Document:

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                                                                 Exhibit 10.47

                                 LOAN AGREEMENT

      This Loan Agreement ("Agreement") entered into the 10th day of August,
2000, by and among TRACTOR SUPPLY COMPANY, a Delaware corporation ("Borrower"),
and BANK OF AMERICA, N.A., a national banking association ("Lender").

                              W I T N E S S E T H:

      WHEREAS, the Borrower has requested that the Lender provide a Twenty
Million and No/100 Dollars ($20,000,000.00) credit facility to the Borrower; and

      WHEREAS, the Lender has agreed to make the requested credit facility
available to the Borrower on the terms and conditions hereinafter set forth; and

      WHEREAS, Borrower entered into a Revolving Credit Agreement with First
National Bank of Boston, as agent, which was amended by a First Amendment to
Revolving Credit Agreement dated July 13, 1996, which was further amended by a
Second Amendment to Revolving Credit Agreement dated March 23, 1998, which was
further amended by that certain Third Amendment to Revolving Credit Agreement
dated November 15, 1999 with SunTrust Bank, AmSouth Bank, successor to First
American National Bank, and Lender (the "Revolving Credit Agreement"). All
capitalized terms not defined herein shall have those meanings set forth in the
Revolving Credit Agreement; and

      WHEREAS, Lender and Borrower desire to incorporate by reference certain
of the terms and conditions set forth in the Revolving Credit Agreement as it
existed on November 15, 1999 without amendment.

      NOW, THEREFORE, as an inducement to cause Lender to extend credit to
Borrower, and for other valuable consideration, the receipt and sufficiency of
which are acknowledged, it is agreed as follows:

      1.  Definitions.

            (a) "Bankruptcy Code" means the Bankruptcy Code in Title 11 of the
      United States Code, as amended, modified, succeeded or replaced from time
      to time.

            (b) "Closing Date" means the date hereof.

            (c) "Code" means the Internal Revenue Code of 1986, as amended,
      modified, succeeded or replaced from time to time.

            (d) "Default" has the meaning specified in Section 13.

            (e) "Dollars" and "$" means dollars in lawful currency of the United
      States of America.

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            (f) "Eurodollar Daily Floating Rate" shall mean the fluctuating rate
      of interest equal to the fluctuating rate of interest (rounded upwards, if
      necessary to the nearest 1/100 of 1%) appearing on Telerate Page 3750 (or
      any successor page) as the one month London interbank offered rate for
      deposits in Dollars at approximately 11:00 a.m. (London time) on the
      second preceding Business Day, as adjusted from time to time in Bank's
      sole discretion for then applicable reserve requirements, deposit
      insurance assessment rates and other regulatory costs. If for any reason
      such rate is not available, the term "Eurodollar Daily Floating Rate"
      shall mean the fluctuating rate of interest equal to the month rate of
      interest (rounded upwards, if necessary to the nearest 1/100 of 1%)
      appearing on Reuters Screen LIBO Page as the one month London interbank
      offered rate for deposits in Dollars at approximately 11:00 a.m. (London
      time) on the second preceding Business Day, as adjusted from time to time
      in Bank's sole discretion for then applicable reserve requirements,
      deposit insurance assessment rates and other regulatory costs; provided,
      however, if more then one rate is specified on Reuters Screen LIBO Page,
      the applicable rate shall be the arithmetic mean of all such rates.

            (g) "Loan" or "Loans" means the Revolving Loans (or a portion of any
      Revolving Loan), individually or collectively, as appropriate.

            (h) "Loan Documents" means this Agreement, the Note and the
      Revolving Credit Agreement and all other related agreements and/or
      documents issued or delivered hereunder or thereunder or pursuant hereto
      or thereto.

            (i) "Note" means the Revolving Loan Note.

            (j) "Notice of Borrowing" means a request by the Borrower for a
      Revolving Loan.

            (k) "Revolving Committed Amount" means $20,000,000.00 or such lesser
      amount as the Revolving Committed Amount may be reduced.

            (l) "Revolving Loan Maturity Date" means November 1, 2000.

            (m) "Revolving Loans" means the Revolving Loans made to the Borrower
      pursuant to Section 2.

            (n) "Revolving Note" or "Revolving Notes" means the promissory note
      of the Borrower in favor of the Lender evidencing the Revolving Loans
      provided pursuant to Section 2, individually or collectively, as
      appropriate, as such promissory notes may be amended, modified,
      supplemented, extended, renewed or replaced from time to time.

      2. Revolving Loan Commitment. Concurrently with the execution of this
Agreement and subject to the terms and conditions set forth herein, Lender
agrees to make a Revolving Loan (each a "Revolving Loan" and collectively the
"Revolving Loans") to the Borrower at any time and

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from time to time during the period from and including the date hereof to but
not including the Revolving Loan Maturity Date (or such earlier date if the
Revolving Committed Amount has been terminated as provided herein); provided
however that the aggregate amount of Revolving Loans outstanding shall not
exceed the Revolving Committed Amount. Subject to the terms of this Agreement,
the Borrower may borrow, repay and reborrow Revolving Loans.

            (a) Interest Rate. Prior to maturity, the principal amount
      outstanding under the Revolving Loans shall bear interest at the
      Eurodollar Daily Floating Rate plus 75 basis points; provided, however,
      that any event that the ratio of the Borrower's total Funded Debt to
      EBITDA exceeds 2 to 1 at the end of a fiscal quarter of the Borrower, as
      reported by the Borrower pursuant to the Revolving Credit Agreement, then
      in such event, for the next fiscal quarter of the Borrower the interest
      rate payable on the Revolving Loans shall bear interest at the Eurodollar
      Daily Floating Rate plus 100 basis points.

            (b) Method of Borrowing for Revolving Loans. By no later than 11:00
      a.m. Central Standard or Daylight Time, as the case may be, on the same
      Business Days of the requested borrowing of Revolving Loans, the Borrower
      shall submit a written Notice of Borrowing to the Lender setting forth the
      amount requested.

            (c) Funding of Revolving Loans. The amount of the requested
      Revolving Loans will then be made available to the Borrower by the Lender
      by crediting the account of the Borrower on the books of such office of
      the Lender, to the extent the amount of such Revolving Loans are made
      available to the Lender.

            (d) Payments. Payment of all obligations arising under the Revolving
      Loan shall be made as follows:

                  (i) Interest and Fees. Interest on the outstanding principal
            balance under the Revolving Loans shall be paid in arrears on the
            1st day of each month beginning on September 1, 2000.

                  (ii) Voluntary Prepayment. Voluntary prepayments of principal
            or accrued interest may be made, in whole or in part, at any time
            without penalty.

                  (iii) Mandatory Prepayment. Borrower must immediately prepay
            any amount by which the principal balance of the Revolving Loans
            exceeds the Revolving Committed Amount.

                  (iv) All Amounts Due. All remaining principal, interest and
            expenses outstanding under the Revolving Loans shall become due
            November 1, 2000.

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      3. Notes.

            (a) Revolving Loan Note. The Revolving Loans made by Lender shall be
      evidenced by a duly executed promissory note of the Borrower to Lender in
      the face amount of the Revolving Committed Amount in substantially the
      form of Exhibit A.

      4. Interest. Interest shall be calculated based upon a 360-day year. If
the adoption of or change in any applicable legal requirement or any change in
the interpretation or administration thereof by any governmental authority or
compliance by the Lender with any request or directive (whether or not having
the force of law) from any central bank or other governmental authority, shall
at any time as a result of any portion of the principal balance of the Revolving
Loans being maintained on the Eurodollar Daily Floating Rate:

            (a) Subject the Lender to any tax (including without limitation any
      United States Interest Equalization Tax), levy, impost, duty, charge, fee
      (collectively "Taxes"), other than income and franchise taxes of the
      United States and its political subdivisions; or

            (b) Change the basis of taxation on payments due from the Borrower
      to the Lender (otherwise than by a change in the rate of taxation of the
      overall net income of the Lender); or

            (c) Impose, modify, increase or make applicable any reserve
      requirement, special deposit requirement or similar requirement
      (including, but not limited to, state law requirements and Regulation D)
      against assets held by the Lender, or against deposits or accounts in or
      for the account of the Lender, or against any loans made by the Lender, or
      against any other funds, obligations or other property owned or held by
      Lender; or

            (d) Impose on the Lender any other condition regarding any
      Eurodollar Daily Floating Rate borrowing; and the result of any of the
      foregoing a through c is to increase the cost to the Lender of agreeing to
      make or of making, renewing or maintaining such borrowing on the basis of
      the Eurodollar Daily Floating Rate, or reduce the amount of principal or
      interest received by the Lender, then, upon demand by the Lender, the
      Borrower shall pay to the Lender, from time to time as specified by the
      Lender, additional amounts which shall reasonably compensate the Lender
      for such increased cost or reduced amount relating to Eurodollar Daily
      Floating Rate borrowings outstanding after Lender's demand. Lender will
      promptly notify Borrower of any proposed increase hereunder. The Lender's
      reasonable determination of the amount of any such increased cost,
      increased reserve requirement or reduced amount shall be conclusive and
      binding, absent manifest error.

                  In no event shall the interest rate charged on the Loans
      exceed the maximum rate allowed under applicable law. Any amounts paid
      in excess of the maximum lawful rate

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      shall be applied to reduce the principal amount of Borrower's obligations
      to Lender or shall be refunded to Borrower, at Lender's election. Upon a
      Default or after maturity (by acceleration or otherwise), the principal
      amount under the Loans shall bear interest at the rate of interest in
      effect immediately before the Default or maturity plus three percent (3%)
      ("Default Rate").

      5. Closing Conditions. The obligation of the Lender to enter into this
Agreement and make the Loans is subject to satisfaction of the following
conditions (in form and substance acceptable to the Lender in its sole
discretion):

            (a) Executed Credit Documents. Receipt by the Lender of duly
      executed copies of: (i) this Agreement; (ii) the Note; and (iii) all other
      Loan Documents.

            (b) Corporate Documents. Receipt by the Lender of the following:

                  (i) Resolutions. Copies of resolutions of the Board of
            Directors of Borrower approving and adopting the Loan Documents to
            which it is a party, the transactions contemplated therein and
            authorizing execution and delivery thereof, and an incumbency
            certificate, certified by a secretary or assistant secretary of
            Borrower to be true and correct and in force and effect as of the
            Effective Date.

                  (ii) Good Standing. A copy of a certificate of good standing,
            existence or its equivalent with respect to Borrower certified as of
            a recent date by the Secretary of State of Delaware.

            (c) Corporate Structure. The corporate capital and ownership
      structure of the Borrower shall be satisfactory in form and substance to
      the Lender.

            (d) Certain Consents. Receipt by the Lender of evidence that all
      governmental, shareholder and material third party consents including,
      without limitation, written consent, if necessary in the sole discretion
      of the Lender, of any existing Lenders or bondholders and expiration of
      all applicable waiting periods without any action being taken by any
      authority that could reasonably be likely to restrain, prevent or impose
      any material adverse conditions on the transactions contemplated by this
      Agreement or that could reasonably be likely to seek or threaten any of
      the foregoing, and no law or regulation shall be applicable which in the
      judgment of the Lender could reasonably be likely to have such effect.

            (e) Material Adverse Effect. There shall not have occurred a change
      since June 30, 2000 that has had or could reasonably be expected to have a
      Material Adverse Effect (including matters related to litigation, tax,
      accounting, labor, insurance and pension liabilities). No Event of Default
      has occurred under the Revolving Credit Agreement.

            (f) Litigation. There shall not exist any (i) order, decree,
      judgment, ruling or injunction which restrains the consummation of the
      transactions contemplated by this Agreement or (ii) any pending or
      threatened action, suit investigation or proceeding which

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      if adversely determined against the Borrower would have or would
      reasonably be expected to have a Material Adverse Effect.

            (g) Officer's Certificates. The Lender shall have received a
      certificate or certificates executed by the president or chief financial
      officer of the Borrower as of the Effective Date stating that (A) the
      Borrower is in compliance with all existing financial obligations, (B) all
      governmental, shareholder and third party consents and approvals, if any,
      with respect to the Loan Documents and the transactions contemplated
      thereby have been obtained, (C) no action, suit, investigation and
      proceeding is pending or to his knowledge threatened in any court or
      before any arbitrator or governmental instrumentality that purports to
      affect the Borrower or any transaction contemplated by the Loan Documents,
      or could have or might be reasonably expected to have a Material Adverse
      Effect, (D) immediately after giving effect to this Agreement, the other
      Loan Documents and all the transactions contemplated therein to occur on
      such date, (1) the Borrower is solvent, (2) no Default or Event of Default
      exists, (3) all representations and warranties contained herein and in the
      other Loan Documents are true and correct in all material respects, and
      (4) the Borrower is in compliance with each of the financial covenants set
      forth in the Revolving Credit Agreement.

            (h) Other. Receipts by the Lender of such other documents,
      instruments, agreements or information as reasonably requested by Lender,
      including, but not limited to, information regarding litigation, tax,
      accounting, labor, insurance, pension liabilities (actual or contingent),
      real estate leases, material contracts, debt agreements, property
      ownership and contingent liabilities of the Borrower.

      6. Conditions to All Extension of Credit. In addition to the conditions
precedent stated elsewhere herein, the Lender shall not be obligated to make or
continue Loans unless:

            (a) Notice. The Borrower shall have delivered a Notice of Borrowing,
      duly executed and completed, by the time specified in Section 2.

            (b) Representations and Warranties. The representations and
      warranties made by the Borrower in the Revolving Credit Agreement and in
      this Agreement are true and correct in all material respects as if made as
      of the date of this Agreement.

            (c) No Default. No Default or Event of Default shall exist under the
      Revolving Credit Agreement or this Agreement.

            (d) No Material Adverse Effect. There shall not have occurred any
      Material Adverse Effect.

      7. Fees and Expenses. Upon demand, Borrower will advance to Lender or,
at Lender's option, reimburse Lender for, the following expenses:

            (a) Taxes. All taxes (other than income taxes) that Lender may be
      required to pay because of the Loans.

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            (b) Administration. All expenses that Lender may incur in connection
      with the preparation, execution, or enforcement of this Agreement or of
      any other document pertaining to the Loans;

            (c) Costs of Collection. All court costs and other costs of
      collecting any debt, overdraft or other obligation included in the Loans;

            (d) Litigation. All costs arising from any litigation,
      investigation, or administrative proceeding (whether or not Lender is a
      party thereto) that Lender may incur as a result of the Loans or as a
      result of Lender's association with Borrower, including, but not limited
      to, expenses incurred by Lender in connection with a case or proceeding
      involving Borrower under any chapter of the Bankruptcy Code or any
      successor statute thereto;

            (e) Attorneys Fees. Reasonable attorneys' fees incurred in
      connection with any of the foregoing.

      If Lender pays any of the foregoing expenses, they shall become a part
of the Revolving Loans and shall bear interest at the rate of interest then in
effect. This paragraph shall remain in full effect regardless of the full
payment of the Loans, the purported termination of this Agreement, the delivery
of the executed original of this Agreement to Borrower, or the content or
accuracy of any representation made by Borrower to Lender; provided, however,
Lender may terminate this paragraph by executing and delivering to Borrower a
written instrument of termination specifically referring to this Paragraph.

      8. Recitals. Borrower warrants and agrees that the recitals set forth
at the beginning of this Agreement relating to it are true.

      9. Legal and Binding Agreement. Borrower warrants that the execution
and performance of this Agreement will not violate any judicial or
administrative order or governmental law or regulation, and that this Agreement
is valid, binding and enforceable according to its terms, subject to bankruptcy
and other laws affecting the rights of creditors generally.

      10. No Default. Borrower warrants that, as of the execution of this
Agreement, no Default or Event of Default exits hereunder or under the Revolving
Credit Agreement and no condition exists which, with the giving of notice, the
passing of time, or both, would constitute such a Default or Event of Default.

      11. Affirmative Covenants. Borrower shall comply with all of the
 Affirmative Covenants contained in Article 6 of the Revolving Credit Agreement.

      12. Reporting. Borrower shall provide to Lender the information described
in Article 7 of the Revolving Credit Agreement at the times set forth therein.

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      13. Negative Covenants. Without Lender's prior written consent, Borrower
shall not violate any of the Negative Covenants contained in Article 8 of the
Revolving Credit Agreement.

      14. Default Defined. The occurrence of any one or more of the following
events shall constitute a Default under this Agreement:

            (a) Monetary Default. The failure of Borrower to timely pay any
      amount due Lender pursuant to the terms of this Agreement within two
      Business Days of the due date.

            (b) Voluntary Bankruptcy. The Borrower shall commence a voluntary
      case or other proceeding seeking liquidation, reorganization or other
      relief with respect to itself or its debts under any bankruptcy,
      insolvency or other similar law now or hereafter in effect or seeking the
      appointment of a trustee, receiver, liquidator, custodian or other similar
      official of it or any substantial part of its property or shall consent to
      any such relief or to the appointment of or taking possession by any such
      official in an involuntary case or other proceeding commenced against it,
      or shall make a general assignment for the benefit of creditors, or shall
      fail generally to pay its debts as they become due, or shall take any
      corporate action to authorize any of the foregoing.

            (c) Involuntary Bankruptcy. An involuntary case or other proceeding
      shall be commenced against Borrower seeking liquidation, reorganization or
      other relief with respect to it or its debts under any bankruptcy,
      insolvency or similar law now or hereafter in effect or seeking the
      appointment of a trustee, receiver, liquidator, custodian or other similar
      official of it or any substantial part of its property, and such
      involuntary case or other proceeding shall remain undismissed and unstayed
      for a period of ninety (90) days; or an order for relief shall be entered
      against the Borrower under the bankruptcy laws as now or hereafter in
      effect.

            (d) Default Under Other Loans. Subject to any grace or cure periods,
      the occurrence of an Event of Default under the terms of the Revolving
      Credit Agreement, whether or not the lenders thereto have taken any action
      with respect to such Event of Default.

      15. Remedies Upon Default. Upon a Default, Lender may exercise any or
all of the following remedies:

            (a) Remedies. Lender, may exercise any right that it may have at law
      or equity, including those under the Loan Documents and including an
      action to collect the Loans. All obligations of Lender to advance or
      readvance under the Revolving Loans will terminate. Lender, at its option,
      may increase the rate of interest on the Loans to the Default Rate.

            (b) Application of Proceeds. All amounts received by Lender for
      Borrower's account by exercise of its remedies hereunder shall be applied
      as follows: First, to the

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      payment of all reasonable expenses incurred by Lender in exercising their
      rights hereunder, including reasonable attorney's fees, and any other
      expenses due Lender from Borrower; Second, to the payment of all interest
      included in the Loans, in such order as Lender may elect; Third, to the
      payment of all principal included in the Loans, in such order as Lender
      may elect; and Fourth, surplus to Borrower or other party entitled
      thereto.

      16. Reversal of Payments. To the extent Borrower makes a payment or
payments to the Lender or the Lender receives any payment or proceeds of the
collateral, if applicable, which payments or proceeds or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside
and/or required to be repaid to a trustee, receiver or any other party under any
bankruptcy law, state or federal law, common law or equitable cause, then, to
the extent of such payment or proceeds repaid, the Loans or part thereof
intended to be satisfied shall be revived and continued in full force and effect
as if such payment or proceeds had not been received by the Lender.

      17. Set-Off. In addition to any rights now or hereafter granted under
applicable law and not by way of limitation of any such rights, upon and after
the occurrence of any Default and during the continuance thereof, the Lender,
and any assignee or participant of a Lender, is hereby authorized by the
Borrower at any time or from time to time, without notice to the Borrower or to
any other person, any such notice being hereby expressly waived, to set off and
to appropriate and to apply any and all deposits (general or special, time or
demand, including, but not limited to, indebtedness evidenced by certificates of
deposit, whether matured or unmatured) and any other indebtedness at any time
held or owing by the Lender, or any such assignee or participant to or for the
credit or the account of Borrower against and on account of the Loans
irrespective of whether or not (a) the Lender shall have made any demand under
this Agreement or any of the other Loan Documents or (b) the Lender shall have
declared any or all of the Loans to be due and payable and although such Loans
shall be contingent or unmatured.

      18. Arbitration and Waiver of Jury Trial.

            (a) This paragraph concerns the resolution of any controversies or
      claims between the Borrower and the Lender, whether arising in contract,
      tort or by statute, including but not limited to controversies or claims
      that arise out of or relate to: (i) this Agreement (including any
      renewals, extensions or modifications); or (ii) any document related to
      this Agreement; (collectively a "Claim").

            (b) At the request of the Borrower or the Lender, any Claim shall be
      resolved by binding arbitration in accordance with the Federal Arbitration
      Act (Title 9, U. S. Code) (the "Act"). The Act will apply even though this
      Agreement provides that it is governed by the law of a specified state.

            (c) Arbitration proceedings will be determined in accordance with
      the Act, the rules and procedures for the arbitration of financial
      services disputes of J.A.M.S./Endispute or any successor thereof
      ("J.A.M.S."), and the terms of this paragraph. In the event of any
      inconsistency, the terms of this paragraph shall control.

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            (d) The arbitration shall be administered by J.A.M.S. and conducted
      in Nashville, Tennessee. All Claims shall be determined by one arbitrator;
      however, if Claims exceed $5,000,000, upon the request of any party, the
      Claims shall be decided by three arbitrators. All arbitration hearings
      shall commence within 90 days of the demand for arbitration and close
      within 90 days of commencement and the award of the arbitrator(s) shall be
      issued within 30 days of the close of the hearing. However, the
      arbitrator(s), upon a showing of good cause, may extend the commencement
      of the hearing for up to an additional 60 days. The arbitrator(s) shall
      provide a concise written statement of reasons for the award. The
      arbitration award may be submitted to any court having jurisdiction to be
      confirmed and enforced.

            (e) The arbitrator(s) will have the authority to decide whether any
      Claim is barred by the statute of limitations and, if so, to dismiss the
      arbitration on that basis. For purposes of the application of the statute
      of limitations, the service on J.A.M.S. under applicable J.A.M.S. rules of
      a notice of Claim is the equivalent of the filing of a lawsuit. Any
      dispute concerning this arbitration provision or whether a Claim is
      arbitrable shall be determined by the arbitrator(s). The arbitrator(s)
      shall have the power to award legal fees pursuant to the terms of this
      Agreement.

            (f) This paragraph does not limit the right of the Borrower or the
      Lender to: (i) exercise self-help remedies, such as but not limited to,
      setoff; (ii) initiate judicial or nonjudicial foreclosure against any real
      or personal property collateral; (iii) exercise any judicial or power of
      sale rights, or (iv) act in a court of law to obtain an interim remedy,
      such as but not limited to, injunctive relief, writ of possession or
      appointment of a receiver, or additional or supplementary remedies.

            (g) By agreeing to binding arbitration, the parties irrevocably and
      voluntarily waive any right they may have to a trial by jury in respect of
      any Claim. Furthermore, without intending in any way to limit this
      Agreement to arbitrate, to the extent any Claim is not arbitrated, the
      parties irrevocably and voluntarily waive any right they may have to a
      trial by jury in respect of such Claim. This provision is a material
      inducement for the parties entering into this Agreement.

      19. Not Partners; No Third Party Beneficiaries. Nothing contained herein
or in any related document shall be deemed to render Lender a partner of
Borrower for any purpose. This Agreement has been executed for the sole benefit
of Lender, Borrower and no third party is authorized to rely upon Lender's
rights hereunder or to rely upon an assumption that Lender has or will exercise
its rights under this Agreement or under any document referred to herein.

      20. Regulation U. Borrower warrants that none of the proceeds of the loan
evidenced by the Note will be used to purchase or carry "margin stock," as
defined in Regulation U issued by the Federal Reserve Board.

      21. Business Days. If any payment date under the Revolving Loans falls
on a day that

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is not a Business Day of Lender, or if the last day of any notice period falls
on such a day, the payment shall be due and the notice period shall end on the
next succeeding Business Day of Lender.

      22. Notices. Any communications concerning this Agreement or the credit
described herein shall be addressed as follows:

                           As to Borrower:

                           Tractor Supply Company
                           Plus Park Boulevard
                           Nashville, TN  37217
                           Attn: Calvin Massmann

                           With a Copy to:

                           As to Lender:

                           Bank of America, N.A.
                           Attention: Fred Wyatt
                           414 Union Street
                           Nashville, TN 37239

                           With a copy to:

                           Neal & Harwell, PLC
                           Attention: James R. Kelley
                           2000 First Union Tower
                           150 Fourth Avenue North
                           Nashville, Tennessee 37219-2498

            Communications to be given to a party shall be effective when
      actually or constructively received by such party or three (3) days after
      when set forth in writing and mailed or delivered to such party's address
      stated above. Any party may change its address for receipt of notices by
      submitting the change in writing to the other party.

      23. Participations. Lender may, from time to time, in its sole discretion,
and without notice to Borrower, sell participations in any credit subject hereto
to such other investors or financial institutions as it may elect. Such
participants will have no direct relationship with

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Borrower and will have no right with respect to waivers or amendments or default
declarations. Lender may from time to time disclose to any participant or
prospective participant such information as the Lender may have regarding the
financial condition, operations, and prospects of Borrower, but the Lender shall
take reasonable precautions to require such participant or prospective
participant to keep such information confidential.

      24. Incorporation of Exhibits and Schedules. All Exhibits and Schedules
referred to in this Agreement are incorporated herein by this reference.

      25. Indulgence Not Waiver. Lender's indulgence in the existence of a
default hereunder or any other departure from the terms of this Agreement shall
not prejudice Lender's rights to declare a default or otherwise demand strict
compliance with this Agreement.

      26. Cumulative Remedies. The remedies provided Lender in this Agreement
are not exclusive of any other remedies that may be available to Lender under
any other document or at law or equity.

      27. Amendments, Waiver and Consents. Neither this Agreement nor any other
Loan Documents nor any of the terms hereof or thereof may be amended, changed,
waived, discharged or terminated unless such amendment, change, waiver,
discharge or termination is in writing and signed by the Lender and the
Borrower.

      28. Assignment. This Agreement shall be binding upon and inure to the
benefit of the respective heirs, successors and assigns of Borrower and Lender,
except that Borrower shall not assign any rights or delegate any obligations
arising hereunder without the prior written consent of Lender. Any attempted
assignment or delegation by Borrower without the required prior consent shall be
void.

      29. Entire Agreement. This Agreement and the other written agreements
between Borrower and Lender represent the entire agreement between the parties
concerning the subject matter hereof, and all oral discussions and prior
agreements are merged herein.

      30. Severability. Should any provision of this Agreement be invalid or
unenforceable for any reason, the remaining provisions hereof shall remain in
full effect.

      31. Time of Essence. Time is of the essence of this Agreement, and all
dates and time periods specified herein shall be strictly observed, except that
Lender may permit specific deviations therefrom by its written consent.

      32. Applicable Law. The validity, construction and enforcement of this
Agreement and all other documents executed with respect to the Loans shall be
determined according to the laws of Tennessee applicable to contracts executed
and performed entirely within that state, in which state this Agreement has been
executed and delivered.

      33. Gender and Number. Words used herein indicating gender or number shall
be read as context may require.

                                       12
<PAGE>   13

      34. Captions Not Controlling. Captions and headings have been included
in this Agreement for the convenience of the parties, and shall not be construed
as affecting the content of the respective paragraphs.

Executed the date first written above.

                                        THE UNDERSIGNED ACKNOWLEDGE A THOROUGH
                                        UNDERSTANDING OF THE TERMS OF THIS
                                        AGREEMENT AND AGREE TO BE BOUND THEREBY:

                                        BANK OF AMERICA, N.A.

                                        By: /s/ Fred K. Wyatt, Jr.
                                           -------------------------------------

                                        Title: Senior Vice President
                                              ----------------------------------

                                        TRACTOR SUPPLY COMPANY

                                        By: /s/ Calvin B. Massmann
                                            ------------------------------------

                                        Title: Senior Vice President
                                              ----------------------------------

                                       13<PAGE>   1
                                                                   Exhibit 10.48

                              REVOLVING CREDIT NOTE

         IN CONSIDERATION OF the undertaking of BANK OF AMERICA, N.A. (the
"Bank") to make advances to TRACTOR SUPPLY COMPANY, a Delaware corporation (the
"Borrower"), pursuant to the Loan Agreement, the Borrower hereby unconditionally
promises to pay to the order of the Bank, at its offices at 414 Union Street,
Nashville, Tennessee 37239, on the Maturity Date, as the same may be extended,
the principal sum of Twenty Million and 00/100 Dollars ($20,000,000.00) or less
if the aggregate unpaid principal amount of all advances made by the Bank to the
Borrower, pursuant to the Loan Agreement, together with interest thereon at the
rate provided for in the Loan Agreement. The Borrower shall have the right at
any time and from time to time to repay or prepay any part or all of the
obligations evidenced hereby without premium or penalty, and without curtailing
the Borrower's right to further advances during the term hereof, which further
advances, together with all outstanding and unpaid advances, shall never exceed
the face amount hereof.

         If the Borrower shall fail to pay when due all or any portion of the
obligations due under the terms of this Note or pursuant to the Loan Agreement,
such unpaid past due amount shall no longer bear interest in accordance with the
terms of the preceding paragraph, but shall bear interest for each day from the
day on which it was so due until paid in full at a rate per annum equal to the
Default Rate.

         The interest rate accruing on the outstanding principal amount hereof
shall be computed on the basis of a year of 360 days and the actual number of
days elapsed and may be adjusted in accordance with the provisions of the Loan
Agreement. Nothing contained in this Note shall be deemed to establish or
require the payment of a rate of interest in excess of the maximum rate
permitted by applicable law. In the event that any rate of interest required to
be paid hereunder exceeds the maximum rate permitted by applicable law, such
rate shall automatically be reduced to the maximum rate permitted by such
applicable law and any excess amount previously collected shall be automatically
credited against the principal amount hereof effective as of the time paid.

         For purposes of this Note, Loan Agreement means that certain Loan
Agreement dated as of August 10, 2000, by and among the Borrower and Bank, as
amended from time to time. All capitalized terms not defined herein shall have
those meanings set forth in the Loan Agreement. To the extent the provisions of
this Note conflict with the provisions of the Loan Agreement, the provisions of
the Loan Agreement shall control.

All payments received hereunder shall be applied first to the payment of any
expense or charges payable hereunder or under any other loan documents executed
in connection with this Note, then to interest due and payable, with the balance
applied to principal, or in such other order as Bank shall determine at its
option.

Principal shall be paid in full in a single payment on November 1, 2000.
Interest thereon shall be paid monthly commencing on September 1, 2000 and
continuing on the same day of each successive month thereafter, with a final
payment of all unpaid interest at the stated maturity of this Note.

                                       1

<PAGE>   2

Borrower may borrow, repay and reborrow hereunder at any time, up to a maximum
aggregate amount outstanding at any one time equal to the principal amount of
this Note, provided that Borrower is not in default under any provision of this
Note, any other documents executed in connection with this Note, or any other
note or other loan documents now or hereafter executed in connection with any
other obligation of Borrower to Bank, and provided that the borrowings hereunder
do not exceed any borrowing base or other limitation on borrowings by Borrower.
Bank shall incur no liability for its refusal to advance funds based upon its
determination that any conditions of such further advances have not been met.
Bank records of the amounts borrowed from time to time shall be conclusive proof
thereof.

Borrower, and any indorser or any other party to this Note, ("Obligor"), jointly
and severally: (a) waive presentment, demand, protest, and any notice required
to be given under the law in connection with the delivery, acceptance,
performance, default or enforcement of this Note; (b) consent to all delays,
extensions, renewals or other modifications of this Note or the Loan Documents,
or waivers of any provisions of the Note or the Loan Documents, or Bank's
release or discharge of any such party, or release, substitution or exchange of
any security for the payment of this Note, or Bank's failure to act, or any
indulgence shown by Bank and agree that no such action, failure to act or
failure to exercise any right or remedy by Bank shall in any way affect the
obligations of any such party or be construed as a waiver by Bank of, or
otherwise affect, any of Bank's rights under this Note, or under any of the Loan
Documents; and (c) agree to pay, on demand, all costs and expenses of collection
or defense of this and/or the enforcement or defense of Bank's rights with
respect to, or the administration, supervision, preservation, or protection of,
or realization upon, any property securing payment hereof, including, without
limitation, reasonable attorney's fees related to any suit, mediation or
arbitration proceeding, out of court payment agreement, trial, appeal,
bankruptcy proceedings or other proceeding, in such amount as may be determined
reasonable by an arbitrator or court as appropriate.

A Default under the Loan Agreement shall be a default under this Note.

Whenever there is a default under this Note (a) the entire balance outstanding
under this Note and all other obligations of any Obligor to Bank shall, at the
option of Bank, become immediately due and payable and any obligation of Bank to
permit further borrowing under this Note shall immediately cease and terminate,
and/or (b) to the extent permitted by law, the Rate of interest on the unpaid
principal shall be increased at Bank's discretion up to the Default Rate.
Imposition of the Default Rate shall not extend the time for any payment on this
Note. At Bank's option, any accrued and unpaid interest, fees or charges may,
for purposes of computing and accruing interest on a daily basis after the due
date of this Note or any installment thereof, be deemed to be a part of the
principal balance, and interest shall accrue on a daily compounded basis after
such date at the Default Rate provided in this Note until the entire outstanding
balance of principal and interest is paid in full. Whenever there is a default
under this Note, Bank is authorized at any time, at its option and without
notice or demand, to set off and charge against any deposit accounts of any
Obligor (and against any money, instruments, securities, documents, chattel
paper, credits, claims, demands, income and any other property, rights and
interests of any Obligor), which come into the possession or custody or under
the control of Bank or any of its agents, affiliates or correspondents,

                                       2
<PAGE>   3

any and all obligations due under this Note. Additionally, Bank shall have all
rights and remedies available under each of the Loan Documents, as well as all
rights and remedies available at law or in equity.

Bank's failure to exercise any option or any other right under this Note is not
a waiver of that right or option, and will not bar Bank's exercise of any
options or rights at a later date. All rights and remedies of Bank are
cumulative and may be pursued singly, successively or together, at Bank's
option. Bank's acceptance of any partial payment is not a waiver of any default
or of any of Bank's rights under this Note. Any waiver of Bank's rights and any
modification of this Note must be in writing and duly signed on behalf of Bank;
any such waiver shall apply only to the specific instance involved, and will not
impair the rights of Bank or the obligations of Obligors to Bank in any other
respect or at any other time.

This Note and the rights and obligations of Borrower and Bank shall be governed
by and interpreted under the law of the State of Tennessee. In any litigation
involving this Note or any other Loan Document, each Obligor irrevocably
consents to and confers personal jurisdiction on the courts of the State of
Tennessee or the United States located within the State of Tennessee and
expressly waives any objections as to venue in any such courts. Bank shall have
the option, however, to bring any action or exercise any right within any other
state or jurisdiction or to obtain personal jurisdiction by any other means
available under applicable law.

The unenforceability or invalidity of any provision of this Note shall not
affect the enforceability or validity of any other provision of this Note and
the invalidity or unenforceability of any provision of this Note to any person
or circumstance shall not affect the enforceability or validity of such
provision to any other persons or circumstances.

This Note shall be binding upon and inure to the benefit of Borrower, Obligors
and Bank and their respective successors, assigns, heirs and personal
representatives, but no obligations of Borrower or Obligors hereunder can be
assigned without prior written consent of Bank.

Arbitration and Waiver of Jury Trial.

                  (a) This paragraph concerns the resolution of any
         controversies or claims between the Borrower and the Bank, whether
         arising in contract, tort or by statute, including but not limited to
         controversies or claims that arise out of or relate to: (i) this
         Agreement (including any renewals, extensions or modifications); or
         (ii) any document related to this Agreement; (collectively a "Claim").

                  (b) At the request of the Borrower or the Bank, any Claim
         shall be resolved by binding arbitration in accordance with the Federal
         Arbitration Act (Title 9, U. S. Code) (the "Act"). The Act will apply
         even though this Agreement provides that it is governed by the law of a
         specified state.

                  (c) Arbitration proceedings will be determined in accordance
         with the Act, the rules and procedures for the arbitration of financial
         services disputes of J.A.M.S./Endispute

                                       3
<PAGE>   4

         or any successor thereof ("J.A.M.S."), and the terms of this paragraph.
         In the event of any inconsistency, the terms of this paragraph shall
         control.

                  (d) The arbitration shall be administered by J.A.M.S. and
         conducted in Nashville, Tennessee. All Claims shall be determined by
         one arbitrator; however, if Claims exceed $5,000,000, upon the request
         of any party, the Claims shall be decided by three arbitrators. All
         arbitration hearings shall commence within 90 days of the demand for
         arbitration and close within 90 days of commencement and the award of
         the arbitrator(s) shall be issued within 30 days of the close of the
         hearing. However, the arbitrator(s), upon a showing of good cause, may
         extend the commencement of the hearing for up to an additional 60 days.
         The arbitrator(s) shall provide a concise written statement of reasons
         for the award. The arbitration award may be submitted to any court
         having jurisdiction to be confirmed and enforced.

                  (e) The arbitrator(s) will have the authority to decide
         whether any Claim is barred by the statute of limitations and, if so,
         to dismiss the arbitration on that basis. For purposes of the
         application of the statute of limitations, the service on J.A.M.S.
         under applicable J.A.M.S. rules of a notice of Claim is the equivalent
         of the filing of a lawsuit. Any dispute concerning this arbitration
         provision or whether a Claim is arbitrable shall be determined by the
         arbitrator(s). The arbitrator(s) shall have the power to award legal
         fees pursuant to the terms of this Agreement.

                  (f) This paragraph does not limit the right of the Borrower or
         the Bank to: (i) exercise self-help remedies, such as but not limited
         to, setoff; (ii) initiate judicial or nonjudicial foreclosure against
         any real or personal property collateral; (iii) exercise any judicial
         or power of sale rights, or (iv) act in a court of law to obtain an
         interim remedy, such as but not limited to, injunctive relief, writ of
         possession or appointment of a receiver, or additional or supplementary
         remedies.

                  (g) By agreeing to binding arbitration, the parties
         irrevocably and voluntarily waive any right they may have to a trial by
         jury in respect of any Claim. Furthermore, without intending in any way
         to limit this Agreement to arbitrate, to the extent any Claim is not
         arbitrated, the parties irrevocably and voluntarily waive any right
         they may have to a trial by jury in respect of such Claim. This
         provision is a material inducement for the parties entering into this
         Agreement.

Borrower represents to Bank that the proceeds of this loan are to be used
primarily for business, commercial or agricultural purposes. Borrower
acknowledges having read and understood, and agrees to be bound by, all terms
and conditions of this Note and hereby executes this Note under seal as of the
date here above written.

                                       4

<PAGE>   5

NOTICE OF FINAL AGREEMENT. THIS WRITTEN PROMISSORY NOTE REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

BORROWER:

TRACTOR SUPPLY COMPANY

By: /s/ Calvin B. Massmann
    ------------------------------

Its: Senior Vice President
     -----------------------------

                                       5

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