EXECUTION COPY

AMENDMENT NO. 1 TO
RECEIVABLES SALE AGREEMENT

This
AMENDMENT NO. 1 TO RECEIVABLES SALE AGREEMENT (this Amendment), dated
as of March 31, 2008 is between GEHL RECEIVABLES II, LLC, a Delaware limited liability
company (the Buyer) and GEHL COMPANY, a Wisconsin corporation (the
Originator).

W I T N E S S E T H:

WHEREAS,
the Buyer and the Originator are parties to that certain Receivables Sale Agreement, dated
as of March 15, 2006 (as amended, restated, supplemented or otherwise modified from time
to time, the Agreement); and

WHEREAS,
the Buyer and the Originator have agreed 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 6below, the definition of Qualified
          Receivable set forth in Exhibit I to the Agreement is hereby amended and
          restated in its entirety as follows:

| | Qualified
 Receivable  means all Specified  Receivables  identified on the Schedule of
Receivables,  other than
| | -----------------------------------------------------------------------------------------------------------------

| | (i)       any
Specified Receivable identified to the Originator by the Servicer on or
               before each SettlementDate occurring after the date that such
Specified                Receivable came in to existence which, if transferred to the
Buyerunder                this Agreement and to the GFII pursuant to the Purchase
and Sale Agreement,                would not result in an increase inthe Net
Receivables Balance on each                such Settlement Date); and
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)       if
the Originator has delivered a No Assignment Notice (as
               defined below) to the Buyer, GFII andthe Agent on or before the
first                Settlement Date immediately following the end of any Weekly Period,
the                SpecifiedReceivables that came into existence during such
Weekly                Period.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | For
purposes hereof, a No Assignment Notice is a written notice from the
Originator addressed to each of  the Buyer, GFII and the Agent (i) providing that
the Originator will not transfer any of the Specified Receivables  that came into
existence during the Weekly Period most recently ended to the Buyer under this Agreement
and (ii)  listing the Specified Receivables that came into existence during such
Weekly Period.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

| | (a)       The
representations and warranties of Originator set forth in Section 2.1 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 Termination Event
          or Potential Termination Event on the date hereof, provided that in the case of
          any representation or warranty in Section 2.1 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 Originator of this Amendment has been duly
          authorized by proper corporate proceedings of the Originator and this
Amendment,           and the Agreement, as amended by this Amendment, constitutes the
legal, valid           and binding obligation of the Originator, enforceable against the
Originator 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.       Conditions
Precedent. The amendment to the Agreement provided for           hereunder shall
become effective as of the date above first written upon the           Buyers
receipt of counterparts of this Amendment executed by the Buyer,           the
Originator, GFII and the Agent.

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

6.       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.

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

8.       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.

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9.       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 RECEIVABLES II, LLC, as the Buyer
| | --------------------------------------
| | By:  /s/ James J. Monnat              
| | Name: James J. Monnat                 
| | Title: Treasurer                      
| | GEHL COMPANY, as the Originator       
| | By:  /s/ James J. Monnat              
| | Name: James J. Monnat                 
| | Title: Vice President and Treasurer   

Signature Page to Amendment No. 1 to
Receivables Sale Agreement

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For
purposes of Section 7.01(b) of the Agreement, the undersigned Agent and Financial
Institution and GFII hereby consent to the foregoing Amendment:

| | JPMORGAN CHASE BANK, N.A., as Agent and the sole Financial Institution
| | ----------------------------------------------------------------------
| | By:  /s/ Ronald J. Atkins                                             
| | Name: Ronald J. Atkins                                                
| | Title: Executive Director                                             
| | GEHL FUNDING II, LLC                                                  
| | By:  /s/ James J. Monnat                                              
| | Name: James J. Monnat                                                 
| | Title: Treasurer                                                      

Signature Page to Amendment No. 1 to
Receivables Sale Agreement