<PAGE>   1
                                   Exhibit 10.1

                                AMENDMENT THREE TO
                           LOAN AND SECURITY AGREEMENT
<PAGE>   2
                                AMENDMENT THREE TO
                           LOAN AND SECURITY AGREEMENT

      THIS AMENDMENT THREE TO LOAN AND SECURITY AGREEMENT (this "Amendment"),
dated as of March 31, 2001, is made and entered into by and between BANK ONE,
NA, F/K/A BANK ONE, TEXAS, NATIONAL ASSOCIATION ("Lender") and LONG REACH
HOLDINGS, INC., a Delaware corporation ("Borrower").

                                     RECITALS

      A.    Borrower and Lender entered into that certain Loan and Security
Agreement dated April 20, 1999, as amended on February 23, 2000 and May 16, 2000
(as amended, the "LOAN AGREEMENT").

      B.    Lender and Borrower desire to amend the Loan Agreement as herein
set forth.

      NOW, THEREFORE, in consideration of the premises herein contained and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by both parties the parties hereto, intending to be legally
bound, agree as follows:

                                    ARTICLE I
                                   Definitions

      Section 1.01.     Definitions.  Capitalized terms used in this Amendment,
to the extent not otherwise defined herein, shall have the same definitions
assigned to such terms in the Loan Agreement as amended hereby.

                                    ARTICLE II
                         Amendments to the Loan Agreement

      Section 2.01.     Amendment of Definitions.  Effective as of April 1,
2001, Section 1.1 of the Loan Agreement is hereby amended by deleting the
definitions of "Contract Rate," "Eligible Inventory,"  "Fixed Charge Coverage
Ratio" and "Termination Date" in their entirety and substituting in place
thereof the following:

            "Contract Rate" shall mean the sum of the PRIME RATE in effect from
      time to time, plus two percent (2.0%).  Any change in the Contract Rate
      resulting from a change in the Prime Rate shall become effective on the
      day such change in the Prime Rate is announced by Lender.

            "Eligible Inventory" means, as at any date of determination, all
      inventory owned by and in the possession of Borrower or a Qualifying
      Subsidiary and located in the United States of America that Lender, in its
      sole and absolute discretion, deems to be eligible for borrowing purposes;
      provided, however, that as of February 23, 2000, a reserve of $100,000
      shall be established (the "INITIAL INVENTORY RESERVE") that shall
<PAGE>   3
      reduce the amount of Eligible Inventory otherwise determined hereunder,
      and as of each calendar month end occurring on or after March, 2000,
      such eligibility reserve shall be increased by $100,000 (the Initial
      Inventory Reserve and all additions thereto shall be referred to
      collectively herein as the "INVENTORY RESERVE"), provided, further, that
      subject to the right of Lender in its sole discretion by notice to
      Borrower to increase the Inventory Reserve on a monthly basis as
      aforesaid, the Inventory Reserve shall not be increased for the period
      from April, 2001 through January 2002, provided, further, that when
      Borrower delivers to Lender an inventory line item turn report, in form
      and detail satisfactory to Lender in its sole discretion, that establishes
      to Lender's satisfaction the proper amount of a reserve (the "TURN REPORT
      RESERVE") against Eligible Inventory equal to purchased parts raw
      materials and finished goods on hand in excess of one year's supply, as
      demonstrated by historical sales, such Turn Report Reserve shall be used
      in place of the Initial Inventory Reserve (as it may have been increased)
      as long as such inventory line item turn report is delivered to Lender
      within fifteen days of each fiscal quarter end; otherwise, the Initial
      Inventory Reserve shall be reinstated at the amount last used and shall
      continue to increase each month end by $100,000. Without limiting the
      generality of the foregoing, unless otherwise agreed by Lender, the
      following is not Eligible Inventory:

            (a)   work-in-process;

            (b)   finished goods subject to a specific purchase order which do
            not meet the specifications of such purchase order;

            (c)   inventory which Lender determines, in its sole and absolute
            discretion exercised in good faith, to be unacceptable for borrowing
            purposes due to age, quality, type, category, value and/or quantity;

            (d)   inventory with respect to which Lender does not have a valid,
            first priority and fully perfected security interest;

            (e)   inventory with respect to which there exists any Lien (other
            than a Permitted Lien) in favor of any Person other than Lender;

            (f)   packaging or shipping material or maintenance supplies;

            (g)   shipping or product labels;

            (h)   inventory that is obsolete;

            (i)   inventory that has been returned or repossessed unless such
            inventory is in new, unused and saleable condition;

            (j)   inventory that consists of used goods taken in trade;


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            (k)   inventory produced in violation of the Fair Labor Standards
            Act, in particular provisions contained in Title 29 U.S.C. 215
            (a)(i);

            (l)   inventory located in a jurisdiction other than the United
            States of America and inventory located at a location for which
            Lender does not have a valid landlord's or warehouseman's waiver or
            subordination on terms and condition acceptable to Lender in its
            sole discretion; and

            (m)   inventory located at any location other than those listed on
            SCHEDULE 5.1(q), as amended from time to time."

            "`Fixed Charge Coverage Ratio' means, for any period, the ratio of
      (i) consolidated Net Income of Borrower and its Subsidiaries after income
      taxes, PLUS, without duplication and to the extent deducted in determining
      Net Income, depreciation and amortization and other non-cash expenses for
      such period, interest expense paid in cash during such period, lease
      expense for such period. Allowed Kaizen Expenses for such period, Allowed
      Restructuring Expenses for such period and cash advances made to Borrower
      during such period by TBM Holdings, Inc to (ii) the sum of the following,
      without duplication, interest expense paid in cash during such period,
      plus lease expense for such period, plus current maturities of Funded
      Indebtedness, plus current maturities of Capitalized Lease Obligations,
      plus Non-Financed Capital Expenditures, plus dividends on preferred stock
      paid in cash, plus principal payments on Subordinated Indebtedness if such
      payments are permitted by the Subordination Agreement."

      "`Termination Date' means March 31, 2002. "

      Section 2.02.     Amendment of Section 3.2.  Section 3.2(g) of the Loan
Agreement is hereby deleted in its entirety and replaced with a new Section
3.2(g) which shall read as follows:

                  "(g)  Borrower shall pay to Lender, in consideration of
            consenting to the merger of Borrower and TBM Acquisition I, Inc and
            entering into Amendment One to the Loan Agreement and waiving the
            Events of Default existing prior to the execution of Amendment One,
            a closing fee of $125,000, one-half payable upon execution of
            Amendment One and the remaining amount payable on or before the
            earlier of (i) the termination of this Agreement or (ii) December
            31, 2001. Such closing fee shall be fully earned upon the execution
            of Amendment One to the Loan Agreement."

      Section 2.03.     Amendment to Section 6.15.  Section 6.15 of the Loan
Agreement is hereby deleted in its entirety.

      Section 2.04.      Amendment to Article VII.  Article VII of the Loan
Agreement is hereby amended by the addition of a new Section 7.16 which shall
read as follows:


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            "Section 7.16 Vehicle Titles.  To the extent not previously
      provided, on or before April 30, 2001, Borrower shall provide to Lender
      original certificates of title for all motor vehicles owned by Borrower
      indicating the lien of Lender therein."

      Section 2.05.      Amendment of Section 9.1.  SECTIONS 9.1(a), (b), (c)
AND (d) of the Loan Agreement are hereby deleted in their entirety and replaced
with the following:

                  "(a)  Leverage Ratio.  Permit the ratio of (i) the Borrower's
            consolidated total Liabilities minus Subordinated Indebtedness, to
            (ii) Borrower's consolidated Tangible Net Worth as of the last day
            of any fiscal quarter, to be greater than 4.25 to 1."

                  "(b)  Minimum Fixed Charge Coverage Ratio.  Permit, as of the
            last day of any calendar month during any period set forth below,
            the Fixed Charge Coverage Ratio for such month, to be less than the
            ratio set forth opposite such period below:

<TABLE>
<CAPTION>
                  Period                                    Fixed Charge Coverage Ratio
                  ------                                    ---------------------------
<S>                                                         <C>
            April 1, 2001 through December 31, 2001         1.00 to 1.0
            January 1, 2002 and thereafter                  1.10 to 1.0
</TABLE>

                  (c)   Minimum Tangible Net Worth. Permit the Tangible Net
            Worth of Borrower and its Subsidiaries on the date of Amendment One
            to this Agreement to be less than $7,500,000 less balance sheet
            adjustments proposed by Borrower within thirty (30) days of the date
            of such Amendment One and to which Lender consents in writing (such
            balance sheet adjustments are referred to herein as the
            "Adjustments") or permit, at any time during any period set forth
            below, the consolidated Tangible Net Worth of Borrower and its
            Subsidiaries to be less than the amount set forth opposite such
            period below:

<TABLE>
<CAPTION>
                  Period                                    Minimum Tangible Net Worth
                  ------                                    ---------------------------
<S>                                                         <C>
            January 31, 2001 through February 27, 2001      $3,806.000
            February 28, 2001 through September 29, 2001    $4,200.000
            September 30, 2001 and thereafter               $4,000.000
</TABLE>

                  (d)   Minimum Net Income.  Permit its Net Income for any
            period set forth below to be more negative than the negative amount
            set forth opposite such period below and, for the fiscal quarter
            ending December 31, 2001 to be more negative than ($25,000):


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<TABLE>
<CAPTION>
                  Period                                    Minimum Net Income
                  ------                                    ---------------------------
<S>                                                         <C>
            Fiscal year to date ending September 30, 2001   ($3,500,000)

            January 1, 2002 through January 31, 2002        ($1)

            February 1, 2002 through February 28, 2002      ($1)."
</TABLE>

            Section 2.06.     Amendment of Section 9.2.  Section 9.2 of the Loan
      Agreement is hereby deleted in its entirety and replaced with a new
      Section 9.2 which shall read as follows:

                  "Section 9.2     Investments.  Acquire any Investment or
            permit any Investment to be outstanding, other than Permitted
            Investments."

            Section 2.07.     Amendment of Section 9.6 Section 9.6 of the Loan
      Agreement is hereby deleted in its entirety and replaced with a new
      Section 9.6 which shall read as follows:

                  "Section 9.6      Merger, Consolidation, Sale of Assets,
            Acquisitions.  (i) Merge or consolidate with any other Person or
            (ii) sell, lease or transfer or otherwise dispose of all or a
            substantial portion of Borrower's assets to any Person or (iii)
            acquire all or substantially all of the assets of any Person or the
            assets constituting the business or a division or operating unit of
            any Person."

                                   ARTICLE III
                            Events of Default: Waiver

      Section 3.01.     Events of Default; Waiver.  Borrower has previously
notified Lender that Borrower was in breach of the financial covenants set forth
in Section 9.1(a) and (d) of the Loan Agreement for the period ending December
31, 2000.  The occurrence and continuation of such breaches of the Loan
Agreement constitute Events of Default under Section 10.1 of the Loan
Agreement.  Borrower has requested that Lender waive the foregoing breaches of
the Loan Agreement and the Events of Default arising as a result thereof.
Lender has agreed to such waiver and, accordingly, Lender hereby waives the
above described breaches of Section 9.1(a) and (d) of the Loan Agreement and the
Events of Default arising as a result thereof.  The foregoing waiver is
expressly limited to the events and circumstances described above.  Such waiver
shall not, and does not, constitute a waiver of, or a consent to any breach of,
any other provision of the Loan Agreement or any breach of Section 9.1 not
described above.


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                                    ARTICLE IV
                              Modification of Notes

      Section 4.01.     Modification of Revolving Note.  The first paragraph of
the Revolving Note is hereby deleted in its entirety and replaced with a new
paragraph which shall read as follows:

            "FOR VALUE RECEIVED, the undersigned, LONG REACH HOLDING, INC., a
      Delaware corporation ("BORROWER"), unconditionally promises to pay to the
      order of BANK ONE, NA f/k/a BANK ONE, TEXAS, NATIONAL ASSOCIATION
      ("Payee") on the TERMINATION DATE (as defined in the Loan Agreement
      (hereinafter defined)), at Payee's offices at 1717 Main Street, Dallas,
      Texas 75201, or at such other place as Payee may designate in writing to
      Borrower, the principal amount of Ten Million and No/100 Dollars
      ($10,000,000), or so much thereof as has been advanced hereunder."

      Section 4.02.     Modification of Term Note.  The first three paragraphs
of the Term Note are hereby deleted in their entirety and replaced with new
paragraphs which shall read as follows:

            "FOR VALUE RECEIVED, on or before THE TERMINATION DATE (as defined
      in the Loan Agreement (hereinafter defined)) (such date to be referred to
      in this Note as the "MATURITY DATE")), the undersigned, LONG REACH
      HOLDINGS, INC., a Delaware corporation ("BORROWER"), promises to pay to
      the order of BANK ONE, NA f/k/a BANK ONE, TEXAS, NATIONAL ASSOCIATION
      ("BANK"), at Bank's offices at 1717 Main Street, Dallas, Texas 75201, or
      at such other place as Bank may designate in writing to Borrower, the
      principal amount of TWO MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS
      ($2,500,000.00), or so much thereof as has been advanced hereunder."

                                    ARTICLE V
                               Conditions Precedent

      Section 5.01.     Conditions Precedent.  The effectiveness of this
Amendment is subject to the satisfaction of the following conditions precedent,
unless specifically waived in writing by Lender:

            (a)   The representations and warranties of Borrower contained
      herein shall be true and correct as of the date hereof as if made on the
      date hereof;

            (b)   After giving effect to the provisions of this Amendment, no
      Default or Event of Default shall have occurred and be continuing under
      the Loan Agreement;

            (c)   Lender shall have received this Amendment, duly executed by
      Borrower and consented to by TBM Holdings, Inc. and Presto Lift, Inc.;


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            (d)   Borrower shall have delivered to Lender certified board of
      directors resolutions and certificates of incumbency for Borrower, in such
      form and content as is acceptable to Lender in its sole discretion;

            (e)   Lender shall have received all financing statements required
      by Lender in connection with perfection of Lender's security interests in
      the assets of Presto Lift, Inc. and all termination statements and other
      amendments to financing statements required by Lender to make Lender's
      security interest in such assets a first priority (and only) security
      interest therein subject, however, to the Permitted Liens; and

            (f)   All corporate proceedings taken in connection with the
      transactions contemplated by this Amendment and all documents, instruments
      and other legal matters incident thereto shall be reasonably satisfactory
      to Lender and its legal counsel.

                                    ARTICLE VI
                  Ratifications, Representations, and Warranties

      Section 6.01.     Ratifications by Borrower.  The terms and provisions set
forth in this Amendment shall modify and supersede all inconsistent terms and
provisions set forth in the Loan Agreement and, except as expressly modified and
superseded by this Amendment, the terms and provisions of the Loan Agreement are
ratified and confirmed and shall continue in full force and effect.  The Loan
Agreement as amended by this Amendment shall continue to be the legal, valid
binding and enforceable in accordance with its terms.

      Section 6.02.     Renewal and Extension of Security Interests and
Assignments.  Borrower hereby renews and affirms the liens and security
interests created and granted in the Loan Agreement and all other Loan
Documents. Borrower agrees that this Amendment shall in no manner affect or
impair the liens and security interests securing the Obligations, and that such
liens and security interest shall not in any manner be waived, the purposes of
this Amendment being to modify the Loan Agreement as herein provided, and to
carry forward all liens and security interest securing same, which are
acknowledged by Borrower to be valid and subsisting.

      Section 6.03.     Representations and Warranties.  Borrower represents and
warrants to Lender as follows: (i) the execution, delivery and performance of
this Amendment and am and all other Loan Documents executed and/or delivered in
connection herewith have been authorized by all requisite corporate action on
the part of Borrower and will not violate the articles of incorporation or
bylaws of Borrower or any agreement to which Borrower is a party; (ii) no
Default or Event of Default under the Loan Agreement as amended hereby has
occurred and is continuing; and (iii) Borrower is in full compliance with all
covenants and agreements contained in the Loan Agreement, as amended hereby.


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<PAGE>   9
                                   ARTICLE VII
                                  Miscellaneous

      Section 7.01.     Survival of Representations and Warranties.  All
representations and warranties made in this Amendment or any other Loan Document
furnished in connection with this Amendment shall survive the execution and
delivery of this Amendment and the other Loan Documents, and no investigation by
Lender or any closing shall affect such representations and warranties or the
right of Lender to rely thereon.

      Section 7.02.     Reference to Loan Agreement.  Each of the Loan
Documents, including the Loan Agreement and any and all other agreements,
documents or instruments now or hereafter executed and delivered pursuant to the
terms hereof or pursuant to the terms of the Loan Agreement as amended hereby,
are hereby amended so that any reference in such Loan Documents to the Loan
Agreement shall mean a reference to the Loan Agreement as amended hereby.

      Section 7.03.     Expenses of Lender.     Borrower agrees to pay on demand
all casts and expenses incurred by Lender in connection with the preparation,
negotiation and execution of this Amendment and the other Loan Documents
executed pursuant hereto provided, however, that Lender's legal fees subject to
reimbursement shall be limited to $6,000. Borrower agrees to pay on demand all
costs and expenses incurred by Lender in connection with any and all future
amendments, modifications, and supplements to the Loan Agreement, including,
without limitation, the costs and fees of Lender's legal counsel, and all costs
and expenses incurred by Lender in connection with the enforcement or
preservation of any rights under the Loan Agreement, as amended hereby, or any
other Loan Document, including, without limitation, the reasonable costs and
fees of Lender's legal counsel.

      Section 7.04.     Severability.  Any provision of this Amendment held by a
court of competent jurisdiction to be invalid or unenforceable shall not impair
or invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision so held to be invalid or unenforceable.

      SECTION 7.05.     APPLICABLE LAW.  THIS AMENDMENT SHALL BE DEEMED TO HAVE
BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND APPLICABLE FEDERAL LAW.

      Section 7.06.     Successors and Assigns.  This Amendment is binding upon
and shall inure to the benefit of the parties hereto and their respective
successors, assigns, heirs, executors, and legal representatives. except that
none of the parties hereto other than Lender may assign or transfer any of its
rights or obligations hereunder without the prior written consent of Lender.

      Section 7.07.     Counterparts.  This Amendment may be executed in one or
more counterparts, each of which when so executed shall be deemed to be an
original, but all of which


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<PAGE>   10
when taken together shall constitute one and the same instrument. This Amendment
may be executed and delivered by facsimile transmission.

      Section 7.08.     Headings. The headings, captions, and arrangements used
in this Amendment are for convenience only and shall not affect the
interpretation of this Amendment.

      Section 7.09.     Conflicting Provisions.  If any provision of the Loan
Agreement as amended hereby conflicts with any provision of any other Loan
Document, the provision in the Loan Agreement shall control.

      Section 7.10.     Consent to Purchase.  By execution of this Amendment,
Lender acknowledges that it has waived the written notification required by
Section 9.2 of the Loan Agreement with respect to, and hereby consents to, the
acquisition by Borrower of the outstanding capital stock of Subsidiary.

      SECTION 7.11.     RELEASE.  AS OF THE DATE HEREOF, BORROWER HEREBY
ACKNOWLEDGES THAT BORROWER HAS NO DEFENSE, COUNTERCLAIM, OFFSET,
CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE
ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF BORROWER'S LIABILITY TO REPAY
THE LOAN OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM
LENDER. BORROWER VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES
LENDER, ITS PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL
POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES,
AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED,
SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN
EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS
EXECUTED WHICH BORROWER MAY NOW OR HEREAFTER HAVE AGAINST LENDER, ITS
PREDECESSORS, AGENTS. EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND
IRRESPECTIVE OR WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION
OF LAW OR REGULATIONS. OR OTHERWISE, AND ARISING FROM ANY LOAN, INCLUDING,
WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING
OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE
EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR OTHER LOAN
DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

      SECTION 7.12.     ENTIRE AGREEMENT. THIS AMENDMENT, THE LOAN AGREEMENT
AND ALL OTHER LOAN DOCUMENTS EXECUTED AND DELIVERED IN CONNECTION WITH AND
PURSUANT TO THIS AMENDMENT AND THE LOAN AGREEMENT REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF


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PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE
NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

      EXECUTED as of the date first written above.

LONG REACH HOLDINGS, INC                        BANK ONE, NA



By:     /s/ Patrick H. Peyton                   By:    /s/ F.W. McCollum
        ------------------------------------           -------------------------
Name:   Patrick H. Peyton                       Name:  F.W. McCollum
        ------------------------------------           -------------------------
Title:  Vice President Finance & CFO            Title: Vice President
        ------------------------------------           -------------------------


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                             CONSENT AND RATIFICATION

      Each of the undersigned (i) consents to the foregoing Amendment, (ii)
acknowledges and agrees that the execution of the foregoing Amendment does not
diminish, waive, or release its obligations under that certain Unlimited
Guaranty executed by the undersigned for the benefit of Lender and (iii)
ratifies and confirms its obligations pursuant to such Unlimited Guaranty.

                                          TBM HOLDINGS. INC.


                                          By:   /s/ William A. Schwartz
                                                --------------------------------
                                          Its:  President
                                                --------------------------------


                                          PRESTO LIFTS. INC.


                                          By:   /s/ William A. Schwartz
                                                --------------------------------
                                          Its:  Secretary
                                                --------------------------------