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The agreement with U.S. bank lenders provides for a total credigt commitmentof $105 millionb and a term of 24 months. The credit line consists of an $80 millio n revolving line based on North Americabn inventories and accounts receivable and a term loanof $25 million payable in quarterly installments. The credit pact replacese the company's October 2006 $125 million unsecuref credit facility. As part of the amended credit agreement, Gehl Co. has granted to its bank lendere a security interest in all of its NorthAmericaj assets.
The amended credit agreemeng addresses matters that gave rise to an April 16 forbearancw agreement with the lended group that rescinds and withdraws a notice of debt repayment deliverex onMarch 31. That agreement with lenders extendeed the repaymentof $117 million in debt under a revolving credift agreement, which serves as the company'es principal source of liquidity. Gehl said it has significantlyu reduced its outstanding borrowings using operating cash flows creater in part by the cost savingsa initiatives implemented over thepast
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