<PAGE>
 
                                                                  EXHIBIT 4.1(d)


                               December 28, 1998


J.S. OSHMAN AND CO., INC.
OSHMAN SPORTING GOODS CO., ALABAMA
OSHMAN SPORTING GOODS CO., ARIZONA
OSHMAN SPORTING GOODS CO., ARKANSAS
OSHMAN SPORTING GOODS CO., CALIFORNIA
OSHMAN SPORTING GOODS CO., COLORADO
OSHMAN SPORTING GOODS CO., FLORIDA
OSHMAN SPORTING GOODS CO., GEORGIA
OSHMAN SPORTING GOODS CO., HAWAII
OSHMAN SPORTING GOODS CO., KANSAS
OSHMAN SPORTING GOODS CO., LOUISIANA
OSTMAN SPORTING GOODS CO., MICHIGAN
OSHMAN SPORTING GOODS CO., MINNESOTA
OSHMAN SPORTING GOODS CO., MISSOURI
OSHMAN SPORTING GOODS CO., NEVADA
OSHMAN SPORTING GOODS CO., NEW JERSEY
OSHMAN SPORTING GOODS CO., NEW MEXICO
OSHMAN SPORTING GOODS CO., NEW YORK
OSHMAN SPORTING GOODS CO., OHIO
OSHMAN SPORTING GOODS CO., OKLAHOMA
OSHMAN SPORTING GOODS CO., OREGON
OSHMAN SPORTING GOODS CO., SOUTH CAROLINA
OSHMAN SPORTING GOODS CO., TENNESSEE
OSHMAN SPORTING GOODS CO., TEXAS
OSHMAN SPORTING GOODS CO., UTAH
OSHMAN SPORTING GOODS CO., WASHINGTON
OSHMAN'S SKI SKOOL, INC.
OSHMAN'S SPORTING GOODS INC. - SERVICES
     (collectively, the "Companies")
2302 Maxwell Lane
Houston, Texas  77023

Gentlemen:

Reference is made to the Amended and Restated Financing Agreement between the
Companies and us, dated as of December 15, 1997, as further amended (herein the
"Financing Agreement").  Capitalized terms as used herein shall have the
meanings ascribed to them in the Financing Agreement unless otherwise
specifically defined herein.

Pursuant to mutual understanding, paragraph 10 of Section 6 of the Financing
Agreement is hereby amended as follows:
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1)  The figure "$375,000.00" appearing in clause (ii) of paragraph F is hereby
    deleted and the figure "$1,000,000.00" is substituted in lieu thereof; and

2)  The figure "$375,000.00" appearing in clause (iv) of paragraph H is hereby
    deleted and the figure "$1,000,000.00" is substituted in lieu thereof.

Except as otherwise specifically provided herein, no other change or amendment
in the terms and conditions of the Financing Agreement is intended or implied.
If the foregoing is in accordance with your understanding, please so indicate by
signing and returning to us the enclosed copy of this letter.


                                    Very truly yours,

                                    THE CIT GROUP/BUSINESS
                                    CREDIT, INC.



                                    By:
                                       ______________________________
                                    Title:
                                          ___________________________
<PAGE>
 
Read and Agreed to:

J.S. OSHMAN AND CO., INC.
OSHMAN SPORTING GOODS CO., ALABAMA
OSHMAN SPORTING GOODS CO., ARIZONA
OSHMAN SPORTING GOODS CO., ARKANSAS
OSHMAN SPORTING GOODS CO., CALIFORNIA
OSHMAN SPORTING GOODS CO., COLORADO
OSHMAN SPORTING GOODS CO., FLORIDA
OSHMAN SPORTING GOODS CO., GEORGIA
OSHMAN SPORTING GOODS CO., HAWAII
OSHMAN SPORTING GOODS CO., KANSAS
OSHMAN SPORTING GOODS CO., LOUISIANA
OSHMAN SPORTING GOODS CO., MICHIGAN
OSHMAN SPORTING GOODS CO., MINNESOTA
OSHMAN SPORTING GOODS CO., MISSOURI
OSHMAN SPORTING GOODS CO., NEVADA
OSHMAN SPORTING GOODS CO., NEW JERSEY
OSHMAN SPORTING GOODS CO., NEW MEXICO
OSHMAN SPORTING GOODS CO., NEW YORK
OSHMAN SPORTING GOODS CO., OHIO
OSHMAN SPORTING GOODS CO., OKLAHOMA
OSHMAN SPORTING GOODS CO., OREGON
OSHMAN SPORTING GOODS CO., SOUTH CAROLINA
OSHMAN SPORTING GOODS CO., TENNESSEE
OSHMAN SPORTING GOODS CO., TEXAS
OSHMAN SPORTING GOODS CO., UTAH
OSHMAN SPORTING GOODS CO., WASHINGTON
OSHMAN'S SKI SKOOL, INC.
OSHMAN'S SPORTING GOODS INC. - SERVICES
     (collectively, the "Companies")


By:
   ______________________________________
Title:
      ___________________________________
        (of each of the above Companies)


OSHMAN'S SPORTING GOODS, INC., in its capacity, as Guarantor, hereby
acknowledges the foregoing.



By:
   ______________________________________
Title:
      ___________________________________