AMENDMENT NO. 4 TO
RECEIVABLES PURCHASE AGREEMENT

This
AMENDMENT NO. 4 TO RECEIVABLES PURCHASE AGREEMENT (this Amendment),
dated as of July 13, 2007 is among GEHL FUNDING II, LLC, a Delaware limited liability
company (the Seller), GEHL COMPANY, a Wisconsin corporation, as the
Servicer (the Servicer), JPMORGAN CHASE BANK, N.A., as the sole
financial institution (the Financial Institution), PARK AVENUE
RECEIVABLES COMPANY, LLC (together with the Financial Institution, the
Purchasers) and JPMORGAN CHASE BANK, N.A., as agent (the
Agent) for the Purchasers.

W I T N E S S E T H:

WHEREAS,
the Seller, the Servicer, the Purchasers and the Agent are parties to that certain
Receivables Purchase Agreement, dated as of March 15, 2006 (as amended, restated,
supplemented or otherwise modified from time to time, the Agreement);
and

WHEREAS
the parties hereto desire to amend the Agreement on the terms and conditions set forth
below;

NOW
THEREFORE, in consideration of the premises herein contained, and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties hereto
hereby agree as follows:

1.       Defined
Terms. Capitalized terms used and not otherwise defined herein           shall have
the meanings assigned to such terms in the Agreement.

2.       Amendment
to the Agreement. Subject to the satisfaction of the conditions           precedent
set forth in Section 5 below, the Agreement is hereby amended           as
follows:

(a)                 Section
9.1(h)(i) of the Agreement is hereby amended to delete the number           0.80% set
forth therein and to substitute such number with the date           1.25%".

(b)                 The
definition of Liquidity Termination Date set forth in Exhibit I           to
the Agreement is hereby amended to delete the date July 13, 2007          set
forth therein and to substitute such date with the date July 11,           2008".

(c)                 The
definition of Loss Ratio set forth in Exhibit I to the Agreement           is
hereby amended to amend and restate in its entirety the definition of           RRR set
forth therein as follows:

| |  | RRR=
the Recovery Realization Rate, which shall be, in respect of any Reference
Portfolio as of any date of determination, the ratio (expressed as a percentage) of
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (i) | the
aggregate amount of Disposed Equipment Receivable Proceeds received during           the
12 calendar months then most recently ended in respect of Disposed Equipment
          Receivables in such Reference Portfolio, to
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| | (ii) | the
aggregate Outstanding Balance of all Receivables in such Reference Portfolio that became
Disposed Equipment Receivables during the 12 calendar month period ended three calendar
months prior to such date of determination, as calculated for each such Receivable on the
basis of its Outstanding Balance as of the date it shall have been transferred to
non-accrual status.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3.       Representations
and Warranties of the Seller. In order to induce the           parties hereto to
enter into this Amendment, the Seller represents and warrants           that:

(a)                 The
representations and warranties of Seller set forth in Section 5.1 of the
          Agreement, as hereby amended, are true, correct and complete on the date hereof
          as if made on and as of the date hereof and there exists no Amortization Event
          or Potential Amortization Event on the date hereof, provided that in the case
of           any representation or warranty in Section 5.1 of the Agreement that
expressly           relates to facts in existence on an earlier date, the reaffirmation
thereof           under this Section 3(a) shall be made as of such earlier date.

(b)                 The
execution and delivery by the Seller of this Amendment has been duly           authorized
by proper corporate proceedings of the Seller and this Amendment, and           the
Agreement, as amended by this Amendment, constitutes the legal, valid and
          binding obligation of the Seller, enforceable against the Seller in accordance
          with its terms, except as such enforcement may be limited by applicable
          bankruptcy, insolvency, reorganization, moratorium or other similar laws of
          general applicability affecting the enforcement of creditors rights
          generally.

4.       Representations
and Warranties of the Servicer. In order to induce the           parties hereto to
enter into this Amendment, the Servicer represents and           warrants that:

(a)                 The
representations and warranties of the Servicer set forth in Section 5.2 of           the
Agreement, as hereby amended, are true, correct and complete on the date           hereof
as if made on and as of the date hereof and there exists no Amortization           Event
or Potential Amortization Event on the date hereof, provided that in the           case
of any representation or warranty in Section 5.2 of the Agreement that
          expressly relates to facts in existence on an earlier date, the reaffirmation
          thereof under this Section 4(a) shall be made as of such earlier date.

(b)                 The
execution and delivery by the Servicer of this Amendment has been duly
          authorized by proper corporate proceedings of the Servicer and this Amendment,
          and the Agreement, as amended by this Amendment, constitutes the legal, valid
          and binding obligation of the Servicer, enforceable against the Servicer in
          accordance with its terms, except as such enforcement may be limited by
          applicable bankruptcy, insolvency, reorganization, moratorium or other similar
          laws of general applicability affecting the enforcement of creditors          rights
generally.

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5.       Conditions
Precedent. The amendments to the Agreement provided for           hereunder shall
become effective as of the date above first written upon the           Agents
receipt of counterparts of this Amendment executed by the Seller,           the Servicer
and each Purchaser.

6.       Ratification.
The Agreement, as amended hereby, is hereby ratified,           approved and confirmed in
all respects.

7.       Reference
to Agreement. From and after the effective date hereof, each           reference in
the Agreement to this Agreement, hereof, or           hereunder or
words of like import, and all references to the           Agreement in any and all
agreements, instruments, documents, notes, certificates           and other writings of
every kind and nature shall be deemed to mean the           Agreement as amended by this
Amendment.

8.       Costs
and Expenses. The Seller agrees to pay all reasonable costs, fees           and
out-of-pocket expenses (including attorneys fees and time charges of
          attorneys representing the Agent, which attorneys may be employees of the
Agent)           incurred by the Agent in connection with the preparation, execution and
          enforcement of this Amendment.

9.       CHOICE
OF LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH           AND GOVERNED
BY THE LAW OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL           LAWS
APPLICABLE TO NATIONAL BANKS.

10.       Execution
of Counterparts. This Amendment may be executed in any number           of
counterparts and by different parties hereto in separate counterparts, each           of
which when so executed shall be deemed to be an original and all of which           taken
together shall constitute one and the same agreement.

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IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered as of the date first written above.

| |                                       
| | --------------------------------------
| | GEHL FUNDING II, LLC, as Seller       
| | By:  /s/ James J. Monnat              
| | Name: James J. Monnat                 
| | Title: Treasurer                      
| | GEHL COMPANY, as Servicer             
| | By:  /s/ James J. Monnat              
| | Name: James J. Monnat                 
| | Title: Vice President & Treasurer     
| | PARK AVENUE RECEIVABLES COMPANY, LLC  
| | By: JPMorgan Chase Bank, N.A., its    
| | attorney-in-fact                      
| | By:  /s/ Ronald J. Atkins             
| | Name: Ronald J. Atkins                
| | Title: Executive Director             
| | JPMORGAN CHASE BANK, N.A., as the sole
| | Financial Institution and as Agent    
| | By:  /s/ Ronald J. Atkins             
| | Name: Ronald J. Atkins                
| | Title: Executive Director             

Signature Page
toAmendment No. 4 to Receivables Purchase Agreement