Document:

<PAGE>   1
                                                                  Exhibit 10.26l

                         COLLATERAL ASSIGNMENT AGREEMENT

                  COLLATERAL ASSIGNMENT AGREEMENT (this "Agreement"), dated as
of February 15, 2000, by and among the parties listed on the signature pages
hereof.

                              STATEMENT OF PURPOSE:

                  The Existing Agent referred to below is also party to a
certain Credit Agreement, dated as of September 11, 1998 (as heretofore amended,
supplemented or otherwise modified, the "Credit Agreement"), by and among GT
Interactive Software Corp. (the "Borrower"), the banks, financial institutions
and other entities party thereto (the "Existing Lenders"), NationsBanc
Montgomery Securities, LLC, as syndication agent, Fleet Bank, N.A., as
documentation agent, and First Union National Bank ("First Union"), as
administrative agent for the Existing Lenders (in such capacity, the "Existing
Agent").

                  First Union (a) has acted as Administrative Agent under the
Credit Agreement, (b) is the designated grantee under the agreements identified
on Schedule 1 (each such agreement as heretofore amended, supplemented or
otherwise modified, collectively, the "Security Documents") of Liens, for the
benefit of the Existing Lenders, (c) is the designated beneficiary under the
Guaranty Agreement (as heretofore amended, supplemented or otherwise modified,
the "Guaranty"; and, together with the Security Documents, collectively, the
"Collateral Documents") of a guaranty, for the benefit of the Existing Lenders,
of the Obligations and (d) has possession of the collateral identified on
Schedule 2 (the "Pledged Stock").

                  Pursuant to a Master Assignment and Acceptance Agreement,
dated as of the date hereof (the "Assignment and Acceptance"), Infogrames
Entertainment SA ("Infogrames") will acquire all of the Commitments of each of
the Existing Lenders under the Credit Agreement (Infogrames, in its capacity as
the assignee of all such Commitments under the Assignment and Acceptance, the
"Assignee").

                  In connection with the acquisition by the Assignee of the
Commitments under the Credit Agreement pursuant to the Assignment and
Acceptance, the Existing Agent will resign as Administrative Agent under the
Credit Agreement and the other Loan Documents, and the Borrower has informed the
Existing Agent that the Borrower and the Assignee, as the sole Lender under the
Credit Agreement on the Assignment Effective Date (as defined in the Assignment
and Acceptance), will appoint Infogrames as successor Administrative Agent under
the Credit Agreement and the other Loan Documents (in such capacity, the
"Successor Agent") pursuant to Section 12.9 of the Credit Agreement.

                  In connection with the resignation of the Existing Agent, the
Borrower and the Assignee have requested that the Existing Agent enter into this
Agreement, among other things,
<PAGE>   2
to assign all of the Existing Agent's right, title and interest in the
Collateral (as defined in the Security Documents) and the Collateral Documents
to the Successor Agent pursuant to Section 12.9 of the Credit Agreement.

                  NOW, THEREFORE, each of the parties hereto hereby agrees as
follows:

                                   SECTION 1.
                                  DEFINITIONS

                  Section 1.1. Capitalized terms used herein and not otherwise
defined shall have their respective meanings set forth in the Credit Agreement.

                                   SECTION 2.
                         RESIGNATION OF EXISTING AGENT;
                         APPOINTMENT OF SUCCESSOR AGENT

                  Section 2.1. Confirmation of Resignation. The Existing Agent
hereby confirms its resignation as Administrative Agent pursuant to Section 12.9
of the Credit Agreement, effective as of the Assignment Effective Date. The
Borrower and the Assignee, as the sole Lender under the Credit Agreement on the
Assignment Effective Date, hereby waive any requirement for prior notice of such
resignation pursuant to Section 12.9 of the Credit Agreement.

                  Section 2.2. Appointment of Successor. The Assignee, as the
sole Lender under the Credit Agreement on the Assignment Effective Date, hereby
appoints Infogrames, effective as of the Assignment Effective Date, to be
successor Administrative Agent pursuant to Section 12.9 of the Credit Agreement
and hereby waives any requirement under Section 12.9 of the Credit Agreement of
the Successor Agent having minimum capital and surplus of $500,000,000.

                  Section 2.3. Acceptance by Successor. Infogrames hereby
accepts its appointment as successor Administrative Agent under the Credit
Agreement, effective as of the Assignment Effective Date.

                                   SECTION 3.
                            ASSIGNMENT AND ACCEPTANCE

                  Section 3.1. Assignment. The Existing Agent hereby assigns, as
of the Assignment Effective Date, to the Successor Agent, for the benefit of the
Lenders (including without limitation, the Assignee), all of the Existing
Agent's right, title and interest in, to and under (a) the Collateral, the
Security Documents and any other Loan Document evidencing the grant of any lien
or security interest in any property of the Borrower or any Guarantor, (b) the
Guaranty and (c) the Pledged Stock (all of the foregoing described in clauses
(a), (b) and (c), collectively, the "Assigned Collateral").

                                       2
<PAGE>   3
                  Section 3.2. Acceptance. The Successor Agent hereby accepts,
as of the Assignment Effective Date, all of the Existing Agent's right, title
and interest in, to and under the Assigned Collateral.

                  Section 3.3. Effect on Collateral Documents. Effective as of
the Assignment Effective Date, all references in the Collateral Documents to
First Union or the Administrative Agent shall be deemed, where appropriate, to
be references to Infogrames or the Successor Agent, as the case may be. The
parties hereto hereby agree that nothing contained in this Agreement or in the
Assignment and Acceptance shall affect the ability of the Assignee to amend,
modify or terminate any Loan Document pursuant to the terms thereto.

                  Section 3.4. Further Assurances. The Existing Agent shall
promptly execute and deliver, at any time and from time to time, upon the
reasonable written request of the Successor Agent and at the expense of the
Borrower, any and all such further instruments and documents and take such
further reasonable action as the Successor Agent may reasonably deem necessary
in obtaining the full benefits of this Agreement and the Collateral Documents
and of the rights and powers herein and therein granted.

                                   SECTION 4.
              CERTAIN OBLIGATIONS AND DUTIES OF THE EXISTING AGENT;
                         REPRESENTATIONS AND WARRANTIES

                  Section 4.1. Delivery of Pledged Stock. The Existing Agent
shall promptly deliver to the Successor Agent, and the Successor Agent shall
acknowledge in writing receipt of, all of the Pledged Stock.

                  Section 4.2. Certain Representations and Warranties. (a) The
Existing Agent hereby represents and warrants as follows:

                  (i) It is a national bank duly organized, validly existing and
         in good standing and has all requisite power and authority to enter
         into and perform its obligations under this Agreement.

                  (ii) The execution, delivery and performance by it of this
         Agreement has been duly authorized by all necessary action on its part.

                  (iii) This Agreement has been duly executed and delivered by
         it.

                  (b) Each of the Borrower and the Guarantors hereby represents
and warrants as follows:

                  (i) It is a corporation duly organized, validly existing and
         in good standing under the laws of the jurisdiction of its organization
         and has all requisite power and authority to enter into and perform its
         obligations under this Agreement.

                                       3
<PAGE>   4
                  (ii) The execution, delivery and performance by it of this
         Agreement has been duly authorized by all necessary action on its part.

                  (iii) This Agreement has been duly executed and delivered by
         it.

                  (c) The Successor Agent hereby represents and warrants as
follows:

                  (i) It is a societe anonyme duly formed, validly existing and
         in good standing under the laws of France and has all requisite power
         and authority to enter into and perform its obligations under this
         Agreement.

                  (ii) The execution, delivery and performance by it of this
         Agreement has been duly authorized by all necessary action on its part.

                  (iii) This Agreement has been duly executed and delivered by
         it.

                                   SECTION 5.
                                    EXPENSES

                  Section 5.1. Expenses. All reasonable expenses of the Existing
Agent incurred in connection with this Agreement or the assignment of the
Assigned Collateral to the Successor Agent, as and when described herein,
including, without limitation, any required filing of record of any instrument
effecting or giving notice of the assignment evidenced hereby shall be at the
expense of and are for the account of the Borrower, payable upon demand therefor
by the Existing Agent.

                  Section 5.2. Indemnification. The Borrower hereby confirms and
agrees that the provisions of Section 13.2 of the Credit Agreement only as they
pertain to the Existing Agent shall survive its resignation as Administrative
Agent and that any obligations of the Borrower under such Section shall
constitute "Borrower Obligations" and "Obligations" under the Credit Agreement
and Collateral Documents or any successor documents thereto. The parties hereto
hereby confirm and agree that the provisions of Section 12.7 of the Credit
Agreement only as they pertain to the Existing Agent shall survive its
resignation as Administrative Agent.

                  Section 5.3. Exculpatory Provisions. The Existing Agent (a)
shall not be responsible in any manner whatsoever for the correctness of any
recitals, statements, representations or warranties contained in the Credit
Agreement or in the Loan Documents, (b) makes no representation or warranty
whatsoever as to the value or condition of the Assigned Collateral or any part
thereof, or as to the tide of any of the grantors thereto or as to the security
afforded by the Collateral Documents, the Assigned Collateral or this Agreement,
or as to the validity, execution, enforceability, legality or sufficiency of
this Agreement (except as set forth in Section 4.2(a) of this Agreement) or any
Collateral Documents, the Assigned Collateral or of the obligations and other
indebtedness secured thereby, or the validity, perfection or priority of any
lien or security interest in the Collateral, (c) makes no representation or
warranty or assumes any responsibility with respect to the financial condition
of the Borrower, any of its

                                       4
<PAGE>   5
Subsidiaries or any other obligor or the performance or observance by the
Borrower, any of its Subsidiaries or any other obligor of any of their
respective obligations under the Credit Agreement, and (d) shall not incur any
liability or responsibility whatsoever in respect of any of the foregoing.

                                   SECTION 6.
                    EFFECTIVENESS OF AGREEMENT; MISCELLANEOUS

                  Section 6.1. Conditions. This Agreement shall be and become
effective as of the date first above written upon (a) execution and delivery of
this Agreement by each of the parties hereto and (b) the occurrence of the
Assignment Effective Date under the Assignment and Acceptance.

                  Section 6.2. Headings. Section and other headings used in this
Agreement are for convenience only and shall not affect the construction of this
Agreement.

                  Section 6.3. Severability. Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction shall not invalidate
the remaining provisions hereof, and any such prohibition or unenforceability in
any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

                  Section 6.4. Binding Effect. This Agreement shall be binding
upon and inure to the benefit of each of the parties hereto and their respective
permitted successors and assigns, and nothing herein or in any other agreement
executed or delivered in connection herewith is intended or shall be construed
to give any other Person any right, remedy or claim under, to or in respect of
this Agreement, any Collateral Document or the Assigned Collateral.

                  Section 6.5. Conflict with Other Agreements. The parties agree
that in the event of any conflict between the provisions of this Agreement and
the provisions of any of the Collateral Documents or agreements identified in
Schedule 1, the provisions of this Agreement shall control.

                  Section 6.6. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

                  Section 6.7. Counterparts. This Agreement may be executed in
one or more counterparts, each of which shall be an original and all of which
taken together shall constitute one and the same instrument.

                                       5
<PAGE>   6
                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed as of the date first above written by their respective
duly authorized officers.

                                          EXISTING AGENT:

                                          FIRST UNION NATIONAL BANK,
                                          as Existing Agent

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

                                          SUCCESSOR AGENT:

                                          INFOGRAMES ENTERTAINMENT, S.A.,
                                          as Successor Agent

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

                                          BORROWER:

                                          GT INTERACTIVE SOFTWARE CORP.

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

                                       6
<PAGE>   7
                                          GUARANTORS:

                                          HUMONGOUS ENTERTAINMENT, INC.
                                          WIZARDWORKS GROUP, INC.
                                          SINGLETRAC ENTERTAINMENT
                                          TECHNOLOGIES, INC.
                                          SWAN ACQUISITION CORP.
                                          CANDEL INC.
                                          FORMGEN, INC.
                                          GOLD MEDALLION SOFTWARE INC.
                                          MEDIATECHNICS, LTD.
                                          LEGEND ENTERTAINMENT COMPANY LLC

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

                                       7<PAGE>   1
                                                                  Exhibit 10.26m

                                 FIFTH AMENDMENT

            THIS FIFTH AMENDMENT (this "Amendment") is made and entered into as
of this 31st day of March, 2000, by and among GT Interactive Software Corp., a
Delaware corporation, as Borrower, and Infogrames Entertainment, S.A. (the
"Lender").

                              Statement of Purpose

            The Borrower is a party to the Credit Agreement dated as of
September 11, 1998 (as heretofore amended, restated, supplemented or otherwise
modified, the "Credit Agreement"), by and between the Borrower and the Lender,
as Administrative Agent and as sole lender. Capitalized terms used herein and
not otherwise defined shall have their respective meanings set forth in the
Credit Agreement.

            The Borrower has requested that the Lender agree to amend, waive and
consent under certain provisions of the Credit Agreement as set forth more fully
below and subject to the terms and conditions hereof, the Lender is willing to
agree to such requested amendments.

            NOW THEREFORE, for good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties hereto agree as follows:

            SECTION 1.  AMENDMENTS.

      1.1 Amendments to Section 1.1 (Definitions). Section 1.1 of the Credit
Agreement is hereby amended by (a) deleting in their entirety the definitions of
the following terms: "Application", "Concentration Account", "Credit Facility",
"Extensions of Credit", "Issuing Lender", "Letters of Credit", "L/C Facility",
"L/C Obligations", "L/C Participants", "Prime Rate", "Reimbursement Obligation",
(b) inserting the words " Letter of Credit Documents, Letter of Credit Guaranty,
Surety Bond Guaranty" immediately after the phrase "the Account Control
Agreement (once executed)" found in the definition of "Loan Documents" and (b)
inserting the following new defined terms in their proper alphabetical order:

                  "Concentration Account" means the account to be established by
      the Borrower and maintained at a financial institution satisfactory to the
      Administrative Agent, that shall be used for the daily concentration of
      funds received by the Borrower or any of its Subsidiaries (a) from the
      domestic operation of their respective businesses or (b) in the United
      States from the foreign operation of their respective businesses.

                  "Credit Facility" means the collective reference to the
      Revolving Credit Facility and the Letter of Credit Guaranties.
<PAGE>   2
                  "Extensions of Credit" means, as to any Lender at any time, an
      amount equal to the aggregate principal amount of all Loans made by such
      Lender then outstanding.

                  "Issuing Lender" means any financial institution
            satisfactory to the Lender.

                  "Letter of Credit" has the meaning assigned under the
      Letter of Credit Documents.

                  "Letter of Credit Documents" means each standby or documentary
      letter of credit issued by an Issuing Lender (the "Letters of Credit") and
      all documents related thereto, including any Letter of Credit Guaranty;
      provided that at no time shall the obligations thereunder, including with
      respect to any outstanding Letters of Credit and drawn but unreimbursed
      Letters of Credit, exceed $25,000,000.

                  "Letter of Credit Guarantor" means Infogrames Entertainment,
      S.A.

                  "Letter of Credit Guaranty" means any guaranty or indemnity
      issued by the Letter of Credit Guarantor, guaranteeing the obligations of
      the Borrower under the Letter of Credit Documents, provided that in no
      case shall the sum of the guaranteed obligations (x) under the Surety Bond
      Guaranties and (y) under the Letter of Credit Guaranties exceed
      $25,000,000.

                  "L/C Obligations" means at any time, an amount equal to the
      sum of (I) all obligations of the Letter of Credit Guarantor under the
      Surety Bond Guaranty plus (II) the greater of (a) the sum of the amount of
      all obligations of the Borrower under (1) the Letter of Credit Documents
      and (2) the amount of all obligations of Borrower under the Reimbursement
      and Cash Collateral Agreement, (b) the sum of (1) the amount of all
      obligations of the Letter of Credit Guarantor under the Letter of Credit
      Guaranty and (2) the amount of all obligations of the Borrower under the
      Reimbursement and Cash Collateral Agreement, and (c) the sum of (1) the
      aggregate undrawn and unexpired amount of the then outstanding (i) Letters
      of Credit and (ii) letters of credit under the Reimbursement and Cash
      Collateral Agreement and (2) drawn but unreimbursed (i) Letters of Credit
      and (ii) letters of credit under the Reimbursement and Cash Collateral
      Agreement.

                  "Prime Rate" means, at any time, the rate of interest per
      annum set forth from time to time in the New York edition of the Wall
      Street Journal as the "prime rate". Each change in the Prime Rate shall be
      effective as of the opening of business on the day such change in the
      Prime Rate occurs.

                  "Reimbursement Obligation" means the obligation of the
      Borrower or Letter of Credit Guarantor to reimburse the Issuing Lender
      pursuant to the Letter of Credit

                                      -2-
<PAGE>   3
      Documents, the Letter of Credit Guaranty, any surety bonds issued on
      behalf of the Borrower, and the Surety Bond Guaranty.

                  "Surety Bond Guaranty" means any guaranty or indemnity issued
      by the Letter of Credit Guarantor, guaranteeing the obligations of the
      Borrower under certain surety bonds, provided that in no case shall the
      sum of the guaranteed obligations (x) under the Surety Bond Guaranties and
      (y) under the Letter of Credit Guaranties exceed $25,000,000."

      1.2 Amendment to Section 2.5 (Permanent Reduction of Aggregate
Commitment). Section 2.5(b) is hereby amended by deleting the proviso found
subclause (ii) thereof and replacing such proviso with the following new
proviso:

            "provided that this clause (ii) shall not apply to the first
      $5,000,000 of any such Net Cash Proceeds received in any Fiscal Year if
      and only if such sales of assets have been approved by the independent
      directors of the Borrower prior to such sale"

      1.3 Amendment to Section 2.6 (Termination of Credit Facility). Section 2.6
of the Credit Agreement is hereby amended by deleting the reference to "March
31, 2000" contained in said Section and by substituting therefor a reference to
"June 30, 2000".

      1.4 Amendment to Article III (Letter of Credit Facility). Article III is
deleted in its entirety and replaced with the following new Article III:

            "ARTICLE III.  Intentionally omitted."

      1.5 Amendment to Section 4.3 (Fees). Section 4.3 of the Credit Agreement
is hereby amended by adding a new paragraph (e) at the end of said Section as
follows'

            "(e) The Borrower agrees to pay to the Letter of Credit Guarantor a
      fee in respect of each Letter of Credit issued under the Letter of Credit
      Documents (the "Letter of Credit Fee") computed at a rate equal to 2.00%
      of the stated amount of each Letter of Credit payable in arrears on the
      last Business Day of each calendar quarter."

      1.6 Amendment to Section 4.5 (Crediting of Payments and Proceeds). Section
4.5 of the Credit Agreement is hereby amended by deleting the phrase "and
Issuing Lender's fees then due and payable" contained therein and substituting
in lieu thereof the phrase "and Letter of Credit Guarantor's fees then due and
payable".

      1.7 Amendment to Section 4.8 (Circumstances Affecting LIBOR Rate and
Alternative Currency Availability). Section 4.8 of the Credit Agreement is
hereby amended by deleting the phrase "Letter of Credit or Application," found
in the final paragraph thereof.

                                      -3-
<PAGE>   4
      1.8 Amendment to Section 4.11 (Payments Free and Clear). Section 4.11(a)
of the Credit Agreement is hereby amended by deleting the phrase "or Letter of
Credit" found in the last sentence thereof.

      1.9 Amendment to Section 10.1 (Limitations on Debt). Section 10.1 of the
Credit Agreement is hereby amended by deleting the word "and" found at the end
of clause (h) thereof, deleting the period at the end of clause (i) thereof,
replacing such period with a semicolon and inserting the following new clauses
(j) and (k);

            "(j) Debt of the Borrower and its Subsidiaries representing
      obligations under surety bonds issued in the ordinary course of business;
      provided that such obligations have been guaranteed by Infogrammes
      Entertainment, S.A. pursuant to the Surety Bond Guaranty; provided that in
      no case shall the sum of the guaranteed obligations (x) under the Surety
      Bond Guaranty and (y) under the Letter of Credit Guaranty exceed
      $25,000,000; and

            (k) Debt of the Borrower and its Subsidiaries representing
      obligations under surety bonds issued in the ordinary course of business
      in an aggregate amount not to exceed $5,000,000, which Debt is not
      guaranteed pursuant to the Surety Bond Guaranty."

      1.10 Amendment to Section 11.1 (Debt Cross-Default). Section 11.1(g) of
the Credit Agreement is hereby amended by deleting the phrase "or any
Reimbursement Obligation" both times it appears.

      1.11 Amendment to Section 12.6 (Non-Reliance on the Administrative Agent
and Other Lenders. Section 12.6 of the Credit Agreement is hereby amended by
deleting the phrase "or participate in Letter of Credit hereunder" found
therein.

      1.12 Amendment to Section 12.8 (The Administrative Agent in Its Individual
Capacity. Section 12.8 of the Credit Agreement is hereby amended by deleting the
phrase "and with respect to any Letter of Credit issued by it or participated in
by it" found therein.

      1.13 Amendment to Section 13.11 (Amendments, Waivers and Consents).
Section 13.11 of the Credit Agreement is hereby amended by deleting the final
sentence thereof and replacing such sentence with the following new sentence:

            "In addition, no amendment, waiver or consent to the provisions of
       Article XII shall be made without the written consent of the
       Administrative Agent."

            SECTION 2.  CONSENTS.

      2.1 Consent to Letter of Credit Documents. Effective as of the Effective
Date, the Lender hereby consents under Section 10.1 (Limitations on Debt) of the
Credit Agreement solely to the extent necessary to permit it to enter into the
Letter of Credit attached hereto as Exhibit A and the Surety Bond attached
hereto as Exhibit B. Any additional surety bonds or Letters of Credit must be
approved by the Lender.

                                      -4-
<PAGE>   5
            SECTION 3.  WAIVERS.

      3.1 Waiver of Section 9.1 (EBITDA). Effective as of the Effective Date,
the Lender hereby waives any Default or Event of Default that may arise by
reason of the failure of the Borrower to comply with Section 9.1 of the Credit
Agreement for the period from April 1, 1999 through June 30, 2000.

      3.2 Waiver of Article 7 (Financial Information and Notices). Effective as
of the Effective Date, the Lender hereby waives any Default or Event of Default
that may arise by reason of the failure of the Borrower to comply with Sections
7.1(d), 7.1(e), 7.1(f) and 7.2(b) for the period from the Effective Date until
June 30, 2000.

                                      -5-
<PAGE>   6
            SECTION 4.  MISCELLANEOUS.

      4.1 Representations and Warranties; No Default. (a) After giving effect to
this Amendment, the Borrower hereby represents and warrants that (i) all
representations and warranties contained in the Credit Agreement and the other
Loan Documents are true and correct on and as of the Effective Date (unless
stated to relate to a specific earlier date, in which case, such representations
and warranties shall be true and correct as of such earlier date) and (ii) no
Default or Event of Default shall have occurred and be continuing or would
result from the execution and delivery of this Amendment.

      (b) The Borrower hereby further represents and warrants that it is truly
and justly indebted to the Administrative Agent and the Lender in respect of the
Obligations, without defense, counterclaim or offset of any kind.

      4.2 Payment of Fees and Expenses. (a) The Borrower shall pay to the
Administrative Agent, for the account of the Lender, a waiver and amendment fee
equal to $125,000 (the "Amendment Fee"), which shall be fully earned on the
Effective Date and payable on March 31, 2000; provided that failure to pay such
Amendment Fee on or prior to March 31, 2000 shall constitute an immediate Event
of Default. Payment of the Amendment Fee shall be in addition to any and all
other fees and expenses required to be paid from time to time by the Borrower to
the Administrative Agent and/or the Lender pursuant to this Amendment, the
Credit Agreement or the other Loan Documents.

      (b) The Borrower hereby agrees to pay all reasonable costs, fees and
expenses of the Administrative Agent and the Lender, including the fees and
expenses of financial advisors retained by the Administrative Agent and counsel
retained by the Administrative Agent and the Lender, in each case incurred in
connection with the transactions contemplated by this Amendment, including but
not limited to the preparation of a revised form of Credit Agreement
incorporating all changes made by this and all prior amendments.

      4.3   Intentionally Omitted.

      4.4 Additional Borrowings. From time to time after the date hereof, the
Borrower and the Lender may agree to increase the Aggregate Commitment, subject
to such additional conditions and terms as are mutually acceptable, provided
that (i) nothing contained in this Amendment shall require the Lender to
increase the Aggregate Commitment and (ii) the conditions and terms of any such
increase to the Aggregate Commitment and any additional loans associated with
such increase (the "Additional Loans") shall be unique to such increase and such
Additional Loans and any Loans outstanding prior to such increase (as well as
the Aggregate Commitment in effect immediately prior to such increase) shall be
unaffected by such increase of the Aggregate Commitment or the issuance of
Additional Loans.

                                      -6-
<PAGE>   7
      4.5 Conditions to Effectiveness of this Amendment. This Amendment shall
become effective on the date (the "Effective Date") on which the Administrative
Agent shall have received:

      (a)   counterparts of this Amendment duly executed by the Borrower and
the Lender; and

      (b) payment in full of all fees and other amounts due and payable pursuant
to the Credit Agreement and this Amendment, including reimbursement or payment
of all reasonable fees and expenses of financial advisors retained by the
Administrative Agent and counsel retained by the Administrative Agent and each
Lender that, in each case, has been invoiced to the Borrower.

      4.6 Continuing Effect; No Other Amendments or Waivers. Except as expressly
amended pursuant to this Amendment, the Credit Agreement is and shall continue
to be in full force and effect in accordance with its terms, and this Amendment
shall not constitute the Lender's consent or indicate their willingness to
consent to any other amendment, modification or waiver of the Credit Agreement
or the other Loan Documents, including without limitation, any amendment,
modification or waiver of any Section amended or waived pursuant to this
Amendment for any other date or time period or in connection with any other
transaction.

      4.7 Integration. This Amendment represents the agreement of the Borrower,
the Administrative Agent and the Lender with respect to the subject matter
hereof, and there are no promises, undertakings, representations or warranties
by the Borrower, the Administrative Agent and the Lender relative to the subject
matter hereof not expressly set forth or referred to herein, or in the Credit
Agreement, as amended through the date hereof.

      4.8 Counterparts. This Amendment may be executed by the parties hereto on
one or more counterparts, and all of such counterparts shall be deemed to
constitute one and the same instrument. This Amendment may be delivered by
facsimile transmission of the relevant signature pages hereof.

      4.9 Governing Law. This Amendment shall be governed by, and construed and
interpreted in accordance with, the law of the State of New York.

                                      -7-
<PAGE>   8
            IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed and delivered by their respective duly authorized officers as of the
date first above written.

                                    GT INTERACTIVE SOFTWARE CORP.

                                     By:______________________________________
                                     Name:
                                     Title:

                                    INFOGRAMES ENTERTAINMENT, S.A., as
                                      Administrative Agent and Lender

                                     By:______________________________________
                                     Name:
                                     Title:

                                      -8-

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