Document:

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                                                                 EXHIBIT 4.25
                                                                 EXECUTION COPY

                        ASSUMPTION AND JOINDER AGREEMENT

         ASSUMPTION AND JOINDER AGREEMENT dated as of July 24, 2003 (this
"Assumption Agreement") made by [DON SHERWOOD GOLF SHOP, a California
corporation], (the "New Subsidiary") in favor of GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation ("GE Capital"), in connection with that
certain Intercreditor Agreement dated as of October 15, 2002 (as the same may be
amended, amended and restated, supplemented or otherwise modified, renewed or
replaced from time to time, the "Intercreditor Agreement"), by and among GE
Capital, as Senior Agent, U.S. Bank Trust National Association, as Trustee and
under the Indenture; U.S. Bank Trust National Association, as Collateral Agent
under the Noteholder Security Agreement, and the parties whose names are set
forth below "Credit Parties" on the signature pages thereto (each such party
being referred to as an "Obligor", and collectively, the "Obligors").
Capitalized terms used herein but not otherwise defined shall have the meanings
given to such terms in the Intercreditor Agreement (as defined below).

                                   WITNESSETH

         WHEREAS, Golfsmith International, Inc. wishes to purchase all of the
issued and outstanding stock of the New Subsidiary;

         WHEREAS, the New Subsidiary is a California corporation that will be
wholly-owned by Golfsmith International, Inc.; and

         WHEREAS, the New Subsidiary is executing this document pursuant to
Section 2.8(b) of the Credit Agreement.

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt of which is hereby acknowledged, the New
Subsidiary hereby agrees as follows:

         1. Assumption and Joinder.

                  (a)      The New Subsidiary hereby expressly confirms that it
has assumed, and hereby agrees to perform and observe and be bound by, each and
every one of the covenants, promises, agreements, terms, obligations, duties and
liabilities of an Obligor under the Intercreditor Agreement. By virtue of the
foregoing, the New Subsidiary hereby accepts and assumes any liability of an
Obligor related to each representation, warranty, covenant or obligation made by
an Obligor in the Intercreditor Agreement and hereby expressly affirms, as of
the date hereof, each of such representations, warranties, covenants and
obligations, and hereby expressly affirms, as of the date hereof, each of such
covenants and obligations.

                  (b)      All references to the term "Obligor" in the
Intercreditor Agreement or in any document or instrument executed and delivered
or furnished, or to be executed and delivered or furnished, in connection
therewith shall be deemed to be a reference to, and shall include, the New
Subsidiary.

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         2. Representations and Warranties. The New Subsidiary hereby represents
and warrants to the Lenders as follows:

                  (a)      The New Subsidiary has the requisite corporate power
and authority to enter into this Assumption Agreement and to perform its
obligations hereunder and under the Intercreditor Agreement. The execution,
delivery and performance of this Assumption Agreement by the New Subsidiary and
the performance of its obligations under the Intercreditor Agreement, have been
duly authorized by all necessary corporate action of the New Subsidiary and no
other corporate action or proceedings on the part of the New Subsidiary are
necessary to authorize the execution, delivery or performance of this Assumption
Agreement, the transactions contemplated hereby or the performance of its
obligations under the Intercreditor Agreement. This Assumption Agreement has
been duly executed and delivered by the New Subsidiary. This Assumption
Agreement and the Intercreditor Agreement, each constitutes the legal, valid and
binding obligation of the New Subsidiary enforceable against it in accordance
with its respective terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization or similar laws affecting creditors'
rights generally and by general principles of equity, whether such
enforceability is considered in a proceeding at law or in equity.

                  (b)      The representations and warranties applicable to New
Subsidiary set forth in the Intercreditor Agreement are true and correct on and
as of the date hereof (except to the extent that such representations and
warranties expressly relate to an earlier date) with the same effect as if made
on and as of the date hereof.

                  (c)      The authorized capitalization of the New Subsidiary,
the number of shares of its capital stock outstanding on the date hereof, and
the ownership of such stock are set forth on Schedule 1 hereto.

         3. Further Assurances. At any time and from time to time, upon the
Agent's request and at the sole expense of the New Subsidiary, the New
Subsidiary will promptly and duly execute and deliver any and all further
instruments and documents and take such further action as the Agent reasonably
deems necessary to effect the purposes of this Assumption Agreement.

         4. Binding Effect. This Assumption Agreement shall be binding upon the
New Subsidiary and shall inure to the benefit of the Lenders and their
respective successors and assigns.

         5. GOVERNING LAW. THIS ASSUMPTION AGREEMENT SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICTS OF LAW PRINCIPLES.

         6. Miscellaneous. Delivery of an executed signature page to this
Assumption Agreement by facsimile shall be effective as delivery of a manually
executed copy of this Assumption Agreement. This Assumption Agreement and all
other instruments, agreements or documents provided for herein or delivered or
to be delivered hereunder or in connection herewith may be executed in any
number of counterparts, and by the parties hereto on the same or separate
counterparts, and each such counterpart, when executed and delivered, shall be
deemed to be an original, but all such counterparts shall together constitute
but one and the same agreement, instrument or document. This Assumption
Agreement shall constitute a "Loan Document" pursuant to, and as defined in, the
Senior Credit Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       2
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         IN WITNESS WHEREOF, the undersigned has caused this Assumption
Agreement to be duly executed and delivered by its duly authorized officer as of
the date first above written.

                                           [DON SHERWOOD GOLF SHOP]

                                           By: /s/ Noel E. Wilens
                                               ---------------------------------
                                               Name:
                                               Title:
ACKNOWLEDGED AND AGREED TO:

GENERAL ELECTRIC CAPITAL CORPORATION,
as Senior Agent

By: /s/ Laurent Paris
    ------------------------
    Name: Laurent Paris, SVP
    Title: Duly Authorized Signatory

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

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

Address:

180 East Fifth Street
St. Paul, Minnesota  55101
Attention:
Telecopy no.: (651) 244-0711

U.S. BANK TRUST NATIONAL ASSOCIATION,
as Trustee

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

Address:

180 East Fifth Street
St. Paul, Minnesota  55101
Attention:
Telecopy no.: (651) 244-0711

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<PAGE>

                                                                      SCHEDULE 1
                                                         To Assumption Agreement

                            Authorized Capitalization

200,000 shares of common stock authorized - par value $1.00
1,158 shares of common stock issued to Golfsmith International, Inc.<PAGE>

                                                                    EXHIBIT 10.6

                                                                  EXECUTION COPY

                       AMENDMENT NO. 1 TO CREDIT AGREEMENT

AMENDMENT NO. 1, dated as of January 10, 2003 (this "AMENDMENT"), to the Credit
Agreement, dated as of October 15, 2002 (the "ORIGINAL CREDIT AGREEMENT"), among
GOLFSMITH INTERNATIONAL, L.P., GOLFSMITH NU, L.L.C., and GOLFSMITH USA, L.L.C.,
as Borrowers (the "BORROWERS"), the other Persons designated as Credit Parties
thereto (the "CREDIT PARTIES"), the lenders signatory thereto from time to time
(the "LENDERS), GENERAL ELECTRIC CAPITAL CORPORATION, for itself as a Lender, as
L/C Issuer and as Agent for the Lenders (the "AGENT"). Terms defined in the
Original Credit Agreement and not otherwise defined herein shall have the
meanings assigned thereto in the Original Credit Agreement.

                              PRELIMINARY STATEMENT

(1)      The Credit Parties have requested that the Lenders agree to amend the
         Original Credit Agreement to allow the Credit Parties an additional
         thirty (30) days to obtain landlord agreements, mortgagee agreements or
         bailee letters as required by the Original Credit Agreement; and

(2)      The Lenders are willing to agree to so amend the Original Credit
         Agreement but only on and subject to the terms and conditions provided
         herein;

NOW, THEREFORE, in consideration of the premises set forth herein and for other
good and valuable consideration (the receipt and sufficiency of which are hereby
acknowledged), the Credit Parties and the Lenders hereby agree as follows:

(1)      Subject to the satisfaction of the conditions set forth in Section 2
         hereof, Section 2.6 of the Original Credit Agreement is hereby amended
         by replacing the phrase "ninetieth (90th)" in each place it appears
         therein with the phrase "one hundred twentieth (120th)".

(2)      The foregoing amendment contained in this Amendment shall become
         effective (the "EFFECTIVE DATE") upon the satisfaction in full of the
         following conditions:

         (a)      this Amendment shall have been executed and delivered by the
                  Requisite Lenders and each of the Credit Parties; and

         (b)      there shall be continuing no Event of Default (after giving
                  effect to the amendment contemplated hereby).

(3)      Each Credit Party hereby represents and warrants (which representations
         and warranties shall survive the effectiveness of this Amendment) as
         follows:

         (a)      this Amendment has been duly authorized and executed by each
                  such Person, and the Original Credit Agreement, as amended by
                  this Amendment, is the legal, valid and binding obligation of
                  each such Person, enforceable in accordance with its terms,
                  except as such enforceability may be limited by applicable
                  bankruptcy, moratorium and similar laws affecting the rights
                  of creditors in general; and

         (b)      each Credit Party repeats and restates the representations and
                  warranties made by it and contained in the Original Credit
                  Agreement as of the date of this Amendment and as of the
                  Effective Date, except to the extent such representations and
                  warranties relate to a specific date.

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(4)      This Amendment is being delivered in the State of New York and shall be
         a contract made under and governed by the laws of the State of New York
         applicable to contracts made and to be wholly performed within the
         State of New York.

(5)      Each Credit Party hereby ratifies and confirms the Original Credit
         Agreement as amended hereby, and agree that, as amended hereby, the
         Original Credit Agreement remains in full force and effect.

(6)      Each Credit Party agrees that all Loan Documents to which each such
         Person is a party remain in full force and effect notwithstanding the
         execution and delivery of this Amendment.

(7)      This Amendment may be executed by the parties hereto in separate
         counterparts, each of which when so executed and delivered shall be
         deemed an original, but all of such counterparts together shall
         constitute but one and the same instrument. Delivery of an executed
         counterpart hereof by facsimile shall be as effective as delivery of a
         manually executed counterpart hereof.

(8)      All references in the Loan Documents to the "Credit Agreement" and in
         the Original Credit Agreement as amended hereby to "this Agreement,"
         "hereof," "herein" or the like shall mean and refer to the Original
         Credit Agreement as amended by this Amendment (as well as by all
         subsequent amendments, restatements, modifications and supplements
         thereto).

        [Remainder of page left blank intentionally; signatures follow.]

                                       -2-
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IN WITNESS WHEREOF, this Amendment No. 1 to the Credit Agreement has been duly
executed as of the date first written above.

                            GOLFSMITH INTERNATIONAL, L.P.

                            By Golfsmith GP, L.L.C., as General Partner
                            By Golfsmith Holdings, L.P., as Sole Member
                            By Golfsmith GP Holdings, Inc., as General Partner

                            By ___________________________________
                               Noel E. Wilens
                               Vice President

                            GOLFSMITH NU, L.L.C.

                            By Golfsmith Holdings, L.P., as Sole Member
                            By Golfsmith GP Holdings, Inc., as General Partner

                            By ___________________________________
                               Noel E. Wilens
                               Vice President

                            GOLFSMITH USA, L.L.C.

                            By Golfsmith Holdings, L.P., as Sole Member
                            By Golfsmith GP Holdings, Inc., as General Partner

                            By ___________________________________
                               Noel E. Wilens
                               Vice President

                            GOLFSMITH INTERNATIONAL, INC.

                            By ___________________________________
                               Noel E. Wilens
                               Vice President

                            GOLFSMITH INTERNATIONAL HOLDINGS, INC.

                            By ___________________________________
                               Noel E. Wilens
                               Vice President

                            GOLFSMITH GP HOLDINGS, INC.

                                      -3-
<PAGE>

                            By ___________________________________
                               Noel E. Wilens
                               Vice President

                            GOLFSMITH HOLDINGS, L.P.

                            By Golfsmith GP Holdings, Inc., as General Partner

                            By ___________________________________
                               Noel E. Wilens
                               Vice President

                            GOLFSMITH GP, L.L.C.

                            By Golfsmith Holdings, L.P., as Sole Member
                            By Golfsmith GP Holdings, Inc., as General Partner

                            By ___________________________________
                               Noel E. Wilens
                               Vice President

                            GOLFSMITH DELAWARE, L.L.C.

                            By Golfsmith Holdings, L.P., as Sole Member
                            By Golfsmith GP Holdings, Inc., as General Partner

                            By ___________________________________
                               Noel E. Wilens
                               Vice President

                            GOLFSMITH CANADA, L.L.C.

                            By Golfsmith Holdings, L.P., as Sole Member
                            By Golfsmith GP Holdings, Inc., as General Partner

                            By ___________________________________
                               Noel E. Wilens
                               Vice President

                                      -4-
<PAGE>

                            GOLFSMITH EUROPE, L.L.C.

                            By Golfsmith Holdings, L.P., as Sole Member
                            By Golfsmith GP Holdings, Inc., as General Partner

                            By ___________________________________
                               Noel E. Wilens
                               Vice President

                            GOLFSMITH LICENSING, L.L.C.

                            By Golfsmith Holdings, L.P., as Sole Member
                            By Golfsmith GP Holdings, Inc., as General Partner

                            By ___________________________________
                               Noel E. Wilens
                               Vice President

                            GENERAL ELECTRIC CAPITAL CORPORATION,
                            AS AGENT, AN L/C ISSUER AND A LENDER

                            By: ___________________________________

                            Name:
                                  its Duly Authorized Signatory

                                      -5-

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