ISSUING
      AND PAYING AGENCY AGREEMENT

    [FOREIGN
      ISSUER WITH GUARANTY]

    


    This
      Agreement, dated as of May 22, 2008, is by and among Ingersoll-Rand Global
      Holding Company Limited (the “Issuer”),
      Ingersoll-Rand Company Limited (the “Guarantor”)
      and
      JPMorgan Chase Bank, National Association (“JPMorgan”).

    


    
      	 	
              1.

            	
              APPOINTMENT
                AND ACCEPTANCE

            


    

    


    The
      Issuer and the Guarantor hereby request that JPMorgan act as the Issuer’s
      issuing and paying agent in connection with the issuance and payment of certain
      short-term promissory notes of the Issuer (the “Notes”),
      as
      further described herein, and JPMorgan agrees to act as such agent upon the
      terms and conditions contained in this Agreement.

    


    
      	 	
              2.

            	
              COMMERCIAL
                PAPER PROGRAMS

            


    

    


    The
      Issuer may establish one or more commercial paper programs under this Agreement
      by delivering to JPMorgan a completed program schedule (the “Program
      Schedule”)
      with
      respect to each
      such
      program. JPMorgan has given the Issuer a copy of the current form of Program
      Schedule, and the Issuer shall complete and return its first Program Schedule
      to
      JPMorgan prior to or simultaneously with the execution of this Agreement. In
      the
      event that any of the information provided in, or attached to, a Program
      Schedule shall change, the Issuer shall promptly inform JPMorgan of such change
      in writing.

    


    
      	 	
              3.

            	
              NOTES 

            


    

    


    All
      Notes
      issued by the Issuer under this Agreement shall be short-term promissory notes,
      guaranteed by the Guarantor, exempt from the registration requirements of the
      Securities Act of 1933, as amended, and from applicable state securities laws.
      The Notes may be placed by dealers (the “Dealers”)
      pursuant to Section 4 hereof. Notes shall be issued in either certificated
      or
      book-entry form.

    


    
      	 	
              4.

            	
              AUTHORIZED
                REPRESENTATIVES

            


    

    


    The
      Issuer shall deliver to JPMorgan a certified copy of duly adopted corporate
      resolutions from its Board of Directors (or other governing body) authorizing
      the issuance of Notes under each program established pursuant to this Agreement
      and a certificate of incumbency, with specimen signatures attached, of those
      officers, employees and agents of the Issuer authorized to take certain actions
      with respect to the Notes as provided in this Agreement. The Guarantor shall
      deliver to JPMorgan a certified copy of duly adopted corporate resolutions
      from
      its Board of Directors (or other governing body) authorizing its guaranty of
      the
      Notes and a certificate of incumbency, with specimen signatures attached, of
      those officers, employees and agents of the Guarantor authorized to execute
      this
      Agreement and take certain actions with respect to the Notes as provided in
      this
      Agreement. Each person named on any certificate of incumbency of the Issuer
      or
      the Guarantor is hereinafter referred to as an “Authorized
      Representative”.
      Until
      JPMorgan receives any subsequent incumbency certificates, JPMorgan shall be
      entitled to rely on the last incumbency certificate delivered to it by the
      Issuer or the Guarantor for the purpose of determining such party’s Authorized
      Representatives. The Issuer and Guarantor represent and warrant that each of
      its
      Authorized Representatives may appoint other officers, employees and agents
      (the
“Delegates”),
      including without limitation any Dealers, to issue instructions to JPMorgan
      under this Agreement, and take other actions on its behalf hereunder, provided
      that notice of the appointment of each Delegate is delivered to JPMorgan in
      writing. Each such appointment shall remain in effect unless and until revoked
      by the Issuer or the Guarantor in a written notice to JPMorgan.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              5.

            	
              CERTIFICATED
                NOTES

            


    

    


    If
      and
      when the Issuer intends to issue certificated notes (“Certificated
      Notes”),
      the
      Issuer and JPMorgan shall agree upon the form of such Notes. Thereafter, the
      Issuer shall from time to time deliver to JPMorgan adequate supplies of
      Certificated Notes which will be in bearer form, serially numbered, and shall
      be
      executed by the manual or facsimile signature of an Authorized Representative
      of
      each of the Issuer and the Guarantor. JPMorgan will acknowledge receipt of
      any
      supply of Certificated Notes received from the Issuer, noting any exceptions
      to
      the shipping manifest or transmittal letter (if any), and will hold the
      Certificated Notes in safekeeping for the Issuer in accordance with JPMorgan’s
      customary practices. JPMorgan shall not have any liability to the Issuer or
      the
      Guarantor to determine by whom or by what means a facsimile signature may have
      been affixed on Certificated Notes, or to determine whether any facsimile or
      manual signature is genuine, if such facsimile or manual signature resembles
      the
      specimen signature attached to the Issuer’s certificate of incumbency with
      respect to such Authorized Representative. Any Certificated Note bearing the
      manual or facsimile signature of a person who is an Authorized Representative
      on
      the date such signature was affixed shall bind the Issuer and the Guarantor
      after completion thereof by JPMorgan, notwithstanding that such person shall
      have ceased to hold his or her office on the date such Note is countersigned
      or
      delivered by JPMorgan.

    


    
      	 	
              6.

            	
              BOOK-ENTRY
                NOTES

            


    

    


    The
      Issuer’s Book-entry notes (“Book-Entry
      Notes”)
      shall
      not be issued in physical form, but their aggregate face amount shall be
      represented by a master note (the “Master
      Note”)
      in the
      form of Exhibit A executed by the Issuer and the Guarantor pursuant to the
      book-entry commercial paper program of The Depository Trust Company
      (“DTC”).
      JPMorgan shall maintain the Master Note in safekeeping, in accordance with
      its
      customary practices, on behalf of Cede & Co., the registered owner thereof
      and nominee of DTC. As long as Cede & Co. is the registered owner of the
      Master Note, the beneficial ownership interest therein shall be shown on, and
      the transfer of ownership thereof shall be effected through, entries on the
      books maintained by DTC and the books of its direct and indirect participants.
      The Master Note and the Book-entry Notes shall be subject to DTC’s rules and
      procedures, as amended from time to time. JPMorgan shall not be liable or
      responsible for sending transaction statements of any kind to DTC’s participants
      or the beneficial owners of the Book-entry Notes, or for maintaining,
      supervising or reviewing the records of DTC or its participants with respect
      to
      such Notes. In connection with DTC’s program, the Issuer and Guarantor
      understand that as one of the conditions of their participation therein, it
      shall be necessary for the Issuer, the Guarantor and JPMorgan to enter into
      a
      Letter of Representations, in the form of Exhibit B hereto, and for DTC to
      receive and accept such Letter of Representation. In accordance with DTC’s
      program, JPMorgan shall obtain from the CUSIP Service Bureau a written list
      of
      CUSIP numbers for Issuer’s Book-entry Notes, and JPMorgan shall deliver such
      list to DTC. The CUSIP Service Bureau shall bill the Issuer directly for the
      fee
      or fees payable for the list of CUSIP numbers for the Issuer’s Book-entry
      Notes.

    


    
      	 	
              7.

            	
              ISSUANCE
                INSTRUCTIONS TO JPMORGAN; PURCHASE
                PAYMENTS

            


    

    


    The
      Issuer and the Guarantor understand that all instructions under this Agreement
      are to be directed to JPMorgan’s Commercial Paper Operations Department.
      JPMorgan shall provide the Issuer, the Guarantor, or, if applicable, the
      Issuer’s Dealers, with access to JPMorgan’s Money Market Issuance System or
      other electronic means (collectively, the “System”)
      in
      order that JPMorgan may receive electronic instructions for the issuance of
      Notes. Electronic instructions must be transmitted in accordance with the
      procedures furnished by JPMorgan to the Guarantor, the Issuer or its Dealers
      in
      connection with the System. In the event that the System is inoperable at any
      time, an Authorized Representative or a Delegate may deliver written, telephone
      or facsimile instructions to JPMorgan, which instructions shall be verified
      in
      accordance with any security procedures agreed upon by the parties. JPMorgan
      shall incur no liability to the Issuer or the Guarantor in acting upon
      instructions believed by JPMorgan in good faith to have been given by an
      Authorized Representative or a Delegate. In the event that a discrepancy exists
      between a telephonic instruction and a written confirmation, the telephonic
      instruction will be deemed the controlling and proper instruction. JPMorgan
      may
      electronically record any conversations made pursuant to this Agreement, and
      the
      Issuer and the Guarantor hereby consent to such recordings. All issuance
      instructions regarding the Notes must be received by 1:00 P.M. New York time
      in
      order for the Notes to be issued or delivered on the same day.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (a) Issuance
      and Purchase of Book-entry Notes.

    


    Upon
      receipt of issuance instructions from the Issuer or its Dealers with respect
      to
      Book-entry Notes, JPMorgan shall transmit such instructions to DTC and direct
      DTC to cause appropriate entries of the Book-entry Notes to be made in
      accordance with DTC’s applicable rules, regulations and procedures for
      book-entry commercial paper programs. JPMorgan shall assign CUSIP numbers to
      the
      Issuer’s Book-entry Notes to identify the Issuer’s aggregate principal amount of
      outstanding Book-entry Notes in DTC’s system, together with the aggregate unpaid
      interest (if any) on such Notes. Promptly following DTC’s established settlement
      time on each issuance date, JPMorgan shall access DTC’s system to verify whether
      settlement has occurred with respect to the Issuer’s Book-entry Notes. Prior to
      the close of business on such business day, JPMorgan shall deposit immediately
      available funds in the amount of the proceeds due the Issuer (if any) to the
      Issuer’s account at JPMorgan and designated in the applicable Program Schedule
      (the “Account”),
      provided
      that
      JPMorgan
      has received DTC’s confirmation that the Book-entry Notes have settled in
      accordance with DTC’s applicable rules, regulations and procedures. JPMorgan
      shall have no liability to the Issuer or the Guarantor whatsoever if any DTC
      participant purchasing a Book-entry Note fails to settle or delays in settling
      its balance with DTC or if DTC fails to perform in any respect.

    


    
      	 	
              (b)

            	
              Issuance
                and Purchase of Certificated Notes.

            


    

    


    Upon
      receipt of issuance instructions with respect to Certificated Notes, JPMorgan
      shall: (a) complete each Certificated Note as to principal amount, date of
      issue, maturity date, place of payment, and rate or amount of interest (if
      such
      Note is interest bearing) in accordance with such instructions; (b) countersign
      each Certificated Note; and (c) deliver each Certificated Note in accordance
      with the Issuer’s instructions. Whenever JPMorgan is instructed to deliver any
      Certificated Note by mail, JPMorgan shall strike from the Certificated Note
      the
      word “Bearer,” insert as payee the name of the person so designated by the
      Issuer or the Guarantor and effect delivery by mail to such payee or to such
      other person as is specified in such instructions to receive the Certificated
      Note. The Issuer and the Guarantor understand that, in accordance with the
      custom prevailing in the commercial paper market, delivery of Certificated
      Notes
      shall be made before the actual receipt of payment for such Notes in immediately
      available funds, even if JPMorgan is instructed to deliver a Certificated Note
      against payment. Therefore, once JPMorgan has delivered a Certificated Note
      to
      the designated recipient, the Issuer and the Guarantor shall bear the risk
      that
      such recipient may fail to remit payment of such Note or return such Note to
      JPMorgan. Delivery of Certificated Notes shall be subject to the rules of the
      New York Clearing House in effect at the time of such delivery. Funds received
      in payment of Certificated Notes shall be credited to the Account.

     

    
      	 	
              8.

            	
              USE
                OF SALES PROCEEDS IN ADVANCE OF
                PAYMENT

            


    

    


    JPMorgan
      is not obligated to credit the Issuer’s Account unless and until payment of the
      purchase price of each Note is received by JPMorgan. From time to time,
      JPMorgan, in its sole discretion, may permit the Issuer to have use of funds
      payable with respect to the Notes prior to JPMorgan’s receipt of the sales
      proceeds of such Notes. If JPMorgan makes a deposit, payment or transfer of
      funds on behalf of the Issuer before JPMorgan receives payment for any Notes,
      such deposit, payment or transfer of funds shall represent an advance by
      JPMorgan to the Issuer to be repaid promptly, and in any event on the same
      day
      as it is made, from the proceeds of the sale of the Notes, or by the Issuer
      or
      the Guarantor if such proceeds are not received by JPMorgan.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	 	
              9.

            	
              PAYMENT
                OF MATURED NOTES

            


    

    


    Notice
      that an Issuer will not redeem any Note on the relative Initial Redemption
      Date
      (as defined in the applicable Extendible Commercial Note Announcement) must
      be
      received in writing by JPMorgan by 11:00 A.M. on such Initial Redemption Date.
      On any day when a Note matures or is prepaid, the Issuer shall transmit, or
      cause to be transmitted, to the Account, prior to 2:00 P.M. New York time on
      the
      same day, an amount of immediately available funds sufficient to pay the
      aggregate principal amount of such Note and any applicable interest due.
      JPMorgan shall pay the interest (if any) and principal on a Book-entry Note
      to
      DTC in immediately available funds, which payment shall be by net settlement
      of
      JPMorgan’s account at DTC. JPMorgan shall pay Certificated Notes upon
      presentment. JPMorgan may without liability to the Issuer or the Guarantor
      refuse to pay any Note that would result in an overdraft to the
      Account.

    


    
      	 	
              10.

            	
              OVERDRAFTS

            


    

    


    
      	 	
              a.

            	
              Intraday
                overdrafts with respect to each Account shall be subject to JPMorgan’s
                policies as in effect from time to
                time.

            


    

    


    
      	 	
              b.

            	
              An
                overdraft will exist in an Account if JPMorgan, in its sole discretion,
                (i) permits an advance to be made pursuant to Section 8, notwithstanding
                the provisions of Section 8, and such advance is not repaid in full
                on the
                same day as it is made, or (ii) pays a Note pursuant to Section 9
                in
                excess of the available collected balance in such Account. Overdrafts
                shall be subject to JPMorgan’s established banking practices, including,
                without limitation, the imposition of interest, funds usage charges
                and
                administrative fees. The Issuer shall repay any such overdraft, fees
                and
                charges no later than the next business day, together with interest
                on the
                overdraft at the rate established by JPMorgan for the Account, computed
                from and including the date of the overdraft to the date of
                repayment.

            


    

    


    
      	 	
              11.

            	
              NO
                PRIOR COURSE OF DEALING 

            


    

    


    No
      prior
      action or course of dealing on the part of JPMorgan with respect to advances
      of
      the purchase price or payments of matured Notes shall give rise to any claim
      or
      cause of action by the Issuer or the Guarantor against JPMorgan in the event
      that JPMorgan refuses to pay or settle any Notes for which the Issuer or the
      Guarantor has not timely provided funds as required by this
      Agreement.

    


    
      	 	
              12.

            	
              RETURN
                OF CERTIFICATED NOTES

            


    

    


    JPMorgan
      will in due course cancel any Certificated Note presented for payment and return
      such Note to the Issuer. JPMorgan shall also cancel and return to the Issuer
      any
      spoiled or voided Certificated Notes. Promptly upon written request of the
      Issuer or at the termination of this Agreement, JPMorgan shall destroy all
      blank, unissued Certificated Notes in its possession and furnish a certificate
      to the Issuer certifying such actions.

    


    
      	 	
              13.

            	
              INFORMATION
                FURNISHED BY CHASE

            


    

    


    Upon
      the
      reasonable request of the Issuer or the Guarantor, JPMorgan shall promptly
      provide the Issuer or the Guarantor with information with respect to any Note
      issued and paid hereunder, provided,
      that
      the
      Issuer or the Guarantor delivers such request in writing and, to the extent
      applicable, includes the serial number or note number, principal amount, payee,
      date of issue, maturity date, amount of interest (if any) and place of payment
      of such Note.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	
              14.

            	
              REPRESENTATIONS
                AND WARRANTIES

            


    

    


    
      	 	
              a.

            	
              The
                Issuer represents and warrants that: (i) it has the right, capacity
                and
                authority to enter into this Agreement; and (ii) it will comply with
                all
                of its obligations and duties under this Agreement. The Issuer further
                represents and agrees that each Note issued and distributed upon
                its
                instruction pursuant to this Agreement shall constitute the Issuer’s
                representation and warranty to JPMorgan that such Note is a legal,
                valid
                and binding obligation of the Issuer, and that such Note is being
                issued
                in a transaction which is exempt from registration under the Securities
                Act of 1933, as amended, and any applicable state securities
                law.

            


    

    


    
      	 	
              b.

            	
              The
                Guarantor represents and warrants that: (i) it has the right, capacity
                and
                authority to enter into this Agreement and to execute and deliver
                its
                guaranty of the Notes; and (ii) it will comply with all of its obligations
                and duties under this Agreement. The Guarantor further represents
                and
                agrees that its guaranty of each Note issued and distributed pursuant
                to
                this Agreement shall constitute the legal, valid and binding obligation
                of
                the Guarantor and shall be exempt from registration under the Securities
                Act of 1933, as amended, and any applicable state securities
                law.

            


    

    


    
      	 	
              15.

            	
              DISCLAIMERS

            


    

    


    Neither
      JPMorgan nor its directors, officers, employees or agents shall be liable for
      any act or omission under this Agreement except in the case of gross negligence
      or willful misconduct. IN NO EVENT SHALL CHASE BE LIABLE FOR SPECIAL, INDIRECT
      OR CONSEQUENTIAL LOSS OR DAMAGE OF ANY KIND WHATSOEVER (INCLUDING BUT NOT
      LIMITED TO LOST PROFITS), EVEN IF CHASE HAS BEEN ADVISED OF THE LIKELIHOOD
      OF
      SUCH LOSS OR DAMAGE AND REGARDLESS OF THE FORM OF ACTION. In no event shall
      JPMorgan be considered negligent in consequence of complying with DTC’s rules,
      regulations and procedures. The duties and obligations of JPMorgan, its
      directors, officers, employees or agents shall be determined by the express
      provisions of this Agreement and they shall not be liable except for the
      performance of such duties and obligations as are specifically set forth herein
      and no implied covenants shall be read into this Agreement against them. Neither
      JPMorgan nor its directors, officers, employees or agents shall be required
      to
      ascertain whether any issuance or sale of any Notes (or any amendment or
      termination of this Agreement) has been duly authorized or is in compliance
      with
      any other agreement to which the Issuer or the Guarantor is a party (whether
      or
      not JPMorgan is also a party to such agreement).

    


    
      	 	
              16.

            	
              INDEMNIFICATION

            


    

    


    The
      Issuer and the Guarantor jointly and severally agree to indemnify, defend and
      hold harmless JPMorgan, its directors, officers, employees and agents
      (collectively, “indemnitees”) from and against any and all liabilities, claims,
      losses, damages, penalties, costs and expenses (including attorneys’ fees and
      disbursements) suffered or incurred by or asserted or assessed against any
      indemnitee arising in respect of this Agreement, except for any such liability,
      claim, loss, damage, penalty, cost or expense resulting from the gross
      negligence or willful misconduct of JPMorgan, its directors, officers, employees
      and agents. This indemnity will survive the termination of this
      Agreement.

    


    
      	 	
              17.

            	
              OPINION
                OF COUNSEL

            


    

    


    The
      Issuer and the Guarantor shall deliver to JPMorgan all documents it may
      reasonably request relating to the existence of the Issuer and authority of
      the
      Issuer for this Agreement, including, without limitation, an opinion of counsel,
      substantially in the form of Exhibit C hereto.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	
              18.

            	
              NOTICES

            


    

    


    All
      notices, confirmations and other communications hereunder shall (except to
      the
      extent otherwise expressly provided) be in writing and shall be sent by
      first-class mail, postage prepaid, by telecopier or by hand, addressed as
      follows, or to such other address as the party receiving such notice shall
      have
      previously specified to the party sending such notice:

    

      
        	
                If
                  to the Issuer:

              	
                Ingersoll-Rand
                  Global Holding Company Limited

              
	 	
                Attention:
                  Corporate Treasury

              
	 	
                800-E
                  Beaty Street

              
	 	
                Davidson,
                  NC 28036

              
	 	 
	 	
                Telephone:

              	
                (704)
                  655-5709

              
	 	
                Facsimile:

              	
                (866)
                  446-1391

              
	 	 
	 	 
	
                If
                  to the Guarantor:

              	
                Ingersoll-Rand
                  Company Limited

              
	 	
                Attention:
                  Corporate Treasury

              
	 	
                800-E
                  Beaty Street

              
	 	
                Davidson,
                  NC 28036

              
	 	 
	 	
                Telephone:

              	
                (704)
                  655-5709

              
	 	
                Facsimile:

              	
                (866)
                  446-1391

              
	 	 
	 	 
	
                If
                  to JPMorgan concerning the daily issuance and redemption of
                  Notes:

              
	 	 
	 	
                Attention:
                  Money Market Operations

              
	 	
                227
                  W. Monroe 26th Floor

              
	 	
                Chicago,
                  IL 60606

              
	 	
                Telephone:

              	
                (800)
                  499-3176/ (312) 267-5100

              
	 	
                Facsimile:

              	
                (312)
                  267-5210

              
	 	 
	 	 
	
                All
                  other:

              	
                Attention:
                  Commercial Paper JPM

              
	 	
                4
                  New York Plaza, 15th Floor

              
	 	
                New
                  York NY 10004-2413

              
	 	
                Telephone:

              	
                (212)
                  623-8220

              
	 	
                Facsimile:

              	
                (212)
                  623-8420

              


      

    

     

    
      	 	
              19.

            	
              COMPENSATION

            


    

    


    The
      Issuer shall pay compensation for services pursuant to this Agreement in
      accordance with the pricing schedules furnished by JPMorgan to the Issuer from
      time to time and upon such payment terms as the parties shall determine. The
      Issuer shall also reimburse JPMorgan for any fees and charges imposed by DTC
      with respect to services provided in connection with the Book-entry
      Notes.

    


    
      	 	
              20.

            	
              BENEFIT
                OF AGREEMENT

            


    

    


    This
      Agreement is solely for the benefit of the parties hereto and no other person
      shall acquire or have any right under or by virtue hereof.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	 	
              21.

            	
              TERMINATION

            


    

    


    This
      Agreement may be terminated at any time by either party by written notice to
      the
      other, but such termination shall not affect the respective liabilities of
      the
      parties hereunder arising prior to such termination.

    


    
      	 	
              22.

            	
              FORCE
                MAJEURE

            


    

    


    In
      no
      event shall JPMorgan be liable for any failure or delay in the performance
      of
      its obligations hereunder because of circumstances beyond JPMorgan’s control,
      including, but not limited to, acts of God, flood, war (whether declared or
      undeclared), terrorism, fire, riot, strikes or work stoppages for any reason,
      embargo, government action, including any laws, ordinances, regulations or
      the
      like which restrict or prohibit the providing of the services contemplated
      by
      this Agreement, inability to obtain material, equipment, or communications
      or
      computer facilities, or the failure of equipment or interruption of
      communications or computer facilities, and other causes beyond JPMorgan’s
      control whether or not of the same class or kind as specifically named
      above.

    


    
      	 	
              23.

            	
              ENTIRE
                AGREEMENT

            


    

    


    This
      Agreement, together with the exhibits attached hereto, constitutes the entire
      agreement among JPMorgan, the Issuer and the Guarantor with respect to the
      subject matter hereof and supersedes in all respects all prior proposals,
      negotiations, communications, discussions and agreements between the parties
      concerning the subject matter of this Agreement.

    


    
      	 	
              24.

            	
              WAIVERS
                AND AMENDMENTS

            


    

    


    No
      failure or delay on the part of any party in exercising any power or right
      under
      this Agreement shall operate as a waiver, nor does any single or partial
      exercise of any power or right preclude any other or further exercise, or the
      exercise of any other power or right. Any waiver shall be effective only in
      the
      specific instance and for the purpose for which it is given. No amendment,
      modification or waiver of any provision of this Agreement shall be effective
      unless the same shall be in writing and signed by each party
      hereto.

    


    
      	 	
              25.

            	
              BUSINESS
                DAY

            


    

    


    Whenever
      any payment to be made hereunder shall be due on a day which is not a business
      day for JPMorgan, then such payment shall be made on JPMorgan’s next succeeding
      business day.

    


    
      	 	
              26.

            	
              COUNTERPARTS

            


    

    


    This
      Agreement may be executed in counterparts, each of which shall be deemed an
      original and such counterparts together shall constitute but one
      instrument.

    


    
      	 	
              27.

            	
              HEADINGS

            


    

    


    The
      headings in this Agreement are for purposes of reference only and shall not
      in
      any way limit or otherwise affect the meaning or interpretation of any of the
      terms of this Agreement.

    


    
      	 	
              28.

            	
              ACCOUNT
                CONDITIONS

            


    

    


    Each
      Account shall be subject to JPMorgan’s account conditions, as in effect from
      time to time.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	 	
              29.

            	
              GOVERNING
                LAW

            


    

    


    This
      Agreement and the Notes shall be governed by and construed in accordance with
      the internal laws of the State of New York, without regard to the conflict
      of
      laws provisions thereof.

    


    
      	 	
              30.

            	
              JURISDICTION
                AND VENUE

            


    

    


    Each
      party hereby irrevocably and unconditionally submits to the jurisdiction of
      the
      United States District Court for the Southern District of New York and any
      New
      York State court located in the Borough of Manhattan in New York City and of
      any
      appellate court from any thereof for the purposes of any legal suit, action
      or
      proceeding arising out of or relating to this Agreement (a “Proceeding”).
      Each
      party hereby irrevocably agrees that all claims in respect of any Proceeding
      may
      be heard and determined in such Federal or New York State court and irrevocably
      waives, to the fullest extent it may effectively do so, any objection it may
      now
      or hereafter have to the laying of venue of any Proceeding in any of the
      aforementioned courts and the defense of an inconvenient forum to the
      maintenance of any Proceeding.

    


    
      	 	
              31.

            	
              AGENT
                FOR SERVICE OR PROCESS

            


    

    


    The
      Issuer and the Guarantor, for the benefit of JPMorgan and the holders from
      time
      to time of the Notes, hereby irrevocably appoint Ingersoll-Rand Company, with
      offices on the date hereof located at 155 Chestnut Ridge Road, Montvale, NJ
      07645 as their agent (the “Authorized
      Agent”)
      upon
      which process may be served in any Proceeding and hereby agree that service
      of
      process upon the Authorized Agent, by mail or delivery, shall be deemed in
      every
      respect effective service of process upon them in any such Proceeding. The
      Issuer and the Guarantor agree to take any and all action, including, but not
      limited to, the execution and filing of all such documents and instruments,
      as
      may be necessary to effect and continue the appointment by them of the
      Authorized Agent in full force and effect so long as any of the Notes shall
      be
      outstanding. Nothing herein contained shall, however, in any manner limit the
      rights of JPMorgan or the holders of the Notes to serve process in any other
      manner permitted by applicable law.

    


    
      	 	
              32.

            	
              WAIVER
                OF TRIAL BY JURY

            


    

    


    EACH
      PARTY HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT
      OF
      OR RELATING TO ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS
      AGREEMENT.

    


    
      	 	
              33.

            	
              WAIVER
                OF IMMUNITY

            


    

    


    The
      Issuer irrevocably waives, to the fullest extent permitted by applicable law,
      with respect to itself and its revenues and assets (irrespective of their use
      or
      intended use), all immunity on the grounds of sovereign immunity or other
      similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief
      by
      way of injunction or order for specific performance or for recovery of property,
      (iv) attachment of its assets (whether before or after judgment) and (v)
      execution or enforcement of any judgment to which it or its revenues or assets
      might otherwise be entitled in any Proceeding.

    


    The
      Guarantor irrevocably waives, to the fullest extent permitted by applicable
      law,
      with respect to itself and its revenues and assets (irrespective of their use
      or
      intended use), all immunity on the grounds of sovereign immunity or other
      similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief
      by
      way of injunction or order for specific performance or for recovery of property,
      (iv) attachment of its assets (whether before or after judgment) and (v)
      execution or enforcement of any judgment to which it or its revenues or assets
      might otherwise be entitled in any Proceeding.

    


    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    


    
      	 	
              34.

            	
              WITHHOLDING
                TAXES

            


    

     

    The
      Issuer and the Guarantor represent and warrant that there is no withholding
      or
      other tax, assessment or governmental charge imposed by Bermuda or any political
      subdivision thereof or taxing authority therein on account of the Notes, this
      Agreement or any payments thereon or hereunder. The Issuer and the Guarantor
      agree that in the event that any such tax, assessment or change shall hereafter
      become applicable, they shall promptly notify JPMorgan in writing. All payments
      made by the Issuer and the Guarantor in respect of the Notes to the holder
      of
      any of the Notes or JPMorgan (collectively referred to as a "Payment Recipient")
      shall be paid without set-off or counterclaim and free and clear of, and without
      deduction or withholding for or on account of, any present or future tax,
      assessment or other governmental charge or any interest or penalty thereon
      imposed, levied, collected, assessed or required to be deducted, withheld or
      paid by or for the account of Bermuda only or any taxing authority or political
      subdivision thereof or therein (collectively a "Tax") unless the Issuer or
      the
      Guarantor, as the case may be, is required to withhold or deduct Tax by law
      or
      by the interpretation or administration thereof. If any such Tax is required
      by
      law to be withheld or deducted from any such payment, the Issuer and the
      Guarantor shall pay such additional amounts ("Additional Amounts") as may be
      necessary so that the net amount received by a Payment Recipient after such
      withholding or deduction will equal the amount that such Payment Recipient
      would
      have received if such Tax had not been required to be withheld or deducted;
      provided
      that the
      Issuer and the Guarantor shall not be required to pay any such additional amount
      on account of any Tax that would not have been so imposed but for the existence
      of any present or former personal or business connection between the person
      entitled to such payment and Bermuda other than the mere receipt of such payment
      or the ownership or holding of such Note.

     

    
      	 	
              35.

            	
              JUDGMENT
                CURRENCY

            


    

    


    The
      obligation of the Issuer or the Guarantor to make payment in lawful currency
      of
      the United States of America (“Dollars”)
      of any
      and all amounts due hereunder or under the Notes shall not be discharged or
      satisfied by any tender or any recovery pursuant to any judgment in any currency
      other than Dollars, except to the extent that such tender or recovery shall
      result in the actual receipt by JPMorgan in New York or the holders of the
      Notes
      of the full amount of Dollars payable hereunder or under the Notes, and shall
      be
      enforceable as an alternative or additional cause of action for the purpose
      of
      recovering in Dollars the amount, if any, by which such actual receipt shall
      fall short of the full amount of Dollars so paid.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	 	
              36.

            	
              GUARANTY
                PROVISIONS

            


    

    


    In
      consideration of the services provided by JPMorgan under this Agreement, the
      Guarantor hereby absolutely, unconditionally and irrevocably guarantees (as
      primary obligor and not merely as surety) the due and punctual payment, when
      and
      as the same shall become due and payable, of each and every obligation of the
      Issuer hereunder (each of the foregoing being an “Obligation”
      and,
      collectively, the “Obligations”)
      at the
      time and place and otherwise in accordance with the terms of this Agreement
      and
      the Notes, irrespective of (i) the validity, binding effect, legality,
      enforceability or modification to, or amendment or waiver of, or compliance
      with, the Notes or this Agreement, (ii) whether the Notes or this Agreement
      shall have been duly executed by the respective parties thereto, (iii) any
      change in the existence or structure of, or the bankruptcy or insolvency of,
      the
      Issuer, (iv) the absence of any action to enforce any Obligation or the Notes
      or
      this Agreement or any collateral security or other guaranty thereof, (v) any
      extension, renewal, settlement, compromise, waiver or release in respect of
      any
      Obligation, the Notes or this Agreement, (vi) the existence of any claim,
      set-off, counterclaim or other right that the Guarantor may have against the
      Issuer, the noteholders or JPMorgan, or (vii) any other circumstance that might
      otherwise constitute a legal or equitable discharge or defense of the Guarantor.
      The Guarantor hereby agrees that upon default in the payment when due of any
      Obligation it will forthwith cause the payment of each and every Obligation
      to
      be made punctually to JPMorgan or the holder of a Note, as the case may be,
      when
      and as the same shall become due and payable, and as if such payment were made
      by the Issuer. The Guarantor hereby expressly waives presentment, demand,
      protest or notice of any kind whatsoever, as well as any requirement that the
      noteholders, or JPMorgan on behalf of the noteholders, file claims in the event
      of receivership or bankruptcy of the Issuer, or exhaust any right to take any
      action against the Issuer or with respect to any collateral at any time securing
      the Obligations or any other guaranty thereof; and the Guarantor hereby consents
      to any and all extensions of time of payment of any or all of the Obligations
      and to the release of any such collateral or other guaranty. This guaranty
      is a
      guaranty of payment and not of collection merely and shall be a continuing
      guaranty and, as such, shall remain operative and in full force and effect
      until
      all Obligations shall have been paid and actually received in full by the party
      to whom any such Obligation is due. If at any time any payment of any Obligation
      is rescinded or must otherwise be restored or returned upon the insolvency,
      bankruptcy, reorganization, dissolution or liquidation of the Issuer (or the
      appointment of a trustee, receiver, intervenor or conservator or similar
      official for the Issuer or any substantial part of its assets, the Guarantor’s
      obligations hereunder with respect to such payment shall be reinstated at such
      time as though such payment had not been made. The Guarantor hereby irrevocably
      agrees that it will not be entitled to enforce any right or remedy arising
      out
      of any right of subrogation that it may have or be entitled to, by operation
      of
      law or otherwise, as a result of payments by such Guarantor hereunder, until
      all
      Obligations have been paid and actually received in full by the party to whom
      any such Obligation is due.

     

    [SIGNATURE
      PAGE FOLLOWS]

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Agreement to be executed on their behalf by
      duly
      authorized officers as of the day and year first-above written.

    

      
        	
                JPMORGAN
                  CHASE BANK,

              	 
	
                NATIONAL
                  ASSOCIATON

              	 	 
	 	
                Ingersoll-Rand
                  Global Holding Company Limited,

                as
                  Issuer

              
	 	 	 
	
                By:

              	
                /s/
                  Steven E. Charles

              	 	 	 
	 	 	 
	
                Name:  Steven
                  E. Charles

              	
                By:

              	
                   

              	
                /s/
                  Barbara L. Brasier

              	 
	 	 	 
	
                Title:  Assistant
                  Vice President

              	
                Name:

              	
                Barbara
                  L. Brasier

              
	 	 	 
	
                Date:  May
                  22, 2008

              	
                Title:
                  

              	
                Vice
                  President & Treasurer

              
	 	 	 
	 	
                Date:

              	
                May
                  22, 2008

              
	 	 
	 	 	 
	 	
                Ingersoll-Rand
                  Company Limited, as Guarantor

              
	 	 	 
	 	 	 
	 	
                By:

              	
                   

              	
                /s/
                  Barbara L. Brasier

              	 
	 	 	 
	 	
                Name:

              	
                Barbara
                  L. Brasier

              
	 	 	 
	 	
                Title:
                  

              	
                Vice
                  President & Treasurer

              
	 	 	 
	 	
                Date:

              	
                May
                  22, 2008

              


      

    

    

      Issuing
        and Paying Agency Agreement

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      A

    


    [FORM
      OF MASTER NOTE]

    


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    


    EXHIBIT
      B

    


    [LETTER
      OF REPRESENTATIONS]