Document:

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                                                                   Exhibit 10.11

                        COMMERCIAL PAPER DEALER AGREEMENT
                                  4(2) PROGRAM

                                     between

                        FMC Technologies, Inc., as Issuer

                                       and

                    Banc of America Securities LLC, as Dealer

            Concerning Notes to be issued pursuant to an Issuing and
           Paying Agent Agreement dated as of January 24, 2003 between
          the Issuer and Bank One, National Association, as Issuing and
                                  Paying Agent

                                   Dated As of

                                January 24, 2003

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                        COMMERCIAL PAPER DEALER AGREEMENT
                                  4(2) Program

         This agreement ("Agreement") sets forth the understandings between the
Issuer and the Dealer in connection with the issuance and sale by the Issuer of
its short-term promissory notes through the Dealer (the "Notes").

         Certain terms used in this Agreement are defined in Section 6 hereof.

         The Addendum to this Agreement, and any Annexes or Exhibits described
in this Agreement or such Addendum, are hereby incorporated into this Agreement
and made fully a part hereof.

Section 1.   Offers, Sales and Resales of Notes

         1.1 While (i) the Issuer has and shall have no obligation to sell the
Notes to the Dealer or to permit the Dealer to arrange any sale of the Notes for
the account of the Issuer, and (ii) the Dealer has and shall have no obligation
to purchase the Notes from the Issuer or to arrange any sale of the Notes for
the account of the Issuer, the parties hereto agree that in any case where the
Dealer purchases Notes from the Issuer, or arranges for the sale of Notes by the
Issuer, such Notes will be purchased or sold by the Dealer in reliance on the
representations, warranties, covenants and agreements of the Issuer contained
herein or made pursuant hereto and on the terms and conditions and in the manner
provided herein.

         1.2 So long as this Agreement shall remain in effect, and in addition
to the limitations contained in Section 1.7 hereof, the Issuer shall not,
without the consent of the Dealer, offer, solicit or accept offers to purchase,
or sell, any Notes except (a) in transactions with one or more dealers which may
from time to time after the date hereof become dealers with respect to the Notes
by executing with the Issuer one or more agreements which contain provisions
substantially identical to Section 1 of this Agreement, of which the Issuer
hereby undertakes to provide the Dealer prompt notice or (b) in transactions
with the other dealers listed on the Addendum hereto, which are executing
agreements with the Issuer which contain provisions substantially identical to
Section 1 of this Agreement contemporaneously herewith. In no event shall the
Issuer offer, solicit or accept offers to purchase, or sell, any Notes directly
on its own behalf in transactions with persons other than broker-dealers as
specifically permitted in this Section 1.2.

         1.3 The Notes shall be in a minimum denomination or minimum amount,
whichever is applicable, of $250,000 or integral multiples of $1,000 in excess
thereof, will bear such interest rates, if interest bearing, or will be sold at
such discount from their face amounts, as shall be agreed upon by the Dealer and
the Issuer, shall have a maturity not exceeding 365 days from the date of
issuance (exclusive of days of grace) and shall not contain any provision for
extension, renewal or automatic "rollover."

         1.4 The authentication, delivery and payment of the Notes shall be
effected in accordance with the Issuing and Paying Agent Agreement and the Notes
shall be represented by book-entry Notes registered in the name of DTC or its
nominee in the form or forms annexed to the Issuing and Paying Agent Agreement.

         1.5 If the Issuer and the Dealer shall agree on the terms of the
purchase of any Note by the Dealer or the sale of any Note arranged by the
Dealer (including, but not limited to, agreement with respect to the date of
issue, purchase price, principal amount, maturity and interest rate (in the case
of interest-bearing Notes) or discount thereof (in the case of Notes issued on a
discount basis), and appropriate compensation for the Dealer's services
hereunder) pursuant to this Agreement, the Issuer shall cause such Note to be
issued and delivered in accordance with the terms of the Issuing and Paying
Agent Agreement and payment for such Note shall be made by the purchaser
thereof, either directly or through the Dealer, to

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the Issuer. Except as otherwise agreed, in the event that the Dealer is acting
as an agent and a purchaser shall either fail to accept delivery of or make
payment for a Note on the date fixed for settlement, the Dealer shall promptly
notify the Issuer, and if the Dealer has theretofore paid the Issuer for the
Note, the Issuer will promptly return such funds to the Dealer upon notice of
such failure. If such failure occurred for any reason other than default by the
Dealer, the Issuer shall reimburse the Dealer on an equitable basis for the
Dealer's loss of the use of such funds for the period such funds were credited
to the Issuer's account.

         1.6 The Dealer and the Issuer hereby establish and agree to observe the
following procedures in connection with offers, sales and subsequent resales or
other transfers of the Notes:

             (a) Offers and sales of the Notes by or through the Dealer shall be
         made only to investors reasonably believed by the Dealer to be: (i)
         Institutional Accredited Investors or Sophisticated Individual
         Accredited Investors, (ii) non-bank fiduciaries or agents that will be
         purchasing Notes for one or more accounts, each of which is an
         Institutional Accredited Investor or Sophisticated Individual
         Accredited Investor, and (iii) Qualified Institutional Buyers.

             (b) Resales and other transfers of the Notes by or through the
         Dealer or by other holders thereof shall be made only in accordance
         with the restrictions in the legends described in clause (e) below.

             (c) No general solicitation or general advertising shall be used in
         connection with the offering of the Notes. Without limiting the
         generality of the foregoing, without the prior written approval of
         Dealer, the Issuer shall not issue any press release or place or
         publish any "tombstone" or other advertisement relating to the Notes.

             (d) No sale of Notes to any one purchaser shall be for less than
         $250,000 principal or face amount, and no Note shall be issued in a
         smaller principal or face amount. If the purchaser is a non-bank
         fiduciary acting on behalf of others, each person for whom such
         purchaser is acting must purchase at least $250,000 principal or face
         amount of Notes.

             (e) Offers and sales of the Notes by the Issuer through the Dealer
         acting as agent for the Issuer shall be subject to the restrictions
         described in the legend appearing on Exhibit A hereto. A legend
         substantially to the effect of such Exhibit A shall appear as part of
         the Private Placement Memorandum used in connection with offers and
         sales of Notes hereunder.

             (f) The Dealer shall furnish or shall have furnished to each
         purchaser of Notes for which it has acted as the Dealer a copy of the
         then-current Private Placement Memorandum unless such purchaser has
         previously received a copy of the Private Placement Memorandum as then
         in effect. The Private Placement Memorandum shall expressly state that
         any person to whom Notes are offered shall have an opportunity to ask
         questions of, and receive information from, the Issuer and the Dealer
         and shall provide the names, addresses and telephone numbers of the
         persons from whom information regarding the Issuer may be obtained.

             (g) The Issuer agrees, for the benefit of the Dealer and each of
         the holders and prospective purchasers from time to time of the Notes
         that, if at any time the Issuer shall not be subject to Section 13 or
         15(d) of the Exchange Act, the Issuer will furnish, upon request and at
         its expense, to the Dealer and to holders and prospective purchasers of
         Notes information required by Rule 144A(d)(4)(i) in compliance with
         Rule 144A(d).

             (h) In the event that any Note offered or to be offered by Dealer
         would be ineligible for resale under Rule 144A, the Issuer shall
         immediately notify Dealer (by telephone, confirmed in writing) of such
         fact and shall promptly prepare and deliver to Dealer an amendment or
         supplement to the Private Placement Memorandum describing the Notes
         that are ineligible, the reason for such ineligibility and any other
         relevant information relating thereto.

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             (i) The Issuer represents that it may issue commercial paper in the
         United States market in reliance upon, and in compliance with, the
         exemption provided by Section 3(a)(3) of the Securities Act. In that
         connection, the Issuer agrees that (a) the proceeds from the sale of
         the Notes will be segregated from the proceeds of the sale of any such
         commercial paper by being placed in a separate account; (b) the Issuer
         will institute appropriate corporate procedures to ensure that the
         offers and sales of notes issued by the Issuer pursuant to the Section
         3(a)(3) exemption are not integrated with offerings and sales of Notes
         hereunder; and (c) the Issuer will comply with each of the requirements
         of Section 3(a)(3) of the Act in selling commercial paper or other
         short-term debt securities other than the Notes in the United States.

         1.7 The Issuer hereby represents and warrants to the Dealer, in
connection with offers, sales and resales of Notes, as follows:

             (a) Issuer hereby confirms to the Dealer that (except as permitted
         by Section 1.6(i)) within the preceding six months neither the Issuer
         nor any person other than the Dealer or the other dealers referred to
         in Section 1.2 hereof acting on behalf of the Issuer has offered or
         sold any Notes, or any substantially similar security of the Issuer
         (including, without limitation, medium-term notes issued by the
         Issuer), to, or solicited offers to buy any such security from, any
         person other than the Dealer or the other dealers referred to in
         Section 1.2 hereof. The Issuer also agrees that (except as permitted by
         Section 1.6(i)), as long as the Notes are being offered for sale by the
         Dealer and the other dealers referred to in Section 1.2 hereof as
         contemplated hereby and until at least six months after the offer of
         Notes hereunder has been terminated, neither the Issuer nor any person
         other than the Dealer or the other dealers referred to in Section 1.2
         hereof (except as contemplated by Section 1.2 hereof) will offer the
         Notes or any substantially similar security of the Issuer for sale to,
         or solicit offers to buy any such security from, any person other than
         the Dealer and the other dealers referred to in Section 1.2 hereof
         (except to the extent any of the foregoing would not cause the offer
         and sale of the Notes by the Issuer to be integrated with other offers
         and sales so as to no longer come within the exemption provided by
         Section 4(2) of the Securities Act), it being understood that such
         agreement is made with a view to bringing the offer and sale of the
         Notes within the exemption provided by Section 4(2) of the Securities
         Act and shall survive any termination of this Agreement. The Issuer
         hereby represents and warrants that it has not taken or omitted to
         take, and will not take or omit to take, any action that would cause
         the offering and sale of Notes hereunder to be integrated with any
         other offering of securities, whether such offering is made by the
         Issuer or some other party or parties, under circumstances that would
         cause the offering and sale of the Notes by the Issuer to fail to be
         exempt under Section 4(2) of the Securities Act.

             (b) The Issuer represents and agrees that the proceeds of the sale
         of the Notes are not currently contemplated to be used for the purpose
         of buying, carrying or trading securities within the meaning of
         Regulation T and the interpretations thereunder by the Board of
         Governors of the Federal Reserve System. In the event that the Issuer
         determines to use such proceeds for the purpose of buying, carrying or
         trading securities, whether in connection with an acquisition of
         another company or otherwise, the Issuer shall give the Dealer at least
         five business days' prior written notice to that effect. The Issuer
         shall also give the Dealer prompt notice of the actual date that it
         commences purchasing securities with the proceeds of the Notes.
         Thereafter, in the event that the Dealer purchases Notes as principal
         and does not resell such Notes on the day of such purchase, to the
         extent necessary to comply with Regulation T and the interpretations
         thereunder, the Dealer will sell such Notes only to offerees it
         reasonably believes to be Qualified Institutional Buyers or to
         Qualified Institutional Buyers it reasonably believes are acting for
         other Qualified Institutional Buyers, in each case in accordance with
         Rule 144A.

Section 2.   Representations and Warranties of Issuer

The Issuer represents and warrants that:

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         2.1 The Issuer is a corporation duly organized, validly existing and in
good standing under the laws of the jurisdiction of its incorporation and has
all the requisite power and authority to execute, deliver and perform its
obligations under the Notes, this Agreement and the Issuing and Paying Agent
Agreement.

         2.2 This Agreement and the Issuing and Paying Agent Agreement have been
duly authorized, executed and delivered by the Issuer and constitute the legal,
valid and binding obligations of the Issuer enforceable against the Issuer in
accordance with their terms subject to applicable bankruptcy, insolvency and
similar laws affecting creditors' rights generally, and subject, as to
enforceability, to general principles of equity (regardless of whether
enforcement is sought in a proceeding in equity or at law) and limitations on
rights to indemnity and contribution imposed by applicable law.

         2.3 The Notes have been duly authorized, and when issued and delivered
as provided in the Issuing and Paying Agent Agreement, will be duly and validly
issued and delivered and will constitute the legal, valid and binding
obligations of the Issuer enforceable against the Issuer in accordance with
their terms subject to applicable bankruptcy, insolvency and similar laws
affecting creditors' rights generally, and subject, as to enforceability, to
general principles of equity (regardless of whether enforcement is sought in a
proceeding in equity or at law) and limitations on rights to indemnity and
contribution imposed by applicable law.

         2.4 Assuming compliance by the Dealer with the procedures applicable to
it set forth in Section 1.6 hereof, the offer and sale of Notes in the manner
contemplated hereby do not require registration of the Notes under the
Securities Act, pursuant to the exemption from registration contained in Section
4(2) thereof, and no indenture in respect of the Notes is required to be
qualified under the Trust Indenture Act of 1939, as amended.

         2.5 The Notes will rank at least pari passu with all other unsecured
and unsubordinated indebtedness of the Issuer.

         2.6 Assuming compliance by the Dealer with the procedures applicable to
it set forth in Section 1.6 hereof, no consent or action of, or filing or
registration with, any governmental or public regulatory body or authority,
including the SEC, is required to authorize, or is otherwise required in
connection with the execution, delivery or performance of this Agreement, the
Notes or the Issuing and Paying Agent Agreement, except as may be required by
the securities or Blue Sky laws of the various states in connection with the
offer and sale of the Notes.

         2.7 Neither the execution and delivery of this Agreement and the
Issuing and Paying Agent Agreement, nor the issuance and delivery of the Notes
in accordance with the Issuing and Paying Agent Agreement, nor the fulfillment
of or compliance with the terms and provisions hereof or thereof by the Issuer,
will (i) result in the creation or imposition of any mortgage, lien, charge or
encumbrance of any nature whatsoever upon any of the properties or assets of the
Issuer, or (ii) violate or result in a breach or an event of default under any
of the terms of the Issuer's charter documents or by-laws, any material contract
or instrument to which the Issuer is a party or by which it or its property is
bound, or any law or regulation or any order, writ, injunction or decree of any
court or government instrumentality, to which the Issuer is subject or by which
it or its property is bound, which breach or event of default could reasonably
be expected to have a material adverse effect on the condition (financial or
otherwise) or operations of the Issuer and its subsidiaries, taken as a whole,
or the ability of the Issuer to perform its obligations under this Agreement,
the Notes or the Issuing and Paying Agent Agreement.

         2.8 There is no litigation or governmental proceeding pending, or to
the knowledge of the Issuer threatened, against or affecting the Issuer or any
of its subsidiaries which could reasonably be expected to result in a material
adverse change in the condition (financial or otherwise) or operations of the
Issuer and its subsidiaries, taken as a whole, or the ability of the Issuer to
perform its obligations under this Agreement, the Notes or the Issuing and
Paying Agent Agreement.

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         2.9  The Issuer is not an "investment company" or an entity
"controlled" by an "investment company" within the meaning of the Investment
Company Act of 1940, as amended.

         2.10 The Private Placement Memorandum delivered to investors in
connection with any sale of Notes will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading; provided, that the Issuer makes no representation or warranty as to
the Dealer Information.

         2.11 Each (a) issuance of Notes by the Issuer hereunder and (b)
amendment or supplement of the Private Placement Memorandum shall be deemed a
representation and warranty by the Issuer to the Dealer, as of the date thereof,
that, both before and after giving effect to such issuance and after giving
effect to such amendment or supplement, (i) the representations and warranties
given by the Issuer set forth above in this Section 2 remain true and correct on
and as of such date as if made on and as of such date, (ii) in the case of an
issuance of Notes, the Notes being issued on such date have been duly and
validly issued and constitute legal, valid and binding obligations of the
Issuer, enforceable against the Issuer in accordance with their terms, subject
to applicable bankruptcy, insolvency and similar laws affecting creditors'
rights generally and subject, as to enforceability, to general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or
at law) and limitations on rights to indemnity and contribution imposed by
applicable law and (iii) in the case of an issuance of Notes, since the date of
the most recent Private Placement Memorandum, there has been no material adverse
change in the condition (financial or otherwise) or operations of the Issuer and
its subsidiaries taken as a whole which has not been disclosed to the Dealer in
writing.

Section 3.    Covenants and Agreements of Issuer

The Issuer covenants and agrees that:

         3.1  The Issuer will give the Dealer prompt notice (but in any event
prior to any subsequent issuance of Notes hereunder) of any amendment to,
modification of, or waiver with respect to, the Notes or the Issuing and Paying
Agent Agreement, including a complete copy of any such amendment, modification
or waiver.

         3.2  The Issuer shall, whenever there shall occur any event that could
reasonably be expected to have a material adverse effect on the condition
(financial or otherwise) or operations of the Issuer and its subsidiaries taken
as a whole or the ability of the Issuer to perform its obligations under this
Agreement or the Notes, notify the Dealer (by telephone, confirmed in writing)
of such event prior to subsequent issuances of Notes hereunder. The Issuer
shall, whenever it receives notice of any downgrading or intended downgrading or
any review for potential change in the rating accorded any of the Issuer's
securities by any nationally recognized statistical rating organization which
has published a rating of the Notes, promptly, and in any event prior to any
subsequent issuance of Notes hereunder, notify the Dealer (by telephone,
confirmed in writing) of such occurrence.

         3.3  The Issuer shall from time to time upon request of the Dealer
furnish to the Dealer copies of all materials provided by the Issuer to any
national securities exchange regarding (i) the Issuer's operations and financial
condition, and (ii) the Issuer's ability to pay the Notes as they mature.

         3.4  The Issuer will take all such action as the Dealer may reasonably
request to ensure that each offer and each sale of the Notes will comply with
any applicable state Blue Sky laws; provided, that the Issuer shall not be
obligated to file any general consent to service of process or to qualify as a
foreign corporation in any jurisdiction in which it is not so qualified or
subject itself to taxation in respect of doing business in any jurisdiction in
which it is not otherwise so subject.

         3.5  The Issuer shall not issue Notes hereunder until the Dealer shall
have received (a) an opinion of counsel to the Issuer, addressed to the Dealer,
satisfactory in form and substance to the Dealer, (b) a copy of the executed
Issuing and Paying Agent Agreement as then in effect, (c) a copy of resolutions

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adopted by the Board of Directors of the Issuer, satisfactory in form and
substance to the Dealer and certified by the Secretary or similar officer of the
Issuer, authorizing execution and delivery by the Issuer of this Agreement, the
Issuing and Paying Agent Agreement and the Notes and consummation by the Issuer
of the transactions contemplated hereby and thereby, (d) a copy of the executed
Letter of Representations among the Issuer, the Issuing and Paying Agent and DTC
and (e) such other certificates, opinions, letters and documents as the Dealer
shall have reasonably requested.

         3.6  The Issuer shall reimburse the Dealer for all of the Dealer's
reasonable out-of-pocket expenses related to this Agreement up to $10,000,
including expenses incurred in connection with its preparation and negotiation,
and the transactions contemplated hereby (including, but not limited to, the
printing and distribution of the Private Placement Memorandum), and, if
applicable, for the reasonable fees and out-of-pocket expenses of the Dealer's
counsel.

Section 4.    Disclosure

         4.1  The Private Placement Memorandum and its contents (other than the
Dealer Information) shall be the sole responsibility of the Issuer. The Private
Placement Memorandum shall contain a statement expressly offering an opportunity
for each prospective purchaser to ask questions of, and receive answers from,
the Issuer concerning the offering of Notes and to obtain relevant additional
information which the Issuer possesses or can acquire without unreasonable
effort or expense.

         4.2  The Issuer agrees to promptly furnish the Dealer the Company
Information as it becomes publicly available.

         4.3  (a) The Issuer further agrees to notify the Dealer promptly upon
the occurrence of any event relating to or affecting the Issuer that would cause
the Company Information then in existence to include an untrue statement of a
material fact or to omit to state a material fact necessary in order to make the
statements contained therein, in light of the circumstances under which they are
made, not misleading.

              (b) In the event that the Issuer gives the Dealer notice pursuant
to Section 4.3(a) and the Dealer notifies the Issuer that it then has Notes it
is holding in inventory, the Issuer agrees promptly to supplement or amend the
Private Placement Memorandum so that such Private Placement Memorandum, as
amended or supplemented, shall not contain an untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading, and the Issuer shall make such supplement or amendment available to
the Dealer.

              (c) In the event that (i) the Issuer gives the Dealer notice
pursuant to Section 4.3(a), (ii) the Dealer does not notify the Issuer that it
is then holding Notes in inventory and (iii) the Issuer chooses not to promptly
amend or supplement the Private Placement Memorandum in the manner described in
clause (b) above, then all solicitations and sales of Notes shall be suspended
until such time as the Issuer has so amended or supplemented the Private
Placement Memorandum, and made such amendment or supplement available to the
Dealer.

Section 5.    Indemnification and Contribution

         5.1  The Issuer will indemnify and hold harmless the Dealer and each
individual, corporation, partnership, trust, association or other entity
controlling the Dealer within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act (hereinafter the "Indemnitees") against any and
all liabilities, penalties, suits, causes of action, losses, damages, claims,
costs and expenses (including, without limitation, reasonable fees and
disbursements of counsel) or judgments of whatever kind or nature (each a
"Claim"), imposed upon, incurred by or asserted against the Indemnitees arising
out of or based upon (i) any allegation that the Private Placement Memorandum
included (as of any relevant time of an offer and sale of the Notes by the
Issuer) or includes an untrue statement of a material fact or omitted (as of any
relevant time of an offer and sale of the Notes by the Issuer) or omits to state
any material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading or

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(ii) arising out of or based upon the breach by the Issuer of any agreement,
covenant or representation made in or pursuant to this Agreement; provided,
however, the obligations of the Issuer under this Section 5 shall not inure to
the benefit of any Indemnitee on account of any losses, claims, damages or
liabilities from the sale of any Notes by the Dealer to any investor if a copy
of the Private Placement Memorandum (as amended or supplemented, if prior to
distribution of the Private Placement Memorandum by the Dealer to such investor
the Issuer shall have made any amendments or supplements which have been
furnished to the Dealer) shall not have been sent or given by or on behalf of
the Dealer to such investor at or prior to the written confirmation of the sale
of the Notes to such investor and such statement or omission is cured in the
Private Placement Memorandum; and provided further, however, that the
obligations of the Issuer under this Section 5 shall not extend to any liability
of any Indemnitee arising out of (i) any untrue statement or alleged untrue
statement of a material fact contained in the Private Placement Memorandum, or
the omission or alleged omission to state therein a material fact necessary to
make the statements therein not misleading, in each case, to the extent such
untrue statement or alleged untrue statement or omission or alleged omission was
made in reliance upon Dealer Information with respect to Claims arising from
clause (i) of the preceding sentence, or (ii) the Dealer's willful misconduct or
gross negligence in the performance of its obligations under this Agreement with
respect to Claims arising from clause (ii) of the preceding sentence.

         5.2 Provisions relating to claims made for indemnification under this
Section 5 are set forth on Exhibit B to this Agreement.

         5.3 In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in clause (i) of Section
5 is held to be unavailable or insufficient to hold harmless the Indemnitees,
although applicable in accordance with the terms of this Section 5, the Issuer
shall contribute to the aggregate costs incurred by the Dealer in connection
with any Claim in the proportion of the respective economic interests of the
Issuer and the Dealer; provided, however, that such contribution by the Issuer
shall be in an amount such that the aggregate costs incurred by the Dealer do
not exceed the aggregate of the commissions and fees earned by the Dealer
hereunder with respect to the issue or issues of Notes to which such Claim
relates. The respective economic interests shall be calculated by reference to
the aggregate proceeds to the Issuer of the Notes issued hereunder and the
aggregate commissions and fees earned by the Dealer hereunder. 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.

Section 6.   Definitions

         6.1 "Claim" shall have the meaning set forth in Section 5.1.

         6.2 "Company Information" at any given time shall mean the Private
Placement Memorandum together with, to the extent incorporated by reference
therein, (i) the Issuer's most recent report on Form 10-K filed with the SEC and
each report on Form 10-Q or 8-K filed by the Issuer with the SEC since the most
recent Form 10-K, (ii) the Issuer's most recent annual audited financial
statements and each interim financial statement or report prepared subsequent
thereto, if not included in item (i) above, (iii) the Issuer's other publicly
available recent reports, including, but not limited to, any publicly available
filings or reports provided to its stockholders, (iv) any other information or
disclosure prepared pursuant to Section 4.3 hereof and (v) any information
prepared or approved by the Issuer for dissemination to investors or potential
investors in the Notes.

         6.3 "Dealer" shall mean Banc of America Securities LLC.

         6.4 "Dealer Information" shall mean material concerning the Dealer and
provided by the Dealer in writing expressly for inclusion in the Private
Placement Memorandum.

         6.5 "DTC" shall mean The Depository Trust Company.

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         6.6 "Exchange Act" shall mean the U.S. Securities Exchange Act of 1934,
as amended.

         6.7      "Indemnitee" shall have the meaning set forth in Section 5.1.

         6.8 "Institutional Accredited Investor" shall mean an institutional
investor that is an accredited investor within the meaning of Rule 501 under the
Securities Act and that has such knowledge and experience in financial and
business matters that it is capable of evaluating and bearing the economic risk
of an investment in the Notes, including, but not limited to, a bank, as defined
in Section 3(a)(2) of the Securities Act, or a savings and loan association or
other institution, as defined in Section 3(a)(5)(A) of the Securities Act,
whether acting in its individual or fiduciary capacity.

         6.9 "Issuing and Paying Agent Agreement" shall mean the issuing and
paying agency agreement described on the cover page of this Agreement, as such
agreement may be amended or supplemented from time to time.

         6.10 "Issuing and Paying Agent" shall mean the party designated as such
on the cover page of this Agreement, as issuing and paying agent under the
Issuing and Paying Agent Agreement.

         6.11 "Non-bank fiduciary or agent" shall mean a fiduciary or agent
other than (a) a bank, as defined in Section 3(a)(2) of the Securities Act, or
(b) a savings and loan association, as defined in Section 3(a)(5)(A) of the
Securities Act.

         6.12 "Private Placement Memorandum" shall mean offering materials
prepared in accordance with Section 4 (including the Company Information and all
other materials referred to therein or incorporated by reference therein)
provided to purchasers and prospective purchasers of the Notes, and shall
include amendments and supplements thereto which may be prepared from time to
time in accordance with this Agreement (other than any amendment or supplement
that has been completely superseded by a later amendment or supplement).

         6.13     "Qualified Institutional Buyer" shall have the meaning
 assigned to that term in Rule 144A under the Securities Act.

         6.14     "Rule 144A" shall mean Rule 144A under the Securities Act.

         6.15     "SEC" shall mean the U.S. Securities and Exchange Commission.

         6.16     "Securities Act" shall mean the U.S. Securities Act of 1933,
as amended.

         6.17 "Sophisticated Individual Accredited Investor" shall mean an
individual who (a) is an accredited investor within the meaning set forth in
Regulation D under the Securities Act and (b) based on his or her pre-existing
relationship with the Dealer, is reasonably believed by the Dealer to be a
sophisticated investor (i) possessing such knowledge and experience (or
represented by a fiduciary or agent possessing such knowledge and experience) in
financial and business matters that he or she is capable of evaluating and
bearing the economic risk of an investment in the Notes and (ii) having a net
worth of at least $5 million.

Section 7.        General

         7.1 Unless otherwise expressly provided herein, all notices under this
Agreement to parties hereto shall be in writing and shall be effective when
received at the address of the respective party set forth in the Addendum to
this Agreement.

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

<PAGE>
                                       9

         7.3 EACH OF THE DEALER AND THE ISSUER WAIVES ITS RIGHT TO TRIAL BY JURY
IN ANY SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

         7.4 This Agreement may be terminated, at any time, by the Issuer, upon
ten business days' prior notice to such effect to the Dealer, or by the Dealer
upon ten business days' prior notice to such effect to the Issuer. Any such
termination, however, shall not affect the obligations of the Issuer under
Sections 3.6 and 5 hereof or any liability arising from a breach of the
respective representations, warranties, agreements, covenants, rights or
responsibilities of the parties made or arising prior to the termination of this
Agreement.

         7.5 This Agreement is not assignable by either party hereto without the
written consent of the other party; provided, however, that the Dealer may
assign its rights and obligations under this Agreement to any wholly-owned
direct or indirect subsidiary of the Dealer or of its ultimate parent. This
Agreement shall not confer any rights or remedies upon any person other than the
parties hereto and their respective permitted assigns.

         7.6 This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

         7.7 This Agreement constitutes the entire agreement between the parties
hereto and supercedes any prior understandings, agreements or representations by
or between the parties hereto, written or oral, to the extent they relate to the
subject matter hereof.

<PAGE>
                                       10

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date and year first above written.

                                   FMC Technologies, Inc.,
                                   as Issuer

                                   By:  /s/ Joseph J. Meyer
                                        ------------------------------
                                   Name:    Joseph J. Meyer
                                   Title:   Director, Treasury Operations

                                   By:  /s/ Brian D. Yates
                                        ------------------------------
                                   Name:    Brian D. Yates
                                   Title:   Manager, Corporate Finance

                                   Banc of America Securities LLC,
                                   as Dealer

                                   By:  /s/ Paul Kline
                                        ------------------------------
                                   Name:    Paul Kline
                                   Title:   Principal

<PAGE>

                                    ADDENDUM

1.    The other dealers referred to in clause (b) of Section 1.2 of the
Agreement are Merrill Lynch Money Markets Inc. and Merrill Lynch, Pierce, Fenner
and Smith Incorporated.

2.    The addresses of the respective parties for purposes of notices under
Section 7.1 are as follows:

      For the Issuer:

                Address:                  200 East Randolph Drive
                                          Chicago, IL 60601
                Attention:                Joseph J. Meyer
                Telephone number:         (312) 861-6146
                Fax number:               (312) 861-5797

      For the Dealer:

                Address:                  600 Montgomery Street
                                          Mail Code CA5-801-12-47
                                          San Francisco, California 94111
                Attention:                Money Market Origination
                Telephone number:         (415) 913-3689
                Fax number:               (415) 913-6288

<PAGE>
                                                                       EXHIBIT A

                               FORM OF LEGEND FOR
                     PRIVATE PLACEMENT MEMORANDUM AND NOTES

              THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
              1933, AS AMENDED (THE "ACT"), OR ANY OTHER APPLICABLE SECURITIES
              LAW, AND OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE
              WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
              THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS
              ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT
              THAT IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS
              RELATING TO THE ISSUER AND THE NOTES, THAT IT IS NOT ACQUIRING
              SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND THAT IT IS
              EITHER (A) AN INSTITUTIONAL INVESTOR OR HIGHLY SOPHISTICATED
              INDIVIDUAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE
              MEANING OF RULE 501(a) UNDER THE ACT AND WHO, IN THE CASE OF AN
              INDIVIDUAL, (i) POSSESSES SUCH KNOWLEDGE AND EXPERIENCE IN
              FINANCIAL AND BUSINESS MATTERS THAT HE OR SHE IS CAPABLE OF
              EVALUATING AND BEARING THE ECONOMIC RISK OF AN INVESTMENT IN THE
              NOTES AND (ii) HAS A NET WORTH OF AT LEAST $5 MILLION (AN
              "INSTITUTIONAL ACCREDITED INVESTOR" OR "SOPHISTICATED INDIVIDUAL
              ACCREDITED INVESTOR", RESPECTIVELY) AND THAT EITHER IS PURCHASING
              NOTES FOR HIS, HER OR ITS OWN ACCOUNT, IS A U.S. BANK (AS DEFINED
              IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION
              OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE ACT)
              ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR IS A FIDUCIARY
              OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN) PURCHASING
              NOTES FOR ONE OR MORE ACCOUNTS EACH OF WHICH IS SUCH AN
              INSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL
              ACCREDITED INVESTOR (i) WHO POSSESSES SUCH KNOWLEDGE AND
              EXPERIENCE OR (ii) WITH RESPECT TO WHICH SUCH PURCHASER HAS SOLE
              INVESTMENT DISCRETION; OR (B) A QUALIFIED INSTITUTIONAL BUYER
              ("QIB") WITHIN THE MEANING OF RULE 144A UNDER THE ACT WHICH IS
              ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS,
              EACH OF WHICH IS A QIB AND WITH RESPECT TO EACH OF WHICH THE
              PURCHASER HAS SOLE INVESTMENT DISCRETION; AND THE PURCHASER
              ACKNOWLEDGES THAT HE, SHE OR IT IS AWARE THAT THE SELLER MAY RELY
              UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5
              OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE
              PURCHASER THEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR
              OTHER TRANSFER THEREOF WILL BE MADE ONLY (A) IN A TRANSACTION
              EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER
              OR TO BANC OF AMERICA SECURITIES LLC OR ANOTHER PERSON DESIGNATED
              BY THE ISSUER AS A PLACEMENT AGENT FOR THE NOTES (COLLECTIVELY,
              THE "PLACEMENT AGENTS"), NONE OF WHICH SHALL HAVE ANY OBLIGATION
              TO ACQUIRE SUCH NOTE, (2) THROUGH A PLACEMENT AGENT TO AN
              INSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL
              ACCREDITED INVESTOR OR A QIB BY A PLACEMENT AGENT, OR (3) TO A QIB
              IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B)
              IN A MINIMUM AMOUNT OF $250,000.

<PAGE>

                                                                       EXHIBIT B

                           FURTHER PROVISIONS RELATING
                               TO INDEMNIFICATION

         (a) The Issuer agrees to reimburse each Indemnitee for all expenses
(including reasonable fees and disbursements of internal and external counsel)
as they are incurred by it in connection with investigating or defending any
loss, claim, damage, liability or action in respect of which indemnification may
be sought under Section 5.1 of the Agreement (whether or not it is a party to
any such proceedings).

         (b) Promptly after receipt by an Indemnitee of notice of the existence
of a Claim arising under Section 5.1 of the Agreement, such Indemnitee will, if
a claim in respect thereof is to be made against the Issuer, notify the Issuer
in writing of the existence thereof; provided that (i) the omission so to notify
the Issuer will not relieve it from any liability which it may have hereunder
unless and except to the extent it did not otherwise learn of such Claim and the
Issuer is materially prejudiced thereby, and (ii) the omission so to notify the
Issuer will not relieve it from liability which it may have to an Indemnitee
otherwise than on account of this indemnity agreement. In case any such Claim is
made against any Indemnitee and it notifies the Issuer of the existence thereof,
the Issuer will be entitled to participate therein, and to the extent that it
may elect by written notice delivered to the Indemnitee, to assume the defense
thereof, with counsel reasonably satisfactory to such Indemnitee; provided that
if the defendants in any such Claim include both the Indemnitee and the Issuer
and the Indemnitee shall have concluded that there may be legal defenses
available to it which are different from or additional to those available to the
Issuer, the Issuer shall not have the right to direct the defense of such Claim
on behalf of such Indemnitee, and the Indemnitee shall have the right to select
separate counsel to assert such legal defenses on behalf of such Indemnitee.
Upon receipt of notice from the Issuer to such Indemnitee of the Issuer's
election so to assume the defense of such Claim and approval by the Indemnitee
of counsel, the Issuer will not be liable to such Indemnitee for expenses
incurred thereafter by the Indemnitee in connection with the defense thereof
(other than reasonable costs of investigation) unless (i) the Indemnitee shall
have employed separate counsel in connection with the assertion of legal
defenses in accordance with the proviso to the next preceding sentence (it being
understood, however, that the Issuer shall not be liable for the expenses of
more than one separate counsel (in addition to any local counsel in the
jurisdiction in which any Claim is brought), approved by the Dealer,
representing the Indemnitee who is party to such Claim), (ii) the Issuer shall
not have employed counsel reasonably satisfactory to the Indemnitee to represent
the Indemnitee within a reasonable time after notice of existence of the Claim
or (iii) the Issuer has authorized in writing the employment of counsel for the
Indemnitee. The indemnity, reimbursement and contribution obligations of the
Issuer hereunder shall be in addition to any other liability the Issuer may
otherwise have to an Indemnitee and shall be binding upon and inure to the
benefit of any successors, assigns, heirs and personal representatives of the
Issuer and any Indemnitee. The Issuer agrees that without the Dealer's prior
written consent, which consent shall not be unreasonably withheld, it will not
settle, compromise or consent to the entry of any judgment in any Claim in
respect of which indemnification may be sought under Section 5.1 of the
Agreement (whether or not the Dealer or any other Indemnitee is an actual or
potential party to such Claim), unless such settlement, compromise or consent
includes an unconditional release of each Indemnitee from all liability arising
out of such Claim. The Dealer agrees that without the Issuer's prior written
consent, which consent shall not be unreasonably withheld, it shall not settle,
compromise or consent to the entry of any judgment in any Claim in respect of
which indemnification may be sought under Section 5.1 of the Agreement (whether
or not the Issuer is an actual or potential party to such Claim).<PAGE>

                                                                   Exhibit 10.12

                       ISSUING AND PAYING AGENT AGREEMENT

This Issuing and Paying Agent Agreement (the "Agreement"), dated as of January
24, 2003, between FMC Technologies, Inc., a Delaware corporation (the "Issuer"),
and Bank One, National Association, a national banking association (the "IPA"),
as issuing and paying agent, in connection with the issuance and payment, in
book entry only form, of certain commercial paper notes (collectively the
"Notes"). The Issuer hereby appoints the IPA its agent to issue, deliver and pay
such Notes as herein set forth. The Issuer hereby agrees with the IPA as
follows:

1.   Definitions.

     Terms capitalized shall have the meanings assigned them below.

     "Advance" means funds credited by the IPA to or on behalf of the Issuer for
     the purpose of either crediting Proceeds to the Note Account or remitting
     payment on Notes.

     "Agreement" means this Issuing and Paying Agent Agreement as defined in the
     preamble, and includes the terms of the Exhibits.

     "Business Day" means any day that both the IPA and DTC are open for
     business.

     "Certificate Agreement" means the Certificate Agreement dated May 17, 1994,
     between DTC and the IPA (formerly known as The First National Bank of
     Chicago), a copy of which is attached hereto as Exhibit C.

     "Dealer" means any person other than an Issuer Agent, which has been
     authorized by the Issuer to deliver Issuance Instructions to the IPA and is
     listed on an Incumbency Certificate.

     "DTC" means The Depository Trust Company, a New York limited purpose trust
     company, and its successors and assigns.

     "GAITIR" means the Global Automated Issuance Trade Initiator and Reporter
     system.

     "Incumbency Certificate" means the certificate of the Issuer, substantially
     in the form of Exhibit A, executed by its Secretary or any of its Assistant
     Secretaries, which identifies Issuer Agents and Dealers from time to time.

     "Indemnified Persons" means the IPA and its officers, directors, employees,
     and agents.

                                       1

<PAGE>

     "Issuance Instructions" means the instructions as to issuance of Notes
     delivered to the IPA by an Issuer Agent or Dealer pursuant to Section 3.B.
     of the Agreement.

     "Issuer Agents" means those officers, employees, or agents of the Issuer
     identified on an Incumbency Certificate the Issuer has authorized to
     execute Notes, deliver Note Issuance Instructions, and deliver other
     notices hereunder to the IPA.

     "Manual" means the DTC Money Market Instrument Issuing/Paying Agent Manual,
     as modified from time to time, including the rules of the DTC Same Day
     Funds Settlement System, Money Market Instruments Program.

     "Maturity Date" means the date any Note is payable by its terms.

     "Note" or "Notes" means the commercial paper notes of the Issuer issued
     pursuant to the Agreement and identified on the records of the IPA as
     evidenced by the Issuer's Corporate Commercial Paper Master Note
     substantially in the form set forth in Exhibit B.

     "Note Account" means the Issuer's demand deposit account number 644600033
     established at the IPA pursuant to Section 6.A.

     "Proceeds" means, with respect to any Note, funds representing the purchase
     price for its original issuance.

     "Representation Letter" means the agreement by and among the IPA, the
     Issuer and DTC with respect to the Notes substantially in the form set
     forth in Exhibit D.

2.   Authorization.

     The Issuer shall deliver to the IPA upon execution of this Agreement an
     Incumbency Certificate to designate the Issuer Agents and Dealers to the
     IPA. Until the IPA receives a subsequent Incumbency Certificate from the
     Issuer, it may rely on the last such Incumbency Certificate delivered to
     it. Any Note bearing the signature of an Issuer Agent on the date such
     signature is affixed thereto shall bind the Issuer after the authentication
     and delivery of such Note even if such person shall have ceased to hold his
     or her office on the date such Note is authenticated and delivered.

3.   Notes.

     A.  The Notes shall be issued to DTC or its nominee in book-entry form
         only. In connection with the issuance of Notes, (i) the IPA and DTC
         have previously entered into the Certificate Agreement and (ii) the
         IPA, the Issuer and DTC shall jointly execute the Representation
         Letter. The Issuer understands and acknowledges that the execution of
         the Certificate

                                       2

<PAGE>

         Agreement and the Representation Letter by the IPA is a necessary
         condition precedent to the acceptance of the Notes by DTC and as such
         the terms of the Certificate Agreement and Representation Letter may
         supplement the provisions of this Agreement.

     B.  Prior to 12:00 noon (Chicago time) on each issuance date, an Issuer
         Agent or Dealer shall provide the IPA with Issuance Instructions
         specifying the issue date, interest rate (if applicable), maturity date
         (which shall be no later than 365 days from the date of issuance
         thereof), proceeds amount, maturity amount, CUSIP number, purchaser and
         purchaser's settlement bank (which bank must be a participant in the
         DTC Same Day Funds Settlement System).

     C.  Following receipt of Issuance Instructions, the IPA will process such
         Issuance Instructions in accordance with and subject to (i) this
         Agreement, (ii) the procedures set forth in the Manual, (iii) the terms
         and conditions of the Certificate Agreement and (iv) the terms and
         conditions of the Representation Letter. Unless otherwise instructed by
         an Issuer Agent or Dealer, Notes delivered under this Agreement shall
         be made against payment as more fully set forth in Section 4 below. In
         the event of a conflict between the terms of this Agreement and the
         terms of the Manual, the Certificate Agreement, or the Representation
         Letter, the provisions of this Agreement shall control.

4.   Proceeds of Sale of Notes.

     A.  The Issuer understands that when the IPA is instructed to deliver
         against payment, the processing of Issuance Instructions may not be
         completed simultaneously against the receipt of payment. Accordingly,
         the IPA is authorized to initiate delivery and to receive payment from
         the purchaser in accordance with the provisions of the Manual. All such
         payments shall be credited upon receipt to the Note Account. The Issuer
         hereby agrees to bear the risk that the IPA may fail to receive payment
         of the Proceeds of any Notes issued pursuant to Issuance Instructions.

     B.  Funds received by the IPA as Proceeds will be credited to the Note
         Account. Prior to receipt of such Proceeds, the IPA may, but shall not
         be obligated to, credit such Proceeds to the Issuer by making an
         Advance. Upon telephonic, written (which may be in facsimile form), or
         electronic instructions received by the IPA from an Issuer Agent, an
         Advance may be (i) used in payment of Notes presented for payment upon
         maturity, (ii) deposited to an account of the Issuer at the IPA, or
         (iii) transferred to the account of the Issuer at another bank. If the
         IPA, in its sole discretion, makes an Advance, the Issuer agrees to
         apply the Proceeds to repay such Advance. If such Proceeds are
         insufficient to repay the Advance in full, the Issuer agrees to repay
         such Advance within 24 hours from the time

                                       3

<PAGE>

         such Advance was made. Interest on any Advance shall accrue from the
         day such Advance is made, and shall bear interest (i) in accordance
         with any separate agreement between the Issuer and the IPA in effect at
         the time, or (ii) if no such separate agreement is then in effect, then
         the Issuer shall repay to the IPA such Advance and the IPA's cost of
         funding such Advance.

5.   Instructions

     A.  The Issuer hereby authorizes the IPA to act in accordance with Issuance
         Instructions received electronically, in writing, by facsimile or by
         telephone from an Issuer Agent or the Dealer. The Issuer or a Dealer
         may initiate Issuance Instructions electronically via GAITIR or
         otherwise in accordance with the IPA's standard business practices. The
         IPA shall be entitled to rely on the Issuance Instructions received
         electronically hereunder and may assume conclusively that all such
         Issuance Instructions are correct and complete and were transmitted by
         the Issuer or on the Issuer's behalf.

     B.  Telephonic Issuance Instructions shall be given to the IPA by an Issuer
         Agent or a Dealer at the telephone number specified by the IPA from
         time to time for such purpose, and shall be expressed to be for the
         attention of any of its officers or employees whose name has been
         specified for such purpose. The telephone numbers initially authorized
         for such purpose are set forth in Exhibit E, which may be modified by
         notice to the Issuer and each Dealer. Telephonic Issuance Instructions
         to the IPA by an Issuer Agent or Dealer shall be confirmed in writing
         by an Issuer Agent or Dealer within 24 hours of the time such
         instructions are given; provided that, in the event a discrepancy
         exists between the telephonic Issuance Instructions and the subsequent
         confirmation, or in the absence of receiving a written confirmation
         prior to the time specified in Sections 3.B. above, the Telephonic
         Issuance Instructions shall be deemed the proper and controlling
         Issuance Instructions. A written confirmation may be effected by any
         electronic means of communications, including transmission by
         telecopier or computer.

6.   Note Account.

     A.  For purposes of the transactions contemplated herein, the Issuer shall
         open and maintain the Note Account.

     B.  Deposits will be made to the Note Account from time to time by or on
         behalf of the Issuer by delivery of funds to be deposited therein. All
         Proceeds shall be credited to the Note Account. Withdrawals or other
         uses

                                       4

<PAGE>

         of the funds from the Note Account shall be made in accordance with
         instructions from an Issuer Agent or to repay amounts payable under
         Sections 4.B. or 7.D. hereof. Notwithstanding anything in this
         Agreement to the contrary, the IPA shall not be obligated (i) to permit
         any withdrawal or other use of funds from the Note Account, or (ii) to
         honor any instructions to those effects, if the IPA, in its sole
         discretion, shall determine that as a result there would be an
         overdraft or negative balance in respect of final credits (whether in
         the course of any day, overnight or otherwise) in the Note Account. The
         Issuer shall deposit in the Note Account on the Maturity Date an amount
         in immediately available funds equal to the principal and interest
         payable on such Notes, unless such funds represent Proceeds and are
         deposited to the Note Account pursuant to Section 4.B.

7.   Payment of Notes.

     A.  The IPA hereby agrees to serve as paying agent of the Issuer with
         respect to each of the Notes presented for payment pursuant to this
         Agreement.

     B.  The IPA is hereby authorized and instructed by the Issuer, to the
         extent that funds sufficient to effect such payment are available in
         the Note Account, to pay, and shall pay, each of the Notes upon
         presentation thereof. The IPA is further hereby authorized and
         instructed by the Issuer to debit the Note Account in the amount of
         each such payment.

     C.  If at any time funds in the Note Account are insufficient to cover
         payment of any matured Notes presented prior to 2:00 p.m. (Chicago
         time) on the Maturity Date of such Notes, the IPA may, but shall not be
         obligated to, pay the Notes thus creating an overdraft for the account
         of the Issuer, which overdraft shall be charged to the Note Account.

     D.  The amount of any resulting overdraft shall represent an Advance by the
         IPA to the Issuer to be promptly repaid by the Issuer together with any
         applicable overdraft charges and interest on such Advance for each day
         such Advance remains outstanding in accordance with Section 4.B.

8.   Representations and Warranties.

         Each day on which an Issuance Instruction is given to the IPA, the
         Issuer shall be deemed to represent and warrant to the IPA that (a) the
         issuance and delivery of the designated Notes will not violate any
         state or federal securities law, (b) the Notes have been duly and
         validly authorized by the Issuer and (c) the Notes, when issued and
         delivered pursuant hereto, will constitute the legal, valid, and
         binding obligations of the Issuer.

                                       5

<PAGE>

9.   Concerning the IPA.

     A.  In acting with respect to the Notes, and generally in acting under the
         provisions hereof, the IPA acts only as agent of the Issuer to perform
         only such duties as are specifically set forth herein and this
         Agreement shall not be construed to subject the IPA to any implied
         covenants or obligations. No provision of this Agreement shall be
         construed to impose upon the IPA any trust, agency of, or fiduciary
         duty to DTC or any beneficial owner of the Notes. The IPA may execute
         any of the powers hereunder or perform any duties hereunder either
         directly or by or through agents or affiliates. The IPA may consult
         with legal counsel regarding matters arising under this Agreement and
         shall not be liable for any action taken in good faith in reliance upon
         the advice of such counsel. The IPA or its affiliates in their
         individual or any other capacity may become the owner or pledgee of
         Notes and may transact business with the Issuer or its affiliates with
         the same rights they would have if the IPA were not acting hereunder.
         The IPA shall be under no liability for interest on any moneys received
         by it hereunder and need not segregate such moneys except as may be
         required by law. Except in the case of the IPA's gross negligence or
         willful misconduct, it shall not be liable to the Issuer for any action
         taken or omitted and reasonably believed by the IPA to be authorized or
         within the powers conferred upon it hereby. In no event shall the IPA
         be liable for consequential, indirect or special damages, even if it
         has been advised of the possibility of such damages. The IPA shall also
         not be liable for any action taken, or any failure to take any action
         in connection with this Agreement or the services provided hereunder or
         otherwise to fulfill its obligations in connection with this Agreement,
         in the event and to the extent that the taking of such action or such
         failure arises out of or is caused by mechanical breakdown, computer or
         system failure or other failure of equipment, failure or malfunctioning
         of any communications media for whatever reason, or any other cause
         outside of the control of the IPA, provided that it undertakes to use
         commercially reasonable efforts to cure any such failure or breakdown
         of its equipment. It is understood by the Issuer that provision of
         services under this Agreement is dependent upon the availability to the
         IPA and the Issuer of telecommunication facilities provided by third
         party vendors and that the IPA does not warrant or guarantee such
         availability.

     B.  The Issuer shall indemnify and hold the Indemnified Persons harmless
         from and against any and all costs, expenses, claims or liabilities
         (including, without limitation, reasonable legal fees and expenses)
         arising out of or connected with the performance of each Indemnified
         Person's duties hereunder, except for costs, expenses, claims or
         liabilities arising out of the gross negligence or willful misconduct
         of an Indemnified Person. Each Indemnified Person may rely and shall be
         protected in

                                       6

<PAGE>

         acting upon any resolution, certificate, opinion, instructions (whether
         oral or otherwise), receipt, or other document reasonably believed by
         such Indemnified Person to be (i) genuine and (ii) to have been signed
         or given by the proper party or parties.

    C.   Fees for the IPA's services, and reimbursement of its expenses
         hereunder shall be as mutually agreed upon in writing between the IPA
         and the Issuer, which are initially set forth as Exhibit F, and shall
         be payable by the Issuer in accordance with such agreement.

    D.   Except as otherwise expressly provided herein, whenever, in the
         administration of this Agreement, the IPA shall deem it necessary that
         a matter be proved or established prior to taking, suffering or
         omitting any action hereunder, such matter (unless other evidence in
         respect thereof be herein specifically prescribed) may be deemed to be
         conclusively proved and established by a certificate or written
         instructions of an Issuer Agent and such certificate or written
         instructions shall be full warranty to the IPA for any action taken,
         suffered, or omitted under the provisions of this Agreement in reliance
         upon such certificate or written instructions.

    E.   Any banking association or corporation into which the IPA may be
         merged, converted or with which it may be consolidated, or any
         corporation resulting from any merger, conversion or consolidation to
         which it shall be a party, shall succeed to all its rights, obligations
         and immunities hereunder without the execution or filing of any paper
         or any further act on the part of any of the parties hereto, anything
         herein to the contrary notwithstanding.

    F.   The IPA's countersignature of a Note shall be for authentication
         purposes only. The IPA shall have no liability on any Notes. Except
         with respect to the IPA's own actions in issuing and delivering Notes
         pursuant to Issuance Instructions, it shall not be liable for the
         authorization, validity or legality of any Notes delivered by it in
         accordance with Issuance Instructions.

    G.   Nothing in this Agreement constitutes a commitment or obligation of the
         IPA or its affiliates to extend any credit to the Issuer, nor shall any
         course of dealing between the Issuer and the IPA be deemed to be, or
         constitute, any such commitment or obligation.

10. Miscellaneous.

    A.   The IPA or the Issuer may terminate this Agreement upon thirty (30)
         days' prior written notice to the other party; provided, however, that
         to the

                                       7

<PAGE>

         extent there are then outstanding any Notes, notwithstanding such
         termination they shall remain valid obligations of the Issuer and shall
         continue to be subject to the provisions of this Agreement. No
         termination of this Agreement shall affect the rights and obligations
         of the parties hereto with respect to transactions initiated prior to
         such termination. In the event that the IPA shall give the Issuer
         notice of termination, the Issuer shall not issue on or after the date
         of such notice any Notes (pursuant to the terms of this Agreement)
         having a maturity in excess of thirty (30) days.

    B.   No amendment or modification of this Agreement shall be effective
         unless the same shall be in writing and signed by both of the parties
         hereto. No waiver of, nor any consent to any departure from, any
         provision of this Agreement shall be effective unless signed by the
         party intended to be bound. No such amendment, modification, waiver or
         consent shall adversely affect the rights of any holder of Notes
         outstanding at the time of such amendment, modification, waiver or
         consent.

    C.   Any obligation under this Agreement or the Notes that falls on a day
         that is not a Business Day shall be performed on the next succeeding
         Business Day.

    D.   Neither party hereto may assign any of its rights or obligations
         hereunder without the consent of the other party hereto.

    E.   This Agreement may be executed in any number of counterparts and by
         each party hereto on separate counterparts, each of which counterparts,
         when so executed and delivered, shall be deemed to be an original and
         all of which counterparts taken together shall constitute one and the
         same Agreement.

11. Notices.

    Any notices, demands, instructions and other communications required or
    permitted to be given or made upon either party shall be in writing and
    shall be personally delivered or sent by first class mail, postage prepaid
    (or telecopier, as permitted hereunder), and shall be effective for purposes
    of this Agreement upon receipt by the intended recipient thereof at the
    address designated by such recipient, or on the next succeeding Business Day
    if received on other than a Business Day. Unless otherwise specified in a
    notice sent or delivered in accordance with the foregoing provisions of this
    paragraph (or with respect to Issuance Instructions, as permitted
    hereunder), notices, demands, instructions and other communications in
    writing shall be addressed as indicated below:

                                       8

<PAGE>

    If to the IPA             Bank One, National Association
                              1 Bank One Plaza
                              Mail Code IL1-0823
                              Chicago, Illinois 60670-0823
                              Attn:  Commercial Paper Client Services
                              Telephone:  (312) 407-3358
                              Telecopier: (312) 336-8840

    If to the Issuer:         FMC Technologies, Inc.
                              200 East Randolph Drive
                              Chicago, Illinois 60601
                              Attn:       Joseph J. Meyer
                              Telephone:  (312) 861-6146
                              Telecopier: (312) 861-5797

12. GAITIR License

    A.   The IPA grants to the Issuer a personal, non-transferable and
         non-exclusive license to use the instruction and reporting
         communication software, GAITIR, to transmit Issuance Instructions made
         pursuant to Section 3 hereof and to obtain reports with respect to the
         Notes. The IPA warrants that, for ninety (90) days from the date of
         installation of each copy of GAITIR software, such copy will perform
         substantially in accordance with user documentation provided by the
         IPA. The IPA warrants that the tape, diskettes, or other media on which
         GAITIR software is delivered will be free of defects in materials and
         workmanship during the same ninety (90) days. The Issuer acknowledges
         that (a) GAITIR IS PROVIDED TO THE ISSUER WITHOUT ADDITIONAL WARRANTIES
         OR REPRESENTATIONS, EXPRESS OR IMPLIED OF ANY KIND WHATSOEVER BY THE
         IPA OR ANY THIRD PARTY VENDOR, INCLUDING BUT NOT LIMITED TO, THE
         IMPLIED WARRANTY OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
         PURPOSE; (b) GAITIR is proprietary and confidential property of the IPA
         disclosed to the Issuer in confidence and only on the terms and
         conditions and for purposes set forth in this Agreement, and (c) GAITIR
         is a registered trademark of Bank One Corporation. The IPA represents
         that it has all power and authority to grant to the Issuer the license
         set forth in this Section 12.A.

                                       9

<PAGE>

    B.   By this Agreement, the Issuer acquires no title, ownership or
         sublicensing rights whatsoever in GAITIR or in any trade secret,
         trademark, copyright or patent of the IPA now or to become applicable
         to GAITIR. The Issuer may not transfer, sublicense, assign, rent,
         lease, convey, modify, translate, convert to a programming language,
         decompile, disassemble, recirculate, republish or redistribute GAITIR
         for any purpose without the prior written consent of the IPA, provided;
         however, that the Issuer may make copies of the software for back-up
         purposes only without prior written consent of the IPA. The Issuer
         shall take commercially reasonable efforts to secure and protect GAITIR
         against any disclosure or transfer of any part thereof to any third
         party.

    C.   In the event (a) any action is taken or threatened which may result in
         a disclosure or transfer of GAITIR or any part thereof, other than as
         authorized by this Agreement, or (b) the use of any trademark, trade
         name, service mark, service name, copyright or patent of the IPA by the
         Issuer amounts to unfair competition, or otherwise constitutes a
         possible violation of any kind, then the IPA shall have the right to
         take any and all action deemed necessary to protect their rights in
         GAITIR, and to avoid the substantial and irreparable damage which would
         result from such disclosure, transfer or use, including the immediate
         termination of the Issuer's right to use GAITIR.

    D.   To permit the use of GAITIR to issue Instructions and/or obtain reports
         with respect to the Notes, the IPA will supply the Issuer with an
         identification number and initial passwords. From time to time
         thereafter, the Issuer may change its passwords directly through
         GAITIR. The Issuer will keep all information relating to its
         identification number and passwords strictly confidential and will be
         responsible for the maintenance of adequate security over its customer
         identification number and passwords.

    E.   Upon the termination of this Agreement, Issuer shall promptly return
         all copies of GAITIR and any related manuals, instructions and similar
         information to the IPA.

    F.   The IPA shall assume and defend and may, at its option, settle any
         claim, action or proceeding brought against the Issuer alleging that
         GAITIR infringes upon any trademark, trade name, trade secret, service
         mark, service name, patent or copyright and shall indemnify the Issuer
         against all costs incurred in connection with and all damages finally
         awarded in any such claim, action or proceeding.

                                       10

<PAGE>

13. GOVERNING LAW.

    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
    INTERNAL LAW OF THE STATE OF NEW YORK (EXCLUDING ITS CONFLICTS OF LAWS
    RULES).

14. Entire Agreement.

    This Agreement together with the Exhibits, constitute the entire agreement
    between the IPA and the Issuer relating to the subject matter hereof, and
    supersedes all proposals and all other communications between the parties
    relating hereto.

                                        FMC Technologies, Inc.

                                        By:    /s/ Joseph J. Meyer
                                               ---------------------------------
                                        Name:  Joseph J. Meyer
                                               ---------------------------------
                                        Title: Director, Treasury Operations
                                               ---------------------------------

                                        By:    /s/ Brian D. Yates
                                               ---------------------------------
                                        Name:  Brian D. Yates
                                               ---------------------------------
                                        Title: Manager, Corporate Finance
                                               ---------------------------------

                                        BANK ONE, National Association,
                                               as Issuing and Paying Agent

                                        By:    /s/ Maria G. Romero
                                               ---------------------------------
                                        Name:  Maria G. Romero
                                               ---------------------------------
                                        Title: Corporate Account Representative
                                               ---------------------------------

                                       11

<PAGE>

                                LIST OF EXHIBITS*

Exhibit A                           Form of Issuer Incumbency Certificate

Exhibit B                           Form of Master Note

Exhibit C                           Commercial Paper Certificate Agreement

Exhibit D                           Form of Issuer/IPA/DTC Representation Letter

Exhibit E                           Telephone Numbers for Telephonic Issuance

                                    Instructions to the IPA

Exhibit F                           IPA Fee Schedule

------------------
* The exhibits to the Issuing and Paying Agent Agreement have been omitted. FMC
Technologies, Inc. hereby agrees to furnish supplementally a copy of any omitted
exhibit to the Securities and Exchange Commission upon request.

                                       12

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