Document:

<PAGE>

                                                                     EXHIBIT 4.4

                                                                  EXECUTION COPY

                     SUPPLEMENT NO. 1 TO SECURITY AGREEMENT

         This SUPPLEMENT NO. 1, dated as of July 24, 2003 (this "Supplement"),
to the Security Agreement, dated as of October 15, 2002 (as amended,
supplemented, amended and restated or otherwise modified from time to time, the
"Security Agreement"), among the initial signatories thereto and each other
Person which from time to time thereafter became a party thereto pursuant to
Section 7.5 thereof (each, individually, a "Grantor", and, collectively, the
"Grantors"), in favor of U.S. BANK TRUST NATIONAL ASSOCIATION, as collateral
agent (together with any successor(s) thereto in such capacity, the "Collateral
Agent") for each of the Secured Parties (such and other capitalized terms being
used herein with the meanings provided, or incorporated by reference, in the
Security Agreement), is made by the undersigned.

                                   WITNESSETH:

         WHEREAS, Golfsmith International, Inc., a Delaware corporation (the
"Company"), the Subsidiaries of the Company and the Collateral Agent, as
trustee, have entered into an Indenture, dated as of October 15, 2002 (as
amended, supplemented, amended and restated or otherwise modified from time to
time, the "Indenture"), and in connection therewith, the Company has issued (the
"Notes Issuance") its Senior Secured Notes due 2009 (and its Senior Secured
Notes due 2009, Series B to be issued in exchange therefor) (collectively, the
"Notes");

         WHEREAS, various financial institutions, as lenders (the "Lenders"),
General Electric Capital Corporation, a Delaware corporation, as agent on behalf
of the Lenders (in such capacity, the "Lender Agent"), and the Grantor and
certain of its Affiliates have entered into that certain Credit Agreement, dated
as of October 15, 2002 (as amended, supplemented, amended and restated or
otherwise modified from time to time, the "Credit Agreement"), pursuant to which
the Lenders have agreed to make certain loans and other financial accommodations
from time to time to the Borrowers (as defined therein) and the Grantor and such
Affiliates have entered into Collateral Agreements (as defined therein) with the
Lender Agent as well;

         WHEREAS, the Collateral Agent, the Lender Agent and the Grantors have
entered into that certain Intercreditor Agreement, dated as of October 15, 2002
(such intercreditor agreement is the Intercreditor Agreement referred to and
defined in the Indenture, and as used herein, the term "Intercreditor Agreement"
has the meaning ascribed thereto in the Indenture), pursuant to which, among
other things, (a) the Lender Agent is recognized as having a first priority
interest in all of the Collateral (as defined in the Collateral Agreements)
(other than real property, Equipment and proceeds thereof) for the benefit of
itself and the Lenders and (b) the Collateral Agent is recognized as having (i)
a second priority interest in all of the Collateral (as defined in the
Collateral Agreements) (other than real property, Equipment and proceeds
thereof) for the benefit of itself, the Trustee and the Holders and (ii) a first
priority interest in all of the Collateral (as defined in the Collateral
Agreements) constituting real property, Equipment and proceeds thereof for the
benefit of itself, the Trustee and the Holders;

         WHEREAS, as a condition to the Notes Issuance, the undersigned is
required to execute and deliver this Supplement;

<PAGE>

         WHEREAS, the undersigned has duly authorized the execution, delivery
and performance of this Supplement and the Security Agreement;

         WHEREAS, the Security Agreement provides that additional parties may
become Grantors under the Security Agreement by execution and delivery of an
instrument in the form of this Supplement;

         WHEREAS, pursuant to the provisions of Section 7.5 of the Security
Agreement, the undersigned is becoming an Additional Grantor under the Security
Agreement; and

         WHEREAS, the undersigned desires to become a Grantor under the Security
Agreement in order to induce the Holders to acquire the Notes and maintain the
Indebtedness evidenced thereby as consideration therefor;

         NOW, THEREFORE, the undersigned agrees, for the benefit of each Secured
Party, as follows:

         SECTION 1. In accordance with the Security Agreement, the undersigned
by its signature below becomes a Grantor under the Security Agreement with the
same force and effect as if it were an original signatory thereto as a Grantor
and the undersigned hereby

              (a) agrees to all the terms and provisions of the Security
         Agreement applicable to it as a Grantor thereunder;

              (b) assigns and pledges to the Collateral Agent for its benefit
         and the ratable benefit of each other Secured Party, and grants to the
         Collateral Agent for its benefit and the ratable benefit of each other
         Secured Party, a security interest in all of the following, whether now
         or hereafter existing or acquired by the undersigned (its
         "Collateral"):

                           (i) all Intercompany Notes in which the undersigned
                  has an interest (including each Intercompany Note described in
                  Item A of Schedule I hereto);

                           (ii) all interest and other payments and rights with
                  respect to each Intercompany Note in which the undersigned has
                  an interest;

                           (iii) (A) all investment property in which the
                  undersigned has an interest (including the Capital Securities
                  of each issuer of such Capital Securities described in
                  Schedule I hereto) and (B) all other Capital Securities which
                  are interests in limited liability companies or partnerships
                  in which the undersigned has an interest (including the
                  Capital Securities of each issuer of such Capital Securities
                  described in Schedule I hereto), in each case together with
                  Dividends and Distributions payable in respect of the
                  Collateral described in the foregoing clauses (iii)(A) and
                  (iii)(B) (provided, however, that not more than 65% of all of
                  the Capital Securities that are voting Capital Securities of
                  any Foreign Subsidiary of the undersigned shall be so pledged
                  by the undersigned);

                           (iv) all equipment in all of its forms of the
                  undersigned (including all Motor Vehicles), wherever located,
                  including all parts thereof and all accessions,

                                      -2-
<PAGE>

                  additions, attachments, improvements, substitutions and
                  replacements thereto and therefor and all accessories related
                  thereto (any and all of the foregoing being the "Equipment");

                                    (A) all inventory in all of its forms of the
                           undersigned, wherever located, including

                                    (B) all raw materials and work in process
                           therefor, finished goods thereof, and materials used
                           or consumed in the manufacture or production thereof,

                                    (C) all goods in which the undersigned has
                           an interest in mass or a joint or other interest or
                           right of any kind (including goods in which the
                           undersigned has an interest or right as consignee),
                           and

                                    (D) all goods which are returned to or
                           repossessed by the undersigned,

                  and all accessions thereto, products thereof and documents
                  therefor (any and all such inventory, materials, goods,
                  accessions, products and documents being the "Inventory");

                           (v) all accounts, contracts, contract rights, chattel
                  paper, documents, instruments, promissory notes and general
                  intangibles (including tax refunds and payment intangibles) of
                  the undersigned, whether or not arising out of or in
                  connection with the sale or lease of goods or the rendering of
                  services, and all rights of the undersigned now or hereafter
                  existing in and to all security agreements, guaranties, leases
                  and other contracts securing or otherwise relating to any such
                  accounts, contracts, contract rights, chattel paper,
                  documents, instruments, promissory notes, general intangibles
                  and payment intangibles (all of the foregoing being the
                  "Receivables", and any and all such security agreements,
                  guaranties, leases and other contracts being the "Related
                  Contracts");

                           (vi) all deposit accounts of the undersigned and all
                  cash, checks, drafts, notes, bills of exchange, money orders
                  and other like instruments, if any, now owned or hereafter
                  acquired, held therein (or in sub-accounts thereof) and all
                  certificates and instruments, if any, from time to time
                  representing or evidencing such investments, and all interest,
                  earnings and proceeds in respect thereof;

                           (vii) all Intellectual Property Collateral of the
                  undersigned;

                           (viii) all of the undersigned's letter of credit
                  rights;

                           (ix) all commercial tort claims in which the
                  undersigned has rights (including as a plaintiff);

                                      -3-
<PAGE>

                           (x) all books, records, writings, data bases,
                  information and other property relating to, used or useful in
                  connection with, evidencing, embodying, incorporating or
                  referring to, any of the foregoing in this Section;

                           (xi) all of the undersigned's other property and
                  rights of every kind and description and interests therein;
                  and

                           (xii) all products, offspring, rents, issues,
                  profits, returns, income, supporting obligations and proceeds
                  of and from any and all of the foregoing Collateral (including
                  proceeds which constitute property of the types described in
                  clauses (i) through (xi), proceeds deposited from time to time
                  in any lock box or deposit account of the undersigned, and, to
                  the extent not otherwise included, all payments under
                  insurance (whether or not the Collateral Agent is the loss
                  payee thereof), or any indemnity, warranty or guaranty,
                  payable by reason of loss or damage to or otherwise with
                  respect to any of the foregoing Collateral);

         provided, however, that "Collateral" shall not include any general
         intangibles or other rights described in clause (v) above arising under
         any contracts, instruments, licenses or other documents described in
         such clause as to which the grant of a security interest would
         constitute a violation of a valid and enforceable restriction in favor
         of a third party on such grant, unless and until any required consents
         shall have been obtained (and in connection therewith, the undersigned
         agrees to use its best efforts to obtain any such required consent);

                  (c) agrees that each of the Schedules attached hereto shall be
         deemed to be a Schedule thereto; and

                  (d) represents and warrants that the representations and
         warranties made by it as a Grantor thereunder are true and correct on
         and as of the date hereof.

In furtherance of the foregoing, each reference to a "Grantor" or "Additional
Grantor" in the Security Agreement shall be deemed to include the undersigned.

         SECTION 2. The undersigned hereby represents and warrants that this
Supplement has been duly authorized, executed and delivered by the undersigned
and constitutes a legal, valid and binding obligation of the undersigned,
enforceable against it in accordance with its terms.

         SECTION 3. Except as expressly supplemented hereby, the Security
Agreement shall remain in full force and effect in accordance with its terms.

         SECTION 4. In the event any one or more of the provisions contained in
this Supplement should be held invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained
herein and in the Security Agreement shall not in any way be affected or
impaired.

         SECTION 5. Without limiting the provisions of the Indenture (or any
other Related Document, including the Security Agreement), the undersigned
agrees to reimburse the

                                      -4-
<PAGE>

Collateral Agent for its reasonable out-of-pocket expenses in connection with
this Supplement, including reasonable attorneys' fees and expenses of the
Collateral Agent.

         SECTION 6. THIS SUPPLEMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER
AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. THIS SUPPLEMENT, THE SECURITY
AGREEMENT AND THE OTHER RELATED DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING
AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF
AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.

         SECTION 7. This Supplement hereby incorporates by reference the
provisions of the Security Agreement, which provisions are deemed to be a part
hereof, and this Supplement shall be deemed to be a part of the Security
Agreement. Unless otherwise defined herein or the context otherwise requires,
terms used in this Supplement, including its preamble and recitals, have the
meanings provided (or incorporated by reference) in the Security Agreement.

         SECTION 8. This Supplement may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original and all of
which shall constitute together but one and the same agreement.

         SECTION 9. Subject to Intercreditor Agreement. Notwithstanding anything
herein to the contrary, the lien and security interest granted to the Collateral
Agent pursuant to this Agreement and the exercise of any right or remedy by the
Collateral Agent hereunder, in each case in respect of any collateral
constituting Noteholder Common Collateral (as defined in the Intercreditor
Agreement described below) are subject to the provisions of the Intercreditor
Agreement, dated as of October 15, 2002 (as amended, modified or supplemented
from time to time, the "Intercreditor Agreement") among General Electric Capital
Corporation as Senior Agent, and U.S. Bank Trust National Association, as
Collateral Agent, U.S. Bank Trust National Association, as Trustee, and the
Obligors, including the Grantors hereunder named therein. In the event of any
conflict between the terms of the Intercreditor Agreement and this Agreement,
the terms of the Intercreditor Agreement shall govern.

                                       -5-
<PAGE>

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

                                 DON SHERWOOD GOLF SHOP, a California
                                   corporation

                                 By: /s/ Noel E. Wilens
                                    -----------------------------------------
                                    Name: Noel E. Wilens
                                    Title: President and Chief Executive Officer

ACKNOWLEDGED AND ACCEPTED BY:

U.S. BANK TRUST NATIONAL
 ASSOCIATION, as Collateral Agent

By: /s/ Beverly A. Freeney
   ---------------------------------
    Name: Beverly A. Freeney
    Title: Vice President

                                      -6-
<PAGE>

                                                                      SCHEDULE I
                                                             to Supplement No. 1
                                                           to Security Agreement
                                                        (Don Sherwood Golf Shop)

Item A.  Intercompany Notes

         None.

Item B.  Securities

         None.

Item C.  Additional Subsidiaries

         None.

<PAGE>

                                                                     SCHEDULE II
                                                             to Supplement No. 1
                                                           to Security Agreement
                                                        (Don Sherwood Golf Shop)

Item A. Locations of each Grantor

Name of Grantor:                       Location for purposes of U.C.C.:
Don Sherwood Golf Shop                 California

Item B. Filing locations prior to July 1, 2001

Name of Grantor:                       Filing locations prior to July 1, 2001:
Don Sherwood Golf Shop                 California

Item C. Trade names

Name of Grantor:                       Trade Names:
Don Sherwood Golf Shop                 Don Sherwood Golf & Tennis World

Item D. Merger or other corporate reorganization

Name of Grantor:                       Merger or other corporate reorganization:
Don Sherwood Golf Shop                 None

Item E. Taxpayer ID numbers

Name of Grantor:                       Taxpayer ID numbers:
Don Sherwood Golf Shop                 94-1746387

Item F. Government Contracts

Name of Grantor:                       Description of contract:
Don Sherwood Golf Shop                 None

<PAGE>

Item G. Deposit Accounts

Name of Grantor:        Description of Deposit Account:

<TABLE>
<CAPTION>
     Store                Address                  Bank Account             Resellers Permit
-----------------------------------------------------------------------------------------------
<S>                 <C>                           <C>                  <C>
Corporate Janus     320 Grant Avenue San          11-0002-09-4         N/A
Money Market        Francisco, CA  94108
-----------------------------------------------------------------------------------------------
San Francisco       320 Grant Avenue San          00103753170          SY BH 21640393 0007 BH
                    Francisco, CA  94108
-----------------------------------------------------------------------------------------------
Walnut Creek        1902 Mt. Diablo Blvd.         00103754970          SY BH 21640393 0006 CHB
                    Walnut Creek, CA  94596
-----------------------------------------------------------------------------------------------
Dublin              7181 Amador Plaza Road        00103955270          SY BH 21640393 0008 CHA
                    Dublin, CA  94568
-----------------------------------------------------------------------------------------------
San Jose            4070 Stevens Creek Blvd.      00104250770          SY BH 21640393 0009 GH
                    San Jose, CA  95129
-----------------------------------------------------------------------------------------------
Fremont             5200 Mowry Avenue Suite K-2   1010053481           SRY BH 21640393 00010 CHA
                    Fremont, CA  94538
-----------------------------------------------------------------------------------------------
Palo Alto           2675 El Camino Real Palo      1010060691           SRY BH 21640393 00011 GH
                    Alto, CA  94306
</TABLE>

<PAGE>

                                                                    SCHEDULE III
                                                             to Supplement No. 1
                                                           to Security Agreement
                                                        (Don Sherwood Golf Shop)

Item A.  Patents

         None.

Item B.  Patent Licenses

         None.

<PAGE>

                                                                     SCHEDULE IV
                                                             to Supplement No. 1
                                                           to Security Agreement
                                                        (Don Sherwood Golf Shop)

Item A.  Registered Trademarks

<TABLE>
<CAPTION>
                                                                Registration     Registration
                 Trademark                        Country           Number            Date
---------------------------------------------   -----------      -----------     -----------
<S>                                             <C>             <C>              <C>
Don Sherwood Golf & Tennis World (and Design)       USA           1,795,392
</TABLE>

Item B.  Trademark Licenses

         None.

<PAGE>

                                                                     SCHEDULE V
                                                            to Supplement No. 1
                                                          to Security Agreement
                                                       (Don Sherwood Golf Shop)

Item A.  Copyrights/Mask Works

         None.

Item B.  Copyright/Mask Work Licenses

         None.

<PAGE>

                                                                     SCHEDULE VI
                                                             to Supplement No. 1
                                                           to Security Agreement
                                                        (Don Sherwood Golf Shop)

Trade Secret or Know-How Licenses

         None.<PAGE>

                                                                     EXHIBIT 4.6

                                                                  EXECUTION COPY

                          TRADEMARK SECURITY AGREEMENT

         This TRADEMARK SECURITY AGREEMENT (this "Agreement"), dated as of July
24, 2003, is made between DON SHERWOOD GOLF SHOP, a California corporation (the
"Grantor"), and U.S. BANK TRUST NATIONAL ASSOCIATION, as collateral agent
(together with its successor(s) thereto in such capacity, the "Collateral
Agent") for each of the Secured Parties.

                                   WITNESSETH:

         WHEREAS, Golfsmith International, Inc., a Delaware corporation (the
"Company"), the Subsidiaries of the Company and the Collateral Agent, as
trustee, have entered into an Indenture, dated as of October 15, 2002 (as
amended, supplemented, amended and restated or otherwise modified from time to
time, the "Indenture"), and in connection therewith, the Company has issued (the
"Notes Issuance") its Senior Secured Notes due 2009 (and its Senior Secured
Notes due 2009, Series B to be issued in exchange therefor) (collectively, the
"Notes");

         WHEREAS, various financial institutions, as lenders (the "Lenders"),
General Electric Capital Corporation, a Delaware corporation, as agent on behalf
of the Lenders (in such capacity, the "Lender Agent"), and the Grantor and
certain of its Affiliates have entered into that certain Credit Agreement, dated
as of October 15, 2002 (the "Credit Agreement"), pursuant to which the Lenders
have agreed to make certain loans and other financial accommodations from time
to time to the Borrowers (as defined therein) and the Grantor and such
Affiliates have entered into Collateral Agreements (as defined therein) with the
Lender Agent as well;

         WHEREAS, the Collateral Agent, the Lender Agent and the Grantors have
entered into that certain Intercreditor Agreement, dated as of October 15, 2002
(such intercreditor agreement is the Intercreditor Agreement referred to and
defined in the Indenture, and as used herein, the term "Intercreditor Agreement"
has the meaning ascribed thereto in the Indenture), pursuant to which, among
other things, (a) the Lender Agent is recognized as having a first priority
interest in all of the Collateral (as defined in the Collateral Agreements)
(other than real property, Equipment and proceeds thereof) for the benefit of
itself and the Lenders and (b) the Collateral Agent is recognized as having (i)
a second priority interest in all of the Collateral (as defined in the
Collateral Agreements) (other than real property, Equipment and proceeds
thereof) for the benefit of itself, the Trustee and the Holders and (ii) a first
priority interest in all of the Collateral (as defined in the Collateral
Agreements) constituting real property, Equipment and proceeds thereof for the
benefit of itself, the Trustee and the Holders;

         WHEREAS, in connection with the Indenture, the Grantor has executed and
delivered a Security Agreement, dated as of October 15, 2002 (as amended,
supplemented, amended and restated or otherwise modified from time to time, the
"Security Agreement");

         WHEREAS, as a condition precedent to the Notes Issuance, the Grantor is
required to execute and deliver this Agreement and to grant to the Collateral
Agent a continuing security interest in all of the Trademark Collateral (as
defined below) to secure all Secured Obligations;

<PAGE>

         WHEREAS, the Grantor has duly authorized the execution, delivery and
performance of this Agreement; and

         WHEREAS, it is in the best interests of each Grantor to execute this
Agreement inasmuch as such Grantor will derive substantial direct and indirect
benefits from proceeds of the Notes issued by the Company;

         NOW, THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledged, and in order to induce the Holders to acquire the
Notes and maintain the Indebtedness evidenced thereby, the Grantor agrees, for
the benefit of each Secured Party, as follows:

         SECTION 1. Definitions. Unless otherwise defined herein or the context
otherwise requires, terms used in this Agreement, including its preamble and
recitals, have the meanings provided (or incorporated by reference) in the
Security Agreement.

         SECTION 2. Grant of Security Interest. For good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, to
secure all of the Secured Obligations, the Grantor does hereby mortgage, pledge
and hypothecate to the Collateral Agent, and grant to the Collateral Agent a
security interest in, for its benefit and the benefit of each Secured Party, all
of the following property (the "Trademark Collateral"), whether now owned or
hereafter acquired or existing by it:

                  (a) all trademarks, trade names, corporate names, company
         names, business names, fictitious business names, trade styles, service
         marks, certification marks, collective marks, logos, other source of
         business identifiers, prints and labels on which any of the foregoing
         have appeared or appear, designs and general intangibles of a like
         nature (all of the foregoing items in this clause (a) being
         collectively called a "Trademark"), now existing anywhere in the world
         or hereafter adopted or acquired, whether currently in use or not, all
         registrations and recordings thereof and all applications in connection
         therewith, whether pending or in preparation for filing, including
         registrations, recordings and applications in the United States Patent
         and Trademark Office or in any office or agency of the United States of
         America or any State thereof or any foreign country, including those
         referred to in Item A of Schedule IV attached hereto;

                  (b) all Trademark licenses, including each Trademark license
         referred to in Item B of Schedule IV attached hereto;

                  (c) all reissues, extensions or renewals of any of the items
         described in clause (a) and (b);

                  (d) all of the goodwill of the business connected with the use
         of, and symbolized by the items described in, clauses (a) and (b); and

                  (e) all proceeds of, and rights associated with, the
         foregoing, including any claim by the Grantor against third parties for
         past, present or future infringement or dilution of any Trademark,
         Trademark registration or Trademark license, including any Trademark,

<PAGE>

         Trademark registration or Trademark license referred to in Item A and
         Item B of Schedule IV attached hereto, or for any injury to the
         goodwill associated with the use of any such Trademark or for breach or
         enforcement of any Trademark license.

         SECTION 3. Security Agreement. This Agreement has been executed and
delivered by the Grantor for the purpose of registering the security interest of
the Collateral Agent in the Trademark Collateral with the United States Patent
and Trademark Office and corresponding offices in other countries of the world.
The security interest granted hereby has been granted as a supplement to, and
not in limitation of, the security interest granted to the Collateral Agent for
its benefit and the benefit of each Secured Party under the Security Agreement.
The Security Agreement (and all rights and remedies of the Collateral Agent and
each Secured Party thereunder) shall remain in full force and effect in
accordance with its terms.

         SECTION 4. Release of Security Interest. Upon payment in full in cash
of all Secured Obligations, the Collateral Agent shall, at the Grantor's
expense, execute and deliver to the Grantor all instruments and other documents
as may be necessary or proper to release the lien on and security interest in
the Trademark Collateral which has been granted hereunder.

         SECTION 5. Acknowledgment. The Grantor does hereby further acknowledge
and affirm that the rights and remedies of the Collateral Agent with respect to
the security interest in the Trademark Collateral granted hereby are more fully
set forth in the Security Agreement, the terms and provisions of which
(including the remedies provided for therein) are incorporated by reference
herein as if fully set forth herein.

         SECTION 6. Related Document, etc. This Agreement is a Related Document
executed pursuant to the Indenture and shall (unless otherwise expressly
indicated herein) be construed, administered and applied in accordance with the
terms and provisions of the Indenture.

         SECTION 7. Counterparts. This Agreement may be executed by the parties
hereto in several counterparts, each of which shall be deemed to be an original
and all of which shall constitute together but one and the same agreement.

         SECTION 8. Subject to Intercreditor Agreement. Notwithstanding anything
herein to the contrary, the lien and security interest granted to the Collateral
Agent pursuant to this Agreement and the exercise of any right or remedy by the
Collateral Agent hereunder, in each case in respect of any collateral
constituting Noteholder Common Collateral (as defined in the Intercreditor
Agreement described below) are subject to the provisions of the Intercreditor
Agreement, dated as of October 15, 2002 (as amended, modified or supplemented
from time to time, the "Intercreditor Agreement") among General Electric Capital
Corporation as Senior Agent, and U.S. Bank Trust National Association, as
Collateral Agent, U.S. Bank Trust National Association, as Trustee, and the
Obligors, including the Grantors hereunder named therein. In the event of any
conflict between the terms of the Intercreditor Agreement and this Agreement,
the terms of the Intercreditor Agreement shall govern.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered by their respective officers thereunto duly
authorized as of the day and year first above written.

                                       DON SHERWOOD GOLF SHOP

                                       By: /s/ James Grover
                                          -------------------------------------
                                          Name:
                                          Title:

                                       U.S. BANK TRUST NATIONAL ASSOCIATION,
                                        as Collateral Agent

                                       By: /s/ Beverly A. Freeney
                                          --------------------------------------
                                          Name: Beverly A. Freeney
                                          Title: Vice President

<PAGE>

                            ACKNOWLEDGMENT OF GRANTOR

STATE OF NEW YORK   )
                    ) ss.
COUNTY OF NEW YORK  )

On this 24th day of July, 2003 before me personally appeared James Grover,
proved to me on the basis of satisfactory evidence to be the person who executed
the foregoing instrument on behalf of Don Sherwood Golf Shop, who being by me
duly sworn did depose and say that he/she is an authorized officer of said
corporation, that the said instrument was signed on behalf of said corporation
as authorized by its Board of Directors and that he/she acknowledged said
instrument to be the free act and deed of said corporation.

                                             /s/ Barrett D. Massey
                                             -----------------------------------

                                             Notary Public

                                                     BARRETT D. MASSEY
                                              Notary Public, State Of New York
                                                      No. 01MA6079999
                                                 Qualified in New York County
                                            Commission Expires September 3, 2006

<PAGE>

                                                                     SCHEDULE IV
                                                 to Trademark Security Agreement

Item A. Trademarks

<TABLE>
<CAPTION>
                                                                       Registration
                   Trademark                             Country          Number            Registration Date
-----------------------------------------------------    -------       ------------         -----------------
<S>                                                      <C>           <C>                  <C>
Don Sherwood Golf & Tennis World (and stylized design)     USA           1,795,392          September 28, 1993
</TABLE>

Item B. Trademark Licenses

None.

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