Document:

<PAGE>

                                                                   EXHIBIT 10.45

                         ANTHONY CRANE RENTAL, L.P.
                            EMPLOYMENT AGREEMENT
                            --------------------

          THIS AGREEMENT is made as of October 25, 1999, between Anthony Crane
Rental, L.P., a Pennsylvania limited partnership (the "Company") and Jeffrey J.
                                                       -------
Fenton ("Executive").
         ---------

          In consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

          1.  Employment. The Company shall employ Executive, and Executive
              ----------
hereby accepts employment with the Company, upon the terms and conditions set
forth in this Agreement for the period beginning on the date hereof and ending
as provided in paragraph 4 hereof (the "Employment Period").
                                        -------------------

          2.  Position and Duties.
              -------------------

          (a) During the Employment Period, Executive shall serve as the chief
executive officer of the Company and shall render such administrative, sales,
marketing and other executive and managerial services to the Company and its
Subsidiaries as the Board of Managers of ACR Management, L.L.C., the Company's
general partner (the "Board"), may from time to time reasonably direct.
                      -----

          (b) During the Employment Period, Executive shall report to the Board
and shall devote his best efforts and his full business time and attention
(except for permitted vacation periods, reasonable periods of illness or other
incapacity and, with the prior written consent of the Board, time served on the
boards of non-profit organizations) to the business and affairs of the Company
and its Subsidiaries. Executive shall perform his duties and responsibilities to
the Company and its Subsidiaries hereunder to the best of his abilities in a
diligent, trustworthy, businesslike and efficient manner.

          (c) For purposes of this Agreement, "Subsidiaries" shall mean any
                                               ------------
corporation or other entity of which the securities or other ownership interests
having the voting power to elect a majority of the board of directors or other
governing body are, at the time of determination, owned by the Company, directly
or through one of more Subsidiaries.

          3.  Compensation and Benefits.
              -------------------------

          (a) During the Employment Period, Executive's base salary shall be
$325,000 per annum or such higher rate as the Board may designate from time to
time (the "Base Salary"), which salary shall be payable in regular installments
           -----------
in accordance with the Company's general payroll practices.

<PAGE>

          (b) During the Employment Period, Executive shall be entitled to
participate in all of the Company's employee benefit programs for which senior
executive employees of the Company and its Subsidiaries are generally eligible.
In addition, Executive shall be entitled to the following benefits during the
Employment Period: (i) health insurance, (ii) short-term and long-term
disability coverage, (iii) life insurance with a $500,000 death benefit, (iv) an
automobile leased by the Company, including fuel, maintenance and insurance in
an aggregate amount not to exceed $800 per month, (v) 401(k) plan, with the
Company matching 50% of all contributions made by Executive up to the lesser of
(1) 6% of Executive's then applicable Base Salary and (2) the statutory limit on
contributions, (vi) three (3) weeks vacation each year, (vii) reimbursement for
all reasonable expenses relating to Executive's moving to the Pittsburgh,
Pennsylvania area, purchasing a new residence in the Pittsburgh, Pennsylvania
area and selling his Malvern, Pennsylvania residence, including all closing
costs, reasonable legal fees, inspection fees, packing and unpacking costs, but
excluding any "points" paid to a broker or mortgage lender or any real estate or
other taxes in connection therewith (other than transfer taxes), (viii)
reimbursement for all reasonable costs relating to Executive's living in the
Pittsburgh, Pennsylvania area incurred during the nine months following the date
of this Agreement, including reasonable expenses relating to travel back and
forth between Pittsburgh, Pennsylvania and his Malvern, Pennsylvania residence
during this time period, (ix) expenses incidental to required professional
certifications, (x) reimbursement for the reasonable expenses of preparation of
Executive's annual tax returns and (xi) club memberships approved by the Board.

          (c) During the Employment Period, the Company shall reimburse
Executive for all reasonable expenses incurred by him in the course of
performing his duties and responsibilities under this Agreement which are
consistent with the Company's policies in effect from time to time with respect
to travel, entertainment and other business expenses, subject to the Company's
requirements with respect to reporting and documentation of such expenses.

          (d) In addition to the Base Salary, the Company shall pay Executive a
one-time signing bonus in the amount of $100,000 on the date hereof and
thereafter the Board shall award a bonus to Executive, based upon mutually
agreed upon operating and performance targets, in an amount equal to 0% to 100%
of Executive's then applicable Base Salary (with 66% of Executive's then
applicable Base Salary being the target bonus for meeting such operating and
performance targets), following the end of each fiscal year (including a pro
rated portion of the bonus for the fiscal year ending December 31, 1999) during
the Employment Period.

          (e) All amounts payable to Executive as compensation hereunder shall
be subject to customary withholding by the Company.

          4.  Term.
              ----

          (a) Unless renewed by the mutual agreement of the Company and
Executive, the Employment Period shall end on October 25, 2004 and shall be
renewed for successive one year
<PAGE>

periods thereafter unless terminated by either party by 90 days prior written
notice; provided that (i) the Employment Period shall terminate prior to such
        --------
date immediately upon Executive's resignation, death or permanent mental or
physical disability or incapacity (as determined by the Board in its good
faith judgment) and (ii) the Employment Period may be terminated by the
Company at any time prior to such date for Cause (as defined below) or without
Cause. Except as otherwise provided herein, any termination of the Employment
Period by the Company shall be effective as specified in a written notice from
the Company to Executive.

          (b) If the Employment Period is terminated by the Company without
Cause, Executive shall be entitled to continue to receive his Base Salary
payable in regular installments from the date of termination through the end of
the Noncompete Period (as defined in paragraph 7 hereof) (the "Severance
                                                               ---------
Period"), the employee benefits set forth in clauses (i), (ii) and (iii) of
------
paragraph 3(b) above and the bonus to which Executive would be entitled for the
fiscal year in which the termination occurs, payable at the time such bonus is
paid to other employees of the Company, but only so long as Executive has not
breached the provisions of paragraphs 5, 6 and 7 hereof.  As a condition to the
Company's obligations (if any) to make payments pursuant to this paragraph 4(b),
Executive will execute and deliver a general release in form and substance
attached hereto as Exhibit A.
                   ---------

          (c) If the Employment Period is terminated by the Company for Cause or
is terminated pursuant to clause (a)(i) above or expires and is not renewed
hereunder, Executive shall only be entitled to receive his Base Salary through
the date of termination or expiration.

          (d) Except as otherwise expressly provided herein or by applicable
law, all of Executive's rights to salary, bonuses, fringe benefits and other
compensation hereunder which accrue or become payable after the termination or
expiration of the Employment Period shall cease upon such termination or
expiration. The Company may offset any amounts Executive owes it or its
Subsidiaries against any amounts it owes Executive hereunder.

          (e) For purposes of this Agreement, "Cause" shall mean (i) the
                                               -----
commission of a felony or a crime involving moral turpitude or the commission of
any other act or omission involving dishonesty, disloyalty or fraud, (ii)
conduct tending to bring the Company or any of its Subsidiaries into substantial
public disgrace or disrepute, (iii) failure to perform duties as reasonably
directed by the Board and such failure is not cured to the Board's satisfaction
within 10 days of the Board's notice to Executive of such failure, (iv) gross
negligence or willful misconduct (including, but not limited to, failing to
follow guidelines as clearly outlined by the Board) with respect to the Company
or any of its Subsidiaries or (v) any breach of this Agreement, and such breach
is not cured to the Board's satisfaction within 10 days of the Board's notice to
Executive of such breach.

          5.  Confidential Information. Executive acknowledges that the
              ------------------------
information, observations and data (including trade secrets) obtained by him
while employed by the Company and its Subsidiaries concerning the business or
affairs of the Company, or any other Subsidiary ("Confidential Information") are
                                                 --------------------------
the property of the Company or such Subsidiary. Therefore,

                                      -3-
<PAGE>

Executive agrees that he shall not disclose (except pursuant to legal or
administrative process) to any unauthorized person or use for his own purposes
any Confidential Information without the prior written consent of the Board,
unless and to the extent that the Confidential Information becomes generally
known to and available for use by the public other than as a result of
Executive's acts or omissions. Executive shall deliver to the Company at the
termination or expiration of the Employment Period, or at any other time the
Company may request, all memoranda, notes, plans, records, reports, computer
tapes, printouts and software and other documents and data (and copies
thereof) embodying or relating to the Confidential Information, Work Product
(as defined below) or the business of the Company, or any other Subsidiaries
which he may then possess or have under his control.

          6.  Inventions and Patents. Executive acknowledges that all
              ----------------------
inventions, innovations, improvements, developments, methods, designs, analyses,
drawings, reports and all similar or related information (whether or not
patentable) which relate to the Company's or any of its Subsidiaries' actual or
anticipated business, research and development or existing or future products or
services and which are conceived, developed or made by Executive while employed
by the Company and its Subsidiaries ("Work Product") belong to the Company or
                                      ------------
such Subsidiary. Executive shall promptly disclose such Work Product to the
Board and, at the Company's expense, perform all actions reasonably requested by
the Board (whether during or after the Employment Period) to establish and
confirm such ownership (including, without limitation, assignments, consents,
powers of attorney and other instruments).

          7.  Non-Compete; Non-Solicitation.
              -----------------------------

          (a) In further consideration of and in connection with the Employment
Agreement, Executive acknowledges that in the course of his employment with the
Company and its Subsidiaries he shall become familiar with the Company's trade
secrets and with other Confidential Information concerning the Company and its
Subsidiaries, and that his services have been and shall be of special, unique
and extraordinary value to the Company and its Subsidiaries. Therefore,
Executive agrees that, during the Employment Period and for one year thereafter
(the "Noncompete Period"), he shall not directly or indirectly own any interest
      -----------------
in, manage, control, participate in, consult with, render services for, or in
any manner engage in any business involved in the business of crane and other
lifting equipment sales or rentals, excavation contracting services, sales or
rentals of other construction equipment, the provision of marine transportation
services or competing with the businesses of the Company or its Subsidiaries, as
such businesses exist or are in process on the date of the termination or
expiration of the Employment Period, within any geographical area in which the
Company or its Subsidiaries engage or at such time have existing plans to engage
in such businesses. Nothing herein shall prohibit Executive from being a passive
owner of not more than 2% of the outstanding stock of any class of a corporation
which is publicly traded, so long as Executive has no active participation in
the business of such corporation.

          (b) During the Noncompete Period, Executive shall not directly or
indirectly through another entity (i) induce any employee of the Company or any
Subsidiary to leave the

                                      -4-
<PAGE>

employ of the Company or such Subsidiary, or in any way interfere with the
relationship between the Company or any Subsidiary and any employee thereof,
(ii) hire any person who was an employee of the Company or any Subsidiary at
any time during the eighteen-month period prior to the termination of the
Employment Period or (iii) induce or attempt to induce any customer, supplier,
licensee, licensor, franchisee or other business relation of the Company or
any Subsidiary to cease doing business with the Company or such Subsidiary, or
in any way interfere with the relationship between any such customer,
supplier, licensee or business relation with the Company or any Subsidiary
(including, without limitation, making any negative or disparaging statements
or communications regarding the Company or its Subsidiaries).

          (c) If, at the time of enforcement of this paragraph 7, a court shall
hold that the duration, scope or area restrictions stated herein are
unreasonable under circumstances then existing, the parties agree that the
maximum duration, scope or area reasonable under such circumstances shall be
allowed to revise the restrictions contained herein to cover the maximum period,
scope and area permitted by law. Executive acknowledges that the restrictions
contained in this paragraph 7 are reasonable.

          (d) In the event of the breach or a threatened breach by Executive of
any of the provisions of this paragraph 7, the Company, in addition and
supplementary to other rights and remedies existing in its favor, shall be
entitled to specific performance and/or injunctive or other equitable relief
from a court of competent jurisdiction in order to enforce or prevent any
violations of the provisions hereof (without posting a bond or other security).
In addition, in the event of an alleged breach or violation by Executive of this
paragraph 7, the Noncompete Period shall be tolled until such alleged breach or
violation has been proven or admitted and duly cured.

          8.  Executive's Representations. Executive hereby represents and
              ---------------------------
warrants to the Company that (i) the execution, delivery and performance of this
Agreement by Executive do not and shall not conflict with, breach, violate or
cause a default under any contract, agreement, instrument, order, judgment or
decree to which Executive is a party or by which he is bound, (ii) Executive is
not a party to or bound by any employment agreement, noncompete agreement or
confidentiality agreement with any other person or entity that would adversely
affect his ability to perform his duties on behalf of the Company and (iii) upon
the execution and delivery of this Agreement by the Company, this Agreement
shall be the valid and binding obligation of Executive, enforceable in
accordance with its terms. Executive hereby acknowledges and represents that he
has had an opportunity to consult with independent legal counsel regarding his
rights and obligations under this Agreement and that he fully understands the
terms and conditions contained herein.

          9.  Survival. Paragraphs 5 through 17 shall survive and continue in
              --------
full force in accordance with their terms, notwithstanding the expiration or
termination of the Employment Period.

                                      -5-
<PAGE>

          10.  Notices. Any notice provided for in this Agreement shall be in
               -------
writing and shall be either personally delivered, sent by reputable overnight
courier service or mailed by first class mail, return receipt requested, to the
recipient at the address indicated below:

                    Notices to Executive:
                    --------------------

                    Jeffrey J. Fenton
                    102 Rossmore Drive
                    Malvern, PA 19355

                    With a copy to:
                    --------------

                    David B. Pudlin
                    Hangley Aronchick Segal & Pudlin
                    One Logan Square, 27th Floor
                    Philadelphia, PA 19103-6933
                    Attn:  David B. Pudlin

                    Notices to the Company:
                    ----------------------

                    Anthony Crane Rental, L.P.
                    c/o Bain Capital, Inc.
                    Two Copley Place
                    Boston, MA 02116
                    Attn:  Paul Edgerley
                         Joseph Pretlow

                    With a copy to:
                    --------------

                    Kirkland & Ellis
                    200 E. Randolph Drive
                    Chicago, IL 60601
                    Attn:  James L. Learner, P.C.

or such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending party. Any
notice under this Agreement shall be deemed to have been given when so
delivered, sent or mailed.

          11.  Severability. Whenever possible, each provision of this Agreement
               ------------
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any action in any other jurisdiction, but this Agreement
shall be reformed, construed

                                      -6-
<PAGE>

and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been contained herein.

          12.  Complete Agreement. This Agreement, those documents expressly
               ------------------
referred to herein and other documents of even date herewith embody the complete
agreement and understanding among the parties and supersede and preempt any
prior understandings, agreements or representations by or among the parties,
written or oral, which may have related to the subject matter hereof in any way.

          13.  No Strict Construction. The language used in this Agreement shall
               ----------------------
be deemed to be the language chosen by the parties hereto to express their
mutual intent, and no rule of strict construction shall be applied against any
party.

          14.  Counterparts. This Agreement may be executed in separate
               ------------
counterparts, each of which is deemed to be an original and all of which taken
together constitute one and the same agreement.

          15.  Successors and Assigns. This Agreement is intended to bind and
               ----------------------
inure to the benefit of and be enforceable by Executive, the Company and their
respective heirs, successors and assigns, except that Executive may not assign
his rights or delegate his duties or obligations hereunder without the prior
written consent of the Company.

          16.  Arbitration.  Any controversy, dispute or claim arising out of or
               -----------
relating in any way to this Agreement that cannot be resolved by negotiations
between Executive and the Company shall be settled by arbitration in accordance
with the terms and provisions of Section 8.02 of that certain Recapitalization
Agreement, dated as of July 22, 1998 between the Company, Anthony Crane Rental
Holdings, L.P., the Purchasers listed on the Schedule of Purchasers and the
Current Owners listed on the Schedule of Current Owners.

          17.  Choice of Law. All issues and questions concerning the
               -------------
construction, validity, enforcement and interpretation of this Agreement and the
exhibits and schedules hereto shall be governed by, and construed in accordance
with, the laws of the Commonwealth of Pennsylvania, without giving effect to any
choice of law or conflict of law rules or provisions (whether of the
Commonwealth of  Pennsylvania or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the Commonwealth of
Pennsylvania.

          18.  Amendment and Waiver. The provisions of this Agreement may be
               --------------------
amended or waived only with the prior written consent of the Company and
Executive, and no course of conduct or failure or delay in enforcing the
provisions of this Agreement shall affect the validity, binding effect or
enforceability of this Agreement.

                                 *  *  *  *  *

                                      -7-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Employment
Agreement as of the date first written above.

                              ANTHONY CRANE RENTAL, L.P.

                              By:  ACR Management, L.L.C.
                              Its:  General Partner

                              By:  _____________________________________

                              Its: _____________________________________

                              __________________________________________
                              Jeffrey J. Fenton

                                      -8-<PAGE>

                                                                   EXHIBIT 10.48

                          ANTHONY CRANE RENTAL, L.P.

                 FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT

     This FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT (this "Amendment") is
dated as of June 30, 1999 and entered into by and among ANTHONY CRANE RENTAL,
L.P., a Pennsylvania limited partnership ("Company"), ANTHONY CRANE RENTAL
HOLDINGS, L.P., a Pennsylvania limited partnership ("Holdings"), GOLDMAN SACHS
CREDIT PARTNERS L.P. ("GSCP") as arranger and syndication agent (in such
capacity, "Syndication Agent"), THE FINANCIAL INSTITUTIONS LISTED ON THE
SIGNATURE PAGES HEREOF (each individually referred to herein as a "Lender" and
collectively as  "Lenders") and FLEET NATIONAL BANK ("Fleet"), as administrative
agent for Lenders (in such capacity, "Administrative Agent") and Fleet as
collateral agent for Lenders (in such capacity, "Collateral Agent") (such
agreement as amended, supplemented or otherwise modified from time to time, the
"Agreement").  Capitalized terms used herein without definition shall have the
same meanings herein as set forth in the Agreement and in the amendments
contained in Section 1 hereof.

                                   RECITALS

     WHEREAS, Company requested that Requisite Lenders  agree to (i) revise the
applicable margins in respect of the Term Loans; and  (ii) revise certain
definitions in respect thereof.

     NOW, THEREFORE, in consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

SECTION 1. AMENDMENTS TO AGREEMENT

1.1  Amendments to Section 1:  Definitions
     -------------------------------------

     A.  Subsection 1.1 of the Agreement is hereby amended by the addition of
the following definition, which shall be inserted in proper alphabetical order:

          "First Amendment" means that certain First Amendment to this Agreement
dated as of June 30, 1999.

          "First Amendment Effective Date" has the meaning assigned to that term
in the First Amendment.
<PAGE>

     B.  Subsection 1.1 of the Agreement is hereby further amended by deleting
the definitions of "Applicable Base Rate Margin" and "Applicable Eurodollar Rate
Margin" in their entirety and substituting the following therefor:

          "Applicable Base Rate Margin" means prior to the First Amendment
Effective Date 1.75% per annum and on and from the First Amendment Effective
Date 2.50% per annum.

          "Applicable Eurodollar Rate Margin" means prior to the First Amendment
Effective Date 2.75% per annum and on and from the First Amendment Effective
Date 3.50% per annum.

SECTION 2.  CONDITIONS TO EFFECTIVENESS

     Section 1 of this Amendment shall become effective only upon the
satisfaction of all of the following conditions precedent (the date of
satisfaction of such conditions being referred to herein as the "First Amendment
Effective Date").

     A.  Notification. Syndication Agent shall have notified each of the
Lenders, Company and Holdings on or before July 2, 1999, that this Amendment
shall have become effective.

     B.  Execution.  Company, Holdings, Subsidiary Guarantors and Requisite
Lenders shall have executed this Amendment.

     C.  Necessary Consents.  Company shall have obtained all material consents
necessary or advisable in connection with this Amendment.

SECTION 3.  COMPANY'S REPRESENTATIONS AND WARRANTIES

     In order to induce Lenders to enter into this Amendment and to amend the
Agreement in the manner provided herein, each of Holdings, Company, and
Subsidiary Guarantors represents and warrants to each Lender on the date hereof
that the following statements are true, correct and complete:

     A.  Corporate Power and Authority.  Each of Holdings, Company, and
Subsidiary Guarantors has all requisite corporate or partnership (as applicable)
power and authority to enter into this Amendment and to carry out the
transactions contemplated by, and perform its obligations under the Agreement as
amended by this Amendment (the "Amended Agreement") and the other Loan Documents
to which it in a party.

                                       2
<PAGE>

     B.  Authorization of Agreements.  The execution and delivery of this
Amendment and the performance of the Amended Agreement and the other Loan
Documents to which such Person is a party have been duly authorized by all
necessary corporate or partnership (as applicable) action on the part of each of
Holdings, Company, and Subsidiary Guarantors.

     C.  No Conflict.  The execution and delivery by each of Holdings, Company,
and Subsidiary Guarantors of this Amendment and the performance by each of
Holdings, Company, and Subsidiary Guarantors of the Amended Agreement and the
other Loan Documents, to which each is a party, do not and will not (i) violate
any provision of any law or any governmental rule or regulation applicable to
each of Holdings, Company, and Subsidiary Guarantors, the Certificate or
Articles of Incorporation or Bylaws (or other analogous organizational document)
of each of Holdings, Company, and Subsidiary Guarantors or any order, judgment
or decree of any court or other agency of government binding on each of
Holdings, Company, and Subsidiary Guarantors, (ii) conflict with, result in a
breach of or constitute (with due notice or lapse of time or both) a default
under any Contractual Obligation of each of Holdings, Company, and Subsidiary
Guarantors, other than could not reasonably be expected to have a Material
Adverse Effect (iii) result in or require the creation or imposition of any Lien
upon any of the properties or assets of each of Holdings, Company, and
Subsidiary Guarantors (other than any Permitted Encumbrances or Liens created
under any of the Loan Documents in favor of Collateral Agent on behalf of
Lenders), or (iv) require any approval of stockholders or partners or any
approval or consent of any Person under any Contractual Obligation of each of
Holdings, Company, and Subsidiary Guarantors, except for such approvals or
consents which will be obtained on or before the First Amendment Effective Date
and disclosed in writing to Lenders other than could not reasonably be expected
to have a Material Adverse Effect.

     D.  Governmental Consents.  The execution and delivery by Company of this
Amendment and the performance by each of Holdings, Company, and Subsidiary
Guarantors of the Amended Agreement and the other Loan Documents to which such
Person is a party do not require any registration with, consent or approval of,
or notice to, or other action to, with or by, any federal, state or other
governmental authority or regulatory body.

     E.  Binding Obligation.  This Amendment, the Amended Agreement and the
Subsidiary Guaranties have been duly executed and delivered by each of Holdings,
Company, and Subsidiary Guarantors to which such Person is a party and are the
legally valid and binding obligations of each of Holdings, Company, and
Subsidiary Guarantors, enforceable against such Person in accordance with their
respective terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors'
rights generally or by equitable principles relating to enforceability.

     F.  Absence of Default. No event has occurred and is continuing or will
result from the consummation of the transactions contemplated by this Amendment
that would constitute an Event of Default or a Potential Event of Default.

                                       3
<PAGE>

SECTION 4.  ACKNOWLEDGMENT AND CONSENT

     Each of Anthony Crane International, L.P., Anthony Crane Sales and Leasing,
L.P., Anthony Crane Capital Corporation and Anthony Crane Holdings Capital
Corporation is a party to the Subsidiary Guaranty and Pledge and Security
Agreement, and Holdings is a party to the Holdings Guaranty and the Pledge and
Security Agreement, in each case as amended through the First Amendment
Effective Date, pursuant to which each of Anthony Crane International, L.P.,
Anthony Crane Sales and Leasing, L.P., Anthony Crane Capital Corporation and
Anthony Crane Holdings Capital Corporation has (i) guarantied the Obligations
and (ii), created Liens in favor of Lenders on certain Collateral to secure its
obligations under the Subsidiary Guaranty (in the case of Subsidiary Guarantors)
and the Holdings Guaranty (in the case of Holdings).  Anthony Crane
International, L.P., Anthony Crane Sales and Leasing, L.P., Anthony Crane
Capital Corporation, Anthony Crane Holdings Capital Corporation and Holdings are
collectively referred to herein as the "Credit Support Parties", and the
Subsidiary Guaranty, the Holdings Guaranty and the Pledge and Security Agreement
are collectively referred to herein as the "Credit Support Documents".

     Each Credit Support Party hereby acknowledges that it has reviewed the
terms and provisions of the Agreement and this Amendment and consents to the
amendment of the Agreement effected pursuant to this Amendment.  Each Credit
Support Party hereby confirms that each Credit Support Document to which it is a
party or otherwise bound and all Collateral encumbered thereby will continue to
guaranty or secure, as the case may be, to the fullest extent possible the
payment and performance of all "Guarantied Obligations" and "Secured
Obligations", as the case may be (in each case as such terms are defined in the
applicable Credit Support Document), including without limitation the payment
and performance of all such "Guarantied Obligations" or "Secured Obligations",
as the case may be, in respect of the Obligations of Company now or hereafter
existing under or in respect of the Amended Agreement, the Term Notes and the
other Loan Documents, all as defined therein.

Each Credit Support Party acknowledges and agrees that any of the Credit Support
Documents to which it is a party or otherwise bound shall continue in full force
and effect and that all of its obligations thereunder shall be valid and
enforceable in accordance with their respective terms, except as may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws relating
to or limiting creditors' rights generally or by equitable principles relating
to enforceability and shall not be impaired or limited by the execution or
effectiveness of this Amendment.

     Each Credit Support Party acknowledges and agrees that (i) notwithstanding
the conditions to effectiveness set forth in this Amendment, such Credit Support
Party (other than Holdings) is not required by the terms of the Agreement or any
other Loan Document to consent to the amendments to the Agreement effected
pursuant to this Amendment and (ii) nothing in the Agreement, this Amendment or
any other Loan Document shall be deemed to require the consent of such Credit
Support Party to any future amendments to the Agreement.

                                       4
<PAGE>

SECTION 5.  MISCELLANEOUS

     A.  Reference to and Effect on the Agreement and the Other Loan Documents.
         ---------------------------------------------------------------------

          (i) On and after the First Amendment Effective Date, each reference in
     the Agreement to "this Agreement", "hereunder", "hereof", "herein" or words
     of like import referring to the Agreement, and each reference in the other
     Loan Documents to the "Agreement", "thereunder", "thereof" or words of like
     import referring to the Agreement shall mean and be a reference to the
     Agreement as amended by this Amendment.

          (ii) Except as specifically amended by this Amendment, the Agreement
     and the other Loan Documents shall remain in full force and effect and are
     hereby ratified and confirmed.

          (iii)  The execution, delivery and performance of this Amendment shall
     not, except as expressly provided herein, constitute a waiver of any
     provision of, or operate as a waiver of any right, power or remedy of any
     Agent or Lender under, the Agreement or any of the other Loan Documents.

     B.  Headings.  Section and subsection headings in this Amendment are
         --------
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose or be given any substantive effect.

     C.  Applicable Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
         --------------
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT
LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

     D.  Counterparts.  This Amendment may be executed in any number of
         ------------
counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document.

                   [Remainder of page intentionally left blank]

                                       5
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective officers thereunto duly
authorized as of the date first written above.

     COMPANY:         ANTHONY CRANE RENTAL, L.P..

                      By:   ACR Management LLC, as its general partner

                      By:  ______________________________________
                           Name:
                           Title:

     HOLDINGS         ANTHONY CRANE RENTAL HOLDINGS, L.P. as Holdings and as a
                      Credit Support Party

                      By:   ACR Management LLC, as its general partner

                      By:  ______________________________________
                           Name:
                           Title:

                      Notice Address:

                      Anthony Crane Rental, L.P.
                      1165 Camp Hollow Road
                      West Mifflin, PA 15122
                      Attention:  Chief Financial Officer

                      Telephone:  (412) 469-3700
                      Facsimile:  (412) 469-0691

                      with a copy to:

                      Bain Capital, Inc.
                      Two Copley Place
                      Boston, MA 02116
                      Attention:  Paige Dailey
                      Telephone  (617) 572-3261
                      Facsimile:  (617) 572-3274

                                      S-1
<PAGE>

                      and:
                      Kirkland & Ellis
                      200 East Randolph Drive
                      Chicago, IL 60601
                      Attention:      Christopher  Butler
                      Telephone       (312) 861-2298
                      Facsimile:      (312) 861-2200

CREDIT SUPPORT        ANTHONY CRANE INTERNATIONAL,
PARTIES:              L.P.
                      as a Credit Support Party

                      By:     Anthony International Equipment Services Corpora-
                      tion, as its general partner

                      By:
                           -------------------------------------------------
                      Name:
                      Title:

                      ANTHONY CRANE SALES AND LEASING, L.P.
                      as a Credit Support Party

                      By:   Anthony Sales and Leasing Corporation, as its
                            general partner

                      By:  ______________________________________
                           Name:
                           Title:

                      ANTHONY CRANE CAPITAL CORPORATION
                      as a Credit Support Party

                       By:  ______________________________________
                            Name:
                            Title:
                                      S-2
<PAGE>

                      ANTHONY CRANE HOLDINGS CAPITAL CORPORATION
                      as a Credit Support Party

                      By:  ______________________________________
                           Name:
                           Title:

                                      S-3
<PAGE>

AGENTS AND LENDERS:

                              GOLDMAN SACHS CREDIT PARTNERS L.P.,
                              individually as a Lender and as Syndication Agent

                              By: __________________________________________
                                  Authorized Signatory

                              Notice Address:

                              Goldman Sachs Credit Partners L.P.
                              c/o Goldman, Sachs & Co.
                              85 Broad Street
                              New York, New York 10004
                              Attention:  John Makinos
                              Telephone:  (212) 902-5977
                              Facsimile:  (212) 357-4597

                                      S-4
<PAGE>

                              FLEET NATIONAL BANK,

                              individually as a Lender and as Administrative
                              Agent and Collateral Agent

                              By:     ____________________________________
                                      Name: Mark S. Pelletier
                                      Title: Vice President

                              Notice Address:

                              Fleet National Bank
                              One Federal Plaza
                              MA/OF/D07C
                              Boston, MA 02110
                              Attention:    Timothy J. Callahan
                              Telephone:    (617) 346-0339
                              Facsimile:    (617) 346-5833

                              with a copy to:

                              Fleet National Bank
                              One Federal Plaza
                              MA/OF/D07C
                              Boston, MA 02110
                              Attention:   Guy Smith/Mark Pelletier
                              Telephone:   (617) 346-0441
                              Facsimile:   (617) 346-4806

                                      S-5
<PAGE>

                              FIRST DOMINION FUNDING I
                              as a Lender

                              By:     ____________________________________
                                      Name:
                                      Title:

                              Notice Address:

                              First Dominion Capital
                              1330 Avenue of the Americas, 38th floor
                              New York, NY  10019

                              Attention:  Andrew Marshak/Tom Flannery
                              Telephone:  212-603-8500
                              Facsimile:  212-603-8505

                                      S-6
<PAGE>

                              FIRST DOMINION FUNDING II
                              as a Lender

                              By:     ____________________________________
                                      Name:
                                      Title:

                              Notice Address:

                              First Dominion Capital
                              1330 Avenue of the Americas, 38th floor
                              New York, NY  10019

                              Attention:  Andrew Marshak/Tom Flannery
                              Telephone:  212-603-8500
                              Facsimile:  212-603-8505

                                      S-7
<PAGE>

                              TORONTO DOMINION (NEW YORK), INC.
                              as a Lender

                              By:     ____________________________________
                                      Name:
                                      Title:

                              Notice Address:

                              Toronto Dominion (New York)
                              909 Fannin Street
                              Ste. 1700
                              Houston, TX  77010

                              Attention:  Sonja Jordan
                              Telephone:  713-653-8244
                              Facsimile:  713-652-0914

                                      S-8
<PAGE>

                              MERRILL LYNCH DEBT STRATEGIES
                              PORTFOLIO
                              as a Lender
                              By: Merrill Lynch Asset Management, L.P.,
                                  As Investment Advisor

                              By:     ____________________________________
                                      Name:
                                      Title:

                              Notice Address:

                              C/o Merrill Lynch Asset Management
                              800 Scudders Mill Road-Area 1B
                              Plainsboro, New Jersey 08536

                              Attention:   Colleen Wade
                              Telephone:  (609) 282-4165
                              Facsimile:  (609) 282-3542

                                      S-9
<PAGE>

                              MERRILL LYNCH DEBT STRATEGIES FUND II, INC.
                              as a Lender

                              By:     ____________________________________
                                      Name:
                                      Title:

                              Notice Address:

                              c/o Merrill Lynch Asset Mangement
                              800 Scudders Mill Road - Area 1B
                              Plainsboro, New Jersey 08536

                              Attention:  Colleen Wade
                              Telephone:  (609) 282-4165
                              Facsimile:  (609) 282-3542

                                     S-10
<PAGE>

                              MERRILL LYNCH GLOBAL INVESTMENT
                              SERIES: INCOME STRATEGIES PORTFOLIO
                              as a Lender
                              By: Merrill Lynch Asset Management, L.P., as
                                  Investment Advisor

                              By:     ____________________________________
                                      Name:
                                      Title:

                              Notice Address:

                              c/o Merrill Lynch Asset Management
                              800 Scudders Mill Road - Area 1B
                              Plainsboro, New Jersey 08536

                              Attention:  Colleen Wade
                              Telephone:  (609) 282-4165
                              Facsimile:  (609) 282-3542

                                     S-11

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