Document:

<PAGE>

                                                                   EXHIBIT 10.22

                                 AMENDMENT NO. 2

                            Dated as of July 16,2002

                                       to

                                CREDIT AGREEMENT

                            Dated as of May 24, 2000

         REINSURANCE GROUP OF AMERICA, INCORPORATED, as Borrower, the BANKS
party hereto and THE BANK OF NEW YORK, as Administrative Agent, agree as
follows:

         1. Credit Agreement. Reference is made to the Credit Agreement, dated
as of May 24, 2000 among Reinsurance Group of America, Incorporated, as
Borrower, The Bank of New York, as Administrative Agent, Bank of America, N.A.,
as Syndication Agent, Fleet National Bank, as Documentation Agent, and Royal
Bank of Canada, as Co-Agent (as amended prior to the date hereof, the "Credit
Agreement"). Terms used but not defined in this Amendment (this Amendment") are
used herein with the meaning ascribed to them in the Credit Agreement.

         2. Amendments. On and after the Effective Date (as defined below), the
Credit Agreement shall be amended as follows:

         (a) The following new definition shall be added in the correct
alphabetical order to Section 10.01 of the Credit Agreement:

                  "Insurance Subsidiary Guaranty" means any Guaranty issued by
                  the Borrower guaranteeing the liability of any Subsidiary that
                  is an Insurance Company in respect of any reinsurance
                  underwritten by such Subsidiary.

         (b) The following definitions in Section 10.01 of the Credit Agreement
shall be amended and restated in their entirety to read as follows:

                  "Consolidated Indebtedness" means, at any time, the
                  consolidated Indebtedness of the Borrower and the Consolidated
                  Subsidiaries as of such time; provided, however, for purposes
                  of calculating the covenant contained in Section 4.21,
                  Consolidated Indebtedness shall not include (i) the obligation
                  of the Borrower or any Subsidiary that is an Insurance Company
                  under letters of credit to the extent undrawn supporting the
                  liability of such Subsidiary in respect of any reinsurance
                  underwritten by such Subsidiary, (ii) the obligation of the
                  Borrower under any Insurance Subsidiary Guaranty to the extent
                  no demand has been made or deemed made on such Insurance
                  Subsidiary Guaranty and (iii) the aggregate outstanding
                  Indebtedness evidenced by the Trust Preferred Securities to

<PAGE>

                  the extent the accreted value of such Indebtedness does not
                  exceed the TPS Exclusion Amount.

                  "Permitted Guaranty" means any Guaranty that (a) is an
                  endorsement of a check for collection in the ordinary course
                  of business, (b) is a Guaranty of and only of the obligations
                  of the Borrower under the Loan Documents, (c) constitutes
                  Indebtedness for purposes of calculating the covenant in
                  Section 4.21, (d) is a Trust Guaranty, (e) is an Insurance
                  Subsidiary Guaranty or (f) is a Guaranty, not otherwise
                  specifically covered in this definition, of Liabilities of a
                  Subsidiary in an aggregate amount at any time outstanding not
                  exceeding $15,000,000.

         3. Continuing Effect of Credit Agreement. The provisions of the Credit
Agreement are and shall remain in full force and effect and are hereby in all
respects confirmed, approved and ratified.

         4. Representations and Warranties. In order to induce the
Administrative Agent and the Banks to agree to this Amendment, the Borrower
hereby represents and warrants as follows:

         Each representation and warranty made by the Borrower in any Loan
Document is, both before and after giving effect to this Amendment, true and
correct at and as of the Effective Date, and, both before and after giving
effect to this Amendment, no Default or Event of Default is continuing at and as
of the Effective Date.

         5. Conditions to Effectiveness. This Amendment shall be effective as of
the date first written above, but shall not become effective as of such date
until the date (the "Effective Date") that each of the following conditions
shall have been satisfied in the sole determination of the Administrative Agent:

         (a) the Administrative Agent shall have received each of the following,
in form and substance satisfactory to the Administrative Agent:

                  (i) this Amendment duly executed by the Borrower, the
         Administrative Agent and the Required Banks; and

                  (ii) such other information, documents or materials as the
         Administrative Agent may have requested pursuant to the Loan Documents;
         and

         (b) the Administrative Agent shall have received all fees and expenses
payable pursuant to the Loan Documents and this Amendment including the fees and
disbursements of legal counsel retained by the Agent (if an invoice for such
fees and disbursements of such counsel has been delivered to the Borrower).

         6. Governing Law. This Amendment shall, pursuant to New York General
Obligations Law 5-1401, be construed in accordance with and governed by the laws
of the State of New York.

                                       2

<PAGE>

         7. Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereon were upon the same instrument.

         8. Headings. Section headings in this Amendment are included herein for
convenience and reference only and shall not constitute a part of this Amendment
for any other purpose.

                                       3

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2
to be executed by their duly authorized officers all as of the date first above
written.

                                       REINSURANCE GROUP OF AMERICA,
                                       INCORPORATED, as Borrower

                                       By: /s/ Todd C. Larson
                                          --------------------------------------
                                          Name: Todd C. Larson
                                          Title: SVP, Controller and Treasurer

                                       THE BANK OF NEW YORK, as Administrative
                                       Agent and as a Bank

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

                                       BANK OF AMERICA, N.A.
                                       as a Bank

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

                                       FLEET NATIONAL BANK
                                       as a Bank

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

                                       ROYAL BANK OF CANADA
                                       as a Bank

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

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2
to be executed by their duly authorized officers all as of the date first above
written.

                                      REINSURANCE GROUP OF AMERICA,
                                      INCORPORATED, as Borrower

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

                                      THE BANK OF NEW YORK, as Administrative
                                      Agent and as a Bank

                                      BY: /s/ Evan Glass
                                         ---------------------------------------
                                         Name: Evan Glass
                                         Title: Vice President

                                      BANK OF AMERICA, N.A.
                                      as a Bank

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

                                      FLEET NATIONAL BANK
                                      as a Bank

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

                                      ROYAL BANK OF CANADA
                                      as a Bank

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

<PAGE>

         IN WITNESS WHEREOF,the parties hereto have caused this Amendment No. 2
to be executed by their duly authorized officers all as of the date first above
written.

                                      REINSURANCE GROUP OF AMERICA,
                                      INCORPORATED, as Borrower

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

                                      THE BANK OF NEW YORK, as Administrative
                                      Agent and as a Bank

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

                                      BANK OF AMERICA, N.A.
                                      as a Bank

                                      By: /s/ Leslie Reed
                                         ---------------------------------------
                                         Name: Leslie Reed
                                         Title: Vice President

                                      FLEET NATIONAL BANK
                                      as a Bank

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

                                      ROYAL BANK OF CANADA
                                      as a Bank

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

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2
to be executed by their duly authorized officers all as of the date first above
written.

                                        REINSURANCE GROUP OF AMERICA,
                                        INCORPORATED, as Borrower

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

                                        THE BANK OF NEW YORK, as Administrative
                                        Agent and as a Bank

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

                                        BANK OF AMERICA, N.A.
                                        as a Bank

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

                                        FLEET NATIONAL BANK
                                        as a Bank

                                        By: /s/ David A. Bosselait
                                           -------------------------------------
                                           Name: David A. Bosselait
                                           Title: Director

                                        ROYAL BANK OF CANADA
                                        as a Bank

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

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to
be executed by their duly authorized officers all as of the date first above
written.

                                        REINSURANCE GROUP OF AMERICA,
                                        INCORPORATED, as Borrower

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

                                        THE BANK OF NEW YORK, as Administrative
                                        Agent and as a Bank

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

                                        BANK OF AMERICA, N.A.
                                        as a Bank

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

                                        FLEET NATIONAL BANK
                                        as a Bank

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

                                        ROYAL BANK OF CANADA
                                        as a Bank

                                        By: /s/ Alexander Birr
                                           -------------------------------------
                                           Name: Alexander Birr
                                           Title: Senior Manager

<PAGE>

                                       MELLON BANK, N.A.
                                       as a Bank

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

                                       5<PAGE>
                                                                     EXHIBIT 4.1

                             AMENDMENT NO. 2 TO THE
                                CREDIT AGREEMENT

                                                       Dated as of June 17, 2002

                  AMENDMENT NO. 2 TO THE CREDIT AGREEMENT among DRESSER, INC.,
a Delaware corporation (the "U.S. BORROWER") and D.I. LUXEMBOURG S.A.R.L., a
corporation organized and existing under the laws of Luxembourg (the "EURO
BORROWER", and, collectively with the U.S. Borrower, the "BORROWERS"), DEG
ACQUISITIONS, LLC, a limited liability company organized and existing under the
laws of Delaware ("DEG ACQUISITIONS"), the Subsidiary Guarantors party to the
Credit Agreement referred to below (the "SUBSIDIARY GUARANTORS"), the banks,
financial institutions and other institutional lenders party to the Credit
Agreement referred to below (collectively, the "LENDERS") MORGAN STANLEY & CO.
INCORPORATED, as collateral agent (the "COLLATERAL AGENT"), MORGAN STANLEY
SENIOR FUNDING, INC., as administrative agent (the "ADMINISTRATIVE AGENT") for
the Lenders and CREDIT SUISSE FIRST BOSTON ("CSFB"), as syndication agent (the
"SYNDICATION AGENT", and together with the Collateral Agent and the
Administrative Agent, the "AGENTS").

                  PRELIMINARY STATEMENTS:

                  (1) The Borrowers, DEG Acquisitions, the Subsidiary
Guarantors, the Lenders and the Agents have entered into a Credit Agreement
dated as of April 10, 2001, as amended by Amendment No. 1 thereto dated as of
March 13, 2002 (such Credit Agreement, as amended, supplemented or otherwise
modified through the date hereof, the "CREDIT AGREEMENT"). Capitalized terms not
otherwise defined in this Amendment have the same meanings as specified in the
Credit Agreement.

                  (2) The Borrowers and the Required Lenders have agreed to
amend the Credit Agreement as hereinafter set forth.

                  SECTION 1. Amendments to Credit Agreement. The Credit
Agreement is, effective as of the date hereof and subject to the satisfaction of
the conditions precedent set forth in Section 4, hereby amended as follows:

                           (a) The definitions of "Change of Control" and
         "Parent" in Section 1.01 thereof are amended in full to read as
         follows:

                  "CHANGE OF CONTROL" means the occurrence of any of the
                  following: (a) the Permitted Investors and their Related
                  Parties cease to own, directly or indirectly, more than 50% of
                  the Voting Interests of the U.S. Borrower, or (b) the first
                  date during any consecutive two-year period on which a
                  majority of the members of the board of directors of DEG
                  Acquisitions are not Continuing Directors, or (c) prior to an
                  IPO, the Parent shall cease to own, at least 90% of the Voting
                  Interests, other than Excluded Voting Interests, in each of
                  the Borrowers (provided that the

<PAGE>

                  Parent shall in no event cease to own more than 50% of the
                  Voting Interests in the U.S. Borrower on a fully diluted basis
                  (such percentage to be calculated taking into account the
                  Excluded Voting Interests)), or (d) after an IPO, the Parent
                  shall cease to own more than 50% of the Voting Interests in
                  the U.S. Borrower.

                  "PARENT" means (a) prior to the effectiveness (in accordance
                  with its terms) of Amendment No. 2 to this Agreement, dated as
                  of June 17, 2002, the entity defined as "Parent" in the
                  recital of parties to this Agreement; and (b) upon and after
                  the effectiveness (in accordance with its terms) of Amendment
                  No. 2 to this Agreement, dated as of June 17, 2002, Delaware
                  Intermediate HoldCo; provided, however, that DEG Acquisitions
                  shall in any case remain a guarantor of all Obligations of the
                  Loan Parties existing under or arising in respect of the Loan
                  Documents.

                  (b) Section 1.01 thereof is further amended by inserting
         therein the following definitions in appropriate alphabetical order:

                  "DEG ACQUISITIONS" means DEG Acquisitions, LLC, a limited
                  liability company organized and existing under the laws of
                  Delaware.

                  "DELAWARE INTERMEDIATE HOLDCO" means Dresser Holdings, Inc., a
                  Delaware corporation.

                  "PARENT COMPANIES" means, collectively, (i) Delaware
                  Intermediate HoldCo., (ii) Dresser Holdings, Ltd., a
                  corporation organized and existing under the laws of Bermuda,
                  and (iii) Dresser, Ltd., a corporation organized and existing
                  under the laws of Bermuda.

                  (c) The definition of "NET CASH PROCEEDS" appearing in Section
         1.01 thereof is amended by inserting therein after the phrase "the sale
         or issuance of any Equity Interests to any Person other than", the
         words "by any Parent Company to another Parent Company or DEG
         Acquisitions".

                  (d) Section 2.06(b)(ii) thereof is amended by inserting
         therein after the introductory phrase "The Applicable Borrower shall,
         on the date of receipt of the Net Cash Proceeds by the Parent or any of
         its Subsidiaries", the parenthetical "(or by DEG Acquisitions or any of
         its Subsidiaries in the case of clause (C) below)".

                  (e) Section 2.06(b)(ii)(C) thereof is amended in full to read
         as follows:

                  (C) the issuance and sale by DEG Acquisitions or any of its
                  Subsidiaries of any Equity Interests (including, without
                  limitation, receipt of any capital contribution but excluding
                  (i) any issuance of Equity Interests of the Parent Companies
                  or DEG Acquisitions solely for the purpose of repaying the
                  Senior Subordinated Notes or any other Debt permitted by
                  Section 5.02(b), (ii) any issuance of Equity Interests by a
                  Parent Company to another Parent Company or DEG Acquisitions,
                  by the U.S. Borrower to the Parent or by any Subsidiary of the
                  U.S. Borrower to the U.S. Borrower or another Subsidiary of
                  the U.S. Borrower, (iii) 50% of any

                                       2
<PAGE>

                  Net Cash Proceeds from any issuance of Equity Interests of DEG
                  Acquisitions or any of its Subsidiaries pursuant to a bona
                  fide underwritten initial public offering if the Total
                  Debt/EBITDA Ratio at such time is equal to or greater than
                  2.00:1.00 (calculated after giving effect to the application
                  of the proceeds of such issuance), (iv) 100% of any Net Cash
                  Proceeds from any issuance of Equity Interests of DEG
                  Acquisitions or any of its Subsidiaries pursuant to a bona
                  fide underwritten initial public offering if the Total
                  Debt/EBITDA Ratio at such time is less than 2.00:1.00
                  (calculated after giving effect to the application of the
                  proceeds of such issuance), and (v) any issuance of Equity
                  Interests of DEG Acquisitions or any of its Subsidiaries
                  solely to finance a Permitted Acquisition or the Pending
                  Acquisition)

                  SECTION 2. Consent to the merger of U.S. Borrower into Dresser
Mergerco, Inc. Notwithstanding anything provided to the contrary in Sections
5.02(d) or 5.02(g) of the Credit Agreement, the Lenders hereby consent,
effective as of the date hereof and subject to the satisfaction of the
conditions precedent set forth in Section 4, to the merger of the U.S. Borrower
into Dresser Mergerco, Inc., a Delaware corporation (the "MERGER"); provided
that, after giving effect to the Merger, (i) the U.S. Borrower shall be the
surviving corporation, and (ii) the U.S. Borrower shall be a wholly-owned
Subsidiary of Delaware Intermediate HoldCo.

                  SECTION 3. Release of Collateral consisting of Equity
Interests in the U.S. Borrower. Effective as of the date hereof and subject to
the satisfaction of the conditions precedent set forth in Section 4, the
Collateral Agent shall, at DEG Acquisitions' expense, execute and deliver to DEG
Acquisitions such documents as DEG Acquisitions shall reasonably request to
evidence the release of the lien and security interest granted by DEG
Acquisitions to the Collateral Agent, for the benefit of the Lenders, in the
Equity Interests of the U.S. Borrower owned by DEG Acquisitions.

                  SECTION 4. Conditions of Effectiveness. This Amendment shall
become effective as of the date first above written when, and only when, (A) the
Administrative Agent shall be satisfied with the corporate and legal structure
and capitalization of each of (i) Dresser, Ltd., a corporation organized and
existing under the laws of Bermuda, (ii) Dresser Holdings, Ltd., a corporation
organized and existing under the laws of Bermuda, (iii) Delaware Intermediate
HoldCo and (iv) Dresser Mergerco, Inc., including in each case the terms and
conditions of the charter, bylaws and other constituent documents and of each
agreement or instrument relating to such structure and capitalization, and (B)
the Administrative Agent shall have received each of the following:

                  (i) counterparts of this Amendment executed by the Borrowers
         and the Required Lenders or, as to any of the Lenders, advice
         satisfactory to the Administrative Agent that such Lender has executed
         this Amendment;

                  (ii) the consent attached hereto duly executed by each
         Guarantor and each Grantor;

                  (iii) a Guaranty Supplement in the form of Exhibit H to the
         Credit Agreement duly executed by DEG Acquisitions;

                                       3
<PAGE>

                  (iv) an assumption agreement in form and substance
         satisfactory to the Administrative Agent duly executed by Delaware
         Intermediate HoldCo with respect to the assumption by Delaware
         Intermediate HoldCo of all of the Obligations of DEG Acquisitions
         arising under the Loan Documents (including, without limitation, as
         Guarantor or Grantor thereunder), together with evidence that all
         action the Administrative Agent may deem necessary or desirable in
         order to perfect and protect the first priority lien and security
         interest created under the Collateral Documents in the assets of
         Delaware Intermediate HoldCo have been taken;

                  (v) a merger agreement in form and substance satisfactory to
         the Administrative Agent with respect to the Merger, duly executed by
         each of the parties thereto; and

                  (vi) a favorable opinion of Latham & Watkins, United States
         counsel for the Loan Parties, in form and substance satisfactory to the
         Administrative Agent.

                  This Amendment is subject to the provisions of Section 9.01 of
the Credit Agreement.

                  SECTION 5. Representations and Warranties of the Borrower.
Each Borrower represents and warrants as follows:

                           (a) On the date hereof, after giving effect to this
         Amendment, (i) no event has occurred and is continuing, or would result
         from the effectiveness of this Amendment, that constitutes a Default
         and (ii) all representations and warranties set forth in the Loan
         Documents shall be true and correct in all material respects.

                           (b) No authorization or approval or other action by,
         and no notice to or filing with, any governmental authority or
         regulatory body or any other third party is required for the due
         execution, delivery or performance by the Borrowers of this Amendment
         and by the Guarantors and the Grantors of the consent attached hereto
         or other transactions contemplated hereby.

                           (c) This Amendment has been duly executed and
         delivered by the Borrowers. The consent attached hereto has been duly
         executed and delivered by each of the Guarantors and the Grantors. This
         Amendment and each of the other Loan Documents, as amended hereby, to
         which each Borrower, each Guarantor and each Grantor is a party are
         legal, valid and binding obligations of such Borrower, such Guarantor
         and such Grantor, as applicable, enforceable against such Borrower,
         such Guarantor and such Grantor, as applicable, in accordance with
         their respective terms.

                                       4
<PAGE>

                  SECTION 6. Reference to and Effect on the Credit Agreement and
the Notes. (a) On and after the effectiveness of this Amendment, each reference
in the Credit Agreement to "this Agreement", "hereunder", "hereof" or words of
like import referring to the Credit Agreement, and each reference in the Notes
and each of the other Loan Documents to "the Credit Agreement", "thereunder",
"thereof" or words of like import referring to the Credit Agreement, shall mean
and be a reference to the Credit Agreement, as amended by this Amendment.

                  (a) The Credit Agreement, the Notes and each of the other Loan
Documents, as specifically amended by this Amendment, are and shall continue to
be in full force and effect and are hereby in all respects ratified and
confirmed. Without limiting the generality of the foregoing, the Collateral
Documents and all of the Collateral described therein do and shall continue to
secure the payment of all Obligations of the Loan Parties under the Loan
Documents, in each case as amended by this Amendment.

                  (b) The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided herein, operate as a waiver of
any right, power or remedy of any Lender or the Administrative Agent under any
of the Loan Documents, nor constitute a waiver of any provision of any of the
Loan Documents.

                  SECTION 7. Costs, Expenses. Each Borrower agrees to pay on
demand all costs and expenses of the Administrative Agent in connection with the
preparation, execution, delivery and administration, modification and amendment
of this Amendment and the other instruments and documents to be delivered
hereunder (including, without limitation, the reasonable fees and expenses of
counsel for the Administrative Agent) in accordance with the terms of Section
9.04 of the Credit Agreement.

                  SECTION 8. Execution in Counterparts. This Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute but one and the same
agreement. Delivery of an executed counterpart of a signature page to this
Amendment by telecopier shall be effective as delivery of a manually executed
counterpart of this Amendment.

                  SECTION 9. Governing Law. This Amendment shall be governed by,
and construed in accordance with, the laws of the State of New York.

                                       5
<PAGE>

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

                                            DRESSER, INC., as U.S. Borrower

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

                                       6
<PAGE>

                                        D.I. LUXEMBOURG S.A.R.L.,
                                        as Euro Borrower

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

<PAGE>

                                        DEG ACQUISITIONS, LLC

                                        By First Reserve Corporation, its
                                        Manager

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

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

<PAGE>

                                        MORGAN STANLEY SENIOR FUNDING, INC., as
                                        Administrative Agent

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

<PAGE>

                                        MORGAN STANLEY & CO. INCORPORATED, as
                                        Collateral Agent

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

<PAGE>

                                        CREDIT SUISSE FIRST BOSTON,
                                        as Syndication Agent

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

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

<PAGE>

                                        UBS WARBURG LLC,
                                        as Co-Documentation Agent

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

<PAGE>

                                        GENERAL ELECTRIC CAPITAL CORPORATION, as
                                        Co-Documentation Agent

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

<PAGE>

                                        REVOLVING CREDIT LENDERS, TRANCHE A EURO
                                        TERM LENDERS AND TRANCHE A U.S. TERM
                                        LENDERS

                                        ----------------------------------------
                                        [Print Name of Financial Institution]

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

<PAGE>

                                        TRANCHE B TERM LENDERS

                                        ----------------------------------------
                                        [Print Name of Financial Institution]

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

<PAGE>

                                        ISSUING BANKS

                                        WELLS FARGO BANK, N.A.

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

                                       2
<PAGE>

                                        CREDIT SUISSE FIRST BOSTON

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

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

<PAGE>

                                   SWING LINE BANK

                                        WELLS FARGO BANK TEXAS, N.A.

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

<PAGE>

                                     CONSENT

                                                       Dated as of June 17, 2002

                  Each of the undersigned as a Loan Party under the Credit
Agreement referred to in the foregoing Amendment and as Grantor under the
Security Agreement dated as of April 10, 2001 (as amended, supplemented or
otherwise modified from time to time, the "SECURITY AGREEMENT") in favor of the
Collateral Agent, for its benefit and the benefit of the Lenders party to the
Credit Agreement referred to in the foregoing Amendment, hereby consents to such
Amendment and hereby confirms and agrees that (a) notwithstanding the
effectiveness of such Amendment, each Loan Document is, and shall continue to
be, in full force and effect and is hereby ratified and confirmed in all
respects, except that, on and after the effectiveness of such Amendment, each
reference in each Loan Document to the "Credit Agreement", "thereunder",
"thereof" or words of like import shall mean and be a reference to the Credit
Agreement, as amended by such Amendment, and (b) the Collateral Documents to
which such Grantor is a party and all of the Collateral described therein do,
and shall continue to, secure the payment of all of the Secured Obligations (in
each case, as defined therein).

                                       DRESSER INTERNATIONAL, INC.

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

                                       DRESSER RE, INC.

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

                                       DRESSER RUSSIA, INC.

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

                                       2
<PAGE>

                                       LVF HOLDING CORPORATION

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

                                       MODERN ACQUISITIONS, INC.

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

                                       3

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