Document:

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                                                                   EXHIBIT 10.47

                               FIRST AMENDMENT TO
                     EXECUTIVE OFFICER EMPLOYMENT AGREEMENT

     This First Amendment to Executive Officer Employment Agreement ("First
Amendment") is effective as of November 13, 2000 by and between CALLAWAY GOLF
COMPANY, a Delaware corporation (the "Company") and CHARLES J. YASH ("Mr.
Yash").

     A. The Company and Mr. Yash are parties to a certain Executive Officer
Employment Agreement entered into as of January 1, 2000 (the "Agreement").

     B. In light of various changed circumstances, the Company and Mr. Yash
desire to amend the Agreement, pursuant to Section 16 of the Agreement, in the
manner set forth herein.

     NOW, THEREFORE, in consideration of the foregoing and other consideration,
the value and sufficiency of which are hereby acknowledged, the Company and Mr.
Callaway hereby agree as follows:

1.   Section 1 of the Agreement is hereby amended to read as follows:

          1.    TERM.

               (a)      The Company hereby employs Mr. Yash and Mr. Yash hereby
     accepts employment pursuant to the terms and provisions of this Agreement
     for the period commencing November 13, 2000 and terminating December 31,
     2003 (the "Initial Term"), unless this Agreement is earlier terminated as
     hereinafter provided.

               (b)      On December 31, 2003, and on each December 31 thereafter
     (the "Extension Dates"), the expiration date of this Agreement shall be
     automatically extended one (1) year, through December 31 of the following
     year, so long as (a) this Agreement is otherwise still in full force and
     effect, (b) Mr. Yash is still employed by the Company pursuant to this
     Agreement, (c) Mr. Yash is not otherwise in breach of this Agreement, and
     (d) neither the Company nor Mr. Yash has given notice as provided in
     Section 1(c) of this Agreement.

               (c)      At any time prior to an Extension Date, either Mr. Yash
     or the Company may give written notice to the other ("Notice") that the
     next automatic extension of the expiration date of this Agreement pursuant
     to Section 1(b) shall be the final such automatic extension of the
     expiration date of this Agreement.  Thus, if either Mr. Yash or the Company
     gives Notice on or before December 31, 2003, and all other conditions for
     automatic extension of the expiration date of this Agreement pursuant to
     Section 1(b) exist, then on December 31, 2003, the expiration date of this
     Agreement shall be extended pursuant to Section 1(b) from December 31, 2003
     to December 31, 2004, with this Agreement expiring on that date (if not
     earlier terminated pursuant to its terms) without any further automatic
     extensions.

               (d)      Upon expiration of this Agreement, Mr. Yash's status
     shall be one of at will employment.

2.   Section 2 of the Agreement is hereby amended to read as follows:

          2.    SERVICES.

               (a)    Mr. Yash shall serve as Senior Executive Vice President,
     Growth in Golf, of the Company.  Mr. Yash's duties shall be the usual and
     customary duties of the offices in which Mr. Yash serves.  At the
     discretion of the Board of Directors, Mr.

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     Yash shall report to Ely Callaway so long as he is the Chief Executive
     Officer; to Mr. Callaway's successor as Chief Executive Officer; or to the
     President of the Company.  Consistent with the foregoing, the Board of
     Directors and/or the Chief Executive Officer of the Company may change Mr.
     Yash's title, position and/or duties at any time.

               (b)    Mr. Yash shall be required to comply with all policies and
     procedures of the Company, as such shall be adopted, modified or otherwise
     established by the Company from time to time.

               (c)      The Company and Mr. Yash agree that the services being
     provided by Mr. Yash for the Company under the terms of this Agreement are
     unique and intellectual in character and that Mr. Yash and the Company are
     entering into this Agreement so that the Company will have the exclusive
     benefit of those services during the entire term of the Agreement and any
     extensions of the Agreement.

               (d)      The Company agrees to propose to the Board of Directors
     of the Company that Mr. Yash be elected to the position of Vice Chairman of
     the Board.  It is understood, however, that whether Mr. Yash is elected to
     that position or, if so elected, remains in that position, will be at the
     complete discretion of the Board, and the Board's failure to elect Mr. Yash
     to be Vice Chairman of the Board, or the Board's later removal of that
     title from Mr. Yash, shall not constitute a breach of this Agreement.

3.   Section 3 of the Agreement is hereby amended to read as follows:

          3.   SERVICES TO BE EXCLUSIVE.  During the term hereof, Mr. Yash
     agrees to devote his full productive time and best efforts to the
     performance of Mr. Yash's duties hereunder pursuant to the supervision and
     direction of the Company's Chief Executive Officer and, as applicable,
     Board of Directors.  Mr. Yash further agrees, as a condition to the
     performance by the Company of each and all of its obligations hereunder,
     that so long as Mr. Yash is employed by the Company or otherwise receiving
     compensation or other consideration from the Company, Mr. Yash will not
     directly or indirectly render services of any nature to, otherwise become
     employed by, or otherwise participate or engage in any other business
     without the Company's prior written consent.  Mr. Yash further agrees to
     execute such secrecy, non-disclosure, patent, trademark, copyright and
     other proprietary rights agreements, if any, as the Company may from time
     to time reasonably require.  Nothing herein contained shall be deemed to
     preclude Mr. Yash from having outside personal investments and involvement
     with appropriate community activities, and from devoting a reasonable
     amount of time to such matters, provided that this shall in no manner
     interfere with or derogate from Mr. Yash's work for the Company.

4.   Section 4(a) of the Agreement is hereby amended to read as follows:

               (a)      The Company agrees to pay Mr. Yash a base salary at the
     rate of $700,000.00 per year.

5.   Section 5(e) of the Agreement is hereby deleted in its entirety.

6.   Section 5(f) of the Agreement is hereby renumbered as Section 5(e) and
amended to read as follows:

               (e)      Stock Options.  Pursuant to a separate written stock
     option agreement and subject to the approval of the Stock Option Committee
     (Employee Plans) of the Board of Directors of the Company, in January 2001
     Mr. Yash shall be granted options to purchase at least 50,000 shares of the
     Common Stock of the Company.  The options shall vest as stated in the stock
     option agreement, provided Mr. Yash is then

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     currently employed by the Company and not in breach of this Agreement.  The
     option price per share shall be the NYSE closing price of Callaway Golf
     Common Stock on the date of the grant.  The options will contain such
     reasonable restrictions as determined by the Stock Option Committee
     (Employee Plans), including without limitation, cancellation of options or
     forfeiture of gain upon exercise if Mr. Yash discloses the Company's
     confidential information or competes with the business of the Company.
     Thereafter, Mr. Yash shall be considered for new stock option grants from
     time to time, consistent with the treatment of other senior officers.

7. Section 8 of the Agreement is hereby amended to read as follows:

          8.   TERMINATION.

               (a)    Termination at the Company's Convenience.  Mr. Yash's
     employment under this Agreement may be terminated by the Company at its
     convenience at any time.  In the event of a termination by the Company for
     its convenience, Mr. Yash shall be entitled to receive (i) any compensation
     accrued and unpaid as of the date of termination; and (ii) the immediate
     vesting of all unvested stock options held by Mr. Yash as of the date of
     such termination.  In addition to the foregoing, and subject to the
     provisions of Section 20, Mr. Yash shall be entitled to Special Severance
     equal to (i) severance payments equal to Mr. Yash's then current base
     salary at the same rate and on the same schedule as in effect at the time
     of termination for a period of time equal to twenty-four (24) months from
     the date of termination; (ii) the payment of premiums owed for COBRA
     insurance benefits for a period of time equal to the maximum time allowable
     under COBRA (currently eighteen (18) months), but not to exceed twenty-four
     (24) months under any circumstances; (iii) the benefits specified in
     Section 5(d) (Estate Planning and Other Perquisites) for a period of time
     equal to twenty-four (24) months from the date of severance; and (iv) no
     other severance.

               (b)    Termination by the Company for Substantial Cause.  Mr.
     Yash's employment under this Agreement may be terminated immediately by the
     Company for substantial cause at any time.  In the event of a termination
     by the Company for substantial cause, Mr. Yash shall be entitled to receive
     (i) any compensation accrued and unpaid as of the date of termination; and
     (ii) no other severance.  "Substantial cause" shall mean for purposes of
     this subsection failure by Mr. Yash to substantially perform his or her
     duties, breach of this Agreement, or misconduct, including but not limited
     to, dishonesty, theft, use or possession of illegal drugs during work,
     and/or felony criminal conduct.

               (c)    Termination by Mr. Yash for Substantial Cause.  Mr. Yash's
     employment under this Agreement may be terminated immediately by Mr. Yash
     for substantial cause at any time.  In the event of a termination by Mr.
     Yash for substantial cause, Mr. Yash shall be entitled to receive (i) any
     compensation accrued and unpaid as of the date of termination; and (ii) the
     immediate vesting of all unvested stock options held by Mr. Yash as of the
     date of such termination.  In addition to the foregoing, and subject to the
     provisions of Section 20, Mr. Yash shall be entitled to Special Severance
     equal to (i) severance payments equal to Mr. Yash's then current base
     salary at the same rate and on the same schedule as in effect at the time
     of termination for a period of time equal to twenty-four (24) months from
     the date of termination; (ii) the payment of premiums owed for COBRA
     insurance benefits for a period of time equal to the maximum time allowable
     under COBRA (currently eighteen (18) months), but not to exceed twenty-four
     (24) months under any circumstances; (iii) the benefits specified in
     Section 5(d) (Estate Planning and Other Perquisites) for a period of time
     equal to twenty-four (24) months from the date of severance; and (iv) no
     other severance.  "Substantial cause" shall mean for purposes of this
     subsection a material breach of this Agreement by the Company.

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               (d)    Termination Due to Permanent Disability.  Subject to all
     applicable laws, Mr. Yash's employment under this Agreement may be
     terminated immediately by the Company in the event Mr. Yash becomes
     permanently disabled.  Permanent disability shall be defined as Mr. Yash's
     failure to perform or being unable to perform all or substantially all of
     Mr. Yash's duties under this Agreement for a continuous period of more than
     six (6) months on account of any physical or mental disability, either as
     mutually agreed to by the parties or as reflected in the opinions of three
     qualified physicians, one of which has been selected by the Company, one of
     which has been selected by Mr. Yash, and one of which has been selected by
     the two other physicians jointly.  In the event of a termination by the
     Company due to Mr. Yash's permanent disability, Mr. Yash shall be entitled
     to (i) any compensation accrued and unpaid as of the date of termination;
     (ii) severance payments equal to Mr. Yash's then current base salary at the
     same rate and on the same schedule as in effect at the time of termination
     for a period of time equal to twenty-four (24) months from the date of
     termination; (iii) the immediate vesting of outstanding but unvested stock
     options held by Mr. Yash as of such termination date in a prorated amount
     based upon the number of days in the option vesting period that elapsed
     prior to Mr. Yash's termination; (iv) the payment of premiums owed for
     COBRA insurance benefits for a period of time equal to the maximum time
     allowable under COBRA (currently eighteen (18) months), but not to exceed
     twenty-four (24) months under any circumstances; and (v) no other
     severance.  The Company shall be entitled to take, as an offset against any
     amounts due pursuant to subsections (i) and (ii) above, any amounts
     received by Mr. Yash pursuant to disability or other insurance, or similar
     sources, provided by the Company.

               (e)    Termination Due to Death.  Mr. Yash's employment under
     this Agreement shall be terminated immediately by the Company in the event
     of Mr. Yash's death.  In the event of a termination due to Mr. Yash's
     death, Mr. Yash's estate shall be entitled to (i) any compensation accrued
     and unpaid as of the date of death; (ii) severance payments equal to Mr.
     Yash's then current base salary at the same rate and on the same schedule
     as in effect at the time of death for a period of time equal to the greater
     of the remainder of the term of this Agreement or six (6) months from the
     date of death; (iii) the immediate vesting of outstanding but unvested
     stock options held by Mr. Yash as of the date of death in a prorated amount
     based upon the number of days in the option vesting period that elapsed
     prior to Mr. Yash's death; and (iv) no other severance.

               (f)    Any severance payments shall be subject to usual and
     customary employee payroll practices and all applicable withholding
     requirements.  Except for such severance pay and other amounts specifically
     provided pursuant to this Section 8, Mr. Yash shall not be entitled to any
     further compensation, bonus, damages, restitution, relocation benefits, or
     other severance benefits upon termination of employment.  The amounts
     payable to Mr. Yash pursuant to this Section 8 shall not be treated as
     damages, but as severance compensation to which Mr. Yash is entitled by
     reason of termination of employment under the applicable circumstances. The
     Company shall not be entitled to set off against the amounts payable to Mr.
     Yash hereunder any amounts earned by Mr. Yash in other employment after
     termination of his or her employment with the Company pursuant to this
     Agreement, or any amounts which might have been earned by Mr. Yash in other
     employment had Mr. Yash sought such other employment.  The provisions of
     this Section 8 shall not limit Mr. Yash's rights under or pursuant to any
     other agreement or understanding with the Company regarding any pension,
     profit sharing, insurance or other employee benefit plan of the Company to
     which Mr. Yash is entitled pursuant to the terms of such plan.

               (g)    Termination By Mutual Agreement of the Parties.  Mr.
     Yash's employment pursuant to this Agreement may be terminated at any time
     upon the mutual agreement in writing of the parties.  Any such termination
     of employment shall have the

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     consequences specified in such agreement.

               (h)    Pre-Termination Rights.  The Company shall have the right,
     at its option, to require Mr. Yash to vacate his or her office or otherwise
     remain off the Company's premises and to cease any and all activities on
     the Company's behalf without such action constituting a termination of
     employment or a breach of this Agreement.

8.   This First Amendment is subject to the approval of the Compensation and
Management Succession Committee of the Board of Directors of the Company.  But
for the amendments contained herein, and any other written amendments properly
executed by the parties, the Agreement shall otherwise remain unchanged.

     IN WITNESS WHEREOF, the Company and Mr. Yash have caused this First
Amendment to be executed effective as of the date set forth above.

MR. YASH                        COMPANY

                                Callaway Golf Company,
                                a Delaware corporation

                                By:
----------------------             ---------------------------------------------
Charles J. Yash                 Ely Callaway, Chairman & Chief Executive Officer

                                       5<PAGE>   1
                                                                   EXHIBIT 10.48

                                 LIMITED WAIVER
                                       TO
                         RECEIVABLES TRANSFER AGREEMENT

      THIS LIMITED WAIVER TO RECEIVABLES TRANSFER AGREEMENT, dated as of March
19, 2001 (this "Limited Waiver") relates to that certain Receivables Transfer
Agreement dated as of February 10, 1999 (as amended by the First Amendment to
Receivables Transfer Agreement, dated as of April 28, 2000 (the "First
Amendment"), as further amended by the Second Amendment to Receivables Transfer
Agreement, dated as of December 29, 2000 (the "Second Amendment") and as it may
be further amended, supplemented, restated or otherwise modified from time to
time, the "Transfer Agreement") and is entered into by and among GOLF FUNDING
CORPORATION, a Delaware Corporation ("GFC"), CALLAWAY GOLF SALES COMPANY, a
California corporation, as the originator (in such capacity, the "CGS
Originator") and as the servicer (in such capacity, the "Servicer"), CALLAWAY
GOLF COMPANY, a Delaware corporation, as the parent guarantor (the "Parent
Guarantor"), REDWOOD RECEIVABLES CORPORATION, as the purchaser (the
"Purchaser"), and GENERAL ELECTRIC CAPITAL CORPORATION, as the operating agent
and the collateral agent ("GECC").

                               W I T N E S S E T H

      WHEREAS, GFC, the CGS Originator, the Servicer and the Parent Guarantor
(collectively, the "Parties") have entered into the Transfer Agreement;

      WHEREAS, Parent Guarantor has notified the other Parties that it has
formed a domestic company ("Shell Co.") to be a wholly-owned subsidiary of
Borrower (the "Subsidiary Formation");

      WHEREAS, Parent Guarantor has notified the other Parties that the bank
guaranty currently provided by Callaway Golf Europe, Ltd. ("CG Europe") to
ensure the deferment of United Kingdom ("U.K.") customs and excise duties
applied to products imported to the U.K., needs to be increased and, in
connection therewith, Parent Guarantor will provide a letter of comfort to
support such bank guaranty (as more fully described in Exhibit A attached
hereto, the "Bank Guaranty");

      WHEREAS, Parent Guarantor has requested that the Parties grant a limited
waiver (the "Limited Waivers" and each, a "Limited Waiver") to Section 4.05(c)
(Mergers, Subsidiaries, Etc.) of the Transfer Agreement solely with respect to
the Subsidiary Formation;

      WHEREAS, Parent Guarantor has requested that the Parties grant a Limited
Waiver to Sections 4.05(a) (Restricted Payments) and 4.05(b) (Indebtedness)
solely with respect to the Bank Guaranty; and

      WHEREAS, the Parties are willing to so provide the Limited Waivers on the
terms and conditions set forth herein.

<PAGE>   2

      NOW, THEREFORE, in consideration of the above premises, the Parties, the
Purchaser, the Operating Agent, and the Collateral Agent agree as follows:

      1. Definitions and Usage. Capitalized terms used, but not defined, herein
have the meanings ascribed to such terms in Annex X. Any reference herein to
Section, Exhibit or Schedule shall, unless otherwise specified, refer to such
Section, Exhibit or Schedule hereof, in its entirety.

      2. Limited Waivers. Upon the Effective Date (as defined in Section 4
below), and as limited herein, the Parties hereby waive the following provisions
of the Transfer Agreement solely with respect to the matters expressly described
below:

            a. Section 4.05(c) (Mergers, Subsidiaries, Etc.) solely with respect
      to the Subsidiary Formation; provided that should (i) Parent Guarantor
      make an investment in, and/or loan to, Shell Co. or (ii) Shell Co. incur
      or assume any indebtedness, Parent Guarantor shall promptly notify the
      other parties in writing of the details and terms of such investment, loan
      or indebtedness.

            b. Sections 4.05(a) (Restricted Payments), 4.05(b) (Indebtedness)
      solely with respect to the Bank Guaranty, provided that the Limited Waiver
      to Section 4.05(a) permitting Parent Guarantor and/or CG Europe to enter
      into any lending or borrowing transaction relating to the Bank Guaranty
      shall be limited to only such lending or borrowing transactions that in
      the aggregate does not exceed U.S. $7,000,000, and provided further that
      the Limited Waiver to Section 4.05(b) permitting Parent Guarantor and/or
      CG Europe to create, incur, assume or permit to exist Debt relating to the
      Bank Guaranty shall be limited to only such Debt that in the aggregate
      does not exceed U.S. $7,000,000.

            c. The Limited Waivers shall be limited to those Events of Default,
      if any, arising solely from the Subsidiary Formation and Bank Guaranty as
      described herein and do not apply to any past, present or future Events of
      Default caused by any other violation of Sections 4.02 or 4.03 or other
      provisions of the Transfer Agreement or any of the Related Documents.

      3. Representations and Warranties. The Parties hereby jointly and
severally represent and warrant to GFC that, as of the Effective Date and after
giving effect to this Limited Waiver:

            a. All of the representations and warranties of the Parties
      contained in this Limited Waiver, the Transfer Agreement and the other
      Related Documents are true and correct in all material respects on and as
      of the Effective Date, as if then made (other than representations and
      warranties which expressly speak as of a different date, which shall be
      true and correct in all material respects as of that date); and

            b. No Termination Event or Incipient Termination Event has occurred
      and is continuing or will result after giving effect to this Limited
      Waiver.

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<PAGE>   3

      4. Effective Date. This Limited Waiver shall become effective as of the
date first written above (the "Effective Date") upon the satisfaction of each of
the following conditions:

            a. GFC shall have received each of the following documents, in each
      case in form and substance satisfactory to GFC:

                  i. counterparts hereof executed by each of the Parties;

                  ii. duly executed amendments to the Related Documents
            effecting all modifications necessary to permit the Subsidiary
            Formation, together with a certificate of the Chief Financial
            Officer of the Parent Guarantor and the CGS Originator certifying
            that all conditions to the effectiveness of the amendments have been
            satisfied and that the amendments are in full force and effect as of
            the Effective Date;

                  iii. the duly executed Pledge Amendment reflecting the
            Subsidiary Formation accompanied by the share certificate
            representing the outstanding Shell Co. Stock being pledged and a
            stock power for such share certificate executed in blank;

                  iv. a certificate of the Secretary or Assistant Secretary of
            each of the Parties dated the Effective Date certifying (A) that the
            bylaws of such Party have not been amended or otherwise modified
            since the date of the most recent certification thereof by the
            Secretary or Assistant Secretary of such Party delivered to GFC and
            remain in full force and effect as of the Effective Date, (B) that
            the charter of such Party has not been amended or otherwise modified
            since the date of the most recent certification thereof by the
            Secretary of State of such Party's jurisdiction of incorporation
            delivered to GFC and remain in full force and effect as of the
            Effective Date and (C) that the execution, delivery and performance
            of this Limited Waiver have been duly authorized by all necessary or
            proper corporate and shareholder action; and

                  v. such additional documentation as GFC may reasonably
            request;

            b. No law, regulation, order, judgment or decree of any Governmental
      Authority shall, and GFC shall not have received any notice that
      litigation is pending or threatened which is likely to, enjoin, prohibit
      or restrain the consummation of the transactions contemplated by this
      Limited Waiver, except for such laws, regulations, orders or decrees, or
      pending or threatened litigation, that in the aggregate could not
      reasonably be expected to have a Material Adverse Effect;

            c. All of the representations and warranties of the Parties
      contained in this Limited Waiver, the Transfer Agreement and the other
      Related Documents shall be true and correct in all material respects on
      and as of the Effective Date, as if then made (other than representations
      and warranties which expressly speak as of a different date, which shall
      be true and correct in all material respects as of that date);

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<PAGE>   4

            d. All corporate and other proceedings, and all documents,
      instruments and other legal matters in connection with the transactions
      contemplated by this Limited Waiver shall be satisfactory in all respects
      in form and substance to GFC; and

            e. No Termination Event or Incipient Termination Event shall have
      occurred and be continuing on the Effective Date or will result after
      giving effect to this Limited Waiver.

      5. Reference to and Effect on the Related Documents.

            a. Upon the Effective Date, each reference in the Transfer Agreement
      to "this Agreement", "hereunder", "hereof" or words of like import, and
      each reference in the Loan Documents and the other Related Documents to
      the Transfer Agreement, shall mean and be a reference to the Transfer
      Agreement as amended and supplemented hereby.

            b. Except to the extent specifically set forth herein, the
      respective provisions of the Transfer Agreement and the other Related
      Documents shall not be amended, modified, waived, impaired or otherwise
      affected hereby, and such documents and the Obligations under each of them
      are hereby confirmed as being in full force and effect.

            c. This Limited Waiver shall be limited solely to the matters
      expressly set forth herein and shall not (i) constitute an amendment or
      waiver of any other term or condition of the Transfer Agreement or any
      other Related Document, (ii) prejudice any right or rights which any of
      the Parties may now have or may have in the future under or in connection
      with the Transfer Agreement or any other Related Document, (iii) require
      any of the Parties to agree to a similar transaction on a future occasion
      or (iv) create any right herein to another Person or other beneficiary or
      otherwise, except to the extent specifically provided herein.

      6. Miscellaneous. This Limited Waiver is a Related Document. The headings
herein are for convenience of reference only and shall not alter or otherwise
affect the meaning hereof.

      7. Section Titles. The Section titles in this Limited Waiver are and shall
be without substantive meaning or content of any kind whatsoever and are not a
part of the agreement between the parties hereto.

      8. Counterparts. This Limited Waiver may be executed in any number of
counterparts and by the different parties hereto in separate counterparts, each
of which when so executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument.

      9. GOVERNING LAW. THIS LIMITED WAIVER, AND ALL MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE HEREOF, SHALL BE GOVERNED BY, AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

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<PAGE>   5

      10. No Strict Construction. The parties hereto have participated jointly
in the negotiation and drafting of this Limited Waiver. In the event an
ambiguity or question of intent or interpretation arises, this Limited Waiver
shall be construed as if drafted jointly by the parties hereto and no
presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Limited Waiver.

      11. Waiver by Parent Guarantor, CGS Originator, the Servicer and GFC. Each
of the Parent Guarantor, the CGS Originator, the Servicer and GFC hereby waives
any claim, defense, demand, action or suit of any kind or nature whatsoever
against the Purchaser, the Operating Agent or the Collateral Agent arising on or
prior to the date of this Limited Waiver in connection with any of the Related
Documents or the transactions contemplated thereunder.

                                     * * * *

                                       5

<PAGE>   6

      IN WITNESS WHEREOF, GFC, the CGS Originator, the Servicer, the Parent
Guarantor, the Purchaser, the Operating Agent and the Collateral Agent have
caused this Limited Waiver to be executed by their respective officers thereunto
duly authorized as of the date first above written.

                                    GOLF FUNDING CORPORATION

                                    By:
                                        --------------------------------
                                        Name:
                                        Title:

                                 Signature Page

<PAGE>   7

                                    CALLAWAY GOLF SALES COMPANY,
                                    as CGS Originator and as Servicer

                                    By:
                                        --------------------------------
                                        Name:
                                        Title:

                                 Signature Page

<PAGE>   8

                                    CALLAWAY GOLF COMPANY,
                                    as Parent Guarantor

                                    By:
                                        --------------------------------
                                        Name:
                                        Title:

                                 Signature Page

<PAGE>   9

                                    REDWOOD RECEIVABLES CORPORATION,
                                    as Purchaser

                                    By:
                                        --------------------------------
                                        Name:
                                        Title:

                                 Signature Page

<PAGE>   10

                                    GENERAL ELECTRIC CAPITAL CORPORATION,
                                    as Operating Agent and as Collateral Agent

                                    By:
                                        --------------------------------
                                        Name:
                                        Title:

                                 Signature Page

<PAGE>   11

                                    EXHIBIT A

                                       TO

                LIMITED WAIVER TO RECEIVABLES TRANSFER AGREEMENT

                                 (SEE ATTACHED)

                                   Exhibit A

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