Document:

<PAGE>

                                                                    EXHIBIT 10.9

                                                               EXECUTION VERSION

                       AMENDMENT NO. 4 TO CREDIT AGREEMENT

                  This Amendment No. 4 to Credit Agreement, dated as of March
__, 2004 (this "Amendment"), is entered into by and among Golfsmith
International, L.P., Golfsmith NU, L.L.C., and Golfsmith USA, L.L.C., as
Borrowers (the "Borrowers"), the other Persons designated as Credit Parties to
the Credit Agreement (the "Credit Parties"), the lenders signatory thereto from
time to time (the "Lenders"), and General Electric Capital Corporation, for
itself as a Lender, as L/C Issuer and as Agent for the Lenders (in such
capacity, the "Agent"). Terms defined in the Credit Agreement and not otherwise
defined herein shall have the meanings assigned thereto in the Credit Agreement.

                                    RECITALS

         A.       The Borrowers, the other Credit Parties, the Agent and the
Lenders are parties to that certain Credit Agreement, dated as of October 15,
2002, as amended by Amendment No. 1 thereto, dated as of January 10, 2003,
Amendment No. 2 thereto, dated as of September 5, 2003, and Amendment No. 3
thereto, dated as of February 10, 2004 (as so amended and as it may hereafter be
further amended, restated or otherwise modified, the "Credit Agreement").

         B.       The Borrowers, Credit Parties, Agent and Lenders are desirous
of amending the Credit Agreement as and to the extent set forth herein and
subject to the terms and conditions provided herein.

         C.       This Amendment shall constitute a Loan Document and these
Recitals shall be construed as part of this Amendment.

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

1.       Amendments.

         1.1      Section 4.3 of the Credit Agreement ("Minimum EBITDA") is
hereby amended as follows:

                  (a)      By deleting the words "$19,140,000 for the Fiscal
Quarter ending on or about March 31, 2004" and replacing them with "$14,550,000
for the Fiscal Quarter ending on or about March 31, 2004";

                  (b)      By deleting the words "$19,560,000 for the Fiscal
Quarter ending on or about June 30, 2004" and replacing them with "$17,220,000
for the Fiscal Quarter ending on or about June 30, 2004".

<PAGE>

         1.2      Section 4.5 of the Credit Agreement ("Minimum Interest
Coverage Ratio") is hereby amended as follows:

                  (a)      By deleting the words "1.40 for the Fiscal Quarter
ending on or about March 31, 2004" and replacing them with "1.00 for the Fiscal
Quarter ending on or about March 31, 2004";

                  (b)      By deleting the words "1.80 for the Fiscal Quarter
ending on or about June 30, 2004" and replacing them with "1.20 for the Fiscal
Quarter ending on or about June 30, 2004"; and

                  (c)      By deleting the words "1.80 for the Fiscal Quarter
ending on or about September 30, 2004" and replacing them with "1.60 for the
Fiscal Quarter ending on or about September 30, 2004".

         1.3      Section 4.9 of the Credit Agreement is hereby amended by
adding the following as a new subsection 4.9(o) at the end thereof:

                           "Beginning the date on which the outstanding balance
         of the Revolving Loan exceeds $9,000,000, and on the Monday of every
         week thereafter for as long as the outstanding balance of the Revolving
         Loan exceeds $9,000,000, Borrowers will deliver consolidated and
         consolidating projections of the cash flows (both cash inflows and
         outflows) of the Credit Parties for the immediately succeeding thirteen
         (13) week period, together with such supporting schedules and
         information as Agent shall request."

         1.4      Schedule 1 to Exhibit 4.9(d) of the Credit Agreement
("Borrowing Base Certificate") is hereby amended by inserting the following line
items at the end thereof, each of which shall be completed each time that the
Borrowers deliver a Borrowing Base Certificate:

<TABLE>
<S>                                                 <C>
"Borrowing Base Availability (consolidated)         $__________

Borrowing Base "Golfsmith International, L.P."      $__________

Revolver Commitment                                 $12,500,000

Less: $500,000 Availability Reserve                     500,000

Net Availability of Commitment                      $12,000,000

Lesser of Borrowing Base
"Golfsmith International, L.P." and
Net Availability of Commitment                      $__________
</TABLE>

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<PAGE>

<TABLE>
<S>                                                 <C>
Outstanding Balance of Revolving Loan               $__________

Net Availability                                    $ __________"
</TABLE>

         1.5      Schedule 1 to Exhibit 4.9(k) of the Credit Agreement
("Compliance Certificate") is hereby amended by deleting the words "(cash only)"
from the definition of Interest Expense in Section 4.5 thereof and replacing
them with "(GAAP)".

2.       Conditions to Effectiveness. The effectiveness of this Amendment is
expressly conditioned upon the satisfaction of each of the following conditions
precedent in a manner acceptable to Agent:

         2.1      Agent's receipt of counterparts of this Amendment, duly
executed by each Borrower, each other Credit Party, Agent and Requisite Lenders.

         2.2      No Default or Event of Default shall have occurred and be
continuing or would result from the effectiveness of this Amendment or the
consummation of any of the transactions contemplated hereby.

3.       Reference to and Effect Upon the Credit Agreement and other Loan
Documents.

         3.1      The Credit Agreement, the Notes and each other Loan Document
shall remain in full force and effect and each is hereby ratified and confirmed
by Borrower and each of the other Credit Parties. Without limiting the
foregoing, the Liens granted pursuant to the Collateral Documents shall continue
in full force and effect and the guaranties of each of the Guarantors shall
continue in full force and effect.

         3.2      The execution, delivery and effect of this Amendment shall be
limited precisely as written and shall not be deemed to (a) be a consent to any
waiver of any term or condition or to any amendment or modification of any term
or condition (except for the specific amendments provided in Section 1 above),
of the Credit Agreement or any other Loan Document or (b) prejudice any right,
power or remedy which the Agent or any Lender now has or may have in the future
under or in connection with the Credit Agreement, the Notes or any other Loan
Document.

         3.3      Each reference in the Credit Agreement to "this Agreement",
"hereunder", "hereof", "herein" or any other word or words of similar import
shall mean and be a reference to the Credit Agreement as amended hereby, and
each reference in any other Loan Document to the Credit Agreement or any word or
words of similar import shall be and mean a reference to the Credit Agreement as
amended hereby.

4.       Counterparts. This Amendment may be executed in any number of
counterparts, each of which when so executed shall be deemed an original but all
such counterparts shall constitute

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one and the same instrument. A counterpart signature page delivered by fax
transmission shall be as effective as delivery of an originally executed
counterpart.

5.       GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAW
PROVISIONS) OF THE STATE OF NEW YORK.

6.       Headings. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

                            [SIGNATURE PAGES FOLLOW]

                                        4
<PAGE>

                  IN WITNESS WHEREOF, this Amendment No. 4 to Credit Agreement
has been duly executed as of the date first written above.

                           GOLFSMITH INTERNATIONAL, L.P.

                           By Golfsmith GP L.L.C., as General Partner
                           By Golfsmith Holdings, L.P., as Sole Member
                           By Golfsmith GP Holdings, Inc., as General Partner

                           By: _________________________________________________
                           Name: _______________________________________________
                           Title: ______________________________________________

                           GOLFSMITH NU, L.L.C.

                           By Golfsmith Holdings, L.P., as Sole Member
                           By Golfsmith GP Holdings, Inc., as General Partner

                           By: _________________________________________________
                           Name: _______________________________________________
                           Title: ______________________________________________

                           GOLFSMITH USA, L.L.C.

                           By Golfsmith Holdings, L.P., as Sole Member
                           By Golfsmith GP Holdings, Inc., as General Partner

                           By: _________________________________________________
                           Name: _______________________________________________
                           Title: ______________________________________________

                           GOLFSMITH INTERNATIONAL, INC.

                           By: _________________________________________________
                           Name: _______________________________________________
                           Title: ______________________________________________

                  AMENDMENT NO. 4 TO GOLFSMITH CREDIT AGREEMENT

<PAGE>

                           GOLFSMITH INTERNATIONAL HOLDINGS, INC.

                           By: _________________________________________________
                           Name: _______________________________________________
                           Title: ______________________________________________

                           GOLFSMITH GP HOLDINGS, INC.

                           By: _________________________________________________
                           Name: _______________________________________________
                           Title: ______________________________________________

                           GOLFSMITH HOLDINGS, L.P.

                           By Golfsmith GP Holdings, Inc., as General Partner

                           By: _________________________________________________
                           Name: _______________________________________________
                           Title: ______________________________________________

                           GOLFSMITH GP, L.L.C.

                           By Golfsmith Holdings, L.P., as Sole Member
                           By Golfsmith GP Holdings, Inc., as General Partner

                           By: _________________________________________________
                           Name: _______________________________________________
                           Title: ______________________________________________

                           GOLFSMITH DELAWARE, L.L.C.

                           By Golfsmith Holdings, L.P., as Sole Member
                           By Golfsmith GP Holdings, Inc., as General Partner

                           By: _________________________________________________
                           Name: _______________________________________________
                           Title: ______________________________________________

                  AMENDMENT NO. 4 TO GOLFSMITH CREDIT AGREEMENT

<PAGE>

                           GOLFSMITH CANADA, L.L.C.

                           By Golfsmith Holdings, L.P., as Sole Member
                           By Golfsmith GP Holdings, Inc., as General Partner

                           By: _________________________________________________
                           Name: _______________________________________________
                           Title: ______________________________________________

                           GOLFSMITH EUROPE, L.L.C.

                           By Golfsmith Holdings, L.P., as Sole Member
                           By Golfsmith GP Holdings, Inc., as General Partner

                           By: _________________________________________________
                           Name: _______________________________________________
                           Title: ______________________________________________

                           GOLFSMITH LICENSING, L.L.C.

                           By Golfsmith Holdings, L.P., as Sole Member
                           By Golfsmith GP Holdings, Inc., as General Partner

                           By: _________________________________________________
                           Name: _______________________________________________
                           Title: ______________________________________________

                           GENERAL ELECTRIC CAPITAL CORPORATION,

                           as Agent, an L/C Issuer and Lender

                           By: _________________________________________________
                           Name: _______________________________________________
                                    Its Duly Authorized Signatory

                  AMENDMENT NO. 4 TO GOLFSMITH CREDIT AGREEMENT<PAGE>

                                                               EXHIBIT 10.10
                                                               EXECUTION VERSION

                        ASSUMPTION AND JOINDER AGREEMENT

         ASSUMPTION AND JOINDER AGREEMENT dated as of July 24, 2003 (this
"Assumption Agreement") made by [DON SHERWOOD GOLF SHOP, a California
corporation], (the "New Subsidiary") in favor of GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation ("GE Capital"), in connection with that
certain CREDIT AGREEMENT, dated as of October 15, 2002 (as amended as of January
10, 2003 and as such agreement may be amended, amended and restated,
supplemented or otherwise modified, renewed or replaced from time to time, the
"Credit Agreement"), among GOLFSMITH INTERNATIONAL, L.P., GOLFSMITH NU, L.L.C.,
and GOLFSMITH USA, L.L.C., as Borrowers (the "Borrowers"), the other Persons
designated as Credit Parties thereto (the "Credit Parties"), the lenders
signatory thereto from time to time (the "Lenders), and GE Capital for itself as
a Lender, as L/C Issuer and as Agent for the Lenders (the "Agent"). Capitalized
terms used herein but not otherwise defined shall have the meanings given to
such terms in the Credit Agreement.

         Reference is hereby made to:

         (a)      the Credit Agreement;

         (b)      that certain Guaranty dated as of October 15, 2002 (as the
same may be amended, amended and restated, supplemented or otherwise modified,
renewed or replaced from time to time, the "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., (each referred to therein individually as a
"Guarantor" and collectively as "Guarantors"), and Agent, for itself and the
Lenders;

         (c)      that certain Security Agreement dated as of October 15, 2002
(as the same may be amended, amended and restated, supplemented or otherwise
modified, renewed or replaced from time to time, the "Security Agreement"), by
and among Golfsmith International, Inc., Golfsmith International Holdings, Inc.,
Golfsmith GP Holdings, Inc., Golfsmith Holdings, L.P., Golfsmith International,
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., Golfsmith NU, L.L.C.
and Golfsmith Licensing, L.L.C., (each referred to therein individually as a
"Grantor" and collectively as "Grantors"), and Agent, for itself and the
Lenders; and

         (d)      that certain Intercompany Subordination Agreement dated as of
October 15, 2002 (as the same may be amended, supplemented or otherwise
modified, renewed or replaced from time to time, the "Subordination Agreement"),
by and among Golfsmith International, Inc., Golfsmith International Holdings,
Inc., Golfsmith GP Holdings, Inc., Golfsmith Holdings, L.P., Golfsmith
International, 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., Golfsmith NU,
L.L.C., and Golfsmith Licensing, L.L.C., and Agent, for itself and the Lenders.

                                   WITNESSETH

         WHEREAS, Golfsmith International, Inc. wishes to purchase all of the
issued and outstanding stock of the New Subsidiary;

<PAGE>

         WHEREAS, the New Subsidiary is a California corporation that will be
wholly-owned by Golfsmith International, Inc.; and

         WHEREAS, the New Subsidiary is executing this document pursuant to
Section 2.8(b) of the Credit Agreement.

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt of which is hereby acknowledged, the New
Subsidiary hereby agrees as follows:

         1. Assumption and Joinder.

                  (a)      The New Subsidiary hereby expressly confirms that it
has assumed, and hereby agrees to perform and observe and be bound by, each and
every one of the covenants, promises, agreements, terms, obligations, duties and
liabilities of (i) a Credit Party under the Credit Agreement and all the other
Loan Documents applicable to it as a Credit Party, (ii) a Guarantor under the
Guaranty and all the other Loan Documents applicable to it as a Guarantor, (iii)
a Grantor under the Security Agreement and all the other Loan Documents
applicable to it as a Grantor, and (iv) as applicable, a Debtor and/or a
Subordinated Debt Holder (such terms being used herein as defined in the
Subordination Agreement) under the Subordination Agreement. By virtue of the
foregoing, the New Subsidiary hereby accepts and assumes any liability of (w) a
Credit Party related to each representation, warranty, covenant or obligation
made by a Credit Party in the Credit Agreement or any other Loan Document and
hereby expressly affirms, as of the date hereof, each of such representations,
warranties, covenants and obligations, (x) a Guarantor related to each
representation, warranty, covenant or obligation made by a Guarantor in the
Guaranty or any other Loan Document and hereby expressly affirms, as of the date
hereof, each of such representations, warranties, covenants and obligations, (y)
a Grantor related to each representation, warranty, covenant or obligation made
by a Grantor in the Security Agreement, and hereby expressly affirms, as of the
date hereof, each of such representations, warranties, covenants and
obligations, and (z) a Debtor related to each covenant or obligation made by a
Debtor in the Subordination Agreement and hereby expressly affirms, as of the
date hereof, each of such covenants and obligations.

                  (b)      All references to the term "Credit Party" in the
Credit Agreement, all references to the term "Guarantor" in the Guaranty, all
references to the term "Grantor" in the Security Agreement and as applicable,
all references to the terms "Debtor" and/or "Subordinated Debt Holder" in the
Subordination Agreement or any other reference to such terms in any other Loan
Document, or in any document or instrument executed and delivered or furnished,
or to be executed and delivered or furnished, in connection therewith shall be
deemed to be a reference to, and shall include, the New Subsidiary.

         2. Representations and Warranties. The New Subsidiary hereby represents
and warrants to the Lenders as follows:

                  (a)      The New Subsidiary has the requisite corporate power
and authority to enter into this Assumption Agreement and to perform its
obligations hereunder and under the Credit Agreement, the Guaranty, the Security
Agreement, the Subordination Agreement and any other Loan Document to which it
is a party. The execution, delivery and performance of this Assumption Agreement
by the New Subsidiary and the performance of its obligations under the Credit
Agreement, the Guaranty, the Security Agreement, the Subordination Agreement and
any other Loan Document to which it is a party (collectively the "Assumed Loan
Documents") have been duly authorized by all necessary corporate action of the
New Subsidiary and no other corporate action or proceedings on the part of the
New Subsidiary are necessary to authorize the execution, delivery or performance
of this Assumption Agreement, the transactions contemplated hereby or the
performance of its obligations under the Credit

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<PAGE>
Agreement, the Guaranty, the Security Agreement, the Subordination Agreement or
any Assumed Loan Document. This Assumption Agreement has been duly executed and
delivered by the New Subsidiary. This Assumption Agreement, the Credit Agreement
and each Assumed Loan Document, each constitutes the legal, valid and binding
obligation of the New Subsidiary enforceable against it in accordance with its
respective terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization or similar laws affecting creditors'
rights generally and by general principles of equity, whether such
enforceability is considered in a proceeding at law or in equity.

                  (b)      The representations and warranties applicable to the
New Subsidiary set forth in each Assumed Loan Document, are true and correct on
and as of the date hereof (except to the extent that such representations and
warranties expressly relate to an earlier date) with the same effect as if made
on and as of the date hereof.

                  (c)      The authorized capitalization of the New Subsidiary,
the number of shares of its capital stock outstanding on the date hereof, and
the ownership of such stock are set forth on Schedule 1 hereto.

         3. Further Assurances. At any time and from time to time, upon the
Agent's request and at the sole expense of the New Subsidiary, the New
Subsidiary will promptly and duly execute and deliver any and all further
instruments and documents and take such further action as the Agent reasonably
deems necessary to effect the purposes of this Assumption Agreement.

         4. Binding Effect. This Assumption Agreement shall be binding upon the
New Subsidiary and shall inure to the benefit of the Lenders and their
respective successors and assigns.

         5. GOVERNING LAW. THIS ASSUMPTION AGREEMENT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICTS OF LAW PRINCIPLES.

         6. Miscellaneous. Delivery of an executed signature page to this
Assumption Agreement by facsimile shall be effective as delivery of a manually
executed copy of this Assumption Agreement. This Assumption Agreement and all
other instruments, agreements or documents provided for herein or delivered or
to be delivered hereunder or in connection herewith may be executed in any
number of counterparts, and by the parties hereto on the same or separate
counterparts, and each such counterpart, when executed and delivered, shall be
deemed to be an original, but all such counterparts shall together constitute
but one and the same agreement, instrument or document. This Assumption
Agreement shall constitute a Loan Document pursuant to the Credit Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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         IN WITNESS WHEREOF, the undersigned has caused this Assumption
Agreement to be duly executed and delivered by its duly authorized officer as of
the date first above written.

                                                 [DON SHERWOOD GOLF SHOP]

                                                 By: /s/ Noel E Wilens
                                                     ---------------------------
                                                 Name: NOEL E WILENS
                                                 Title: PRESIDENT

ACKNOWLEDGED AND AGREED TO:

GENERAL ELECTRIC CAPITAL CORPORATION,
 as Agent

By: /s/ Laurent Paris
    ----------------------------------
    Name: Laurent Paris, SVP
    Title: Duly Authorized Signatory

                                        4
<PAGE>

                                                                      SCHEDULE 1
                                                         To Assumption Agreement

                            Authorized Capitalization

200,000 shares of common stock authorized - par value $1.00
1,158 shares of common stock issued to Golfsmith International, Inc.

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