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Exhibit 10.1

Execution

AMENDMENT NO. 1

        This AMENDMENT No. 1 dated as of March 31, 2003 ("Amendment No. 1"), is
entered into by and among H&E EQUIPMENT SERVICES L.L.C., a Louisiana limited
liability company ("H&E Equipment"), GREAT NORTHERN EQUIPMENT, INC., a Montana
corporation ("Great Northern" and together with H&E Equipment, individually a
"Borrower" and jointly, severally and collectively, the "Borrowers"), H&E
HOLDINGS, L.L.C., a Delaware limited liability company, GNE INVESTMENTS, INC., a
Washington corporation and H&E FINANCE CORP., a Delaware corporation, the
persons designated as "Lenders" on the signature pages hereto, and GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation, as Agent.

        WHEREAS, Borrowers, the other Credit Parties, the Lenders (as defined
therein) and Agent are party to the Credit Agreement dated as of June 17, 2002
("Original Credit Agreement"; all capitalized terms defined in the Original
Credit Agreement and not otherwise defined herein to have the meanings assigned
thereto in the Original Credit Agreement or in Annex A thereto); and

        WHEREAS, Borrowers have requested that the Original Credit Agreement be
amended in the manner set forth below.

        NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, Borrowers, Credit Parties, the
Requisite Lenders and Agent agree as follows:

SECTION 4.
AMENDMENTS

        Subject to the satisfaction of the conditions to effectiveness referred
to in Section 3 below, the Original Credit Agreement is hereby amended as
follows:

        (a)   The following definitions are added to Annex A of the Original
Credit Agreement in its proper alphabetical place:

"Amendment No. 1" shall mean Amendment No. 1, dated as of March 31, 2003, to
this Agreement.

"Amendment No. 1 Effective Date" shall mean the 'Effective Date' as defined in
Amendment No. 1.

        (b)   Annex E to the Original Credit Agreement is amended by adding in
paragraph (d) thereof, immediately after the phrase "within ninety (90) days
after the end of each Fiscal Year" the following: "(except, in the case of the
Fiscal Year ended on December 31, 2002, on or prior to the earlier of
(x) April 15, 2003 and (ii) the date that H&E files its annual report on
form 10-K with the Securities and Exchange Commission)".

SECTION 5.
CONDITIONS TO EFFECTIVENESS

        This Amendment No. 1 shall become effective on March 31, 2003 (the
"Effective Date") in the event that on or prior to such date:

        (a)   Agent shall have received one or more counterparts of this
Amendment executed and delivered by Borrowers, the other Credit Parties, Agent
and the Requisite Lenders; and

        (b)   there shall be no continuing Default or Event of Default.

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SECTION 6.
LIMITATION ON SCOPE

        Except as expressly amended hereby, all of the representations,
warranties, terms, covenants and conditions of the Loan Documents shall remain
in full force and effect in accordance with their respective terms. The
amendments set forth herein shall be limited precisely as provided for herein
and shall not be deemed to be waivers of, amendments of, consents to or
modifications of any term or provision of the Loan Documents or any other
document or instrument referred to therein or of any transaction or further or
future action on the part of Borrowers or any other Credit Party requiring the
consent of Agent or Lenders except to the extent specifically provided for
herein. Agent and Lenders have not and shall not be deemed to have waived any of
their respective rights and remedies against Borrowers or any other Credit Party
for any existing or future Defaults or Event of Default.

SECTION 7.
MISCELLANEOUS

(a)Borrowers hereby represent and warrant as follows:

          (i)  this Amendment No. 1 has been duly authorized and executed by
Borrowers and each other Credit Party, and the Original Credit Agreement, as
amended by this Amendment No. 1, is the legal, valid and binding obligation of
Borrowers and each other Credit Party that is a party thereto, enforceable in
accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, moratorium and similar laws affecting the rights of
creditors in general; and

         (ii)  Borrowers repeat and restate the representations and warranties
of Borrowers contained in the Original Credit Agreement as of the date of this
Amendment No. 1 and as of the Effective Date, except to the extent such
representations and warranties relate to a specific date.

(b)This Amendment No. 1 is being delivered in the State of New York.

(c)Borrowers and the other Credit Parties hereby ratify and confirm the Original
Credit Agreement as amended hereby, and agree that, as amended hereby, the
Original Credit Agreement remains in full force and effect.

(d)Borrowers and the other Credit Parties agree that all Loan Documents to which
each such Person is a party remain in full force and effect notwithstanding the
execution and delivery of this Amendment No. 1.

(e)This Amendment No. 1 may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an
original, but all of which counterparts together shall constitute but one and
the same instrument.

(f)All references in the Loan Documents to the "Credit Agreement" and in the
Original Credit Agreement as amended hereby to "this Agreement," "hereof,"
"herein" or the like shall mean and refer to the Original Credit Agreement as
amended by this Amendment No. 1 (as well as by all subsequent amendments,
restatements, modifications and supplements thereto).

(g)Each of the following provisions of the Credit Agreement is hereby
incorporated herein by this reference with the same effect as though set forth
in its entirety herein, mutatis mutandis, and as if "this Agreement" in any such
provision read "this Amendment No. 1": Section 11.6, (Severability),
Section 11.9 (Governing Law), Section 11.10 (Notices), Section 11.11 (Section
Titles) Section 11.13 (Waiver of Jury Trial), Section 11.16 (Advice of Counsel)
and Section 11.17 (No Strict Construction).

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        WITNESS the due execution hereof by the respective duly authorized
officers of the undersigned as of the date first written above.

    BORROWERS:
 
 
H&E EQUIPMENT SERVICES, L.L.C.
 
 
By:
 
/s/  LINDSAY C. JONES      

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        Name:   Lindsay C. Jones         Title:   CFO
 
 
GREAT NORTHERN EQUIPMENT, INC.
 
 
By:
 
/s/  LINDSAY C. JONES      

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        Name:   Lindsay C. Jones         Title:   CFO
 
 
CREDIT PARTIES:
 
 
H&E HOLDINGS, L.L.C.
 
 
By:
 
/s/  LINDSAY C. JONES      

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        Name:   Lindsay C. Jones         Title:   CFO
 
 
GNE INVESTMENTS, INC.
 
 
By:
 
/s/  LINDSAY C. JONES      

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        Name:   Lindsay C. Jones         Title:   CFO
 
 
H&E FINANCE CORP.
 
 
By:
 
/s/  LINDSAY C. JONES      

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        Name:   Lindsay C. Jones         Title:   CFO

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    AGENT AND LENDERS:
 
 
GENERAL ELECTRIC CAPITAL CORPORATION,
as Agent and a Lender
 
 
By:
 
/s/  J. PAUL MCDONNELL      

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        Name:   J. Paul McDonnell, VP         Title:   Duly Authorized Signatory
 
 
GENERAL ELECTRIC CAPITAL CORPORATION,
as Agent and a Lender
 
 
By:
 
/s/  ROBERT KRASKA      

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        Name:   Robert Kraska         Title:   Risk Analyst
 
 
BANK OF AMERICA, N.A.,
as a Lender
 
 
By:
 
/s/  EDMUNDO KAHN      

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        Name:   Edmundo Kahn         Title:   VP
 
 
FLEET CAPITAL CORPORATION,
as a Lender
 
 
By:
 
/s/  KRISTINA LEE      

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        Name:   Kristina Lee         Title:   Vice President
 
 
PNC BANK, NATIONAL ASSOCIATION,
as a Lender
 
 
By:
 
/s/  DOUGLAS HOFFMAN      

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        Name:   DOUGLAS HOFFMAN         Title:   VICE PRESIDENT
 
 
LASALLE BUSINESS CREDIT, LLC as a Lender (a Delaware limited liability company,
successor by merger to LaSalle Business Credit, Inc., a Delaware corporation),
 
 
By:
 
/s/  GREGORY A. JONES      

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        Name:   Gregory A. Jones         Title:   SVP

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    ORIX FINANCIAL SERVICES, INC.,
as a Lender
 
 
By:
 
/s/  LISA NOWAKOWSKI      

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        Name:   Lisa Nowakowski         Title:   VICE PRESIDENT

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AMENDMENT NO. 1