Document:

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                                                                   EXHIBIT 10.25

                            SECOND AMENDMENT TO FIRST
                      AMENDED AND RESTATED CREDIT AGREEMENT

        THIS SECOND AMENDMENT TO FIRST AMENDED AND RESTATED CREDIT AGREEMENT
(this "Second Amendment"), dated as of December 20, 2000, is entered into among
CLUBCORP, INC., a Delaware corporation (the "Borrower"), the lenders listed on
the signature pages hereof (the "Lenders"), and BANK OF AMERICA, N.A., in its
capacity as administrative agent for the Lenders (the "Administrative Agent").

                                   BACKGROUND

        A.   The Borrower, the Lenders, certain co-agents, certain managing
agents and the Administrative Agent are parties to that certain First Amended
and Restated Credit Agreement, dated as of September 24, 1999, as amended by
that certain First Amendment to First Amended and Restated Credit Agreement,
dated as of November 5, 1999 (said Credit Agreement, as amended, the "Credit
Agreement"; the terms defined in the Credit Agreement and not otherwise defined
herein shall be used herein as defined in the Credit Agreement).

        B.   The Borrower, the Lenders and the Administrative Agent desire to
amend the Credit Agreement.

        NOW, THEREFORE, in consideration of the covenants, conditions and
agreements hereafter set forth, and for other good and valuable consideration,
the receipt and adequacy of which are all hereby acknowledged, the parties
hereto covenant and agree as follows:

        1.   AMENDMENTS TO CREDIT AGREEMENT.

        (a)  Section 1.1 of the Credit Agreement is hereby amended by adding the
following defined terms thereto in proper alphabetical order:

             "AV" means Aliso Viejo Golf Club Joint Venture, a California
        joint venture and indirect subsidiary of the Borrower.

             "AV Non-Recourse Debt" means Indebtedness (i) as to which neither
        the Borrower nor any of its Subsidiaries (other than AV) (a) provides
        credit support of any kind (including any undertaking, agreement or
        instrument that would constitute Indebtedness), or (b) is directly or
        indirectly liable (as a guarantor or otherwise); and (ii) no default
        with respect to which (including any rights that the holders thereof may
        have to take enforcement action against AV) would permit (upon notice,
        lapse of time or both) any holder of any other Indebtedness of the
        Borrower or any of its Subsidiaries (other than AV) to declare a default
        on such other Indebtedness or cause the payment thereof to be
        accelerated or payable prior to its stated maturity; and (iii) as to
        which the lenders with respect to such Indebtedness will not have any
        recourse to the stock or assets of the Borrower or any of its
        Subsidiaries (other than AV).

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             "FCC Premium" means a per annum percentage rate equal to 0.250.

             "FCC Premium Period" means any period of time commencing on and
        including the first day of the Fiscal Quarter period for which a
        Compliance Certificate (for the third Fiscal Quarter of Fiscal Year 2001
        and for each Fiscal Quarter thereafter through and including for the
        third Fiscal Quarter of Fiscal Year 2002) is received by the
        Administrative Agent reporting that the Fixed Charge Coverage Ratio for
        such Fiscal Quarter period is less than 1.25 to 1 through and including
        the date of receipt by the Administrative Agent of a Compliance
        Certificate reporting that the Fixed Charge Coverage Ratio for the
        Fiscal Quarter period covered by such Compliance Certificate is 1.25 to
        1 or higher; provided, however, notwithstanding the above, for any FCC
        Premium applicable with respect to the third Fiscal Quarter of Fiscal
        Year 2001, the FCC Premium Period shall commence on and include the date
        immediately following the date of receipt by the Administrative Agent of
        the Compliance Certificate for the second Fiscal Quarter of Fiscal Year
        2001.

             "Leverage Premium" means a per annum percentage equal to 0.250.

             "Leverage Premium Period" means the period of time commencing on
        and including December 20, 2000 through and including the date of
        receipt by the Administrative Agent of the Compliance Certificate for
        the second Fiscal Quarter of Fiscal Year 2001.

        (b)  The definition of "Applicable Base Rate Margin" set forth in
Section 1.1 of the Credit Agreement is hereby amended by adding the following
sentence to the end thereof.

             Notwithstanding anything above to the contrary, during (a) the
        Leverage Premium Period, the Applicable Base Rate Margin shall be
        increased by an amount equal to the Leverage Premium and (b) any FCC
        Premium Period, the Applicable Base Rate Margin shall be increased by an
        amount equal to the FCC Premium.

        (c)  The definition of "Applicable LIBOR Rate Margin" set forth in
Section 1.1 of the Credit Agreement is hereby amended by adding the following
sentence to the end thereof:

             Notwithstanding anything above to the contrary, during (a) the
        Leverage Premium Period, the Applicable LIBOR Rate Margin shall be
        increased by an amount equal to the Leverage Premium and (b) any FCC
        Premium Period, the Applicable LIBOR Rate Margin shall be increased by
        amount equal to the FCC Premium.

        (d)  The definition of "Leverage Ratio" set forth in Section 1.1 of the
Credit Agreement is hereby amended by adding the following sentence to the end
thereof:

             Notwithstanding anything above to the contrary, for purposes of
        calculation of the Leverage Ratio only for the fourth Fiscal Quarter of
        Fiscal Year 2000 and the first two Fiscal Quarters of Fiscal Year 2001,
        there shall be excluded from the calculation of

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        (a)  Total Debt the amount of the AV Non-Recourse Debt and (b) EBITDA
        the amount of EBITDA attributable to AV.

        (e) Section 2.3(c)(i) of the Credit Agreement is hereby amended by
deleting "." at the end thereof and inserting the following in lieu thereof:

        ; provided, further, however, notwithstanding anything above to the
        contrary, with respect to any Swing line Advance outstanding at the
        commencement of (A) the Leverage Premium Period, the rate applicable to
        such Swing Line Advance shall be increased by an amount equal to the
        Leverage Premium and (B) any FCC Premium Period, the rate applicable to
        such Swing Line Advance shall be increased by an amount equal to the FCC
        Premium.

        (f) Section 7.12 of the Credit Agreement is hereby amended to read as
follows:

            Section 7.12 Maximum Leverage Ratio. The Borrower shall not
        permit the Leverage Ratio to be greater than (a) 4.50 to 1 at the end of
        any Fiscal Quarter through and including the second Fiscal Quarter of
        Fiscal Year 2001, (b) 4.25 to 1 at the end of the Third Fiscal Quarter
        of Fiscal Year 2001, and (c) 4.00 to 1 at the end of any Fiscal Quarter
        thereafter.

        (g) Section 7.13 of the Credit Agreement is hereby amended to read as
follows:

            Section 7.13 Minimum Fixed Charge Coverage Ratio. The Borrower
        shall not permit the Fixed Charge Coverage Ratio to be less than (a)
        1.10 to 1 at the end of any Fiscal Quarter through and including the
        third Fiscal Quarter of Fiscal Year 2001, (b) 1.15 to 1 at the end of
        any Fiscal Quarter from and including the fourth Fiscal Quarter of
        Fiscal Year 2001 through and including the third Fiscal Quarter of
        Fiscal Year 2002, (c) 1.25 to 1 at the end of any Fiscal Quarter from
        and including the fourth Fiscal Quarter of Fiscal Year 2002 through and
        including the first Fiscal Quarter of Fiscal Year 2005 and (d) 1.05 to 1
        at the end of any Fiscal Quarter thereafter.

        (h) The Compliance Certificate is hereby amended to be in the form of
Exhibit E attached hereto.

        2.  REPRESENTATIONS AND WARRANTIES TRUE; NO EVENT OF DEFAULT. By its
execution and delivery hereof, the Borrower represents and warrants that, as of
the date hereof and after giving effect to the amendments provided in the
foregoing Section 1:

        (a) the representations and warranties contained in the Credit Agreement
are true and correct on and as of the date hereof as if made on and as of such
date;

        (b) no event has occurred and is continuing which constitutes a Default
or an Event of Default;

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        (c) the Borrower has full power and authority to execute, deliver and
perform this Second Amendment, and the Credit Agreement, as amended by this
Second Amendment, the execution, delivery and performance of this Second
Amendment, and the Credit Agreement as amended by this Second Amendment, have
been duly authorized by all corporate action of the Borrower, and this Second
Amendment, and the Credit Agreement, as amended hereby, constitute the legal,
valid and binding obligations of the Borrower, enforceable in accordance with
their respective terms, except as enforceability may be limited by applicable
Debtor Relief Laws and by general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law) and except as rights
to indemnity may be limited by federal or state securities laws;

        (d) neither the execution, delivery and performance of this Second
Amendment, or the Credit Agreement, as amended by this Second Amendment, nor the
consummation of any transactions herein or therein, will contravene or conflict
with any Law to which the Borrower is subject or any indenture, agreement or
other instrument to which the Borrower or any of its property is subject; and

        (e) no authorization, approval, consent or other action by, notice to,
or filing with, any governmental authority or other Person, including the Board
of Directors of the Borrower, is required for the (i) execution, delivery or
performance by the Borrower of this Second amendment, and the Credit Agreement,
as amended by this Second Amendment, or (ii) acknowledgment of this Second
Amendment by any Guarantor.

        3.  CONDITIONS OF EFFECTIVENESS. This Second Amendment shall be
effective as of December 20, 2000, subject to the following:

        (a) the Administrative Agent shall have received counterparts of this
Second Amendment executed by the Determining Lenders;

        (b) the Administrative Agent shall have received counterparts of this
Second Amendment executed by the Borrower and acknowledged by each Guarantor;

        (c) the Administrative Agent shall have received certified resolutions
of the Board of Directors of the Borrower authorizing (i) the execution,
delivery and performance of this Second Amendment, and (ii) the performance of
the Credit Agreement, as amended by this Second Amendment, and the other Loan
Documents; and

        (d) the Administrative Agent shall have received in form and substance
satisfactory to the Administrative Agent, such other documents, certificates and
instruments as Lender shall require.

        4.  AMENDMENT FEE. The Borrower covenants and agrees to pay an amendment
fee to the Lenders which execute and deliver this Second Amendment to the
Administrative Agent (or its counsel) not later than 5:00 p.m., Dallas time,
December 19, 2000, in an amount equal to the product of (a) 0.25% multiplied by
(b)(i) with respect to each Lender having a portion of the

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Revolving Credit Commitment, an amount equal to such Lender's portion of the
Revolving Credit Commitment and (ii) with respect to each Lender which is owed
Facility A Term Loan Advances or Facility B Term Loan Advances, the aggregate
principal amount of Facility A Term Loan Advances and Facility B Term Loan
Advances owed to such Lender. Such amendment fee shall be paid in immediately
available funds and shall be due and payable to each Lender eligible for payment
pursuant to the preceding sentence no later than one Business Day after the date
on which this Second Amendment becomes effective. The Borrower agrees that the
failure to pay the amendment fee provided in this Section 4 shall be an Event of
Default under Section 8.1(b)(ii) of the Credit Agreement.

        5.  GUARANTOR'S ACKNOWLEDGMENT. By signing below, each Guarantor (i)
acknowledges, consents and agrees to the execution, delivery and performance by
the Borrower of this Second Amendment, (ii) acknowledges and agrees that its
obligations in respect of its Subsidiary Guaranty are not released, diminished,
waived, modified, impaired or affected in any manner by this Second Amendment,
any of the provisions contemplated herein, (iii) ratifies and confirms its
obligations under its Subsidiary Guaranty, and (iv) acknowledges and agrees that
it has no claim or offsets against, or defenses or counterclaims to, its
Subsidiary Guaranty.

        6.  REFERENCE TO THE CREDIT AGREEMENT.

        (a) Upon the effectiveness of this Second Amendment, each reference in
the Credit Agreement to "this Agreement", "hereunder", or words of like import
shall mean and be a reference to the Credit Agreement, as amended by this Second
Amendment.

        (b) The Credit Agreement, as amended by this Second Amendment, and all
other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.

        7.  COSTS, EXPENSES AND TAXES. The Borrower shall be obligated to pay
the costs and expenses of the Administrative Agent in connection with the
preparation, reproduction, execution and delivery of this Second Amendment and
the other instruments and documents to be delivered hereunder.

        8.  EXECUTION IN COUNTERPARTS. This Second Amendment 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 to be
an original and all of which when takes together shall constitute but one and
the same instrument.

        9.  GOVERNING LAW; BINDING EFFECT. This Second Amendment shall be
governed by and construed in accordance with the laws of the State of Texas
(without giving effect to conflict of laws) and the United States of America,
and shall be binding upon the Borrower and each Lender and their respective
successors and assigns.

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

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        11. ENTIRE AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED BY THIS SECOND
AMENDMENT, AND THE OTHER LOAN DOCUMENTS, REPRESENT THE FINAL AGREEMENT BETWEEN
THE PARTIES AS TO THE SUBJECT MATTER THEREIN AND HEREIN AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL
AGREEMENTS BETWEEN THE PARTIES.

================================================================================
                   REMAINDER OF PAGE LEFT INTENTIONALLY BLANK
================================================================================

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        IN WITNESS WHEREOF, the parties hereto have executed this Second
Amendment as of the date first above written.

                                            CLUBCORP, INC.

                                            By: /s/ JOHN M. MASSEY III
                                               -------------------------------
                                               Name: John M. Massey III
                                                    --------------------------
                                               Title  Treasurer
                                                      ------------------------

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                                 BANK OF AMERICA, N.A., as Administrative
                                 Agent, Swing Line Bank, Issuing Bank, and as
                                 a Lender

                                 By: /s/ DAN M. KILLIAN
                                     ----------------------------------------
                                     Name: Dan M. Killian
                                           ----------------------------------
                                     Title Managing Director
                                           ----------------------------------

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                                    BANK ONE, TEXAS, N.A.

                                    By: /s/ THOMAS R. FREAS
                                        ----------------------------------------
                                        Name: Thomas R. Freas
                                              ----------------------------------
                                        Title Managing Director
                                              ----------------------------------

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                                    WELLS FARGO BANK TEXAS, N.A., successor
                                    to WELLS FARGO BANK (TEXAS), N.A.

                                    By: /s/ ZACH JOHNSON
                                        ----------------------------------------
                                        Name: Zach Johnson
                                              ----------------------------------
                                        Title Vice President
                                              ----------------------------------

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                                    CREDIT LYONNAIS NEW YORK BRANCH, as
                                    Managing Agent and as a Lender

                                    By: /s/ ATTILA KOC
                                        ----------------------------------------
                                        Name: Attila Koc
                                              ----------------------------------
                                        Title Senior Vice President
                                              ----------------------------------

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                                    FIRST UNION NATIONAL BANK, as Managing
                                    Agent and as a Lender

                                    By: /s/ WILLIAM R. GOLEY
                                        ----------------------------------------
                                        William R. Goley
                                        Vice President

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                                    GUARANTY FEDERAL BANK, F.S.B., as Co-
                                    Agent and as a Lender

                                    By: /s/ ROBERT S. HAYES
                                        ----------------------------------------
                                        Name: Robert S. Hayes
                                              ----------------------------------
                                        Title Senior Vice President
                                              ----------------------------------

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                                    BRANCH BANKING AND TRUST COMPANY,
                                    as Co-Agent and as a Lender

                                    By: /s/ CORY BOYTE
                                        ----------------------------------------
                                        Name:  Cory Boyte
                                              ----------------------------------
                                        Title  Vice President
                                              ----------------------------------

                                       14
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                                    COMERICA BANK, as a Co-Agent and as a
                                    Lender

                                    By: /s/ CAROL S. GERAGHTY
                                        ----------------------------------------
                                        Name: Carol S. Geraghty
                                              ----------------------------------
                                        Title Vice President
                                              ----------------------------------

                                       15
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                                    SOUTHTRUST BANK, an Alabama banking
                                    corporation, as a Co-Agent and as a Lender

                                    By:  /s/ AMY LEE COLE
                                        ----------------------------------------
                                        Name:  Amy Lee Cole
                                              ----------------------------------
                                        Title  Vice President
                                              ----------------------------------

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                                    FIRSTAR BANK, N.A.

                                    By:  /s/ GREGORY L. DRYDEN
                                       -----------------------------------------
                                        Gregory L. Dryden
                                        Vice President

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                                    COMPASS BANK

                                    By:  /s/ R. BRUCE FREY
                                        ----------------------------------------
                                        Name:  R. Bruce Frey
                                              ----------------------------------
                                        Title  Vice President
                                              ----------------------------------

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                            AMSOUTH BANK, successor in interest by merger
                            to Deposit Guaranty National Bank

                            By:  /s/ MARK D. EVANS
                                ----------------------------------------
                                 Name:  Mark D. Evans
                                       ----------------------------------
                                 Title  Senior Vice President
                                       ----------------------------------

                                       19
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                                    MELLON BANK, N.A.

                                    By:   /s/ CHARLES H. STAUB
                                        ----------------------------------------
                                        Name:   Charles H. Staub
                                              ----------------------------------
                                        Title   Senior Vice President
                                              ----------------------------------

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                                    BANK OF TEXAS, N.A.

                                    By: /s/ DAVID BROUSSARD, JR.
                                        ----------------------------------------
                                        Name: David Broussard, Jr.
                                              ----------------------------------
                                        Title Sr. Vice President
                                              ----------------------------------

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                                    HIBERNIA NATIONAL BANK

                                    By: /s/ MATTHEW H. BREAUX
                                       -----------------------------------------
                                        Matthew H. Breaux
                                        Portfolio Manager

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                                    TEXTRON FINANCIAL CORPORATION

                                    By: /s/ RAMON J. MUNOZ
                                        ----------------------------------------
                                        Name: Ramon J. Munoz
                                              ----------------------------------
                                        Title Division President
                                              ----------------------------------

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                                    DEBIS FINANCIAL SERVICES, INC.

                                    By: /s/ RAYMOND M. MCGOWAN
                                        ----------------------------------------
                                        Name: Raymond M. McGowan
                                              ----------------------------------
                                        Title Group Leader Portfolio Management
                                              ----------------------------------

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                                    BANKAUSTRIA CREDITANSTALT
                                    CORPORATE FINANCE, INC.

                                    By: /s/ Francisco Ossino
                                        ----------------------------------------
                                        Name: Francisco Ossino
                                              ----------------------------------
                                        Title Vice President
                                              ----------------------------------

                                    By: /s/ David M. Harnisch
                                        ----------------------------------------
                                        Name: David M. Harnisch
                                              ----------------------------------
                                        Title Senior Vice President
                                              ----------------------------------

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                                    FLOATING RATE PORTFOLIO

                                    By:  INVESCO Senior Secured Management, Inc.
                                         as attorney in fact

                                    By: /s/ Gregory Stoeckle
                                        ----------------------------------------
                                        Name: Gregory Stoeckle
                                              ----------------------------------
                                        Title Authorized Signatory
                                              ----------------------------------

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                                    AERIES FINANCE-II LTD.

                                    By:  INVESCO Senior Secured Management Inc.
                                         as Sub-Managing Agent

                                    By: /s/ Gregory Stoeckle
                                        ----------------------------------------
                                        Name: Gregory Stoeckle
                                              ----------------------------------
                                        Title Authorized Signatory
                                              ----------------------------------

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                                    METROPOLITAN LIFE INSURANCE COMPANY

                                    By:   /s/ JAMES R. DINGLE
                                        ----------------------------------------
                                        Name:  James R. Dingle
                                              ----------------------------------
                                        Title  Director
                                              ----------------------------------

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                                    PPM SPYGLASS FUNDING TRUST

                                    By:  /s/ ANN E. MORRIS
                                        ----------------------------------------
                                        Name:  Ann E. Morris
                                              ----------------------------------
                                        Title   Authorized Agent
                                              ----------------------------------

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                                    ELT, LTD.

                                    By:  /s/ ANN E. MORRIS
                                        ----------------------------------------
                                        Name:  Ann E. Morris
                                              ----------------------------------
                                        Title  Authorized Agent
                                              ----------------------------------

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                                    HELLER FINANCIAL, INC.

                                    By:    /s/ SCOTT ZIEMKE
                                        ----------------------------------------
                                        Name:  Scott Ziemke
                                              ----------------------------------
                                        Title  Vice President
                                              ----------------------------------

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                                    OCTAGON INVESTMENT PARTNERS III, LTD.

                                    By:  Octagon Credit Investors, LLC
                                         as Sub-Investment Manager

                                    By:    /s/ MICHAEL B. NECHAMKIN
                                        ----------------------------------------
                                        Name:  Michael B. Nechamkin
                                              ----------------------------------
                                        Title  Portfolio Manager
                                              ----------------------------------

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                                    OCTAGON INVESTMENT PARTNERS II, LLC

                                    By: Octagon Credit Investors, LLC
                                        as Sub-Investment Manager

                                    By: /s/ MICHAEL B. NECHAMKIN
                                        ----------------------------------------
                                        Name: Michael B. Nechamkin
                                              ----------------------------------
                                        Title Portfolio Manager
                                              ----------------------------------

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                              MONUMENT CAPITAL LTD.

                              By:  Alliance Capital Management L.P., as
                                   Investment Manager

                              By:  Alliance Capital Management Corporation,
                                   as General Partner

                              By: /s/ ROBERT BAYER
                                  ----------------------------------------
                                  Name: Robert Bayer
                                        ----------------------------------
                                  Title Vice President
                                        ----------------------------------

                                       36
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                                    BALANCED HIGH-YIELD FUND II LTD.

                                    By: BHF (USA) Capital Corporation, Acting as
                                         Attorney-In-Fact

                                    By: /s/ CHRISTOPHER J. RUZZI
                                        ----------------------------------------
                                        Name: Christopher J. Ruzzi
                                              ----------------------------------
                                        Title Vice President
                                              ----------------------------------

                                    By: /s/ NINA ZHOU
                                        ----------------------------------------
                                        Name: Nina Zhou
                                              ----------------------------------
                                        Title Associate
                                              ----------------------------------

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                                    CYPRESSTREE SENIOR FLOATING RATE FUND

                                    By:  CypressTree Investment Management
                                         Company, Inc. as Portfolio Manager

                                    By: /s/ JEFFREY W. HEUER
                                        ----------------------------------------
                                        Name: Jeffrey W. Heuer
                                              ----------------------------------
                                        Title Principal
                                              ----------------------------------

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                                      NORTH AMERICAN SENIOR FLOATING RATE
                                      FUND

                                      By:  CypressTree Investment Management
                                           Company, Inc. as Portfolio Manager

                                    By: /s/ JEFFREY W. HEUER
                                        ----------------------------------------
                                        Name: Jeffrey W. Heuer
                                              ----------------------------------
                                        Title Principal
                                              ----------------------------------

                                       39
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                                    BLACK DIAMOND INTERNATIONAL
                                    FUNDING, LTD.

                                    By: /s/ DAVID DYER
                                        ----------------------------------------
                                        Name: David Dyer
                                              ----------------------------------
                                        Title Director
                                              ----------------------------------

                                       40
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                                    GALAXY CLO 1999-1, LTD.

                                    By:  SAI Investment Adviser, Inc., its
                                         Collateral Manager

                                    By:   /s/  CHRISTOPHER F. OCHS
                                        ----------------------------------------
                                        Name:  Christopher F. Ochs
                                              ----------------------------------
                                        Title  Authorized Agent
                                              ----------------------------------

                                       41
<PAGE>   40

                                    ELC (CAYMAN) LTD. 1999-II

                                    By:   /s/  JOHN W. STELWAGER
                                        ----------------------------------------
                                        Name:  John W. Stelwager
                                              ----------------------------------
                                        Title  Director
                                              ----------------------------------

                                       42
<PAGE>   41

                                    AVALON CAPITAL LTD.

                                    By: INVESCO Senior Secured Management, Inc.
                                        as Portfolio Advisor

                                    By:    /s/  GREGORY STOECKLE
                                        ----------------------------------------
                                        Name:   Gregory Stoeckle
                                              ----------------------------------
                                        Title   Authorized Signatory
                                              ----------------------------------

                                       43
<PAGE>   42

                                    OSPREY INVESTMENTS PORTFOLIO

                                    By:   CITIBANK, N.A., as Manager

                                    By: /s/ Daniel Slotkin
                                        ----------------------------------------
                                        Name: Daniel Slotkin
                                              ----------------------------------
                                        Title Vice President
                                              ----------------------------------

                                       44
<PAGE>   43

                                    CAPTIVA FINANCE LTD.

                                    By: /s/ David Dyer
                                        ----------------------------------------
                                        Name: David Dyer
                                              ----------------------------------
                                        Title Director
                                              ----------------------------------

                                       45
<PAGE>   44

                                    APEX (IDM) CDO I, LTD.

                                    By: /s/ John W. Stelwager
                                        ----------------------------------------
                                        Name: John W. Stelwager
                                              ----------------------------------
                                        Title Director
                                              ----------------------------------

                                       46
<PAGE>   45

                                    BLACK DIAMOND CLO 2000-1 LTD.

                                    By: /s/ DAVID DYER
                                        ----------------------------------------
                                        Name: David Dyer
                                              ----------------------------------
                                        Title Director
                                              ----------------------------------

                                       47
<PAGE>   46

                                    BLACK DIAMOND CLO 1998-1 LTD.

                                    By: /s/ JOHN H. CULLIDAN
                                        ----------------------------------------
                                        Name: John H. Cullidan
                                              ----------------------------------
                                        Title Director
                                              ----------------------------------

                                       48<PAGE>   1
                                                                   EXHIBIT 10.26

                             FIFTH AMENDMENT TO THE
                     CLUBCORP EMPLOYEE STOCK OWNERSHIP PLAN

         This Amendment is made by ClubCorp, Inc., a Delaware corporation,
formerly ClubCorp International, Inc. ("ClubCorp").

                                   WITNESSETH:

         WHEREAS, ClubCorp previously maintained the ClubCorp Stock Investment
Plan (the "Prior Plan");

         WHEREAS, ClubCorp amended and restated the Prior Plan, effective
January 1, 1999, as the ClubCorp Employee Stock Ownership Plan ("CCESOP");

         WHEREAS, ClubCorp has subsequently amended the CCESOP with the most
recent amendment effective December 29, 1999;

         WHEREAS, ClubCorp now desires to amend the CCESOP: (i) to clarify
certain provisions of the CCESOP relating to PreTax Contributions and (ii) to
clarify that the CCESOP will not be required to issue fractional shares upon
distribution but instead will distribute any fractional shares held in a
participant's account in the form of cash; and

         WHEREAS, the CCESOP may be amended by ClubCorp pursuant to the
provisions of Article 15 of the CCESOP, and ClubCorp desires to amend the
CCESOP.

         NOW, THEREFORE, the CCESOP is amended as follows:

         1. Existing Section 4.04 of the CCESOP entitled "Pre-Tax
Contributions; Change of Election" is hereby amended effective as of January 1,
1995 by adding Subsection (c) to the existing Section 4.04(1) as follows:

                  "(c) Notwithstanding the preceding, in no event may a
         Participant defer an amount as a Pre-Tax Contribution which is in
         excess of the actual amount payable to such Participant from the
         Employer for such payroll period as is entered on the Participant's
         paycheck for such payroll period."

                                       1

<PAGE>   2

         2. Existing Section 11.01(1) of the CCESOP is deleted in its entirety,
and the following is substituted in its place effective as of January 1, 1999:

                     "11.01(1) Upon a Participant's: (i) retirement on or after
             his Normal Retirement Date; (ii) retirement due to disability;
             (iii) death; or (iv) termination of employment (subject to Section
             4.09), he or his Beneficiary shall be entitled to payment in an
             amount determined in accordance with the provisions of Article 7,
             8, 9, or 10. All distributions shall be either solely in cash or
             solely in whole shares of Company Stock (with the value of any
             fractional share paid in cash) to the extent such Participant's
             Account is invested in Company Stock, (but not both) as elected by
             the Participant or his Beneficiary. The amount to which a
             Participant is entitled shall be paid to him or his Beneficiary or
             to an Alternate Payee in: (i) a single lump sum distribution; or
             (ii) installments subject to the limitations set forth in
             Subsection 11.01(2)."

         3. Existing Section 13-10 of the CCESOP is deleted in its entirety and
the following is substituted in its place effective as of January 1. 1999:

                     "13.10 Designation of Named Fiduciaries and Allocation of
             Responsibility. ERISA requires that certain persons, who are deemed
             to be "fiduciaries," as defined in ERISA Section 3(21)(A), be
             designated as "Named Fiduciaries" in the Plan. The Company, the
             Plan Administrator, and the Trustees are hereby designated Named
             Fiduciaries. Each Named Fiduciary shall have only the powers,
             duties and responsibilities specifically allocated to such
             fiduciary pursuant to the terms of this Plan and the Trust. Each
             Named Fiduciary may, by written instrument, allocate some or all of
             its responsibilities to another fiduciary or designate another
             person to carry out some or all of its fiduciary responsibilities.
             Each fiduciary under the Plan (including fiduciaries to whom
             responsibilities are allocated by a Named Fiduciary) will be
             furnished a copy of the Plan, and their acceptance of such
             responsibility will be made by agreeing in writing to act in the
             capacity designated. No Named Fiduciary shall be liable for an act
             or omission of any person who is allocated a fiduciary
             responsibility or who is designated to carry out such
             responsibility by a Named Fiduciary, except to the extent that the
             Named Fiduciary did not act in accordance with the standards
             contained in SUBSECTION 13.11(2) with respect to the allocation or
             designation of a fiduciary duty. Any person or group of persons may
             serve in more than one(l) fiduciary capacity with respect to the
             Plan."

                                       2

<PAGE>   3

         IN WITNESS WHEREOF, ClubCorp, Inc., acting by through its duly
authorized officer, has executed this Fifth Amendment on this 15 day of
December, 2000.

                                            CLUBCORP, INC.

                                            By: /s/ KIM S. BESSE
                                               ---------------------------------
                                            Title: Senior Vice President
                                                  ------------------------------

                                       3

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