Document:

<PAGE>

                                                                     EXHIBIT 4.8

THIS SECURITY IS IN GLOBAL FORM WITHIN THE MEANING of THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A COMMON DEPOSITARY OR A U.S.
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE COMMON DEPOSITARY OR A U.S. DEPOSITARY OR BY A NOMINEE OF THE COMMON
DEPOSITARY OR A NOMINEE OF THE U.S. DEPOSITARY AS THE CASE MAY BE.

                           HANOVER COMPRESSOR COMPANY

                             ----------------------

CUSIP No. 410768 AC 9

Reg. No. 0001                                                       $192,000,000

                  HANOVER COMPRESSOR COMPANY, a corporation duly organized and
existing under the laws of the State of Delaware (herein called the "Company,"
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of One Hundred Ninety Two Million Dollars
($192,000,000) on March 15, 2008, and to pay interest thereon from March 21,
2001 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, semi-annually on March 15 and September 15 in each
year, commencing September 15, 2001, at the rate of 4.75% per annum, until the
principal hereof is paid or made available for payment. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the March 1 or
September 1 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (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, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture.

                  Payment of the principal of (and premium, if any) on this
Security may be made at the office or agency of the Company maintained for that
purpose in the Borough of Manhattan, the City of New York, in Dollars, by Dollar
check mailed to the address of the Per\son entitled thereto as such address
shall appear in the Security Register or by transfer to a Dollar account.
Payment of interest on this Security may be made at the office or agency of the
Company maintained for that purpose in the Borough of Manhattan, the City of New
York, in Dollars, by Dollar check mailed to the address of the Person entitled
there to as such address shall

<PAGE>

appear in the Security Register or, upon written application by the Holder to
the Security Registrar setting forth wire instructions not later than the
relevant Regular Record Date or Special Record Date, as the case may be, by
transfer to a Dollar account; provided, however, that transfers to Dollar
accounts will be made only to Holders of an aggregate principal amount of
Securities in excess of $2,000,000.

                  Reference is hereby made to the further provisions of this
Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

                  Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature,
this Security shall not be entitled to any benefit under the Indenture or be
valid or obligatory for any purpose.

                  IN WITNESS WHEREOF, the Company has caused this instrument to
be duly executed under its corporate seal.

Dated: March 21,2001

                                                HANOVER COMPRESSOR COMPANY
[SEAL]
                                                By:
                                                   -------------------------
                                                   Name:
                                                   Title:

Attest:
       ---------------------
       Name:
       Title:

                  This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.

                                                Wilmington Trust Company,
                                                As Trustee

                                                By:
                                                   -------------------------
                                                   Authorized Signatory

                                       2

<PAGE>

                              [Reverse of Security]

                  This Security is one of a duly authorized issue of securities
of the company (herein called the "Securities"), issued and to be issued in one
or more Series under [ILLEGIBLE] dated as of March 15, 2001 (herein called the
"Indenture"), between the Company and  Wilmington Trust Company, as Trustee
(herein called the "Trustee," which term [ILLEGIBLE] successor trustee under the
Indenture), to which Indenture and all indentures [ILLEGIBLE] thereto Reference
is hereby made for a statement of the respective rights, limitations of
[ILLEGIBLE] duties and immunities thereunder of the Company, the Trustee and the
Holders of the [ILLEGIBLE] and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, limited in aggregate principal amount to
$192,000,000.

                  The Securities of this series are subject to redemption upon
not less than 30 nor more than 60 days' notice by first class mail, at any time
on or after March 15, 2004, as a whole or in part, at the election of the
Company, at the following Redemption Prices (expressed as percentages of the
principal amount):

  If redeemed during the 12-month period beginning on:

<TABLE>
<CAPTION>
----------------------------------
   Year           Redemption price
----------------------------------
<S>               <C>
March l5, 2004            102.714%
March 15, 2005            102.036%
March 15, 2006            101.357%
March 15, 2007            100.679%
</TABLE>

and thereafter at a Redemption Price equal to 100% of the principal amount,
together in the case of any such redemption with accrued and unpaid interest to
the Redemption Date, but interest installments whose Stated Maturity is on or
prior to such Redemption Date will be payable to the Holders of such Securities,
or one or more Predecessor Securities, of record at the close of business on the
relevant Record Dates referred to on the face hereof, all as provided in the
Indenture.

                  Subject to and upon compliance with the provisions of the
Indenture, the Holder of this Security is entitled, at such Holder's option, at
any time following the original issue date of the Securities of this series and
on or before the close of business on the Business Day immediately preceding
March 15, 2008, or in case this Security or a portion hereof is called for
redemption or the Holder hereof has exercised his or her right to require the
Company to repurchase this Security or such portion hereof, then in respect of
this Security until but (unless the Company defaults in making the payment due
upon redemption or repurchase, as the case may be) not after, the close of
business on Business Day immediately preceding the Redemption Date or the
Repurchase Date, as the case may be, to convert this Security (or any portion of
the principal amount hereof that is an integral multiple of $1,000, provided
that the unconverted portion of such principal amount is at least $1,000) into
fully paid and nonassessable shares of Common Stock of the Company at an initial
Conversion Rate of 22.7596 shares of Common Stock for each $1,000 principal
amount of Securities of this series (or at the current adjusted Conversion Rate
if an adjustment has been made as provided in the Indenture, including pursuant

                                       3

<PAGE>

to Section 14.03(2)) by surrender of this Security, duly endorsed or assigned to
the Company or in blank and, in case such surrender shall be made during the
period from the close of business on any Regular Record Date next preceding any
Interest Payment Date to the opening of business on such Interest Payment Date
[(except if this Security or portion thereof has been called for redemption on a
Redemption Date or is repurchasable on a Repurchase Date and the conversion
rights of this Security, or such portion thereof, would terminate during the
period between such Regular Record Date and the close of business on such
Interest Payment Date), also accompanied by payment in New York Clearing House
or other funds acceptable to the Company of an amount equal to the interest
payable on such Interest Payment Date on the principal amount of this Security
then being converted, and also the conversion notice hereon duly executed, to
the Company at the Corporate Trust Office of the Trustee, or at such other
office or agency of the Company, subject to any laws or regulations applicable
thereto and subject to the right of the Company to terminate the appointment of
any Conversion Agent as may be designated by it for such purpose, in the Borough
of Manhattan, The City of New York, or at such other offices or agencies as the
Company may designate; provided however, that if this Security or portion hereof
has been called for redemption on a Redemption Date or is repurchasable on a
Repurchase Date and the conversion rights of this Security, or such portion
thereof, would terminate during the period between such Regular Record Date and
the close of business on such Interest Payment Date, then the Holder of this
Security on such Regular Record Date will be entitled to receive the interest
accruing hereon from the Interest Payment Date next preceding the date of such
conversion to such succeeding Interest Payment Date and the Holder of this
Security who converts this Security or a portion hereof during such period shall
not be required to pay such interest upon surrender of this Security for
conversion. Subject to the provisions of the preceding sentence and, in the case
of a conversion after the close of business on the Regular Record Date next
preceding any Interest Payment Date and on or before the close of business on
such Interest Payment Date, to the right of the Holder of this Security (or any
Predecessor Security of record as of such Regular Record Date) to receive the
related installment of interest to the extent and under the circumstances
provided in the Indenture, no cash payment or adjustment is to be made on
conversion for interest accrued hereon from the Interest Payment Date next
preceding the day of conversion, or for dividends on the Common Stock issued on
conversion hereof. The Company shall thereafter deliver to the Holder the fixed
number of shares of Common Stock (together with any cash adjustment, as provided
in the Indenture) into which this Security is convertible and such delivery will
be deemed to satisfy the Company's obligation to pay the principal amount of
this Security. No fractions of shares or scrip representing fractions of shares
will be issued on conversion, but instead of any fractional interest (calculated
to the nearest l/100th of a share) the Company shall pay a cash adjustment as
provided in the Indenture.

                  The Conversion Rate is subject to adjustment as provided in
the Indenture. In addition, the Indenture provides that in case of certain
consolidations or mergers to which the Company is a party (other than a
consolidation or merger that does not result in any reclassification,
conversion, exchange or cancellation of the Common Stock) or the conveyance,
transfer, sale or lease of all or substantially all of the property and assets
of the Company, the Indenture shall be amended, without the consent of any
Holders of Securities of this series, so that this Security, if then
Outstanding, will be convertible thereafter, during the period this Security
shall be convertible as specified above, only into the kind and amount of
securities, cash and other property receivable upon such consolidation, merger,
conveyance transfer, sale or

                                       4

<PAGE>

lease by a holder of the number of shares of Common Stock of the Company into
which this Security could have been converted immediately prior to such
consolidation, merger, conveyance, transfer, sale or lease (assuming such holder
of Common Stock failed to exercise any rights of election and received per share
the kind and amount received per share by a plurality of non-electing shares and
further assuming, if such consolidation, merger, conveyance, transfer, sale or
lease occurs prior to the original issue date of the Securities of this series,
that this Security was convertible at the time of such occurrence at the
Conversion Rate specified above as adjusted from the issue date of such Security
to such time as provided in the Indenture). No adjustment in the Conversion Rate
will be made until such adjustment would require an increase or decrease of at
least 1% of such price, provided that any adjustment that would Otherwise be
made, but for the application of the foregoing, will be carried forward and
taken into account in the computation of any subsequent adjustment.

                  If a Change in Control occurs, the Holder of this Security, at
the Holder's option, shall have the right, in accordance with the provisions of
the Indenture, to require the Company to repurchase this Security (or any
portion of the principal amount hereof that is equal to $1,000 or an integral
multiple of $1,000 in excess thereof) for cash at a Repurchase Price equal to
100% of the principal amount thereof plus interest accrued to the Repurchase
Date. At the option of the company, the Repurchase Price may be paid in cash or,
subject to the conditions provided in the Indenture, by delivery of shares of
Common Stock having a fair market value equal to the Repurchase Price. For
purposes of this paragraph, the fair market value of shares of Common Stock
shall be determined by the Company and shall be equal to 95% of the average of
the Closing Prices Per Share for the five consecutive Trading Days immediately
preceding and including the third Trading Day prior to the Repurchase Date.
Whenever in this Security there is a reference, in any context, to the principal
of any Security as of any time, such reference shall be deemed to include
reference to the Repurchase Price payable in respect of such Security to the
extent that such Repurchase Price is, was or would be so payable at such time,
and express mention of the Repurchase Price in any provision of this Security
shall not be construed as excluding the Repurchase Price so payable in those
provisions of this Security when such express mention is not made; provided,
however, that, for the purposes of the second succeeding paragraph, such
reference shall be deemed to include reference to the Repurchase Price only to
the extent the Repurchase Price is payable in cash.

                  In the event of redemption, repurchase or conversion of this
Security in part only, a new Security or Securities of this series for the
unredeemed, unrepurchased or unconverted portion hereof will be issued in the
name of the Holder hereof upon the cancellation hereof.

                  If any Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect
provided in the Indenture.

                  This Security is not subject to defeasance as described in the
Indenture.

                  The Indenture may be modified by the Company and the Trustee
without consent of any Holder with respect to certain matters as described in
the Indenture, in addition, the Indenture permits, with certain exceptions as
therein provided. the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the

                                       5

<PAGE>

Securities of each series to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be
affected. The Indenture also contains provisions permitting the Holders of a
majority in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive
compliance by the Company with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Security shall bind such Holder and all future
Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

                  No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and
premium, if any) and interest on this Security at the times, place and rate, and
in the coin or currency, herein prescribed.

                  As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in
the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in any place where the principal
of (and premium, if any) and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series, of authorized denominations and for the
same Stated Maturity and aggregate principal amount, will be issued to the
designated transferee or transferees.

                  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
set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series of a different authorized
denomination, as requested by the Holder surrendering the same.

                  No service charge shall be made for any such registration of
transfer or exchange, but the Company 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 Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

                  The Indenture imposes certain limitations on the ability of
the Company to, among other things, merge or consolidate with any other Person
or sell, assign, transfer or lease all or substantially all of its properties or
assets. All such covenants and limitations are subject to a number of important
qualifications and exceptions. The Company must report periodically to the
Trustee on compliance with the covenants in the Indenture.

                                       6

<PAGE>

                  A director, officer, employee or stockholder, as such, of the
Company shall not have any liability for any obligations of the Company under
this Security or the Indenture or for any claim based on, in respect of or by
reason of, such obligations or their creation. Each Holder, by accepting a
Security, waives and releases all such liability. The waiver and release are
part of the consideration for the issuance of this Security.

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

                  All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

                                       7

<PAGE>

                                 ASSIGNMENT FORM

                  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_________________________________________________________
____________ agent to transfer this Security on the books of the Company. The
agent may substitute another to act for him.

Dated: _________       Your Signature: _________________________________________
                           (Sign exactly as your name appears on the other side
                            of this Security)

Signature Guaranty: ____________________________________________________________
                    [Signatures must be guaranteed by an "eligible guarantor
                    institution" meeting the requirements of the Transfer Agent,
                    which requirements will include membership or participation
                    in STAMP or such other "signature guarantee program" as may
                    be determined by the Transfer Agent in addition to, or in
                    substitution for, STAMP, all in accordance with the Exchange
                    Act.]

Social Security Number or Taxpayer Identification Number:

_________________________________________________

                                       8

<PAGE>

                            FORM OF CONVERSION NOTICE

                  The undersigned Holder of this Security hereby irrevocably
exercises the option to convert this Security, or any portion of the principal
amount hereof (which is $1,000 or an integral multiple of $1,000 in excess
thereof, provided that the unconverted portion of such principal amount is at
least $1,000) below designated, into shares of Common Stock in accordance with
the terms of the Indenture referred to in this Security, and directs that such
shares, together with a check in payment for any fractional share and any
Securities representing any unconverted principal amount hereof, be delivered to
and be registered in the name of the undersigned unless a different name has
been indicated below. If shares of Common Stock or Securities are to be
registered in the name of a Person other than the undersigned, (a) the
undersigned will pay all applicable transfer taxes payable with respect thereto
and (b) signature(s) must be guaranteed by an Eligible Guarantor Institution
with membership in an approved signature guarantee program pursuant to Rule
17Ad-15 under the Securities Exchange Act of 1934. Any amount required to be
paid by the undersigned on account of interest accompanies this Security.

Dated: ____________________                     ________________________________

                                                ________________________________
                                                Signature(s)

If shares or Securities are to be registered in the name of a Person other
than the Holder, please print such Person's name and address:

             Name
             Address

Social Security or other Identification Number, if any ________________________
                                                       Signature Guaranteed

If only a portion of the Securities is to be converted, please indicate:

         1.       Principal amount to be converted: $ __________________

         2.       Principal amount and denomination of Securities representing
                    unconverted principal amount to be issued: $________________

         ($1,000 or any integral multiple of $1,000 in excess thereof, provided
         that the unconverted portion of such principal amount is at least
         $1,000)

                                       9

<PAGE>

                FORM OF ELECTION OF HOLDER TO REQUIRE REPURCHASE.

                  Pursuant to Article XII of the Indenture, the undersigned
hereby elects to have this Security repurchased by the Company.

                  The undersigned hereby directs the Trustee or the Company to
pay to the undersigned an amount in cash or, at the Company's election, Common
Stock valued as set forth in the Indenture, equal to 100% of the principal
amount to be repurchased (as set forth below), plus interest accrued to the
Repurchase Date, as provided in the Indenture.

Dated:___________________                       ________________________________

                                                ________________________________
                                                Signature(s)

                                                Signature(s) must be
                                                guaranteed by an Eligible
                                                Guarantor Institution with
                                                membership in an approved
                                                signature guarantee program
                                                pursuant to Rule 17Ad-l5
                                                under the Securities Exchange
                                                Act of 1934.

                                                ________________________________
                                                Signature Guaranteed

Principal amount to be repurchased (at least $1,000 or an integral multiple
$l,000 in excess thereof):_____________________________________

Remaining principal amount following such repurchase (not less than $1,000):

______________________________________

NOTICE: The signature to the foregoing Election must correspond to the Name as
written upon the face of this Note in every particular, without alteration or
any change whatsoever.

                                       10<PAGE>

                                                                    EXHIBIT 4.10

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY
BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES, ON ITS OWN BEHALF
AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE "RESALE
RESTRICTION TERMINATION DATE") THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL
ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE
ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN
DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A
PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND
SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATIONS
UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN
THE MEANING OF RULE 501(a)(l), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS
ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A TRANSACTION INVOLVING A
MINIMUM PRINCIPAL AMOUNT OF $250,000 OF SECURITIES, FOR INVESTMENT PURPOSES AND
NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
ISSUER'S AND THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (D), (E) AND (F) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION  DATE.

<PAGE>

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST ISSUER, A NEW YORK CORPORATION ("DTC"), NEW YORK, NEW YORK, TO
THE 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.

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.

<PAGE>

No. 001                                         Principal Amount $590,000, as
                                                revised by the Schedule of
                                                Increases and Decreases in
                                                Global Security attached hereto

                                                CUSIP No. U24466AA9
                                                Regulation S Global Note

                       8.50% Senior Secured Notes due 2008

                  Hanover Equipment Trust 2001 A, a Delaware business trust,
promises to pay to Cede & Co., or registered assigns, the principal sum of Five
Hundred Ninety Thousand Dollars, as revised by the Schedule of Increases and
Decreases in Global Security attached hereto, on September 1, 2008.

                  Interest Payment Dates:        March 1 and September 1
                  Record Dates:                  February 15 and August 15

                  Additional provisions of this Security are set forth on the
other side of this Security.

                                                HANOVER EQUIPMENT TRUST 2001A

                                                By:
                                                    ----------------------------
                                                    Name: David A. Vanaskey Jr.
                                                    Title:   Vice President
TRUSTEE'S CERTIFICATE OF
AUTHENTICATION

WILMINGTON TRUST FSB,
as Trustee, certifies that
this is one of the
Securities referred to in
the Indenture.

By:
    -----------------------------------
    Authorized Signatory                            Date: August 30, 2001

<PAGE>

                       8.50% Senior Secured Note due 2008

1.       Interest

                  Hanover Equipment Trust 2001A, a Delaware business trust
(such business trust, and its successors and assigns under the Indenture
hereinafter referred to, being herein called the "Issuer"), promises to pay
interest on the principal amount of this Security at the rate per annum shown
above.

                  The Issuer will pay interest semiannually in arrears on March
1 and September 1 of each year commencing March 1, 2002. Interest on the
Securities will accrue from the most recent date to which interest has been paid
on the Securities or, if no interest has been paid, from September 1, 2001. The
Issuer shall pay interest on overdue principal or premium, if any (plus interest
on such interest to the extent lawful), at the rate borne by the Securities to
the extent lawful. Interest will be computed on the basis of a 360-day year of
twelve 30-day months.

2.       Method of Payment

                  By at least 10:00 a.m. (New York City time) on the date on
which any principal of or interest on any Security is due and payable, the
Issuer shall irrevocably deposit with the Trustee or the Paying Agent money
sufficient to pay such principal, premium, if any, and/or interest. The Issuer
will pay interest (except Defaulted Interest) to the Persons who are registered
Holders of Securities at the close of business on the February 15 or August 15
next preceding the interest payment date even if Securities are cancelled,
repurchased or redeemed after the record date and on or before the interest
payment date. Holders must surrender Securities to a Paying Agent to collect
principal payments. The Issuer will pay principal and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts. Payments in respect of Securities represented by a Global
Security (including principal, premium, if any, and interest) will be made by
the transfer of immediately available funds to the accounts specified by The
Depository Trust Company. The Issuer will make all payments in respect of a
Definitive Security (including principal, premium, if any, and interest) by
mailing a check to the registered address of each Holder thereof; provided,
however, that payments on the Securities may also be made, in the case of a
Holder of a least $1,000,000 aggregate principal amount of Securities, by wire
transfer to a U.S. dollar account maintained by the payee with a bank in the
United States if such Holder elects payment by wire transfer by giving written
notice to the Trustee or the Paying Agent to such effect designating such
account no later than 15 days immediately preceding the relevant due date for
payment (or such other date as the Trustee may accept in its discretion).

3.       Paying Agent and Registrar

                  Initially, Wilmington Trust FSB (the 'Trustee"), will act as
Trustee, Paying Agent and Registrar. The Issuer may appoint and change any
Paying Agent, Registrar or co-registrar without notice to any Securityholder.
The Issuer or any of its Restricted Subsidiaries may act as Paying Agent,
Registrar or co-registrar.

<PAGE>

                                                                               5

4.       Indenture

                  The Issuer issued the Securities under an Indenture dated as
of August 30,2001 (as it may be amended or supplemented from time to time in
accordance with the terms thereof, the "Indenture"), among the Issuer, the
Hanover Guarantors and the Trustee, and a Participation Agreement dated as of
August 30, 2001 (the "Participation Agreement") among the Issuer, the Lessee,
the Certificate Holders named therein, the Hanover Guarantors, the Trustee and
Wilmington Trust Company. The terms of the Securities include those stated in
the Indenture and the Participation Agreement and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections
77aaa-77bbbb) as in effect on the date of the Indenture (the "Act"). Capitalized
terms used herein and not defined herein have the meanings ascribed thereto in
the Indenture. The Securities are subject to all such terms, and Securityholders
are referred to the Indenture and the Act for a statement of those terms.

                  The Securities are secured senior obligations of the Issuer
limited to $300 million aggregate principal amount (subject to Section 2.2 of
the Indenture). This Security is one of the Original Securities (also referred
to as Initial Securities) referred to in the Indenture. The Initial Securities
and the Exchange Securities will be treated as a single class of securities
under the Indenture. The Indenture and the Participation Agreement impose
certain limitations on, among other things: the Incurrence of Indebtedness by
the Issuer or Hanover or its Restricted Subsidiaries, the purchase or redemption
of Capital Stock of Hanover, the Incurrence of Liens by the Issuer or Hanover or
its Restricted Subsidiaries, the sale of transfer of assets and Capital Stock of
Restricted Subsidiaries of Hanover, the issuance or sale of Capital Stock of
Restricted Subsidiaries of Hanover, the business activities and investments of
the Issuer, mergers and consolidation of Hanover, and transactions with
Affiliates of Hanover and its Restricted Subsidiaries. In addition, the
Participation Agreement limits the ability of Hanover and its Restricted
Subsidiaries to restrict distributions and dividends from Restricted
Subsidiaries.

                  To guarantee the due and punctual payment of the principal,
premium, if any, and interest on the Securities and all other amounts payable by
the Issuer under the Indenture and the Securities when and as the same shall be
due and payable, whether at maturity, by acceleration or otherwise, according to
the terms of the Securities and the Indenture, the Hanover Guarantors will have
unconditionally guaranteed, upon the release of escrowed funds pursuant to an
Escrow Agreement, dated as of August 30, 2001 (the "Escrow Agreement"), among
the Issuer, Hanover Equipment Trust 2001B and Wilmington Trust Company, as
escrow agent, (and future Hanover Guarantors, together with the Hanover
Guarantors, will unconditionally guarantee) jointly and severally, upon the
occurrence of and during a Lease Event of Default, such obligations on a senior
subordinated basis pursuant to the terms of a Guarantee, to be dated as of the
date the escrowed funds are released pursuant to the Escrow Agreement, by the
Hanover Guarantors.

5.       Redemption

                  Except as set forth below, the Securities will not be
redeemable at the option of the Issuer prior to September 1, 2005. On and after
such date, the Issuer may redeem all or, from time to time, a part of the
Securities upon not less than 30 nor more than 60 days' prior notice mailed by
first-class mail to each Holder's registered address and in accordance with the
provisions of Section 20.1 of the Lease, at the following redemption prices
(expressed in

<PAGE>

                                                                               6

percentages of principal amount), plus accrued and unpaid interest, if any, to
the redemption date subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date), if
redeemed during the 12-month period commencing on September 1 of the years set
forth below:

<TABLE>
<CAPTION>
                         Redemption
Period                   Price
------                   -----
<S>                      <C>
2005                     104.250%
2006                     102.125%
2007 and thereafter      100.000%
</TABLE>

                  Prior to September 1, 2004, to the extent that Hanover raises
Net Cash Proceeds from one or more Public Equity Offerings and such Net Cash
Proceeds are contributed toward an Equipment Purchase (as defined below), the
Issuer may on any one or more occasions redeem up 1 to 35% of the original
principal amount of the Securities with the proceeds from an Equipment 1
Purchase in accordance with the provisions of Section 20.l(b) of the Lease at a
redemption price 1 (expressed as a percentage of principal amount) of 108.50%
plus accrued and unpaid interest, if I any, to the redemption date (subject to
the right of Holders of record on the relevant record date to receive interest
due on the relevant interest payment date); provided, however, that at-least 65%
of the original principal amount of the Securities must remain outstanding after
each such redemption; provided further, that each such redemption occurs within
60 days of the date of closing of such Public Equity Offering.

                  In each case, the Issuer will redeem the Securities with the
proceeds from the Lessee's purchase of the Issuer's Equipment (the "Equipment
Purchase"), in accordance with Sections 20.1 (a) or 20.1(b), as applicable, of
the Lease.

                  In the case of any partial redemption, selection of the
Securities for redemption will be made by the Trustee in compliance with the
requirements of the principal national securities exchange, if any, on which the
Securities are listed or, if the Securities are not listed, then on a pro rata
basis, by lot or by such other method as the Trustee in its sole discretion
shall deem to be fair and appropriate, although no Securities of $1,000 in
original principal amount or less will be redeemed in part. If any Security is
to be redeemed in part only, the notice of redemption relating to such Security
shall state the portion of the principal amount thereof to be redeemed. A new
Security in principal amount equal to the unredeemed portion thereof will be
issued in the name of the Holder thereof upon cancellation of the original
Security. On and after the redemption date, interest will cease to accrue on
Securities or portions thereof called for redemption as long as the Issuer has
deposited with the Paying Agent funds in satisfaction of the applicable
redemption price pursuant to the Indenture.

                  If, in the sole judgment of the trustee of the Issuer prior to
the POI Acquisition (defined below), the acquisition by the Lessee and its
affiliates of Production Operators Corporation and certain other assets of
Schlumberger Limited ("Schlumberger") and its affiliates, pursuant to that
certain Purchase Agreement dated as of June 28, 2001 by and among Hanover
Compression Limited Partnership, Schlumberger and the other parties named
therein (the "POI Acquisition"), will not be consummated by November 15, 2001,
the Issuer may at its option at any time before November 1, 2001 redeem all, but
not less than all, of the Securities

<PAGE>

                                                                               7

then Outstanding at a redemption price (expressed as a percentage of principal
amount) of 101%,  plus accrued and unpaid interest to the redemption date
("Special Optional Redemption").

                  In the event that there has been no Special Optional
Redemption and the POI Acquisition has not been consummated by November 15,
2001, on November 30, 2001 the Issuer shall redeem all Securities then
Outstanding at a redemption price (expressed as a percentage of principal
amount) of 101%, plus accrued and unpaid interest to the redemption date
("Special Mandatory Redemption", and together with Special Option Redemption,
"Special Redemption").

                  If a redemption date is on or after an interest record date
and on or before the related interest payment date, the accrued and unpaid
interest, if any, will be paid to the Person in whose name the Security is
registered at the close of business on such record date, and no additional
interest will be payable to Holders whose Securities will be subject to
redemption by the Issuer.

6.       Repurchase Provisions

                  (a)      Upon a Change of Control with respect to Hanover, any
Holder of Securities will have the right to cause the Issuer to repurchase all
or any part of the Securities of such Holder at a purchase price in cash equal
to 101% of the principal amount thereof, plus accrued and unpaid interest, if
any, to the date of repurchase (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date) as provided in, and subject to the terms of, the Indenture. The Issuer
will repurchase the Securities with the proceeds from an Equipment Purchase in
accordance with Section: 20.l(c) of the Lease.

                  (b)      In the event of an Asset Disposition that requires
the purchase of Securities pursuant to Section 9.6 of the Participation
Agreement and Section 3.3 of the Indenture, the Issuer will be required to apply
such Excess Proceeds to the repayment of the Securities in accordance with the
procedures set forth in Section 3.3 of the Indenture. The Issuer will repurchase
the Securities with the proceeds from an Equipment Purchase in accordance with
Section 20.1(d) of the Lease.

7.       Denominations: Transfer; Exchange

                  The Securities are in registered form without coupons in
denominations of principal amount of $1,000 and whole multiples of $1,000. A
Holder may transfer or exchange Securities in accordance with the Indenture. The
Registrar may require a Holder, among other things, to finish appropriate
endorsements or transfer documents and to pay any taxes and fees required by law
or permitted by the Indenture. The Registrar need not register the transfer of
or exchange (i) any Securities selected for redemption (except, in the case of a
Security to be redeemed in part, the portion of the Security not to be redeemed)
for a period beginning 15 days before the mailing of a notice of Securities to
be redeemed and ending on the date of such mailing or (ii) any Securities for a
period beginning 15 days before an interest payment date and ending on such
interest payment date.

<PAGE>

                                                                               8

8.       Persons Deemed Owners

                  The registered Holder of this Security may be treated as
the owner of it for all purpose.

9.       Unclaimed Money

                  If money for the payment of principal or interest remains
unclaimed for two years, the Trustee or Paying Agent shall pay the money back to
the Issuer at its request unless an abandoned property law designates another
Person. After any such payment, Holders entitled to the money must look only to
the Issuer and not to the Trustee for payment.

10.      Defeasance

                  Subject to certain conditions set forth in the Indenture, the
Issuer at any time may terminate some or all of its obligations under the
Securities and the Indenture if the Issuer deposits with the Trustee money or
U.S. Government Obligations for the payment of principal and interest on the
Securities to redemption or maturity, as the case may be.

11.      Amendment, Waiver

                  Subject to certain exceptions set forth in the Indenture, (i)
the Indenture or the Securities may be amended with the written consent of the
Holders of at least a majority in principal amount of the then outstanding
Securities and (ii) any default (other than with respect  to nonpayment or in
respect to a provision that cannot be amended without the written consent of
each, Securityholder affected) or noncompliance with any provision may be waived
with the written consent of the Holders of a majority in principal amount of the
then outstanding Securities. Subject to certain exceptions set forth in the
Indenture, without the consent of any Securityholder, the Issuer and the Trustee
may amend the Indenture or the Securities to cure any ambiguity, omission,
defect or inconsistency, or to provide for uncertificated Securities in addition
to or in place of certificated Securities, or to add guarantees with respect to
the Securities or to secure the Securities, or to add additional covenants of
the Issuer and the Hanover Guarantors, or surrender rights and powers conferred
on the Issuer, or to comply with any request of the SEC in connection with
qualifying the Indenture under the Act, or to make any change that does not
adversely affect the rights of any Securityholder, or to provide for the
issuance of Exchange Securities.

12.      Defaults and Remedies

                   Under the Indenture, Events of Default include (i) default
for 30 days in payment of interest when due on the Securities; (ii) default in
payment of principal or premium, if any, on the Securities at Stated Maturity,
upon required repurchase or upon optional redemption pursuant to paragraphs 5
and 6 of the Securities, upon declaration or otherwise; (iii) the failure by
Hanover or any Hanover Guarantor to comply with its obligations under (x)
Section 9.10 of the Participation Agreement or (y) prior to the execution and
delivery of the Participation Agreement, Article IV of the Indenture, which
default shall continue unremedied for a period of 30 days; (iv) failure by the
Issuer to comply for 30 days after notice with any of its obligations

<PAGE>

                                                                               9

under the covenants described under Sections 3.2 through 3.27 inclusive of the
Indenture (in each case, other than a failure to purchase Securities when
required pursuant to Section 3.3 or 3.4, which failure shall constitute an Event
of Default under clause (ii) above); (v) the failure by the Issuer to comply for
60 days after notice with its other agreements contained in the Indenture or
under the Securities (other than those referred to in (i), (ii), (iii) or (iv)
above) or any covenant, representation or warranty under any of the Operative
Agreements; (vi) the occurrence and continuation of a Lease Event of Default;
(vii) the Operative Agreements no longer create a first priority lien on all the
Collateral for the benefit of the Trustee, in its capacity as Collateral
Agent; (viii) default under any mortgage, indenture or instrument under which
there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by Hanover or any of its Restricted Subsidiaries
(or the payment of which is guaranteed by Hanover or any of its Restricted
Subsidiaries), other than Indebtedness owed to Hanover or a Restricted
Subsidiary, whether such Indebtedness or guarantee now exists, or is created
after the date of the Indenture, which default (a) is caused by a failure to pay
principal of, or interest or premium, if any, on such Indebtedness before the
expiration of the grace period provided in such Indebtedness ("Payment Default")
or (b) results in the acceleration of such Indebtedness prior to its maturity
(the "cross acceleration provision") and, in each case, the principal amount of
any such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of
which has been so accelerated, aggregates $20.0 million or more; (ix) certain
events of bankruptcy, insolvency or reorganization of the Issuer, Hanover or a
Significant Subsidiary or group of Restricted Subsidiaries that, taken together
(as of the latest audited consolidated financial statements for Hanover and its
Restricted Subsidiaries), would constitute a Significant Subsidiary (the
"bankruptcy provisions"); (x) failure by the Issuer, Hanover or any Restricted
Subsidiary to pay final judgments aggregating in excess of $20.0 million or its
foreign currency equivalent at the time (net of any amounts with respect to
which a reputable and creditworthy insurance company has acknowledged liability
in writing), which judgments are not paid, discharged or stayed for a period of
60 days (the "judgment default provision") or (xi) any respective Guarantee of
any of the Hanover Guarantors ceases to be in full force and effect (except as
contemplated by the terms of the Indenture) or is declared null and void in a
judicial proceeding or any Hanover Guarantor denies or disaffirms its
obligations under the Indenture, the Participation Agreement or its Hanover
Guarantee. However, a default under clauses (iv) and (v) will not constitute an
Event of Default until the Trustee or the Holders of at least 25% in principal
amount of the outstanding Securities notify the Issuer of the default and the
Issuer does not cure such default within the time specified in clauses (iv) and
(v) hereof after receipt of such notice.

                  If an Event of Default (other than an Event of Default
described in clause (ix) above) occurs and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the Securities may declare all
the Securities to be due and payable immediately. Events of Default described in
clause (ix) above will result in the Securities being due and payable
immediately upon the occurrence of such Events of Default.

                  Securityholders may not enforce the Indenture or the
Securities except as provided in the Indenture. The Trustee may refuse to
enforce the Indenture or the Securities unless it receives reasonable indemnity
or security. Subject to certain limitations, Holders of a majority in principal
amount of the Securities may direct the Trustee in its exercise of any trust

<PAGE>

                                                                              10

or power. The Trustee may withhold from Securityholders notice of any continuing
Default or Event of Default (except a Default or Event of Default in payment of
principal or interest) if it determines that withholding notice is in their
interest.

13.      Trustee Dealings with the Issuer

                  Subject to certain limitations set forth in the Indenture, the
Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Securities and may otherwise deal with and collect
obligations owed to it by the Issuer or its Affiliates and may otherwise deal
with the Issuer or its affiliates with the same rights it would have if it were
not Trustee.

14.      No Recourse Against Others

                  An incorporates director, officer, employee, stockholder or
controlling person, as such, of each of the Issuer, or any Hanover Guarantor
shall not have any liability for any obligations of the Issuer under the
Securities, the Indenture, the Participation Agreement or any Hanover Guarantees
or for any claim based on, in respect of or by reason of such obligations or
their creation. By accepting a Security, each Securityholder waives and releases
all such liability. The waiver and release are part of the consideration for the
issue of the Securities.

15.      Authentication

                  This Security shall not be valid until an authorized signatory
of the Trustee (or an authenticating agent acting on its behalf) manually signs
the certificate of authentication on the other side of this Security.

16.      Abbreviations

                  Customary abbreviations may be used in the name of a
Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT
(=tenants by the entirety), JT TEN (=joint tenants with rights of survivorship
and not as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to
Minors Act).

17.      CUSIP Numbers

                  Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures the Issuer has caused CUSIP numbers
to be printed on the Securities and has directed the Trustee to use CUSIP
numbers in notices of redemption as a convenience to Securityholders. No
representation is made as to the accuracy of such numbers either as printed on
the Securities or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

18.      Governing Law

                  This Security shall be governed by, and construed in
accordance with, the laws of the State of New York.

<PAGE>

                                                                              11

                  The Issuer will furnish to any Securityholder upon written
request and without charge to the Securityholder a copy of the Indenture which
has in it the text of this Security in larger type. Requests may be made to:

                          Hanover Equipment Trust 2001A
                          c/o Wilmington Trust Company
                          Rodney Square North
                          1100 North Market Street
                          Wilmington, Delaware 19890
                          Attention: Corporate Trust Administration
                          Telecopy No.: 302-651-8882

                          with a copy to:

                          Hanover Compressor Company
                          Hanover Compression Limited Partnership
                          12001 North Houston Rossyln
                          Houston, Texas 77806
                          Attention: Chief Financial Officer

<PAGE>

                                                                              12

                                 ASSIGNMENT FORM

                  To assign this Security, fill in the form below:

                  I or we assign and transfer this Security to
                  __________________________________________________________
                  (Print or type assignee's name, address and zip code)
                       ______________________________________________
                         (Insert assignee's soc. sec. or tax ID. No.)

         and irrevocably appoint______________agent to transfer this Security on
         the books of the Issuer, The agent may substitute another to act for
         him.
________________________________________________________________________________
Date:________________________                   Your signature: ________________

Signature Guarantee: ___________________________________________________________
                                              (Signature must be guaranteed)

________________________________________________________________________________
Sign exactly as your name appears on the other side of this Security.

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

In connection with any transfer or exchange of any of the Securities evidenced
by this certificate occurring prior to the date that is two years after the
later of the date of original issuance of such Securities and the last date, if
any, on which such Securities were owned by the Issuer or any Affiliate of the
Issuer, the undersigned confirms that such Securities are being:

CHECK ONE BOX BELOW:

[1]               acquired for the undersigned's own account, without transfer;
                  or

[2]               transferred to the Issuer, or

[3]               transferred pursuant to and in compliance with Rule 144A under
                  the Securities Act of 1933, as amended (the "Securities Act");
                  or

[4]               transferred pursuant to an effective registration statement
                  under the Securities Act; or

[5]               transferred pursuant to and in compliance with Regulation S
                  under the Securities Act; or

<PAGE>

                                                                              13

[6]               transferred to an institutional "accredited investor" (as
                  defined in Rule 501(a)(l), (2), (3) or (7) under the
                  Securities Act), that has furnished to the Trustee a signed
                  letter containing certain representations and agreements (the
                  form of which letter appears as Section 2.7 of the Indenture);
                  or

[7]               transferred pursuant to another available exemption from the
                  registration requirements of the Securities Act of 1933.

Unless one of the boxes is checked, the Trustee will refuse to register any of
the Securities evidenced by this certificate in the name of any person other
than the registered Holder thereof; provided, however, that if box (5), (6) or
(7) is checked, the Trustee or the Issuer may require, prior to registering any
such transfer of the Securities, in their sole discretion, such legal opinions,
certifications and other information as the Trustee or the Issuer may reasonably
request to confirm that such transfer is being made pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the
Securities Act of 1933, such as the exemption provided by Rule 144 under such
Act.

                                                ________________________________
                                                Signature
Signature Guarantee:
______________________________                  ________________________________
(Signature must be guaranteed)                  Signature

________________________________________________________________________________
The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

                  The undersigned represents and warrants that it is purchasing
this Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a
"qualified institutional buyer" within the meaning of Rule 144A under the
Securities Act of 1933, as amended, and is aware that the sale to it is being
made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Issuer as the undersigned has requested pursuant to
Rule 144A Or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned's foregoing
representations in order to claim the exemption from registration provided by
Rule 144A.

__________________
Dated:

<PAGE>

                                                                              14

              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

         The following increases or decreases in this Global Security been made:

<TABLE>
<S>           <C>                         <C>                         <C>                                 <C>
              AMOUNT OF DECREASE IN       AMOUNT OF INCREASE IN       PRINCIPAL AMOUNT OF THIS            SIGNATURE OF AUTHORISED
DATE OF       PRINCIPAL AMOUNT OF THIS    PRINCIPAL AMOUNT OF THIS    GLOBAL SECURITY FOLLOWING SUCH      SIGNATORY OF TRUSTEE OR
EXCHANGE      GLOBAL SECURITY             GLOBAL SECURITY             DECREASE OR INCREASE                SECURITIES CUSTODIAN
---------     ------------------------    ------------------------    -------------------------------     ------------------------
</TABLE>

<PAGE>

                                                                              15

                       OPTION OF HOLDER TO ELECT PURCHASE

                  If you want to elect to have this Security purchased by the
Issuer pursuant to Section 3.3 or 3.4 of the Indenture, check either box:

                                     [ ]     [ ]
                                     3.3     3.4

                  If you want to elect to have only part of this Security
purchased by the Issuer pursuant to Section 3.3 or 3.4 of the Indenture, state
the amount in principal amount (must be integral multiple of $1,000): $

Date: _____________Your Signature ______________________________________________
                                 (Sign exactly as your name appears on the other
                                  side of the Security)

Signature Guarantee: ___________________________________________________________
                                  (Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

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