NINTH AMENDMENT TO AMENDED AND RESTATED
LOAN AND SECURITY AGREEMENT

     THIS NINTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT
("Amendment") is entered into as of the 20th day of June, 2000 between
DEUTSCHE FINANCIAL SERVICES CORPORATION ("DFSC"), DEUTSCHE FINANCIAL SERVICES
a division of Deutsche Bank Canada ("DFS Canada") (DFSC and DFS Canada are
collectively referred to as "DFS") and GEHL COMPANY ("Gehl") and its
subsidiaries, including but not limited to Hedlund Martin, Inc., Gehl Power
Products, Inc., Mustang Manufacturing Company, Inc. and Mustang Finance, Inc.
(collectively with Gehl, "Gehl Company").

                                   RECITALS:

     A. DFS and Gehl Company entered into that certain Amended and Restated
Loan and Security Agreement dated as of October 1, 1994, as amended from time
to time (the "Agreement") pursuant to which DFS is providing financing to Gehl
Company.

     B. DFS and Gehl Company wish to modify the terms of such financing as set
forth in this Amendment

                                   AGREEMENT:

     NOW, THEREFORE, for and in consideration of the foregoing and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, DFS and Gehl Company hereby agree to as follows:

     1.   Section 6.3 captioned "Financial Covenants" of the Agreement is
          restated in its entirety as follows:

          "6.3  Financial Covenants.  Beginning December 31, 1999 and
          continuing at all times thereafter, Gehl Company will maintain a
          tangible Net Worth and Subordinated Debt in the combined amount of
          not less than the sum of (a) FIFTY MILLION DOLLARS ($50,000,000.00),
          and (b) a ratio of Debt to Tangible Net Worth and Subordinated Debt
          of not more than three and six tenths to one (3.6:1).  For purposes
          of this Section:  (i) 'Debt' means the total sum of all creditor
          claims against Gehl Company minus Subordinated Debt; (ii) 'Tangible
          Net Worth' means the net book value of assets less liabilities
          determined on a consolidated basis and in accordance with generally
          accepted accounting principles ('GAAP') consistently applied,
          excluding from such assets all Intangibles;  (iii) 'Intangibles'
          means and includes general intangibles (as that term is defined in
          the Uniform Commercial Code), accounts receivable from officers,
          directors and stockholders, and affiliated companies, leasehold
          improvements net of depreciation, licenses, good will, prepaid
          expenses, covenants not to compete, the excess of cost over book
          value of acquired assets, franchise fees, organizational costs,
          finance reserves held for recourse obligations, capitalized research
          and development costs, the categories of assets listed on Exhibit C
          attached hereto which are marked as 'intangible' and such similar
          intangible assets under GAAP; (iv) 'Subordinated Debt' means all of
          Gehl Company's indebtedness which is subordinated to the payment of
          its liabilities to DFS by an agreement in form and substance
          satisfactory to DFS. Gehl will report its Tangible Net Worth and Debt
          to Tangible Net Worth ratio to DFS quarterly, in accordance with
          Section 6.1(m)(2) of this Agreement.  If Gehl Company violates any
          of the foregoing financial covenants to DFS, the parties agree: (a)
          that Gehl Company will pay interest to DFS, payable as provided in
          Section 2.1, on the average daily outstanding balance under the
          Credit Facility, at a rate that is the lesser of:  (i)(A)in the case
          of U.S. Loans, four and one-half (4.5%) per annum higher than the
          U.S. LIBOR Rate then in effect, (B) in the case of Canadian Loans,
          five percent (5.0%) per annum higher than the Banker's Acceptance
          Rate then in effect, and (ii) the highest rate from time to time
          permitted by applicable law from the time when Gehl Company violates
          any of the financial covenants until such time as Gehl Company has
          cured its violation of its financial covenants to DFS; (b) DFS may
          elect in its sole discretion, to amend its eligibility formula of
          and its advance rate against the Accounts; and (c) DFS may elect to
          declare Gehl Company in default under this Agreement and exercise
          any of DFS' rights pursuant to Section 7 of this Agreement"

     2.   Except as expressly modified hereby, the Agreement remains
          unmodified and in full force and effect and the parties ratify and
          confirm the Agreement as modified hereby.  Gehl Company reaffirms
          that the representations and warranties of Gehl Company as set forth
          in the Agreement are true and correct as of the date of the
          Agreement and as of the date of this Amendment.  All terms defined
          herein shall have the meanings defined herein for all purposes under
          the Agreement.  This Amendment shall be governed by the internal
          laws of the state whose law governs the Agreement.  This Amendment
          may be executed in one or more counterparts, each of which shall be
          deemed an original and all of which shall constitute the same
          instrument.

     IN WITNESS WHEREOF, DFS and Gehl Company have executed this Amendment as
of the date and year first above written.

GEHL COMPANY                  HEDLUND MARTIN, INC.

By:  /s/ Kenneth P. Hahn      By:  /s/ Kenneth P. Hahn
Name:  Kenneth P. Hahn        Name:  Kenneth P. Hahn
Title:  Vice President        Title:  Treasurer


GEHL POWER PRODUCTS, INC.     MUSTANG MANUFACTURING COMPANY, INC.

By:  /s/ Kenneth P. Hahn      By:  /s/ Kenneth P. Hahn
Name:  Kenneth P. Hahn        Name:  Kenneth P. Hahn
Title:  Treasurer             Title:  Vice President


MUSTANG FINANCE, INC.

By:  /s/ Kenneth P. Hahn
Name:  Kenneth P. Hahn
Title:  Vice President


DEUTSCHE FINANCIAL SERVICES   DEUTSCHE FINANCIAL SERVICES
CORPORATION                   a division of Deutsche Bank Canada
By:  /s/ Thomas L. Meredith   By:  /s/ Wm. Blight
Name:  Thomas L. Meredith     Name:  Wm. Blight
Title:  President,            Title:  Senior Vice President
Wholesale Finance Group