Document:

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                                                                   Exhibit (4.4)

                                                               Boxes not checked
                                                               are inapplicable.

                                  BUSINESS NOTE
                      (Use only for business purpose loans)

BADGER METER, INC.
(MAKER)

[Check (a), (b), (c) or (d); only one shall apply.]
(a)  [ ]  SINGLE PAYMENT. In one payment on N/A, plus interest payable as set
          forth below unless interest is shown on line 4 at the bottom of this
          Note.
(b)  [X]  INSTALLMENTS OF PRINCIPAL AND INTEREST. In 36 equal payments of $
          478,743.95 due on January 30,2004 and on [X] the same day(s) of each
          CONSECUTIVE month thereafter [ ] every 7th day thereafter [ ] every
          14th day thereafter, with the final payment of the unpaid balance and
          accrued interest due on December 30, 2006, all subject to modification
          as set forth in 2(b) below, if applicable. All payments include
          principal and interest.
(c)  [ ]  INSTALLMENTS OF PRINCIPAL. In N/A equal payments of principal of $ N/A
          due on N/A and on [ ] the same day(s) of each N/A month thereafter [ ]
          every 7th day thereafter [ ] every 14th day thereafter, PLUS a final
          payment of the unpaid principal due on N/A, PLUS interest payable as
          set forth below.
(d)  [ ]  OTHER. N/A

2.   INTEREST CALCULATION. If the amount of interest is not shown on line 4
     below, this Note bears interest on the unpaid principal balance before
     maturity:

     [Check (a) or (b) or complete line 4 below; only one shall apply.]
(a)  [X]  FIXED RATE.  At the rate of 4.809% per year.
(b)  [ ]  VARIABLE RATE. At the annual rate which is equal to the following
          Index Rate, [ ] plus [ ] minus N/A percentage points ("Note Rate"),
          and the Note Rate shall be adjusted as provided below. The Index Rate
          is:
     [ ]  The prime rate [ ] The reference rate [ ] The base rate adopted by [ ]
          lender [ ] N/A from time to time as its base or reference rate for
          interest rate determinations. The Index Rate may or may not be the
          lowest rate charged by lender.
     [ ]  N/A

          The initial Note Rate is N/A% per year and shall not at any time be
          less than N/A% per year. An adjustment in the Note Rate will result in
          an increase or decrease in (1) [ ] the amount of each payment of
          interest, (2) [ ] the amount of the final payment, (3) [ ] the number
          of scheduled periodic payments sufficient to repay this Note in
          substantially equal payments, (4) [ ] the amount of each remaining
          payment of principal and interest so that those remaining payments
          will be substantially equal and sufficient to repay this Note by its
          scheduled maturity date, (5) [ ] the amount of each remaining payment
          of principal and interest (other than the final payment) so that those
          remaining payments will be substantially equal and sufficient to repay
          this Note by its scheduled maturity date based on the original
          amortization schedule used by Lender, plus the final payment of
          principal and interest, or (6) [ ] N/A In addition, Lender is
          authorized to change the amount of periodic payments if and to the
          extent necessary to pay in full all accrued interest owing on this
          Note. The Maker agrees to pay any resulting payments or amounts. The
          Note Rate shall be adjusted only on the following change dates: [ ]
          the first day of each month [ ] each scheduled payment date [ ] as and
          when the Index Rate changes [ ] N/A

Interest is computed:
(c)  [X]  For the actual number of days principal is unpaid on the basis of [X]
          a 360 day year [ ] a 365 day year.
(d)  [ ]  For the number of days principal is unpaid on the basis of a 360 day
          year, counting each day as 1/30th of a month and disregarding
          differences in lengths of months and years. Unpaid principal and
          interest bear interest after maturity until paid (whether by
          acceleration or lapse of time) at the rate [X] which would otherwise
          be applicable plus 3 percentage points [ ] of N/A% per year, computed
          on the same basis as the interest rate before maturity.

3.   INTEREST PAYMENT. Interest is payable on N/A, and on [ ] the same day of
     each N/A month thereafter, [ ] every 7th day thereafter, [ ] every 14th day
     thereafter, and at maturity, or, if box 1(b) is checked, at the times so
     indicated.

                                       47
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4.   OTHER CHARGES. If any payment (other than the final payment) is not made on
     or before the 10TH day after its due date, Lender may collect a delinquency
     charge of 5% of the unpaid amount. Maker agrees to pay a charge of $ 15.00
     for each check presented for payment under this Note which is returned
     unsatisfied.

5.   PREPAYMENT. Full or partial prepayment of this Note [ ] is permitted at any
     time without penalty {X} SEE ATTACHED EXHIBIT A FOR PREPAYMENT PENALTY. IN
     THE EVENT THIS NOTE IS RENEWED, A LOAN ADMINISTRATION FEE MAY BE ASSESSED.

            THIS NOTE INCLUDES ADDITIONAL PROVISIONS ON REVERSE SIDE.

                                        BADGER METER. INC.                (SEAL)
                                        CORPORATION
                                        ----------------------------------------
                                        (Type of organization)

                                    By: /s/ Richard A. Meeusen            (SEAL)
                                        ----------------------------------------

                                    By: /s/ Richard E. Johnson            (SEAL)
                                        ----------------------------------------

                                       48

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December 29, 2003

Mr. James P. McMullen
Vice President
M&I Marshall & Ilsley Bank
770 North Water Street
Milwaukee, Wisconsin

Dear Mr. McMullen:

The undersigned covenants that as long as any obligation is owed M&I Marshall &
Ilsley Bank, ("Lender") under the terms and conditions of a promissory note
dated December 29, 2003 in the amount of $16.000.000, (the "Note"), and all
extensions, renewals or modifications of the Note, the undersigned will not sell
or encumber in any of its assets and all obligations to Lender shall become due
and payable upon the sale, lease or other disposition of the assets of Badger
Meter, Inc.

A breach of this covenant shall constitute an additional event of default under
the Note and Lender may, at its option, declare the Note due and payable, and
may pursue all remedies available to it with regard to the Note. The undersigned
shall reimburse Lender for all expenses incurred by it in protecting or
enforcing its rights under this letter agreement, including without limitation
reasonable attorneys' fees and legal expenses.

Dated this 29th day of December, 2003.

Badger Meter, Inc.

By:    /s/ Richard A. Meeusen
       ----------------------------------------

Title: President/CEO
       ----------------------------------------

By:    /s/ Richard E. Johnson
       ----------------------------------------

Title: Senior V.P. Finance, CFO & Treasurer
       ----------------------------------------

                                       49
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PREPAYMENT FEE OPTIONS

Standard
--------

YIELD MAINTENANCE - LIBOR/Swap
The Yield Maintenance Fee, as hereinafter provided, shall be immediately due and
payable by Maker upon a full or partial prepayment of this Note at any time
prior to the final scheduled payment due date on the Note.

Yield Maintenance Fee: "Yield Maintenance Fee" means an amount equal to the
excess, if any, of the amount of:

     (i)  monthly interest which would otherwise be payable on the prepaid
          principal amount of this Note from the date of prepayment through the
          final schedule payment due date on the Note, over the

     (ii) monthly interest Lender would earn if the prepaid principal amount
          were reinvested for the period from the date of prepayment through the
          final scheduled payment due date on the Note, at the Reinvestment Rate
          (as hereinafter defined) plus 1.50%,

Such difference shall be discounted to present value at the Reinvestment Rate.

REINVESTMENT RATE: If the remaining term of the Note is less than one year,
"Reinvestment Rate" means: the yield in percent per annum on Eurodollar Deposits
(London) as of the Reinvestment Rate Determination Date (as hereinafter defined)
which has a maturity equal to the remaining term of the Note;
if the remaining term of the Note is one year or more, "Reinvestment Rate"
means: the yield in percent per annum on Interest Rate Swaps as of the
Reinvestment Rate Determination Date which has a maturity equal to the remaining
term of the Note; or,
in the event there is no rate available for a term that is equal to the
remaining term of the Note, "Reinvestment Rate" means: the linearly interpolated
yield between the two yields (Eurodollar Deposits and/or Interest Rate Swaps, as
applicable), one for the closest maturity less than the remaining term of the
Note, and the other for the closest maturity greater than the remaining term of
the Note.

REINVESTMENT RATE DETERMINATION DATE: "Reinvestment Rate Determination Date"
means the date which is five (5) banking days prior to the scheduled prepayment
date.

PUBLISHED YIELDS: Yields on Eurodollar Deposits (London) and Interest Rate Swaps
shall be the applicable rates available and published most recently by the Board
of Governors of the Federal Reserve System as of such Reinvestment Rate
Determination Date.

(Release H.15, available at www.federalreserve.gov/releases/h15/update)

PREPAYMENT CALCULATION NOTICE TO MAKER: Promptly after the Reinvestment Rate
Determination Date, Lender shall notify Maker of the amount and the basis of
determination of the required Yield Maintenance Fee, and such determination and
amount shall be binding on both parties absent manifest error.

                                       50<PAGE>
                                                                   Exhibit (4.5)

                               BADGER METER, INC.
                                    EURO NOTE

Euro 10,000,000                                  Milwaukee, Wisconsin
                                                 December 29,2003

     1.   FOR VALUE RECEIVED, the undersigned, BADGER METER. INC., (hereinafter
"Maker"), promises to pay to the order of M&I MARSHALL & ILSLEY BANK
(hereinafter "Holder") at 770 North Water Street, Milwaukee, Wisconsin, 53202,
the principal sum of TEN MILLION EURO DOLLARS (Euro 10.000.000) on APRIL
30,2007.

     Both principal and interest are to be made in Euro Dollars at the offices
of M&I Marshall & Ilsley Bank, Attention: Loan and Discount Department, 770
North Water Street, Milwaukee, Wisconsin, 53202, or at such other place as the
holder shall designate in writing to the maker.

     Maker also agree(s) to pay interest from the date hereof on the unpaid
principal balance from time to time outstanding at a rate per annum as follows:
Interest shall be due and payable on the outstanding balance due or advanced
hereunder at a per annum rate equal to the LIBOR INDEX RATE (EURO) plus the
MARGIN. In the event and during such time as the BANK shall determine that a
CHANGE IN CIRCUMSTANCE has occurred, the interest rate on the borrowings
evidenced by this Note shall adjust automatically without notice to a per annum
rate equal to the BANK's PRIME RATE. Notwithstanding the foregoing, after the
maturity hereof, whether by acceleration, demand, default or otherwise interest
shall accrue at a rate per annum, payable on demand, equal to the BANK's PRIME
RATE plus five percentage points until paid in full. CHANGE IN CIRCUMSTANCE
shall mean anyone or more of the following: (a) The British Bankers Association
shall cease publishing "London Interbank Offered Rates (EUROS)" for a 30 day
deposit period; (b) Any governmental authority, central bank or comparable
agency shall make it unlawful or impossible for the BANK to make or offer loans
based upon the LIBOR INDEX RATES (EUROS); or (c) The BANK shall determine any
applicable law, rule, regulation, interpretation or directive applicable to the
BANK has or would have the effect of reducing the rate of return to the BANK on
the loan evidenced by this Note to a level below that which the BAiNK would have
achieved but for the loan utilizing the LIBOR INDEX RATES (EUROS). LIBOR INDEX
RATE (EURO) shall mean for any applicable funding period the rate of interest
(rounded upwards, if necessary, to the next higher 1/100 of 1%) published by The
British Bankers Association two business days prior to funding as the "London
Interbank Offered Rate (EURO)" for Euro deposits of the applicable advance
period. MARGIN shall mean 100. basis points. Interest shall be payable AT THE
END OF EACH APPLICABLE ADVANCE PERIOD as billed to the Maker by the Holder
hereof and shall be computed on the actual number of days on the basis of a year
of 360 days. Each advance under this Note can be in 30-day increments for up to
360 days. Advances under this Note must be greater than or equal to $100,000.00
and cannot be prepaid. SHOULD MAKER CHOOSE AN ADVANCE PERIOD GREATER THAN 90
DAYS, HOLDER MAY INCREASE THE MARGIN TO ADJUST THE INTEREST RATE TO EQUATE TO
THE ANNUAL COMPOUNDED RATE IF MONTHLY INTEREST PAYMENTS WERE MADE.

     2.   As used herein, the term "prime rate" shall mean the rate of interest
announced from time to time by the Holder as its "prime rate," such term being
used only as a reference rate and not necessarily representing the lowest rate
charged to any customer of Holder. In the event Holder ceases to use the term
"prime rate" in setting a base rate of interest for commercial loans, the term
"prime rate" as used herein shall be determined by reference to the rate used by
Holder as its base rate of interest for commercial loans.

     3.   It is agreed that time is of the essence in the performance of all
obligations hereunder and under the Loan Documents. If Maker shall fail to make
any payment hereunder when due, or upon the occurrence of an event of default in
the performance or observance of any of the terms, agreements, covenants or
conditions contained in the Loan Documents, then, or at any time thereafter, the
entire principal balance of this Note, irrespective of the maturity date
specified herein, together with the then accrued interest thereon, shall, at the
election of the Holder hereof, and without notice of such election, become
immediately due and payable.

     4.   All Makers, endorsers, guarantors and sureties hereof jointly and
severally waive presentment, protest, notice of dishonor, and notice of intent
to accelerate; and they also jointly and severally hereby consent to any and all
renewals, extensions or modifications of the terms hereof, including the terms
or time for payment; and further agree that any such renewal, extension or
modification of the terms hereof or time for payment or of the terms of any of
the Loan Documents or the release or substitution of any security for the
indebtedness evidenced hereby or any other indulgences shall not otherwise
affect the liability of any of said parties for the indebtedness evidenced by
this Note. Any such renewals, extensions or modifications may be made without
notice to any of said parties.

                                       51

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     5.   This Note shall be the joint and several obligation of all Makers,
endorsers, guarantors, and sureties, and shall be binding upon them and their
successors and assigns and shall inure to the benefit of the successors and
assigns of Holder. All Makers, endorsers, guarantors, and sureties hereof agree
jointly and severally to pay all costs of collection (including those incurred
in any bankruptcy proceedings and regardless of whether suit is filed) and
foreclosure, including reasonable attorneys' fees and costs.

     6.   Any forbearance of Holder in exercising any right or remedy hereunder
or under the Loan Documents, or otherwise afforded by applicable law, shall not
be a waiver of or preclude the exercise of any right or remedy. The acceptance
by Holder of payment of any sum payable hereunder after the due date of such
payment shall not be a waiver of Holder's right to either require prompt payment
when due of all other sums payable hereunder or to declare a default for failure
to make prompt payment.

     7.   This Note shall be governed by and construed in accordance with the
laws of the State of Wisconsin.

     8.   If any payment of principal or interest due on this Note is payable
on a day which is a Saturday, Sunday, or legal holiday in the State of
Wisconsin, then such payment shall be due on the next business day, the amount
of such payment, in such case, to include all interest accrued to the date of
actual payment.

     9.   No setoff or counterclaim of any kind claimed by any Maker, endorser,
guarantor or surety liable under this Note shall stand as a defense to the
enforcement of this Note against any Maker, endorser,.guarantor or surety, it
being agreed that any such setoff or counterclaim must be maintained by separate
suit.

     10.  ORAL AGREEMENTS OR COMMITMENTS TO WAN MONEY, EXTEND CREDIT, OR TO
FOREBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR
RENEW SUCH DEBT ARE NOT ENFORCEABLE. TO PROTECT YOU (MAKER(S) AND US (HOLDER)
FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY AGREEMENTS WE REACH COVERING SUCH
MATTERS ARE CONTAINED IN THIS WRITING, WHICH IS THE COMPLETE AND EXCLUSIVE
STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE MAY LATER AGREE IN WRITING
TO MODIFY IT.

     11.  THE MAKER HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY (WHICH THE HOLDER
ALSO WAIVES) IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING
OUT OF OR RELATING TO THIS NOTE, THE OBLIGATIONS OF THE MAKER HEREUNDER OR THE
HOLDER'S CONDUCT IN RESPECT OF ANY OF THE FOREGOING.

IN WITNESS WHEREOF, Maker has executed this Note as of the date first above
written.

BADGER METER, INC.                         M&I MARSHALL & ILSLEY BANK

By:    /s/ Richard A. Meeusen              By:    /s/ James P. McMullen
       ------------------------------             ------------------------------

Title: President/CEO                       Title: Vice President
       ------------------------------             ------------------------------

By:    /s/ Richard E. Johnson              Title:
       ------------------------------             ------------------------------

Title: Senior V.P. - Finance,              Title:
       CFO & Treasurer                            ------------------------------
       ------------------------------

                                       52

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