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The agreement with U.S. bank lenders providesd for a total credit commitmentof $105 milliom and a term of 24 months. The credity line consists of an $80 million revolving line basedx on North American inventories and accounts receivable and a term loanof $25 millionm payable in quarterly installments. The crediyt pact replaces the company's October 2006 $125 million unsecuref credit facility. As part of the amendefd credit agreement, Gehl Co.
has granted to its bank lenders a securitty interest in all of its North American The amended credit agreement addressez matters that gave rise to an April 16 forbearance agreement with the lender grouo that rescinds and withdraws a noticd of debt repayment deliverede onMarch 31. That agreement with lenders extendedc the repaymentof $117 million in debt undetr a revolving credit which serves as the company's principao source of liquidity. Gehl said it has significantly reducedr its outstanding borrowings using operating cash flowsx created in part by the cost savings initiatives implemented over thepast months.
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