<PAGE>   1


                                                                   Exhibit 10.21


                              SEVENTH AMENDMENT TO
                      AMENDED AND RESTATED CREDIT AGREEMENT

         ESCALADE, INCORPORATED, an Indiana corporation (the "Company"), and
BANK ONE, INDIANA, National Association, a national banking association (the
"Bank") being parties to that certain Amended and Restated Credit Agreement
dated as of May 31, 1996 as amended from time to time (collectively the
"Agreement"), hereby agree to amend the Agreement by this Seventh Amendment to
Amended and Restated Credit Agreement (the "Seventh Amendment"), on the terms
and subject to the conditions set forth as follows:

1.   DEFINITIONS. Terms used in this Seventh Amendment with their initial letter
capitalized which are not defined herein shall have the meanings ascribed to
them in the Agreement.

2.   TERM LOAN: Section 2.c. of the Agreement is hereby amended and restated in
its entirety, to read as follows:

     c. THE TERM LOAN. The Bank will make a term loan (the "Term Loan") to the
     Company contemporaneously with the execution of this Agreement on the
     following terms and subject to the following conditions:

          (i) AMOUNT. The principal amount of the Term Loan shall be Ten Million
          and No/100 Dollars ($10,000,000) or so much thereof as shall be
          advanced for the purposes set forth herein.

          (ii) THE TERM NOTE. The obligation of the Company to repay the Term
          Loan shall be evidenced by a promissory note (the "Term Note") in the
          form of EXHIBIT A. The principal of the Term Loan shall be repayable
          in equal annual installments of $2,000,000 each, due and payable on
          the last day of each March commencing March31, 2000. On March 31,
          2004, the entire remaining principal amount of the Term Loan shall be
          due and payable, together with all accrued and unpaid interest.
          Subject to the contemporaneous payment of any Prepayment Premium which
          would become due on account of any proposed prepayment, the principal
          of the Term Loan may be prepaid at any time in whole or in part,
          provided that any partial prepayment shall be in an amount which is an
          integral multiple of $250,000.00 and provided, further, that any
          partial prepayment shall be applied to the principal installments
          payable on the Term Loan in the inverse order of their maturities.

          (iii) INTEREST ON THE TERM LOAN. The unpaid principal balance from
          time to time of the Term Loan shall bear interest from the date the
          Loan is made prior to the maturity of the Term Note at a rate per
          annum equal to the Prime Rate plus the Applicable Spread, except that
          at the option of the Company exercised from time to time as provided
          in Section 2.d(i) of the Agreement, interest may accrue prior to
          maturity on the entire outstanding balance of the Term Loan or on any
          portion thereof which is in excess of $1,000,000.00 and as to which no
          Optional Rate previously selected remains in effect at a LIBOR-based
          Rate for a period of 30, 60, 90 or 180 days; provided that no Optional
          Rate may be elected for a period extending beyond the scheduled final
          maturity of the Term Loan. After maturity, whether scheduled maturity
          or maturity by virtue of acceleration on account of the occurrence of
          an Event of Default, interest will accrue on the Term Loan at a rate
          per annum equal to the Prime Rate plus the Applicable Spread plus two
          percent (2%), except that as to any portion of the Loan for which the
          Company may have elected an Optional Rate for a period of time that
          has not expired at maturity, such portion shall, during the remainder
          of such period, bear interest at the greater of the Prime Rate plus
          the Applicable Spread plus two percent (2%) per annum or the Optional
          Rate then in effect plus two percent (2%) per annum. Prior to
          maturity, interest shall be due and payable on the last Banking Day of
          each month in addition to any installment of principal which may be
          due and payable on such date. After maturity, interest shall be
          payable as accrued and without demand.


<PAGE>   2





          (iv) USE OF PROCEEDS OF THE TERM LOAM, REDUCTION OF PRINCIPAL AMOUNT.
          The proceeds of the Term Loan shall be used to finance the purchase by
          the Company of the assets of Zue Corporation, associated acquisition
          costs and other general corporate purposes.

          (v) COMMITMENT FEE. In consideration of the Bank's agreement to
          advance new funds to the Company, the Company shall pay a Commitment
          Fee in the amount of $25,000 which shall be paid on or before closing.

3.   AFFIRMATIVE COVENANTS. Sections 5.g(i) and (iii) of the Agreement are
hereby amended to read in their entirety as follows:

          (i) TANGIBLE NET WORTH. The Company shall maintain its Tangible Net
          Worth, determined on a consolidated basis, of not less than
          $26,000,000 at all times.

          (ii) DEBIT SERVICE COVERAGE. For each period of four consecutive
          fiscal quarters ending during the periods indicated in the table
          below, the Company shall maintain a debt service coverage ratio
          (hereinafter defined), determined on a consolidated basis, of not less
          than that indicated in the table below.

                           Period                                     Ratio
                           ------                                     -----

          from the date of this Amendment and through
          December 30, 2000                                        1.10 to 1.0

          At all times thereafter                                  1.20 to 1.0

          For purposes of this covenant, the phrase "debt service coverage
          ratio" means the ratio of (A) the sum of consolidated net income
          before taxes plus interest expense plus depreciation and amortization
          expense plus non-recurring and extraordinary charges, plus up to
          $2,000,000 of such items described herein resulting from the Zue
          Corporation asset acquisition effective as of December 25, 1999, and
          provided that such amount added herein as a result of such
          acquisition, shall be reduced by 25% as of each fiscal quarter end
          hereafter, all for the period for which the ratio is being determined,
          over (B) the sum of scheduled Term Loan and other debt payments plus
          interest expense plus cash income taxes plus capital expenditure which
          were not financed, plus stock repurchases and cash dividends paid, all
          for the period for which such ratio is being determined.

4.   NEGATIVE COVENANT. Section 6.a of the Agreement, entitled "Restricted
Payments" is hereby deleted effective at fiscal year end December 25, 1999.

5.   WAIVER. The Bank hereby agrees to waive the failure by the Company to
comply with Section 6.a of the Agreement with respect to past or future stock
repurchases, provided that the aggregate amount of stock purchases for the
fiscal year ending December 25, 1999 shall not exceed $4,000,000. Such waiver of
the Company's noncompliance relates only to the covenant expressly waived herein
for the time period set forth and shall not be construed as a waiver of any
other violations of this or any other covenant.


<PAGE>   3





6.   REPRESENTATIONS AND WARRANTIES. In order to induce the Bank to enter into
this Seventh Amendment, the Company represents and warrants to the Bank that:

     a.   The execution and delivery of this Seventh Amendment, the execution
     and delivery of all of the other documents executed in connection herewith,
     and the performance by the Company and the Guarantors of their obligations
     under this Seventh Amendment and all of the documents executed in
     connection herewith are within the corporate power of the Company and each
     Guarantor, have been duly authorized by all necessary corporate action,
     have received any required governmental or regulatory agency approvals and
     do not and will not contravene or conflict with any provision of law or of
     the Articles of Incorporation or Bylaws of the Company or any Guarantor or
     of any agreement binding upon the Company or any Guarantor or any of its
     property.

     b.   This Seventh Amendment and all of the documents executed by the
     Company and the Guarantors in connection herewith are the legal, valid and
     binding obligations of the Company and the Guarantors, enforceable against
     the Company and the Guarantors in accordance with their respective terms,
     except to the extent that enforcement thereof may be limited by bankruptcy,
     insolvency, reorganization, moratorium and other laws enacted for the
     relief of debtors generally and other similar laws affecting the
     enforcement of creditors' rights generally or by equitable principles which
     may affect the availability of specific performance and other equitable
     remedies.

     c.   The representations and warranties contained in Section 3 of the
     Agreement are true and correct as of the date hereof except that the
     representations contained in Section 3.d. of the Agreement shall be deemed
     to refer to the latest financial statements furnished by the Company to the
     Bank.

     d.   No Event of Default or Unmatured Event of Default has occurred and is
     continuing as of the date of this Seventh Amendment, except as specifically
     waived herein.

7.   CONDITIONS PRECEDENT. This Seventh Amendment shall become effective upon
the Bank's receipt of the following, contemporaneously with the execution of
this Seventh Amendment, each duly executed, dated and in form and substance
satisfactory to the Bank:

     a.   This Seventh Amendment;

     b.   The Term Loan Note;

     c.   The Commitment Fee of $25,000;

     d.   Receipt of payment of the reasonable legal fees and expenses of Bank's
          counsel at closing or immediately upon receipt by Borrower of an
          invoice therefor;

     e.   Borrowing resolutions of the Board of Directors of Borrower; and

     f.   Such other documents as the Bank may reasonably request.

8.   PRIOR AGREEMENTS. The Agreement, as amended by this Seventh Amendment,
supersedes all previous agreements and commitments made or issued by the Bank,
related to all of the subjects of the Agreement, as amended by this Seventh
Amendment, and any oral or written proposals or commitments made or issued by
the Bank.


<PAGE>   4





9.   AFFIRMATION. Except as expressly amended by this Seventh Amendment, all of
the terms and conditions of the Agreement and each of the Loan Documents remains
in full force and effect.


        Executed and delivered on this   8TH   day of     DECEMBER      , 1999.
                                       -------        ------------------

                                              ESCALADE, INCORPORATED


                                              By:  \S\JOHN R. WILSON
                                                  ------------------------------
                                                   John R. Wilson,
                                                   Chief Financial Officer


                                              BANK ONE, INDIANA, NATIONAL
                                              ASSOCIATION


                                              By: \S\STEVEN J. KRAKOSKI, VP
                                                  ---------------------------

                                                  STEVEN J. KRAKOSKI, VP
                                                  --------------------------
                                                  (Printed Name and Title)


<PAGE>   5




                               EIGHTH AMENDMENT TO
                      AMENDED AND RESTATED CREDIT AGREEMENT

         ESCALADE, INCORPORATED, an Indiana corporation (the "Company"), and
BANK ONE, INDIANA, National Association, a national banking association (the
"Bank") being parties to that certain Amended and Restated Credit Agreement
dated as of May 31, 1996 as amended from time to time (collectively the
"Agreement"), hereby agree to amend the Agreement by this Eighth Amendment to
Amended and Restated Credit Agreement (the "Eighth Amendment"), on the terms and
subject to the conditions set forth as follows-.

1.       DEFINITIONS.

         a.    Term used in this Eighth Amendment with their initial letter
         capitalized which are not defined herein shall have the meaning
         ascribed to them in the Agreement.

         b.    The following definition set forth in Section 1 of the Agreement
         is hereby amended and restated in its entirety to read as follows:

               "CONSOLIDATED EBITDA" shall mean, with respect to any period of
               time, an amount equal to the sum of (i) the consolidated net
               income of the Company and the Subsidiaries determined with
               respect to such time period; plus (ii) to the extent deducted in
               determining such consolidated net income, an amount equal to the
               consolidated income tax, depreciation, amortization and interest
               expense of the Company and the Subsidiaries and determined with
               respect to such time period; plus (iii) $2,000,000 of such items
               described in (i) and (ii) above and such adjustments as agreed to
               by the Bank resulting from the Zue Corporation asset acquisition
               effective as of December 25, 1999, provided that such amount
               added herein as a result of such acquisition, shall be reduced by
               25% as of each fiscal quarter end hereinafter.

2.        REVOLVING LOAN. Section 2.a(i) is hereby amended to change the amount
of Advances which can be made under the Revolving Loan to amounts not exceeding
Twelve Million and no/100 Dollars ($12,000,000.00) in the aggregate at any time
outstanding. The obligation to repay the Revolving Loan shall be evidenced by a
promissory note in the form of EXHIBIT A to this Eighth Amendment.

3.       AFFIRMATIVE COVENANTS. Section 5.g(iii) of the Agreement is hereby
amended to read in its entirety as follows:

               (iii) DEBT SERVICE COVERAGE. For each period of four consecutive
               fiscal quarters ending during the periods indicated in the table
               below, the Company shall maintain a debt service coverage ratio
               (hereinafter defined), determined on a consolidated basis, of not
               less than that indicated in the table below.


                               Period                                  Ratio
                               ------                                  -----

               effective December 25, 1999 and through
               December 30,2000                                     1.10 to 1.0

               At all times thereafter                              1.20 to 1.0



<PAGE>   6





               For purposes of this covenant, the phrase "debt service coverage
               ratio" means the ratio of (A) the sum of consolidated net income
               before taxes plus interest expense plus depreciation and
               amortization expense plus non-recurring and extraordinary
               charges, all for the period for which the ratio is being
               determined, over (B) the sum of scheduled Term Loan and other
               debt payments plus interest expense plus cash income taxes plus
               capital expenditure which were not financed, plus stock
               repurchases and cash dividends paid, all for the period for which
               such ratio is being determined.

4.   REPRESENTATIONS  AND  WARRANTIES.  In order to induce the Bank to enter
into this Eighth Amendment, the Company represents and warrants to the Bank
that:

     a.        The execution and delivery of this Eighth Amendment, the
     execution and delivery of all of the other documents executed in connection
     herewith, and the performance by the Company and the Guarantors of their
     obligations under this Eighth Amendment and all of the documents executed
     in connection herewith are within the Corporate power of the Company and
     each Guarantor, have been duly authorized by all necessary corporate
     action, have received any required governmental or regulatory agency
     approvals and do not and will not contravene or conflict with any provision
     of law or of the Articles of Incorporation or Bylaws of the Company or any
     Guarantor or of any agreement binding upon the Company or any Guarantor or
     any of its property.

     b.        This Eighth Amendment and all of the documents executed by the
     Company and the Guarantors in connection herewith are the legal, valid and
     binding obligations of the Company and the Guarantors, enforceable against
     the Company and the Guarantors in accordance with their respective terms,
     except to the extent that enforcement thereof may be limited by bankruptcy,
     insolvency, reorganization, moratorium and other laws enacted for the
     relief of debtors generally and other similar laws affecting the
     enforcement of creditors' rights generally or by equitable principles which
     may affect the availability of specific performance and other equitable
     remedies.

     c.        The representations and warranties contained in Section 3 of the
     Agreement are true and correct as of the date hereof except that the
     representations contained in Section 3.d. of the Agreement shall be deemed
     to refer to the latest financial statements furnished by the Company to the
     Bank.

     d.        No Event of Default or Unmatured Event of Default has occurred
     and is continuing as of the date of this Eighth Amendment, except as
     specifically waived herein.

5.   CONDITIONS PRECEDENT. This Eighth Amendment shall become effective upon the
Bank's receipt of the following, contemporaneously with the execution of this
Eighth Amendment, each duly executed, dated and in form and substance
satisfactory to the Bank:

     a.   This Eighth Amendment;

     b.   The Revolving Loan Note;

     c.   Receipt of payment of the reasonable legal fees and expenses of Bank's
          counsel at closing or immediately upon receipt by Borrower of an
          invoice therefor;

     d.   Borrowing resolutions of the Board of Directors of Borrower; and

     e.   Such other documents as the Bank may reasonably request.


<PAGE>   7





6.       PRIOR AGREEMENTS. The Agreement, as amended by this Eighth Amendment,
supersedes all previous agreements and commitments made or issued by the Bank,
related to all of the subject matter of the Agreement, as amended by this Eighth
Amendment, and any oral or written proposals or commitments made or issued by
the Bank.

7.       AFFIRMATION.  Except as expressly  amended by this Eighth  Amendment,
all of the terms and conditions of the Agreement and each of the Loan Documents
remains in full force and effect.

          Executed and delivered on this 17TH day of FEBRUARY 2000.

                                          ESCALADE, INCORPORATED


                                          By:  \S\JOHN R. WILSON
                                               -------------------------
                                               John R. Wilson, Secretary


                                          BANK ONE, INDIANA, NATIONAL
                                          ASSOCIATION


                                          By:  \S\STEVEN J. KRAKOSKI, VP
                                               --------------------------

                                               \S\STEVEN J. KRAKOSKI, VP
                                               --------------------------
                                               (Printed Name and Title)