Document:

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                                                                   EXHIBIT 10.55

                                [JP Morgan LOGO]

JPMorgan Chase Bank
4 Metrotech Center, 17th Floor
Brooklyn, New York 11245

                        INTEREST RATE SWAP CONFIRMATION

TO   :    BAKER HUGHES INC
          3900 ESSEX LANE SUITE 1200
          HOUSTON TEXAS 77027-5177 USA
          CONTACT: DOUG DOTY
          T: 713-439-8678

ATTN :    Swap Operations
FAX  :    713-439-8678
DATE :    7 April 2004
RE   :    Transaction Reference No. 0004161145/68565083

         The purpose of this letter agreement is to confirm the terms and
conditions of the Transaction entered into between us on the Trade Date below.
It constitutes a "Confirmation" as referred to in the ISDA Master Agreement
described below.

         The definitions and provisions contained in the 2000 ISDA Definitions
as published by the International Swaps and Derivatives Association, Inc.
("ISDA") (the "Definitions") are incorporated into this Confirmation. In the
event of any inconsistency between those definitions and provisions and this
Confirmation, this Confirmation will govern.

     1.   This Confirmation supplements, forms parts of, and is subject
to, the ISDA Master Agreement dated as of 6 March 2000, as amended and
supplemented from time to time (the "Agreement"), between JPMorgan Chase Bank
("JPMorgan") and Baker Hughes Inc ("Counterparty"). All provisions contained in
the Agreement govern this Confirmation except as expressly modified below.

     2.   The terms of the particular Transaction to which this Confirmation
relates are as follows:

          NOTIONAL AMOUNT:    USD 325,000,000.00

          TRADE DATE:         7 April 2004

          EFFECTIVE DATE:     13 April 2004

          TERMINATION DATE:   15 January 2009, subject to adjustment in
                              accordance with the Modified Following Business
                              Day Convention.

                                       1
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Confirmation - Swap Transaction              JP Morgan Ref: 0004161145/68565083

      FLOATING AMOUNTS:

      FLOATING RATE PAYER:    COUNTERPARTY

      FLOATING RATE PAYER     15 July, 15 January of each year commencing with
      PAYMENT DATES:          15 July 2004 and ending with, and including, the
                              Termination Date, subject to adjustment in
                              accordance with the Modified Following Business
                              Day Convention.

      FLOATING RATE FOR
      INITIAL CALCULATION
      PERIOD:                 1.140000 percent (exclusive of spread)

      FLOATING RATE OPTION:   USD - LIBOR - BBA

      SPREAD:                 Plus 2.741000 percent

      DESIGNATED MATURITY:    6 Months, except for the initial Calculation
                              Period which shall be interpolated

      RESET DATES:            The first day of each Calculation Period

      COMPOUNDING:            Not Applicable

      FLOATING RATE

      DAY COUNT FRACTION:     Actual/360

      BUSINESS DAYS:          London, New York

      FIXED AMOUNTS:

      FIXED RATE PAYER:       JPMORGAN

      FIXED RATE PAYER        15 July, 15 January of each year commencing with
      PAYMENT DATES:          15 July 2004 and ending with, and including, the
                              Termination Date, subject to adjustment in
                              accordance with the Modified Following Business
                              Day Convention

      FIXED RATE

      DAY COUNT FRACTION:     30/360

      PERIOD END DATE:        No Adjustment

      BUSINESS DAYS:          London, New York

      CALCULATION AGENT:      JPMorgan, unless otherwise specified in the
                              Agreement

                                        2
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Confirmation - Swap Transaction           JP Morgan Ref: 0004161145/68565083

 3. ACCOUNT DETAILS

    PAYMENTS TO JP MORGAN:

                        JP MORGAN CHASE BANK, NEW YORK, JPMORGAN, NY ABA#
                        021000021, A/C# __________________

    PAYMENTS TO COUNTERPARTY:

                        To JPMORGAN CHASE BANK HOUSTON, Account No:____________
                        Favor BAKER HUGHES INC, Houston

 4. OFFICE, ADDRESS AND TELEPHONE NUMBER FOR NOTICES IN CONNECTION WITH THIS
    TRANSACTION

    (a) COUNTERPARTY:   its Office in
                        3900 ESSEX LANE, SUITE 1200
                        HOUSTON TEXAS 77027-5177 USA
                        CONTACT: DOUG DOTY
                        T: 713-439-8678
                        F: 713-439-8699

    (b) JPMORGAN:       its head Office in
                        New York
                        c/o 4 Metrotech Center, 17th Floor
                        Brooklyn, New York 11245

 5. DOCUMENTS TO BE DELIVERED

    Each party shall deliver to the other, at the time of its execution of this
    Confirmation, evidence of the incumbency and specimen signature of the
    person(s) executing this Confirmation, unless such evidence has been
    previously supplied and remains true and in effect.

                                       3
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Confirmation - Swap Transaction              JP Morgan Ref: 0004161145/68565083

     Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing a copy of this Confirmation and returning it to us.

                                            Yours sincerely,

                                            JPMORGAN CHASE BANK

                                      By:   /s/Carmine Pilla
                                         ------------------------------
                                      Name: Carmine Pilla
                                      Title: Vice President

CONFIRMED AS OF THE DATE FIRST
ABOVE WRITTEN:

BAKER HUGHES INC

By:     /s/ Douglas C. Doty
        ----------------------
Name:       Douglas C. Doty
Title:      V.P. & Treasurer

                                       4
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(MULTICURRENCY-CROSS BORDER)

                        SCHEDULE TO THE MASTER AGREEMENT
                        DATED AS OF MARCH 6, 2000 BETWEEN
                               [BANK] ("PARTY A")
                                       AND
                          BAKER HUGHES,INC. ("PARTY B")

            PART 1: TERMINATION PROVISIONS AND CERTAIN OTHER MATTERS

     (a)  "SPECIFIED ENTITY" means, in relation to Party A, for the purpose of:

            SECTION 5(a)(v), none;

            SECTION 5(a)(vi), none;

            SECTION 5(a)(vii), none; and

            SECTION 5(b)(iv), none;

                    and, in relation to Party B, for the purpose of:

            SECTION 5(a)(v), none;

            SECTION 5(a)(vi), none;

            SECTION 5(a)(vii), none; and

            SECTION 5(b)(iv), none.

     (b)  "SPECIFIED TRANSACTION" will have the meaning specified in Section 14.

     (c) The "CROSS-DEFAULT" provisions of Section 5(a)(vi) will apply to Party
A and Party B. In connection therewith, "SPECIFIED INDEBTEDNESS" will have the
meaning specified in Section 14, except that such term shall not include
obligations in respect of deposits received in the ordinary course of such
party's banking business, and "THRESHOLD AMOUNT" means an amount equal to three
percent of such party's shareholders' equity, determined in accordance with
generally accepted accounting principles in such party's country of
incorporation or organization, consistently applied, as at the end of such
party's most recently completed fiscal year. For purposes of this definition,
any Specified Indebtedness denominated in a currency other than the currency

                                       5
<PAGE>

in which the financial statements of such party are denominated shall be
converted into USD.

     (d) The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will
apply to Party A and Party B; provided, however, that the phrase "materially
weaker" means (i) the senior long-term debt or deposits of the resulting,
surviving or transferee entity is or are, as the case may be, rated less than
investment grade by Standard & Poor's Corporation or Moody's Investors Service,
Inc., or (ii) in the event that there are no such Standard & Poor's Corporation
or Moody's Investors Service, Inc. ratings, the Policies (as defined below) in
effect at the time, of the party which is not the Affected Party, would lead
such non-Affected Party, solely as a result of a change in the nature,
character, identity or condition of the Affected Party, any Credit Support
Provider of the Affected Party or any applicable Specified Entity of the
Affected Party, as the case may be, from its state prior to such consolidation,
amalgamation, merger or transfer, to decline to make an extension of credit to,
or enter into a Transaction with, the resulting, surviving or transferee entity.
"Policies", for the purposes of this definition means: (l)(A) internal credit
limits applicable to individual entities or (B) other limits on doing business
with entities domiciled or doing business in certain jurisdictions or engaging
in certain activities, or (2) internal restrictions on doing business with
entities with whom the party which is not the Affected Party has had prior
adverse business relations.

     (e) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not
apply to Party A or Party B.

     (f) PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e):

          (i) Market Quotation will apply.

          (ii) The Second Method will apply.

     (g) "TERMINATION CURRENCY" means United States Dollars.

     (h) ADDITIONAL TERMINATION EVENT. (i) The following shall constitute an
Additional Termination Event (with any event specified in the following
constituting an "Impossibility"):

Due to the occurrence of a natural or man-made disaster, armed conflict, act of
terrorism, riot, labor disruption, act of State, or any other similar
circumstance beyond its control after the date on which a Transaction is entered
into, it becomes impossible (other than as a result of its own misconduct) for a
party (which will be the Affected Party):

     (1) to perform any absolute or contingent obligation, to make a payment or
     delivery or to receive a payment or delivery in respect of a Transaction or
     to comply with any other material provision of this Agreement relating to
     such Transaction; or

                                       6

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     (2) to perform, or for any Credit Support Provider of such party to
     perform, any contingent or other obligation which the party or such Credit
     Support Provider has under any Credit Support Document relating to a
     Transaction.

     (ii) The definition of "Affected Transactions" in Section 14 of this
Agreement is amended by adding the word "Impossibility" immediately before the
word "Illegality" in the first line thereof.

     (iii) If an event or circumstance which would otherwise constitute or give
rise to an Event of Default also constitutes an Impossibility, it will be
treated as a Termination Event and will not constitute an Event of Default.

                           PART 2: TAX REPRESENTATIONS

                                 Not applicable.

                     PART 3: AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party
agrees to deliver the following documents:

     (a) Tax forms, documents or certificates to be delivered are: none.

     (b) Other documents to be delivered are:

PARTY REQUIRED                                            COVERED BY
  TO DELIVER     FORM/DOCUMENT/     DATE BY WHICH         SECTION 3(d)
   DOCUMENT      CERTIFICATE       TO BE DELIVERED      REPRESENTATION
--------------  ---------------    ---------------      --------------
Party B         Annual Report      As soon as               Yes
                of Party B         available and
                containing         in any event
                consolidated       within 120 days
                financial          after the end
                statements         of each fiscal
                certified by       year of Party B
                independent
                certified
                public
                accountants and
                prepared in
                accordance with
                GAAP

                                       7

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Party B          Unaudited           As soon as              Yes
                 consolidated        available and
                 financial           in any event
                 statements of       within 45 days
                 Party B for a       after the end
                 fiscal quarter      of each fiscal
                 prepared in         quarter of
                 accordance with     Party B
                 GAAP and on a
                 basis
                 consistent with
                 that of the
                 annual
                 financial
                 statements of
                 Party B

Party B          Certified           Upon execution          Yes
                 copies of all       and delivery of
                 corporate           this Agreement
                 authorizations
                 and any other
                 documents with
                 respect to the
                 execution,
                 delivery and
                 performance of
                 this Agreement

Party B          Certificate of      Upon execution          Yes
                 authority and       and delivery of
                 specimen            this Agreement
                 signatures of       and thereafter
                 individuals         upon request of
                 executing this      Party A
                 Agreement and
                 Confirmations

                              PART 4: MISCELLANEOUS

          (a)  Address for Notices. For the purpose of Section 12(a) of this
               Agreement:

Address for notice or communications to Party A:

Any notice relating to a particular Transaction shall be delivered to the
address or facsimile or telex number specified in the Confirmation of such
Transaction. Any notice delivered for purposes of Sections 5 and 6 of this
Agreement shall be delivered to the following address:

           [Bank's Contact Information]
           Attention: Legal Department-Capital Markets Group

                                       8
<PAGE>

Address for notice or communications to Party B:

     Baker Hughes, Inc.
     Attention: Gene Shiels, Assistant Treasurer
     3900 Essex Lane
     Houston, Texas 77027
     Telex No.: _____; Answerback: _____
     Facsimile No.: (713) 439-8678

     (b) PROCESS AGENT. For the purpose of Section 13(c):

     Party A appoints as its Process Agent: Not applicable.
     Party B appoints as its Process Agent: Not applicable.

     (c) OFFICES. The provisions of Section 10(a) will apply to this Agreement.

     (d) MULTIBRANCH PARTY. For the purpose of Section 10 of this Agreement:

     Party A is a Multibranch Party and may act through any Office specified in
     a Confirmation.

     Party B is not a Multibranch Party.

     (e) CALCULATION AGENT. The Calculation Agent is Party A, unless otherwise
specified in a Confirmation in relation to the relevant Transaction.

     (f) CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document: not
applicable.

     (g) CREDIT SUPPORT PROVIDER. Credit Support Provider means, in relation to
either party: not applicable.

     (h) GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the laws of the State of New York (without reference to choice
of law doctrine).

     (i) NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) will not apply
to any Transaction unless specified in the relevant Confirmation.

     (j) "AFFILIATE" will have the meaning specified in Section 14 of this
Agreement.

                                       9

<PAGE>

                            PART 5: OTHER PROVISIONS

    (a) SET-OFF. Any amount (the "Early Termination Amount") payable to one
party (the "Payee") by the other party (the "Payer") under Section 6(e), in
circumstances where there is a Defaulting Party or one Affected Party in the
case where a Termination Event under Section 5(b)(iv) has occurred, will, at the
option of the party ('X') other than the Defaulting Party or the Affected Party
(and without prior notice to the Defaulting Party or the Affected Party), be
reduced by its set-off against any amount(s) (the 'Other Agreement Amount')
payable (whether at such time or in the future or upon the occurrence of a
contingency) by the Payee to the Payer (irrespective of the currency, place of
payment or booking office of the obligation) under any other agreement(s)
between the Payee and the Payer or instrument(s) or undertaking(s) issued or
executed by one party to, or in favor of, the other party (and the Other
Agreement Amount will be discharged promptly and in all respects to the extent
it is so set-off). X will give notice to the other party of any set-off effected
under this section.

For this purpose, either the Early Termination Amount or the Other Agreement
Amount (or the relevant portion of such amounts) may be converted by X into the
currency in which the other is denominated at the rate of exchange at which such
party would be able, acting in a reasonable manner and in good faith, to
purchase the relevant amount of such currency.

If an obligation is unascertained, X may in good faith estimate that obligation
and set-off in respect of the estimate, subject to the relevant party accounting
to the other when the obligation is ascertained.

Nothing in this section shall be effective to create a charge or other security
interest. This section shall be without prejudice and in addition to any right
of set-off, combination of accounts, lien or other right to which any party is
at any time otherwise entitled (whether by operation of law, contract or
otherwise).

    (b) Exchange of Confirmations. For each Transaction entered into hereunder,
Party A shall promptly send to Party B a Confirmation, via telex or facsimile
transmission. Party B agrees to respond to such Confirmation within 10 Business
Days (for this purpose, Business Days refers to Business Days in the location of
the recipient), either confirming agreement thereto or requesting a correction
of any error(s) contained therein. Failure by Party B to respond within such
period shall not affect the validity or enforceability of such Transaction and
shall be deemed to be an affirmation of the terms contained in such
Confirmation, absent manifest error. The parties agree that any such exchange of
telexes or facsimile transmissions shall constitute a Confirmation for all
purposes hereunder.

                                       10

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    (C) WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES
ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

    (d) TELEPHONIC RECORDING. Each party (i) consents to the recording of the
telephone conversations of trading, marketing and operations personnel of the
parties and their Affiliates in connection with this Agreement or any potential
Transaction and (ii) agrees to obtain any necessary consent of, and give notice
of such recording to, such personnel of it and its Affiliates.

    (e) FURTHER REPRESENTATIONS. (i) Party B represents to Party A (which
representations will be deemed to be repeated by Party B on each date on which a
Transaction is entered into) that:

    NO CHANGE. Since March 31, 1999, there has been no material adverse change
in the business, operations, assets or financial or other condition of Party B.

    (ii) Each party represents to the other party (which representation will be
deemed to be repeated on each date on which a Transaction is entered into) that
it is an "eligible swap participant" as such term is defined in Part 35 of
Chapter I of Title 17 of the Code of Federal Regulations, promulgated by the
Commodity Futures Trading Commission, entitled "Exemption of Swap Agreements."

    (f) FURTHER REPRESENTATIONS OF PARTY A AND PARTY B. With respect to
commodity swap transactions, commodity cap transactions, commodity floor
transactions, commodity collar transactions and commodity option transactions
(for purposes of this Part 5(f), "Commodity Transactions"), each party
represents to the other (which representations will be deemed to be repeated by
each party on each date on which a Commodity Transaction is entered into) that:

                  (i) it has entered into this Agreement and each Commodity
         Transaction in conjunction with its line of business (which may include
         financial intermediation services) or the financing of its business;

                  (ii) the material terms of this Agreement and each Commodity
         Transaction have been and will be individually tailored and negotiated;

                  (iii) the creditworthiness of the other party was or will be a
         material consideration in its entering into this Agreement and any such
         Commodity Transaction;

                  (iv) solely with respect to Party B, it is a producer,
         processor, or commercial user of, or a merchant handling, the commodity
         which is the subject of any Commodity Transaction, or the products or
         by-products thereof, and that it is

                                       11

<PAGE>

         entering into any such Commodity Transaction solely for purposes
         related to its business as such; and

                  (v) solely with respect to Party A, it shall always be the
         offeror of each Commodity Transaction and that Party A offered to enter
         into this Agreement with Party B and initiated their trading
         relationship.

         (g) RELATIONSHIP BETWEEN PARTIES. The following representation shall be
inserted as a new Section 3(g) of this Agreement:

         "(g) RELATIONSHIP BETWEEN PARTIES. Each party will be deemed to
represent to the other party on the date on which it enters into a Transaction
that (absent a written agreement between the parties that expressly imposes
affirmative obligations to the contrary for that Transaction):

                  (i) NON-RELIANCE. It is acting for its own account, and it has
         made its own independent decisions to enter into that Transaction and
         as to whether that Transaction is appropriate or proper for it based
         upon its own judgment and upon advice from such advisers as it has
         deemed necessary. It is not relying on any communication (written or
         oral) of the other party as investment advice or as a recommendation to
         enter into that Transaction; it being understood that information and
         explanations related to the terms and conditions of a Transaction shall
         not be considered investment advice or a recommendation to enter into
         that Transaction. No communication (written or oral) received from the
         other party shall be deemed to be an assurance or guarantee as to the
         expected results of that Transaction.

                  (ii) ASSESSMENT AND UNDERSTANDING. It is capable of assessing
         the merits of and understanding (on its own behalf or through
         independent professional advice), and understands and accepts, the
         terms, conditions and risks of that Transaction. It is also capable of
         assuming, and assumes, the risks of that Transaction.

                  (iii) STATUS OF PARTIES. The other party is not acting as a
         fiduciary for or an adviser to it in respect of that Transaction."

         (h) EMU PROVISIONS. (i) 1998 ISDA EURO DEFINITIONS. Unless the parties
expressly agree otherwise in the related Confirmation, each Transaction
currently existing or to be entered into between the parties will be deemed to
incorporate, to the extent applicable, the 1998 ISDA Euro Definitions as
published on 25th November 1998 and any subsequent amendments and supplements
thereto (the "Euro Definitions"). In the event of any inconsistency between the
Euro Definitions and any other provisions or definitions incorporated by
reference into the Confirmation in respect of any Transaction, the Euro
Definitions shall prevail.

                                       12

<PAGE>

         (ii) ISDA EMU PROTOCOL. The parties agree that the definitions and
provisions contained in Annexes 1 and 3 and Section 6 of the ISDA EMU Protocol
published on 6th May 1998 (the "ISDA Protocol"), are incorporated into and apply
to this Agreement and form a part hereof. References in those definitions and
provisions to any "ISDA Master Agreement" will be deemed to be references to
this Agreement.

         (i) NEGATIVE INTEREST RATES. (i) FLOATING AMOUNTS. "Swap Transaction"
means, for the purposes of this provision concerning Negative Interest Rates, a
rate exchange or swap transaction, including transactions involving a single
currency or two or more currencies. Party A and Party B agree that, if with
respect to a Calculation Period for a Swap Transaction either party is obligated
to pay a Floating Amount that is a negative number (either due to a quoted
negative Floating Rate or by operation of a Spread that is subtracted from the
Floating Rate), the Floating Amount with respect to that party for that
Calculation Period will be deemed to be zero, and the other party will pay to
that party the absolute value of the negative Floating Amount as calculated, in
addition to any amounts otherwise owed by the other party for that Calculation
Period with respect to that Swap Transaction, on the Payment Date that the
Floating Amount would have been due if it had been a positive number. Any
amounts paid by the other party with respect to the absolute value of a negative
Floating Amount will be paid to such account as the receiving party may
designate (unless such other party gives timely notice of a reasonable objection
to such designation) in the currency in which that Floating Amount would have
been paid if it had been a positive number (and without regard to the currency
in which the other party is otherwise obligated to make payments).

         (ii) COMPOUNDING. Party A and Party B agree that, if with respect to
one or more Compounding Periods for a Swap Transaction where "Compounding" or
"Flat Compounding" is specified to be applicable the Compounding Period Amount,
the Basic Compounding Period Amount or the Additional Compounding Period Amount
is a negative number (either due to a quoted negative Floating Rate or by
operation of a Spread that is subtracted from the Floating Rate), then the
Floating Amount for the Calculation Period in which that Compounding Period or
those Compounding Periods occur will be either the sum of all the Compounding
Period Amounts or the sum of all the Basic Compounding Period Amounts and all
the Additional Compounding Period Amounts in that Calculation Period (whether
positive or negative). If such sum is positive, then the Floating Rate Payer
with respect to the Floating Amount so calculated will pay that Floating Amount
to the other party. If such sum is negative, the Floating Amount with respect to
the party that would be obligated to pay that Floating Amount will be deemed to
be zero, and the other party will pay to that party the absolute value of the
negative Floating Amount as calculated, such payment to be made in accordance
with (i) above.

         (j) ABSENCE OF LITIGATION. Section 3(c) of this Agreement is amended by
deleting the words "or, to its knowledge, threatened" in the first line thereof.

                                       13

<PAGE>

                      PART 6: FOREIGN EXCHANGE TRANSACTIONS

         (a) DEFINITIONS AND APPLICATION. (i) This Agreement is subject to the
1998 FX and Currency Option Definitions (the "FX Definitions"), as published by
the International Swaps and Derivatives Association, Inc., the Emerging Markets
Traders Association, and The Foreign Exchange Committee, as hereinafter amended.
In the event of any inconsistency between the FX Definitions and this Agreement,
this Agreement will govern. Unless otherwise agreed in writing by the parties,
each FX Transaction and Currency Option Transaction, whether now existing or
hereafter entered into, between the parties shall be governed by this Agreement,
notwithstanding Section 1(b) of this Agreement, the absence of any reference to
this Agreement in the Confirmation in respect of any such FX Transaction or
Currency Option Transaction, or the reference to any other governing terms or
law in such Confirmation.

         (ii) Section 3.4 of the FX Definitions is amended by adding the
following:

               (c) Non-Payment. If any Premium is not received on the Premium
Payment Date, the Seller may elect either: (i) to accept a late payment of such
Premium; (ii) to give written notice of such non-payment and, if such payment
shall not be received within three (3) Local Business Days (as defined in this
Agreement) of such notice, treat the related Currency Option Transaction as
void; or (iii) if such payment shall not be received within three (3) Local
Business Days of such notice, treat such non-payment as an Event of Default
under Section 5(a)(i) of this Agreement. If the Seller elects to act under
either clause (i) or (ii) of the preceding sentence, the Buyer shall pay all
out-of-pocket costs and actual damages incurred in connection with such unpaid
or late Premium or void Currency Option Transaction, including, without
limitation, interest on such Premium in the same currency as such Premium at the
then prevailing market rate and any other costs or expenses incurred by the
Seller in covering its obligations (including, without limitation, a delta
hedge) with respect to such Currency Option Transaction.

               (d) Discharge and Termination. Unless otherwise agreed, any Call
or any Put written by a party will automatically be terminated and discharged,
in whole or in part, as applicable, against a Call or a Put, respectively,
written by the other party, such termination and discharge to occur
automatically upon the payment in full of the last Premium payable in respect of
such Currency Option Transactions; provided that such termination and discharge
may only occur in respect of Currency Option Transactions:

         (i) each being with respect to the same Put Currency and the same Call
Currency;

         (ii) each having the same Expiration Date and Expiration Time;

         (iii) each being of the same style, i.e. either both being American
style Currency Option Transactions or both being European style Currency Option
Transactions;

                                       14

<PAGE>

         (iv) each having the same Strike Price;

         (v) neither of which shall have been exercised by delivery of a Notice
of Exercise; and

         (vi) each having been transacted by the same pair of offices of the
Buyer and the Seller

         and, upon the occurrence of such termination and discharge, neither
party shall have any further obligation to the other party in respect of the
relevant Currency Option Transactions or, as the case may be, parts thereof so
terminated and discharged. In the case of a partial termination and discharge
(i.e., where the relevant Currency Option Transactions are for different amounts
of the Currency Pair), the remaining portion of the Currency Option Transaction
which is partially discharged and terminated shall continue to be a Currency
Option Transaction for all purposes of this Agreement, including this Section
3.4(d).

         (b) CONFIRMATIONS. In respect of FX Transactions and Currency Option
Transactions, the term "Confirmation" means a writing (including telex,
facsimile or other electronic means from which it is possible to produce a hard
copy) evidencing an FX Transaction or Currency Option Transaction, as the case
may be, notwithstanding the absence of any reference to this Agreement therein
or the reference therein to any other governing terms or law. In relation to
such Confirmations, unless either party objects to the terms contained in any
Confirmation within three (3) Business Days in its location of receipt thereof,
or such shorter time as may be appropriate given the Settlement Date of an FX
Transaction, the terms of such Confirmation shall be deemed correct and accepted
absent manifest error, unless a corrected Confirmation is sent by a party within
such three (3) Business Days, or shorter period, as appropriate, in which case
the party receiving such corrected Confirmation shall have three (3) Business
Days in its location, or shorter period, as appropriate, after receipt thereof
to object to the terms contained in such corrected Confirmation. In the event of
any conflict between the terms of such a Confirmation of an FX Transaction or a
Currency Option Transaction, as the case may be, and this Agreement, the terms
of this Agreement shall prevail, and the Confirmation shall not modify the terms
of this Agreement.

Accepted and agreed:

[Bank]                                    BAKER HUGHES INCORPORATED

By:                                       By: /s/ DOUGLAS C. DOTY
    --------------------------                ----------------------------------
    Name:                                     Name: Douglas C. Doty
    Title:                                    Title: Vice President & Treasurer

                                       15<PAGE>

                                                                     Exhibit 4.1

                        ARDEN REALTY LIMITED PARTNERSHIP

                               5.25% Note due 2015

No. 001                                                            $300,000,000
CUSIP No. 03979GAL9

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC") (55 WATER STREET, NEW YORK, NEW
YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND SUCH NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH
OTHER NAME AS 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.

UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO
A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY
DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

            ARDEN REALTY LIMITED PARTNERSHIP, a Maryland limited partnership
(herein referred to as the "Issuer," which term includes any successor issuer
under the Indenture hereinafter referred to), for value received, hereby
promises to pay to Cede & Co., or registered assigns, the principal sum of Three
Hundred Million Dollars on March 1, 2015 (the "Stated Maturity Date") or the
date fixed for earlier redemption (the "Redemption Date," and together with the
Stated Maturity Date with respect to principal repayable on such date, the
"Maturity Date"), and to pay interest thereon from February 28, 2005, or from
the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually in arrears on March 1 and September 1 of each year
(each, an "Interest Payment Date"), commencing September 1, 2005, and on the
Maturity Date at the rate of 5.25% per annum, until the principal hereof is paid
or duly provided for.

            The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date and on the Maturity Date will, as provided in such
Indenture, be paid to the Holder in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such payment, which shall be the date 15 calendar days
(regardless of whether such day is a Business Day), next preceding such Interest
Payment Date or the Maturity Date at the office or agency of the Issuer
maintained for such purpose. Any such interest not so punctually paid or duly
provided for shall forthwith cease to be payable to

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the Holder on such Regular Record Date, and may be paid to the Holder in whose
name this Note (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee hereinafter referred to, notice whereof
shall be given to Holders of Notes of this series not less than 10 days prior to
such Special Record Date, or may be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes of this series may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture. Interest on this
Note will be computed on the basis of a 360-day year of twelve 30-day months.

            The principal of this Note payable on the Maturity Date will be paid
against presentation and surrender of this Note at the Corporate Trust Office of
the Trustee maintained for that purpose in Los Angeles, California, in such coin
or currency of the United States of America as at the time of payment is legal
tender for the payment of public and private debts.

            Interest payable on this Note on any Interest Payment Date and on
the Maturity Date, as the case may be, will be the amount of interest accrued
during the applicable Interest Period (as defined below).

            An "Interest Period" is each period from and including the
immediately preceding Interest Payment Date in respect of which interest has
been paid or duly provided for (or from and including February 28, 2005, if no
interest has been paid on this Note) to but excluding such Interest Payment Date
or the Maturity Date, as the case may be. If any Interest Payment Date or
Maturity Date falls on a day that is not a Business Day, as defined below,
principal and interest payable with respect to such Interest Payment Date or
Maturity Date, as the case may be, will be paid on the next succeeding Business
Day with the same force and effect as if it were paid on the date such payment
was due, and no interest shall accrue on the amount so payable for the period
from and after such Interest Payment Date or Maturity Date, as the case may be.
"Business Day" means any day, other than a Saturday or Sunday that is neither a
legal holiday nor a day on which banking institutions in the City of New York
are authorized or required by law, regulation or executive order to close.

            Payments of principal and interest in respect of this Note will be
made by U.S. dollar check or by wire transfer (such a wire transfer to be made
only to a Holder of an aggregate principal amount of Securities in excess of
$5,000,000, and only if such Holder shall have furnished wire instructions in
writing to the Trustee no later than 15 days prior to the relevant payment date
and acknowledged that a wire transfer fee shall be payable) of immediately
available funds in such coin or currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts.

            This Note is one of a duly authorized issue of debentures, notes,
bonds or other evidences of indebtedness of the Issuer (herein called the
"Securities") of the series hereafter specified, all issued or to be issued
under an Indenture, dated as of March 14, 2000 (herein called the "Indenture"),
duly executed and delivered by the Issuer to The Bank of New York, as Trustee
(herein called the "Trustee," which term includes any successor trustee under
the Indenture with respect to the series of Securities of which this Note is a
part), to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the rights,

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limitations of rights, obligations, duties and immunities thereunder of the
Issuer, the Trustee and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered. The
Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest (if any) at different rates, may be subject to different
redemption provisions (if any), and may otherwise vary as provided in the
Indenture. This Note is one of a series of Securities designated as the 5.25%
Notes due 2015 (the "Notes"), and the aggregate principal amount of the Notes to
be issued under such series is unlimited.

            In case an Event of Default with respect to the Notes shall have
occurred and be continuing, the principal hereof and the Make-Whole Amount (if
any) may be declared, and upon such declaration shall become, due and payable,
in the manner, with the effect, and subject to the conditions provided in the
Indenture.

            The Issuer may redeem the Notes at any time, in whole or in part, at
the election of the Issuer, at a redemption price equal to the sum of (1) the
principal amount of the Securities being redeemed plus accrued interest thereon
to the Redemption Date, and (2) the Make-Whole Amount (as defined below), if
any, with respect to such Notes (the "Redemption Price"). If the Notes are
redeemed on or after December 1, 2014 the Redemption Price will not include the
Make-Whole Amount. Notice of optional redemption of any Notes will be given to
Holders at their addresses, as shown in the security register for the Notes, not
less than 30 nor more than 60 days prior to the Redemption Date. The notice of
redemption will specify, among other items, the Redemption Price and the
principal amount of the Securities held by such Holder to be redeemed. If less
than all the Notes are to be redeemed at the option of the Issuer, the Issuer
will notify the Trustee at least 45 days prior to giving notice of redemption to
the Holders (or such shorter period as is satisfactory to the Trustee) of the
aggregate principal amount of Notes to be redeemed and their redemption date.
The Trustee shall select, in such manner as it shall deem fair and appropriate,
Notes to be redeemed in whole or in part.

            "Make-Whole Amount" means, in connection with any optional
redemption of any of the Securities, the excess, if any, of:

            -     the aggregate present value as of the date of redemption or
accelerated payment of each dollar of principal being redeemed or paid and the
amount of interest, exclusive of interest accrued to the date of redemption or
accelerated payment, that would have been payable in respect of each dollar if
the redemption or accelerated payment had not been made, determined by
discounting, on a semi-annual basis, the principal and interest at the
Reinvestment Rate (as defined below), determined on the third business day
preceding the date notice of the redemption is given, from the respective dates
on which the principal and interest would have been payable if the redemption or
accelerated payment had not been made, to the date of redemption or accelerated
payment; over

            -     the aggregate principal amount of the Securities being
                  redeemed or paid.

            "Reinvestment Rate" means 0.15% plus the arithmetic mean of the
yields published in the Statistical Release under the heading "Week Ending" for
"U.S. Government Securities -- Treasury Constant Maturities" for the maturity,
rounded to the nearest month, equal

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<PAGE>

to the remaining life to maturity as of the payment date. If no maturity exactly
corresponds to such maturity, yields for the two published maturities most
closely corresponding to such maturity shall be calculated pursuant to the
immediately preceding sentence and the Reinvestment Rate shall be interpolated
or extrapolated from such yields on a straight-line basis, rounding in each of
such relevant periods to the nearest month. For the purposes of calculating the
Reinvestment Rate, the most recent Statistical Release published prior to the
date of determination of the Make-Whole Amount shall be used. If the format or
content of the Statistical Release changes in a manner that precludes
determination of the Treasury yield in the above manner, then the Treasury yield
shall be determined in the manner that most closely approximates the above
manner, as reasonably determined by the Issuer.

            In the event of redemption of this Note in part only, a new Note or
Notes for the unredeemed portion hereof shall be issued in the name of the
Holder hereof upon the cancellation hereof.

            The Indenture contains provisions permitting the Issuer and the
Trustee, with the consent of the Holders of not less than a majority of the
aggregate principal amount of the Securities at the time Outstanding of each
series to be affected, evidenced as provided in the Indenture, to execute
supplemental indentures adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of any supplemental
indenture or modifying in any manner the rights of the Holders of the Securities
of each series; provided, however, that no such supplemental indenture shall,
without the consent of the Holder of each Security so affected, (i) change the
final maturity of any Security, or reduce the principal amount thereof or any
premium thereon, or reduce the rate or extend the time of payment of any
interest thereon, or impair or affect the rights of any Holder to institute suit
for the payment on any Security, or (ii) reduce the aforesaid percentage of
Securities, the Holders of which are required to consent to any such
supplemental indenture, or (iii) reduce the percentage of Securities, the
Holders of which are required to consent to any waiver of compliance with
certain provisions of the Indenture or any waiver of certain defaults
thereunder. It is also provided in the Indenture that, with respect to certain
defaults or Events of Default regarding the Securities of any series, the
Holders of a majority in aggregate principal amount outstanding of the
Securities of such series (or, in the case of certain defaults or Events of
Default, all series of Securities) may on behalf of the Holders of all the
Securities of such series (or all of the Securities, as the case may be) waive
any such past default or Event of Default and its consequences, prior to any
declaration accelerating the maturity of such Securities, or, subject to certain
conditions, may rescind a declaration of acceleration and its consequences with
respect to such Securities. The preceding sentence shall not, however, apply to
a default in the payment of the principal of or premium, if any, or interest on
any of the Securities. Any such consent or waiver by the Holder of this Security
(unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders and owners of this Security and any
securities that may be issued in exchange or substitution hereof, irrespective
of whether or not any notation thereof is made upon this Security or such other
securities.

            No reference herein to the Indenture and no provision of this Note
or of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and any Make-Whole Amount
and interest on this Note in the manner, at the respective times, places and
rate, and in the coin or currency, herein prescribed.

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<PAGE>

            As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or
for any other remedy thereunder unless (a) such Holder shall have previously
given the Trustee written notice of a continuing Event of Default, (b) the
Holders of not less than 25% in aggregate principal amount of the Securities
Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the
Trustee reasonable indemnity and the Trustee shall not have received from the
Holders of a majority in aggregate principal amount of the Securities
Outstanding a direction inconsistent with such request, and (c) the Trustee
shall have failed to institute any such proceeding, for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to
any suit instituted by the Holder of this Security for the enforcement of any
payment of principal hereof, Make-Whole Amount, if any, or interest hereon on or
after the respective due dates expressed herein.

            This Security is not subject to a sinking fund requirement.

            The Indenture contains provisions for defeasance at any time of (i)
the entire indebtedness of this Security and (ii) certain restrictive covenants
with respect to this Security, in each case upon compliance with certain
conditions set forth therein.

            No recourse under or upon any obligation, covenant or agreement
contained in the Indenture, in any Security or coupon appertaining thereto, or
because of any indebtedness evidenced hereby or thereby (including, without
limitation, any obligation or indebtedness relating to the principal of, or
premium or Make-Whole Amount, if any, interest or any other amounts due, or
claimed to be due, on this Security), or for any claim based thereon or
otherwise in respect thereof, shall be had (i) against the General Partner or
any other partner, or any Person which owns an interest, directly or indirectly,
in any partner, in the Issuer, or (ii) against any promoter, as such, or against
any past, present or future shareholder, officer, trustee or partner, as such,
of the Issuer or the General Partner or of any successor, either directly or
through the Issuer or the General Partner or any successor, under any rule of
law, statute or constitutional provision or by the enforcement of any assessment
or by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance hereof and as part of the
consideration for the issue hereof.

            The Securities of this series are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein and herein
set forth, this Note is exchangeable for a like aggregate principal amount of
Notes of different authorized denominations but otherwise having the same terms
and conditions, as requested by the Holder hereof surrendering the same. No
service charge shall be made for any such registration of transfer or exchange,
but the Issuer may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

            Prior to due presentment of this Note for registration of transfer,
the Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and
treat the Person in whose name this Security is registered as the absolute owner
of this Security (whether or not this Security shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the

                                       5
<PAGE>

purpose of receiving payment of, or on account of, the principal hereof and
Make-Whole Amount, if any, and subject to the provisions herein and on the face
hereof; interest hereon and for all other purposes, and neither the Issuer, the
Trustee nor any such agent shall be affected by notice to the contrary.

            THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

            Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Issuer has caused CUSIP numbers to be
printed on the Notes as a convenience to the Holders of the Notes. No
representation is made as to the correctness or accuracy of such CUSIP numbers
as printed on the Notes, and reliance may be placed only on the other
identification numbers printed hereon.

            Capitalized terms used herein and not defined herein shall have the
respective meanings given to such terms in the Indenture.

            Unless the Certificate of Authentication hereon has been executed by
the Trustee by one of its authorized signatories, this Note shall not be
entitled to any benefit under the Indenture, or be valid or obligatory for any
purpose.

            IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed manually or by facsimile by its duly authorized officers.

Dated: February 28, 2005                     ARDEN REALTY LIMITED PARTNERSHIP

                                             By: Arden Realty, Inc., its
                                             sole general partner

                                                 By:

Attest:

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TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes of the series designated herein referred to in the
within-mentioned Indenture.

                                                     THE BANK OF NEW YORK
                                                     as Trustee

                                                     By: ______________________
                                                         Authorized Signatory

                                       7
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                         FORM OF TRANSFEREE CERTIFICATE

            To assign this Security, fill in the form below: (I) or (we) assign
and transfer this Security to ________________________________________

________________________________________________________________________________
(Insert assignee's social security or tax I.D. number)
________________________________________________________________________________

________________________________________________________________________________
(Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
as agent to transfer this Security on the books of the Company. The agent may
substitute another to act for him.

Date: __________________

Your Signature: ________________________________________________________________
                     (Sign exactly as name appears on the face of this Security)

Signature Guarantee: ___________________________________________________________
              (Participant in a Recognized Signature Guaranty Medallion Program)

            [Signature must be guaranteed by an eligible Guarantor Institution
(banks, stockbrokers, savings and loan association and credit unions with
membership in an approved guarantee medallion program) pursuant to Securities
and Exchange Commission Rule 17Ad-15]

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