Document:

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                                                                     EXHIBIT 4.2

                                                                  EXECUTION COPY

                                  $200,000,000

                          H&E EQUIPMENT SERVICES L.L.C.
                                H&E FINANCE CORP.

                      11 1/8% SENIOR SECURED NOTES DUE 2012

                          REGISTRATION RIGHTS AGREEMENT

                                                                   June 17, 2002

CREDIT SUISSE FIRST BOSTON CORPORATION
BANC OF AMERICA SECURITIES LLC
FLEET SECURITIES, INC.
c/o CREDIT SUISSE FIRST BOSTON CORPORATION
    Eleven Madison Avenue
    New York, New York 10010-3629

Ladies and Gentlemen:

     H&E Equipment Services L.L.C., a Louisiana limited liability company ("H&E
EQUIPMENT SERVICES"), and H&E Finance Corp., a Delaware corporation and a
wholly-owned subsidiary of H&E Equipment Services ("H&E FINANCE," and together
with H&E Equipment Services, the "ISSUERS"), propose to issue and sell to Credit
Suisse First Boston Corporation, Banc of America Securities LLC and Fleet
Securities, Inc. (collectively, the "INITIAL PURCHASERS"), upon the terms set
forth in a purchase agreement of even date herewith (the "PURCHASE AGREEMENT"),
$200,000,000 aggregate principal amount of their 11 1/8% Senior Secured Notes
due 2012 (the "INITIAL SECURITIES") to be guaranteed (the "GUARANTEES") by GNE
Investments, Inc., a Washington corporation, and Great Northern Equipment, Inc.,
a Montana corporation (together, the "GUARANTORS" and, collectively with the
Issuers, the "COMPANY"). The Initial Securities will be issued pursuant to an
indenture, dated as of June 17, 2002 (the "INDENTURE"), among the Issuers, the
Guarantors and The Bank of New York, as trustee (the "TRUSTEE"). As an
inducement to the Initial Purchasers to enter into the Purchase Agreement, the
Company agrees with the Initial Purchasers, for the benefit of the Initial
Purchasers and the holders of the Securities (as defined below) (collectively,
the "HOLDERS"), as follows:

     1    REGISTERED EXCHANGE OFFER. Unless not permitted by applicable law
(after the Company has complied with the ultimate paragraph of this Section 1),
the Company shall prepare and, on or prior to 90 days after the date on which
the Initial Purchasers purchase the Initial Securities pursuant to the Purchase
Agreement (the "CLOSING DATE"), file with the Securities and Exchange Commission
(the "COMMISSION") a registration statement (the "EXCHANGE OFFER REGISTRATION
STATEMENT") on an appropriate form under the Securities Act of 1933, as amended
(the "SECURITIES ACT"), with respect to a proposed offer (the "REGISTERED
EXCHANGE OFFER") to the Holders of Transfer Restricted Securities (as defined in
Section 6 hereof), who are not prohibited by any law or policy of the Commission
from participating in the Registered Exchange Offer, to issue and deliver to
such Holders, in exchange for the Initial Securities, a like aggregate principal
amount of debt securities of the Company issued under the

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Indenture, identical in all material respects to the Initial Securities and
registered under the Securities Act (the "EXCHANGE SECURITIES"). The Company
shall use its best efforts to (i) have the Exchange Offer Registration Statement
declared effective by the Commission on or prior to 180 days after the Closing
Date and (ii) keep the Exchange Offer Registration Statement effective for not
less than 30 days (or longer, if required by applicable law) after the date
notice of the Registered Exchange Offer is mailed to the Holders (such period
being called the "EXCHANGE OFFER REGISTRATION PERIOD").

     Unless the Exchange Offer would not be permitted by applicable law or
Commission policy, the Company will commence the Exchange Offer and use its best
efforts to issue on or prior to 30 days, or longer if required by the federal
securities laws, after the date on which the Exchange Offer Registration
Statement is declared effective by the Commission, Exchange Securities in
exchange for all notes tendered prior thereto in the Exchange Offer.

     Following the declaration of the effectiveness of the Exchange Offer
Registration Statement, the Company shall promptly commence the Registered
Exchange Offer, it being the objective of such Registered Exchange Offer to
enable each Holder of Transfer Restricted Securities electing to exchange the
Initial Securities for Exchange Securities (assuming that such Holder is not an
affiliate of the Company within the meaning of the Securities Act, acquires the
Exchange Securities in the ordinary course of such Holder's business, has no
arrangements with any person to participate in the distribution of the Exchange
Securities and is not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer) to trade such Exchange
Securities from and after their receipt without any limitations or restrictions
under the Securities Act and without material restrictions under the securities
laws of the several states of the United States.

     The Company acknowledges that, pursuant to current interpretations by the
Commission's staff of Section 5 of the Securities Act, in the absence of an
applicable exemption therefrom, (i) each Holder which is a broker-dealer
electing to exchange Initial Securities, acquired for its own account as a
result of market making activities or other trading activities, for Exchange
Securities (an "EXCHANGING DEALER"), is required to deliver a prospectus
containing the information set forth in (a) Annex A hereto on the cover, (b)
Annex B hereto in the "Exchange Offer Procedures" section and the "Purpose of
the Exchange Offer" section, and (c) Annex C hereto in the "Plan of
Distribution" section of such prospectus in connection with a sale of any such
Exchange Securities received by such Exchanging Dealer pursuant to the
Registered Exchange Offer and (ii) an Initial Purchaser that elects to sell
Securities (as defined below) acquired in exchange for Initial Securities
constituting any portion of an unsold allotment, is required to deliver a
prospectus containing the information required by Items 507 or 508 of Regulation
S-K under the Securities Act, as applicable, in connection with such sale.

     The Company shall use its best efforts to keep the Exchange Offer
Registration Statement effective and to amend and supplement the prospectus
contained therein, in order to permit such prospectus to be lawfully delivered
by all persons subject to the prospectus delivery requirements of the Securities
Act for such period of time as such persons must comply with such requirements
in order to resell the Exchange Securities; PROVIDED, HOWEVER, that (i) in the
case where such prospectus and any amendment or supplement thereto must be
delivered by an Exchanging Dealer or an Initial Purchaser, such period shall be
the lesser of 180 days and the

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date on which all Exchanging Dealers and the Initial Purchasers have sold all
Exchange Securities held by them (unless such period is extended pursuant to
Section 3(j) below) and (ii) the Company shall make such prospectus and any
amendment or supplement thereto available to any broker-dealer for use in
connection with any resale of any Exchange Securities for a period of not less
than 180 days after the consummation of the Registered Exchange Offer.

     If, upon consummation of the Registered Exchange Offer, any Initial
Purchaser holds Initial Securities acquired by it as part of its initial
distribution, the Company, simultaneously with the delivery of the Exchange
Securities pursuant to the Registered Exchange Offer, shall issue and deliver to
such Initial Purchaser upon the written request of such Initial Purchaser, in
exchange (the "PRIVATE EXCHANGE") for the Initial Securities held by such
Initial Purchaser, a like principal amount of debt securities of the Company
issued under the Indenture and identical in all material respects to the Initial
Securities (the "PRIVATE EXCHANGE SECURITIES"). The Initial Securities, the
Exchange Securities and the Private Exchange Securities are herein collectively
called the "SECURITIES."

     In connection with the Registered Exchange Offer, the Company shall:

          (a)    mail to each Holder a copy of the prospectus forming part of
     the Exchange Offer Registration Statement, together with an appropriate
     letter of transmittal and related documents;

          (b)    keep the Registered Exchange Offer open for not less than 30
     business days (or longer, if required by applicable law) after the date
     notice thereof is mailed to the Holders;

          (c)    utilize the services of a depositary for the Registered
     Exchange Offer with an address in the Borough of Manhattan, The City of New
     York, which may be the Trustee or an affiliate of the Trustee;

          (d)    permit Holders to withdraw tendered Securities at any time
     prior to the close of business, New York time, on the last business day on
     which the Registered Exchange Offer shall remain open; and

          (e)    otherwise comply with all applicable laws.

     As soon as practicable after the close of the Registered Exchange Offer or
the Private Exchange, as the case may be, the Company shall:

          (x)    accept for exchange all the Securities validly tendered and not
     withdrawn pursuant to the Registered Exchange Offer and the Private
     Exchange;

          (y)    deliver to the Trustee for cancellation all the Initial
     Securities so accepted for exchange; and

          (z)    cause the Trustee to authenticate and deliver promptly to each
     Holder of the Initial Securities, Exchange Securities or Private Exchange
     Securities, as the case may

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     be, equal in principal amount to the Initial Securities of such Holder so
     accepted for exchange.

     The Indenture will provide that the Exchange Securities will not be subject
to the transfer restrictions set forth in the Indenture and that all the
Securities will vote and consent together on all matters as one class and that
none of the Securities will have the right to vote or consent as a class
separate from one another on any matter.

     Interest on each Exchange Security and Private Exchange Security issued
pursuant to the Registered Exchange Offer and in the Private Exchange will
accrue from the last interest payment date on which interest was paid on the
Initial Securities surrendered in exchange therefor or, if no interest has been
paid on the Initial Securities, from the date of original issue of the Initial
Securities.

     Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of the
Registered Exchange Offer (i) any Exchange Securities received by such Holder
will be acquired in the ordinary course of business, (ii) such Holder will have
no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of
the Securities Act, (iii) such Holder is not an "affiliate," as defined in Rule
405 of the Securities Act, of the Company or if it is an affiliate, such Holder
will comply with the registration and prospectus delivery requirements of the
Securities Act to the extent applicable, (iv) if such Holder is not a
broker-dealer, that it is not engaged in, and does not intend to engage in, the
distribution of the Exchange Securities and (v) if such Holder is a
broker-dealer, that it will receive Exchange Securities for its own account in
exchange for Initial Securities that were acquired as a result of market-making
activities or other trading activities and that it will be required to
acknowledge that it will deliver a prospectus in connection with any resale of
such Exchange Securities.

     Notwithstanding any other provisions hereof, the Company will ensure that
(i) any Exchange Offer Registration Statement and any amendment thereto and any
prospectus forming part thereof and any supplement thereto complies in all
material respects with the Securities Act and the rules and regulations
thereunder, (ii) any Exchange Offer Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading and (iii) any prospectus
forming part of any Exchange Offer Registration Statement, and any supplement to
such prospectus, does not include an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading.

     If following the date hereof there has been announced a change in
Commission policy with respect to exchange offers that in the reasonable opinion
of counsel to the Company raises a substantial question as to whether the
Registered Exchange Offer is permitted by applicable federal law, the Company
will seek a no-action letter or other favorable decision from the Commission
allowing the Company to consummate the Registered Exchange Offer. The Company
will pursue the issuance of such a decision to the Commission staff level. In
connection with the foregoing, the Company will take all such other actions as
may be requested

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by the Commission or otherwise required in connection with the issuance of such
decision, including without limitation (i) participating in telephonic
conferences with the Commission, (ii) delivering to the Commission staff an
analysis prepared by counsel to the Company setting forth the legal bases, if
any, upon which such counsel has concluded that the Registered Exchange Offer
should be permitted and (iii) diligently pursuing a resolution (which need not
be favorable) by the Commission staff.

     2    SHELF REGISTRATION. If, (i) the Company is not (a) required to file
the Exchange Offer Registration Statement; or (b) permitted to consummate the
Exchange Offer because the Exchange Offer is not permitted by applicable law or
Commission policy; or (ii) any Holder of Transfer Restricted Securities notifies
the Issuers prior to the 20th day following consummation of the Exchange Offer
that (a) it is prohibited by law or Commission policy from participating in the
Exchange Offer; (b) that it may not resell the Exchange Securities acquired by
it in the Exchange Offer to the public without delivering a prospectus and the
prospectus contained in the Exchange Offer Registration Statement is not
appropriate or available for such resales; or (c) that it is a broker-dealer and
owns Securities acquired directly from the Issuers or an affiliate of the
Issuers, the Company shall take the following actions (the date on which any of
the conditions described in the foregoing clauses (i) and (ii) occur being a
"TRIGGER DATE"):

          (a)    The Company will use its best efforts to file a registration
     statement (the "SHELF REGISTRATION STATEMENT" and, together with the
     Exchange Offer Registration Statement, a "REGISTRATION STATEMENT") with the
     Commission on or prior to 60 days after such filing obligation arises and
     to cause the Shelf Registration Statement to be declared effective by the
     Commission on or prior to 180 days after such obligation arises. Such Shelf
     Registration Statement shall be on an appropriate form under the Securities
     Act relating to the offer and sale of the Transfer Restricted Securities by
     the Holders thereof from time to time in accordance with the methods of
     distribution set forth in the Shelf Registration Statement and Rule 415
     under the Securities Act (hereinafter, the "SHELF REGISTRATION"); PROVIDED,
     HOWEVER, that no Holder (other than an Initial Purchaser) shall be entitled
     to have the Securities held by it covered by such Shelf Registration
     Statement unless such Holder agrees in writing to be bound by all the
     provisions of this Agreement applicable to such Holder.

          (b)    The Company shall use its best efforts to keep the Shelf
     Registration Statement continuously effective in order to permit the
     prospectus included therein to be lawfully delivered by the Holders of the
     relevant Securities, for a period of two years (or for such longer period
     if extended pursuant to Section 3(j) below) from the date of its
     effectiveness or such shorter period that will terminate when all the
     Securities covered by the Shelf Registration Statement (i) have been sold
     pursuant thereto or (ii) are no longer restricted securities (as defined in
     Rule 144 under the Securities Act, or any successor rule thereof). The
     Company shall be deemed not to have used its best efforts to keep the Shelf
     Registration Statement effective during the requisite period if it
     voluntarily takes any action that would result in Holders of Securities
     covered thereby not being able to offer and sell such Securities during
     that period, unless such action is required by applicable law.

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          (c)    Notwithstanding any other provisions of this Agreement to the
     contrary, the Company shall cause the Shelf Registration Statement and the
     related prospectus and any amendment or supplement thereto, as of the
     effective date of the Shelf Registration Statement, amendment or
     supplement, (i) to comply in all material respects with the applicable
     requirements of the Securities Act and the rules and regulations of the
     Commission and (ii) not to contain any untrue statement of a material fact
     or omit to state a material fact required to be stated therein or necessary
     in order to make the statements therein, in light of the circumstances
     under which they were made, not misleading.

     3    REGISTRATION PROCEDURES. In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any Registered
Exchange Offer contemplated by Section 1 hereof, the following provisions shall
apply:

          (a)    The Company shall (i) furnish to each Initial Purchaser, prior
     to the filing thereof with the Commission, a copy of the Registration
     Statement and each amendment thereof and each supplement, if any, to the
     prospectus included therein and, in the event that an Initial Purchaser
     (with respect to any portion of an unsold allotment from the original
     offering) is participating in the Registered Exchange Offer or the Shelf
     Registration Statement, the Company shall use its best efforts to reflect
     in each such document, when so filed with the Commission, such comments as
     such Initial Purchaser reasonably may propose; (ii) include the information
     set forth in Annex A hereto on the cover, in Annex B hereto in the
     "Exchange Offer Procedures" section and the "Purpose of the Exchange Offer"
     section and in Annex C hereto in the "Plan of Distribution" section of the
     prospectus forming a part of the Exchange Offer Registration Statement and
     include the information set forth in Annex D hereto in the Letter of
     Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if
     requested by an Initial Purchaser, include the information required by
     Items 507 or 508 of Regulation S-K under the Securities Act, as applicable,
     in the prospectus forming a part of the Exchange Offer Registration
     Statement; (iv) include within the prospectus contained in the Exchange
     Offer Registration Statement a section entitled "Plan of Distribution,"
     reasonably acceptable to the Initial Purchasers, which shall contain a
     summary statement of the positions taken or policies made by the staff of
     the Commission with respect to the potential "underwriter" status of any
     broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under
     the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")) of
     Exchange Securities received by such broker-dealer in the Registered
     Exchange Offer (a "PARTICIPATING BROKER-DEALER"), whether such positions or
     policies have been publicly disseminated by the staff of the Commission or
     such positions or policies, in the reasonable judgment of the Initial
     Purchasers based upon advice of counsel (which may be in-house counsel),
     represent the prevailing views of the staff of the Commission; and (v) in
     the case of a Shelf Registration Statement, include the names of the
     Holders who propose to sell Securities pursuant to the Shelf Registration
     Statement as selling securityholders.

          (b)    The Company shall give written notice to the Initial
     Purchasers, the Holders of the Securities and any Participating
     Broker-Dealer from whom the Company has received prior written notice that
     it will be a Participating Broker-Dealer in the Registered Exchange Offer
     (which notice pursuant to clauses (ii)-(v) hereof shall be

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     accompanied by an instruction to suspend the use of the prospectus until
     the requisite changes have been made):

                 (i)     when the Registration Statement or any amendment
          thereto has been filed with the Commission and when the Registration
          Statement or any post-effective amendment thereto has become
          effective;

                 (ii)    of any request by the Commission for amendments or
          supplements to the Registration Statement or the prospectus included
          therein or for additional information;

                 (iii)   of the issuance by the Commission of any stop order
          suspending the effectiveness of the Registration Statement or the
          initiation of any proceedings for that purpose;

                 (iv)    of the receipt by the Company or its legal counsel of
          any notification with respect to the suspension of the qualification
          of the Securities for sale in any jurisdiction or the initiation or
          threatening of any proceeding for such purpose; and

                 (v)     of the happening of any event that requires the Company
          to make changes in the Registration Statement or the prospectus in
          order that the Registration Statement or the prospectus does not
          contain an untrue statement of a material fact nor omit to state a
          material fact required to be stated therein or necessary to make the
          statements therein (in the case of the prospectus, in light of the
          circumstances under which they were made) not misleading.

          (c)    The Company shall make every reasonable effort to obtain the
     withdrawal at the earliest possible time, of any order suspending the
     effectiveness of the Registration Statement.

          (d)    The Company shall furnish to each Holder of Securities included
     within the coverage of the Shelf Registration, without charge, at least one
     copy of the Shelf Registration Statement and any post-effective amendment
     thereto, including financial statements and schedules, and, if the Holder
     so requests in writing, all exhibits thereto (including those, if any,
     incorporated by reference).

          (e)    The Company shall deliver to each Exchanging Dealer and each
     Initial Purchaser, and to any other Holder who so requests, without charge,
     at least one copy of the Exchange Offer Registration Statement and any
     post-effective amendment thereto, including financial statements and
     schedules, and, if any Initial Purchaser or any such Holder requests, all
     exhibits thereto (including those incorporated by reference).

          (f)    The Company shall, during the Shelf Registration Period,
     deliver to each Holder of Securities included within the coverage of the
     Shelf Registration, without charge, as many copies of the prospectus
     (including each preliminary prospectus) included in the Shelf Registration
     Statement and any amendment or supplement thereto as such person may
     reasonably request. The Company consents, subject to the provisions

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     of this Agreement, to the use of the prospectus or any amendment or
     supplement thereto by each of the selling Holders of the Securities in
     connection with the offering and sale of the Securities covered by the
     prospectus, or any amendment or supplement thereto, included in the Shelf
     Registration Statement.

          (g)    The Company shall deliver to each Initial Purchaser, any
     Exchanging Dealer, any Participating Broker-Dealer and such other persons
     required to deliver a prospectus following the Registered Exchange Offer,
     without charge, as many copies of the final prospectus included in the
     Exchange Offer Registration Statement and any amendment or supplement
     thereto as such persons may reasonably request. The Company consents,
     subject to the provisions of this Agreement, to the use of the prospectus
     or any amendment or supplement thereto by any Initial Purchaser, if
     necessary, any Participating Broker-Dealer and such other persons required
     to deliver a prospectus following the Registered Exchange Offer in
     connection with the offering and sale of the Exchange Securities covered by
     the prospectus, or any amendment or supplement thereto, included in such
     Exchange Offer Registration Statement.

          (h)    Prior to any public offering of the Securities pursuant to any
     Registration Statement the Company shall register or qualify or cooperate
     with the Holders of the Securities included therein and their respective
     counsel in connection with the registration or qualification of the
     Securities for offer and sale under the securities or "blue sky" laws of
     such states of the United States as any Holder of the Securities reasonably
     requests in writing and do any and all other acts or things necessary or
     advisable to enable the offer and sale in such jurisdictions of the
     Securities covered by such Registration Statement; PROVIDED, HOWEVER, that
     the Company shall not be required to (i) qualify generally to do business
     in any jurisdiction where it is not then so qualified or (ii) take any
     action which would subject it to general service of process or to taxation
     in any jurisdiction where it is not then so subject.

          (i)    The Company shall cooperate with the Holders of the Securities
     to facilitate the timely preparation and delivery of certificates
     representing the Securities to be sold pursuant to any Registration
     Statement free of any restrictive legends and in such denominations and
     registered in such names as the Holders may request a reasonable period of
     time prior to sales of the Securities pursuant to such Registration
     Statement.

          (j)    Upon the occurrence of any event contemplated by paragraphs
     (ii) through (v) of Section 3(b) above during the period for which the
     Company is required to maintain an effective Registration Statement, the
     Company shall promptly prepare and file a post-effective amendment to the
     Registration Statement or a supplement to the related prospectus and any
     other required document so that, as thereafter delivered to Holders of the
     Securities or purchasers of Securities, the prospectus will not contain an
     untrue statement of a material fact or omit to state any material fact
     required to be stated therein or necessary to make the statements therein,
     in light of the circumstances under which they were made, not misleading.
     If the Company notifies the Initial Purchasers, the Holders of the
     Securities and any known Participating Broker-Dealer in accordance with
     paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the
     prospectus until the requisite changes to the prospectus have been made,
     then the Initial

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     Purchasers, the Holders of the Securities and any such Participating
     Broker-Dealers shall suspend use of such prospectus, and the period of
     effectiveness of the Shelf Registration Statement provided for in Section
     2(b) above and the Exchange Offer Registration Statement provided for in
     Section 1 above shall each be extended by the number of days from and
     including the date of the giving of such notice to and including the date
     when the Initial Purchasers, the Holders of the Securities and any known
     Participating Broker-Dealer shall have received such amended or
     supplemented prospectus pursuant to this Section 3(j).

          (k)    Not later than the effective date of the applicable
     Registration Statement, the Company will provide a CUSIP number for the
     Initial Securities, the Exchange Securities or the Private Exchange
     Securities, as the case may be, and provide the applicable trustee with
     printed certificates for the Initial Securities, the Exchange Securities or
     the Private Exchange Securities, as the case may be, in a form eligible for
     deposit with The Depository Trust Company.

          (l)    The Company will comply with all rules and regulations of the
     Commission to the extent and so long as they are applicable to the
     Registered Exchange Offer or the Shelf Registration and will make generally
     available to its security holders (or otherwise provide in accordance with
     Section 11(a) of the Securities Act) an earnings statement satisfying the
     provisions of Section 11(a) of the Securities Act, no later than 45 days
     after the end of a 12-month period (or 90 days, if such period is a fiscal
     year) beginning with the first month of the Company's first fiscal quarter
     commencing after the effective date of the Registration Statement, which
     statement shall cover such 12-month period.

          (m)    The Company shall cause the Indenture to be qualified under the
     Trust Indenture Act of 1939, as amended, in a timely manner and containing
     such changes, if any, as shall be necessary for such qualification. In the
     event that such qualification would require the appointment of a new
     trustee under the Indenture, the Company shall appoint a new trustee
     thereunder pursuant to the applicable provisions of the Indenture.

          (n)    The Company may require each Holder of Securities to be sold
     pursuant to the Shelf Registration Statement to furnish to the Company such
     information regarding the Holder and the distribution of the Securities as
     the Company may from time to time reasonably require for inclusion in the
     Shelf Registration Statement, and the Company may exclude from such
     registration the Securities of any Holder that unreasonably fails to
     furnish such information within a reasonable time after receiving such
     request.

          (o)    If a Registered Exchange Offer or a Private Exchange is to be
     consummated, upon delivery of the Initial Securities by Holders to the
     Company (or to such other Person as directed by the Company) in exchange
     for the Exchange Securities or the Private Exchange Securities, as the case
     may be, the Company shall mark, or caused to be marked, on the Initial
     Securities so exchanged that such Initial Securities are being canceled in
     exchange for the Exchange Securities or the Private Exchange Securities, as
     the case may be; in no event shall the Initial Securities be marked as paid
     or otherwise satisfied.

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          (p)    The Company shall use its best efforts to take all other steps
     necessary to effect the registration of the Securities covered by a
     Registration Statement contemplated hereby.

     4    REGISTRATION EXPENSES. All expenses incident to the Company's
performance of and compliance with this Agreement will be borne by the Company,
regardless of whether a Registration Statement is ever filed or becomes
effective, including without limitation:

          (a)    all registration and filing fees and expenses;

          (b)    all fees and expenses of compliance with federal securities and
     state "blue sky" or securities laws;

          (c)    all expenses of printing (including printing certificates for
     the Securities to be issued in the Registered Exchange Offer and the
     Private Exchange and printing of Prospectuses), messenger and delivery
     services and telephone;

          (d)    all fees and disbursements of counsel for the Company; and

          (e)    all fees and disbursements of independent certified public
     accountants of the Company (including the expenses of any special audit
     required by or incident to such performance).

     The Company will bear its internal expenses (including, without limitation,
all salaries and expenses of its officers and employees performing legal or
accounting duties), the expenses of any annual audit and the fees and expenses
of any person, including special experts, retained by the Company.

     5    INDEMNIFICATION.

          (a)    The Company agrees to indemnify and hold harmless each Holder
     of the Securities, any Participating Broker-Dealer and each person, if any,
     who controls such Holder or such Participating Broker-Dealer within the
     meaning of the Securities Act or the Exchange Act (each Holder, any
     Participating Broker-Dealer and such controlling persons are referred to
     collectively as the "INDEMNIFIED PARTIES") from and against any losses,
     claims, damages or liabilities, joint or several, or any actions in respect
     thereof (including, but not limited to, any losses, claims, damages,
     liabilities or actions relating to purchases and sales of the Securities)
     to which each Indemnified Party may become subject under the Securities
     Act, the Exchange Act or otherwise, insofar as such losses, claims,
     damages, liabilities or actions arise out of or are based upon any untrue
     statement or alleged untrue statement of a material fact contained in a
     Registration Statement or prospectus or in any amendment or supplement
     thereto or in any preliminary prospectus relating to a Shelf Registration,
     or arise out of, or are based upon, the omission or alleged omission to
     state therein a material fact required to be stated therein or necessary to
     make the statements therein not misleading, and shall reimburse, as
     incurred, the Indemnified Parties for any legal or other expenses
     reasonably incurred by them in connection with investigating or defending
     any such loss, claim, damage, liability or action in respect thereof;
     PROVIDED, HOWEVER, that (i) the Company shall not be liable in any such
     case to

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     the extent that such loss, claim, damage or liability arises out of or is
     based upon any untrue statement or alleged untrue statement or omission or
     alleged omission made in a Registration Statement or prospectus or in any
     amendment or supplement thereto or in any preliminary prospectus relating
     to a Shelf Registration in reliance upon and in conformity with written
     information pertaining to such Holder and furnished to the Company by or on
     behalf of such Holder specifically for inclusion therein and (ii) with
     respect to any untrue statement or omission or alleged untrue statement or
     omission made in any preliminary prospectus relating to a Shelf
     Registration Statement, the indemnity agreement contained in this
     subsection (a) shall not inure to the benefit of any Holder or
     Participating Broker-Dealer from whom the person asserting any such losses,
     claims, damages or liabilities purchased the Securities concerned, to the
     extent that a prospectus relating to such Securities was required to be
     delivered by such Holder or Participating Broker-Dealer under the
     Securities Act in connection with such purchase and any such loss, claim,
     damage or liability of such Holder or Participating Broker-Dealer results
     from the fact that there was not sent or given to such person, at or prior
     to the written confirmation of the sale of such Securities to such person,
     a copy of the final prospectus if the Company had previously furnished
     copies thereof to such Holder or Participating Broker-Dealer; PROVIDED
     FURTHER, HOWEVER, that this indemnity agreement will be in addition to any
     liability which the Company may otherwise have to such Indemnified Party.
     The Company shall also indemnify underwriters, their officers and directors
     and each person who controls such underwriters within the meaning of the
     Securities Act or the Exchange Act to the same extent as provided above
     with respect to the indemnification of the Holders of the Securities if
     requested by such Holders.

          (b)    Each Holder of the Securities, severally and not jointly, will
     indemnify and hold harmless the Company and each person, if any, who
     controls the Company within the meaning of the Securities Act or the
     Exchange Act from and against any losses, claims, damages or liabilities or
     any actions in respect thereof, to which the Company or any such
     controlling person may become subject under the Securities Act, the
     Exchange Act or otherwise, insofar as such losses, claims, damages,
     liabilities or actions arise out of or are based upon any untrue statement
     or alleged untrue statement of a material fact contained in a Registration
     Statement or prospectus or in any amendment or supplement thereto or in any
     preliminary prospectus relating to a Shelf Registration, or arise out of or
     are based upon the omission or alleged omission to state therein a material
     fact necessary to make the statements therein not misleading, but in each
     case only to the extent that the untrue statement or omission or alleged
     untrue statement or omission was made in reliance upon and in conformity
     with written information pertaining to such Holder and furnished to the
     Company by or on behalf of such Holder specifically for inclusion therein;
     and, subject to the limitation set forth immediately preceding this clause,
     shall reimburse, as incurred, the Company for any legal or other expenses
     reasonably incurred by the Company or any such controlling person in
     connection with investigating or defending any loss, claim, damage,
     liability or action in respect thereof. This indemnity agreement will be in
     addition to any liability which such Holder may otherwise have to the
     Company or any of its controlling persons.

          (c)    Promptly after receipt by an indemnified party under this
     Section 5 of notice of the commencement of any action or proceeding
     (including a governmental

                                       11
<Page>

     investigation), such indemnified party will, if a claim in respect thereof
     is to be made against the indemnifying party under this Section 5, notify
     the indemnifying party of the commencement thereof; but the omission so to
     notify the indemnifying party will not, in any event, relieve the
     indemnifying party from any obligations to any indemnified party other than
     the indemnification obligation provided in paragraph (a) or (b) above. In
     case any such action is brought against any indemnified party, and it
     notifies the indemnifying party of the commencement thereof, the
     indemnifying party will be entitled to participate therein and, to the
     extent that it may wish, jointly with any other indemnifying party
     similarly notified, to assume the defense thereof, with counsel reasonably
     satisfactory to such indemnified party (who shall not, except with the
     consent of the indemnified party, be counsel to the indemnifying party),
     and after notice from the indemnifying party to such indemnified party of
     its election so to assume the defense thereof the indemnifying party will
     not be liable to such indemnified party under this Section 5 for any legal
     or other expenses, other than reasonable costs of investigation,
     subsequently incurred by such indemnified party in connection with the
     defense thereof. No indemnifying party shall, without the prior written
     consent of the indemnified party, effect any settlement of any pending or
     threatened action in respect of which any indemnified party is or could
     have been a party and indemnity could have been sought hereunder by such
     indemnified party unless such settlement includes an unconditional release
     of such indemnified party from all liability on any claims that are the
     subject matter of such action, and does not include a statement as to or an
     admission of fault, culpability or a failure to act by or on behalf of any
     indemnified party.

          (d)    If the indemnification provided for in this Section 5 is
     unavailable or insufficient to hold harmless an indemnified party under
     subsections (a) or (b) above, then each indemnifying party shall contribute
     to the amount paid or payable by such indemnified party as a result of the
     losses, claims, damages or liabilities (or actions in respect thereof)
     referred to in subsection (a) or (b) above (i) in such proportion as is
     appropriate to reflect the relative benefits received by the indemnifying
     party or parties on the one hand and the indemnified party on the other
     from the exchange of the Securities, pursuant to the Registered Exchange
     Offer, or (ii) if the allocation provided by the foregoing clause (i) is
     not permitted by applicable law, in such proportion as is appropriate to
     reflect not only the relative benefits referred to in clause (i) above but
     also the relative fault of the indemnifying party or parties on the one
     hand and the indemnified party on the other in connection with the
     statements or omissions that resulted in such losses, claims, damages or
     liabilities (or actions in respect thereof) as well as any other relevant
     equitable considerations. The relative fault of the parties shall be
     determined by reference to, among other things, whether the untrue or
     alleged untrue statement of a material fact or the omission or alleged
     omission to state a material fact relates to information supplied by the
     Company on the one hand or such Holder or such other indemnified party, as
     the case may be, on the other, and the parties' relative intent, knowledge,
     access to information and opportunity to correct or prevent such statement
     or omission. The amount paid by an indemnified party as a result of the
     losses, claims, damages or liabilities referred to in the first sentence of
     this subsection (d) shall be deemed to include any legal or other expenses
     reasonably incurred by such indemnified party in connection with
     investigating or defending any action or claim which is the subject of this
     subsection (d). Notwithstanding any other provision of this Section 5(d),

                                       12
<Page>

     the Holders of the Securities shall not be required to contribute any
     amount in excess of the amount by which the net proceeds received by such
     Holders from the sale of the Securities pursuant to a Registration
     Statement exceeds the amount of damages which such Holders have otherwise
     been required to pay by reason of such untrue or alleged untrue statement
     or omission or alleged omission. No person guilty of fraudulent
     misrepresentation (within the meaning of Section 11(f) of the Securities
     Act) shall be entitled to contribution from any person who was not guilty
     of such fraudulent misrepresentation. For purposes of this paragraph (d),
     each person, if any, who controls such indemnified party within the meaning
     of the Securities Act or the Exchange Act shall have the same rights to
     contribution as such indemnified party and each person, if any, who
     controls the Company within the meaning of the Securities Act or the
     Exchange Act shall have the same rights to contribution as the Company.

          (e)    The agreements contained in this Section 5 shall survive the
     sale of the Securities pursuant to a Registration Statement and shall
     remain in full force and effect, regardless of any termination or
     cancellation of this Agreement or any investigation made by or on behalf of
     any indemnified party.

     6    LIQUIDATED DAMAGES UNDER CERTAIN CIRCUMSTANCES.

          (a)    Liquidated Damages ("LIQUIDATED DAMAGES") with respect to the
     Securities shall be assessed as follows if any of the following events
     occur (each such event in clauses (i) through (iv) below being herein
     called a "REGISTRATION DEFAULT"):

                 (i)     the Company fails to file any of the Registration
                         Statements required by this Agreement on or prior to
                         the date specified for such filing;

                 (ii)    the Company fails to have any of the Registration
                         Statements required by this Agreement declared
                         effective by the Commission on or prior to the date
                         specified for such effectiveness (the "EFFECTIVENESS
                         TARGET DATE");

                 (iii)   the Company fails to consummate the Exchange Offer
                         within 30 business days of the Effectiveness Target
                         Date with respect to the Exchange Offer Registration
                         Statement; or

                 (iv)    the Shelf Registration Statement or the Exchange Offer
                         Registration Statement is declared effective but
                         thereafter ceases to be effective or usable in
                         connection with resales of Transfer Restricted
                         Securities during the periods specified herein.

     Each of the foregoing will constitute a Registration Default whatever the
     reason for any such event and whether it is voluntary or involuntary or is
     beyond the control of the Company or pursuant to operation of law or as a
     result of any action or inaction by the Commission.

                                       13
<Page>

          The Company shall pay Liquidated Damages to each Holder, with respect
     to the first 90-day period immediately following the occurrence of the
     first Registration Default in an amount equal to $0.05 per week per $1,000
     in principal amount of Securities held by such Holder. The amount of
     Liquidated Damages shall increase by an additional $0.05 per week per
     $1,000 principal amount of Securities with respect to each subsequent
     90-day period until all Registration Defaults shall have been cured, up to
     a maximum amount of Liquidated Damages for all Registration Defaults of
     $0.25 per week per $1,000 in principal amount of Securities. Following the
     cure of all Registration Defaults, the accrual of Liquidated Damages will
     cease.

          (b)    A Registration Default referred to in Section 6(a)(iv) hereof
     shall be deemed not to have occurred and be continuing in relation to a
     Shelf Registration Statement or the related prospectus if (i) such
     Registration Default has occurred solely as a result of (x) the filing of a
     post-effective amendment to such Shelf Registration Statement to
     incorporate annual audited financial information with respect to the
     Company where such post-effective amendment is not yet effective and needs
     to be declared effective to permit Holders to use the related prospectus or
     (y) other material events, with respect to the Company that would need to
     be described in such Shelf Registration Statement or the related prospectus
     and (ii) in the case of clause (y), the Company is proceeding promptly and
     in good faith to amend or supplement such Shelf Registration Statement and
     related prospectus to describe such events; PROVIDED, HOWEVER, that in any
     case if such Registration Default occurs for a continuous period in excess
     of 90 days, Liquidated Damages shall be payable in accordance with the
     above paragraph from the day such Registration Default occurs until such
     Registration Default is cured.

          (c)    Any amounts of Liquidated Damages due pursuant to Section 6(a)
     will be payable in cash on the regular interest payment dates with respect
     to the Securities.

          (d)    "TRANSFER RESTRICTED SECURITIES" means each Security until (i)
     the date on which such Security has been exchanged by a person other than a
     broker-dealer for a freely transferable Exchange Security in the Registered
     Exchange Offer, (ii) following the exchange by a broker-dealer in the
     Registered Exchange Offer of an Initial Security for an Exchange Note, the
     date on which such Exchange Note is sold to a purchaser who receives from
     such broker-dealer on or prior to the date of such sale a copy of the
     prospectus contained in the Exchange Offer Registration Statement, (iii)
     the date on which such Security has been effectively registered under the
     Securities Act and disposed of in accordance with the Shelf Registration
     Statement or (iv) the date on which such Security is distributed to the
     public pursuant to Rule 144 under the Securities Act or is saleable
     pursuant to Rule 144(k) under the Securities Act.

     7    RULES 144 AND 144A. The Company shall use its best efforts to file the
reports required to be filed by it under the Securities Act and the Exchange Act
in a timely manner and, if at any time the Company is not required to file such
reports, it will, upon the request of any Holder of Securities, make publicly
available other information so long as necessary to permit sales of their
securities pursuant to Rules 144 and 144A. The Company covenants that it will
take such further action as any Holder of Securities may reasonably request, all
to the extent

                                       14
<Page>

required from time to time to enable such Holder to sell Securities without
registration under the Securities Act within the limitation of the exemptions
provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)).
The Company will provide a copy of this Agreement to prospective purchasers of
Initial Securities identified to the Company by the Initial Purchasers upon
request. Upon the request of any Holder of Initial Securities, the Company shall
deliver to such Holder a written statement as to whether it has complied with
such requirements. Notwithstanding the foregoing, nothing in this Section 7
shall be deemed to require the Company to register any of its securities
pursuant to the Exchange Act.

     8    MISCELLANEOUS.

          (a)    REMEDIES. The Company acknowledges and agrees that any failure
     by the Company to comply with its obligations under Section 1 and 2 hereof
     may result in material irreparable injury to the Initial Purchasers or the
     Holders for which there is no adequate remedy at law, that it will not be
     possible to measure damages for such injuries precisely and that, in the
     event of any such failure, the Initial Purchasers or any Holder may obtain
     such relief as may be required to specifically enforce the Company's
     obligations under Sections 1 and 2 hereof. The Company further agrees to
     waive the defense in any action for specific performance that a remedy at
     law would be adequate.

          (b)    NO INCONSISTENT AGREEMENTS. The Company will not on or after
     the date of this Agreement enter into any agreement with respect to its
     securities that is inconsistent with the rights granted to the Holders in
     this Agreement or otherwise conflicts with the provisions hereof. The
     rights granted to the Holders hereunder do not in any way conflict with and
     are not inconsistent with the rights granted to the holders of the
     Company's securities under any agreement in effect on the date hereof.

          (c)    AMENDMENTS AND WAIVERS. The provisions of this Agreement may
     not be amended, modified or supplemented, and waivers or consents to
     departures from the provisions hereof may not be given, except by the
     Company and the written consent of the Holders of a majority in principal
     amount of the Securities affected by such amendment, modification,
     supplement, waiver or consents.

          (d)    NOTICES. All notices and other communications provided for or
     permitted hereunder shall be made in writing by hand delivery, first-class
     mail, facsimile transmission, or air courier which guarantees overnight
     delivery:

                 (1)     if to a Holder of the Securities, at the most current
     address given by such Holder to the Company.

                 (2)     if to the Initial Purchasers:

                               Credit Suisse First Boston Corporation
                               Eleven Madison Avenue
                               New York, New York 10010-3629
                               Attention: Transactions Advisory Group
                               Fax No.: (212) 325-8278

                                       15
<Page>

         with a copy to:

                               Latham & Watkins
                               885 Third Avenue, Suite 1000
                               New York, New York 10022
                               Attention: Kirk Davenport, Esq.
                               Fax No.: (212) 751-4864

                 (3)     if to the Company, at its address as follows:

                               H&E Equipment Services L.L.C.
                               H&E Finance Corp.
                               c/o H&E Equipment Services L.L.C.
                               11100 Mead Road, Suite 200
                               Baton Rouge, Louisiana  70816
                               Attention: Chief Financial Officer
                               Fax No.: (225) 298-5332

         with a copy to:

                               Kirkland & Ellis
                               Citigroup Center
                               153 East 53rd Street
                               New York, New York 10022-4675
                               Attention: Joshua Korff, Esq.
                               Fax No.: (212) 446-4900

          All such notices and communications shall be deemed to have been duly
     given: at the time delivered by hand, if personally delivered; three
     business days after being deposited in the mail, postage prepaid, if
     mailed; when receipt is acknowledged by recipient's facsimile machine
     operator, if sent by facsimile transmission; and on the day delivered, if
     sent by overnight air courier guaranteeing next day delivery.

          (e)    THIRD PARTY BENEFICIARIES. The Holders shall be third party
     beneficiaries to the agreements made hereunder between the Company, on the
     one hand, and the Initial Purchasers, on the other hand, and shall have the
     right to enforce such agreements directly to the extent they may deem such
     enforcement necessary or advisable to protect their rights or the rights of
     Holders hereunder.

          (f)    SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon
     the Company and its successors and assigns.

          (g)    COUNTERPARTS. This Agreement may be executed in any number of
     counterparts and by the parties hereto in separate counterparts, each of
     which when so executed shall be deemed to be an original and all of which
     taken together shall constitute one and the same agreement.

                                       16
<Page>

          (h)    HEADINGS. The headings in this Agreement are for convenience of
     reference only and shall not limit or otherwise affect the meaning hereof.

          (i)    GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
     CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
     REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

          (j)    SEVERABILITY. If any one or more of the provisions contained
     herein, or the application thereof in any circumstance, is held invalid,
     illegal or unenforceable, the validity, legality and enforceability of any
     such provision in every other respect and of the remaining provisions
     contained herein shall not be affected or impaired thereby.

          (k)    SECURITIES HELD BY THE COMPANY. Whenever the consent or
     approval of Holders of a specified percentage of principal amount of
     Securities is required hereunder, Securities held by the Company or its
     affiliates (other than subsequent Holders of Securities if such subsequent
     Holders are deemed to be affiliates solely by reason of their holdings of
     such Securities) shall not be counted in determining whether such consent
     or approval was given by the Holders of such required percentage.

                     [REMAINDER OF PAGE INTENTIONALLY BLANK]

                                       17
<Page>

     If the foregoing is in accordance with your understanding of our agreement,
please sign and return to the Issuers a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement among
the several Initial Purchasers, the Issuers and the Guarantors in accordance
with its terms.

                                       Very truly yours,

                                       H&E EQUIPMENT SERVICES L.L.C.
                                       H&E FINANCE CORP.

                                       By: /s/ Lindsay Jones
                                          --------------------------------------
                                          Name: Lindsay Jones
                                          Title: Senior Vice President,
                                                 Finance and Secretary

                                       GNE INVESTMENTS, INC.
                                       GREAT NORTHERN EQUIPMENT, INC.

                                       By: /s/ Lindsay Jones
                                          --------------------------------------
                                          Name: Lindsay Jones
                                          Title: Secretary

The foregoing Registration Rights
Agreement is hereby confirmed and
accepted as of the date first
above written.

CREDIT SUISSE FIRST BOSTON CORPORATION
BANC OF AMERICA SECURITIES LLC
FLEET SECURITIES, INC.

By: CREDIT SUISSE FIRST BOSTON CORPORATION

By: /s/ Jana Ernakovich
    ---------------------------------------
   Name: Jana Ernakovich
   Title: Vice President

                                       18
<Page>

                                                                         ANNEX A

     Each broker-dealer that receives Exchange Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. The Letter
of Transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection
with resales of Exchange Securities received in exchange for Initial Securities
where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities. The Company has agreed
that, for a period of 180 days after the Expiration Date (as defined herein), it
will make this Prospectus available to any broker-dealer for use in connection
with any such resale. See "Plan of Distribution."

                                       19
<Page>

                                                                         ANNEX B

     Each broker-dealer that receives Exchange Securities for its own account in
exchange for Initial Securities, where such Initial Securities were acquired by
such broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Securities. See "Plan of Distribution."

                                       20
<Page>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

     Each broker-dealer that receives Exchange Securities for its own account
pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired as a
result of market-making activities or other trading activities. The Company has
agreed that, for a period of 180 days after the Expiration Date, it will make
this prospectus, as amended or supplemented, available to any broker-dealer for
use in connection with any such resale. In addition, until       , 2002, all
dealers effecting transactions in the Exchange Securities may be required to
deliver a prospectus.(1)

     The Company will not receive any proceeds from any sale of Exchange
Securities by broker-dealers. Exchange Securities received by broker-dealers for
their own account pursuant to the Exchange Offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the Exchange Securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer or the purchasers of any such Exchange
Securities. Any broker-dealer that resells Exchange Securities that were
received by it for its own account pursuant to the Exchange Offer and any broker
or dealer that participates in a distribution of such Exchange Securities may be
deemed to be an "underwriter" within the meaning of the Securities Act and any
profit on any such resale of Exchange Securities and any commission or
concessions received by any such persons may be deemed to be underwriting
compensation under the Securities Act. The Letter of Transmittal states that, by
acknowledging that it will deliver and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Securities Act.

     For a period of 180 days after the Expiration Date the Company will
promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any broker-dealer that requests such documents
in the Letter of Transmittal. The Company has agreed to pay all expenses
incident to the Exchange Offer (including the expenses of one counsel for the
Holders of the Securities) other than commissions or concessions of any brokers
or dealers and will indemnify the Holders of the Securities (including any
broker-dealers) against certain liabilities, including liabilities under the
Securities Act.

----------
(1)  In addition, the legend required by Item 502(e) of Regulation S-K will
     appear on the back cover page of the Exchange Offer prospectus.

                                       21
<Page>

                                                                         ANNEX D

/ /CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL
COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

                 Name:
                       ------------------------------------------
                 Address:
                         ----------------------------------------

If the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Initial Securities that were
acquired as a result of market-making activities or other trading activities, it
acknowledges that it will deliver a prospectus in connection with any resale of
such Exchange Securities; however, by so acknowledging and by delivering a
prospectus, the undersigned will not be deemed to admit that it is an
"underwriter" within the meaning of the Securities Act.

                                       22<Page>
                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

                         H&E EQUIPMENT SERVICES L.L.C.,

                                       and

                         GREAT NORTHERN EQUIPMENT, INC.,
                                  as Borrowers,

                   THE OTHER CREDIT PARTIES SIGNATORY HERETO,
                               as Credit Parties,

                          THE LENDERS SIGNATORY HERETO
                               FROM TIME TO TIME,
                                   as Lenders

                      GENERAL ELECTRIC CAPITAL CORPORATION,
                                   as Arranger

                             BANK OF AMERICA, N.A.,
                              as Syndication Agent

                           FLEET CAPITAL CORPORATION,
                             as Documentation Agent

                                       and

                      GENERAL ELECTRIC CAPITAL CORPORATION,
                             as Administrative Agent

  ---------------------------------------------------------------------------

                                CREDIT AGREEMENT
                            Dated as of June 17, 2002

  ---------------------------------------------------------------------------

<Page>
                               TABLE OF CONTENTS

<Table>
<Caption>
CLAUSE                                                                                                         PAGE
<S>      <C>      <C>                                                                                           <C>
1.       AMOUNT AND TERMS OF CREDIT.............................................................................3

         1.1      Credit Facilities.............................................................................3

         1.2      Letters of Credit.............................................................................7

         1.3      Prepayments...................................................................................7

         1.4      Use of Proceeds..............................................................................10

         1.5      Interest and Applicable Margins...............................................................10

         1.6      Eligible Accounts............................................................................13

1.6A     Eligible Rolling Stock................................................................................15

1.6B     Eligible Rentals......................................................................................16

         1.7      Eligible Parts and Tools Inventory............................................................18

1.7A     Eligible Equipment Inventory..........................................................................19

         1.8      Cash Management Systems......................................................................21

         1.9      Fees.........................................................................................21

         1.10     Receipt of Payments..........................................................................22

         1.11     Application and Allocation of Payments........................................................22

         1.12     Loan Account and Accounting..................................................................23

         1.13     Indemnity....................................................................................23

         1.14     Access.......................................................................................25

         1.15     Taxes........................................................................................25

         1.16     Capital Adequacy; Increased Costs; Illegality.................................................26

         1.17     Single Loan..................................................................................28

2.       CONDITIONS PRECEDENT..................................................................................29

         2.1      Conditions to the Initial Loans...............................................................29

         2.2      Further Conditions to Each Loan...............................................................31

3.       REPRESENTATIONS AND WARRANTIES........................................................................32

         3.1      Corporate or Limited Liability Company Existence; Compliance with Law.........................32

         3.2      Executive Offices; Collateral Locations; FEIN.................................................32

         3.3      Corporate or Limited Liability Company Power, Authorization, Enforceable
                  Obligations..................................................................................32
</Table>

                                       -i-
<Page>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<Table>
<Caption>
CLAUSE                                                                                                         PAGE
<S>      <C>      <C>                                                                                           <C>
         3.4      Financial Statements and Projections..........................................................33

         3.5      Material Adverse Effect......................................................................34

         3.6      Ownership of Property; Liens..................................................................35

         3.7      Labor Matters................................................................................36

         3.8      Ventures, Subsidiaries and Affiliates; Outstanding Stock and Indebtedness.....................36

         3.9      Government Regulation........................................................................37

         3.10     Margin Regulations...........................................................................37

         3.11     Taxes........................................................................................37

         3.12     ERISA........................................................................................38

         3.13     No Litigation................................................................................39

         3.14     Brokers......................................................................................39

         3.15     Intellectual Property........................................................................39

         3.16     Full Disclosure..............................................................................39

         3.17     Environmental Matters........................................................................40

         3.18     Insurance....................................................................................41

         3.19     Deposit and Disbursement Accounts.............................................................41

         3.20     Government Contracts.........................................................................41

         3.21     Customer and Trade Relations.................................................................41

         3.22     Agreements and Other Documents................................................................41

         3.23     Solvency.....................................................................................42

         3.24     Contribution Agreement and Plan of Reorganization.............................................42

         3.25     Status of Holdings...........................................................................43

         3.26     Senior Debt..................................................................................43

4.       FINANCIAL STATEMENTS AND INFORMATION..................................................................43

         4.1      Reports and Notices..........................................................................43

         4.2      Communication with Accountants...............................................................43

5.       AFFIRMATIVE COVENANTS.................................................................................44

         5.1      Maintenance of Existence and Conduct of Business..............................................44
</Table>

                                      -ii-
<Page>
                                TABLE OF CONTENTS
                                   (CONTINUED)

<Table>
<Caption>
CLAUSE                                                                                                         PAGE
<S>      <C>      <C>                                                                                           <C>

         5.2      Payment of Charges...........................................................................44

         5.3      Books and Records............................................................................45

         5.4      Insurance; Damage to or Destruction of Collateral.............................................45

         5.5      Compliance with Laws.........................................................................47

         5.6      Supplemental Disclosure......................................................................47

         5.7      Intellectual Property........................................................................48

         5.8      Environmental Matters........................................................................48

         5.9      Landlords' Agreements, Mortgagee Agreements, Bailee Letters, Real Estate
                  Purchases and Vendor Inter-Creditor Agreements................................................49

         5.10     Government Accounts..........................................................................50

         5.11     Further Assurances...........................................................................50

6.       NEGATIVE COVENANTS....................................................................................51

         6.1      Acquisitions, Subsidiaries, Etc...............................................................51

         6.2      Investments; Loans and Advances...............................................................54

         6.3      Indebtedness.................................................................................54

         6.4      Employee Loans and Affiliate Transactions.....................................................56

         6.5      Capital Structure and Business................................................................56

         6.6      Guaranteed Indebtedness......................................................................57

         6.7      Liens........................................................................................57

         6.8      Disposition of Stock and Assets...............................................................58

         6.9      ERISA........................................................................................59

         6.10     Financial Covenants..........................................................................59

         6.11     Hazardous Materials..........................................................................59

         6.12     Designated Senior Debt.......................................................................59

         6.13     Cancellation of Indebtedness.................................................................59

         6.14     Restricted Payments..........................................................................59

         6.15     Change of Name or Location; Change of Fiscal Year.............................................60

         6.16     No Impairment of Intercompany Transfers.......................................................60

         6.17     No Speculative Transactions..................................................................60
</Table>

                                      -iii-
<Page>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<Table>
<Caption>
CLAUSE                                                                                                         PAGE
<S>      <C>      <C>                                                                                          <C>

         6.18     Changes Relating to Senior Debt; Subordinated Debt Designation of Credit Facility.............61

         6.19     Changes in Depreciation Schedules.............................................................61

         6.20     Credit Parties Other than Borrowers...........................................................62

         6.21     Lock Box Remittances; Vendor Payments.........................................................62

7.       TERM..................................................................................................62

         7.1      Termination..................................................................................62

         7.2      Survival of Obligations Upon Termination of Financing Arrangements............................62

         7.3      Default Purchase Option......................................................................63

8.       EVENTS OF DEFAULT:  RIGHTS AND REMEDIES................................................................64

         8.1      Events of Default............................................................................64

         8.2      Remedies.....................................................................................66

         8.3      Waivers by Credit Parties....................................................................67

9.       ASSIGNMENT AND PARTICIPATIONS; APPOINTMENT OF AGENT....................................................67

         9.1      Assignment and Participations................................................................67

         9.2      Appointment of Agent.........................................................................70

         9.3      Agent's Reliance, Etc........................................................................71

         9.4      GE Capital and Affiliates....................................................................71

         9.5      Lender Credit Decision.......................................................................72

         9.6      Indemnification..............................................................................72

         9.7      Successor Agent..............................................................................72

         9.8      Co-Agents....................................................................................73

         9.9      Setoff and Sharing of Payments................................................................73

         9.10     Advances; Payments; Non-Funding Lenders; Information; Actions in Concert......................74

10.      SUCCESSORS AND ASSIGNS................................................................................77

         10.1     Successors and Assigns.......................................................................77

11.      MISCELLANEOUS.........................................................................................77

         11.1     Complete Agreement; Modification of Agreement.................................................77

         11.2     Amendments and Waivers.......................................................................77
</Table>

                                      -iv-
<Page>

                               TABLE OF CONTENTS
                                  (CONTINUED)

<Table>
<Caption>
CLAUSE                                                                                                         PAGE
<S>      <C>      <C>                                                                                           <C>

         11.3     Fees and Expenses............................................................................79

         11.4     No Waiver....................................................................................81

         11.5     Remedies.....................................................................................81

         11.6     Severability.................................................................................81

         11.7     Conflict of Terms............................................................................82

         11.8     Confidentiality..............................................................................82

         11.9     Governing Law................................................................................82

         11.10    Notices......................................................................................83

         11.11    Section Titles...............................................................................84

         11.12    Counterparts.................................................................................84

         11.13    Waiver of Jury Trial.........................................................................84

         11.14    Press Releases and Related Matters............................................................84

         11.15    Reinstatement................................................................................85

         11.16    Advice of Counsel............................................................................85

         11.17    No Strict Construction.......................................................................85

12.      CROSS-GUARANTY........................................................................................85

         12.1     Cross-Guaranty...............................................................................85

         12.2     Waivers by Borrowers.........................................................................86

         12.3     Benefit of Guaranty..........................................................................86

         12.4     Subordination of Subrogation, Etc.............................................................86

         12.5     Election of Remedies.........................................................................87

         12.6     Limitation...................................................................................87

         12.7     Contribution with Respect to Guaranty Obligations.............................................88

         12.8     Liability Cumulative.........................................................................89
</Table>

                                      -v-

<Page>

<Table>
<Caption>
                               INDEX OF APPENDICES
<S>                                         <C>
Exhibit 1.1(a)(i)                -          Form of Notice of Revolving Credit Advance
Exhibit 1.1(a)(ii)               -          Form of Revolving Note
Exhibit 1.1(b)(ii)               -          Form of Swing Line Note
Exhibit 1.5(e)                   -          Form of Notice of Conversion/Continuation
Exhibit 1.6B(a)                  -          Form of Lease
Exhibit 4.1(b)                   -          Form of Borrowing Base Certificate
Exhibit 6.7(d)(iii)(A)           -          Form of Intercreditor Agreement (Floor Plan Inventory)
Exhibit 6.7(d)(iii)(B)           -          Form of Intercreditor Agreement (Off Balance Sheet Inventory)
Exhibit 9.1(a)                   -          Form of Assignment Agreement
Exhibit B-1(a)                              Form of Notice of Issuance of Letter of Credit
Schedule 1.1                     -          Responsible Individual
Schedule 1.4                     -          Sources and Uses; Funds Flow Memorandum
Schedule 2.1(b)                  -          Terminating Prior Lenders
Schedule 3.2                     -          Executive Offices; FEIN
Schedule 3.4(A)                  -          Financial Statements
Schedule 3.4(B)                  -          Pro Forma
Schedule 3.4(C)                  -          Projections
Schedule 3.4(D)                  -          Fair Salable Balance Sheet
Schedule 3.4(E)                  -          Financial Statements
Schedule 3.6                     -          Real Estate and Leases
Schedule 3.7                     -          Labor Matters
Schedule 3.8                     -          Ventures, Subsidiaries and Affiliates; Outstanding Stock
Schedule 3.11                    -          Tax Matters
Schedule 3.12                    -          ERISA Plans
Schedule 3.13                    -          Litigation
Schedule 3.15                    -          Intellectual Property
Schedule 3.17                    -          Hazardous Materials
Schedule 3.18                    -          Insurance
Schedule 3.19                    -          Deposit and Disbursement Accounts
Schedule 3.20                    -          Government Contracts
Schedule 3.22                    -          Material Agreements
Schedule 5.1                     -          Trade Names
Schedule 5.9                     -          Real Estate Liens
Schedule 6.2                     -          Investments
Schedule 6.3                     -          Indebtedness
Schedule 6.4(a)                  -          Extraordinary Transactions
Schedule 6.4(b)                  -          Transactions with Affiliates
Schedule 6.6                     -          Guaranteed Indebtedness
Schedule 6.7                     -          Existing Liens
Annex A (Recitals)               -          Definitions
Annex B (Section 1.2)            -          Letters of Credit
</Table>

                                      -vi-
<Page>

<Table>
<S>                                         <C>
Annex C (Section 1.8)            -          Cash Management Systems
Annex D (Section 2.1(a))         -          Closing Checklist
Annex E (Section 4.1(a))         -          Financial Statements and Projections -- Reporting
Annex F (Section 4.1(b))         -          Collateral Reports
Annex G (Section 6.10)           -          Financial Covenants
Annex H (Section 9.9(a))         -          Lenders' Wire Transfer Information
Annex I (Section 11.10)          -          Notice Addresses
</Table>

                                     -vii-
<Page>

CREDIT AGREEMENT, dated as of June 17, 2002 (this "CREDIT AGREEMENT"), among
GREAT NORTHERN EQUIPMENT, INC., a Montana corporation ("GREAT NORTHERN"), H&E
EQUIPMENT SERVICES L.L.C., a Louisiana limited liability company (f/k/a/ Gulf
Wide Industries, L.L.C., a Louisiana limited liability company ("GULF WIDE"))
("H&E" and together with Great Northern, each individually, a "BORROWER", and
collectively and jointly and severally, the "BORROWERS"), the other Credit
Parties signatory hereto, GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware
corporation (in its individual capacity, "GE CAPITAL"), for itself as Lender, as
Administrative Agent for the Lenders and the other Lenders signatory hereto from
time to time, GENERAL ELECTRIC CAPITAL CORPORATION, as Arranger ("ARRANGER"),
BANK OF AMERICA, N.A., as Syndication Agent ("SYNDICATION AGENT") and FLEET
CAPITAL CORPORATION, as Documentation Agent ("DOCUMENTATION AGENT").

WHEREAS:

(A)    ICM Equipment Company, L.L.C., a Delaware limited liability company
       ("ICM"), owns all of the outstanding shares of capital stock of GNE
       Investments, Inc., a Washington corporation ("GNE INVESTMENTS");

(B)    GNE Investments owns all of the outstanding shares of capital stock of
       Great Northern;

(C)    H&E, owns all of the outstanding membership interests of Head & Engquist
       Equipment L.L.C, a Louisiana limited liability company ("HEAD & ENGQUIST
       EQUIPMENT");

(D)    Pursuant to that certain Contribution Agreement and Plan of
       Reorganization dated as of June 14, 2002 (the "CONTRIBUTION AGREEMENT AND
       PLAN OF REORGANIZATION") among H&E Holdings L.L.C., a Delaware limited
       liability company ("H&E HOLDINGS"), H&E, Head & Engquist Equipment, ICM
       and the equity holders of ICM and H&E, all common and preferred equity of
       ICM and H&E will be contributed to H&E Holdings (the "H&E CONTRIBUTION")
       in exchange for membership interests in H&E Holdings so that H&E Holdings
       will own all of the outstanding membership interests of ICM and H&E;

(E)    As provided in the Contribution Agreement and Plan of Reorganization,
       immediately following the H&E Contribution, H&E Holdings will contribute
       all of the membership interests in ICM to H&E so that H&E will own all of
       the outstanding membership interests of ICM, and immediately prior to the
       execution of this Credit Agreement, Head & Engquist Equipment and ICM
       will merge with and into H&E (the "MERGERS");

(F)    Upon consummation of the Mergers, H&E will own all of the outstanding
       shares of capital stock of (i) GNE Investments, which will hold all of
       the outstanding shares of capital stock of Great Northern and (ii) H&E
       Finance Corp., a Delaware corporation ("H&E FINANCE"), which is being
       organized prior to the execution of this Credit Agreement for the purpose
       of entering into and consummating the transactions under the Senior Note
       Indenture and Senior Subordinated Note Indenture (as each such term is
       defined below);

<Page>

(G)    Borrowers have requested that Lenders extend a revolving credit facility
       to Borrowers of up to One Hundred Fifty Million Dollars ($150,000,000) in
       aggregate principal amount for the purpose of refinancing certain
       indebtedness of Borrowers and to provide (a) working capital financing
       for Borrowers, (b) funds for other general corporate purposes of
       Borrowers and (c) funds for other purposes permitted hereunder, and for
       these purposes, Lenders are willing to make certain loans and other
       extensions of credit to Borrowers of up to such amount upon the terms and
       conditions set forth herein;

(H)    H&E and H&E Finance have agreed to finance certain of its indebtedness
       through the issuance of (i) $200,000,000 of senior secured notes
       (together with any other senior notes issued pursuant to the Senior Note
       Indenture, as amended, modified or supplemented from time to time in
       accordance with their terms and the terms hereof, the "SENIOR NOTES")
       pursuant to an Indenture dated as of the date hereof (as amended,
       modified or supplemented from time to time in accordance with its terms
       and the terms hereof, the "SENIOR NOTE INDENTURE") among H&E, H&E Finance
       and Bank of New York, as trustee and (ii) $50,000,000 of senior unsecured
       subordinated notes (together with any other senior unsecured subordinated
       notes issued pursuant to the Senior Subordinated Note Indenture, as
       amended, modified or supplemented from time to time in accordance with
       their terms and the terms hereof, the "SENIOR SUBORDINATED NOTES")
       pursuant to an Indenture dated as of the date hereof (as amended,
       modified or supplemented from time to time in accordance with its terms
       and the terms hereof, the "SENIOR SUBORDINATED NOTE INDENTURE") among
       H&E, H&E Finance and Bank of New York, as trustee;

(I)    Borrowers have agreed to secure all of their obligations under the Loan
       Documents by granting to Agent, for the benefit of Agent and Lenders, a
       security interest in and lien upon all of their existing and
       after-acquired personal and real property;

(J)    GNE Investments, H&E Holdings and H&E Finance are willing to guarantee
       all of the obligations of Borrowers to Agent and Lenders under the Loan
       Documents and (i) H&E Holdings is willing to pledge to Agent, for the
       benefit of Agent and Lenders, all of the membership interests of H&E to
       secure such guaranty and all Obligations (as defined in Annex A), (ii)
       H&E is willing to pledge to Agent, for the benefit of Agent and Lenders,
       all of the Stock of H&E Finance and GNE Investments to secure such
       guaranty and all Obligations, and (iii) GNE Investments is willing to
       pledge to Agent, for the benefit of Agent and Lenders, all of the Stock
       of Great Northern to secure the Obligations; and

(K)    Capitalized terms used in this Agreement have the meanings ascribed to
       them in Annex A and, for purposes of this Agreement and the other Loan
       Documents, the rules of construction set forth in Annex A shall govern.
       All Annexes, Disclosures Schedules, Exhibits and other attachments
       (collectively, "APPENDICES") hereto, or expressly identified to this
       Agreement, are incorporated herein by reference, and taken together with
       this Agreement, shall constitute but a single agreement. These Recitals
       shall be construed as part of the Agreement.

                                        2
<Page>

NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND THE MUTUAL COVENANTS
HEREINAFTER CONTAINED, AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE
PARTIES HERETO AGREE AS FOLLOWS:

1.     AMOUNT AND TERMS OF CREDIT

1.1    Credit Facilities

       (a)  Revolving Credit Facility

            (i)    Subject to the terms and conditions hereof and to the last
                   sentence of Section 1.1(c), each Revolving Lender agrees to
                   make available to Borrowers from time to time until the
                   Commitment Termination Date its Pro Rata Share of advances
                   (each, a "REVOLVING CREDIT ADVANCE"). The Pro Rata Share of
                   the Revolving Loan of any Revolving Lender shall not at any
                   time exceed its separate Revolving Loan Commitment. The
                   obligations of each Revolving Lender hereunder shall be
                   several and not joint. Until the Commitment Termination Date,
                   Borrowers may borrow, repay and reborrow under this Section
                   1.1(a); PROVIDED, that the amount of any Revolving Credit
                   Advance to be made to any Borrower at any time shall not
                   exceed Borrowing Availability of such Borrower at such time
                   or, cause the Borrowing Availability of all Borrowers to be
                   exceeded. Moreover, the sum of the Revolving Loan and Swing
                   Line Loan outstanding to any Borrower shall not exceed at any
                   time that Borrower's separate Borrowing Base, PROVIDED, that
                   in the case of any Revolving Advances or Swingline Advances
                   that constitute H&E/Great Northern Advances included in such
                   sum, "that Borrower's separate Borrowing Base" shall mean the
                   Great Northern Borrowing Base. Each Revolving Credit Advance
                   shall be made on notice by Borrower Representative on behalf
                   of the applicable Borrower to the representative of Agent
                   identified in Schedule 1.1 at the address specified therein.
                   Any such notice must be given no later than (1) noon (New
                   York time) on the Business Day of the proposed Revolving
                   Credit Advance, in the case of an Index Rate Loan, or (2)
                   noon (New York time) on the date which is three (3) Business
                   Days prior to the proposed Revolving Credit Advance, in the
                   case of a LIBOR Loan. Each such notice (a "NOTICE OF
                   REVOLVING CREDIT ADVANCE") must be given in writing (by
                   telecopy or overnight courier) substantially in the form of
                   Exhibit 1.1(a)(i), and shall include the information required
                   in such Exhibit and such other administrative information as
                   may be reasonably required by Agent. If any Borrower desires
                   to have the Revolving Credit Advances bear interest by
                   reference to a LIBOR Rate, Borrower Representative must
                   comply with Section 1.5(e).

            (ii)   Upon the request of any Revolving Lender, each Borrower shall
                   execute and deliver to such Revolving Lender a note to
                   evidence the Revolving Loan Commitment of that Revolving
                   Lender. Each such note shall be in the maximum

                                        3
<Page>

                   principal amount of the Revolving Loan Commitment of the
                   applicable Revolving Lender, dated the Closing Date and
                   substantially in the form of Exhibit 1.1(a)(ii) (each as
                   amended or replaced from time to time, a "REVOLVING NOTE"
                   and, collectively, the "REVOLVING NOTES"). Each Revolving
                   Note shall represent the obligation of the applicable
                   Borrower to pay the amount of the applicable Revolving
                   Lender's Revolving Loan Commitment or, if less, such
                   Revolving Lender's Pro Rata Share of the aggregate unpaid
                   principal amount of all Revolving Credit Advances to such
                   Borrower together with interest thereon as prescribed in
                   Section 1.5. The entire unpaid balance of the aggregate
                   Revolving Loan and all other noncontingent Obligations shall
                   be immediately due and payable in full in immediately
                   available funds on the Commitment Termination Date.

       (b)  Swing Line Facility

            (i)    Agent shall notify the Swing Line Lender upon Agent's receipt
                   of any Notice of Revolving Credit Advance. Subject to the
                   terms and conditions hereof, the Swing Line Lender may, in
                   its discretion, make available from time to time until the
                   Commitment Termination Date advances (each, a "SWING LINE
                   ADVANCE") in accordance with any such notice. The provisions
                   of this Section 1.1(b) shall not relieve Revolving Lenders of
                   their obligations to make Revolving Credit Advances under
                   Section 1.1(a); PROVIDED, that if the Swing Line Lender makes
                   a Swing Line Advance pursuant to any such notice, such Swing
                   Line Advance shall be in lieu of any Revolving Credit Advance
                   that otherwise may be made by Revolving Credit Lenders
                   pursuant to such notice. The aggregate amount of Swing Line
                   Advances outstanding shall not exceed at any time the lesser
                   of (A) the Swing Line Commitment and (B) the lesser of (x)
                   the Maximum Amount and (y) the Aggregate Borrowing Base in
                   each case, less the outstanding balance of the Revolving Loan
                   at such time ("SWING LINE AVAILABILITY"). Moreover, the Swing
                   Line Loan outstanding to any Borrower shall not exceed at any
                   time such Borrower's separate Borrowing Base less the
                   Revolving Loan outstanding to such Borrower, PROVIDED, that
                   in the case of any H&E/Great Northern Advance, "such
                   Borrower's separate Borrowing Base" shall mean the Great
                   Northern Borrowing Base. Until the Commitment Termination
                   Date, Borrowers may from time to time borrow, repay and
                   reborrow under this Section 1.1(b). Each Swing Line Advance
                   shall be made on the day requested pursuant to a Notice of
                   Revolving Credit Advance delivered to Agent by Borrower
                   Representative on behalf of the applicable Borrower
                   requesting a Swing Line Advance in accordance with Section
                   1.1(a). Any such notice must be given no later than noon (New
                   York time) on the Business Day of the proposed Swing Line
                   Advance. Unless the Swing Line Lender has received at least
                   one Business Day's prior written notice from Majority
                   Revolving Lenders instructing it not to make a Swing Line
                   Advance, the Swing Line Lender shall, notwithstanding the
                   failure of any

                                        4
<Page>

                   condition precedent set forth in Section 2.2, except in the
                   case of a Prohibited Swing Line Advance, be entitled to fund
                   that Swing Line Advance, and to have each Revolving Lender
                   make Revolving Credit Advances in accordance with Section
                   1.1(b)(iii) or purchase participating interests in accordance
                   with Section 1.1(b)(iv). Notwithstanding any other provision
                   of this Agreement or the other Loan Documents, the Swing Line
                   Loan shall constitute an Index Rate Loan. Borrowers shall
                   repay the aggregate outstanding principal amount of the Swing
                   Line Loan upon demand therefor by Agent.

            (ii)   Upon the request of the Swing Line Lender, each Borrower
                   shall execute and deliver to the Swing Line Lender a
                   promissory note to evidence the Swing Line Commitment. If a
                   promissory note is requested, each such note shall be in the
                   principal amount of the Swing Line Commitment of the Swing
                   Line Lender, dated the Closing Date and substantially in the
                   form of Exhibit 1.1(b)(ii) (each as amended or replaced from
                   time to time, a "SWING LINE NOTE" and, collectively, the
                   "SWING LINE NOTES"). Each Swing Line Note shall represent the
                   obligation of the applicable Borrower to pay the amount of
                   the Swing Line Commitment or, if less, the aggregate unpaid
                   principal amount of all Swing Line Advances made to such
                   Borrower together with interest thereon as prescribed in
                   Section 1.5. The entire unpaid balance of the Swing Line Loan
                   and all other non contingent Obligations shall be immediately
                   due and payable in full in immediately available funds on the
                   Commitment Termination Date if not sooner paid in full.

            (iii)  The Swing Line Lender shall at any time and from time to time
                   in its sole and absolute discretion, but not less frequently
                   than on each Settlement Date on behalf of any Borrower (and
                   each Borrower hereby irrevocably authorizes the Swing Line
                   Lender to so act on its behalf), request each Revolving
                   Lender (including the Swing Line Lender) to make a Revolving
                   Credit Advance to such Borrower (which shall be an Index Rate
                   Loan) in an amount equal to such Revolving Lender's Pro Rata
                   Share of the principal amount of such Borrower's Swing Line
                   Loan (the "REFUNDED SWING LINE LOAN") outstanding on the date
                   such notice is given. Unless any of the events described in
                   Sections 8.1(h) or (i) has occurred (in which event the
                   procedures of Section 1.1(b)(iv) shall apply) and regardless
                   of whether the conditions precedent set forth in this
                   Agreement to the making of a Revolving Credit Advance are
                   then satisfied, each Revolving Lender shall disburse directly
                   to Agent, its Pro Rata Share of a Revolving Credit Advance on
                   behalf of the Swing Line Lender, prior to 3:00 p.m. (New York
                   time), in immediately available funds on the Business Day
                   next succeeding the date such notice is given. The proceeds
                   of such Revolving Credit Advances shall be immediately paid
                   to the Swing Line Lender and applied to repay the Refunded
                   Swing Line Loan of the applicable Borrower.

                                        5
<Page>

            (iv)   If, prior to refunding a Swing Line Loan with a Revolving
                   Credit Advance pursuant to Section 1.1(b)(iii), one of the
                   events described in Sections 8.1(h) or (i) has occurred,
                   then, subject to the provisions of Section 1.1(b)(v) below,
                   each Revolving Lender shall, on the date such Revolving
                   Credit Advance was to have been made for the benefit of the
                   applicable Borrower, purchase from the Swing Line Lender an
                   undivided participation interest in the Swing Line Loan to
                   such Borrower in an amount equal to its Pro Rata Share of
                   such Swing Line Loan. Upon request, each Revolving Lender
                   shall promptly transfer to the Swing Line Lender, in
                   immediately available funds, the amount of its participation
                   interest.

            (v)    Each Revolving Lender's obligation to make Revolving Credit
                   Advances in accordance with Section 1.1(b)(iii) and to
                   purchase participation interests in accordance with Section
                   1.1(b)(iv) shall be absolute and unconditional and shall not
                   be affected by any circumstance, including (A) any setoff,
                   counterclaim, recoupment, defense or other right that such
                   Revolving Lender may have against the Swing Line Lender, any
                   Borrower or any other Person for any reason whatsoever; (B)
                   the occurrence or continuance of any Default or Event of
                   Default; (C) any inability of any Borrower to satisfy the
                   conditions precedent to borrowing set forth in this Agreement
                   at any time; or (D) any other circumstance, happening or
                   event whatsoever, whether or not similar to any of the
                   foregoing. If any Revolving Lender does not make available to
                   Agent or the Swing Line Lender, as applicable, the amount
                   required pursuant to Section 1.1(b)(iii) or 1.1(b)(iv), as
                   the case may be, the Swing Line Lender shall be entitled to
                   recover such amount on demand from such Revolving Lender,
                   together with interest thereon for each day from the date of
                   non-payment until such amount is paid in full at the Federal
                   Funds Rate for the first two Business Days and at the Index
                   Rate thereafter.

       (c)  Reliance on Notices; Appointment of Borrower Representative

            Agent shall be entitled to rely upon, and shall be fully protected
            in relying upon, any Notice of Revolving Credit Advance, Notice of
            Conversion/Continuation or similar notice believed by Agent to be
            genuine. Agent may assume that each Person executing and delivering
            any such notice in accordance herewith was duly authorized, unless
            the responsible individual acting thereon for Agent has actual
            knowledge to the contrary. Each Borrower, and to the extent
            applicable, each other Credit Party, hereby designates H&E as its
            representative and agent on its behalf for the purposes of issuing
            Notices of Revolving Credit Advances and Notices of
            Conversion/Continuation, giving instructions with respect to the
            disbursement of the proceeds of the Loans, selecting interest rate
            options, requesting Letters of Credit, giving and receiving all
            other notices and consents hereunder or under any of the other Loan
            Documents and taking all other actions (including in respect of
            compliance with covenants) on behalf of any Credit Party or Credit
            Parties under the Loan Documents. Borrower Representative hereby
            accepts such

                                        6
<Page>

            appointment. Agent and each Lender may regard any notice or other
            communication pursuant to any Loan Document from Borrower
            Representative as a notice or communication from all Credit Parties,
            and may give any notice or communication required or permitted to be
            given to any Credit Party or Credit Parties hereunder to Borrower
            Representative on behalf of such Credit Party or Credit Parties.
            Each Credit Party agrees that each notice, election, representation
            and warranty, covenant, agreement and undertaking made on its behalf
            by Borrower Representative shall be deemed for all purposes to have
            been made by such Credit Party and shall be binding upon and
            enforceable against such Credit Party to the same extent as if the
            same had been made directly by such Credit Party. Notwithstanding
            anything to the contrary contained herein, unless the Requisite
            Lenders shall otherwise agree in writing, the Borrower
            Representative shall not make any request for an Advance on behalf
            of Great Northern and Great Northern shall not be entitled to borrow
            from Lenders hereunder, PROVIDED, that subject to the terms hereof,
            H&E may make requests for and Lenders shall make H&E/Great Northern
            Advances.

1.2    Letters of Credit

       Subject to and in accordance with the terms and conditions contained
       herein and in Annex B, Borrower Representative, on behalf of any
       Borrower, shall have the right to request, and Revolving Lenders agree to
       incur, or purchase participations in, Letter of Credit Obligations in
       respect of such Borrower.

1.3    Prepayments

       (a)  Voluntary Prepayments; Reductions in Revolving Loan Commitments

            Any Borrower may at any time voluntarily prepay all or part of the
            Revolving Credit Advances made to such Borrower at any time or from
            time to time without premium or penalty. Borrowers may at any time
            on at least ten (10) days' prior written notice by Borrower
            Representative to Agent permanently reduce (but not terminate) the
            Revolving Loan Commitment; PROVIDED, that (A) any such reductions
            shall be in a minimum amount of $5,000,000 and integral multiples of
            $250,000 in excess of such amount, (B) the Revolving Loan Commitment
            shall not be reduced to an amount less than the amount of the
            Revolving Loan plus the Swingline Loan then outstanding, and (C)
            after giving effect to such reductions, Borrowers shall comply with
            Section 1.3(b)(i). In addition, Borrowers may at any time on at
            least 10 days' prior written notice by Borrower Representative to
            Agent terminate the Revolving Loan Commitment; PROVIDED, that upon
            such termination, all Loans and other Obligations shall be
            immediately due and payable in full and all Letter of Credit
            Obligations shall be cash collateralized or otherwise satisfied in
            accordance with Annex B. Any such payment resulting from termination
            of the Revolving Loan Commitment must be accompanied by payment of
            all accrued and unpaid interest on the Loans and other Obligations
            and any LIBOR funding breakage costs in accordance with Section
            1.13(b). Upon any such reduction or termination of the

                                        7
<Page>

            Revolving Loan Commitment, each Borrower's right to request
            Revolving Credit Advances, or request that Letter of Credit
            Obligations be incurred on its behalf, or request Swing Line
            Advances, shall simultaneously be permanently reduced or terminated,
            as the case may be; PROVIDED, that a permanent reduction of the
            Revolving Loan Commitment shall not require a corresponding PRO RATA
            reduction in the L/C Sublimit. Each notice of partial prepayment
            shall designate the Borrower whose Revolving Credit Advances are to
            be repaid and identify the particular Revolving Credit Advances to
            be repaid.

       (b)  Mandatory Prepayments

            (i)    If at any time the aggregate outstanding balances of the
                   Revolving Loan exceeds the lesser of (A) the Maximum Amount
                   LESS the aggregate outstanding Swing Line Loan at such time
                   and (B) the Aggregate Borrowing Base LESS the aggregate
                   outstanding Swing Line Loan at such time, Borrowers shall
                   immediately repay the aggregate outstanding Revolving Credit
                   Advances to the extent required to eliminate such excess. If
                   any such excess remains after repayment in full of the
                   aggregate outstanding Revolving Credit Advances, Borrowers
                   shall provide cash collateral for the Letter of Credit
                   Obligations in the manner set forth in Annex B to the extent
                   required to eliminate such excess. Furthermore, if, at any
                   time, the outstanding balance of the Revolving Loan to any
                   Borrower exceeds such Borrower's separate Borrowing Base LESS
                   the outstanding balance of the Swing Line Loan to such
                   Borrower, the applicable Borrower shall immediately repay its
                   Revolving Credit Advances in the amount of such excess (and,
                   to the extent necessary, provide cash collateral for its
                   Letter of Credit Obligations as described above), PROVIDED,
                   that as to any Revolving Advances consisting of H&E Great
                   Northern Advances included in such Revolving Loan balance,
                   "such Borrower's separate Borrowing Base" shall mean the
                   Great Northern Borrowing Base.

            (ii)   Immediately upon receipt by any Credit Party of proceeds of
                   any asset disposition (excluding proceeds of dispositions of
                   Equipment Inventory and P&E permitted by Section 6.8 having
                   an aggregate Net Book Value in any one Fiscal Year, not
                   exceeding $500,000) or any sale of Stock of any Subsidiary of
                   such Credit Party, Borrowers shall prepay the Loans in an
                   amount equal to all such proceeds, net of (A) commissions and
                   other reasonable and customary transaction costs, fees and
                   expenses properly attributable to such transaction and
                   payable by any Credit Party in connection therewith (in each
                   case, paid to non-Affiliates), (B) amounts payable to holders
                   of senior Liens (to the extent such Liens constitute
                   Permitted Encumbrances hereunder), if any, on the assets so
                   disposed and (C) transfer taxes plus an appropriate reserve
                   for income taxes in accordance with GAAP in connection
                   therewith. Any such prepayment shall, subject to Section
                   1.3(b)(iv), be applied in accordance with Section 1.3(c).

            (iii)  If any Credit Party issues Stock or any Indebtedness (other
                   than Indebtedness permitted by Section 6.3) in excess of
                   $1,000,000 in the aggregate of such Stock

                                        8
<Page>

                   and such Indebtedness, no later than the Business Day
                   following the date of receipt of the cash proceeds thereof,
                   the issuing Credit Party shall prepay the Loans in an amount
                   equal to all such proceeds, net of underwriting discounts and
                   commissions and other reasonable costs paid to non-Affiliates
                   in connection therewith; PROVIDED, that no such prepayment
                   shall be required, so long as no Event of Default has
                   occurred and is continuing, from the proceeds of any issuance
                   of Stock by a Credit Party (i) to any director, officer or
                   other employee of such Credit Party, the total proceeds of
                   which do not exceed $5,000,000 in the aggregate, (ii) in
                   connection with the Related Transactions, (iii) as
                   consideration for any Person (other than any Affiliate of a
                   Credit Party) providing permitted Indebtedness under Section
                   6.3, (iv) to any other Credit Party or (v) as consideration
                   to any Person (other than an Affiliate) selling assets in any
                   Permitted Acquisition. Any such prepayment shall, subject to
                   Section 1.3(b)(iv), be applied in accordance with Section
                   1.3(c).

            (iv)   In the event that Section 1.3(b)(i), (ii) or (iii) shall
                   require any prepayment to be made on a day other than an
                   Interest Payment Date, then upon receipt of such prepayment
                   and to the extent requested by any Borrower, Agent shall hold
                   such amount as cash collateral (provided that the Borrower
                   delivering the same shall have executed and delivered such
                   documents as Agent shall have requested in connection with
                   such cash collateral) and, so long as no Default or Event of
                   Default shall have occurred and be continuing, shall not
                   apply such cash collateral to the prepayment under the
                   applicable paragraph of this Section 1.3 until the next
                   succeeding Interest Payment Date. Such cash collateral shall
                   be invested in Cash Equivalents as directed by such Borrower
                   in accordance with such documents. Interest earned on such
                   cash collateral shall accrue for the account of the Borrower
                   providing the same, shall constitute additional cash
                   collateral and (assuming no Default or Event of Default shall
                   be continuing) shall be, to the extent remaining, applied to
                   such prepayment on such next succeeding Interest Payment
                   Date.

       (c)  Application of Certain Mandatory Prepayments

            Any prepayments made by any Borrower or Credit Party pursuant to
            Section 1.3(b)(ii) or (iii) shall be applied as follows: FIRST, to
            Fees and reimbursable expenses of Agent then due and payable
            pursuant to any of the Loan Documents; SECOND, to Fees and any other
            fees and reimbursable expenses of Lenders then due and payable
            pursuant to any of the Loan Documents; THIRD, to interest then due
            and payable on the Swing Line Loan; FOURTH, to the principal balance
            of the Swing Line Loan until the same has been repaid in full;
            FIFTH, to interest then due and payable on the Revolving Credit
            Advances; SIXTH, to the outstanding principal balance of the
            Revolving Credit Advances until the same has been paid in full;
            SEVENTH, to any Letter of Credit Obligations, to provide cash
            collateral therefor in the manner set forth in Annex B and LAST to
            any other Obligations. So long as

                                        9
<Page>

            no Event of Default is outstanding, the Borrowers may direct that
            any such prepayments be applied to Index Rate Loans to the extent
            outstanding, rather than LIBOR Loans. Neither the Revolving Loan
            Commitment nor the Swing Line Commitment shall be permanently
            reduced by the amount of any such prepayments; PROVIDED, that any
            prepayment made by any Borrower pursuant to Section 1.3(b)(iii) in
            connection with the issuance of Indebtedness shall also permanently
            reduce the Revolving Loan Commitment by the amount of such
            prepayment.

       (d)  Application of Prepayments from Insurance and Condemnation Proceeds

            Prepayments from insurance or condemnation proceeds in accordance
            with Section 5.4 shall be applied first to the Swing Line Loans and
            second to the Revolving Credit Advances of the applicable Borrower.
            Neither the Revolving Loan Commitment nor the Swing Line Loan
            Commitment shall be permanently reduced by the amount of any such
            prepayments. So long as no Event of Default is outstanding, the
            Borrower Representative may direct that any such prepayments be
            applied to Index Rate Loans to the extent outstanding, rather than
            LIBOR Loans. If the insurance or condemnation proceeds received as
            to a particular Borrower exceed the Loans outstanding to such
            Borrower, such excess proceeds shall be applied to the Loans
            outstanding to other Borrowers.

       (e)  No Implied Consent

            Nothing in this Section 1.3 shall be construed to constitute Agent's
            or any Lender's consent to any transaction referred to in Sections
            1.3(b)(ii) and 1.3(b)(iii) which is not permitted by other
            provisions of this Agreement or the other Loan Documents.

1.4    Use of Proceeds

       Borrowers shall utilize the proceeds of the Revolving Loan and the Swing
       Line Loan solely for the Refinancing (and to pay any related transaction
       expenses), and for the financing of Borrowers' ordinary working capital
       and general corporate needs. Disclosure Schedule (1.4) contains a
       description of Borrowers' sources and uses of funds as of the Closing
       Date, including Revolving Credit Advances and Letter of Credit
       Obligations to be made or incurred on that date, and a funds flow
       memorandum detailing how funds from each source are to be transferred to
       particular uses.

1.5    Interest and Applicable Margins

       (a)  Borrowers shall pay interest to Agent, for the ratable benefit of
            Lenders in accordance with the various Revolving Credit Advances and
            Swing Line Loans being made by each Lender, and in respect of all
            unreimbursed Letters of Credit Obligations, in arrears on each
            applicable Interest Payment Date, at the following rates: (i) with
            respect to the Revolving Credit Advances and unreimbursed Letter of
            Credit Obligations and all other Obligations (other than LIBOR Loans
            and Swing Line Loans), the Index Rate PLUS the Applicable Revolver
            Index Margin per annum or, at the election of Borrower

                                       10
<Page>

            Representative, the applicable LIBOR Rate PLUS the Applicable
            Revolver LIBOR Margin per annum, based on the aggregate Revolving
            Credit Advances outstanding from time to time; and (ii) with respect
            to the Swing Line Loan, the Index Rate PLUS the Applicable Revolver
            Index Margin per annum, based on the aggregate amount of the Swing
            Line Loan outstanding from time to time.

            The Applicable Margins, on a per annum basis, are as follows:

<Table>
<Caption>
            APPLICABLE MARGIN                                          AMOUNT
            -----------------                                          ------
            <S>                                                        <C>
            Applicable Revolver Index Margin                           1.50%

            Applicable Revolver LIBOR Margin                           3.00%

            Applicable L/C Margin                                      3.00%

            Applicable Unused Line Fee Margin                          0.50%
</Table>

       (b)  If any payment on any Loan becomes due and payable on a day other
            than a Business Day, the maturity thereof will be extended to the
            next succeeding Business Day (except as set forth in the definition
            of LIBOR Period) and, with respect to payments of principal,
            interest thereon shall be payable at the then applicable rate during
            such extension.

       (c)  All computations of Fees calculated on a per annum basis and
            interest shall be made by Agent on the basis of a three hundred
            sixty (360) day year, in each case for the actual number of days
            occurring in the period for which such interest and Fees are
            payable. The Index Rate is a floating rate determined for each day.
            Each determination by Agent of an interest rate and Fees hereunder
            shall be final, binding and conclusive on Borrowers, absent manifest
            error.

       (d)  So long as an Event of Default has occurred and is continuing, and
            at the election of Agent (or upon the written request of Requisite
            Lenders) confirmed by written notice from Agent to Borrower
            Representative, the interest rates applicable to the Loans and the
            Letter of Credit Fees shall be increased by two percentage points
            (2%) per annum above the rates of interest or the rate of such Fees
            otherwise applicable hereunder ("DEFAULT RATE"), and all outstanding
            Obligations shall bear interest at the Default Rate applicable to
            such Obligations. Interest and Letter of Credit Fees at the Default
            Rate shall accrue from the initial date of such Event of Default
            until that Event of Default is cured or waived and shall be payable
            upon demand.

       (e)  So long as no Event of Default has occurred and is continuing,
            Borrower Representative shall have the option to (i) request that
            any Revolving Credit Advance be made as a LIBOR Loan, (ii) convert
            at any time all or any part of outstanding Loans (other than the
            Swing Line Loan) from Index Rate Loans to LIBOR Loans, (iii) convert
            any LIBOR Loan to an Index Rate Loan, subject to payment of LIBOR
            breakage costs in accordance with Section 1.13(b) if such conversion
            is made prior to the expiration of the LIBOR

                                       11
<Page>

            Period applicable thereto, or (iv) continue all or any portion of
            any Loan (other than the Swing Line Loan) as a LIBOR Loan upon the
            expiration of the applicable LIBOR Period and the succeeding LIBOR
            Period of that continued Loan shall commence on the first day after
            the last day of the LIBOR Period of the Loan to be continued. Any
            Loan or group of Loans having the same proposed LIBOR Period to be
            made or continued as, or converted into, a LIBOR Loan must be in a
            minimum amount of $1,000,000 and integral multiples of $100,000 in
            excess of such amount. Any such election must be made by noon (New
            York time) on the third (3rd) Business Day prior to (1) the date of
            any proposed Advance which is to bear interest at the LIBOR Rate,
            (2) the end of each LIBOR Period with respect to any LIBOR Loans to
            be continued as such, or (3) the date on which the applicable
            Borrower wishes to convert any Index Rate Loan to a LIBOR Loan for a
            LIBOR Period designated by Borrower Representative in such election.
            If no election is received with respect to a LIBOR Loan by noon (New
            York time) on the third (3rd) Business Day prior to the end of the
            LIBOR Period with respect thereto (or if an Event of Default has
            occurred and is continuing), that LIBOR Loan shall be converted to
            an Index Rate Loan at the end of its LIBOR Period. Borrower
            Representative must make such election by notice to Agent in
            writing, by telecopy or overnight courier. In the case of any
            conversion or continuation, such election must be made pursuant to a
            written notice (a "NOTICE OF CONVERSION/CONTINUATION") in the form
            of Exhibit 1.5(e). No Loan may be made as or converted into a LIBOR
            Loan until the earlier of (i) forty-five (45) days after the Closing
            Date or (ii) completion of primary syndication as determined by
            Agent.

       (f)  Notwithstanding anything to the contrary set forth in this Section
            1.5, if a court of competent jurisdiction determines in a final
            order that the rate of interest payable hereunder exceeds the
            highest rate of interest permissible under law (the "MAXIMUM LAWFUL
            RATE"), then so long as the Maximum Lawful Rate would be so
            exceeded, the rate of interest payable hereunder shall be equal to
            the Maximum Lawful Rate; PROVIDED, that if at any time thereafter
            the rate of interest payable hereunder is less than the Maximum
            Lawful Rate, Borrowers shall continue to pay interest hereunder at
            the Maximum Lawful Rate until such time as the total interest
            received by Agent, on behalf of Lenders, is equal to the total
            interest that would have been received had the interest rate payable
            hereunder been (but for the operation of this paragraph) the
            interest rate payable since the Closing Date as otherwise provided
            in this Agreement. Thereafter, interest hereunder shall be paid at
            the rate(s) of interest and in the manner provided in Sections
            1.5(a) through (e) above, unless and until the rate of interest
            again exceeds the Maximum Lawful Rate, and at that time this
            paragraph shall again apply. In no event shall the total interest
            received by any Lender pursuant to the terms hereof exceed the
            amount that such Lender could lawfully have received had the
            interest due hereunder been calculated for the full term hereof at
            the Maximum Lawful Rate. If the Maximum Lawful Rate is calculated
            pursuant to this paragraph, such interest shall be calculated at a
            daily rate equal to the Maximum Lawful Rate divided by the number of
            days in the year in which such calculation is made. If,
            notwithstanding the provisions of this

                                       12
<Page>

            Section 1.5(f), a court of competent jurisdiction shall finally
            determine that a Lender has received interest hereunder in excess of
            the Maximum Lawful Rate, Agent shall, to the extent permitted by
            applicable law, promptly apply such excess in the order specified in
            Section 1.11 and thereafter shall refund any excess to Borrowers or
            as a court of competent jurisdiction may otherwise order.

1.6    Eligible Accounts

       All of the Accounts owned by any Borrower and reflected in the most
       recent Borrowing Base Certificate delivered by such Borrower to Agent
       shall be "ELIGIBLE ACCOUNTS" for purposes of this Agreement, except any
       Account to which any of the exclusionary criteria set forth below
       applies. In addition, Agent reserves the right, at any time and from time
       to time after the Closing Date, to adjust any of the criteria set forth
       below, to establish new criteria and to adjust advance rates with respect
       to Eligible Accounts, in its reasonable credit judgment exercised in good
       faith; PROVIDED, that (i) any increase of any advance rate above its
       Original Advance Rate is subject to the approval of all Lenders and (ii)
       any adjustment by Agent to any criterion set forth below that results in
       such criterion being less restrictive than as in effect on the Closing
       Date shall be subject to approval of Requisite Lenders. Eligible Accounts
       shall not include any Account of any Borrower:

       (a)  which does not arise from the sale of goods or the performance of
            services by such Borrower in the ordinary course of its business;

       (b)  upon which (i) such Borrower's right to receive payment is
            contingent upon the fulfillment of any condition by such Borrower or
            (ii) such Borrower is not able to bring suit or otherwise enforce
            its remedies against the Account Debtor through judicial process;

       (c)  to the extent that any defense, counterclaim, setoff or dispute is
            asserted as to such Account;

       (d)  if the Account represents a progress billing consisting of an
            invoice for goods sold or used or services rendered pursuant to a
            contract under which the Account Debtor's obligation to pay that
            invoice is subject to such Borrower's completion of further
            performance under such contract;

       (e)  that is not a true and correct statement of bona fide indebtedness
            incurred in the amount of the Account for merchandise sold to or
            services rendered and accepted by the applicable Account Debtor;

       (f)  with respect to which an invoice, that is not unacceptable to Agent
            (in its reasonable judgment) in form and substance, has not been
            sent to the applicable Account Debtor;

                                       13
<Page>

       (g)  (i) that is not owned by such Borrower or (ii) to the extent it is
            subject to any right, claim, security interest or other interest of
            any other Person, other than Liens in favor of Agent, on behalf of
            itself and Lenders, and Trustee, on behalf of the holders of Senior
            Notes;

       (h)  that arises from a sale to any director, officer, other employee or
            Affiliate of any Credit Party, or to any entity that has any common
            officer or director with any Credit Party; PROVIDED, HOWEVER, that a
            sale to any Person that is an Affiliate or such an entity shall not
            be excluded under this paragraph (h) if such Person is an Affiliate
            or such an entity solely because it is controlled by BRS or a fund
            managed by BRS;

       (i)  that is the obligation of an Account Debtor that is the United
            States or Canadian government or a political subdivision thereof, or
            any state, county, province or municipality or department, agency or
            instrumentality thereof unless Agent, in its sole discretion, has
            agreed to the contrary in writing and such Borrower, if necessary or
            desirable, has complied with the Federal Assignment of Claims Act of
            1940, any Canadian equivalent thereof, or any applicable state,
            county or municipal law restricting assignment thereof, with respect
            to such obligation; PROVIDED, so long as no Default or Event of
            Default shall have occurred and be continuing, Accounts described in
            this Section 1.6(i) and identified to the Agent pursuant to Section
            5.10 shall be deemed Eligible Accounts to the extent such Accounts
            in the aggregate outstanding at any time do not exceed $1,500,000
            and otherwise meet the eligibility criteria set forth in this
            Section 1.6;

       (j)  that is the obligation of an Account Debtor located in a foreign
            country other than Canada (excluding the provinces of Newfoundland,
            the Northwest Territories and the Territory of Nunavit), unless
            payment thereof is assured by a letter of credit assigned and
            delivered to Agent, reasonably satisfactory to Agent as to form,
            amount and issuer;

       (k)  to the extent such Borrower or any Subsidiary thereof is liable for
            goods sold or services rendered by the applicable Account Debtor to
            such Borrower or any Subsidiary thereof but only to the extent of
            the potential offset;

       (l)  that arises with respect to goods that are delivered on a
            bill-and-hold, cash-on-delivery basis or placed on consignment,
            guaranteed sale or other terms by reason of which the payment by the
            Account Debtor is or may be conditional;

       (m)  that is in default; PROVIDED, that, without limiting the generality
            of the foregoing, an Account shall be deemed in default upon the
            occurrence of any of the following:

            (i)    the Account is not paid within the earlier of: sixty (60)
                   days following its due date or ninety (90) days following its
                   original invoice date;

            (ii)   the Account Debtor obligated upon such Account suspends
                   business, makes a general assignment for the benefit of
                   creditors or fails to pay its debts generally as they come
                   due; or

                                       14
<Page>

            (iii)  a petition is filed by or against any Account Debtor
                   obligated upon such Account under any bankruptcy law or any
                   other federal, state or foreign (including any provincial)
                   receivership, insolvency relief or other law or laws for the
                   relief of debtors;

       (n)  that is the obligation of an Account Debtor if fifty percent (50%)
            or more of the Dollar amount of all Accounts owing by that Account
            Debtor are ineligible under the other criteria set forth in
            paragraph (m) of this Section 1.6;

       (o)  as to which Agent's Lien thereon, on behalf of itself and Lenders,
            is not a first priority perfected Lien;

       (p)  as to which any of the representations or warranties in the Loan
            Documents are untrue;

       (q)  to the extent such Account is evidenced by a judgment;

       (r)  to the extent such Account exceeds any credit limit established by
            Agent, in its reasonable credit judgment;

       (s)  that is payable in any currency other than Dollars; or

       (t)  that is otherwise unacceptable to Agent in its reasonable credit
            judgment.

1.6A   Eligible Rolling Stock

       All of the P&E owned by any Borrower and reflected in the most recent
       Borrowing Base Certificate delivered by such Borrower to Agent shall be
       "ELIGIBLE ROLLING STOCK" for purposes of this Agreement, except any P&E
       to which any of the exclusionary criteria set forth below applies. In
       addition, Agent reserves the right, at any time and from time to time
       after the Closing Date, to adjust any of the criteria set forth below, to
       establish new criteria and to adjust advance rates with respect to
       Eligible Rolling Stock in its reasonable credit judgment; PROVIDED, that
       (i) any increase of any advance rate above its Original Advance Rate is
       subject to the approval of all Lenders and (ii) any adjustment by Agent
       to any criterion set forth below that results in such criterion being
       less restrictive than as in effect on the Closing Date shall be subject
       to approval of Requisite Lenders. Eligible Rolling Stock shall not
       include any P&E of any Borrower:

       (a)  that is not owned by such Borrower free and clear of all Liens and
            rights of any other person, except the Liens in favor of Agent, on
            behalf of itself and Lenders, and Collateral Agent on behalf of the
            holders of Senior Notes, and the rights of a lessee pursuant to any
            permitted lease of such P&E or Permitted Encumbrances;

       (b)  if such P&E (i) is not stored on premises owned, leased or rented by
            such Borrower and set forth in Disclosure Schedule (3.2), or (ii)
            following thirty (30) days after the Closing Date, is stored at a
            leased location in respect of which Agent has requested a landlord
            waiver, unless a reasonably satisfactory landlord waiver has been
            delivered to Agent, PROVIDED that Agent may, following thirty (30)
            days after the Closing Date, treat any such

                                       15
<Page>

            P&E at any such location as Eligible Rolling Stock and, in lieu of
            imposing the exclusionary criterion in this paragraph (b) to such
            P&E, impose a Reserve (without duplicating any Reserve established
            for other eligible collateral at such location as a consequence of
            the failure to obtain such landlord's waiver) in an amount not less
            than six month's rent for all such P&E stored at such location in
            respect of which such a landlord waiver has not been delivered, or
            (iii) is stored with a bailee or warehouseman unless a reasonably
            satisfactory, acknowledged bailee letter has been received by Agent
            and Reserves reasonably satisfactory to Agent have been established
            with respect thereto, (iv) is stored at an owned location subject to
            a mortgage in favor of a lender other than Agent unless a reasonably
            satisfactory mortgagee waiver requested by Agent has been delivered
            to Agent or (v) is anything other than automotive equipment, a
            trailer, a truck, a forklift, a motor vehicle or other rolling
            stock;

       (c)  that is covered by a certificate of title unless the interest of
            Agent in the P&E has been noted on such certificate of title in
            accordance with applicable law;

       (d)  that is excess, obsolete or damaged;

       (e)  that is held for sale or lease in the ordinary course of such
            Borrower's business;

       (f)  that is not subject to a first priority Lien in favor of Agent on
            behalf of itself and Lenders;

       (g)  as to which any of the representations or warranties pertaining to
            P&E set forth in the Loan Documents are untrue;

       (h)  that is not covered by casualty insurance as to which Agent is
            listed as loss payee in accordance with Section 5.4(c); or

       (i)  that is otherwise unacceptable to Agent in its reasonable credit
            judgment.

1.6B   Eligible Rentals

       All of the Rentals of each Borrower and reflected in the most recent
       Borrowing Base Certificate delivered by such Borrower to Agent shall be
       "ELIGIBLE RENTALS" for purposes of this Agreement, except any Rental to
       which any of the exclusionary criteria set forth below applies. In
       addition, Agent reserves the right, at any time and from time to time
       after the Closing Date to adjust any such criteria and to establish new
       criteria with respect to Eligible Rentals in its reasonable credit
       judgment, PROVIDED, that (i) any increase of any advance rate above its
       Original Advance Rate is subject to the approval of all Lenders and (ii)
       any adjustment by Agent of any criteria set forth below that results in
       such criteria being less restrictive than as in effect on the Closing
       Date shall be subject to the approval of Requisite Lenders. Eligible
       Rentals shall not include any Rental of any Borrower:

       (a)  not subject to a written lease agreement in the form attached as
            Exhibit 1.6B(a) or otherwise in form and substance acceptable to
            Agent;

                                       16
<Page>

       (b)  not subject to a first priority security interest of Agent on behalf
            of Lenders, perfected by possession of all Chattel Paper related to
            such Rental by possession or by the stamping of notice of Agent's
            security interest thereon;

       (c)  not due within ninety (90) days of the applicable date of
            determination;

       (d)  upon which such Borrower is not able to bring suit or otherwise
            enforce its remedies against the relevant lessee through judicial
            process;

       (e)  that (i) is not owned by such Borrower, (ii) is subject to any
            right, claim, security interest or other interest of any other
            Person, other than Liens in favor of Agent, on behalf of itself and
            Lenders or (iii) is subject to any counterclaim, dispute, offset or
            defense;

       (f)  that is the obligation of a lessee that is the United States or
            Canadian government or a political subdivision thereof, or any
            state, county, province or municipality or department, agency or
            instrumentality thereof unless Agent, in its sole discretion, has
            agreed to the contrary in writing and such Borrower, if necessary or
            desirable, has complied with the Federal Assignment of Claims Act of
            1940, and any amendments thereto, its Canadian equivalent or any
            applicable state, county or municipal law restricting assignment
            thereof, with respect to such obligation;

       (g)  that is the obligation of a lessee located in a foreign country
            other than Canada (excluding the province of Newfoundland, the
            Northwest Territories and the Territory of Nunavit), unless payment
            thereof is assured by a letter of credit, reasonably satisfactory to
            Agent as to form, amount and issuer;

       (h)  that is in default, or is due under a lease which is in default;

       (i)  if any lessee obligated upon such Rental suspends business, makes a
            general assignment for the benefit of creditors or fails to pay its
            debts generally as they come due;

       (j)  if any petition is filed by or against any lessee obligated upon
            such Rental under any bankruptcy law or any other federal, state or
            foreign (including any provincial) receivership, insolvency relief
            or other law or laws for the relief of debtors;

       (k)  that is the obligation of a lessee if fifty percent (50%) or more of
            the Dollar amount of all Rentals owing by that lessee are ineligible
            under the other criteria set forth in this Section 1.6B;

       (l)  as to which any of the representations or warranties in the Loan
            Documents are untrue;

       (m)  to the extent such Rental exceeds any credit limit established by
            Agent, in its reasonable credit judgment;

       (n)  that is payable in any currency other than Dollars; or

       (o)  that is otherwise unacceptable to Agent in its reasonable credit
            judgment.

                                       17
<Page>

1.7    Eligible Parts and Tools Inventory

       All of the Parts and Tools Inventory owned by any Borrower and reflected
       in the most recent Borrowing Base Certificate delivered by such Borrower
       to Agent shall be "ELIGIBLE PARTS AND TOOLS INVENTORY" for purposes of
       this Agreement, except any Parts and Tools Inventory to which any of the
       exclusionary criteria set forth below applies. In addition, Agent
       reserves the right, at any time and from time to time after the Closing
       Date, to adjust any of the criteria set forth below, to establish new
       criteria and to adjust advance rates with respect to Eligible Parts and
       Tools Inventory in its reasonable credit judgment; PROVIDED, that (i) any
       increase of any advance rate above its Original Advance Rate is subject
       to the approval of all Lenders and (ii) any adjustment by Agent to any
       criterion set forth below that results in such criterion being less
       restrictive than as in effect on the Closing Date shall be subject to
       approval of Requisite Lenders. Eligible Parts and Tools Inventory shall
       not include any Parts and Tools Inventory of any Borrower:

       (a)  that (i) is not owned by such Borrower free and clear of all Liens
            and rights of any other Person (including the rights of a purchaser
            that has made progress payments and the rights of a surety that has
            issued a bond to assure such Borrower's performance with respect to
            that Parts and Tools Inventory), except the Liens in favor of Agent,
            on behalf of itself and Lenders, and Collateral Agent, on behalf of
            the holders of Senior Notes, and Permitted Encumbrances in favor of
            landlords and bailees to the extent permitted in Section 5.9 hereof
            (subject to Reserves established by Agent in accordance with Section
            5.9 hereof);

       (b)  (i) that is not located on premises owned, leased or rented by such
            Borrower and set forth in Disclosure Schedule (3.2), or (ii)
            following thirty (30) days after the Closing Date, is stored at a
            leased location in respect of which Agent has requested a landlord
            waiver, unless a reasonably satisfactory landlord waiver has been
            delivered to Agent, PROVIDED that Agent may, following thirty (30)
            days after the Closing Date, treat any such Parts and Tools
            Inventory at any such location as Eligible Parts and Tools Inventory
            and, in lieu of imposing the exclusionary criterion in this
            paragraph (b) to such Parts and Tools Inventory, impose a Reserve
            (without duplicating any Reserve established for other eligible
            collateral at such location as a consequence of the failure to
            obtain such landlord's waiver) in an amount not less than six
            month's rent for all Parts and Tools Inventory stored at such
            location in respect of which such a landlord waiver has not been
            delivered, or (iii) is stored with a bailee or warehouseman unless a
            reasonably satisfactory, acknowledged bailee letter has been
            received by Agent and Reserves reasonably satisfactory to Agent have
            been established with respect thereto, or (iv) is located at an
            owned location subject to a mortgage in favor of a lender other than
            Agent unless a reasonably satisfactory mortgagee waiver requested by
            Agent has been delivered to Agent, or (v) is located at any site if
            the aggregate book value of Parts and Tools Inventory at any such
            location is less than $25,000;

                                       18
<Page>

       (c)  that is placed on consignment or is in transit;

       (d)  that is covered by a negotiable document of title, unless such
            document has been delivered to Agent with all necessary
            endorsements, free and clear of all Liens except those in favor of
            Agent and Lenders;

       (e)  that is excess, obsolete, unsalable or damaged;

       (f)  that consists of display items or packing or shipping materials,
            manufacturing supplies or work-in-process Inventory;

       (g)  that is not held for sale in the ordinary course of such Borrower's
            business;

       (h)  that is not subject to a first priority Lien in favor of Agent on
            behalf of itself and Lenders;

       (i)  as to which any of the representations or warranties pertaining to
            Parts and Tools Inventory set forth in the Loan Documents are
            untrue;

       (j)  that consists of Hazardous Materials or goods that can be
            transported or sold only with licenses that are not readily
            available;

       (k)  that is not covered by casualty insurance as to which Agent is
            listed as loss payee in accordance with Section 5.4(c); or

       (l)  that is otherwise unacceptable to Agent in its reasonable credit
            judgment.

1.7A   Eligible Equipment Inventory

       All of the Equipment Inventory owned by any Borrower and reflected in the
       most recent Borrowing Base Certificate delivered by such Borrower to
       Agent shall be "ELIGIBLE EQUIPMENT INVENTORY" for purposes of this
       Agreement, except any Equipment Inventory to which any of the
       exclusionary criteria set forth below applies. In addition, Agent
       reserves the right, at any time and from time to time after the Closing
       Date, to adjust any of the criteria set forth below, to establish new
       criteria and to adjust advance rates with respect to Eligible Equipment
       Inventory in its reasonable credit judgment; PROVIDED, that (i) any
       increase of any advance rate above its Original Advance Rate is subject
       to the approval of all Lenders and (ii) any adjustment by Agent to any
       criterion set forth below that results in such criterion being less
       restrictive than as in effect on the Closing Date shall be subject to
       approval of Requisite Lenders. Eligible Equipment Inventory shall not
       include any Equipment Inventory of any Borrower:

       (a)  that is not owned by such Borrower free and clear of all Liens and
            rights of any other person (including the rights of a purchaser that
            has made progress payments and the rights of a surety that has
            issued a bond to assure such Borrower's performance with respect to
            that Equipment Inventory), except the Liens in favor of Agent, on
            behalf of itself and Lenders, and Collateral Agent, on behalf of the
            holders of Senior Notes, and the

                                       19
<Page>

            rights of a lessee pursuant to any permitted lease of such Equipment
            Inventory or Permitted Encumbrances;

       (b)  that (i) is not located on premises owned, leased or rented by such
            Borrower and set forth in Disclosure Schedule (3.2), or (ii)
            following thirty (30) days after the Closing Date, is stored at a
            leased location in respect of which Agent has requested a landlord
            waiver, unless a reasonably satisfactory landlord waiver has been
            delivered to Agent, PROVIDED that Agent may, following thirty (30)
            days after the Closing Date, treat any such Equipment Inventory
            stored at any such location as Eligible Equipment Inventory and, in
            lieu of imposing the exclusionary criterion in this paragraph (b) to
            such Equipment Inventory, impose a Reserve (without duplicating any
            Reserve established for other eligible collateral at such location
            as a consequence of the failure to obtain such landlord's waiver) in
            an amount not less than six month's rent for all Equipment Inventory
            stored at such location in respect of which such a landlord waiver
            has not been delivered, or (iii) is stored with a bailee or
            warehouseman unless a reasonably satisfactory, acknowledged bailee
            letter has been received by Agent and Reserves reasonably
            satisfactory to Agent have been established with respect thereto, or
            (iv) is located at an owned location subject to a mortgage in favor
            of a lender other than Agent unless a reasonably satisfactory
            mortgagee waiver requested by Agent has been delivered to Agent, or
            (v) is leased to a lessee other than pursuant to a lease entered
            into in the ordinary course of business of such Equipment Inventory
            and is located at a site that is in the United States or Canada
            (excluding the provinces of Newfoundland, the Northwest Territories
            and the Territory of Nunavit);

       (c)  that is placed on consignment;

       (d)  that is covered by a negotiable document of title or a certificate
            of title unless such negotiable document has been delivered to Agent
            with all necessary endorsements free and clear of all Liens except
            those in favor of Agent and Lenders, or where it is required to
            perfect the security interest of Agent in the Equipment Inventory
            such certificate of title has been noted in such certificate of
            title in accordance with applicable law;

       (e)  that is obsolete, unsalable or damaged beyond repair;

       (f)  that is not held for sale or lease in the ordinary course of such
            Borrower's business;

       (g)  that is not subject to a first priority Lien in favor of Agent on
            behalf of itself and Lenders;

       (h)  as to which any of the representations or warranties pertaining to
            Equipment Inventory set forth in the Loan Documents are untrue;

       (i)  that is not covered by casualty insurance as to which Agent is
            listed as loss payee in accordance with Section 5.4(c); or

       (j)  that is otherwise unacceptable to Agent in its reasonable credit
            judgment.

                                       20
<Page>

1.8    Cash Management Systems

       On or prior to the Closing Date, each Borrower will establish and will
       maintain until the Termination Date, the cash management systems
       described in Annex C (the "CASH MANAGEMENT SYSTEMS").

1.9    Fees

       (a)  Borrowers shall pay to GE Capital, individually, the Fees specified
            in that certain fee letter of even date herewith among Borrowers and
            GE Capital (the "GE CAPITAL FEE LETTER"), at the times specified for
            payment therein which shall include the annual Administrative
            Agent's fee, which will be due and payable on the Closing Date and
            on each anniversary thereof.

       (b)  As additional compensation for the Revolving Lenders, Borrowers
            agree to pay to Agent, for the ratable benefit of such Lenders, in
            arrears, on the first Business Day of each month prior to the
            Commitment Termination Date and on the Commitment Termination Date,
            a Fee for Borrowers' non-use of available funds in an amount equal
            to the Applicable Unused Line Fee Margin per annum (calculated on
            the basis of a 360 day year for actual days elapsed) multiplied by
            the difference between (x) the Maximum Amount (as it may be reduced
            from time to time) and (y) the average for the period of the daily
            closing balances of the aggregate Revolving Loan and the Swing Line
            Loan outstanding during the period for which such Fee is due.

       (c)  As additional compensation for the Agent, Borrowers agrees to pay to
            the L/C Issuer with respect to any Letter of Credit, at the time
            such Letter of Credit is issued or extended, a fronting fee in an
            amount equal to one quarter of one percent (0.25%) of the face
            amount of such Letter of Credit.

       (d)  Borrowers shall pay to Agent, for the ratable benefit of Revolving
            Lenders, the Letter of Credit Fee as provided in Annex B.

       (e)  In addition, and in addition to the costs of Equipment Inventory
            Appraisals, P&E Appraisals and Inspections, Borrowers agree to pay
            to Agent, which are due and payable as incurred, all out of pocket
            costs (including reasonable fees and expenses) paid by Agent to
            third party auditors, or a fee of $700 per audit day per in-house
            auditor, plus out of pocket expenses; PROVIDED, that Borrowers only
            agree to pay such costs and expenses in relation to (unless an Event
            of Default has occurred and is continuing) not more than four (4)
            audits in the first twelve months following the Closing Date and not
            more than three (3) audits in any subsequent year (each such audit
            to be conducted, while no Event of Default is continuing, during an
            Inspection).

                                       21
<Page>

1.10   Receipt of Payments

       Borrowers shall make each payment under this Agreement not later than
       2:00 p.m. (New York time) on the day when due in immediately available
       funds in Dollars to the Collection Account. For purposes of computing
       interest and Fees and determining Borrowing Availability as of any date,
       all payments shall be deemed received on the Business Day on which
       immediately available funds therefor are received in the Collection
       Account prior to 2:00 p.m. New York time. Payments received after 2:00
       p.m. New York time on any Business Day or on a day that is not a Business
       Day shall be deemed to have been received on the following Business Day.

1.11   Application and Allocation of Payments

       (a)  So long as no Event of Default has occurred and is continuing, (i)
            payments consisting of proceeds of Accounts received in the ordinary
            course of business shall be applied, first, to the Swing Line Loan
            and, second, to the Revolving Loan; (ii) voluntary prepayments shall
            be applied as determined by Borrower Representative, subject to the
            provisions of Section 1.3(a); and (iii) mandatory prepayments shall
            be applied as set forth in Section 1.3. As to any other payment, and
            as to all payments made when an Event of Default has occurred and is
            continuing or following the Commitment Termination Date, each
            Borrower hereby irrevocably waives the right to direct the
            application of any and all payments received from or on behalf of
            such Borrower, and each Borrower hereby irrevocably agrees that
            Agent shall have the continuing exclusive right to apply any and all
            such payments against the Obligations as Agent may deem advisable
            notwithstanding any previous entry by Agent in the Loan Account or
            any other books and records. In the absence of a specific
            determination by Agent with respect thereto, payments from any
            Borrower shall be applied to amounts then due and payable in the
            following order: FIRST, to Fees and reimbursable expenses then due
            and payable to Agent pursuant to any of the Loan Documents; SECOND,
            to Fees and any other fees and reimbursable expenses of Lenders then
            due and payable to Lenders pursuant to any of the Loan Documents;
            THIRD, to interest then due and payable on the Swing Line Loan;
            FOURTH, to the principal balance of the Swing Line Loan until the
            same has been repaid in full; FIFTH, to interest then due and
            payable on the Revolving Credit Advances; SIXTH, to the outstanding
            principal balance of the Revolving Credit Advances until the same
            has been paid in full; SEVENTH, to any Letter of Credit Obligations,
            to provide cash collateral therefor in the manner set forth in Annex
            B; and LAST to all other Obligations not described in clauses FIRST
            through SEVENTH, PRO RATA to the Agent and Lenders. Notwithstanding
            the foregoing, if, at the time of any application of any such
            payment the Commitment Termination Date has occurred, amounts then
            due under Hedging Agreements from any Borrower shall share (i) on a
            PRO RATA basis in applications referred to in clauses SIXTH and
            SEVENTH, until all Revolving Credit Advances have been paid in full,
            all Letter of Credit Obligations have been fully cash collateralized
            in the manner set forth in Annex B and all obligations of such
            Borrower under its Hedging Agreements have been paid in full.

                                       22
<Page>

       (b)  Agent is authorized to, and at its sole election may, charge to the
            Revolving Loan balance on behalf of each Borrower and cause to be
            paid all Fees, expenses, Charges, costs (including insurance
            premiums in accordance with Section 5.4(a)) and interest and
            principal, other than principal of the Revolving Credit Advances,
            due and owing by Borrowers under this Agreement or any of the other
            Loan Documents if and to the extent Borrowers fail to pay promptly
            any such amounts as and when due, even if the amount of such charges
            would exceed Borrowing Availability at such time or would cause the
            aggregate balance of the Revolving Loan and the Swing Line Loan of
            any Borrower to exceed such Borrower's separate Borrowing Base after
            giving effect to such charges. At Agent's option and to the extent
            permitted by law, any charges so made shall constitute part of the
            Revolving Loan hereunder.

1.12   Loan Account and Accounting

       Agent, as agent of each Borrower solely for purposes of this Section
       1.12, shall maintain and update from time to time a loan account (the
       "LOAN ACCOUNT") on its books to record: (a) all Advances, including
       principal thereof and interest thereon, (b) all payments made by
       Borrowers and other Credit Parties, and (c) all other debits and credits
       as provided in this Agreement with respect to the Loans or any other
       Obligations. All entries in the Loan Account shall be made in accordance
       with Agent's customary accounting practices as in effect from time to
       time. The balance in the Loan Account, as recorded on Agent's most recent
       printout or other written statement, shall, absent manifest error, be
       presumptive evidence of the amounts due and owing to Agent and Lenders by
       each Borrower; PROVIDED, that any failure to so record or any error in so
       recording shall not limit or otherwise affect any Borrower's duty to pay
       the Obligations. Agent shall render to Borrower Representative a monthly
       accounting of transactions with respect to the Loans setting forth the
       balance of the Loan Account (including the principal of each Advance and
       interest thereon) as to each Borrower for the immediately preceding
       month. Unless Borrower Representative notifies Agent in writing of any
       objection to any such accounting (specifically describing the basis for
       such objection), within thirty (30) days after the date thereof, each and
       every such accounting shall (absent manifest error) be deemed final,
       binding and conclusive on Borrowers in all respects as to all matters
       reflected therein. Only those items expressly objected to in such notice
       shall be deemed to be disputed by Borrowers.

1.13   Indemnity

       (a)  Each Credit Party shall jointly and severally indemnify and hold
            harmless each of Agent, Arranger, Lenders and their respective
            Affiliates, and each such Person's respective officers, directors,
            employees, attorneys, agents and representatives (each, an
            "INDEMNIFIED PERSON"), from and against any and all suits, actions,
            proceedings, claims, damages, losses, liabilities and expenses
            (including reasonable attorneys' fees and disbursements and other
            costs of investigation or defense, including those incurred upon any
            appeal) that may be instituted or asserted against or incurred by
            any such Indemnified Person as the result of credit having been
            extended, suspended or terminated under this Agreement and the other
            Loan Documents and the administration of such credit, and in

                                       23
<Page>

            connection with or arising out of the transactions contemplated
            hereunder and thereunder and any actions or failures to act in
            connection therewith, including any and all Environmental
            Liabilities and legal costs and expenses arising out of or incurred
            in connection with disputes between or among any parties to any of
            the Loan Documents (collectively, "INDEMNIFIED LIABILITIES");
            PROVIDED, that no Credit Party shall be liable for any
            indemnification to an Indemnified Person to the extent that any such
            suit, action, proceeding, claim, damage, loss, liability or expense
            results solely from that Indemnified Person's gross negligence or
            willful misconduct. NO INDEMNIFIED PERSON SHALL BE RESPONSIBLE OR
            LIABLE TO ANY OTHER PARTY TO ANY LOAN DOCUMENT, ANY SUCCESSOR,
            ASSIGNEE OR THIRD PARTY BENEFICIARY OF SUCH PERSON OR ANY OTHER
            PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR
            INDIRECT, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES WHICH MAY BE
            ALLEGED AS A RESULT OF CREDIT HAVING BEEN EXTENDED, SUSPENDED OR
            TERMINATED UNDER ANY LOAN DOCUMENT OR AS A RESULT OF ANY OTHER
            TRANSACTION CONTEMPLATED HEREUNDER OR THEREUNDER.

       (b)  To induce Lenders to provide the LIBOR Rate option on the terms
            provided herein, if (i) any LIBOR Loans are repaid in whole or in
            part prior to the last day of any applicable LIBOR Period (whether
            that repayment is made pursuant to any provision of this Agreement
            or any other Loan Document or occurs as a the result of
            acceleration, by operation of law or otherwise), subject to Section
            1.3(b)(iv); (ii) any Borrower shall default in payment when due of
            the principal amount of or interest on any LIBOR Loan; (iii) any
            Borrower shall refuse to accept any borrowing of, or shall request a
            termination of, any borrowing of, conversion into or continuation
            of, LIBOR Loans after Borrower has given notice requesting the same
            in accordance herewith; or (iv) any Borrower shall fail to make any
            prepayment of a LIBOR Loan after Borrower has given a notice thereof
            in accordance herewith, then Borrowers shall jointly and severally
            indemnify and hold harmless each Lender from and against all losses,
            costs and expenses resulting from or arising from any of the
            foregoing. Such indemnification shall include any loss (including
            loss of margin) or expense arising from the reemployment of funds
            obtained by it or from fees payable to terminate deposits from which
            such funds were obtained. For the purpose of calculating amounts
            payable to a Lender under this subsection, each Lender shall be
            deemed to have actually funded its relevant LIBOR Loan through the
            purchase of a deposit bearing interest at the LIBOR Rate in an
            amount equal to the amount of that LIBOR Loan and having a maturity
            comparable to the relevant LIBOR Period; PROVIDED, that each Lender
            may fund each of its LIBOR Loans in any manner it sees fit, and the
            foregoing assumption shall be utilized only for the calculation of
            amounts payable under this subsection. This covenant shall survive
            the termination of this Agreement and the payment of the Notes and
            all other amounts payable hereunder. As promptly as practicable
            under the circumstances, each Lender shall provide the applicable
            Borrower with its written calculation of all amounts payable
            pursuant to this Section 1.13(b), and such calculation shall be
            binding on the parties hereto unless Borrower Representative

                                       24
<Page>

            shall object in writing within 10 Business Days of receipt thereof,
            specifying the basis for such objection in detail.

1.14   Access

       Each Credit Party shall, during normal business hours, from time to time
       upon reasonable advance notice as frequently as Agent reasonably
       determines to be appropriate: (a) provide Agent and any of its officers,
       employees and agents access to its properties, facilities, advisors and
       employees (including officers) of such Credit Party and to the
       Collateral, (b) permit Agent, and any of its officers, employees and
       agents, to inspect, audit and make extracts from such Credit Party's
       books and records, and (c) permit Agent, and its officers, employees and
       agents, to inspect, review, evaluate and make test verifications and
       counts of the Accounts, Inventory and other Collateral of such Credit
       Party (clauses (a), (b) and (c) collectively, "INSPECTIONS"). Borrower
       agrees to pay to Agent, which are due and payable as incurred, all out of
       pocket costs (including fees and expenses) incurred by Agent in relation
       to any Inspections; PROVIDED, that in addition to paying for Equipment
       Inventory Appraisals and P&E Appraisals, Borrowers only agree to pay such
       costs and expenses in relation to (unless an Event of Default has
       occurred and is continuing) not more than four (4) Inspections in the
       first twelve months following the Closing Date and not more than three
       (3) Inspections in any subsequent year. If an Event of Default has
       occurred and is continuing or if action is necessary to preserve or
       protect the Collateral as determined by Agent, each Credit Party shall
       provide such access to Agent and to each Lender at all times and without
       advance notice. Furthermore, so long as any Event of Default has occurred
       and is continuing, each Borrower shall provide Agent and each Lender with
       access to its suppliers and customers. Each Credit Party shall make
       available to Agent and its counsel, as quickly as is possible under the
       circumstances, originals or copies of all books and records that Agent
       may reasonably request. Each Credit Party shall deliver any document or
       instrument necessary for Agent, as it may from time to time reasonably
       request, to obtain records from any service bureau or other Person that
       maintains records for such Credit Party, and shall maintain duplicate
       records or supporting documentation on media consistent with reasonable
       commercial standards, including computer tapes and discs owned by such
       Credit Party. Agent will give Lenders at least five (5) days' prior
       written notice of regularly scheduled Inspections. Representatives of
       other Lenders may accompany Agent's representatives on regularly
       scheduled audits at no charge to any Credit Party.

1.15   Taxes

       (a)  Any and all payments by each Credit Party hereunder (including any
            payments made pursuant to Section 12) or under the Notes shall be
            made, in accordance with this Section 1.15, free and clear of and
            without deduction for any and all present or future Taxes, unless
            required by law. If any Credit Party shall be required by law to
            deduct any Taxes from or in respect of any sum payable hereunder
            (including any sum payable pursuant to Section 12) or under the
            Notes, (i) the sum payable shall be increased as much as shall be
            necessary so that after making all required deductions (including
            deductions applicable to additional sums payable under this Section
            1.15) Agent or

                                       25
<Page>

            Lenders, as applicable, receive an amount equal to the sum they
            would have received had no such deductions been made, (ii) such
            Credit Party shall make such deductions, and (iii) such Credit Party
            shall pay the full amount deducted to the relevant taxing or other
            authority in accordance with applicable law. Within thirty (30) days
            after the date of any payment of Taxes, Borrower Representative
            shall furnish to Agent the original or a certified copy of a receipt
            evidencing payment thereof. Agent and Lenders shall not be obligated
            to return or refund any amounts received pursuant to this Section,
            except that in the event a Lender or Agent receives a refund of, or
            credit with respect to, any Taxes paid (directly or indirectly) by a
            Credit Party pursuant to Section 1.15(a) or Section 1.15(b), such
            Lender or Agent, as applicable, shall pay the amount of such refund
            or credit to such Credit Party within thirty (30) days of receipt of
            such refund or application of such credit; PROVIDED that the
            calculation of such refund or credit shall be determined solely by
            such Lender or Agent, as applicable.

       (b)  Each Credit Party shall jointly and severally indemnify and, within
            ten (10) days of demand therefor, pay Agent and each Lender for the
            full amount of Taxes (including any Taxes imposed by any
            jurisdiction on amounts payable under this Section 1.15) paid by
            Agent or such Lender, as appropriate, and any liability (including
            penalties and interest, neither of which are the result of gross
            negligence by Agent or such Lender, and reasonable expenses) arising
            therefrom or with respect thereto.

       (c)  Each Lender organized under the laws of a jurisdiction outside the
            United States (a "FOREIGN LENDER") as to which payments to be made
            under this Agreement or under the Notes are exempt from United
            States withholding tax under an applicable statute or tax treaty
            shall provide to Borrower Representative and Agent, at the time such
            Foreign Lender becomes a party to this Agreement, a properly
            completed and executed IRS Form W-8ECI or Form W-8BEN or other
            applicable form, certificate or document prescribed by the IRS or
            the United States certifying as to such Foreign Lender's entitlement
            to such exemption (a "CERTIFICATE OF EXEMPTION"). Any foreign Person
            that seeks to become a Lender under this Agreement shall provide a
            Certificate of Exemption to Borrower Representative and Agent prior
            to becoming a Lender hereunder, and each Foreign Lender shall
            complete all further documentation reasonably requested by Borrower
            Representative or the Agent required to establish and maintain such
            withholding exemption. No foreign Person may become a Lender
            hereunder if such Person fails to deliver a Certificate of Exemption
            in advance of becoming a Lender.

1.16   Capital Adequacy; Increased Costs; Illegality

       (a)  If any Lender shall have determined in good faith that any law,
            treaty, governmental (or quasi-governmental) rule, regulation,
            guideline or order regarding capital adequacy, reserve requirements
            or similar requirements or compliance by any Lender with any request
            or directive regarding capital adequacy, reserve requirements or
            similar requirements (whether or not having the force of law), in
            each case adopted after the Closing Date, from any central bank or
            other Governmental Authority increases or would

                                       26
<Page>

            have the effect of increasing the amount of capital, reserves or
            other funds required to be maintained by such Lender and thereby
            reducing the rate of return on such Lender's capital as a
            consequence of its obligations hereunder, then Borrowers shall from
            time to time upon written demand by such Lender (with a copy of such
            demand to Agent) pay to Agent, for the account of such Lender,
            additional amounts sufficient to compensate such Lender for such
            reduction. A certificate as to the amount of that reduction and
            showing the basis of the computation thereof submitted by such
            Lender to Borrower Representative and to Agent shall, absent
            manifest error, be final, conclusive and binding for all purposes.

       (b)  If, due to either (i) the introduction of or any change in any law
            or regulation (or any change in the interpretation thereof) or (ii)
            the compliance with any guideline or request from any central bank
            or other Governmental Authority (whether or not having the force of
            law), in each case adopted after the Closing Date, there shall be
            any increase in the cost to any Lender of agreeing to make or
            making, funding or maintaining any Loan (excluding for purposes of
            this Section 1.16(b) Taxes, as to which Section 1.15 shall govern),
            then Borrowers shall from time to time, upon written demand by such
            Lender (with a copy of such demand to Agent), pay to Agent for the
            account of such Lender additional amounts sufficient to compensate
            such Lender for such increased cost. A certificate as to the amount
            of such increased cost, submitted to Borrower Representative and to
            Agent by such Lender, shall be conclusive and binding on Borrowers
            for all purposes, absent manifest error. Each Lender agrees that, as
            promptly as practicable after it becomes aware of any circumstances
            referred to above which would result in any such increased cost, the
            affected Lender shall, to the extent not inconsistent with such
            Lender's internal policies of general application, use reasonable
            commercial efforts to minimize costs and expenses incurred by it and
            payable to it by Borrowers pursuant to this Section 1.16(b).

       (c)  Notwithstanding anything to the contrary contained herein, if the
            introduction of or any change in any law or regulation (or any
            change in the interpretation thereof) shall make it unlawful, or any
            central bank or other Governmental Authority shall assert that it is
            unlawful, for any Lender to agree to make or to make or to continue
            to fund or maintain any LIBOR Loan, then, unless that Lender is able
            to make or to continue to fund or to maintain such LIBOR Loan at
            another branch or office of that Lender without, in that Lender's
            good faith opinion, adversely affecting it or its Loans or the
            income obtained therefrom, on written notice thereof and written
            demand therefor by such Lender to Borrower Representative through
            Agent, (i) the obligation of such Lender to agree to make or to make
            or to continue to fund or maintain LIBOR Loans shall terminate and
            (ii) each Borrower shall forthwith prepay in full all outstanding
            LIBOR Loans owing by such Borrower to such Lender, together with
            interest accrued thereon, unless such Borrower, within five (5)
            Business Days after the delivery of such notice and demand, converts
            all LIBOR Loans into Index Rate Loans.

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       (d)  Within fifteen (15) days after receipt by Borrower Representative of
            written notice and demand from any Lender (an "AFFECTED LENDER") for
            payment of additional amounts, increased costs or reserve costs as
            provided in Section 1.15(a), 1.15(b), 1.16(a), 1.16(b) or 1.16(c),
            Borrower Representative may, at its option, notify Agent and such
            Affected Lender of its intention to replace the Affected Lender. So
            long as no Default or Event of Default has occurred and is
            continuing, Borrower Representative, with the consent of Agent not
            to be unreasonably withheld, may obtain, at Borrowers' expense, a
            replacement Lender ("REPLACEMENT LENDER") for the Affected Lender,
            which Replacement Lender must be reasonably satisfactory to Agent.
            If Borrower Representative obtains a Replacement Lender within
            ninety (90) days following notice of its intention to do so, the
            Affected Lender must sell and assign (in accordance with the
            register requirements for assignments in Section 9.1) its Loans and
            Commitments to such Replacement Lender for an amount equal to the
            principal balance of all Loans held by the Affected Lender and all
            accrued interest and Fees with respect thereto through the date of
            such sale, PROVIDED, that Borrowers shall have reimbursed such
            Affected Lender for the additional amounts or increased costs that
            it is entitled to receive under this Agreement through the date of
            such sale and assignment. Notwithstanding the foregoing, Borrowers
            shall not have the right to obtain a Replacement Lender if the
            Affected Lender rescinds its demand for increased costs or
            additional amounts within fifteen (15) days following its receipt of
            Borrower Representative's notice of intention to replace such
            Affected Lender. Furthermore, if Borrower Representative gives a
            notice of intention to replace and does not so replace such Affected
            Lender within ninety (90) days thereafter, Borrowers' rights under
            this Section 1.16(d) shall terminate and Borrowers shall promptly
            pay all increased costs or additional amounts demanded by such
            Affected Lender pursuant to Sections 1.15(a), 1.16(a) and 1.16(b).

       (e)  Notwithstanding the provisions of Section 1.16(a) and (b), if any
            Lender fails to notify Borrower Representative of any event or
            circumstance which will entitle such Lender to compensation pursuant
            to Section 1.16(a) or (b) within 180 days after such Lender becomes
            aware of such event or occurrence, then such Lender shall not be
            entitled to compensation from Borrowers for any amount arising prior
            to the date which is 180 days before the date of such notice to
            Borrower Representative.

1.17   Single Loan

       All Loans to each Borrower and all of the other Obligations of each
       Borrower arising under this Agreement and the other Loan Documents shall
       constitute one general obligation of that Borrower secured, until the
       Termination Date, by all of the Collateral.

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2.     CONDITIONS PRECEDENT

2.1    Conditions to the Initial Loans

       No Lender shall be obligated to make any Loan to, or incur any Letter of
       Credit Obligations on the Closing Date, or to take, fulfill or perform
       any other action hereunder, until the following conditions have been
       satisfied or provided for in a manner satisfactory to Agent, or waived in
       writing by Agent and Lenders:

       (a)  Credit Agreement; Loan Documents

            This Agreement or counterparts hereof shall have been duly executed
            by, and delivered to, each Credit Party, Agent and Lenders; and
            Agent shall have received such documents, instruments, agreements
            and legal opinions as Agent shall reasonably request in connection
            with the transactions contemplated by this Agreement and the other
            Loan Documents, including all those listed in the Closing Checklist
            attached hereto as Annex D, each in form and substance reasonably
            satisfactory to Agent.

       (b)  Repayment of Prior Obligations; Satisfaction of Outstanding L/Cs

            (i)    Agent shall have received fully executed originals of pay-off
                   letters reasonably satisfactory to Agent confirming that all
                   of the Prior Obligations will be repaid in full from the
                   proceeds of the initial Revolving Credit Advance and all
                   Liens upon any of the property of Borrowers or any of their
                   Subsidiaries in favor of any Prior Lender shall be terminated
                   by such Prior Lender immediately upon such payment; and

            (ii)   all letters of credit issued or guaranteed by such Prior
                   Lender shall have been terminated, cash collateralized,
                   supported by a guaranty of Agent or supported by a Letter of
                   Credit issued pursuant to Annex B, as mutually agreed upon by
                   Agent, Borrowers and such Prior Lender.

       (c)  Approvals

            Agent shall have received (i) reasonably satisfactory evidence that
            each Credit Party has obtained all required consents and approvals
            of all Persons including all requisite Governmental Authorities, to
            the execution, delivery and performance of this Agreement and the
            other Loan Documents and the consummation of the Related
            Transactions or (ii) a certificate of an Authorized Officer in form
            and substance reasonably satisfactory to Agent affirming that no
            such consents or approvals are required.

       (d)  Opening Availability

            The Eligible Accounts, Eligible Rentals, Eligible Parts and Tools
            Inventory, Eligible Rolling Stock and Eligible Equipment Inventory
            supporting the initial Revolving Credit Advance and the initial
            Letter of Credit Obligations incurred and the amount of the

                                       29
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            Reserves to be established on the Closing Date shall be sufficient
            in value, as determined by Agent, to provide Borrowers,
            collectively, with Borrowing Availability, after giving effect to
            the initial Revolving Credit Advance made to each Borrower, the
            incurrence of any initial Letter of Credit Obligations and the
            consummation of the Related Transactions (on a PRO FORMA basis, with
            trade payables being paid currently, and expenses and liabilities
            being paid in the ordinary course of business and without
            acceleration of sales) of at least $50,000,000.

       (e)  Payment of Fees

            Borrowers shall have paid the Fees required to be paid on the
            Closing Date in the respective amounts specified in Section 1.9
            (including the Fees specified in the GE Capital Fee Letter), and
            shall have reimbursed Agent for all fees, costs and expenses of
            closing presented as of the Closing Date in accordance with Section
            11.3.

       (f)  Capital Structure: Other Indebtedness

            The organizational documents, terms of equity interests, capital
            structure of each Credit Party and the terms and conditions of all
            Indebtedness of each Credit Party shall be reasonably acceptable to
            Agent.

       (g)  Due Diligence

            Agent shall have completed its business and legal due diligence with
            results reasonably satisfactory to Agent.

       (h)  Funding of Senior Debt

            Agent shall have received (i) evidence satisfactory to it that
            Borrowers shall have received not less than (x) $200,000,000 (less
            discounts and commissions) in cash in consideration of the issuance
            of Senior Notes pursuant to the Senior Note Indenture and (y)
            $50,000,000 (less discounts and commissions) in cash in
            consideration of the issuance of Senior Subordinated Notes pursuant
            to the Senior Subordinated Note Indenture, (ii) fully executed
            copies of the Senior Note Indenture and Senior Subordinated Note
            Indenture in form and substance reasonably satisfactory to it and
            (iii) the Intercreditor Agreement, executed and delivered on behalf
            of the Collateral Agent.

       (i)  Consummation of Related Transactions

            Agent shall have received fully executed copies of the Contribution
            Agreement and Plan of Reorganization and each of the other Related
            Transactions Documents, each of which shall be in form and substance
            reasonably satisfactory to Agent and its counsel. The Mergers and
            the other Related Transactions shall have been consummated in
            accordance with the terms of the Contribution Agreement and Plan of
            Reorganization and the other Related Transaction Documents.

                                       30
<Page>

2.2    Further Conditions to Each Loan

       Except as otherwise expressly provided herein, no Lender shall be
       obligated to fund any Advance, convert or continue any Loan as a LIBOR
       Loan or incur any Letter of Credit Obligation, if, as of the date
       thereof:

       (a)  (i) any representation or warranty by any Credit Party contained
            herein or in any other Loan Document is untrue or incorrect as of
            such date in any material respect, except to the extent that such
            representation or warranty expressly relates to an earlier date and
            except for changes therein expressly permitted or expressly
            contemplated by this Agreement and (ii) Agent or Requisite Lenders
            have determined not to make such Advance, convert or continue any
            Loan as a LIBOR Loan or incur such Letter of Credit Obligation as a
            result of the fact that such warranty or representation is untrue or
            incorrect; or

       (b)  (i) any event or circumstance having a Material Adverse Effect has
            occurred since the date hereof as determined by the Requisite
            Lenders and (ii) Agent or Requisite Lenders have determined not to
            make such Advance, convert or continue any Loan as a LIBOR Loan or
            incur such Letter of Credit Obligation as a result of the fact that
            such event or circumstance has occurred; or

       (c)  (i) any Default or Event of Default has occurred and is continuing
            or would result after giving effect to any Advance (or the
            incurrence of any Letter of Credit Obligation), and (ii) Agent or
            Requisite Lenders shall have determined not to make any Advance,
            convert or continue any Loan as a LIBOR Loan or incur any Letter of
            Credit Obligation as a result of such Default or Event of Default;
            or

       (d)  after giving effect to any Advance (or the incurrence of any Letter
            of Credit Obligations), (i) the outstanding principal amount of the
            aggregate Revolving Loan would exceed the lesser of the Aggregate
            Borrowing Base and the Maximum Amount, in each case, LESS the
            aggregate outstanding Swing Line Loan at such time, or (ii) the
            outstanding principal amount of the Revolving Loan to the applicable
            Borrower would exceed such Borrower's separate Borrowing Base LESS
            the aggregate outstanding Swing Line Loan at such time, to that
            Borrower; or

       (e)  after giving effect to any Swing Line Advance, the outstanding
            principal amount of the Swing Line Loan would exceed Swing Line
            Availability.

       The request and acceptance by any Borrower of the proceeds of any
       Advance, the incurrence of any Letter of Credit Obligations or the
       conversion or continuation of any Loan into, or as, a LIBOR Loan, shall
       be deemed to constitute, as of the date thereof, (i) a representation and
       warranty by such Borrower that the conditions in this Section 2.2 have
       been satisfied and (ii) a reaffirmation by such Borrower of the
       cross-guaranty provisions set forth in Section 12 and of the granting and
       continuance of Agent's Liens, on behalf of itself and Lenders, pursuant
       to the Collateral Documents.

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3.     REPRESENTATIONS AND WARRANTIES

       To induce Lenders to make the Loans and to incur Letter of Credit
       Obligations, each Credit Party, jointly and severally, makes the
       following representations and warranties to Agent and each Lender, with
       respect to all Credit Parties, each and all of which shall survive the
       execution and delivery of this Agreement.

3.1    Corporate or Limited Liability Company Existence; Compliance with Law

       Each Credit Party (a) is a limited liability company or corporation, as
       applicable, duly organized, validly existing and in good standing under
       the laws of its respective jurisdiction of organization or incorporation
       set forth in Disclosure Schedule (3.1); (b) is duly qualified to conduct
       business and is in good standing in each other jurisdiction where its
       ownership or lease of property or the conduct of its business requires
       such qualification, except where the failure to be so qualified would not
       result in exposure to losses, damages or liabilities in excess of
       $50,000; (c) has the requisite corporate or limited liability company, as
       applicable, power and authority and the legal right to own, pledge,
       mortgage or otherwise encumber and operate its properties, to lease the
       property it operates under lease and to conduct its business as is now,
       heretofore and is proposed to be conducted; (d) has all material
       licenses, permits, consents or approvals from or by, and has made all
       material filings with, and has given all material notices to, all
       Governmental Authorities having jurisdiction, to the extent required for
       such ownership, operation and conduct; (e) is in compliance with its
       charter and bylaws or certificate of formation and operating agreement,
       as applicable; and (f) subject to specific representations set forth
       herein regarding ERISA, Environmental Laws, tax and other laws, is in
       compliance with all applicable provisions of law; except in the case of
       clauses (b), (d) and (f) of this Section 3.1, where the failure to
       comply, individually or in the aggregate, could not reasonably be
       expected to have a Material Adverse Effect.

3.2    Executive Offices; Collateral Locations; FEIN

       As of the Closing Date, the current location of each Credit Party's chief
       executive office and the warehouses and premises at which any Collateral
       is located are set forth in Disclosure Schedule (3.2), and none of such
       locations has changed within the 12 months preceding the Closing Date. In
       addition, Disclosure Schedule (3.2) lists the jurisdiction of
       organization, organizational identification number, if any, and federal
       employer identification number of each Credit Party.

3.3    Corporate or Limited Liability Company Power, Authorization, Enforceable
       Obligations

       The execution, delivery and performance by each Credit Party of the Loan
       Documents to which it is a party and the creation of all Liens provided
       for therein: (a) are within such Credit Party's corporate or limited
       liability company, as applicable, power; (b) have been duly authorized by
       all necessary corporate, limited liability company, shareholder and
       member action, as applicable; (c) do not contravene any provision of such
       Credit Party's certificate of formation, operating agreement, charter or
       by-laws, as applicable; (d) do not violate any law or regulation, or any
       order

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<Page>

       or decree of any court or Governmental Authority; (e) do not conflict
       with or result in the breach or termination of, constitute a default
       under or accelerate or permit the acceleration of any performance
       required by, any indenture, mortgage, deed of trust, lease, agreement or
       other instrument to which such Credit Party is a party or by which such
       Credit Party or any of its property is bound that alone or in the
       aggregate could reasonably be expected to have a Material Adverse Effect;
       (f) do not result in the creation or imposition of any Lien upon any of
       the property of such Credit Party other than Permitted Encumbrances or
       those in favor of Agent, on behalf of itself and Lenders, pursuant to the
       Loan Documents; and (g) do not require the consent or approval of any
       Governmental Authority or any other Person, except those referred to in
       Section 2.1(c), all of which will have been duly obtained, made or
       complied with prior to the Closing Date. Each of the Loan Documents shall
       be duly executed and delivered by each Credit Party that is a party
       thereto and each such Loan Document shall constitute a legal, valid and
       binding obligation of such Credit Party enforceable against it in
       accordance with its terms, subject to any applicable bankruptcy,
       insolvency, moratorium or similar laws affecting creditors' rights
       generally and to general principles of equity.

3.4    Financial Statements and Projections

       Except for the Projections, the Fair Salable Balance Sheet and the
       Financial Statements referenced in items (a)(iii) and (a)(iv) below, all
       Financial Statements concerning any Credit Party and its Subsidiaries
       that are referred to below have been prepared in accordance with GAAP
       consistently applied throughout the periods covered (except as disclosed
       therein and except, with respect to unaudited Financial Statements, for
       the absence of footnotes and normal year-end audit adjustments) and
       present fairly in all material respects the financial position of the
       Persons covered thereby as at the dates thereof and the results of their
       operations and cash flows for the periods then ended.

       (a)  Financial Statements

            The following Financial Statements attached hereto as Disclosure
            Schedule (3.4(a)) have been delivered on the date hereof:

            (i)    The audited consolidated and consolidating balance sheets at
                   December 31, 2001 and the related statements of income and
                   cash flows of ICM and its Subsidiaries for the Fiscal Year
                   then ended certified by KPMG Peat Marwick LLP.

            (ii)   The audited consolidated and consolidating balance sheets as
                   of December 31, 2001 and the related statements of income and
                   cash flows of Gulf Wide and its Subsidiaries for the Fiscal
                   Year then ended, certified by KPMG Peat Marwick LLP.

            (iii)  The unaudited balance sheets as of March 31, 2002 and the
                   related statements of income and cash flows of ICM and its
                   Subsidiaries for the Fiscal Quarter then ended.

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            (iv)   The unaudited balance sheets as of March 31, 2002 and the
                   related statements of income and cash flows of Gulf Wide and
                   its Subsidiaries for the Fiscal Quarter then ended.

       (b)  Pro Forma

            The Pro Forma delivered on or prior to the date hereof and attached
            hereto as Disclosure Schedule (3.4(b)) was prepared by Borrowers
            giving PRO FORMA effect to the Related Transactions, was based on
            the unaudited consolidated and consolidating balance sheets of ICM
            and its Subsidiaries dated March 31, 2002, Head & Engquist Equipment
            and its Subsidiaries dated March 31, 2002 and Gulf Wide and its
            Subsidiaries dated March 31, 2002 and was prepared in accordance
            with GAAP, with only such adjustments thereto as would be required
            in accordance with GAAP.

       (c)  Projections

            The Projections delivered on or prior to the date hereof and
            attached hereto as Disclosure Schedule (3.4(c)) have been prepared
            by Borrowers in light of the past operations of their businesses,
            but including future payments of known contingent liabilities
            reflected on the Fair Salable Balance Sheet, and reflect projections
            for the five (5) year period beginning on January 1, 2002 on a
            quarter by quarter basis for the first year and on a year by year
            basis thereafter. The Projections are based upon estimates and
            assumptions stated therein, all of which Borrowers believe to be
            reasonable and fair in light of current conditions and current facts
            known to Borrowers and, as of the Closing Date, reflect Borrowers'
            good faith and reasonable estimates of the future financial
            performance of Borrowers and of the other information projected
            therein for the period set forth therein.

       (d)  Fair Salable Balance Sheet

            The Fair Salable Balance Sheet delivered on or prior to the date
            hereof and attached hereto as Disclosure Schedule (3.4(d)) was
            prepared by Borrowers on the same basis as the Projections, except
            that Borrowers' assets are set forth therein at their fair salable
            values on a going concern basis and the liabilities set forth
            therein include all contingent liabilities of Borrowers stated at
            the reasonably estimated present values thereof.

3.5    Material Adverse Effect

       Between December 31, 2001 and the Closing Date: (a) none of the Credit
       Parties has incurred any obligations, contingent or noncontingent
       liabilities, liabilities for Charges, long-term leases or unusual forward
       or long-term commitments that are not reflected in the Pro Forma and
       that, alone or in the aggregate, could reasonably be expected to have a
       Material Adverse Effect, (b) no contract, lease or other agreement or
       instrument has been entered into by any Credit Party or has become
       binding upon any Credit Party's assets and no law or regulation
       applicable to any Credit Party has been adopted that has had or could
       reasonably be expected to have a Material Adverse Effect, and (c) no
       Credit Party is in default and to the best of any Credit Party's
       knowledge no

                                       34
<Page>

       third party is in default under any material contract, lease or other
       agreement or instrument, that alone or in the aggregate could reasonably
       be expected to have a Material Adverse Effect. Between December 31, 2001
       and the Closing Date no event has occurred, that alone or together with
       other events, could reasonably be expected to have a Material Adverse
       Effect. For all purposes of this Section 3.5, the entering into of the
       Related Transaction Documents and the consummation of the Related
       Transactions shall be deemed not to have a Material Adverse Effect.

3.6    Ownership of Property; Liens

       (a)  As of the Closing Date, the real estate (together with any real
            property acquired by any Borrower or Guarantor after the Closing
            Date, "REAL ESTATE") designated as such and listed in Disclosure
            Schedule (3.6) constitutes all of the real property owned, leased,
            subleased, or operated by any Credit Party. Except as disclosed in
            Disclosure Schedule (3.6), each Credit Party owns good and
            marketable fee simple title to all of its owned Real Estate, and
            valid and marketable leasehold interests in all of its leased Real
            Estate, all as more particularly described on such schedule, and
            copies of all such leases or a summary of terms thereof reasonably
            satisfactory to Agent have been delivered to Agent. Disclosure
            Schedule (3.6) further describes any Real Estate with respect to
            which any Credit Party is a lessor, sublessor or assignor as of the
            Closing Date. Each Credit Party also has good and marketable title
            to, or valid leasehold interests in, all of its personal properties
            and assets, including, without limitation, those titled vehicles
            described in Disclosure Schedule (3.6) (the "TITLED VEHICLES"). As
            of the Closing Date, none of the properties and assets of any Credit
            Party are subject to any Liens other than Permitted Encumbrances,
            and there are no facts, circumstances or conditions known to any
            Credit Party that may result in any Liens (including Liens arising
            under Environmental Laws) other than Permitted Encumbrances. Except
            as described in Disclosure Schedule (3.6), each Credit Party has
            received all deeds, certificates of title, assignments, waivers,
            consents, nondisturbance and attornment or similar agreements, bills
            of sale and other documents, and has duly effected all recordings,
            filings and other actions necessary to establish, protect and
            perfect such Credit Party's right, title and interest in and to all
            such Real Estate and other properties and assets including, without
            limitation, the Titled Vehicles. Disclosure Schedule (3.6) also
            describes any purchase options, rights of first refusal or other
            similar contractual rights pertaining to any Real Estate. No portion
            of any Credit Party's Real Estate has suffered any material damage
            by fire or other casualty loss that has not heretofore been repaired
            and restored in all material respects to its original condition or
            otherwise remedied. All material permits required to have been
            issued or appropriate to enable the Real Estate to be lawfully
            occupied and used for all of the purposes for which it is currently
            occupied and used have been lawfully issued and are in full force
            and effect.

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3.7    Labor Matters

       As of the Closing Date (a) no strikes or other material labor disputes
       against any Credit Party are pending or, to any Credit Party's knowledge,
       threatened that could reasonably be expected to have a Material Adverse
       Effect; (b) hours worked by and payment made to employees of each Credit
       Party comply in all material respects with the Fair Labor Standards Act
       and each other federal, state, local or foreign law applicable to such
       matters; (c) all payments due from any Credit Party for employee health
       and welfare insurance have been paid or accrued as a liability on the
       books of such Credit Party; (d) except as set forth in Disclosure
       Schedule (3.7), no Credit Party is a party to or bound by any collective
       bargaining agreement, management agreement, consulting agreement,
       employment agreement, bonus, restricted stock, stock option, stock
       appreciation plan or agreement or any similar plan, agreement or
       arrangement (and true and complete copies of any agreements described in
       Disclosure Schedule (3.7) have been delivered to Agent); (e) except as
       set forth in Disclosure Schedule (3.7), there is no organizing activity
       involving any Credit Party pending or, to any Credit Party's knowledge,
       threatened by any labor union or group of employees; (f) except as set
       forth in Disclosure Schedule (3.7), there are no representation
       proceedings pending or, to any Credit Party's knowledge, threatened with
       the National Labor Relations Board, and no labor organization or group of
       employees of any Credit Party has made a pending demand for recognition;
       and (g) except as set forth in Disclosure Schedule (3.7), there are no
       complaints or charges against any Credit Party pending or, to the
       knowledge of any Credit Party, threatened to be filed with any
       Governmental Authority or arbitrator based on, arising out of, in
       connection with, or otherwise relating to the employment or termination
       of employment by any Credit Party of any individual that could reasonably
       be expected to have a Material Adverse Effect.

3.8    Ventures, Subsidiaries and Affiliates; Outstanding Stock and Indebtedness

       Except as set forth in Disclosure Schedule (3.8), as of the Closing Date,
       no Credit Party has any Subsidiaries, is engaged in any joint venture or
       partnership with any other Person, or is an Affiliate of any other
       Person. All of the issued and outstanding Stock of each Credit Party is
       owned by each of the members or Stockholders, as applicable, and in the
       amounts set forth in Disclosure Schedule (3.8). Except as set forth in
       Disclosure Schedule (3.8), there are no outstanding rights to purchase,
       options, warrants or similar rights or agreements pursuant to which any
       Credit Party may be required to issue, sell, repurchase or redeem any of
       its Stock or other equity securities or any Stock or other equity
       securities of its Subsidiaries. All outstanding Indebtedness and
       Guaranteed Indebtedness of each Credit Party as of the Closing Date is
       described in Section 6.3 (including Disclosure Schedule (6.3)). None of
       the Credit Parties other than Borrowers has any assets (except Stock of
       their Subsidiaries) or any Indebtedness or Guaranteed Indebtedness
       (except the Obligations). No Credit Party has any outstanding
       Indebtedness or true lease obligations secured by a Lien described in
       Section 6.7(c) or Section 6.7(d) except as described in Disclosure
       Schedule (6.3) under the heading "Vendor Financings."

                                       36
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3.9    Government Regulation

       No Credit Party is an "investment company" or an "affiliated person" of,
       or "promoter" or "principal underwriter" for, an "investment company," as
       such terms are defined in the Investment Company Act of 1940. No Credit
       Party is subject to regulation under the Public Utility Holding Company
       Act of 1935, the Federal Power Act, or any other federal or state statute
       that restricts or limits its ability to incur Indebtedness or to perform
       its obligations hereunder. The making of the Loans by Lenders to
       Borrowers, the incurrence of the Letter of Credit Obligations on behalf
       of Borrowers, the application of the proceeds thereof and repayment
       thereof and the consummation of the Related Transactions will not violate
       any provision of any such statute or any rule, regulation or order issued
       by the Securities and Exchange Commission.

3.10   Margin Regulations

       No Credit Party is engaged, nor will it engage, principally or as one of
       its important activities, in the business of extending credit for the
       purpose of "purchasing" or "carrying" any "margin stock" as such terms
       are defined in Regulation U of the Federal Reserve Board as now and from
       time to time hereafter in effect (such securities being referred to
       herein as "MARGIN STOCK"). No Credit Party owns any Margin Stock, and
       none of the proceeds of the Loans or other extensions of credit under
       this Agreement will be used, directly or indirectly, for the purpose of
       purchasing or carrying any Margin Stock, for the purpose of reducing or
       retiring any Indebtedness that was originally incurred to purchase or
       carry any Margin Stock or for any other purpose that might cause any of
       the Loans or other extensions of credit under this Agreement to be
       considered a "purpose credit" within the meaning of Regulations T, U or X
       of the Federal Reserve Board. No Credit Party will take or permit any
       Subsidiary to take any action that might cause any Loan Document to
       violate any regulation of the Federal Reserve Board.

3.11   Taxes

       All tax returns, reports and statements, including information returns,
       required by any Governmental Authority to be filed by any Credit Party
       have been filed with the appropriate Governmental Authority and all
       Charges have been paid prior to the date on which any fine, penalty,
       interest or late charge may be added thereto for nonpayment thereof (or
       any such fine, penalty, interest, late charge or loss has been paid),
       except (a) Charges or other amounts being contested in accordance with
       Section 5.2(b) or (b) to the extent that the failure to file or pay could
       not reasonably be expected to result in a Material Adverse Effect. Proper
       and accurate amounts have been withheld by each Credit Party from its
       respective employees for all periods in full and complete compliance with
       all applicable federal, state, local and foreign laws and such
       withholdings have been timely paid to the respective Governmental
       Authorities. Disclosure Schedule (3.11) sets forth as of the Closing Date
       those taxable years for which any Credit Party's tax returns are
       currently being audited by the IRS or any other applicable Governmental
       Authority and any assessments or threatened assessments in connection
       with such audit, or otherwise currently outstanding. Except as described
       in Disclosure Schedule (3.11), no Credit Party has executed or filed with
       the IRS or any other Governmental Authority any agreement or

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       other document extending, or having the effect of extending, the period
       for assessment or collection of any Charges. None of the Credit Parties
       or their respective predecessors are liable for any Charges: (a) under
       any agreement (including any tax sharing agreements) or (b) to any Credit
       Party's knowledge, as a transferee. As of the Closing Date, no Credit
       Party has agreed or been requested to make any adjustment under IRC
       Section 481(a), by reason of a change in accounting method or otherwise,
       which would have a Material Adverse Effect.

3.12   ERISA

       (a)  Disclosure Schedule (3.12) lists all Plans and separately identifies
            all Pension Plans, including Title IV Plans, Multiemployer Plans and
            Welfare Plans, including all Retiree Welfare Plans. Copies of all
            Title IV Plans, together with a copy of the latest IRS/DOL
            5500-series form for each such Title IV Plan, have been made
            available to Agent. Except as would not reasonably be expected to
            have a Material Adverse Effect (i) except with respect to
            Multiemployer Plans, each Qualified Plan has received a favorable
            determination letter from the IRS, and nothing has occurred that
            would cause the loss of such Qualified Plans qualification; (ii)
            each Plan is in compliance in all material respects with the
            applicable provisions of ERISA and the IRC, including the timely
            filing of all reports required under the IRC or ERISA; (iii) neither
            any Credit Party nor any ERISA Affiliate has failed to make any
            contribution or pay any amount due as required by either Section 412
            of the IRC or Section 302 of ERISA or the terms of any Title IV
            Plan; and (iv) no Credit Party or any ERISA Affiliate has engaged in
            a "prohibited transaction", as defined in Section 406 of ERISA and
            Section 4975 of the IRC, that will subject any Credit Party to a
            material tax on prohibited transactions imposed by Section 502(i) of
            ERISA or Section 4975 of the IRC.

       (b)  Except as set forth in Disclosure Schedule (3.12): (i) no Title IV
            Plan has any material Unfunded Pension Liability; (ii) no ERISA
            Event or event described in Section 4062(e) of ERISA with respect to
            any Title IV Plan has occurred or is reasonably expected to occur
            that could reasonably be expected a Material Adverse Effect; (iii)
            there are no pending, or to the knowledge of any Credit Party,
            threatened claims (other than claims for benefits in the normal
            course), sanctions, actions or lawsuits, asserted or instituted
            against any Plan or any Person as fiduciary or sponsor of any Plan
            that could reasonably be expected to have a Material Adverse Effect;
            (iv) no Credit Party or ERISA Affiliate has incurred or reasonably
            expects to incur any liability as a result of a complete or partial
            withdrawal from a Multiemployer Plan that could reasonably be
            expected to have a Material Adverse Effect; (v) within the last five
            years no Title IV Plan of any Credit Party or ERISA Affiliate has
            been terminated, whether or not in a "standard termination" as that
            term is used in Section 4041(b)(1) of ERISA, nor has any Title IV
            Plan of any Credit Party or any ERISA Affiliate (determined at any
            time within the last five years) with Unfunded Pension Liabilities
            been transferred outside of the "controlled group" (within the
            meaning of Section 4001(a)(14) of ERISA) of any Credit Party or
            ERISA Affiliate (determined at the time of any such transfer).

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3.13   No Litigation

       No action, claim, lawsuit, demand, investigation or proceeding is now
       pending or, to the knowledge of any Credit Party, threatened against any
       Credit Party or before any Governmental Authority or before any
       arbitrator or panel of arbitrators (collectively, "LITIGATION"), (a) that
       challenges any Credit Party's, right or power to enter into or perform
       any of its obligations under any Related Transaction Document or any Loan
       Document to which it is a party, or the validity or enforceability of any
       Related Transaction Document or any Loan Document or any action taken
       thereunder, or (b) that has a reasonable risk of being determined
       adversely to any Credit Party, and which, if so determined, could
       reasonably be expected to have a Material Adverse Effect. Except as set
       forth in Disclosure Schedule (3.13), as of the Closing Date there is no
       Litigation pending or to any Credit Party's knowledge threatened against
       any Credit Party that seeks damages in excess of $100,000 or injunctive
       relief against, or alleges criminal misconduct of, any Credit Party.

3.14   Brokers

       No broker or finder brought about the obtaining, making or closing of the
       Loans or the Related Transactions, and no Credit Party or Affiliate
       thereof has any obligation to any Person in respect of any finder's or
       brokerage fees in connection therewith, except for (i) a fee paid to
       Bruckman, Rosser, Sherrill & Co., Inc. ("BRS MANAGEMENT CO.") on the
       Closing Date in the amount of $7,218,750 pursuant to the terms of the
       First Amended and Restated Management Agreement dated as of the date
       hereof (the "BRS MANAGEMENT AGREEMENT") by and among BRS Management Co.,
       H&E Holdings and H&E, such fee to be used in full to purchase on the
       Closing Date Senior Subordinated Notes and common units of H&E Holdings,
       and (ii) payments in accordance with Section 6.14(d).

3.15   Intellectual Property

       As of the Closing Date, each Credit Party owns or has rights to use all
       Intellectual Property material to the continuance of the conduct of its
       business as now or heretofore conducted by it or proposed to be conducted
       by it, and each Patent, each registration or each application for
       registration of each Trademark, each Copyright and each License is
       listed, together with application or registration numbers, as applicable,
       in Disclosure Schedule (3.15). Each Credit Party conducts its business
       and affairs without material infringement of or material interference
       with any Intellectual Property of any other Person. Except as set forth
       in Disclosure Schedule (3.15), no Credit Party is aware of any
       infringement claim by any other Person with respect to any Intellectual
       Property.

3.16   Full Disclosure

       No information contained in this Agreement, any of the other Loan
       Documents, any Projections, Financial Statements or Collateral Reports or
       other written reports from time to time delivered hereunder or any
       written statement furnished by or on behalf of any Credit Party to Agent
       or any Lender pursuant to the terms of this Agreement contains or will
       contain any untrue statement of a

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       material fact or omits or will omit to state a material fact necessary to
       make the statements contained herein or therein not misleading in light
       of the circumstances under which they were made. The Liens granted to
       Agent, on behalf of itself and Lenders, pursuant to the Collateral
       Documents will at all times be fully perfected first priority Liens in
       and to the Collateral described therein, subject, as to priority, only to
       Permitted Encumbrances.

3.17   Environmental Matters

       (a)  Except as set forth in Disclosure Schedule (3.17), as of the Closing
            Date: (i) the Real Estate is free of contamination from any
            Hazardous Material except for such contamination that would not
            adversely impact the value or marketability of such Real Estate and
            that would not result in Environmental Liabilities that could
            reasonably be expected to exceed $250,000; (ii) no Credit Party has
            caused or suffered to occur any Release of Hazardous Materials on,
            at, in, under, above, to, from or about any of its Real Estate that
            would result in Environmental Liabilities that could reasonably be
            expected to exceed $250,000; (iii) each Credit Party is and has been
            in compliance with all Environmental Laws, except for such
            noncompliance that would not result in Environmental Liabilities
            which could reasonably be expected to exceed $250,000; (iv) each
            Credit Party has obtained, and is in compliance with, all
            Environmental Permits required by Environmental Laws for the
            operations of its businesses as presently conducted or as proposed
            to be conducted, except where the failure to so obtain or comply
            with such Environmental Permits would not result in Environmental
            Liabilities that could reasonably be expected to exceed $250,000,
            and all such Environmental Permits are valid, uncontested and in
            good standing; (v) no Credit Party is involved in operations or
            knows of any facts, circumstances or conditions, including any
            Releases of Hazardous Materials, that are likely to result in any
            Environmental Liabilities of Borrower that could reasonably be
            expected to exceed $250,000, and no Credit Party has permitted any
            current or former tenant or occupant of the Real Estate to engage in
            any such operations; (vi) there is no Litigation arising under or
            related to any Environmental Laws, Environmental Permits or
            Hazardous Material that seeks damages, penalties, fines, costs or
            expenses in excess of $100,000 or injunctive relief, or which
            alleges criminal misconduct by any Credit Party, (vii) no notice has
            been received by any Credit Party identifying it as a "potentially
            responsible party" or requesting information under CERCLA or
            analogous state statutes, and to the knowledge of any Credit Party,
            there are no facts, circumstances or conditions that may result in
            any Credit Party being identified as a "potentially responsible
            party" under CERCLA or analogous state statutes; and (viii) the
            Credit Parties have provided to Agent copies of all material
            existing environmental reports, reviews and audits and all material
            written information in their possession pertaining to actual or
            potential Environmental Liabilities, in each case relating to the
            Credit Parties.

       (b)  Each Credit Party hereby acknowledges and agrees that Agent (i) is
            not now, and has not ever been in control of any of the Real Estate
            or any Credit Party's affairs, and (ii) does

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            not have the capacity through the provisions of the Loan Documents
            or otherwise to influence any Credit Party's conduct with respect to
            the ownership, operation or management of any of its Real Estate or
            compliance with Environmental Laws or Environmental Permits.

3.18   Insurance

       Disclosure Schedule (3.18) lists all insurance policies of any nature
       maintained, as of the Closing Date, for current occurrences by each
       Credit Party, as well as a summary of the terms of each such policy.

3.19   Deposit and Disbursement Accounts

       Disclosure Schedule (3.19) lists all banks and other financial
       institutions at which each Credit Party maintains deposit or other
       accounts as of the Closing Date, including any Disbursement Accounts, and
       such Schedule correctly identifies the name, address and telephone number
       of each depository, the name in which the account is held, a description
       of the purpose of the account, and the complete account number therefor.

3.20   Government Contracts

       Except as set forth in Disclosure Schedule (3.20), as of the Closing
       Date, no Credit Party is a party to any contract or agreement with any
       Governmental Authority the value of which exceeds $100,000 and no Credit
       Party's Accounts are subject to the Federal Assignment of Claims Act, as
       amended (31 U.S.C. Section 3727) or any similar foreign, state or local
       law.

3.21   Customer and Trade Relations

       As of the Closing Date, there exists no actual or, to the knowledge of
       any Credit Party, threatened termination or cancellation of, or any
       material adverse modification or change in: (a) the business relationship
       of any Credit Party with any customer or group of customers whose
       purchases during the preceding twelve (12) months caused it or them, as
       applicable, to be ranked among the ten largest customers of such Credit
       Party, considered as a whole; or (b) the business relationship of any
       Credit Party with any supplier or group of suppliers whose sales during
       the preceding twelve (12) months caused it or them, as applicable, to be
       ranked among the ten largest suppliers of such Credit Party.

3.22   Agreements and Other Documents

       As of the Closing Date, each Credit Party has provided to Agent or its
       counsel, on behalf of Lenders, accurate and complete copies (or
       summaries) of all of the following agreements or documents to which it is
       subject and each of which is listed in Disclosure Schedule (3.22): (a)
       supply agreements and purchase agreements not terminable by such Credit
       Party within sixty (60) days following written notice issued by such
       Credit Party and involving transactions in excess of $1,000,000 per
       annum; (b) leases by such Credit Party as lessee of Equipment Inventory
       having a remaining term of one year or longer, the total value of leases
       of Equipment

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       Inventory as to which a Credit Party is lessee, for each lessor, the
       annual payments on all such leases of Equipment Inventory and the
       Operating Lease Pay-Off Value for each operating lease of Equipment
       Inventory of a Borrower or a Guarantor; (c) licenses and permits held by
       such Credit Party, the absence of which could be reasonably likely to
       have a Material Adverse Effect; (d) instruments and documents evidencing
       any Indebtedness or Guaranteed Indebtedness of such Credit Party and any
       Lien (other than Permitted Encumbrances) granted by such Credit Party
       with respect thereto; and (e) instruments and agreements evidencing the
       issuance of any equity securities, warrants, rights or options to
       purchase equity securities of such Credit Party. With respect to the
       leases referred to in clause (b) above, other than as set forth on
       Disclosure Schedule (3.22), no Credit Party has any obligation in such
       lease or otherwise to purchase such Equipment Inventory from the lessor
       of such Equipment Inventory at any time. Each Borrower has provided to
       Agent the forms of lease under which such Borrower leases Equipment
       Inventory to third Persons.

3.23   Solvency

       Both before and after giving effect to (a) the Loans and Letter of Credit
       Obligations to be made or incurred on the Closing Date or such other date
       as Loans and Letter of Credit Obligations requested hereunder are made or
       incurred, (b) the disbursement of the proceeds of such Loans pursuant to
       the instructions of Borrowers, (c) the Mergers and the consummation of
       the other Related Transactions and (d) the payment and accrual of all
       transaction costs in connection with the foregoing, each Credit Party is
       and will be Solvent.

3.24   Contribution Agreement and Plan of Reorganization

       As of the Closing Date, Borrowers have delivered to Agent a complete and
       correct copy of the Contribution Agreement and Plan of Reorganization
       (including all schedules, exhibits, amendments, supplements,
       modifications, assignments and all other documents delivered pursuant
       thereto or in connection therewith). No Credit Party and no other Person
       party thereto is in default in the performance or compliance with any
       provisions thereof. The Contribution Agreement and Plan of Reorganization
       complies with, and the Mergers have been consummated in accordance with,
       all applicable laws. The Contribution Agreement and Plan of
       Reorganization is in full force and effect as of the Closing Date and has
       not been terminated, rescinded or withdrawn. All requisite approvals by
       Governmental Authorities having jurisdiction over any Credit Party and
       other Persons referenced therein with respect to the transactions
       contemplated by the Contribution Agreement and Plan of Reorganization
       have been obtained, and no such approvals impose any conditions to the
       consummation of the transactions contemplated by the Contribution
       Agreement and Plan of Reorganization or to the conduct by any Credit
       Party of its business thereafter. To the best of each Credit Party's
       knowledge, none of the representations or warranties in the Contribution
       Agreement and Plan of Reorganization contain any untrue statement of a
       material fact or omit any fact necessary to make the statements therein
       not misleading.

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3.25   Status of Holdings

       Prior to the Closing Date, H&E Holdings, H&E Finance, Gulf Wide and GNE
       Investments will not have engaged in any business or incurred any
       Indebtedness or any other liabilities (except in connection with its
       corporate formation, the Related Transactions Documents and this
       Agreement).

3.26   Senior Debt

       As of the Closing Date, Borrowers have delivered to Agent a complete and
       correct copy of the Senior Notes, the Senior Note Indenture, the Senior
       Subordinated Notes and the Senior Subordinated Note Indenture and all
       agreements and instruments executed and delivered in connection therewith
       (including all schedules, exhibits, amendments, supplements,
       modifications, assignments and all other documents delivered pursuant
       thereto or in connection therewith). Borrowers have the limited liability
       company power and authority to incur the Indebtedness evidenced by the
       Senior Notes and the Senior Subordinated Notes. The subordination
       provisions of the Senior Subordinated Note Indenture are enforceable
       against the Trustee under the Senior Subordinated Note Indenture and the
       holders of the Senior Subordinated Notes by Agent and Lenders. The terms
       of the Intercreditor Agreement are enforceable against the trustee for
       the Senior Notes and the holders of the Senior Notes.

4.     FINANCIAL STATEMENTS AND INFORMATION

4.1    Reports and Notices

       (a)  Each Credit Party hereby agrees that from and after the Closing Date
            and until the Termination Date, it shall deliver to Agent or to
            Agent and Lenders, as required, the Financial Statements, notices,
            Projections and other information at the times, to the Persons and
            in the manner set forth in Annex E.

       (b)  Each Credit Party hereby agrees that from and after the Closing Date
            and until the Termination Date, it shall deliver to Agent or to
            Agent and Lenders, as required, the various Collateral Reports
            (including Borrowing Base Certificates in the form of Exhibit
            4.1(b)) at the times, to the Persons and in the manner set forth in
            Annex F.

4.2    Communication with Accountants

       Each Credit Party authorizes (a) Agent and (b) so long as an Event of
       Default has occurred and is continuing, each Lender, to communicate
       directly with its independent certified public accountants including
       Arthur Andersen, KPMG Peat Marwick LLP and Hawthorn Weymouth, and
       authorizes and, at Agent's request, shall instruct those accountants and
       advisors to disclose and make available to Agent and each Lender any and
       all Financial Statements and other supporting financial documents,
       schedules and information relating to any Credit Party (including copies
       of any issued management letters) with respect to the business, financial
       condition and other affairs of any Credit Party.

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5.     AFFIRMATIVE COVENANTS

       Each Credit Party jointly and severally agrees as to all Credit Parties
       that from and after the date hereof and until the Termination Date:

5.1    Maintenance of Existence and Conduct of Business

       Each Credit Party shall: (a) do or cause to be done all things necessary
       to preserve and keep in full force and effect its existence as a limited
       liability company or a corporation, as the case may be, and its rights
       and franchises; (b) continue to conduct its business substantially as now
       conducted or as otherwise permitted hereunder; (c) at all times maintain,
       preserve and protect all of its assets and properties used or useful in
       the conduct of its business, and keep the same in good repair, working
       order and condition in all material respects (taking into consideration
       ordinary wear and tear) and from time to time make, or cause to be made,
       all necessary or appropriate repairs, replacements and improvements
       thereto consistent with industry practices; and (d) transact business
       only in such limited liability company, corporate and trade names as are
       set forth in Disclosure Schedule (5.1).

5.2    Payment of Charges

       (a)  Subject to Section 5.2(b), each Credit Party shall pay and discharge
            or cause to be paid and discharged promptly all Charges payable by
            it, including (i) Charges imposed upon it, its income and profits,
            or any of its property (real, personal or mixed) and all Charges
            with respect to tax, social security and unemployment withholding
            with respect to its employees, and (ii) lawful claims for labor,
            materials, supplies and services or otherwise, and (iii) all storage
            or rental charges payable to warehousemen or bailees, in each case,
            before any thereof shall become past due.

       (b)  Each Credit Party may in good faith contest, by appropriate
            proceedings, the validity or amount of any Charges, Taxes or claims
            described in Section 5.2(a); PROVIDED, that (i) adequate reserves
            with respect to such contest are maintained on the books of such
            Credit Party, in accordance with GAAP; (ii) no Lien shall be imposed
            to secure payment of such Charges (other than payments to
            warehousemen and/or bailees and Permitted Encumbrances) that is
            superior to any of the Liens securing the Obligations and such
            contest is maintained and prosecuted continuously and with diligence
            and operates to suspend collection or enforcement of such Charges;
            (iii) none of the Collateral becomes subject to forfeiture or loss
            as a result of such contest; (iv) such Credit Party shall promptly
            pay or discharge such contested Charges, Taxes or claims and all
            additional charges, interest, penalties and expenses, if any, and
            shall deliver to Agent evidence reasonably acceptable to Agent of
            such compliance, payment or discharge, if such contest is terminated
            or discontinued adversely to such Credit Party or the conditions set
            forth in this Section 5.2(b) are no longer met, and (v) Agent has
            not advised such Credit Party in writing that Agent reasonably
            believes that nonpayment or nondischarge thereof could have or
            result in a Material Adverse Effect.

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5.3    Books and Records

       Each Credit Party shall keep adequate books and records with respect to
       its business activities in which proper entries, reflecting all financial
       transactions, are made in accordance with GAAP and on a basis consistent
       with the Financial Statements attached as Disclosure Schedule (3.4(a)).

5.4    Insurance; Damage to or Destruction of Collateral

       (a)  Each Credit Party shall at its sole cost and expense, maintain the
            policies of insurance described in Disclosure Schedule (3.18) as in
            effect on the date hereof, and each Person succeeding to the
            position of such individual, or otherwise in form and amounts and
            with insurers reasonably acceptable to Agent. Such policies of
            insurance (or the loss payable and additional insured endorsements
            delivered to Agent) shall contain provisions pursuant to which the
            insurer agrees to provide 30 days prior written notice to Agent in
            the event of any non-renewal, cancellation or amendment of any such
            insurance policy. If any Credit Party at any time or times hereafter
            shall fail to obtain or maintain any of the policies of insurance
            required above or to pay all premiums relating thereto, Agent may at
            any time or times thereafter obtain and maintain such policies of
            insurance and pay such premiums and take any other action with
            respect thereto that Agent deems advisable. Agent shall have no
            obligation to obtain insurance for any Credit Party or pay any
            premiums therefor. By doing so, Agent shall not be deemed to have
            waived any Default or Event of Default arising from any Credit
            Party's failure to maintain such insurance or pay any premiums
            therefor. All sums so disbursed, including reasonable attorneys'
            fees, court costs and other charges related thereto, shall be
            payable on demand by Borrowers to Agent and shall be additional
            Obligations hereunder secured by the Collateral.

       (b)  Agent reserves the right at any time upon any change in any Credit
            Party's risk profile (including any change in the product mix
            maintained by any Credit Party or any laws affecting the potential
            liability of such Credit Party) to require additional forms and
            limits of insurance to, in Agent's opinion, adequately protect both
            Agent's and Lender's interests in all or any portion of the
            Collateral and to ensure that each Credit Party is protected by
            insurance in amounts and with coverage customary for its industry.
            If reasonably requested by Agent, each Credit Party shall deliver to
            Agent from time to time a report of a reputable insurance broker,
            reasonably satisfactory to Agent, with respect to its insurance
            policies.

       (c)  Each Credit Party shall deliver to Agent, in form and substance
            reasonably satisfactory to Agent, endorsements to (i) all "All
            Risk," keyman life insurance and business interruption insurance
            naming Agent, on behalf of itself and Lenders, as loss payee, and
            (ii) all general liability and other liability policies naming
            Agent, on behalf of itself and Lenders, as additional insured. Each
            Credit Party irrevocably makes, constitutes and appoints Agent (and
            all officers, employees or agents designated by Agent), so long as
            any Event of Default has occurred and is continuing or the
            anticipated insurance proceeds exceed

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            $5,000,000, as such Credit Party's true and lawful agent and
            attorney-in-fact for the purpose of making, settling and adjusting
            claims under such "All Risk" policies of insurance, endorsing the
            name of such Credit Party on any check or other item of payment for
            the proceeds of such "All Risk" policies of insurance and for making
            all determinations and decisions with respect to such "All Risk"
            policies of insurance. Agent shall have no duty to exercise any
            rights or powers granted to it pursuant to the foregoing
            power-of-attorney. Borrower Representative shall promptly notify
            Agent of any loss, damage, or destruction to the Collateral in the
            amount of $1,000,000 or more, whether or not covered by insurance.
            After deducting from such proceeds the expenses, if any, incurred by
            Agent in the collection or handling thereof, Agent may, at its
            option, apply such proceeds to the reduction of the Obligations in
            accordance with Section 1.3(d), or permit or require the applicable
            Credit Party to use such money, or any part thereof, to replace,
            repair, restore or rebuild the Collateral in a diligent and
            expeditious manner with materials and workmanship of substantially
            the same quality as existed before the loss, damage or destruction.
            Notwithstanding the foregoing, if the casualty giving rise to such
            insurance proceeds could not reasonably be expected to have a
            Material Adverse Effect and such insurance proceeds do not exceed
            $5,000,000 in the aggregate, Agent shall permit the applicable
            Credit Party to replace, restore, repair or rebuild the Collateral;
            PROVIDED, that if the applicable Credit Party has not completed or
            entered into binding agreements to complete such replacement,
            restoration, repair or rebuilding within 180 days of such casualty,
            Agent may apply such insurance proceeds to the Obligations in
            accordance with Section 1.3(d). All insurance proceeds that are to
            be made available to a Credit Party to replace, repair, restore or
            rebuild the Collateral shall be applied by Agent to reduce the
            outstanding principal balance of the Revolving Loan (which
            application shall not result in a permanent reduction of the
            Revolving Loan Commitment) and upon such application, Agent shall
            establish a reserve against the Aggregate Borrowing Base and, if
            such Credit Party is a Borrower, the separate Borrowing Base of such
            Borrower in an amount equal to the amount of such proceeds so
            applied. Thereafter, such funds shall be made available to the
            applicable Credit Party to provide funds to replace, repair, restore
            or rebuild the Collateral as follows: (i) the Borrower
            Representative shall request a Revolving Credit Advance for the
            applicable Borrower (or, if the Credit Party is not a Borrower, for
            all Borrowers, PRO RATA) in the amount requested to be released;
            (ii) so long as the conditions set forth in Section 2.2 have been
            met, Revolving Lenders shall make such Revolving Credit Advance; and
            (iii) the reserve established with respect to such insurance
            proceeds shall be reduced by the amount of such Revolving Credit
            Advance. To the extent not used to replace, repair, restore or
            rebuild the Collateral, such insurance proceeds shall be applied in
            accordance with Section 1.3(d).

       (d)  Borrower Representative shall, immediately upon learning of the
            institution of any proceeding for the condemnation or other taking
            of any property of any Credit Party in excess of $1,000,000 in the
            aggregate for all such condemnations or takings, notify the Agent of
            the pendency of such proceeding, and agree that the Agent may
            participate in any such proceeding, and Borrower Representative from
            time to time will deliver to the

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            Agent all instruments reasonably requested by the Agent to permit
            such participation. The Agent is authorized to collect the proceeds
            of any condemnation claim or award and apply them, at the direction
            of the Required Lenders, to the reduction of the Obligations.
            Notwithstanding the foregoing, if the proceeds of such condemnation
            could not reasonably be expected to have a Material Adverse Effect
            and the amount of any condemnation does not exceed $5,000,000 in the
            aggregate, Agent shall permit the applicable Credit Party to
            replace, restore, repair or rebuild the property; PROVIDED, that if
            the applicable Credit Party has not completed or entered into
            binding agreements to complete such replacement, restoration, repair
            or rebuilding within 180 days of such condemnation, Agent may apply
            such condemnation proceeds to the Obligations in accordance with
            Section 1.3(d). All condemnation proceeds that are to be made
            available to a Credit Party to replace, repair, restore or rebuild
            the Collateral shall be applied by Agent to reduce the outstanding
            principal balance of the Revolving Loan (which application shall not
            result in a permanent reduction of the Revolving Loan Commitment)
            and upon such application, Agent shall establish a reserve against
            the Aggregate Borrowing Base and, if such Credit Party is a
            Borrower, the separate Borrowing Base of such Borrower in an amount
            equal to the amount of such proceeds so applied. Thereafter, such
            funds shall be made available to the applicable Credit Party to
            provide funds to replace, repair, restore or rebuild the Collateral
            as follows: (i) the Borrower Representative shall request a
            Revolving Credit Advance for the applicable Borrower (or, if the
            Credit Party is not a Borrower, for all Borrowers, PRO RATA) in the
            amount requested to be released; (ii) so long as the conditions set
            forth in Section 2.2 have been met, Revolving Lenders shall make
            such Revolving Credit Advance; and (iii) the reserve established
            with respect to such condemnation proceeds shall be reduced by the
            amount of such Revolving Credit Advance. To the extent not used to
            replace, repair, restore or rebuild the Collateral, such
            condemnation proceeds shall be applied in accordance with Section
            1.3(d).

5.5    Compliance with Laws

       Each Credit Party shall comply with all federal, state, local and foreign
       laws and regulations applicable to it, including those relating to
       licensing, ERISA and labor matters and Environmental Laws and
       Environmental Permits, except to the extent that the failure to comply,
       individually or in the aggregate, could not reasonably be expected to
       have a Material Adverse Effect.

5.6    Supplemental Disclosure

       From time to time as may be reasonably requested by Agent (which request
       will not be made more frequently than once each year absent the
       occurrence and continuance of a Default or an Event of Default), Credit
       Parties shall supplement each Disclosure Schedule hereto, or any
       representation herein or in any other Loan Document, with respect to any
       matter hereafter arising that, if existing or occurring at the date of
       this Agreement, would have been required to be set forth or described in
       such Disclosure Schedule or as an exception to such representation or
       that is necessary to correct any information in such Disclosure Schedule
       or representation which has

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       been rendered inaccurate thereby (and, in the case of any supplements to
       any Disclosure Schedule, such Disclosure Schedule shall be appropriately
       marked to show the changes made therein); PROVIDED, that (a) no such
       supplement to any such Disclosure Schedule or representation shall amend,
       supplement or otherwise modify any Disclosure Schedule or representation,
       or be or be deemed a waiver of any Default or Event of Default resulting
       from the matters disclosed therein, except as consented to by Agent and
       Requisite Lenders in writing; and (b) no supplement shall be required or
       permitted as to representations and warranties that relate solely to the
       Closing Date.

5.7    Intellectual Property

       Each Credit Party will conduct its business and affairs without material
       infringement of or material interference with any Intellectual Property
       of any other Person; PROVIDED, that to the extent any Credit Party learns
       of any such material infringement or interference and such Credit Party
       promptly takes steps to eliminate such infringement or interference (by
       procuring a license or otherwise) such Credit Party shall not be deemed
       to be in violation of this Section 5.7 so long as such Credit Party is
       entitled to continue to use such Intellectual Property.

5.8    Environmental Matters

       Each Credit Party shall and shall cause each Person within its reasonable
       control to: (a) conduct its operations and keep and maintain its Real
       Estate in compliance with all Environmental Laws and Environmental
       Permits other than noncompliance that could not reasonably be expected to
       have a Material Adverse Effect; (b) implement any and all investigation,
       remediation, removal and response actions that are appropriate or
       necessary to maintain the value and marketability of the Real Estate or
       to otherwise comply with Environmental Laws and Environmental Permits
       pertaining to the presence, generation, treatment, storage, use,
       disposal, transportation or Release of any Hazardous Material on, at, in,
       under, above, to, from or about any of its Real Estate; (c) notify Agent
       promptly after such Credit Party becomes aware of any violation of
       Environmental Laws or Environmental Permits or any Release on, at, in,
       under, above, to, from or about any Real Estate which could reasonably be
       expected to result in Environmental Liabilities in excess of $250,000;
       and (d) promptly forward to Agent a copy of any order, notice, request
       for information or any written communication or report received by such
       Credit Party in connection with any such violation or Release or any
       other matter relating to any Environmental Laws or Environmental Permits
       that could reasonably be expected to result in Environmental Liabilities
       in excess of $250,000, in each case whether or not the Environmental
       Protection Agency or any Governmental Authority has taken or threatened
       any action in connection with any such violation, Release or other
       matter. If Agent at any time has a reasonable basis to believe that there
       may be a violation of any Environmental Laws or Environmental Permits by
       any Credit Party or any Environmental Liability arising thereunder, or a
       Release of Hazardous Materials on, at, in, under, above, to, from or
       about any of its Real Estate, which, in each case, could reasonably be
       expected to have a Material Adverse Effect, then Credit Parties shall,
       upon Agent's written request (i) cause the performance of an
       environmental audit, which may include subsurface sampling of soil and
       groundwater, and preparation of an environmental report with respect to
       the

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       subject matter of such breach, at Credit Parties' expense, as Agent may
       from time to time reasonably request, which shall be conducted by
       reputable environmental consulting firms reasonably acceptable to Agent
       and shall be in form and substance reasonably acceptable to Agent, and
       (ii) permit Agent or its representatives to have access to all Real
       Estate for the purpose of conducting environmental audits and testing
       with respect to the subject matter of such breach, as Agent deems
       appropriate, including subsurface sampling of soil and groundwater,
       PROVIDED, that Agent provides Borrower Representative with reasonable
       prior notice and conducts, or causes its representatives to conduct, all
       such audits and tests in a manner reasonably directed to minimize
       interference with the applicable Credit Party's business. Borrowers shall
       reimburse Agent for the reasonable costs of such audits and tests and the
       same will constitute a part of the Obligations secured hereunder.

5.9    Landlords' Agreements, Mortgagee Agreements, Bailee Letters, Real Estate
       Purchases and Vendor Inter-Creditor Agreements

       (a)  Each Credit Party shall use its commercially reasonable best efforts
            to obtain a landlord's agreement, mortgagee agreement or bailee
            letter, as applicable, from the lessor of each leased property,
            mortgagee of owned property or bailee with respect to any warehouse,
            processor or converter facility or other location where Collateral
            is stored or located (other than with respect to Equipment Inventory
            which is being leased by a Borrower to others in the ordinary course
            of such Borrower's business), which agreement or letter shall
            contain a waiver or subordination of all Liens or claims that the
            landlord, mortgagee or bailee may assert against the Collateral at
            that location, and shall otherwise be reasonably satisfactory in
            form and substance to Agent. With respect to such locations or
            warehouse space leased or owned as of the Closing Date and
            thereafter, if Agent has not received a landlord or mortgagee
            agreement or bailee letter as of 30 days after the Closing Date (or,
            if later, as of the date such location is acquired or leased), the
            applicable Borrower's Eligible Parts and Tools Inventory, Eligible
            Rolling Stock or Eligible Equipment Inventory at that location
            shall, in Agent's discretion, be excluded from the applicable
            Borrower's Borrowing Base or be subject to such Reserves as may be
            established in good faith by Agent in its reasonable credit judgment
            and as set forth in Sections 1.6A, 1.7 and 1.7A. After the Closing
            Date, no real property or warehouse space shall be leased by any
            Borrower and no Parts and Tools Inventory or Equipment Inventory
            shall be shipped to a processor or converter under arrangements
            established after the Closing Date without prior written notice to
            Agent. Each Credit Party shall timely and fully pay and perform its
            obligations in all material respects under all leases and other
            agreements with respect to each leased location or public warehouse
            where any Collateral is or may be located. To the extent otherwise
            permitted hereunder, if any Credit Party proposes to acquire a fee
            ownership or leasehold interest in Real Estate after the Closing
            Date, it shall first provide to Agent (with respect to any such
            leasehold interest, at the reasonable request of Agent) written
            notice thereof and a mortgage or deed of trust granting Agent a
            first priority Lien on such Real Estate, together with a FIRREA
            compliant appraisal (if requested by Agent), environmental audits,
            mortgage title

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<Page>

            insurance commitment, real property survey, local counsel opinions,
            and, if required by Agent, supplemental casualty insurance and flood
            insurance, and such other documents, instruments or agreements
            reasonably requested by Agent, in each case, in form and substance
            reasonably satisfactory to Agent.

       (b)  At the request of Agent, Borrowers shall execute and deliver or
            cause to be executed and delivered to Agent a mortgage or deed of
            trust granting to Agent a first priority Lien on any Real Estate
            owned by any Borrower or Guarantor (or, if such Real Estate is
            subject to any prior Liens as of the Closing Date, a Lien subject
            only to such prior Liens), together with a FIRREA compliant
            appraisal, environmental audit, mortgage title insurance commitment,
            real property survey, local counsel opinion, and if required by
            Agent, supplemental casualty insurance, and such other documents,
            instruments or agreements reasonably requested by Agent, in each
            case, in form and substance satisfactory to Agent. Borrowers shall
            execute and deliver or cause to be executed and delivered in respect
            of the Real Estate described on Disclosure Schedule (5.9) hereto on
            or prior to the date sixty (60) days following the Closing Date,
            documents of the type listed in the immediately foregoing sentence,
            as described in such Disclosure Schedule (5.9) or as requested by
            Agent.

       (c)  Prior to entering into any financing arrangement described in
            Section 6.7(c) or Section 6.7(d) a Borrower shall notify Agent. In
            the event that a Borrower obtains knowledge of the assignment by any
            holder of any such Lien referred to in Section 6.7(c) or Section
            6.7(d), or the owner of any equipment leased by a Borrower has
            transferred or sold such Lien or Equipment to another Person, such
            Borrower shall notify Agent and use reasonable efforts to cause such
            Person to enter into an applicable Vendor Inter-Creditor Agreement
            with such Person.

5.10   Government Accounts

       Each Borrower shall at any time upon reasonable request by the Agent
       prepare and deliver to the Agent a report setting forth all of its
       Accounts on which the Account Debtor is the United States or Canadian
       Government or a political subdivision thereof, or any state, province or
       municipality or department, agency or instrumentality thereof, which such
       report shall disclose the name of the Account Debtor, the amount of such
       Account and any other information the Agent shall reasonably request.

5.11   Further Assurances

       Each Credit Party agrees that it shall, and shall cause each other Credit
       Party to, at such Credit Party's expense and upon request of Agent, duly
       execute and deliver, or cause to be duly executed and delivered, to Agent
       such further instruments and do and cause to be done such further acts as
       may be necessary or proper in the reasonable opinion of Agent to carry
       out more effectively the provisions and purposes of this Agreement or any
       other Loan Document. All chattel paper owned

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<Page>

       by any Credit Party shall be conspicuously legended to indicate that it
       is subject to a Lien in favor of the Agent.

6.     NEGATIVE COVENANTS

       Each Credit Party agrees jointly and severally as to all parties that
       from and after the date hereof until the Termination Date:

6.1    Acquisitions, Subsidiaries, Etc.

       No Credit Party shall directly or indirectly, by operation of law or
       otherwise, (a) form or acquire any Subsidiary, or (b) merge with,
       consolidate with, acquire all or substantially all of the assets or Stock
       of, or otherwise combine with or acquire, any Person; PROVIDED, that any
       Credit Party may merge with another Credit Party, so long as (i) that
       Borrower Representative shall be the survivor of any such merger to which
       it is a party and (ii) a Borrower shall be the survivor of any such
       merger to which one or more Borrowers is a party. Notwithstanding the
       foregoing, any Borrower may acquire all or any substantial portion of the
       assets (other than assets consisting of Stock) of any Person (the
       "TARGET") (a "PERMITTED ACQUISITION") subject to the satisfaction of each
       of the following conditions:

            (i)    Agent shall receive at least forty-five (45) days prior
                   written notice of such proposed Permitted Acquisition, which
                   notice shall include a detailed description of such proposed
                   Permitted Acquisition including, without limitation,
                   financial statements of Target and any other due diligence
                   items requested by Lenders;

            (ii)   such Permitted Acquisition shall only involve assets 75% or
                   more of which are located in the United States and comprising
                   a business, or those assets of a business, of the type
                   engaged in by Borrowers as of the Closing Date or a business
                   reasonably related thereto or a logical extension thereof,
                   and which business would not subject Agent or any Lender to
                   regulatory or third party approvals in connection with the
                   exercise of its rights and remedies under this Agreement or
                   any other Loan Documents other than approvals applicable to
                   the exercise of such rights and remedies with respect to
                   Borrowers prior to such Permitted Acquisition;

            (iii)  no additional Indebtedness or Guaranteed Indebtedness,
                   contingent obligations or other liabilities shall be
                   incurred, assumed or otherwise be reflected on a consolidated
                   balance sheet of Borrowers and Target after giving effect to
                   such Permitted Acquisition, except (A) Indebtedness permitted
                   under clause (v) and (B) ordinary course trade payables,
                   accrued expenses and unsecured Indebtedness and other
                   liabilities and contingent obligations of the Target to the
                   extent no Default or Event of Default has occurred and is
                   continuing or would result after giving effect to such
                   Permitted Acquisition;

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<Page>

            (iv)   the sum of all amounts paid or payable in connection with all
                   Permitted Acquisitions (including all transaction costs and
                   all Indebtedness, liabilities and contingent obligations
                   incurred or assumed in connection therewith or otherwise
                   reflected on a consolidated balance sheet of Borrowers and
                   Target) shall not exceed $25,000,000 in any Fiscal Year or
                   $75,000,000 from and after the Closing Date until the
                   Termination Date in the aggregate and the portion thereof
                   allocable to goodwill and intangible assets for any Permitted
                   Acquisition shall not exceed 30% of the applicable purchase
                   price for such Permitted Acquisition;

            (v)    no Indebtedness for borrowed money to finance such
                   acquisitions shall be incurred, guaranteed, assumed or
                   consolidated in connection with such Permitted Acquisitions
                   other than Revolving Credit Advances subject to the terms
                   hereof and including any assets being purchased in the
                   Permitted Acquisition to the extent otherwise includable in
                   the Aggregate Borrowing Base;

            (vi)   the business and assets acquired in such Permitted
                   Acquisition shall be free and clear of all Liens (other than
                   Permitted Encumbrances);

            (vii)  at or prior to the closing of any Permitted Acquisition,
                   Agent will be granted a first priority perfected Lien
                   (subject to Permitted Encumbrances) in all assets acquired
                   pursuant thereto, and Credit Parties and the Target shall
                   have executed such documents and taken such actions as may be
                   required by Agent in connection therewith;

            (viii) Concurrently with delivery of the notice referred to in
                   clause (i) above, Borrower Representative shall have
                   delivered to Agent, in form and substance satisfactory to
                   Agent:

                   (A)   (x)   a PRO FORMA consolidated and consolidating, if
                         applicable, balance sheet of Borrowers and their
                         Subsidiaries (the "ACQUISITION PRO FORMA"), based on
                         recent financial data, which shall be complete and
                         shall accurately and fairly represent the assets,
                         liabilities, financial condition and results of
                         operations of Borrowers and their Subsidiaries in
                         accordance with GAAP consistently applied, but taking
                         into account such Permitted Acquisition and the funding
                         of all Loans in connection therewith, and such
                         Acquisition Pro Forma shall reflect that

                         (y)   on a PRO FORMA basis, no Event of Default has
                         occurred and is continuing or would result after giving
                         effect to such Permitted Acquisition and Borrowers
                         would have been in compliance with the financial
                         covenants set forth in Annex G for the four quarter
                         period reflected in the Compliance Certificate most
                         recently delivered to Agent pursuant to Annex E prior
                         to the consummation of such Permitted Acquisition
                         (after giving effect to such Permitted Acquisition and
                         all

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<Page>

                         Loans funded in connection therewith as if made on the
                         first day of such period);

                   (B)   updated versions of the most recently delivered
                         operating plan in form reasonably satisfactory to the
                         Agent taking into account such Permitted Acquisition
                         (the "ACQUISITION PROJECTIONS"); and

                   (C)   a certificate of an Authorized Officer of Borrower
                         Representative to the effect that: (w) Borrowers will
                         be Solvent upon the consummation of the Permitted
                         Acquisition; (x) the Acquisition Pro Forma fairly
                         presents the financial condition of Borrowers and their
                         Subsidiaries (on a consolidated and consolidating
                         basis, if applicable) as of the date thereof after
                         giving effect to the Permitted Acquisition; (y) the
                         Acquisition Projections are reasonable estimates of the
                         future financial performance of Borrowers subsequent to
                         the date thereof based upon the historical performance
                         of Borrowers and the Target and show that Borrowers
                         shall continue to be in compliance with the financial
                         covenants set forth in Annex G for the three (3) year
                         period thereafter or the balance remaining of the
                         Commitment term; and (z) Borrowers have completed their
                         due diligence investigation with respect to the Target
                         and such Permitted Acquisition, which investigation was
                         conducted in a manner similar to that which would have
                         been conducted by a prudent purchaser of a comparable
                         business and the results of which investigation were
                         delivered to Agent and Lenders;

            (ix)   on or prior to the date of such Permitted Acquisition, Agent
                   shall have received, in form and substance reasonably
                   satisfactory to Agent, copies of the acquisition agreement
                   and related agreements and instruments, and all opinions,
                   certificates, lien search results and other documents
                   reasonably requested by Agent;

            (x)    Agent and Lenders shall have received results of an appraisal
                   and audit of the Target, its assets, and its books and
                   records, in form and substance reasonably satisfactory to the
                   Agent;

            (xi)   the structure and terms of the Permitted Acquisition shall be
                   satisfactory to the Agent and no Credit Party shall acquire
                   any liabilities in such transaction other than those approved
                   by the Agent;

            (xii)  at the time of such Permitted Acquisition and after giving
                   effect thereto, no Default or Event of Default shall have
                   occurred and be continuing; and

            (xiii) at the time of such Permitted Acquisition and after giving
                   effect thereto and the making of any Loans in connection
                   therewith, Borrowing Availability (for all Borrowers) shall
                   exceed $25,000,000.

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6.2    Investments; Loans and Advances

       Except as otherwise expressly permitted by this Section 6, no Credit
       Party shall make or permit to exist any investment in, or make, accrue or
       permit to exist loans or advances of money to, any Person, through the
       direct or indirect lending of money, holding of securities or otherwise,
       except that (a) a Borrower may hold investments comprised of notes
       payable, or stock or other securities issued by Account Debtors to such
       Borrower pursuant to a bankruptcy proceeding of such Account Debtor or
       negotiated agreements with respect to settlement of such Account Debtor's
       Accounts, as applicable, in the ordinary course of business, so long as
       the aggregate amount of such Accounts so settled by Borrowers does not
       exceed $1,000,000; (b) a Borrower may acquire Intercompany Notes
       permitted to be incurred under Section 6.3, (c) a Borrower may invest in
       Capital Expenditures to the extent permitted under Annex G, (d) a Credit
       Party may hold investments received pursuant to a sale of assets
       permitted under Section 6.8, (e) a Credit Party may hold investments held
       in the ordinary course of business in any Deposit Account subject to a
       Lien in favor of Agent, (f) a Credit Party may hold investments in
       existence on the date hereof and summarized in Disclosure Schedule (6.2),
       and (g) so long as no Default or Event of Default has occurred and is
       continuing, Borrowers may make investments, subject to Control Letters or
       otherwise subject to a perfected security interest in favor of Agent for
       the benefit of Lenders, in (i) marketable direct obligations issued,
       unconditionally guaranteed or insured by the United States of America or
       any agency thereof maturing within one year from the date of acquisition
       thereof, (ii) commercial paper maturing no more than one year from the
       date of creation thereof and currently having the highest rating
       obtainable from either Standard & Poor's Ratings Group or Moody's
       Investors Service, Inc., (iii) certificates of deposit, maturing no more
       than one year from the date of creation thereof, issued by commercial
       banks incorporated under the laws of the United States of America, each
       having combined capital, surplus and undivided profits of not less than
       $300,000,000 and having a senior secured rating of "A" or better by a
       nationally recognized rating agency (an "A RATED BANK"), (iv) time
       deposits, maturing no more than 30 days from the date of creation thereof
       with A Rated Banks, (v) mutual funds that invest solely in one or more of
       the investments described in clauses (i) through (iv) above and (vi)
       other investments not exceeding $100,000 in aggregate amount in which
       Agent has a perfected first priority security interest. Each Credit Party
       may maintain its existing investments in its Subsidiaries as of the
       Closing Date.

6.3    Indebtedness

       (a)  No Credit Party shall create, incur, assume or permit to exist any
            Indebtedness, except (without duplication) (i) Indebtedness secured
            by purchase money security interests and Capital Leases permitted in
            clause (c) or (d) of Section 6.7, (ii) the Loans and the other
            Obligations, (iii) deferred taxes, to the extent permitted under
            applicable law, (iv) unfunded pension fund and other employee
            benefit plan obligations and liabilities to the extent they are
            permitted to remain unfunded under applicable law, (v) existing
            Indebtedness described in Disclosure Schedule (6.3) and refinancings
            thereof or amendments or modifications thereto that do not have the
            effect of increasing the

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<Page>

            principal amount thereof or changing the amortization thereof (other
            than to extend the same) and that are otherwise on terms and
            conditions no less favorable to any Credit Party than the terms of
            the Indebtedness being refinanced, amended or modified, (vi)
            Indebtedness specifically permitted under Section 6.1, (vii)
            Indebtedness of Borrowers not exceeding (x) $200,000,000 in
            aggregate principal amount (less all payments of principal thereof)
            evidenced by the Senior Notes and (y) $50,000,000 in aggregate
            principal amount (less all payments of principal thereof) evidenced
            by the Senior Subordinated Notes and (viii) Indebtedness consisting
            of intercompany loans and advances made by any Borrower to any other
            Borrower; PROVIDED, that: (A) each Borrower shall have executed and
            delivered to each other Borrower, on the Closing Date, a demand note
            (collectively, the "INTERCOMPANY NOTES") to evidence any such
            intercompany Indebtedness owing at any time by such Borrower to such
            other Borrowers which Intercompany Notes shall be in form and
            substance reasonably satisfactory to Agent and shall be pledged and
            delivered to Agent pursuant to the applicable Pledge Agreement or
            Security Agreement as additional collateral security for the
            Obligations; (B) each Borrower shall record all intercompany
            transactions on its books and records in a manner reasonably
            satisfactory to Agent; (C) the obligations of each Borrower under
            any such Intercompany Notes shall be subordinated to the Obligations
            of such Borrower hereunder in a manner reasonably satisfactory to
            Agent; (D) at the time any such intercompany loan or advance is made
            by any Borrower to any other Borrower and after giving effect
            thereto, each such Borrower shall be Solvent; (E) no Default or
            Event of Default would occur and be continuing after giving effect
            to any such proposed intercompany loan; and (F) in the case of any
            intercompany Indebtedness, (X) the Borrower advancing such funds
            shall have Borrowing Availability under its separate Borrowing Base
            of not less than $1.00 after giving effect to such intercompany
            loan, or (Y) the intercompany Indebtedness shall be a Great Northern
            Advance, (ix) Indebtedness owing to Affiliates and holders of Stock
            of such Credit Party that constitutes Subordinated Debt, is
            unsecured, interest on which is not payable in cash until after the
            Termination Date and as to which no principal is payable until after
            the Termination Date, (x) Indebtedness under Hedging Agreements to
            the extent permitted under Section 6.17 and (xi) unsecured
            Indebtedness not otherwise referred to in this Section 6.3 not
            exceeding $1,000,000 in aggregate principal amount outstanding at
            any time for all Credit Parties.

       (b)  No Credit Party shall, directly or indirectly, voluntarily purchase,
            redeem, defease or prepay any principal of, premium, if any,
            interest or other amount payable in respect of any Indebtedness,
            other than (i) the Obligations, (ii) Indebtedness secured by a
            Permitted Encumbrance if the asset securing such Indebtedness has
            been sold or otherwise disposed of in accordance with Sections
            6.8(b) or (c) and (iii) Indebtedness permitted by Section 6.3(a)(v)
            upon any refinancing thereof in accordance with Section 6.3(a)(v).

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6.4    Employee Loans and Affiliate Transactions

       (a)  No Credit Party shall enter into or be a party to any transaction
            with any Affiliate of any Credit Party (other than another Credit
            Party) thereof except in the ordinary course of and pursuant to the
            reasonable requirements of such Credit Party's business and upon
            fair and reasonable terms that are no less favorable to such Credit
            Party than would be obtained in a comparable arm's length
            transaction with a Person not an Affiliate of such Credit Party;
            PROVIDED, that other than a transaction described in any Related
            Transaction Documents or Disclosure Schedule 6.4(a), no Credit Party
            shall in any event enter into any such transaction or series of
            related transactions (i) involving payments in excess of $10,000
            without disclosing to Agent in advance the terms of such
            transactions and (ii) involving payments in excess of $50,000 in the
            aggregate; and PROVIDED FURTHER, that Borrowers may pay the fees to
            BRS Management Co. disclosed in, and subject to the terms of,
            Section 6.14.

       (b)  All employee loans and affiliate transactions existing as of the
            Closing Date hereof are described in Disclosure Schedule (6.4(b)).
            No Credit Party shall enter into any lending or borrowing
            transaction with any employees of any Credit Party, except loans to
            its respective employees in the ordinary course of business
            consistent with past practices for travel and entertainment
            expenses, relocation costs and similar purposes up to a maximum of
            $100,000 to any employee and up to a maximum of $500,000 in the
            aggregate at any one time outstanding. No Credit Party shall
            repurchase any Stock of any employee of such Credit Party, except
            upon termination of such employee consistent with past practices for
            such repurchase up to a maximum amount of $1,000,000 in the
            aggregate for all employees of all Credit Parties in any one Fiscal
            Year; PROVIDED, that at the time of any such repurchase and after
            giving effect thereto the aggregate Borrowing Availability for all
            Borrowers is in excess of $25,000,000.

6.5    Capital Structure and Business

       No Credit Party shall (a) make any changes in any of its business
       objectives, purposes or operations that could in any way adversely affect
       the repayment of the Loans or any of the other Obligations or could
       reasonably be expected to have or result in a Material Adverse Effect,
       (b) other than with respect to H&E Holdings, make any change in its
       capital structure as described in Disclosure Schedule (3.8), including
       the issuance or sale of any shares of Stock, warrants or other securities
       convertible into Stock or any revision of the terms of its outstanding
       Stock, PROVIDED, that any Borrower may issue or sell shares of its Stock
       for cash so long as (i) the proceeds thereof are applied in prepayment of
       the Obligations as required by Section 1.3(b)(iii), (ii) no Change of
       Control occurs after giving effect thereto and (iii) such shares are
       pledged to the Agent for the benefit of the Lenders pursuant to a Pledge
       Agreement, or (c) amend its charter, bylaws, certificate of formation or
       operating agreement, each as applicable, in a manner that would adversely
       affect Agent or Lenders or Credit Party's duty or ability to repay the
       Obligations. No Credit Party shall engage in any business other than the
       businesses currently engaged in by it or reasonably related thereto or a
       logical extension thereof.

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6.6    Guaranteed Indebtedness

       No Credit Party shall create, incur, assume or permit to exist any
       Guaranteed Indebtedness except (a) for Guaranteed Indebtedness in
       existence on the date hereof described in Disclosure Schedule (6.6), (b)
       for Guaranteed Indebtedness incurred for the benefit of the purchasers of
       Equipment Inventory to support sales by any Borrower or Guarantor of such
       Equipment Inventory in the ordinary course of business to such
       purchasers, not to exceed $2,000,000 at any one time outstanding for all
       Credit Parties, (c) by endorsement of instruments or items of payment for
       deposit to the general account of any Credit Party, and (d) for
       Guaranteed Indebtedness incurred for the benefit of any other Credit
       Party if the primary obligation is expressly permitted by this Agreement
       other than Indebtedness, if any, of a Target existing at the time such
       Target is acquired.

6.7    Liens

       No Credit Party shall create, incur, assume or permit to exist any Lien
       on or with respect to its Accounts or any of its other properties or
       assets (whether now owned or hereafter acquired) except for (a) Permitted
       Encumbrances; (b) Liens in existence on the date hereof and summarized in
       Disclosure Schedule (6.7) securing the Indebtedness described in
       Disclosure Schedule (6.3) (other than under the heading "Vendor
       Financings" it being understood that Liens reflected under such heading
       shall be permitted only if in compliance with Section 6.7(c) or Section
       6.7(d)) and permitted refinancings, extensions and renewals thereof,
       including extensions or renewals of any such Liens, PROVIDED, that the
       principal amount of the Indebtedness so secured is not increased and the
       Lien does not attach to any other property; (c) Liens created by
       conditional sale or other title retention agreements (including Capital
       Leases) or in connection with purchase money Indebtedness with respect to
       P&E and Fixtures acquired by a Credit Party in the ordinary course of its
       business, involving the incurrence of an aggregate amount of purchase
       money Indebtedness and Capital Lease Obligations for all Credit Parties
       of not more than $15,000,000 outstanding at any one time for all such
       Liens (PROVIDED, that (i) such Liens attach only to the assets subject to
       such purchase money debt and proceeds thereof, (ii) such Indebtedness is
       incurred within ninety (90) days following such purchase; and (d) (x)
       Liens created by conditional sale or other title retention agreements
       (including Capital Leases) or in connection with purchase money
       Indebtedness provided by the seller of such Equipment Inventory or an
       Affiliate of such seller or a third party financing source not affiliated
       with such seller with respect to Equipment Inventory acquired by a Credit
       Party in the ordinary course of its business, involving the incurrence of
       an aggregate principal amount of purchase money Indebtedness for all
       Credit Parties of not more than $90,000,000 in principal amount
       outstanding at any one time for all such Liens and (y) Liens on rental
       proceeds of Equipment Inventory leased by a Borrower securing true lease
       obligations of a Borrower of Equipment Inventory, PROVIDED, that (i) such
       Liens attach only to the Equipment Inventory purchased with the proceeds
       of such purchase money Indebtedness or such rental proceeds except as
       otherwise permitted by any agreement referred to in subparagraph (iii)
       below, (ii) such Indebtedness is incurred at the time of such purchase
       and (iii) a Vendor Inter-Creditor Agreement between the holder of such
       Lien and

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       Agent (in the form of Exhibit 6.7(d)(iii)(A) in the case of Floor Plan
       Equipment Inventory, and in the form of Exhibit 6.7(d)(iii)(B) in the
       case of Off Balance Sheet Equipment Inventory, in each case with such
       changes thereto as may be acceptable to Agent or such other form of
       intercreditor agreement as Agent may approve) has been delivered to
       Agent, PROVIDED, HOWEVER, that notwithstanding the foregoing, the Credit
       Parties may have outstanding Indebtedness or lease obligations secured by
       a Lien described in this paragraph (d) without a Vendor Inter-Creditor
       Agreement so long as the aggregate amount of such Indebtedness or lease
       obligations does not exceed (x) during the period ending thirty (30) days
       following the Closing Date, $17,500,000 in the aggregate for all Credit
       Parties, including as to lease obligations, the amount of purchase option
       amounts payable thereunder or (y) thereafter, $4,000,000 in the aggregate
       in respect of lease obligations and $0 in respect of such Indebtedness,
       for all Credit Parties, excluding as to lease obligations, purchase
       option amounts payable thereunder, it being understood that the Agent may
       establish Reserves in respect of any such Indebtedness or lease
       obligations for which no Vendor Inter-Creditor Agreement has been
       delivered. In addition, no Credit Party shall become a party to any
       agreement, note, indenture or instrument, or take any other action, that
       would prohibit the creation of a Lien on any of its properties or other
       assets in favor of Agent, on behalf of itself and Lenders, as additional
       collateral for the Obligations, except operating leases, Capital Leases
       or Licenses which prohibit Liens upon the assets that are subject
       thereto.

6.8    Disposition of Stock and Assets

       No Credit Party shall sell, lease, license, transfer, convey, assign or
       otherwise dispose of any of its properties or other assets (other than
       cash), including the Stock of any of its Subsidiaries (whether in a
       public or a private offering or otherwise) or any of their Accounts,
       other than (a) the sale or lease by a Borrower of Equipment Inventory in
       the ordinary course of its business, (b) the sale, transfer, conveyance
       or other disposition by a Credit Party of P&E, Equipment Inventory,
       Fixtures or Real Estate that are obsolete or no longer used or useful in
       such Credit Party's business and having a Net Book Value not exceeding
       $250,000 in any single transaction or $500,000 for all Credit Parties in
       the aggregate in any Fiscal Year, (c) the sale, transfer, conveyance or
       other disposition by a Credit Party of Equipment Inventory that is part
       of a discontinued line, (d) the sale, transfer, conveyance or other
       disposition by a Credit Party of other P&E and Fixtures having a value
       not exceeding $500,000 in any single transaction or $1,000,000 in the
       aggregate for all Credit Parties in any Fiscal Year, (e) the licensing of
       Intellectual Property by any Credit Party in the ordinary course of its
       business, (f) the sale, transfer, conveyance or other disposition of
       assets from a Borrower to another Borrower and (g) a trade-in or trade-up
       of assets (pursuant to which such Credit Party acquires a substantially
       similar asset to the one disposed of within forty-five (45) days
       following such disposition and the value of the asset disposed of is
       credited against the purchase price of the asset so acquired) by a Credit
       Party in the ordinary course of its business. With respect to any
       disposition of assets or other properties permitted pursuant to clauses
       (b) and (c) above, subject to Section 1.3(b), Agent agrees on reasonable
       prior written notice to release its Lien (and the Lenders authorize Agent
       to do so) on such assets or other properties in order to permit the
       applicable Credit Party to effect such disposition and shall execute and
       deliver to such Credit Party, at such Credit Party's expense,

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       appropriate UCC-3 termination statements and other releases as reasonably
       requested by such Credit Party.

6.9    ERISA

       No Credit Party shall, nor shall it cause or permit any ERISA Affiliate
       to, cause or permit to occur an event that could result in the imposition
       of a Lien under Section 412(n) of the IRC or Section 302(f) or 4068 of
       ERISA or cause or permit to occur an ERISA Event to the extent such Lien
       or such ERISA Event could reasonably be expected to have a Material
       Adverse Effect.

6.10   Financial Covenants

       No Borrower shall breach or fail to comply with any of the Financial
       Covenants.

6.11   Hazardous Materials

       No Credit Party shall cause or permit a Release of any Hazardous Material
       on, at, in, under, above, to, from or about any of the Real Estate where
       such Release would (a) violate in any respect, or form the basis for any
       Environmental Liabilities under, any Environmental Laws or Environmental
       Permits or (b) otherwise adversely impact the value or marketability of
       any of the Real Estate or any of the Collateral, other than such
       violations or impacts that could not reasonably be expected to have a
       Material Adverse Effect.

6.12   Designated Senior Debt

       This Agreement and the Indebtedness arising hereunder are "Designated
       Senior Debt" under the Senior Subordinated Note Indenture and H&E shall
       not designate any other Indebtedness or any credit agreement as
       "Designated Senior Debt" thereunder without the prior consent of
       Requisite Lenders

6.13   Cancellation of Indebtedness

       No Credit Party shall cancel any claim or debt owing to it having a face
       value exceeding $100,000 except for reasonable consideration negotiated
       on an arm's-length basis and in the ordinary course of its business
       consistent with past practices.

6.14   Restricted Payments

       No Credit Party shall make any Restricted Payment, except (a)
       intercompany loans and advances between Borrowers and payments of
       principal and interest on Intercompany Notes, in each case to the extent
       permitted by Section 6.3, (b) dividends and distributions by Subsidiaries
       of a Borrower paid to such Borrower, (c) employee loans permitted under
       Section 6.4(b) above, (d) payments of management fees pursuant to the BRS
       Management Services Agreement in accordance with Section 3.14 on the
       Closing Date, and thereafter not to exceed the greater, on an annual
       basis, of (x) $2,000,000 or (y) one point seventy-five percent (1.75%) of
       EBITDAR for the immediately preceding Fiscal Year, in each case PLUS
       reasonable out-of-pocket expenses,

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       (e) scheduled payments of interest as and when due and payable with
       respect to the Subordinated Debt, subject to the subordination terms
       thereof, (f) repurchases of Stock of any employee of such Credit Party
       upon termination of such employee, subject to Section 6.4(b), (g)
       distributions to H&E Holdings to the extent necessary to pay the taxes of
       H&E Holdings and to cover administrative fees and reasonable
       out-of-pocket expenses, and with respect to such fees and expenses in an
       amount not to exceed $250,000, and (h) distributions of Stock of such
       Credit Party in connection with the cashless exercise of options by the
       holders of options for Stock of such Credit Party; PROVIDED, that in the
       case of clauses (d) and (f) above (i) no Default or Event of Default
       shall have occurred and be continuing or would result after giving effect
       to any Restricted Payment pursuant to clauses (d) and (f) above.

6.15   Change of Name or Location; Change of Fiscal Year

       No Credit Party shall (a) change its name as it appears in official
       filings in the state of its incorporation or organization, or (b) change
       its offices or warehouses or locations at which Collateral is held or
       stored, or the location of its records concerning the Collateral, (c)
       change the type of entity that it is, (d) change its organization
       identification number, if any, issued by its state of incorporation or
       organization, or (e) change its state of incorporation or organization,
       in each case without at least thirty (30) days prior written notice to
       Agent and after Agent's written acknowledgment that any reasonable action
       requested by Agent in connection therewith, including to continue the
       perfection of any Liens in favor of Agent, on behalf of Lenders, in any
       Collateral, has been completed or taken; PROVIDED that any such new
       location shall be in the continental United States. Without limiting the
       foregoing, no Credit Party shall change its name, identity or limited
       liability company (or corporate, as the case may be) structure in any
       manner that might make any financing or continuation statement filed in
       connection herewith seriously misleading within the meaning of Section
       9-506 or 9-507 of the Code or any other then applicable provision of the
       Code except upon prior written notice to Agent and Lenders and after
       Agent's written acknowledgment that any reasonable action requested by
       Agent in connection therewith, including to continue the perfection of
       any Liens in favor of Agent, on behalf of Lenders, in any Collateral, has
       been completed or taken. No Credit Party shall change its Fiscal Year
       without the prior consent of Agent.

6.16   No Impairment of Intercompany Transfers

       No Credit Party shall directly or indirectly enter into or become bound
       by any agreement, instrument, indenture or other obligation (other than
       this Agreement and the other Loan Documents) that could directly or
       indirectly restrict, prohibit or require the consent of any Person with
       respect to the payment of dividends or distributions or the making or
       repayment of intercompany loans by a Subsidiary of a Borrower to such
       Borrower or between Borrowers.

6.17   No Speculative Transactions

       No Credit Party shall engage in any transaction involving commodity
       options, futures contracts or similar transactions, except solely to
       hedge against fluctuations in the prices of commodities

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       owned or purchased by it and the values of foreign currencies receivable
       or payable by it and interest swaps, caps or collars under a Hedging
       Agreement; PROVIDED that (i) any such Hedging Agreement must have a
       Lender as the sole counterparty, (ii) at any time, the aggregate amount
       payable upon termination, liquidation or cancellation of such Hedging
       Agreements for all Credit Parties, calculated in accordance with GAAP,
       shall not exceed $1,000,000 and (iii) at any time, Agent may maintain
       Reserves in the amount of such aggregate amount.

6.18   Changes Relating to Senior Debt; Subordinated Debt Designation of Credit
       Facility

       (a)  No Credit Party shall change or amend the terms of any Senior Debt
            or Subordinated Debt (or any indenture or agreement in connection
            therewith) if the effect of such amendment is to: (a) increase the
            interest rate on such Senior Debt or such Subordinated Debt by more
            than two percentage points (2%); (b) change the dates upon which
            payments of principal or interest are due on such Senior Debt or
            such Subordinated Debt other than to extend such dates; (c) add any
            default, event of default or change any default or event of default
            other than to delete or make less restrictive any default provision
            therein, or add any covenant with respect to such Senior Debt or
            such Subordinated Debt; (d) add any covenant or change any covenant
            in a matter adverse to such Credit Party, (e) change the redemption
            or prepayment provisions of such Senior Debt or such Subordinated
            Debt other than to extend the dates therefor or to reduce the
            premiums payable in connection therewith; (f) grant any security or
            collateral to secure payment of such Senior Debt or such
            Subordinated Debt; (g) with respect to the Senior Note Indenture and
            the Senior Subordinated Note Indenture, each change or amend the
            asset sale provision of the Senior Note Indenture or the Senior
            Subordinated Note Indenture, in each case, without the prior written
            approval of the Required Lenders, (h) change or amend the definition
            of "Borrowing Base" contained therein, or (i) change or amend any
            other term if such change or amendment would materially increase the
            obligations of the Credit Party thereunder or confer additional
            material rights on the holder of such Senior Debt or such
            Subordinated Debt in a manner adverse to any Credit Party, Agent or
            any Lender.

       (b)  No Credit Party shall designate any credit agreement, credit
            facility, documents, agreement or indebtedness as a "Credit
            Facility" under and as such term is defined in the Senior Note
            Indenture, as originally in effect or as a "Credit Facility" under
            which as such term is defined in the Senior Subordinated Note
            Indenture, as originally in effect, other than, in each case, this
            Agreement, or, except for this Agreement and the Loan Documents,
            otherwise grant to any Indebtedness or Liens securing the same the
            rights of "Priority Lien Obligations" or "Priority Liens" as such
            terms are defined in the Senior Note Indenture, as originally in
            effect.

6.19   Changes in Depreciation Schedules

       No Credit Party shall change or amend the schedules or methodology used
       to calculate depreciation on its assets (except as required by applicable
       law or by a change in GAAP).

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6.20   Credit Parties Other than Borrowers

       None of H&E Holdings, H&E Finance and GNE Investments shall engage in any
       trade or business, or own any assets (other than Stock of their
       Subsidiaries) or incur any Indebtedness or Guaranteed Indebtedness (other
       than the Obligations); PROVIDED that (i) H&E Finance may consummate the
       transactions contemplated by the Senior Note Indenture and the Senior
       Subordinated Note Indenture, (ii) H&E Holdings may incur certain rights
       and obligations under the BRS Management Agreement and (iii) GNE
       Investments may provide the guaranty of (x) the Senior Notes as provided
       for in the Senior Note Indenture and (y) the Senior Subordinated Notes as
       provided for in the Senior Subordinated Note Indenture and (iv) H&E, H&E
       Finance and GNE Investments may consummate the Related Transactions.

6.21   Lock Box Remittances; Vendor Payments

       No Credit Party shall make, direct or permit any remittance to be made
       into any lock box maintained for the benefit of Agent that is subject to
       any Lien or claim or other interest of any Person, other than Liens in
       favor of Agent, on behalf of itself and Lenders, and Collateral Agent, on
       behalf of the holders of Senior Notes and Liens in favor of the
       applicable depository bank permitted by the applicable lock box or
       pledged account agreement with such depository bank; PROVIDED, that the
       Credit Parties shall not be in default under this Section 6.21 if the
       amount on deposit in the deposit accounts associated with all such lock
       boxes and subject to any Lien or claim of any Person (other than the
       depositary bank) does not exceed $200,000 in the aggregate at any time.
       No Credit Party shall send an invoice or otherwise bill any purchaser
       with respect to the purchase of any Floor Plan Equipment Inventory or any
       Off Balance Sheet Equipment Inventory (that has been purchased by a
       Credit Party) prior to the payment by such Credit Party of the purchase
       price of such Floor Plan Equipment Inventory or such Off Balance Sheet
       Equipment Inventory into such a lock box. Each Credit Party shall comply
       with all requirements of each Vendor Inter-Creditor Agreement and shall
       give all notices and take all other actions under each Vendor
       Inter-Creditor Agreement to insure compliance with the requirements of
       this Section 6.21.

7.     TERM

7.1    Termination

       The financing arrangements contemplated hereby shall be in effect until
       the Commitment Termination Date, and the Loans and all other Obligations
       shall be automatically due and payable in full on such date.

7.2    Survival of Obligations Upon Termination of Financing Arrangements

       Except as otherwise expressly provided for in the Loan Documents, no
       termination or cancellation (regardless of cause or procedure) of any
       financing arrangement under this Agreement shall in any way affect or
       impair the obligations, duties and liabilities of Credit Parties or the
       rights of Agent and Lenders relating to any unpaid portion of the Loans
       or any other

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       Obligations, due or not due, liquidated, contingent or unliquidated, or
       any transaction or event occurring prior to such termination, or any
       transaction or event, the performance of which is required after the
       Commitment Termination Date. Except as otherwise expressly provided
       herein or in any other Loan Document, all undertakings, agreements,
       covenants, warranties and representations of or binding upon any Credit
       Party, and all rights of Agent and each Lender, all as contained in the
       Loan Documents, shall not terminate or expire, but rather shall survive
       any such termination or cancellation and shall continue in full force and
       effect until the Termination Date, whereupon it shall terminate;
       PROVIDED, that the provisions of Section 11, the payment obligations
       under Sections 1.15 and 1.16, and the indemnities contained in the Loan
       Documents shall survive the Termination Date and PROVIDED FURTHER that
       the indemnities contained in the Loan Documents in favor of a Lender
       shall survive the assignment by such Lender of the Commitments and Loans
       of such Lender.

7.3    Default Purchase Option

       Agent agrees to promptly provide notice to the trustee under the Senior
       Note Indenture when there has occurred the maturity (including as a
       result of acceleration or the commencement of an Event of Default under
       Section 8.1(h) or 8.1(i)) of the Obligations and the termination of the
       Revolving Loan Commitment. Such notice (the "DEFAULT NOTICE") shall
       include the name and address of each Lender, and Agent agrees to notify
       Trustee of the name and address of any new Lender that acquires a Loan
       during the period beginning on the date of such Default Notice and ending
       on the earlier of the date twenty (20) Business Days following the
       delivery of the Default Notice or the Authorized Representative Properly
       Elects under this Section 7.3. If an Authorized Representative Properly
       Elects to purchase all "Priority Lien Indebtedness" (as such term is
       defined in the Senior Note Indenture as originally in effect) arising
       under or secured by the Loan Documents (including, without limitation,
       Indebtedness arising under Hedging Agreements secured thereby), each
       Lender agrees to sell all, but not less than all, of the principal of and
       interest on and all prepayment or acceleration penalties and premiums in
       respect of the Loans outstanding at the time of purchase and all other
       Obligations (except Unasserted Contingent Obligations (as defined in the
       Senior Note Indenture as originally in effect)) then outstanding,
       together with all rights of such Lender with respect to Liens securing
       such Obligations and all Guarantees and other supporting obligations
       relating to such Obligations (the "SUBJECT PROPERTY"), to Eligible
       Purchasers (as such term is defined in the Senior Note Indenture as
       originally in effect) identified by the Authorized Representative upon
       the following terms and conditions: (a) for a purchase price equal to
       100% of the principal amount and accrued interest outstanding on the
       Obligations included in the Subject Property on the date of purchase plus
       all other Obligations included in the Subject Property (except any
       prepayment or acceleration penalty or premium (the term "prepayment
       penalty or acceleration premium" being deemed not to include default
       interest or LIBOR Rate breakage costs)) then unpaid, (b) with such
       purchase price payable in cash on the date of purchase (which date of
       purchase shall occur before the latter of (i) twenty (20) Business Days
       following the date of receipt by such trustee of the Default Notice and
       (ii) five (5) Business Days after the Authorized Representative shall
       have Properly Elected to purchase under this Section 7.3), against
       transfer to one or more "Eligible Purchasers" or its

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       nominee or transferee identified by the Authorized Representative (such
       transfer to be without recourse and without any representation or
       warranty whatsoever, whether as to the enforceability of any Obligations
       included in the Subject Property or the validity, enforceability,
       perfection or priority or sufficiency of any Lien securing, or Guaranty
       or other supporting obligation for, any Obligations included in the
       Subject Property or as to any other matter whatsoever, except only the
       representation and warranty that the transferee is transferring free and
       clear of all Liens and encumbrances (other than those that will be
       satisfied and discharged concurrently with the closing of such purchase),
       and has good right to convey, whatever claims and interest it may have in
       respect of the Subject Property pursuant to the Loan Documents), (c) with
       such purchase accompanied by a deposit by the Authorized Representative
       on behalf of such "Eligible Purchasers" of cash collateral under control
       of the Agent (pursuant to agreements reasonably acceptable to the Agent
       and with a depositary reasonably acceptable to the Agent) in an amount
       equal to 105% of the undrawn amount of each Letter of Credit then
       outstanding, as security for the additional obligation of the purchaser
       to purchase, at par plus accrued interest, the reimbursement obligation
       in respect of such Letters of Credit as and when such Letters of Credit
       are funded and to pay all Obligations included in the Subject Property
       then outstanding relating to such Letter of Credit and (d) upon documents
       reasonably acceptable to Agent, such Lender and the Authorized
       Representative and consistent with the foregoing clauses (a) through (c).
       The option to purchase under this Section 7.3 is exercisable only once.
       An "AUTHORIZED REPRESENTATIVE" shall mean the Trustee or an Eligible
       Purchaser (as such term is defined in the Senior Note Indenture as
       originally in effect) who the Trustee, in a writing delivered to the
       Agent and each Lender, indicates is authorized to exercise rights under
       this Section 7.3. The term "PROPERLY ELECTS" means the delivery within
       twenty (20) Business Days following receipt by the Trustee of notice of
       acceleration of the Obligations and termination of the Commitments to the
       Agent and each Lender by an Authorized Representative of an irrevocable
       written notice to purchase all "Priority Lien Indebtedness" (as such term
       is defined in the Senior Note Indenture as originally in effect) arising
       under or secured by the Loan Documents (including, without limitation,
       Indebtedness arising under Hedging Agreements) pursuant to the terms of
       this Section 7.3.

8.     EVENTS OF DEFAULT: RIGHTS AND REMEDIES

8.1    Events of Default

       The occurrence of any one or more of the following events (regardless of
       the reason therefor) shall constitute an "EVENT OF DEFAULT" hereunder:

       (a)  Any Borrower (i) fails to make any payment of principal of, or
            interest on, or Fees owing in respect of, the Loans or any of the
            other Obligations when due and payable, or fails to provide cash
            collateral as and when required, or (ii) fails to pay or reimburse
            Agent or Lenders for any expense reimbursable hereunder or under any
            other Loan Document within ten (10) days following Agent's demand
            for such reimbursement or payment of expenses.

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       (b)  Any Credit Party fails or neglects to perform, keep or observe any
            of the provisions of Sections 1.4, 1.8, 5.4(a) or 6 applicable to
            it, or any of the provisions set forth in Annexes C, E or G,
            respectively applicable to it.

       (c)  Any Credit Party fails or neglects to perform, keep or observe any
            of the provisions of Section 4 or any provisions set forth in Annex
            F, applicable to it and the same shall remain unremedied for ten
            (10) days or more.

       (d)  Any Credit Party fails or neglects to perform, keep or observe any
            other provision of this Agreement or of any of the other Loan
            Documents applicable to it, (other than any provision embodied in or
            covered by any other clause of this Section 8.1) and the same shall
            remain unremedied for thirty (30) days or more.

       (e)  A default or breach occurs under any other agreement, document or
            instrument to which any Credit Party is a party that is not cured
            within any applicable grace period therefor, and such default or
            breach (i) involves the failure to make any payment when due in
            respect of any Indebtedness or Guaranteed Indebtedness (other than
            the Obligations) of any Credit Party, including the Senior Debt and
            the Indebtedness under the Senior Subordinated Note Indenture, in
            excess of $2,000,000 in the aggregate (including (x) undrawn
            committed or available amounts and (y) amounts owing to all
            creditors under any combined or syndicated credit arrangements), or
            in respect of any lease under which any Credit Party is lessee under
            which the aggregate cost of the leased property exceeds $2,000,000,
            or (ii) causes, or permits any holder of such Indebtedness or
            Guaranteed Indebtedness or a trustee to cause, Indebtedness or
            Guaranteed Indebtedness or a portion thereof, including the Senior
            Debt, in excess of $2,000,000 in the aggregate, or rent in excess of
            $2,000,000 in the aggregate, to become due prior to its stated
            maturity or prior to its regularly scheduled dates of payment, or
            cash collateralized in respect thereof to be demanded, in each case,
            regardless of whether such right is exercised, by such holder or
            trustee.

       (f)  Any information contained in any Borrowing Base Certificate is
            untrue or incorrect in any respect (other than inadvertent,
            immaterial errors not exceeding $2,500,000 in the aggregate in any
            Borrowing Base Certificate), or any representation or warranty
            herein or in any Loan Document or in any written statement, report,
            financial statement or certificate (other than a Borrowing Base
            Certificate) made or delivered to Agent or any Lender by any Credit
            Party is untrue or incorrect in any material respect as of the date
            when made or deemed made.

       (g)  Assets with a value in excess of $1,000,000 of any Credit Party are
            attached, seized, levied upon or subjected to a writ or distress
            warrant, or come within the possession of any receiver, trustee,
            custodian or assignee for the benefit of creditors of any Credit
            Party and such condition continues for sixty (60) days or more.

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       (h)  A case or proceeding is commenced against any Credit Party seeking a
            decree or order in respect of such Credit Party (i) under the
            Bankruptcy Code, or any other applicable federal, state or foreign
            bankruptcy or other similar law, (ii) appointing a custodian,
            receiver, liquidator, assignee, trustee or sequestrator (or similar
            official) for such Credit Party or for any substantial part of any
            such Credit Party's assets, or (iii) ordering the winding-up or
            liquidation of the affairs of such Credit Party, and such case or
            proceeding shall remain undismissed or unstayed for 60 days or more
            or a decree or order granting the relief sought in such case or
            proceeding shall be entered by a court of competent jurisdiction.

       (i)  Any Credit Party (i) files a petition seeking relief under the
            Bankruptcy Code, or any other applicable federal, state or foreign
            bankruptcy or other similar law, (ii) consents to or fails to
            contest in a timely and appropriate manner the institution of
            proceedings thereunder or the filing of any such petition or the
            appointment of or taking possession by a custodian, receiver,
            liquidator, assignee, trustee or sequestrator (or similar official)
            for such Credit Party or for any substantial part of any such Credit
            Party's assets, (iii) makes an assignment for the benefit of
            creditors, (iv) takes any action in furtherance of any of the
            foregoing or (v) admits in writing its inability to, or is generally
            unable to, pay its debts as such debts become due.

       (j)  A final judgment or judgments for the payment of money in excess of
            $1,000,000 in the aggregate at any time are outstanding against one
            or more of the Credit Parties and the same are not, within 30 days
            after the entry thereof, discharged or execution thereof stayed or
            bonded pending appeal, or such judgments are not discharged prior to
            the expiration of any such stay.

       (k)  Any material provision of any Loan Document for any reason ceases to
            be valid, binding and enforceable in accordance with its terms (or
            any Credit Party shall challenge the enforceability of any Loan
            Document or shall assert in writing, or engage in any action or
            inaction based on any such assertion, that any provision of any of
            the Loan Documents has ceased to be or otherwise is not valid,
            binding and enforceable in accordance with its terms), or any Lien
            created under any Loan Document on assets with a value in excess of
            $1,000,000 in the aggregate ceases to be a valid and perfected first
            priority Lien (except as otherwise permitted herein or therein) in
            any of the Collateral purported to be covered thereby.

       (l)  Any Change of Control occurs.

8.2    Remedies

       (a)  If any Default or Event of Default has occurred and is continuing,
            Agent may (and at the written request of the Requisite Lenders
            shall), without notice, suspend this facility with respect to
            additional Advances and/or the incurrence of additional Letter of
            Credit Obligations, whereupon any additional Advances and additional
            Letter of Credit

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            Obligations shall be made or incurred in Agent's sole discretion (or
            in the sole discretion of the Requisite Lenders, if such suspension
            occurred at their direction) so long as such Default or Event of
            Default is continuing. If any Default or Event of Default has
            occurred and is continuing, Agent may (and at the written request of
            Requisite Lenders shall), without notice except as otherwise
            expressly provided herein, increase the rate of interest applicable
            to the Loans and the Letter of Credit Fees to the Default Rate.

       (b)  If any Event of Default has occurred and is continuing, Agent may
            (and at the written request of the Requisite Lenders shall), without
            notice, (i) terminate this facility with respect to further Advances
            or the incurrence of further Letter of Credit Obligations, (ii)
            declare all or any portion of the Obligations, including all or any
            portion of any Loan to be forthwith due and payable, and require
            that the Letter of Credit Obligations be cash collateralized as
            provided in Annex B, all without presentment, demand, protest or
            further notice of any kind, all of which are expressly waived by
            each Credit Party, or (iii) exercise any rights and remedies
            provided to Agent under the Loan Documents or at law or equity,
            including all remedies provided under the Code; PROVIDED, that upon
            the occurrence of an Event of Default specified in Section 8.1(h) or
            Section 8.1(i), all of the Obligations, including the Revolving
            Loan, shall become immediately due and payable without declaration,
            notice or demand by any Person.

8.3    Waivers by Credit Parties

       Except as otherwise provided for in this Agreement or by applicable law,
       each Credit Party waives (including for purposes of Section 12): (a)
       presentment, demand and protest and notice of presentment, dishonor,
       notice of intent to accelerate, notice of acceleration, protest, default,
       nonpayment, maturity, release, compromise, settlement, extension or
       renewal of any or all commercial paper, accounts, contract rights,
       documents, instruments, chattel paper and guaranties at any time held by
       Agent on which any Credit Party may in any way be liable, and hereby
       ratifies and confirms whatever Agent may do in this regard, (b) all
       rights to notice and a hearing prior to Agent's taking possession or
       control of, or to Agent's replevy, attachment or levy upon, the
       Collateral or any bond or security that might be required by any court
       prior to allowing Agent to exercise any of its remedies, and (c) the
       benefit of all valuation, appraisal, marshalling and exemption laws.

9.     ASSIGNMENT AND PARTICIPATIONS; APPOINTMENT OF AGENT

9.1    Assignment and Participations

       (a)  Subject to the terms of this Section 9.1, any Lender may make an
            assignment to a Qualified Assignee of, or sell participations in, at
            any time or times, the Loan Documents, Loans, Letter of Credit
            Obligations and any Commitment or any portion thereof or interest
            therein, including any Lender's rights, title, interests, remedies,
            powers or duties thereunder. Any assignment by a Lender shall (i)
            require the consent of Agent (which consent shall not be
            unreasonably withheld or delayed with respect to a Qualified

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            Assignee) and, so long as no Default or Event of Default has
            occurred and is continuing, the Borrower Representative (which shall
            not be unreasonably withheld or delayed) and the execution of an
            assignment agreement (an "ASSIGNMENT AGREEMENT") substantially in
            the form attached hereto as Exhibit 9.1(a) and otherwise in form and
            substance reasonably satisfactory to, and acknowledged by, Agent,
            PROVIDED, that neither the Agent's nor the Borrower Representative's
            consent shall be required if such assignment is to an existing
            Lender, to an Affiliate of such assigning Lender or to a special
            purpose entity organized to acquire commercial loans and managed by
            an existing Lender or an Affiliate or an existing Lender, and,
            PROVIDED, FURTHER that Borrower Representative's consent shall not
            be required if such assignment is to a Qualified Assignee; (ii) be
            conditioned on such assignee Lender representing to the assigning
            Lender and Agent that it is purchasing the applicable Loans to be
            assigned to it for its own account, for investment purposes and not
            with a view to the distribution thereof; (iii) after giving effect
            to any such partial assignment, the assignee Lender shall have
            Commitments in an amount at least equal to $5,000,000 and the
            assigning Lender shall have retained Commitments in an amount at
            least equal to $5,000,000; (iv) include a payment to Agent by the
            assignor or assignee of an assignment fee of $3,500. In the case of
            an assignment by a Lender under this Section 9.1, the assignee shall
            have, to the extent of such assignment, the same rights, benefits
            and obligations as all other Lenders hereunder and (v) not be
            effective until such assignment is reflected in the Loan Account.
            Subject to the proviso in the last sentence of Section 7.2, the
            assigning Lender shall be relieved of its obligations hereunder with
            respect to its Commitments or assigned portion thereof from and
            after the date of such assignment. Each Credit Party hereby
            acknowledges and agrees that any assignment shall give rise to a
            direct obligation of such Credit Party to the assignee and that the
            assignee shall be considered to be a "LENDER". In all instances,
            each Lender's liability to make Loans hereunder shall be several and
            not joint and shall be limited to such Lender's Pro Rata Share of
            the applicable Commitment. In the event Agent or any Lender assigns
            or otherwise transfers all or any part of a Note, Agent or any such
            Lender shall so notify Borrowers and each Borrower shall execute new
            Notes in exchange for the Notes being assigned. Notwithstanding the
            foregoing provisions of this Section 9.1(a), any Lender may at any
            time pledge as security for obligations of such Lender or assign all
            or any portion of such Lender's rights under this Agreement and the
            other Loan Documents to any Person, including to a Federal Reserve
            Bank; PROVIDED, that no such pledge or assignment shall release such
            Lender from such Lender's obligations hereunder or under any other
            Loan Document.

       (b)  Any participation by a Lender of all or any part of its Commitments
            and Loans shall be entered into with the understanding that all
            amounts payable by Borrowers hereunder shall be determined as if
            that Lender had not sold such participation, and that the holder of
            any such participation shall not be entitled to require such Lender
            to take or omit to take any action hereunder except actions directly
            affecting (i) any reduction in the principal amount of, or interest
            rate or Fees payable with respect to, any Loan in which such holder
            participates, (ii) any extension of the final maturity of the
            principal amount of

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            any Loan in which such holder participates, and (iii) any release of
            all or substantially all of the Collateral (other than in accordance
            with the terms of this Agreement, the Collateral Documents or the
            other Loan Documents). Each participation created by any Lender
            shall provide that it shall be terminated by such Lender upon sale
            of such Lender's Obligations pursuant to Section 7.3 (and such
            Lender shall pay to the participant all amounts required to be paid
            under such participation upon termination). Solely for purposes of
            Sections 1.13, 1.15, 1.16 and 9.8, each Borrower acknowledges and
            agrees that a participation shall give rise to a direct obligation
            of such Borrower to the participant and the participant shall be
            considered to be a "LENDER"; PROVIDED, that any such participant
            shall not be entitled to receive any greater payment under Section
            1.15 or Section 1.16 than the Lender granting such participation
            would have been entitled to receive with respect to the portion of
            its Commitment and Loans so participated. Except as set forth in the
            preceding sentence no Borrower shall have any obligation or duty to
            any participant. Neither Agent nor any Lender (other than the Lender
            selling a participation) shall have any duty to any participant and
            may continue to deal solely with the Lender selling a participation
            as if no such sale had occurred.

       (c)  Except as expressly provided in this Section 9.1, no Lender shall,
            as between the Credit Parties, and that Lender, or Agent and that
            Lender, be relieved of any of its obligations hereunder as a result
            of any sale, assignment, transfer or negotiation of, or granting of
            participation in, all or any part of the Loans, the Notes or other
            Obligations owed to such Lender.

       (d)  Each Credit Party shall assist any Lender permitted to sell
            assignments or participations under this Section 9.1 as reasonably
            required to enable the assigning or selling Lender to effect any
            such assignment or participation, including the execution and
            delivery of any and all agreements, notes and other documents and
            instruments as shall be requested and, in connection with the
            initial syndication of the Loans and Commitments and if otherwise
            requested by Agent, the preparation of informational materials for,
            and the participation of management in meetings with, potential
            assignees or participants. Each Credit Party shall certify the
            correctness, completeness and accuracy of all descriptions of the
            Credit Parties and their respective affairs contained in any selling
            materials provided by it and all other information provided by it
            and included in such materials, except that any Projections
            delivered by Borrowers shall only be certified by Borrowers as
            having been prepared by Borrowers in compliance with the
            representations contained in Section 3.4(c).

       (e)  Any Lender may furnish any information concerning any Credit Party
            in the possession of such Lender from time to time to assignees and
            participants (including prospective assignees and participants);
            PROVIDED, that such Lender shall obtain from assignees or
            participants confidentiality covenants substantially equivalent to
            those contained in Section 11.8.

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       (f)  So long as no Event of Default has occurred and is continuing, no
            Lender shall assign or sell participations in any portion of its
            Loans or Commitments to a potential Lender or participant, if, as of
            the date of the proposed assignment or sale, the assignee Lender or
            participant would be subject to capital adequacy, reserve or similar
            requirements under Section 1.16(a), increased costs under Section
            1.16(b), an inability to fund LIBOR Loans under Section 1.16(c), or
            withholding taxes in accordance with Section 1.16(d).

9.2    Appointment of Agent

       GE Capital is hereby appointed to act on behalf of all Lenders as Agent
       under this Agreement and the other Loan Documents. The provisions of this
       Section 9.2 are solely for the benefit of Agent and Lenders and no Credit
       Party nor any other Person shall have any rights as a third party
       beneficiary of any of the provisions hereof. In performing its functions
       and duties under this Agreement and the other Loan Documents, Agent shall
       act solely as an agent of Lenders and does not assume and shall not be
       deemed to have assumed any obligation toward or relationship of agency or
       trust with or for any Credit Party or any other Person. Agent shall have
       no duties or responsibilities except for those expressly set forth in
       this Agreement and the other Loan Documents. The duties of Agent shall be
       mechanical and administrative in nature and Agent shall not have, or be
       deemed to have, by reason of this Agreement, any other Loan Document or
       otherwise a fiduciary relationship in respect of any Lender. Except as
       expressly set forth in this Agreement and the other Loan Documents, Agent
       shall not have any duty to disclose, and shall not be liable for failure
       to disclose, any information relating to any Credit Party or any of their
       respective Subsidiaries or any Account Debtor that is communicated to or
       obtained by GE Capital or any of its Affiliates in any capacity. Neither
       Agent nor any of its Affiliates nor any of their respective officers,
       directors, employees, agents or representatives shall be liable to any
       Lender for any action taken or omitted to be taken by it hereunder or
       under any other Loan Document, or in connection herewith or therewith,
       except for damages solely caused by its or their own gross negligence or
       willful misconduct as finally determined by a court of competent
       jurisdiction. Each Lender which is a party to a Hedging Agreement hereby
       appoints GE Capital as collateral agent under the Collateral Documents.

       If Agent shall request instructions from Requisite Lenders, Majority
       Revolving Lenders or all affected Lenders with respect to any act or
       action (including failure to act) in connection with this Agreement or
       any other Loan Document, then Agent shall be entitled to refrain from
       such act or taking such action unless and until Agent shall have received
       instructions from Requisite Lenders, Majority Revolving Lenders, or all
       affected Lenders, as the case may be, and Agent shall not incur liability
       to any Person by reason of so refraining. Agent shall be fully justified
       in failing or refusing to take any action hereunder or under any other
       Loan Document (a) if such action would, in the opinion of Agent, be
       contrary to law or the terms of this Agreement or any other Loan
       Document, (b) if such action would, in the opinion of Agent, expose Agent
       to Environmental Liabilities or (c) if Agent shall not first be
       indemnified to its satisfaction against any and all liability and expense
       which may be incurred by it by reason of taking or continuing to take any
       such action. Without limiting the foregoing, no Lender shall have any
       right of action whatsoever

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       against Agent as a result of Agent acting or refraining from acting
       hereunder or under any other Loan Document in accordance with the
       instructions of Requisite Lenders, Majority Revolving Lenders or all
       affected Lenders, as applicable.

9.3    Agent's Reliance, Etc.

       Neither Agent nor any of its Affiliates nor any of their respective
       directors, officers, agents or employees shall be liable for any action
       taken or omitted to be taken by it or them under or in connection with
       this Agreement or the other Loan Documents, except for damages solely
       caused by its or their own gross negligence or willful misconduct as
       finally determined by a court of competent jurisdiction. Without limiting
       the generality of the foregoing, Agent: (a) may treat the payee of any
       Note as the holder thereof until Agent receives written notice of the
       assignment or transfer thereof signed by such payee and in form
       reasonably satisfactory to Agent; (b) may consult with legal counsel,
       independent public accountants and other experts selected by it and shall
       not be liable for any action taken or omitted to be taken by it in good
       faith in accordance with the advice of such counsel, accountants or
       experts; (c) makes no warranty or representation to any Lender and shall
       not be responsible to any Lender for any statements, warranties or
       representations made in or in connection with this Agreement or the other
       Loan Documents; (d) shall not have any duty to ascertain or to inquire as
       to the performance or observance of any of the terms, covenants or
       conditions of this Agreement or the other Loan Documents on the part of
       any Credit Party or to inspect the Collateral (including the books and
       records) of any Credit Party; (e) shall not be responsible to any Lender
       for the due execution, legality, validity, enforceability, genuineness,
       sufficiency or value of this Agreement or the other Loan Documents or any
       other instrument or document furnished pursuant hereto or thereto; and
       (f) shall incur no liability under or in respect of this Agreement or the
       other Loan Documents by acting upon any notice, consent, certificate or
       other instrument or writing (which may be by telecopy, telegram, cable or
       telex) believed by it to be genuine and signed or sent by the proper
       party or parties.

9.4    GE Capital and Affiliates

       With respect to its Commitments hereunder, GE Capital shall have the same
       rights and powers under this Agreement and the other Loan Documents as
       any other Lender and may exercise the same as though it were not Agent;
       and the term "Lender" or "Lenders" shall, unless otherwise expressly
       indicated, include GE Capital in its individual capacity. GE Capital and
       its Affiliates may lend money to, invest in, and generally engage in any
       kind of business with, any Credit Party, any of its Affiliates and any
       Person who may do business with or own securities of any Credit Party or
       any such Affiliate, all as if GE Capital were not Agent and without any
       duty to account therefor to Lenders. GE Capital and its Affiliates may
       accept fees and other consideration from any Credit Party for services in
       connection with this Agreement or otherwise without having to account for
       the same to Lenders.

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9.5    Lender Credit Decision

       Each Lender acknowledges that it has, independently and without reliance
       upon Agent or any other Lender and based on the Financial Statements
       referred to in Section 3.4(a) and such other documents and information as
       it has deemed appropriate, made its own credit and financial analysis of
       the Credit Parties and its own decision to enter into this Agreement.
       Each Lender also acknowledges that it will, independently and without
       reliance upon Agent or any other Lender and based on such documents and
       information as it shall deem appropriate at the time, continue to make
       its own credit decisions in taking or not taking action under this
       Agreement. Each Lender acknowledges the potential conflict of interest of
       each other Lender as a result of Lenders holding disproportionate
       interests in the Loans, and expressly consents to, and waives any claim
       based upon, such conflict of interest.

9.6    Indemnification

       Lenders agree to indemnify Agent and Arranger (to the extent not
       reimbursed by Credit Parties and without limiting the obligations of
       Credit Parties hereunder), ratably according to their respective Pro Rata
       Shares, from and against any and all liabilities, obligations, losses,
       damages, penalties, actions, judgments, suits, costs, expenses or
       disbursements of any kind or nature whatsoever that may be imposed on,
       incurred by, or asserted against Agent or Arranger in any way relating to
       or arising out of this Agreement or any other Loan Document or any action
       taken or omitted to be taken by Agent or Arranger in connection
       therewith; PROVIDED, that no Lender shall be liable for any portion of
       such liabilities, obligations, losses, damages, penalties, actions,
       judgments, suits, costs, expenses or disbursements resulting solely from
       Agent's or Arranger's gross negligence or willful misconduct as finally
       determined by a court of competent jurisdiction. Without limiting the
       foregoing, each Lender agrees to reimburse Agent or Arranger promptly
       upon demand for its ratable share of any out-of-pocket expenses
       (including reasonable counsel fees) incurred by Agent or Arranger in
       connection with the preparation, execution, delivery, administration,
       modification, amendment or enforcement (whether through negotiations,
       legal proceedings or otherwise) of, or legal advice in respect of rights
       or responsibilities under, this Agreement and each other Loan Document,
       to the extent that Agent is not reimbursed for such expenses by the
       Credit Parties.

9.7    Successor Agent

       Agent may resign at any time by giving not less than thirty (30) days'
       prior written notice thereof to Lenders and Borrower Representative. Upon
       any such resignation, the Requisite Lenders shall have the right to
       appoint a successor Agent. If no successor Agent shall have been so
       appointed by the Requisite Lenders and shall have accepted such
       appointment within 30 days after the resigning Agent's giving notice of
       resignation, then the resigning Agent may, on behalf of Lenders, appoint
       a successor Agent, which shall be a Lender, if a Lender is willing to
       accept such appointment, or otherwise shall be a commercial bank or
       financial institution or a subsidiary of a commercial bank or financial
       institution if such commercial bank or financial institution is organized
       under the laws of the United States of America or of any State thereof
       and has a

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       combined capital and surplus of at least $300,000,000. If no successor
       Agent has been appointed pursuant to the foregoing, within thirty (30)
       days after the date such notice of resignation was given by the resigning
       Agent, such resignation shall become effective and the Requisite Lenders
       shall thereafter perform all the duties of Agent hereunder until such
       time, if any, as the Requisite Lenders appoint a successor Agent as
       provided above. Any successor Agent appointed by Requisite Lenders
       hereunder shall be subject to the approval of Borrower Representative,
       such approval not to be unreasonably withheld or delayed; PROVIDED, that
       such approval shall not be required if a Default or an Event of Default
       has occurred and is continuing. Upon the acceptance of any appointment as
       Agent hereunder by a successor Agent, such successor Agent shall succeed
       to and become vested with all the rights, powers, privileges and duties
       of the resigning Agent. Upon the earlier of the acceptance of any
       appointment as Agent hereunder by a successor Agent or the effective date
       of the resigning Agent's resignation, the resigning Agent shall be
       discharged from its duties and obligations under this Agreement and the
       other Loan Documents, except that any indemnity rights or other rights in
       favor of such resigning Agent shall continue. After any resigning Agent's
       resignation hereunder, the provisions of this Section 9 shall inure to
       its benefit as to any actions taken or omitted to be taken by it while it
       was acting as Agent under this Agreement and the other Loan Documents.
       Agent may be removed at the written direction of the holders (other than
       Agent) of two-thirds or more of the Commitments (excluding Agent's
       Commitment); PROVIDED, that in so doing, such Lenders shall be deemed to
       have waived and released any and all claims they may have against Agent.

9.8    Co-Agents

       None of the Lenders identified on the facing page or signature pages of
       this Agreement or any related document as "documentation agent",
       "syndication agent" or "arranger" shall have any right, power,
       obligation, liability, responsibility or duty under this Agreement other
       than those applicable to all Lenders as such. Without limiting the
       foregoing, none of the Lenders so identified as "documentation agent",
       "syndication agent" or "arranger" shall have or be deemed to have any
       fiduciary relationship with any Lender. Each Lender acknowledges that it
       has not relied, and will not rely, on any of the Lenders so identified in
       deciding to enter into this Agreement or in taking or not taking action
       hereunder.

9.9    Setoff and Sharing of Payments

       In addition to any rights now or hereafter granted under applicable law
       and not by way of limitation of any such rights, upon the occurrence and
       during the continuance of any Event of Default and subject to Section
       9.9(f), each Lender is hereby authorized at any time or from time to
       time, without notice to any Credit Party or to any other Person, any such
       notice being hereby expressly waived, to offset and to appropriate and to
       apply any and all balances held by it at any of its offices for the
       account of any Credit Party (regardless of whether such balances are then
       due to such Credit Party) and any other properties or assets at any time
       held or owing by that Lender or that holder to or for the credit or for
       the account of any Credit Party against and on account of any of the
       Obligations that are not paid when due. Any Lender exercising a right of
       setoff or otherwise receiving any payment on account of the Obligations
       in excess of its Pro Rata Share

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       thereof (other than any right of setoff exercised with respect to, or
       payments under, Section 1.13, 1.15 or 1.16) shall purchase for cash (and
       the other Lenders or holders shall sell) such participations in each such
       other Lender's or holder's Pro Rata Share of the Obligations as would be
       necessary to cause such Lender to share the amount so offset or otherwise
       received with each other Lender or holder in accordance with their
       respective Pro Rata Shares. Each Lender's obligation under this Section
       9.8 shall be in addition to and not in limitation of its obligations to
       purchase a participation in an amount equal to its Pro Rata Share of the
       Swing Line Loans under Section 1.1. Each Credit Party agrees, to the
       fullest extent permitted by law, that (a) any Lender may exercise its
       right to offset with respect to amounts in excess of its Pro Rata Share
       of the Obligations and may sell participations in such amounts so offset
       to other Lenders and holders and (b) any Lender so purchasing a
       participation in the Loans made or other Obligations held by other
       Lenders or holders may exercise all rights of offset, bankers' lien,
       counterclaim or similar rights with respect to such participation as
       fully as if such Lender or holder were a direct holder of the Loans and
       the other Obligations in the amount of such participation.
       Notwithstanding the foregoing, if all or any portion of the offset amount
       or payment otherwise received is thereafter recovered from the Lender
       that has exercised the right of offset, the purchase of participations by
       that Lender shall be rescinded and the purchase price restored without
       interest.

9.10   Advances; Payments; Non-Funding Lenders; Information; Actions in Concert

       (a)  Advances; Payments

            (i)    Revolving Lenders shall refund or participate in the Swing
                   Line Loan in accordance with clauses (iii) and (iv) of
                   Section 1.1(b). If the Swing Line Lender declines to make a
                   Swing Line Loan or if Swing Line Availability is zero, Agent
                   shall notify Revolving Lenders, promptly after receipt of a
                   Notice of Revolving Credit Advance and in any event prior to
                   noon (New York time) on the date such Notice of Revolving
                   Credit Advance is received, by telecopy, telephone or other
                   similar form of transmission. Each Revolving Lender shall
                   make the amount of such Lender's Pro Rata Share of each
                   Revolving Credit Advance available to Agent in same day funds
                   by wire transfer to Agent's account as set forth in Annex H
                   not later than 3:00 p.m. (New York time) on the requested
                   funding date, in the case of an Index Rate Loan, and not
                   later than 3:00 p.m. (New York time) on the requested funding
                   date in the case of a LIBOR Loan. After receipt of such wire
                   transfers (or, in the Agent's sole discretion, before receipt
                   of such wire transfers), subject to the terms hereof, Agent
                   shall make the requested Revolving Credit Advance to the
                   Borrower designated by Borrower Representative in the Notice
                   of Revolving Credit Advance. All payments by each Revolving
                   Lender shall be made without setoff, counterclaim or
                   deduction of any kind.

            (ii)   On the 2nd Business Day of each calendar week or more
                   frequently at Agent's election (each, a "SETTLEMENT DATE"),
                   Agent shall advise each Lender by telephone or telecopy of
                   the amount of such Lender's Pro Rata Share of principal,

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                   interest and Fees paid for the benefit of Lenders with
                   respect to each applicable Loan. Provided that each Lender
                   has funded all payments or Advances required to be made by it
                   and purchased all participations required to be purchased by
                   it under this Agreement and the other Loan Documents as of
                   such Settlement Date, Agent shall pay to each Lender such
                   Lender's Pro Rata Share of principal, interest and Fees paid
                   by Borrowers since the previous Settlement Date for the
                   benefit of such Lender on the Loans held by it. To the extent
                   that any Lender (a "NON-FUNDING LENDER") has failed to fund
                   all such payments and Advances or failed to fund the purchase
                   of all such participations, Agent shall be entitled to set
                   off the funding short-fall against that Non-Funding Lender's
                   Pro Rata Share of all payments received from Borrowers. Such
                   payments shall be made by wire transfer to such Lender's
                   account (as specified by such Lender in Annex H or the
                   applicable Assignment Agreement) not later than 2:00 p.m.
                   (New York time) on the next Business Day following each
                   Settlement Date.

       (b)  Availability of Lender's Pro Rata Share

            Agent may assume that each Revolving Lender will make its Pro Rata
            Share of each Revolving Credit Advance available to Agent on each
            funding date. If such Pro Rata Share is not, in fact, paid to Agent
            by such Revolving Lender when due, Agent will be entitled to recover
            such amount on demand from such Revolving Lender without setoff,
            counterclaim or deduction of any kind. If any Revolving Lender fails
            to pay the amount of its Pro Rata Share forthwith upon Agent's
            demand, Agent shall promptly notify Borrower Representative and
            Borrowers shall immediately repay such amount to Agent. Nothing in
            this Section 9.9(b) or elsewhere in this Agreement or the other Loan
            Documents shall be deemed to require Agent to advance funds on
            behalf of any Revolving Lender or to relieve any Revolving Lender
            from its obligation to fulfill its Commitments hereunder or to
            prejudice any rights that Borrowers may have against any Revolving
            Lender as a result of any default by such Revolving Lender
            hereunder. To the extent that Agent advances funds to any Borrower
            on behalf of any Revolving Lender and is not reimbursed therefor on
            the same Business Day as such Advance is made, Agent shall be
            entitled to retain for its account all interest accrued on such
            Advance until reimbursed by the applicable Revolving Lender.

       (c)  Return of Payments

            (i)    If Agent pays an amount to a Lender under this Agreement in
                   the belief or expectation that a related payment has been or
                   will be received by Agent from Borrowers and such related
                   payment is not received by Agent, then Agent will be entitled
                   to recover such amount from such Lender on demand without
                   setoff, counterclaim or deduction of any kind.

            (ii)   If Agent determines at any time that any amount received by
                   Agent under this Agreement must be returned to any Borrower
                   or paid to any other Person

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                   pursuant to any insolvency law or otherwise, then,
                   notwithstanding any other term or condition of this Agreement
                   or any other Loan Document, Agent will not be required to
                   distribute any portion thereof to any Lender. In addition,
                   each Lender will repay to Agent on demand any portion of such
                   amount that Agent has distributed to such Lender, together
                   with interest at such rate, if any, as Agent is required to
                   pay to any Borrower or such other Person, without setoff,
                   counterclaim or deduction of any kind.

       (d)  Non-Funding Lenders

            The failure of any Non-Funding Lender to make any Revolving Credit
            Advance or any payment required by it hereunder or to purchase any
            participation in any Swing Line Loan to be made or purchased by it
            on the date specified therefor shall not relieve any other Lender
            (each such other Revolving Lender, an "OTHER LENDER") of its
            obligations to make such Advance or purchase such participation on
            such date, but neither any Other Lender nor Agent shall be
            responsible for the failure of any Non-Funding Lender to make an
            Advance, purchase a participation or make any other payment required
            hereunder. Notwithstanding anything set forth herein to the
            contrary, a Non-Funding Lender shall not have any voting or consent
            rights under or with respect to any Loan Document or constitute a
            "Lender" or a "Revolving Lender" (or be included in the calculation
            of "Requisite Lenders" or "Majority Revolving Lenders" hereunder)
            for any voting or consent rights under or with respect to any Loan
            Document. At Borrower Representative's request, Agent or a Person
            reasonably acceptable to Agent shall have the right with Agent's
            consent and in Agent's sole discretion (but shall have no
            obligation) to purchase from any Non-Funding Lender, and each
            Non-Funding Lender agrees that it shall, at Agent's request, sell
            and assign to Agent or such Person, all of the Commitments of that
            Non-Funding Lender for an amount equal to the principal balance of
            all Loans held by such Non-Funding Lender and all accrued interest
            and fees with respect thereto through the date of sale, such
            purchase and sale to be consummated pursuant to an executed
            Assignment Agreement and in accordance with the recording
            requirements for transfers in Section 9.1.

       (e)  Dissemination of Information

            Agent shall use reasonable efforts to provide Lenders with (i) any
            notice of Default or Event of Default received by Agent from, or
            delivered by Agent to, any Borrower, with notice of any Event of
            Default of which Agent has actually become aware and with notice of
            any action taken by Agent following any Event of Default; PROVIDED,
            that Agent shall not be liable to any Lender for any failure to do
            so, except to the extent that such failure is attributable solely to
            Agent's gross negligence or willful misconduct as finally determined
            by a court of competent jurisdiction and (ii) any Equipment
            Inventory Appraisals, P&E Appraisals and Collateral audits received
            by Agent. Lenders acknowledge that Borrowers are required to provide
            Financial Statements and Collateral

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            Reports to Lenders in accordance with Annexes E and F hereto and
            agree that Agent shall have no duty to provide the same to Lenders.

       (f)  Actions in Concert

            Anything in this Agreement to the contrary notwithstanding, each
            Lender hereby agrees with each other Lender that no Lender shall
            take any action to protect or enforce its rights arising out of this
            Agreement or the Notes (including exercising any rights of setoff)
            without first obtaining the prior written consent of Agent and
            Requisite Lenders, it being the intent of Lenders that any such
            action to protect or enforce rights under this Agreement and the
            Notes shall be taken in concert and at the direction or with the
            consent of Agent or Requisite Lenders.

10.    SUCCESSORS AND ASSIGNS

10.1   Successors and Assigns

       This Agreement and the other Loan Documents shall be binding on and shall
       inure to the benefit of each Credit Party, Agent, Lenders and their
       respective successors and assigns (including, in the case of any Credit
       Party, a debtor-in-possession on behalf of such Credit Party), except as
       otherwise provided herein or therein. No Credit Party may assign,
       transfer, hypothecate or otherwise convey its rights, benefits,
       obligations or duties hereunder or under any of the other Loan Documents
       without the prior express written consent of Agent and Requisite Lenders.
       Any such purported assignment, transfer, hypothecation or other
       conveyance by any Credit Party without the prior express written consent
       of Agent and Requisite Lenders shall be void. The terms and provisions of
       this Agreement are for the purpose of defining the relative rights and
       obligations of each Credit Party, Agent and Lenders with respect to the
       transactions contemplated hereby and no Person shall be a third party
       beneficiary of any of the terms and provisions of this Agreement or any
       of the other Loan Documents.

11.    MISCELLANEOUS

11.1   Complete Agreement; Modification of Agreement

       The Loan Documents constitute the complete agreement between the parties
       with respect to the subject matter thereof and may not be modified,
       altered or amended except as set forth in Section 11.2. Any letter of
       interest, commitment letter or fee letter (other than the GE Capital Fee
       Letter) or confidentiality agreement, if any, between any Credit Party
       and Agent or any Lender or any of their respective Affiliates, predating
       this Agreement and relating to a financing of substantially similar form,
       purpose or effect shall be superseded by this Agreement.

11.2   Amendments and Waivers

       (a)  Except for actions expressly permitted to be taken by Agent, no
            amendment, modification, termination or waiver of any provision of
            this Agreement or any other Loan Document, or any consent to any
            departure by any Credit Party therefrom, shall in any

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            event be effective unless the same shall be in writing and signed by
            Agent and Borrowers, and by Requisite Lenders or all affected
            Lenders, as applicable. Except as set forth in clauses (b) and (c)
            below, all such amendments, modifications, terminations or waivers
            requiring the consent of any Lenders shall require the written
            consent of Requisite Lenders.

       (b)  No amendment, modification, termination or waiver of or consent with
            respect to any provision of this Agreement that increases the
            percentage advance rates set forth in the definition of the Great
            Northern Borrowing Base or the H&E Borrowing Base, in each case,
            above the Original Advance Rates, shall be effective unless the same
            shall be in writing and signed by Agent, Lenders and Borrowers. No
            amendment, modification, termination or waiver of or consent with
            respect to any provision of this Agreement that waives compliance
            with the conditions precedent set forth in Section 2.2 to the making
            of any Loan or the incurrence of any Letter of Credit Obligations,
            shall be effective unless the same shall be in writing and signed by
            Agent, Requisite Lenders and Borrowers.

       (c)  No amendment, modification, termination or waiver shall, unless in
            writing and signed by Agent and each Lender directly affected
            thereby: (i) increase the principal amount of any Lender's
            Commitment (which action shall be deemed to directly affect all
            Lenders); (ii) reduce the principal of, rate of interest on or Fees
            payable with respect to any Loan or Letter of Credit Obligations of
            any affected Lender; (iii) extend any scheduled payment date (other
            than payment dates of mandatory prepayments under Sections
            1.3(b)(ii)-and (iii)) or final maturity date of the principal amount
            of any Loan of any affected Lender; (iv) waive, forgive, defer,
            extend or postpone any payment of interest or Fees payable to any
            affected Lender; (v) release any Guaranty or, (vi) except as
            otherwise permitted herein or in the other Loan Documents, permit
            any Credit Party to sell or otherwise dispose of any Collateral with
            a value exceeding $5,000,000 in the aggregate (which action shall be
            deemed to directly affect all Lenders); (vii) change the percentage
            of the Commitments or of the aggregate unpaid principal amount of
            the Loans that shall be required for Lenders or any of them to take
            any action hereunder; (viii) amend the definition of Prohibited
            Swing Line Advance; (ix) change Section 1.1(b)(i) in any manner that
            increases the obligations of the Lenders with respect to any Swing
            Line Advance, (x) eliminate or make less restrictive any condition
            to lending under Section 2.2; or (xi) amend or waive this Section
            11.2 or the definitions of the terms "Requisite Lenders" or
            "Majority Revolving Lenders" insofar as such definitions affect the
            substance of this Section 11.2. Furthermore, no amendment,
            modification, termination or waiver affecting the rights or duties
            of Agent or L/C Issuer under this Agreement or any other Loan
            Document shall be effective unless in writing and signed by Agent or
            L/C Issuer, as the case may be, in addition to Lenders required
            hereinabove to take such action. Each amendment, modification,
            termination or waiver shall be effective only in the specific
            instance and for the specific purpose for which it was given. No
            amendment, modification, termination or waiver shall be required for
            Agent to take additional Collateral pursuant to any Loan Document.
            No amendment, modification, termination or

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            waiver of any provision of any Note shall be effective without the
            written concurrence of the holder of that Note. No notice to or
            demand on any Credit Party in any case shall entitle such Credit
            Party or any other Credit Party to any other or further notice or
            demand in similar or other circumstances. Any amendment,
            modification, termination, waiver or consent effected in accordance
            with this Section 11.2 shall be binding upon each Lender.

       (d)  If, in connection with any proposed amendment, modification, waiver
            or termination (a "PROPOSED CHANGE"):

            (i)    requiring the consent of all affected Lenders, the consent of
                   Requisite Lenders is obtained, but the consent of other
                   Lenders whose consent is required is not obtained (any such
                   Lender whose consent is not obtained as described in this
                   clause (i) and in clauses (ii) and (iii) below being referred
                   to as a "NON-CONSENTING LENDER"), or

            (ii)   requiring the consent of Requisite Lenders, the consent of
                   Revolving Lenders holding 51% or more of the aggregate
                   Revolving Loan Commitments is obtained, but the consent of
                   Requisite Lenders is not obtained,

            then, so long as Agent is not a Non-Consenting Lender, at Borrower
            Representative's request, Agent, or a Person reasonably acceptable
            to Agent, shall have the right with Agent's consent and in Agent's
            sole discretion (but shall have no obligation) to purchase from such
            Non-Consenting Lenders, and such Non-Consenting Lenders agree that
            they shall, upon Agent's request, sell and assign to Agent or such
            Person, all of the Commitments of such Non-Consenting Lenders for an
            amount equal to the principal balance of all Loans held by the
            Non-Consenting Lenders and all accrued interest and Fees with
            respect thereto through the date of sale, such purchase and sale to
            be consummated pursuant to an executed Assignment Agreement.

       (e)  Upon payment in full in cash and performance of all of the
            Obligations (other than Unasserted Contingent Obligations),
            termination of the Commitments and all Letters of Credit (or the
            cash collateralization or backing with standby letters of credit of
            all Letters of Credit in accordance with Annex B) and a release of
            all claims against Agent and Lenders, and so long as no suits,
            actions, proceedings or claims are pending or threatened against any
            Indemnified Person asserting any damages, losses or liabilities that
            are Indemnified Liabilities, Agent shall deliver to the Credit
            Parties payoff letters, termination statements, mortgage releases
            and other documents necessary or appropriate to evidence the
            termination of the Liens securing payment of the Obligations.

11.3   Fees and Expenses

       Borrowers shall reimburse (i) Agent and Arranger for all fees, costs and
       expenses (including the reasonable fees and expenses of all of its
       counsel, advisors, consultants and auditors) and (ii) Agent and Arranger
       (and, with respect to clauses (c) and (d) below, all Lenders) for all
       fees,

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       costs and expenses, including the reasonable fees, costs and expenses of
       counsel or other advisors (including environmental and management
       consultants and appraisers), incurred in connection with the negotiation
       and preparation of the Loan Documents as well as those incurred in
       connection with:

       (a)  the forwarding to any Borrower or any other Person on behalf of any
            Borrower by Agent of the proceeds of any Loan;

       (b)  any amendment, modification or waiver of, consent with respect to,
            or termination of, any of the Loan Documents or Related Transactions
            Documents or advice in connection with the syndication and
            administration of the Loans made pursuant hereto or its rights
            hereunder or thereunder;

       (c)  any litigation, contest, dispute, suit, proceeding or action
            (whether instituted by Agent, any Lender, any Borrower or any other
            Person and whether as a party, witness or otherwise) in any way
            relating to the Collateral, any of the Loan Documents or any other
            agreement to be executed or delivered in connection herewith or
            therewith, including any litigation, contest, dispute, suit, case,
            proceeding or action, and any appeal or review thereof, in
            connection with a case commenced by or against any or all of the
            Borrowers or any other Person that may be obligated to Agent by
            virtue of the Loan Documents; including any such litigation,
            contest, dispute, suit, proceeding or action arising in connection
            with any work-out or restructuring of the Loans during the pendency
            of one or more Events of Default; PROVIDED, that in the case of
            reimbursement of counsel for Lenders other than Agent, such
            reimbursement shall be limited to one counsel for all such Lenders;
            PROVIDED FURTHER, that no Person shall be entitled to reimbursement
            under this clause (c) in respect of any litigation, contest,
            dispute, suit, proceeding or action to the extent any of the
            foregoing results from such Person's gross negligence or willful
            misconduct;

       (d)  any attempt to enforce any remedies of Agent or any Lender against
            any or all of the Credit Parties or any other Person that may be
            obligated to Agent or any Lender by virtue of any of the Loan
            Documents, including any such attempt to enforce any such remedies
            in the course of any work-out or restructuring of the Loans during
            the pendency of one or more Events of Default; PROVIDED, that in the
            case of reimbursement of counsel for Lenders other than Agent, such
            reimbursement shall be limited to one counsel for all such Lenders;

       (e)  any workout or restructuring of the Loans during the pendency of one
            or more Events of Default; and

       (f)  efforts to (i) monitor the Loans or any of the other Obligations,
            (ii) evaluate, observe or assess any Credit Party or its affairs,
            and (iii) verify, protect, evaluate, assess, appraise, collect,
            sell, liquidate or otherwise dispose of any of the Collateral in
            accordance with the terms of the Loan Documents;

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       including, as to each of clauses (a) through (f) above, all reasonable
       attorneys' and other professional and service providers' fees arising
       from such services and other advice, assistance or other representation,
       including those in connection with any appellate proceedings, and all
       expenses, costs, charges and other fees incurred by such counsel and
       others in connection with or relating to any of the events or actions
       described in this Section 11.3, all of which shall be payable, on demand,
       by Borrowers to Agent. Without limiting the generality of the foregoing,
       such expenses, costs, charges and fees may include: fees, costs and
       expenses of accountants, environmental advisors, appraisers, investment
       bankers, management and other consultants and paralegals; court costs and
       expenses; photocopying and duplication expenses; court reporter fees,
       costs and expenses; long distance telephone charges; air express charges;
       telegram or telecopy charges; secretarial overtime charges; and expenses
       for travel, lodging and food paid or incurred in connection with the
       performance of such legal or other advisory services.

11.4   No Waiver

       Agent's or any Lender's failure, at any time or times, to require strict
       performance by any Credit Party of any provision of this Agreement or any
       other Loan Document shall not waive, affect or diminish any right of
       Agent or such Lender thereafter to demand strict compliance and
       performance herewith or therewith. Any suspension or waiver of an Event
       of Default shall not suspend, waive or affect any other Event of Default
       whether the same is prior or subsequent thereto and whether the same or
       of a different type. Subject to the provisions of Section 11.2, none of
       the undertakings, agreements, warranties, covenants and representations
       of any Credit Party contained in this Agreement or any of the other Loan
       Documents and no Default or Event of Default by any Credit Party shall be
       deemed to have been suspended or waived by Agent or any Lender, unless
       such waiver or suspension is by an instrument in writing signed by an
       officer of or other authorized employee of Agent and the applicable
       required Lenders and directed to Borrowers specifying such suspension or
       waiver.

11.5   Remedies

       Agent's and Lenders' rights and remedies under this Agreement shall be
       cumulative and nonexclusive of any other rights and remedies that Agent
       or any Lender may have under any other agreement, including the other
       Loan Documents, by operation of law or otherwise. Recourse to the
       Collateral shall not be required.

11.6   Severability

       Wherever possible, each provision of this Agreement and the other Loan
       Documents shall be interpreted in such a manner as to be effective and
       valid under applicable law, but if any provision of this Agreement or any
       other Loan Document shall be prohibited by or invalid under applicable
       law, such provision shall be ineffective only to the extent of such
       prohibition or invalidity without invalidating the remainder of such
       provision or the remaining provisions of this Agreement or such other
       Loan Document.

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11.7   Conflict of Terms

       Except as otherwise provided in this Agreement or any of the other Loan
       Documents by specific reference to the applicable provisions of this
       Agreement, if any provision contained in this Agreement conflicts with
       any provision in any of the other Loan Documents, the provision contained
       in this Agreement shall govern and control.

11.8   Confidentiality

       Agent and each Lender agree to use commercially reasonable efforts
       (equivalent to the efforts Agent or such Lender applies to maintain the
       confidentiality of its own confidential information) to maintain as
       confidential all confidential information provided to them by any Credit
       Party and designated as confidential for a period of two (2) years
       following receipt thereof, except that Agent and each Lender may disclose
       such information (a) to Persons employed or engaged by Agent or such
       Lender; (b) to any bona fide assignee or participant or potential
       assignee or participant that has agreed to comply with the covenant
       contained in this Section 11.8 (and any such bona fide assignee or
       participant or potential assignee or participant may disclose such
       information to Persons employed or engaged by them as described in clause
       (a) above); (c) as required or requested by any Governmental Authority or
       reasonably believed by Agent or such Lender to be compelled by any court
       decree, subpoena or legal or administrative order or process; (d) as, in
       the opinion of Agent's or such Lender's counsel, is required by law; (e)
       in connection with the exercise of any right or remedy under the Loan
       Documents or in connection with any Litigation to which Agent or such
       Lender is a party; or (f) that ceases to be confidential through no fault
       of Agent or any Lender.

11.9   GOVERNING LAW

       EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE LOAN DOCUMENTS, IN
       ALL RESPECTS, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND
       PERFORMANCE, THE LOAN DOCUMENTS AND THE OBLIGATIONS SHALL BE GOVERNED BY,
       AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
       NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE AND ANY
       APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. EACH CREDIT PARTY, AGENT
       AND LENDERS HEREBY CONSENT AND AGREE THAT THE STATE OR FEDERAL COURTS
       LOCATED IN NEW YORK, NEW YORK SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR
       AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY CREDIT PARTY, AGENT AND
       LENDERS PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS
       OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF
       THE OTHER LOAN DOCUMENTS, PROVIDED, THAT AGENT, LENDERS AND CREDIT
       PARTIES ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE
       HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK, NEW YORK AND, PROVIDED,
       FURTHER NOTHING IN THIS AGREEMENT SHALL

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       BE DEEMED OR OPERATE TO PRECLUDE AGENT FROM BRINGING SUIT OR TAKING OTHER
       LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR
       ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER
       COURT ORDER IN FAVOR OF AGENT. EACH CREDIT PARTY, AGENT AND LENDERS
       EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY
       ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH CREDIT PARTY, AGENT
       AND LENDERS HEREBY WAIVE ANY OBJECTION WHICH ANY CREDIT PARTY, AGENT OR
       ANY LENDER MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER
       VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH
       LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH
       CREDIT PARTY HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND
       OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE
       OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE BY REGISTERED
       OR CERTIFIED MAIL ADDRESSED TO SUCH CREDIT PARTY AT THE ADDRESS SET FORTH
       IN ANNEX I OF THIS AGREEMENT AND THAT SERVICE SO MADE SHALL BE DEEMED
       COMPLETED UPON THE EARLIER OF EACH CREDIT PARTY'S ACTUAL RECEIPT THEREOF
       OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE
       PREPAID.

11.10  Notices

       Except as otherwise provided herein, whenever it is provided herein that
       any notice, demand, request, consent, approval, declaration or other
       communication shall or may be given to or served upon any of the parties
       by any other parties, or whenever any of the parties desires to give or
       serve upon any other parties any communication with respect to this
       Agreement, each such notice, demand, request, consent, approval,
       declaration or other communication shall be in writing and shall be
       deemed to have been validly served, given or delivered (a) upon actual
       receipt in the case of notice sent by United States Mail, registered or
       certified mail, return receipt requested, with proper postage prepaid,
       (b) upon transmission, when sent by telecopy or other similar facsimile
       transmission (with such telecopy or facsimile promptly confirmed by
       delivery of a copy by personal delivery or United States Mail as
       otherwise provided in this Section 11.10), (c) one (1) Business Day after
       deposit with a reputable overnight courier with all charges prepaid or
       (d) when delivered, if hand-delivered by messenger, all of which shall be
       addressed to the party to be notified and sent to the address or
       facsimile number indicated in Annex I or to such other address (or
       facsimile number) as may be substituted by notice given as herein
       provided. The giving of any notice required hereunder may be waived in
       writing by the party entitled to receive such notice. Failure or delay in
       delivering copies of any notice, demand, request, consent, approval,
       declaration or other communication to any Person (other than Borrower
       Representative or Agent) designated in Annex I to receive copies shall in
       no way adversely affect the effectiveness of such notice, demand,
       request, consent, approval, declaration or other communication.

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11.11  Section Titles

       The Section titles and Table of Contents contained in this Agreement are
       and shall be without substantive meaning or content of any kind
       whatsoever and are not a part of the agreement between the parties
       hereto.

11.12  Counterparts

       This Agreement may be executed in any number of separate counterparts,
       each of which shall collectively and separately constitute one agreement.

11.13  WAIVER OF JURY TRIAL

       BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL
       TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED
       AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS
       TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR
       DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE,
       TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM
       AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY
       IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE,
       WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG AGENT, LENDERS AND
       ANY CREDIT PARTY ARISING OUT OF, CONNECTED WITH, RELATED TO, OR
       INCIDENTAL TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH,
       THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS
       RELATED THERETO.

11.14  Press Releases and Related Matters

       Each Credit Party agrees that neither it nor its Affiliates will in the
       future issue any press releases or other public disclosure with respect
       to the transactions contemplated by this Agreement using the name of GE
       Capital, any of the Lenders parties hereto or any of their affiliates or
       referring to this Agreement, the other Loan Documents or the Related
       Transactions Documents without at least two (2) Business Days' prior
       notice to such party and without the prior written consent of such party
       unless (and only to the extent that) such Credit Party or Affiliate is
       required to do so under law and then, in any event, such Credit Party or
       Affiliate will consult with such party before issuing such press release
       or other public disclosure. Each Credit Party consents to the publication
       by Agent or any Lender of a tombstone or similar advertising material
       relating to the financing transactions contemplated by this Agreement.
       Agent reserves the right to provide to industry trade organizations
       information necessary and customary for inclusion in league table
       measurements.

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11.15  Reinstatement

       This Agreement shall remain in full force and effect and continue to be
       effective should any petition be filed by or against any Credit Party for
       liquidation or reorganization, should any Credit Party become insolvent
       or make an assignment for the benefit of any creditor or creditors or
       should a receiver or trustee be appointed for all or any significant part
       of any Credit Party's assets, and shall continue to be effective or to be
       reinstated, as the case may be, if at any time payment and performance of
       the Obligations, or any part thereof, is, pursuant to applicable law,
       rescinded or reduced in amount, or must otherwise be restored or returned
       by any obligee of the Obligations, whether as a "voidable preference,"
       "fraudulent conveyance," or otherwise, all as though such payment or
       performance had not been made. In the event that any payment, or any part
       thereof, is rescinded, reduced, restored or returned, the Obligations
       shall be reinstated and deemed reduced only by such amount paid and not
       so rescinded, reduced, restored or returned.

11.16  Advice of Counsel

       Each of the parties represents to each other party hereto that it has
       discussed this Agreement and, specifically, the provisions of Sections
       11.9 and 11.13, with its counsel.

11.17  No Strict Construction

       The parties hereto have participated jointly in the negotiation and
       drafting of this Agreement. In the event an ambiguity or question of
       intent or interpretation arises, this Agreement shall be construed as if
       drafted jointly by the parties hereto and no presumption or burden of
       proof shall arise favoring or disfavoring any party by virtue of the
       authorship of any provisions of this Agreement.

12.    CROSS-GUARANTY

12.1   Cross-Guaranty

       Each Borrower hereby agrees that such Borrower is jointly and severally
       liable for, and hereby absolutely and unconditionally guarantees to Agent
       and Lenders and their respective successors and assigns, the full and
       prompt payment (whether at stated maturity, by acceleration or otherwise)
       and performance of, all Obligations owed or hereafter owing to Agent and
       Lenders by each other Borrower. Each Borrower agrees that its guaranty
       obligation hereunder is a continuing guaranty of payment and performance
       and not of collection, that its obligations under this Section 12 shall
       not be discharged until payment and performance, in full, of the
       Obligations has occurred, and that its obligations under this Section 12
       shall be absolute and unconditional, irrespective of, and unaffected by:

       (a)  the genuineness, validity, regularity, enforceability or any future
            amendment of, or change in, this Agreement, any other Loan Document
            or any other agreement, document or instrument to which any Borrower
            is or may become a party;

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       (b)  the absence of any action to enforce this Agreement (including this
            Section 12) or any other Loan Document or the waiver or consent by
            Agent and Lenders with respect to any of the provisions thereof;

       (c)  the existence, value or condition of, or failure to perfect its Lien
            against, any security for the Obligations or any action, or the
            absence of any action, by Agent and Lenders in respect thereof
            (including the release of any such security);

       (d)  the insolvency of any Credit Party; or

       (e)  any other action or circumstances that might otherwise constitute a
            legal or equitable discharge or defense of a surety or guarantor.

       Each Borrower shall be regarded, and shall be in the same position, as
       principal debtor with respect to the Obligations guaranteed hereunder.

12.2   Waivers by Borrowers

       Each Borrower expressly waives all rights it may have now or in the
       future under any statute, or at common law, or at law or in equity, or
       otherwise, to compel Agent or Lenders to marshal assets or to proceed in
       respect of the Obligations guaranteed hereunder against any other Credit
       Party, any other party or against any security for the payment and
       performance of the Obligations before proceeding against, or as a
       condition to proceeding against, such Borrower. It is agreed among each
       Borrower, Agent and Lenders that the foregoing waivers are of the essence
       of the transaction contemplated by this Agreement and the other Loan
       Documents and that, but for the provisions of this Section 12 and such
       waivers, Agent and Lenders would decline to enter into this Agreement.

12.3   Benefit of Guaranty

       Each Borrower agrees that the provisions of this Section 12 are for the
       benefit of Agent and Lenders and their respective successors,
       transferees, endorsees and assigns, and nothing herein contained shall
       impair, as between any other Borrower and Agent or Lenders, the
       obligations of such other Borrower under the Loan Documents.

12.4   Subordination of Subrogation, Etc.

       Notwithstanding anything to the contrary in this Agreement or in any
       other Loan Document, and except as set forth in Section 12.7, each
       Borrower hereby expressly and irrevocably subordinates to payment of the
       Obligations any and all rights at law or in equity to subrogation,
       reimbursement, exoneration, contribution, indemnification or set off and
       any and all defenses available to a surety, guarantor or accommodation
       co-obligor until the Obligations are indefeasibly paid in full in cash.
       Each Borrower acknowledges and agrees that this subordination and waiver
       is intended to benefit Agent and Lenders and shall not limit or otherwise
       affect such Borrower's liability hereunder or the enforceability of this
       Section 12, and that Agent, Lenders and their respective successors and
       assigns are intended third party beneficiaries of the waivers and
       agreements set forth in this Section 12.4.

                                       86
<Page>

12.5   Election of Remedies

       If Agent or any Lender may, under applicable law, proceed to realize its
       benefits under any of the Loan Documents giving Agent or such Lender a
       Lien upon any Collateral, whether owned by any Borrower or by any other
       Person, either by judicial foreclosure or by non-judicial sale or
       enforcement, Agent or any Lender may, at its sole option, determine which
       of its remedies or rights it may pursue without affecting any of its
       rights and remedies under this Section 12. If, in the exercise of any of
       its rights and remedies, Agent or any Lender shall forfeit any of its
       rights or remedies, including its right to enter a deficiency judgment
       against any Borrower or any other Person, whether because of any
       applicable laws pertaining to "election of remedies" or the like, each
       Borrower hereby consents to such action by Agent or such Lender and
       waives any claim based upon such action, even if such action by Agent or
       such Lender shall result in a full or partial loss of any rights of
       subrogation that each Borrower might otherwise have had but for such
       action by Agent or such Lender. Any election of remedies that results in
       the denial or impairment of the right of Agent or any Lender to seek a
       deficiency judgment against any Borrower shall not impair any other
       Borrower's obligation to pay the full amount of the Obligations. In the
       event Agent or any Lender shall bid at any foreclosure or trustee's sale
       or at any private sale permitted by law or the Loan Documents, Agent or
       such Lender may bid all or less than the amount of the Obligations and
       the amount of such bid need not be paid by Agent or such Lender but shall
       be credited against the Obligations. The amount of the successful bid at
       any such sale, whether Agent, Lender or any other party is the successful
       bidder, shall be conclusively deemed to be the fair market value of the
       Collateral and the difference between such bid amount and the remaining
       balance of the Obligations shall be conclusively deemed to be the amount
       of the Obligations guaranteed under this Section 12, notwithstanding that
       any present or future law or court decision or ruling may have the effect
       of reducing the amount of any deficiency claim to which Agent or any
       Lender might otherwise be entitled but for such bidding at any such sale.

12.6   Limitation

       Notwithstanding any provision herein contained to the contrary, each
       Borrower's liability under this Section 12 (which liability is in any
       event in addition to amounts for which such Borrower is primarily liable
       under Section 1) shall be limited to an amount not to exceed as of any
       date of determination the greater of:

       (a)  the net amount of all Loans advanced to any other Borrower under
            this Agreement and then re-loaned or otherwise transferred to, or
            for the benefit of, such Borrower; and

       (b)  the amount that could be claimed by Agent and Lenders from such
            Borrower under this Section 12 without rendering such claim voidable
            or avoidable under Section 548 of Chapter 11 of the Bankruptcy Code
            or under any applicable state Uniform Fraudulent Transfer Act,
            Uniform Fraudulent Conveyance Act or similar statute or common law
            after taking into account, among other things, such Borrower's right
            of contribution and indemnification from each other Borrower under
            Section 12.7.

                                       87
<Page>

12.7   Contribution with Respect to Guaranty Obligations

       (a)  To the extent that any Borrower shall make a payment under this
            Section 12 of all or any of the Obligations (other than Loans made
            to that Borrower for which it is primarily liable) (a "GUARANTOR
            PAYMENT") that, taking into account all other Guarantor Payments
            then previously or concurrently made by any other Borrower, exceeds
            the amount that such Borrower would otherwise have paid if each
            Borrower had paid the aggregate Obligations satisfied by such
            Guarantor Payment in the same proportion that such Borrower's
            "ALLOCABLE AMOUNT" (as defined below) (as determined immediately
            prior to such Guarantor Payment) bore to the aggregate Allocable
            Amounts of each of the Borrowers as determined immediately prior to
            the making of such Guarantor Payment, then, following indefeasible
            payment in full in cash of the Obligations and termination of the
            Commitments, such Borrower shall be entitled to receive contribution
            and indemnification payments from, and be reimbursed by, each other
            Borrower for the amount of such excess, PRO RATA based upon their
            respective Allocable Amounts in effect immediately prior to such
            Guarantor Payment.

       (b)  As of any date of determination, the "ALLOCABLE AMOUNT" of any
            Borrower shall be equal to the maximum amount of the claim that
            could then be recovered from such Borrower under this Section 12
            without rendering such claim voidable or avoidable under Section 548
            of Chapter 11 of the Bankruptcy Code or under any applicable state
            Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act
            or similar statute or common law.

       (c)  This Section 12.7 is intended only to define the relative rights of
            Borrowers and nothing set forth in this Section 12.7 is intended to
            or shall impair the obligations of Borrowers, jointly and severally,
            to pay any amounts as and when the same shall become due and payable
            in accordance with the terms of this Agreement, including Section
            12.1. Nothing contained in this Section 12.7 shall limit the
            liability of any Borrower to pay the Loans made directly or
            indirectly to that Borrower and accrued interest, Fees and expenses
            with respect thereto for which such Borrower shall be primarily
            liable.

       (d)  The parties hereto acknowledge that the rights of contribution and
            indemnification hereunder shall constitute assets of the Borrower to
            which such contribution and indemnification is owing.

       (e)  The rights of the indemnifying Borrowers against other Credit
            Parties under this Section 12.7 shall be exercisable upon the full
            and indefeasible payment in full in cash of the Obligations and the
            termination of the Commitments and Letters of Credit (or the cash
            collateralization or backing with standby letters of credit of all
            Letters of Credit in accordance with Annex B).

                                       88
<Page>

12.8   Liability Cumulative

       The liability of Borrowers under this Section 12 is in addition to and
       shall be cumulative with all liabilities of each Borrower to Agent and
       Lenders under this Agreement and the other Loan Documents to which such
       Borrower is a party or in respect of any Obligations or obligation of the
       other Borrower, without any limitation as to amount, unless the
       instrument or agreement evidencing or creating such other liability
       specifically provides to the contrary.

                                       89
<Page>

       IN WITNESS WHEREOF, this Credit Agreement has been duly executed as of
the date first written above.

                                          H&E EQUIPMENT SERVICES L.L.C.,
                                          as Borrower

                                          By: /s/ Lindsay Jones
                                              ----------------------------------
                                              Name:
                                              Title:

                                          GREAT NORTHERN EQUIPMENT, INC.,
                                          as Borrower

                                          By: /s/ Lindsay Jones
                                              ----------------------------------
                                              Name:
                                              Title:

                                          GENERAL ELECTRIC CAPITAL CORPORATION,
                                          as Agent and Lender

                                          By: /s/ Laurent Paris
                                              ----------------------------------
                                              Name:
                                              Title:

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

                                          BANK OF AMERICA, N.A.,
                                          as Syndication Agent and Lender

                                          By: /s/ Edmundo Kahn
                                              ----------------------------------
                                              Name:
                                              Title:

                                          FLEET CAPITAL CORPORATION,
                                          as Documentation Agent and Lender

                                          By: /s/ David Fiorito
                                              ----------------------------------
                                              Name:
                                              Title:

                                       90
<Page>

                                          PNC BANK, NATIONAL ASSOCIATION,
                                          as Lender

                                          By: /s/ Mark Kiskorna
                                              ----------------------------------
                                              Name:
                                              Title:

                                          LASALLE BUSINESS CREDIT, INC.,
                                          as Lender

                                          By: /s/ David Wilson
                                              ----------------------------------
                                              Name:
                                              Title:

                                          ORIX FINANCIAL SERVICES, INC.,
                                          as Lender

                                          By: /s/ Thomas Watson
                                              ----------------------------------
                                              Name:
                                              Title:

     The following Persons are signatories to this Credit Agreement in their
capacity as Credit Parties and not as Borrowers:

                                          H&E HOLDINGS L.L.C.,
                                          as a Credit Party

                                          By: /s/ Terry Eastman
                                              ----------------------------------
                                              Name:
                                              Title:

                                          GNE INVESTMENTS, INC.,
                                          as a Credit Party

                                          By: /s/ Terry Eastman
                                              ----------------------------------
                                              Name:
                                              Title:

                                       91
<Page>

                                          H&E FINANCE CORP.,
                                          as a Credit Party

                                          By: /s/ Terry Eastman
                                              ----------------------------------
                                              Name:
                                              Title:

                                       92
<Page>

                               ANNEX A (RECITALS)

                                       TO

                                CREDIT AGREEMENT

                                   DEFINITIONS

Capitalized terms used in the Loan Documents shall have (unless otherwise
provided elsewhere in the Loan Documents) the following respective meanings, and
all references to Sections, Exhibits, Schedules or Annexes in the following
definitions shall refer to Sections, Exhibits, Schedules or Annexes of or to the
Agreement:

     "A RATED BANK" has the meaning assigned to it in Section 6.2.

     "ACCOUNT DEBTOR" means any Person who may become obligated to a Credit
     Party under, with respect to, or on account of, an Account, Chattel Paper
     or General Intangibles (including a payment intangible).

     "ACCOUNTING CHANGES" has the meaning assigned to it in Annex G.

     "ACCOUNTS" means all "ACCOUNTS," as such term is defined in the Code, now
     owned or hereafter acquired by any Credit Party including (a) all accounts
     receivable, other receivables, book debts and other forms of obligations
     (other than forms of obligations evidenced by Chattel Paper, or
     Instruments), (including any such obligations that may be characterized as
     an account or contract right under the Code), (b) all of each Credit
     Party's rights in, to and under all purchase orders or receipts for goods
     or services, (c) all of each Credit Party's rights to any goods represented
     by any of the foregoing (including unpaid sellers' rights of rescission,
     replevin, reclamation and stoppage in transit and rights to returned,
     reclaimed or repossessed goods), (d) all rights to payment due to any
     Credit Party for property sold, leased, licensed, assigned or otherwise
     disposed of, for a policy of insurance issued or to be issued, for a
     secondary obligation incurred or to be incurred, for energy provided or to
     be provided, for the use or hire of a vessel under a charter or other
     contract, arising out of the use of a credit card or charge card, or for
     services rendered or to be rendered by such Credit Party or in connection
     with any other transaction (whether or not yet earned by performance on the
     part of such Credit Party), (e) all health care insurance receivables and
     (f) all collateral security of any kind, given by any Account Debtor or any
     other Person with respect to any of the foregoing.

     "ADJUSTED INTEREST COVERAGE RATIO" means, with respect to H&E Holdings and
     its Subsidiaries on a consolidated basis for any period, the ratio of (a)
     EBITDAR to (b) (i) Interest Expense PLUS (ii) Operating Lease Payments PLUS
     (iii) Capital Lease Payments PLUS, to the extent not already included under
     sub clause (i), (ii) or (iii) of this clause (b), Restricted Payments. For
     the purposes of this definition, Interest Expense for the Fiscal Quarters
     ending on September 30, 2001, December 31, 2001, and March 31, 2002 shall
     be deemed to be $8,600,000 for each such Fiscal Quarter.

                                       A-1
<Page>

     "ADJUSTED LEVERAGE RATIO" means, with respect to H&E Holdings and its
     Subsidiaries, on a consolidated basis, the ratio of (i) Funded Debt as of
     any date of determination PLUS Operating Lease Payoff Value, to (ii)
     EBITDAR for the period of four consecutive Fiscal Quarters ending on that
     date of determination.

     "ADVANCE" means any Revolving Credit Advance or Swing Line Advance, as the
     context may require.

     "AFFILIATE" means, with respect to any Person, (a) each Person that,
     directly or indirectly, owns or controls, whether beneficially, or as a
     trustee, guardian or other fiduciary, ten percent (10%) or more of the
     Stock having ordinary voting power in the election of directors of such
     Person, (b) each Person that controls, is controlled by or is under common
     control with such Person, (c) each of such Person's officers, directors,
     joint venturers and partners and (d) in the case of any Credit Party, the
     immediate family members, spouses and lineal descendants of individuals who
     are Affiliates of such Credit Party. For the purposes of this definition,
     "control" of a Person means the possession, directly or indirectly, of the
     power to direct or cause the direction of its management or policies,
     whether through the ownership of voting securities, by contract or
     otherwise; PROVIDED, that the term "Affiliate" shall specifically include
     Don Wheeler and John Engquist and exclude Agent and each Lender.

     "AGENT" means GE Capital in its capacity as Administrative Agent for
     Lenders or its successor appointed pursuant to Section 9.7.

     "AGGREGATE BORROWING BASE" means, as of any date of determination, an
     amount equal to the sum of the Great Northern Borrowing Base and the H&E
     Borrowing Base.

     "AGREEMENT" means the Credit Agreement by and among the Credit Parties
     party thereto, GE Capital, as Arranger, GE Capital, as Administrative Agent
     and Lender and the other Lenders from time to time party thereto, as the
     same may be amended, supplemented, amended and restated or otherwise
     modified from time to time.

     "APPENDICES" has the meaning assigned to it in the recitals to the
     Agreement.

     "APPLICABLE L/C MARGIN" means the per annum fee, from time to time in
     effect, payable with respect to outstanding Letter of Credit Obligations as
     determined by reference to Section 1.5(a).

     "APPLICABLE MARGINS" means collectively the Applicable L/C Margin, the
     Applicable Unused Line Fee Margin, the Applicable Revolver Index Margin and
     the Applicable Revolver LIBOR Margin all as set forth in Section 1.5(a).

     "APPLICABLE REVOLVER INDEX MARGIN" means the per annum interest rate margin
     from time to time in effect and payable in addition to the Index Rate
     applicable to the Revolving Credit Advances, the Swingline Advances,
     unreimbursed Letter of Credit Obligations and other Obligations (excluding
     LIBOR Loans) as determined by reference to Section 1.5(a).

                                       A-2
<Page>

     "APPLICABLE REVOLVER LIBOR MARGIN" means the per annum interest rate from
     time to time in effect and payable in addition to the LIBOR Rate applicable
     to LIBOR Loans, as determined by reference to Section 1.5(a).

     "APPLICABLE UNUSED LINE FEE MARGIN" means the per annum fee, from time to
     time in effect, payable in respect of Borrowers' non-use of committed funds
     pursuant to Section 1.9(b), which fee is determined by reference to Section
     1.5(a).

     "ARRANGER" has the meaning assigned to it in the recitals to the Agreement.

     "ASSIGNMENT AGREEMENT" has the meaning assigned to it in Section 9.1(a).

     "AUTHORIZED OFFICER" means any of the following officers of each Credit
     Party: the chief executive officer, the chief operating officer, the chief
     financial officer, executive vice president, the secretary and the
     treasurer.

     "BANKRUPTCY CODE" means the provisions of Title 11 of the United States
     Code, 11 U.S.C. Sections 101 ET SEQ.

     "AUTHORIZED REPRESENTATIVE" has the meaning assigned to it in Section 7.3.

     "BLOCKED ACCOUNT AGREEMENT" has the meaning assigned to it in Annex C.

     "BLOCKED ACCOUNTS" has the meaning assigned to it in Annex C.

     "BORROWER" has the meaning assigned to it in the preamble to the Agreement.

     "BORROWER REPRESENTATIVE" means H&E in its capacity as Borrower
     Representative pursuant to the provisions of Section 1.1(c).

     "BORROWING AVAILABILITY" means as of any date of determination (a) as to
     all Borrowers, the lesser of (i) the Maximum Amount and (ii) the Aggregate
     Borrowing Base, in each case, LESS the sum of the aggregate Revolving Loan
     and Swing Line Loan then outstanding, or (b) as to an individual Borrower,
     the lesser of (i) the Maximum Amount LESS the sum of the Revolving Loan and
     Swing Line Loan outstanding to all other Borrowers and (ii) that Borrower's
     separate Borrowing Base, LESS the sum of the Revolving Loan and Swing Line
     Loan outstanding to that Borrower, PROVIDED, that in the case of
     determining Borrowing Availability under this clause (b), with respect to
     any requested H&E/Great Northern Advance, "such Borrower's separate
     Borrowing Base" shall mean the Great Northern Borrowing Base.

     "BORROWING BASE" means, as the context may require, the H&E Borrowing Base,
     the Great Northern Borrowing Base or the Aggregate Borrowing Base.

     "BORROWING BASE CERTIFICATE" means a certificate to be executed and
     delivered from time to time by Borrower Representative on behalf of each
     Borrower in the form attached to the Agreement as Exhibit 4.1(b).

                                       A-3
<Page>

     "BRS" means collectively Bruckmann, Rosser, Sherrill & Co., L.P., a
     Delaware limited partnership, BRS Partners, LP and BRSE LLP.

     "BRS MANAGEMENT AGREEMENT" has the meaning assigned to it in Section 3.14.

     "BRS MANAGEMENT CO." has the meaning assigned to it in Section 3.14.

     "BRS RELATED PARTY" means (1) any stockholder having more than 5% of any
     class of stock of any entity that comprises BRS, any individual controlling
     any such stockholder, any immediate family member of any such stockholder
     (if an individual) or of any such individual and any majority owned
     Subsidiary, of BRS; or (2) any trust, corporation, partnership or other
     entity, the beneficiaries, stockholders, partners, owners or Persons
     beneficially holding a majority interest of any of the entities that
     comprise BRS and/or such other Persons referred to in the immediately
     preceding clause (1).

     "BUSINESS DAY" means any day that is not a Saturday, a Sunday or a day on
     which banks are required or permitted to be closed in the State of [Utah]
     or the State of New York and in reference to LIBOR Loans means any such day
     that is also a LIBOR Business Day.

     "CAPITAL LEASE" means, with respect to any Person, any lease of any
     property (whether real, personal or mixed) by such Person as lessee that,
     in accordance with GAAP, would be required to be classified and accounted
     for as a capital lease on a balance sheet of such Person.

     "CAPITAL LEASE OBLIGATION" means as of any date of determination, with
     respect to any Capital Lease of any Person, the amount of the obligation of
     the lessee thereunder that, in accordance with GAAP, would appear on a
     balance sheet of such lessee in respect of such Capital Lease as of the
     date of determination.

     "CAPITAL LEASE PAYMENTS" means during any period for any Person, all
     payments (other than any portion of any payment included in Interest
     Expense for such period) required to be made by such Person during such
     period in respect of Capital Lease Obligations.

     "CASH COLLATERAL ACCOUNT" has the meaning assigned to it Annex B.

     "CASH EQUIVALENTS" has the meaning assigned to it in Annex B.

     "CASH MANAGEMENT SYSTEMS" has the meaning assigned to it in Section 1.8.

     "CERTIFICATE OF EXEMPTION" has the meaning assigned to it in Section
     1.15(c).

     "CHANGE OF CONTROL" any event, transaction or occurrence as a result of
     which (a) prior to any initial public offering of the Stock of H&E
     Holdings, BRS together with any BRS Related Party shall cease to own and
     control directly or indirectly all of the voting rights associated with
     ownership of at least fifty-one percent (51%) of the outstanding membership
     interests (or other outstanding Stock) of H&E Holdings, (b) following any
     such initial public offering of the Stock of H&E Holdings, BRS together
     with any BRS Related Party together with John Engquist (and

                                       A-4
<Page>

     the immediate family members, spouse and lineal descendants of John
     Engquist) shall cease to own and control directly or indirectly all of the
     economic and voting rights associated with ownership of at least forty
     percent (40%) of the outstanding membership interests (or other outstanding
     Stock) of H&E Holdings, (c) H&E Holdings shall cease to own and control all
     of the economic and voting rights associated with ownership of at least one
     hundred percent (100%) of the outstanding membership interests (or other
     outstanding Stock) of H&E, (d) H&E shall cease to own and control all of
     the economic and voting rights associated with ownership of at least one
     hundred percent (100%) of the outstanding capital Stock of H&E Finance and
     GNE Investments, each on a fully diluted basis, (e) GNE Investments shall
     cease to own and control all of the economic and voting rights associated
     with ownership of at least one hundred percent (100%) of the outstanding
     capital Stock of Great Northern on a fully diluted basis, in each case
     except pursuant to a merger as provided in Section 6.1(b) or (f) there
     shall occur any "Change of Control" as such term is defined in the Senior
     Note Indenture or the Senior Subordinated Note Indenture.

     "CHARGES" means all federal, state, county, city, municipal, local, foreign
     or other governmental taxes (including taxes owed to the PBGC at the time
     due and payable), levies, assessments, charges, liens, claims or
     encumbrances upon or relating to (a) the Collateral, (b) the Obligations,
     (c) the employees, payroll, income or gross receipts of any Credit Party,
     (d) any Credit Party's ownership or use of any properties or other assets,
     or (e) any other aspect of any Credit Party's business.

     "CHATTEL PAPER" means any "chattel paper," as such term is defined in the
     Code, including electronic chattel paper, now owned or hereafter acquired
     by any Credit Party.

     "CLOSING CHECKLIST" means the schedule, including all appendices, exhibits
     or schedules thereto, listing certain documents and information to be
     delivered in connection with the Agreement, the other Loan Documents and
     the transactions contemplated thereunder, substantially in the form
     attached hereto as Annex D.

     "CLOSING DATE" means June 17, 2002.

     "CODE" means the Uniform Commercial Code as the same may, from time to
     time, be enacted and in effect in the State of New York; PROVIDED, that to
     the extent that the Code is used to define any term herein or in any Loan
     Document and such term is defined differently in different Articles of the
     Code, the definition of such term contained in Article 9 of the Code shall
     govern; PROVIDED, FURTHER, that in the event that, by reason of mandatory
     provisions of law, any or all of the attachment, perfection or priority of,
     or remedies with respect to, Agent's or any Lender's Lien on any Collateral
     is governed by the Uniform Commercial Code as enacted and in effect in a
     jurisdiction other than the State of New York, the term "CODE" shall mean
     the Uniform Commercial Code as enacted and in effect in such other
     jurisdiction solely for purposes of the provisions thereof relating to such
     attachment, perfection, priority or remedies and for purposes of
     definitions related to such provisions.

                                       A-5
<Page>

     "COLLATERAL" means the property covered by the Security Agreements and the
     other Collateral Documents and any other property, real or personal,
     tangible or intangible, now existing or hereafter acquired, that may at any
     time be or become subject to a security interest or Lien in favor of Agent,
     on behalf of itself and Lenders, to secure the Obligations.

     "COLLATERAL AGENT" means the Trustee for the Senior Notes, in its capacity
     as "Collateral Agent."

     "COLLATERAL DOCUMENTS" means the Security Agreements, the Pledge
     Agreements, the Guaranties, the Patent Security Agreements, the Trademark
     Security Agreements, the Copyright Security Agreements and all similar
     agreements entered into guaranteeing payment of, or granting a Lien upon
     property as security for payment of, the Obligations.

     "COLLATERAL REPORTS" means the reports with respect to the Collateral
     referred to in Annex F.

     "COLLECTION ACCOUNT" means that certain account of Agent, account number
     502-328-54 in the name of Agent at Bankers Trust Company in New York, New
     York ABA No. 021 001 033, or such other account as may be specified in
     writing by Agent as the "Collection Account".

     "COMMITMENT TERMINATION DATE" means the earliest of (a) June 17, 2007, (b)
     the date of termination of Lenders' obligations to make Advances and to
     incur Letter of Credit Obligations or permit existing Loans to remain
     outstanding pursuant to Section 8.2(b), and (c) the date of indefeasible
     prepayment in full in cash by Borrowers of the Loans and the cancellation
     and return (or stand-by guarantee) of all Letters of Credit or the cash
     collateralization of all Letter of Credit Obligations pursuant to Annex B,
     and the permanent reduction of all Commitments to zero dollars ($0) or the
     termination of all Commitments (or the cash collateralization or backing
     with standby letters of credit of all Letters of Credit in accordance with
     Annex B), in accordance with the provisions of Section 1.3(a).

     "COMMITMENTS" means (a) as to any Lender, such Lender's Revolving Loan
     Commitment (including without duplication the Swing Line Lender's Swing
     Line Commitment as a subset of its Revolving Loan Commitment) as set forth
     on the signature page to the Agreement or in the most recent Assignment
     Agreement executed by such Lender and (b) as to all Lenders, the aggregate
     of all Lenders' Revolving Loan Commitments (including without duplication
     the Swing Line Lender's Swing Line Commitment as a subset of its Revolving
     Loan Commitment), which aggregate commitment shall be One Hundred Fifty
     Million Dollars ($150,000,000) on the Closing Date, as such amount may be
     reduced, amortized or adjusted from time to time in accordance with the
     Agreement.

     "COMPLIANCE CERTIFICATE" has the meaning assigned to it in Annex E.

     "CONCENTRATION ACCOUNT" has the meaning assigned to it in Annex C.

     "CONTRACTS" means all "contracts," as such term is defined in the Code, now
     owned or hereafter acquired by any Credit Party, in any event, including
     all contracts, undertakings, or agreements (other than rights evidenced by
     Chattel Paper, Documents or Instruments) in or under which any

                                       A-6
<Page>

     Credit Party may now or hereafter have any right, title or interest,
     including any agreement relating to the terms of payment or the terms of
     performance of any Account.

     "CONTRIBUTION AGREEMENT AND PLAN OF REORGANIZATION" has the meaning
     assigned to it in the recitals to the Agreement.

     "CONTROL LETTER" means a letter agreement between Agent and (i) the issuer
     of uncertificated securities with respect to uncertificated securities in
     the name of any Credit Party, (ii) a securities intermediary with respect
     to securities, whether certificated or uncertificated, securities
     entitlements and other financial assets held in a securities account in the
     name of any Credit Party, (iii) a futures commission merchant or clearing
     house, as applicable, with respect to commodity accounts and commodity
     contracts held by any Credit Party, whereby, among other things, the
     issuer, securities intermediary or futures commission merchant disclaims
     any security interest in the applicable financial assets, acknowledges the
     Lien of Agent, on behalf of itself and Lenders, on such financial assets,
     and agrees to follow the instructions or entitlement orders of Agent
     without further consent by the affected Credit Party.

     "COPYRIGHT LICENSE" means any and all rights now owned or hereafter
     acquired by any Credit Party under any written agreement granting any right
     to use any Copyright or Copyright registration.

     "COPYRIGHT SECURITY AGREEMENTS" means the Copyright Security Agreements
     made in favor of Agent, on behalf of itself and Lenders, by each applicable
     Credit Party.

     "COPYRIGHTS" means all of the following now owned or hereafter acquired by
     any Credit Party: (a) all copyrights and General Intangibles of like nature
     (whether registered or unregistered), all registrations and recordings
     thereof, and all applications in connection therewith, including all
     registrations, recordings and applications in the United States Copyright
     Office or in any similar office or agency of the United States, any state
     or territory thereof, or any other country or any political subdivision
     thereof, and (b) all reissues, extensions or renewals thereof.

     "CREDIT PARTIES" means each Borrower and each Guarantor.

     "DEFAULT" means any event that, with the passage of time or notice or both,
     would, unless cured or waived, become an Event of Default.

     "DEFAULT NOTICE" has the meaning assigned to it in Section 7.3.

     "DEFAULT RATE" has the meaning assigned to it in Section 1.5(d).

     "DEPOSIT ACCOUNTS" means all "deposit accounts" as such term is defined in
     the Code, now or hereafter held in the name of any Credit Party.

     "DISBURSEMENT ACCOUNTS" has the meaning assigned to it on Annex C.

                                       A-7
<Page>

     "DISCLOSURE SCHEDULES" means the Schedules prepared by Borrowers and
     denominated as Disclosure Schedules 1.4 through 6.7 in the Index to the
     Agreement.

     "DOCUMENTS" means all "documents," as such term is defined in the Code, now
     owned or hereafter acquired by any Credit Party, wherever located.

     "DOLLARS" or "$" means lawful currency of the United States of America.

     "EBITDA" means, with respect to any Person for any fiscal period, without
     duplication an amount equal to (a) consolidated net income of such Person
     for such period determined in accordance with GAAP, MINUS (b) the sum of
     (i) income tax credits, (ii) interest income, (iii) gain from extraordinary
     items for such period, and (iv) any aggregate net gain (but not any
     aggregate net loss) during such period arising from the sale, exchange or
     other disposition of capital assets by such Person (including any fixed
     assets, whether tangible or intangible, all inventory sold in conjunction
     with the disposition of fixed assets and all securities), and (v) any other
     non-cash gains that have been added in determining consolidated net income,
     in each case to the extent included in the calculation of consolidated net
     income of such Person for such period in accordance with GAAP, but without
     duplication, PLUS (c) the sum of (i) any provision for income taxes, (ii)
     Interest Expense, (iii) loss from extraordinary items for such period, (iv)
     the amount of non-cash charges (including depreciation and amortization)
     for such period, (v) amortized debt discount for such period, (vi) the
     amount of any deduction to consolidated net income as the result of any
     grant to any members of the management of such Person of any Stock, in each
     case to the extent included in the calculation of consolidated net income
     of such Person for such period in accordance with GAAP, but without
     duplication and (vii) amounts not exceeding [$2,000,000] paid on or about
     the Closing Date in respect of transaction expenses relating to the Related
     Transactions. For purposes of this definition, the following items shall be
     excluded in determining consolidated net income of a Person: (1) the income
     (or deficit) of any other Person accrued prior to the date it became a
     Subsidiary of, or was merged or consolidated into, such Person or any of
     such Person's Subsidiaries; (2) the income (or deficit) of any other Person
     (other than a Subsidiary) in which such Person has an ownership interest,
     except to the extent any such income has actually been received by such
     Person in the form of cash dividends or distributions; (3) the
     undistributed earnings of any Subsidiary of such Person to the extent that
     the declaration or payment of dividends or similar distributions by such
     Subsidiary is not at the time permitted by the terms of any contractual
     obligation or requirement of law applicable to such Subsidiary; (4) any
     restoration to income of any contingency reserve, except to the extent that
     provision for such reserve was made out of income accrued during such
     period; (5) any write-up of any asset; (6) any net gain from the collection
     of the proceeds of life insurance policies; (7) any net gain arising from
     the acquisition of any securities, or the extinguishment, under GAAP, of
     any Indebtedness, of such Person, (8) in the case of a successor to such
     Person by consolidation or merger or as a transferee of its assets, any
     earnings of such successor prior to such consolidation, merger or transfer
     of assets, and (9) any deferred credit representing the excess of equity in
     any Subsidiary of such Person at the date of acquisition of such Subsidiary
     over the cost to such Person of the investment in such Subsidiary. For the
     purposes of this definition, Interest Expense

                                       A-8
<Page>

     for the Fiscal Quarters ending on September 30, 2001, December 31, 2001,
     and March 31, 2002 shall be deemed to be $8,600,000 for each such Fiscal
     Quarter.

     "EBITDAR" means, with respect to any Person for any fiscal period, EBITDA
     of such Person for such Period PLUS Operating Lease Payments of such Person
     for such Period.

     "ELIGIBLE ACCOUNTS" has the meaning assigned to it in Section 1.6.

     "ELIGIBLE EQUIPMENT INVENTORY" has the meaning assigned to it in Section
     1.7A and excludes Eligible Parts and Tools Inventory and Eligible Rolling
     Stock.

     "ELIGIBLE PARTS AND TOOLS INVENTORY" has the meaning assigned to it in
     Section 1.7 and excludes Eligible Equipment Inventory and Eligible Rolling
     Stock.

     "ELIGIBLE RENTALS" has the meaning assigned to it in Section 1.6B.

     "ELIGIBLE ROLLING STOCK" has the meaning assigned to it in Section 1.6A and
     excludes Eligible Parts and Tools Inventory and Eligible Equipment
     Inventory.

     "ENVIRONMENTAL LAWS" means all applicable federal, state, local and foreign
     laws, statutes, ordinances, codes, rules, standards and regulations, now or
     hereafter in effect, and any applicable judicial or administrative
     interpretation thereof, including any applicable judicial or administrative
     order, consent decree, order or judgment, imposing liability or standards
     of conduct for or relating to the regulation and protection of human health
     or safety, the environment and natural resources (including ambient air,
     surface water, groundwater, wetlands, land surface or subsurface strata,
     wildlife, aquatic species and vegetation). Environmental Laws include the
     Comprehensive Environmental Response, Compensation, and Liability Act of
     1980 (42 U.S.C. Sections 9601 et seq.) ("CERCLA"); the Hazardous Materials
     Transportation Authorization Act of 1994 (49 U.S.C. Sections 5101 et seq.);
     the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. Sections
     136 et seq.); the Solid Waste Disposal Act (42 U.S.C. Sections 6901 et
     seq.); the Toxic Substance Control Act (15 U.S.C. Sections 2601 et seq.);
     the Clean Air Act (42 U.S.C. Sections 7401 et seq.); the Federal Water
     Pollution Control Act (33 U.S.C. Sections 1251 et seq.); the Occupational
     Safety and Health Act (29 U.S.C. Sections 651 et seq.); and the Safe
     Drinking Water Act (42 U.S.C. Sections 300(f) et seq.), and any and all
     regulations promulgated thereunder, and all analogous state, local and
     foreign counterparts or equivalents and any transfer of ownership
     notification or approval statutes.

     "ENVIRONMENTAL LIABILITIES" means, with respect to any Person, all
     liabilities, obligations, responsibilities, response, remedial and removal
     costs, investigation and feasibility study costs, capital costs, operation
     and maintenance costs, losses, damages, punitive damages, property damages,
     natural resource damages, consequential damages, treble damages, costs and
     expenses (including all reasonable fees, disbursements and expenses of
     counsel, experts and consultants), fines, penalties, sanctions and interest
     incurred as a result of or related to any claim, suit, action,
     investigation, proceeding or demand by any Person, whether based in
     contract, tort, implied or express warranty, strict liability, criminal or
     civil statute or common law, including any arising

                                       A-9
<Page>

     under or related to any Environmental Laws, Environmental Permits, or in
     connection with any Release or threatened Release or presence of a
     Hazardous Material whether on, at, in, under, from or about or in the
     vicinity of any real or personal property.

     "ENVIRONMENTAL PERMITS" means all permits, licenses, authorizations,
     certificates, approvals, registrations or other written documents required
     by any Governmental Authority under any Environmental Laws.

     "EQUIPMENT INVENTORY" means Inventory of any Borrower consisting of
     equipment held for sale or lease to third parties and Inventory of such
     Borrower while on lease to third parties.

     "EQUIPMENT INVENTORY APPRAISAL" means each periodic appraisal of Borrowers'
     Equipment Inventory and Parts and Tools Inventory conducted at the
     Borrowers' cost and expense by appraisers reasonably satisfactory to Agent
     and using a methodology reasonably satisfactory to Agent, PROVIDED, that
     unless an Event of Default is continuing, the Borrowers' shall be
     responsible for the cost and expense of not more than four (4) such
     appraisals during the first twelve months following the Closing Date and
     not more than three (3) such appraisals per year thereafter, it being
     agreed that so long as such limit is in effect, each item of Equipment
     Inventory shall be appraised pursuant to a visit to sites of any one or
     more Credit Parties on one occasion during each year and the balance of
     such appraisals of such item in such year shall be done as a "desk
     appraisal." An appraisal of Equipment Inventory and of Parts and Tools
     Inventory shall, for the purposes of the preceding sentence, constitute one
     appraisal.

     "EQUIPMENT INVENTORY RENTAL REVENUES" means, with respect to any Person for
     any fiscal period, an amount equal to the gross revenues of such Person
     derived from the lease of Equipment Inventory owned by such Person to third
     parties (excluding revenues in respect of taxes, freight insurance and like
     items).

     "EQUIPMENT INVENTORY RENTAL EXPENDITURES" means, with respect to any Person
     at any time, the aggregate acquisition cost (including all costs of initial
     acquisition, improvements and additions) of all Equipment Inventory owned
     by such Person at such time.

     "ERISA" means the Employee Retirement Income Security Act of 1974, and any
     regulations promulgated thereunder.

     "ERISA AFFILIATE" means, with respect to any Credit Party, any trade or
     business (whether or not incorporated) that, together with such Credit
     Party, is treated as a single employer within the meaning of Sections
     414(b), (c), (m) or (o) of the IRC.

     "ERISA EVENT" means, with respect to any Credit Party or any ERISA
     Affiliate, (a) any event described in Section 4043(c) of ERISA with respect
     to a Title IV Plan (other than an event with respect to which the reporting
     requirement has been waived); (b) the withdrawal of such Credit Party or
     ERISA Affiliate from a Title IV Plan subject to Section 4063 of ERISA
     during a plan year in which it was a substantial employer, as defined in
     Section 4001(a)(2) of ERISA; (c) the complete or partial withdrawal of such
     Credit Party or any ERISA Affiliate from any

                                      A-10
<Page>

     Multiemployer Plan; (d) the filing of a notice of intent to terminate a
     Title IV Plan or the treatment of a plan amendment as a termination under
     Section 4041 of ERISA; (e) the institution of proceedings to terminate a
     Title IV Plan or Multiemployer Plan by the PBGC; (f) the failure by such
     Credit Party or ERISA Affiliate to make when due required contributions to
     a Multiemployer Plan or Title IV Plan unless such failure is cured within
     30 days; (g) any other event or condition that might reasonably be expected
     to constitute grounds under Section 4042 of ERISA for the termination of,
     or the appointment of a trustee to administer, any Title IV Plan or
     Multiemployer Plan or for the imposition of liability under Section 4069 or
     4212(c) of ERISA; or (h) the termination of a Multiemployer Plan under
     Section 4041A of ERISA or the reorganization or insolvency of a
     Multiemployer Plan under Section 4241 or 4245 of ERISA or (i) the loss of a
     Qualified Plan's qualification or tax exempt status; or (j) the termination
     of a Title IV Plan described in Section 4064 of ERISA.

     "EUROCURRENCY LIABILITIES" has the meaning assigned to that term in
     Regulation D of the Board of Governors of the Federal Reserve System, as in
     effect from time to time.

     "EVENT OF DEFAULT" has the meaning assigned to it in Section 8.1.

     "FAIR LABOR STANDARDS ACT" means the Fair Labor Standards Act, 29 U.S.C.
     Section 201 ET SEQ.

     "FAIR SALABLE BALANCE SHEET" means a balance sheet of Borrowers prepared in
     accordance with Section 3.4(d).

     "FEDERAL FUNDS RATE" means, for any day, a floating rate equal to the
     weighted average of the rates on overnight Federal funds transactions among
     members of the Federal Reserve System, as determined by Agent in its sole
     discretion, which determination shall be final, binding and conclusive
     (absent manifest error).

     "FEDERAL RESERVE BOARD" means the Board of Governors of the Federal Reserve
     System.

     "FEES" means any and all fees payable to Agent or any Lender pursuant to
     the Agreement or any of the other Loan Documents.

     "FINANCIAL COVENANTS" means the financial covenants set forth in ANNEX G.

     "FINANCIAL STATEMENTS" means the consolidated and consolidating income
     statements, statements of cash flows and balance sheets of Borrowers
     delivered in accordance with Section 3.4 and Annex E.

     "FIRREA" means the Financial Institutions Reform, Recovery and Enforcement
     Act of 1989.

     "FISCAL MONTH" means any of the monthly accounting periods of Borrowers.

     "FISCAL QUARTER" means any of the quarterly accounting periods of
     Borrowers, ending on March 31, June 30, September 30, and December 31 of
     each year.

                                      A-11
<Page>

     "FISCAL YEAR" means any of the annual accounting periods of Borrowers
     ending on December 31 of each year.

     "FIXTURES" means all "fixtures" as such term is defined in the Code, now
     owned or hereafter acquired by any Credit Party.

     "FLOOR PLAN EQUIPMENT INVENTORY" means Equipment Inventory purchased by any
     Credit Party for sale or lease in the ordinary course of business and
     subject to a purchase money Lien in favor of the seller thereof or a third
     party financing source.

     "FOREIGN LENDER" has the meaning assigned to it in Section 1.15(c).

     "FUNDED DEBT" means, with respect to any Person, without duplication, all
     Indebtedness for borrowed money evidenced by notes, bonds, debentures, or
     similar evidences of Indebtedness that by its terms matures more than one
     year from, or is directly or indirectly renewable or extendible at such
     Person's option under a revolving credit or similar agreement obligating
     the lender or lenders to extend credit over a period of more than one year
     from the date of creation thereof, and specifically including Capital Lease
     Obligations, current maturities of long-term debt, revolving credit and
     short-term debt extendible beyond one year at the option of the debtor, and
     including without limitation, in the case of Borrowers, the Obligations
     (calculated with reference to the average outstanding balance of the
     Obligations during the six month period ending immediately prior to the
     relevant date of determination (or such shorter period that begins on the
     Closing Date and ends immediately prior to such relevant date of
     determination)), the Senior Debt and the Subordinated Debt.

     "GAAP" means generally accepted accounting principles in the United States
     of America consistently applied as such term is further defined in Annex G
     to the Agreement.

     "GE CAPITAL" means General Electric Capital Corporation, a Delaware
     corporation.

     "GE CAPITAL FEE LETTER" has the meaning assigned to it in Section 1.9(a).

     "GENERAL INTANGIBLES" means all "general intangibles," as such term is
     defined in the Code, now owned or hereafter acquired by any Credit Party,
     including all right, title and interest that such Credit Party may now or
     hereafter have in or under any Contract, all payment intangibles, customer
     lists, Licenses, Copyrights, Trademarks, Patents, and all applications
     therefor and reissues, extensions or renewals thereof, rights in
     Intellectual Property, interests in partnerships, joint ventures and other
     business associations, licenses, permits, copyrights, trade secrets,
     proprietary or confidential information, inventions (whether or not
     patented or patentable), technical information, procedures, designs,
     knowledge, know-how, software, data bases, data, skill, expertise,
     experience, processes, models, drawings, materials and records, goodwill
     (including the goodwill associated with any Trademark or Trademark
     License), all rights and claims in or under insurance policies (including
     insurance for fire, damage, loss and casualty, whether covering personal
     property, real property, tangible rights or intangible rights, all
     liability, life, key man and business interruption insurance, and all
     unearned premiums), uncertificated

                                      A-12
<Page>

     securities, choses in action, deposit, checking and other bank accounts,
     rights to receive tax refunds and other payments, rights to receive
     dividends, distributions, cash, Instruments and other property in respect
     of or in exchange for pledged Stock and Investment Property, rights of
     indemnification, all books and records, correspondence, credit files,
     invoices and other papers, including without limitation all tapes, cards,
     computer runs and other papers and documents in the possession or under the
     control of such Credit Party or any computer bureau or service company from
     time to time acting for such Credit Party.

     "GNE INVESTMENTS" has the meaning assigned to it in the recitals to the
     Agreement.

     "GNE INVESTMENTS PLEDGE AGREEMENT" means the Pledge Agreement dated as of
     the Closing Date executed by GNE Investments in favor of Agent, on behalf
     of itself and Lenders, pledging all Stock of its Subsidiaries owned or held
     by GNE Investments.

     "GOODS" means all "goods" as defined in the Code, now owned or hereafter
     acquired by any Credit Party, wherever located, including embedded software
     to the extent included in "goods" as defined in the Code, manufactured
     homes, standing timber that is cut and removed for sale and unborn young of
     animals.

     "GOVERNMENTAL AUTHORITY" means any nation or government, any state or other
     political subdivision thereof, and any agency, department or other entity
     exercising executive, legislative, judicial, regulatory or administrative
     functions of or pertaining to government.

     "GREAT NORTHERN" has the meaning assigned to it in the recitals to the
     Agreement.

     "GREAT NORTHERN ADVANCE" shall mean an advance by H&E to Great Northern of
     the proceeds of an H&E/Great Northern Advance.

     "GREAT NORTHERN BORROWING BASE" means, as of any date of determination by
     Agent, from time to time, an amount equal to the sum at such time of:

     (a)    up to eighty-five percent (85%) of Great Northern's Eligible
            Accounts plus up to eighty five percent (85%) of Great Northern's
            Eligible Rentals, less any Reserves (without duplication)
            established by Agent in good faith using reasonable credit judgment
            as of such time; plus

     (b)    up to fifty percent (50%) of the Net Book Value of Great Northern's
            Eligible Parts and Tools Inventory, less any Reserves (without
            duplication) established by Agent in good faith using reasonable
            credit judgment as of such time; plus

     (c)    up to one hundred percent (100%) of the Net Book Value of Great
            Northern's new Eligible Equipment Inventory held for sale, less any
            Reserves (without duplication) established by Agent in good faith
            using reasonable credit judgment as of such time; plus

                                      A-13
<Page>

     (d)    up to fifty percent (50%) of the Net Book Value of Great Northern's
            used Eligible Equipment Inventory held for sale, less any Reserves
            (without duplication) established by Agent in good faith using
            reasonable credit judgment as of such time; PLUS

     (e)    the lesser of (i) one hundred percent (100%) of the Net Book Value
            of Great Northern's Eligible Equipment Inventory held for lease to
            third parties or being leased to third parties and (ii) up to eighty
            percent (80%) of the Orderly Liquidation Value of Great Northern's
            Eligible Equipment Inventory held for lease or being leased to third
            parties, in each case, less any Reserves (without duplication)
            established by Agent in good faith using reasonable credit judgment
            as of such time; plus

     (f)    up to fifty percent (50%) of the Orderly Liquidation Value of Great
            Northern's Eligible Rolling Stock, less any Reserves (without
            duplication) established by Agent in good faith using reasonable
            credit judgment as of such time.

     "GUARANTEED INDEBTEDNESS" means, as to any Person, any obligation of such
     Person guaranteeing, providing comfort or otherwise supporting any
     Indebtedness, lease, dividend, or other obligation ("PRIMARY OBLIGATIONS")
     of any other Person (the "PRIMARY OBLIGOR") in any manner, including any
     obligation or arrangement of such Person to (a) purchase or repurchase any
     such primary obligation, (b) advance or supply funds (i) for the purchase
     or payment of any such primary obligation or (ii) to maintain working
     capital or equity capital of the primary obligor or otherwise to maintain
     the net worth or solvency or any balance sheet condition of the primary
     obligor, (c) purchase property, securities or services primarily for the
     purpose of assuring the owner of any such primary obligation of the ability
     of the primary obligor to make payment of such primary obligation, (d)
     protect the beneficiary of such arrangement from loss (other than product
     warranties given in the ordinary course of business) or (e) indemnify the
     owner of such primary obligation against loss in respect thereof. The
     amount of any Guaranteed Indebtedness at any time shall be deemed to be an
     amount equal to the lesser at such time of (x) the stated or determinable
     amount of the primary obligation in respect of which such Guaranteed
     Indebtedness is incurred and (y) the maximum amount for which such Person
     may be liable pursuant to the terms of the instrument embodying such
     Guaranteed Indebtedness, or, if not stated or determinable, the maximum
     reasonably anticipated liability (assuming full performance) in respect
     thereof.

     "GUARANTIES" means, collectively, the H&E Holdings Guaranty, each
     Subsidiary Guaranty and any other guaranty executed by any Guarantor in
     favor of Agent and Lenders in respect of the Obligations.

     "GUARANTORS" means H&E Holdings, Great Northern, each Subsidiary of each
     Borrower (other than each such Subsidiary that is a Borrower) and each
     other Person, if any, that executes a guaranty or other similar agreement
     in favor of Agent, for itself and the ratable benefit of Lenders, in
     connection with the transactions contemplated by the Agreement and the
     other Loan Documents.

                                      A-14
<Page>

     "GULF WIDE" has the meaning assigned to it in the recitals to the
     Agreement.

     "H&E" has the meaning assigned to it in the recitals to the Agreement.

     "H&E BORROWING BASE" means, as of any date of determination by Agent, from
     time to time, an amount equal to the sum at such time of:

     (a)    up to eighty-five percent (85%) of H&E's Eligible Accounts plus up
            to eighty five percent of H&E's Eligible Rentals, less any Reserves
            (without duplication) established by Agent in good faith using
            reasonable credit judgment as of such time; plus

     (b)    up to fifty percent (50%) of the Net Book Value of H&E's Eligible
            Parts and Tools Inventory, less any Reserves (without duplication)
            established by Agent in good faith using reasonable credit judgment
            as of such time; plus

     (c)    up to one hundred percent (100%) of the Net Book Value of H&E's new
            Eligible Equipment Inventory held for sale, less any Reserves
            (without duplication) established by Agent in good faith using
            reasonable credit judgment as of such time; plus

     (d)    up to fifty percent (50%) of the Net Book Value of H&E's used
            Eligible Equipment Inventory held for sale, less any Reserves
            (without duplication) established by Agent in good faith using
            reasonable credit judgment as of such time; PLUS

     (e)    the lesser of (i) one hundred percent (100%) of the Net Book Value
            of H&E's Eligible Equipment Inventory held for lease to third
            parties or being leased to third parties, and (ii) up to eighty
            percent (80%) of the Orderly Liquidation Value of H&E's Eligible
            Equipment Inventory held for lease to third parties or being leased
            to third parties, in each case, less any Reserves (without
            duplication) established by Agent in good faith using reasonable
            credit judgment as of such time; plus

     (f)    up to fifty percent (50%) of the Orderly Liquidation Value of H&E's
            Eligible Rolling Stock, less any Reserves (without duplication)
            established by Agent in good faith using reasonable credit judgment
            as of such time.

     "H&E CONTRIBUTION" has the meaning assigned to it in the recitals to the
     Agreement.

     "H&E FINANCE" has the meaning assigned to it in the recitals to the
     Agreement.

     "H&E/GREAT NORTHERN ADVANCE" shall mean a Revolving Advance or Swing Line
     Advance made to H&E and identified as an "H&E/Great Northern Advance" on
     the applicable notice of Revolving Credit Advance, the proceeds of which
     are to be advanced by H&E to Great Northern as a Great Northern Advance.
     Payments in respect of the Obligations shall be applied between H&E/Great
     Northern Advances and Advances other than H&E/Great Northern Advances as
     determined by Agent.

     "H&E HOLDINGS" has the meaning assigned to it in the recitals to the
     Agreement.

                                      A-15
<Page>

     "H&E HOLDINGS GUARANTY" means the guaranty dated as of the Closing Date
     executed by H&E Holdings in favor of Agent, on behalf of itself and
     Lenders, in respect of the Obligations.

     "H&E HOLDINGS PLEDGE AGREEMENT" means the Pledge Agreement dated as of the
     Closing Date executed by H&E Holdings in favor of Agent, on behalf of
     itself and Lenders, pledging all stock of its Subsidiaries owned or held by
     H&E Holdings and all Intercompany Notes owing to or held by it.

     "HAZARDOUS MATERIAL" means any substance, material or waste that is
     regulated by or forms the basis of liability now or hereafter under, any
     Environmental Laws, including any material or substance that is (a) defined
     as a "solid waste," "hazardous waste," "hazardous material," "hazardous
     substance," "extremely hazardous waste," "restricted hazardous waste,"
     "pollutant," "contaminant," "hazardous constituent," "special waste,"
     "toxic substance" or other similar term or phrase under any Environmental
     Laws, (b) petroleum or any fraction or by-product thereof, asbestos,
     polychlorinated biphenyls (PCB's), or any radioactive substance.

     "HEDGING AGREEMENT" means any interest rate protection agreement, foreign
     currency exchange agreement, commodity price protection agreement, treasury
     management products or other interest or currency exchange rate or
     commodity price hedging arrangement to which a Lender and one or more
     Credit Parties are parties.

     "INDEBTEDNESS" of any Person means, without duplication, (a) all
     indebtedness of such Person for borrowed money or for the deferred purchase
     price of property payment for which is deferred six (6) months or more, but
     excluding obligations to trade creditors incurred in the ordinary course of
     business that are unsecured and not overdue by more than six (6) months
     unless being contested in good faith, (b) all reimbursement and other
     obligations with respect to letters of credit, bankers' acceptances and
     surety bonds, whether or not matured, (c) all obligations evidenced by
     notes, bonds, debentures or similar instruments, (d) all indebtedness
     created or arising under any conditional sale or other title retention
     agreement with respect to property acquired by such Person (even though the
     rights and remedies of the seller or lender under such agreement in the
     event of default are limited to repossession or sale of such property), (e)
     all Capital Lease Obligations and the present value (discounted at the
     Index Rate as in effect on the Closing Date) of future rental payments
     under all synthetic leases, (f) all obligations of such Person under
     commodity purchase or option agreements or other commodity price hedging
     arrangements, in each case whether contingent or matured, (g) all
     obligations of such Person under any foreign exchange contract, currency
     swap agreement, interest rate swap, cap or collar agreement or other
     similar agreement or arrangement designed to alter the risks of that Person
     arising from fluctuations in currency values or interest rates, in each
     case whether contingent or matured, (h) all Indebtedness referred to above
     secured by (or for which the holder of such Indebtedness has an existing
     right, contingent or otherwise, to be secured by) any Lien upon or in
     property or other assets (including accounts and contract rights) owned by
     such Person, even though such Person has not assumed or become liable for
     the payment of such Indebtedness, and (i) the Obligations.

                                      A-16
<Page>

     "INDEMNIFIED LIABILITIES" has the meaning assigned to it in Section 1.13.

     "INDEMNIFIED PERSON" has the meaning assigned to it in Section 1.13.

     "INDEX RATE" means, for any day, a floating rate equal to the higher of (i)
     the rate publicly quoted from time to time by THE WALL STREET JOURNAL as
     the "base rate on corporate loans posted by at least 75% of the nation's 30
     largest banks" (or, if THE WALL STREET JOURNAL ceases quoting a base rate
     of the type described, the highest per annum rate of interest published by
     the Federal Reserve Board in Federal Reserve statistical release H.15 (519)
     entitled "Selected Interest Rates" as the Bank prime loan rate or its
     equivalent), and (ii) the Federal Funds Rate PLUS fifty (50) basis points
     per annum. Each change in any interest rate provided for in the Agreement
     based upon the Index Rate shall take effect at the time of such change in
     the Index Rate.

     "INDEX RATE LOAN" means a Loan or portion thereof bearing interest by
     reference to the Index Rate.

     "INSPECTION " has the meaning assigned to it in Section 1.14.

     "INSTRUMENTS" means any "instrument," as such term is defined in the Code,
     now owned or hereafter acquired by any Credit Party, wherever located, and,
     in any event, including all certificated securities, all certificates of
     deposit, and all promissory notes and other evidences of indebtedness,
     other than instruments that constitute, or are a part of a group of
     writings that constitute, Chattel Paper.

     "INTELLECTUAL PROPERTY" means any and all Licenses, Patents, Copyrights,
     Trademarks, and the goodwill associated with such Trademarks.

     "INTERCOMPANY NOTES" has the meaning assigned to it in Section 6.3.

     "INTER-CREDITOR AGREEMENT" means, the intercreditor agreement of even date
     herewith entered into by and among Bank of New York as Collateral Agent,
     Agent, H&E Finance and H&E.

     "INTEREST EXPENSE" means, with respect to any Person for any fiscal period,
     interest expense paid in cash of such Person determined in accordance with
     GAAP for the relevant period ended on such date, including expense with
     respect to any Funded Debt of such Person and interest expense for the
     relevant period that has been capitalized on the balance sheet of such
     Person.

     "INTEREST PAYMENT DATE" means (a) as to any Index Rate Loan, the first
     Business Day of each month to occur while such Loan is outstanding and (b)
     as to any LIBOR Loan, the last day of the applicable LIBOR Period;
     PROVIDED, that in the case of any LIBOR Period greater than three months in
     duration, interest shall be payable at three month intervals and on the
     last day of such LIBOR Period; and PROVIDED, FURTHER, that, in addition to
     the foregoing, each of (x) the date upon which all of the Commitments have
     been terminated and the Loans have been paid in full and (y) the Commitment
     Termination Date shall be deemed to be an "Interest Payment Date" with
     respect to any interest that has then accrued under the Agreement.

                                      A-17
<Page>

     "INVENTORY" means all "inventory," as such term is defined in the Code, now
     owned or hereafter acquired by any Credit Party, wherever located, and in
     any event including inventory, merchandise, goods and other personal
     property that are held by or on behalf of any Credit Party for sale or
     lease or are furnished or are to be furnished under a contract of service,
     or that constitute raw materials, work in process, finished goods, returned
     goods, or materials or supplies of any kind, nature or description used or
     consumed or to be used or consumed in such Credit Party's business or in
     the processing, production, packaging, promotion, delivery or shipping of
     the same, including all supplies and embedded software.

     "INVESTMENT PROPERTY" means all "investment property" as such term is
     defined in the Code now owned or hereafter acquired by any Credit Party,
     wherever located, including (i) all securities, whether certificated or
     uncertificated, including stocks, bonds, interests in limited liability
     companies, partnership interests, treasuries, certificates of deposit, and
     mutual fund shares; (ii) all securities entitlements of any Credit Party,
     including the rights of any Credit Party to any securities account and the
     financial assets held by a securities intermediary in such securities
     account and any free credit balance or other money owing by any securities
     intermediary with respect to that account; (iii) all securities accounts of
     any Credit Party; (iv) all commodity contracts of any Credit Party; and (v)
     all commodity accounts of any Credit Party.

     "IRC" means the Internal Revenue Code of 1986 and all regulations
     promulgated thereunder.

     "IRS" means the Internal Revenue Service.

     "L/C ISSUER" means (a) any Lender, any Affiliate of any Lender and, with
     respect to any Lender that is an investment fund that invests in commercial
     loans, any other investment fund that invests in commercial loans and that
     is managed or advised by the same investment advisor as such Lender or by
     an Affiliate of such investment advisor, and (b) any commercial bank,
     savings and loan association or savings bank or any other entity which is
     an "accredited investor" (as defined in Regulation D under the Securities
     Act of 1933) which extends credit, buys loans or provides letters of credit
     as one of its businesses, including insurance companies, mutual funds,
     lease financing companies and commercial finance companies, in each case,
     which has a rating of BBB or higher from S&P and a rating of Baa2 or higher
     from Moody's at the date that it becomes an L/C Issuer; PROVIDED, that no
     Person or Affiliate of such Person (other than a Person that is already a
     Lender) holding Subordinated Debt or Stock issued by any Credit Party shall
     be an L/C Issuer.

     "L/C SUBLIMIT" has the meaning assigned to such term in Annex B.

     "LENDERS" means GE Capital, the other initial Lenders named on the
     signature pages of the Agreement, and, if any such Lender shall decide to
     assign all or any portion of the Obligations, such term shall include any
     registered assignee of such Lender.

     "LETTER OF CREDIT FEE" has the meaning assigned to it in Annex B.

                                      A-18
<Page>

     "LETTER OF CREDIT OBLIGATIONS" means all outstanding obligations incurred
     by Agent and Lenders at the request of any Borrower, whether direct or
     indirect, contingent or otherwise, due or not due, in connection with the
     issuance of Letters of Credit by Agent or any other L/C Issuer or the
     purchase of a participation as set forth in Annex B with respect to any
     Letter of Credit. The amount of such Letter of Credit Obligations shall
     equal the maximum amount that may be payable at such time or at any time
     thereafter by Agent or Lenders thereupon or pursuant thereto.

     "LETTERS OF CREDIT" means documentary or standby letters of credit issued
     for the account of any Borrower by any L/C Issuer, and bankers' acceptances
     issued by any Borrower, for which Agent and Lenders have incurred Letter of
     Credit Obligations.

     "LETTER-OF-CREDIT RIGHTS" means "letter-of-credit rights" as such term is
     defined in the Code, now owned or hereafter acquired by any Credit Party,
     including rights to payment or performance under a letter of credit,
     whether or not such Credit Party, as beneficiary, has demanded or is
     entitled to demand payment or performance.

     LEVERAGE RATIO" means, with respect to H&E Holdings and its Subsidiaries,
     on a consolidated basis, the ratio of (i) Funded Debt of H&E Holdings and
     its Subsidiaries as of any date of determination, to (ii) EBITDA of H&E
     Holdings and its Subsidiaries for the twelve-month period ending on that
     date of determination.

     "LIBOR BUSINESS DAY" means a Business Day on which banks in the City of
     London are generally open for interbank or foreign exchange transactions.

     "LIBOR LOAN" means a Loan or any portion thereof bearing interest by
     reference to the LIBOR Rate.

     "LIBOR PERIOD" means, with respect to any LIBOR Loan, each period
     commencing on a LIBOR Business Day selected by Borrower Representative
     pursuant to the Agreement and ending one, two, three or six months
     thereafter, as selected by Borrower Representative's irrevocable notice to
     Agent as set forth in Section 1.5(e); PROVIDED, that the foregoing
     provision relating to LIBOR Periods is subject to the following:

     (a)    if any LIBOR Period would otherwise end on a day that is not a LIBOR
            Business Day, such LIBOR Period shall be extended to the next
            succeeding LIBOR Business Day unless the result of such extension
            would be to carry such LIBOR Period into another calendar month in
            which event such LIBOR Period shall end on the immediately preceding
            LIBOR Business Day;

     (b)    any LIBOR Period that would otherwise extend beyond the Commitment
            Termination Date shall end 1 LIBOR Business Days prior to such date;

     (c)    any LIBOR Period that begins on the last LIBOR Business Day of a
            calendar month (or on a day for which there is no numerically
            corresponding day in the calendar month at the

                                      A-19
<Page>

            end of such LIBOR Period) shall end on the last LIBOR Business Day
            of a calendar month;

     (d)    Borrower Representative shall select LIBOR Periods so as not to
            require a payment or prepayment of any LIBOR Loan during a LIBOR
            Period for such Loan; and

     (e)    Borrower Representative shall select LIBOR Periods so that there
            shall be no more than ten (10) separate LIBOR Loans in existence at
            any one time.

     "LIBOR RATE" means for each LIBOR Period, (a) a rate of interest determined
     by Agent equal to the offered rate for deposits in United States Dollars
     for the applicable LIBOR Period that appears on Telerate Page 3750 as of
     11:00 a.m., London time, on the second full LIBOR Business Day next
     preceding the first day of such LIBOR Period (unless such date is not a
     Business Day, in which event the next succeeding Business Day will be
     used); DIVIDED by (b) a number equal to 1.0 MINUS the aggregate (but
     without duplication) of the rates (expressed as a decimal fraction) of
     reserve requirements in effect on the day that is 2 LIBOR Business Days
     prior to the beginning of such LIBOR Period (including basic, supplemental,
     marginal and emergency reserves under any regulations of the Federal
     Reserve Board or other Governmental Authority having jurisdiction with
     respect thereto, as now and from time to time in effect) for Eurocurrency
     funding (currently referred to as "Eurocurrency Liabilities" in Regulation
     D of the Federal Reserve Board that are required to be maintained by a
     member bank of the Federal Reserve System. If such interest rate shall
     cease to be available from Telerate News Service, the LIBOR Rate shall be
     determined from such financial reporting service or other information as
     shall be mutually acceptable to Agent and Borrower Representative.

     "LICENSE" means any Copyright License, Patent License, Trademark License or
     other license of rights or interests now held or hereafter acquired by any
     Credit Party.

     "LIEN" means any mortgage or deed of trust, pledge, hypothecation,
     assignment, deposit arrangement, lien, charge, claim, security interest,
     easement or encumbrance, or preference, priority or other security
     agreement or preferential arrangement of any kind or nature whatsoever
     (including any lease or title retention agreement, any financing lease
     having substantially the same economic effect as any of the foregoing, and
     the filing of, or agreement to give, any financing statement perfecting a
     security interest under the Code or comparable law of any jurisdiction).

     "LITIGATION" has the meaning assigned to it in Section 3.13.

     "LOAN ACCOUNT" has the meaning assigned to it in Section 1.12.

     "LOAN DOCUMENTS" means the Agreement, the Notes, the GE Capital Fee Letter,
     the Syndication Letter and the Collateral Documents and all other
     agreements, instruments, documents and certificates identified in the
     Closing Checklist executed and delivered to, or in favor of, Agent or any
     Lenders and including all other pledges, powers of attorney, consents,
     assignments, contracts, notices, and all other written matter whether
     heretofore, now or hereafter executed by or on

                                      A-20
<Page>

     behalf of any Credit Party, and delivered to Agent or any Lender in
     connection with the Agreement or the transactions contemplated thereby. Any
     reference in the Agreement, any other Loan Document or the Syndication
     Letter to a Loan Document shall include all appendices, exhibits or
     schedules thereto, and all amendments, restatements, supplements or other
     modifications thereto, and shall refer to the Agreement or such Loan
     Document as the same may be in effect at any and all times such reference
     becomes operative.

     "LOANS" means the Revolving Loan and the Swing Line Loan.

     "LOCK BOXES" has the meaning assigned to it in Annex C.

     "MAJORITY REVOLVING LENDERS" means (a) Lenders having more than 50% of the
     Commitments of all Lenders, or (b) if the Commitments have been terminated,
     more than 50% of the aggregate outstanding amount of the Loans (without
     giving effect to the Swing Line Loan) and Letter of Credit Obligations.

     "MARGIN STOCK" has the meaning assigned to in Section 3.10.

     "MATERIAL ADVERSE EFFECT" means a material adverse effect on (a) the
     business, assets, operations, prospects or financial or other condition of
     Credit Parties considered as a whole, (b) Borrowers' ability to pay any of
     the Loans or any of the other Obligations in accordance with the terms of
     the Agreement, (c) the Collateral or Agent's Liens, on behalf of itself and
     Lenders, on the Collateral or the priority of such Liens, or (d) Agent's or
     any Lender's rights and remedies under the Agreement and the other Loan
     Documents.

     "MAXIMUM AMOUNT" means, as of any date of determination, an amount equal to
     the Revolving Loan Commitment of all Lenders as of that date.

     "MERGERS" has the meaning assigned to it in the recitals to the Agreement.

     "MULTIEMPLOYER PLAN" means a "multiemployer plan" as defined in Section
     4001(a)(3) of ERISA, and to which any Credit Party or an ERISA Affiliate is
     making or is obligated to make, contributions on behalf of participants who
     are or were employed by any of them.

     "NET BOOK VALUE" means book value as determined in accordance with GAAP,
     lower of cost and market, and after taking into account depreciation and
     excluding all "freight-in" costs and preparatory costs.

     "NON-FUNDING LENDER" has the meaning assigned to it in Section 9.9(d).

     "NOTES" means, collectively, the Revolving Notes and the Swing Line Notes.

     "NOTICE OF CONVERSION/CONTINUATION" has the meaning assigned to it in
     Section 1.5(e).

     "NOTICE OF REVOLVING CREDIT ADVANCE" has the meaning assigned to it in
     Section 1.1(a).

                                      A-21
<Page>

     "OBLIGATIONS" means (a) all loans, advances, debts, liabilities and
     obligations for the performance of covenants, tasks or duties or for
     payment of monetary amounts (whether or not such performance is then
     required or contingent, or such amounts are liquidated or determinable)
     owing by any Credit Party to Agent or any Lender, and all covenants and
     duties regarding such amounts, of any kind or nature, present or future,
     whether or not evidenced by any note, agreement or other instrument,
     arising under the Agreement or any of the other Loan Documents and (b) for
     the purposes of the application of payments under Section 1.11(a) and the
     Collateral Documents, all liabilities, indebtedness and obligations of any
     Borrower arising under any Hedging Agreement. This term includes all
     principal, interest (including all interest that accrues after the
     commencement of any case or proceeding by or against any Credit Party in
     bankruptcy, whether or not allowed in such case or proceeding), Fees,
     Charges, expenses, attorneys' fees and any other sum chargeable to any
     Credit Party under the Agreement or any of the other Loan Documents or any
     Hedging Agreement.

     "OFF BALANCE SHEET EQUIPMENT INVENTORY" means Equipment Inventory that has
     been leased by any Credit Party as lessee under an operating lease, and
     held for sublease by such Credit Party to third parties in the ordinary
     course of business.

     "OPERATING LEASE PAYMENTS" means, for any Person during any period, all
     payments required to be made by such Person during such Period in respect
     of leases by such Person as lessee of Equipment Inventory, excluding any
     payment under any Capital Lease Obligation as lessee of such Equipment
     Inventory.

     "OPERATING LEASE PAYOFF VALUE" means, with respect to any operating lease
     of Equipment Inventory to which any Borrower or Guarantor is a lessee, at
     any time, the sum of the then remaining lease payments under such operating
     lease, discounted to present value at the notional interest rate for such
     operating lease.

     "ORDERLY LIQUIDATION VALUE" shall mean (i) with respect to Eligible
     Equipment Inventory, the orderly liquidation value thereof as determined by
     the most recent Equipment Inventory Appraisal and (ii) with respect to
     Eligible Rolling Stock, the orderly liquidation value thereof as determined
     by the most recent P&E Appraisal.

     "ORIGINAL ADVANCE RATE" means, with respect to any percentage advance rate
     contained in the Great Northern Borrowing Base or the H&E Borrowing Base,
     such advance rate as in effect on the Closing Date.

     "P&E" means all "equipment," as such term is defined in the Code, now owned
     or hereafter acquired by any Credit Party, wherever located and, in any
     event, including all such Credit Party's machinery and equipment, including
     processing equipment, conveyors, machine tools, data processing and
     computer equipment, including embedded software and peripheral equipment
     and all engineering, processing and manufacturing equipment, office
     machinery, furniture, materials handling equipment, tools, attachments,
     accessories, automotive equipment, trailers, trucks, forklifts, molds,
     dies, stamps, motor vehicles, rolling stock and other equipment of every
     kind and

                                      A-22
<Page>

     nature, trade fixtures and fixtures not forming a part of real property,
     together with all additions and accessions thereto, replacements therefor,
     all parts therefor, all substitutes for any of the foregoing, fuel
     therefor, and all manuals, drawings, instructions, warranties and rights
     with respect thereto and all products and proceeds thereof and condemnation
     awards and insurance proceeds with respect thereto. P&E excludes Equipment
     Inventory and Fixtures.

     "P&E APPRAISAL" means each periodic appraisal of Borrowers' P&E conducted
     at the Borrowers' cost and expense by appraisers reasonably satisfactory to
     Agent and using a methodology reasonably satisfactory to Agent, PROVIDED,
     that unless an Event of Default has occurred and is continuing, the
     Borrowers shall be responsible for the cost and expense of not more than
     four (4) such appraisals during the first twelve months following the
     Closing Date and not more than three (3) such appraisals per year
     thereafter, it being agreed that so long as such limit is in effect, each
     item of Equipment Inventory shall be appraised pursuant to a visit to sites
     of any one or more Credit Parties on one occasion during each year and the
     balance of such appraisals of such item in such year shall be done as a
     "desk appraisal."

     "P&E CAPITAL EXPENDITURES" means, with respect to any Person, all
     expenditures (by the expenditure of cash or the incurrence of Indebtedness)
     by such Person during any measuring period for any P&E or improvements or
     for replacements, substitutions or additions thereto, that have a useful
     life of more than one year and that are required to be capitalized under
     GAAP (excluding any such expenditures related to Permitted Acquisitions).

     "PARTS AND TOOLS INVENTORY" means Inventory of any Borrower consisting of
     parts, tools and supplies.

     "PATENT LICENSE" means rights under any written agreement now owned or
     hereafter acquired by any Credit Party granting any right with respect to
     any invention on which a Patent is in existence.

     "PATENT SECURITY AGREEMENTS" means the Patent Security Agreements made in
     favor of Agent, on behalf of itself and Lenders, by each applicable Credit
     Party.

     "PATENTS" means all of the following in which any Credit Party now holds or
     hereafter acquires any interest: (a) all letters patent of the United
     States or of any other country, all registrations and recordings thereof,
     and all applications for letters patent of the United States or of any
     other country, including registrations, recordings and applications in the
     United States Patent and Trademark Office or in any similar office or
     agency of the United States, any State or any other country, and (b) all
     reissues, continuations, continuations-in-part or extensions thereof.

     "PBGC" means the Pension Benefit Guaranty Corporation.

     "PENSION PLAN" means a Plan described in Section 3(2) of ERISA.

     "PERMITTED ACQUISITION" has the meaning assigned to it in Section 6.1.

                                      A-23
<Page>

     "PERMITTED ENCUMBRANCES" means the following encumbrances: (a) Liens for
     taxes or assessments or other governmental Charges not yet due and payable,
     or which are being contested in accordance with Section 5.2(b); (b) pledges
     or deposits of money securing statutory obligations under workmen's
     compensation, unemployment insurance, social security or public liability
     laws or similar legislation (excluding Liens under ERISA); (c) pledges or
     deposits of money securing bids, tenders, contracts (other than contracts
     for the payment of money) or leases to which any Borrower is a party as
     lessee made in the ordinary course of business; (d) deposits of money
     securing statutory obligations of any Borrower; (e) inchoate and
     unperfected workers', mechanics' or similar liens arising in the ordinary
     course of business, so long as such Liens attach only to P&E, Fixtures
     and/or Real Estate; (f) carriers', warehousemen's, suppliers' or other
     similar possessory liens arising in the ordinary course of business and
     securing liabilities, so long as such Liens attach only to Equipment
     Inventory; (g) deposits securing, or in lieu of, surety, appeal or customs
     bonds in proceedings to which any Borrower is a party; (h) any attachment
     or judgment lien not constituting an Event of Default under Section 8.1(j);
     (i) zoning restrictions, easements, licenses, or other restrictions on the
     use of any Real Estate or other minor irregularities in title (including
     leasehold title) thereto, so long as the same do not materially impair the
     use, value, or marketability of such Real Estate; (j) presently existing or
     hereafter created Liens in favor of Agent, on behalf of Lenders, and to the
     extent subject to the Inter-Creditor Agreement, in favor of Collateral
     Agent, on behalf of the holders of Senior Notes; and (k) Liens of landlords
     or mortgages arising by operation of law or pursuant to the terms of real
     property leases, PROVIDED, that the mortgage or rental payments secured
     thereby are not yet overdue, and the applicable mortgage or lease is not
     otherwise in default in a manner which could permit the applicable
     mortgagee or lessee to take enforcement action with respect to such Liens.

     "PERSON" means any individual, sole proprietorship, partnership, joint
     venture, trust, unincorporated organization, association, corporation,
     limited liability company, institution, public benefit corporation, other
     entity or government (whether federal, state, county, city, municipal,
     local, foreign, or otherwise, including any instrumentality, division,
     agency, body or department thereof).

     "PLAN" means, at any time, an "employee benefit plan", as defined in
     Section 3(3) of ERISA, that any Credit Party maintains, contributes to or
     has an obligation to contribute to or has any liability under.

     "PLEDGE AGREEMENTS" means the H&E Holdings Pledge Agreement, the H&E Pledge
     Agreement, the GNE Investments Pledge Agreement and any other pledge
     agreement entered into after the Closing Date in connection herewith (as
     required by the Agreement or any other Loan Document).

     "PRIOR LENDERS" means the holders of the Prior Obligations.

     "PRIOR OBLIGATIONS" means collectively, the indebtedness under or pursuant
     to, as applicable, (i) the Credit Agreement dated as of February 4, 1998,
     as amended and restated as of July 31, 1998, among ICM, Great Northern
     Equipment, Inc., Williams Bros. Construction, Inc., the Prior

                                      A-24
<Page>

     Lenders, Bankers Trust Company as Syndication Agent and Co-Agent, GE
     Capital as Documentation Agent and Co-Agent and The CIT Group/Equipment
     Financing, Inc. as Agent, as subsequently amended; (ii) the Loan Agreement
     dated August 10, 1998 between The CIT Group/Equipment Financing, Inc. and
     H&E, as subsequently amended; and (iii) the 10% Senior Subordinated
     Promissory Note dated February 20, 2002 issued by ICM to John Engquist.

     "PROCEEDS" means "proceeds," as such term is defined in the Code, including
     (a) any and all proceeds of any insurance, indemnity, warranty or guaranty
     payable to any Credit Party from time to time with respect to any of the
     Collateral, (b) any and all payments (in any form whatsoever) made or due
     and payable to any Credit Party from time to time in connection with any
     requisition, confiscation, condemnation, seizure or forfeiture of all or
     any part of the Collateral by any Governmental Authority (or any Person
     acting under color of governmental authority), (c) any claim of any Credit
     Party against third parties (i) for past, present or future infringement of
     any Patent or Patent License, or (ii) for past, present or future
     infringement or dilution of any Copyright, Copyright License, Trademark or
     Trademark License, or for injury to the goodwill associated with any
     Trademark or Trademark License, (d) any recoveries by any Credit Party
     against third parties with respect to any litigation or dispute concerning
     any of the Collateral, including claims arising out of the loss or
     nonconformity of, interference with the use of, defects in, or infringement
     of rights in, or damage to, Collateral, (e) all amounts collected on, or
     distributed on account of, other Collateral, including dividends, interest,
     distributions and Instruments with respect to Investment Property and
     pledged Stock, and (f) any and all other amounts, rights to payment or
     other property acquired upon the sale, lease, license, exchange or other
     disposition of Collateral and all rights arising out of Collateral.

     "PRO FORMA" means the unaudited consolidated and consolidating balance
     sheet of Borrowers and their Subsidiaries as of March 31, 2002 after giving
     PRO FORMA effect to the Related Transactions.

     "PROHIBITED SWING LINE ADVANCE" means a Swing Line Advance (i) that was
     made without satisfaction of the condition contained in Section 2.2(e) by
     virtue of such Swing Line Advance exceeding Swing Line Availability due to
     the limitation imposed by Section 1.1(b)(i)(A) or 1.1(b)(i)(B)(x) (but not
     1.1(b)(i)(B)(y)), or (ii) (x) that was made without satisfaction of the
     condition contained in Section 2.2(e) by virtue of such Swing Line Advance
     exceeding Swing Line Availability due to the limitation imposed by Section
     1.1(b)(i)(B)(y) based on the Aggregate Borrowing Base as reflected in the
     most recent Borrowing Base Certificate delivered to the Agent prior to the
     making of such Swing Line Advance and (y) that (A) exceeds $4,000,000, or
     (B) when added to any Swing Line Advances (described in clause (ii)(x) of
     this definition) made (1) during the period of 10 Business Days ending on
     (and including) the date of making of such Swing Line Advance, exceeds
     $4,000,000 or (2) during the period from and after the Closing Date,
     exceeds $10,000,000.

     "PROJECTIONS" means Borrowers' forecasted consolidated and consolidating
     (a) balance sheets; (b) profit and loss statements; (c) cash flow
     statements; and (d) capitalization statements, all prepared on a Subsidiary
     by Subsidiary or division-by-division basis, if applicable, and otherwise

                                      A-25
<Page>

     consistent with the historical Financial Statements of Borrowers, together
     with appropriate supporting details and a statement of underlying
     assumptions.

     "PROPERLY ELECTS" has the meaning assigned to it in Section 7.3.

     "PRO RATA SHARE" means with respect to all matters relating to any Lender
     and with respect to the Revolving Loan, the percentage obtained by dividing
     (i) the Revolving Loan Commitment of that Lender by (ii) the aggregate
     Revolving Loan Commitments of all Lenders.

     "QUALIFIED ASSIGNEE" means (a) any Lender, any Affiliate of any Lender and,
     with respect to any Lender that is an investment fund that invests in
     commercial loans, any other investment fund that invests in commercial
     loans and that is managed or advised by the same investment advisor as such
     Lender or by an Affiliate of such investment advisor, and (b) any
     commercial bank, savings and loan association or savings bank or any other
     entity which is an "accredited investor" (as defined in Regulation D under
     the Securities Act of 1933) which extends credit or buys loans as one of
     its businesses, including insurance companies, mutual funds, lease
     financing companies and commercial finance companies, in each case, which
     has a rating of BBB or higher from S&P and a rating of Baa2 or higher from
     Moody's at the date that it becomes a Lender and which, through its
     applicable lending office, is capable of lending to Borrowers without the
     imposition of any withholding or similar taxes; PROVIDED, that no Person
     determined by Agent to be acting in the capacity of a vulture fund or
     distressed debt purchaser shall be a Qualified Assignee, and no Person or
     Affiliate of such Person (other than a Person that is already a Lender)
     holding Subordinated Debt or Stock issued by any Credit Party shall be a
     Qualified Assignee.

     "QUALIFIED PLAN" means a Pension Plan that is intended to be tax-qualified
     under Section 401(a) of the IRC.

     "REAL ESTATE" has the meaning assigned to it in Section 3.6.

     "REFINANCING" means the repayment in full by Borrowers of the Prior
     Obligations on the Closing Date.

     "REFUNDED SWING LINE LOAN" has the meaning assigned to it in Section
     1.1(b)(iii).

     "RELATED TRANSACTIONS" means the initial borrowing under the Commitments on
     the Closing Date, the Mergers, contributions and other transactions to
     occur under the Contribution Agreement and Plan of Reorganization, the
     Refinancing, the issuance of the Senior Notes, the issuance of the Senior
     Subordinated Notes and the related preferred and common units, the payment
     of all fees, costs and expenses associated with all of the foregoing and
     the execution and delivery of all of the Related Transactions Documents.

     "RELATED TRANSACTIONS DOCUMENTS" means the Loan Documents, the Contribution
     Agreement and Plan of Reorganization, the Senior Note Indenture, the Senior
     Subordinated Note Indenture and all other agreements and instruments
     executed and delivered in connection with the Related Transactions.

                                      A-26
<Page>

     "RELEASE" means any release, threatened release, spill, emission, leaking,
     pumping, pouring, emitting, emptying, escape, injection, deposit, disposal,
     discharge, dispersal, dumping, leaching or migration of Hazardous Material
     in the indoor or outdoor environment, including the movement of Hazardous
     Material through or in the air, soil, surface water, ground water or
     property.

     "RENTALS" means rental payments due to any Borrower from the rental of (i)
     Equipment Inventory owned by such Borrower or (ii) inventory leased by such
     Borrower.

     "REQUISITE LENDERS" means (a) Lenders having at least 66 2/3% of the
     Commitments of all Lenders, or (b) if the Commitments have been terminated,
     at least 66 2/3% of the aggregate outstanding amount of the Loans (without
     giving effect to the Swing Line Loan) and Letter of Credit Obligations.

     "RESERVES" means, with respect to the Borrowing Base of any Borrower (a)
     reserves established by Agent from time to time against Eligible Parts and
     Tools Inventory or Eligible Equipment Inventory pursuant to Section 5.9,
     (b) reserves established pursuant to Section 5.4(c), and (c) such other
     reserves against Eligible Accounts, Eligible Rentals, Eligible Parts and
     Tools Inventory, Eligible Rolling Stock, Eligible Equipment Inventory or
     Borrowing Availability of such Borrower that Agent may, in good faith and
     in its reasonable credit judgment, establish from time to time. Without
     limiting the generality of the foregoing, Reserves established to ensure
     the payment of accrued Interest Expenses shall be deemed to be a reasonable
     exercise of Agent's credit judgment.

     "RESTRICTED PAYMENT" means, with respect to any Credit Party, (a) the
     declaration or payment of any dividend or the incurrence of any liability
     to make any other payment or distribution of cash or other property or
     assets in respect of such Credit Party's Stock; (b) any payment on account
     of the purchase, redemption, defeasance, sinking fund or other retirement
     of such Credit Party's Stock or any other payment or distribution made in
     respect thereof, either directly or indirectly; (c) any payment or
     prepayment of principal of, premium, if any, or interest, fees or other
     charges on or with respect to, and any redemption, purchase, retirement,
     defeasance, sinking fund or similar payment and any claim for rescission
     with respect to, any Subordinated Debt; (d) any payment made to redeem,
     purchase, repurchase or retire, or to obtain the surrender of, any
     outstanding warrants, options or other rights to acquire Stock of such
     Credit Party now or hereafter outstanding; (e) any payment of a claim for
     the rescission of the purchase or sale of, or for material damages arising
     from the purchase or sale of, any shares of such Credit Party's Stock or of
     a claim for reimbursement, indemnification or contribution arising out of
     or related to any such claim for damages or rescission; (f) any payment,
     loan, contribution, or other transfer of funds or other property to any
     Stockholder of such Credit Party other than payment of compensation and
     directors' fees in the ordinary course of business to Stockholders who are
     employees of such Person; (g) any payment of management fees (or other fees
     of a similar nature) by such Credit Party to any Stockholder of such Credit
     Party or its Affiliates and (h) any optional payment or prepayment of
     principal of the Senior Notes or the Senior Subordinated Notes, any
     prepayment of premium, if any, or interest, fees, or other charges on or
     with respect to

                                      A-27
<Page>

     the Senior Notes or the Senior Subordinated Notes, and any redemption,
     purchase, retirement, defeasance, subleasing fund or similar optional
     payment with respect to the Senior Notes or the Senior Subordinated Notes.

     "RETIREE WELFARE PLAN" means, at any time, a Welfare Plan that provides for
     continuing coverage or benefits for any participant or any beneficiary of a
     participant after such participant's termination of employment, other than
     continuation coverage provided pursuant to Section 4980B of the IRC and at
     the sole expense of the participant or the beneficiary of the participant.

     "REVOLVING CREDIT ADVANCE" has the meaning assigned to it in Section
     1.1(a)(i).

     "REVOLVING LENDERS" means, as of any date of determination, Lenders having
     a Revolving Loan Commitment.

     "REVOLVING LOAN" means, at any time, the sum of (i) the aggregate amount of
     Revolving Credit Advances outstanding, as the context may require, to any
     Borrower or all Borrowers PLUS (ii) the aggregate Letter of Credit
     Obligations incurred on behalf of any Borrower or all Borrowers. Unless the
     context otherwise requires, references to the outstanding principal balance
     of the Revolving Loan shall include the outstanding balance of Letter of
     Credit Obligations. A Letter of Credit issued for the account of a Borrower
     shall be included in calculating the Letter of Credit Obligations of, and
     consequently the outstanding principal balance of the Revolving Loan made
     to, such Borrower.

     "REVOLVING LOAN COMMITMENT" means (a) as to any Revolving Lender, the
     aggregate commitment of such Revolving Lender to make Revolving Credit
     Advances or incur Letter of Credit Obligations as set forth on Annex J or
     in the most recent Assignment Agreement executed by such Revolving Lender
     and (b) as to all Revolving Lenders, the aggregate commitment of all
     Revolving Lenders to make Revolving Credit Advances or incur Letter of
     Credit Obligations, which aggregate commitment shall be One Hundred Fifty
     Million Dollars ($150,000,000) on the Closing Date, as such amount may be
     adjusted, if at all, from time to time in accordance with the Agreement,
     PROVIDED, HOWEVER, that in the event that the maximum amount permitted
     under clause (1) of the definition of "Permitted Debt" contained in the
     Senior Note Indenture or the Senior Subordinated Note Indenture is reduced
     by virtue of the application to "Senior Debt" (as defined in the Senior
     Note Indenture or Senior Subordinated Note Indenture) of "Net Proceeds" of
     "Assets Sales" (as such terms are defined in the Senior Note Indenture or
     Senior Subordinated Note Indenture), then and in such event the Revolving
     Loan Commitment shall be reduced automatically by the amount of each such
     reduction, with any such reduction to the Revolving Loan Commitment to be
     allocated to all Lenders pro rata.

     "REVOLVING NOTE" has the meaning assigned to it in Section 1.1(a)(ii).

     "SECURITY AGREEMENTS" means each Security Agreement of even date herewith
     entered into by and among Agent, on behalf of itself and Lenders, and each
     Credit Party that is a signatory thereto.

                                      A-28
<Page>

     "SENIOR DEBT" of any Person, means all Indebtedness and Capital Lease
     Obligations of such Person, other than Subordinated Debt of such Person.

     "SENIOR DEBT TO TANGIBLE ASSETS RATIO" means, with respect to any Person
     for any fiscal period, the ratio of Senior Debt of such Person to Tangible
     Assets of such Person.

     "SENIOR NOTE INDENTURE" has the meaning assigned to it in the recitals to
     the Agreement.

     "SENIOR NOTES" has the meaning assigned to it in the recitals to the
     Agreement.

     "SENIOR SUBORDINATED NOTE INDENTURE" has the meaning assigned to it in the
     recitals to the Agreement.

     "SENIOR SUBORDINATED NOTES" has the meaning assigned to it in the recitals
     to the Agreement.

     "SETTLEMENT DATE" has the meaning assigned to it in Section 9.10(a)(ii).

     "SOFTWARE" means all "software" as such term is defined in the Code, now
     owned or hereafter acquired by any Credit Party, other than software
     embedded in any category of Goods, including all computer programs and all
     supporting information provided in connection with a transaction related to
     any program.

     "SOLVENT" means, with respect to any Person on a particular date, that on
     such date (a) the fair value of the property of such Person is greater than
     the total amount of liabilities, including contingent liabilities, of such
     Person; (b) the present fair salable value of the assets of such Person is
     not less than the amount that will be required to pay the probable
     liability of such Person on its debts as they become absolute and matured;
     (c) such Person does not intend to, and does not believe that it will,
     incur debts or liabilities beyond such Person's ability to pay as such
     debts and liabilities mature; and (d) such Person is not engaged in a
     business or transaction, and is not about to engage in a business or
     transaction, for which such Person's property would constitute an
     unreasonably small capital. The amount of contingent liabilities (such as
     litigation, guaranties and pension plan liabilities) at any time shall be
     computed as the amount that, in light of all the facts and circumstances
     existing at the time, represents the amount that can be reasonably be
     expected to become an actual or matured liability.

     "STOCK" means all shares, options, warrants, general or limited partnership
     interests, membership interests or other equivalents (regardless of how
     designated) of or in a corporation, partnership, limited liability company
     or equivalent entity whether voting or nonvoting, including common stock,
     preferred stock or any other "equity security" (as such term is defined in
     Rule 3a11-1 of the General Rules and Regulations promulgated by the
     Securities and Exchange Commission under the Securities Exchange Act of
     1934).

     "STOCKHOLDER" means, with respect to any Person, each holder of Stock of
     such Person.

     "SUBJECT PROPERTY" has the meaning assigned to it in Section 7.3.

                                      A-29
<Page>

     "SUBORDINATED DEBT" means Indebtedness evidenced by the Senior Subordinated
     Notes and any other Indebtedness of any Borrower subordinated to the
     Obligations in a manner and form satisfactory to Agent and Lenders in their
     sole discretion, as to right and time of payment and as to any other rights
     and remedies thereunder.

     "SUBSIDIARY" means, with respect to any Person, (a) any corporation of
     which an aggregate of more than 50% of the outstanding Stock having
     ordinary voting power to elect a majority of the board of directors of such
     corporation (irrespective of whether, at the time, Stock of any other class
     or classes of such corporation shall have or might have voting power by
     reason of the happening of any contingency) is at the time, directly or
     indirectly, owned legally or beneficially by such Person or one or more
     Subsidiaries of such Person, or with respect to which any such Person has
     the right to vote or designate the vote of 50% or more of such Stock
     whether by proxy, agreement, operation of law or otherwise, and (b) any
     partnership or limited liability company in which such Person and/or one or
     more Subsidiaries of such Person shall have an interest (whether in the
     form of voting or participation in profits or capital contribution) of more
     than fifty percent (50%) or of which any such Person is a general partner
     or may exercise the powers of a general partner. Unless the context
     otherwise requires, each reference to a Subsidiary shall be a reference to
     a Subsidiary of a Borrower.

     "SUBSIDIARY GUARANTIES" means each Subsidiary Guaranty executed by each
     Subsidiary, of even date herewith or at any time thereafter, of each
     Borrower in favor of Agent, on behalf of itself and Lenders.

     "SUPPORTING OBLIGATIONS" means all "supporting obligations" as such term is
     defined in the Code, including letters of credit and guaranties issued in
     support of Accounts, Chattel Paper, Documents, General Intangibles,
     Instruments or Investment Property.

     "SWING LINE ADVANCE" has the meaning assigned to it in Section 1.1(b)(i).

     "SWING LINE AVAILABILITY" has the meaning assigned to it in Section
     1.1(b)(i).

     "SWING LINE COMMITMENT" means, as to the Swing Line Lender, the commitment
     of the Swing Line Lender to make Swing Line Loans as set forth on Annex J
     which commitment constitutes a subfacility of the Revolving Loan Commitment
     of the Swing Line Lender.

     "SWING LINE LENDER" means GE Capital.

     "SWING LINE LOAN" means at any time, as the context may require, the
     aggregate amount of Swing Line Advances outstanding to any Borrower or to
     all Borrowers.

     "SWING LINE NOTE" has the meaning assigned to it in Section 1.1(b)(ii).

     "SYNDICATION LETTER" means the letter agreement of every date herewith
     among the Borrowers and the Agent.

                                      A-30
<Page>

     "TANGIBLE ASSETS" means, with respect to any Person, all tangible assets of
     such Person as of any date of determination calculated in accordance with
     GAAP.

     "TARGET" has the meaning assigned to it in Section 6.1.

     "TAXES" means taxes, levies, imposts, deductions, Charges or withholdings,
     and all liabilities with respect thereto, excluding taxes imposed on or
     measured by the net income of Agent or a Lender by the jurisdictions under
     the laws of which Agent and Lenders are organized or conduct business or
     any political subdivision thereof.

     "TERMINATION DATE" means the date on which (a) the Loans have been
     indefeasibly repaid in full in cash, (b) all other Obligations (other than
     contingent obligations for which no claim has been asserted), under the
     Agreement and the other Loan Documents have been completely discharged, (c)
     all Letter of Credit Obligations have been cash collateralized, canceled or
     backed by standby letters of credit in accordance with Annex B, and (d)
     none of the Borrowers shall have any further right to borrow any monies
     under the Agreement.

     "TITLE IV PLAN" means an "employee pension benefit plan" as defined in
     Section 3(2) of ERISA (other than a Multiemployer Plan), that is covered by
     Title IV of ERISA, and that any Credit Party or ERISA Affiliate maintains,
     contributes to or has an obligation to contribute to or has any liability
     with respect to on behalf of participants who are or were employed by any
     of them.

     "TRADEMARK SECURITY AGREEMENTS" means the Trademark Security Agreements
     made in favor of Agent, on behalf of Lenders, by each applicable Credit
     Party.

     "TRADEMARK LICENSE" means rights under any written agreement now owned or
     hereafter acquired by any Credit Party granting any right to use any
     Trademark.

     "TRADEMARKS" means all of the following now owned or hereafter existing,
     adopted or acquired by any Credit Party: (a) all trademarks, trade names,
     limited liability company names, corporate names, business names, trade
     styles, service marks, logos, other source or business identifiers, prints
     and labels on which any of the foregoing have appeared or appear, designs
     and general intangibles of like nature (whether registered or
     unregistered), all registrations and recordings thereof, and all
     applications in connection therewith, including registrations, recordings
     and applications in the United States Patent and Trademark Office or in any
     similar office or agency of the United States, any state or territory
     thereof, or any other country or any political subdivision thereof; (b) all
     reissues, extensions or renewals thereof; and (c) all goodwill associated
     with or symbolized by any of the foregoing.

     "TRUSTEE" means Bank of New York as trustee for (i) the holders of Senior
     Notes under the Senior Note Indenture and (ii) the holders of Senior
     Subordinated Notes under the Senior Subordinated Note Indenture,

     "UNASSERTED CONTINGENT OBLIGATIONS" means, at any time, Obligations for
     taxes, costs, indemnifications, reimbursements, damages and other
     liabilities (except for (i) the principal of and interest and premium (if
     any) on, and fees relating to, any Indebtedness and (ii) contingent

                                      A-31
<Page>

     reimbursement obligations in respect of amounts that may be drawn under
     Letters of Credit) in respect of which no claim or demand for payment has
     been made (or, in the case of Obligations for indemnification, no notice
     for indemnification has been issued by the indemnitee) at such time.

     "UNFUNDED PENSION LIABILITY" means, at any time, the aggregate amount, if
     any, of the sum of the amount by which the present value of all accrued
     benefits under each Title IV Plan exceeds the fair market value of all
     assets of such Title IV Plan, all determined as of the most recent
     valuation date for each such Title IV Plan using the actuarial assumptions
     for funding purposes in effect under such Title IV Plan.

     "UTILIZATION RATE OF EQUIPMENT INVENTORY RATIO" means, with respect to any
     Person for any fiscal period, the ratio of Equipment Inventory Rental
     Revenues to Equipment Inventory Rental Expenditures of such Person for such
     period.

     "VENDOR INTER-CREDITOR AGREEMENT" means an agreement in the form of Exhibit
     6.7(d)(iii)(A) or Exhibit 6.7(d)(iii)(B), in each case, with such changes
     thereto as may be approved by the Agent, between the Agent and the holder
     of a purchase money Lien in Equipment Inventory or such other form of
     intercreditor agreement as the Agent may approve.

     "WELFARE PLAN" means a Plan described in Section 3(1) of ERISA.

Rules of construction with respect to accounting terms used in the Agreement or
the other Loan Documents shall be as set forth in Annex G. All other undefined
terms contained in any of the Loan Documents shall, unless the context indicates
otherwise, have the meanings provided for by the Code to the extent the same are
used or defined therein; in the event that any term is defined differently in
different Articles of the Code, the definition contained in Article 9 shall
control. Unless otherwise specified, references in the Agreement or any of the
Appendices to a Section, subsection or clause refer to such Section, subsection
or clause as contained in the Agreement. The words "herein," "hereof" and
"hereunder" and other words of similar import refer to the Agreement as a whole,
including all Annexes, Exhibits and Schedules, as the same may from time to time
be amended, restated, modified or supplemented, and not to any particular
section, subsection or clause contained in the Agreement or any such Annex,
Exhibit or Schedule.

Wherever from the context it appears appropriate, each term stated in either the
singular or plural shall include the singular and the plural, and pronouns
stated in the masculine, feminine or neuter gender shall include the masculine,
feminine and neuter genders. The words "including", "includes" and "include"
shall be deemed to be followed by the words "without limitation"; the word "or"
is not exclusive; references to Persons include their respective successors and
assigns (to the extent and only to the extent permitted by the Loan Documents)
or, in the case of governmental Persons, Persons succeeding to the relevant
functions of such Persons; and all references to statutes and related
regulations shall include any amendments of the same and any successor statutes
and regulations. Whenever any provision in any Loan Document refers to the
knowledge (or an analogous phrase) of any Credit Party, such words are intended
to signify that such Credit Party has actual knowledge or awareness of a
particular fact or

                                      A-32
<Page>

circumstance or that such Credit Party, if it had exercised reasonable
diligence, would have known or been aware of such fact or circumstance.

                                      A-33
<Page>

                              ANNEX B (SECTION 1.2)

                                       TO

                                CREDIT AGREEMENT

                                LETTERS OF CREDIT

(a)  Issuance

     Subject to the terms and conditions of the Agreement, Agent and Revolving
     Lenders agree to incur, from time to time prior to the Commitment
     Termination Date, upon the request of Borrower Representative on behalf of
     the applicable Borrower and for such Borrower's account, Letter of Credit
     Obligations by causing Letters of Credit to be issued by an L/C Issuer for
     such Borrower's account and guaranteed by Agent; PROVIDED, that if the L/C
     Issuer is a Revolving Lender, then such Letters of Credit shall not be
     guaranteed by Agent but rather each Revolving Lender shall, subject to the
     terms and conditions hereinafter set forth, purchase (or be deemed to have
     purchased) risk participations in all such Letters of Credit issued with
     the written consent of Agent, as more fully described in paragraph (b)(ii)
     below. The aggregate amount of all such Letter of Credit Obligations shall
     not at any time exceed the least of (i) Ten Million Dollars ($10,000,000)
     (the "L/C SUBLIMIT"), and (ii) the Maximum Amount LESS the aggregate
     outstanding principal balance of the Revolving Credit Advances and the
     Swing Line Loan, and (iii) the Aggregate Borrowing Base LESS the aggregate
     outstanding principal balance of the Revolving Credit Advances and the
     Swing Line Loan. Furthermore, the aggregate amount of any Letter of Credit
     Obligations incurred on behalf of any Borrower shall not at any time exceed
     such Borrower's separate Borrowing Base LESS the aggregate principal
     balance of the Revolving Credit Advances and the Swing Line Loan to such
     Borrower. No such Letter of Credit shall have an expiry date that is more
     than one year following the date of issuance thereof, unless otherwise
     determined by Agent in its sole discretion, and neither Agent nor Revolving
     Lenders shall be under any obligation to incur Letter of Credit Obligations
     in respect of, or purchase risk participations in, any Letter of Credit
     having an expiry date that is later than the date that is referred to in
     clause (a) of the definition of Commitment Termination Date. Each issuance
     of a Letter of Credit shall be made on notice by Borrower Representative on
     behalf of the applicable Borrower to the representative of Agent identified
     in Schedule 1.1 at the address specified therein. Any such notice must be
     given no later noon (New York time) on the date which is three (3) Business
     Days prior to the proposed issuance of such Letter of Credit. Each such
     notice (a "NOTICE OF ISSUANCE OF LETTER OF CREDIT") must be given in
     writing (by telecopy or overnight courier) substantially in the form of
     Exhibit B-1(a) and shall include the information required in such Exhibit
     and such other administrative information as may be reasonably required by
     Agent.

(b)  Advances Automatic; Participations

     (i)    In the event that Agent or any Revolving Lender shall make any
            payment on or pursuant to any Letter of Credit Obligation, such
            payment shall then be deemed automatically to constitute a Revolving
            Credit Advance to the applicable Borrower under Section 1.1(a) of

                                       B-1
<Page>

            the Agreement regardless of whether a Default or Event of Default
            has occurred and is continuing and notwithstanding any Borrower's
            failure to satisfy the conditions precedent set forth in Section 2,
            and each Revolving Lender shall be obligated to pay its Pro Rata
            Share thereof in accordance with the Agreement. The failure of any
            Revolving Lender to make available to Agent for Agent's own account
            its Pro Rata Share of any such Revolving Credit Advance or payment
            by Agent under or in respect of a Letter of Credit shall not relieve
            any other Revolving Lender of its obligation hereunder to make
            available to Agent its Pro Rata Share thereof, but no Revolving
            Lender shall be responsible for the failure of any other Revolving
            Lender to make available such other Revolving Lender's Pro Rata
            Share of any such payment.

     (ii)   If it shall be illegal or unlawful for any Borrower to incur
            Revolving Credit Advances as contemplated by paragraph (b)(i) above
            because of an Event of Default described in Section 8.1(h) or
            Section 8.1(i) or otherwise or if it shall be illegal or unlawful
            for any Revolving Lender to be deemed to have assumed a ratable
            share of the reimbursement obligations owed to an L/C Issuer, or if
            the L/C Issuer is a Revolving Lender, then (A) immediately and
            without further action whatsoever, each Revolving Lender shall be
            deemed to have irrevocably and unconditionally purchased from Agent
            (or such L/C Issuer, as the case may be) an undivided interest and
            participation equal to such Revolving Lender's Pro Rata Share (based
            on the Revolving Loan Commitments) of the Letter of Credit
            Obligations in respect of all Letters of Credit then outstanding and
            (B) thereafter, immediately upon issuance of any Letter of Credit,
            each Revolving Lender shall be deemed to have irrevocably and
            unconditionally purchased from Agent (or such L/C Issuer, as the
            case may be) an undivided interest and participation in such
            Revolving Lender's Pro Rata Share (based on the Revolving Loan
            Commitments) of the Letter of Credit Obligations with respect to
            such Letter of Credit on the date of such issuance. Each Revolving
            Lender shall fund its participation in all payments or disbursements
            made under the Letters of Credit in the same manner as provided in
            the Agreement with respect to Revolving Credit Advances.

(c)  Cash Collateral

     (i)    If Borrowers are required to provide cash collateral for any Letter
            of Credit Obligations pursuant to the Agreement prior to the
            Commitment Termination Date, each Borrower will pay to Agent for the
            ratable benefit of itself and Revolving Lenders cash or cash
            equivalents acceptable to Agent ("CASH EQUIVALENTS") in an amount
            equal to 105% of the maximum amount then available to be drawn under
            each applicable Letter of Credit outstanding for the benefit of such
            Borrower. Such funds or Cash Equivalents shall be held by Agent in a
            cash collateral account (the "CASH COLLATERAL ACCOUNT") maintained
            at a bank or financial institution acceptable to Agent. The Cash
            Collateral Account shall be in the name of the applicable Borrower
            and shall be pledged to, and subject to the control of, Agent, for
            the benefit of Agent and Lenders, in a manner reasonably
            satisfactory to Agent. Each Borrower hereby pledges and grants to
            Agent, on behalf of itself and Lenders, a security interest in all
            such funds and Cash Equivalents held in the

                                       B-2
<Page>

            Cash Collateral Account from time to time and all proceeds thereof,
            as security for the payment of all amounts due in respect of the
            Letter of Credit Obligations and other Obligations, whether or not
            then due. The Agreement, including this Annex B, shall constitute a
            security agreement under applicable law.

     (ii)   If any Letter of Credit Obligations, whether or not then due and
            payable, shall for any reason be outstanding on the Commitment
            Termination Date, Borrowers shall either (A) provide cash collateral
            therefor in the manner described above, or (B) cause all such
            Letters of Credit and guaranties thereof, if any, to be canceled and
            returned, or (C) deliver a stand-by letter (or letters) of credit in
            guaranty of such Letter of Credit Obligations, which stand-by letter
            (or letters) of credit shall be of like tenor and duration as, and
            in an amount equal to 105% of the aggregate maximum amount then
            available to be drawn under, the Letters of Credit to which such
            outstanding Letter of Credit Obligations relate and shall be issued
            by a Person, and shall be subject to such terms and conditions, as
            are be satisfactory to Agent in its sole discretion.

     (iii)  From time to time after funds are deposited in the Cash Collateral
            Account by any Borrower, whether before or after the Commitment
            Termination Date, Agent may apply such funds or Cash Equivalents
            then held in the Cash Collateral Account to the payment of any
            amounts, and in such order as Agent may elect, as shall be or shall
            become due and payable by such Borrower to Agent and Lenders with
            respect to such Letter of Credit Obligations of such Borrower and,
            upon the satisfaction in full of all Letter of Credit Obligations of
            such Borrower, to any other Obligations of any Borrower then due and
            payable.

     (iv)   No Borrower nor any Person claiming on behalf of or through any
            Borrower shall have any right to withdraw any of the funds or Cash
            Equivalents held in the Cash Collateral Account, except that upon
            the termination of all Letter of Credit Obligations and the payment
            of all amounts payable by Borrowers to Agent and Lenders in respect
            thereof, any funds remaining in the Cash Collateral Account shall be
            applied to other Obligations then due and owing and upon payment in
            full of such Obligations, any remaining amount shall be paid to
            Borrowers or as otherwise required by law. Interest earned on
            deposits in the Cash Collateral Account shall be for the account of
            Agent.

(d)  Fees and Expenses

     Borrowers agree to pay to Agent for the benefit of Revolving Lenders, as
     compensation to such Lenders for Letter of Credit Obligations incurred
     hereunder, (i) all costs and expenses incurred by Agent or any Lender on
     account of such Letter of Credit Obligations, and (ii) for each month
     during which any Letter of Credit Obligation shall remain outstanding, a
     fee (the "LETTER OF CREDIT FEE") in an amount equal to the Applicable L/C
     Margin from time to time in effect multiplied by the maximum amount
     available from time to time to be drawn under the applicable Letter of
     Credit. Such fee shall be paid to Agent for the benefit of the Revolving
     Lenders in arrears, on the first day of each month and on the Commitment
     Termination Date. In addition, Borrowers shall pay to any L/C Issuer, on
     demand, such fees (including all per annum fees),

                                       B-3
<Page>

     charges and expenses of such L/C Issuer in respect of the issuance,
     negotiation, acceptance, amendment, transfer and payment of such Letter of
     Credit or otherwise payable pursuant to the application and related
     documentation under which such Letter of Credit is issued.

(e)  Request for Incurrence of Letter of Credit Obligations

     Borrower Representative shall give Agent at least two (2) Business Days'
     prior written notice requesting the incurrence of any Letter of Credit
     Obligation. The notice shall be accompanied by the form of the Letter of
     Credit (which shall be acceptable to the L/C Issuer). Notwithstanding
     anything contained herein to the contrary, Letter of Credit applications by
     Borrower Representative and approvals by Agent and the L/C Issuer may be
     made and transmitted pursuant to electronic codes and security measures
     mutually agreed upon and established by and among Borrower Representative,
     Agent and the L/C Issuer.

(f)  Obligation Absolute

     The obligation of Borrowers to reimburse Agent and Revolving Lenders for
     payments made with respect to any Letter of Credit Obligation shall be
     absolute, unconditional and irrevocable, without necessity of presentment,
     demand, protest or other formalities, and the obligations of each Revolving
     Lender to make payments to Agent with respect to Letters of Credit shall be
     unconditional and irrevocable. Such obligations of Borrowers and Revolving
     Lenders shall be paid strictly in accordance with the terms hereof under
     all circumstances including the following:

     (i)    any lack of validity or enforceability of any Letter of Credit or
            the Agreement or the other Loan Documents or any other agreement;

     (ii)   the existence of any claim, setoff, defense or other right that any
            Borrower or any of its Affiliates or any Lender may at any time have
            against a beneficiary or any transferee of any Letter of Credit (or
            any Persons or entities for whom any such transferee may be acting),
            Agent, any Lender, or any other Person, whether in connection with
            the Agreement, the Letter of Credit, the transactions contemplated
            herein or therein or any unrelated transaction (including any
            underlying transaction between any Borrower or any of its Affiliates
            and the beneficiary for which the Letter of Credit was procured);

     (iii)  any draft, demand, certificate or any other document presented under
            any Letter of Credit proving to be forged, fraudulent, invalid or
            insufficient in any respect or any statement therein being untrue or
            inaccurate in any respect;

     (iv)   payment by Agent (except as otherwise expressly provided in
            paragraph (g)(ii)(C) below) or any L/C Issuer under any Letter of
            Credit or guaranty thereof against presentation of a demand, draft
            or certificate or other document that does not comply with the terms
            of such Letter of Credit or such guaranty;

     (v)    any other circumstance or event whatsoever, that is similar to any
            of the foregoing; or

     (vi)   the fact that a Default or an Event of Default has occurred and is
            continuing.

                                       B-4
<Page>

(g)  Indemnification; Nature of Lenders' Duties

     (i)    In addition to amounts payable as elsewhere provided in the
            Agreement, Borrowers hereby agree to pay and to protect, indemnify,
            and save harmless Agent and each Lender from and against any and all
            claims, demands, liabilities, damages, losses, costs, charges and
            expenses (including reasonable attorneys' fees and allocated costs
            of internal counsel) that Agent or any Lender may incur or be
            subject to as a consequence, direct or indirect, of (A) the issuance
            of any Letter of Credit or guaranty thereof, or (B) the failure of
            Agent or any Lender seeking indemnification or of any L/C Issuer to
            honor a demand for payment under any Letter of Credit or guaranty
            thereof as a result of any act or omission, whether rightful or
            wrongful, of any present or future de jure or de facto government or
            Governmental Authority, in each case other than to the extent solely
            as a result of the gross negligence or willful misconduct of Agent
            or such Lender (as finally determined by a court of competent
            jurisdiction).

     (ii)   As between Agent and any Lender and Borrowers, Borrowers assume all
            risks of the acts and omissions of, or misuse of any Letter of
            Credit by beneficiaries of any Letter of Credit. In furtherance and
            not in limitation of the foregoing, to the fullest extent permitted
            by law neither Agent nor any Lender shall be responsible for: (A)
            the form, validity, sufficiency, accuracy, genuineness or legal
            effect of any document issued by any party in connection with the
            application for and issuance of any Letter of Credit, even if it
            should in fact prove to be in any or all respects invalid,
            insufficient, inaccurate, fraudulent or forged; (B) the validity or
            sufficiency of any instrument transferring or assigning or
            purporting to transfer or assign any Letter of Credit or the rights
            or benefits thereunder or proceeds thereof, in whole or in part,
            that may prove to be invalid or ineffective for any reason; (C)
            failure of the beneficiary of any Letter of Credit to comply fully
            with conditions required in order to demand payment under such
            Letter of Credit; PROVIDED that, in the case of any payment by Agent
            under any Letter of Credit or guaranty thereof, Agent shall be
            liable to the extent such payment was made solely as a result of its
            gross negligence or willful misconduct (as finally determined by a
            court of competent jurisdiction) in determining that the demand for
            payment under such Letter of Credit or guaranty thereof complies on
            its face with any applicable requirements for a demand for payment
            under such Letter of Credit or guaranty thereof; (D) errors,
            omissions, interruptions or delays in transmission or delivery of
            any messages, by mail, cable, telegraph, telex or otherwise, whether
            or not they may be in cipher; (E) errors in interpretation of
            technical terms; (F) any loss or delay in the transmission or
            otherwise of any document required in order to make a payment under
            any Letter of Credit or guaranty thereof or of the proceeds thereof;
            (G) the credit of the proceeds of any drawing under any Letter of
            Credit or guaranty thereof; and (H) any consequences arising from
            causes beyond the control of Agent or any Lender. None of the above
            shall affect, impair, or prevent the vesting of any of Agent's or
            any Lender's rights or powers hereunder or under the Agreement.

                                       B-5
<Page>

     (iii)  Nothing contained herein shall be deemed to limit or to expand any
            waivers, covenants or indemnities made by Borrowers in favor of any
            L/C Issuer in any letter of credit application, reimbursement
            agreement or similar document, instrument or agreement between or
            among Borrowers and such L/C Issuer.

                                       B-6
<Page>

                              ANNEX C (SECTION 1.8)

                                       TO

                                CREDIT AGREEMENT

                             CASH MANAGEMENT SYSTEMS

Borrowers shall and shall cause each other Credit Party to establish and
maintain the Cash Management Systems described below:

(a)  On or before the Closing Date, and until the Termination Date, each
     Borrower shall (i) establish lock boxes ("LOCK BOXES") or at Agent's
     discretion, blocked accounts ("BLOCKED ACCOUNTS") at one or more of the
     banks set forth in Disclosure Schedule (3.19), and shall request in writing
     and otherwise take such reasonable steps to ensure that all Account Debtors
     (except as set forth below) forward payment directly to such Lock Boxes,
     and (ii) deposit and cause its Subsidiaries to deposit or cause to be
     deposited promptly, and in any event no later than the first Business Day
     after the date of receipt thereof, all cash, checks, drafts or other
     similar items of payment relating to or constituting payments made in
     respect of any and all Collateral (whether or not otherwise delivered to a
     Lock Box) into one or more Blocked Accounts in such Borrower's name or any
     such Subsidiary's name and at a bank identified in Disclosure Schedule
     (3.19) (each, a "RELATIONSHIP BANK"). At the request of Agent, each
     Borrower shall have established a concentration account in its name (each a
     "CONCENTRATION ACCOUNT" and collectively, the "CONCENTRATION ACCOUNTS") at
     the bank which shall be designated as the Concentration Account bank for
     such Borrower in Disclosure Schedule (3.19) (the "CONCENTRATION ACCOUNT
     BANK" and, collectively, the "CONCENTRATION ACCOUNT BANKS") which bank
     shall be reasonably satisfactory to Agent and Borrowers.

(b)  Each Borrower may maintain, in its name, an account (each a "DISBURSEMENT
     ACCOUNT" and collectively, the "DISBURSEMENT ACCOUNTS") at a bank
     reasonably acceptable to Agent into which Agent shall, from time to time,
     deposit proceeds of Revolving Credit Advances and Swing Line Advances made
     to such Borrower pursuant to Section 1.1 for use by such Borrower solely in
     accordance with the provisions of Section 1.4. No Credit Party shall
     maintain any deposit account other than a deposit account that is subject
     to a Blocked Account Agreement, PROVIDED, that until the date forty-five
     (45) days following the Closing Date the Credit Parties may maintain not
     more than ten deposit accounts that are not subject to a Blocked Account
     Agreement so long as no such deposit account has at any time a balance of
     more than $5,000.

(c)  On or before the Closing Date (or such later date as Agent shall consent to
     in writing), each Concentration Account Bank, each bank where a
     Disbursement Account is maintained and all other Relationship Banks, shall
     have entered into tri-party blocked account agreements with Agent, for the
     benefit of itself and Lenders, and the applicable Credit Party and
     Subsidiaries thereof, as applicable, in form and substance reasonably
     acceptable to Agent, which shall become operative on or prior to the
     Closing Date (a "BLOCKED ACCOUNT Agreement"). Each such blocked account
     agreement shall provide, among other things, that (i) all items of payment
     deposited in

                                       C-1
<Page>

     such account and proceeds thereof deposited in the applicable Concentration
     Account are held by such bank as agent or bailee-in-possession for Agent,
     on behalf of itself and Lenders, (ii) the bank executing such agreement has
     no rights of setoff or recoupment or any other claim against such account,
     as the case may be, other than for payment of its service fees and other
     charges directly related to the administration of such account and for
     returned checks or other items of payment, and (iii) from and after the
     Closing Date (A) with respect to banks at which a Blocked Account is
     maintained, such bank agrees, from and after the receipt of a notice (an
     "ACTIVATION NOTICE") from Agent (which Activation Notice may be given by
     Agent at any time at which (1) a Default or Event of Default has occurred
     and is continuing, (2) Agent reasonably believes based upon information
     available to it that a Default or an Event of Default is likely to occur;
     (3) Agent reasonably believes that an event or circumstance that is likely
     to have a Material Adverse Effect has occurred, or (4) Agent reasonably has
     grounds to believe that the integrity of any Credit Party Cash Management
     Systems has been compromised or any Credit Party compliance with the
     provisions of this Annex C or any other provisions of the Loan Documents to
     the extent related to such Cash Management Systems (any of the foregoing
     being referred to herein as an "ACTIVATION EVENT")), to forward immediately
     all amounts in each Blocked Account to such Borrower's Concentration
     Account Bank and to commence the process of daily sweeps from such Blocked
     Account into the applicable Concentration Account and (B) with respect to
     each Concentration Account Bank, such bank agrees from and after the
     receipt of an Activation Notice from Agent upon the occurrence of an
     Activation Event, to immediately forward all amounts received in the
     applicable Concentration Account to the Collection Account through daily
     sweeps from such Concentration Account into the Collection Account. From
     and after the date Agent has delivered an Activation Notice to any bank
     with respect to any Blocked Account(s), no Credit Party shall, or shall
     cause or permit any Subsidiary thereof to, accumulate or maintain cash in
     Disbursement Accounts or payroll accounts as of any date of determination
     in excess of checks outstanding against such accounts as of that date and
     amounts necessary to meet minimum balance requirements.

(d)  So long as no Default or Event of Default has occurred and is continuing,
     Credit Parties may amend Disclosure Schedule (3.19) to add or replace a
     Relationship Bank, Lock Box or Blocked Account or to replace any
     Concentration Account or any Disbursement Account; PROVIDED, that (i) Agent
     shall have consented in writing in advance to the opening of such account
     or Lock Box with the relevant bank and (ii) prior to the time of the
     opening of such account or Lock Box, the applicable Credit Party or its
     Subsidiaries, as applicable, and such bank shall have executed and
     delivered to Agent a tri-party blocked account agreement, in form and
     substance reasonably satisfactory to Agent. Each Credit Party shall close
     any of its accounts (and establish replacement accounts in accordance with
     the foregoing sentence) promptly and in any event within thirty (30) days
     following notice from Agent that the creditworthiness of any bank holding
     an account is no longer acceptable in Agent's reasonable judgment, or as
     promptly as practicable and in any event within sixty (60) days following
     notice from Agent that the operating performance, funds transfer or
     availability procedures or performance with respect to accounts or Lock
     Boxes of the bank holding such accounts or Agent's liability under any
     tri-party blocked account agreement with such bank is no longer acceptable
     in Agent's reasonable judgment.

                                       C-2
<Page>

(e)  The Lock Boxes, Blocked Accounts, Disbursement Accounts and the
     Concentration Accounts shall be cash collateral accounts, with all cash,
     checks and other similar items of payment in such accounts securing payment
     of the Loans and all other Obligations, and in which the applicable Credit
     Party and each Subsidiary thereof shall have granted a Lien to Agent, on
     behalf of itself and Lenders, pursuant to its Security Agreement.

(f)  All amounts deposited in the Collection Account shall be deemed received by
     Agent in accordance with Section 1.10 and shall be applied (and allocated)
     by Agent in accordance with Section 1.11. In no event shall any amount be
     so applied unless and until such amount shall have been credited in
     immediately available funds to the Collection Account.

(g)  Each Credit Party shall and shall cause its Affiliates, officers,
     employees, agents, directors or other Persons acting for or in concert with
     such Borrower (each a "RELATED PERSON") to (i) hold in trust for Agent, for
     the benefit of itself and Lenders, all checks, cash and other items or
     payment constituting proceeds of Collateral received by such Credit Party
     or any such Related Person, and (ii) within one (1) Business Day after
     receipt by such Borrower or any such Related Person of any checks, cash or
     other items or payment, deposit the same into a Blocked Account of such
     Credit Party. Each Credit Party and each Related Person thereof
     acknowledges and agrees that all cash, checks or other items of payment
     constituting proceeds of Collateral are part of the Collateral. All
     proceeds of the sale or other disposition of any Collateral, shall be
     deposited directly into the applicable Blocked Accounts.

                                       C-3
<Page>

                            ANNEX D (SECTION 2.1(a))

                                       TO

                                CREDIT AGREEMENT

                                CLOSING CHECKLIST

In addition to, and not in limitation of, the conditions described in Section
2.1 of the Agreement, pursuant to Section 2.1(a), the following items must be
received by Agent in form and substance satisfactory to Agent on or prior to the
Closing Date (each capitalized term used but not otherwise defined herein has
the meaning ascribed thereto in Annex A to the Agreement):

(A)  Appendices

     All Appendices to the Agreement, in form and substance satisfactory to
     Agent.

(B)  Revolving Notes and Swing Line Note

     Duly executed originals of the Revolving Notes and Swing Line Notes for
     each applicable Lender, dated the Closing Date, if requested by the
     respective Lenders.

(C)  Security Agreements

     Duly executed originals of the Security Agreements executed by each Credit
     Party, dated the Closing Date, and all instruments, documents and
     agreements executed pursuant thereto.

(D)  Insurance

     Satisfactory evidence that the insurance policies required by Section 5.4
     are in full force and effect, together with appropriate evidence showing
     loss payable and/or additional insured clauses or endorsements, as
     requested by Agent, in favor of Agent, on behalf of Lenders.

(E)  Security Interests and Code Filings

     (a)    Evidence satisfactory to Agent that Agent (for the benefit of itself
            and Lenders) has a valid and perfected first priority security
            interest in the Collateral, including (i) such documents duly
            executed by each Credit Party (including financing statements under
            the Code and other applicable documents under the laws of any
            jurisdiction with respect to the perfection of Liens) as Agent may
            request in order to perfect its security interests in the Collateral
            and (ii) copies of Code search reports listing all effective
            financing statements that name any Credit Party as debtor, together
            with copies of such financing statements, none of which shall cover
            the Collateral, except for those relating to the Prior Obligations
            (all of which shall be terminated on the Closing Date) or Permitted
            Encumbrances.

                                       D-1
<Page>

     (b)    Evidence satisfactory to Agent, including copies, of all UCC-1 and
            other financing statements filed in favor of any Credit Party with
            respect to each location, if any, at which Parts and Tools Inventory
            or Equipment Inventory may be consigned.

     (c)    Control Letters from (i) all issuers of uncertificated securities
            and financial assets held by each Borrower, (ii) all securities
            intermediaries with respect to all securities accounts and
            securities entitlements of each Borrower, and (iii) all futures
            commission agents and clearing houses with respect to all
            commodities contracts and commodities accounts held by any Borrower.

     (d)    Notwithstanding the foregoing, each Credit Party shall take all
            necessary action (including, without limitation, the delivery of all
            certificates of title to Agent and the addition of Agent as a Lien
            holder to each such certificate of title), to provide Agent with a
            first priority perfected security interest in all P&E covered by a
            certificate of title held by such Credit Party as soon as
            practicable following the Closing Date, but in no event later than
            thirty (30) days following the Closing Date.

(F)  Payoff Letter; Termination Statements

     Copies of a duly executed payoff letter, in form and substance reasonably
     satisfactory to Agent, by and between all parties to the Prior Lenders'
     loan documents evidencing repayment in full of all Prior Obligations,
     together with (a) UCC-3 or other appropriate termination statements, in
     form and substance reasonably satisfactory to Agent, manually signed by the
     Prior Lenders releasing all liens of Prior Lender upon any of the personal
     property of each applicable Credit Party, and (b) termination of all
     blocked account agreements, bank agency agreements or other similar
     agreements or arrangements or arrangements in favor of Prior Lender or
     relating to the Prior Obligations.

(G)  Intellectual Property Security Agreements

     Duly executed originals of Trademark Security Agreements, Copyright
     Security Agreements and Patent Security Agreements, each dated the Closing
     Date and signed by each Credit Party that owns Trademarks, Copyrights
     and/or Patents, as applicable, all in form and substance reasonably
     satisfactory to Agent, together with all instruments, documents and
     agreements executed pursuant thereto.

(H)  Initial Borrowing Base Certificate

     Duly executed originals of an initial Borrowing Base Certificate from each
     Borrower, dated the Closing Date, reflecting information concerning
     Eligible Accounts, Eligible Parts and Tools Inventory, Eligible Rolling
     Stock and Eligible Equipment Inventory of Borrowers.

                                       D-2
<Page>

(I)  Initial Notice of Revolving Credit Advance

     Duly executed originals of a Notice of Revolving Credit Advance, dated the
     Closing Date, with respect to the initial Revolving Credit Date Advance to
     be requested by Borrowers on the Closing Date.

(J)  Letter of Direction

     Duly executed originals of a letter of direction from Borrowers addressed
     to Agent, on behalf of itself and Lenders, with respect to the disbursement
     on the Closing Date of the proceeds of the initial Revolving Credit
     Advance.

(K)  Cash Management System; Blocked Account Agreements

     Evidence satisfactory to Agent that, as of the Closing Date, Cash
     Management Systems complying with Annex C to the Agreement have been
     established and are currently being maintained in the manner set forth in
     such Annex C, together with copies of duly executed tri-party blocked
     account and lock box agreements, reasonably satisfactory to Agent, with the
     banks as required by Annex C.

(L)  Certificate of Formation and Good Standing

     For each Credit Party, (a) its articles or certificate of incorporation or
     certificate of formation, as applicable, and all amendments thereto, (b)
     good standing certificates (including verification of tax status) in its
     state of incorporation or formation, as applicable, and (c) good standing
     certificates (including verification of tax status) and certificates of
     qualification to conduct business in each jurisdiction where its ownership
     or lease of property or the conduct of its business requires such
     qualification, each dated a recent date prior to the Closing Date and
     certified by the applicable Secretary of State or other authorized
     Governmental Authority.

(M)  By-laws and Resolutions

     For each Credit Party, (a) its by-laws or operating agreement, as
     applicable, together with all amendments thereto and (b) resolutions of
     such Person's Board of Directors or Board of Members, as applicable,
     approving and authorizing the execution, delivery and performance of the
     Loan Documents to which it is a party and the transactions to be
     consummated in connection therewith, each certified as of the Closing Date
     by such Person's secretary or an assistant secretary as being in full force
     and effect without any modification or amendment.

(N)  Incumbency Certificates

     For each Credit Party, signature and incumbency certificates of the
     officers of such Person executing any of the Loan Documents, certified as
     of the Closing Date by such Person's secretary or an assistant secretary as
     being true, accurate, correct and complete.

                                       D-3
<Page>

(O)  Opinions of Counsel

     Duly executed originals of opinions of Kirkland & Ellis, New York counsel
     for the Credit Parties, together with opinions of Louisiana, Delaware,
     Washington and Montana counsel, each in form and substance reasonably
     satisfactory to Agent and its counsel, dated the Closing Date, and each
     accompanied by a letter addressed to such counsel from the Credit Parties,
     authorizing and directing such counsel to address its opinion to Agent, on
     behalf of Lenders, and to include in such opinion an express statement to
     the effect that Agent and Lenders are authorized to rely on such opinion.

(P)  Pledge Agreements

     Duly executed originals of each of the Pledge Agreements accompanied by (as
     applicable) share certificates representing all of the outstanding Stock
     being pledged pursuant to such Pledge Agreement and stock powers for such
     share certificates executed in blank.

(Q)  Accountants' Letter

     A letter from the Credit Parties to the independent auditors authorizing
     the independent certified public accountants of the Credit Parties to
     communicate with Agent and Lenders in accordance with Section 4.2 and
     acknowledging Lenders' reliance on the auditor's certification of past and
     future Financial Statements.

(R)  Appointment of Agent for Service

     An appointment of CT Corporation as each Credit Party's agent for service
     of process.

(S)  Guaranties

     Duly executed originals of each Guaranty dated the Closing Date, and all
     documents, instruments and agreements executed pursuant thereto.

(T)  GE Capital Fee Letter

     Duly executed originals of the GE Capital Fee Letter in form and substance
     satisfactory to GE Capital.

(U)  Officer's Certificate

     Duly executed originals of a certificate of an Authorized Officer of each
     Credit Party, dated the Closing Date, stating that, since December 31, 2001
     (a) no event or condition has occurred or is existing which could
     reasonably be expected to have a Material Adverse Effect; (b) there has
     been no material adverse change in the industry in which any Borrower
     operates; (c) no Litigation has been commenced against such Credit Party
     which, if successful, would have a Material Adverse Effect or could
     challenge any of the transactions contemplated by the Agreement and the
     other Loan Documents; (d) there have been no Restricted Payments made by
     any Credit Party;

                                       D-4
<Page>

     and (e) there has been no material increase in liabilities, liquidated or
     contingent, and no material decrease in assets of any Borrower or any of
     its Subsidiaries.

(V)  Waivers

     Landlord waivers and consents, bailee letters and mortgagee agreements in
     form and substance reasonably satisfactory to Agent, in each case as
     required pursuant to Section 5.9, PROVIDED that Agent may waive this
     condition as to any one or more locations as contemplated by Section 5.9
     and the various borrowing base definitions.

(W)  Appraisals

     Equipment Inventory Appraisals and P&E Appraisals conducted by an appraiser
     reasonably satisfactory to Agent and Borrowers and using a methodology
     reasonably satisfactory to Agent, each of which shall be in form and
     substance reasonably satisfactory to Agent.

(X)  Environmental Reports

     Agent shall have received such environmental review and audit reports with
     respect to the Real Estate of any Credit Party as Agent shall have
     requested, and Agent shall be satisfied, in its sole discretion, with the
     contents of all such environmental reports.

(Y)  Audited Financials; Financial Condition

     The Financial Statements, Projections and other materials set forth in
     Section 3.4, certified by an Authorized Officer of Borrower Representative,
     in each case in form and substance reasonably satisfactory to Agent, and
     Agent shall be satisfied, in its sole discretion, with all of the
     foregoing. Agent shall have further received a certificate of an Authorized
     Officer of each Borrower, based on such Pro Forma and Projections, to the
     effect that (a) such Borrower will be Solvent upon the consummation of the
     transactions contemplated herein; (b) the Pro Forma fairly presents the
     financial condition of such Borrower as of the date thereof after giving
     effect to the transactions contemplated by the Loan Documents; (c) the
     Projections are based upon estimates and assumptions stated therein, all of
     which such Borrower believes to be reasonable and fair in light of current
     conditions and current facts known to such Borrower and, as of the Closing
     Date, reflect such Borrower's good faith and reasonable estimates of its
     future financial performance and of the other information projected therein
     for the period set forth therein; (d) the Fair Salable Balance Sheet was
     prepared on the same basis as the Pro Forma, except that Borrowers' assets
     are set forth therein at their fair SALABLE values on a going concern
     basis, and the liabilities set forth therein include all contingent
     liabilities of Borrower stated at the reasonably estimated present values
     thereof; and (e) containing such other statements with respect to the
     solvency of such Borrower and matters related thereto as Agent shall
     request.

(Z)  Syndication Letter

     Duly executed originals of the Syndication Letter in form and substance
     satisfactory to GE Capital.

                                       D-5
<Page>

(AA) Inter-Creditor Agreement

     Duly executed originals of the Inter-Creditor Agreement, and all documents,
     instruments and agreements executed pursuant thereto.

(BB) Vendor Inter-Creditor Agreements

     Duly executed originals of a Vendor Inter-Creditor Agreement for each
     holder of a Lien described in Section 6.7(d) in the form required by such
     Section, in each case as required pursuant to Section 6.7(d), PROVIDED that
     Agent may waive this condition as to any one or more holders of such a Lien
     within the $17,500,000 limit contemplated by the last proviso to Section
     6.7(d).

(CC) Other Documents

     Such other certificates, documents and agreements respecting and Credit
     Party as Agent may, in its sole discretion, request.

                                       D-6
<Page>

                            ANNEX E (SECTION 4.1(a))

                                       TO

                                CREDIT AGREEMENT

                FINANCIAL STATEMENTS AND PROJECTIONS -- REPORTING

H&E Holdings and Borrowers shall deliver or cause to be delivered to Agent or to
Agent and Lenders, as indicated, the following:

     (a)    Monthly Financials

            To Agent and Lenders, within thirty (30) days after the end of each
            Fiscal Month, financial information regarding H&E Holdings and its
            Subsidiaries, certified by an Authorized Officer of Borrower
            Representative, consisting of consolidated and consolidating, if
            applicable (i) unaudited balance sheets as of the close of such
            Fiscal Month (including a summary of the outstanding balance of all
            Intercompany Notes as of the last day of such Fiscal Month) and the
            related statements of income and cash flow and shareholders' equity
            for that portion of the Fiscal Year ending as of the close of such
            Fiscal Month and (ii) unaudited statements of income, cash flows and
            shareholders' equity for such Fiscal Month, setting forth in
            comparative form the figures for the corresponding period in the
            prior year and the figures contained in the Projections for such
            Fiscal Year, all prepared in accordance with GAAP (subject to normal
            year-end adjustments). Such financial information shall be
            accompanied by (A) a statement in reasonable detail (each, a
            "COMPLIANCE CERTIFICATE") showing the calculations used in
            determining compliance with each Financial Covenant which is tested
            on a monthly basis as of the end of such Fiscal Quarter, and (B) the
            certification of an Authorized Officer of Borrower Representative
            that (i) such financial information presents fairly in accordance
            with GAAP (subject to normal year-end adjustments) the financial
            position and results of operations of H&E Holdings and its
            Subsidiaries, on a consolidated and consolidating basis, if
            applicable, in each case as at the end of such Fiscal Month and for
            that portion of the Fiscal Year then ended and (ii) any other
            information presented is true, correct and complete in all material
            respects and that there was no Default or Event of Default in
            existence as of such time or, if a Default or Event of Default has
            occurred and is continuing, describing the nature thereof and all
            efforts undertaken to cure such Default or Event of Default.

     (b)    Quarterly Financials

            To Agent and Lenders, within forty-five (45) days after the end of
            each Fiscal Quarter, consolidated and consolidating, if applicable,
            financial information regarding H&E Holdings and its Subsidiaries,
            certified by an Authorized Officer of Borrower Representative,
            including (i) unaudited balance sheets as of the close of such
            Fiscal

                                       E-1
<Page>

            Quarter and the related statements of income and cash flow for that
            portion of the Fiscal Year ending as of the close of such Fiscal
            Quarter and (ii) unaudited statements of income and cash flows for
            such Fiscal Quarter, in each case setting forth in comparative form,
            the figures for the corresponding period in the prior year and the
            figures contained in the Projections for such Fiscal Year, all
            prepared in accordance with GAAP (subject to normal year-end
            adjustments). Such financial information shall be accompanied by (A)
            a Compliance Certificate in respect of each of the Financial
            Covenants that are tested on a quarterly basis as at the end of such
            Fiscal Quarter and (B) the certification of an Authorized Officer of
            Borrower Representative that (i) such financial information presents
            fairly in accordance with GAAP (subject to normal year-end
            adjustments) the financial position, results of operations and
            statements of cash flows of H&E Holdings and its Subsidiaries, on
            both a consolidated and consolidating basis, if applicable, as at
            the end of such Fiscal Quarter and for that portion of the Fiscal
            Year then ended, (ii) any other information presented is true,
            correct and complete in all material respects and that there was no
            Default or Event of Default in existence as of such time or, if a
            Default or Event of Default has occurred and is continuing,
            describing the nature thereof and all efforts undertaken to cure
            such Default or Event of Default. In addition, H&E Holdings and
            Borrowers shall deliver to Agent and Lenders, within forty-five (45)
            days after the end of each Fiscal Quarter, a management discussion
            and analysis that includes a comparison to budget for that Fiscal
            Quarter and a comparison of performance for that Fiscal Quarter to
            the corresponding period in the prior year.

     (c)    Operating Plan

            To Agent and Lenders, as soon as available, but not later than
            forty-five (45) days after the end of each Fiscal Year, an annual
            operating plan for H&E Holdings and its Subsidiaries, on a
            consolidated and consolidating basis, approved by the Board of
            Directors of H&E Holdings, (a) for the first Fiscal Year following
            the Closing Date, which (i) includes a statement of all of the
            material assumptions on which such plan is based and (ii) includes
            monthly balance sheets, a monthly budget, income statements and
            statements of cash flow for the following year and (b) for the four
            Fiscal Years thereafter, which (i) includes a statement of all of
            the material assumptions on which such plan is based and (ii)
            includes monthly balance sheets, a monthly budget, income statements
            and statements of cash flow for the following year, and in each such
            case, integrates sales, gross profits, operating expenses, operating
            profit, cash flow projections and Borrowing Availability
            projections, all prepared on the same basis and in similar detail as
            that on which operating results are reported (and in the case of
            cash flow projections, representing management's good faith
            estimates of future financial performance based on historical
            performance), and including plans for personnel, Capital
            Expenditures and facilities.

                                       E-2
<Page>

     (d)    Annual Audited Financials

            To Agent and Lenders, within ninety (90) days after the end of each
            Fiscal Year, audited Financial Statements for H&E Holdings and its
            Subsidiaries on a consolidated and (unaudited) consolidating basis,
            if applicable, consisting of balance sheets and statements of income
            and retained earnings and cash flows, setting forth in comparative
            form in each case the figures for the previous Fiscal Year which
            Financial Statements shall be prepared in accordance with GAAP and
            certified without qualification, by an independent certified public
            accounting firm of national standing or otherwise acceptable to
            Agent. Such Financial Statements shall be accompanied by (i) a
            statement prepared in reasonable detail showing the calculations
            used in determining compliance with each of the Financial Covenants
            as of the end of such Fiscal Year, (ii) a report from such
            accounting firm to the effect that, in connection with their audit
            examination, nothing has come to their attention to cause them to
            believe that a Default or Event of Default has occurred (or
            specifying those Defaults and Events of Default that they became
            aware of), it being understood that such audit examination extended
            only to accounting matters and that no special investigation was
            made with respect to the existence of Defaults or Events of Default,
            (iii) a letter addressed to Agent, on behalf of itself and Lenders,
            in form and substance reasonably satisfactory to Agent and subject
            to standard qualifications required by nationally recognized
            accounting firms, signed by such accounting firm acknowledging that
            Agent and Lenders are entitled to rely upon such accounting firm's
            certification of such audited Financial Statements, (iv) the annual
            letters to such accountants in connection with their audit
            examination detailing contingent liabilities and material litigation
            matters, and (v) the certification of an Authorized Officer of
            Borrower Representative that all such Financial Statements present
            fairly in accordance with GAAP the financial position, results of
            operations and statements of cash flows of H&E Holdings and its
            Subsidiaries on a consolidated and consolidating basis, if
            applicable, as at the end of such Fiscal Year and for the period
            then ended, and that there was no Default or Event of Default in
            existence as of such time or, if a Default or Event of Default has
            occurred and is continuing, describing the nature thereof and all
            efforts undertaken to cure such Default or Event of Default.

     (e)    Management Letters

            To Agent and Lenders, within ten (10) Business Days after receipt
            thereof by any Credit Party, copies of all management letters,
            exception reports or similar letters or reports received by such
            Credit Party from its independent certified public accountants.

     (f)    Default Notices

            To Agent and Lenders, as soon as practicable, and in any event
            within five (5) Business Days after an executive officer of any
            Credit Party has actual knowledge of the existence of any Default,
            Event of Default or other event that has had a Material Adverse
            Effect, telephonic or telecopied notice specifying the nature of
            such Default or Event of Default

                                       E-3
<Page>

            or other event, including the anticipated effect thereof, which
            notice, if given telephonically, shall be promptly confirmed in
            writing on the next Business Day.

     (g)    SEC Filings and Press Releases

            To Agent and Lenders, promptly upon their becoming available, copies
            of: (i) all Financial Statements, reports, notices and proxy
            statements made publicly available by any Credit Party to its
            security holders; (ii) all regular and periodic reports and all
            registration statements and prospectuses, if any, filed by any
            Credit Party with any securities exchange or with the Securities and
            Exchange Commission or any governmental regulatory authority; and
            (iii) all press releases and other statements made available by any
            Credit Party to the public concerning material adverse changes or
            developments in the business of such Credit Party.

     (h)    Subordinated Debt, Senior Notes and Equity Notices

            To Agent and Lenders, as soon as practicable, copies of all material
            written notices given or received by any Credit Party with respect
            to any Subordinated Debt (including the Senior Subordinated Notes),
            the Senior Notes or Stock of such Credit Party, and, within two (2)
            Business Days after such Credit Party obtains knowledge of any
            matured or unmatured event of default with respect to any
            Subordinated Debt (including the Senior Subordinated Notes), or the
            Senior Notes, notice of such event of default.

     (i)    Supplemental Schedules

            To Agent, supplemental disclosures, if any, required by Section 5.6.

     (j)    Litigation

            To Agent and Lenders in writing, promptly upon learning thereof,
            written notice of any Litigation commenced or threatened against any
            Credit Party that (i) seeks damages in excess of $500,000, (ii)
            seeks injunctive relief, (iii) is asserted or instituted against any
            Plan, its fiduciaries or its assets or against any Credit Party or
            ERISA Affiliate in connection with any Plan, (iv) alleges criminal
            misconduct by any Credit Party, or (v) alleges the violation of any
            law regarding, or seeks remedies in connection with, any
            Environmental Liabilities or (vi) involves any product recall.

     (k)    Insurance Notices

            To Agent, disclosure of losses or casualties required by Section
            5.4.

     (l)    Default and Other Notices

            To Agent and Lenders, within five (5) Business Days after receipt
            thereof, copies of (i) any and all default notices received under or
            with respect to any leased location or

                                       E-4
<Page>

            public warehouse where Collateral is located, and (ii) such other
            notices or documents as Agent may reasonably request.

     (m)    Lease Amendments

            To Agent within five (5) Business Days after the receipt thereof,
            copies of all material amendments to any of the five (5) largest
            real estate leases (by the value of annual payments of the real
            estate so leased) or to any real estate lease to which Don Wheeler
            or John Engquist is a lessor.

     (n)    Other Documents

            To Agent and Lenders, such other financial and other information
            respecting any Credit Party's business or financial condition as
            Agent or any Lender shall, from time to time, reasonably request.

                                       E-5
<Page>

                            ANNEX F (SECTION 4.1(b))

                                       TO

                                CREDIT AGREEMENT

                               COLLATERAL REPORTS

Borrowers shall deliver or cause to be delivered the following:

(a)  To Agent, upon its request, and in no event less frequently than ten (10)
     Business Days after the end of each Fiscal Month (together with a copy of
     all or any part of the following reports requested by any Lender in writing
     after the Closing Date), each of the following reports, each of which shall
     be prepared by the applicable Borrower as of the last day of the
     immediately preceding Fiscal Month or the date two (2) days prior to the
     date of any such request:

          (i)   a Borrowing Base Certificate with respect to each Borrower, in
     each case accompanied by such supporting detail and documentation as shall
     be requested by Agent in its reasonable discretion;

          (ii)  with respect to each Borrower, a summary of Parts and Tools
     Inventory and Equipment Inventory by branch location and type with a
     supporting perpetual Parts and Tools Inventory and Equipment Inventory
     report, in each case accompanied by such supporting detail and
     documentation as shall be requested by Agent in its reasonable discretion;

          (iii) with respect to each Borrower, a monthly trial balance showing
     Accounts outstanding aged from invoice due date as follows: 1 to 30 days,
     31 to 60 days, 61 to 90 days and 91 days or more, accompanied by such
     supporting detail and documentation as shall be requested by Agent in its
     reasonable discretion; and

          (iv)  with respect to each Borrower, a report describing outstanding
     Equipment Inventory rentals for such period and the Equipment Inventory
     subject thereto.

(b)  To Agent, on a weekly basis or at such more frequent intervals as Agent may
     request from time to time (together with a copy of all or any part of such
     delivery requested by any Lender in writing after the Closing Date),
     collateral reports with respect to each Borrower, including all additions
     and reductions (cash and non-cash) with respect to Accounts of each
     Borrower, in each case accompanied by such supporting detail and
     documentation as shall be requested by Agent in its reasonable discretion
     each of which shall be prepared by the applicable Borrower as of the last
     day of the immediately preceding week or the date 2 days prior to the date
     of any such request;

(c)  To Agent, at the time of delivery of each of the monthly Financial
     Statements delivered pursuant to Annex E:

          (i)   a reconciliation of the Accounts trial balance of each Borrower
     to such Borrower's most recent Borrowing Base Certificate, general ledger
     and monthly Financial

                                       F-1
<Page>

     Statements delivered pursuant to Annex E, in each case accompanied by such
     supporting detail and documentation as shall be requested by Agent in its
     reasonable discretion;

          (ii)  a reconciliation of the perpetual inventory by branch location
     of each Borrower to such Borrower's most recent Borrowing Base Certificate,
     general ledger and monthly Financial Statements delivered pursuant to Annex
     E, in each case accompanied by such supporting detail and documentation as
     shall be requested by Agent in its reasonable discretion;

          (iii) an aging of accounts payable and a reconciliation of that
     accounts payable aging to each Borrower's general ledger and monthly
     Financial Statements delivered pursuant to Annex E, in each case
     accompanied by such supporting detail and documentation as shall be
     requested by Agent in its reasonable discretion; and

          (iv)  a reconciliation of the outstanding Loans as set forth in the
     monthly Loan Account statement provided by Agent to each Borrower's general
     ledger and monthly Financial Statements delivered pursuant to Annex E, in
     each case accompanied by such supporting detail and documentation as shall
     be requested by Agent in its reasonable discretion;

(d)  To Agent, at the time of delivery of each of the quarterly Financial
     Statements delivered pursuant to Annex E, (i) a listing of government
     contracts of each Borrower subject to the Federal Assignment of Claims Act
     of 1940; and (ii) a list of any applications for the registration of any
     Patent, Trademark or Copyright filed by any Credit Party with the United
     States Patent and Trademark Office, the United States Copyright Office or
     any similar office or agency in the prior Fiscal Quarter;

(e)  Each Borrower, at its own expense, shall deliver to Agent the results of
     each physical verification, if any, that such Borrower or any of its
     Subsidiaries may in their discretion have made, or caused any other Person
     to have made on their behalf, of all or any portion of their Parts and
     Tools Inventory or Equipment Inventory (and, if an Event of Default has
     occurred and is continuing, each Borrower shall, upon the request of Agent,
     conduct, and deliver the results of, such physical verifications as Agent
     may require);

(f)  Each Borrower, at its own expense, shall deliver to Agent monthly, a fleet
     utilization report, prepared on a "days rented" basis, or on such other
     basis or format as is reasonably acceptable to the Agent;

(g)  Each Borrower, at its own expense, shall deliver to Agent the Equipment
     Inventory Appraisal, the P&E Appraisal and such other appraisals of its
     assets as Agent may request at any time after the occurrence and during the
     continuance of a Default or an Event of Default, such appraisals to be
     conducted by an appraiser, and in form and substance, reasonably
     satisfactory to Agent; and

(h)  Such other reports, statements and reconciliations with respect to the
     Borrowing Base, Collateral or Obligations of any Borrower or any other
     Credit Party as Agent shall from time to time request in its reasonable
     discretion.

                                       F-2
<Page>

                             ANNEX G (SECTION 6.10)

                                       TO

                                CREDIT AGREEMENT

                               FINANCIAL COVENANTS

     Neither H&E Holdings nor any Subsidiary thereof shall breach or fail to
comply with any of the following financial covenants, each of which shall be
calculated in accordance with GAAP consistently applied:

(a)  MAXIMUM SENIOR DEBT TO TANGIBLE ASSETS RATIO. H&E Holdings and its
     Subsidiaries shall have on a consolidated basis at the end of each Fiscal
     Quarter, a Senior Debt to Tangible Assets Ratio as of the last day of such
     Fiscal Quarter of not more than 1.10 to 1.00 for such Fiscal Quarter.

(b)  MAXIMUM LEVERAGE RATIO. H&E Holdings and its Subsidiaries on a consolidated
     basis shall have, at the end of each Fiscal Quarter set forth below, a
     Leverage Ratio as of the last day of such Fiscal Quarter and for the
     12-month period then ended of not more than the following:

     4.60 to 1.00  for each Fiscal Quarter ending on or prior to
                   December 31, 2004;
     4.25 to 1.00  for each Fiscal Quarter ending thereafter.

(c)  MAXIMUM ADJUSTED LEVERAGE RATIO. H&E Holdings and its Subsidiaries on a
     consolidated basis shall have, at the end of each Fiscal Quarter set forth
     below, an Adjusted Leverage Ratio as of the last day of such Fiscal Quarter
     and for the 12-month period then ended of not more than the following:

     4.60 to 1.00  for each Fiscal Quarter ending on or prior to
                   December 31, 2004;
     4.40 to 1.00  for each Fiscal Quarter ending thereafter.

(d)  MINIMUM UTILIZATION RATE OF EQUIPMENT INVENTORY RATIO. H&E Holdings and its
     Subsidiaries shall have on a consolidated basis at the end of each Fiscal
     Quarter set forth below, a Utilization Rate of Equipment Inventory Ratio
     for the 12-month period then ended of not less than 28% for such Fiscal
     Quarter.

(e)  MINIMUM ADJUSTED INTEREST COVERAGE RATIO. H&E Holdings and its Subsidiaries
     on a consolidated basis shall have at the end of each Fiscal Quarter set
     forth below, an Adjusted Interest Coverage Ratio for the 12-month period
     then ended of not less than the following:

     1.45 to 1.00  for each Fiscal Quarter ending on or prior to March 31, 2004;
     1.50 to 1.00  for each Fiscal Quarter ending on or after June 30, 2004 and
                   on or prior to December 31, 2004;
     1.60 to 1.00  for each Fiscal Quarter ending thereafter.

                                       G-1
<Page>

(f)  MAXIMUM P&E CAPITAL EXPENDITURES. H&E Holdings and its Subsidiaries on a
     consolidated basis shall not make P&E Capital Expenditures during any
     Fiscal Year that exceed in the aggregate $5,000,000 for such Fiscal Year.

     Unless otherwise specifically provided herein, any accounting term used in
     the Agreement has the meaning customarily given such term in accordance
     with GAAP, and all financial computations hereunder shall be computed in
     accordance with GAAP consistently applied. That certain items or
     computations are explicitly modified by the phrase "in accordance with
     GAAP" shall in no way be construed to limit the foregoing. If any
     "Accounting Changes" (as defined below) occur and such changes result in a
     change in the calculation of the financial covenants, standards or terms
     used in the Agreement or any other Loan Document, then Borrowers, Agent and
     Lenders agree to enter into negotiations in order to amend such provisions
     of the Agreement so as to equitably reflect such Accounting Changes with
     the desired result that the criteria for evaluating Borrowers' and their
     Subsidiaries' financial condition shall be the same after such Accounting
     Changes as if such Accounting Changes had not been made; PROVIDED, that the
     agreement of Requisite Lenders to any required amendments of such
     provisions shall be sufficient to bind all Lenders. "ACCOUNTING CHANGES"
     means (a) changes in accounting principles required by the promulgation of
     any rule, regulation, pronouncement or opinion by the Financial Accounting
     Standards Board of the American Institute of Certified Public Accountants
     (or successor thereto or any agency with similar functions), (b) changes in
     accounting principles concurred in by any Borrower's certified public
     accountants; (c) purchase accounting adjustments under A.P.B. 16 or 17 and
     EITF 88-16, and the application of the accounting principles set forth in
     FASB 109, including the establishment of reserves pursuant thereto and any
     subsequent reversal (in whole or in part) of such reserves; and (d) the
     reversal of any reserves established as a result of purchase accounting
     adjustments. All such adjustments resulting from expenditures made
     subsequent to the Closing Date (including capitalization of costs and
     expenses or payment of pre-Closing Date liabilities) shall be treated as
     expenses in the period the expenditures are made and deducted as part of
     the calculation of EBITDA in such period. If Agent, Borrowers and Requisite
     Lenders agree upon the required amendments, then after appropriate
     amendments have been executed and the underlying Accounting Change with
     respect thereto has been implemented, any reference to GAAP contained in
     the Agreement or in any other Loan Document shall, only to the extent of
     such Accounting Change, refer to GAAP, consistently applied after giving
     effect to the implementation of such Accounting Change. If Agent, Borrowers
     and Requisite Lenders cannot agree upon the required amendments within
     thirty (30) days following the date of implementation of any Accounting
     Change, then all Financial Statements delivered and all calculations of
     financial covenants and other standards and terms in accordance with the
     Agreement and the other Loan Documents shall be prepared, delivered and
     made without regard to the underlying Accounting Change. For purposes of
     Section 8.1, a breach of a Financial Covenant contained in this Annex G
     shall be deemed to have occurred as of any date of determination by Agent
     as of the last day of any specified measurement period, regardless of when
     the Financial Statements reflecting such breach are delivered to Agent.

                                       G-2
<Page>

                            ANNEX H (SECTION 9.10(a))

                                       TO

                                CREDIT AGREEMENT

                       LENDERS' WIRE TRANSFER INFORMATION

Name:                  General Electric Capital Corporation
Bank:                  Bankers Trust Company
                       New York, New York
ABA #:                 021001033
Account #:             50232854
Account Name:          GECC/CAF Depository
Reference:             CFC [4121]

Name:                  Bank of America Business, N.A.
Bank:                  Bank of America, N.A.
ABA #:                 121-000-358
Account #:             1235303848
Account Name:          Bank of America Business Credit
Reference:             H&E Equipment

Name:                  Fleet Capital Corporation
Bank:                  Fleet National Bank
ABA #:                 011-900-571
Account #:             936-933-7579
Account Name:          For Credit To: Fleet Capital NE Collections
Reference:             H&E Finance

Name:                  LaSalle Business Credit, Inc.
Bank:                  LaSalle National Bank
ABA #:                 071000505
Account #:             5800333378
Account Name:          LaSalle Business Credit, Inc.
Reference:             Head & Engquist Participation

Name:                  ORIX Financial Services, Inc.
Bank:                  Mellon Bank
ABA #:                 043-000-261
Account #:             050-2481
Account Name:          ORIX Financial Services, Inc.
Reference:             H&E Equipment Services

                                       H-1
<Page>

Name:                  PNC Bank National Association
Bank:                  PNC Bank
ABA #:                 031207607
Account #:             196039957830
Account Name:          PNC Business Credit
Reference:             H&E Equipment Services

                                       H-2
<Page>

                             ANNEX I (SECTION 11.10)

                                       TO

                                CREDIT AGREEMENT

                                NOTICE ADDRESSES

     (A)  If to Agent or GE Capital, at:

     General Electric Capital Corporation
     Capital Funding, Inc.
     335 Madison Avenue
     12th Floor
     New York, NY 10017
     Attention: H&E Equipment Services L.L.C. Account Manager
     Telephone No.: (212) 370-8047
     Telecopier No.: (212) 682-6031

     with copies to:

     General Electric Capital Corporation
     Capital Funding, Inc.
     777 Long Ridge, Building B, First Floor
     Stamford, CT 06927
     Attention:  Corporate Counsel
     Telephone No.:  (203) 357-3159
     Telecopier No.: (203) 703-1777

     and:

     General Electric Capital Corporation
     201 High Ridge Road
     Stamford, CT 06927-5100
     Attention:  Corporate Counsel
     Telephone No.:  (203) 316-7552
     Telecopier No.: (203) 316-7889

     and:

     Clifford Chance Rogers & Wells LLP
     200 Park Avenue
     New York, NY 10166
     Attention: Robert S. Finley
     Telephone No.:  (212) 878-3194
     Telecopier No.: (212) 878-8375

     and

                                       I-1
<Page>

     General Electric Capital Corporation, Commercial Equipment Finance
     44 Old Ridgebury Road
     Danbury, CT  06810
     Attention:  Steve Kopitskie
     Telephone No.:  (203) 796-2393
     Telecopier No.: (212) 796-2352

(B)  If to a Lender other than GE Capital, at the following, as applicable:

     PNC Bank, National Association
     One PNC Plaza
     249 Fifth Avenue - 6th Floor
     Pittsburgh, PA 15222
     Attention:  Doug Hoffman
     Telephone No.:  (412) 768-1333
     Telecopier No.: (212) 768-4369

     LaSalle Business Credit, Inc.
     One Centerpointe Drive
     Suite 500
     Lake Oswego, OR 97035
     Attention: David G. Wilson
     Telephone No.:  (503) 431-6142
     Telecopier No.: (503) 684-4665

     Fleet Capital Corporation
     1633 Broadway
     29th Floor
     New York, NY  10019
     Attention: David Fiorito
     Telephone No.:  (646) 366-4374
     Telecopier No.: (646) 366-4395

     Orix Financial Services, Inc.
     1177 Avenue of the Americas
     10th Floor
     New York, NY  10036
     Telephone No.:  (212) 739-1716
     Telecopier No.: (212) 739-1523

                                       I-2
<Page>

     Bank of America, N.A.
     335 Madison Avenue
     6th Floor
     New York, NY  10017
     Attention:  Ed Kahn
     Telephone No.:  (212) 503-7370
     Telecopier No.: (212) 503-7340

(C)  If to any Credit Party, to Borrower Representative at:
     H&E Equipment Services L.L.C.
     11100 Mead Road, Suite 200
     Baton Rouge, LA  70816
     Attention:  Terry Eastman
     Telecopier No.: (225) 298-5232
     Telephone No.:  (225) 298-5332

                                       I-3
<Page>

                 ANNEX J (FROM ANNEX A - COMMITMENTS DEFINITION)

                                       to

                                CREDIT AGREEMENT

<Table>
<S>                                                                <C>
Lender(s):

GENERAL ELECTRIC CAPITAL CORPORATION

Revolving Loan Commitment:                                         $  50,000,000

Swing Line Commitment:                                             $  10,000,000

PNC BANK, NATIONAL ASSOCIATION

Revolving Loan Commitment:                                         $  20,000,000

LASALLE BUSINESS CREDIT, INC.

Revolving Loan Commitment:                                         $  15,000,000

FLEET CAPITAL CORPORATION

Revolving Loan Commitment:                                         $  30,000,000

ORIX FINANCIAL SERVICES, INC.

Revolving Loan Commitment:                                         $  10,000,000

BANK OF AMERICA, N.A.

Revolving Loan Commitment:                                         $  25,000,000
</Table>

                                       J-1

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