Document:

<PAGE>   1
                                                                     EXHIBIT 4.3

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

                                       1
<PAGE>   2

                                  DRESSER, INC.

                    9 3/8% SENIOR SUBORDINATED NOTES DUE 2011

No. 1                                  CUSIP:
$300,000,000
                                       ISIN:

     DRESSER, INC., a corporation incorporated under the laws of the State of
Delaware, promises to pay to CEDE & CO. or their registered assigns, the
principal sum of _____________________ Dollars on April 15, 2011.

     Interest Payment Dates: April 15 and October 15, commencing first payment
October 15, 2011.

     Record Dates: April 1 and October 1.

     Reference is made to the further provisions of this Note contained herein,
which will for all purposes have the same effect as if set forth at this place.

         Dated:       , 2001
                ------

                                       2
<PAGE>   3

     IN WITNESS WHEREOF, the Company has caused this Note to be signed by its
duly authorized officer.

                                       DRESSER, INC.

                                       BY:
                                           -------------------------------------
                                           Name:
                                           Title:

This is one of the Global
Notes referred to in the
within-mentioned Indenture:

STATE STREET BANK AND TRUST COMPANY,
as Trustee

By:                                    Dated:           , 2001
    -------------------------------           ----------
    Name:
    Title: Authorized Signatory

                                       3
<PAGE>   4

                                  DRESSER, INC.
                    9 3/8% SENIOR SUBORDINATED NOTES DUE 2011

     Capitalized terms used herein shall have the meanings assigned to them in
the Indenture referred to below unless otherwise indicated.

     1. INTEREST. Dresser, Inc., a Delaware corporation (the "Company"),
promises to pay interest on the principal amount of this Note at 9 3/8% per
annum from April 10, 2001 until maturity. The Company shall pay interest
semi-annually on April 15 and October 15 of each year, or if any such day is not
a Business Day, on the next succeeding Business Day (each an "Interest Payment
Date"). Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of
issuance; provided that if there is no existing Default in the payment of
interest, and if this Note is authenticated between a record date referred to on
the face hereof and the next succeeding Interest Payment Date, interest shall
accrue from such next succeeding Interest Payment Date; provided, further, that
the first Interest Payment Date shall be October 15, 2001. The Company shall pay
interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on
demand at a rate that is 1% per annum in excess of the rate then in effect; it
shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest (without regard to any
applicable grace periods) from time to time on demand at the same rate 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. The Company will pay interest on the Notes (except
defaulted interest) to the Persons who are registered Holders of Notes at the
close of business on April 1 or October 1 immediately preceding the applicable
Interest Payment Date, even if such Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.12
of the Indenture with respect to defaulted interest. The Notes will be payable
as to principal, premium, if any, and interest at the office or agency of the
Company maintained for such purpose within or without the City and State of New
York, or, at the option of the Company, payments of interest may be made by
check mailed to the Holders at their addresses set forth in the register of
Holders, and provided that payment by wire transfer of immediately available
funds will be required with respect to principal of and interest, premium on,
all Global Notes and all other Notes the Holders of which shall have provided
wire transfer instructions to the Company or the Paying Agent. Such payment
shall be in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts.

     3. PAYING AGENT AND REGISTRAR. Initially, State Street Bank and Trust
Company, the Trustee under the Indenture, will act as Paying Agent and
Registrar. The Company may change any Paying Agent or Registrar without notice
to any Holder. The Company or any of its Subsidiaries may act in any such
capacity.

     4. INDENTURE. The Company issued the Notes under an Indenture dated as of
April 10, 2001 (the "Indenture") among the Company, the Guarantors named therein
and the Trustee. The terms of the Notes include those stated in the Indenture
and those made part of the Indenture by reference to the Trust Indenture Act of
1939, as amended (15 U.S.

                                       4
<PAGE>   5

Code Sections 77aaa-77bbbb). The Notes are subject to all such terms, and
Holders are referred to the Indenture and such Act for a statement of such
terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be
controlling. The Notes are obligations of the Company.

     5. SUBORDINATION. The Notes are subordinated in right of payment, in the
manner and to the extent set forth in the Indenture, to the prior payment in
full in cash or Cash Equivalents of all Senior Debt of the Company, whether
outstanding on the date of the Indenture or thereafter created, incurred,
assumed or guaranteed. Each Holder by its acceptance hereof agrees to be bound
by such provisions and authorizes and expressly directs the Trustee, on its
behalf, to take such action as may be necessary or appropriate to effectuate the
subordination provided for in the Indenture.

     6. OPTIONAL REDEMPTION.

     (a) Except as set forth in subparagraph (b) of this Paragraph 6, the Notes
will not be redeemable before April 15, 2006. Thereafter, the Company may redeem
the Notes at its option, in whole or in part, upon not less than 30 nor more
than 60 days' notice, at the following redemption prices (expressed as
percentages of the principal amount thereof), if redeemed during the
twelve-month period commencing on April 15 of the years indicated below:

<TABLE>
<CAPTION>
                                                                PERCENTAGE
                                                               OF PRINCIPAL
                                                                  AMOUNT
                                                               ------------
<S>                                                             <C>
YEAR
2006.......................................................     104.688%
2007.......................................................     103.125%
2008.......................................................     101.563%
2009 and thereafter........................................     100.000%
</TABLE>

     In addition, the Company must pay all accrued and unpaid interest on the
Notes redeemed.

     (b) Notwithstanding the foregoing, prior to April 15, 2004, the Company may
on any one or more occasions redeem up to 35% of the principal amount of Notes
issued under the Indenture at a redemption price of 109.375% of the principal
amount thereof, plus accrued and unpaid interest, if any, thereon to the
redemption date, with the net cash proceeds of one or more Equity Offerings;
provided that at least 65% of the aggregate principal amount of Notes issued
under the Indenture remains outstanding immediately after the occurrence of such
redemption (excluding Notes held by the Company and its Subsidiaries); and
provided further that the Company makes such redemption not more than 90 days
after the consummation of such Equity Offering.

     7. MANDATORY REDEMPTION. The Company shall not be required to make
mandatory redemption payments with respect to the Notes.

     8. REPURCHASE AT OPTION OF HOLDER.

                                       5
<PAGE>   6

     (a) If a Change of Control occurs, each Holder will have the right to
require that the Company purchase all or a portion of such Holder's Notes
pursuant to the offer described in the Indenture (the "Change of Control
Offer"), at a purchase price equal to 101% of the principal amount thereof plus
accrued interest to the date of purchase. Within 90 days following the date upon
which the Change of Control occurred (or at the Company's option, prior to the
occurrence of such Change of Control), the Company must send, by first-class
mail, a notice to each Holder, which notice shall govern the terms of the Change
of Control Offer. Such notice shall state, among other things, the purchase
date, which must be no earlier than 30 days nor later than 60 days from the date
such notice is mailed, other than as may be required by law (the "Change of
Control Payment Date") provided that any Change of Control Offer made prior to
any date of such Change of Control shall be made only in the reasonable
anticipation of such Change of Control; and provided further, that the Company
shall not be required to purchase any Notes tendered pursuant to such Change of
Control Offer if such Change of Control does not occur.

     (b) If the Company or a Restricted Subsidiary consummates any Asset Sale,
under certain circumstances the Company is required to commence an offer to all
Holders of Notes (as "Net Proceeds Offer") pursuant to Section 3.09 of the
Indenture. The offer price for the Notes (the "Net Proceeds Offer Amount") will
be at a price equal to 100% of the principal amount thereof plus accrued and
unpaid interest thereon, if any, to the date fixed for the closing of such
offer, in accordance with the procedures set forth in the Indenture. To the
extent that the aggregate amount of Notes tendered pursuant to a Net Proceeds
Offer is less than the Net Proceeds Offer Amount, the Company (or such
Subsidiary) may use such remaining Net Proceeds Offer Amount for general
corporate purposes or for any other purpose not prohibited by the Indenture. If
the aggregate principal amount of Notes surrendered by Holders thereof exceeds
the amount of Net Proceeds Offer Amount, the Trustee shall select the Notes to
be purchased on a pro rata basis. Holders of Notes that are the subject of an
offer to purchase will receive a Net Proceeds Offer from the Company prior to
any related purchase date and may elect to have such Notes purchased by
completing the form entitled "Option of Holder to Elect Purchase" on the reverse
of the Notes.

     9. NOTICE OF REDEMPTION. Notice of redemption will be mailed, by
first-class mail, at least 30 days but not more than 60 days before the
redemption date to each Holder whose Notes are to be redeemed at its registered
address. Notes in denominations larger than $1,000 may be redeemed in part but
only in whole multiples of $1,000, unless all of the Notes held by a Holder are
to be redeemed. On and after the redemption date interest ceases to accrue on
Notes or portions thereof called for redemption, unless the Company fails to
make such payment.

     10. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000. The
transfer of Notes may be registered and Notes may be exchanged as provided in
the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the
Company may require a Holder to pay any taxes and fees required by law or
permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for
the unredeemed portion of any Note being redeemed in part. Also, the Company
need not exchange

                                       6
<PAGE>   7

or register the transfer of any Notes for a period of 15 days before a selection
of Notes to be redeemed or during the period between a record date and the
corresponding Interest Payment Date.

     11. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated
as its owner for all purposes.

     12. AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions set
forth in the Indenture, the Indenture, the Guarantees or the Notes may be
amended or supplemented with the consent of the Holders of at least a majority
in principal amount of the Notes then outstanding, if any, voting as a single
class, and any existing default or compliance with any provision of the
Indenture, the Guarantees or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes, if any,
voting as a single class. Without the consent of any Holder of a Note, the
Indenture, the Guarantees or the Notes may be amended or supplemented, to cure
any ambiguity, defect or inconsistency, to provide for uncertificated Notes in
addition to or in place of certificated Notes, to provide for the assumption of
the Company's or Guarantor's obligations to Holders of the Notes in case of a
merger or consolidation, to make any change that would provide any additional
rights or benefits to the Holders of the Notes or that does not adversely affect
the legal rights under the Indenture of any such Holder, to comply with the
requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the Trust Indenture Act, to provide for the issuance of Notes
issued after the Issue Date in accordance with the limitations set forth in the
Indenture, to allow any Guarantor to execute a supplemental indenture to the
Indenture and/or a Guarantee with respect to the Notes or to evidence and
provide for the acceptance of appointment under the Indenture of a successor
Trustee.

     13. DEFAULTS AND REMEDIES. Events of Default include (in summary form): (i)
the failure to pay interest on any Notes when the same becomes due and payable
if the default continues for a period of 30 days, whether or not such payment
shall be prohibited by Article 10 of the Indenture; (ii) the failure to pay the
principal on any Notes when such principal becomes due and payable, at maturity,
upon redemption or otherwise (including the failure to make a payment to
purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds
Offer on the date specified for such payment in the applicable offer to
purchase), whether or not such payment shall be prohibited by Article 10 of the
Indenture; (iii) a default in the observance or performance of any other
covenant or agreement contained in the Indenture if the default continues for a
period of 30 days after the Company receives written notice specifying the
default (and demanding that such default be remedied) from the Trustee or the
Holders of at least 25% of the outstanding principal amount of the Notes; (iv)
the failure to pay at final stated maturity (giving effect to any applicable
grace periods and any extensions thereof) the principal amount of any
Indebtedness of the Company or any Restricted Subsidiary of the Company (other
than a Securitization Entity), which failure continues for at least 20 days, or
the acceleration of the final stated maturity of any such Indebtedness, which
acceleration remains uncured and unrescinded for at least 20 days, if the
aggregate principal amount of such Indebtedness, together with the principal
amount of any other such Indebtedness in default for failure to pay principal at
final maturity or which has been accelerated, (in each case with respect to
which the 20-day period described above has passed) aggregates $25.0 million or
more at any time; (v) one or more judgments in an aggregate amount in excess of
$25.0 million shall have been rendered

                                       7
<PAGE>   8

against the Company or any of its Significant Subsidiaries and such judgments
remain undischarged, unpaid or unstayed for a period of 60 days after such
judgment or judgments become final and non-appealable; (vi) certain events of
bankruptcy affecting the Company or any of its Significant Subsidiaries and
(vii) any Guarantee of a Significant Subsidiary ceases to be in full force and
effect or any Guarantee of a Significant Subsidiary is declared to be null and
void and unenforceable or any Guarantee of a Significant Subsidiary is found to
be invalid or any Guarantor that is a Significant Subsidiary denies its
liability under its Guarantee (other than by reason of release of a Guarantor in
accordance with the terms of the Indenture).

     If any Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the then outstanding Notes may
declare the principal of and accrued interest on all the Notes to be due and
payable. Notwithstanding the foregoing, in the case of an Event of Default
arising from certain events of bankruptcy with respect to the Company, all
outstanding Notes will become due and payable without further action or notice.
Holders may not enforce the Indenture or the Notes except as provided in the
Indenture and under the TIA. Subject to certain limitations, Holders of a
majority in principal amount of the then outstanding Notes may direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of the Notes notice of any continuing Default or Event of Default
(except a Default or Event of Default relating to the payment of principal or
interest) if it determines that withholding notice is in their interest. The
Holders of a majority in aggregate principal amount of the Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of the
Notes waive any existing Default or Event of Default and its consequences under
the Indenture except a continuing Default or Event of Default in the payment of
principal of, premium, if any, or interest on the Notes. The Company is required
to deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Company is required upon becoming aware of any Default or
Event of Default, to deliver to the Trustee a statement specifying such Default
or Event of Default.

     14. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services
for the Company or its Affiliates, and may otherwise deal with the Company or
its Affiliates, as if it were not the Trustee.

     15. NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator or stockholder of the Company or any of the
Guarantors, as such, shall have any liability for any obligations of the Company
or such Guarantor under the Notes, the Guarantees 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 Note waives and releases all such
liability. The waiver and release are part of the consideration for the issuance
of the Notes.

     16. AUTHENTICATION. This Note shall not be valid until authenticated by the
manual signature of the Trustee or an authenticating agent.

     17. ABBREVIATIONS. Customary abbreviations may be used in the name of a
Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship
and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act).

                                       8
<PAGE>   9

     18. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers
in notices of redemption as a convenience to Holders. No representation is made
as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon. The Company will furnish to any
Holder upon written request and without charge a copy of the Indenture. Requests
may be made to:

     Dresser, Inc.
     2601 Beltine Road,
     Carrollton, TX 75006
     Facsimile No.: (972) 478-5098
     Attention: Chief Administrative Officer

                                       9
<PAGE>   10

ASSIGNMENT FORM

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

--------------------------------------------------------------------------------
(Insert assignee's soc. sec. or tax I.D. no.)

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

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

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

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

Date:
      ------------------

                                      Your Signature:
                                                     ---------------------------
                                      (Sign exactly as your name appears on the
                                      face of this Note)

                                      Tax Identification No:
                                                            --------------------

                                      SIGNATURE GUARANTEE:

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

                                      Signatures must be guaranteed by an
                                      "eligible guarantor institution" meeting
                                      the requirements of the Registrar, which
                                      requirements include membership or
                                      participation in the Security Transfer
                                      Agent Medallion Program ("STAMP") or such
                                      other "signature guarantee program" as may
                                      be determined by the Registrar in addition
                                      to, or in substitution for, STAMP, all in
                                      accordance with the Securities Exchange
                                      Act of 1934, as amended.

                                       10
<PAGE>   11

                       OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.15 of the Indenture, check the box below:

                [ ]  Section 4.10               [ ]  Section 4.15

     If you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you
elect to have purchased: $
                          --------

Date:
      ---------------

                                       Your Signature:
                                                       -------------------------
                                       (Sign exactly as your name appears on the
                                       face of this Note)

                                       Tax Identification No:
                                                              ------------------

                                       SIGNATURE GUARANTEE:

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

                                       Signatures must be guaranteed by an
                                       "eligible guarantor institution" meeting
                                       the requirements of the Registrar, which
                                       requirements include membership or
                                       participation in the Security Transfer
                                       Agent Medallion Program ("STAMP") or such
                                       other "signature guarantee program" as
                                       may be determined by the Registrar in
                                       addition to, or in substitution for,
                                       STAMP, all in accordance with the
                                       Securities Exchange Act of 1934, as
                                       amended.

                                       11
<PAGE>   12

     For value received, each Guarantor (which term includes any successor
Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the
provisions in the Indenture dated as of April 10, 2001 (the "Indenture") among
Dresser, Inc., the Guarantors named therein and State Street Bank and Trust
Company, as trustee (the "Trustee"), (a) the due and punctual payment of the
principal of, premium, if any, and interest on the Notes (as defined in the
Indenture), whether at maturity, by acceleration, redemption or otherwise, the
due and punctual payment of interest on overdue principal and premium, and, to
the extent permitted by law, interest, and the due and punctual performance of
all other obligations of the Company to the Holders or the Trustee all in
accordance with the terms of the Indenture and (b) in case of any extension of
time of payment or renewal of any Notes or any of such other obligations, that
the same will be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise. The obligations of the Guarantors to the Holders of
Notes and to the Trustee pursuant to the Guarantee and the Indenture are
expressly set forth in Article 11 of the Indenture and reference is hereby made
to the Indenture for the precise terms of the Guarantee. Each Holder of a Note,
by accepting the same, (a) agrees to and shall be bound by such provisions, (b)
authorizes and directs the Trustee, on behalf of such Holder, to take such
action as may be necessary or appropriate to effectuate the subordination as
provided in the Indenture and (c) appoints the Trustee attorney-in-fact of such
Holder for such purpose; provided, however, that the Indebtedness evidenced by
this Guarantee shall cease to be so subordinated and subject in right of payment
upon any defeasance of this Guarantee in accordance with the provisions of the
Indenture.

                                       DRESSER INTERNATIONAL INC.

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

                                       DRESSER RUSSIA, INC.

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

                                       DRESSER RE, INC.

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

                                       12<PAGE>   1
                                                                     EXHIBIT 4.4

                          REGISTRATION RIGHTS AGREEMENT
                              Dated April 10, 2001

                                      among

                                  DRESSER, INC.

                                 the Guarantors

                                       and

                        MORGAN STANLEY & CO. INCORPORATED
                     CREDIT SUISSE FIRST BOSTON CORPORATION
                                 UBS WARBURG LLC

<PAGE>   2

                          REGISTRATION RIGHTS AGREEMENT

                  THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made
and entered into as of April 10, 2001, by and among Dresser, Inc., a Delaware
corporation (the "Company"), the companies named on Schedule A hereto, as
guarantors (collectively, the "Guarantors" and, together with the Company, the
"Issuers"), and MORGAN STANLEY & CO. INCORPORATED, CREDIT SUISSE FIRST BOSTON
CORPORATION and UBS WARBURG LLC (collectively, the "Placement Agents").

                  This Agreement is made pursuant to the Placement Agreement
dated April 4, 2001, by and among the Issuers and the Placement Agents (the
"Placement Agreement"), which provides for the sale by the Company to the
Placement Agents of an aggregate of $300,000,000 principal amount of the
Company's 9 3/8 % Senior Subordinated Notes Due 2011 (the "Notes") and the
guarantees thereof by the Guarantors (the "Guarantees" and, together with the
Notes, the "Securities"). The Securities are being issued pursuant to an
indenture, dated as of the date hereof (the "Indenture"), among the Issuers and
State Street Bank and Trust Company, as trustee (the "Trustee") as may be
amended from time to time in accordance with the terms thereof. In order to
induce the Placement Agents to enter into the Placement Agreement, the Company
has agreed to provide to the Placement Agents and their direct and indirect
transferees the registration rights set forth in this Agreement. The execution
of this Agreement is a condition to the closing under the Placement Agreement.

                  In consideration of the foregoing, the parties hereto agree as
follows:

                  1. Definitions.

                  As used in this Agreement, the following capitalized defined
terms shall have the following meanings:

                  "1933 Act" shall mean the Securities Act of 1933, as amended
         from time to time.

                  "1934 Act" shall mean the Securities Exchange Act of 1934, as
         amended from time to time.

                  "Additional Interest" shall have the meaning set forth in
         Section 2(d).

                  "Closing Date" shall mean the Closing Date as defined in the
         Placement Agreement.

                  "Company" shall have the meaning set forth in the preamble and
         shall also include the Company's successors.

                  "Exchange Dates" shall have the meaning set forth in Section
         2(a)(ii).

                  "Exchange Offer" shall mean the exchange offer by the Issuers
         of Exchange Securities for Registrable Securities pursuant to Section
         2(a) hereof.

                                       1
<PAGE>   3

                  "Exchange Offer Registration" shall mean a registration under
         the 1933 Act effected pursuant to Section 2(a) hereof.

                  "Exchange Offer Registration Statement" shall mean an exchange
         offer registration statement on Form S-4 (or, if applicable, on another
         appropriate form) and all amendments and supplements to such
         registration statement, in each case including the Prospectus contained
         therein, all exhibits thereto and all material incorporated by
         reference therein.

                  "Exchange Securities" shall mean Securities issued by the
         Issuers, containing terms identical to the Securities (except that the
         Exchange Securities will not contain restrictions on transfer) and to
         be offered to Holders of Securities in exchange for Securities pursuant
         to the Exchange Offer.

                  "Filing Date" means (i) with respect to an Exchange Offer
         Registration Statement or the Shelf Registration Statement required to
         be filed pursuant to Section 2(b)(i) or (ii), the earlier of the date
         of the filing thereof with the SEC and the 90th day after the Issue
         Date and (ii) with respect to the Shelf Registration Statement required
         to be filed pursuant to Section 2(b)(iii), the 60th day after the
         delivery of a notice pursuant to Section 2(b)(iii).

                  "Guarantees" shall have the meaning set forth in the preamble.

                  "Guarantors" shall have the meaning set forth in the preamble.

                  "Holder" shall mean the Placement Agents, for so long as they
         own any Registrable Securities, and each of their successors, assigns
         and direct and indirect transferees who become registered owners of
         Registrable Securities under the Indenture; provided that for purposes
         of Sections 4 and 5 of this Agreement, the term "Holder" shall include
         Participating Broker-Dealers.

                  "Indenture" shall have the meaning set forth in the preamble.

                  "Issuers" shall have the meaning set forth in the preamble and
         shall also include the Issuers' successors.

                  "Majority Holders" shall mean the Holders of a majority of the
         aggregate principal amount of outstanding Registrable Securities;
         provided that whenever the consent or approval of Holders of a
         specified percentage of Registrable Securities is required hereunder,
         Registrable Securities held by the Issuers or any of their affiliates
         (as such term is defined in Rule 405 under the 1933 Act) (other than
         the Placement Agents or subsequent Holders of Registrable Securities if
         such subsequent holders are deemed to be such affiliates solely by
         reason of their holding of such Registrable Securities) shall not be
         counted in determining whether such consent or approval was given by
         the Holders of such required percentage or amount.

                  "Notes" shall have the meaning set forth in the preamble.

                  "Participating Broker-Dealer" shall have the meaning set forth
         in Section 4(a).

                                       2
<PAGE>   4

                  "Person" shall mean an individual, partnership, limited
         liability company, corporation, trust or unincorporated organization,
         or a government or agency or political subdivision thereof.

                  "Placement Agents" shall have the meaning set forth in the
         preamble.

                  "Placement Agreement" shall have the meaning set forth in the
         preamble.

                  "Prospectus" shall mean the prospectus included in a
         Registration Statement, including any preliminary prospectus, and any
         such prospectus as amended or supplemented by any prospectus
         supplement, including a prospectus supplement with respect to the terms
         of the offering of any portion of the Registrable Securities covered by
         a Shelf Registration Statement, and by all other amendments and
         supplements to such prospectus, and in each case including all material
         incorporated by reference therein.

                  "Registration Expenses" shall mean any and all expenses
         incident to performance of or compliance by the Issuers with this
         Agreement, including without limitation: (i) all SEC, stock exchange or
         National Association of Securities Dealers, Inc. registration and
         filing fees, (ii) all fees and expenses incurred in connection with
         compliance with state securities or blue sky laws (including reasonable
         fees and disbursements of counsel for any underwriters or Holders in
         connection with blue sky qualification of any of the Exchange
         Securities or Registrable Securities), (iii) all expenses of any
         Persons in preparing or assisting in preparing, word processing,
         printing and distributing any Registration Statement, any Prospectus,
         any amendments or supplements thereto, any underwriting agreements,
         securities sales agreements and other documents relating to the
         performance of and compliance with this Agreement, (iv) all rating
         agency fees, (v) all fees and disbursements relating to the
         qualification of the Indenture under applicable securities laws, (vi)
         the fees and disbursements of the Trustee and its counsel, (vii) the
         fees and disbursements of counsel for the Issuers and, in the case of a
         Shelf Registration Statement, the fees and disbursements of one counsel
         for the Holders (which counsel shall be selected by the Majority
         Holders and which counsel may also be counsel for the Placement Agents)
         and (viii) the fees and disbursements of the independent public
         accountants of the Issuers, including the expenses of any special
         audits or "cold comfort" letters required by or incident to such
         performance and compliance, but excluding fees and expenses of counsel
         to the underwriters (other than fees and expenses set forth in clause
         (ii) above) or the Holders and underwriting discounts and commissions
         and transfer taxes, if any, relating to the sale or disposition of
         Registrable Securities by a Holder.

                  "Registrable Securities" shall mean the Securities; provided,
         however, that the Securities shall cease to be Registrable Securities
         (i) when a Registration Statement with respect to such Securities shall
         have been declared effective under the 1933 Act and such Securities
         shall have been disposed of pursuant to such Registration Statement,
         (ii) when such Securities have been sold to the public pursuant to Rule
         144 (or any similar provision then in force, but not Rule 144A) under
         the 1933 Act or (iii) when such Securities shall have ceased to be
         outstanding.

                                       3
<PAGE>   5

                  "Registration Statement" shall mean any registration statement
         of the Issuers that covers any of the Exchange Securities or
         Registrable Securities pursuant to the provisions of this Agreement and
         all amendments and supplements to any such Registration Statement,
         including post-effective amendments, in each case including the
         Prospectus contained therein, all exhibits thereto and all material
         incorporated by reference therein.

                  "Securities" shall have the meaning set forth in the preamble.

                  "SEC" shall mean the Securities and Exchange Commission.

                  "Shelf Registration" shall mean a registration effected
         pursuant to Section 2(b) hereof.

                  "Shelf Registration Statement" shall mean a "shelf"
         registration statement of the Issuers pursuant to the provisions of
         Section 2(b) of this Agreement which covers all of the Registrable
         Securities (but no other securities unless approved by the Holders
         whose Registrable Securities are covered by such Shelf Registration
         Statement) on an appropriate form (which may be an amendment to an
         Exchange Offer Registration Statement) under Rule 415 under the 1933
         Act, or any similar rule that may be adopted by the SEC, and all
         amendments and supplements to such registration statement, including
         post-effective amendments, in each case including the Prospectus
         contained therein, all exhibits thereto and all material incorporated
         by reference therein.

                  "Trustee" shall mean the trustee with respect to the
         Securities under the Indenture.

                  "Underwriter" shall have the meaning set forth in Section 3
         hereof.

                  "Underwritten Registration" or "Underwritten Offering" shall
         mean a registration in which Registrable Securities are sold to an
         Underwriter for reoffering to the public.

                  2. Registration Under the 1933 Act.

                  (a) To the extent not prohibited by any applicable law or
applicable interpretation of the Staff of the SEC, the Issuers shall use their
best efforts to cause to be filed an Exchange Offer Registration Statement
covering the offer by the Issuers to the Holders to exchange all of the
Registrable Securities for Exchange Securities and to have such Registration
Statement remain effective until the closing of the Exchange Offer. The Issuers
shall commence the Exchange Offer promptly after the Exchange Offer Registration
Statement has been declared effective by the SEC and use their best efforts to
have the Exchange Offer consummated not later than 60 days after such effective
date.

                  The Issuers shall commence the Exchange Offer by mailing the
related exchange offer Prospectus and accompanying documents to each Holder
stating, in addition to such other disclosures as are required by applicable
law:

                    (i) that the Exchange Offer is being made pursuant to this
               Registration Rights Agreement and that all Registrable Securities
               validly tendered will be accepted for exchange;

                                       4
<PAGE>   6

                    (ii) the dates of acceptance of election of exchange (which
               shall be a period of at least 30 business days from the date such
               notice is mailed) (the "Exchange Dates");

                    (iii) that any Registrable Security not tendered will remain
               outstanding and continue to accrue interest, but will not retain
               any rights under this Registration Rights Agreement;

                    (iv) that Holders electing to have a Registrable Security
               exchanged pursuant to the Exchange Offer will be required to
               surrender such Registrable Security, together with the enclosed
               letters of transmittal, to the institution and at the address
               (located in the Borough of Manhattan, The City of New York)
               specified in the notice prior to the close of business on the
               last Exchange Date; and

                    (v) that Holders will be entitled to withdraw their
               election, not later than the close of business on the last
               Exchange Date, by sending to the institution and at the address
               (located in the Borough of Manhattan, The City of New York)
               specified in the notice a telegram, telex, facsimile transmission
               or letter setting forth the name of such Holder, the principal
               amount of Registrable Securities delivered for exchange and a
               statement that such Holder is withdrawing his election to have
               such Securities exchanged.

                  As soon as practicable after the last Exchange Date, the
Issuers shall:

                    (i) accept for exchange Registrable Securities or portions
               thereof tendered and not validly withdrawn pursuant to the
               Exchange Offer; and

                    (ii) deliver, or cause to be delivered, to the Trustee for
               cancellation all Registrable Securities or portions thereof so
               accepted for exchange and issue, and cause the Trustee to
               promptly authenticate and mail to each Holder, an Exchange
               Security equal in principal amount to the principal amount of the
               Registrable Securities surrendered by such Holder.

The Issuers shall use their best efforts to complete the Exchange Offer as
provided above and shall comply with the applicable requirements of the 1933
Act, the 1934 Act and other applicable laws and regulations in connection with
the Exchange Offer. The Exchange Offer shall not be subject to any material
conditions, other than that the Exchange Offer does not violate applicable law
or any applicable interpretation of the Staff of the SEC. The Issuers shall
inform the Placement Agents of the names and addresses of the Holders to whom
the Exchange Offer is made, and the Placement Agents shall have the right,
subject to applicable law, to contact such Holders and otherwise facilitate the
tender of Registrable Securities in the Exchange Offer.

                  (b) In the event that (i) the Issuers determine that the
Exchange Offer Registration provided for in Section 2(a) above is not available
or may not be consummated as soon as practicable after the last Exchange Date
because it would violate applicable law or the applicable interpretations of the
Staff of the SEC, (ii) the Exchange Offer is not for any other reason
consummated by 210th day after the Issue Date or (iii) the Exchange Offer has
been completed and in the opinion of counsel for the Placement Agents a
Registration Statement must be filed and a Prospectus must be delivered by the
Placement Agents in connection with any offering or sale of Registrable
Securities, the Issuers shall use their best efforts to cause to be

                                       5
<PAGE>   7

filed as soon as practicable after such determination, date or notice of such
opinion of counsel is given to the Company, as the case may be, a Shelf
Registration Statement providing for the sale by the Holders of all of the
Registrable Securities and to have such Shelf Registration Statement declared
effective by the SEC. In the event the Issuers are required to file a Shelf
Registration Statement solely as a result of the matters referred to in clause
(iii) of the preceding sentence, the Issuers shall use their best efforts to
file and have declared effective by the SEC both an Exchange Offer Registration
Statement pursuant to Section 2(a) with respect to all Registrable Securities
and a Shelf Registration Statement (which may be a combined Registration
Statement with the Exchange Offer Registration Statement) with respect to offers
and sales of Registrable Securities held by the Placement Agents after
completion of the Exchange Offer. The Issuers agree to use their best efforts to
keep the Shelf Registration Statement continuously effective until the
expiration of the period referred to in Rule 144(k) with respect to the
Registrable Securities or such shorter period that will terminate when all of
the Registrable Securities covered by the Shelf Registration Statement have been
sold pursuant to the Shelf Registration Statement. The Issuers further agree to
supplement or amend the Shelf Registration Statement if required by the rules,
regulations or instructions applicable to the registration form used by the
Issuers for such Shelf Registration Statement or by the 1933 Act or by any other
rules and regulations thereunder for shelf registration or if reasonably
requested by a Holder with respect to information relating to such Holder, and
to use their best efforts to cause any such amendment to become effective and
such Shelf Registration Statement to become usable as soon as thereafter
practicable. The Issuers agree to furnish to the Holders of Registrable
Securities copies of any such supplement or amendment promptly after its being
used or filed with the SEC.

                  (c) The Issuers shall pay all Registration Expenses in
connection with the registration pursuant to Section 2(a) or Section 2(b). Each
Holder shall pay all underwriting discounts and commissions and transfer taxes,
if any, relating to the sale or disposition of such Holder's Registrable
Securities pursuant to the Shelf Registration Statement.

                  (d) An Exchange Offer Registration Statement pursuant to
Section 2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b)
hereof will not be deemed to have become effective unless it has been declared
effective by the SEC; provided, however, that, if, after it has been declared
effective, the offering of Registrable Securities pursuant to a Shelf
Registration Statement is interfered with by any stop order, injunction or other
order or requirement of the SEC or any other governmental agency or court, such
Registration Statement will be deemed not to have become effective during the
period of such interference until the offering of Registrable Securities
pursuant to such Registration Statement may legally resume. As provided for in
the Indenture, in the event the Exchange Offer is not consummated and the Shelf
Registration Statement is not declared effective as set forth below, then, the
interest rate on the Securities will be increased (the "Additional Interest") as
follows:

                    (i) if (A) neither the Exchange Offer Registration Statement
               nor a Shelf Registration Statement has been filed with the SEC on
               or prior to the 90th day after the Issue Date or (B) the Issuers
               are required to file a Shelf Registration Statement pursuant to
               Section 2(b)(iii) hereof and such Shelf Registration Statement is
               not filed on or prior to the Filing Date applicable thereto then,
               commencing on the day after either such 90th day in the case of
               clause (A) or such Filing Date in the case of clause (B),
               Additional Interest shall accrue on the principal amount of the
               Registrable Securities at a rate of 0.25% per

                                       6
<PAGE>   8
               annum for the first 90 days immediately following thereafter, and
               such Additional Interest rate shall increase by an additional
               0.25% per annum at the beginning of each subsequent 90-day
               period; or

                    (ii) if (A) neither the Exchange Offer Registration
               Statement nor a Shelf Registration Statement is declared
               effective by the SEC on or prior to the 180th day after the Issue
               Date or (B) the Issuers are required to file a Shelf Registration
               Statement pursuant to Section 2(b)(iii) hereof and such Shelf
               Registration Statement is not declared effective by the SEC on or
               prior to the 90th day following the Filing Date applicable
               thereto then, commencing on the day after either such 180th day
               in the case of clause (A) or Filing Date in the case of clause
               (B), Additional Interest shall accrue on the principal amount of
               the Registrable Securities at a rate of 0.25% per annum for the
               first 90 days immediately following thereafter, and such
               Additional Interest rate shall increase by an additional 0.25%
               per annum at the beginning of each subsequent 90-day period; or

                    (iii) subject to Sections 2(f) and 2(g) if (A) the Issuers
               have not exchanged Exchange Securities for all Securities validly
               tendered in accordance with the terms of the Exchange Offer on or
               prior to the 210th day after the Issue Date or (B) if applicable,
               the Shelf Registration Statement has been declared effective and
               such Shelf Registration Statement ceases to be effective at any
               time prior to the second anniversary of the Closing Date (or, if
               earlier, the date when all Securities have been disposed of
               thereunder), then Additional Interest shall accrue on the
               principal amount of the Registrable Securities at a rate of .25%
               per annum for the first 90 days commencing on (x) the 211th day
               after the Closing Date, in the case of (A) above, or (y) the day
               such Shelf Registration Statement ceases to be effective in the
               case of (B) above, and such Additional Interest rate shall
               increase by an additional .25% per annum at the beginning of each
               subsequent 90-day period;

provided, however, that the Additional Interest rate on the Securities may not
exceed in the aggregate 1.0% per annum; provided further, that the Issuers shall
in no event be required to pay additional interest for more than one event in
clauses (i), (ii), or (iii) at any one time; provided further, however, that (1)
upon the filing of the Exchange Offer Registration Statement or a Shelf
Registration Statement (in the case of clause (a) above), (2) upon the
effectiveness of the Exchange Offer Registration or a Shelf Registration
Statement (in the case of clause (b) above), or (3) upon the exchange of
Exchange Securities for all Securities tendered (in the case of clause (c)(A)
above), or upon the effectiveness of the Shelf Registration Statement which had
ceased to remain effective (in the case of clause (c)(B) above), Additional
Interest on the Securities as a result of such clause (or the relevant subclause
thereof), as the case may be, shall cease to accrue.

                  (e) Without limiting the remedies available to the Placement
Agents and the Holders, the Issuers acknowledge that any failure by the Issuers
to comply with their obligations under Section 2(a) and Section 2(b) hereof may
result in material irreparable injury to the Placement Agents or the Holders for
which there is no adequate remedy at law, that it will not be possible to
measure damages for such injuries precisely and that, in the event of any such
failure, the Placement Agents or any Holder may obtain such relief as may be
required to specifically enforce any Issuer's obligations under Section 2(a) and
Section 2(b) hereof.

                                       7
<PAGE>   9

                  3. Registration Procedures.

                  In connection with the obligations of the Issuers with respect
to the Registration Statements pursuant to Section 2(a) and Section 2(b) hereof,
each of the Issuers shall as expeditiously as possible:

                    (a) prepare and file with the SEC a Registration Statement
               on the appropriate form under the 1933 Act, which form (x) shall
               be selected by the Issuers and (y) shall, in the case of a Shelf
               Registration, be available for the sale of the Registrable
               Securities by the selling Holders thereof and (z) shall comply as
               to form in all material respects with the requirements of the
               applicable form and include all financial statements required by
               the SEC to be filed therewith, and use its best efforts to cause
               such Registration Statement to become effective and remain
               effective in accordance with Section 2 hereof;

                    (b) prepare and file with the SEC such amendments and
               post-effective amendments to each Registration Statement as may
               be necessary to keep such Registration Statement effective for
               the applicable period and cause each Prospectus to be
               supplemented by any required prospectus supplement and, as so
               supplemented, to be filed pursuant to Rule 424 under the 1933
               Act; to keep each Prospectus current during the period described
               under Section 4(3) and Rule 174 under the 1933 Act that is
               applicable to transactions by brokers or dealers with respect to
               the Registrable Securities or Exchange Securities;

                    (c) in the case of a Shelf Registration, furnish to each
               Holder of Registrable Securities, to counsel for the Placement
               Agents, to counsel for the Holders and to each Underwriter of an
               Underwritten Offering of Registrable Securities, if any, without
               charge, as many copies of each Prospectus, including each
               preliminary Prospectus, and any amendment or supplement thereto
               and such other documents as such Holder or Underwriter may
               reasonably request, in order to facilitate the public sale or
               other disposition of the Registrable Securities; and the Issuers
               consent to the use of such Prospectus and any amendment or
               supplement thereto in accordance with applicable law by each of
               the selling Holders of Registrable Securities and any such
               Underwriters in connection with the offering and sale of the
               Registrable Securities covered by and in the manner described in
               such Prospectus or any amendment or supplement thereto in
               accordance with applicable law;

                    (d) use their best efforts to register or qualify the
               Registrable Securities under all applicable state securities or
               "blue sky" laws of such jurisdictions as any Holder of
               Registrable Securities covered by a Registration Statement shall
               reasonably request in writing by the time the applicable
               Registration Statement is declared effective by the SEC, to
               cooperate with such Holders in connection with any filings
               required to be made with the National Association of Securities
               Dealers, Inc. and do any and all other acts and things which may
               be reasonably necessary or advisable to enable such Holder to
               consummate the disposition in each such jurisdiction of such
               Registrable Securities owned by such Holder; provided, however,
               that the Issuers shall not be required to (i) qualify as a
               foreign corporation or as a dealer in securities in any
               jurisdiction where it would not otherwise be required to qualify
               but for this Section 3(d), (ii) file any general

                                       8
<PAGE>   10

               consent to service of process or (iii) subject itself to taxation
               in any such jurisdiction if it is not so subject;

                    (e) in the case of a Shelf Registration, notify each Holder
               of Registrable Securities, counsel for the Holders and counsel
               for the Placement Agents promptly and, if requested by any such
               Holder or counsel, confirm such advice in writing (i) when a
               Registration Statement has become effective and when any
               post-effective amendment thereto has been filed and becomes
               effective, (ii) of any request by the SEC or any state securities
               authority for amendments and supplements to a Registration
               Statement and Prospectus or for additional information after the
               Registration Statement has become effective, (iii) of the
               issuance by the SEC or any state securities authority of any stop
               order suspending the effectiveness of a Registration Statement or
               the initiation of any proceedings for that purpose, (iv) if,
               between the effective date of a Registration Statement and the
               closing of any sale of Registrable Securities covered thereby,
               the representations and warranties of the Issuers contained in
               any underwriting agreement, securities sales agreement or other
               similar agreement, if any, relating to the offering cease to be
               true and correct in all material respects or if the Issuers
               receive any notification with respect to the suspension of the
               qualification of the Registrable Securities for sale in any
               jurisdiction or the initiation of any proceeding for such
               purpose, (v) of the happening of any event during the period a
               Shelf Registration Statement is effective which makes any
               statement made in such Registration Statement or the related
               Prospectus untrue in any material respect or which requires the
               making of any changes in such Registration Statement or
               Prospectus in order to make the statements therein not misleading
               and (vi) of any determination by the Issuers that a
               post-effective amendment to a Registration Statement would be
               appropriate;

                    (f) make every reasonable effort to obtain the withdrawal of
               any order suspending the effectiveness of a Registration
               Statement at the earliest possible moment and provide immediate
               notice to each Holder of the withdrawal of any such order;

                    (g) in the case of a Shelf Registration, furnish to each
               Holder of Registrable Securities, without charge, at least one
               conformed copy of i each Registration Statement and any
               post-effective amendment thereto (without documents incorporated
               therein by reference or exhibits thereto, unless requested);

                    (h) in the case of a Shelf Registration, cooperate with the
               selling Holders of Registrable Securities to facilitate the
               timely preparation and delivery of certificates representing
               Registrable Securities to be sold and not bearing any restrictive
               legends and enable such Registrable Securities to be in such
               denominations (consistent with the provisions of the Indenture)
               and registered in such names as the selling Holders may
               reasonably request at least one business day prior to the closing
               of any sale of Registrable Securities;

                    (i) in the case of a Shelf Registration, upon the occurrence
               of any event contemplated by Section 3(e)(v) hereof, use their
               best efforts to prepare and file with the SEC a supplement or
               post-effective amendment to a Registration Statement or the
               related Prospectus or any document incorporated therein by
               reference or file any other required

                                       9
<PAGE>   11

               document so that, as thereafter delivered to the purchasers of
               the Registrable Securities, such Prospectus will not contain any
               untrue statement of a material fact or omit to state a material
               fact necessary to make the statements therein, in light of the
               circumstances under which they were made, not misleading. The
               Issuers agree to notify the Holders to suspend use of the
               Prospectus as promptly as practicable after the occurrence of
               such an event, and the Holders hereby agree to suspend use of the
               Prospectus until the Issuers have amended or supplemented the
               Prospectus to correct such misstatement or omission;

                    (j) a reasonable time prior to the filing of any
               Registration Statement, any Prospectus, any amendment to a
               Registration Statement or amendment or supplement to a Prospectus
               or any document which is to be incorporated by reference into a
               Registration Statement or a Prospectus after initial filing of a
               Registration Statement, provide copies of such document to the
               Placement Agents and their counsel (and, in the case of a Shelf
               Registration Statement, the Holders and their counsel) and make
               such of the representatives of the Issuers as shall be reasonably
               requested by the Placement Agents or their counsel (and, in the
               case of a Shelf Registration Statement, the Holders or their
               counsel) available for discussion of such document, and shall not
               at any time file or make any amendment to the Registration
               Statement, any Prospectus or any amendment of or supplement to a
               Registration Statement or a Prospectus or any document which is
               to be incorporated by reference into a Registration Statement or
               a Prospectus, of which the Placement Agents and their counsel
               (and, in the case of a Shelf Registration Statement, the Holders
               and their counsel) shall not have previously been advised and
               furnished a copy or to which the Placement Agents or their
               counsel (and, in the case of a Shelf Registration Statement, the
               Holders or their counsel) shall reasonably object within 5 days
               after receipt thereof;

                    (k) obtain a CUSIP number for all Exchange Securities or
               Registrable Securities, as the case may be, not later than the
               effective date of a Registration Statement;

                    (l) cause the Indenture to be qualified under the Trust
               Indenture Act of 1939, as amended (the "TIA"), in connection with
               the registration of the Exchange Securities or Registrable
               Securities, as the case may be, cooperate with the Trustee and
               the Holders to effect such changes to the Indenture as may be
               required for the Indenture to be so qualified in accordance with
               the terms of the TIA and execute, and use its best efforts to
               cause the Trustee to execute, all documents as may be required to
               effect such changes and all other forms and documents required to
               be filed with the SEC to enable the Indenture to be so qualified
               in a timely manner;

                    (m) in the case of a Shelf Registration, make available for
               inspection by a representative of the Holders of the Registrable
               Securities, any Underwriter participating in any disposition
               pursuant to such Shelf Registration Statement, and attorneys and
               accountants designated by the Holders, at reasonable times and in
               a reasonable manner, all financial and other records, pertinent
               documents and properties of the Issuers and subsidiaries of the
               Issuers, and cause the respective officers, directors and
               employees of the Issuers and any of their subsidiaries to supply
               all information reasonably requested by any such representative,
               Underwriter, attorney or accountant in connection with a Shelf

                                       10
<PAGE>   12

               Registration Statement; provided that any such representative,
               Underwriter or other recipient shall agree in writing that any
               information designated as confidential by the Company shall be
               kept confidential by such recipient except to the extent
               reasonably necessary in connection with an offering.

                    (n) in the case of a Shelf Registration, use their
               commercially reasonable efforts to cause all Registrable
               Securities to be listed on any securities exchange or any
               automated quotation system on which similar securities issued by
               the Issuer are then listed if requested by the Majority Holders,
               to the extent such Registrable Securities satisfy applicable
               listing requirements;

                    (o) if reasonably requested by any Holder of Registrable
               Securities covered by a Registration Statement, (i) promptly
               incorporate in a Prospectus supplement or post-effective
               amendment such information with respect to such Holder as such
               Holder reasonably requests to be included therein and (ii) make
               all required filings of such Prospectus supplement or such
               post-effective amendment as soon as the Issuers have received
               notification of the matters to be incorporated in such filing;
               and

                    (p) in the case of a Shelf Registration, enter into such
               customary agreements and take all such other actions in
               connection therewith (including those requested by the Holders of
               a majority of the Registrable Securities being sold) in order to
               expedite or facilitate the disposition of such Registrable
               Securities including, but not limited to, an Underwritten
               Offering and in such connection, (i) to the extent possible, make
               such representations and warranties to the Holders and any
               Underwriters of such Registrable Securities with respect to the
               business of the Issuers and their subsidiaries, the Registration
               Statement, Prospectus and documents incorporated by reference or
               deemed incorporated by reference, if any, in each case, in form,
               substance and scope as are customarily made by Issuers to
               underwriters in underwritten offerings and confirm the same if
               and when requested, (ii) obtain opinions of counsel to the
               Issuers (which counsel and opinions, in form, scope and
               substance, shall be reasonably satisfactory to the Holders and
               such Underwriters and their respective counsel) addressed to each
               selling Holder and Underwriter of Registrable Securities,
               covering the matters customarily covered in opinions requested in
               underwritten offerings, (iii) obtain "cold comfort" letters from
               the independent certified public accountants of the Issuers (and,
               if necessary, any other certified public accountant of any
               subsidiary of the Issuers, or of any business acquired by the
               Issuers for which financial statements and financial data are or
               are required to be included in the Registration Statement)
               addressed to each selling Holder and Underwriter of Registrable
               Securities, such letters to be in customary form and covering
               matters of the type customarily covered in "cold comfort" letters
               in connection with underwritten offerings, and (iv) deliver such
               documents and certificates as may be reasonably requested by the
               Holders of a majority in principal amount of the Registrable
               Securities being sold or the Underwriters, and which are
               customarily delivered in underwritten offerings, to evidence the
               continued validity of the representations and warranties of the
               Issuers made pursuant to clause (i) above and to evidence
               compliance with any customary conditions contained in an
               underwriting agreement.

                                       11
<PAGE>   13

                  In the case of a Shelf Registration Statement, the Issuers may
require each Holder of Registrable Securities to furnish to the Issuers such
information regarding the Holder and the proposed distribution by such Holder of
such Registrable Securities as the Issuers may from time to time reasonably
request in writing.

                  In the case of a Shelf Registration Statement, each Holder
agrees that, upon receipt of any notice from the Issuers of the happening of any
event of the kind described in Section 3(c)(iii) or 3(e)(v) hereof, such Holder
will forthwith discontinue disposition of Registrable Securities pursuant to a
Registration Statement until such Holder's receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 3(i) hereof, and, if
so directed by the Issuers, such Holder will deliver to the Issuers (at its
expense) all copies in its possession, other than permanent file copies then in
such Holder's possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice. If the Issuers shall give any
such notice to suspend the disposition of Registrable Securities pursuant to a
Registration Statement, the Issuers shall extend the period during which the
Registration Statement shall be maintained effective pursuant to this Agreement
by the number of days during the period from and including the date of the
giving of such notice to and including the date when the Holders shall have
received copies of the supplemented or amended Prospectus necessary to resume
such dispositions. The Issuers may give any such notice only twice during any
365 day period and any such suspensions may not exceed 45 days for each
suspension and there may not be more than two suspensions in effect during any
365 day period.

                  The Holders of Registrable Securities covered by a Shelf
Registration Statement who desire to do so may sell such Registrable Securities
in an Underwritten Offering. In any such Underwritten Offering, the investment
banker or investment bankers and manager or managers (the "Underwriters") that
will administer the offering will be selected by the Majority Holders of the
Registrable Securities included in such offering.

                  4. Participation of Broker-Dealers in Exchange Offer.

                  (a) The Staff of the SEC has taken the position that any
broker-dealer that receives Exchange Securities for its own account in the
Exchange Offer in exchange for Securities that were acquired by such
broker-dealer as a result of market-making or other trading activities (a
"Participating Broker-Dealer"), may be deemed to be an "underwriter" within the
meaning of the 1933 Act and must deliver a prospectus meeting the requirements
of the 1933 Act in connection with any resale of such Exchange Securities.

                  The Issuers understand that it is the Staff's position that if
the Prospectus contained in the Exchange Offer Registration Statement includes a
plan of distribution containing a statement to the above effect and the means by
which Participating Broker-Dealers may resell the Exchange Securities, without
naming the Participating Broker-Dealers or specifying the amount of Exchange
Securities owned by them, such Prospectus may be delivered by Participating
Broker-Dealers to satisfy their prospectus delivery obligation under the 1933
Act in connection with resales of Exchange Securities for their own accounts, so
long as the Prospectus otherwise meets the requirements of the 1933 Act.

                                       12
<PAGE>   14

                  (b) In light of the above, notwithstanding the other
provisions of this Agreement, the Issuers agree that the provisions of this
Agreement as they relate to a Shelf Registration shall also apply to an Exchange
Offer Registration to the extent, and with such reasonable modifications thereto
as may be, reasonably requested by the Placement Agents or by one or more
Participating Broker-Dealers, in each case as provided in clause (ii) below, in
order to expedite or facilitate the disposition of any Exchange Securities by
Participating Broker-Dealers consistent with the positions of the Staff recited
in Section 4(a) above; provided that:

                    (i) the Issuers shall not be required to amend or supplement
               the Prospectus contained in the Exchange Offer Registration
               Statement, as would otherwise be contemplated by Section 3(i),
               for a period exceeding 180 days after the last Exchange Date (as
               such period may be extended pursuant to the penultimate paragraph
               of Section 3 of this Agreement) and Participating Broker-Dealers
               shall not be authorized by the Issuers to deliver and shall not
               deliver such Prospectus after such period in connection with the
               resales contemplated by this Section 4; and

                    (ii) the application of the Shelf Registration procedures
               set forth in Section 3 of this Agreement to an Exchange Offer
               Registration, to the extent not required by the positions of the
               Staff of the SEC or the 1933 Act and the rules and regulations
               thereunder, will be in conformity with the reasonable request to
               the Issuers by the Placement Agents or with the reasonable
               request in writing to the Issuers by one or more broker-dealers
               who certify to the Placement Agents and the Issuers in writing
               that they anticipate that they will be Participating
               Broker-Dealers; and provided further that, in connection with
               such application of the Shelf Registration procedures set forth
               in Section 3 to an Exchange Offer Registration, the Company shall
               be obligated (x) to deal only with one entity representing the
               Participating Broker-Dealers, which shall be Morgan Stanley & Co.
               Incorporated unless it elects not to act as such representative,
               (y) to pay the fees and expenses of only one counsel representing
               the Participating Broker-Dealers, which shall be counsel to the
               Placement Agents unless such counsel elects not to so act and (z)
               to cause to be delivered only one, if any, "cold comfort" letter
               with respect to the Prospectus in the form existing on the last
               Exchange Date and with respect to each subsequent amendment or
               supplement, if any, effected during the period specified in
               clause (i) above.

                  (c) The Placement Agents shall have no liability to the
Issuers or any Holder with respect to any request that it may make pursuant to
Section 4(b) above.

                  5. Indemnification and Contribution.

                  (a) Each of the Issuers, jointly and severally, agrees to
indemnify and hold harmless the Placement Agents, each Holder and each Person,
if any, who controls any Placement Agent or any Holder within the meaning of
either Section 15 of the 1933 Act or Section 20 of the 1934 Act, or is under
common control with, or is controlled by, any Placement Agent or any Holder,
from and against all losses, claims, damages and liabilities (including, without
limitation, any legal or other expenses reasonably incurred by the Placement
Agent, any Holder or any such controlling or affiliated Person in connection
with defending or investigating any such action or claim) caused by any untrue
statement or alleged untrue statement of a material fact contained in any
Registration Statement (or any amendment thereto) pursuant to which Exchange
Securities or Registrable Securities were registered under the 1933 Act,
including all documents incorporated therein by reference, or caused by any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, or
caused by any untrue statement or alleged untrue statement of a

                                       13
<PAGE>   15

material fact contained in any Prospectus (as amended or supplemented if the
Issuers shall have furnished any amendments or supplements thereto), or caused
by any omission or alleged omission to state therein a material fact necessary
to make the statements therein in light of the circumstances under which they
were made not misleading, except insofar as such losses, claims, damages or
liabilities are caused by any such untrue statement or omission or alleged
untrue statement or omission based upon information relating to the Placement
Agents or any Holder furnished to the Issuers in writing through Morgan Stanley
& Co. Incorporated or any selling Holder expressly for use therein. In
connection with any Underwritten Offering permitted by Section 3, the Issuers
will also indemnify the Underwriters, if any, selling brokers, dealers and
similar securities industry professionals participating in the distribution,
their officers and directors and each Person who controls such Persons (within
the meaning of the 1933 Act and the 1934 Act) to the same extent as provided
above with respect to the indemnification of the Holders, if requested in
connection with any Registration Statement.

                  (b) Each Holder agrees, severally and not jointly, to
indemnify and hold harmless the Issuers, the Placement Agents and the other
selling Holders, and each of their respective directors, officers who sign the
Registration Statement and each Person, if any, who controls the Issuers, any
Placement Agent and any other selling Holder within the meaning of either
Section 15 of the 1933 Act or Section 20 of the 1934 Act to the same extent as
the foregoing indemnity from the Issuers to the Placement Agents and the
Holders, but only with reference to information relating to such Holder
furnished to the Issuers in writing by such Holder expressly for use in any
Registration Statement (or any amendment thereto) or any Prospectus (or any
amendment or supplement thereto).

                  (c) In case any proceeding (including any governmental
investigation) shall be instituted involving any Person in respect of which
indemnity may be sought pursuant to either paragraph (a) or paragraph (b) above,
such Person (the "indemnified party") shall promptly notify the Person against
whom such indemnity may be sought (the "indemnifying party") in writing and the
indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified
party and any others the indemnifying party may designate in such proceeding and
shall pay the fees and disbursements of such counsel related to such proceeding.
In any such proceeding, any indemnified party shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense
of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have mutually agreed to the retention of such counsel or (ii) the
named parties to any such proceeding (including any impleaded parties) include
both the indemnifying party and the indemnified party and representation of both
parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. It is understood that the indemnifying party
shall not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for (a) the fees and expenses of more than one separate
firm (in addition to any local counsel) for the Placement Agents and all
Persons, if any, who control any Placement Agent within the meaning of either
Section 15 of the 1933 Act or

                                       14
<PAGE>   16

Section 20 of the 1934 Act, (b) the fees and expenses of more than one separate
firm (in addition to any local counsel) for the Company, their directors, their
officers who sign the Registration Statement and each Person, if any, who
controls the Company within the meaning of either such Section and (c) the fees
and expenses of more than one separate firm (in addition to any local counsel)
for all Holders and all Persons, if any, who control any Holders within the
meaning of either such Section, and that all such fees and expenses shall be
reimbursed as they are incurred. In such case involving the Placement Agents and
Persons who control the Placement Agents, such firm shall be designated in
writing by Morgan Stanley & Co. Incorporated. In such case involving the Holders
and such Persons who control Holders, such firm shall be designated in writing
by the Majority Holders. In all other cases, such firm shall be designated by
the Company. The indemnifying party shall not be liable for any settlement of
any proceeding effected without its written consent but, if settled with such
consent or if there be a final judgment for the plaintiff, the indemnifying
party agrees to indemnify the indemnified party from and against any loss or
liability by reason of such settlement or judgment. Notwithstanding the
foregoing sentence, if at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel as contemplated by the second and third sentences of this paragraph, the
indemnifying party agrees that it shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt by such indemnifying party of the
aforesaid request and (ii) such indemnifying party shall not have reimbursed the
indemnified party for such fees and expenses of counsel in accordance with such
request prior to the date of such settlement. No indemnifying party shall,
without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened proceeding in respect of which such
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding.

                  (d) If the indemnification provided for in paragraph (a) or
paragraph (b) of this Section 5 is unavailable to an indemnified party or
insufficient in respect of any losses, claims, damages or liabilities, then each
indemnifying party under such paragraph, in lieu of indemnifying such
indemnified party thereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or
liabilities in such proportion as is appropriate to reflect the relative fault
of the indemnifying party or parties on the one hand and of the indemnified
party or parties on the other hand in connection with the statements or
omissions that resulted in such losses, claims, damages or liabilities, as well
as any other relevant equitable considerations. The relative fault of the
Issuers and the Holders shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the Issuers or by the Holders and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Holders' respective obligations to contribute
pursuant to this Section 5(d) are several in proportion to the respective
principal amount of Registrable Securities of such Holder that were registered
pursuant to a Registration Statement.

                  (e) The Issuers and each Holder agree that it would not be
just or equitable if contribution pursuant to this Section 5 were determined by
pro rata allocation or by any other method of allocation that does not take
account of the equitable considerations referred to in

                                       15
<PAGE>   17

paragraph (d) above. The amount paid or payable by an indemnified party as a
result of the losses, claims, damages and liabilities referred to in paragraph
(d) above shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 5, no Holder shall be required to
indemnify or contribute any amount in excess of the amount by which the total
price at which Registrable Securities were sold by such Holder exceeds the
amount of any damages that such Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the 1933 Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. The remedies
provided for in this Section 5 are not exclusive and shall not limit any rights
or remedies which may otherwise be available to any indemnified party at law or
in equity.

                  The indemnity and contribution provisions contained in this
Section 5 shall remain operative and in full force and effect regardless of (i)
any termination of this Agreement, (ii) any investigation made by or on behalf
of the Placement Agents, any Holder or any Person controlling any Placement
Agent or any Holder, or by or on behalf of the Company, their officers or
directors or any Person controlling the Issuers, (iii) acceptance of any of the
Exchange Securities and (iv) any sale of Registrable Securities pursuant to a
Shelf Registration Statement.

                  6. Miscellaneous.

                  (a) No Inconsistent Agreements. None of the Issuers has
entered into, and on or after the date of this Agreement will not enter into,
any agreement which is inconsistent with the rights granted to the Holders of
Registrable Securities in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not in any way
conflict with and are not inconsistent with the rights granted to the holders of
the Issuers' other issued and outstanding securities under any such agreements.

                  (b) Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given unless the Issuers have obtained the written consent of Holders
of at least a majority in aggregate principal amount of the outstanding
Registrable Securities affected by such amendment, modification, supplement,
waiver or consent; provided, however, that no amendment, modification,
supplement, waiver or consent to any departure from the provisions of Section 5
hereof shall be effective as against any Holder of Registrable Securities unless
consented to in writing by such Holder.

                  (c) Notices. All notices and other communications provided for
or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight
delivery (i) if to a Holder, at the most current address given by such Holder to
the Issuers by means of a notice given in accordance with the provisions of this
Section 6(c), which address initially is, with respect to the Placement Agents,
the address set forth in the Placement Agreement; and (ii) if to the Issuers,
initially at the Company's addresses set forth in the Placement Agreement and
thereafter at such other address, notice of which is given in accordance with
the provisions of this Section 6(c).

                                       16
<PAGE>   18

                  All such notices and communications shall be deemed to have
been duly given: at the time delivered by hand, if personally delivered; five
business days after being deposited in the mail, postage prepaid, if mailed;
when answered back, if telexed; when receipt is acknowledged, if telecopied; and
on the next business day if timely delivered to an air courier guaranteeing
overnight delivery.

                  Copies of all such notices, demands, or other communications
shall be concurrently delivered by the Person giving the same to the Trustee, at
the address specified in the Indenture.

                  (d) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors, assigns and transferees of each
of the parties, including, without limitation and without the need for an
express assignment, subsequent Holders; provided that nothing herein shall be
deemed to permit any assignment, transfer or other disposition of Registrable
Securities in violation of the terms of the Placement Agreement. If any
transferee of any Holder shall acquire Registrable Securities, in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be
held subject to all of the terms of this Agreement, and by taking and holding
such Registrable Securities such Person shall be conclusively deemed to have
agreed to be bound by and to perform all of the terms and provisions of this
Agreement and such Person shall be entitled to receive the benefits hereof. The
Placement Agents (in their capacity as Placement Agents) shall have no liability
or obligation to the Issuers with respect to any failure by a Holder to comply
with, or any breach by any Holder of, any of the obligations of such Holder
under this Agreement.

                  (e) Purchases and Sales of Securities. Until the earlier of
(1) two years after the Closing Date and (2) the consummation of the Exchange
Offer, the Issuers shall not, and shall use their best efforts to cause its
affiliates (as defined in Rule 405 under the 1933 Act) not to, purchase and then
resell or otherwise transfer any Securities, unless such Securities are held in
the form of a non-global note.

                  (f) Third Party Beneficiary. The Holders shall be third party
beneficiaries to the agreements made hereunder between the Issuers, on the one
hand, and the Placement Agents, on the other hand, and shall have the right to
enforce such agreements directly to the extent it deems such enforcement
necessary or advisable to protect its rights or the rights of Holders hereunder.

                  (g) Counterparts. This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

                  (h) Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

                  (i) Governing Law. This Agreement shall be governed by the
laws of the State of New York.

                                       17
<PAGE>   19

                  (j) Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

                                       18
<PAGE>   20

                  IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first written above.

                                      DRESSER, INC.

                                      By: /s/ JAMES A. NATTIER
                                         ------------------------------------
                                         Name:   James A. Nattier
                                         Title:

                                      DRESSER INTERNATIONAL INC.

                                      By: /s/ JAMES A. NATTIER
                                         ------------------------------------
                                         Name:   James A. Nattier
                                         Title:

                                      DRESSER RUSSIA, INC.

                                      By: /s/ JAMES A. NATTIER
                                         ------------------------------------
                                         Name:   James A. Nattier
                                         Title:

                                      DRESSER RE, INC.

                                      By: /s/ JAMES A. NATTIER
                                         ------------------------------------
                                         Name:   James A. Nattier
                                         Title:

Confirmed and accepted as of
   the date first above written:

MORGAN STANLEY & CO. INCORPORATED
CREDIT SUISSE FIRST BOSTON CORPORATION
UBS WARBURG LLC

By:  MORGAN STANLEY & CO. INCORPORATED

By /s/ DAVID FREY
   -----------------------------------
   Name:  David Frey
   Title:

                                       19
<PAGE>   21

                                   Schedule A

Dresser International Inc.

Dresser Russia, Inc.

Dresser RE, Inc.

                                       20

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