Document:

exv10w47

 

EXHIBIT 10.47

MANAGEMENT EMPLOYMENT AGREEMENT

The following agreement (hereinafter known as “Agreement”) is hereby entered into between Robert
Brown (hereinafter known as “Employee”) and eResearchTechnology, Inc. (together with its affiliated
corporations hereinafter known as the “Company”) and having its principal offices at 30 S. 17th
Street, Philadelphia, PA 19103.

	1.	 	DUTIES AND RESPONSIBILITIES
	 
	 	 	Employee agrees to hold the position of Senior Vice President, Outsourcing Partnerships and
shall be directly responsible to the Senior Vice President, Business Development and Chief
Marketing Officer.
	 
	2.	 	BEST EFFORTS
	 
	 	 	Employee agrees to devote his/her best efforts to his/her employment with the Company, on a
full-time (no less than 40 hours/week) basis. He/She further agrees not to use the
facilities, personnel or property of the Company for private business benefit.
	 
	3.	 	ETHICAL CONDUCT
	 
	 	 	Employee will conduct his or her self in a professional and ethical manner at all times and
will comply with all company policies as well as all State and Federal regulations and laws
as they may apply to the services, products, and business of the Company.
	 
	4.	 	TERM OF THE AGREEMENT
	 
	 	 	This Agreement will be effective upon full execution and will continue year to year unless
terminated.
	 
	5.	 	COMPENSATION

	 	a.	 	Salary shall be $206,000/year payable in equal installments as per the
company’s payroll policy. Salary shall be considered on an annual basis and adjusted
based on performance.

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	 	b.	 	Benefits shall be the standard benefits of the Company, as they shall exist
from time to time.
	 
	 	c.	 	This position qualifies for the Executive Bonus Plan of the Company. For 2004,
the Employee’s bonus target will be $120,000 if the company meets its Board
approved objectives for the year, and may be increased or decreased based on
performance as per the 2004 bonus plan. The Employee will also be eligible to
participate in the Executive Bonus Plan each year thereafter for the life of the
Agreement at a level to be determined by the Compensation Committee of the Company’s
Board of Directors.

	6.	 	NON-DISCLOSURE
	 
	 	 	Employee acknowledges that employment with the Company requires him/her to have
access to confidential information and material belonging to the Company, including customer
lists, contracts, proposals, operating procedures, trade secrets and business methods and
systems, which have been developed at great expense by the Company and which Employee
recognizes to be unique assets of the Company’s business. Upon termination of employment
for any reason, Employee agrees to return to the Company any such confidential information
and material in his possession with no copies thereof retained. Employee further agrees,
whether during employment with the Company or any time after the termination thereof
(regardless of the reason for such termination), he/she will not disclose nor use in any
manner, any confidential or proprietary material relating to the business, operations, or
prospects of the Company except as authorized in writing by the Company or required during
the performance of his/her duties.
	 
	7.	 	BUSINESS INTERFERENCE; NONCOMPETITION

	 	a.	 	During employment with the Company and for a period of one year (the
“Restrictive Period”) thereafter (regardless of the reason for termination) Employee
agrees he/she will not, directly or indirectly, in any way for his/her own account, as
employee, stockholder, partner, or otherwise, or for the account of any other person,
corporation, or entity: (i) request or cause any of the Company’s suppliers, customers
or vendors to cancel or terminate any existing or continuing business relationship with
the Company; (ii) solicit, entice, persuade, induce, request or otherwise cause any
employee, officer or agent of the Company to refrain from rendering services to the
Company or to terminate his/her relationship, contractual or otherwise, with the
Company; or (iii) induce or attempt to influence any customer or vendor to cease or
refrain from doing business or to decline to do business with the Company or any of its
affiliated distributors or vendors.
	 
	 	b.	 	The Employee agrees that, during the Restrictive Period, the Employee will not,
directly or indirectly, accept employment with, provide services to or consult with, or
establish or acquire any interest in, any business, firm, person, partnership,
corporation or other entity which engages in any business or activity

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	 	 	 	that is the same
as or competitive with the business conducted by the Company in any state of the United
States of America and in any foreign country in which any customer to whom the Company
is providing services or technology is located.

	8.	 	FORFEITURE FOR BREACH; INJUNCTIVE RELIEF.

	 	a.	 	Any breach of the covenants made in Sections 6 and 7 hereof shall result in the
forfeiture of the Employee’s right to any and all payments which may be required to be
made under this Agreement following such breach and shall relieve the Company of any
obligation to make such payments.
	 
	 	b.	 	The Employee acknowledges that his/her compliance with the covenants in
Sections 6 and 7 hereof is necessary to protect the good will and other proprietary
interests of the Company and that, in the event of any violation by the Employee of the
provisions of Section 6 or 7 hereof, the Company will sustain serious, irreparable and
substantial harm to its business, the extent of which will be difficult to determine
and impossible to remedy by an action at law for money damages. Accordingly, the
Employee agrees that, in the event of such violation or threatened violation by the
Employee, the Company shall be entitle to an injunction before trial from any court of
competent jurisdiction as a matter of course and upon the posting of not more than a
nominal bond in addition to all such other legal and equitable remedies as may be
available to the Company.
	 
	 	c.	 	The rights and remedies of the Company as provided in this Section 8 shall be
cumulative and concurrent and may be pursued separately, successively or together
against Employee, at the sole discretion of the Company, and may be exercised as often
as occasion therefor shall arise. The failure to exercise any right or remedy shall in
no event be construed as a waiver or release thereof.
	 
	 	d.	 	The Employee agrees to reimburse the Company for any expenses incurred by it in
enforcing the provisions of Sections 6 and 7 hereof if the Company prevails in that
enforcement.

	9.	 	INVENTIONS
	 
	 	 	Employee agrees to promptly disclose to the Company each discovery, improvement, or
invention conceived, made, or reduced to practice (whether during working hours or
otherwise) during the term of employment. Employee agrees to grant to the Company the
entire interest in all of such discoveries, improvements, and inventions and to sign all
patent/copyright applications or other documents needed to implement the provisions of this
paragraph without additional consideration. Employee further agrees that all works of
authorship subject to statutory copyright protection developed jointly or solely, while
employed, shall be considered a work made for hire and any copyright thereon shall belong to
the Company. Any invention, discovery or improvement conceived, made or disclosed during the
one year period following the termination of employment with the

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	 	 	Company shall be deemed to
have been made, conceived or discovered during employment with the Company.
	 
	 	 	Employee acknowledges any discoveries, improvements and other inventions made prior to the
date of initial employment with the Company or the date hereof, which have not been filed in
the United States Patent Office, are attached on Exhibit A, which shall be executed by both
the Employee and the Company.
	 
	10.	 	NO CURRENT CONFLICT
	 
	 	 	Employee hereby assures the Company that he/she is not currently restricted by any existing
employment or non-compete agreement that would conflict with the terms of this Agreement.
	 
	11.	 	TERM; TERMINATION AND TERMINATION BENEFITS

	 	a.	 	Employment is “at will” which means that either the Company or Employee may
terminate at any time, with or without cause or good reason, upon written notice given
at least 30 days prior to termination.
	 
	 	b.	 	This Agreement shall terminate upon the death of the Employee. In addition,
if, as a result of a mental or physical condition which, in the reasonable opinion of a
medical doctor selected by the Company’s Board of Directors, can be expected to be
permanent or to be of an indefinite duration and which renders the Employee unable to
carry out the job responsibilities held by, or the tasks assigned to, the Employee
immediately prior to the time the disabling condition was incurred, or which entitles
the Employee to receive disability payments under any long-term disability insurance
policy which covers the Employee for which the premiums are reimbursed by the Company
(a “Disability”), the Employee shall have been absent from his/her duties hereunder on
a full-time basis for 120 consecutive days, or 180 days during any twelve month period,
and within thirty (30) days after written notice (which may occur before or after the
end of such 120 or 180 day period) by the Company to Employee of the Company’s intent
to terminate the Employee’s employment by reason of such Disability, the Employee shall
not have returned to the performance of his/her duties hereunder, the Employee’s
employment hereunder shall, without further notice, terminate at the end of said
thirty-day notice.
	 
	 	c.	 	The Company may also terminate the Employee’s employment under this Agreement
for Cause. For purposes of this Agreement the Company shall have “Cause” to terminate
the Employee’s employment if the Employee, in the reasonable judgment of the Company,
(i) fails to perform any reasonable directive of the Company that may be given from
time to time for the conduct of the Company’s business; (ii) materially breaches any of
his/her commitments, duties or obligations under this Agreement; (iii) embezzles or
converts to his/her own use any funds of the Company or any business opportunity of the
Company; (iv)

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	 	 	 	destroys or converts to his/her own use any property of the Company,
without the Company’s consent; (v) is convicted of, or indicted for, or enters a guilty
plea or
plea of no contest with respect to, a felony; (vi) is adjudicated an incompetent or
(vii) violates any federal, state, local or other law applicable to the business of
the Company or engages in any conduct which, in the reasonable judgment of the
Company, is injurious to the business or interests of the Company. The Company must
give the Employee written notice of the Employee’s breach under sections 11.c.(i.),
11.c.(ii) and 11.c.(vii) and an opportunity to cure within fifteen (15) days of such
written notice. If the Employee fails to cure, the Company may terminate the
Employee for Cause and shall give notice of termination to the Employee as required
under Section 11.a.
	 
	 	d.	 	Upon any termination of this Agreement, the Company shall have no further
obligation to Employee other than for annual salary and bonus earned through the date
of termination, and no severance pay or other benefits of any kind shall be payable;
provided, however, that in the event the Company terminates this Agreement other than
for Cause or as a result of the death or Disability of the Employee, the Company shall
provide to the Employee (i) severance equal to 50% of his/her then-current annual
salary and applicable prorated bonus, based on 100% performance, payable in one lump
sum in accordance with the Company’s policy and (ii) continuation of Benefits (as
hereafter defined), subject to applicable benefit plan provisions, for six months.
	 
	 	e.	 	Notwithstanding any contrary provision contained in this Agreement, upon the
first occurrence of a Trigger Event (as hereafter defined), the Employee shall be
entitled to receive (i) severance equal to 50% of his/her then-current annual salary
and applicable prorated bonus, based on 100% performance, payable in one lump sum in
accordance with the Company’s policy; (ii) continuation of Benefits (as hereafter
defined), subject to applicable benefit plan provisions, for six months; and (iii)
accelerated vesting of all stock options, such that all stock options held by Employee
immediately prior to the date of the Change of Control (as hereafter defined) shall
become exercisable in full as of the date of the Change of Control.
	 
	 	 	 	The term “Benefits” as utilized in this Section 11, shall mean standard health,
dental, disability, life and accident insurance benefits, all of which are subject
to any applicable premium co-pay, and car allowance.
	 
	 	 	 	The term “Trigger Event” as utilized in this Section 11 shall mean the occurrence of
a Change of Control (as hereafter defined) in connection with or after which either
(i) the Employee is terminated other than for Cause; (ii) the Employee resigns
his/her employment within 60 days after the Change of Control because neither the
Company nor the other party to the Change of Control (the “Buyer”) offers the
Employee a position with comparable responsibilities, authority, location and
compensation; or (iii) the Employee is employed by the Company or the Buyer, or a
division or subsidiary thereof, for one year after the date of the Change in
Control.

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	 	 	 	The term “Change of Control”, as utilized herein, shall mean:

	 	(i)	 	A change of control of a nature that would be required to be
reported in the Company’s proxy statement under the Securities Exchange Act of
1934, as amended;
	 
	 	(ii)	 	The approval by the Board of Directors of a sale, not in the
ordinary course of business, of all or substantially all of the Company’s
assets and business to an unrelated third party and the consummation of such
transaction; or
	 
	 	(iii)	 	The approval by the Board of Directors of any merger,
consolidation, or like business combination or reorganization of the Company,
the consummation of which would result in the occurrence of any event described
in clause (i) or (ii) above, and the consummation of such transaction.

	 	 	 	In order to implement the provisions of this Section 11.e., in connection with any
Change of Control, the Company shall, as a condition thereto, accelerate the vesting
of all unvested stock options as of the date of the Change of Control or cause the
Buyer to either assume all stock options held by the Employee immediately prior to
the Change of Control or grant equivalent substitute options containing
substantially the same terms, and the Company shall not otherwise take any action
that would cause any stock options held by the Employee that are not then
exercisable to terminate prior to the Change of Control or Trigger Event, as
otherwise permitted by the Company’s 2003 Stock Option Plan or as may be permitted
by the Buyer’s stock option plan, respectively.

	12.	 	MISCELLANEOUS

	 	a.	 	This Agreement and any disputes arising herefrom shall be governed by
Pennsylvania law.
	 
	 	b.	 	In the event that any provision of this Agreement is held to be invalid or
unenforceable for any reason, including without limitation the geographic or business
scope or duration thereof, this Agreement shall be construed as if such provision had
been more narrowly drawn so as not to be invalid or unenforceable.
	 
	 	c.	 	This Agreement supersedes all prior agreements, arrangements, and
understandings, written or oral, relating to the subject matter.
	 
	 	d.	 	The failure of either party at any time or times to require performance of any
provision hereof shall in no way affect the right at a later time to enforce the same.
No waiver by either party of any condition or of the breach by the other of any term or
covenant contained in this Agreement shall be effective unless in writing and signed by
the aggrieved party. A waiver by a party hereto in any one or more instances shall not
be deemed or construed as a further or continuing

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	 	 	 	waiver of any such condition or breach or a waiver of any other condition, or of the breach of
any other term or covenant set forth in this Agreement.
	 
	 	e.	 	Any notice required or permitted to be given under this Agreement shall be in
writing and shall be deemed to have been given when delivered in person, sent by
certified mail, postage prepaid, or delivered by a nationally recognized overnight
delivery service addressed, if to the Company at 30 S. 17th Street, 8th Floor,
Philadelphia, PA 19103 Attn: President and if to the Employee, at the address of
his/her personal residence as maintained in the Company’s records.

	 	 	 	 	 	 	 
	For Employee:	 	For the Company:	 	 
	 
	 	 	 	 	 	 
	/s/ Robert Brown	 	/s/ Bruce Johnson	 	 
	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Name:
	 	Bruce Johnson
 

	 	 
	 
	 	 	 	 	 	 
	Date: September 1, 2004

	 	Date:
	 	September 2, 2004
 

	 	 

7EXECUTION COPY 

WAIVER AND AMENDMENT
NO. 5 TO RECEIVABLES PURCHASE AGREEMENT 

        This
WAIVER AND AMENDMENT NO. 5 TO RECEIVABLES PURCHASE AGREEMENT (this
“Amendment”), dated as of March 31, 2008 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 Seller has notified the Agent that the Amortization Events described on Schedule I
hereto have occurred and are continuing (collectively, the “Specified
Amortization Events”); 

        WHEREAS,
the Seller has requested that the Purchasers and the Agent waive the Specified
Amortization Events; and 

        WHEREAS,
the parties hereto have agreed to amend the Agreement and the Agent and the Purchasers
have agreed to so waive the Specified Amortization Events, in each case, 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.       Waivers.  

        (a)                 Subject
to the satisfaction of the conditions precedent set forth in Section           6 below,
the Purchasers and the Agent hereby waive each of the Specified           Amortization
Events.  

        (b)                 Other
than as explicitly set forth above, nothing in this Amendment shall (i) be
          deemed to constitute a waiver of any other term, provision or condition of
          the Agreement or any other Transaction Document (including, without limitation,
          any other Amortization Event occurring under Section 9.1(h) of the Agreement)
or           (ii) prejudice any right or remedy that any party to the Agreement may now
have           or may have in the future under or in connection with the Agreement or any
other           Transaction Document.  

        3.       Amendments
to the Agreement. Subject to the satisfaction of the           conditions precedent
set forth in Section 6 below, the Agreement is           hereby amended as
follows:  

        (a)                 Section
9.1(h) of the Agreement is hereby amended and restated in its entirety           as
follows:  

	 	        (h)
       As at the end of any month,  

	 	        (i)       the
average Pool Delinquency Ratio, with respect to the three months
               then most recently ended, shall exceed 2.50%, 

	 	        (ii)       the
average Serviced Delinquency Ratio, with respect to the three months then most recently
ended, shall exceed 3.00%, 

	 	        (iii)       the
average Loss Ratio, in respect of the Pool Receivables for the three months then most
recently ended, shall exceed 8.0%, 

	 	        (iv)       the
average Loss Ratio, in respect of all Receivables for the three months then most recently
ended, shall exceed 8.0%, or 

	 	        (v)       the
Excess Spread as of such month end shall be less than  zero. 

        (b)                 The
definition of “Enhancement Amount” set forth in Exhibit I to the
          Agreement is hereby amended to delete the reference to the amount
          “0.10” set forth therein and to replace such amount with the amount
          “0.15".  

        (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           “Reference
Portfolio” set forth therein as follows:  

		Reference Portfolio	=	the Pool Receivables or all Receivables, as
				applicable, other than TD Receivables owing by any
				TD Obligor in an aggregate Outstanding Balance not
				to exceed the amount opposite such TD Obligor’s
				name on the table below:

	

	TD Obligor
	Maximum Aggregate Outstanding

Balance Excluded

	* * *	$588,700
	

	* * *	$380,700
	

	* * *	$154,700
	

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        (d)                 Exhibit
I to the Agreement is hereby amended to add the following definitions in           the
appropriate alphabetical location:  

	 	        “TD
Obligor” means any of * * *, * * * or * * * following such
entity’s termination as a Dealer. 

	 	        “TD
Receivable” means a Receivable: 

	 	        (i)       that
is in existence as of March 31, 2008; 

	 	        (ii)       in
respect of which an Obligor is a TD Obligor; 

	 	        (iii)       that
has not (x) been transferred to non-accrual status as of March 31, 2008 or (y) had
its Contract modified as of March 31, 2008 to extend the                payment date
with respect to any one or more Scheduled Receivable                Payments thereunder;
and 

	 	        (iv)       that
has (x) been transferred to non-accrual status after March 31, 2008 or (y) had its
Contract modified after March 31, 2008 to extend the                payment date with
respect to any one or more Scheduled Receivable                Payments thereunder. 

        (e)                 Schedule
A to the Agreement is hereby amended and restated in its entirety as Schedule II hereto.  

        4.       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, other than the Specified
          Amortization Events, 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 4(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.  

-3- 

        5.       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, other than the Specified
          Amortization Events, 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 5(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.  

        6.       Conditions
Precedent. The waivers specified above and the amendments to           the Agreement
provided for hereunder shall become effective as of the date above           first
written upon (a) the Agent’s receipt of counterparts of (i) this           Amendment
executed by the Seller, the Servicer and each Purchaser, (ii) the           Amended and
Restated Fee Letter dated the date hereof executed by the Seller,           the Agent,
Park Avenue Receivables Company, LLC and J.P. Morgan Securities Inc.           and (iii)
Amendment No. 1 to Receivables Sale Agreement dated the date hereof           executed by
Gehl Company and Gehl Receivables II, LLC and (b) J.P. Morgan           Securities Inc.‘s
receipt, in immediately available funds, of the           “Amendment Fee” referenced
in such Amended and Restated Fee Letter.  

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

        8.       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.  

        9.       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.  

        10.       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. 

-4- 

        11.       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.  

***Indicates that material has been
omitted and confidential treatment has been requested therefor. All such omitted material
has been filed separately with the SEC pursuant to Rule 24b-2. 

[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

-5- 

        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 and 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 to

Waiver and Amendment No. 5 to Receivables Purchase Agreement  

SCHEDULE I 

SPECIFIED AMORTIZATION
EVENTS 

        1.                 Each
of the Amortization Events occurring under Section 9.1(h)(i) of the           Agreement
because the average Pool Delinquency Ratio, with respect to each of           the three
month periods ended as of the end of each of the October 2007,           November 2007,
December 2007, January 2008 and February 2008 calendar months,           exceeded 1.25%.  

        2.                 Each
of the Amortization Events occurring under Section 9.1(h)(ii) of the           Agreement
because the average Serviced Delinquency Ratio, with respect to each           of the
three month periods ended as of the end of each of the January 2008 and
          February 2008 calendar months, exceeded 1.75%.  

        3.                 Each
of the Amortization Events occurring under Section 9.1(h)(iii) of the           Agreement
because the average the average Loss Ratio, in respect of the Pool           Receivables,
with respect to each of the three month periods ended as of the end           of each of
the March 2007, April 2007, May 2007, June 2007, July 2007, August           2007,
September 2007, October 2007, November 2007, December 2007, January 2008           and
February 2008 calendar months, exceeded 5.50%.  

        4.                 Each
of the Amortization Events occurring under Section 9.1(h)(iv) of the           Agreement
because the average Loss Ratio, in respect of all Receivables, with           respect to
each of the three month periods ended as of the end of each of the           November
2007, December 2007, January 2008 and February 2008 calendar months,           shall
exceeded 5.50%.  

Schedule II 

Amended and Restated
Schedule A to the Agreement  

[attached] 

Schedule A 

Commitments 

	

	Financial Institution	Commitment
	

	JPMorgan Chase Bank, N.A.	$200,000,000

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