Document:

Exhibit 10.22

 Exhibit 10.22 
 Commercial Paper Dealer Agreement 
 [4(2) Program]

 This agreement as amended, supplemented or otherwise modified and in effect from time to time (the “Agreement”) sets forth the
understandings between the Issuer and the Dealer, each named on the cover page hereof, in connection with the issuance and sale by the Issuer of its short-term promissory notes (the “Notes”) through the Dealer. 
 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. 
  

	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 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 those contained in Section 1 of this Agreement, of which the Issuer hereby undertakes to provide the Dealer prompt notice. 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 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 397 days from the date of issuance and may have such terms as are specified in Exhibit C hereto or the
Private Placement Memorandum. The Notes shall not contain any provision for extension, renewal or automatic “rollover.” 

  

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	 	1.4	The authentication and issuance of, and payment for, the Notes shall be effected in accordance with the Issuing and Paying Agency Agreement, and the Notes shall be
either individual physical certificates or book-entry notes evidenced by one or more master notes (each, a “Master Note”) registered in the name of The Depository Trust Company (“DTC”) or its nominee, in the form or forms annexed
to the Issuing and Paying Agency 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 or interest rate index and margin (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 Agency Agreement
and payment for such Note shall be made by the purchaser thereof, either directly or through the Dealer, to the Issuing and Paying Agent, for the account of the Issuer. Except as otherwise agreed, in the event that the Dealer is acting as an agent
of the Issuer 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 against its return of the Note to the Issuer, in the case of a certificated Note, and upon notice of such failure in the case of a book-entry Note. 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	All offers and sales of the Notes by the Issuer shall be effected pursuant to the exemption from the registration requirements of the Securities Act provided by
Section 4(2) thereof, which exempts transactions by an issuer not involving any public offering. 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 by the Dealer only to: (i) investors reasonably believed by the Dealer to be Qualified
Institutional Buyers, Institutional Accredited Investors or Sophisticated Individual Accredited Investors and (ii) non-bank fiduciaries or agents that will be purchasing Notes for one or more accounts, each of which is reasonably believed by
the Dealer to be an Institutional Accredited Investor or Sophisticated Individual Accredited Investor. 

  

	 	(b)	Resales and other transfers of the Notes by the holders thereof shall be made only in accordance with the restrictions in the legend 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 the Dealer, which shall not be unreasonably withheld, the Issuer shall not issue any press release or place or publish any “tombstone” or other advertisement relating to the Notes. 

  

 n Commercial Paper Dealer Agreement 4(2)
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	 	(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 made in accordance with Rule 506 under the Securities Act, and
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, as well as on each individual certificate representing a Note and each Master Note representing book-entry Notes offered and sold pursuant to this Agreement. 

  

	 	(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 the Dealer would be ineligible for resale under Rule 144A, the Issuer shall immediately notify the Dealer (by
telephone, confirmed in writing) of such fact and shall promptly prepare and deliver to the 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. 

  

	 	(i)	 In the event that the Issuer issues 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, 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 Securities Act in selling commercial paper or other short-term debt securities other than the Notes in the United States. The

  

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Dealer agrees with the Issuer not to offer or sell any Notes in a manner that might call into question the availability of the private offering exemption contained in Section 4(2) of the
Securities Act and Rule 144A thereunder, it being agreed that the foregoing procedures do not call into question the availability of such exemption. 

  

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

  

	 	(a)	The 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 or the other dealers referred to in Section 1.2 hereof, 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 Rule 506 thereunder 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 two business days’ prior written notice to that effect. The Issuer shall also give the Dealer prompt notice of the
actual date that it commences to purchase 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 either (i) 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 or (ii) in a manner which would not cause a violation of Regulation T and the interpretations thereunder. 

  

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	2.	Representations and Warranties of Issuer. 

 The Issuer represents and warrants that: 
  

	 	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 Agency Agreement. 

  

	 	2.2	This Agreement and the Issuing and Paying Agency Agreement have been duly authorized, executed and delivered by the Issuer 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). 

  

	 	2.3	The Notes have been duly authorized, and when issued and delivered as provided in the Issuing and Paying Agency Agreement, will be duly and validly issued and will
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). 

  

	 	2.4	Assuming compliance by the Dealer with the procedures applicable to it set forth in Section 1 hereof, the offer and sale of the 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 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 Agency
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 Agency Agreement, nor the issuance of the Notes in accordance with the
Issuing and Paying Agency 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 a default under any of the terms of the Issuer’s charter documents or by-laws, any contract or instrument to which the Issuer is a
party or by which it

  

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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 default could reasonably be expected to have a material adverse effect on the financial condition 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 Agency Agreement. 

  

	 	2.8	All of the agreements or indentures listed as exhibits in exhibit number 10.1 through 10.23 to the Issuer’s Annual Report of Form 10-K for the year ended
December 31, 2004 are all of the contracts required to be so filed. 

  

	 	2.9	Except as disclosed in the Company Information, 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 might reasonably be expected to result in a material adverse change in the financial condition 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 Agency Agreement. 

  

	 	2.10	The Issuer is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

  

	 	2.11	Neither the Private Placement Memorandum nor the Company Information contains any untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

  

	 	2.12	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 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 (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 financial condition of the Issuer and its subsidiaries taken as a whole which has not been disclosed to the Dealer in writing. 

  

 n Commercial Paper Dealer Agreement 4(2)
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	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 Agency Agreement, including a complete copy of any such amendment, modification or waiver. 

  

	 	3.2	The Issuer shall, whenever there shall occur any change in the financial condition of the Issuer and its subsidiaries taken as a whole or any development or occurrence
in relation to the Issuer that would have a material adverse effect on the holders of the Notes or potential holders of the Notes (including any downgrading or receipt of any notice of intended downgrading 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 change, development or occurrence. 

  

	 	3.3	The Issuer shall from time to time furnish to the Dealer such information as the Dealer may reasonably request, which information is either prepared by or on behalf of
the Issuer or its subsidiaries in the ordinary course of business or is otherwise available to the Borrower or its subsidiaries without unreasonable e burden or expense, regarding (i) the Issuer’s operations and financial condition,
(ii) the due authorization and execution of the Notes and (iii) 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, however, 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 will not be in default of any of its obligations hereunder, under the Notes or under the Issuing and Paying Agency Agreement, at any time that any of the
Notes are outstanding. 

  

	 	3.6	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, reasonably
satisfactory in form and substance to the Dealer, (b) a copy of the executed Issuing and Paying Agency Agreement as then in effect, (c) a copy of resolutions adopted by the Board of Directors of the Issuer, reasonably 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 Agency Agreement and the Notes and consummation by the Issuer of
the transactions contemplated hereby and thereby, (d) prior to the issuance of any book-entry Notes represented by a master note registered in the name of DTC or its nominee, a copy of the executed Letter of Representations among the Issuer,
the Issuing and Paying Agent and DTC and of the executed master note, (e) prior to the issuance of any Notes in physical form, a copy of such form (unless attached to this Agreement or the Issuing and Paying Agency Agreement) and (f) such
other certificates, opinions, letters and documents as the Dealer shall have reasonably requested. 

  

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	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 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.
Notwithstanding the foregoing, the Issuer shall have no obligation to so notify the Dealer if (i) the Issuer has temporarily suspended offers and sales of the Notes and has given the Dealer written notice of such suspension, and (ii) there
are no Notes outstanding. In the event that the Issuer wishes to resume offers and sales of the Notes, it shall (i) give the Dealer notice thereof, and (ii) either (x) confirm that the then current Private Placement Memorandum and
Company Information do not violate the representation contained in Section 2.11 of this Agreement, or (y) if the representation contained in Section 2.11 cannot be made, provide to the Dealer an updated Private Placement Memorandum
that will permit the representation to be made. The Dealer agrees that, upon such notification, all solicitations and sales of Notes shall be suspended. 

 (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, (i) the Issuer agrees
promptly to supplement or amend the Private Placement Memorandum so that the 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 or (ii) if the Issuer chooses not to promptly amend or
supplement the Private Placement Memorandum, the Issuer shall, if required by the Dealer, purchase from the Dealer any such Notes held in inventory at a price equal to the face amount thereof discounted on a ratable basis based on the Issuer’s
market rate reflecting the remaining period until maturity in relation to the original term, provided that no commissions or fees will be paid to such Dealer in connection with any such repurchase pursuant to this Section 4.3(b)(ii).

 (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. 
  

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 (d) Without limiting the generality of Section 4.3(a), the Issuer shall review, amend
and supplement the Private Placement Memorandum on a periodic basis, but no less than at least once annually, to incorporate current financial information of the Issuer to the extent necessary to ensure that the information provided in the Private
Placement Memorandum is accurate and complete. 
  

	5.	Indemnification and Contribution. 

  

	 	5.1	The Issuer will indemnify and hold harmless the Dealer, each individual, corporation, partnership, trust, association or other entity controlling the Dealer, any
affiliate of the Dealer or any such controlling entity and their respective directors, officers, employees, partners, incorporators, shareholders, servants, trustees and agents (hereinafter the “Indemnitees”) against any and all
liabilities, penalties, suits, causes of action, losses, damages, claims, costs and expenses (including, without limitation, 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, the Company Information or any information provided by the Issuer to the Dealer included (as of any relevant
time) or includes an untrue statement of a material fact or omitted (as of any relevant time) 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
(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. This indemnification shall not apply to the extent that the Claim arises out of or is based upon
Dealer Information or that the Claim is determined by a court of competent jurisdiction to have resulted from an Indemnitee’s gross negligence or willful misconduct. 

  

	 	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 this 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. 

  

	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 (other than the Dealer Information) together with, to the
extent applicable, (i) the Issuer’s most

  

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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 their respective shareholders, (iv) any other information or disclosure prepared pursuant to Section 4.3 hereof and (v) any information prepared or approved in writing by the Issuer
and delivered to the Dealer in writing for dissemination to investors or potential investors in the Notes. 

  

	 	6.3	“Dealer Information” shall mean material concerning the Dealer provided by the Dealer in writing expressly for inclusion in the Private Placement Memorandum.

  

	 	6.4	“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended. 

  

	 	6.5	“Indemnitee” shall have the meaning set forth in Section 5.1. 

  

	 	6.6	“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. 

  

	 	6.7	“Issuing and Paying Agency 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. 

  

	 	6.8	“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 Agency Agreement, or any successor thereto in accordance with the Issuing and Paying Agency Agreement. 

  

	 	6.9	“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. 

  

	 	6.10	“Private Placement Memorandum” shall mean offering materials prepared in accordance with Section 4 (including materials referred to therein or
incorporated by reference therein, if any) 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). 

  

	 	6.11	“Qualified Institutional Buyer” shall have the meaning assigned to that term in Rule 144A under the Securities Act. 

  

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	 	6.12	“Rule 144A” shall mean Rule 144A under the Securities Act. 

  

	 	6.13	“SEC” shall mean the U.S. Securities and Exchange Commission. 

  

	 	6.14	“Securities Act” shall mean the U.S. Securities Act of 1933, as amended. 

  

	 	6.15	“Sophisticated Individual Accredited Investor” shall mean an individual who (a) is an accredited investor within the meaning of 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 not less than $5 million in investments (as defined,
for purposes of this section, in Rule 2a51-1 under the Investment Company Act of 1940, as amended). 

  

	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.

  

	 	7.3	The Issuer agrees that any suit, action or proceeding brought by the Issuer against the Dealer in connection with or arising out of this Agreement or the Notes or the
offer and sale of the Notes shall be brought solely in the United States federal courts located in the Borough of Manhattan or the courts of the State of New York located in the Borough of Manhattan. 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 one business day’s prior notice to such effect to the Dealer, or by the Dealer upon one business
day’s prior notice to such effect to the Issuer. Any such termination, however, shall not affect the obligations of the Issuer under Sections 3.2(b), 4.3(a), 5 and 7.3 hereof or 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 affiliate of the Dealer. 

  

	 	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. 

  

 n Commercial Paper Dealer Agreement 4(2)
Program n 11 

	 	7.7	This Agreement is for the exclusive benefit of the parties hereto, and their respective permitted successors and assigns hereunder, and shall not be deemed to give any
legal or equitable right, remedy or claim to any other person whatsoever. 

  

	 	7.8	The Issuer acknowledges and agrees that (i) the purchase and sale of the Notes pursuant to this Agreement is an arm’s-length commercial transaction between
the Issuer, on the one hand, and the Dealer, on the other, (ii) in connection therewith and with the process leading to such transaction the Dealer is acting solely as a principal and not the agent or fiduciary of the Issuer, (iii) the
Dealer has not assumed an advisory or fiduciary responsibility in favor of the Issuer with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether the Dealer has advised or is currently advising the Issuer
on other matters) or any other obligation to the Issuer except the obligations expressly set forth in this Agreement and (iv) the Issuer has consulted its own legal and financial advisors to the extent it deemed appropriate. The Issuer agrees
that it will not claim that the Dealer has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Issuer, in connection with such transaction or the process leading thereto. 

 This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Issuer and the Dealer, or any of them, with respect
to the subject matter hereof. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date and year first
above written. 
  

									
	Danaher Corporation, as Issuer	 		 	Goldman, Sachs & Co., as Dealer
					
	By:	 	/s/ Frank T. McFaden	 		 	By:	 	/s/ Nicholas Philip
	Name:	 	Frank T. McFaden	 		 	Name:	 	Nicholas Philip
	Title:	 	Vice President and Treasurer	 		 	Title:	 	V.P.

  

 n Commercial Paper Dealer Agreement 4(2)
Program n 12 

 Addendum 
 The following additional clauses shall apply to the Agreement and be deemed a part thereof. 
 The
addresses of the respective parties for purposes of notices under Section 7.1 are as follows: 
  

			
	For the Issuer:	  	
		
	Address:	  	2099 Pennsylvania Avenue, N.W.
		  	12th Floor
		  	Washington, DC 20006
		
	Attention:	  	Frank McFaden
		
	Telephone number:	  	(202) 419-7613
		
	Fax number:	  	(202) 419-7666
		
	For the Dealer:	  	
		
	Address:	  	85 Broad Street
		  	New York, NY 10004
		
	Attention:	  	Money Market Origination
		
	Telephone number:	  	212 902 2525
		
	Fax number	  	212 902 0683

  

 n Commercial Paper Dealer Agreement 4(2)
Program n 13 

 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 (I) IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO THE ISSUER AND THE NOTES, (II) IT IS NOT
ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND (III) IT IS EITHER (A)(1) AN INSTITUTIONAL INVESTOR OR SOPHISTICATED INDIVIDUAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT AND WHICH, 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 NOT LESS THAN $5 MILLION
IN INVESTMENTS (AN “INSTITUTIONAL ACCREDITED INVESTOR” OR “SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR”, RESPECTIVELY) AND (2)(i) PURCHASING NOTES FOR ITS OWN ACCOUNT, (ii) A 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 (iii) A FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN ASSOCIATION)
PURCHASING NOTES FOR ONE OR MORE ACCOUNTS EACH OF WHICH ACCOUNTS IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR OR SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE
144A UNDER THE ACT THAT IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH ACCOUNTS IS A QIB; AND THE PURCHASER ACKNOWLEDGES THAT 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 A PLACEMENT AGENT 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, SOPHISTICATED INDIVIDUAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF $250,000. 

 

 n Commercial Paper Dealer Agreement 4(2)
Program n 14 

 Exhibit B 
 Further Provisions Relating to Indemnification 
  

	(a)	The Issuer agrees to reimburse each Indemnitee for all reasonable 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 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, 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 the Issuer from any liability which it may have hereunder unless and except to the extent it did not otherwise learn
of such Claim and such failure results in the forfeiture by the Issuer of any of its rights and defenses, 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
reasonable 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 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 the indemnification provision 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 (i) includes an unconditional release of each Indemnitee from all liability arising out of such Claim and (ii) does not include a statement as to or an admission of fault, culpability or failure to act, by
or on behalf of any Indemnitee. 

  

 n Commercial Paper Dealer Agreement 4(2)
Program n 15 

 Exhibit C 
 Statement of Terms for Interest – Bearing Commercial Paper Notes of Danaher Corporation 
 THE PROVISIONS SET FORTH BELOW ARE QUALIFIED TO THE EXTENT APPLICABLE BY THE TRANSACTION SPECIFIC [PRICING] [PRIVATE PLACEMENT MEMORANDUM] SUPPLEMENT (THE “SUPPLEMENT”) (IF ANY) SENT TO EACH PURCHASER AT THE TIME OF THE
TRANSACTION. 
  

	 	1.	General. (a) The obligations of the Issuer to which these terms apply (each a “Note”) are represented by one or more Master Notes (each, a
“Master Note”) issued in the name of (or of a nominee for) The Depository Trust Company (“DTC”), which Master Note includes the terms and provisions for the Issuer’s Interest-Bearing Commercial Paper Notes that are set forth
in this Statement of Terms, since this Statement of Terms constitutes an integral part of the Underlying Records as defined and referred to in the Master Note. 

 (b) “Business Day” means any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking
institutions are authorized or required by law, executive order or regulation to be closed in New York City and, with respect to LIBOR Notes (as defined below) is also a London Business Day. “London Business Day” means, a day, other than a
Saturday or Sunday, on which dealings in deposits in U.S. dollars are transacted in the London interbank market. 
  

	 	2.	Interest. (a) Each Note will bear interest at a fixed rate (a “Fixed Rate Note”) or at a floating rate (a “Floating Rate Note”).

 (b) The Supplement sent to each holder of such Note will describe the following terms: (i) whether such
Note is a Fixed Rate Note or a Floating Rate Note and whether such Note is an Original Issue Discount Note (as defined below); (ii) the date on which such Note will be issued (the “Issue Date”); (iii) the Stated Maturity Date (as
defined below); (iv) if such Note is a Fixed Rate Note, the rate per annum at which such Note will bear interest, if any, and the Interest Payment Dates; (v) if such Note is a Floating Rate Note, the Base Rate, the Index Maturity, the
Interest Reset Dates, the Interest Payment Dates and the Spread and/or Spread Multiplier, if any (all as defined below), and any other terms relating to the particular method of calculating the interest rate for such Note; and (vi) any other
terms applicable specifically to such Note. “Original Issue Discount Note” means a Note which has a stated redemption price at the Stated Maturity Date that exceeds its Issue Price by more than a specified de minimis amount and which the
Supplement indicates will be an “Original Issue Discount Note”. 
 (c) Each Fixed Rate Note will bear interest from its
Issue Date at the rate per annum specified in the Supplement until the principal amount thereof is paid or made available for payment. Interest on each Fixed Rate Note will be payable on the dates specified in the Supplement (each an “Interest
Payment Date” for a Fixed Rate Note) and on the Maturity Date (as defined below). Interest on Fixed Rate Notes will be computed on the basis of a 360-day year of twelve 30-day months. 
  

 n Commercial Paper Dealer Agreement 4(2)
Program n 16 

 If any Interest Payment Date or the Maturity Date of a Fixed Rate Note falls on a day that
is not a Business Day, the required payment of principal, premium, if any, and/or interest will be payable on the next succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business
Day. 
 (d) The interest rate on each Floating Rate Note for each Interest Reset Period (as defined below) will be determined by
reference to an interest rate basis (a “Base Rate”) plus or minus a number of basis points (one basis point equals one-hundredth of a percentage point) (the “Spread”), if any, and/or multiplied by a certain percentage (the
“Spread Multiplier”), if any, until the principal thereof is paid or made available for payment. The Supplement will designate which of the following Base Rates is applicable to the related Floating Rate Note: (a) the CD Rate (a
“CD Rate Note”), (b) the Commercial Paper Rate (a “Commercial Paper Rate Note”), (c) the Federal Funds Rate (a “Federal Funds Rate Note”), (d) LIBOR (a “LIBOR Note”), (e) the Prime Rate (a
“Prime Rate Note”), (f) the Treasury Rate (a “Treasury Rate Note”) or (g) such other Base Rate as may be specified in such Supplement. 
 The rate of interest on each Floating Rate Note will be reset daily, weekly, monthly, quarterly or semi-annually (the “Interest Reset Period”). The date or dates on which interest will be reset
(each an “Interest Reset Date”) will be, unless otherwise specified in the Supplement, in the case of Floating Rate Notes which reset daily, each Business Day, in the case of Floating Rate Notes (other than Treasury Rate Notes) that reset
weekly, the Wednesday of each week; in the case of Treasury Rate Notes that reset weekly, the Tuesday of each week; in the case of Floating Rate Notes that reset monthly, the third Wednesday of each month; in the case of Floating Rate Notes that
reset quarterly, the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes that reset semiannually, the third Wednesday of the two months specified in the Supplement. If any Interest Reset Date for any
Floating Rate Note is not a Business Day, such Interest Reset Date will be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Reset
Date shall be the immediately preceding Business Day. Interest on each Floating Rate Note will be payable monthly, quarterly or semiannually (the “Interest Payment Period”) and on the Maturity Date. Unless otherwise specified in the
Supplement, and except as provided below, the date or dates on which interest will be payable (each an “Interest Payment Date” for a Floating Rate Note) will be, in the case of Floating Rate Notes with a monthly Interest Payment Period, on
the third Wednesday of each month; in the case of Floating Rate Notes with a quarterly Interest Payment Period, on the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes with a semiannual Interest Payment
Period, on the third Wednesday of the two months specified in the Supplement. In addition, the Maturity Date will also be an Interest Payment Date. 
 If any Interest Payment Date for any Floating Rate Note (other than an Interest Payment Date occurring on the Maturity Date) would otherwise be a day that is not a Business Day, such Interest Payment Date
shall be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the immediately preceding Business Day. If the
Maturity Date of a Floating Rate Note falls on a day that is not a Business Day, the payment of principal and interest will be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from and after such
maturity. 
  

 n Commercial Paper Dealer Agreement 4(2)
Program n 17 

 Interest payments on each Interest Payment Date for Floating Rate Notes will include accrued
interest from and including the Issue Date or from and including the last date in respect of which interest has been paid, as the case may be, to, but excluding, such Interest Payment Date. On the Maturity Date, the interest payable on a Floating
Rate Note will include interest accrued to, but excluding, the Maturity Date. Accrued interest will be calculated by multiplying the principal amount of a Floating Rate Note by an accrued interest factor. This accrued interest factor will be
computed by adding the interest factors calculated for each day in the period for which accrued interest is being calculated. The interest factor (expressed as a decimal) for each such day will be computed by dividing the interest rate applicable to
such day by 360, in the cases where the Base Rate is the CD Rate, Commercial Paper Rate, Federal Funds Rate, LIBOR or Prime Rate, or by the actual number of days in the year, in the case where the Base Rate is the Treasury Rate. The interest rate in
effect on each day will be (i) if such day is an Interest Reset Date, the interest rate with respect to the Interest Determination Date (as defined below) pertaining to such Interest Reset Date, or (ii) if such day is not an Interest Reset
Date, the interest rate with respect to the Interest Determination Date pertaining to the next preceding Interest Reset Date, subject in either case to any adjustment by a Spread and/or a Spread Multiplier. 
 The “Interest Determination Date” where the Base Rate is the CD Rate or the Commercial Paper Rate will be the second Business Day
next preceding an Interest Reset Date. The Interest Determination Date where the Base Rate is the Federal Funds Rate or the Prime Rate will be the Business Day next preceding an Interest Reset Date. The Interest Determination Date where the Base
Rate is LIBOR will be the second London Business Day next preceding an Interest Reset Date. The Interest Determination Date where the Base Rate is the Treasury Rate will be the day of the week in which such Interest Reset Date falls when Treasury
Bills are normally auctioned. Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is held on the following Tuesday or the preceding Friday. If an auction is so held on the
preceding Friday, such Friday will be the Interest Determination Date pertaining to the Interest Reset Date occurring in the next succeeding week. 
 The “Index Maturity” is the period to maturity of the instrument or obligation from which the applicable Base Rate is calculated. 
 The “Calculation Date,” where applicable, shall be the earlier of (i) the tenth calendar day following the applicable Interest
Determination Date or (ii) the Business Day preceding the applicable Interest Payment Date or Maturity Date. 
 All times
referred to herein reflect New York City time, unless otherwise specified. 
 The Issuer shall specify in writing to the Issuing
and Paying Agent which party will be the calculation agent (the “Calculation Agent”) with respect to the Floating Rate Notes. The Calculation Agent will provide the interest rate then in effect and, if determined, the interest rate which
will become effective on the next Interest Reset Date with respect to such Floating Rate Note to the Issuing and Paying Agent as soon as the interest rate with respect to such Floating Rate Note has been determined and as soon as practicable after
any change in such interest rate. 
 All percentages resulting from any calculation on Floating Rate Notes will be rounded to the
nearest one hundred-thousandth of a percentage point, with five-one millionths of a percentage point rounded upwards. For example, 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655). All dollar amounts used in or resulting from any
calculation on Floating Rate Notes will be rounded, in the case of U.S. dollars, to the nearest cent or, in the case of a foreign currency, to the nearest unit (with one-half cent or unit being rounded upwards). 
  

 n Commercial Paper Dealer Agreement 4(2)
Program n 18 

 CD Rate Notes 
 “CD Rate” means the rate on any Interest Determination Date for negotiable certificates of deposit having the Index Maturity as
published by the Board of Governors of the Federal Reserve System (the “FRB”) in “Statistical Release H.15(519), Selected Interest Rates” or any successor publication of the FRB (“H.15(519)”) under the heading “CDs
(Secondary Market)”. 
 If the above rate is not published in H.15(519) by 3:00 p.m. on the Calculation Date, the CD Rate
will be the rate on such Interest Determination Date set forth in the daily update of H.15(519), available through the world wide website of the FRB at http://www.federalreserve.gov/releases/h15/Update, or any successor site or publication or other
recognized electronic source used for the purpose of displaying the applicable rate (“H.15 Daily Update”) under the caption “CDs (Secondary Market)”. 
 If such rate is not published in either H.15(519) or H.15 Daily Update by 3:00 p.m. on the Calculation Date, the
Calculation Agent will determine the CD Rate to be the arithmetic mean of the secondary market offered rates as of 10:00 a.m. on such Interest Determination Date of three leading nonbank dealers1 in negotiable U.S. dollar certificates of deposit in New York City selected by the Calculation Agent for
negotiable U.S. dollar certificates of deposit of major United States money center banks of the highest credit standing in the market for negotiable certificates of deposit with a remaining maturity closest to the Index Maturity in the denomination
of $5,000,000. 
 If the dealers selected by the Calculation Agent are not quoting as set forth above, the CD Rate will remain
the CD Rate then in effect on such Interest Determination Date. 
 Commercial Paper Rate Notes 
 “Commercial Paper Rate” means the Money Market Yield (calculated as described below) of the rate on any Interest Determination
Date for commercial paper having the Index Maturity, as published in H.15(519) under the heading “Commercial Paper-Nonfinancial”. 
 If the above rate is not published in H.15(519) by 3:00 p.m. on the Calculation Date, then the Commercial Paper Rate will be the Money Market Yield of the rate on such Interest Determination Date for
commercial paper of the Index Maturity as published in H.15 Daily Update under the heading “Commercial Paper-Nonfinancial”. 
 If by 3:00 p.m. on such Calculation Date such rate is not published in either H.15(519) or H.15 Daily Update, then the Calculation Agent will determine the Commercial Paper Rate to be the Money Market Yield of the arithmetic mean of the
offered rates as of 11:00 a.m. on such Interest Determination Date of three leading dealers of U.S. dollar commercial paper in New York City selected by the Calculation Agent for commercial paper of the Index Maturity placed for an industrial issuer
whose bond rating is “AA,” or the equivalent, from a nationally recognized statistical rating organization. 
  
  

	1	 Such nonbank dealers referred to in this Statement of Terms may include affiliates of the Dealer. 

  

 n Commercial Paper Dealer Agreement 4(2)
Program n 19 

 If the dealers selected by the Calculation Agent are not quoting as mentioned above, the
Commercial Paper Rate with respect to such Interest Determination Date will remain the Commercial Paper Rate then in effect on such Interest Determination Date. 
 “Money Market Yield” will be a yield calculated in accordance with the following formula: 
  

					
	 Money Market Yield =  
	  	D x 360	  	x 100
	  	360 - (D x M)	  

 where “D” refers to the applicable per annum rate for
commercial paper quoted on a bank discount basis and expressed as a decimal and “M” refers to the actual number of days in the interest period for which interest is being calculated. 
 Federal Funds Rate Notes 
 “Federal Funds Rate” means the rate on any Interest Determination Date for federal funds as published in H.15(519) under the heading “Federal Funds (Effective)” and displayed on
Moneyline Telerate (or any successor service) on page 120 (or any other page as may replace the specified page on that service) (“Telerate Page 120”). 
 If the above rate does not appear on Telerate Page 120 or is not so published by 3:00 p.m. on the Calculation Date, the Federal Funds Rate will be the rate on such Interest Determination Date as published
in H.15 Daily Update under the heading “Federal Funds/(Effective)”. 
 If such rate is not published as described
above by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Federal Funds Rate to be the arithmetic mean of the rates for the last transaction in overnight U.S. dollar federal funds arranged by each of three leading brokers
of Federal Funds transactions in New York City selected by the Calculation Agent prior to 9:00 a.m. on such Interest Determination Date. 
 If the brokers selected by the Calculation Agent are not quoting as mentioned above, the Federal Funds Rate will remain the Federal Funds Rate then in effect on such Interest Determination Date.

 LIBOR Notes 
 The London Interbank offered rate (“LIBOR”) means, with respect to any Interest Determination Date, the rate for deposits in U.S. dollars having the Index Maturity that appears on the Designated
LIBOR Page as of 11:00 a.m., London time, on such Interest Determination Date. 
 If no rate appears, LIBOR will be determined
on the basis of the rates at approximately 11:00 a.m., London time, on such Interest Determination Date at which deposits in U.S. dollars are offered to prime banks in the London interbank market by four major banks in such market selected by the
Calculation Agent for a term equal to the Index Maturity and in principal amount equal to an amount that in the Calculation Agent’s judgment is representative for a single transaction in U.S. dollars in such market at such time (a
“Representative Amount”). The Calculation Agent will request the principal London office of each of such banks to provide a quotation of its rate. If at least two such

  

 n Commercial Paper Dealer Agreement 4(2)
Program n 20 

 
quotations are provided, LIBOR will be the arithmetic mean of such quotations. If fewer than two quotations are provided, LIBOR for such interest period will be the arithmetic mean of the rates
quoted at approximately 11:00 a.m., in New York City, on such Interest Determination Date by three major banks in New York City, selected by the Calculation Agent, for loans in U.S. dollars to leading European banks, for a term equal to the Index
Maturity and in a Representative Amount; provided, however, that if fewer than three banks so selected by the Calculation Agent are providing such quotations, the then existing LIBOR rate will remain in effect for such Interest Payment Period.

 “Designated LIBOR Page” means the display designated as page “3750” on Moneyline Telerate (or such other
page as may replace the 3750 page on that service or such other service or services as may be nominated by the British Bankers’ Association for the purposes of displaying London interbank offered rates for U.S. dollar deposits). 
 Prime Rate Notes 
 “Prime Rate” means the rate on any Interest Determination Date as published in H.15(519) under the heading “Bank Prime Loan”. 
 If the above rate is not published in H.15(519) prior to 3:00 p.m. on the Calculation Date, then the Prime Rate will be the rate on such Interest Determination Date as published in H.15 Daily Update
opposite the caption “Bank Prime Loan”. 
 If the rate is not published prior to 3:00 p.m. on the Calculation Date in
either H.15(519) or H.15 Daily Update, then the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME1 Page (as defined below)
as such bank’s prime rate or base lending rate as of 11:00 a.m., on that Interest Determination Date. 
 If fewer than four
such rates referred to above are so published by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of
days in the year divided by 360 as of the close of business on such Interest Determination Date by three major banks in New York City selected by the Calculation Agent. 
 If the banks selected are not quoting as mentioned above, the Prime Rate will remain the Prime Rate in effect on such Interest Determination Date. 
 “Reuters Screen US PRIME1 Page” means the display designated as page “US PRIME1” on the Reuters Monitor Money Rates
Service (or such other page as may replace the US PRIME1 page on that service for the purpose of displaying prime rates or base lending rates of major United States banks). 
  

 n Commercial Paper Dealer Agreement 4(2)
Program n 21 

 Treasury Rate Notes 
 “Treasury Rate” means: 
 (1) the rate from the auction held on the Interest Determination Date (the “Auction”) of direct obligations of the United States (“Treasury Bills”) having the Index Maturity specified
in the Supplement under the caption “INVESTMENT RATE” on the display on Moneyline Telerate (or any successor service) on page 56 (or any other page as may replace that page on that service) (“Telerate Page 56”) or page 57 (or any
other page as may replace that page on that service) (“Telerate Page 57”), or 
 (2) if the rate referred to in clause
(1) is not so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government
Securities/Treasury Bills/Auction High”, or 
 (3) if the rate referred to in clause (2) is not so published by 3:00
p.m. on the related Calculation Date, the Bond Equivalent Yield of the auction rate of the applicable Treasury Bills as announced by the United States Department of the Treasury, or 
 (4) if the rate referred to in clause (3) is not so announced by the United States Department of the Treasury, or if the Auction is not
held, the Bond Equivalent Yield of the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or

 (5) if the rate referred to in clause (4) not so published by 3:00 p.m. on the related Calculation Date, the rate on the
particular Interest Determination Date of the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or 
 (6) if the rate referred to in clause (5) is not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular
Interest Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m. on that Interest Determination Date, of three primary United States
government securities dealers selected by the Calculation Agent, for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified in the Supplement, or 
 (7) if the dealers so selected by the Calculation Agent are not quoting as mentioned in clause (6), the Treasury Rate in effect on the
particular Interest Determination Date. 
 “Bond Equivalent Yield” means a yield (expressed as a percentage) calculated
in accordance with the following formula: 
  

					
	 Bond Equivalent Yield =  
	  	D x N	  	x 100
	  	360 - (D x M)	  

  

 n Commercial Paper Dealer Agreement 4(2)
Program n 22 

 where “D” refers to the applicable per annum rate for Treasury Bills quoted on a
bank discount basis and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the applicable Interest Reset Period. 
  

	 	3.	Final Maturity. The Stated Maturity Date for any Note will be the date so specified in the Supplement, which shall be no later than 397 days from the date of
issuance. On its Stated Maturity Date, or any date prior to the Stated Maturity Date on which the particular Note becomes due and payable by the declaration of acceleration, each such date being referred to as a Maturity Date, the principal amount
of each Note, together with accrued and unpaid interest thereon, will be immediately due and payable. 

  

	 	4.	 Events of Default. The occurrence of any of the following shall constitute an “Event of Default” with respect to a Note:
(i) default in any payment of principal of or interest on such Note (including on a redemption thereof); (ii) the Issuer makes any compromise arrangement with its creditors generally including the entering into any form of moratorium with
its creditors generally; (iii) a court having jurisdiction shall enter a decree or order for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or
there shall be appointed a receiver, administrator, liquidator, custodian, trustee or sequestrator (or similar officer) with respect to the whole or substantially the whole of the assets of the Issuer and any such decree, order or appointment is not
removed, discharged or withdrawn within 60 days thereafter; or (iv) the Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for
relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, administrator, liquidator, assignee, custodian, trustee or sequestrator (or similar official), with respect to the whole or
substantially the whole of the assets of the Issuer or make any general assignment for the benefit of creditors. Upon the occurrence of an Event of Default, the principal of each obligation evidenced by such Note (together with interest accrued and
unpaid thereon) shall become, without any notice or demand, immediately due and payable. 2 

  

	 	5.	Obligation Absolute. No provision of the Issuing and Paying Agency Agreement under which the Notes are issued shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on each Note at the times, place and rate, and in the coin or currency, herein prescribed. 

  

	 	6.	Supplement. Any term contained in the Supplement shall supercede any conflicting term contained herein. 

  
  

	2	 Unlike single payment notes, where a default arises only at the stated maturity, interest-bearing notes with multiple payment dates should contain a
default provision permitting acceleration of the maturity if the Issuer defaults on an interest payment. 

  

 n Commercial Paper Dealer Agreement 4(2)
Program n 23Exhibit 10.23

 Exhibit 10.23 
 COMMERCIAL PAPER 
 ISSUING AND PAYING AGENT AGREEMENT 
 (Book-Entry and Obligations 
 Using DTC Facilities 
 and Physical Notes) 
 THIS AGREEMENT (“Agreement”) dated as of May 5, 2006 (“Effective Date”) is entered into by and between
Danaher Corporation (the “Issuer”) with offices at 2099 Pennsylvania Avenue, N.W., 12th Floor, Washington, D.C. 20006 and Deutsche Bank Trust Company Americas (the “Bank”) with offices at 60 Wall St, 27th Floor, New York, NY 10005. 
 Section 1. Appointment 
 The Issuer requests and authorizes the Bank to act as agent for the Issuer in connection with the issuance and payment of unsecured (a) book-entry obligations (each an “Obligation” and collectively the
“Obligations”) as evidenced by Master Note Certificate(s) (the “Note Certificate(s) “) and (b) bearer short term promissory notes of the Issuer (each a “Note” and collectively the “Notes”), in the case of
(a), in the form appended hereto in Exhibit A-1 and in the case of (b), in the form to be appended hereto as Exhibit A-2 at such time as bearer short term promissory notes of the Issuer are to be issued. The Bank agrees to act as such agent for the
Issuer subject to the provisions of this Agreement commencing on the Effective Date shown above. 
 Insofar as the context
requires, all references herein to an Issuer’s “Obligation” shall be deemed to include the Issuer’s Note, and all references herein to an Issuer’s “Obligations” or “Book-entry Obligations” shall be deemed
to include the Issuer’s Notes. 
 Section 2. Certificate Agreement 
 The Issuer acknowledges that the Bank has previously entered into a commercial paper certificate agreement (as amended or otherwise modified
and currently in effect, the “Certificate Agreement”) which copy is appended hereto as Exhibit E, with the Depository Trust Company (DTC) and the Issuer also acknowledges that the continuation in effect of the Certificate Agreement is a
necessary prerequisite to the Bank’s providing services related to issuance of the Obligations. The Issuer understands and agrees that the Certificate Agreement shall supplement the provisions of this Agreement and that the Issuer and the
provisions of this Agreement are subject to the provisions of the Certificate Agreement. 

 Section 3. Letter of Representations; Resolutions; Authorized Officers 
 The Issuer will, prior to the Effective Date, deliver to the Bank an executed Letter of Representations (the “Representations”), a
copy of which is appended hereto as Exhibit F. Further, the Issuer understands and agrees that such Representations when executed by the Issuer, the Bank and DTC shall supplement the provisions of this Agreement and that the Issuer, the Bank, and
DTC shall be bound by the provisions of the Representations. The Bank and the Issuer agree to comply with the relevant portions of DTC’s Commercial Paper Issuing and Paying Agent Manual, and the DTC Same Day Settlement System Rules
(collectively the “DTC Rules”). 
 The Issuer has delivered to the Bank (a) a certified copy of the resolutions
adopted by the Board of Directors of the Issuer concerning the issuance of Obligations by the Issuer (the “Resolutions”), which copy is appended hereto as Exhibit B, and (b) a certified original of the Issuer’s certificate of
incumbency (the “Certificate of Incumbency”), containing the name, title, and true signature of those officers of the Issuer authorized by the Resolutions to take action with respect to the Obligations (the “Authorized
Officers”), which certificate is appended hereto as Exhibit C. The Issuer agrees to provide the Bank with revised certified Resolutions and/or Certificates of Incumbency when and as required by changes in authorization of personnel. 

Section 4. Authorized Persons 
 The Issuer authorizes the Bank to accept and to execute Instructions, as defined in and given pursuant to Section 6 hereof by any one of the employees and/or Agents (defined as sales agents or
dealers authorized by a separate agreement between the Issuer and its sales agents or dealers) of the Issuer who are designated in a writing that is signed by the requisite number of Authorized Officers. Such designated employees or Agents shall be
hereinafter collectively referred to as “Authorized Persons”. The initial written designation of Authorized Person(s) is appended hereto as Exhibit D. The Issuer agrees to provide the Bank with revised written designations in the form of
Exhibit D when and as required by changes in authorization or personnel. 
 Section 5. Note Certificates 
  

	 	(X)	Book entry Obligations: 

 The Issuer will, prior to the Effective Date, deliver to the Bank a Note Certificate evidencing Obligations issued, such Note Certificate bearing the manual or facsimile signatures of the requisite number of Authorized Officers and
specifying the date of issuance, the full legal name of the Issuer, the name of the state in which the Issuer is incorporated, and the name of the Bank, acting as paying agent for the Issuer, in each case the Note Certificate being registered in the
name of Cede & Co., a nominee of DTC. 
  

 Page 2 

	 	(Y)	Physical Notes and Signature Stamps: 

 For use as described in Section 7 hereof, the Issuer will, at its election, (a) deliver to the Bank a supply of the Issuer’s sequentially numbered, blank Notes bearing the manual or
facsimile signatures of the requisite number of Authorized Officers and having spaces to show the face or principal amount, payee, date of issue, maturity date and amount of interest (if an interest bearing Note), and/or (b) authorize the Bank
to use the Bank’s commercial paper universal note stock, which has spaces to show the face or principal amount, payee, date of issue, maturity date, amount of interest (if an interest bearing Note) and signature(s) of the Authorized Officers.
If the Issuer elects (b), or if the Notes described in (a) do not bear such signature(s) when delivered to the Bank, then the Issuer will, at its election, deliver to the Bank for each signature required to be placed on the Notes either an
electronic image of the requisite signature or a stamp bearing the facsimile signature of an Authorized Officer. 
  

	 	(Z)	Book Entry Obligations, Physical Notes and Signature Stamps: 

 Any Obligation (as evidenced by the Note Certificate or Note bearing the manual or authorized facsimile signature of an Authorized Officer) shall, upon the Bank’s issuance of such Obligation on
behalf of the Issuer, bind the Issuer notwithstanding that such Authorized Officer shall have died or shall have otherwise ceased to hold office on the date such Obligation is issued by the Bank. Furthermore, the Issuer agrees that the Bank shall
have no duty or responsibility to determine the genuineness of the facsimile and/or manual signatures appearing on the Note Certificate(s), Notes or stamps but the foregoing shall not excuse the Bank from examining, and the Bank shall examine, its
signature cards to determine that signers are authorized and their signatures do not appear on their face to be incorrect or incomplete. 
 Section 6. Instructions 
 The term “Instructions” shall mean a communication, purporting
to be from an Authorized Officer or Authorized Person, in the form of either (a) a written notice including those transmitted through facsimile transmittal equipment; (b) a telephone call; and/or (c) a transmission through an
instruction and reporting communication service (“Noteline Direct”) offered by the Bank pursuant to Section 10 hereof, in each case received by the Bank at the address specified in Section 15 prior to 1:00 p.m. New York time on
the day on which the Instructions are to be operative, which shall be a day the Bank is open for business. 
  

 Page 3 

 If the Bank, at its option, acts upon Instructions transmitted after 1:00 p.m. New York time
on the day on which the Instructions are to be operative, the Issuer understands and agrees that (a) such Instructions shall be acted upon, on a best efforts basis, by the Bank pursuant to the custom and practice of the commercial paper market,
and (b) the Bank makes no representations or warranties that the issuance and delivery of any Note or Obligation pursuant to Section 7 hereof shall be completed prior to the close of business on the issue date specified in the
Instructions. 
 Any Instructions given by telephone shall be confirmed to the Bank in a writing purporting to be from an
Authorized Officer or Authorized Person prior to 1:00 p.m. New York time on the day on which such Instructions are to be operative. In the absence of the Bank’s timely receipt of such written confirmation or in the event the Bank acts upon
Instructions received after 1:00 p.m. New York time on the day on which the Instructions are to be operative, the Issuer understands and agrees that the Instructions given by telephone or received after the aforementioned 1:00 p.m. New York time, as
understood by the Bank, shall be the true and controlling Instructions for all purposes of this Agreement. 
 Notwithstanding
anything to the contrary in this Section 6, the Issuer acknowledges that the Bank may act upon the Instructions without any duty to make any inquiry regarding the genuineness of such Instructions. 
 Section 7. Issuance 
  

	 	(X)	Book Entry Obligations: 

 The Bank’s sole duties in connection with the issuance of the Obligations when the Issuer delivers the Note Certificate(s) to the Bank in the form described in Section 5(X) herein, shall be as follows: 
  

	 	(a)	to hold Note Certificates in safekeeping; 

  

	 	(b)	to assign to each Instruction received from the Issuer a CUSIP number as specified in and in accordance with the CUSIP number assignment received by the Bank from the
Issuer; 

  

	 	(c)	to cause to deliver an Obligation on behalf of the Issuer upon receipt of the related Instructions from the Issuer, or its designated agent(s), as to the face or
principal amount, net dollar amount, date of issue, maturity date, interest rate (if any), and amount of interest due at maturity (if an interest bearing Obligation), by way of data entry or data transfer to the DTC Same Day Funds Settlement System
(“SDFS”), and to receive from SDFS a confirmation receipt that such delivery was effected; and 

  

 Page 4 

	 	(d)	to credit the net proceeds of all deliveries of the Obligations to the Issuer’s account with the Bank (Account No. 00447400) under advice to the Issuer at the
address specified in Section 15 hereof. 

  

	 	Y.	Physical Notes: 

 The
Bank’s sole duties in connection with the issuance of the Notes if the Issuer delivers a supply of the Issuer’s blank Notes to the Bank or uses the Bank’s commercial paper universal note stock pursuant to Section 5(Y) hereof
shall be as follows: 
  

	 	(a)	to hold the blank Notes in safekeeping, pending receipt of the Issuer’s Instructions; 

  

	 	(b)	to complete each Note pursuant to the Instructions as to the face or principal amount, net dollar amount, payee (which shall be “BEARER” unless otherwise
specified in the Instructions), date of issue, maturity date, interest rate (if any) and amount of interest due at maturity (if an interest bearing Note); 

  

	 	(c)	to cause a duly authorized officer or duly authorized employee of the Bank to countersign each Note for purposes of authentication of the Note only;

  

	 	(d)	to deliver the Notes in accordance with the related Instructions (i) by hand, against receipt for payment or (ii) as otherwise provided in the related
Instructions; and 

  

	 	(e)	to credit the net proceeds of all deliveries of Notes to the Issuer’s account with the Bank (Account No. 00447400) under advice to the Issuer at the address
specified in Section 15 hereof. 

 The Bank’s additional duties in connection with the issuance of the
Notes when the Issuer delivers facsimile signature stamps to the Bank pursuant to Section 5(Y) hereof shall be as follows: 
  

	 	(f)	to hold the facsimile signature stamps delivered pursuant to Section 5(Y) hereof in safekeeping pending receipt of the Issuer’s Instructions; and

  

 Page 5 

	 	(g)	to apply the facsimile signature stamp(s) to the Notes pursuant to the Instructions. 

  

	 	Z.	Book Entry Obligations and Physical Notes: 

 The Issuer acknowledges that pursuant to the custom and practice of the commercial paper market, the delivery or mailing of an Obligation against payment of the net amount of the Obligation (i.e., the
principal amount of the Obligation less the discount specified in the Instructions or the principal amount of an interest bearing Obligation) and the actual receipt of payment thereof are not simultaneous transactions. 
 Therefore, whenever the Instructions direct the Bank to deliver any Obligation against payment, the Bank is authorized to and will deliver
such Obligation to the party specified in the Instructions and hold as receipt a confirmation copy generated by SDFS (in the case of Book Entry transactions), or (a) the receipt of the party specified in the Instructions or (b) the United
States Post Office’s registered mail (both (a) and (b) in the case of physical Notes) in lieu of immediate payment by the purchaser of the Obligation (the “Purchaser”). The Issuer also acknowledges that pursuant to the
custom and practice of the commercial paper market, the Purchaser is obligated to settle in immediately available funds at or before the close of business on the Issue Date specified on the Obligation. The Issuer understands and agrees that whenever
the Bank delivers an Obligation against receipt of funds as set forth above, the Issuer and not the Bank shall bear the risk of the Purchaser’s failure to remit the net amount of the Obligation purchased, and of the loss or theft of Notes after
such Notes are placed in the United States mail. 
 The Bank shall have no duty or responsibility to make any transfer of the
proceeds of the sale of the Issuer’s Obligations, or to advance any monies or effect any credit with respect to such proceeds or transfers unless and until the Bank has actually received the proceeds of the sale of the Obligations. Upon such
receipt, the Bank shall immediately credit the Issuer’s account with the Bank (Account No. 00447400) with such proceeds unless at the time of such crediting, the Issuer has advised the Bank, in writing, that the receipt of such proceeds is
subject to reversal or cancellation. If the Bank, at its sole option, effects any such transfer that results in an overdraft in any account of the Issuer, the amount of such overdraft shall be considered as a loan to the Issuer, and the Issuer
agrees to pay the Bank on demand the amount of such loan together with interest thereon at the rate customarily charged by the Bank on similar loans. 
  

 Page 6 

 Section 8. Payment 
 Bank’s sole duties in connection with payment of the Obligations shall be, upon presentment at maturity of an issued Obligation, to pay
the principal amount of a discounted Obligation or principal plus interest of an interest-at-maturity Obligation to the party appearing to be entitled thereto, and to debit the Issuer’s account with the Bank (Account No. 00447400) for such
amount under advice to the Issuer at the address specified in Section 15 hereof. 
 The Bank shall have no obligation to
pay, at maturity, the amount referred to in this Section 8 unless sufficient funds have been received by the Bank in collected funds. If the Bank, at its sole option, makes any such payment that results in an overdraft in any account of the
Issuer, the amount of such overdraft shall be considered a loan to the Issuer, and the Issuer agrees to pay the Bank on demand the amount of such loan together with interest thereon at the rate customarily charged by the Bank on similar loans.

 Section 9. United States Dollars 
 The Issuer agrees that the Obligations issued or presented hereunder shall be denominated in United States dollars. The Issuer further agrees that payment of any and all amounts due pursuant to the
provisions of this Agreement shall be made solely in United States dollars. 
 Section 10. Noteline Direct 
 The Issuer is granted a personal, non-transferable and non-exclusive right to use the instruction and reporting communication service
Noteline Direct to transmit through the Noteline Direct system Instructions made pursuant to Section 6 hereof. The Issuer may, by separate agreement between the Issuer and one or more of its Agents, authorize the Agent (in each case other than
the Bank) to directly access Noteline Direct for the purposes of transmitting Instructions to the Bank or obtaining reports with respect to the Obligations. 
 The Issuer acknowledges that (a) some or all of the services utilized in connection with Noteline Direct are furnished by Financial Sciences Corporation (“FSC”), (b) Noteline Direct is
provided to the Issuer “AS IS” without warranties or representations of any kind whatsoever by FSC or the Bank, and (c) Noteline Direct is proprietary and confidential property disclosed to the Issuer in confidence and only on the
terms and conditions and for purposes set forth in this Agreement. 
 By this Agreement, the Issuer acquires no title, ownership
or sublicensing rights whatsoever in Noteline Direct or in any trade secret, trademark, copyright or patent of the Bank or FSC now or to become applicable to Noteline Direct. The Issuer may not transfer, sublicense, assign, rent, lease, convey,
modify, translate, convert to a programming language, decompile, disassemble, recirculate, republish or redistribute Noteline Direct for any purpose without the prior written consent of the Bank and, where necessary FSC. 
  

 Page 7 

 In the event (a) any action is taken or threatened which may result in a disclosure or
transfer of Noteline Direct 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 Bank or FSC by the Issuer amounts to unfair
competition, or otherwise constitutes a possible violation of any kind, then the Bank and/or FSC shall have the right to take any and all action deemed necessary to protect their rights in Noteline Direct, 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 Noteline Direct. 
 To permit the use of Noteline Direct to issue Instructions and/or obtain reports with respect to the Obligations, the Bank will supply the Issuer with an identification number and initial passwords. From
time to time thereafter, the Issuer may change its passwords directly through Noteline Direct. 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. For security purposes, the Issuer should change its passwords frequently (at least once a year). 
 Instructions transmitted over Noteline Direct and received by the Bank pursuant to Section 6 hereof accompanied by the Issuer’s
identification number and the passwords, shall be deemed conclusive evidence that such Instructions are correct and complete and that the issuance or redemption of the Obligation(s) directed thereby has been duly authorized by the Issuer.

 Section 11. Representations and Warranties of the Issuer 
 The Issuer represents and warrants as follows: 
  

	 	(a)	This Agreement and the Obligations have been duly authorized and this Agreement when executed and delivered and the Obligations when issued in accordance with the
applicable Instructions, will be valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general
applicability relating to or affecting creditors’ rights and to general equity principles; 

  

	 	(b)	 This Agreement and the consummation of the transactions herein contemplated will not (i) result in a breach of any of the terms or provisions of,
or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument for money borrowed to which the Issuer is a party or by which the Issuer

  

 Page 8 

	 	 
is bound or to which any of the property or assets of the Issuer is subject, or (ii) result in any violation of (x) the provisions of the Articles of Incorporation or the By-Laws of the
Issuer or (y) to the best knowledge of the Issuer, any statute or any order, rule or regulation of any court or government agency or body having jurisdiction over the Issuer or any of its properties, in any manner which, in the case of clauses
(i) and (ii) (y), would have a material adverse effect on the business of the Issuer and its subsidiaries taken as a whole; 

  

	 	(c)	No consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body having jurisdiction over the Issuer or any
of its properties is required for the issue and sale of the Obligations, except such as have been, or will have been obtained prior to the issue and sale of the Obligations, and such consents, approvals, authorizations, registrations or
qualifications as may be required under “blue sky” or state securities laws or insurance laws in connection with the issue and sale of the Obligations by the Issuer; and 

  

	 	(d)	Each Obligation issued under this Agreement will be exempt from registration under the Securities Act of 1933, as amended. Each Instruction by the Issuer to issue
Obligations under this Agreement shall be deemed a representation and warranty by the Issuer as of the date thereof that the representations and warranties herein are true and correct as if made on and as of such date, except to the extent that such
representations and warranties specifically refer to a different date, in which case they shall be true and correct as of such date. 

 Section 12. Compensation 
 The Issuer agrees to pay such compensation for the Bank’s issuing
and paying agent services pursuant to this Agreement in accordance with the Bank’s schedule of fees, as amended from time to time, that has been accepted and agreed to by the Issuer. 
 Section 13. Indemnification 
 The Issuer agrees that the Bank shall not be liable for any losses, damages, liabilities or costs suffered or incurred by the Issuer as a result of (a) the Bank’s having executed Instructions,
(b) the Bank’s improperly executing or failing to execute any Instructions because of unclear Instructions, failure of communications media or any other circumstances beyond the Bank’s control, (c) the actions or inactions of
DTC, any Agent or any broker, dealer, consignee or agent not selected by the Bank, or (d) any other acts or omissions of the Bank (or of any of its agents or correspondents) relating to this Agreement or the transactions or activities
contemplated hereby except to the extent, if any, that such other acts or omissions constitute gross negligence, willful misconduct or violation of law by the Bank. The Issuer, in the absence of gross negligence, willful

  

 Page 9 

 
misconduct or violation of law by the Bank, agrees to indemnify the Bank and hold it harmless from and against (a) any and all actions, claims (groundless or otherwise), suits, losses, fines
and penalties arising out of the Bank’s having executed any Instructions or otherwise having performed any of its obligations hereunder and (b) any damages, costs, expenses (including reasonable legal fees and disbursements), losses or
liabilities relating to any such actions, claims, suits, losses fines or penalties or to any breach of this Agreement by the Issuer. In no event shall the Bank be liable for special, indirect or consequential damages. This Section 13,
Indemnification, shall survive any termination of this Agreement and the issuance and payment of any Note(s). 
 14. Termination 

 Either the Bank or the Issuer may terminate this Agreement at any time by not less than ten (10) days’ prior written
notice to the other. No such termination shall affect the rights and obligations of the Issuer and the Bank which have accrued under this Agreement prior to termination. 
 15. Addresses 
 Instructions hereunder shall be (a) mailed,
(b) telephoned, (c) transmitted by facsimile device, and/or (d) transmitted via Noteline Direct to the Bank at the address, telephone number, and/or facsimile number specified below and shall be deemed delivered upon actual receipt by
the Bank’s Commercial Paper Issuance Operations at the address, telephone number, and/or facsimile number specified below. 
 Deutsche Bank Trust Company Americas 
 Trust & Securities Services 
 60 Wall St – 27th Floor 
 New York, NY 10005 
 Attention: Money Market Instruments Operations 
 Telephone:    (212) 250-7539 / 2972 
 Facsimile:     (212) 797-8616 
 All notices, requests,
demands and other communications hereunder (excluding Instructions) shall be in writing and shall be deemed to have been duly given (a) upon delivery by hand (against receipt), or (b) by United States Post Office registered mail (against
receipt) or by regular mail (upon receipt) to the party and at the address set forth below or at such other address as either party may designate by written notice: 
  

	 	(a)	Danaher Corporation 

	 	 	2099 Pennsylvania Avenue, N.W. 

	 	 	 12th Floor 

  

 Page 10 

 Washington, D.C. 20006 
 Attention:      Vice President and Treasurer 
 Telephone:    (202) 419-7613 
 Facsimile:     (202) 419-7666 
 Electronic Mail:

 Attention: Associate General Counsel 
 Telephone:    (202) 419-7611 
 Facsimile:     (202) 419-7666 
 Electronic Mail: 
  

	 	(b)	Deutsche Bank Trust Company Americas 

 Trust & Securities Services 
 60 Wall St. – 27th Floor 
 New York, NY 10005 
 Attention: Money Market Instruments Operations 
 Telephone:    (212) 250-7539 / 2972 
 Facsimile:     (212) 797-8616 
 16. Miscellaneous 
  

	 	(a)	This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York and as applicable, operating circulars of the Federal Reserve
Bank, federal laws and regulations as amended, New York Clearing House rules, the DTC Rules, and general commercial bank practices applicable to commercial paper issuance and payment, funds transfer and related activities. 

 

	 	(b)	This Agreement may not be assigned by the Issuer and may not be modified, or amended or supplemented except by a writing or writings duly executed by the duly
authorized representatives of the Issuer and the Bank. 

  

	 	(c)	This Agreement contains the entire understanding and agreement between the parties with respect to the subject matter hereof. All prior agreements, understandings,
representations, statements, promises, inducements, negotiations, and undertakings and all existing contracts previously executed between said parties with respect to said subject matter are superseded hereby. 

  

	 	(d)	With respect to all references herein to nouns, insofar as the context requires, the singular form shall be deemed to include the plural, and the plural form shall be
deemed to include the singular. 

  

 Page 11 

	 	(e)	In no event shall the Bank be liable for any failure or delay in the performance of its obligations hereunder because circumstances beyond the Bank control, including,
but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services
contemplated by this Agreement. 

  

	 	(f)	The Bank shall incur no liability in acting upon telephonic, facsimile or other electronic instructions which the Bank believes in good faith to have been given by an
authorized person, including but not limited to Instructions received in connection with the issuance of Obligations. In addition, in the event that the Issuer or an Agent currently or in the future utilizes a trading system that produces issuance
instructions that do not include signatures or initials, the Bank may conclusively rely upon such instructions absent such signatures or initials. 

  

 Page 12 

									
	Agreed to and Accepted by:	 		 	
			
	Deutsche Bank Trust Company Americas	 		 	Danaher Corporation
			
	/s/ Annie Jaghatspanyan	 		 	/s/ Frank T. McFaden
	Authorized Officer’s Signature	 		 	Authorized Officer’s Signature
	Name:	 	Annie Jaghatspanyan	 		 	Name:	 	Frank T. McFaden
	Title:	 	Assistant Vice President	 		 	Title:	 	Vice President and Treasurer
					
	Date:	 	May 5, 2006	 		 	Date:	 	May 5, 2006
			
	/s/ Wanda Camacho	 		 	/s/ Daniel L. Comas
	Authorized Officer’s Signature	 		 	Authorized Officer’s Signature
	Name:	 	Wanda Camacho	 		 	Name:	 	Daniel L. Comas
	Title:	 	Vice President	 		 	Title:	 	Executive Vice President and Chief Financial Officer
					
	Date:	 	May 5, 2006	 		 	Date:	 	May 5, 2006

 List of Exhibits 
 Exhibit A DTC Master Note & Universal Note 
 Exhibit B Board Resolutions & Secretary’s Certificate 
 Exhibit C Authorized Officers & Certificate of
Incumbency 
 Exhibit D Authorized Persons 
 Exhibit E DTC Certificate Agreement 
 Exhibit F DTC Letter of Representations 
  

 Page 13 

 Exhibit A-1 
 DTC Master Note 
 The Depository Trust Company

 A subsidiary of The Depository Trust & Clearing Corporation 
 CORPORATE COMMERCIAL PAPER – MASTER NOTE 
 May 18, 2006 
 (Date of Issuance) 
 DANAHER CORPORATION (“Issuer”), for value received, hereby promises to pay to Cede & Co., as nominee of The Depository Trust Company, or to registered assigns: (i) the
principal amount, together with unpaid accrued interest thereon, if any, on the maturity date of each obligation identified on the records of Issue (the “Underlying Records”) as being evidenced by this Master Note, which Underlying Records
are maintained by DEUTSCHE BANK TRUST COMPANY AMERICAS (“Paying Agent”); (ii) interest on the principal amount of each such obligation that is payable in installments, if any, on the due date of each installment, as specified
on the Underlying Records; and (iii) the principal amount of each such obligation that is payable in installments, if any, on the due date of each installment, as specified on the Underlying Records. Interest shall be calculated at the rate and
according to the calculation convention specified on the Underlying Records. Payments shall me made by wire transfer to the registered owner from Paying Agent without the necessity of presentation and surrender of this Master Note. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS MASTER NOTE SET FORTH ON THE REVERSE HEREOF. 
 This Master Note is a valid and binding obligation of Issuer. 
 Not Valid Unless Countersigned for Authentication by Paying Agent. 
  

									
	DEUTSCHE BANK TRUST	 		 	
	COMPANY AMERICAS	 		 	DANAHER CORPORATION
	    (Paying Agent)	 		 	(Issuer)
					
	By:	 	/s/ Wanda Camacho	 		 	By:	 	/s/ Frank T. McFaden
		 	(Authorized Countersignature)	 		 		 	(Authorized Signature)
				
		 		 		 	 
		 		 		 	(Guarantor)
					
		 		 		 	By:	 	/s/ Dan Comas
		 		 		 		 	(Authorized Signature)

 DTCC 
 The Depository Trust & Clearing Corporation 

 At the request of the registered owner, Issue shall promptly issue and deliver one or more separate note
certificates evidencing each obligation evidenced by this Master Note. As of the date any such note certificate or certificates are issued, the obligations which are evidenced thereby shall not longer be evidenced by this Master Note. 
  
  
  
 FOR VALUE RECEIVED, the undersigned hereby sells,
assigns, and transfers unto 
  
  
 (Name, Address, and Taxpayer Identification Number of Assignee) 
 The Master Note and all rights thereunder, hereby irrevocably constituting and appointing ______________________ attorney to transfer said Master Note on the books of Issuer with full power of
substitution in the premises. 
  

					
		 		 	
			
	Dated:	 		 	  
	Signature(s) Guaranteed:	 		 	(Signature)
		 		 	 Notice: The signature on this assignment
 must correspond with the name as written
 upon the face of this Master Note, in every
 particular without alteration or enlargement
 or any
changes whatsoever.

  
  
  
 Unless this certificate is presented by an
authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

 Exhibit B 
 Board Resolutions and Secretary’s Certificate 
 I, James F.
O’Reilly, the duly elected, qualified and acting Secretary and Associate General Counsel of Danaher Corporation, a Delaware corporation, do hereby certify that attached hereto as Annex A is a true and correct copy of the resolutions duly
adopted by the Board of Directors of Danaher Corporation on _________ and that said resolutions have not been amended, modified or revoked, and are in full force and effect on the date hereof; and furthermore that such resolutions are the only
resolutions adopted by the Board of Directors or any committee thereof governing the subject matter described therein. 
 IN
WITNESS WHEREOF, I have hereunto set my name and affixed the seal of Danaher Corporation as of April ___, 2006. 
  

			
	DANAHER CORPORATION
		
	By:	 	 
	Name:	 	James F. O’Reilly
	Title:	 	Secretary and Associate General Counsel

 [Seal]

 I, Frank McFaden, Vice President and Treasurer of the Issuer, hereby certify that I am the duly elected, qualified and acting
Vice President and Treasurer of the Issuer, that James F. O’Reilly is the duly elected, qualified and acting Secretary and Associate General Counsel of the Issuer and that the signature appearing above is the true signature of James F.
O’Reilly. 
 IN WITNESS WHEREOF, the undersigned has signed his name as of April ___, 2006. 
  

			
	DANAHER CORPORATION
		
	By:	 	 
	Name:	 	Frank McFaden
	Title:	 	Vice President and Treasurer

 Exhibit C 
 Authorized Officers and Certificate of Incumbency 
 I, James F.
O’Reilly, the duly elected, qualified and acting Secretary and Associate General Counsel of Danaher Corporation, a Delaware corporation (the “Issuer”), do hereby certify that attached hereto is an original list with the genuine
signature and true and correct title of each of the officers of the Issuer authorized to act for the Issuer in connection with the Issuer’s commercial paper pursuant to the Resolutions duly adopted by the Board of Directors of the Issuer on
_________ and that said list has not been amended, modified or revoked, and is in full force and effect on the date hereof. Capitalized terms used herein and not otherwise defined have the meanings specified in the Issuing and Paying Agent Agreement
dated April ___, 2006 (the “Agreement”) between the Issuer and Deutsche Bank Trust Company Americas. 
 IN WITNESS
WHEREOF, I have hereunto set my name and affixed the seal of Danaher Corporation as of April ___, 2006. 
  

			
	DANAHER CORPORATION
		
	By:	 	 
	Name:	 	James F. O’Reilly
	Title:	 	Secretary and Associate General Counsel

 [Seal]

 I, Frank McFaden, Vice President and Treasurer of the Issuer, hereby certify that I am the duly elected, qualified and acting
Vice President and Treasurer of the Issuer, that James F. O’Reilly is the duly elected, qualified and acting Secretary and Associate General Counsel of the Issuer and that the signature appearing above is the true signature of James F.
O’Reilly. 
 IN WITNESS WHEREOF, the undersigned has signed his name as of April ___, 2006. 
  

			
	DANAHER CORPORATION
		
	By:	 	 
	Name:	 	Frank McFaden
	Title:	 	Vice President and Treasurer

 AUTHORIZED OFFICERS 
 Pursuant to the Resolutions and the Agreement, the following individuals are Authorized Officers of the Issuer authorized to act for the Issuer in connection with the commercial paper notes and/or
book-entry Obligations. 
  

					
	 Name
	  	 Office
	 	 Signature

			
	H. Lawrence Culp, Jr.	  	 President and
 Chief
Executive Officer
	 	 
			
	Daniel L. Comas	  	 Executive Vice President and
 Chief Financial Officer
	 	 
			
	Frank McFaden	  	Vice President and Treasurer	 	 

 Exhibit D 
 Authorized Persons 
 Pursuant to the resolutions of Danaher Corporation, a
Delaware corporation (the “Issuer”) adopted on ___________, and the Agreement between the Issuer and Deutsche Bank Trust Company Americas (the “Bank”) having the Effective Date of April ___, 2006, (the “Agreement”;
terms used but not otherwise defined herein shall have the meanings assigned thereto in the Agreement), the Authorized Officers of the Issuer authorize and so direct the Bank to execute all Instructions made pursuant to the provisions of the
Agreement purporting to be from any one of the employees or Agents of the Issuer (“Authorized Persons”) listed below and such Authorized Officers represent that said list has not been amended, modified or revoked and is in full force and
effect on April ___, 2006. Subject to the foregoing, the Authorized Persons are: 
  

									
	 Name
	 	  	  	 Title
	  	  	  	 Signature

					
	 	 		  	 	  		  	 
					
	 	 		  	 	  		  	 
					
	 	 		  	 	  		  	 

 IN WITNESS WHEREOF, I have hereunto set my name as
of April ___, 2006. 
  

			
	DANAHER CORPORATION
		
	By:	 	 
	Name:	 	Daniel L. Comas
	Title:	 	 Executive Vice President and Chief Financial
 Officer

		
	By:	 	 
	Name:	 	Frank McFaden
	Title:	 	Vice President and Treasurer

 Exhibit E 
 DTC Certificate Agreement 
 BOOK-ENTRY-ONLY MONEY MARKET INSTRUMENT

 (MASTER NOTE) PROGRAM 
 CERTIFICATE AGREEMENT 
 This Agreement is dated as of December 1,
1993, by and between The Depository Trust Company (“DTC”) and Bankers Trust Company. (“Custodian”) 
 Whereas, Custodian performs, as agent of the issuers, certain paying agency functions with respect to one or more issues of money market instrument notes issued under the programs listed on Exhibit A, as it may be amended in writing with
the addition or deletion of a program from time to time by the parties (the “Securities”); and 
 Whereas, in order to
enhance the efficiency of the processes for issuing and redeeming such Securities, Custodian has agreed to act as custodian of master note certificates registered in the name of DTC’s nominee, Cede & Co., evidencing the Securities (the
“Certificates”) and has established procedures to perform the services hereinafter set forth. 
 Now, therefore, in
consideration of the representations, warranties, and covenants herein contained the parties agree as follows: 
 1. Custodian
shall assure that each Certificate held pursuant to this Agreement shall be in registered form, registered in the name of Cede & Co., and shall bear the following legend: 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 

 Custodian agrees that the foregoing provisions of this Paragraph constitute as to Custodian
a timely written notice of an adverse claim by DTC as to each such Certificate regardless of whether the legend actually appears thereon. 
 2. Subsequent to the issuance of Certificates, Custodian shall hold the Certificates awaiting DTC’s instructions. On receipt of instructions from DTC, and except as hereinafter provided, Custodian
shall deliver to DTC or as directed by DTC any or all Securities or Certificates held for DTC in accordance with such instructions. 
 3. Custodian shall confirm to DTC the amount of Securities evidenced by each Certificate on a daily or other periodic basis, as DTC may reasonably request. 
 4. As between DTC and Custodian (including, without limitation, its creditors, lien holders, and pledgees), the Securities evidenced by a Certificate and such Certificate shall be deemed to be the sole
property of DTC. Custodian shall not by reason of any provision of this Agreement or the delivery to it of Securities in connection with their issuance obtain any legal or equitable right, title, or interest in or to Securities evidenced by such
Certificate. 
 5. Custodian shall itself at all times hold all Certificates in one of its secured areas. 
 6. (a) Notwithstanding any event whatsoever, other than an event described in subparagraph (b) of this Paragraph on in the proviso
to Paragraph 8, Custodian shall, upon the request of DTC, deliver or make available to DTC any or all Securities or Certificates within 24 hours after receipt of such request, except that Custodian shall not be required hereby to deliver or make
available Securities or Certificates to DTC on a day that Custodian is not open for business. 
 (b) Custodian shall notify DTC
immediately after it determines that any Securities or Certificate received by it from the issuer, deliverable by it to DTC, or held by it pursuant to the provisions of this Agreement has apparently been lost, destroyed, wrongfully taken, or is
unaccounted for by Custodian (each, a “Missing Security”), Custodian shall promptly replace any Missing Security without cost to DTC. 

 7. Custodian represents and warrants that it is insured under an insurance policy in the
form of Financial Institution Bond Standard Form 24, or similar coverage, in the amount of $125 Million, with a deductible of $10 Million, which Custodian reasonably believes to be adequate to cover all losses under all programs that
Custodian has and shall have with DTC. Custodian will deliver promptly to DTC, if DTC so requests, a writing signed by its insurance broker or agent which evidences the existence of such insurance coverage in such amount and with such deductible,
and Custodian covenants and agrees to maintain at its expense such insurance (or a comparable plan of insurance) in no less amount, no greater deductible, and with like coverage during the term of this Agreement, subject to its right to cancel,
decrease, or limit the same. Custodian shall notify DTC promptly in writing of any material changes in such insurance coverage. Custodian shall, prior to the first anniversary of the date of this Agreement and prior to each succeeding anniversary of
this Agreement during its term, deliver promptly to DTC, if DTC so requests, a writing signed by its insurance broker or agent which shall evidence the amount, deductible, and coverage of Custodian’s insurance and shall state whether or not
such insurance is equivalent to Financial Institution Bond Standard Form 24. Custodian agrees that whenever Custodian ships Securities or Certificates to DTC, Custodian shall either provide adequate insurance coverage or require such coverage from
the carrier of the Securities or Certificates, such coverage to cover losses of Securities or Certificates while in transit and until received. Custodian shall, if DTC so requests, promptly furnish DTC with documentation evidencing the amount,
deductible, and coverage of the insurance provided by Custodian for any such shipment of Securities or Certificates. 
 8.
Custodian agrees that it shall not for any reason, including the assertion of any claim, right, or lien of any kind, refuse or refrain from delivering any Securities or Certificates to or as directed by DTC in accordance with the terms of this
Agreement; provided, however, that if Custodian shall be served with a notice of levy, seizure, or similar notice, order, or judgment, issued or directed by a governmental agency or court, or an officer thereof, having jurisdiction over Custodian,
which on its face affects Securities evidenced by Certificates in the possession of Custodian pursuant to the provisions hereof, Custodian may, pending further direction of such governmental agency or court, refuse or refrain from delivery or making
available to DTC in contravention of such notice or levy, seizure, or similar notice, order, or judgment, Securities not greater in amount than the Securities which are affected by such notice of levy, seizure, or similar notice, order, or judgment
on the face thereof. 

 9. Custodian may act relative to this Agreement in reliance upon advice of counsel in
reference to any matters connected with its duties under this Agreement, and shall not be liable for any mistake of fact or error of judgment, or for any acts or omissions to act of any kind, unless caused by its own negligence. 
 10. Custodian may at any time, without any resulting liability to itself, act under this Agreement in reliance upon the signature of any
person who it reasonably believes has authority to act for DTC with respect to this Agreement, but Custodian shall not be required so to act, and may in its discretion at any time require such evidence of the authenticity of such signature and of
the authority of the person acting for DTC as may be satisfactory to Custodian. 
 11. So long s this Agreement remains in
effect as to any issue of Securities, Custodian shall furnish to DTC as soon as available a copy of any report on the adequacy of Custodian’s internal accounting control procedures relating to the safeguarding of securities in its custody
prepared for any regulatory agency by Custodian’s independent outside auditor. 
 12. This Agreement may be terminated by
either party upon ten business days’ prior written notice to the other party. In the event of the termination of this Agreement or the termination hereunder of this Agreement as to issues of Securities evidenced by specific Certificates, it
shall be deemed that Custodian has received as of the time of such termination a request by DTC within the meaning of Paragraph 6(a) with regard to: (i) all Securities or Certificates subject hereto if this Agreement is terminated; or
(ii) the specific Securities or Certificates in respect of which this Agreement shall terminate. 
 13. This Agreement
shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to principles of conflicts of law. 
 14. All notices, instructions, requests, and other communications required or contemplated by this Agreement shall be in writing, shall be delivered by hand or sent, postage prepaid, by certified or
registered mail, return receipt requested, and shall be addressed to Custodian at 16 Wall St., New York, NY 10005, Attn: Issuance Services Manager, and to DTC at 49th Floor; 55 Water Street; New York, NY 10041-0099, Attn: General Counsel. Notice given as aforesaid shall be deemed
given upon the receipt thereof. Either party may change the address to which notices shall be sent upon notice to the other in the manner hereinabove provided. 

 15. (a) Custodian agrees to indemnify and hold harmless DTC from and against any and
all losses, liabilities, claims, penalties, charges, and expenses (including reasonable counsel fees and expenses) suffered or incurred by or asserted or assessed against DTC by reason of Custodian’s negligent action or negligent failure to
act; provided, however, that should Custodian be held to be negligent hereunder and should DTC be held to have been contributorily negligent in connection therewith, then the aforementioned liability shall be shared between Custodian and DTC in such
proportion as may be set forth in any decision of a court or other tribunal having jurisdiction, unless Custodian and DTC shall agree in writing to share such liability in a different proportion. 
 (b) DTC agrees to indemnify and hold harmless Custodian from and against any and all losses, liabilities, claims, taxes, assessments,
penalties, charges, and expenses (including reasonable counsel fees and expenses) suffered or incurred by or asserted or assessed against Custodian by reason of any action pursuant to this Agreement or following the instructions of DTC in connection
with the performance of its duties under this Agreement where Custodian has acted in good faith and without negligence; provided, however, that should Custodian be held to be negligent hereunder and should DTC be held to have been contributorily
negligent in connection therewith, then the aforementioned liability shall be shared between Custodian and DTC in such proportion as may be set forth in any decision of a court or other tribunal having jurisdiction, unless Custodian and DTC shall
agree in writing to share such liability in a different proportion. 
 IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written. 
  

									
	Bankers Trust Company	 		 		 	THE DEPOSITORY TRUST COMPANY
	 (Custodian)
	 		 	
					
	By:	 	/s/ Anne Mohen	 		 	By:	 	/s/ Richard B. Nesson
		 	    Vice President	 		 		 	    Richard B. Nesson
		 	        (Title)	 		 		 	    General Counsel
		 		 		 		 	            (Title)
				
	/s/ [illegible]	 		 		 	
	    (Attest)	 		 		 	

 Exhibit F 
 DTC Letter of Representation 
 The Depository Trust Company 
 A subsidiary of The Depository Trust & Clearing Corporation 
 Book-Entry-Only Corporate Commercial Paper 
 (Master Note)
Program 
 Letter of Representations 
 [To be Completed by Issuer, Issuing Agent and Paying Agent] 
 Danaher Corporation

 [Name of Issuer] 
 Deutsche Bank Trust Company Americas Participant 1503 
 [Name and DTC Participant
Number of Issuing Agent and Paying Agent] 
 April 28, 2006 
 [Date]     
 Attention: Underwriting Department

 The Depository Trust Company 
 55 Water Street, 25th Floor 
 New York, NY 10041-0099 
  

	 	Re:	U.S. $2,200,000,000 Commercial Paper Program pursuant to Section 4(2) of the Securities Act of 1933, as amended 

 [Description of Program, including reference to the provision of the Securities Act of 1933, as amended, pursuant to which Program is exempt
from registration.] 
 Ladies and Gentlemen: 
 This letter sets forth our understanding with respect to certain matters relating to the issuance by Issuer from time to time of notes under its Commercial Paper program described above (the
“Securities”). Issuing Agent shall act as issuing agent with respect to the Securities. Paying Agent shall act as paying agent or other such agent of Issuer with respect to the Securities. Issuance of the Securities has been authorized
pursuant to a prospectus supplement, offering circular, or other such document authorizing the issuance of the Securities dated May 2006. 

 Paying Agent has entered into a Money Market Instrument or Commercial Paper Certificate
Agreement with The Depository Trust Company (“DTC”) dated as of December 1, 1993 pursuant to which Paying Agent shall act as custodian of a Master Note Certificate evidencing the Securities, when issued. Paying Agent shall
amend Exhibit A to such Certificate Agreement to include the program described above, prior to issuance of the Securities. 
 To
induce DTC to accept the Securities as eligible for deposit at DTC and to act in accordance with its Rules with respect to the Securities, Issuer, Issuing Agent, and Paying Agent make the following representations to DTC: 
 1. The Securities shall be evidenced by a Master Note Certificate in registered form registered in the name of DTC’s nominee,
Cede & Co., and such Master Note Certificate shall represent 100% of the principal amount of the Securities. The Master Note Certificate shall include the substance of all material provisions set forth in the DTC model Commercial Paper
Master Note, a copy of which previously has been furnished to Issuing Agent and Paying Agent, and may include additional provisions as long as they do not conflict with the material provisions set forth in the DTC model. 
 2. Issuer: (a) understands that DTC has no obligation to, and will not, communicate to its participants (“Participants”) or
to any person having an interest in the Securities any information contained in the Master Note Certificate; and (b) acknowledges that neither DTC’s Participants nor any person having an interest in the Securities shall be deemed to have
notice of the provisions of the Master Note Certificate by virtue of submission of such Certificate to DTC. 
 3. For Securities
to be issued at a discount from the face value to be paid at maturity (“Discount Securities”), Issuer or Issuing Agent has obtained from the CUSIP Service Bureau a written list of two basic six-character CUSIP numbers (each of which
uniquely identifies Issuer and two years of maturity dates for the Discount Securities to be issued under its Commercial Paper program described above). The CUSIP numbers on such list have been reserved for future assignment to issues of the
Discount Securities based on the maturity year of the Discount Securities and will be perpetually reassignable in accordance with DTC’s Procedures, including DTC’s Final Plan for DTC Money Market Programs and DTC’s Issuing/Paying
Agent General Operating Procedures for Corporate Commercial Paper (the “MMI Procedures”), a copy of which previously has been furnished to Issuing Agent and Paying Agent. 

 For Securities to be issued at face value with interest to be paid at maturity only or
periodically (“Interest Bearing Securities”), Issuer or Issuing Agent has obtained from the CUSIP Service Bureau a written list of approximately 900 nine-character numbers (the basic first six characters of which are the same and uniquely
identify Issuer and the Interest Bearing Securities to be issued under its Commercial Paper program described above). The CUSIP numbers on such list have been reserved for future assignment to issues of the Interest Bearing Securities. At any time
when fewer than 100 of the CUSIP numbers on such list remain unassigned, Issuer or Issuing Agent shall promptly obtain from the CUSIP Service Bureau an additional written list of approximately 900 such numbers. 
 4. When Securities are to be issued through DTC, Issuing Agent shall notify Paying Agent and shall give issuance instructions to DTC in
accordance with the MMI Procedures. The giving of such issuance instructions, which include delivery instructions, to DTC shall constitute: (a) a representation that the Securities are issued in accordance with applicable law; and (b) a
confirmation that the Master Note Certificate evidencing such Securities, in the form described in paragraph 1, has been issued and authenticated. 
 5. All notices and payment advises sent to DTC shall contain the CUSIP number of the Securities. 
 6. Issuer recognizes that DTC does not in any way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any transactions in the Securities with the following, as
amended from time to time: (a) any exemptions from registration under the Securities Act of 1933; (b) the Investment Company Act of 1940; (c) the Employee Retirement Income Security Act of 1974; (d) the Internal Revenue Code of
1986; (e) any rules of any self-regulatory organizations (as defined under the Securities Exchange Act of 1934); or (f) any other local, state, federal, or foreign laws or regulations thereunder. 
 7. Notwithstanding anything set forth in any document relating to a letter of credit facility, neither DTC nor Cede & Co. shall
have any obligations or responsibilities relating to the letter of credit facility, if any, unless such obligations or responsibilities are expressly set forth herein. 
 8. If issuance of Securities through DTC is scheduled to take place one or more days after Issuing Agent has given issuance instructions to DTC, Issuing Agent may cancel such issuance by giving a
cancellation instruction to DTC in accordance with the MMI Procedures. 

 9. At any time that Paying Agent has Securities in its DTC accounts, it may request
withdrawal of such Securities from DTC by giving a withdrawal instruction to DTC in accordance with the MMI Procedures. Upon DTC’s acceptance of such withdrawal instruction, Paying Agent shall reduce the principal amount of the Securities
evidenced by the Master Note Certificate accordingly. 
 10. In the event of any solicitation of consents from or voting by
holders of the Securities, Issuer, Issuing Agent, or Paying Agent shall establish a record date for such purposes (with no provision for revocation of consents or votes by subsequent holders) and shall send notice of such record date to DTC’s
Reorganization Department, Proxy Unit no fewer that 15 calendar days in advance of such record date. If sent by telecopy, such notice shall be directed to (212) 855-5181 or (212) 855-5182. If the party sending the notice does not receive a
telecopy receipt from DTC such party shall confirm DTC’s receipt of such telecopy by telephoning (212) 855-5187. For information regarding such notices, telephone The Depository Trust and Clearing Corporation’s Proxy hotline at
(212) 855-5191. 
 11. Paying Agent may override DTC’s determination of interest and principal payment dates, in
accordance with the MMI Procedures. 
 12. Notice regarding the amount of variable interest and principal payments on the
Securities shall be given to DTC by Paying Agent in accordance with the MMI Procedures. 
 13. All notices sent to DTC shall
contain the CUSIP number of the Securities. 
 14. Paying Agent shall confirm with DTC daily, by CUSIP number, the face value of
the Securities outstanding, and Paying Agent’s corresponding interest and principal payment obligation, in accordance with the MMI Procedures. 
 15. DTC may direct Issuer, Issuing Agent, or Paying Agent to use any other number or address as the number or address to which notices or payments may be sent. 

 16. Payments on the Securities, including payments in currencies other than the
U.S. Dollar, shall be made by Paying Agent in accordance with the MMI Procedures. 
 17. In the event that Issuer
determines that beneficial owners of the Securities shall be able to obtain certificated Securities, Issuer, Issuing Agent, or Paying Agent shall notify DTC of the availability of certificates. In such event, Issuer, Issuing Agent, or Paying Agent
shall issue, transfer, and exchange certificates in appropriate amounts, as required by DTC and others. 
 18. Issuer authorizes
DTC to provide to Issuing Agent and/or Paying Agent listings of DTC Participants’ holdings, known as Security Position Reports (“SPRs”) with respect to the Assets from time to time at the request of Issuing Agent or Paying Agent. DTC
charges a fee for such SPRs. This authorization, unless revoked by Issuer, shall continue with respect to the Assets while any Assets are on deposit at DTC, until and unless Issuing Agent and/or Paying Agent shall no longer be acting as Issuing
and/or Paying Agent for Issuer. In such event, Issuer shall provide DTC with similar evidence, satisfactory to DTC, of the authorization of any successor thereto so to act. Proxy Web Services are available at www.dtc.org. To register for or
inquire about Proxy Web Services, telephone The Depository Trust and Clearing Corporation’s Proxy Hotline at (212) 855-5191. 
 19. DTC may discontinue providing its services as securities depository with respect to the Securities at any time by giving reasonable notice to Issuer, Issuing Agent, or Paying Agent (at which time DTC will confirm with Issuer, Issuing
Agent, or Paying Agent the aggregate amount of Securities outstanding by CUSIP number). Under such circumstances, at DTC’s request Issuer, Issuing Agent, and Paying Agent shall cooperate fully with DTC by taking appropriate action to make
available one or more separate certificates evidencing Securities to any Participants having Securities credited to its DTC accounts. 
 20. Nothing herein shall be deemed to require Issuing Agent or Paying Agent to advance funds on behalf of Issuer. 
 21. This Letter of Representations may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts together shall constitute but one and the same instrument.

 22. This Letter of Representations shall be governed by, and construed in accordance with,
the laws of the State of New York, without giving effect to principles of conflicts of law. 
 23. The sender of each notice
delivered to DTC pursuant to this Letter of Representations is responsible for confirming that such notice was properly received by DTC. 
 24. Issuer represents that the Securities are not securities of an issuer that is listed on the Office of Foreign Asset Control (“OFAC”) issuer list distributed by the U.S. Department of the
Treasury, or of an issuer that is incorporated in a country that is on the OFAC list of “pariah” countries. 
 25.
Issuer, Issuing Agent and Paying Agent shall comply with the applicable requirements stated in DTC’s MMI Procedures, as they may be amended from time to time. 
  

	26.	The following riders, attached hereto, are hereby incorporated into this Letter of Representations: 

  
  
  
 _____________________________________________________________________________ 
 [The remainder of this page was intentionally left blank.] 

 Note: 
 Schedule A contains statements that DTC believes accurately describe DTC, the method of effecting book-entry transfer of securities distributed through DTC, and certain related matters. 
  

			
	Very truly yours,
	
	Danaher Corporation
	 [Issuer]

		
	By:	 	/s/ Frank T. McFaden
		 	[Authorized Officer’s Signature]
	
	Deutsche Bank Trust Company Americas
	                        [Issuing
Agent]
		
	By:	 	/s/ [illegible]
		 	[Authorized Officer’s Signature]
	
	Deutsche Bank Trust Company Americas
	                        [Paying
Agent]
		
	By:	 	/s/ [illegible]
		 	[Authorized Officer’s Signature]
		 	

  

			
	Received and Accepted:
	THE DEPOSITORY TRUST COMPANY
		
	By:	 	/s/ Denise Russo

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