Document:

EXHIBIT 10.2

                                 PROMISSORY NOTE
                              (Euro Revolving Loan)

                                                           Indianapolis, Indiana
                                                            Dated:  July 1, 2006
(euro)3,000,000.00                                  Final Maturity: May 19, 2008

         On or before May 19, 2008 ("Final Maturity"), ESCALADE, INCORPORATED,
an Indiana corporation (the "Maker"), promises to pay to the order of JPMORGAN
CHASE BANK. N.A., a national banking association which is the successor by
merger to Bank One, NA (the "Bank") at the principal office of the Bank at
London, England, the principal sum of Three Million Euros ((euro)3,000,000.00)
or so much of the principal amount of the Loan represented by this Note as may
be disbursed by the Bank under the terms of the Credit Agreement described
below, and to pay interest on the unpaid principal balance outstanding from time
to time as provided in the Credit Agreement.

         This Note evidences indebtedness (the "Loan") incurred or to be
incurred by the Maker under a revolving line of credit extended to the Maker by
the Bank under an Amended and Restated Credit Agreement effective October 24,
2001, as modified by a First Amendment to Amended and Restated Credit Agreement
dated August 29, 2002, as further modified by a Second Amendment to Amended and
Restated Credit Agreement dated April 17, 2003, as further modified by a Third
Amendment to Amended and Restated Credit Agreement dated June 1, 2003, as
further modified by a Fourth Amendment to Amended and Restated Credit Agreement
dated July 15, 2004, as further modified by a Fifth Amendment to Amended and
Restated Credit Agreement dated June 27, 2005, as further modified by a Sixth
Amendment to Amended and Restated Credit Agreement dated May 19, 2006, and as
further modified by a Seventh Amendment to Amended and Restated Credit Agreement
dated the date of this Note (collectively, the "Agreement"). All references in
this Note to the Credit Agreement shall be construed as references to that
Agreement as it may be amended from time to time. The Loan is referred to in the
Credit Agreement as the "Euro Revolving Loan". Subject to the terms and
conditions of the Credit Agreement, the proceeds of the Loan may be advanced and
repaid and re-advanced until Final Maturity. The principal amount of the Loan
outstanding from time to time shall be determined by reference to the books and
records of the Bank on which all Advances under the Loan and all payments by the
Maker on account of the Loan shall be recorded. Such books and records shall be
deemed prima facie to be correct as to such matters.

         The terms "Advance" and "Banking Day" are used in this Note as defined
in the Credit Agreement.

         Interest on the unpaid principal balance of the Loan outstanding from
time to time prior to and after maturity will accrue at the rate or rates
provided in the Credit Agreement. Prior to maturity, accrued interest shall be
due and payable on the last Banking Day of each month commencing on the last
Banking Day of the month in which this Note is executed. After maturity,
interest shall be due and payable as accrued and without demand. Interest will
be calculated on the basis that an entire year's interest is earned in 360 days.

         The entire outstanding principal balance of this Note shall be due and
payable, together with accrued interest, at Final Maturity.

         If any installment of interest due under the terms of this Note is not
paid when due, then the Bank or any subsequent holder of this Note may, subject
to the terms of the Credit Agreement, at its option and without notice, declare
the entire principal amount of the Note and all accrued interest immediately due
and payable. Reference is made to the Credit Agreement which provides for
acceleration of the maturity of this Note upon the happening of other "Events of
Default" as defined therein.

         If any installment of interest due under the terms of this Note prior
to maturity is not paid in full when due, then the Bank at its option and
without prior notice to the Maker, may assess a late payment fee as provided in
the Credit Agreement. Each late payment fee assessed shall be due and payable on
the earlier of the next regularly scheduled interest payment date or the
maturity of this Note. Waiver by the Bank of any late payment fee assessed, or
the failure of the Bank in any instance to assess a late payment fee shall not
be construed as a waiver by the Bank of its right to assess late payment fees
thereafter.

                                       5
<PAGE>

         Unless otherwise agreed to, in writing, or otherwise required by
applicable law, payments will be applied first to accrued, unpaid interest, then
to principal, and any remaining amount to any unpaid collection costs, late
charges and other charges, provided, however, upon delinquency or other default,
Bank reserves the right to apply payment among principal, interest, late
charges, collection costs and other charges at its discretion. All prepayments
shall be applied to the indebtedness owing hereunder in such order and manner as
Bank may from time to time determine in its sole discretion.

         The Maker and any endorsers severally waive demand, presentment for
payment and notice of nonpayment of this Note, and each of them consents to any
renewals or extensions of the time of payment of this Note without notice.

         All amounts payable under the terms of this Note shall be payable with
expenses of collection, including attorneys' fees, and without relief from
valuation and appraisement laws.

         This Note is made under and will be governed in all cases by the
substantive laws of the State of Indiana, notwithstanding the fact that Indiana
conflicts of law rules might otherwise require the substantive rules of law of
another jurisdiction to apply.

         MAKER AND BANK (BY ITS ACCEPTANCE OF THIS NOTE) HEREBY VOLUNTARILY,
KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY
PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED UPON A CONTRACT, TORT OR
OTHERWISE) BETWEEN MAKER AND BANK ARISING OUT OF OR IN ANY WAY RELATED TO THIS
AGREEMENT, ANY OTHER LOAN DOCUMENT, OR ANY RELATIONSHIP BETWEEN BANK AND MAKER.
THIS PROVISION IS A MATERIAL INDUCEMENT TO BANK TO PROVIDE THE FINANCING
DESCRIBED HEREIN OR IN OTHER LOAN DOCUMENTS.

         This Note is given in replacement, renewal and/or extension of, but not
extinguishing the indebtedness evidenced by, that Promissory Note (Euro
Revolving Loan) dated July 15, 2004, executed by Maker in the original principal
amount of (euro)2,500,000.00, and is not a novation thereof. All interest
evidenced by the Note being replaced, renewed, and/or extended by this
instrument shall continue to be due and payable until paid.

                                       ESCALADE, INCORPORATED

                                       By:  /s/ TERRY D. FRANDSEN
                                            ------------------------------------
                                       Printed: Terry D. Frandsen
                                                --------------------------------
                                       Title:   VP Finance & CFO
                                                --------------------------------

                                       6EXHIBIT 10.3

                      SECOND AMENDMENT TO CREDIT AGREEMENT
--------------------------------------------------------------------------------

         THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this "Amendment" or "Second
Amendment") has been executed as of the 1st day of July, 2006, (the "Second
Amendment Effective Date"), by INDIAN-MARTIN, INC., a Nevada corporation,
("Company"), and JPMORGAN CHASE BANK, N.A., successor by merger to BANK ONE,
NATIONAL ASSOCIATION, a national banking association ("Bank").

                                    Recitals
                                    --------

         1.       Company and Bank (collectively, the "Parties") are parties to
a Credit Agreement, dated as of September 5, 2003 (as in effect immediately
prior to the execution of this Amendment, the "Existing Agreement").

         2.       The Parties have determined that it is in their best interests
to amend the Existing Agreement, effective as of the Second Amendment Effective
Date, as set forth in this Second Amendment, and subject to the terms and
conditions of this Second Amendment.

                                    Agreement

         NOW THEREFORE, in consideration of the Recitals and for other good and
valuable considerations, the receipt and sufficiency of which are hereby
acknowledged by each of the Parties to this Second Amendment, it is agreed as
follows:

         1.       Definitions. Terms which are defined in the Existing Agreement
shall have the same meanings in this Amendment as are ascribed to them in the
Existing Agreement, as amended hereby, excepting only those terms which are
expressly defined in this Amendment, which shall have the meanings ascribed to
them in this Amendment.

                                       7
<PAGE>

         2.       Amendments to Existing Agreement.
                  --------------------------------

         (a)      Amendments to Definitions. The following definitions, which
are set forth in Section 1.02 of the Existing Agreement, are amended and
restated in their entirety as of the Second Amendment Effective Date to read as
follows:

         "Borrowing Base" means, at any date a determination thereof is made, an
         amount equal to the sum of: eighty percent (80%) of the book value of
         the Eligible Accounts plus one hundred percent (100%) of the Pledged
         Cash, plus fifty percent (50%) of the outstanding principal balance
         owed on the Escalade Note, less the amount of excess, if any, by which
         the aggregate Eligible Accounts outstanding at any time from any
         account debtor and its Affiliates exceeds fifteen percent (15%) of
         aggregate Eligible Accounts on such date of determination; provided
         however, that such concentration limitation shall not apply to Eligible
         Accounts owed by Sears Roebuck, Inc. so long as its parent Company,
         Sears Holding Corporation, is rated at least BB/Ba2, or better, on the
         senior unsecured debt ratings established from time to time by S&P and
         Moody's, respectively. For purposes of the Borrowing Base calculations
         provided herein, the Parties acknowledge and agree that from time to
         time there may be discrepancies (attributable to write-offs, incomplete
         payments, returns, disputes, discounts and other assorted credit memo
         balances) as to the amount of the Eligible Accounts shown by the
         Company on the Borrowing Base Certificate and the consolidated total of
         summary agings as to all Purchased Accounts Receivable which are

                                       8
<PAGE>

         prepared by each of the Escalade Domestic Subsidiaries, as servicing
         agents for the Company, both of which reports are submitted to the Bank
         as of the same date and are meant to define the same body of Eligible
         Accounts at that point in time. The effect of such discrepancies is
         such that the amount of Eligible Accounts shown on the Company's
         Borrowing Base Certificate is occasionally and unwittingly shown to be
         a greater amount than the amount to which Eligible Accounts then
         actually total. The Parties agree that the Bank shall be authorized and
         entitled to calculate the Company's Borrowing Base as of any given date
         to the amount which is the lesser of (i) the amount of Eligible
         Accounts shown by the Company on the Borrowing Base Certificate, and
         (ii) the aggregate total of Purchased Accounts Receivable shown on the
         summary agings prepared and submitted as of even date by the Escalade
         Domestic Subsidiaries. Stated alternatively, to the extent that an
         otherwise Eligible Account is subject to any claimed set-off, offset,
         credit or other reduction right held by the account receivable debtor,
         then for purposes of determining the Borrowing Base the amount of such
         Eligible Account shall be reduced by the sum of all such claimed
         offsets, credits and reductions to the extent not covered by the
         Escalade Domestic Subsidiary, or Subsidiaries, that sold the Eligible
         Accounts to the Company.

                                       9
<PAGE>

         "Maximum Availability" means as of the date any determination thereof
         is to be made, the lesser of: (i) the Borrowing Base as of such date,
         and (ii) the following amounts during the respective time periods
         described:

         First Amendment Effective Date
          through September 30, 2006                              $30,000,000.00
         October 1, 2006 through October 31, 2006                 $45,000,000.00
         November 1, 2006 through November 30, 2006               $40,000,000.00
         December 1, 2006 through December 31, 2006               $30,000,000.00
         January 1, 2007 through January 31, 2007                 $25,000,000.00
         February 1, 2007 through June 30, 2007                   $20,000,000.00
         July 1, 2007 through September 30, 2007                  $30,000,000.00
         October 1, 2007 through October 31, 2007                 $45,000,000.00
         November 1, 2007 through November 30, 2007               $40,000,000.00
         December 1, 2007 through December 31, 2007               $30,000,000.00
         January 1, 2008 through January 31, 2008                 $25,000,000.00
         February 1, 2008 through Scheduled Maturity Date         $20,000,000.00

         "Scheduled Maturity Date" means June 30, 2008 or such later date as may
         be established pursuant to the terms of Section 2.01(d) of this
         Agreement.

         "Revolving Note" has the meaning ascribed to it in Section 2.01(b) of
         this Agreement which Revolving Note shall be in form and substance
         substantially the same as Exhibit "I" attached to the Second Amendment.

         (b)      New Definitions. Section 1.02 of the Existing Agreement is
hereby amended, effective as of the Second Amendment Effective Date, by adding
thereto in appropriate alphabetical sequence the following new definitions:

                                       10
<PAGE>

         The term "Second Amendment" means the Second Amendment to Credit
         Agreement, dated as of the Second Amendment Effective Date, executed by
         and between the Parties.

         The term "Second Amendment Effective Date" is used as defined in the
         Preamble of the Second Amendment.

         3.       Representations and Warranties. Company represents and
warrants to Bank that:

         (a)      (i)  The execution, delivery and performance of this Amendment
and all agreements and documents delivered pursuant hereto by Company have been
duly authorized by all necessary corporate action and do not and will not
violate any provision of any law, rule, regulation, order, judgment, injunction
or writ presently in effect applying to Company, or its articles of
incorporation, or result in a breach of or constitute a default under any
material agreement, lease or instrument to which Company is a party or by which
it or any of its properties may be bound or affected; (ii) no authorization,
consent, approval, license, exemption or filing of a registration with any court
or governmental authority, department, agency or instrumentality is or will be
necessary to the valid execution, delivery or performance by Company of this
Amendment and all agreements and documents delivered pursuant hereto; and (iii)
this Amendment and all agreements and documents delivered pursuant hereto by
Company are the legal, valid and binding obligations of Company, as a signatory
thereto, and are enforceable against Company in accordance with the terms
thereof.

         (b)      After giving effect to the amendments contained in this
Amendment, the representations and warranties contained in Article III of the
Agreement are true and correct on and as of the Second Amendment Effective Date

                                       11
<PAGE>

with the same force and effect as if made on and as of the Second Amendment
Effective Date, except that the representation in Section 3.01(d) of the
Agreement shall be deemed to refer to the Financial Statements of Company most
recently delivered to Bank prior to the Second Amendment Effective Date.

         (c)      No Event of Default has occurred and is continuing or will
exist under the Existing Agreement, as amended hereby, as of the Second
Amendment Effective Date.

         4.       Conditions. The obligation of Bank to execute and to perform
this Amendment shall be subject to full satisfaction of the following conditions
precedent on or before the Second Amendment Effective Date:

         (a)      Copies, certified as of the Second Amendment Effective Date,
of such corporate documents of Company as Bank may request evidencing necessary
corporate action by Company with respect to this Second Amendment.

         (b)      This Amendment and the replacement Revolving Note shall have
been duly executed and delivered by Company to Bank and this Amendment executed
by Bank.

         (c)      Bank shall have received such additional agreements, documents
and certifications, fully executed by Company, as may be reasonably requested by
Bank.

         1.       Waiver of Default. Bank hereby waives as of the Second
Amendment Effective Date, Company's default with respect to the financial
covenant set forth in Section 5.01(h)(3) of the Existing Agreement which
requires Company to at all times maintain a delinquency ratio with respect to
outstanding Eligible Accounts whereby not more than 10% of such Eligible
Accounts remain unpaid after sixty (60) days after the original payment due
dates shown on the underlying invoices. [Such default was evidenced on Company's

                                       12
<PAGE>

Borrowing Base Certificates dated as of February, March, and April, 2005, which
showed delinquency ratios of 16.11%, 11.25%, and 10.61%, respectively.]

         2.       Supplemental Documents and Further Assurances. Company shall
at any time on or after the Second Amendment Effective Date, and upon the
request of Bank, execute and deliver, or cause to be executed and delivered,
such additional documents, agreements and instruments as may be reasonably
required by Bank or appropriate to give full force and effect to the intents and
purposes of this Amendment and the Agreement. Company's failure to comply with
the terms of this Section 6 within thirty (30) days after Bank's request shall
at Bank's sole discretion and election be deemed an Event of Default under
Section 7.01 of the Agreement.

         3.       Binding on Successors and Assigns. All of the terms and
provisions of this Amendment shall be binding upon and inure to the benefit of
the Parties and each of their respective successors, assigns and legal
representatives.

         4.       Governing Law/Entire Agreement/Survival. This Amendment is a
contract made under, and shall be governed by and construed in accordance with,
the substantive laws of the State of Indiana applicable to contracts made and to
be performed entirely within such state and without giving effect to the
conflicts of laws rules or principles of any jurisdiction. This Amendment
constitutes and expresses the entire understanding between the Parties with
respect to the subject matter hereof, and supersedes all prior agreements and
understandings, commitments, inducements or conditions, whether express or
implied, oral or written. All covenants, agreements, undertakings,
representations and warranties made in this Amendment shall survive the
execution and delivery of this Amendment, and shall not be affected by any
investigation made by any Person. Except as expressly provided otherwise in this

                                       13
<PAGE>

Amendment, the Existing Agreement, as amended hereby, remains in full force and
effect in accordance with its terms and provisions.

         5.       WAIVER OF JURY TRIAL. EACH PARTY TO THIS AMENDMENT HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.

         6.       WAIVER OF SPECIAL DAMAGES. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, COMPANY SHALL NOT ASSERT, AND HEREBY WAIVES, ANY CLAIM AGAINST
BANK, ON ANY THEORY OF LIABILITY, FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR
PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN
CONNECTION WITH, OR AS A RESULT OF, THIS AMENDMENT OR ANY AGREEMENT OR
INSTRUMENT CONTEMPLATED HEREBY, THE TRANSACTIONS, THE TERM LOAN OR THE USE OF
THE PROCEEDS THEREOF.

                                       14
<PAGE>

         IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly
executed and delivered by their respective duly authorized signatories as of the
Second Amendment Effective Date.

INDIAN-MARTIN, INC.,                        JPMORGAN CHASE BANK, N.A.,
a Nevada corporation                        successor by merger to
                                            BANK ONE, NATIONAL ASSOCIATION

By:   /s/ TERRY D. FRANDSEN                 By:  /s/ JOHN OTTESON
      -----------------------------------        -------------------------------
      Terry D. Frandsen, VP Finance & CFO        John C. Otteson, Vice President
      -----------------------------------        -------------------------------
      (Printed Name and Title)
            ("Company")                                   ("Bank")

                                       15

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