Document:

EX-10.01

CONSENT

This Consent, dated as of December 22, 2006 (this “Consent”), is entered into by and
among Golfsmith International, L.P., Golfsmith NU, L.L.C., Golfsmith USA, L.L.C. and Don Sherwood
Golf Shop, as Borrowers (the “Borrowers”), the other Persons designated as Credit Parties to the
Credit Agreement (the “Credit Parties”), the lenders signatory thereto from time to time (the
“Lenders”), and General Electric Capital Corporation, for itself as a Lender, as L/C Issuer and as
Agent for the Lenders (in such capacity, the “Agent”). Terms defined in the Credit Agreement and
not otherwise defined herein shall have the meanings assigned thereto in the Credit Agreement.

RECITALS

A. The Borrowers, the other Credit Parties, the Agent and the Lenders are parties to that
certain Amended and Restated Credit Agreement, dated as of June 20, 2006 (as it may hereafter be
further amended, restated or otherwise modified, the “Credit Agreement”).

B. The Borrowers and the other Credit Parties have notified Agent that they wish to effect the
following mergers between certain of the Credit Parties: (i) the merger of Don Sherwood Golf Shop
with and into Golfsmith USA, L.L.C., with Golfsmith USA, L.L.C. as the surviving entity; (ii) the
merger of Golfsmith GP Holdings, Inc. with and into Golfsmith International, Inc., with Golfsmith
International, Inc. as the surviving entity and (iii) the merger of Golfsmith Holdings, L.P. with
and into Golfsmith International, Inc., with Golfsmith International, Inc. as the surviving entity
(collectively, the “Mergers”)

C. Agent and Lenders are willing to consent to the Mergers, as and to the extent set forth
herein and subject to the terms and conditions provided herein.

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

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

1. Consents.

1.1. Notwithstanding any provisions of the Credit Agreement to the contrary, Agent and Lenders
hereby consent to the Mergers.

2.

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

2.1. Agent’s receipt of counterparts of this Consent, duly executed by Borrowers, each other
Credit Party, Agent and Requisite Lenders.

2.2. After giving effect to this Consent, no Default or Event of Default shall have occurred
and be continuing or would result from the effectiveness of this Consent.

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

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

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

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

4. Counterparts. This Consent may be executed in any number of counterparts, each of which
when so executed shall be deemed an original but all such counterparts shall constitute one and the
same instrument. A counterpart signature page delivered by fax or electronic transmission shall be
as effective as delivery of an originally executed counterpart.

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

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

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, this Consent has been duly executed as of the date first written above.

BORROWERS:

GOLFSMITH INTERNATIONAL, L.P.

By: Golfsmith GP L.L.C., as General Partner

By: /s/ James D. Thompson

Name:

Title: President

GOLFSMITH NU, L.L.C.

By: /s/ James D. Thompson

Name:

Title: President

GOLFSMITH USA, L.L.C.

By: /s/ James D. Thompson

Name:

Title: President

DON SHERWOOD GOLF SHOP

By: /s/ James D. Thompson

Name:

Title: President

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CREDIT PARTIES:

GOLFSMITH INTERNATIONAL, INC.

By: /s/ James D. Thompson

Name:

Title: President

GOLFSMITH INTERNATIONAL HOLDINGS, INC.

By: /s/ James D. Thompson

Name:

Title: President

GOLFSMITH GP HOLDINGS, INC.

By: /s/ James D. Thompson

Name:

Title: President

GOLFSMITH HOLDINGS, L.P.

By Golfsmith GP Holdings, Inc., as General Partner

By: /s/ James D. Thompson

Name:

Title: President

GOLFSMITH GP, L.L.C.

By: /s/ James D. Thompson

Name:

Title: President

GOLFSMITH DELAWARE, L.L.C.

By: /s/ James D. Thompson

Name:

Title: President

GOLFSMITH CANADA, L.L.C.

By: /s/ James D. Thompson

Name:

Title: President

GOLFSMITH EUROPE, L.L.C.

By: /s/ James D. Thompson

Name:

Title: President

GOLFSMITH LICENSING, L.L.C.

By: /s/ James D. Thompson

Name:

Title: President

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GENERAL ELECTRIC CAPITAL CORPORATION,

as Agent, an L/C Issuer and a Lender

By: /s/ William J. Kane

Name:

Title: Duly Authorized Signatory

4EX-10.1

Exhibit 10.1

EXECUTION

FOURTH AMENDMENT TO

SECOND AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

GOVERNING PURCHASES AND SALES OF MORTGAGE LOANS

This Fourth Amendment, dated as of December 27, 2006 (this “Amendment”), to the Second
Amended and Restated Master Repurchase Agreement Governing Purchases and Sales of Mortgage Loans,
dated as of December 29, 2004 and amended as of December 28, 2005 and October 31, 2006 and further
amended as of December 19, 2006 (as amended, the “Repurchase Agreement”), is made by and
among LEHMAN BROTHERS BANK, FSB (“Buyer”), FIELDSTONE INVESTMENT CORPORATION
(“FIC”) and FIELDSTONE MORTGAGE COMPANY (“FMC”) (FIC and FMC shall be individually
and collectively referred to as “Seller”). Buyer, FMC and FIC may be collectively referred
to herein as the “Parties”.

RECITALS

WHEREAS, pursuant to the Repurchase Agreement, Buyer has agreed, subject to the terms and
conditions set forth in the Repurchase Agreement, to purchase certain Mortgage Loans owned by
Seller, including, without limitation, all rights of Seller to service and administer such Mortgage
Loans; and

WHEREAS, the Parties desire to amend the Repurchase Agreement as set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties hereto agree as follows:

Section 1. Definitions. Capitalized terms used but not otherwise defined herein have
the meanings given them in the Repurchase Agreement.

Section 2. Amendments to Repurchase Agreement. Subject to Section 4 hereof, the
Repurchase Agreement shall be amended as follows:

(a) The term of the Repurchase Agreement shall be renewed for a period of thirty (30) days
from the date of this Amendment, until January 26, 2007, or such earlier date on which all
Purchased Mortgage Loans are required to be immediately repurchased pursuant to Section 14(a) of
the Repurchase Agreement (unless such date is extended upon mutual agreement of Buyer and Seller).
Thus, the definition of “Final Repurchase Date” shall be amended in accordance with such renewal
term.

Section 3. Representations and Warranties. Seller hereby represents and warrants to
Buyer that (a) both immediately before and after giving effect to the amendments set forth in
Section 2 of this Amendment, no Event of Default shall have occurred and be continuing, (b) the
representations and warranties of Seller set forth in Section 10 of the Repurchase Agreement are
true and complete as if made on and as of such date and as if each reference in said Section 10 to
“this Agreement” included reference to the Repurchase Agreement as amended hereby, (c) this
Amendment constitutes the legal, valid and binding obligation of Seller, enforceable against Seller
in accordance with its terms and (d) the execution and delivery by Seller of this Amendment has
been duly authorized by all requisite corporate action on the part of Seller and will not violate
any provision of Seller’s organizational documents.

Section 4. Conditions Precedent. The amendments set forth in Section 2 above shall
not become effective unless, on or before December 27, 2006, Buyer shall have received all of the
following documents, each of which shall be satisfactory in form and substance to Buyer and its
counsel:

(a) Amendment. This Amendment, duly completed, executed and delivered by Seller;

(b) Other Documents. Such other documents as Buyer may reasonably request.

Section 5. Miscellaneous.

(a) Except as expressly amended by Section 2 hereof, the Repurchase Agreement remains
unaltered and in full force and effect. Each of the Parties hereby reaffirms all terms and
covenants made in the Repurchase Agreement as amended hereby.

(b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver
of any right, power or remedy of any Party under the Repurchase Agreement, or any other document,
instrument or agreement executed and/or delivered in connection therewith.

(c) THIS AMENDMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED BY THE LAW OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

(d) This Amendment may be executed in any number of counterparts, and all such counterparts
shall together constitute the same agreement. Any signature delivered by a party via facsimile
shall be deemed to be an original signature hereto.

[SIGNATURE PAGE TO FOLLOW]

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IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed as of
the day and year first above written.

SELLER:

FIELDSTONE MORTGAGE COMPANY

By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

FIELDSTONE INVESTMENT CORPORATION

By: /s/ Mark C. Krebs

Name: Mark C. Krebs

Title: Sr. Vice President & Treasurer

BUYER:

LEHMAN BROTHERS BANK, FSB

By: /s/ Stephen A. Valentino

Name: Stephen A. Valentino

Title: Authorized Signature

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