receive an amount equal to the sum they would have received
      had no such deductions been made, such Guarantor shall make such
      deductions and such Guarantor shall pay the full amount deducted to the
      relevant taxing or other authority in accordance with applicable law.
      Within thirty (30) days after the date of any payment of Taxes, such
      Guarantor shall furnish to Agent the original or a certified copy of a
      receipt evidencing payment thereof. Such Guarantor shall indemnify and,
      within ten (10) days of written demand therefor, pay Agent and each Lender
      for the full amount of Taxes (including any Taxes imposed by any
      jurisdiction on amounts payable under this Section 6) paid by Agent or
      such Lender, as appropriate with respect to payments required to be made
      by such Guarantor, and any liability (including penalties, interest and
      expenses) arising therefrom or with respect thereto, whether or not such
      Taxes were correctly or legally asserted and (d) within 30 days after the
      written request of Guarantor, each Lender or Agent shall, at the cost of
      such Guarantor, execute and deliver to Guarantor such information,
      certificates or forms as are reasonably requested by such Guarantor in
      such request, which can be furnished consistent with the facts and which
      are necessary to assist such Guarantor in applying for refunds of Taxes
      paid (or reimbursed pursuant to Section 6) by such Guarantor hereunder
      provided always that no Lender or Agent shall be obliged to execute and
      deliver any information, certificates or forms regarding any part of its
      business or affairs that it considers to be confidential. If a Lender or
      Agent receives a refund of any Taxes with respect to which any Guarantor
      has made a payment hereunder or otherwise, such Lender or Agent shall pay
      to such Guarantor an amount that such Lender or Agent determines in good
      faith to be equal to the net benefit, after tax, that was obtained by such
      Lender or Agent (as the case may be) as a consequence of such refund.

7.    OTHER TERMS

7.1   Entire Agreement

      This Guaranty, the Credit Agreement, the Notes and the other Loan
      Documents embody the entire agreement among the parties hereto and
      supersede all prior commitments, agreements, representations, and
      understandings, whether oral or written, relating to the subject matter
      hereof, and may not be contradicted or varied by evidence of prior,
      contemporaneous, or subsequent oral agreements or discussions of the
      parties hereto.

7.2   Headings

      Section and subsection headings are included herein for convenience of
      reference only and shall not constitute a part of this Guaranty for any
      other purposes or be given substantive effect.

7.3   Severability

      The invalidity, illegality, or unenforceability in any jurisdiction of any
      provision of this Guaranty shall not affect or impair the remaining
      provisions of this Guaranty.


                                       6
<PAGE>
7.4   Notices

      Any notice or other communication required shall be in writing addressed
      to the respective party as set forth below and may be personally served,
      telecopied, sent by overnight courier service or U.S. mail and shall be
      deemed to have been given: (a) if delivered in person, when delivered; (b)
      if delivered by fax, on the date of transmission if transmitted on a
      Business Day before 4:00 p.m. New York Time; (c) if delivered by overnight
      courier, one (1) Business Day after delivery to the courier properly
      addressed; or (d) if delivered by U.S. mail, four (4) Business Days after
      deposit with postage prepaid and properly addressed.

      Notices shall be addressed as follows:

      (a)   If to Agent, at:

            General Electric Capital Corporation
            335 Madison Avenue
            12th Floor
            New York, NY  10017
            Attention:  Golfsmith Account Manager
            Telephone No.:    (212) 370-8000
            Telecopier No.:   (212) 983-8766

            with copies to:

            General Electric Capital Corporation
            Capital Funding, Inc.
            777 Long Ridge, Building B, First Floor
            Stamford, CT  06927
            Attention:  Corporate Counsel
            Telephone No.:    (203) 357-3159
            Telecopier No.:   (203) 703-1777

            and:

            General Electric Capital Corporation
            201 High Ridge Road
            Stamford, CT  06927-5100
            Attention:  Corporate Counsel
            Telephone No.:    (203) 316-7552
            Telecopier No.:   (203) 316-7889

            and:

            Clifford Chance US LLP
            200 Park Avenue
            New York, NY  10166
            Attention:  Robert S. Finley, Esq.
            Telephone No.:    (212) 878-3194
            Telecopier No.:   (212) 878-8375

      (b)   If to any Lender, at the address of such Lender specified in the
            Credit Agreement;


                                       7
<PAGE>
      (c)   If to Guarantor at:

            c/o Golfsmith International, Inc.
            11100 North IH 35
            Austin, Texas 78753-3195
            Attention:  Chief Financial Officer
            Telephone No.:    (512) 821-4047
            Telecopier No.:   (512) 837-1019

            with a copy to:

            First Atlantic Capital, Ltd.
            135 East 57th Street
            New York, NY  10022
            Attention:  Noel Wilens
            Fax:  (212) 207-8842

7.5   Successors and Assigns

      This Guaranty and all obligations of each Guarantor hereunder shall be
      binding upon the successors and assigns of such Guarantor (including a
      debtor-in-possession on behalf of such Guarantor) and shall, together with
      the rights and remedies of Agent, for itself and for the benefit of
      Lenders, hereunder, inure to the benefit of Agent and Lenders, all future
      holders of any instrument evidencing any of the Obligations and their
      respective successors and assigns. No sales of participations, other
      sales, assignments, transfers or other dispositions of any agreement
      governing or instrument evidencing the Obligations or any portion thereof
      or interest therein shall in any manner affect the rights of Agent and
      Lenders hereunder. No Guarantor may assign, sell, hypothecate or otherwise
      transfer any interest in or obligation under this Guaranty.

7.6   No Waiver; Cumulative Remedies; Amendments

      Neither Agent nor any Lender shall by any act, delay, omission or
      otherwise be deemed to have waived any of its rights or remedies
      hereunder, and no waiver shall be valid unless in writing, signed by Agent
      and then only to the extent therein set forth. A waiver by Agent, for
      itself and the ratable benefit of Lenders, of any right or remedy
      hereunder on any one occasion shall not be construed as a bar to any right
      or remedy which Agent would otherwise have had on any future occasion. No
      failure to exercise nor any delay in exercising, on the part of Agent or
      any Lender, any right, power or privilege hereunder, shall operate as a
      waiver thereof, nor shall any single or partial exercise of any right,
      power or privilege hereunder preclude any other or future exercise thereof
      or the exercise of any other right, power or privilege. The rights and
      remedies hereunder provided are cumulative and may be exercised singly or
      concurrently, and are not exclusive of any rights and remedies provided by
      law. None of the terms or provisions of this Guaranty may be waived,
      altered, modified, supplemented or amended except by an instrument in
      writing, duly executed by Agent and each Guarantor.

7.7   Termination

      This Guaranty is a continuing guaranty and shall remain in full force and
      effect until the payment and performance in full of the Guaranteed
      Obligations. Upon payment and performance in full of the Guaranteed
      Obligations, Agent shall deliver to each Guarantor such documents as such
      Guarantor may reasonably request to evidence such termination.


                                       8
<PAGE>
7.8   Counterparts; Effectiveness

      This Guaranty and any amendments, waivers, consents or supplements may be
      executed in any number of counterparts and by different parties hereto in
      separate counterparts, each of which when so executed and delivered shall
      be deemed an original, but all of which counterparts together shall
      constitute but one in the same instrument. This Guaranty shall become
      effective upon the execution of a counterpart hereof by each of the
      parties hereto.

7.9   Consent to Jurisdiction

      GUARANTORS HEREBY CONSENT TO THE JURISDICTION OF ANY STATE OR FEDERAL
      COURT LOCATED WITHIN NEW YORK COUNTY, STATE OF NEW YORK AND IRREVOCABLY
      AGREE THAT, SUBJECT TO AGENT'S ELECTION, ALL ACTIONS OR PROCEEDINGS
      ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OF THE OTHER LOAN
      DOCUMENTS SHALL BE LITIGATED IN SUCH COURTS. GUARANTORS EXPRESSLY SUBMIT
      AND CONSENT TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVE ANY
      DEFENSE OF FORUM NON CONVENIENS. GUARANTORS HEREBY WAIVE PERSONAL SERVICE
      OF ANY AND ALL PROCESS AND AGREE THAT ALL SUCH SERVICE OF PROCESS MAY BE
      MADE UPON ANY GUARANTORS BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT
      REQUESTED, ADDRESSED TO SUCH GUARANTOR, AT THE ADDRESS SET FORTH IN THIS
      GUARANTY AND SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE
      SAME HAS BEEN POSTED. IN ANY LITIGATION, TRIAL, ARBITRATION OR OTHER
      DISPUTE RESOLUTION PROCEEDING RELATING TO THIS GUARANTY OR ANY OF THE
      OTHER LOAN DOCUMENTS, ALL DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS OF
      GUARANTORS OR ANY OF THEIR AFFILIATES SHALL BE DEEMED TO BE EMPLOYEES OR
      MANAGING AGENTS OF SUCH GUARANTORS FOR PURPOSES OF ALL APPLICABLE LAW OR
      COURT RULES REGARDING THE PRODUCTION OF WITNESSES BY NOTICE FOR TESTIMONY
      (WHETHER IN A DEPOSITION, AT TRIAL OR OTHERWISE). GUARANTORS AGREE THAT
      AGENT'S OR ANY LENDER'S COUNSEL IN ANY SUCH DISPUTE RESOLUTION PROCEEDING
      MAY EXAMINE ANY OF THESE INDIVIDUALS AS IF UNDER CROSS-EXAMINATION AND
      THAT ANY DISCOVERY DEPOSITION OF ANY OF THEM MAY BE USED IN THAT
      PROCEEDING AS IF IT WERE AN EVIDENCE DEPOSITION. GUARANTORS IN ANY EVENT
      WILL USE ALL COMMERCIALLY REASONABLE EFFORTS TO PRODUCE IN ANY SUCH
      DISPUTE RESOLUTION PROCEEDING, AT THE TIME AND IN THE MANNER REQUESTED BY
      AGENT OR ANY LENDER, ALL PERSONS, DOCUMENTS (WHETHER IN TANGIBLE,
      ELECTRONIC OR OTHER FORM) OR OTHER THINGS UNDER THEIR CONTROL AND RELATING
      TO THE DISPUTE.

7.10  Waiver of Jury Trial

      GUARANTORS HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY
      CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS GUARANTY AND
      THE OTHER LOAN DOCUMENTS. GUARANTORS ACKNOWLEDGE THAT THIS WAIVER IS A
      MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS
      RELIED ON THE WAIVER IN ENTERING INTO THIS GUARANTY AND THE OTHER LOAN
      DOCUMENTS AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR
      RELATED FUTURE DEALINGS. GUARANTORS WARRANT AND REPRESENT THAT EACH HAS
      HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND
      THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS.


                                       9
<PAGE>
7.11  Limitation

      Notwithstanding any provision herein contained to the contrary, the
      liability of each of Golfsmith GP. L.L.C., Golfsmith Delaware, L.L.C.,
      Golfsmith Canada, L.L.C., Golfsmith Europe, L.L.C. and Golfsmith Licensing
      L.L.C. (each, a "Limited Guarantor") under this Guaranty shall be limited
      to an amount not to exceed as of any date of determination the greater of:

      (a)   the net amount of all Loans advanced to such Limited Guarantor under
            the Credit Agreement and then re-loaned or otherwise transferred to,
            or for the benefit of, such Limited Guarantor; and

      (b)   the amount that could be claimed by Agent and Lenders from such
            Limited Guarantor under this Guaranty without rendering such claim
            voidable or avoidable under Section 548 of Chapter 11 of the
            Bankruptcy Code or under any applicable state Uniform Fraudulent
            Transfer Act, Uniform Fraudulent Conveyance Act or similar statute
            or common law after taking into account, among other things, such
            Limited Guarantor's right of contribution and indemnification from
            each other Guarantor under Section 7.12.

7.12  Contribution with Respect to Guaranty Obligations

      (a)   To the extent that any Guarantor shall make a payment under this
            Guaranty of all or any of the Obligations (a "Guarantor Payment")
            that, taking into account all other Guarantor Payments then
            previously or concurrently made by any other Guarantor, exceeds the
            amount that such Guarantor would otherwise have paid if each
            Guarantor had paid the aggregate Obligations satisfied by such
            Guarantor Payment in the same proportion that such Guarantor's
            "Allocable Amount" (as defined below) (as determined immediately
            prior to such Guarantor Payment) bore to the aggregate Allocable
            Amounts of each of the Guarantors as determined immediately prior to
            the making of such Guarantor Payment, then, following indefeasible
            payment in full in cash of the Obligations and termination of the
            Commitments, such Guarantor shall be entitled to receive
            contribution and indemnification payments from, and be reimbursed
            by, each other Guarantor for the amount of such excess, pro rata
            based upon their respective Allocable Amounts in effect immediately
            prior to such Guarantor Payment.

      (b)   As of any date of determination, the "Allocable Amount" of any
            Guarantor shall be equal to the maximum amount of the claim that
            could then be recovered from such Guarantor under this Section 7.12
            without rendering such claim voidable or avoidable under Section 548
            of Chapter 11 of the Bankruptcy Code or under any applicable state
            Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act
            or similar statute or common law.

      (c)   This Section 7.12 is intended only to define the relative rights of
            Guarantors and nothing set forth in this Section 7.12 is intended to
            or shall impair the obligations of Guarantors, jointly and
            severally, to pay any amounts as and when the same shall become due
            and payable in accordance with the terms of this Guaranty. Nothing
            contained in this Section 7.12 shall limit the liability of any
            Guarantor to pay the Loans made directly or indirectly to that
            Guarantor and accrued interest, Fees and expenses with respect
            thereto for which such Guarantor shall be primarily liable.

      (d)   The parties hereto acknowledge that the rights of contribution and
            indemnification hereunder shall constitute assets of the Guarantor
            to which such contribution and indemnification is owing.


                                       10
<PAGE>
      (e)   The rights of the indemnifying Guarantors against other Credit
            Parties under this Section 7.12 shall be exercisable upon the full
            and indefeasible payment of the Obligations and the termination of
            the Commitments.

7.13  Liability Cumulative

      The liability of Guarantors under this Section 7.11 and 7.12 is in
      addition to and shall be cumulative with all liabilities of each Guarantor
      under this Guaranty to which such Guarantor is a party or in respect of
      any Obligations or obligation of the other Guarantor, without any
      limitation as to amount, unless the instrument or agreement evidencing or
      creating such other liability specifically provides to the contrary.


                                       11
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Guaranty as of the date first above written.

                                    GOLFSMITH INTERNATIONAL, INC.


                                    By          /s/     NOEL E. WILENS
                                       -----------------------------------------
                                       Noel E. Wilens
                                       Vice President

                                    GOLFSMITH INTERNATIONAL HOLDINGS, INC.


                                    By          /s/     NOEL E. WILENS
                                       -----------------------------------------
                                       Noel E. Wilens
                                       Vice President

                                    GOLFSMITH GP HOLDINGS, INC.


                                    By          /s/     NOEL E. WILENS
                                       -----------------------------------------
                                       Noel E. Wilens
                                       Vice President

                                    GOLFSMITH HOLDINGS, L.P.
                                    By Golfsmith GP Holdings, Inc., as General
                                       Partner


                                    By          /s/     NOEL E. WILENS
                                       -----------------------------------------
                                       Noel E. Wilens
                                       Vice President

                                    GOLFSMITH GP, L.L.C.
                                    By Golfsmith Holdings, L.P., as Sole Member

                                    By Golfsmith GP Holdings, Inc., as General
                                       Partner


                                    By          /s/     NOEL E. WILENS
                                       -----------------------------------------
                                       Noel E. Wilens
                                       Vice President

                                    GOLFSMITH DELAWARE, L.L.C.
                                    By Golfsmith Holdings, L.P., as Sole Member

                                    By Golfsmith GP Holdings, Inc., as General
                                       Partner


                                    By          /s/     NOEL E. WILENS
                                       -----------------------------------------


                      SIGNATURE PAGE TO GOLFSMITH GUARANTY
<PAGE>
                                       Noel E. Wilens
                                       Vice President

                                    GOLFSMITH CANADA, L.L.C.
                                    By Golfsmith Holdings, L.P., as Sole Member

                                    By Golfsmith GP Holdings, Inc., as General
                                       Partner


                                    By          /s/     NOEL E. WILENS
                                       -----------------------------------------
                                       Noel E. Wilens
                                       Vice President

                                    GOLFSMITH EUROPE, L.L.C.
                                    By Golfsmith Holdings, L.P., as Sole Member

                                    By Golfsmith GP Holdings, Inc., as General
                                       Partner


                                    By          /s/     NOEL E. WILENS
                                       -----------------------------------------
                                       Noel E. Wilens
                                       Vice President

                                    GOLFSMITH LICENSING, L.L.C.
                                    By Golfsmith Holdings, L.P., as Sole Member

                                    By Golfsmith GP Holdings, Inc., as General
                                       Partner


                                    By          /s/     NOEL E. WILENS
                                       -----------------------------------------
                                       Noel E. Wilens
                                       Vice President


                                    GENERAL ELECTRIC CAPITAL CORPORATION,
                                    AS AGENT

                                    By:         /s/    LAURENT PARIS
                                         ---------------------------------------
                                    Name:  Laurent Paris
                                           -----------------------------
                                           its Duly Authorized Signatory


                      SIGNATURE PAGE TO GOLFSMITH GUARANTY