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EXHIBIT 10.3
PROMISSORY NOTE
(Euro Revolving Loan)
Indianapolis, Indiana
Dated: May 17, 2007
(euro)3,000,000.00 Final Maturity: May 31, 2012
On or before May 31, 2012 ("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, as
further modified by a Seventh Amendment to Amended and Restated
Credit Agreement
dated June 30, 2006, and as further modified by a Eighth
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 outst
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