Document:

Exhibit 10.11

 

Amended and Restated Employment Security Agreement

 

This Amended and Restated
Employment Security Agreement (the “Agreement”) by and between Paul Kaufmann
(the “Executive”) and Smurfit-Stone Container Corporation (the “Company”) shall
be deemed to have been made and entered into as of the date of the order of
confirmation entered by the United States Bankruptcy Court for the District of
Delaware with respect to the Company’s Plan of Reorganization (as defined
below), and shall become effective as of June 30, 2010, the effective date
of the Plan of Reorganization (the “Effective Date”).

 

WHEREAS,
the Company and the Executive are parties to that certain Employment Security
Agreement effective as of July 16, 2008  (such
agreement referred to herein as the “Predecessor Agreement”) to, among other
things, provide protection to the Executive in connection with a change in
control of the Company; and

 

WHEREAS,
the Company and the Executive desire to enter into this Agreement and, in so
doing, to amend and restate the Predecessor Agreement in its entirety;

 

NOW,
THEREFORE, it is hereby agreed by and between the parties, for good and
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, as follows:

 

1.             Payments and Benefits Upon Employment
Termination On or After a Change in Control.  If on or within two (2) years after a
Change in Control (all capitalized terms as defined herein), the Company
terminates the Executive’s employment with the Company and its Affiliates
without Cause and for a reason other than death or Incapacity or the Executive
voluntarily terminates such employment with Good Reason, subject to the terms
and conditions of this Agreement, and provided that the Executive executes
(without revoking) and returns to the Company an enforceable waiver and release
in a form acceptable to the Company (a “Release Agreement”) within the time
period specified by the Company (which time period shall not be more than sixty
(60) calendar days after the Executive’s Date of Termination (as defined in Section 8
below)) and further provided that the Executive remains in compliance with
Sections 8, 9 and 10 of this Agreement, the Company shall make the payments and
provide the benefits as described below:

 

(a)           Cash Payment.  The Company will pay to the Executive a gross
amount equal to two (2) times the Executive’s Annual Compensation, payable
in equal installments during the two (2) year period following the
Executive’s Date of Termination.

 

(b)           Welfare Benefit
Plans.  With respect to each Welfare
Benefit Plan, for the period beginning on the Executive’s Date of Termination
and ending on the earlier of (i) two years following the Executive’s Date
of Termination, or (ii) the date the Executive becomes eligible for
coverage by a welfare benefit plan or program maintained by an entity other
than the Company or an Affiliate that provides coverage or benefits at least
comparable, in all material respects, to such Welfare Benefit Plan, the Company
will continue to pay the employer portion of the Executive’s premiums to
continue the Executive’s then-current coverage as of the 

 

 

Date of Termination under such Welfare Benefit Plan (the Executive to
continue paying the employee portion at regular employee rates), with the
period of such coverage to run concurrently with any coverage period provided
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”)
(provided that the Executive has timely elected such COBRA coverage in
accordance with Company policy and applicable law).  The Executive shall report to the Company any
coverage or benefits for which the Executive becomes eligible to receive from a
Person other than the Company or any of its Affiliates.

 

(c)           Equity Awards.  To the extent provided for in the Executive’s
applicable award statements or agreements with respect to any awards under the
Company’s Equity Incentive Plan (including without limitation, such awards made
to the Executive pursuant to the Company’s Plan of Reorganization), the Company
shall cause any and all unvested portions of the Executive’s restricted shares,
stock options, and any and all other equity-based awards to become vested and
exercisable (as applicable) as of the effective date of the Executive’s
termination of employment to the extent (if any) that such awards are not
already fully vested and exercisable (as applicable).

 

(d)           Payment of
Accrued Amounts.  The Company
will pay the Executive (i) any accrued but unpaid base salary through the
effective date of the Executive’s termination of employment, (ii) any
earned but unpaid bonus under the Company’s annual incentive plan pursuant to,
and in accordance with, the terms and conditions of such plan; (iii) any
earned but unused vacation time as determined in accordance with the Company’s
policies then in effect, and (iv) for any unreimbursed expenses existing
at that time in accordance with the Company’s policies then in effect.

 

2.             Timing of
Payments and Benefits. 
Subject to the terms and conditions of this Agreement (including without
limitation Section 5(c)) and provided that the Executive executes (without
revoking) a Release Agreement as set forth in Section 1 above and the
applicable statutory revocation period with respect to such Release Agreement
has expired, and further provided that the Executive remains in compliance with
Sections 8, 9 and 10 of this Agreement, any payments or benefits made available
to the Executive by the Company pursuant to this Section will be made or
commence (as applicable) as follows:  (a) any
payments made pursuant to Section 1(a) will commence on the sixtieth
(60th) calendar day
following the Executive’s Date of Termination; and (b) the payments and
benefits in Sections 1(b), (c) and (d) will be paid or commence (as
applicable) at such times and in such manner as set forth in the applicable
Company policy and plan documents.

 

3.             Change in Control.  For purposes of this Agreement, “Change in
Control” shall mean the occurrence of any one or more of the following:

 

(a)           The
“beneficial ownership” of securities representing more than 40% of the combined
voting power of the then outstanding voting securities of the Company 

 

2

 

entitled
to vote generally in the election of directors (the “Company Voting Securities”)
is accumulated, held or acquired by a Person (as defined in Section 3(a)(9) of
the Securities Exchange Act of 1934, as amended, and used in Sections 13(d) and
14(d) thereof) other than the Company, any trustee or other fiduciary
holding securities under an employee benefit plan of the Company, or any
corporation owned, directly or indirectly, by the Company’s stockholders in
substantially the same proportions as their ownership of stock of the Company;
provided, however, that any acquisition from the Company or any acquisition
pursuant to a transaction that complies with clauses (A), (B) and (C) of
subparagraph (c) of this definition will not be a Change in Control under
this subparagraph (a), and provided further that immediately prior to such
accumulation, holding or acquisition, such person was not a direct or indirect
beneficial owner of 40% or more of the Company Voting Securities;

 

(b)         Individuals
who, as of the Effective Date, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided,
however, that an individual becoming a director subsequent to that date whose
election, or nomination for election by the Company’s stockholders, was
approved by a vote of at least a majority of the directors then comprising the
Incumbent Board will be considered as though such individual were a member of
the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other
actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board;

 

(c)           Consummation
by the Company of a reorganization, merger or consolidation, or sale or other
disposition of all or substantially all the assets of the Company or the
acquisition of assets or stock of another entity (a “Business Combination”), in
each case, unless immediately following such Business Combination: (A) more
than 60% of the combined voting power of then outstanding voting securities
entitled to vote generally in the election of directors of (i) the corporation resulting from such Business
Combination (the “Surviving Corporation”), or (ii) if
applicable, a corporation that as a result of such transaction owns the Company
or all or substantially all of the Company’s assets either directly or through
one or more subsidiaries (the “Parent Corporation”), is represented, directly
or indirectly, by Company Voting Securities outstanding immediately prior to
such Business Combination (or, if applicable, is represented by shares into
which such Company Voting Securities were converted pursuant to such Business
Combination), and such voting power among the holders thereof is in
substantially the same proportions as their ownership, immediately prior to
such Business Combination, of the Company Voting Securities; (B) no person
(excluding any employee benefit plan (or related trust) of the Company or such
corporation resulting from such Business Combination) beneficially owns,
directly or indirectly, 40% or more of the combined voting power of the then
outstanding voting securities eligible to elect directors of the Parent
Corporation (or, if there is no Parent Corporation, the Surviving Corporation)
except to the extent that such ownership 

 

3

 

of
the Company existed prior to the Business Combination; and (C) at least a
majority of the members of the board of directors of the Parent Corporation
(or, if there is no Parent Corporation, the Surviving Corporation) were members
of the incumbent Board at the time of the execution of the initial agreement,
or of the action of the Board, providing for such Business Combination;

 

(d)           Approval
by the Company’s stockholders of a complete liquidation or dissolution of the
Company; or

 

(e)           The
consummation of a reorganization, complete liquidation, or dissolution under
the U.S. Bankruptcy Code subsequent to the Effective Date (and excluding the
Plan of Reorganization as defined herein).

 

Notwithstanding
anything to the contrary herein, neither a Change in Control with respect to
any Affiliate of the Company nor the assignment of this Agreement to any
reorganized entity of the Company pursuant to the Plan of Reorganization shall
constitute a Change in Control for the purposes of this Agreement.  In no event will a Change in Control be
deemed to have occurred, with respect to the Executive, if the Executive is
part of a purchasing group that consummates the Change in Control
transaction.  The Executive will be
deemed “part of a purchasing group” for purposes of the preceding sentence if
the Executive is an equity participant in the purchasing company or group
(except if the Executive’s passive ownership of less than two percent (2%) of
the stock of the purchasing company or the Executive’s ownership of equity
participation in the purchasing company or group that is otherwise not
significant, as determined prior to the Change in Control by a majority of the
non-employee continuing directors on the Board.)

 

4.             Other Definitions.  For purposes of this Agreement:

 

(a)           “Affiliate”
shall mean any entity that, directly or indirectly, is controlled by the
Company, and any entity in which the Company has a 20% or greater equity
interest.

 

(b)           “Amount Payable
Under Any Annual Bonus Plans” shall mean the greater of:  (i) the average of the gross amounts
earned by the Executive for the three complete fiscal years prior to the
Executive’s Date of Termination under the MIP or any similar annual incentive
bonus plan in which Executive participates as of the Executive’s Date of
Termination, or (ii) the Executive’s actual bonus under the MIP or any
similar annual incentive bonus plan in which the Executive participates for the
fiscal year immediately preceding the fiscal year during which the Executive’s
Date of Termination occurs.

 

(c)           “Annual
Compensation” shall mean the sum of:  (i) the
Executive’s base salary in effect on the date of the Executive’s Date of Termination;
and (ii) the Amount Payable Under Any Annual Bonus Plans in which the
Executive participates.

 

(d)           “Employment
Termination” shall mean the Executive’s termination of employment for any
reason.  For purposes of this Agreement,
the Executive has terminated employment if the Executive has incurred a
separation from service 

 

4

 

within the meaning of Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”), and Treasury Regulation §1.409A-1(h).

 

(e)           “Cause” shall
mean any of the following:  (i) the
Executive’s willful and continued failure to substantially perform the
Executive’s duties as an executive of the Company or any of its Affiliates
(other than any such failure resulting from inability due to physical or mental
illness or Incapacity), (ii) the Executive’s willful misconduct in the
performance of the Executive’s duties or otherwise that results in injury to
the Company, monetarily or otherwise, that is material or substantial, (iii) the
Executive’s engaging in egregious misconduct to the extent that the Executive’s
credibility and reputation no longer conforms to the standard of senior
executive officers of the Company, or (iv) the Executive’s material breach
or threatened material breach of any provision of this Agreement, including
without limitation Section 9 of this Agreement, without the prior express
written consent of a duly authorized member of the Board or the Chief Executive
Officer of the Company; provided, however, that an occurrence which otherwise
may constitute Cause hereunder shall not constitute Cause unless a notice is
delivered to the Executive by the Board or the Chief Executive Officer of the
Company that specifically identifies the conduct that the Board or the Company’s
Chief Executive Officer believes constitutes Cause and, to the extent such
conduct is reasonably capable of cure, the Company gives the Executive at least
fifteen (15) days to cure such alleged conduct.

 

(f)            “Incapacity”
shall mean such physical or mental condition of the Executive which renders and
is expected to render the Executive incapable of performing the essential
functions of the Executive’s position hereunder with or without reasonable
accommodation for ninety (90) consecutive calendar days, or for 120 calendar
days (whether consecutive or not) within any 180-calendar-day period, as
determined in good faith by the Board or the Company’s Chief Executive Officer
upon consultation with a physician selected by the Board or the Company’s Chief
Executive Officer in their discretion. 
The Executive hereby agrees to submit to any reasonable medical
examination(s) as may be recommended by the Board or the Company’s Chief
Executive Officer for the purpose of determining the existence or absence of
Incapacity.

 

(g)           “Good Reason”
shall exist if, without the Executive’s consent:

 

(i)            The Executive’s
assigned duties and responsibilities are significantly diminished from the
level or extent of such duties and responsibilities that were associated with
the Executive’s status as a senior executive of the Company or any of its
Affiliates prior to the Change in Control including, without limitation, any
material diminution of the powers associated with such status or any material
diminution of the Executive’s reporting responsibilities, titles or offices as
in effect immediately prior to the Change in Control (or, if applicable, in
effect with respect to such other position(s) that the Executive agreed to
assume within the two-year period after a Change in Control);

 

5

 

(ii)           On or within
the two-year period after the Change in Control, there is (A) a material
reduction in the Executive’s base salary in effect as of the Effective Date, or
(B) a material reduction in the Executive’s Target Bonus Opportunity from
the lower of the Executive’s Target Bonus Opportunities for the Company’s 2010
MIP as approved by the Board prior to the Effective Date (unless such reduction
is made on a consistent basis for other Company executives other than the Chief
Executive Officer or President); or

 

(iii)          The Company
fails to continue in effect after the Change in Control any broad-based bonus
or incentive plan, welfare benefit, pension, retirement benefit or other
benefit plan in which the Executive participates or becomes eligible to
participate unless such discontinuance applies on a consistent basis to other
Company executives that are at a similar level to the Executive;

 

provided, however, that an occurrence which otherwise may constitute
Good Reason hereunder shall not constitute Good Reason unless the Executive (X) provides
to the Company, at least thirty (30)  calendar days
prior to the Executive’s contemplated resignation for Good Reason, a written
notice containing reasonable detail setting forth the basis for the Executive’s
claim that an occurrence constitutes Good Reason, and (Y) the Company
fails to cure or otherwise remedy such occurrence within thirty (30) calendar
days after receiving such notice from the Executive.  Notwithstanding anything to the contrary
herein, the parties hereto acknowledge and agree that the Executive must
exercise the Executive’s right to terminate the Executive’s employment for Good
Reason within ninety (90) calendar days after the event that gives rise to such
right, and that if the Executive fails to timely exercise such right and
subsequently resigns, such resignation shall be deemed for all purposes of this
Agreement to be without Good Reason.  The
Executive acknowledges and agrees that the restructuring events that have taken
place or will take place solely pursuant to the Company’s Plan of
Reorganization shall not constitute Good Reason for purposes of this Agreement.

 

(h)           “Person” shall
have the meaning given in Section 3(a)(9) of the Exchange Act, as
modified and used in Sections 13(d) and 14(d) thereof.

 

(i)            “Plan of
Reorganization” shall mean the Joint Plan of Reorganization for Smurfit-Stone
Container Corporation and Its Debtor Subsidiaries and Plan of Compromise and
Arrangement for Smurfit-Stone Container Canada Inc. and Affiliated Canadian
Debtors filed in Case No. 09-10235 (BLS) pending in the United States
Bankruptcy Court for the District of Delaware.

 

(j)            “Target Bonus
Opportunity” shall mean the bonus, as a percentage of the Executive’s base
salary, that the Executive is eligible to earn on an annualized basis, at the
target level, under the MIP or any similar annual incentive bonus plan in which
the Executive participates on or after the Effective Date.

 

6

 

(k)           “Welfare
Benefit Plan” shall mean the Company’s comprehensive medical and dental plans
in which the Executive was participating as of the Executive’s Date of
Termination.

 

5.             Limitation on Payments and Benefits.  Notwithstanding any other provisions of this
Agreement, in the event that any payment or benefit received or to be received
by the Executive in connection with a Change in Control or Executive’s
Employment Termination (whether pursuant to the terms of this Agreement or any
other plan, arrangement or agreement with the Company, any Person whose actions
result in a Change in Control or any Person affiliated with the Company or such
Person) (all such payments and benefits being hereinafter called “Total
Payments”) would be an “excess parachute payment” pursuant to Code Section 280G
or any successor or substitute provision of the Code, with the effect that
Executive would be liable for the payment of the excise tax described in Code Section 4999
or any successor or substitute provision of the Code, or any interest or
penalties are incurred by Executive with respect to such Total Payments (such
excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the “Excise Tax”), then, after taking into account
any reduction in the Total Payments provided by reason of Code Section 280G
in such other plan, arrangement or agreement, the cash payments provided in
Section 1 of this Agreement shall first be reduced, and the non-cash
payments and benefits shall thereafter be reduced, to the extent necessary so
that no portion of the Total Payments is subject to the Excise Tax.  Notwithstanding the foregoing, no payments or
benefits under this Agreement will be reduced unless: (i) the net amount
of the Total Payments, as so reduced (and after subtracting the net amount of
federal, state and local income taxes on such reduced Total Payments) is
greater than (ii) the excess of (A) the net amount of such Total
Payments, without reduction (but after subtracting the net amount of federal,
state and local income taxes on such Total Payments), over (B) the amount
of Excise Tax to which the Executive would be subject in respect of such
unreduced Total Payments.

 

(a)           Subject to the
provisions of paragraph (b) below, all determinations required to be made
under this Section, and the assumptions to be utilized in arriving at such
determinations, shall be made by the public accounting firm that serves as the
Company’s auditors (the “Accounting Firm”), which shall provide detailed
supporting calculations both to the Company and Executive within 15 business
days of the receipt of notice from the Company or Executive that there have
been Total Payments, or such earlier time as is requested by the Company.  In the event that the Accounting Firm is
serving as accountant or auditor for the individual, entity or group effecting
the Change in Control, Executive shall designate another nationally recognized
accounting firm to make the determinations required hereunder (which accounting
firm shall then be referred to as the Accounting Firm hereunder).  All fees and expenses of the Accounting Firm
shall be borne solely by the Company.  If
the Accounting Firm determines that no Excise Tax is payable by Executive, it
shall furnish Executive with a written opinion that failure to report the
Excise Tax on Executive’s applicable federal income tax return would not result
in the imposition of a negligence or similar penalty.  Any determination by the Accounting Firm
shall be binding upon the Company and Executive, except as provided in
paragraph (b) below.

 

7

 

(b)           As a result of
the uncertainty in the application of Code Section 280G at the time of the
initial determination by the Accounting Firm hereunder, it is possible that the
Internal Revenue Service (“IRS”) or other agency will claim that an Excise Tax,
or a greater Excise Tax, is due, and thus the Company should have made a lesser
amount of Total Payment than that determined pursuant to paragraph (a) above.  Executive shall notify the Company in writing
of any claim by the IRS or other agency that, if successful, would require
Executive to pay an Excise Tax or an additional Excise Tax.  If the IRS or other agency makes a claim
that, if successful, could require Executive to pay an Excise Tax or an
additional Excise Tax, the Company shall reduce or further reduce Executive’s
payments and benefits in accordance with this Section 5 to the amount
necessary to eliminate such Excise Tax or additional Excise Tax.  The Company shall pay all fees and expenses
of the Executive relating to such a claim by the IRS or other agency.

 

(c)           All references
in this Agreement to the Executive’s termination of employment shall mean the
Executive’s separation from service within the meaning of Section 409A of
the Code and Treasury regulations
promulgated thereunder.  In the
event the terms of this Agreement would subject the Executive to the imposition of taxes and penalties (“409A
Penalties”) under Section 409A of the Code, the Company and the
Executive shall cooperate diligently to amend the terms of the Agreement to
avoid such 409A Penalties, to the extent possible.  Notwithstanding any other provision in this
Agreement, if as of the date on which the Executive’s employment terminates,
the Executive is a “specified employee” as determined by the Company, then to
the extent any amount payable or benefit provided under this Agreement that the Company reasonably determines would
be nonqualified deferred compensation within the meaning of Section 409A
of the Code, that under the terms of this Agreement would be payable prior to
the six-month anniversary of the Executive’s Date of Termination, such payment
or benefit shall be delayed until the earlier to occur of (i) the six-month
anniversary of such Date of Termination or (ii) the date of the Executive’s
death.  In the case of taxable benefits
that constitute deferred compensation, the Company, in lieu of a delay in
payment, may require the Executive to pay the full costs of such benefits
during the period described in the preceding sentence and reimburse that
Executive for said costs within thirty (30) calendar days after the end of such
period.  With respect to any
reimbursements under this Agreement, such reimbursement shall be made on or
before the last day of the Executive’s taxable year following the taxable year
in which the expense was incurred by the Executive.  The amount of any expenses eligible for
reimbursement or the amount of any in-kind benefits provided, as the case may
be, under this Agreement during any calendar year (including without limitation
pursuant to Sections 5(b) and 12) shall not affect the amount of expenses
eligible for reimbursement or the amount of any in-kind benefits provided
during any other calendar year. The right to reimbursement or to any in-kind
benefit pursuant to this Agreement shall not be subject to liquidation or
exchange for any other benefit.  The
Executive acknowledges and agrees that notwithstanding this Section 5(c) or
any other provision of this Agreement, the Company and its Affiliates are not
providing the Executive with any tax advice with respect to Section 409A
of the Code or otherwise and are not 

 

8

 

making any guarantees or other assurances of any kind to the Executive
with respect to the tax consequences or treatment of any amounts paid or
payable to the Executive under this Agreement.

 

6.             Executive’s Death.  If the Executive dies after both a Change in
Control and an Employment Termination have occurred, but before the complete
payment of any amount or benefit required under this Agreement, the Company
will pay the remainder of such amount or benefit to the Executive’s spouse, if
living, or to the Executive’s estate.

 

7.             Mitigation and
Set-Off.  The Executive shall not be
required to mitigate the Executive’s damages by seeking other employment or
otherwise.  Except as expressly provided
in Section 1(b) above, the Company’s obligations under this Agreement
shall not be reduced in any way by reason of any compensation or benefits
received (or foregone) by the Executive from sources other than the Company
after the Executive’s Employment Termination, or any amounts that might have
been received by the Executive in other employment had the Executive sought
such other employment.  Except as
expressly provided in Section 1(b) above, the Executive’s entitlement
to benefits and coverage under this Agreement shall continue after, and shall
not be affected by, the Executive’s obtaining other employment after the
Executive’s Date of Termination, provided that any such benefit or coverage
shall not be furnished if the Executive expressly waives the specific benefit
or coverage by giving written notice of waiver to the Company.

 

8.             Termination Procedures.

 

(a)           Notice of
Termination.  Any
termination of the Executive’s employment shall be communicated by a written
notice from one party to the other in accordance with Sections 4, 8 and 19
hereof (“Notice of Termination”).

 

(b)           Date of Termination.  “Date of Termination,” with respect to any
termination of the Executive’s employment will mean (i) if the Executive’s
employment is terminated for Incapacity, the date of the Executive’s
Incapacity, (ii) if the Executive’s employment is terminated due to death,
the date of the Executive’s death, and (iii) if the Executive’s employment
is terminated for any other reason, the date specified in the Notice of
Termination (which, in the case of (A) a termination by the Company, shall
not be less than thirty (30) days (except in the case of a termination for
Cause or Incapacity) from the date such Notice of Termination is given, (B) a
termination by the Executive without Good Reason, shall not be less than thirty
(30) days nor more than sixty (60) days from the date such Notice of
Termination is given, and (C) a termination by the Executive with Good
Reason shall be determined in accordance with Section 4(g) hereof).

 

(c)           Duties After
Notice and Removal from Position(s).  For any period in which the Executive gives
or is given notice prior to the effective Date of Termination, the Executive
shall be expected and required to continue performing the Executive’s
then-current duties and responsibilities (unless otherwise directed by the
Company) for the notice period up to the effective Date of Termination.  Any termination of the Executive’s employment
shall automatically effectuate the 

 

9

 

Executive’s removal from the officer and/or Board positions that the
Executive then holds with the Company and its Affiliates and any employee
benefit plans, as of the Date of Termination.

 

9.             Restrictive Covenants.

 

In order to protect the Company’s and its Affiliates’
legitimate business interests and in exchange for the mutual covenants
contained in this agreement, including, but not limited to, the Company’s or
any of its Affiliates’ employment of or continued employment of the Executive and the disclosure to the Executive of Confidential Information as defined below,
the Executive and the Company
agree as follows:

 

(a)           Definitions.  For purposes of this Agreement, the following
terms will be defined as follows, except as otherwise provided below:

 

(i)            “Confidential Information”
shall mean all confidential and proprietary information of the Company, its
Affiliates and, in certain situations, certain third parties who provide
information to the Company subject to confidentiality and non-use restrictions,
and includes, but is not limited to, actual and prospective customer and client
lists and pricing information, business plans, programs and tactics, research
and development information (including without limitation information relating
to the formulation, testing, registration, use, safety, efficacy and/or effects
of marketed products and compounds under development), personnel information,
and all other information unique to the Company and not readily available to
the public, including designs, improvements, inventions, formulas,
compilations, methods, strategies, capabilities, forecasts, software programs,
processes, know-how, data, operating methods and techniques, “Inventions or
Developments” (as defined below), and all business costs, profits, vendors,
markets, sales, products, marketing, sales or other financial or business
information, and any modifications or enhancements of any of the foregoing.

 

(ii)           “Business Conducted by
the Company or any of its Affiliates” during the Executive’s employment,
shall mean (A) all businesses conducted by the Company or any of its
Affiliates and (B) any material new line of business in which the Company
or any of its Affiliates is contemplating engaging in, provided that the plans
for the Company or any of its Affiliates to engage in such material new line of
business were presented to and not rejected by the Board.  For the two-year period following the
Executive’s Date of Termination, “Business Conducted by the Company or any of
its Affiliates” shall mean (X) all business conducted by the Company or
any of its Affiliates as of the effective date of the Executive’s termination
of employment and (Y) any material new line of business in which the
Company or any of its Affiliates engages within the one-year period following
the effective date of the Executive’s termination of employment.

 

(b)           Inventions or Developments.  The Executive agrees that the Executive will
promptly and fully disclose to the Company all discoveries, improvements,
inventions, formulas, ideas, processes, designs, techniques, know-how, data and

 

10

 

computer programs (whether or not patentable, copyrightable or
susceptible to any other form of protection), made, conceived, reduced to
practice or developed by the Executive, either alone or jointly with others,
during the Executive’s employment with the Company or any of its Affiliates
(collectively, the “Inventions or Developments”).  All Inventions and Developments shall be the
sole property of the Company, including all patents, copyrights, intellectual
property or other rights related thereto and Executive assigns to the Company
all rights (if any) that the Executive may have or acquire in such Inventions
or Developments.  Notwithstanding the
foregoing, any right of the Company or assignment by the Executive as provided
in this paragraph shall not apply to any Inventions or Developments for which
no equipment, supplies, facility or trade secret information of the Company or
its Affiliates were used and which were developed entirely on the Executive’s
own time, unless: (i) the Inventions or Developments relate to the
Business Conducted by the Company or any of its Affiliates or the actual or
demonstrably anticipated research or development of the Company or any of its
Affiliates; or (ii) the Inventions or Developments result from any work
performed by the Executive for the Company or any of its Affiliates.

 

(c)           Non-Disclosure
of Confidential Information, Inventions or Developments.  The Executive acknowledges that the Executive
has had and will have access to Confidential Information or Inventions or Developments
of the Company and/or its Affiliates and agrees that, except as required to
properly perform the Executive’s responsibilities for the Company and its
Affiliates, to comply with law or regulation, or as authorized in writing in
advance by the Company, the Executive shall not, at any time during or after
the Executive’s employment with the Company or any of its Affiliates (and
whether that termination is voluntary or involuntary), directly or indirectly
use, divulge, furnish or make accessible to any person any Confidential
Information or Inventions or Developments, but instead shall keep all such
matters strictly and absolutely confidential.

 

(d)           No Diversion of
Business Opportunities and Prospects.  The Executive agrees that during the
Executive’s employment with the Company or any of its Affiliates: (i) the
Executive shall not directly or indirectly engage in any employment, consulting
or other business activity that is competitive with the Business Conducted by
the Company or any of its Affiliates; (ii) the Executive shall promptly
disclose to the Company all business opportunities that are presented to the
Executive in the Executive’s capacity as an employee of the Company or any of
its Affiliates or which is of a similar nature to the Business Conducted by the
Company or any of its Affiliates or which the Company or its Affiliates have
expressed an interest in engaging in the future; and (iii) the Executive
shall not usurp or take advantage of any such business opportunity without
first offering such opportunity to the Company. 
Nothing in this Section 9(d) or in any other provision of this
Agreement limits, supersedes or restricts any other duties or obligations that
Executive may have under any other agreement, plan or policy or under
applicable law, including without limitation any fiduciary duty of loyalty or
care to the Company and its Affiliates.

 

11

 

(e)           Actions Upon
Termination.  The
Executive acknowledges and agrees immediately upon the Executive’s termination
of employment with the Company to promptly return (without retaining any
copies) all property of the Company, its Affiliates or any third parties that
is within the Executive’s possession, custody or control by virtue of the
Executive’s employment with the Company. 
Property to be returned to the Company shall include without limitation
any and all documents and other things (whether in tangible or electronic
format and whether such documents or things contain information that reflect or
contain any Confidential Information or proprietary information) in the
Executive’s possession, custody or control.

 

(f)            Non-Competition.  The Executive agrees that so long as the
Executive is employed by the Company or
any of its Affiliates and for a period of two (2) years after the
Executive’s Date of Termination for any reason and regardless of whether a
Change in Control has occurred (such period of employment and the two-year
period thereafter, collectively referred to herein as the “Period”), the Executive
shall not, without the prior written consent of the Company, participate or
engage in, directly or indirectly (as an owner, partner, employee, officer,
director, independent contractor, consultant, advisor or in any other capacity
calling for the rendition of services, advice, or acts of management, operation
or control), any business that, during the Period, is competitive with the
Business Conducted by the Company or any of its Affiliates within the United
States, Canada, Mexico or China (hereinafter, the “Geographic Area”) and which
business the Company or any of its
Affiliates was engaged (either actively as a going concern or in the
process of developing to market) within the two-year period preceding the Date
of Termination.

 

(g)           Non-Solicitation
of Employees.  The
Executive agrees that, during the Period, the Executive shall not, without the
prior written consent of the Company, directly or indirectly solicit any
current employee of the Company or any of its Affiliates, or any individual who
becomes an employee during the Period, to leave such employment.

 

(h)           Non-Solicitation
of Suppliers or Customers.  The
Executive agrees that, during the Period, the Executive shall not, without the
prior written consent of the Company, directly or indirectly solicit, seek to
divert or dissuade from continuing to do business with or entering into
business with the Company or any of its Affiliates, any supplier, customer, or
other person or entity that had a business relationship with or with which the
Company or any of its Affiliates was actively planning or pursuing a business
relationship at any time during the two (2) year period preceding the Date
of Termination.

 

(i)            Mutual Non-Disparagement.  The Executive shall not, at any time during
or after his employment with the Company, make or publish any derogatory,
unfavorable, negative, disparaging, false, damaging or deleterious written or
oral statements or remarks regarding the Company or any of its Affiliates or
any members of their respective boards of directors or managements, or any of
their 

 

12

 

respective business affairs or performance.  The Company, members of its Board and its
senior executives shall not, at any time during or after the Executive’s employment
with the Company, make or publish any derogatory, unfavorable, negative,
disparaging, false, damaging or deleterious written or oral statements or
remarks regarding the Executive.

 

(j)            Irreparable
Harm.  The Executive acknowledges
that: (i) the Executive’s compliance with Section 9 of this Agreement
is necessary to preserve and protect the Confidential Information, Inventions
or Developments and the goodwill of the Company and its Affiliates, all
recognized by the Executive as legitimate business interests of the Company and
its Affiliates, as going concerns; (ii) any failure by the Executive to
comply with the provisions of Section 9 will result in irreparable and
continuing injury for which there will be no adequate remedy at law; and (iii) in
the event that the Executive should fail to comply with the terms and
conditions of this Section 9, in addition to the Company’s right to set
off any actual monetary damages to the Company that are a consequence of such
failure to comply against any payments and benefits due to the Executive
pursuant to Section 1 to the extent permitted by applicable law (provided
that any such set offs first shall be taken from amounts not subject to Section 409A
of the Code, and if such amounts are insufficient, any additional set
off shall not be taken until the time an amount subject to Section 409A of
the Code would otherwise be paid pursuant to the terms of this Agreement), the
Company shall be entitled, in addition to and without limiting such other
relief as may be proper, to all types of equitable relief (including but not
limited to the issuance of an injunction and/or temporary restraining order) as
may be necessary to cause the Executive to comply with Section 9, to
restore to the Company its property, and to make the Company whole.

 

(k)           Survival.  This Agreement (including without limitation
the provisions set forth in this Section, as noted) shall survive and continue
in full force and effect in accordance with their terms, notwithstanding any
termination of the Executive’s employment.

 

(l)            Unenforceability.  Each provision of this Agreement will be
interpreted in such manner as to be effective and valid under applicable
law.  The Executive and the Company agree
that in the event that any provision of this Agreement is found to be
unreasonable or otherwise unenforceable by a court, it is the purpose and
intent of the parties that any such provision be deemed modified or limited, so
that as modified or limited, such provision may be enforced to the fullest
extent possible.  If any provision of
this Agreement is held invalid or unenforceable for any reason (after any such
modification or limitation pursuant to the preceding sentence, as applicable),
such provision will be effective only to the extent of such invalidity or
unenforceability without invalidating the remainder of such provision or the
remaining provisions of this Agreement.

 

10.           Cooperation.  At the request and upon reasonable advance
notice where practicable and at the sole expense of the Company, whether during
or at any time after the Executive’s 

 

13

 

employment with the Company or any of its Affiliates, the Executive
shall cooperate fully with the Company and its Affiliates (a) in
investigating, defending, prosecuting, litigating, filing, initiating or
asserting any claims or potential claims (including without limitation in
connection with any legal proceeding of any kind) that may be made by or
against the Company or any of its Affiliates, to the extent that such claims
may relate to or arise out of the Executive’s employment with the Company or
any of its Affiliates or with respect to which the Executive has knowledge and (b) without
in any way limiting subsection (a) above, to secure any trade name, patent,
trademark, copyright or intellectual property protection or other similar
rights in the United States and/or in foreign countries, including without
limitation, the execution and delivery of assignments, patent applications and
other documents or papers.  If such
cooperation is provided during the Executive’s employment with the Company or
any of its Affiliates, the Executive shall not receive any additional
compensation from the Company for such cooperation.  If the Executive no longer is employed by the
Company or any of its Affiliates, the Executive’s obligation to cooperate shall
be reasonably limited so as not to unreasonably interfere with the Executive’s
other business obligations.  If the
Executive spends in excess of ten (10) hours in compliance with this Section 10
after the Executive is no longer employed by the Company or any of its
Affiliates, the Company shall compensate the Executive at an hourly rate equal
to the amount determined by dividing (x) the Executive’s base salary as of
the first day of the fiscal year of the Company within which the Executive’s
employment is terminated by (y) 2000, and shall reimburse the Executive
for any reasonable expenses incurred as a direct result of the Executive’s
providing such cooperation in accordance with the Company’s business expense
policies then in effect.  The Company
shall provide such compensation for the Executive’s cooperation within thirty
(30) calendar days after receiving from the Executive a written statement
stating the number of hours for which the Executive seeks payment and brief
description of the cooperation provided, provided that the Executive submits
such statement within thirty (30) calendar days after the end of the calendar
month in which the Executive provided such cooperation.  The Executive’s obligation to cooperate
hereunder shall include, without limitation, meeting with such persons at such
times and in such places as the Company or its Affiliates may require, and
giving evidence and testimony and executing and delivering to the Company and
any of its Affiliates any papers requested by any of them (including without
limitation joint defense agreements and affidavits).  The Executive shall provide immediate notice
to the Company of any subpoena or other legal document that the Executive
receives that relates in any way to the Company or any of its Affiliates, along
with a copy of such subpoena or other legal document.

 

11.           Forum Selection.  The parties hereby irrevocably consent to,
and agree not to object or assert any defense or challenge to, the jurisdiction
and venue of the state and federal courts sitting in Chicago, Illinois,
and agree that any claim under this Agreement may be brought in any such court.

 

12.           Legal Fees and
Expenses.  In any
action or proceeding to enforce this Agreement, the non-prevailing party shall
pay for any and all costs and expenses (including without limitation reasonable
attorneys’ fees) of the prevailing party to the maximum extent permissible by
applicable law.

 

14

 

13.           Assignment;
Successors.  This
Agreement is enforceable by the Company and its affiliates and other related
entities and may be assigned or transferred by the Company to, and shall be
binding upon and inure to the benefit of, any parent, subsidiary or other
Affiliate of the Company or any entity which at any time, whether by merger,
purchase, or otherwise, acquires all or substantially all of the assets, stock
or business of the Company (including without limitation any successor and/or
reorganized entit(ies) of the Company or any of its Affiliates upon the
Effective Date).  The Executive and the
Company agree that upon the Effective Date, this Agreement shall be assigned to
and binding upon such successor entit(ies) of the Company as set forth in the
Plan of Reorganization, provided that nothing herein shall limit or otherwise
affect the Company’s right to further assign or transfer this Agreement after
the Effective Date as set forth in the preceding sentence.  This Agreement may not be assigned by the
Executive during Executive’s life, and upon the Executive’s death will inure to
the benefit of the Executive’s heirs, legatees and legal representatives of the
Executive’s estate, provided that such heirs, legatees and legal representatives
execute an enforceable waiver and release of claims in accordance with the
Executive’s obligations set forth in Section 1 of this Agreement.

 

14.           Interpretation.  The validity, interpretation, construction
and performance of this Agreement shall be governed by the laws of the State of
Illinois, without regard to the conflict of law principles thereof.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement. 
The Section headings used herein are for convenience of reference
only and are not to be considered in construction of the provisions of this
Agreement.

 

15.           Withholding.  The Company may withhold from any payment
that it is required to make under this Agreement amounts sufficient to satisfy
applicable withholding requirements under any federal, state or local law.

 

16.           Amendment.  The Company and the Executive may amend this
Agreement at any time by written agreement.

 

17.           Financing.  Cash payments under this Agreement (not
including any payments made from a qualified plan) are general obligations of
the Company, and the Executive shall have only an unsecured right to payment
thereof out of the general assets of the Company.  Notwithstanding the foregoing, the Company
may, by agreement with one or more trustees the Company selects, create a trust
on such terms as the Company shall determine to make payments to the Executive
in accordance with the terms of this Agreement.

 

18.           Severability.  Without limiting Section 9(l) of this Agreement, in the event that any provision
or portion of this Agreement shall be determined to be invalid or unenforceable
for any reason, the remaining provisions of this Agreement shall be unaffected
thereby and shall remain in full force and effect.

 

19.           Notices.  Notices given pursuant to this Agreement
shall be in writing and shall be deemed received when personally delivered, or
on the date of written confirmation of 

 

15

 

receipt by (i) overnight carrier, (ii) telecopy, (iii) registered
or certified mail, return receipt requested, addressee only, postage prepaid,
or (iv) such other method of delivery that provides a written confirmation
of delivery.  Notice to the Company shall
be directed to:

 

	
   

  	
  Smurfit-Stone
  Container Corporation

  
	
   

  	
  Six
  CityPlace Drive

  
	
   

  	
  Creve
  Coeur, Missouri 63141

  
	
   

  	
  Attention:
  General Counsel

  

 

The
Company may change the person and/or address to whom the Executive must give
notice under this Section by giving Executive written notice of such
change, in accordance with the procedures described above.  Notices to or with respect to the Executive
will be directed to the Executive, or the executors, personal representatives
or distributees of a deceased Executive, or the assignees of the Executive, at
the Executive’s home address on the records of the Company.

 

20.           Entire
Agreement.  This
Agreement constitutes the entire understanding of the Executive and the Company
with respect to the subject matter hereof and supersedes any and all prior
understandings written or oral with respect to such subject matter, provided
that nothing herein shall limit or otherwise affect any provision of any award
agreement with respect to any equity grant made to the Executive pursuant to
the Plan of Reorganization.  In the event
of any conflict between any provision of this Agreement and any such award
agreement, the provisions of this Agreement shall govern.  The Executive and the Company acknowledge and
agree that this Agreement amends and restates the Predecessor Agreement in its
entirety and that as of the Effective Date the provisions of this Agreement
shall replace each and every provision of the Predecessor Agreement, at which
time the provisions of the Predecessor Agreement shall be null and void, and
shall be of no further force or effect. 
The consideration offered herein is accepted by the Executive as being
in full accord, satisfaction, compromise and settlement of any and all amounts
that are or may have been due and owing to the Executive pursuant to any term
or condition of the Predecessor Agreement, and the Executive expressly agrees
that the Executive is not entitled to and will not receive any further
payments, benefits, or other compensation or recovery of any kind from the
Company with respect to any such term or condition of the Predecessor
Agreement.

 

21.           No Waiver.  No failure or delay on the part of the
Company or the Executive in enforcing or exercising any right or remedy
hereunder shall operate as a waiver thereof.

 

22.           Counterparts.  This Agreement may be executed in one or more
counterparts, all of which together shall constitute but one Agreement.

 

16

 

THE
PARTIES ACKNOWLEDGE BY SIGNING BELOW THAT THEY HAVE READ AND UNDERSTAND THE
ABOVE AND INTEND TO BE BOUND THEREBY:

 

	
  PAUL
  KAUFMANN

  	
   

  	
  SMURFIT-STONE
  CONTAINER CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Paul Kaufmann

  	
   

  	
  By:

  	
  /s/
  Patrick J. Moore

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  June 30,
  2010

  	
   

  	
  Position:
  

  	
  Chief
  Executive Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
  June 30,
  2010

  
					

 

17Exhibit 10.1

 

 

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

Originally Dated February 20, 2008

Amended by First Amendment dated January 28,
2009

 

 

Among

 

MARKWEST ENERGY PARTNERS, L.P.,

as the Borrower,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent

 

RBC CAPITAL MARKETS,

as Syndication Agent

 

BNP PARIBAS, MORGAN STANLEY BANK and U.S. BANK NATIONAL ASSOCIATION

as Documentation Agents

 

and

 

THE LENDERS PARTY HERETO

 

Dated as of July 1, 2010

 

WELLS FARGO SECURITIES, LLC
AND RBC CAPITAL MARKETS,

As Joint Lead Arrangers and Joint Lead
Bookrunners

 

 

 

$700,000,000 Amended and Restated Senior
Secured Revolving Credit Facility

 

 

TABLE OF CONTENTS

 

	
  Section

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  Article I.
  DEFINITIONS AND ACCOUNTING TERMS

  	
   

  	
  2

  
	
  1.01

  	
  Defined Terms

  	
   

  	
  2

  
	
  1.02

  	
  Other Interpretive Provisions

  	
   

  	
  26

  
	
  1.03

  	
  Accounting Terms

  	
   

  	
  26

  
	
  1.04

  	
  Rounding

  	
   

  	
  26

  
	
  1.05

  	
  References to Agreements and Laws

  	
   

  	
  27

  
	
  1.06

  	
  Times of Day

  	
   

  	
  27

  
	
  1.07

  	
  Letter of Credit Amounts

  	
   

  	
  27

  
	
  1.08

  	
  Excluded Ventures

  	
   

  	
  27

  
	
  Article II.
  AMOUNT AND TERMS OF LOANS

  	
   

  	
  28

  
	
  2.01

  	
  Loans

  	
   

  	
  28

  
	
  2.02

  	
  Repayment of Loans; Evidence of Debt

  	
   

  	
  28

  
	
  2.03

  	
  Procedure for Borrowing

  	
   

  	
  29

  
	
  2.04

  	
  Commitment Fees and LC Fees

  	
   

  	
  30

  
	
  2.05

  	
  Letters of Credit

  	
   

  	
  30

  
	
  2.06

  	
  Reduction or Termination of Commitments

  	
   

  	
  34

  
	
  2.07

  	
  Optional Prepayments

  	
   

  	
  35

  
	
  2.08

  	
  Mandatory Prepayments From Net Cash Proceeds

  	
   

  	
  35

  
	
  2.09

  	
  Commitment Increases

  	
   

  	
  36

  
	
  2.10

  	
  Interest

  	
   

  	
  38

  
	
  2.11

  	
  Computation of Interest and Fees

  	
   

  	
  39

  
	
  2.12

  	
  Funding of Borrowings

  	
   

  	
  39

  
	
  2.13

  	
  Pro Rata Treatment and Payments

  	
   

  	
  40

  
	
  2.14

  	
  Pari Passu Lien Securing Lender Hedging Agreements and Banking
  Service Obligations

  	
   

  	
  41

  
	
  2.15

  	
  Swingline Loans

  	
   

  	
  42

  
	
  2.16

  	
  Defaulting Lenders

  	
   

  	
  43

  
	
  Article III.
  TAXES, YIELD PROTECTION AND ILLEGALITY

  	
   

  	
  44

  
	
  3.01

  	
  Taxes

  	
   

  	
  44

  
	
  3.02

  	
  Illegality

  	
   

  	
  48

  
	
  3.03

  	
  Inability to Determine Rates

  	
   

  	
  48

  
	
  3.04

  	
  Increased Cost and Reduced Return; Capital Adequacy; Reserves on
  Eurodollar Loans

  	
   

  	
  48

  
	
  3.05

  	
  Compensation for Losses

  	
   

  	
  49

  
	
  3.06

  	
  Matters Applicable to all Requests for Compensation

  	
   

  	
  50

  
	
  3.07

  	
  Survival

  	
   

  	
  50

  
	
  Article IV.
  CONDITIONS PRECEDENT TO EXTENSION OF CREDITS

  	
   

  	
  51

  
	
  4.01

  	
  Conditions of Initial Extension of Credit

  	
   

  	
  51

  
	
  4.02

  	
  Conditions to all Extensions of Credit

  	
   

  	
  53

  
	
  4.03

  	
  Conditions Precedent to Funding Loans for Permitted Acquisitions

  	
   

  	
  54

  
	
  Article V.
  REPRESENTATIONS AND WARRANTIES

  	
   

  	
  54

  
	
  5.01

  	
  No Default

  	
   

  	
  54

  
	
  5.02

  	
  Existence; Qualification and Power; Compliance with Laws

  	
   

  	
  54

  
	
  5.03

  	
  Authorization; No Contravention

  	
   

  	
  54

  
	
  5.04

  	
  Governmental Authorization

  	
   

  	
  55

  
	
  5.05

  	
  Binding Effect

  	
   

  	
  55

  
	
  5.06

  	
  Financial Statements; No Material Adverse Effect

  	
   

  	
  55

  
	
  5.07

  	
  Litigation

  	
   

  	
  55

  
	
  5.08

  	
  No Default

  	
   

  	
  55

  

 

i

 

	
  5.09

  	
  Ownership of Property; Liens

  	
   

  	
  55

  
	
  5.10

  	
  Environmental Compliance

  	
   

  	
  56

  
	
  5.11

  	
  Insurance

  	
   

  	
  56

  
	
  5.12

  	
  Taxes

  	
   

  	
  56

  
	
  5.13

  	
  ERISA Compliance

  	
   

  	
  56

  
	
  5.14

  	
  Subsidiaries and Other Investments

  	
   

  	
  57

  
	
  5.15

  	
  Margin Regulations; Investment Company Act; Use of Proceeds

  	
   

  	
  57

  
	
  5.16

  	
  Disclosure

  	
   

  	
  57

  
	
  5.17

  	
  Labor Matters

  	
   

  	
  57

  
	
  5.18

  	
  Compliance with Laws

  	
   

  	
  57

  
	
  5.19

  	
  Third Party Approvals

  	
   

  	
  57

  
	
  5.20

  	
  Solvency

  	
   

  	
  58

  
	
  5.21

  	
  Collateral

  	
   

  	
  58

  
	
  5.22

  	
  Representations Regarding MWLM&R

  	
   

  	
  58

  
	
  Article VI.
  AFFIRMATIVE COVENANTS OF BORROWER

  	
   

  	
  58

  
	
  6.01

  	
  Financial Statements

  	
   

  	
  58

  
	
  6.02

  	
  Certificates; Other Information

  	
   

  	
  60

  
	
  6.03

  	
  Notices

  	
   

  	
  60

  
	
  6.04

  	
  Payment of Obligations

  	
   

  	
  61

  
	
  6.05

  	
  Preservation of Existence, Etc.

  	
   

  	
  61

  
	
  6.06

  	
  Maintenance of Assets and Business

  	
   

  	
  61

  
	
  6.07

  	
  Maintenance of Insurance

  	
   

  	
  62

  
	
  6.08

  	
  Compliance with Laws and Contractual Obligations

  	
   

  	
  62

  
	
  6.09

  	
  Book and Records

  	
   

  	
  62

  
	
  6.10

  	
  Inspection Rights

  	
   

  	
  62

  
	
  6.11

  	
  Compliance with ERISA

  	
   

  	
  62

  
	
  6.12

  	
  Use of Proceeds

  	
   

  	
  63

  
	
  6.13

  	
  Intentionally Omitted

  	
   

  	
  63

  
	
  6.14

  	
  Guaranties

  	
   

  	
  63

  
	
  6.15

  	
  Further Assurances; Collateral

  	
   

  	
  64

  
	
  6.16

  	
  Fiscal Year

  	
   

  	
  65

  
	
  Article VII.
  NEGATIVE COVENANTS OF BORROWER

  	
   

  	
  66

  
	
  7.01

  	
  Liens

  	
   

  	
  66

  
	
  7.02

  	
  Investments

  	
   

  	
  68

  
	
  7.03

  	
  Hedging Agreements

  	
   

  	
  69

  
	
  7.04

  	
  Indebtedness

  	
   

  	
  69

  
	
  7.05

  	
  Intentionally Omitted

  	
   

  	
  70

  
	
  7.06

  	
  Fundamental Changes

  	
   

  	
  71

  
	
  7.07

  	
  Dispositions

  	
   

  	
  71

  
	
  7.08

  	
  Restricted Payments

  	
   

  	
  72

  
	
  7.09

  	
  ERISA

  	
   

  	
  72

  
	
  7.10

  	
  Nature of Business; Capital Expenditures; Risk Management

  	
   

  	
  72

  
	
  7.11

  	
  Transactions with Affiliates

  	
   

  	
  72

  
	
  7.12

  	
  Burdensome Agreements

  	
   

  	
  73

  
	
  7.13

  	
  Use of Proceeds

  	
   

  	
  73

  
	
  7.14

  	
  Organizational Document Amendments

  	
   

  	
  73

  
	
  7.15

  	
  Financial Covenants

  	
   

  	
  73

  
	
  Article VIII.
  EVENTS OF DEFAULT AND REMEDIES

  	
   

  	
  75

  
	
  8.01

  	
  Events of Default

  	
   

  	
  75

  
	
  8.02

  	
  Remedies upon Event of Default

  	
   

  	
  77

  
	
  8.03

  	
  Application of Funds

  	
   

  	
  78

  

 

ii

 

	
  Article IX.
  ADMINISTRATIVE AGENT

  	
   

  	
  79

  
	
  9.01

  	
  Appointment and Authorization of Administrative Agent; Lender Hedging
  Agreements

  	
   

  	
  79

  
	
  9.02

  	
  Delegation of Duties

  	
   

  	
  79

  
	
  9.03

  	
  Default; Collateral

  	
   

  	
  80

  
	
  9.04

  	
  Liability of Administrative Agent

  	
   

  	
  81

  
	
  9.05

  	
  Reliance by Administrative Agent

  	
   

  	
  82

  
	
  9.06

  	
  Notice of Default

  	
   

  	
  82

  
	
  9.07

  	
  Credit Decision; Disclosure of Information by Administrative Agent

  	
   

  	
  82

  
	
  9.08

  	
  Indemnification of Agents

  	
   

  	
  83

  
	
  9.09

  	
  Administrative Agent in its Individual Capacity

  	
   

  	
  83

  
	
  9.10

  	
  Successor Administrative Agent

  	
   

  	
  84

  
	
  9.11

  	
  Syndication Agent; Other Agents; Arrangers

  	
   

  	
  84

  
	
  9.12

  	
  Administrative Agent May File Proof Of Claim

  	
   

  	
  84

  
	
  9.13

  	
  Lender Hedging Agreements

  	
   

  	
  85

  
	
  9.14

  	
  Banking Services

  	
   

  	
  85

  
	
  Article X.
  MISCELLANEOUS

  	
   

  	
  85

  
	
  10.01

  	
  Amendments, Releases of Collateral, Etc.

  	
   

  	
  85

  
	
  10.02

  	
  Notices; Effectiveness; Electronic Communications

  	
   

  	
  88

  
	
  10.03

  	
  No Waiver; Cumulative Remedies; Enforcement

  	
   

  	
  89

  
	
  10.04

  	
  Expenses; Indemnity; Damage Waiver

  	
   

  	
  90

  
	
  10.05

  	
  Intentionally Omitted

  	
   

  	
  92

  
	
  10.06

  	
  Payments Set Aside

  	
   

  	
  92

  
	
  10.07

  	
  Successors and Assigns

  	
   

  	
  92

  
	
  10.08

  	
  Confidentiality

  	
   

  	
  96

  
	
  10.09

  	
  Set-off

  	
   

  	
  97

  
	
  10.10

  	
  Interest Rate Limitation

  	
   

  	
  97

  
	
  10.11

  	
  Counterparts

  	
   

  	
  97

  
	
  10.12

  	
  Integration

  	
   

  	
  97

  
	
  10.13

  	
  Survival of Representations and Warranties

  	
   

  	
  98

  
	
  10.14

  	
  Severability

  	
   

  	
  98

  
	
  10.15

  	
  Replacement of Lenders

  	
   

  	
  98

  
	
  10.16

  	
  Governing Law

  	
   

  	
  98

  
	
  10.17

  	
  Waiver of Right to Trial by Jury

  	
   

  	
  99

  
	
  10.18

  	
  No Advisory or Fiduciary Responsibility

  	
   

  	
  99

  
	
  10.19

  	
  Electronic Execution of Assignments and Certain Other Documents

  	
   

  	
  99

  
	
  10.20

  	
  USA PATRIOT Act Notice

  	
   

  	
  100

  
	
  10.21

  	
  Intentionally Omitted

  	
   

  	
  100

  
	
  10.22

  	
  Resignation of Administrative Agent and Collateral Agent; Appointment
  of Successor Administrative Agent; Assignment

  	
   

  	
  100

  
	
  10.23

  	
  Termination of Commitments Under Original Credit Agreement

  	
   

  	
  100

  
	
  10.24

  	
  No Novations, Etc.

  	
   

  	
  101

  
	
  10.25

  	
  ENTIRE AGREEMENT

  	
   

  	
  101

  

 

iii

 

ANNEXES AND SCHEDULES

 

	
  ANNEX I

  	
  Commitments and Applicable Percentages

  
	
  SCHEDULE 5.14

  	
  Subsidiaries and Other Equity Investments

  
	
  SCHEDULE 7.01

  	
  Existing Liens

  
	
  SCHEDULE 7.04

  	
  Indebtedness

  
	
  SCHEDULE 10.02

  	
  Addresses for Notices to Borrower, Guarantors and Administrative
  Agent

  

 

EXHIBITS

 

	
  EXHIBIT A:

  	
  Form of Borrowing Notice

  
	
  EXHIBIT A-1

  	
  Form of Swingline Borrowing Notice

  
	
  EXHIBIT A-2

  	
  Form of Interest Election Request

  
	
  EXHIBIT A-3

  	
  Form of Repayment/Prepayment Notice

  
	
  EXHIBIT B:

  	
  Form of Note

  
	
  EXHIBIT C:

  	
  Form of Compliance Certificate

  
	
  EXHIBIT D:

  	
  Assignment and Assumption

  
	
  EXHIBIT E:

  	
  Form of Notice of Commitment Increase

  

 

iv

 

AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

 

This
AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT is entered into as of July [1],
2010 (the “Effective Date”), among
MARKWEST ENERGY PARTNERS, L.P., a Delaware limited partnership (the “Borrower”), WELLS FARGO BANK,
NATIONAL ASSOCIATION, individually and as successor Administrative Agent, as
Issuing Bank and Swingline Lender, ROYAL BANK OF CANADA, as prior
administrative agent, RBC CAPITAL MARKETS, as Syndication Agent, BNP PARIBAS,
MORGAN STANLEY BANK and U.S. BANK NATIONAL ASSOCIATION, as Documentation
Agents, and each of the Lenders that is a signatory hereto or which becomes a
signatory hereto pursuant to Section 10.07.

 

R E C I T A L S:

 

(1)           The Borrower, Royal Bank of Canada,
individually as an initial administrative agent and collateral agent (in such
capacities collectively, the “Original Administrative
Agent”), JPMorgan Chase Bank, N.A. as co-syndication agent,
Wachovia Bank, National Association, as co-syndication agent, Fortis Capital
Corp., as co-documentation agent, SunTrust Bank, as co-documentation agent, and
U.S. Bank National Association, as co-documentation agent, together with the
lenders party thereto entered into that certain Credit Agreement dated as of February 20,
2008, providing for (i) a $350,000,000 revolving line of credit and (ii) a
$225,000,000 term loan, and such Credit Agreement was amended by a First
Amendment dated January 28, 2009 (as amended, the “Original
Credit Agreement”).

 

(2)           Pursuant to the provisions of Section 10.07
of the Original Credit Agreement, of even date herewith a Master Assignment and
Assumption Agreement was entered into whereby each of Deutsche Bank Trust
Company Americas, Bank of Scotland New York Branch, Calyon New York Branch,
WestLB AG, New York Branch, Union Bank of California, N.A., Amegy Bank National
Association, Bank of Oklahoma, N.A., Guaranty Bank, FSB and Société Générale
(collectively, the “Exiting Lenders”) assigned
all of their rights and obligations under the Original Credit Agreement (including
all of their respective commitments and loans and participations in letters of
credit thereunder and all liens and security interests granted as security for
indebtedness under the Original Credit Agreement) to UBS Loan Finance LLC,
Capital One, N.A., and Sumitomo Mitsui Banking Corporation (collectively, the “New Lenders”) and the New Lenders (i) paid
the Exiting Lenders the outstanding amount owed the Exiting Lenders as of the
date of such assignment, (ii) assumed all of the Exiting Lenders’ rights and
obligations under the Original Credit Agreement (including all of the Exiting
Lenders’ respective commitments and loans and participations in letters of
credit thereunder and became entitled to their pro rata share of all liens and
security interests granted as security for indebtedness under the Original
Credit Agreement, and (iii) became lenders under the Original Credit
Agreement.

 

(3)           The Original Administrative Agent
accepted and recorded such assignments and the Borrower also consented to such
assignments and the Original Administrative Agent waived, and hereby waives,
the $3,500 processing and recordation fee for each assignment provided for in Section 10.07 of the Original
Credit Agreement.

 

(4)           The Borrower has requested certain
amendments to the Original Credit Agreement which include, among other things, (i) the
replacement of Royal Bank of Canada as administrative agent and collateral
agent by Wells Fargo Bank, National Association, (ii) the elimination of
the Term Loan Facility (as defined in the Original Credit Agreement) which was
previously repaid in full, (iii) an increase in the amount of the
revolving commitments to $700,000,000, and (iv) provision for up to an
additional $200,000,000 in revolving commitments, and (A) the Lenders have
agreed to amend and restate in its entirety the Original Credit Agreement on
the terms and conditions set forth herein, to renew and rearrange the
indebtedness outstanding under the Original Credit Agreement (but not to repay
or pay off such indebtedness) and to increase the revolving commitments to
$700,000,000 and (B) Royal Bank of 

 

1

 

Canada,
by its execution hereof has agreed to resign, and hereby resigns, as
administrative agent and collateral agent pursuant to Section 9.10
of the Original Credit Agreement (and by their execution hereof, the Lenders’
and Borrower waive the 30 days’ notice of resignation requirement) and Wells
Fargo Bank, National Association, pursuant to Section 9.10
of the Original Credit Agreement, by its execution hereof has agreed to become,
and hereby becomes, the successor administrative agent and collateral agent and
hereby succeeds to all the rights, powers and duties of the Original
Administrative Agent (and by their execution hereof, the Lenders’ and Borrower
hereby consent to and approve the appointment of Wells Fargo Bank, National
Association as successor administrative agent and collateral agent).

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein
contained, the parties hereto hereby agree that the Original Credit Agreement
is amended and restated in its entirety to read as follows:

 

ARTICLE I.

DEFINITIONS AND ACCOUNTING TERMS

 

1.01        Defined Terms.  As used in this Agreement,
the following terms shall have the meanings set forth below:

 

Accurate Applicable Rate has the meaning
specified in the definition of “Applicable Rate”.

 

Acquisition means any
transaction or series of related transactions for the purpose of, or resulting
in, directly or indirectly, (a) the purchase or other acquisition by the
Borrower or any of its Subsidiaries of all or substantially all of the assets
of a Person or of any business or division of a Person; (b) the purchase
or other acquisition (whether by a merger, consolidation, amalgamation or
otherwise) by the Borrower or any of its Subsidiaries of more than 50% of any
class of Voting Stock (or similar ownership interests) of any Person.

 

Act has the meaning specified
in Section 10.20.

 

Adjusted Consolidated EBITDA means the sum
of (a) Consolidated EBITDA for the period of determination plus (b) Material
Project Consolidated EBITDA Adjustments, as determined pursuant to Section 7.15(e).

 

Administrative Agent means Wells
Fargo in its capacity as administrative agent and collateral agent under any of
the Loan Documents, successor to Royal Bank of Canada as administrative agent
and collateral agent under the Original Credit Agreement or any successor
administrative agent and collateral agent.

 

Administrative Agent’s Office means the
Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other
address or account as the Administrative Agent may from time to time notify the
Borrower and the Lenders.

 

Administrative Questionnaire means an Administrative
Questionnaire in a form supplied by the Administrative Agent.

 

Affiliate means, as to any Person,
each other Person that directly or indirectly (through one or more
intermediaries or otherwise) controls, is controlled by, or is under common control
with, such Person. A Person shall be deemed to be “controlled by” any other
Person if such other Person possesses, directly or indirectly, power (a) to
vote 10% or more of the securities (on a fully diluted basis) having 

 

2

 

ordinary
voting power for the election of directors or managing general partners; or (b) to
direct or cause the direction of the management and policies of such Person
whether by contract or otherwise.

 

Agent-Related Persons means the
Administrative Agent, together with its Affiliates (including, in the case of
Wells Fargo in its capacity as the Administrative Agent, and each Arranger, in
its capacity as an Arranger), and the officers, directors, employees, agents,
trustees, advisors and attorneys-in-fact of such Persons and Affiliates.

 

Agents means
collectively the Administrative Agent, the Syndication Agent and the
Documentation Agents and Agent
individually means any of them.

 

Agreement means this Agreement, which
amends and restates in its entirety the Original Credit Agreement, as the same
may be amended, modified, supplemented or restated from time to time in
accordance with the terms hereof.

 

Alternate Base Rate means, for any
day a fluctuating rate per annum equal to the highest of (a) the Prime
Rate in effect on such day, (b) the Federal Funds Rate in effect on such
day plus 1⁄2 of 1%, and (c) the LIBO Rate for a one month Interest Period on
such day (or if such day is not a Business Day, the immediately preceding
Business Day) plus 1%; provided that,
for the avoidance of doubt, (i) if Alternate Base Rate is determined using
the LIBO Rate in clause (c) above, the appropriate margin set forth in the
pricing grid in the definition of “Applicable Rate” under the Alternate Base
Rate column will be added to the amount calculated pursuant to clause (c) above
for purposes of calculating interest accruing on each Alternate Base Rate Loan
and (ii) the LIBO Rate for any day shall be based on the rate reported by
Bloomberg L.P. in its index of rates (or any successor thereto) providing
quotations of interest rates applicable to US Dollar deposits in the London
interbank market) at approximately 11:00 a.m., London time on such
day.  Any change in the Alternate Base
Rate due to a change in the Prime Rate, the Federal Funds Rate or the LIBO Rate
shall be effective from and including the effective date of such change in the
Prime Rate, the Federal Funds Rate or the LIBO Rate, respectively.

 

Alternate Base Rate Loans means
Revolving Loans hereunder at all times when they bear interest at a rate based
upon the Alternate Base Rate.

 

Applicable Percentage means, with
respect to any Lender, the percentage of the total Commitments represented by
such Lender’s Commitment.  If the
Commitments of all Lenders have terminated or expired, the Applicable
Percentages shall be determined based upon such Lender’s percentage of
outstanding Revolving Loans and LC Exposure.

 

Applicable Rate means with
respect to the Revolver Loans, Swingline Loans, Commitment Fees and LC Fees,
the following percentages per annum set forth in the table below, on any date
of determination, that corresponds to the Total Leverage Ratio at such date of
determination, as calculated based on the quarterly Compliance Certificate most
recently delivered pursuant to Section 6.02(a) (calculated on a pro forma basis giving effect
to any Permitted Acquisitions):

 

3

 

	
  Pricing

  Level

  	
   

  	
  Total Leverage Ratio

  	
   

  	
  Commitment

  Fee Rate

  	
   

  	
  LC Fee and LIBO Rate

  	
   

  	
  Alternate Base

  Rate

  Swingline Rate

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1

  	
   

  	
  Less
  than or equal to 3.25 to 1.00

  	
   

  	
  0.50

  	
  %

  	
  2.50

  	
  %

  	
  1.50

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2

  	
   

  	
  Less
  than or equal to 3.75 to 1.00 but greater than 3.25 to 1.00

  	
   

  	
  0.50

  	
  %

  	
  2.75

  	
  %

  	
  1.75

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3

  	
   

  	
  Less
  than or equal to 4.25 to 1.00 but greater than 3.75 to 1.00

  	
   

  	
  0.50

  	
  %

  	
  3.00

  	
  %

  	
  2.00

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4

  	
   

  	
  Less
  than or equal to 4.75 to 1.00 but greater than 4.25 to 1.00

  	
   

  	
  0.50

  	
  %

  	
  3.25

  	
  %

  	
  2.25

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  5

  	
   

  	
  Greater
  than 4.75 to 1.00

  	
   

  	
  0.50

  	
  %

  	
  3.50

  	
  %

  	
  2.50

  	
  %

  

 

Any
increase or decrease in the Applicable Rate resulting from a change in the
Total Leverage Ratio shall become effective as of the first Business Day
immediately following the date a Compliance Certificate is delivered pursuant
to Section 6.02(a); provided, however, that if a Compliance Certificate is not
delivered when due in accordance with such Section, then, upon the request of
the Required Lenders, Pricing Level 5 shall apply as of the first Business Day
after the date on which such Compliance Certificate was required to have been
delivered and shall remain in effect until the date on which such Compliance
Certificate is delivered.  The Applicable
Rate shall be based on Level 2 of the Pricing Level until the first calculation
date following the receipt by the Administrative Agent and the Lenders of the
financial information and related Compliance Certificate for the first  full fiscal quarter ending after the Effective Date.

 

In
the event that any Compliance Certificate delivered hereunder is shown to be
inaccurate (regardless of whether this Agreement or the Commitments are in
effect when such inaccuracy is discovered), and such inaccuracy, if corrected,
would have led to the application of a higher Applicable Rate based upon the
foregoing pricing grid (the “Accurate Applicable Rate”)
for any period that such Compliance Certificate covered, then (a) the
Borrower shall immediately deliver to the Administrative Agent a Compliance
Certificate for such period, (b) the Applicable Rate shall be adjusted
such that after giving effect to the corrected Compliance Certificate the
Applicable Rate shall be reset to the Accurate Applicable Rate based upon the
foregoing pricing grid for such period as set forth in the foregoing pricing
grid and (c) if the Accurate Applicable Rate is higher than the Applicable
Rate based upon the foregoing pricing grid, the Borrower shall immediately pay
to the Administrative Agent, for the account of the Lenders, the accrued
additional interest, LC Fees and Commitment Fees owing as a result of such
Accurate Applicable Rate for such period.

 

Approved Fund has the meaning specified
in Section 10.07(g).

 

Arranger means collectively Wells
Fargo Securities, LLC and RBC Capital Markets, in their capacities as joint
lead arrangers and joint lead bookrunners.

 

Assignee Group means two or more Eligible
Assignees that are Affiliates of one another or two or more Approved Funds
managed by the same investment advisor.

 

Assignment and Assumption means an
Assignment and Assumption substantially in the form of Exhibit D.

 

4

 

Attorney Costs means and includes all
reasonable and documented out-of-pocket fees, expenses and disbursements of any
law firm or other external counsel.

 

Attributable Indebtedness means, on any
date, (a) in respect of any Capital Lease of any Person, the capitalized
amount thereof that would appear on a balance sheet of such Person prepared as
of such date in accordance with GAAP, and (b) in respect of any Synthetic
Lease Obligation, the capitalized amount of the remaining lease payments under
the relevant lease that would appear on a balance sheet of such Person prepared
as of such date in accordance with GAAP if such lease were accounted for as a
capital lease.

 

Authorizations means all
filings, recordings, and registrations with, and all validations or exemptions,
approvals, orders, authorizations, consents, franchises, licenses,
certificates, and permits from, any Governmental Authority.

 

Available Cash has the meaning given that
term in the Partnership Agreement as in effect on the Effective Date (or if the
term “Available Cash” in the Partnership Agreement is amended after the
Effective Date, such amended meaning provided the
Administrative Agent and Required Lenders have agreed to adopt such amended
definition for purposes of this Agreement).

 

Bank Guaranties means
guaranties or other agreements or instruments serving a similar function issued
by a bank or other financial institution.

 

Banking Services means each and
any of the following bank services provided to the Borrower or any of its
Subsidiaries by any Lender or Affiliate of a Lender: (a) commercial credit
cards; (b) stored value cards; and (c) treasury management services
(including, without limitation, controlled disbursement, automated
clearinghouse transactions, return items, overdrafts and interstate depository
network services).

 

Banking Service Obligations means any and
all obligations of the Borrower or any of its Subsidiaries, whether absolute or
contingent and howsoever created, arising, evidenced or acquired (including all
renewals, extensions and modifications thereof and substitutions therefor) in
connection with Banking Services.

 

Board means the
Board of Governors of the Federal Reserve System of the United States.

 

Borrower has the meaning specified
in the preamble hereof.

 

Borrower Materials has the
meaning specified in Section 6.01(f).

 

Borrowing means (a) Loans of the
same Type, made, converted or continued on the same date and, in the case of
Eurodollar Loans, as to which a single Interest Period is in effect or (b) a
Swingline Loan.

 

Borrowing Date means each Business Day
specified in a notice pursuant to Section 2.03
as a date on which the Borrower requests (or is deemed to have requested) the
Lenders to make Loans.

 

Borrowing Notice means a request by the
Borrower for a Borrowing in accordance with Section 2.03.

 

Business Day means any day
other than a Saturday, Sunday, or other day on which commercial banks are
authorized to close under the Laws of New York, or are in fact closed and, if
such day relates to

 

5

 

any
Eurodollar Loan, means any such day on which dealings in Dollar deposits are
conducted by and between banks in the applicable offshore Dollar interbank
market.

 

Capital Expenditure by a Person
means an expenditure (determined in accordance with GAAP) for any fixed asset
owned by such Person for use in the operations of such Person having a useful
life of more than one year, or any improvements or additions thereto.

 

Capital Lease means any capital
lease or sublease which should be capitalized on a balance sheet in accordance
with GAAP.

 

Cash Collateral means cash or deposit
account balances pledged and deposited with or delivered to the Administrative
Agent, for the benefit of the Issuing Bank, the Swingline Lender and the
Lenders, as collateral for LC Exposure and/or Fronting Exposure, pursuant to
documentation in form and substance satisfactory to the Administrative Agent, Issuing
Bank and Swingline Lender and Cash Collateralize means
to pledge or deposit Cash Collateral.

 

Cash Equivalents means:

 

(a)           US Dollars;

 

(b)           direct general
obligations, or obligations of, or obligations fully and unconditionally
guaranteed as to the timely payment of principal and interest by, the United
States or any agency or instrumentality thereof having remaining maturities of
not more than 13 months, but excluding any such securities whose terms do not
provide for payment of a fixed dollar amount upon maturity or call for
redemption;

 

(c)           certificates of
deposit and Eurodollar-time deposits with maturities of 13 months or less,
bankers acceptances with maturities not exceeding 180 days, overnight bank
deposits and other similar short term instruments, in each case with any
domestic commercial bank having capital and surplus in excess of $250,000,000
and having a rating of at least “A2” by Moody’s and at least “A” by S&P;

 

(d)           repurchase
obligations with a term of not more than 13 months for underlying securities of
the types described in (b) and (c) above entered into with any
financial institution meeting the qualifications in (c) above;

 

(e)           commercial paper
(having original maturities of not more than 270 days) of any Person rated “P-1”
or better by Moody’s or “A-1” or the equivalent by S&P; and

 

(f)            money market mutual
or similar funds having assets in excess of $100,000,000, at least 95% of the
assets of which are comprised of assets specified in clause (a) through (e) above.

 

CERCLA means the Comprehensive
Environmental Response, Compensation, and Liability Act (42 U.S.C. §9601 et
seq.).

 

Change in Law means (a) the
adoption of any Law after the date of this Agreement, (b) any change in
any Law or in the interpretation or application thereof by any Governmental
Authority after the date of this Agreement or (c) compliance by any Lender
or the Issuing Bank (or, for purposes of Section 3.04(b), by any Lending Office
of such Lender or by such Lender’s or the Issuing Bank’s holding

 

6

 

company,
if any) with any request, guideline or directive (whether or not having the
force of Law) of any Governmental Authority made or issued after the date of
this Agreement.

 

Change of Control means (a) the
Borrower shall fail to own, directly or indirectly, or fail to have voting
control over, 100% of the equity interests in Opco, (b) the Borrower shall
fail to own, directly or indirectly, or fail to have voting control over, 100%
of the Voting Stock of MarkWest Hydrocarbon, (c) the General Partner shall
fail to own, directly or indirectly, 100% of the general partner interest of
the Borrower, (d) any Person, entity or group (other than John Fox and
members of his family, Borrower and/or any Subsidiary) acquires beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act) of 35%
or more of the equity interests in the General Partner or (e) any Person,
entity or group (other than John Fox and members of his family) acquires
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange
Act) of 35% or more of the equity interests in the Borrower.

 

CI Lender has the meaning specified
in the definition of “Notice of Commitment
Increase”.

 

Code means the Internal Revenue
Code of 1986.

 

Collateral means all
property and interests in property and proceeds thereof now owned or hereafter
acquired by any Loan Party and in or upon which a Lien now or hereafter exists
in favor of the Secured Parties or the Administrative Agent on behalf of the
Secured Parties, whether under this Agreement, the Collateral Documents, or any
other Loan Document.

 

Collateral Documents means (a) each
Guaranty, Security Agreement and Mortgage and all other guaranties, pledge
agreements, security agreements, deeds of trust, mortgages, chattel mortgages,
assignments, pledges, guaranties, notices of lien, continuation statements,
extension agreements and other similar agreements or instruments executed by
any Loan Party for the benefit of the Secured Parties now or hereafter
delivered to the Administrative Agent or the Secured Parties pursuant to or in
connection with the transactions contemplated hereby, and all financing
statements, fixture filings, transmitting utility filings (or comparable
documents now or hereafter filed in accordance with the UCC or comparable Law)
against any Loan Party, as debtor, in favor of any Secured Party or the
Administrative Agent for the benefit of the Secured Parties, as secured party,
to secure or guarantee the payment of any part of the Obligations or the
performance of any other duties and obligations of Borrower or any other Loan
Party under the Loan Documents, whenever made or delivered, and (b) any
amendments, supplements, modifications, renewals, replacements, consolidations,
substitutions, restatements, and extensions of any of the foregoing.

 

Commercial Operation Date means the date
on which a Material Project is substantially complete and commercially
operable.

 

Commitment means, respect to each
Lender, the total aggregate commitment of such Lender to make Revolving Loans
pursuant to Section 2.01 and to
acquire participations in Letters of Credit and Swingline Loans pursuant to Section 2.05 and Section 2.15, as such
commitment may be (a) reduced from time to time pursuant to Section 2.06, (b) reduced
or increased (with such Lender’s consent) from time to time (i) pursuant
to Section 2.09 and (ii) pursuant
to assignments by or to such Lender pursuant to Section 10.07,
(c) reduced or terminated pursuant to Section 10.15,
or (d) terminated pursuant to Section 8.02(a).  The initial amount of each Lender’s
Commitment is set forth on Annex I, or in the Assignment and Assumption
pursuant to which such Lender shall have assumed its Commitment, as
applicable.  The initial aggregate amount
of the Commitments is $700,000,000.

 

Commitment Fees has the meaning specified
in Section 2.04(a).

 

7

 

Commitment Increase has the
meaning specified in Section 2.09(a).

 

Commitment Increase Effective Date has the
meaning specified in Section 2.09(a).

 

Compliance Certificate means a
certificate substantially in the form of Exhibit C.

 

Consolidated EBITDA means, for any
period, for the Borrower and its Subsidiaries on a consolidated basis, an
amount equal to Consolidated Net Income for such period plus, to the extent
deducted in determining Consolidated Net Income for such period, (a) Consolidated
Interest Charges, (b) the aggregate amount of taxes, based on or measured
by income, (c) the amount of depreciation and amortization expense, and (d) other
non-cash charges and expenses, including, without limitation, non-cash charges
and expenses relating to Swap Contracts or resulting from accounting convention
changes, of the Borrower and its Subsidiaries on a consolidated basis, all
components of Consolidated EBITDA to be determined in accordance with GAAP.

 

Consolidated Funded Debt means, as of
any date of determination, for the Borrower and its Subsidiaries on a
consolidated basis, without duplication, the sum of (a) Consolidated
Senior Debt, (b) the outstanding principal amount of all obligations and
liabilities, whether current or long-term, for borrowed money (including the
Outstanding Amount of all Senior Unsecured Notes), (c) all reimbursement
obligations relating to letters of credit not otherwise included in clause (a),
(d) Capital Leases, (e) Synthetic Lease Obligations, and (f) all
Guaranty Obligations with respect to Indebtedness of the type specified in
subsections (a) through (e) above.

 

Consolidated Interest Charges means, for any
period, for the Borrower and its Subsidiaries on a consolidated basis, the sum
of (a) all interest, premium payments, fees, charges and related expenses
of the Borrower and its Subsidiaries in connection with Indebtedness (including
capitalized interest and amortization
of debt discount), in each case to the extent treated as interest in
accordance with GAAP, and (b) the portion of rent expense of the Borrower
and its Subsidiaries with respect to such period under Capital Leases that is
treated as interest in accordance with GAAP.

 

Consolidated Net Income means, for any
period, for the Borrower and its Subsidiaries on a consolidated basis, the net
income or net loss of the Borrower and its Subsidiaries from continuing
operations, provided that there shall be excluded
from such net income (to the extent otherwise included therein): (a) the
income (or loss) of any entity (other than a consolidated Subsidiary) in which
the Borrower or any Subsidiary has an ownership interest, except to the extent
that any such income has been actually received by the Borrower or such Subsidiary
in the form of cash dividends or similar cash distributions, (b) net
extraordinary gains and losses (other than, in the case of losses, losses
resulting from charges against net income to establish or increase reserves for
potential environmental liabilities and reserves for exposure under rate
cases), (c) any gains or losses attributable to non-cash write-ups or
write-downs of assets, (d) proceeds of any insurance on property, plant or
equipment other than business interruption insurance, (e) any gain or
loss, net of taxes, on the sale, retirement or other Disposition of assets
(including the capital stock or other equity ownership of any other Person, but
excluding the sale of inventories in the ordinary course of business), and (f) the
cumulative effect of a change in accounting principles; provided,
however, notwithstanding whether any Excluded Venture is treated as
a consolidated Subsidiary for financial reporting and accounting purposes
generally, it shall not be treated as a consolidated Subsidiary for purposes of
computing Consolidated Net Income as used in this Agreement and the income from
such Excluded Venture actually received by the Borrower or a Subsidiary in the
form of cash dividends or similar cash distributions shall be included in (a) above.

 

Consolidated Senior Debt means, as of
any date of determination, for the Borrower and its Subsidiaries on a
consolidated basis, without duplication, the sum of (a) the Outstanding
Amount of all

 

8

 

Loans
and LC Exposure and (b) all secured Indebtedness of the type described in Sections 7.04(e) and (g).

 

Contractual Obligation means, as to
any Person, any provision of any security issued by such Person or of any
agreement, instrument or other undertaking to which such Person is a party or
by which it or any of its property is bound.

 

Credit Exposure means LC Exposure,
Revolving Credit Exposure, Swingline Exposure, or any thereof.

 

Debtor Relief Laws means the
Bankruptcy Code of the United States, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors,
moratorium, rearrangement, receivership, insolvency, reorganization, or similar
debtor relief Laws of the United States or other applicable jurisdictions from
time to time in effect and affecting the rights of creditors generally.

 

Default means any event or
condition that constitutes an Event of Default or that, with the giving of any
notice, the passage of time, or both, would be an Event of Default.

 

Default Rate means an
interest rate equal to (a) the Alternate Base Rate plus (b) the
Applicable Rate, if any, applicable to Alternate Base Rate Loans plus (c) 2%
per annum; provided, however,
that with respect to a Eurodollar Loan, the Default Rate shall be an interest
rate equal to the interest rate (including any Applicable Rate) otherwise
applicable to such Loan plus 2% per annum, in each case to the fullest extent
permitted by applicable Laws.

 

Defaulting Lender means, subject to Section 2.16(b),
any Lender that (a) as determined by the Administrative Agent has failed
to perform any of its funding obligations hereunder, including in respect of
its Loans or participations in respect of Letters of Credit or Swingline Loans,
within three Business Day of the date required to be funded by it hereunder,  (b) has notified the Borrower, or the
Administrative Agent that it does not intend to comply with its funding
obligations or has made a public statement to that effect with respect to its
funding obligations hereunder or under other agreements in which it commits to
extend credit, (c) as determined by the Administrative Agent has failed,
within three Business Day after request by the Administrative Agent, to confirm
in a manner satisfactory to the Administrative Agent that it will comply with
its funding obligations, or (d) has, or has a direct or indirect parent
company that has, (i) become the subject of a proceeding under any Debtor
Relief Law, (ii) had a receiver, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or a custodian appointed for it,
or (iii) taken any action in furtherance of, or indicated its consent to,
approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender
solely by virtue of the ownership or acquisition of any equity interest in that
Lender or any direct or indirect parent company thereof by a Governmental
Authority.

 

Disposition or Dispose
means the sale, transfer, license, lease or other disposition (including any
sale and leaseback transaction) of any property by any Person, including any
sale, assignment, transfer or other disposal, with or without recourse, of any
notes or accounts receivable or any rights and claims associated therewith.

 

Documentation Agents collectively
means BNP Paribas, Morgan Stanley Bank and U.S. Bank National Association.

 

Domestic means, with respect to an
entity, that such entity is incorporated, organized or formed under the Laws of
the United States, a state in the United States or any subdivision thereof or
the District of Columbia.

 

9

 

Domestic Person means any
corporation, general partnership, limited partnership, limited liability
company, joint stock company, trust, unincorporated organization, business
association, firm or joint venture that is organized under the Laws of the
United States or any state thereof or the District of Columbia.

 

Effective Date has the meaning specified
in the preamble hereof.

 

Eligible Assignee has the
meaning specified in Section 10.07(g).

 

Enactment of Derivatives Legislation shall mean a
Change in Law relating to the regulation of the over-the-counter derivatives
markets which requires the pledging of cash collateral or the delivery of
letters of credit in connection with certain swap transactions, similar to the
proposals set forth in Senate Bill 3217,
also known as the Restoring American Financial Stability Act of 2010 or House
of Representatives Bill 3795, The Over-the-Counter Derivatives Market Act of
2009.

 

Environmental Law means any
applicable Law that relates to (a) the condition or protection of air,
groundwater, surface water, soil, or other environmental media, (b) the
environment, including natural resources or any activity which affects the
environment, (c) the regulation of any pollutants, contaminants, wastes,
substances, and Hazardous Substances, including, without limitation, CERCLA, the
Clean Air Act (42 U.S.C. § 7401 et seq.), the Federal Water Pollution Control
Act, as amended by the Clean Water Act (33 U.S.C. § 1251 et seq.), the Federal
Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. § 136 et seq.), the
Emergency Planning and Community Right to Know Act of 1986 (42 U.S.C. § 1100 1
et seq.), the Hazardous Materials Transportation Act (49 U.S.C. § 5101 et
seq.), the National Environmental Policy Act of 1969 (42 U.S.C. § 4321 et
seq.), the Oil Pollution Act (33 U.S.C. § 2701 et seq.), RCRA, the Rivers and Harbors
Act (33 U.S.C. §401 et seq.), the SDWA, the Toxic Substances Control Act (15
U.S.C. § 2601 et seq.), and analogous state and local Laws, as any of the
foregoing may have been and may be amended or supplemented from time to time,
and any analogous enacted or adopted Law, or (d) the Release or threatened
Release of Hazardous Substances.

 

Environmental Liability means any
liability, contingent or otherwise (including any liability for damages, costs
of environmental remediation, fines, penalties or indemnities), of the
Borrower, any other Loan Party or any of their respective Subsidiaries
resulting from (a) violation of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of
any Hazardous Substance, (c) exposure to any Hazardous Substance, (d) the
release or threatened release of any Hazardous Substance into the environment
or (e) any contract, agreement or other consensual arrangement pursuant to
which liability is assumed or imposed with respect to any of the foregoing.

 

Equity Interests, equity
interests and equity securities
means, with respect to any Person, all of the shares of capital stock of (or
other ownership or profit interests in) such Person, all of the warrants,
options or other rights for the purchase or acquisition from such Person of
shares of capital stock of (or other ownership or profit interests in) such
Person, all of the securities convertible into or exchangeable for shares of
capital stock of (or other ownership or profit interests in) such Person or
warrants, rights or options for the purchase or acquisition from such Person of
such shares (or such other interests), and all of the other ownership or profit
interests in such Person (including partnership, member or trust interests therein),
whether voting or non-voting, and whether or not such shares, warrants,
options, rights or other interests are outstanding on any date of
determination.  The term Equity Interests
shall also include other securities or instruments that have both debt and
equity features.

 

ERISA means the Employee
Retirement Income Security Act of 1974.

 

10

 

ERISA Affiliate means any trade or business
(whether or not incorporated) under common control with the Borrower within the
meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and
(o) of the Code for purposes of provisions relating to Section 412 of
the Code).

 

ERISA Event means (a) a Reportable
Event with respect to a Plan; (b) a withdrawal by the Borrower or any
ERISA Affiliate from a Plan subject to Section 4063 of ERISA during a plan
year in which it was a substantial employer (as defined in Section 4001(a)(2) of
ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA
Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan
is in reorganization; (d) the filing of a notice of intent to terminate,
the treatment of a Plan amendment as a termination under Sections 4041 or 4041A
of ERISA, or the commencement of proceedings by the PBGC to terminate a Plan or
Multiemployer Plan; (e) an event or condition which constitutes grounds
under Section 4042 of ERISA for the termination of, or the appointment of
a trustee to administer, any Plan or Multiemployer Plan; or (f) the
imposition of any liability under Title IV of ERISA, other than for PBGC
premiums due but not delinquent under Section 4007 of ERISA, upon the
Borrower or any ERISA Affiliate.

 

Eurodollar Loan means a Loan denominated in
Dollars that bears interest at a rate based upon the LIBO Rate.

 

Event of Default has the meaning specified
in Section 8.01.

 

Exchange Act means the Securities
Exchange Act of 1934.

 

Excluded Accounts means any
deposit accounts that (a) are payroll, employee benefit and similar trust
accounts and any other trust accounts pursuant to which any Loan Party receives
deposits on behalf of third parties or (b) are used to cash collateralize
any obligation to any Person.

 

Excluded Taxes means, with respect to the
Administrative Agent, any Lender, the Issuing Bank or any other recipient of
any payment to be made by or on account of any obligation of the Borrower or
Guarantor hereunder or under any other Loan Document, (a) taxes imposed on
or measured by its overall net income (however denominated), and franchise
taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any
political subdivision thereof) under the Laws of which such recipient is
organized or in which its principal office is located or, in the case of any
Lender, in which its applicable Lending Office is located, (b) any branch
profits taxes imposed by the United States or any similar tax imposed by any
other jurisdiction in which the Borrower or any Guarantor is located, (c) any
backup withholding tax that is required by the Code to be withheld from amounts
payable to a Lender that has failed to comply with clause (A) of Section 3.01(e)(ii), (d) in
the case of a Foreign Lender (other than an assignee pursuant to a request by
the Borrower under Section 10.15), any
United States withholding tax that (i) is required to be imposed on
amounts payable to such Foreign Lender pursuant to the Laws in force at the
time such Foreign Lender becomes a party hereto (or designates a new Lending
Office) or (ii) is attributable to such Foreign Lender’s failure or
inability (other than as a result of a Change in Law) to comply with clause (B) of
Section 3.01(e)(ii), except to
the extent that such Foreign Lender (or its assignor, if any) was previously
entitled, at the time of designation of a new Lending Office (or assignment),
to receive additional amounts from the Borrower with respect to such
withholding tax pursuant to Section 3.01(a)(ii);
and any U.S. Federal withholding Taxes imposed by FATCA other than by reason of
a Change in Law imposed after the date hereof.

 

Excluded Ventures means
subsidiaries and joint ventures that are designated as an Excluded
Venture by the Borrower and continue to constitute Excluded
Ventures pursuant to Section 1.08;
provided, however, that no Person may be
designated an Excluded Venture (and any previously 

 

11

 

designated
Excluded Venture shall cease to be an Excluded Venture) in the event that such
Person guarantees any Indebtedness of any Loan Party.  As of the Effective Date, each of MWLM&R,
MarkWest Pioneer, L.L.C., a Delaware limited liability company, Centrahoma
Processing LLC, a Delaware limited liability company, Wirth Gathering, an
Oklahoma general partnership, and Bright Star Partnership, L.P. a Texas limited
partnership have been designated as Excluded Ventures.

 

Exiting Lenders has the meaning specified in
Recital (2) hereof.

 

Extension of Credit means the
making of any Loan or the issuance of any Letter of Credit.

 

FATCA means the Foreign Account
Tax Compliance Act of 2009, Sections 1471 through 1474 of the Code and any
regulations or official interpretations thereof.

 

Federal Funds Rate means, for any
day, the weighted average (rounded upwards, if necessary, to the next 1/100 of
1%) of the rates on overnight US Federal funds transactions with members of the
US Federal Reserve System arranged by Federal funds brokers, as published on
the next succeeding Business Day by the Federal Reserve Bank of New York, or,
if such rate is not so published for any day that is a Business Day, the
average (rounded upwards, if necessary, to the next 1/100 of 1%) of the
quotations for such day for such transactions received by the Administrative
Agent from three Federal funds brokers of recognized standing selected by it.

 

Fee Letter means the letter agreement,
dated June 4, 2010, among the Borrower, the Administrative Agent, Wells
Fargo Securities, LLC and Royal Bank of Canada.

 

Fiscal Year means each year beginning January 1st
and ending the following December 31st.

 

Foreign when used in connection with
a Subsidiary means a Subsidiary other than a Domestic Subsidiary.

 

Foreign Lender means any Lender that is
organized under the Laws of a jurisdiction other than that in which the
Borrower is resident for tax purposes. 
For purposes of this definition, the United States, each State thereof
and the District of Columbia shall be deemed to constitute a single
jurisdiction.

 

Fronting Exposure means, at any
time there is a Defaulting Lender, (a) with respect to the Issuing Bank,
such Defaulting Lender’s Applicable Percentage of the outstanding LC Exposure
other than LC Exposure as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders or secured by Cash Collateral
in accordance with the terms hereof, and (b) with respect to the Swingline
Lender, such Defaulting Lender’s Applicable Percentage of the outstanding
Swingline Exposure other than Swingline Exposure as to which such Defaulting
Lender’s participation obligation has been reallocated to other Lenders or
secured by Cash Collateral in accordance with the terms hereof.

 

Fund has the meaning set forth
in Section 10.07(g).

 

GAAP means generally accepted
accounting principles in the United States set forth in the opinions and
pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a
significant segment of the accounting profession in the United States, that are
applicable to the circumstances as of the date of determination, consistently
applied.

 

General Partner means MarkWest
Energy GP, L.L.C., the general partner of the Borrower.

 

12

 

Governmental Authority means any
nation or government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court, administrative
tribunal, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

 

Guarantor means any Subsidiary that undertakes to
be liable for all or any part of the Obligations by execution of a Guaranty.

 

Guaranty means a
Guaranty now or hereafter made by any Guarantor in favor of the Administrative
Agent on behalf of the Secured Parties.

 

Guaranty Obligation means, as to
any Person, (a) any obligation, contingent or otherwise, of such Person
guaranteeing or having the economic effect of guaranteeing any Indebtedness or
other payment obligation of another Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of such Person, direct or indirect, (i) to
purchase or pay (or advance or supply funds for the purchase or payment of)
such Indebtedness or other payment obligation, (ii) to purchase or lease
property, securities or services for the purpose of assuring the obligee in
respect of such Indebtedness or other payment obligation of the payment of such
Indebtedness or other payment obligation, (iii) to maintain working
capital, equity capital or any other financial statement condition or liquidity
of the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other payment obligation, or (iv) entered into for the
purpose of assuring in any other manner the obligees in respect of such
Indebtedness or other payment obligation of the payment thereof or to protect
such obligees against loss in respect thereof (in whole or in part), or (b) any
Lien on any assets of such Person securing any Indebtedness or other payment
obligation of any other Person, whether or not such Indebtedness or other
payment obligation is assumed by such Person; provided,
however, that the term “Guaranty Obligation” shall not include
endorsements of instruments for deposit or collection in the ordinary course of
business.  The amount of any Guaranty
Obligation shall be deemed to be the lesser of (x) an amount equal to the
stated or determinable outstanding amount of the related primary obligation and
(y) the maximum amount for which such guaranteeing Person may be liable
pursuant to the terms of the instrument embodying such Guaranty Obligation,
unless the outstanding amount of such primary obligation and the maximum amount
for which such guaranteeing Person may be liable are not stated or
determinable, in which case the amount of such Guaranty Obligation shall be the
maximum reasonably anticipated liability in respect thereof as determined by
the guaranteeing Person in good faith.

 

Hazardous Substance means any
substance that poses a threat to, or is regulated to protect, human health,
safety, public welfare, or the environment, including without limitation: (a) any
“hazardous substance,” pollutant” or “contaminant,” and any “petroleum” or “natural
gas liquids” as those terms are defined or used under Section 101 of CERCLA, (b) “solid
waste” as defined in the SDWA, (c) asbestos or a material containing
asbestos, (d) any material that contains lead or lead-based paint, (e) any
item or equipment that contains or is contaminated by polychlorinated
biphenyls, (f) any radioactive material, (g) urea formaldehyde, (h) putrescible
materials, (i) infectious materials, (j) toxic microorganisms,
including mold, or (k) any substance the presence or Release of which
requires reporting, investigation or remediation under any Environmental Law.

 

Hedge Counterparties has the
meaning specified in Section 10.01(e).

 

Hydrocarbons means crude oil, natural gas, casinghead gas, drip
gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons,
gaseous hydrocarbons and all constituents, elements or compounds thereof and
products refined or processed therefrom.

 

13

 

Indebtedness means, as to
any Person at a particular time, all of the following, whether or not included
as indebtedness or liabilities in accordance with GAAP:

 

(a)           all
obligations of such Person for borrowed money and all obligations of such
Person evidenced by bonds, debentures, notes, loan agreements or other similar
instruments;

 

(b)           the
face amount of all letters of credit (including standby and commercial), banker’s
acceptances, Bank Guaranties, surety bonds, and similar instruments issued for
the account of such Person, and, without duplication, all drafts drawn and
unpaid thereunder;

 

(c)           obligations
under any Swap Contract;

 

(d)           all
obligations of such Person to pay the deferred purchase price of property or
services, other than trade accounts payable in the ordinary course of business
not overdue by more than 60 days, and indebtedness (excluding prepaid interest
thereon) secured by a Lien on property owned or being purchased by such Person
(including indebtedness arising under conditional sales or other title
retention agreements), whether or not such indebtedness shall have been assumed
by such Person or is limited in recourse;

 

(e)           Capital
Leases and Synthetic Lease Obligations; and

 

(f)            all
Guaranty Obligations of such Person in respect of any of the foregoing.

 

For
all purposes hereof, the Indebtedness of any Person shall include the
Indebtedness of any partnership or joint venture in which such Person is a
general partner, unless such Indebtedness is expressly made non-recourse to
such Person except for customary exceptions acceptable to the Required
Lenders.  The amount of any Capital Lease
or Synthetic Lease Obligations as of any date shall be deemed to be the amount
of Attributable Indebtedness in respect thereof as of such date.  In addition, the determination of Indebtedness
of the Borrower and/or its Subsidiaries shall be made on a consolidated basis
without taking into account any Indebtedness owed by any such Person to any
other such Person.

 

Indemnified Taxes means Taxes
other than Excluded Taxes.

 

Indemnitees has the meaning specified
in Section 10.04(b).

 

Information means all information
received from the Borrower or any of its Subsidiaries relating to the Borrower
or any Subsidiary or any of their respective businesses, other than (a) any
such information that is available to the Administrative Agent or any Lender on
a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary
or (b) any “Public Side Information” as described in Section 6.01(f).

 

Insurance Payment means any payment by an insurance company or
other surety on account of property damage or casualty loss to any property
(excluding the proceeds attributable to any business interruption insurance
policy) of the Borrower or any of its Subsidiaries.

 

Interest Coverage Ratio means, as of
any date of determination, the ratio of (a) Adjusted Consolidated EBITDA
for the period of the four prior fiscal quarters ending on such date to (b) the
sum of (i) Consolidated Interest Charges during such period and (ii) imputed
interest charges on Synthetic Lease Obligations, of the Borrower and its
Subsidiaries during such period.

 

Interest Election Request has the
meaning specified in Section 2.10(c).

 

14

 

Interest Payment Date means, (a) as
to any Alternate Base Rate Loan (other than the Swingline Loans), the end of
any calendar quarter with respect thereto and the Maturity Date, (b) as to
any Eurodollar Loan (other than the Swingline Loans), the last day of the
Interest Period with respect thereto, and, for Interest Periods longer than
three months, each date which is three months, or a whole multiple thereof,
from the first day of such Interest Period and (c) as to any Swingline
Loan, the day such Swingline Loan is paid.

 

Interest Period means, with respect to any
Eurodollar Loan, (a) initially, the period commencing on the Borrowing
Date or continuation date, as the case may be, with respect to such Eurodollar
Loan and ending one, two, three or six months thereafter, as selected by the
Borrower in its Borrowing Notice or Interest Election Request, as the case may
be, given with respect thereto, and (b) thereafter, each period commencing
on the last day of the next preceding Interest Period applicable to such
Eurodollar Loan and ending one, two, three or six months thereafter, as
selected by the Borrower by irrevocable notice to the Administrative Agent not
less than three Business Days prior to the last day of the then current
Interest Period with respect thereto; provided, that (A) if
any Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless such next
succeeding Business Day would fall in the next calendar month, in which case
such Interest Period shall end on the next preceding Business Day, and (B) any
Interest Period that commences on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the last
calendar month of such Interest Period) shall end on the last Business Day of
the last calendar month of such Interest Period.

 

Investment means, as to any Person,
any direct or indirect acquisition or investment by such Person, whether by
means of (a) the purchase or other acquisition of capital stock or other
securities of another Person, (b) a loan, advance or capital contribution
to, Guaranty Obligation or assumption of debt of, or purchase or other
acquisition of any other debt or equity participation or interest in, another
Person, including any partnership or joint venture interest in such other
Person, or (c) the purchase or other acquisition (in one transaction or a
series of transactions) of assets of another Person that constitute a business
unit.  For purposes of covenant
compliance, the amount of any Investment shall be the amount actually invested,
without adjustment for subsequent increases or decreases in the value of such
Investment, less all returns of principal or equity thereon, and shall, if made
by the transfer or exchange of property other than cash be deemed to have been
made in an amount equal to the fair market value of such property.

 

IRS means the
United States Internal Revenue Service.

 

ISDA means the
International Swaps and Derivatives Association, Inc.

 

Issuing Bank means Wells Fargo and any other
Lender reasonably acceptable to the Administrative Agent.  The Issuing Bank may, in its discretion and
with the approval of the Borrower (such approval not to be unreasonably
withheld), arrange for one or more Letters of Credit requested by the Borrower
in accordance with this Agreement to be issued by Affiliates of the Issuing
Bank, in which case the term “Issuing Bank”
shall include any such Affiliate with respect to Letters of Credit issued by
such Affiliate.

 

Issuing Documents means with
respect to any Letter of Credit, the Letter of Credit Application and any other
document, agreement and instrument entered into by the Issuing Bank and the
Borrower (or any Subsidiary) or in favor of the Issuing Bank and relating to
any such Letter of Credit.

 

Laws means, collectively, all
international, foreign, Federal, state and local statutes, treaties, rules,
guidelines, regulations, ordinances, codes and administrative or judicial
precedents or authorities, 

 

15

 

including
the interpretation or administration thereof by any Governmental Authority
charged with the enforcement, interpretation or administration thereof, and all
applicable administrative orders, directed duties, requests, licenses,
authorizations and permits of, and agreements with, any Governmental Authority,
in each case whether or not having the force of Law.

 

LC Disbursement means payment made by the
Issuing Bank pursuant to a Letter of Credit issued by the Issuing Bank.

 

LC Exposure means at any time, the sum
of (a) the aggregate undrawn amount of all outstanding Letters of Credit
issued for the account of the Borrower at such time, plus (b) the
aggregate amount of all unreimbursed LC Disbursements at such time. The LC
Exposure of any Lender at any time shall be equal to its Applicable Percentage
of the total LC Exposure at such time.

 

LC Fees has the meaning specified
in Section 2.04(b).

 

LC Issuance Limit means at any
one time for all Issuing Banks, a maximum aggregate amount of $150,000,000; provided such maximum aggregate amount will be increased to
$200,000,000 if as a result of the Enactment of Derivatives Legislation the
Borrower is required to pledge cash collateral or deliver letters of credit in
connection with Swap Contracts to which it is a counterparty.

 

Lender means each Person that
becomes a lender hereunder and their permitted successors and assigns. Unless
the context otherwise requires, the term “Lender”
includes the Swingline Lender.

 

Lender Hedging Agreement means (a) a
Swap Contract between any Loan Party and a counterparty that, at the time that
such Swap Contract was entered into, was a Lender or an Affiliate of a Lender;
and (b) a Swap Contract between any Loan Party and a counterparty which
Swap Contract is in existence at the time such counterparty (or an Affiliate
thereof) becomes a Lender.  In addition,
for the avoidance of doubt, all Swap Contracts in existence on the Effective
Date between the Borrower or any of its Subsidiaries and any Lender or any
Affiliate of a Lender shall constitute Lender Hedging Agreements.

 

Lending Office means, as to any Lender,
the office or offices of such Lender described as such in such Lender’s
Administrative Questionnaire, or such other office or offices as a Lender may
from time to time notify the Borrower and the Administrative Agent.

 

Letter of Credit means any stand-by letter
of credit issued after the Effective Date pursuant to this Agreement.

 

Letter of Credit Application means an
application and agreement for the issuance or amendment of a Letter of Credit
in the form from time to time in use by the Issuing Bank.

 

LIBO Rate means, with respect to any
LIBO Rate Borrowing for any Interest Period, the rate reported by Bloomberg
L.P. in its index of rates (or any successor to or substitute for such index,
providing rate quotations comparable to those currently provided on such page of
such index, as determined by the Administrative Agent from time to time for
purposes of providing quotations of interest rates applicable to US Dollar
deposits in the London interbank market) at approximately 11:00 a.m.,
London time, two Business Days prior to the commencement of such Interest
Period, as the rate for US Dollar deposits in the approximate amount of such
LIBO Rate Borrowing with a maturity comparable to such Interest Period for such
LIBO Rate Borrowing.  In the event that
such rate is not available at such time for any reason, then the “LIBO Rate”
with respect to such LIBO Rate Borrowing for such Interest Period shall be the
rate at which US Dollar deposits of $5,000,000 and for a maturity comparable to
such Interest Period are offered by the principal London office of the
Administrative Agent in immediately 

 

16

 

available
funds in the London interbank market at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period.

 

Lien means any
mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), charge, or preference, priority or other security
interest or preferential arrangement of any kind or nature whatsoever to secure
or provide for payment of any obligation of any Person (including any
conditional sale or other title retention agreement, any Capital Lease, including
the interest of a purchaser of accounts receivable (other than in connection
with a Disposition permitted pursuant to the terms of this Agreement that is
not a receivables financing transaction).

 

Loan means the Revolving Loans
made by the Lenders to the Borrower pursuant to this Agreement.  Unless the context otherwise requires, the
term “Loan” includes a Swingline
Loan.

 

Loan Documents means this Agreement, each
Note, the Collateral Documents, the Issuing Documents, the Fee Letter and each
and every other agreement executed in connection with this Agreement; provided,
however, that in no event shall any Lender Hedging Agreement or any agreement
in respect of Banking Services Obligations constitute a Loan Document
hereunder.

 

Loan Party means each of
the Borrower and each Guarantor.

 

MarkWest Hydrocarbon means MarkWest
Hydrocarbon, Inc., a Delaware corporation and Wholly-Owned Subsidiary of
Borrower.

 

MarkWest MWLM&R Member means MarkWest
Liberty Gas Gathering, L.L.C., a Delaware limited liability company.

 

Material Adverse Effect means: (a) a
material adverse change in, or a material adverse effect upon, the operations,
business, properties or condition (financial or otherwise) of the Loan Parties
taken as a whole; (b) a material impairment of the ability of the Loan
Parties, taken as a whole, to perform their respective obligations under the
Loan Documents to which they are a party; or (c) a material adverse effect
upon the legality, validity, binding effect or enforceability against the
Borrower or any Guarantor of any Loan Documents.

 

Material Agreements means any
contract or agreement, the entry, amendment or modification of which would
require the Borrower to file a Form 8-K with the SEC pursuant to Items
1.01 or 1.02 of Form 8-K.  “Material Agreement”
means each of such Material Agreements.

 

Material Project means the construction or
expansion of any capital project of Borrower, any Subsidiary or any Excluded
Venture, the aggregate capital cost of which exceeds $20,000,000.

 

Material Project Consolidated EBITDA Adjustment has the
meaning specified in Section 7.15(e).

 

Maturity Date means July [1], 2015; provided, however, the Maturity Date will mean May 1,
2014 unless a Qualifying 6.875% Senior Note Refinancing has occurred by May 1,
2014.

 

Maximum Rate has the meaning specified
in Section 10.10.

 

Midstream Businesses means either (a) gathering,
transportation, treating, processing, marketing or otherwise handling
Hydrocarbons, or activities or services reasonably related or ancillary thereto

 

17

 

including,
without limitation, entering into Swap Contracts to support these business, or (b) any other business that generates gross
income that constitutes “qualifying income” under Section 7704(d) of
the Code.

 

Moody’s means Moody’s Investors
Service, Inc. and any successor thereto.

 

Mortgaged Properties means
collectively all the Mortgaged Property as defined in the Mortgages and Mortgaged Property
individually means any one of such Mortgaged Properties.

 

Mortgages means the
mortgages, deeds of trust, or similar instruments executed by any of the Loan
Parties in favor of Administrative Agent, for the benefit of the Secured
Parties, and all supplements, assignments, amendments, and restatements thereto
(or any agreement in substitution therefore, and “Mortgage” means each of such Mortgages).

 

Multiemployer Plan means any
employee benefit plan of the type described in Section 4001(a)(3) of
ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to
make contributions, or during the preceding five plan years, has made or been
obligated to make contributions.

 

MWLM&R means MarkWest Liberty
Midstream & Resources, L.L.C., a Delaware limited liability company.

 

MWLM&R Available Cash means “Available
Cash” as defined in the MWLM&R LLC Agreement.

 

MWLM&R LLC Agreement means that
certain Second Amended and Restated Limited Liability Company Agreement of
MWLM&R dated as of the November 1, 2009, as amended by that certain
Amendment No. 1 to Second Amended and Restated Limited Liability Company
Agreement dated as of November 20, 2009, as further amended or restated
from time to time.

 

Net Cash Proceeds means (a) any
Insurance Payment and (b) with respect to any Disposition, cash (including
any cash received by way of deferred payment as and when received) received by
the Borrower or any of its Subsidiaries in connection with and as consideration
therefor, on or after the date of consummation of such transaction, after (i) deduction of Taxes payable
in connection with or as a result of such transaction and (ii) payment of
all usual and customary brokerage commissions and all other reasonable fees and
expenses related to such transaction (including, without limitation, reasonable
attorneys’ fees and closing costs incurred in connection with such
transaction).

 

New Funds Amount means the amount equal to
the product of a CI Lender’s Commitment represented as a percentage of the
aggregate total Commitments after giving effect to the Commitment Increase
times the aggregate principal amount of the outstanding Revolving Loans
immediately prior to giving effect to the Commitment Increase, if any, as of a
Commitment Increase Effective Date (without regard to any increase in the
aggregate principal amount of Revolving Loans as a result of any Revolving
Loans made after giving effect to the Commitment Increase on such Commitment
Increase Effective Date).

 

New Lenders has the meaning specified in
Recital (2) hereof.

 

Non-Consenting Lender has the
meaning specified in Section 10.01(f).

 

Note means a promissory note
made by the Borrower in favor of a Lender evidencing Loans made by such Lender,
substantially in the form of Exhibit B.

 

18

 

Notice of Commitment Increase means a notice
in the form of Exhibit E specifying (a) the proposed effective
date of a Commitment Increase, (b) the amount of the requested Commitment
Increase, (c) the amount of such Commitment Increase agreed to by each
then existing Lender and evidence of such agreement reasonably satisfactory to
the Administrative Agent, such Lender and the Borrower, (d) the identity
of each financial institution not already a Lender (which such financial
institution shall be reasonably acceptable to the Administrative Agent), which
has agreed with the Borrower to become a Lender to effect such Commitment
Increase, accompanied by evidence reasonably satisfactory to the Administrative
Agent, such CI Lender and the Borrower of such CI Lender’s agreement thereto
and its joinder to this Agreement and (e) the amount of the respective
Commitments of the then existing Lenders and any such CI Lenders from and after
the Commitment Increase Effective Date. 
Each such existing Lender or new Lender referenced in (c) or (d) being
a “CI Lender”.

 

Obligations means all advances to, and
debts, liabilities, obligations, covenants and duties of, any Loan Party
arising under any Loan Document or otherwise with respect to any Loan or Letter
of Credit and including all LC Exposure, whether such Obligations are direct or
indirect (including those acquired by assumption), absolute or contingent, due
or to become due, now existing or hereafter arising and including interest and
fees that accrue after the commencement by or against any Loan Party or any Affiliate
thereof of any proceeding under any Debtor Relief Laws naming such Person as
the debtor in such proceeding, regardless of whether such interest and fees are
allowed claims in such proceeding. In addition, all references to the “Obligations” in the Collateral
Documents and in Sections
2.14 and 10.09
of this Agreement shall, in addition to the foregoing, also include all present
and future indebtedness, liabilities, and obligations (and all renewals and
extensions thereof or any part thereof) now or hereafter owed to any Lender or
any Affiliate of a Lender arising pursuant to any Lender Hedging Agreement and
all Banking Service Obligations.

 

Opco means MarkWest Energy
Operating Company, L.L.C., a Delaware limited liability company and
Wholly-Owned Subsidiary of Borrower.

 

Organization Documents means, (a) with
respect to any corporation, the certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to
any non-U.S. jurisdiction); (b) with respect to any limited liability
company, the certificate or articles of formation or organization and operating
agreement; and (c) with respect to any partnership, joint venture, trust
or other form of business entity, the partnership, joint venture or other applicable
agreement of formation or organization and any agreement, instrument, filing or
notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of
its formation or organization and, if applicable, any certificate or articles
of formation or organization of such entity.

 

Original Administrative Agent has the meaning
specified in Recital (1) hereof.

 

Original Credit Agreement has the meaning
specified in Recital (1) hereof.

 

Other Taxes means all present or future
stamp, mortgage, court or documentary taxes or any other excise or property
taxes, charges or similar levies arising from any payment made hereunder or
under any other Loan Document or from the execution, delivery, registration or
enforcement of, or otherwise with respect to, this Agreement or any other Loan
Document.

 

Outstanding Amount on any date (a) with
respect to Loans, means the aggregate principal amount thereof after giving
effect to any Borrowings and prepayments or repayments occurring on such date, (b) with
respect to any LC Exposure, the amount of such LC Exposure on such date after
giving effect to any Letter of Credit issuance occurring on such date and any
other changes in the aggregate 

 

19

 

amount
of the LC Exposure as of such date, including as a result of any reimbursements
of outstanding unpaid drawings under any Letters of Credit or any reductions in
the maximum amount available for drawing under Letters of Credit taking effect
on such date, (c) with respect to Obligations under a Lender Hedging
Agreement, means the amount then due and payable under such Lender Hedging
Agreement and (d) with respect to Banking Service Obligations, means the
amount then due and payable in connection with the provision of Banking
Services.

 

Participant has the meaning specified
in Section 10.07(d).

 

Partnership Agreement means the
Third Amended and Restated Agreement of Limited Partnership of the Borrower
dated effective as of February 21, 2008.

 

Payment in Full of the Obligations means
termination of all Commitments and satisfaction in full of all the Obligations
(other than contingent indemnity obligations, LC Exposure that is Cash
Collateralized, and obligations in respect of Lender Hedging Agreements and
Banking Service Obligations).

 

PBGC means the Pension Benefit
Guaranty Corporation.

 

Permitted Acquisition means any
Acquisition by the Borrower or any of its Subsidiaries resulting in ownership
of assets inside the United States, or of equity interests in a Domestic
Person; provided, however, that
the following requirements have been satisfied:

 

(i)            if
such Acquisition results in the Borrower’s ownership of a Subsidiary, the
Borrower shall have complied with the requirements of Sections 6.14 and 6.15 within the time
periods specified therein;

 

(ii)           with
respect to Acquisitions involving acquisitions of an equity interest, such
Acquisition shall have been approved or consented to by the board of directors
or similar governing entity of the Person being acquired;

 

(iii)          as of the closing
of such Acquisition no Default shall exist or occur as a result of, and after
giving effect to, such Acquisition; and

 

(iv)          in the case of an
Acquisition involving (i) a merger transaction involving the Borrower, the
Borrower must be the surviving entity or (ii) a merger transaction
involving a Subsidiary that is a Loan Party, 
the surviving entity shall be a Loan Party.

 

Permitted Liens means Liens
permitted under Section 7.01
as described in such Section.

 

Person means any natural person,
corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other entity.

 

Plan means any “employee pension
benefit plan” (as such term is defined in Section 3(2) of ERISA),
other than a Multiemployer Plan, that is subject to Title IV of ERISA and is
sponsored or maintained by the Borrower or any ERISA Affiliate or to which the
Borrower or any ERISA Affiliate contributes or has an obligation to contribute,
or in the case of a multiple employer or other plan described in Section 4064(a) of
ERISA, has made contributions at any time during the immediately preceding five
plan years.

 

Platforms has the meaning specified
in Section 6.01(f).

 

20

 

Prime Rate means the rate of interest
per annum publicly announced from time to time by the Administrative Agent as
its prime rate in effect at its principal U.S. office; each change in the Prime
Rate shall be effective from and including the date such change is publicly
announced as being effective.  Such rate
is set by the Administrative Agent as a general reference rate of interest,
taking into account such factors as the Administrative Agent may deem
appropriate; it being understood that many of the Administrative Agent’s
commercial or other loans are not priced in relation to such rate, that it is
not necessarily the lowest or best rate actually charged to any customer and
that the Administrative Agent may make various commercial or other loans at
rates of interest having no relationship to such rate.

 

Principal Amount means the outstanding
principal amount of any Loan.

 

Public Lender has the meaning specified
in Section 6.01(f).

 

Qualifying 6.875% Senior Note Refinancing means that on
or before May 1, 2014 the Borrower and MarkWest Energy Finance
Corporation, a Wholly-Owned Subsidiary, have refinanced, extended, repurchased,
defeased or repaid in full the Indebtedness evidenced by (a) the 6.875% Series A
and Series B Senior Notes due 2014 issued by them in the original
principal amount of $225,000,000 issued pursuant to an Indenture dated October 25,
2004 among the Borrower, its Subsidiaries party thereto and Wells Fargo, as
trustee, and (b) the 6.875% Series A and Series B Senior Notes
due 2014 issued by them in the original principal amount of $150,000,000
pursuant to an Indenture dated May 26, 2009; provided,
however, in the case of any refinancing or extension, the maturity
date of the refinanced or extended debt shall be not earlier than September 30,
2015;  provided, further,
however, no proceeds of any Extension of Credit may be used to
refinance such Indebtedness except to the extent provided in Section 6.12.

 

Quarterly Distributions means the
distributions by the Borrower of Available Cash (as defined in the Partnership
Agreement).

 

RCRA means the Resource
Conservation and Recovery Act (42 U.S.C. § 6901 et seq.).

 

Reducing Percentage Lender means each
then existing Lender immediately prior to giving effect to a Commitment
Increase, which Lender shall not increase its respective Commitment in
connection with such Commitment Increase (with the result that the relative
percentage of the aggregate total Commitments of such Lender shall be reduced
after giving effect to such Commitment Increase).

 

Reducing Percentage Lender’s Reduction Amount means the
amount by which a Reducing Percentage Lender’s outstanding Revolving Loans
decrease as a result of a Commitment Increase on any Commitment Increase
Effective Date (without regard to the effect of any Revolving Loans made on
such Commitment Increase Effective Date after giving effect to the Commitment
Increase).

 

Reduction Amount has the
meaning set forth in the definition of “Triggering Sale”.

 

Register has the meaning specified
in Section 10.07(c).

 

Reinvested means used for
Capital Expenditures, Acquisitions or Investments permitted pursuant to this
Agreement.

 

Reinvestment Certificate means with
respect to any Triggering Sale, a certificate of a Responsible Officer of the
Borrower delivered pursuant to Section 6.02(d) detailing
how the Reduction Amount corresponding to such Triggering Sale has been
Reinvested and the portion of such Reduction Amount which has not been
Reinvested.

 

21

 

Related Parties means, with respect to any
Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees and advisors of such Person and of such Person’s
Affiliates.

 

Release means any
spilling, leaking, pumping, pouring, emitting, emptying, discharging,
injecting, escaping, leaching, dumping, disposal, deposit, dispersal,
migrating, or other movement into the air, ground, or surface water, or soil.

 

Reportable Event means any of the events set
forth in Section 4043(c) of ERISA, other than events for which the 30
day notice period has been waived.

 

Required Lenders means, at any time, Lenders
holding more than 50% of the then aggregate outstanding amount of the Revolving
Loans, LC Exposure and Swingline Exposure held by the Lenders or, if no such
principal amount or LC Exposure is then outstanding, the Lenders having more
than 50% of the Commitments.

 

Responsible Officer means the
chairman of the board, chief executive officer, president, chief financial
officer or vice president of finance of the Borrower or any Loan Party, as
applicable. Any document delivered hereunder that is signed by a Responsible
Officer of a Loan Party shall be conclusively presumed to have been authorized
by all necessary corporate, partnership, limited liability company and/or other
action on the part of such Loan Party and such Responsible Officer shall be
conclusively presumed to have acted on behalf of such Loan Party.

 

Restricted Payment means any
dividend or other distribution (whether in cash, securities or other property)
with respect to any capital stock or other equity interest of the Borrower or
any Subsidiary, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any such
capital stock or other equity interest or of any option, warrant or other right
to acquire any such capital stock or other equity interest.

 

Revolving Commitment Termination Date means the earliest
of:

 

(a)   the Maturity Date;

 

(b)  the date on which the Commitments are
terminated in full or reduced to zero pursuant to Section 2.06;
or

 

(c) the date on which the Commitments otherwise
are terminated in full and reduced to zero pursuant to Section 8.02.

 

Revolving Credit Exposure means, at any
time, the aggregate outstanding principal amount of Revolving Loans made by any
Lender at such time.

 

Revolving Loan means any Loan made by the
Lenders pursuant to Section 2.01(a) of
this Agreement.

 

Revolving Period means the period from and
including the Effective Date to but excluding the Revolving Commitment
Termination Date.

 

S&P means Standard &
Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. and
any successor thereto.

 

22

 

SDWA means the Safe
Drinking Water Act (42 U.S.C. § 201 and § 300f et seq.).

 

SEC means the Securities and
Exchange Commission, or any Governmental Authority succeeding to any of its
principal functions.

 

Secured Parties means the Lenders party to
this Agreement, Lenders and/or any Affiliate of a Lender providing any Banking
Service and the Lenders and/or any Affiliate of a Lender party to a Lender
Hedging Agreement. The term “Secured Parties”
shall include a former Lender or an Affiliate of a former Lender that is party
to a Swap Contract with the Borrower or any of its Subsidiaries; provided that such former Lender or Affiliate was a Lender
or an Affiliate of a Lender at the time it entered into such Swap Contract.

 

Security Agreements means,
collectively, the pledge and security agreements, pledge agreements, security
agreements, assignments, and similar instruments, executed by any of the Loan
Parties in favor of the Administrative Agent for the benefit of the Secured
Parties, and all supplements, assignments, amendments, and restatements thereto
(or any agreement in substitution therefor), and “Security Agreement” means each of such
Security Agreements.

 

Senior Leverage Ratio means, for the
Borrower and its Subsidiaries on a consolidated basis, the ratio of (a) Consolidated
Senior Debt as of the determination date to (b) Adjusted Consolidated
EBITDA for the period of the four fiscal quarters ending on such date, or if
such date is not the last day of a fiscal quarter, ending on the last day of
the fiscal quarter most recently ended.

 

Senior Unsecured Notes means
collectively (a) the 6.875% Series A and Series B Senior Notes
due 2014 of the Borrower and MarkWest Energy Finance Corporation, as issuers,
in the original principal amount of $225,000,000 issued pursuant to an
Indenture dated October 25, 2004 among the Borrower, its Subsidiaries
party thereto and Wells Fargo, as trustee, (b) the 8.5% Series A and Series B
Senior Notes due 2016 of the Borrower and MarkWest Energy Finance Corporation,
as issuers, in the original principal amount of $275,000,000 issued pursuant to
an Indenture dated July 6, 2006 among the Borrower, its Subsidiaries party
thereto and Wells Fargo, as trustee, (c) the 8.75% Series A and Series B
Senior Notes due 2018 of the Borrower and MarkWest Energy Finance Corporation,
as issuers, in the original principal amount of $500,000,000 issued pursuant to
an Indenture dated April 15, 2008 among the Borrower, its Subsidiaries
party thereto and Wells Fargo, as trustee, (d) the 6.875% Series A
and Series B Senior Notes due 2014 of the Borrower and MarkWest Energy
Finance Corporation, as issuers, in the original principal amount of
$150,000,000 pursuant to an Indenture dated May 26, 2009, and (e) such
other senior unsecured notes as may be issued by Borrower as permitted by Section 7.04(h).

 

Subsidiary of a Person means a
corporation, partnership, joint venture, limited liability company or other
business entity (a) of which a majority of the shares of securities or
other interests having ordinary voting power for the election of directors or
other governing body (other than securities or interests having such power only
by reason of the happening of a contingency) are at the time beneficially
owned, or the management of which is otherwise controlled, directly, or
indirectly through one or more intermediaries, or both, by such Person and (b) that
is not an Excluded Venture. Unless otherwise specified, all references herein
to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or
Subsidiaries of the Borrower.

 

Successor Administrative Agent has the
meaning specified in Section 10.22(a).

 

Swap Contract means (a) any and all
rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity
contracts, equity or equity index swaps or options, bond or bond price or bond
index swaps or options or 

 

23

 

forward
bond or forward bond price or forward bond index transactions, interest rate
options, forward foreign exchange transactions, cap transactions, floor
transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, spot contracts, or any other similar
transactions or any combination of any of the foregoing (including any options
to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all
transactions of any kind, and the related confirmations, which are subject to
the terms and conditions of, or governed by, any form of master agreement
published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master
agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master
Agreement.

 

Swap Termination Value means, in
respect of any one or more Swap Contracts, after taking into account the effect
of any legally enforceable netting agreement relating to such Swap Contracts, (a) for
any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination
value(s), and (b) for any date prior to the date referenced in clause (a),
the amount(s) determined as the mark-to-market value(s) for such Swap
Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts
(which may include a Lender or any Affiliate of a Lender).

 

Swingline Exposure means at any
time, the aggregate principal amount of all Swingline Loans outstanding at such
time.  The Swingline Exposure of any
Lender at any time shall be its Applicable Percentage of the total Swingline
Exposure at such time.

 

Swingline Lender means Wells Fargo, in its
capacity as lender of Swingline Loans hereunder.

 

Swingline Loan means a Loan made pursuant
to Section 2.15.

 

Syndication Agent means RBC
Capital Markets.

 

Synthetic Lease Obligation means the
monetary obligation of a Person under (a) a so-called synthetic,
off-balance sheet or tax retention lease, or (b) an agreement for the use
or possession of property creating obligations that do not appear on the
balance sheet of such Person but which are depreciated for tax purposes by such
Person.  The amount of any Synthetic
Lease Obligation as of any date shall be deemed to be the amount of
Attributable Indebtedness in respect thereof as of such date.

 

Taxes means all present or future
taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges in the nature of taxes imposed
by any Governmental Authority, including any interest, additions to tax or
penalties applicable thereto.

 

Threshold Amount at any time
means an amount equal to 10% of the Borrower’s consolidated assets measured as
of the close of the then most recent fiscal quarter-end and including Borrower’s
proportionate share of assets of Excluded Ventures.

 

Total Leverage Ratio means, for the
Borrower and its Subsidiaries on a consolidated basis, the ratio of (a) Consolidated
Funded Debt as of the determination date to (b) Adjusted Consolidated
EBITDA for the period of the four fiscal quarters ending on such date, or if
such date is not the last day of a fiscal quarter, ending on the last day of
the fiscal quarter most recently ended.

 

Triggering Sale means receipt
of any Insurance Payment or Net Cash Proceeds from any Disposition (including
from sales of stock or other equity interests in Subsidiaries or MWLM&R and

 

24

 

Dispositions
by MWLM&R of all or substantially all of its assets) (other than a
Disposition permitted by Section 7.07(a),
(b), (d), (e), (f), (g), or (h)) by the
Borrower or any Subsidiary of the Borrower (or MWLM&R in connection with
the sale of all or substantially all of its assets) to any other Person (other
than to the Borrower or to a Wholly-Owned Subsidiary of the Borrower) with
respect to which the Net Cash Proceeds realized by the Borrower or any
Subsidiary (or, in the case of a Disposition by MWLM&R of all or
substantially all of its assets, the Loan Parties’ pro rata share of such Net
Cash Proceeds), for such Disposition, when aggregated with such Net Cash
Proceeds from all such Dispositions occurring since the Effective Date and all
Insurance Payments received by the Borrower or any of its Subsidiaries since
the Effective Date, in each case, to the extent not Reinvested, equals or
exceeds the Threshold Amount. The portion of such Net Cash Proceeds which have
not been Reinvested in excess of the Threshold Amount is herein called the “Reduction Amount.”

 

Triggering Sale Certificate means with
respect to any Triggering Sale, a certificate of a Responsible Officer of the
Borrower delivered pursuant to Section 6.02(c) identifying
such Triggering Sale and specifying the date of receipt by the Borrower or any
of its Subsidiaries of Net Cash Proceeds realized by the Borrower or any
Subsidiary from a Disposition or from any Insurance Payment and specifying the
amount thereof and the Reduction Amount, if any.

 

Type means as to any Loan or
Borrowing, its nature as an Alternate Base Rate Loan or an Alternate Base Rate
Borrowing, a Eurodollar Loan or a LIBO Rate Borrowing.

 

UCC means the Uniform
Commercial Code as in effect in the State of New York or other applicable
jurisdiction.

 

USA Patriot Act means the Uniting And
Strengthening America By Providing Appropriate Tools Required To Intercept And
Obstruct Terrorism Act of 2001.

 

United States and U.S.
mean the United States of America, its fifty states and the District of
Columbia.

 

US Dollars or US$
or $ or Dollars
means the lawful money of the United States of America.

 

Voting Stock means the
capital stock (or equivalent thereof) of any class or kind, of a Person, the
holders of which are entitled to vote for the election of directors, managers,
or other voting members of the governing body of such Person.

 

Weighted Average Life to Maturity means, when
applied to any Indebtedness at any date, the number of years obtained by
dividing: (a) the sum of the products obtained by multiplying (i) the
amount of each then remaining installment, sinking fund, serial maturity or
other required payments of principal, including payment at final maturity, in
respect thereof, by (ii) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment;
by (b) the then outstanding principal amount of such Indebtedness.

 

Wells Fargo means Wells Fargo Bank,
National Association and its successors.

 

Wholly-Owned when used in
connection with a Person means any Subsidiary of such Person of which all of
the issued and outstanding equity interests (except
shares required as directors’ qualifying shares) shall be owned by such Person
or one or more of its Wholly-Owned Subsidiaries.

 

Withholding  Agent
means the Borrower, any Guarantor or the Administrative Agent.

 

25

 

1.02        Other Interpretive
Provisions.  With reference
to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document:

 

(a)           The meanings of defined terms are equally applicable to
the singular and plural forms of the defined terms.

 

(b)           (i)            The
words “hereto,” “hereof” and “hereunder” and words of
similar import when used in any Loan Document shall refer to such Loan Document
as a whole and not to any particular provision thereof.

 

(ii)           Article, Section, Exhibit and
Schedule references are to the Loan Document in which such reference appears.

 

(iii)          The term “including” is by way
of example and not limitation.

 

(iv)          The term “documents” includes
any and all instruments, documents, agreements, certificates, notices, reports,
financial statements and other writings, however evidenced, whether in physical
or electronic form.

 

(c)           In the computation of periods of time from a specified
date to a later specified date, the word “from” means “from and
including;” the words “to” and “until” each mean “to but
excluding;” and the word “through” means “to and including.”

 

(d)           Section headings herein and in the other Loan
Documents are included for convenience of reference only and shall not affect
the interpretation of this Agreement or any other Loan Document.

 

1.03        Accounting Terms.

 

(a)           All accounting terms not specifically or completely
defined herein shall be construed in conformity with, and all financial data
(including financial ratios and other financial calculations) required to be
submitted pursuant to this Agreement shall be prepared in conformity with GAAP,
applied on a consistent basis, as in effect from time to time, applied in a
manner consistent with that used in preparing the audited financial statements,
except as otherwise specifically
prescribed herein.

 

(b)           If at any time any change in GAAP would affect the
computation of any financial ratio or requirement set forth in any Loan
Document, and either the Borrower or the Required Lenders shall so request, the
Administrative Agent, the Lenders and the Borrower shall negotiate in good
faith to amend such ratio or requirement to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of the
Required Lenders); provided that,
until so amended, (i) such ratio or requirement shall continue to be
computed in accordance with GAAP prior to such change therein and (ii) the
Borrower shall provide to the Administrative Agent and the Lenders financial
statements and other documents required under this Agreement or as reasonably
requested hereunder setting forth a reconciliation between calculations of such
ratio or requirement made before and after giving effect to such change in
GAAP.

 

1.04        Rounding.  Any financial ratios required to be
maintained by the Borrower pursuant to this Agreement shall be calculated by
dividing the appropriate component by the other component, carrying the result
to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a
rounding-up if there is no nearest number).

 

26

 

1.05        References to Agreements
and Laws.  Unless
otherwise expressly provided herein, (a) references to Organization
Documents, agreements (including the Loan Documents) and other contractual
instruments shall be deemed to include all subsequent amendments, restatements,
extensions, supplements and other modifications thereto, but only to the extent
that such amendments, restatements, extensions, supplements and other
modifications are not prohibited by any Loan Document; and (b) references
to any Law shall include all statutory and regulatory provisions consolidating,
amending, replacing, supplementing or interpreting such Law.

 

1.06        Times of Day.  Unless otherwise specified, all references
herein to times of day shall be references to Central time (daylight or
standard, as applicable).

 

1.07        Letter of Credit
Amounts.  Unless otherwise specified,
all references herein to the amount of a Letter of Credit at any time shall be
deemed to mean the maximum face amount of such Letter of Credit after giving
effect to all increases thereof contemplated by such Letter of Credit or the
Issuing Documents related thereto, whether or not such maximum face amount is
in effect at such time.

 

1.08        Excluded Ventures

 

(a)           Excluded Ventures shall not constitute Subsidiaries for
purposes of this Agreement and accordingly shall not be subject to any
representations, warranties, affirmative covenants, negative covenants,
Defaults or Events of Default under this Agreement or any of the Loan Documents
unless otherwise expressly provided herein or therein; provided,
however, that in the event any Excluded Venture shall be subject to
any affirmative covenants, negative covenants, defaults or events of default
under any other Indebtedness of any Loan Party, such affirmative covenants,
negative covenants, defaults or events of default as they relate to such
Excluded Venture shall be deemed to be incorporated by reference into this
Agreement and are hereby incorporated by reference, with the same force and
effect as if set forth herein; provided as
such affirmative covenants, negative covenants, defaults or events of default
may be amended or waived from time to time, such amendment or waiver shall be
effective to amend or waive such affirmative covenant, negative covenant,
default or events of default so incorporated by reference.

 

(b)           Borrower shall be permitted to designate any Subsidiary
acquired or formed after the Closing Date as an Excluded Venture.  In addition, Borrower shall be permitted to
designate an existing Subsidiary that is a Guarantor and Loan Party as an
Excluded Venture and the Guaranty of such Subsidiary shall be released by the
Administrative Agent (and the Lenders hereby authorize the Administrative Agent
to release such Subsidiary from its Guaranty) and any Liens granted by such
Subsidiary securing the Obligations (and the Lenders hereby authorize the
Administrative Agent to release such Liens) shall be released by the
Administrative Agent (and the Lenders hereby authorize the Administrative Agent
to release such Liens) subject to the following:

 

(i)            no Default or Event of Default shall exist at the time of
such designation or would exist after giving effect to such designation;

 

(ii)           the Borrower is, and after giving effect to such
designation, would be, in compliance with the financial covenant conditions
precedent for the designation of a Subsidiary as an Excluded Venture set forth
in Sections 7.15(a), (b) and (c);

 

(iii)          the Borrower is in compliance with Sections
7.02(h) and (i) (valuing
the retained Investment in such Subsidiary at fair market value (as determined
by the governing body of the General Partner) for purposes of determining such
covenant compliance) after giving effect to such designation; and

 

27

 

(iv)          after giving pro forma effect to such designation, the
Borrower has no less than $100,000,000 in Cash Equivalents and Borrowing
availability under this Agreement.

 

Any
subsidiary or joint venture of an Excluded Venture shall automatically
constitute an Excluded Venture.  The
Borrower may at any time elect to cause a Person that is an Excluded Venture to
become a Loan Party by taking the actions specified in Sections
6.14 and 6.15 hereof that are required of any new Domestic
Subsidiary.  Upon the taking of such
action, such Person shall cease to be an Excluded Venture.

 

ARTICLE II.

AMOUNT AND TERMS OF LOANS

 

2.01        Loans.

 

(a)           Subject to the terms and conditions of this Agreement,
from time to time during the Revolving Period, each Lender severally agrees to
make Revolving Loans to the Borrower in an aggregate principal amount that will
not result in (i) such Lender’s Credit Exposure exceeding such Lender’s
Commitment or (ii) the sum of the total Credit Exposures of all Lenders
exceeding the total Commitments.  Within
the foregoing limits, the Borrower may use the Commitments by borrowing,
repaying and prepaying the Revolving Loans in whole or in part, and
reborrowing, all in accordance with the terms and conditions hereof.

 

(b)           Each Loan shall be made only during the Revolving Period
as part of a Borrowing consisting of Revolving Loans made by the Lenders
ratably in accordance with their Commitments. 
The failure of any Lender to make any Loan required to be made by it,
fund participations in Letters of Credit and Swingline Loans and make payments
under Section 10.04(a) shall
not relieve any other Lender of its obligations hereunder, provided
that the Commitments of the Lenders are several and not joint, and no Lender
shall be responsible for any other Lender’s failure to make Loans, fund
participations in Letters of Credit and Swingline Loans or make payments under Section 10.04(a).

 

(c)           Subject to Section 3.03,
the Loans may be (i) Eurodollar Loans, (ii) Alternate Base Rate Loans
or (iii) a combination thereof, as determined by the Borrower.  Eurodollar Loans shall be made and maintained
by each Lender at its applicable Lending Office, at its option, provided that the exercise of such option shall not affect
the obligation of the Borrower to repay such Loan in accordance with the terms
of this Agreement or create or increase any obligation of the Borrower not
otherwise arising, or arising in such increased amount, under Section 3.04.

 

2.02        Repayment of Loans;
Evidence of Debt.

 

(a)           The Borrower hereby unconditionally promises to pay (i) to
the Administrative Agent for the account of each Lender the then unpaid
principal and accrued interest amount of each Revolving Loan of such Lender on
the Maturity Date, and (ii) to the Swingline Lender the then unpaid
principal amount of each Swingline Loan on the earlier of the Maturity Date and
the first date after such Swingline Loan is made that is the 15th or last day
of a calendar month and is at least two Business Days after such Swingline Loan
is made; provided that on each date that a
Revolving Loan is made, the Borrower shall repay all Swingline Loans then
outstanding; provided further, that all Loans
shall be paid on such earlier date upon which the maturity of the Loans shall
have been accelerated pursuant to Section 8.02.

 

(b)           Each Lender shall maintain in accordance with its usual
practice an account or accounts evidencing the indebtedness of the Borrower to
such Lender resulting from each Loan made by such Lender, including the amounts
of principal and interest payable and paid to such Lender from time to time
hereunder.

 

28

 

(c)           The Administrative Agent shall maintain accounts in which
it shall record (i) the amount of each Loan made hereunder, the Type
thereof and the Interest Period applicable thereto, (ii) the amount of any
principal or interest due and payable or to become due and payable from the
Borrower to each Lender hereunder, and (iii) the amount of any sum
received by the Administrative Agent hereunder for the account of the Lenders
and each Lender’s share thereof.

 

(d)           The entries made in the accounts maintained pursuant to
paragraphs (b) and (c) of this Section 2.02
shall be prima facie evidence of the existence and amounts of the obligations
recorded therein; provided that the failure of any
Lender or the Administrative Agent to maintain such accounts or any error
therein shall not in any manner affect the obligation of the Borrower to repay
the Loans in accordance with the terms of this Agreement.

 

(e)           Any Lender may request that Loans made by it to the
Borrower be evidenced by a promissory note. 
In such event, the Borrower shall prepare, execute and deliver to such
Lender a promissory note payable to the order of such Lender in substantially the
form attached hereto as Exhibit B. 
Thereafter, the Loans evidenced by such Note and interest thereon shall,
at all times (including after assignment pursuant to Section 10.07),
be represented by one or more Notes in such form payable to the order of the
payee named therein.  Each Lender that
has received a Note shall return such Note to Borrower upon Payment in Full of
the Obligations, and, to the extent that it is not able to do so, such Lender
shall, if requested by Borrower, provide a lost note affidavit containing
customary indemnification provisions in favor of the Borrower.

 

(f)            Each Lender is authorized to and shall endorse the date,
Type and amount of each Loan made by such Lender, each continuation thereof,
each conversion of all or a portion thereof to the same or another Type, and the
date and amount of each payment of principal with respect thereto on the
schedule annexed to and constituting a part of its Note from the Borrower.  No failure to make or error in making any
such endorsement as authorized hereby shall affect the validity of the
obligations of the Borrower to repay the unpaid Principal Amount of the Loans
made to the Borrower with interest thereon as provided in Section 2.10
or the validity of any payment thereof made by the Borrower.  Each Lender shall, at the request of the
Borrower, deliver to the Borrower copies of the Borrower’s Note and the
schedules annexed thereto.

 

2.03        Procedure for
Borrowing.  The
Borrower may borrow Loans on any Business Day; provided
that the Borrower shall notify the Administrative Agent by telephone of the
Borrowing (the “Borrowing Notice”) not later
than 11:00 a.m., New York City time (a) three Business Days prior to
the Borrowing Date, in the case of Eurodollar Loans, and (b) on the
Borrowing Date, in the case of Alternate Base Rate Loans.  Each telephonic Borrowing Notice shall be
irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
Administrative Agent of a written Borrowing Notice, substantially in the form
of Exhibit A attached hereto or
such other form as may be approved by the Administrative Agent, signed by the
Borrower.  Each such telephonic and
written Borrowing Notice shall specify (i) the amount to be borrowed, (ii) the
Borrowing Date, (iii) whether the Borrowing is to consist of Eurodollar
Loans, Alternate Base Rate Loans, or a combination thereof (in each case
stating the amounts), (iv) in the case of Eurodollar Loans, the length of
the Interest Period(s) therefor, and (v) the location and number of
the Borrower’s account to which funds are to be disbursed, which shall comply
with the requirements of Section 2.12.  Each Borrowing shall be in an aggregate
principal amount not less than the lesser of (i) (A) with respect to
Eurodollar Loans, $5,000,000 or a whole multiple of $500,000 in excess thereof,
and (B) with respect to Alternate Base Rate Loans, $1,000,000 or a whole
multiple of $250,000 in excess thereof, and (ii) the then unused
Commitments available to the Borrower. 
Upon receipt of such notice, the Administrative Agent shall promptly
notify each Lender thereof.  Each Lender
will make the amount of its pro rata share of each Borrowing available to the
Administrative Agent for the account of the 

 

29

 

Borrower in accordance with Section 2.12.  The proceeds of each such Borrowing of
Revolving Loans will be made available to the Borrower by the Administrative
Agent in accordance with Section 2.12.

 

2.04        Commitment Fees and LC
Fees.

 

(a)           Subject to Section 2.04(d),
the Borrower agrees to pay to the Administrative Agent for the account of each
Lender in accordance with its Applicable Percentage a Commitment Fee from the
Effective Date to, but not including, the Maturity Date or such earlier date
upon which the Commitments shall terminate or be reduced to zero as provided
herein, computed at the applicable Commitment Fee Applicable Rate specified in
the definition of Applicable Rate times the actual daily amount by which the
aggregate Commitments of all Lenders exceeds the aggregate Credit Exposure of
all Lenders (but excluding, any Swingline Loans) (the “Commitment
Fee”).

 

(b)           The Borrower agrees to pay (i) to the Administrative
Agent for the account of each Lender a participation fee with respect to its
participations in Letters of Credit, which shall accrue at the Applicable Rate
LC Fee specified in the definition of Applicable Rate on the average daily
amount of such Lender’s LC Exposure to the Borrower (excluding any portion
thereof attributable to LC Disbursements) during the period from and including
the Effective Date to but excluding the later of the date on which such Lender’s
Commitment terminates and the date on which such Lender ceases to have any LC
Exposure, and (ii) to the Issuing Bank for its own account an issuing or
fronting fee equal to the greater of (A) $500 and (B) 0.125% per
annum on the actual daily maximum amount available to be drawn under such
Letter of Credit (whether or not such maximum amount is then in effect under
such Letter of Credit) (collectively, the “LC Fees”).

 

(c)           If any Lender shall become a Defaulting Lender, then,
notwithstanding Sections 2.04(a) and (b) above and without
prejudicing any right or remedy that the Borrower may have with respect to, on
account of, arising from or relating to any event pursuant to which such Lender
shall be a Defaulting Lender, no Commitment Fee or LC Fee shall accrue for the
account of such Lender from and after the date upon which such Lender shall
have become a Defaulting Lender.

 

(d)           Commitment Fees and LC Fees payable to any Lender or the Issuing
Bank shall be payable quarterly in arrears on the last day of each March, June,
September and December, commencing on September 30, 2010, and on the
Maturity Date or, with respect to Commitment Fees, on such earlier date as the
Commitments shall terminate or be reduced to zero as provided herein.  All accrued Commitment Fees and LC Fees
payable to any Lender or the Issuing Bank which are not paid on or before the
Maturity Date or the Issuing Bank shall be due and payable on demand.

 

(e)           The Borrower shall pay to Wells Fargo Securities, LLC, RBC Capital Markets and the
Administrative Agent for their own respective accounts fees in the amounts and
at the times specified in the Fee Letter. Such fees shall be fully earned when
paid and shall not be refundable for any reason whatsoever.

 

2.05        Letters of Credit.

 

(a)           Subject to the terms and conditions set forth herein, the
Borrower may request the issuance of, and the Issuing Bank shall issue, Letters
of Credit for its own account or the account of any other Person, in a form
reasonably acceptable to the Administrative Agent and the Issuing Bank, at any
time and from time to time prior to the Revolving Commitment Termination Date; provided that the Issuing Bank shall not be obligated to
issue any Letter of Credit (i) that would result in the aggregate undrawn
or drawn and unreimbursed amount of Letters of Credit outstanding issued by the
Issuing Bank to exceed its LC Issuance Limit or (ii) at any time a Lender
is a Defaulting Lender, unless the Issuing

 

30

 

Bank has entered into arrangements, including the
delivery of Cash Collateral, reasonably satisfactory to the Issuing Bank with
the Borrower or such Lender to eliminate the Issuing Bank’s actual or potential
Fronting Exposure, if any, after giving effect to Section 2.16(a)(iv),
with respect to the Defaulting Lender arising from either the Letter of Credit
then proposed to be issued or that Letter of Credit and all other LC Exposure
as to which the Issuing Bank has actual or potential Fronting Exposure.  In the event of any inconsistency between the
terms and conditions of this Agreement and (A) the terms and conditions of
any form of Letter of Credit Application or other agreement submitted by the
Borrower to, or entered into by the Borrower with, the Issuing Bank relating to
any Letter of Credit, or (B) any terms and conditions (including any
representations, covenants or events of default) supplemental to the terms and
conditions of this Agreement contained in any such form of Letter of Credit
Application or such other agreement, in each case, the terms and conditions of
this Agreement shall control and such supplemental terms and conditions shall
be ignored.

 

(b)           To request the issuance of a Letter of Credit (or
the amendment, renewal or extension of an outstanding Letter of Credit), the
Borrower shall deliver or telecopy (or transmit by electronic communication, if
arrangements for doing so have been approved by the Issuing Bank) to the
appropriate Issuing Bank and the Administrative Agent (reasonably in advance of
the requested date of issuance, amendment, renewal or extension) a notice
requesting the issuance of a Letter of Credit, or identifying the Letter of
Credit to be amended, renewed or extended, and specifying the date of issuance,
amendment, renewal or extension (which shall be a Business Day), the date on
which such Letter of Credit is to expire (which shall comply with Section 2.05(c)), the amount of
such Letter of Credit, the name and address of the beneficiary thereof and such
other information as shall be necessary to prepare, amend, renew or extend such
Letter of Credit.  If requested by the
Issuing Bank, the Borrower also shall, subject to the limitations set forth in
the last sentence of Section 2.05(a),
submit a Letter of Credit Application on the Issuing Bank’s standard form in
connection with any request for a Letter of Credit.  A Letter of Credit shall be issued, amended,
renewed or extended only if (and upon issuance, amendment, renewal or extension
of each Letter of Credit, the Borrower shall be deemed to represent and warrant
that), after giving effect to such issuance, amendment, renewal or extension
and the continuation of a Letter of Credit hereunder by the deemed issuance
thereof hereunder (i) the LC Exposure shall not exceed the unused
Commitments of all Lenders, (ii) the Credit Exposure shall not exceed the
total Commitments, and (iii) the requested Letter of Credit shall not
result in the Issuing Bank having outstanding Letters of Credit in an aggregate
undrawn or drawn and unreimbursed amount in excess of the Issuing Bank’s LC
Issuance Limit; provided that the Issuing Bank
shall not issue, amend, renew or extend any Letter of Credit if the Issuing
Bank shall have received written notice (which has not been rescinded) from the
Administrative Agent or any Lender that any applicable condition precedent to
the issuance, amendment, renewal or extension of such Letter of Credit has not
been satisfied at the requested time of issuance, amendment, renewal or
extension of such Letter of Credit.

 

(c)           Each Letter of Credit shall be denominated in US
Dollars and shall expire at or prior to the close of business on the date
selected by the Borrower, which shall not be later than the earlier of (i) the
date one year after the date of the issuance of such Letter of Credit (or, in
the case of any renewal or extension thereof, one year after such renewal or
extension), and (ii) the date that is five Business Days prior to the
Maturity Date; provided that a Letter of Credit
may expire after the Maturity Date if the Borrower provides to the Issuing Bank
at any time on or prior to the date that is five Business Days prior to the
Maturity Date, an amount of Cash Collateral equal to the LC Exposure of such
Letter of Credit as of such date plus any accrued and unpaid interest thereon.

 

(d)           By the issuance of a Letter of Credit (or an
amendment to a Letter of Credit increasing the amount thereof) and without any
further action on the part of the Issuing Bank or the Lenders, the Issuing Bank
hereby grants to each Lender, and each such Lender hereby acquires from the
Issuing Bank, a participation in such Letter of Credit equal to such Lender’s
Applicable Percentage of the aggregate 

 

31

 

amount available to be drawn under such Letter of
Credit.  In consideration and in
furtherance of the foregoing, each Lender hereby absolutely and unconditionally
agrees to pay to the Administrative Agent, for the account of the Issuing Bank,
such Lender’s Applicable Percentage of each LC Disbursement made by the Issuing
Bank and not reimbursed by the Borrower on the date due as provided in Section 2.05(e), or of any
reimbursement payment required to be refunded to the Borrower for any
reason.  Each Lender acknowledges and
agrees that its obligation to acquire participations pursuant to this paragraph
in respect of Letters of Credit is absolute and unconditional and shall not be
affected by any circumstance whatsoever, including any amendment, renewal or
extension of any Letter of Credit or the occurrence and continuance of an Event
of Default or reduction or termination of the Commitments, and that each such
payment shall be made without any offset, abatement, withholding or reduction
whatsoever.

 

(e)           If the Issuing Bank shall make any LC Disbursement
in respect of a Letter of Credit, the Borrower shall reimburse such LC
Disbursement in US Dollars by paying to the Administrative Agent an amount
equal to such LC Disbursement not later than 12:00 noon, New York City time, on
(i) the Business Day that the Borrower receives a notice of such LC
Disbursement from the Administrative Agent, if such notice is received prior to
10:00 a.m., New York City time, on the day of receipt, or (ii) the
Business Day immediately following the day that the Borrower receives a notice
of such LC Disbursement from the Administrative Agent, if such notice is not
received prior to such time on the day of receipt; provided
that, with respect to any such payment owing by the Borrower prior to the
Revolving Commitment Termination Date, the Borrower may, subject to the
conditions to borrowing set forth herein, request in accordance with Section 2.03 (or Section 2.15 in the case of a
Swingline Loan) that such payment be financed with an Alternate Base Rate Loan
or a Swingline Loan in an equivalent amount and, to the extent so financed, the
Borrower’s obligation to make such payment shall be discharged and replaced by
the resulting Borrowing.  If the Borrower
fails to make such payment when due, the Administrative Agent shall notify each
Lender of the applicable LC Disbursement, the payment then due from the
Borrower in respect thereof and such Lender’s Applicable Percentage
thereof.  Promptly following receipt of
such notice, each Lender shall pay to the Administrative Agent its Applicable
Percentage of the payment then due from the Borrower, in the same manner as
provided in Section 2.12 with
respect to Loans made by such Lender (and Section 2.12 shall
apply, mutatis mutandis, to the payment
obligations of the Lenders), and the Administrative Agent shall promptly pay to
the Issuing Bank the amounts so received by the Administrative Agent from the
Lenders.  Promptly following receipt by
the Administrative Agent of any payment from the Borrower pursuant to this
paragraph, the Administrative Agent shall distribute such payment to the
Issuing Bank or, to the extent that the Lenders have made payments pursuant to
this paragraph to reimburse the Issuing Bank, then to such Lenders and the
Issuing Bank as their interests may appear. 
Any payment made by a Lender pursuant to this paragraph to reimburse the
Issuing Bank for any LC Disbursement shall not constitute a Loan and shall not
relieve the Borrower of its obligation to reimburse such LC Disbursement.

 

(f)            To the extent permitted by Law, the Borrower’s
obligation to reimburse LC Disbursements as provided in Section 2.05(e) shall
be absolute, unconditional and irrevocable, and shall be performed strictly in
accordance with the terms of this Agreement under any and all circumstances
whatsoever and irrespective of (i) any lack of validity or enforceability
of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any
draft or other document presented under a Letter of Credit proving to be
forged, fraudulent or invalid in any respect or any statement therein being
untrue or inaccurate in any respect, (iii) payment by the Issuing Bank
under a Letter of Credit against presentation of a draft or other document that
does not comply with the terms of such Letter of Credit, or (iv) any other
event or circumstance whatsoever, whether or not similar to any of the
foregoing, that might, but for the provisions of this Section 2.05(f),
constitute a legal or equitable discharge of, or provide a right of setoff
against, the Borrower’s obligations hereunder. 
To the extent permitted by Law, none of the Administrative Agent, the
Lenders, or the Issuing Bank, or any of their Related Parties, shall have any
liability or responsibility by reason of or in connection with the issuance or
transfer of any Letter of 

 

32

 

Credit or any payment or failure to make any payment
thereunder (irrespective of any of the circumstances referred to in the
preceding sentence), or any error, omission, interruption, loss or delay in
transmission or delivery of any draft, notice or other communication under or
relating to any Letter of Credit (including any document required to make a
drawing thereunder), any error in interpretation of technical terms or any
consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse
the Issuing Bank from liability to the Borrower to the extent of any direct
damages (as opposed to consequential damages, claims in respect of which are
hereby waived by the Borrower to the extent permitted by applicable Law)
suffered by the Borrower that are caused by the Issuing Bank’s failure to
exercise care when determining whether drafts and other documents presented
under a Letter of Credit comply with the terms thereof.  To the extent permitted by Law, the parties
hereto expressly agree that, in the absence of gross negligence or willful
misconduct on the part of the Issuing Bank, the Issuing Bank shall be deemed to
have exercised care in each such determination. 
In furtherance of the foregoing and without limiting the generality
thereof, the parties agree that, with respect to documents presented which
appear on their face to be in substantial compliance with the terms of a Letter
of Credit, the Issuing Bank may, in its sole discretion, either accept and make
payment upon such documents without responsibility for further investigation,
regardless of any notice or information to the contrary, or refuse to accept and
make payment upon such documents if such documents are not in strict compliance
with the terms of such Letter of Credit.

 

(g)           The Issuing Bank shall, promptly following its
receipt thereof, examine all documents purporting to represent a demand for
payment under a Letter of Credit.  The
Issuing Bank shall promptly notify the Administrative Agent and the Borrower by
telephone (confirmed by telecopy) of such demand for payment and whether the
Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such
notice shall not relieve the Borrower of its obligation to reimburse the
Issuing Bank and the Lenders with respect to any such LC Disbursement.

 

(h)           If the Issuing Bank shall make any LC Disbursement,
then, unless an Alternate Base Rate Loan is funded in respect thereof in
accordance with Section 2.05(e) or
the Borrower shall reimburse such LC Disbursement in full on the date specified
in Section 2.05(e), the unpaid
amount thereof shall bear interest, for each day from and including the date
such reimbursement is due pursuant to Section 2.05(e) to
but excluding the date that the Borrower reimburses such LC Disbursement, at
the rate per annum then applicable to Alternate Base Rate Loans (including the
Applicable Rate); provided that, if the Borrower
fails to reimburse such LC Disbursement when due pursuant to Section 2.05(e), then the
provisions of Section 2.10(a) pertaining
to interest payable on overdue principal shall apply.  Interest accrued pursuant to this paragraph
shall be for the account of the applicable Issuing Bank, except
that interest accrued on and after the date of payment by any Lender pursuant
to Section 2.05(e) to
reimburse the Issuing Bank shall be for the account of such Lender to the
extent of such payment.

 

(i)            The Issuing Bank may be replaced at any time by
written agreement among the Borrower, the Administrative Agent, the replaced
Issuing Bank and the successor Issuing Bank. 
The Administrative Agent shall notify the Lenders of any such
replacement of the Issuing Bank.  At the
time any such replacement shall become effective, the Borrower shall pay all
unpaid fees accrued for the account of the replaced Issuing Bank.  From and after the effective date of any such
replacement, (i) the successor Issuing Bank shall have all the rights and
obligations of the Issuing Bank under this Agreement with respect to Letters of
Credit to be issued thereafter, and (ii) references herein to the term “Issuing Bank” shall be deemed to
refer to such successor.  After the
replacement of the Issuing Bank hereunder, the replaced Issuing Bank shall
remain a party hereto and shall continue to have all the rights and obligations
of the Issuing Bank under this Agreement with respect to Letters of Credit issued
by it prior to such replacement, but shall not be required to issue additional
Letters of Credit.

 

33

 

(j)            If any Event of Default shall occur and be
continuing, on the Business Day that the Borrower receives notice from the
Required Lenders or, if the maturity of the Loans has been accelerated, from
the Administrative Agent or the Required Lenders, demanding the deposit of Cash
Collateral pursuant to this Section 2.05(j),
(i) on the Business Day that the Borrower receives notice from either the
Administrative Agent acting alone or the Required Lenders demanding deposit of
Cash Collateral pursuant to this Section 2.05(j) (or,
if such notice is received on a day other than a Business Day, on the next
Business Day following receipt of such notice), and (ii) at any time that
there shall exist a Defaulting Lender, immediately upon the request of the
Administrative Agent, the Issuing Bank or the Swingline Lender with respect to
any Fronting Exposure existing after giving effect to Section 2.16(a)(iv),
the Borrower shall deposit in an account with the Administrative Agent, in the
name of the Administrative Agent and for the benefit of the Lenders, an amount
in cash equal to the LC Exposure (or such Fronting Exposure) as of such date
plus any accrued and unpaid interest thereon; provided
that the obligation to deposit such Cash Collateral shall become effective
immediately, and such deposit shall become immediately due and payable, without
demand or other notice of any kind, upon the occurrence of any Event of Default
with respect to the Borrower described in Section 8.01((f)(i) or
(f)(ii).  Such deposit shall be held by the
Administrative Agent as collateral for the payment and performance of the
obligations of the Borrower under this Agreement.  The Administrative Agent shall have exclusive
dominion and control, including the exclusive right of withdrawal, over such
account.  Other than any interest earned
on the investment of such deposits, which investments shall be made in
certificates of deposits of the Administrative Agent or securities backed by
the full faith and credit of the United States of America, at the option of the
Administrative Agent and at the Borrower’s risk and expense, such deposits
shall not bear interest.  Interest or
profits, if any, on such investments shall accumulate in such account.  Monies in such account shall be applied by
the Administrative Agent to reimburse the Issuing Bank for LC Disbursements (or
repayment of Swingline Loans) for which it has not been reimbursed (or which
have not been repaid) and, to the extent not so applied, shall be held for the
satisfaction of the reimbursement obligations of the Borrower for the LC
Exposure (or such Fronting Exposure) at such time or, if the maturity of the
Loans has been accelerated (but subject to the consent of the Required
Lenders), be applied to satisfy other obligations of the Borrower under this
Agreement.  If the Borrower is required
to provide an amount of Cash Collateral hereunder as a result of the occurrence
of an Event of Default, such amount (to the extent not applied as aforesaid)
shall be returned to the Borrower within two Business Days after all Events of
Default have been cured or waived.

 

2.06        Reduction
or Termination of Commitments.  Unless previously terminated, the Commitments
shall terminate on the Revolving Commitment Termination Date.  The Borrower shall have the right, upon not
less than three (3) Business Days’ written notice to the Administrative
Agent (which may be revoked prior to such termination if the notice is
conditioned on a refinancing), to terminate the Commitments or, from time to
time, reduce the amount of the Commitments; provided, however, that the Borrower shall not terminate or reduce any
Commitment if, after giving effect to any concurrent repayment of the Loans in
accordance with Section 2.07 and Section 2.08 the total Credit
Exposure of the Lenders would exceed the sum of total Commitments.  Any reduction shall be accompanied by
prepayment of the Loans to the extent, if any, that the total Credit Exposure
of the Lenders then outstanding exceeds the sum of the total Commitments as
then reduced.  Any termination of the
Commitments shall be accompanied by prepayment in full of the Loans then
outstanding and the payment of any unpaid fees then accrued hereunder.  Upon receipt of such notice, the
Administrative Agent shall promptly notify each Lender thereof.  Any partial reduction shall be in an
aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess
thereof and shall reduce permanently the total amount of the Commitments,
together with a corresponding reduction in the aggregate amount of each Lender’s
applicable Commitment.  The Commitments
once terminated or reduced may not be reinstated.  Each reduction of the Commitments shall be
made ratably among the Lenders in accordance with their Commitments (except for
in connection with the termination of this Agreement as to any Lender pursuant
to Section 10.15).

 

34

 

2.07        Optional
Prepayments.

 

(a)           The Borrower may, at its option, as provided in this
Section 2.07, at any time and
from time to time prepay the Loans payable by the Borrower, in whole or in
part, upon written notice to the Administrative Agent (and, in the case of
prepayments of Swingline Loans, the Swingline Lender), in the form of Exhibit A-3
specifying (i) the date and amount of prepayment, and (ii) the
respective amounts to be prepaid in respect of such Loans.  Upon receipt of such prepayment notice, the
Administrative Agent shall promptly notify each Lender thereof.  The payment amount specified in such notice
shall be due and payable on the date specified (unless the notice is
conditioned on a refinancing, in which case such notice may be revoked on or
prior to such date).  All prepayments
pursuant to this Section 2.07 shall
include accrued interest on the amount prepaid to the date of prepayment and,
in the case of prepayments of Eurodollar Loans, any amounts payable pursuant to
Section 3.05 in respect of
which the Borrower has received prior written notice.  The Loans shall also be subject to prepayment
as provided in Section 2.06 and Section 2.08.

 

(b)           Partial
optional prepayments pursuant to this Section 2.07
shall be in an aggregate principal amount of (i) with respect to
Eurodollar Loans, $1,000,000 or any whole multiple of $500,000 in excess
thereof and (ii) with respect to Alternate Base Rate Loans, $500,000 or
any whole multiple of $100,000 in excess thereof.  All prepayments of Loans pursuant to this Section 2.07 shall be without
the payment by the Borrower of any premium or penalty except for amounts
payable pursuant to Section 3.05.

 

2.08        Mandatory
Prepayments From Net Cash Proceeds.

 

(a)           If any portion of the Reduction Amount from any
Triggering Sale has not been Reinvested within 180 days from the receipt by the
Borrower or any of its Subsidiaries of such Reduction Amount (including receipt
of any deferred payments for any such Triggering Sale or portion thereof, if and
when received), then on the Business Day following such 180th day the Loans
shall be prepaid in an amount equal to the portion of the Reduction Amount that
is not so Reinvested, as provided in Section 2.08(c).

 

(b)           Subject to the second proviso of Section 2.08(c),which is
controlling over the provisions of this Section 2.08(b),
if the circumstances therein described exist or would exist, upon receipt by the Borrower or any Subsidiary of
any Reduction Amount, the Borrower shall deliver a Triggering Sale Certificate
to the Administrative Agent pursuant to Section 6.02(c) within
the time period set forth therein and, within three Business Days thereafter,
prepay the Loans by the amount of the Net Cash Proceeds specified in such
Triggering Sale Certificate that have not been Reinvested as of the date of the
Triggering Sale Certificate for application to the Obligations not Reinvested
within such 180 day period, as provided in Section 2.08(c).  For
clarity, amounts prepaid pursuant to this Section 2.08(b) shall
not reduce the total Commitments except the extend provided in the second
proviso of Section 2.08(c).

 

(c)           The prepayments provided for in Section 2.08(b) shall be applied as
follows, unless an Event of
Default has occurred and is continuing or would arise as a result thereof
(whereupon the provisions of Section 8.03)
shall apply): first, as a repayment of the
Principal Amount of Swingline Loans, second to
payment of interest on Swingline Loans, third as a
repayment of the Principal Amount of Revolving Loans and fourth, to
payment of interest on Revolving Loans; provided that
such repayment of Loans will not result in or require a corresponding reduction
in the total Commitments; provided further, however,
if Net Cash Proceeds in excess of 15% of Borrower’s consolidated assets (valued
as of the close of the then most recent fiscal quarter-end and including
Borrower’s proportionate share of assets of Excluded Ventures) are or would be
received in connection with any Triggering Sale and on a pro forma basis the Borrower
would not be in compliance with the financial covenants set forth in Section

 

35

 

7.15 taking such
Triggering Sale (or the events giving rise to such Triggering Sale) into
account, then the Borrower shall use 100% of such Net Cash Proceeds to reduce
the total Commitments (with a corresponding reduction in the Loans in an amount
equal to the amount by which the Loans exceed the reduced total Commitments)
until the Loans are reduced to zero at which point no further prepayment of
Loans using the Net Cash Proceeds from such Triggering Sale is required; provided, however, notwithstanding whether any Excluded
Venture is treated as a consolidated Subsidiary for financial reporting and
accounting purposes generally, the proportionate share of any Loan Party’s
interest in assets of Excluded Ventures shall be included in the Borrower’s
consolidated assets for purposes of this paragraph.

 

(d)           If at any time the total Credit Exposures of the
Lenders exceeds the sum of the total Commitments, the Borrower shall
immediately prepay the Loans owing by it to such Lenders or in an amount equal
to such excess.

 

(e)           Each prepayment of Loans pursuant to this Section 2.08 shall be
accompanied by payment of accrued interest on the amount prepaid to the date of
prepayment and, in the case of prepayments of Eurodollar Loans, any amounts
payable pursuant to Section 3.05 in respect
of which Borrower shall have received a written request therefor.

 

(f)            If, after all Loans have been prepaid pursuant to
this Section 2.08, any such excess
remains as a result of LC Exposure, the Borrower shall provide Cash Collateral
to cover any such excess caused by LC Exposure.

 

2.09        Commitment
Increases.

 

(a)           So long as no Default or Event of Default has
occurred and is continuing or would exist after giving effect to any Commitment
Increase, the Borrower may request from time to time, that the aggregate amount
of the Lenders’ Commitments (including Commitments of any new Lenders) be
increased in an aggregate amount for all such requests not to exceed
$200,000,000 (each a “Commitment Increase”)
by delivering a Notice of Commitment Increase to the Administrative Agent; provided, however, that:

 

(i)            no Lender’s Commitment may
ever be increased without its prior written consent;

 

(ii)           whether or not to
participate in any Commitment Increase and, if so, by what amount will be at
the sole discretion of each Lender;

 

(iii)          any Notice of Commitment
Increase must be given no later than three Business Days prior to the Revolving
Commitment Termination Date;

 

(iv)          the effective date of any
Commitment Increase (the “Commitment Increase
Effective Date”) shall be no earlier than five Business Days (or
such shorter period as may be permitted by the Administrative Agent in its sole
discretion) after receipt by the Administrative Agent of such Notice of
Commitment Increase and any Lender not responding within such time period shall
be deemed to have declined to participate in the Commitment Increase;

 

(v)           the amount of any Commitment
Increase must be at least $5,000,000;

 

(vi)          any such Commitment Increase
shall be secured pari passu with the Obligations;

 

36

 

(vii)         the terms and conditions of
any Commitment Increase must be the same as for the Obligations except that upfront fees may be paid by the Borrower to CI
Lenders; and

 

(viii)        after giving effect to any
requested Commitment Increase, the aggregate amount of the Commitments shall
not exceed $900,000,000.

 

(b)           As conditions precedent to a Commitment Increase,
the terms and documentation in respect thereof shall be reasonably satisfactory
to the Administrative Agent and the Borrower shall deliver to the
Administrative Agent a certificate of each Loan Party dated as of the Commitment
Increase Effective Date signed by a Responsible Officer of such Loan Party (i) certifying
and attaching the resolutions adopted by such Loan Party approving, authorizing
or consenting to such increase, and (ii) in the case of the Borrower,
certifying that, before and after giving effect to such increase, (A) no
Default or Event of Default exists or would exist immediately after giving
effect to the Commitment Increase, (B) the representations and warranties
contained in Article V and the other
Loan Documents are true and correct in all material respects on and as of the
Commitment Increase Effective Date, except to the
extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct in all material respects
as of such earlier date and except that for
purposes of this Section 2.09 the
representation and warranty contained in subsection  (b) of Section 5.06
shall be deemed to refer to the most recent financial statements
furnished pursuant to clause (a) of
Section 6.01, and (C) all
financial covenants in Section 7.15
would be satisfied on a pro forma basis as of the most recent testing date and
on the Commitment Increase Effective Date after giving effect to the actual
Credit Exposure on the Commitment Increase Effective Date.  Additionally, as a condition precedent to any
Commitment Increase the Administrative Agent may require an opinion from
counsel to each Loan Party and the General Partner, in form and substance
reasonably satisfactory to the Administrative Agent and its counsel.

 

(c)           Subject to satisfaction of the foregoing, each
Commitment Increase shall become effective on its Commitment Increase Effective
Date and upon such effectiveness:

 

(i)            the Administrative Agent
shall record in the Register each CI Lender’s information, if necessary, as
provided in the Notice of Commitment Increase and pursuant to an Administrative
Questionnaire that shall be completed and delivered by each CI Lender to the
Administrative Agent on or before the Commitment Increase Effective Date;

 

(ii)           the Administrative Agent
shall distribute to each Lender (including each CI Lender) a copy of the
Annex I attached to the Notice of Commitment Increase relating to such
Commitment Increase;

 

(iii)          each CI Lender identified on
the Notice of Commitment Increase for such Commitment Increase shall be a “Lender”
for all purposes under this Agreement;

 

(iv)          to the extent there are
Revolving Loans outstanding as of such date:

 

(A)          each CI Lender shall, by
wire transfer of immediately available funds, deliver to the Administrative
Agent such CI Lender’s New Funds Amount for the applicable Commitment Increase
Effective Date, which amount, for each such CI Lender, shall constitute
Revolving Loans made by such CI Lender to the Borrower pursuant to this
Agreement on such Commitment Increase Effective Date; and

 

(B)           the Administrative Agent
shall, by wire transfer of immediately available funds, pay to each then
Reducing Percentage Lender its Reducing Percentage Lender’s 

 

37

 

Reduction Amount for such Commitment Increase
Effective Date, which amount, for each such Reducing Percentage Lender, shall
constitute a prepayment by the Borrower pursuant to Section 2.07,
ratably in accordance with the respective principal amounts thereof, of the
principal amounts of all then outstanding Revolving Loans of such Reducing
Percentage Lender.

 

(d)           To the extent there is any Letter of Credit
outstanding as of such Commitment Increase Effective Date, each CI Lender shall
be deemed to have acquired, and each Reducing Percentage Lender shall be deemed
to have transferred, such portions of the existing participations in such
Letter of Credit as shall cause the participations therein of all Lenders to be
pro rata in accordance with the Applicable Percentages of all Lenders on such
Commitment Increase Effective Date (after giving effect to the Commitment
Increases of all Lenders).

 

2.10        Interest.

 

(a)           Each Eurodollar Loan shall bear interest for each
day during each Interest Period with respect thereto on the unpaid Principal
Amount thereof at a rate per annum equal to the LIBO Rate for such Interest
Period plus the Applicable Rate.  Each
Alternate Base Rate Loan shall bear interest on the unpaid Principal Amount
thereof at a fluctuating rate per annum equal to the Alternate Base Rate plus
the Applicable Rate.  Each Swingline Loan
shall bear interest on the unpaid Principal Amount of such Loan at a rate per
annum equal to the Alternate Base Rate plus the Applicable Rate.  Upon the request of the Administrative Agent
or the Required Lenders at any time on or after the occurrence and continuance
of any Event of Default or after acceleration pursuant to Section 8.02(b),
all Loans outstanding shall bear interest (as well after as before judgment),
at the Default Rate until paid in full. 
Interest shall be payable in arrears on each Interest Payment Date; provided, however, that
interest payable on overdue principal shall be payable on demand.

 

(b)           Each Borrowing initially shall be of the Type
specified in the applicable Borrowing Notice and, in the case of a Eurodollar
Loan, shall have an initial Interest Period as specified in such Borrowing
Notice.  Thereafter, the Borrower may
elect to continue such Borrowing to a different Type or to continue such
Borrowing for an additional Interest Period (and elect Interest Periods
therefor), all as provided in this Section 2.10;
provided, after giving effect to all
Borrowings, all conversions of Loans from one Type to the other, and all
continuations of Loans as the same Type, there shall not be more than eight
Interest Periods in effect with respect to Loans.  The Borrower may elect different options with
respect to different portions of the affected Borrowing, in which case each
such portion shall be allocated ratably among the Lenders holding the Loans
comprising such Borrowing, and the Loans comprising each such portion shall
then and thereafter be considered a separate Borrowing.  This Section 2.10,
as it refers to Types of Loans, shall not apply to Swingline Loans, which may
not be converted or continued.

 

(c)           To make an election pursuant to this Section 2.10, the Borrower
shall notify the Administrative Agent of such election (the “Interest Election Request”) by
telephone by the time that a Borrowing Notice would be required under Section 2.03 if the Borrower
were requesting a Borrowing of the Type resulting from such election to be made
on the effective date of such election. 
Each such telephonic Interest Election Request shall be irrevocable and
shall be confirmed promptly by hand delivery or telecopy to the Administrative
Agent of a written Interest Election Request, substantially in the form of Exhibit A-2
attached hereto or such other form as may be approved by the Administrative
Agent, signed by the Borrower.

 

(d)           Each telephonic and written Interest Election
Request shall identify the Borrower and specify the following information in
compliance with Section 2.03:

 

38

 

(i)            the Borrowing to which such
Interest Election Request applies and, if different options are being elected
with respect to different portions thereof, the portions thereof to be
allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each
resulting Borrowing);

 

(ii)           the effective date of the
election made pursuant to such Interest Election Request, which shall be a
Business Day;

 

(iii)          whether the resulting
Borrowing is to be an Alternate Base Rate Borrowing or a LIBO Rate Borrowing;
and

 

(iv)          if the resulting Borrowing
is a LIBO Rate Borrowing, the Interest Period to be applicable thereto after
giving effect to such election, which shall be a period contemplated by the
definition of the term “Interest Period.”

 

(e)           If any such Interest Election Request requests a
LIBO Rate Borrowing but does not specify an Interest Period, then the Borrower
shall be deemed to have selected an Interest Period of one month’s duration.

 

(f)            Promptly following receipt of an Interest Election
Request, the Administrative Agent shall advise each Lender of the details
thereof and of such Lender’s obligation with respect to each resulting
Borrowing.

 

(g)           If the Borrower
fails to deliver a timely Interest Election Request with respect to a
Eurodollar Loan prior to the end of the Interest Period applicable thereto,
then, unless such Borrowing is repaid as provided herein, at the end of such
Interest Period such Borrowing shall be continued as an Alternate Base Rate
Loan.  Notwithstanding any contrary
provision hereof, if an Event of Default has occurred and is continuing and the
Administrative Agent, at the request of the Required Lenders, so notifies the
Borrower, then, so long as such Event of Default is continuing (i) no
outstanding Borrowing may be continued as a Eurodollar Loan, and (ii) unless
repaid, each Eurodollar Loan shall be continued as an Alternate Base Rate Loan
at the end of the Interest Period applicable thereto.

 

2.11        Computation
of Interest and Fees.

 

(a)           Interest on Alternate Base Rate Loans, Swingline
Loans and fees shall be calculated on the basis of a 365 (or 366 as the case
may be) day year for the actual days elapsed. 
Interest on Eurodollar Loans shall be calculated on the basis of a
360-day year for the actual days elapsed. 
The Administrative Agent shall notify the Borrower and the Lenders of
each determination of a LIBO Rate and of the interest rate applicable to each
Swingline Loan.  Any change in the
interest rate resulting from a change in the Alternate Base Rate shall become
effective as of the opening of business on the day on which such change in the
applicable rate shall become effective. 
The Administrative Agent shall notify the Borrower and the Lenders of
the effective date and the amount of each such change in the Alternate Base
Rate.

 

(b)           The Administrative Agent shall, at the request of
the Borrower, deliver to the Borrower a statement showing the computations used
by the Administrative Agent in determining any interest rate pursuant to Section 2.11(a).

 

2.12        Funding
of Borrowings.

 

(a)           Each Lender shall make each Loan to be made by it
hereunder on the proposed Borrowing Date thereof by wire transfer of
immediately available funds by 1:00 p.m., New York City 

 

39

 

time, to the account of the Administrative Agent
most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in Section 2.15.  The Administrative Agent will make such Loans
available to the Borrower by promptly crediting the amounts so received, in
like funds, to an account of the Borrower designated by the Borrower in the
applicable Borrowing Notice; provided that
Alternate Base Rate Loans made to finance the reimbursement of an LC
Disbursement as provided in Section 2.05(e) shall
be remitted by the Administrative Agent to the Issuing Bank.

 

(b)           Unless the Administrative Agent shall have received
notice from a Lender prior to the proposed date of any Borrowing that such
Lender will not make available to the Administrative Agent such Lender’s share
of such Borrowing, the Administrative Agent may assume that such Lender has
made such share available on such date in accordance with Section 2.12(a) and
may, in reliance upon such assumption, make available to the Borrower a
corresponding amount.  In such event, if
a Lender has not in fact made its share of the applicable Borrowing available
to the Administrative Agent, then each such Lender and the Borrower severally
agree to pay to the Administrative Agent forthwith on demand such corresponding
amount with interest thereon, for each day from and including the date such
amount is made available to the Borrower to but excluding the date of payment
to the Administrative Agent, at (i) in the case of such Lender, the
greater of the cost incurred by the Administrative Agent for making such Lender’s
share of such Borrowing and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation, or (ii) in
the case of the Borrower, the interest rate applicable to Alternate Base Rate
Loans.  If such Lender pays such amount
to the Administrative Agent, then such amount shall constitute such Lender’s
Loan included in such Borrowing.

 

2.13        Pro
Rata Treatment and Payments.

 

(a)           Each Borrowing by the Borrower from the Lenders,
each payment (including each prepayment) by the Borrower on account of the
principal of and interest on the Loans and on account of any fees hereunder,
any reimbursement of LC Disbursements, and any reduction of the Commitments of
the Lenders hereunder shall be made pro rata according to the Commitments, except that (i) payments or prepayments, and offsets
against or reductions from the amount of payments and prepayments, in each
case, specifically for the account of a particular Lender under the terms of Section 2.04, Section 2.15, Section 3.01, Section 3.02, Section 3.04, Section 3.05, Section 10.04 or Section 10.15 shall be made for
the account of such Lender (or the Swingline Lender in the case of Section 2.15), and (ii) if
any Lender shall become a Defaulting Lender, from and after the date upon which
such Lender shall have become a Defaulting Lender, any payment made on account
of principal of or interest on the Loans shall be applied as provided in Section 2.16, provided that the application of such payments in accordance
with this clause (ii) shall not constitute an Event of Default or a
Default, and no payment of principal of or interest on the Loans of such
Defaulting Lender shall be considered to be overdue for purposes of Section 2.10(a), if, had such
payments been applied without regard to this clause (ii), no such Event of
Default or Default would have occurred and no such payment of principal of or
interest on the Loans of such Defaulting Lender would have been overdue.  All payments (including prepayments) to be
made by the Borrower on account of principal, interest, reimbursement of LC
Disbursements and fees shall be made in immediately available funds without
setoff or counterclaim and shall be made to the Administrative Agent on behalf
of the Lenders (or on behalf of the Issuing Bank or the Swingline Lender, as
the case may be) at the Administrative Agent’s Office as notified to the
Borrower from time to time at least five Business Days before any change in
such office. The Administrative Agent shall distribute such payments to the
Lenders promptly upon receipt in like funds as received.  Reimbursement of all LC Disbursements shall be
made as required by Section 2.05(e).

 

(b)           If any payment hereunder (other than interest
payments on the Eurodollar Loans) becomes due and payable on a day other than a
Business Day, such payment shall be extended to the next

 

40

 

succeeding Business Day, and with respect to
payments of principal, interest thereon shall be payable at the then applicable
rate during such extension.  If any
interest payment on a Eurodollar Loan becomes due and payable on a day other
than a Business Day, the maturity thereof shall be extended to the next
succeeding Business Day unless the result of such extension would be to extend
such payment into another calendar month in which event such payment shall be
made on the immediately preceding Business Day.

 

(c)           Except as provided in Section 3.01, Section 3.02, Section 3.04, Section 3.05, Section 10.04, Section 10.15, and this Section 2.13, if any Lender
shall, by exercising any right of set-off or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of the Loans or
participations in LC Disbursements resulting in such Lender receiving payment
of a greater proportion of the aggregate amount of its Loans and participations
in LC Disbursements and accrued interest thereon than the proportion received
by any other Lender (other than, in the case of Swingline Loans, the Swingline
Lender), then the Lender receiving such greater proportion shall purchase (for
cash at face value) participations in the Loans and participations in LC
Disbursements with respect to the Loans and LC Exposure of other Lenders to the
extent necessary so that the benefit of all such payments shall be shared by
such Lenders ratably in accordance with the aggregate amount of principal of
and accrued interest on their respective Loans and participations in LC
Disbursements; provided that (i) if any
such participations are purchased and all or any portion of the payment giving
rise thereto is recovered, such participations shall be rescinded and the
purchase price restored to the extent of such recovery, without interest, and (ii) the
provisions of this paragraph shall not be construed to apply to any payment
made by the Borrower pursuant to and in accordance with the express terms of
this Agreement or any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans or participations
in LC Disbursements to any assignee or participant, other than to the Borrower
or any Subsidiary or Affiliate thereof (as to which the provisions of this
paragraph shall apply).  The Borrower
consents to the foregoing and agrees, to the extent it may effectively do so
under applicable Law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against the Borrower rights of set-off and
counterclaim with respect to such participation as fully as if such Lender were
a direct creditor of the Borrower in the amount of such participation.

 

(d)           Unless the Administrative
Agent shall have received notice from the Borrower prior to the date on which
any payment is due to the Administrative Agent for the account of the Lenders
or the Issuing Bank hereunder that the Borrower will not make such payment, the
Administrative Agent may assume that the Borrower has made such payment on such
date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders or the Issuing Bank, as the case may be, the amount
due.  In such event, if the Borrower has
not in fact made such payment, then each of the Lenders or the Issuing Bank, as
the case may be, severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender or the Issuing
Bank with interest thereon, for each day from and including the date such
amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of the cost incurred by the Administrative
Agent for making such distributed amount and a rate determined by the
Administrative Agent in accordance with banking industry rules on
interbank compensation.

 

(e)           If any Lender shall fail to
make any payment required to be made by it pursuant to Section 2.05(d),
Section 2.05(e), Section 2.12(b) or Section 2.13(d), then the
Administrative Agent may, in its discretion (notwithstanding any contrary
provision hereof), apply any amounts thereafter received by the Administrative
Agent for the account of such Lender to satisfy such Lender’s obligations under
such Sections until all such unsatisfied obligations are fully paid.

 

2.14        Pari
Passu Lien Securing Lender Hedging Agreements and Banking Service Obligations.  All Obligations arising under the Loan
Documents, including, without limitation, Obligations under this 

 

41

 

Agreement, Banking Service Obligations and
Obligations under any Lender Hedging Agreement, shall be secured pari passu by the Collateral.  For the avoidance of doubt, no Indebtedness
of any Excluded Venture owing to any Lender, any Affiliate of a Lender, any
non-Lender, or any non-Lender Affiliate party to a Swap Contract with any
Excluded Venture shall be secured by the Collateral.  No Lender or Affiliate of a Lender shall have
any voting rights under any Loan Document as a result of the existence of
obligations owed to it under any such Lender Hedging Agreement or as a result
of any Banking Service Obligation being owed to it, except as expressly
provided herein.

 

2.15        Swingline
Loans.

 

(a)           Subject to the terms and
conditions set forth herein, the Swingline Lender agrees to make Swingline
Loans to the Borrower from time to time during the Revolving Period, in an
aggregate principal amount at any time outstanding that will not result in (i) the
aggregate principal amount of outstanding Swingline Loans exceeding $10,000,000
or (ii) the total Credit Exposures exceeding the total Commitments; provided that the Swingline Lender shall not be required to
make a Swingline Loan to refinance an outstanding Swingline Loan.  Within the foregoing limits and subject to
the terms and conditions set forth herein, the Borrower may borrow, prepay and
reborrow Swingline Loans.

 

(b)           To request a Swingline Loan,
the Borrower shall notify the Administrative Agent of such request by telephone
(confirmed by facsimile, substantially in the form of Exhibit A-1
attached hereto or such other form as may be approved by the Swingline Lender,
executed by the Borrower), not later than 2:00 p.m., New York City time,
on the day of a proposed Swingline Loan. 
Each such notice shall be irrevocable and shall specify the requested
date (which shall be a Business Day) and amount of the requested Swingline
Loan.  The Administrative Agent will
promptly advise the Swingline Lender of any such notice received from the
Borrower.  The Swingline Lender shall
make each Swingline Loan available to the Borrower by means of a credit to the
general deposit account of the Borrower with the Swingline Lender (or, in the
case of a Swingline Loan made to finance the reimbursement of an LC Disbursement
as provided in Section 2.05(e), by
remittance to the Issuing Bank) by 4:00 p.m., New York City time, on the
requested date of such Swingline Loan.

 

(c)           The Swingline Lender may by
written notice given to the Administrative Agent not later than 10:00 a.m.,
New York City time, on any Business Day require the Lenders to acquire
participations on such Business Day in all or a portion of the Swingline Loans
outstanding.  Such notice shall specify
the aggregate amount of Swingline Loans in which Lenders will participate.  Promptly upon receipt of such notice, the
Administrative Agent will give notice thereof to each Lender, specifying in
such notice such Lender’s Applicable Percentage of such Swingline Loan or
Loans.  Each Lender hereby absolutely and
unconditionally agrees, upon receipt of notice as provided above, to pay to the
Administrative Agent, for the account of the Swingline Lender, such Lender’s
Applicable Percentage of such Swingline Loan or Loans.  Each Lender acknowledges and agrees that its
obligation to acquire participations in Swingline Loans pursuant to this
paragraph is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including the occurrence and continuance of a Default
or Event of Default or reduction or termination of the Commitments, and that
each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever.  Each Lender shall
comply with its obligation under this paragraph by wire transfer of immediately
available funds, in the same manner as provided in Section 2.12
with respect to Loans made by such Lender (and Section 2.12
shall apply, mutatis mutandis, to the payment
obligations of the Lenders), and the Administrative Agent shall promptly pay to
the Swingline Lender the amounts so received by it from the Lenders.  The Administrative Agent shall notify the
Borrower of any participations in any Swingline Loan acquired pursuant to this
paragraph, and thereafter payments in respect of such Swingline Loan shall be
made to the Administrative Agent and not to the Swingline Lender.  Any amounts received by the Swingline Lender
from the Borrower (or other party on behalf of the Borrower) in respect of a
Swingline Loan after receipt by the Swingline Lender of 

 

42

 

the proceeds of a sale of participations therein
shall be promptly remitted to the Administrative Agent; any such amounts
received by the Administrative Agent shall be promptly remitted by the
Administrative Agent to the Lenders that shall have made their payments
pursuant to this paragraph and to the Swingline Lender, as their interests may
appear; provided that any such payment so
remitted shall be repaid to the Swingline Lender or to the Administrative
Agent, as applicable, if and to the extent such payment is required to be
refunded to the Borrower for any reason. 
The purchase of participations in a Swingline Loan pursuant to this
paragraph shall not relieve the Borrower of any default in the payment thereof.

 

(d)           At any time that there shall
exist a Defaulting Lender, the Borrower shall deliver to the Administrative
Agent Cash Collateral to secure any Fronting Exposure as may be required
pursuant to Section 2.05(j)(ii) hereof.

 

2.16        Defaulting
Lenders.

 

(a)           Adjustments.  Notwithstanding anything to the contrary
contained in this Agreement, if any Lender becomes a Defaulting Lender, then,
until such time as that Lender is no longer a Defaulting Lender, to the extent
permitted by applicable Law:

 

(i)            Waivers and Amendments.  That Defaulting Lender’s right to approve or
disapprove any amendment, waiver or consent with respect to this Agreement
shall be restricted as set forth in Section 10.01.

 

(ii)           Reallocation of Payments.  Any payment of principal, interest, fees or
other amounts received by the Administrative Agent for the account of that
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise, and
including any amounts made available to the Administrative Agent by that Defaulting
Lender pursuant to Section 10.09), shall be
applied at such time or times as may be determined by the Administrative Agent
as follows: first, to the payment of any amounts
owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing by that Defaulting Lender to the Issuing Bank or Swingline Lender
hereunder; third, if so determined by the
Administrative Agent or requested by the Issuing Bank, Swingline Lender or
Borrower, to be held as Cash Collateral for future funding obligations of that
Defaulting Lender of any participation in any Swingline Loan or Letter of
Credit; fourth, as the Borrower may request (so
long as no Default or Event of Default exists), to the funding of any Loan in
respect of which that Defaulting Lender has failed to fund its portion thereof
as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the
Borrower, to be held in a non-interest bearing deposit account and released
in order to satisfy obligations of that Defaulting Lender to fund Loans
under this Agreement; sixth, to the
payment of any amounts owing to the Lenders, the Issuing Bank or Swingline
Lender as a result of any judgment of a court of competent jurisdiction
obtained by any Lender, the Issuing Bank or Swingline Lender against that
Defaulting Lender as a result of that Defaulting Lender’s breach of its
obligations under this Agreement; seventh, so
long as no Default or Event of Default exists, to the payment of any amounts
owing to the Borrower as a result of any judgment of a court of competent
jurisdiction obtained by the Borrower against that Defaulting Lender as a
result of that Defaulting Lender’s breach of its obligations under this
Agreement; and eighth, to that Defaulting Lender
or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the
principal amount of any Loans or LC Disbursements in respect of which that
Defaulting Lender has not fully funded its appropriate share and (y) such
Loans or LC Disbursements were made at a time when the conditions set forth in Section 4.02 were satisfied or
waived, such payment shall be applied solely to pay the Loans of, and LC
Disbursements owed to, all non-Defaulting Lenders on a pro rata basis prior to
being applied to the payment of any 

 

43

 

Loans of, or LC
Disbursements owed to, that Defaulting Lender. 
Any payments, prepayments or other amounts paid or payable to a
Defaulting Lender that are applied (or held) to pay amounts owed by a
Defaulting Lender or to post Cash Collateral pursuant to this Section 2.16(a)(ii) shall
be deemed paid to and redirected by that Defaulting Lender, and each Lender
irrevocably consents hereto.

 

(iii)          Certain Fees.  That Defaulting Lender (x) shall not be
entitled to receive any Commitment Fee pursuant to Section 2.04(a) for
any period during which that Lender is a Defaulting Lender (and the Borrower
shall not be required to pay any such fee that otherwise would have been
required to have been paid to that Defaulting Lender) and (y) shall not be
entitled to receive any LC Fees pursuant to as provided in Section 2.04(b).

 

(iv)          Reallocation of Applicable
Percentages to Reduce Fronting Exposure.  During any period in which there is a
Defaulting Lender, for purposes of computing the amount of the obligation of
each non-Defaulting Lender to acquire, refinance or fund participations in
Letters of Credit or Swingline Loans pursuant to Sections
2.05 and 2.15, the “Applicable
Percentage” of each non-Defaulting Lender shall be computed without giving
effect to the Commitment of that Defaulting Lender; provided,
that, (i) each such reallocation shall be given effect only if, at the
date the applicable Lender becomes a Defaulting Lender, no Default or Event of
Default exists; and (ii) the aggregate obligation of each non-Defaulting
Lender to acquire, refinance or fund participations in Letters of Credit and
Swingline Loans shall not exceed the positive difference, if any, of (1) the
Commitment of that non-Defaulting Lender minus (2) the Revolving
Credit Exposure of that Lender.

 

(b)           Defaulting
Lender Cure.  If the Borrower, the
Administrative Agent, Swingline Lender and the Issuing Bank agree in writing in
their sole discretion that a Defaulting Lender should no longer be deemed to be
a Defaulting Lender, the Administrative Agent will so notify the parties
hereto, whereupon as of the effective date specified in such notice and subject
to any conditions set forth therein (which may include arrangements with
respect to any Cash Collateral), that Lender will, to the extent applicable,
purchase that portion of outstanding Loans of the other Lenders or take such
other actions as the Administrative Agent may determine to be necessary to
cause the Loans and funded and unfunded participations in Letters of Credit and
Swingline Loans to be held on a pro rata basis by the Lenders in accordance
with their Applicable Percentages (without giving effect to Section 2.16(a)(iv)), whereupon
that Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of the Borrower while that Lender was a
Defaulting Lender; and provided, further, that except to the extent otherwise expressly
agreed by the affected parties, no change hereunder from Defaulting Lender to
Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender’s having been a Defaulting Lender.

 

(c)           Replacement of Defaulting
Lender.  The Borrower shall have the
right to replace a Defaulting Lender in accordance with Section 10.15.

 

ARTICLE III.

TAXES,
YIELD PROTECTION AND ILLEGALITY

 

3.01        Taxes.

 

(a)           Payments Free of Taxes;
Obligation to Withhold; Payments on Account of Taxes.

 

(i)            Any and all payments by or
on account of any obligation of the Borrower hereunder or under any other Loan
Document shall to the extent permitted by applicable Laws be 

 

44

 

made free and clear of and
without reduction or withholding for any Taxes. 
If, however, applicable Laws require the Borrower or the Administrative
Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted in
accordance with such Laws as determined by the Borrower or the Administrative
Agent, as the case may be, upon the basis of the information and documentation
to be delivered pursuant to Section 3.01(e) below.

 

(ii)           If the Borrower or the
Administrative Agent shall be required by the Code to withhold or  deduct any Taxes, including both United States Federal
backup withholding and withholding taxes, from any payment, then (A) the
Administrative Agent shall withhold or make such deductions as are determined
by the Administrative Agent to be required based upon the information and
documentation it has received pursuant to Section 3.01(e) below,
(B) the Administrative Agent shall timely pay the full amount withheld or
deducted to the relevant Governmental Authority in accordance with the Code,
and (C) to the extent that the withholding or deduction is made on account
of Indemnified Taxes or Other Taxes, the sum payable by the Borrower shall be
increased as necessary so that after any required withholding or the making of
all required deductions (including deductions applicable to additional sums
payable under this Section 3.01(a)) the
Administrative Agent, Lender or Issuing Bank, as the case may be, receives an
amount equal to the sum it would have received had no such withholding or
deduction been made.

 

(b)           Payment of Other Taxes by
the Borrower.  Without
limiting the provisions of Section 3.01(a) above,
the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable Laws.

 

(c)           Tax Indemnifications.

 

(i)            Without limiting the
provisions of Sections 3.01(a) or (b) above, the Borrower shall,
and does hereby, indemnify the Administrative Agent, each Lender and the
Issuing Bank, and shall make payment in respect thereof within 10 days after
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes
(including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section 3.01(c))
withheld or deducted by the Borrower or the Administrative Agent or paid by the
Administrative Agent, such Lender or the Issuing Bank, as the case may be, and
any penalties, interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental
Authority.  The Borrower shall also, and
does hereby, indemnify the Administrative Agent, and shall make payment in
respect thereof within 10 days after demand therefor, for any amount which a
Lender or the Issuing Bank for any reason fails to pay indefeasibly to the
Administrative Agent as required by clause (ii) of this subsection.  A certificate as to the amount of any such
payment or liability delivered to the Borrower by a Lender or the Issuing Bank
(with a copy to the Administrative Agent), or by the Administrative Agent on
its own behalf or on behalf of a Lender or the Issuing Bank, shall be
conclusive absent manifest error.

 

(ii)           Without limiting the
provisions of Sections 3.01(a) or (b) above, each Lender and the
Issuing Bank shall, and does hereby, indemnify the Administrative Agent, and
shall make payment in respect thereof within 10 days after demand therefor,
against any and all Taxes and any and all related losses, claims, liabilities,
penalties, interest and expenses (including the fees, charges and disbursements
of any counsel for the Administrative Agent) incurred by or asserted against
the Administrative Agent by any Governmental Authority as a result of the
failure by such Lender or the Issuing Bank, as the case may be, to deliver, or
as a result of the inaccuracy, inadequacy or deficiency of, any documentation
required to be delivered by such Lender or the 

 

45

 

Issuing Bank, as the case
may be, to the Borrower or the Administrative Agent pursuant to Section 3.01(e).  Each Lender and the Issuing Bank hereby
authorizes the Administrative Agent to set off and apply any and all amounts at
any time owing to such Lender or the Issuing Bank, as the case may be, under
this Agreement or any other Loan Document against any amount due to the
Administrative Agent under this clause (ii).

 

(iii)          The agreements in clauses (i) and
(ii) of this Section 3.01(c) shall
survive the resignation and/or replacement of the Administrative Agent, any
assignment of rights by, or the replacement of, a Lender or the Issuing Bank,
the termination of the Commitments and the repayment, satisfaction or discharge
of all other Obligations.

 

(d)           Evidence of Payments.  Upon request by the
Borrower or the Administrative Agent, as the case may be, after any payment of
Taxes by the Borrower or by the Administrative Agent to a Governmental
Authority as provided in this Section 3.01,
the Borrower shall deliver to the Administrative Agent or the Administrative
Agent shall deliver to the Borrower, as the case may be, the original or a
certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of any return required by Law to report such payment or
other evidence of such payment reasonably satisfactory to the Borrower or the
Administrative Agent, as the case may be.

 

(e)           Status of Lenders; Tax
Documentation.

 

(i)            Each Lender shall deliver to
the Borrower and to the Administrative Agent, at the time or times prescribed
by applicable Laws or when reasonably requested by the Borrower or the
Administrative Agent, such properly completed and executed documentation
prescribed by applicable Laws or by the taxing authorities of any jurisdiction
and such other reasonably requested information as will permit the Borrower or
the Administrative Agent, as the case may be, to determine (A) whether or
not payments made hereunder or under any other Loan Document are subject to
Taxes, (B) if applicable, the required rate of withholding or deduction,
and (C) such Lender’s entitlement to any available exemption from, or
reduction of, applicable Taxes in respect of all payments to be made to such
Lender by the Borrower pursuant to this Agreement or otherwise to establish
such Lender’s status for withholding tax purposes in the applicable
jurisdiction.

 

(ii)           Without limiting the
generality of the foregoing, if the Borrower is a resident for tax purposes in
the United States,

 

(A)          any Lender that is a “United
States person” within the meaning of Section 7701(a)(30) of the Code shall
deliver to the Borrower and the Administrative Agent executed originals of IRS Form W-9
or such other documentation or information prescribed by applicable Laws or
reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent, as the case may be, to determine
whether or not such Lender is subject to backup withholding or information
reporting requirements; and

 

(B)           each Foreign Lender that is
entitled under the Code or any applicable treaty to an exemption from or
reduction of withholding tax with respect to payments hereunder or under any
other Loan Document shall deliver to the Borrower and the Administrative Agent
(in such number of copies as shall be requested by the recipient) on or prior
to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the request of the Borrower or the 

 

46

 

Administrative Agent, but
only if such Foreign Lender is legally entitled to do so), whichever of the
following is applicable:

 

(I)            executed originals of IRS Form W-8BEN claiming
eligibility for benefits of an income tax treaty to which the United States is
a party,

 

(II)           executed originals of IRS Form W-8ECI,

 

(III)         executed originals of IRS Form W-8IMY and all
required supporting documentation,

 

(IV)         in the case of a Foreign Lender claiming the
benefits of the exemption for portfolio interest under section 881(c) of
the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a
“bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10
percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B) of
the Code, or (C) a “controlled foreign corporation” described in section
881(c)(3)(C) of the Code and (y) executed originals of IRS Form W-8BEN,
or

 

(V)           executed originals of any other form prescribed by
applicable Laws as a basis for claiming exemption from or a reduction in United
States Federal withholding tax together with such supplementary documentation
as may be prescribed by applicable Laws to permit the Borrower or the
Administrative Agent to determine the withholding or deduction required to be
made.

 

(iii)          Each Lender shall promptly (A) notify
the Borrower and the Administrative Agent of any change in circumstances which
would modify or render invalid any claimed exemption or reduction, and (B) take
such steps as shall not be materially disadvantageous to it, in the reasonable
judgment of such Lender, and as may be reasonably necessary (including the
re-designation of its Lending Office) to avoid any requirement of applicable
Laws of any jurisdiction that the Borrower or the Administrative Agent make any
withholding or deduction for taxes from amounts payable to such Lender.

 

(f)            Treatment of Certain Refunds.  Unless required by applicable Laws, at no
time shall the Administrative Agent have any obligation to file for or
otherwise pursue on behalf of a Lender or the Issuing Bank, or have any
obligation to pay to any Lender or the Issuing Bank, any refund of Taxes
withheld or deducted from funds paid for the account of such Lender or the
Issuing Bank, as the case may be.  If the
Administrative Agent, any Lender or the Issuing Bank determines, in its
reasonable discretion, that it has received a refund of any Taxes or Other
Taxes as to which it has been indemnified by the Borrower or with respect to
which the Borrower has paid additional amounts pursuant to this Section 3.01, it shall pay to
the Borrower an amount equal to such refund (but only to the extent of
indemnity payments made, or additional amounts paid, by the Borrower under this
Section 3.01 with respect to
the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket
expenses incurred by the Administrative Agent, such Lender or the Issuing Bank,
as the case may be, and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund), provided that the Borrower, upon the request of the
Administrative Agent, such Lender or the Issuing Bank, agrees to repay the
amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent,
such Lender or the Issuing Bank in the event the Administrative Agent, such
Lender or the Issuing Bank is required to repay such refund to such Governmental
Authority.  This Section 3.01(f)shall
not be construed to require the Administrative Agent, 

 

47

 

any Lender or the Issuing Bank to make available its
tax returns (or any other information relating to its taxes that it deems
confidential) to the Borrower or any other Person.

 

(g)           FATCA.  If a payment made to a Lender under this
Agreement would be subject to U.S. Federal withholding tax imposed by FATCA if
such Lender fails to comply with the applicable reporting requirements of FATCA
(including those contained in Section 1471(b) or 1472(b) of the
Code, as applicable), such Lender shall deliver to the Withholding Agent, at
the time or times prescribed by Law and at such time or times reasonably
requested by the Withholding Agent, such documentation prescribed by applicable
Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Withholding Agent
as may be necessary for the Withholding Agent to comply with its obligations
under FATCA, to determine that such Lender has complied with such Lender’s
obligations under FATCA or to determine the amount to deduct and withhold from
such payment.

 

3.02        Illegality.  If any Lender determines that any Law has
made it unlawful, or that any Governmental Authority has asserted that it is
unlawful, for any Lender or its applicable Lending Office to make, maintain or
fund Eurodollar Loans, or materially restricts the authority of such Lender to
purchase or sell, or to take deposits of, Dollars in the applicable offshore
Dollar market, or to determine or charge interest rates based upon the LIBO
Rate, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, any obligation of such Lender to make or continue
Eurodollar Loans or to convert Alternate Base Rate Loans to Eurodollar Loans
shall be suspended until such Lender notifies the Administrative Agent and the
Borrower that the circumstances giving rise to such determination no longer
exist. Upon receipt of such notice, the Borrower shall, upon demand from such
Lender (with a copy to the Administrative Agent), at its option prepay or, if
applicable, convert all Eurodollar Loans of such Lender to Alternate Base Rate
Loans, either on the last day of the Interest Period therefor, if such Lender
may lawfully continue to maintain such Eurodollar Loans to such day, or
immediately, if such Lender may not lawfully continue to maintain such
Eurodollar Loans. Upon any such prepayment or conversion, the Borrower shall
also pay accrued interest on the amount so prepaid or converted. Each Lender
agrees to designate a different Lending Office if such designation will avoid
the need for such notice and will not, in the good faith judgment of such
Lender, otherwise be materially disadvantageous to such Lender.

 

3.03        Inability
to Determine Rates.  If the
Administrative Agent determines in connection with any request for a Eurodollar
Loan or a conversion to or continuation thereof that (a) Dollar deposits
are not being offered to banks in the applicable offshore Dollar market for the
applicable amount and Interest Period of such Eurodollar Loan, or adequate and
reasonable means do not exist for determining the LIBO Rate for such Eurodollar
Loan, or (b) if the Required Lenders determine that for any reason
adequate and reasonable means do not exist for determining the LIBO Rate for
any requested Interest Period with respect to a proposed Eurodollar Loan, or
that the LIBO Rate for any requested Interest Period with respect to a proposed
Eurodollar Loan does not adequately and fairly reflect the cost to such Lenders
of funding such Loan, the Administrative Agent will promptly so notify the
Borrower and each Lender. Thereafter, the obligation of the Lenders to make or
maintain Eurodollar Loans shall be suspended until the Administrative Agent
(with the approval of the Required Lenders) revokes such notice. Upon receipt
of such notice, the Borrower may revoke any pending request for a Borrowing of,
conversion to or continuation of Eurodollar Loans or, failing that, will be
deemed to have converted such request into a request for a Borrowing of
Alternate Base Rate Loans in the amount specified therein.

 

3.04        Increased Cost and Reduced
Return; Capital Adequacy; Reserves on Eurodollar Loans.

 

(a)           If any Lender or any Issuing
Bank determines that as a result of a Change in Law, or such Lender’s or such
Issuing Bank’s compliance therewith, there shall be any increase in the cost to
such 

 

48

 

Lender or such Issuing Bank of agreeing to make or
making, funding or maintaining Eurodollar Loans or to increase the cost to such
Lender or such Issuing Bank of participating in, issuing or maintaining any
Letter of Credit, or a reduction in the amount received or receivable by such
Lender or such Issuing Bank in connection with any of the foregoing (excluding
for purposes of this Section 3.04(a) any
such increased costs or reduction in amount resulting from (i) Taxes or
Other Taxes (as to which Section 3.01
shall govern), (ii) changes in the rate of tax on or the basis of taxation
of overall net income or overall gross income by the United States or any
foreign jurisdiction (or any political subdivision thereof) under the Laws of which
such Lender or such Issuing Bank is organized or has its Lending Office, and (iii) reserve
requirements contemplated by Section 3.04(c) utilized,
as to Eurodollar Loans, in the determination of the LIBO Rate), then from time
to time upon demand of such Lender or such Issuing Bank (with a copy of such
demand to the Administrative Agent), the Borrower shall pay to such Lender or
such Issuing Bank such additional amounts as will compensate such Lender or
such Issuing Bank for such increased cost or reduction.

 

(b)           If any Lender determines
that a Change in Law has the effect of reducing the rate of return on the
capital of such Lender or any corporation controlling such Lender as a
consequence of such Lender’s obligations hereunder (taking into consideration
its policies with respect to capital adequacy and such Lender’s desired return
on capital), then from time to time upon demand of such Lender (with a copy of
such demand to the Administrative Agent), the Borrower shall pay to such Lender
such additional amounts as will compensate such Lender for such reduction.

 

(c)           Failure or delay on the part
of any Lender or the Issuing Bank to demand compensation pursuant to this Section 3.04 shall not
constitute a waiver of such Lender’s or the Issuing Bank’s right to demand
compensation; provided that the Borrower shall
not be required to compensate a Lender or the Issuing Bank pursuant to this Section 3.04 for any increased
costs incurred or reductions suffered more than six months prior to the date
that such Lender or the Issuing Bank, as the case may be, notifies the Borrower
of the Change in Law giving rise to such increased costs or reductions and of
such Lender’s or the Issuing Bank’s intention to claim compensation therefor
(except that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the six-month period referred to above shall be
extended to include the period of retroactive effect thereof).

 

(d)           The Borrower shall pay to
each Lender, as long as such Lender shall be required to maintain reserves with
respect to liabilities or assets consisting of or including Eurocurrency funds
or deposits (currently known as “Eurocurrency liabilities”),
without proration or offset, additional interest on the unpaid principal amount
of each Eurodollar Loan equal to the actual costs of such reserves allocated to
such Loan by such Lender (as determined by such Lender in good faith, which
determination shall be conclusive), which shall be due and payable on each date
on which interest is payable on such Loan, provided the
Borrower shall have received at least 15 days’ prior notice (with a copy to the
Administrative Agent) of such additional interest from such Lender. If a Lender
fails to give notice 15 days prior to the relevant Interest Payment Date, such
additional interest shall be due and payable 15 days from receipt of such
notice.

 

3.05        Compensation
for Losses.  Upon demand
of any Lender (with a copy to the Administrative Agent) from time to time, the
Borrower shall promptly compensate such Lender for and hold such Lender
harmless from any loss, cost or expense incurred by it as a result of:

 

(a)           any continuation,
conversion, payment or prepayment of any Loan other than an Alternate Base Rate
Loan on a day other than the last day of the Interest Period for such Loan
(whether voluntary, mandatory, automatic, by reason of acceleration, or
otherwise); or

 

49

 

(b)           any failure by the Borrower
(for a reason other than the failure of such Lender to make a Loan) to prepay,
borrow, continue or convert any Loan other than a Alternate Base Rate Loan on
the date or in the amount notified by the Borrower; or

 

(c)           any assignment of a
Eurodollar Loan on a day other than the last day of the Interest Period
therefor as a result of a request by the Borrower pursuant to Section 10.15;

 

including
any loss or expense arising from the liquidation or reemployment of funds
obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained. 
In the case of a Eurodollar Loan, such loss, cost or expense to any
Lender shall be deemed to include an amount determined by such Lender to be the
excess, if any, of (i) the amount of interest which would have accrued on
the principal amount of such Loan had such event not occurred, at the LIBO Rate
that would have been applicable to such Loan, for the period from the date of
such event to the last day of the then current Interest Period therefor (or, in
the case of a failure to borrow, convert or continue, for the period that would
have been the Interest Period for such Loan), over (ii) the amount of
interest which would accrue on such principal amount for such period at the
interest rate which such Lender would bid were it to bid, at the commencement
of such period, for dollar deposits of a comparable amount and period from
other banks in the Eurodollar market.  A certificate of any Lender
setting forth in reasonable detail any amount or amounts that such Lender is
entitled to receive pursuant to this Section 3.05
shall be delivered to Borrower (with a copy to the Administrative Agent) and
shall be conclusive and binding absent manifest error.  The Borrower shall pay such Lender the amount
shown as due on any such certificate within fifteen days after receipt thereof.

 

3.06        Matters
Applicable to all Requests for Compensation.

 

(a)           A certificate of the
Administrative Agent or any Lender claiming compensation under this Article III and setting forth
the additional amount or amounts to be paid to it hereunder shall be conclusive
in the absence of manifest error. In determining such amount, the
Administrative Agent or such Lender may use any reasonable averaging and
attribution methods.

 

(b)           Upon (i) any Lender’s
making a claim for compensation under Section 3.01
or 3.04 or (ii) if the Borrower is
required to pay any amount for the account of any Lender or Issuing Bank
pursuant to Section 3.01, or (iii) if
the obligation of any Lender to make or continue Eurodollar Loans or to convert
Alternate Base Rate Loans to Eurodollar Loans shall be suspended pursuant to Section 3.02 or 3.03, the Borrower may replace such
Lender in accordance with Section 10.15.

 

(c)           If any Lender requests
payment of additional costs as provided in Section 3.04,
or if Borrowers are required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01, then such Lender
shall, at the timely written request of the Borrower, use reasonable efforts to
designate a different lending office for funding or booking its Loans hereunder
or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender, such designation or
assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the
future and (ii) would not subject such Lender to any unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender.

 

3.07        Survival.  All of the Borrower’s obligations under this Article III shall survive until
the Payment in Full of the Obligations.

 

50

 

ARTICLE IV.

CONDITIONS
PRECEDENT TO EXTENSION OF CREDITS

 

4.01                        Conditions
of Initial Extension of Credit.  The obligations of the Lenders and the
Issuing Bank to make the initial Extension of Credit shall not become effective
until the date on which each of the following conditions is satisfied (or
waived in accordance with Section 10.01):

 

(a)                                  The
Administrative Agent’s receipt of the following, each of which shall be
originals or facsimiles (followed promptly by originals) unless otherwise
specified, each properly executed by a Responsible Officer of the signing Loan
Party, each dated the Effective Date (or, in the case of certificates of
governmental officials, a recent date before the Effective Date) and each in
form and substance satisfactory to the Administrative Agent and the Lenders:

 

(i)                                     executed
counterparts of this Agreement and the Collateral Documents, as reasonably
deemed advisable by the Administrative Agent or its counsel, each dated as of
the Effective Date;

 

(ii)                                  a Note executed
by the Borrower in favor of each Lender requesting a Note;

 

(iii)                               such
certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of each Loan Party as the
Administrative Agent may reasonably require evidencing the identity, authority
and capacity of each Responsible Officer thereof authorized to act as a
Responsible Officer in connection with this Agreement and the other Loan
Documents to which such Loan Party is a party;

 

(iv)                              such documents
and certifications as the Administrative Agent may reasonably require to
evidence that the Borrower is validly existing and in good standing in the
jurisdiction of its organization;

 

(v)                                 a certificate
signed by a Responsible Officer of the Borrower certifying (A) that the
representations and warranties contained in Article V are true and correct in all
material respects on and as of the Effective Date, (B) that no Default has
occurred and is continuing under this Agreement as of the Effective Date after
giving effect to the initial Extension of Credit hereunder, (C) there has
not occurred any event, circumstance or condition that is or could reasonably
be expected to result in a Material Adverse Effect, (D) that as of the
Effective Date there are no environmental issues affecting any Loan Party or
any of the Collateral that could reasonably be expected to result in a Material
Adverse Effect, (E) all necessary governmental and third party approvals
necessary or required for any Loan Party to enter into this Agreement or any of
the Loan Documents has been obtained, (F) except as previously disclosed
by the Borrower in writing, there is no litigation, investigation or proceeding
known to and affecting the General Partner, Borrower or any other Loan Party
for which the Borrower is required to give notice pursuant to Section 6.03(c) (or,
if there is any such litigation, investigation or proceeding, then a notice
containing the information required by Section 6.03(c) shall
be given concurrently with the delivery of the certificate given pursuant to
this clause (F)), and (G) that no action, suit, investigation or
proceeding is pending or to his or her knowledge, threatened in any court or
before any arbitrator or Governmental Authority by or against the General
Partner, the Borrower or any of their respective properties, that (y) could
reasonably be expected to materially and adversely affect the Borrower and the
Guarantors, taken as a whole, or (z) seeks to affect or pertains to any
transaction contemplated hereby or the ability of the Borrower or any Guarantor
to perform its obligations under the Loan Documents;

 

51

 

(vi)                              a certificate
of a Responsible Officer (A) of the Borrower demonstrating compliance with
all financial covenants on a pro forma basis for the quarter ended March 31,
2010 and (B) of the Borrower as to the satisfaction of all conditions
specified in this Section 4.01
and Section 4.02 (other than conditions the satisfaction of
which is subject to the determination of the Arrangers, the Administrative
Agent, the Issuing Bank, the Swingline Lender or the other Lenders);

 

(vii)                           a certificate
from the chief financial officer of the Borrower, in form and substance
satisfactory to the Administrative Agent, certifying that the Borrower and the
other Loan Parties on a consolidated basis are not “insolvent” (as such term is
used and defined in (A) the United States Bankruptcy Code and (B) the
New York Uniform Fraudulent Transfer Act) immediately after giving effect to
the initial Extensions of Credit hereunder;

 

(viii)                        a favorable
opinion from (A) Hogan Lovells US LLP, counsel to each Loan Party, in form
and substance reasonably satisfactory to the Administrative Agent and its
counsel and (B) local counsel in each of the States of Kentucky, Michigan,
New Mexico, Oklahoma and West Virginia, as to the mortgage(s) filed in
such State, in form and substance reasonably satisfactory to the Administrative
Agent and its counsel; and

 

(ix)                                such other
assurances, certificates or documents as the Administrative Agent reasonably
may require.

 

(b)                                 Any fees due
and payable at the Effective Date shall have been paid including, without
limitation, payment of fees and expenses pursuant to the Fee Letter.

 

(c)                                  The Borrower
shall have paid Attorney Costs of the Administrative Agent to the extent
invoiced prior to the Effective Date.

 

(d)                                 Documents,
executed by each Loan Party that has assets or conducts business, in
appropriate form for recording, where necessary, together with:

 

(i)                                     such Lien searches as the
Administrative Agent shall have reasonably requested, and such termination
statements or other documents as may be necessary to confirm that the
Collateral is subject to no other Liens (other than Permitted Liens) in favor
of any Persons;

 

(ii)                                  funds sufficient to pay any
filing or recording tax or fee in connection with any and all UCC-1 financing
statements, UCC-3 amendments and UCC-3 termination statements, and funds
sufficient to pay any filing fees and mortgage taxes associated with the filing
of the mortgages;

 

(iii)                               evidence that the
Administrative Agent has been named as loss payee under all policies of
casualty insurance pertaining to the Collateral;

 

(iv)                              certificates evidencing all
of the issued and outstanding shares of capital stock, partnership interests,
or membership interests of Subsidiaries pledged pursuant thereto, which
certificates shall in each case be accompanied by undated stock or unit powers
duly executed in blank, or, if any securities pledged pursuant thereto are
uncertificated securities, confirmation and evidence reasonably satisfactory to
the Administrative Agent that the security interest in such uncertificated
securities has been transferred to and perfected by the Administrative Agent
for the benefit of the Lenders in accordance with the UCC; and

 

52

 

(vi)                              evidence that
all other actions necessary or, in the reasonable opinion of the Administrative
Agent or the Lenders, desirable to perfect and protect the first priority Lien
created by the Collateral Documents (except to the
extent otherwise permitted hereunder and thereunder), and to enhance the
Administrative Agent’s ability to preserve and protect its interests in and
access to the Collateral, have been taken.

 

(e)                                  The
Administrative Agent’s receipt of the certificate of formation of the Borrower,
together with all amendments, certified by an appropriate governmental officer
in its jurisdiction of organization, as well as any other information required
by Section 326 of the USA Patriot Act or necessary for the Administrative
Agent or any Lender to verify the identity of Borrower as required by Section 326
of the USA Patriot Act.

 

(f)                                    The Effective
Date and the initial funding under this Agreement shall occur on or before July 31,
2010.

 

(g)                                 The
Administrative Agent shall notify the Borrower and the Lenders of the Effective
Date, and such notice shall be conclusive and binding.

 

Without
limiting the generality of the provisions of the last paragraph of Section 9.05(b), for purposes
of determining compliance with the conditions specified in this Section 4.01, each Lender that
has signed this Agreement shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter required thereunder
to be consented to or approved by or acceptable or satisfactory to a Lender
unless the Administrative Agent shall have received notice from such Lender
prior to the proposed Effective Date specifying its objection thereto.

 

4.02                        Conditions
to all Extensions of Credit.  The obligation of each Lender to honor any
Borrowing Notice (other than an Interest Election Request requesting only the
conversion of Loans from one Type to another or the continuation of Eurodollar
Loans), the Issuing Bank to amend, renew or extend any Letter of Credit, or the
Swingline Lender to make a Swingline Loan, is subject to the following
conditions precedent:

 

(a)                                  The
representations and warranties of the Borrower contained in Article V or any other Loan
Document, or which are contained in any document furnished by the Borrower to
the Administrative Agent or the Lenders under or in connection with this
Agreement including the Collateral Documents, shall be true and correct in all
material respects on and as of the date of such Extension of Credit, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be
true and correct in all material respects as of such earlier date.

 

(b)                                 No Default
shall exist, or would result from such proposed Extension of Credit.

 

(c)                                  The
Administrative Agent and, if applicable, the Issuing Bank or the Swingline
Lender shall have received a Borrowing Notice or request for issuance of a
Letter of Credit or making of a Swingline Loan in accordance with the
requirements hereof.

 

Each
Borrowing Notice or request for issuance of a Letter of Credit or making of a
Swingline Loan (other than an Interest Election Notice requesting only a
conversion of Loans to the other Type or a continuation of Eurodollar Loans)
submitted by the Borrower shall be deemed to be a representation and warranty
that the conditions specified in Sections 4.02(a) and
(b) have been satisfied on and
as of the date of the applicable Extension of Credit.

 

53

 

4.03                        Conditions
Precedent to Funding Loans for Permitted Acquisitions.  The obligation of each Lender to fund its
portion of any Loan to finance a Permitted Acquisition shall be subject to (a) satisfaction
of the conditions precedent set forth in  Section 4.02
and (ii) the additional condition precedent that if the purchase price for
such Permitted Acquisition exceeds $50,000,000, then the Borrower shall deliver
to the Administrative Agent and the Lenders at least five Business Days before
any requested funding of a Loan to fund such Permitted Acquisition (a) audited
financial statements pertaining to the Person or business proposed to be
acquired (or if audited financial statements are not available, copies of
historical financial statements satisfactory in form and substance to the
Administrative Agent pertaining to the Person or business proposed to be
acquired) and (b) a certificate demonstrating pro forma compliance with
the financial covenants set forth in Section 7.15.

 

ARTICLE V.

REPRESENTATIONS
AND WARRANTIES

 

To
confirm each Lender’s understanding concerning Loan Parties and Loan Parties’
businesses, properties and obligations and to induce each Lender to enter into
this Agreement and to extend credit hereunder, the Borrower and each Guarantor,
by its execution of the Guaranty, represents and warrants to the Administrative
Agent and each Lender that:

 

5.01                        No
Default.  No event has occurred and is
continuing which constitutes a Default.

 

5.02                        Existence;
Qualification and Power; Compliance with Laws.  As of the Effective Date, MarkWest
Hydrocarbon owns 99% of the General Partner and Borrower owns 1% of the General
Partner, and the General Partner has zero economic interest in the Borrower.  The General Partner, the Borrower, Opco,
MarkWest Hydrocarbon and each other Loan Party (a) is a corporation,
partnership or limited liability company duly organized or formed, validly
existing and in good standing under the Laws of the jurisdiction of its
incorporation or organization, (b) has all requisite power and authority (i) to
own its assets, carry on its business and (ii) to execute, deliver, and
perform its obligations under the Loan Documents to which it is a party, (c) is
duly qualified and is licensed and in good standing under the Laws of each
jurisdiction where its ownership, lease or operation of properties or the
conduct of its business requires such qualification or license, (d) is in
compliance with all Laws, except in each
case referred to in clause (c) or this clause (d), to the extent that
failure to do so could not reasonably be expected to have a Material Adverse
Effect, (e) is not a Person (I) whose property or interest in
property is blocked or subject to blocking pursuant to Section 1 of
Executive Order 13224 of September 23, 2001 Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism (66 Fed. Reg. 49079 (2001)), or (II) who engages in any
dealings or transactions prohibited by Section 2 of such executive order,
or is otherwise associated with any such Person in any manner violative of Section 2,
or (III) on the list of Specially Designated Nationals and Blocked Persons
or subject to the limitations or prohibitions under any other U.S. Department
of Treasury’s Office of Foreign Assets Control regulation or executive order,
and (f) is in compliance, in all material respects, with (A) the
Trading with the Enemy Act, as amended, and each of the foreign assets control
regulations of the United States Treasury Department (31 CFR, Subtitle B,
Chapter V, as amended) and any other enabling legislation or executive order
relating thereto, and (B) the USA Patriot Act.  No part of the proceeds of any Extension of
Credit will be used, directly or indirectly, for any payments to any
governmental official or employee, political party, official of a political
party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper
advantage, in violation of the United States Foreign Corrupt Practices Act of
1977, as amended.

 

5.03                        Authorization;
No Contravention.  The
execution, delivery and performance by each Loan Party of each Loan Document to
which such Person is party, have been duly authorized by all necessary
corporate or other organizational action, and do not and will not to the extent
which could reasonably be expected to have a Material Adverse Effect: (a) contravene
the terms of any of such Person’s Organization 

 

54

 

Documents; (b) conflict with or result in any
breach or contravention of, or the creation of any Lien under, any material
Contractual Obligation (other than Liens was created pursuant to the Loan
Documents) to which such Person is a party or any order, injunction, writ or
decree of any Governmental Authority to which such Person or its property is
subject; or (c) violate any Law.

 

5.04                        Governmental
Authorization.  No
approval, consent, exemption, authorization, or other action by, or notice to,
or filing with, any Governmental Authority is required in connection with the
execution, delivery and performance of the Loan Documents by any Loan Party,
except for (a) the filings in connection with the granting of security
interests pursuant to the Collateral Documents and (b) filing with the SEC
in connection with entry, amendment or other modification of the Loan
Documents.

 

5.05                        Binding
Effect.  This Agreement has been, and
each other Loan Document, when delivered hereunder, will have been duly
executed and delivered by each Loan Party that is party thereto.  This Agreement constitutes, and each other
Loan Document when so delivered will constitute, a legal, valid and binding
obligation of such Loan Party, enforceable against each Loan Party that is
party thereto in accordance with its terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to
or limiting creditors’ rights generally or by equitable principles relating to
enforceability.

 

5.06                        Financial
Statements; No Material Adverse Effect.

 

(a)                                  The audited
financial statements delivered to the Lenders pursuant to Section 6.01
or otherwise were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted
therein.  Such financial statements: (i) fairly
present the financial condition of the entities therein named and their
respective Subsidiaries as of the date thereof and their results of operations
for the period covered thereby in accordance in all material respects with GAAP
consistently applied throughout the period covered thereby, except as otherwise
expressly noted therein; and (ii) show all material Indebtedness and other
liabilities, direct or contingent, of the entities therein named and their
Subsidiaries as of the date thereof, including liabilities for taxes, material
commitments and Indebtedness in accordance with GAAP consistently applied
throughout the period covered thereby.

 

(b)                                 Since December 31,
2009, there has been no event or circumstance that has or could reasonably be
expected to have a Material Adverse Effect.

 

5.07                        Litigation.  There are no actions, suits, proceedings,
claims or disputes pending or, to the knowledge of the Borrower threatened or
contemplated in writing, at law, in equity, in arbitration or before any
Governmental Authority, by or against any Loan Party or against any of their
properties or revenues which (a) seek to affect or pertain to this
Agreement or any other Loan Document, the borrowing of Loans, the use of the
proceeds thereof, or the issuance of Letters of Credit hereunder, or (b) could
reasonably be expected to have a Material Adverse Effect.

 

5.08                        No
Default.  Neither the Borrower nor any
other Loan Party is in default under or with respect to any Contractual
Obligation which could be reasonably expected to have a Material Adverse
Effect.  No Default has occurred and is
continuing or would result from the consummation of the transactions
contemplated by this Agreement or any other Loan Document.  There is no default under any Material
Agreement that could reasonably be expected to have a Material Adverse Effect.

 

5.09                        Ownership
of Property; Liens.  Each Loan
Party has good title to, or valid leasehold interests in, all its real and
personal property necessary or used in the ordinary conduct of its business,
except for

 

55

 

such defects in title as would not, individually or
in the aggregate, have a Material Adverse Effect, and the property of each Loan
Party is subject to no Liens, other than Permitted Liens.

 

5.10                        Environmental
Compliance.   The
Borrower has reasonably concluded that (a) there are no claims alleging
potential liability under or responsibility for violation of any Environmental
Law except any such claims that could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, (b) there is no
environmental condition or circumstance, such as the presence or Release of any
Hazardous Substance, on any property owned, operated or used the Borrower or
any other Loan Party that could reasonably be expected to have a Material
Adverse Effect, and (c) there is no violation of or by the Borrower or any
other Loan Party of any Environmental Law, except for such violations as could
not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

 

5.11                        Insurance.  The properties of the Borrower and the other
Loan Parties are insured with financially sound and reputable insurance
companies not Affiliates of the Borrower, in such amounts, with such
deductibles and covering such risks as are customarily carried by companies
engaged in similar businesses and owning similar properties in localities where
the Borrower or the other Loan Parties operate.

 

5.12                        Taxes.  The Borrower and the other Loan Parties have
filed all federal, state and other material tax returns required to be filed,
and have paid all federal, state and other material taxes, assessments, fees and
other governmental charges levied or imposed upon them or their properties,
income or assets otherwise due and payable, except those which are being
contested in good faith by appropriate proceedings and for which adequate
reserves have been provided in accordance with GAAP.  There is no proposed tax assessment against
any Loan Party or any of their respective Subsidiaries that would, if made,
have a Material Adverse Effect.

 

5.13                        ERISA
Compliance.  The
representations and warranties set forth in this Section 5.13 shall apply only if
the Borrower or an ERISA Affiliate establishes a Plan.

 

(a)                                  Each Plan is in
compliance in all material respects with the applicable provisions of ERISA,
the Code and other federal or state Laws except to the extent that noncompliance
could not reasonably be expected to have a Material Adverse Effect.  Each Plan that is intended to qualify under Section 401(a) of the Code has
received a favorable determination letter from the IRS or an application for
such a letter is currently being processed by the IRS with respect thereto and,
to the knowledge of the Borrower, nothing has occurred which would prevent, or
cause the loss of, such qualification, except to the extent that
nonqualification could not reasonably be expected to have a Material Adverse
Effect.  The Borrower and each ERISA
Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and no
application for a funding waiver or an extension of any amortization period
pursuant to Section 412 of
the Code has been made with respect to any Plan, except to the extent that
nonpayment could not reasonably be expected to have a Material Adverse Effect.

 

(b)                                 There are no
pending or, to the knowledge of the Borrower, threatened claims, actions or lawsuits,
or action by any Governmental Authority, with respect to any Plan that could
reasonably be expected to have a Material Adverse Effect.  Neither the Borrower nor any ERISA Affiliate
has engaged in or knowingly permitted to occur and, to the Borrower’s
knowledge, no other party has engaged in or permitted to occur any prohibited
transaction or violation of the fiduciary responsibility rules with
respect to any Plan that has resulted or could reasonably be expected to result
in a Material Adverse Effect.

 

(c)                                  (i)                                     No ERISA Event
has occurred or is reasonably expected to occur that could reasonably be
expected to have a Material Adverse Effect; and (ii) neither the Borrower
nor any ERISA 

 

56

 

Affiliate has engaged in a transaction that could be
subject to Sections 4069 or 4212(c) of ERISA that could
reasonably be expected to have a Material Adverse Effect.

 

5.14                        Subsidiaries
and Other Investments.  As
of the Effective Date, (a) the Borrower will have no Subsidiaries or
Excluded Ventures other than those specifically disclosed in Schedule 5.14, all of
the outstanding equity interests in such Subsidiaries and Excluded Ventures
that are directly or indirectly owned by the Borrower have been validly issued,
are fully paid and non-assessable (such representations and warranties
regarding full payment and non-assessability being made only with respect to
each Subsidiary that is organized as a corporation), and (b) the Borrower
has no material equity investment in any other corporation or other entity
other than those specifically disclosed in Schedule 5.14.

 

5.15                        Margin
Regulations; Investment Company Act; Use of Proceeds.

 

(a)                                  Neither the
Borrower nor any other Loan Party is engaged nor will it engage, principally or
as one of its important activities, in the business of purchasing or carrying
margin stock (within the meaning of Regulation U issued by the Board), or
extending credit for the purpose of purchasing or carrying margin stock.  Margin stock constitutes less than 25% of
those assets of each Loan Party which are subject to any limitation on a sale,
pledge, or other restrictions hereunder.

 

(b)                                 Neither the
Borrower nor any other Loan Party, no Person controlling the Borrower or any
other Loan Party, or any Subsidiary thereof is or is required to be registered
as an “investment company” under
the Investment Company Act of 1940.

 

(c)                                  The Borrower
will use all proceeds of Extensions of Credit in the manner set forth in Section 6.12.

 

5.16                        Disclosure.  All material factual information (other than
information of general economic or industry nature) furnished by or on behalf
of the Borrower in writing to the Administrative Agent or any Lender for
purposes of or in connection with this Agreement or any transaction contemplated
hereby, as modified or supplemented by other information so furnished, is true
and accurate in all material respects, taken as a whole, and such information
is not, or shall not be, as the case may be, incomplete by omitting to state
any material fact necessary to make such information in light of the
circumstances under which it was provided not materially misleading.  All estimates and projections delivered to
the Administrative Agent or any Lender were based upon information that was
available at the time such estimates or projections were prepared and believed
to be correct and upon assumptions believed to be reasonable; however, the Borrower does not warrant
that such estimates and projections will ultimately prove to have been
accurate.

 

5.17                        Labor
Matters.  There are no actual strikes,
labor disputes, slowdowns, walkouts, or other concerted interruptions of
operations that could reasonably be expected to have a Material Adverse Effect,
and, as of the Effective Date, to the Borrower’s knowledge, none are
threatened.

 

5.18                        Compliance
with Laws.  Neither the
Borrower nor any other Loan Party is in violation of any Laws, other than such violations which could
not, individually or collectively, reasonably be expected to have a Material
Adverse Effect.  Neither the Borrower nor
any other Loan Party has received notice alleging any noncompliance with any
Laws, except for such
noncompliance which no longer exists, or which non-compliance could not
reasonably be expected to have a Material Adverse Effect.

 

5.19                        Third
Party Approvals.  No
approval, consent, exemption, authorization, or other action by, or notice to,
or filing with, any party that is not a party to this Agreement is necessary or
required in connection with the execution, delivery or performance by any Loan
Party of this Agreement or any other 

 

57

 

Loan Document as of the Effective Date except where obtained or made or where the
failure to receive such approval, consent, exemption, authorization, or the
failure to do such other action by, or provide such notice could not reasonably
be expected to have a Material Adverse Effect.

 

5.20                        Solvency.  The Borrower and its Subsidiaries on a
consolidated basis are not “insolvent” as such term is used and defined in (i) the
United States Bankruptcy Code and (ii) the New York Uniform Fraudulent
Transfer Act, and will not be deemed “insolvent” after giving effect to the
transactions contemplated by this Agreement.

 

5.21                        Collateral.

 

(a)                                  To the extent
required by the applicable Collateral Document, the provisions of each of the
Collateral Documents are effective to create in favor of the Administrative
Agent, for the benefit of the Secured Parties, a legal, valid and enforceable
first priority Lien in all right, title and interest of each Loan Party in the
Collateral described therein, except as otherwise permitted hereunder and
subject to any Permitted Liens (including Permitted Liens that constitute first
priority Liens); and financing statements have been filed in the offices in all
of the jurisdictions listed in the schedules to the Collateral Documents.

 

(b)                                 All
representations and warranties of each Loan Party contained in the Collateral
Documents are true and correct in all material respects (it being understood
that any such representations and warranties that relate to a specific date or
period of time shall be limited for the purposes of this Section 5.21
to such date or period of time).

 

(c)                                  None of the
terms or provisions of any indenture (including without limitation any
indenture relating to the Senior Unsecured Notes), mortgage, deed of trust,
agreement or other instrument to which the Borrower or any other Loan Party is
a party or by which the Borrower or any other Loan Party or the property of the
Borrower or any other Loan Party is bound prohibit the filing or recordation of
any of the Loan Documents or any other action which is necessary or appropriate
in connection with the perfection of the Liens on material assets evidenced and
created by any of the Loan Documents.

 

5.22                        Representations
Regarding MWLM&R.

 

(a)                                  As of the
Effective Date, Borrower, through the MarkWest MWLM&R Member,  indirectly owns a 60% membership interest in
MWLM&R.

 

(b)                                 As of the
Effective Date, MWLM&R has no Subsidiaries.

 

ARTICLE VI.

AFFIRMATIVE
COVENANTS OF BORROWER

 

To
conform with the terms and conditions under which each Lender is willing to
have credit outstanding to the Borrower, and to induce each Lender to enter
into this Agreement and extend credit hereunder, the Borrower covenants and
agrees that until Payment in Full of the Obligations, the Borrower will, and in
the case of Sections 6.04 through 6.16, inclusive, will cause each
Loan Party to:

 

6.01                        Financial Statements.  Deliver to the Administrative Agent, in form
and detail reasonably satisfactory to the Administrative Agent (and the
Administrative Agent shall deliver to the Lenders):

 

(a)                                  (i)                                     Within five
days after the date required to be delivered to the SEC, but no later than 90
days after the end of each Fiscal Year of the Borrower, consolidated balance
sheets of the Borrower and its Subsidiaries as at the end of such Fiscal Year,
and the related statements of income and 

 

58

 

cash flows for such Fiscal Year, setting forth in
each case in comparative form the figures for the previous Fiscal Year of the
Borrower and its Subsidiaries on a consolidated basis, all in reasonable
detail, audited and accompanied by a report and opinion of Deloitte &
Touche LLP or other independent certified public accountants of nationally
recognized standing reasonably acceptable to the Administrative Agent, which
report and opinion shall be prepared in accordance with GAAP and shall not be
subject to any qualifications or exceptions as to the scope of the audit nor to
any qualifications and exceptions not reasonably acceptable to the
Administrative Agent and (ii) within 90 days after the end of each Fiscal
Year of the Borrower, the balance sheet of MWLM&R as at the end of such
Fiscal Year, and the related statement of income and cash flows for such Fiscal
Year, setting forth in each case in comparative form the figures for the
previous Fiscal Year of MWLM&R, all in reasonable detail, audited and
accompanied by a report and opinion of independent certified public accountants
of nationally recognized standing, which report and opinion shall be prepared
in accordance with GAAP provided, however,
that the requirements set forth in this clause (ii) shall only apply so
long as MWLM&R is designated as an Excluded Venture.

 

(b)                                 Within five
days after the date required to be delivered to the SEC, but no later than 45
days after the end of each of the first three fiscal quarters of each Fiscal
Year of the Borrower, an unaudited consolidated balance sheet of the Borrower
and its Subsidiaries as at the end of such fiscal quarter, and the related
statements of income and cash flows for such fiscal quarter and for the portion
of the Borrower’s and its consolidated Subsidiaries’ Fiscal Year then ended,
setting forth in each case in comparative form the figures for the
corresponding fiscal quarter of the previous Fiscal Year of the Borrower and
its Subsidiaries on a consolidated basis and the corresponding portion of the
previous Fiscal Year of the Borrower and its Subsidiaries on a consolidated
basis, all in reasonable detail and certified by a Responsible Officer of the
Borrower, as applicable, as fairly presenting the financial condition, results
of operations and cash flows of the Borrower and its Subsidiaries in all
material respects on a consolidated basis in accordance with GAAP, subject only
to normal year-end audit adjustments and the absence of footnotes.

 

(c)                                  Provided,
however, if any Excluded Venture is treated as a
consolidated subsidiary for financial reporting and accounting purposes
generally, the financial statements referred to in Sections
6.01(a) and (b) shall
include such Excluded Venture as a consolidated Subsidiary.

 

(d)                                 Within 45 days
after the end of each Fiscal Year, Borrower shall deliver a one year
projection/budget for (i) the Borrower and its Subsidiaries on a
consolidated basis for the year following such Fiscal Year and (ii) MWLM&R,
if MWLM&R is an Excluded Venture.

 

(e)                                  Documents
required to be delivered pursuant to Section 6.01(a), (b) or
Section 6.02(b) (to the
extent any such documents are included in materials otherwise filed with the
SEC) may be delivered electronically and if so delivered, shall be deemed to
have been delivered on the date (i) on which the Borrower posts such documents,
or provides a link thereto on the Borrower’s website on the Internet at the
website address listed on Schedule 10.02;
or (ii) on which such documents are posted on the Borrower’s behalf on an
Internet or intranet website, if any, to which each Lender and the
Administrative Agent have access (whether a commercial, third-party website or
whether sponsored by the Administrative Agent).

 

(f)                                    The Borrower
hereby acknowledges that (a) the Administrative Agent and/or the Arrangers
will make available to the Lenders materials and/or information provided by or
on behalf of the Borrower hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on SyndTrak
Online, DXSyndicateTM or by other similar electronic system (the “Platform”) and (b) certain of
the Lenders (each, a “Public Lender”)
may have personnel who do not wish to receive material non-public information with
respect to the Borrower or its Affiliates, or the respective securities of any
of the

 

59

 

foregoing, and who may be engaged in investment and
other market-related activities with respect to such Persons’ securities.  The Borrower hereby agrees that (w) all
Borrower Materials that are to be made available to Public Lenders shall be
clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that
the word “PUBLIC” shall appear prominently on the first page thereof; (x) by
marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have
authorized the Administrative Agent, the Arrangers and the Lenders to treat
such Borrower Materials as not containing any material non-public information
with respect to the Borrower or its securities for purposes of United States
Federal and state securities Laws (provided, however, that to the extent such Borrower Materials
constitute Information, they shall be treated as set forth in Section 10.08); (y) all
Borrower Materials marked “PUBLIC” are permitted to be made available through a
portion of the Platform designated “Public Side Information;” and (z) the
Administrative Agent and the Arrangers shall be entitled to treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a
portion of the Platform not designated “Public Side Information.”

 

6.02                        Certificates;
Other Information.  Deliver to
the Administrative Agent, in form and detail reasonably satisfactory to the Administrative
Agent (and the Administrative Agent shall deliver to the Lenders):

 

(a)                                  concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and
(b), a duly
completed Compliance Certificate in form of Exhibit C signed by a Responsible Officer of the
Borrower;

 

(b)                                 promptly after
the same are available, copies of each annual report, proxy or financial
statement or other report or written communication sent to the equity owners of
the Borrower, and copies of all annual, regular, periodic and special reports
and registration statements which the Borrower may file or be required to file
with the SEC under Section 13
or 15(d) of the Exchange
Act, and not otherwise required to be delivered to the Administrative Agent
pursuant hereto;

 

(c)                                  no later than
10 days after the Borrower or any Subsidiary’s receipt of any Net Cash Proceeds
resulting from a Triggering Sale, a Triggering Sale Certificate relating to
such Triggering Sale;

 

(d)                                 no later than
10 days after the Borrower or any Subsidiary has Reinvested any Reduction
Amount, a Reinvestment Certificate describing the amount, date and particulars
relating to the Reduction Amount so Reinvested;

 

(e)                                  promptly, such
additional information regarding the business, financial or corporate affairs
of MWLM&R or any Loan Party as the Administrative Agent may from time to
time reasonably request, which information may include copies of any detailed
audit reports, if any, management letters or recommendations submitted to the
board of directors (or the audit committee of the board of directors) of the
Borrower by independent accountants in connection with the accounts or books of
the Borrower, any Subsidiary or MWLM&R (to the extent the Borrower has
access thereto), or any audit of any of them; and

 

(f)                                    concurrently
with the delivery of the financial statements referred to in Sections 6.01(a), a schedule of any changes (acquisitions
and dispositions) in any interests in real property held by any of the Loan
Parties.

 

6.03                        Notices. Promptly
notify the Administrative Agent (and the Administrative Agent shall notify the
Lenders):

 

60

 

(a)                                  of the
occurrence of any Default, as soon as possible but in any event within 10 days
after the occurrence thereof;

 

(b)                                 of any matter
that has resulted or could reasonably be expected to result in a Material
Adverse Effect, including any of the following events if such has resulted or
could reasonably be expected to result in a Material Adverse Effect: (i) breach
or non-performance of, or any default under, a Contractual Obligation of any
Loan Party or of MWLM&R; (ii) any litigation, investigation by or
required by a Governmental Authority, proceeding or suspension of licenses or
permits between MWLM&R or any Loan Party and any Governmental Authority;
and (iii) any dispute, litigation, investigation or proceeding involving
MWLM&R or any Loan Party related to any Environmental Law;

 

(c)                                  of any
litigation, investigation or proceeding known to and affecting the Borrower,
any other Loan Party or MWLM&R in which (i) the amount involved
exceeds (individually or collectively) $10,000,000, or (ii) injunctive relief
or other relief is sought, which could be reasonably expected to have a
Material Adverse Effect; and

 

(d)                                 of any material
change in accounting policies or financial reporting practices by the Borrower.

 

Each
notice pursuant to this Section 6.03
shall be accompanied by a statement of a Responsible Officer of the Borrower
setting forth details of the occurrence referred to therein and stating what
action the Borrower has taken and proposes to take with respect thereto.  Each notice pursuant to Section 6.03(a) shall
describe with particularity any and all provisions (if any) of this Agreement
or other Loan Document that have been breached.

 

6.04                        Payment
of Obligations.  Pay and
discharge as the same shall become due and payable, all its obligations and liabilities,
including (a) the Obligations, (b) all tax liabilities, assessments
and governmental charges or levies upon it or its properties or assets and (c) all
lawful claims which, if unpaid, would by Law become a Lien upon its property; except, in the case of clause (b) or
(c), where (x) the validity thereof are being contested in good faith by
appropriate proceedings and (y) adequate reserves in accordance with GAAP
are being maintained by the appropriate Loan Party.

 

6.05                        Preservation
of Existence, Etc..  (a) Preserve,
renew and maintain in full force and effect its legal existence and good
standing under the Laws of the jurisdiction of its organization, except in a
transaction permitted by Sections
7.06 and 7.07,
(b) take all reasonable action to maintain all rights, privileges,
permits, licenses and franchises material to the conduct of the business of the
Borrower and its Subsidiaries, taken as a whole, except in a transaction
permitted by Sections
7.06 and 7.07.

 

6.06                        Maintenance
of Assets and Business.  (a) Maintain
all material properties, equipment, licenses, permits, and franchises necessary
for its normal business; (b) keep all of its assets which are necessary to
its business in good working order and condition (ordinary wear and tear,
casualty events and permitted Dispositions excepted) and make all necessary
repairs thereto and replacements thereof; (c) do all things necessary to
obtain, renew, extend, and continue in effect all Authorizations which may at
any time and from time to time be necessary for the operation of its business
in compliance with applicable Law, except where
the failure to so maintain, renew, extend, or continue in effect could not
reasonably be expected to have a Material Adverse Effect; and (d) preserve
or renew  all of its registered patents,
trademarks, trade names and service marks, the non-preservation of which could
reasonably be expected to have a Material Adverse Effect.

 

61

 

6.07                        Maintenance
of Insurance.

 

(a)                                  Maintain, and
use commercially reasonable efforts to cause MWLM&R to maintain,  with responsible insurance companies insurance with respect
to its properties and business (including business interruption insurance)
against such casualties and contingencies and of such types and in such amounts
as is customary in the case of similar businesses operating in the same or
similar locations and which is otherwise reasonably satisfactory to the
Administrative Agent and will (i) furnish to the Administrative Agent
annually, and in any event not later than the delivery of financial statements
pursuant to Section 6.01(a), a
certificate or certificates of insurance from the applicable insurance company
evidencing the existence of insurance required to be maintained by this Agreement
and evidencing that Administrative Agent is listed as sole loss payee on
property insurance and the Administrative Agent is an additional insured on
liability insurance (except that the MWLM&R insurance policies shall not be
required to list the Administrative Agent as a loss payee or additional
insured), and (ii) upon request of the Administrative Agent, furnish at
reasonable intervals a certificate of a Responsible Officer of the Borrower
setting forth the nature and extent of all insurance maintained in accordance
with this paragraph.  Without limiting
the foregoing, Borrower will comply at all times with regulations of the
Federal Emergency Management Agency to the extent such regulations require
Borrower’s or its Subsidiaries’ properties located in flood prone areas to be
insured and will provide evidence of such required insurance to the
Administrative Agent upon the Administrative Agent’s request.

 

(b)                                 Borrower will,
and will cause its Subsidiaries to, promptly comply with Section 2.08(b) upon
receipt of any Insurance Payment.

 

6.08                        Compliance
with Laws and Contractual Obligations.  (a) Comply in all material respects with
the requirements of all Laws (including Environmental Laws) applicable to it or
to its business or property, except in such instances in which (i) such
requirement of Law is being contested in good faith or a bona fide dispute
exists with respect thereto, or (ii) the failure to comply therewith could
not be reasonably expected to have a Material Adverse Effect; and (b) comply
with all Contractual Obligations, except where the failure to comply therewith
could not be reasonably expected to have a Material Adverse Effect.

 

6.09                        Book
and Records.  Maintain (a) proper
books of record and account, in which full, true and correct entries in
conformity with GAAP consistently applied shall be made of all financial
transactions and matters involving its assets and business, and (b) maintain
such books of record and account in material conformity with all applicable
requirements of any Governmental Authority having regulatory jurisdiction over
it.

 

6.10                        Inspection
Rights.  Permit representatives and
independent contractors of the Administrative Agent and each Lender, in
coordination with the Administrative Agent, to visit and inspect any of its
properties, to examine its corporate, financial and operating records, and make
copies thereof or abstracts therefrom, and to discuss its affairs, finances and
accounts with its officers and independent public accountants, at such
reasonable times during normal business hours and as often as may be reasonably
desired, upon reasonable advance notice to the Borrower at the Borrower’s
expense (but not at the expense of Borrower if more frequent than annually
unless an Event of Default exists and is continuing in which case the
Administrative Agent or any Lender (or any of their respective representatives
or independent contractors) may do any of the foregoing at the expense of the
Borrower as often as deemed necessary and at any time during normal business
hours and without advance notice).

 

6.11                        Compliance
with ERISA.  With
respect to each Plan maintained by the Borrower or any of its Subsidiaries, do
each of the following: (a) maintain each Plan in compliance in all
material respects with the applicable provisions of ERISA, the Code and other
federal or state Laws, (b) cause each Plan which is qualified under Section 401(a) of the Code to
maintain such qualification; and (c) make all required contributions to
any Plan subject to Section 412
of the Code, except to the extent
that noncompliance,

 

62

 

with respect to each event listed above, could not
be reasonably expected to have a Material Adverse Effect.

 

6.12                        Use of
Proceeds.  Use the
proceeds of the Extensions of Credit to (a) refinance Borrower’s
Indebtedness outstanding under the Original Credit Agreement, (b) finance
working capital requirements and other general corporate purposes of the
Borrower, its Subsidiaries and Excluded Ventures (subject to the limitations
set forth in Section 7.02), (c) issue
Letters of Credit, (d) finance Permitted Acquisitions,  Capital Expenditures and Investments by the
Borrower and its Subsidiaries subject to compliance with this Agreement,
including Sections 7.02
and 7.10,
(e) fund Quarterly Distributions and other Restricted Payments to the
extent permitted by Section 7.08,
(f) pay fees, costs and expenses owed pursuant to this Agreement and (g) finance
a Qualifying 6.875% Senior Note Refinancing; provided,
in connection with clause (g) of this Section 6.12,
before and after giving effect to such Extension of Credit, the Borrower is in
compliance with the financial covenant conditions precedent for such use of
proceeds set forth in Sections 7.15(a), (b) and
(c); provided further,
after giving pro forma effect to such use of proceeds, the Borrower and its
Subsidiaries have no less than $150,000,000 in Cash Equivalents and Borrowing
availability under this Agreement. In no event shall the funds from any Loan or
any Letter of Credit be used directly or indirectly by any Person for personal,
family, household or agricultural purposes or for the purpose, whether
immediate, incidental or ultimate, of purchasing, acquiring or carrying any “margin
stock” (as such term is defined in Regulation U promulgated by the Board) or to
extend credit to others directly or indirectly for the purpose of purchasing or
carrying any such margin stock.

 

6.13                        Intentionally
Omitted.

 

6.14                        Guaranties.

 

(a)                                  As an
inducement to the Administrative Agent and Lenders to enter into this
Agreement, cause each Domestic Subsidiary (and to the extent a Foreign
Subsidiary may guarantee the Obligations without giving rise to adverse tax
consequences, including the inclusion of income under Section 956 of the
Code, as determined by Borrower in its reasonable discretion, each Foreign
Subsidiary) to execute and deliver to the Administrative Agent a Guaranty
executed by such Subsidiary, in form and substance reasonably acceptable to the
Administrative Agent providing for the guaranty of payment and performance of
the Obligations.  In addition, within 30
days (or such later time as may be permitted by the Administrative Agent in its
sole discretion) after the formation or acquisition of any Subsidiary (other
than a Subsidiary (i) that Borrower designates an Excluded Venture or (ii) in
respect of which the Investments of the Loan Parties therein do not exceed the
amount provided in Section 7.02(d)(ii))
within 30 days (or such later time as may be permitted by the Administrative
Agent in its sole discretion) after the acquisition of such material assets,
cause each Domestic Subsidiary (and to the extent a Foreign Subsidiary may
guarantee the Obligations without giving rise to adverse tax consequences,
including the inclusion of income under Section 956 of the Code, as
determined by Borrower in its reasonable discretion, each Foreign Subsidiary)
to execute and deliver to the Administrative Agent (i) a guaranty joinder
executed by such Subsidiary, in form and substance reasonably acceptable to the
Administrative Agent providing for the guaranty of payment and performance of
the Obligations, (ii) Collateral Documents in form and substance
reasonably satisfactory to the Administrative Agent creating liens and security
interests in all material assets and properties of such Subsidiary (as
determined by the Administrative Agent in its reasonable discretion) and in the
equity interests in such Subsidiary (subject to the exceptions set forth in Section 6.15(a); provided, however, that
such new Subsidiary shall have 90 days (or such later time as may be permitted
by the Administrative Agent in its sole discretion) to execute and deliver any
Mortgages,  (iii) certified copies of such
Subsidiary’s Organization Documents and if requested by the Administrative
Agent, opinions of counsel with respect to such Subsidiary and such Guaranty
and (iv) such other documents and instruments as may be required with
respect to such Subsidiary pursuant to Section 6.15.  If and when Borrower or its Subsidiaries own,
directly or indirectly, 

 

63

 

100% of the membership interest in MWLM&R,
Borrower shall cause MWLM&R to comply with the provisions of clauses (a) and
(b) of this Section; provided,
however, Borrower shall retain the right, subject to Section 1.08,
to subsequently designate MWLM&R as an Excluded Venture.

 

(b)                                 At the time of
the formation or acquisition of any Foreign Subsidiary owned directly by the
Borrower or directly by a Domestic Subsidiary of the Borrower, the Borrower
shall cause 65% (or such greater percentage as may be pledged without
triggering adverse tax consequences, including the inclusion of income under Section 956
of the Code, as determined by Borrower in its reasonable discretion) of such Foreign
Subsidiary’s Voting Stock to be subjected to a Lien to secure the Obligations.

 

6.15                        Further
Assurances; Collateral.

 

(a)                                  Take and shall
cause each of its Subsidiaries to take such actions and to execute and deliver
such documents and instruments as the Administrative Agent shall reasonably
require to ensure that the Administrative Agent, on behalf of the Secured
Parties, shall at all times have received currently effective duly executed
Loan Documents granting Liens and security interests in substantially all of
the material assets of the Borrower and each of its Subsidiaries, including all
capital stock, partnership, joint venture, membership interests, or other
equity interests; provided Collateral will not
include the following:

 

(i)                                     Voting Stock of
any Foreign Subsidiary in excess of 65% of such Voting Stock to the extent that
a Lien on a greater percentage would trigger adverse tax consequences,
including the inclusion of income under Section 956 of the Code, as
determined by Borrower in its reasonable discretion;

 

(ii)                                  Equity
Interests in Excluded Ventures to the extent such Equity Interests are
encumbered by a Permitted Lien and exist on the Effective Date or such Equity
Interests are otherwise subject to restrictions on the ability of a Loan Party
to pledge such Equity Interests;

 

(iii)                               any right or
interest in any contract, lease, permit, license or license agreement covering
real or personal property of any Loan Party if under the terms of such
contract, lease, permit, license or license agreement, or applicable Law with
respect thereto, the grant of a Lien therein is prohibited as a matter of Law
or under the terms of such contract, lease, permit, license, or license
agreement and such prohibition has not been waived or the consent of the other
party to such contract, lease, permit, license, or license agreement has not
been obtained (provided that the exclusion set
forth in this clause (iii) shall in no way be construed to apply to the
extent that any described prohibition is unenforceable under Section 9-406,
9-407, 9-408, or 9-409 of the UCC or other applicable Law);

 

(iv)                              Excluded
Accounts;

 

(v)                                 any “intent to
use” trademark applications for which a statement of use has not been filed
(but only until such statement is filed);

 

(vi)                              property
subject to Permitted Liens pursuant to Sections 7.01(j) and
(k) securing indebtedness
permitted thereby solely to the extent that a grant or perfection of a Lien in
favor of the Administrative Agent in any such property is prohibited by or
results in a breach or termination of, or constitutes a default under, the
documentation governing such Liens or the Indebtedness secured by such Liens;

 

(vii)                           any assets or
property of the Borrower or any other Loan Party if in order to grant a Lien on
such property or assets in favor of the Administrative Agent, the Borrower or
such 

 

64

 

other Loan Party would be
required to obtain a third party consent to the granting of such Lien; and

 

(viii)                        any units of
the Borrower owned by the Borrower or General Partner to the extent
constituting “margin stock” (as such term is defined in Regulation U
promulgated by the Board).

 

(b)                                 In connection
with the actions required pursuant to the foregoing Section 6.15(a),
the Borrower shall cause each of its Subsidiaries to execute and deliver such
stock certificates, blank stock powers, evidence of corporate authorization,
opinions of counsel, current valuations, evidence of title, title opinions,
title insurance and other documents as shall be reasonably requested by the
Administrative Agent, in each case in form and substance reasonably
satisfactory to the Administrative Agent, and in any event otherwise consistent
with the requirements of this Section 6.15,
the Security Agreement and the Mortgages; provided, however,
that Borrower and its Subsidiaries shall not be required to obtain third party
consents in order to include assets of the Loan Parties in the Collateral.  Additionally, Borrower shall cause MWLM&R
to execute an acknowledgment of the pledge by the MarkWest MWLM&R Member of
100% of its Equity Interest in MWLM&R to the Administrative Agent, on
behalf of the Secured Parties, and shall pledge or cause the MarkWest
MWLM&R Member and any other Subsidiary of the Borrower that owns or acquires
any additional membership interest in MWLM&R to pledge such additional
membership interests in MWLM&R to the Administrative Agent, on behalf of
the Secured Parties.

 

(c)                                  The Liens
required by this Section 6.15
shall, to the extent required by the Security Agreement and the Mortgages, be
first priority perfected Liens in favor of the Administrative Agent, for the
benefit of the Secured Parties, subject to no other Liens except Permitted
Liens.  If the Administrative Agent shall
determine that, as of any date, the Borrower shall have failed to comply with
this Section 6.15, the
Administrative Agent may (and at the direction of the Required Lenders, shall)
notify the Borrower in writing of such failure and, within 30 days (or such
later time as may be permitted by the Administrative Agent in its sole
discretion) from and after receipt of such written notice by the Borrower, the
Borrower shall execute and deliver or shall cause to be executed and delivered
to the Administrative Agent supplemental or additional Loan Documents, in form
and substance reasonably satisfactory to the Administrative Agent and its
counsel, securing payment of the Notes and the other Obligations and covering
the additional assets and properties not then encumbered by any Loan Documents
to which such failure relates (together with such other information, as may be
reasonably requested by the Administrative Agent, each of which shall be in
form and substance reasonably satisfactory to the Administrative Agent) such
that the Administrative Agent shall have received currently effective duly
executed and perfected Collateral Documents as required by Section 6.15(a) and the other Loan Documents.

 

(d)                                 Notwithstanding
anything to the contrary in Section 6.14
or this Section 6.15, in
connection with acquisition by any Loan Party of additional interests in real
property in the ordinary course of business that are associated with pipelines
that are subject to Mortgages, including, without limitation, rights of way,
the notification obligations of the Borrower with respect thereto shall be
limited as provided in Section 6.02(f).  With respect to any properties reported
pursuant to Section 6.02(f), the
Loan Parties shall, within 90 days (or such later time as may be permitted by
the Administrative Agent in its sole discretion) of any request from the
Administrative Agent, enter into new Mortgages or amend or supplement existing
Mortgages, in form and substance reasonably satisfactory to the Administrative
Agent and its counsel, to include any such additional real property interests
in the Collateral and deliver such other applicable documentation with respect
thereto contemplated by Section 6.15(b) as
the Administrative Agent may reasonably request.

 

6.16                        Fiscal
Year.  Maintain its December 31 fiscal year end.

 

65

 

ARTICLE VII.

NEGATIVE COVENANTS OF BORROWER

 

To
conform with the terms and conditions under which each Lender is willing to
have credit outstanding to the Borrower, and to induce each Lender to enter
into this Agreement and make the Loans, the Borrower warrants, covenants and
agrees that until the Payment in Full of the Obligations no Loan Party will:

 

7.01                        Liens.  Create, incur, assume or suffer to exist, any
Lien upon any of its property, assets or revenues, whether now owned or
hereafter acquired, other than the following:

 

(a)                                  Liens pursuant
to any Loan Document;

 

(b)                                 Liens existing
on the Effective Date and listed on Schedule
7.01 to this Agreement and any renewals or extensions thereof; provided that the property covered thereby
is not increased, the amount of the Indebtedness secured thereby is not
increased, and any renewal or extension of the obligations secured or benefited
thereby is permitted under this Agreement;

 

(c)                                  Liens for taxes
not yet due or which are being contested in good faith and by appropriate
proceedings, if adequate reserves with respect thereto are maintained on the
books of the applicable Person in accordance with GAAP;

 

(d)                                 carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business which are not overdue for a period
of more than 30 days or which are being contested in good faith and by
appropriate proceedings, if adequate reserves with respect thereto are
maintained on the books of the applicable Person;

 

(e)                                  pledges or
deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation,
other than any Lien imposed by ERISA;

 

(f)                                    deposits to
secure the performance of bids, trade contracts (other than for borrowed
money), leases, statutory obligations, surety and appeal bonds, performance
bonds and other obligations of a like nature, in each case incurred in the
ordinary course of business;

 

(g)                                 (i) easements,
rights-of-way, restrictions and other encumbrances affecting real property
which do not, taken as a whole, materially detract from the value of the
Mortgaged Properties subject thereto or materially interfere with the ordinary
conduct of the business of the applicable Person, (ii) title exceptions
disclosed in title policies insuring any Mortgages and (iii) Liens on
pipeline facilities that arise by operation of Law;

 

(h)                                 judgment Liens
not giving rise to an Event of Default;

 

(i)                                     any Lien
existing on any asset (other than stock of a Subsidiary held by a Loan Party) (i) prior
to acquisition thereof by the Borrower or a Subsidiary or (ii) in the case
of MWLM&R becoming a Loan Party prior to the time that MWLM&R is joined
as a Loan Party, and in each case, not created in contemplation of such
acquisition or joinder; provided that
(A) no such Lien shall be extended to cover property other than the asset
being acquired and proceeds thereof, (B) such Lien was not created in contemplation
of or in connection with such acquisition or joinder, and (C) the
Indebtedness thereby secured is permitted by Section 7.04(e) or Section 7.04(g);

 

66

 

(j)                                     Liens securing
Capital Lease obligations; provided
that the Indebtedness in respect of such Capitalized Lease is permitted under Section 7.04(e);

 

(k)                                  purchase money
Liens upon or in any property acquired by Borrower or any of its Subsidiaries
to secure the deferred portion of the purchase price of such property or to
secure Indebtedness incurred to finance the acquisition of such property; provided that (i) no such Lien shall
be extended to cover property other than the property being acquired and
proceeds thereof, and (ii) the Indebtedness thereby secured is permitted
by Section 7.04(e);

 

(l)                                     Liens reserved
in or exercisable under any lease or sublease to which the Borrower or a
Subsidiary is a lessee which secure the payment of rent or compliance with the
terms of such lease or sublease; provided,
that the rent under such lease or sublease is not then overdue and the Borrower
or Subsidiary is in material compliance with the terms and conditions thereof;

 

(m)                               any interest or
title of a lessor under any lease entered into by the Borrower or any Subsidiary
in the ordinary course of its business and covering only the assets so leased;

 

(n)                                 Liens on Equity
Interests held by any Loan Party in an Excluded Venture;

 

(o)                                 Liens granted
on cash pledged as margin collateral securing Indebtedness owing under Swap
Contracts with counterparties permitted by Section 7.03 in
an amount not to exceed $20,000,000 in the aggregate at any time outstanding;

 

(p)                                 Liens arising under operating agreements,
joint venture agreements, partnership agreements, oil and gas leases, farmout
agreements, division orders, contracts for sale, transportation or exchange of
oil and natural gas, unitization and pooling declarations and agreements, area
of mutual interest agreements and other agreements arising in the ordinary
course of any Loan Party’s business that are customary in the Midstream
Business;

 

(q)                                 bankers’ Liens, rights of setoff and other
similar Liens existing solely with respect to cash and Cash Equivalents on
deposit in one or more deposit accounts or securities accounts maintained by
any Loan Party, in each case granted in the ordinary course of business in
favor of the bank or securities intermediary with which such accounts are
maintained, securing amounts owing to such bank or securities intermediary with
respect to cash management, operating and trading account arrangements,
including those involving pooled accounts and netting arrangements; provided that, unless such Liens are
non-consensual and arise by operation of law, in no case shall any such Liens
secure (either directly or indirectly) the repayment of any Indebtedness;

 

(r)                                    licenses of
intellectual property granted by any Loan Party in the ordinary course of
business and not interfering in any material respect with the ordinary conduct
of business of the Loan Parties;

 

(s)                                  the filing of
UCC financing statements solely as a precautionary measure in connection with
operating leases, consignment of goods or other similar transactions;

 

(t)                                    Liens
constituting earnest money deposits not to exceed $5,000,000 at any time
outstanding made by a Loan Party in connection with any letter of intent or
purchase agreement with respect to a Permitted Acquisition or other Investment
permitted hereunder;

 

67

 

(u)                                 Liens on assets being disposed of by a Loan
Party pursuant to merger agreements, stock or asset purchase agreements and
similar agreements in respect of the disposition of such assets that is
otherwise permitted hereunder;

 

(v)                                 pledges or
deposits of cash and Cash Equivalents securing deductibles, self-insurance,
insurance premiums, co-payment, co-insurance, retentions and similar
obligations to providers of insurance in the ordinary course of business not to
exceed $1,000,000 at any time outstanding; and

 

(w)                               Liens not
otherwise permitted pursuant to this Section 7.01
securing obligations of up to $1,000,000.

 

7.02                        Investments.  Make or own any Investments, except:

 

(a)                                  Investments
existing on the Effective Date and, in the event that MWLM&R is joined as a
Loan Party, Investments of MWLM&R existing on the date of such
joinder;

 

(b)                                 Cash
Equivalents;

 

(c)                                  Investments
constituting Indebtedness permitted under Section 7.04(b);

 

(d)                                 Investments by
the Borrower and its Subsidiaries in (i) Borrower or any Subsidiary of the
Borrower that, prior to, or upon giving effect to (within the time period
provided in Section 6.14) such
Investment, is a Guarantor and (ii) any Subsidiary that does not become a
Guarantor in an aggregate amount at any time outstanding not to exceed
$1,000,000.;

 

(e)                                  the Loan
Parties may acquire and hold accounts receivables, payment intangibles, chattel
paper, notes receivable and similar items owing to any of them if created or
acquired in the ordinary course of business;

 

(f)                                    Permitted
Acquisitions by the Borrower or its Subsidiaries and earnest money deposits
with respect thereto permitted pursuant to Section 7.01;
provided in the case of an asset
acquisition, the acquired assets become Collateral to the extent and within the
time period required pursuant to Sections 6.14
and 6.15 and in the case of an equity
acquisition, the acquired Person complies with the requirements of Sections 6.14 and 6.15; provided, that
such acquisition is of assets used in or of a Person engaged in, the Midstream
Business; provided further, after giving effect to
any such Investment the Borrower is in pro forma compliance with Section 7.15;

 

(g)                                 Investments in
MWLM&R existing on the Effective Date and subsequent capital contributions
to maintain or increase the MarkWest MWLM&R Member’s investment balance in
MWLM&R; provided after giving effect to any such
Investment the Borrower is in pro forma compliance with Section 7.15;

 

(h)                                 Investments (in
addition to any Investments described in Sections 7.02(a) and
(g)) in Excluded Ventures in an aggregate
amount not to exceed $250,000,000;

 

(i)                                     other
Investments (in addition to any Investments described in Sections
7.04(a), (g) and
(h)) in Excluded Ventures of up to
$50,000,000; provided the Borrower is in
compliance with the financial covenant conditions precedent for making such
Investment set forth in Sections 7.15(a), (b) and
(c); provided
further, after giving pro forma effect to such Investment, the
Borrower and its Subsidiaries have no less than $100,000,000 in Cash
Equivalents and Borrowing availability under this Agreement;

 

68

 

(j)                                     Investments in
Swap Contracts permitted under Section 7.03;

 

(k)                                  Investments
constituting non-cash consideration received in connection with a Disposition
permitted under Section 7.07; provided that such non-cash consideration does not exceed
25% of the aggregate consideration received unless such non-cash consideration
is in connection with a like-kind exchange;

 

(l)                                     Restricted
Payments permitted pursuant to Section 7.08,
to the extent any such Restricted Payment would constitute an Investment;

 

(m)                               loans and
advances to directors, employees and officers of Borrower and its Subsidiaries
for bona fide business purposes,
in aggregate amount not to exceed $5,000,000 at any time outstanding;

 

(n)                                 Investments in
securities of trade creditors or customers in the ordinary course of business
received upon foreclosure or pursuant to any plan of reorganization or
liquidation or similar arrangement upon the bankruptcy or insolvency of such
trade creditors or customers or in settlement of amounts due (including in
settlement of delinquent obligations and other disputes with supplies and
customers); and

 

(o)                                 Investments in
pledges, deposits and payment or performance bonds made or given in the
ordinary course of business.

 

7.03                        Hedging
Agreements.  Enter into
any Swap Contracts other than in the ordinary course of business for the
purpose of protecting against fluctuations in interest rates, commodity prices,
or foreign exchange rates and not for purposes of speculation; provided (i) that the Swap Contract
shall not contain any provision exonerating the non-defaulting party from its
obligation to make payments on outstanding transactions to the defaulting
party; (ii) any Swap Contract that is not a Lender Hedging Agreement
cannot be secured by any Lien on any assets of the Borrower or any of its
Affiliates, provided, that such Swap Contract may be
supported by a Letter of Credit under this Agreement and may, subject to the
limitations of Section 7.01(o), be
secured by cash pledged as margin collateral;  and
(iii) that no Lender Hedging Agreement may be secured by any Lien on any asset or property of the Borrower or
any of its Affiliates other than the Lien created pursuant to the Collateral
Documents and any additional margin or cash collateral for any Lender Hedging
Agreement is strictly prohibited; provided
if Borrower is required to pledge cash collateral or deliver letters of credit
in connection with Swap Transactions as a result of the Enactment of
Derivatives Legislation, then Borrower may deliver Letters of Credit to secure
the obligation of the Borrower or any Subsidiary under a Lender Hedging
Agreement.

 

7.04                        Indebtedness.  Create, incur, or assume any Indebtedness
except:

 

(a)                                  Indebtedness
incurred pursuant to the Loan Documents;

 

(b)                                 Indebtedness
owed by a Subsidiary to the Borrower or to a Wholly-Owned Subsidiary or by the
Borrower to a Wholly-Owned Subsidiary of the Borrower; provided, that, in each such case, if
requested by the Administrative Agent, such Indebtedness is evidenced by a
promissory note which has been pledged to secure the Obligations and is in the
possession of the Administrative Agent;

 

(c)                                  Indebtedness
existing on the Effective Date and listed on Schedule 7.04 to this Agreement including the
Senior Unsecured Notes and any refinancing thereof;

 

69

 

(d)                                 Obligations
(contingent or otherwise) of the Borrower or any Subsidiary existing or arising
under any Swap Contract to the extent permitted by Section 7.03,  including,
without limitation, any guaranty thereof by a Loan Party;

 

(e)                                  Indebtedness of
the Borrower and its Subsidiaries in respect of purchase money obligations or
Capital Leases for fixed or capital assets within the limitations set forth in Section 7.01(k) and
any refinancing thereof; provided, however,
that the aggregate amount of such Indebtedness at any one time outstanding
shall not exceed $50,000,000;

 

(f)                                    other unsecured
Indebtedness of the Borrower and its Subsidiaries not to exceed $30,000,000 in
the aggregate principal amount outstanding at any time and any refinancing
thereof;

 

(g)                                 Indebtedness
(whether secured or unsecured) incurred or assumed by (i) the Borrower or
any Loan Party in connection with the purchase of any asset or in connection
with a Permitted Acquisition or (ii) MWLM&R (in the case that
MWLM&R is joined as a Loan party hereunder) and any refinancing thereof; provided, however, such Indebtedness was not created in
contemplation of or in connection with such acquisition or joinder;

 

(h)                                 unlimited
Indebtedness of the Borrower and its Subsidiaries in connection with the
issuance of additional senior unsecured notes and any refinancing thereof; provided:

 

(i)                                     such
Indebtedness shall not have a cross-default provision (as opposed to cross
acceleration or cross-default limited to payment defaults);

 

(ii)                                  such
Indebtedness shall not have any financial covenants more restrictive than those
set forth in Section 7.15 (ignoring
for purposes of this Section 7.04(h)(ii) the
financial covenants set forth in the provisos thereto);

 

(iii)                               such
Indebtedness shall not have a maturity date earlier than September 30,
2015;

 

(iv)                              such
Indebtedness shall not have a Weighted Average Life to Maturity that is shorter
than the Indebtedness owing under this Agreement;

 

(i)                                     Indebtedness in
respect of bid, performance or surety bonds, workers’ compensation claims,
self-insurance obligations and bankers acceptances issued for the account of
any Loan Party in the ordinary course of business, including
guarantees or obligations of any Loan Party with respect to letters of
credit supporting such bid, performance or surety bonds, workers’ compensation
claims, self-insurance obligations and bankers acceptances (in each case other
than for an obligation for money borrowed); and

 

(j)                                     Indebtedness
owed to any person with respect to premiums payable for property, casualty or
liability insurance for any Loan Party, so long as such Indebtedness shall not
be in excess of the amount of the unpaid cost of, and shall be incurred only to
defer the cost of, such insurance for the year in which such Indebtedness is
incurred and such Indebtedness shall be outstanding only during such year.

 

Provided, that if any Indebtedness
is incurred pursuant to this Section 7.04, both before and after such
Indebtedness is created, incurred or assumed, no Default shall exist and the
Borrower, after giving effect to the incurrence of such Indebtedness on a pro
forma basis, shall be in compliance with Sections 7.15(a),
(b) and (c) as
of the most recently ended fiscal quarter of the Borrower.

 

7.05                        Intentionally
Omitted.

 

70

 

7.06                        Fundamental
Changes.  Merge or consolidate with or
into, or convey, transfer, lease or otherwise Dispose of (whether in one
transaction or in a series of transactions) all or substantially all of its
assets (whether now owned or hereafter acquired) to or in favor of any Person; except that, so long as no Default exists
or would result therefrom:

 

(a)                                  any Person may merge into
the Borrower; provided that the
Borrower is the surviving entity;

 

(b)                                 any Subsidiary may merge
with (i) the Borrower; provided
that the Borrower shall be the continuing or surviving Person, or (ii) any
one or more Subsidiaries; provided
that when any Wholly-Owned Subsidiary is merging with another Subsidiary, a
Wholly-Owned Subsidiary shall be the continuing or surviving Person;

 

(c)                                  any Person (other than the
Borrower) may merge into any Subsidiary; provided
that such Subsidiary is the surviving entity;

 

(d)                                 any Subsidiary may sell all
or substantially all of its assets (upon voluntary liquidation or otherwise), (i) to
the Borrower or to another Subsidiary; provided that
if the seller in such transaction is a Wholly-Owned Subsidiary, then the
purchaser must also be a Wholly-Owned Subsidiary or (ii) to any other
Person in a transaction permitted pursuant to Section 7.07;
and

 

(e)                                  any Subsidiary may dissolve,
liquidate or wind up its affairs at any time; provided that such dissolution, liquidation or winding up, as
applicable, is not reasonably expected to have a Material Adverse Effect.

 

7.07                        Dispositions.

 

Make
any Disposition, except:

 

(a)                                  Dispositions by the Borrower
or its Subsidiaries of inventory in the ordinary course of business;

 

(b)                                 (i) Dispositions of
property by any Subsidiary to the Borrower, or by any Subsidiary or by the
Borrower, to a Wholly-Owned Subsidiary that is a Guarantor and (ii) Dispositions
of property constituting the making of an Investment permitted pursuant to Section 7.02 or a Restricted
Payment permitted pursuant to Section 7.08;

 

(c)                                  other Dispositions for fair
market value; provided no Default
then exists or arises as a result thereof; and provided
that if the Disposition is for cash and a prepayment is required by Section 2.08(c),
the Borrower shall make such prepayment in accordance with such Section;

 

(d)                                 abandonment or disposition
of used, worn out, obsolete or surplus property by any Loan Party in the
ordinary course of business and the abandonment or other disposition of
intellectual property that, in the reasonable judgment of Borrower, should be
replaced, is no longer economically practicable to maintain or is no longer
useful in the conduct of the business of the Loan Parties taken as a whole;

 

(e)                                  leases of real or personal
property in the ordinary course of business and in accordance with the
applicable Collateral Documents;

 

(f)                                    assignments and licenses of
intellectual property of any Loan Party in the ordinary course of business;

 

71

 

(g)                                 transfers resulting from
casualty or condemnation events so long as the Borrower complies with the
requirements, if applicable, set forth in Section 2.08;

 

(h)                                 any Loan Party may dispose of defaulted
receivables and similar obligations in the ordinary course of business; and

 

(i)                                     any Loan Party may settle or compromise
receivables and similar obligations in the ordinary course of business.

 

7.08                        Restricted
Payments.  Declare or
make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so, except that:

 

(a)                                  each Subsidiary may make
Restricted Payments to the Borrower and to Wholly-Owned Subsidiaries of the
Borrower;

 

(b)                                 the Borrower may (i) declare
and make Quarterly Distributions of Available Cash to the extent such Quarterly
Distributions in any fiscal quarter do not exceed, in the aggregate, Available
Cash for the immediately preceding fiscal quarter and are made in accordance
with the Partnership Agreement, and (ii) purchase Borrower’s limited
partnership units under the Borrower’s Long-Term Incentive Plan in accordance
with, and as defined in, the Partnership Agreement; provided, that at the time each such Quarterly Distribution
or purchase is made no Default exists or would result therefrom;

 

(c)                                  the Borrower and any
Guarantor may make redemptions of, or purchase equity interest in, the Borrower
or any Guarantor from employees of the Borrower or such Guarantor; provided, that at the time any purchase or
redemption is made no Default exists or would result therefrom; provided further that the aggregate amount
expended in any consecutive 12-month period for purchases or redemptions
pursuant to this Section 7.08(c) above
shall not exceed $3,000,000;

 

(d)                                 the Borrower may make
distributions of its units; and

 

(e)                                  the Borrower or any Loan
Party may purchase Equity Interests of any non-Wholly-Owned Subsidiary from any
Person holding Equity Interests in such Subsidiary.

 

7.09                        ERISA.  At any time engage in a transaction which
could be subject to Section 4069 or
4212(c) of ERISA, or permit
any Plan maintained by the Borrower or any of its Subsidiaries to: (a) engage
in any non-exempt “prohibited transaction”
(as defined in Section 4975
of the Code); (b) fail to comply with ERISA or any other applicable Laws;
or (c) incur any material “accumulated
funding deficiency” (as defined in Section 302
of ERISA), which, with respect to each event listed above, could be reasonably
expected to have a Material Adverse Effect.

 

7.10                        Nature
of Business; Capital Expenditures; Risk Management.  Engage in any line of business other than the
Midstream Business or make any Capital Expenditures or Permitted Acquisitions
permitted by Section 7.02(g) except
in connection with the Midstream Business; provided, however, any Loan Party may make a Permitted Acquisition of
a Person engaged primarily in the Midstream Business that has non-core assets
outside of the Midstream Business. 
Without the written approval of the Administrative Agent, the Borrower
will not materially change its risk management policy.

 

7.11                        Transactions
with Affiliates.  Sell, lease
or otherwise transfer any property or assets to, or purchase, lease or
otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except (i) transactions between
or among the Borrower and its Wholly-Owned Subsidiaries not involving any other
Affiliate, (ii) transactions between or among the 

 

72

 

Borrower or its Subsidiaries and its Affiliates
permitted by Sections 7.02(d), (g), (h), (i) and
(m), (iii) any Restricted
Payment permitted by Section 7.08,
and (iv) in the ordinary course of business at prices and on terms and
conditions not less favorable to the Borrower or such Subsidiary, as
applicable, than could be obtained on an arm’s length basis from unrelated
third parties.

 

7.12                        Burdensome
Agreements.  Enter into
any Contractual Obligation that limits the ability of any Subsidiary that is a
Guarantor from making Restricted Payments to the Borrower or transfer property
to the Borrower.  Notwithstanding the
foregoing, (i) documents governing a Capitalized Lease or a purchase money
Lien or a pre-acquisition Lien permitted by Sections 7.01(i), (j) and (k) may prohibit
other Liens on the asset encumbered by such Lien (including any permitted
refinancings thereof, so long as the lien restrictions included in the
refinancing are not more burdensome), (ii) customary non-assignment
provisions or other restrictions on Liens contained in licenses, joint venture
agreements, lease agreements or other contracts entered into in the ordinary
course of business shall not violate this Section 7.12,
(iii) the Organization Documents of Excluded Ventures may limit Restricted
Payments and transfers of property, and (iv) documents governing a
Disposition may contain restrictions with respect to the assets being Disposed.

 

7.13                        Use of
Proceeds.  Use the
proceeds of any Loan for purposes other than those permitted by Section 6.12, or
use the proceeds of any Loan, whether directly or indirectly, and whether
immediately, incidentally or ultimately, to purchase or carry margin stock
(within the meaning of Regulation U of the Board) or to extend credit to others
for the purpose of purchasing or carrying margin stock or to refund
indebtedness originally incurred for such purpose.

 

7.14                        Organizational
Document Amendments.  Permit any
amendment to the Partnership Agreement or any Organization Document of any Loan
Party, if such amendment could reasonably be expected to (a) have a
Material Adverse Effect on the ability of the Borrower or any Guarantor to
perform its obligations under the Loan Documents to which it is a party or (b) otherwise
materially adversely affect the Lenders.

 

7.15                        Financial
Covenants.  Excluded
Ventures shall not be included in the calculation of the following financial
covenants except to the extent of any
distributions actually received by the Loan Parties from any Excluded Venture.

 

(a)                                  Interest Coverage Ratio.  Permit the Interest Coverage Ratio at any
fiscal quarter-end to be less than 2.75 to 1.0; provided, (x) as
a condition precedent to the Borrower’s designation of a Subsidiary as an
Excluded Venture pursuant to Section 1.08,
(y) as a condition precedent to the Borrower making an Investment
described in Section 7.02(i), and (z) as
a condition precedent to the Borrower using proceeds of an Extension of Credit
pursuant to Section 6.12(g) to
finance a Qualifying 6.875% Senior Note Refinancing, the Interest Coverage
Ratio must not be less than 3.25 to 1.0.

 

(b)                                 Total Leverage Ratio.  Permit the Total Leverage Ratio at any fiscal
quarter-end to be greater than 5.25 to 1.0; provided, (x) as
a condition precedent to the Borrower’s designation of a Subsidiary as an
Excluded Venture pursuant to Section 1.08,
(y) as a condition precedent to the Borrower making an Investment
described in Section 7.02(i), and (z) as
a condition precedent to the Borrower using proceeds of an Extension of Credit
pursuant to Section 6.12(g) to
finance a Qualifying 6.875% Senior Note Refinancing, the Total Leverage Ratio
must not be greater than 4.75 to 1.0.

 

(c)                                  Senior Leverage Ratio.  Permit the Senior Leverage
Ratio at any fiscal quarter-end to be greater than 3.25 to 1.0; provided, (x) as a condition precedent to the Borrower’s
designation of a Subsidiary as an Excluded Venture pursuant to Section 1.08, (y) as a
condition precedent to the Borrower making an Investment described in Section 7.02(i), and (z) as
a condition precedent to the Borrower using 

 

73

 

proceeds of an Extension of Credit pursuant to Section 6.12(g) to finance
a Qualifying 6.875% Senior Note Refinancing, the Senior Leverage Ratio must not
be greater than 2.75 to 1.0.

 

(d)                                 Adjustments for Acquisitions, Investments
and Dispositions.  For
purposes of determining compliance with Sections
7.15(a), (b) and (c), to take into account acquisitions,
investments and Dispositions, in each case by the Borrower, any Subsidiary or
an Excluded Venture, occurring after the Effective Date:

 

(i)                                     Consolidated
EBITDA shall be calculated after giving effect, on a pro forma basis in accordance
with GAAP or such other method of adjustment reasonably satisfactory to the
Administrative Agent for the four consecutive fiscal quarters most recently
completed, to any acquisition or investment occurring during such period, as if
such acquisition or investment occurred on the first day of such period.

 

(ii)                                  If, in
connection with an acquisition or investment, any Indebtedness is incurred or
assumed by the Borrower, any of its Subsidiaries or an Excluded Venture, then
Consolidated Interest Charges shall be calculated, on a pro forma basis (in
accordance with GAAP or such other method of adjustment reasonably satisfactory
to the Administrative Agent) for the four quarters most recently completed, as
if such Indebtedness incurred or assumed had been incurred on the first day of
such period.

 

(iii)                               Consolidated
EBITDA and Consolidated Interest Charges shall be adjusted on a pro forma basis
(in accordance with GAAP or such other method of adjustment reasonably
satisfactory to the Administrative Agent) for any Disposition in excess of
$50,000,000 for the four consecutive fiscal quarters most recently completed,
for any such Disposition occurring during such period, as if such Disposition
occurred on the first day of such period.

 

(e)                                  Adjustments for Material
Projects. For purposes of determining compliance with Sections 7.15(a), (b) and (c) in
the event the Borrower, any of its consolidated Subsidiaries or any Excluded
Venture, including MWLM&R, undertakes a Material Project, a Material
Project Consolidated EBITDA Adjustment may be made at Borrower’s option. As
used herein a “Material Project Consolidated EBITDA
Adjustment” means, with respect to each Material Project:

 

(i)                                     prior to the
Commercial Operation Date of a Material Project (but including the fiscal quarter
in which such Commercial Operation Date occurs), a percentage (equal to the
then-current completion percentage of such Material Project) of an amount to be
approved by the Administrative Agent as the projected Consolidated EBITDA of
the Borrower (or in the case of an Excluded Venture, including MWLM&R, the
Borrower’s pro-rata share of projected Consolidated EBITDA of such Excluded
Venture attributable to the equity interest of the Loan Parties in such
Excluded Venture attributable to such Material Project for the first 12-month
period following the scheduled Commercial Operation Date of such Material
Project (such amount to be determined based on contracts relating to such
Material Project, the creditworthiness of the other parties to such contracts,
and projected revenues from such contracts, capital costs and expenses,
scheduled Commercial Operation Date, and other factors reasonably deemed
appropriate by the Administrative Agent), which may, at the Borrower’s option,
be added to actual Consolidated EBITDA for the fiscal quarter in which
construction of such Material Project commences and for each fiscal quarter
thereafter until the Commercial Operation Date of such Material Project
(including the fiscal quarter in which such Commercial Operation Date occurs,
but net of any actual Consolidated EBITDA of the Borrower or the Borrower’s
pro-rata share of projected Consolidated EBITDA of such Excluded Venture, as
applicable, attributable to such Material Project following such Commercial
Operation Date); 

 

74

 

provided that if the
actual Commercial Operation Date does not occur by the scheduled Commercial
Operation Date, then the foregoing amount shall be reduced, for quarters ending
after the scheduled Commercial Operation Date to (but excluding) the first full
quarter after its actual Commercial Operation Date, by the following percentage
amounts depending on the period of delay (based on the period of actual delay
or then-estimated delay, whichever is longer): (i) 90 days or less, 0%, (ii) longer
than 90 days, but not more than 180 days, 25%, (iii) longer than 180 days
but not more than 270 days, 50%, and (iv) longer than 270 days, 100%; and

 

(ii)                                  beginning with
the first full fiscal quarter following the Commercial Operation Date of a
Material Project and for the two immediately succeeding fiscal quarters, an
amount to be approved by the Administrative Agent as the projected Consolidated
EBITDA of the Borrower (or in the case of any Excluded Venture the Borrower’s
pro-rata share of projected Consolidated EBITDA of such Excluded Venture
attributable to the equity interest of any Loan Parties in such Excluded
Venture) attributable to such Material Project (determined in the same manner
as set forth in clause (i) above) for the balance of the four full fiscal
quarter period following such Commercial Operation Date, which may, at Borrower’s
option, be added to actual Consolidated EBITDA for such fiscal quarters (but
net of any actual Consolidated EBITDA of the Borrower or the Borrower’s
pro-rata share of projected Consolidated EBITDA of such Excluded Venture, as
applicable, attributable to such Material Project following such Commercial
Operation Date).

 

(iii)                               Notwithstanding
the foregoing: (A) no such additions shall be allowed with respect to any
Material Project unless: (y) not later than 30 days prior to the delivery
of any Compliance Certificate required by the terms and provisions of Section 6.02(a) to the
extent Material Project Consolidated EBITDA Adjustments will be made to
Adjusted Consolidated EBITDA in determining compliance with this Section 7.15, the Borrower
shall have delivered to the Administrative Agent written pro forma projections
of Consolidated EBITDA of the Borrower or Excluded Venture, as applicable,
attributable to such Material Project, and (z) prior to the date such
Compliance Certificate is required to be delivered, the Administrative Agent
shall have approved (such approval not to be unreasonably withheld, conditioned
or delayed) such projections and shall have received such other information and
documentation as the Administrative Agent may reasonably request, all in form
and substance reasonably satisfactory to the Administrative Agent, and (B) the
aggregate amount of all Material Project Consolidated EBITDA Adjustments during
any period shall be limited to 15% of the total actual Consolidated EBITDA of
the Borrower and Excluded Ventures for such period (which total actual
Consolidated EBITDA shall be determined without including any Material Project
Consolidated EBITDA Adjustments).

 

ARTICLE VIII.

EVENTS OF
DEFAULT AND REMEDIES

 

8.01                        Events
of Default.  Each of the
following events constitutes an Event of Default under this Agreement:

 

(a)                                  Non-Payment .  The Borrower fails to pay (i) when and
as required to be paid herein, any amount of principal of any Loan or any LC
Exposure or (ii) within three Business Days after the same becomes due,
any interest on any Loan, any LC Exposure, any Commitment Fee or other fee due
hereunder or under the Fee Letter, or any other amount payable hereunder or
under any other Loan Document; or

 

(b)                                 Specific Covenants.  The Borrower fails to perform or observe any
term, covenant or agreement contained in any of Section 6.03(a) or Article VII;
or

 

75

 

(c)                                  Other Defaults.  Any Loan Party fails to perform or observe
any other covenant or agreement (other than a covenant or agreement (x) specified
in Section 8.01(a) or (b) above or (y) relating
to a security interest creation or validity matter that does not give rise to
an Event of Default pursuant to Section 8.01(m) below)
contained in any Loan Document on its part to be performed or observed and such
failure continues for 30 days after the earlier of (i) the date notice has
been given to the Borrower by the Administrative Agent or a Lender or (ii) the
date a Responsible Officer knew of such Default; or

 

(d)                                 Representations and
Warranties.  Any
representation or warranty made or deemed made by the Borrower or any other Loan
Party herein, in any other Loan Document (other than a representation or
warranty relating to a security interest creation or validity matter that does
not give rise to an Event of Default pursuant to Section 8.01(m) below),
or in any document delivered in connection herewith or therewith proves to have
been incorrect in any material respect when made or deemed made; or

 

(e)                                  Cross-Default.  (i) The Borrower or any other Loan Party
(A) fails to make any payment when due (whether by scheduled maturity, required
prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness
or Guaranty Obligation (other than Indebtedness under Swap Contracts) having an
aggregate principal amount (or, in the case of a Capitalized Lease or a
Synthetic Lease Obligation, Attributable Indebtedness) (including undrawn or
available amounts and including amounts owing to all creditors under any
combined or syndicated credit arrangement) of more than (individually or
collectively) $30,000,000, or (B) fails to observe or perform any other
agreement or condition relating to any such Indebtedness or Guaranty Obligation
or contained in any instrument or agreement evidencing, securing or relating
thereto, or any other event occurs, the effect of which default or other event
is to cause, or to permit the holder or holders of such Indebtedness, the
lessor under such Synthetic Lease Obligation or the beneficiary or
beneficiaries of such Guaranty Obligation (or a trustee or agent on behalf of
such holder or holders or beneficiary or beneficiaries) to cause, with the
giving of notice if required, such Indebtedness to be demanded or to become due
or to be repurchased or redeemed (automatically or otherwise) prior to its
stated maturity, or such Guaranty Obligation to become payable or cash
collateral in respect thereof to be demanded; or (ii) (A) there
occurs under any Swap Contract an Early Termination Date (as defined in such
Swap Contract) resulting from any event of default under such Swap Contract as
to which the Borrower or any other Loan Party is the Defaulting Party (as
defined in such Swap Contract) and the Swap Termination Value owed by the
Borrower or any other Loan Party as a result thereof is greater than
(individually or collectively) $30,000,000, or (B) there occurs under any
Swap Contract an Early Termination Date (as defined in such Swap Contract)
resulting from any Termination Event (as defined in such Swap Contract) under
such Swap Contract as to which the Borrower or any other Loan Party is an
Affected Party (as defined in such Swap Contract) and the amount calculated as
being owed by the Borrower and other Loan Party as a result of such Early
Termination Date is greater than (individually or collectively) $30,000,000 and
such amount is not paid when due under such Swap Contract; or

 

(f)                                    Insolvency Proceedings, Etc.  (i) The Borrower or any other Loan Party
institutes or consents to the institution of any proceeding under any Debtor
Relief Law, or makes an assignment for the benefit of creditors; or applies for
or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer for it or for all or
any material part of its property or takes any action to effect any of the
foregoing; or (ii) any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer is appointed without the
application or consent of such Person and the appointment continues
undischarged or unstayed for 60 calendar days; or (iii) any proceeding
under any Debtor Relief Law relating to any such Person or to all or any part
of its property is instituted without the consent of such Person and continues
undismissed or unstayed for 60 calendar days, or an order for relief is entered
in any such proceeding; or

 

(g)                                 Inability to Pay Debts;
Attachment.  (i) The
Borrower or any other Loan Party becomes unable or admits in writing its
inability or fails generally to pay its debts as they become due, or (ii) any

 

76

 

writ or warrant of attachment or execution or
similar process is issued or levied against property which is a material part
of the property of the Borrower and its Subsidiaries taken as a whole, and is
not released, vacated or fully bonded within 45 days after its issue or levy;
or

 

(h)                                 Judgments.  There is entered against the Borrower or any
other Loan Party (i) a final judgment or order for the payment of money in
an aggregate amount exceeding (individually or collectively) $30,000,000 (to
the extent not covered by third-party insurance as to which the insurer does
not dispute coverage), or (ii) any non-monetary final judgment that has or
could reasonably be expected to have a Material Adverse Effect and, in either
case, (A) enforcement proceedings are commenced by any creditor upon such
judgment or order, or (B) there is a period of 30 consecutive days during
which a stay of enforcement of such judgment, by reason of a pending appeal or
otherwise, is not in effect; or

 

(i)                                     ERISA.  If the Borrower, any other Loan Party or any
of their ERISA Affiliates maintains any Plan or any Multiemployer Plan, an
ERISA Event occurs with respect to a Plan or Multiemployer Plan which could
reasonably be expected to have a Material Adverse Effect; or

 

(j)                                     Invalidity of Loan Documents.  Any Loan Document, at any time after its
execution and delivery and for any reason other than the agreement of all the
Lenders or the Payment in Full of the Obligations, ceases to be in full force
and effect, or is declared by a court of competent jurisdiction to be null and
void, invalid or unenforceable in any material respect; or any Loan Party
denies that it has any or further liability or obligation under any Loan
Document, or purports to revoke, terminate or rescind any Loan Document; or

 

(k)                                  Change of Control.  There occurs any Change of Control; or

 

(l)                                     Dissolution.  The Borrower or any other Loan Party shall
dissolve, liquidate, or otherwise terminate its existence, except as permitted
in Section 7.06;
or

 

(m)                               Collateral; Impairment of
Security, etc.  Any
Collateral Document shall for any reason (other than pursuant to the terms
thereof) cease to create a valid security interest in Collateral (with a value,
individually or in the aggregate, in excess of $1,000,000) purported to be
covered thereby or the security interest in such Collateral shall for any
reason cease to be a perfected and first priority security interest in such
Collateral to the extent required by such Collateral Document.

 

8.02                        Remedies
upon Event of Default.  If
any Event of Default occurs and is continuing, the Administrative Agent shall,
at the request of, or may, with the consent of, the Required Lenders:

 

(a)                                  declare the Commitment of
each Lender to make Loans and any obligation of the Issuing Bank to issue
Letters of Credit to be terminated, whereupon such Commitments and obligations
shall be terminated;

 

(b)                                 declare the unpaid principal
amount of all outstanding Loans, all interest accrued and unpaid thereon, and
all other amounts owing or payable hereunder or under any other Loan Document
to be immediately due and payable, without presentment, demand, protest, notice
of intent to accelerate, notice of acceleration or other notice of any kind,
all of which are hereby expressly waived by the Borrower;

 

(c)                                  declare that an amount equal
to the then Outstanding Amount of all LC Exposure be immediately due and
payable by the Borrower, without presentment, demand, protest, notice of intent
to accelerate, notice of acceleration or other notice of any kind, all of which
are hereby expressly waived by 

 

77

 

the Borrower, and require that the Borrower deliver
such payments to the Administrative Agent to Cash Collateralize the LC Exposure
(in an amount equal to the then Outstanding Amount thereof); and

 

(d)                                 exercise on behalf of itself
and the Lenders all rights and remedies available to it and the Lenders under
the Loan Documents or applicable Law;

 

provided, however, that upon the occurrence
of any event specified in Section 8.01(f),
the obligation of each Lender to make Loans and any obligation of an Issuing
Bank to issue Letters of Credit shall automatically terminate, the unpaid
principal amount of all outstanding Loans and all interest and other amounts as
aforesaid shall automatically become due and payable, and an amount equal to
the then Outstanding Amount of the LC Exposure shall be deemed to be forthwith
due and owing by the Borrower to the Issuing Bank(s) and the Lenders as of
the date of such occurrence and the Borrower’s obligation to pay such amounts
shall be absolute and unconditional, without regard to whether any beneficiary
of any such Letter of Credit has attempted to draw down all or a portion of
such amount under the terms of a Letter of Credit and, to the fullest extent
permitted by applicable Law, shall not be subject to any defense or be affected
by a right of set-off, counterclaim or recoupment which the Borrower may now or
hereafter have against any such beneficiary, the Issuing Bank, the
Administrative Agent, the Lenders or any other Person for any reason
whatsoever.  Such payments shall be
delivered to and held by the Administrative Agent as Cash Collateral securing
the LC Exposure.

 

8.03                        Application
of Funds.  After the
exercise of remedies provided for in Section 8.02
(or after the Loans have automatically become immediately due and payable and
the LC Exposure have automatically been required to be Cash Collateralized as
set forth in Section 8.02), any
amounts received on account of the Obligations shall be applied by the
Administrative Agent in the following order:

 

(a)                                  first, to the
payment of enforcement expenses incurred by the Administrative Agent, including
Attorney Costs;

 

(b)                                 second, to the
ratable payment of all fees, expenses and indemnities (including amounts
payable under Article III) for which
the Administrative Agent, Lenders or any Affiliate of a Lender have not been
paid or reimbursed in accordance with the Loan Documents or Lender Hedging
Agreement (as used in this Section 8.03(b),
a “ratable payment”
for any Lender, Lender Affiliate or the Administrative Agent shall be, on any
date of determination, that proportion which the portion of the total fees,
expenses and indemnities owed to such Lender, Lender Affiliate or the
Administrative Agent bears to the total aggregate fees, expenses and
indemnities owed to all Lenders, Lender Affiliates and the Administrative Agent
on such date of determination);

 

(c)                                  third, to the
ratable payment of accrued and unpaid LC Fees, the Outstanding Amount of LC
Disbursements, accrued and unpaid interest on, and principal of, the
Outstanding Amount of Loans and the Outstanding Amount of Obligations under
Lender Hedging Agreements (it being understood that for purposes of this clause
(c) the Outstanding Amount of Obligations under Lender Hedging Agreements
refers to payments owing in connection with an Early Termination Date as
defined in the 2002 Master Agreement form promulgated by the ISDA (or
equivalent type payment obligation if some other form of Swap Contract is in
effect)(as used in this Section 8.03(c),
“ratable payment”
means for any Lender (or Lender Affiliate, in the case of a Lender Hedging
Agreement), on any date of determination, that proportion which the accrued and
unpaid LC Fees, the Outstanding Amount of LC Disbursements, accrued and unpaid
interest on, and principal of, the Outstanding Amount of Loans and the
Outstanding Amount of Obligations under Lender Hedging Agreements owed to such
Lender (or Lender Affiliate, in the case of a Lender Hedging Agreement) bears to
the accrued and unpaid LC Fees, the Outstanding Amount of LC Disbursements,
accrued and unpaid interest on, and principal of, the Outstanding Amount 

 

78

 

of Loans and the Outstanding Amount of Obligations under
Lender Hedging Agreements owed to all Lenders(and Affiliates, in the case of a
Lender Hedging Agreement);

 

(d)                                 fourth, to Cash
Collateralize the Letters of Credit; and

 

(e)                                  last, to the
payment of the remaining Obligations, if any, in the order and manner the
Required Lenders deem appropriate.

 

Subject
to Section 2.05(j), amounts used
to Cash Collateralize the aggregate undrawn amount of Letters of Credit
pursuant to Section 8.03(d) above
shall be applied to satisfy drawings under such Letters of Credit as they
occur.  If any amount remains on deposit
as Cash Collateral after all Letters of Credit have either been fully drawn or
expired, such remaining amount shall be applied to the other Obligations, if
any, in the order set forth above.

 

ARTICLE IX.

ADMINISTRATIVE
AGENT

 

9.01                        Appointment
and Authorization of Administrative Agent; Lender Hedging Agreements.

 

(a)                                  Each Lender hereby
irrevocably (subject to Section 9.10)
appoints, designates and authorizes the Administrative Agent to take such
action on its behalf under the provisions of this Agreement and each other Loan
Document and to exercise such powers and perform such duties as are expressly
delegated to it by the terms of this Agreement or any other Loan Document,
together with such powers as are reasonably incidental thereto.  Notwithstanding any provision to the contrary
contained elsewhere herein or in any other Loan Document, the Administrative
Agent shall not have any duties or responsibilities, except those expressly set
forth herein, nor shall the Administrative Agent have or be deemed to have any
fiduciary relationship with any Lender or Participant, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any other Loan Document or otherwise exist
against the Administrative Agent. 
Without limiting the generality of the foregoing sentence, the use of
the term “agent” herein and in
the other Loan Documents with reference to the Administrative Agent, the
Syndication Agent or the Documentation Agents is not intended to connote any
fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable Law.  Instead,
such term is used merely as a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent
contracting parties.

 

(b)                                 The Issuing Bank shall act
on behalf of the Lenders with respect to any Letters of Credit issued by it and
the documents associated therewith until such time (and except for so long) as
the Administrative Agent may agree at the request of the Required Lenders to
act for the Issuing Bank with respect thereto; provided,
however, that the Issuing Bank shall have all of the benefits and
immunities (i) provided to the Administrative Agent in this Article IX
with respect to any acts taken or omissions suffered by the Issuing Bank in
connection with Letters of Credit issued by it or proposed to be issued by it
and the application and agreements for letters of credit pertaining to the
Letters of Credit as fully as if the term “Administrative Agent” as used in
this Article IX
included the Issuing Bank with respect to such acts or omissions, and (ii) as
additionally provided herein with respect to the Issuing Bank.

 

9.02                        Delegation
of Duties.  The
Administrative Agent may execute any of its duties under this Agreement or any
other Loan Document by or through agents, sub-agents, employees or
attorneys-in-fact and shall be entitled to advice of counsel and other
consultants or experts concerning all matters pertaining to such duties.  Administrative Agent shall not be responsible
for the negligence or misconduct of any agent or attorney-in-fact that it
selects in the absence of gross negligence or willful misconduct.

 

79

 

9.03                        Default;
Collateral.

 

(a)                                  Upon the occurrence and
continuance of a Default or Event of Default, the Lenders agree to promptly
confer in order that Required Lenders or the Lenders, as the case may be, may
agree upon a course of action for the enforcement of the rights of the Lenders;
and the Administrative Agent shall be entitled to refrain from taking any
action (without incurring any liability to any Person for so refraining) unless and until the Administrative Agent
shall have received instructions from Required Lenders or the Lenders, as the
case may be.  All rights of action under
the Loan Documents and all right to the Collateral, if any, hereunder may be
enforced by the Administrative Agent and any suit or proceeding instituted by
the Administrative Agent in furtherance of such enforcement shall be brought in
its name as the Administrative Agent without the necessity of joining as
plaintiffs or defendants any other Lender, and the recovery of any judgment
shall be for the benefit of the Lenders (and, with respect to Lender Hedging
Agreements and Banking Services, Affiliates, if applicable) subject to the
expenses of the Administrative Agent.  In
actions with respect to any property of the Borrower or any other Loan Party,
the Administrative Agent is acting for the ratable benefit of each Lender (and,
with respect to Lender Hedging Agreement and Banking Services, Affiliates, if
applicable).  Any and all agreements to
subordinate (whether made heretofore or hereafter) other indebtedness or
obligations of Borrower to the Obligations shall be construed as being for the
ratable benefit of each Lender (and, with respect to Lender Hedging Agreement
and Banking Services, Affiliates, if applicable).

 

(b)                                 Each Lender authorizes and
directs the Administrative Agent to enter into the Collateral Documents on
behalf of and for the benefit of the Lenders (and, with respect to Lender
Hedging Agreements and Banking Services, Affiliates, if applicable)(or if
previously entered into, hereby ratifies the Administrative Agent’s (or any
predecessor administrative agent’s) previously entering into such agreements
and Collateral Documents).

 

(c)                                  Except to the extent
unanimity (or other percentage set forth in Section 10.1)
is required hereunder, each Lender agrees that any action taken by the
requisite Required Lenders in accordance with the provisions of the Loan
Documents, and the exercise by the requisite Required Lenders of the power set
forth herein or therein, together with
such other powers as are reasonably incidental thereto, shall be authorized and
binding upon all of the Lenders.

 

(d)                                 The Administrative Agent is
hereby authorized on behalf of the Lenders, without the necessity of any notice
to or further consent from any Lender, from time to time to take any action
with respect to any Collateral or Collateral Documents which may be necessary
to perfect and maintain perfected the Liens upon the Collateral granted
pursuant to the Collateral Documents.

 

(e)                                  The Administrative Agent
shall not have any obligation whatsoever to any Lender or to any other Person
to assure that the Collateral exists or is owned by any Loan Party or is cared
for, protected, or insured or has been encumbered or that the Liens granted to
the Administrative Agent (or any predecessor administrative agent) herein
or pursuant thereto have been properly or sufficiently or lawfully created,
perfected, protected, or enforced, or are entitled to any particular priority,
or to exercise at all or in any particular manner or under any duty of care,
disclosure, or fidelity, or to continue exercising, any of the rights granted
or available to the Administrative Agent in this Section 9.03 or in any of the Collateral
Documents; IT BEING UNDERSTOOD AND AGREED THAT IN
RESPECT OF THE COLLATERAL, OR ANY ACT, OMISSION, OR EVENT RELATED THERETO, THE
ADMINISTRATIVE AGENT MAY ACT IN ANY MANNER IT MAY DEEM APPROPRIATE, IN
ITS SOLE DISCRETION, GIVEN THE ADMINISTRATIVE AGENT’S OWN INTEREST IN THE
COLLATERAL AS ONE OF THE LENDERS AND THAT THE ADMINISTRATIVE AGENT SHALL HAVE
NO DUTY OR LIABILITY WHATSOEVER TO ANY LENDER (AND, WITH RESPECT TO LENDER
HEDGING AGREEMENTS AND BANKING SERVICES,

 

80

 

AFFILIATES), OTHER THAN TO ACT
WITHOUT GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.

 

(f)                                    The Lenders hereby
irrevocably authorize the Administrative Agent, at its option and in its
discretion, to (i) deliver instruments of assurance confirming the
non-existence of any Lien under the Loan Documents with respect to assets of
the Loan Parties described in Section 6.15(a) that
are excluded from the Collateral and (ii) release any Lien granted to or
held by the Administrative Agent upon any Collateral: (A) constituting
property in which no Loan Party owned an interest at the time the Lien was
granted or at any time thereafter; (B) constituting property leased to a
Loan Party under a lease which has expired or been terminated in a transaction
permitted under the Loan Documents or is about to expire and which has not
been, and is not intended by such Loan Party to be, renewed; or (C) consisting
of an instrument or other possessory collateral evidencing Indebtedness or
other obligations pledged to the Administrative Agent (for the benefit of the
Lenders), if the Indebtedness or obligations evidenced thereby has been paid in
full or otherwise superseded.  In
addition, the Lenders irrevocably authorize the Administrative Agent to release
Liens upon Collateral as contemplated in Section 10.01(c) or
(d), or if
approved, authorized, or ratified in writing by the requisite Lenders.  Upon request by the Administrative Agent at
any time, the Lenders will confirm in writing the Administrative Agent’s
authority to release particular types or items of Collateral pursuant to this Section 9.03.

 

(g)                                 In furtherance of the
authorizations set forth in this Section 9.03,
each Lender hereby irrevocably appoints the Administrative Agent its
attorney-in-fact, with full power of substitution, for and on behalf of and in
the name of each such Lender (i) to enter into Collateral Documents
(including, without limitation, any appointments of substitute trustees under
any Collateral Documents), (ii) to take action with respect to the
Collateral and Collateral Documents to perfect, maintain, and preserve Lenders’
Liens, and (iii) to execute instruments of release or to take other action
necessary to release Liens upon any Collateral to the extent authorized in
paragraph (f) hereof.  This power of
attorney shall be liberally, not restrictively, construed so as to give the
greatest latitude to the Administrative Agent’s power, as attorney, relative to
the Collateral matters described in this Section 9.03.  The powers and authorities herein conferred
on the Administrative Agent may be exercised by the Administrative Agent
through any Person who, at the time of the execution of a particular
instrument, is an officer of the Administrative Agent (or any Person acting on
behalf of the Administrative Agent pursuant to a valid power of attorney).  The power of attorney conferred by this Section 9.03(g) to
the Administrative Agent is granted for valuable consideration and is coupled
with an interest and is irrevocable so long as the Obligations, or any part
thereof, shall remain unpaid or the Lenders are obligated to make any
Extensions of Credit under the Loan Documents.

 

9.04                        Liability
of Administrative Agent.  NO AGENT-RELATED PERSON SHALL (A) BE LIABLE FOR ANY ACTION TAKEN
OR OMITTED TO BE TAKEN BY ANY OF THEM UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
(EXCEPT FOR ITS OWN GROSS NEGLIGENCE OR WILLFUL MISCONDUCT IN CONNECTION WITH
ITS DUTIES EXPRESSLY SET FORTH HEREIN), or (b) be responsible
in any manner to any Lender or Participant for any recital, statement,
representation or warranty made by any Loan Party or any officer thereof,
contained herein or in any other Loan Document, or in any certificate, report,
statement or other document referred to or provided for in, or received by
Administrative Agent under or in connection with, this Agreement or any other
Loan Document, or the validity, effectiveness, genuineness, enforceability or
sufficiency of this Agreement or any other Loan Document, or for the creation,
perfection or priority of any Liens purported to be created by any of the Loan
Documents, or the validity, genuineness, enforceability, existence, value or
sufficiency of any collateral security, or to make any inquiry respecting the
performance by the Borrower of its obligations hereunder or under any other
Loan Document, or for any failure of any Loan Party or any other party to any
Loan Document to perform its obligations 

 

81

 

hereunder or thereunder.  No Agent-Related Person shall be under any
obligation to any Lender or Participant to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions
of, this Agreement or any other Loan Document, or to inspect the properties,
books or records of any Loan Party or any Affiliate thereof.

 

9.05                        Reliance
by Administrative Agent.

 

(a)                                  The Administrative Agent
shall be entitled to rely, and shall be fully protected in relying, upon any
writing, communication, signature, resolution, representation, notice, consent,
certificate, affidavit, letter, telegram, facsimile, electronic mail, telex or
telephone message, statement or other document or conversation believed by it
to be genuine and correct and to have been signed, sent or made by the proper
Person or Persons, and upon advice and statements of legal counsel (including
counsel to any Loan Party), independent accountants and other experts selected
by the Administrative Agent.  The
Administrative Agent shall be fully justified in failing or refusing to take
any action under any Loan Document unless it shall first receive such advice or
concurrence of the requisite Required Lenders as it deems appropriate and, if
it so requests, it shall first be indemnified to its satisfaction by the
Lenders against any and all liability and expense which may be incurred by it
by reason of taking or continuing to take any such action.  The Administrative Agent shall in all cases be
fully protected in acting, or in refraining from acting, under this Agreement
or any other Loan Document in accordance with a request or consent of the
requisite Required Lenders or all the Lenders, if required hereunder, and such
request and any action taken or failure to act pursuant thereto shall be
binding upon all the Lenders and Participants. 
Where this Agreement expressly permits or prohibits an action unless the
requisite Required Lenders otherwise determine, the Administrative Agent shall,
and in all other instances, the Administrative Agent may, but shall not be
required to, initiate any solicitation for the consent or a vote of the
requisite Lenders.

 

(b)                                 For purposes of determining
compliance with the conditions specified in Section 4.01, each Lender that has
funded its Applicable Percentage of the initial Extensions of Credit on the
Effective Date (or, if there is no Extension of Credit made on such date, each
Lender other than Lenders who gave written objection to the Administrative
Agent prior to such date) shall be deemed to have consented to, approved or
accepted or to be satisfied with, each document or other matter either sent by
the Administrative Agent to such Lender (or otherwise made available for such
Lender on SyndTrak Online, DXSyndicateTM or any similar website) for consent,
approval, acceptance or satisfaction, or required hereunder to be consented to
or approved by or acceptable or satisfactory to a Lender.

 

9.06                        Notice
of Default.  The
Administrative Agent shall not be deemed to have knowledge or notice of the
occurrence of any Default or Event of Default, except with respect to defaults
in the payment of principal, interest and fees required to be paid to the
Administrative Agent for the account of the Lenders, unless the Administrative
Agent shall have received written notice from a Lender or the Borrower
referring to this Agreement, describing such Default or Event of Default and
stating that such notice is a “notice of
default.” The Administrative Agent will notify the Lenders of its
receipt of any such notice.  The
Administrative Agent shall take such action with respect to such Default or
Event of Default as may be directed by the Required Lenders in accordance with Article VIII; provided, however, that unless and until
the Administrative Agent has received any such direction, the Administrative
Agent may (but shall not be obligated to) take such action, or refrain from
taking such action, with respect to such Default or Event of Default as it
shall deem advisable or in the best interest of the Lenders.

 

9.07                        Credit
Decision; Disclosure of Information by Administrative Agent.  Each Lender acknowledges that no
Agent-Related Person has made any representation or warranty to it, and that no
act by the Administrative Agent hereinafter taken, including any consent to and
acceptance of any assignment or review of the affairs of any Loan Party or any
Affiliate thereof, shall be deemed to constitute any representation or warranty
by any Agent-Related Person to any Lender as to any matter, 

 

82

 

including whether Agent-Related Persons have
disclosed material information in their possession.  Each Lender represents to the Administrative
Agent that it has, independently and without reliance upon any Agent-Related
Person and based on such documents and information as it has deemed
appropriate, made its own appraisal of and investigation into the business,
prospects, operations, property, financial and other condition and
creditworthiness of the Loan Parties and their respective Subsidiaries, and all
applicable bank or other regulatory Laws relating to the transactions
contemplated hereby, and made its own decision to enter into this Agreement and
to extend credit to the Borrower hereunder. 
Each Lender also represents that it will, independently and without
reliance upon any Agent-Related Person and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under
this Agreement and the other Loan Documents, and to make such investigations as
it deems necessary to inform itself as to the business, prospects, operations,
property, financial and other condition and creditworthiness of the Borrower
and the other Loan Parties.  In this
regard, each Lender acknowledges that Thompson & Knight LLP is acting
in this transaction as counsel to the Administrative Agent.  Each other party hereto will consult with its
own legal counsel to the extent that it deems necessary in connection with the
Loan Documents and the matters contemplated therein. Except for notices,
reports and other documents expressly required to be furnished to the Lenders
by the Administrative Agent herein, the Administrative Agent shall not have any
duty or responsibility to provide any Lender with any credit or other
information concerning the business, prospects, operations, property, financial
and other condition or creditworthiness of any of the Loan Parties or any of
their respective Affiliates which may come into the possession of any
Agent-Related Person.

 

9.08                        Indemnification
of Agents.  Whether or
not the transactions contemplated hereby are consummated, the Lenders shall
indemnify upon demand each Agent-Related Person (to the extent not reimbursed
by or on behalf of any Loan Party and without limiting the obligation of any
Loan Party to do so), in accordance with their respective Applicable
Percentages, and hold harmless each Agent-Related Person from and against any
and all indemnified liabilities incurred by it; provided, however, that no Lender shall be
liable for the payment to any Agent-Related Person of any portion of such
Indemnified Liabilities resulting from such Person’s gross negligence or
willful misconduct; provided, however,
that no action taken in accordance with the directions of the Required Lenders
shall be deemed to constitute gross negligence or willful misconduct for
purposes of this Section 9.08.  Without limitation
of the foregoing, each Lender shall reimburse the Administrative Agent upon
demand for its ratable share of any costs or out-of-pocket expenses (including
Attorney Costs) incurred by the Administrative Agent in connection with the
preparation, execution, delivery, administration, modification, amendment or
enforcement (whether through negotiations, legal proceedings or otherwise) of,
or legal advice in respect of rights or responsibilities under, this Agreement,
any other Loan Document, or any document contemplated by or referred to herein,
to the extent that the Administrative Agent is not reimbursed for such expenses
by or on behalf of the Borrower.  The
undertaking in this Section 9.08 shall
survive termination of the Commitments, the payment of all Obligations
hereunder and the resignation or replacement of the Administrative Agent.

 

9.09                        Administrative
Agent in its Individual Capacity. Wells Fargo and its
Affiliates may make loans to, accept deposits from, acquire equity interests in
and generally engage in any kind of banking, trust, financial advisory,
underwriting or other business with each of the Loan Parties and their
respective Affiliates as though Wells Fargo were not the Administrative Agent
or an Issuing Bank hereunder and without notice to or consent of the
Lenders.  The Lenders acknowledge that,
pursuant to such activities, Wells Fargo or its Affiliates may receive
information regarding any Loan Party or its Affiliates (including information
that may be subject to confidentiality obligations in favor of such Loan Party
or such Affiliate) and acknowledge that the Administrative Agent shall be under
no obligation to provide such information to them.  With respect to its Loans, Wells Fargo shall
have the same rights and powers under this Agreement as any other Lender and
may exercise such rights and powers as though it were not the 

 

83

 

Administrative Agent or an Issuing Bank, and the
terms “Lender” and “Lenders” include Wells Fargo in its
individual capacity.

 

9.10                        Successor
Administrative Agent.  The
Administrative Agent may resign as Administrative Agent upon 30 days’ notice to
the Lenders with a copy of such notice to the Borrower.  If the Administrative Agent resigns under
this Agreement, the Required Lenders shall appoint from among the Lenders a
successor administrative agent for the Lenders which successor administrative
agent shall be consented to by the Borrower at all times other than during the
existence of an Event of Default (which consent of the Borrower shall not be
unreasonably withheld or delayed).  If no
successor administrative agent is appointed prior to the effective date of the
resignation of the Administrative Agent, the Administrative Agent may appoint,
after consulting with the Lenders and the Borrower, a successor administrative
agent from among the Lenders.  Upon the
acceptance of its appointment as successor administrative agent hereunder, such
successor administrative agent shall succeed to all the rights, powers and
duties of the retiring Administrative Agent and the term “Administrative Agent” shall mean such
successor administrative agent and the retiring Administrative Agent’s
appointment, powers and duties as Administrative Agent shall be
terminated.  After any retiring
Administrative Agent’s resignation hereunder as Administrative Agent, the
provisions of this Article IX
and Sections 10.04
and 10.13 shall inure
to its benefit as to any actions taken or omitted to be taken by it while it
was Administrative Agent under this Agreement. 
If no successor administrative agent has accepted appointment as
Administrative Agent by the date which is 30 days following a retiring
Administrative Agent’s notice of resignation, the retiring Administrative Agent’s
resignation shall nevertheless thereupon become effective and the Lenders shall
perform all of the duties of the Administrative Agent hereunder until such
time, if any, as the Required Lenders appoint a successor agent as provided for
above.

 

9.11                        Syndication
Agent; Other Agents; Arrangers.  None of the Lenders or other Persons
identified on the facing page or signature pages of this Agreement as
a “syndication agent,” as a “documentation agent,” any other type of agent
(other than the Administrative Agent), “arranger,” or “bookrunner” shall have
any right, power, obligation, liability, responsibility or duty under this
Agreement other than those applicable to all Lenders as such.  Without limiting the foregoing, none of the
Lenders so identified shall have or be deemed to have any fiduciary
relationship with any Lender.  Each
Lender acknowledges that it has not relied, and will not rely, on any of the
Lenders so identified in deciding to enter into this Agreement or in taking or
not taking action hereunder.

 

9.12                        Administrative
Agent May File Proof Of Claim.  In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to any Loan Party, the
Administrative Agent (irrespective of whether the principal of any Loan or LC
Exposure shall then be due and payable as herein expressed or by declaration or
otherwise and irrespective of whether the Administrative Agent shall have made
any demand on the Borrower) shall be entitled and empowered, by intervention in
such proceeding or otherwise

 

(i)                                     to file and
prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans, LC Exposures and all other Obligations that are
owing and unpaid and to file such other documents as may be necessary or
advisable in order to have the claims of the Lenders, the Issuing Banks and the
Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the Issuing Banks and the
Administrative Agent and their respective agents and counsel and all other
amounts due the Lenders, the Issuing Banks and the Administrative Agent under Sections 2.04,  10.04
and 10.05) allowed in such judicial
proceeding; and

 

(ii)                                  to collect and
receive any monies or other property payable or deliverable on any such claims
and to distribute the same;

 

84

 

and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Lender and Issuing Bank to make such payments to the Administrative Agent and,
in the event that the Administrative Agent shall consent to the making of such
payments directly to the Lenders and Issuing Banks, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and
counsel, and any other amounts due the Administrative Agent under Sections 2.04 and 10.04.

 

Nothing
contained herein shall be deemed to authorize the Administrative Agent to
authorize or consent to or accept or adopt on behalf of any Lender or Issuing
Bank any plan of reorganization, arrangement, adjustment or composition
affecting the Obligations or the rights of any Lender or to authorize the
Administrative Agent to vote in respect of the claim of any Lender in any such
proceeding.

 

9.13                        Lender
Hedging Agreements.  To the
extent any Affiliate of a Lender is a party to a Swap Contract with the
Borrower or any of its Subsidiaries and thereby becomes a beneficiary of the
Liens pursuant to the Mortgages or any other Collateral Document, such
Affiliate of a Lender shall be deemed to appoint the Administrative Agent its
nominee and agent to act for and on behalf of such Affiliate in connection with
the Mortgages and such Collateral Documents and to be bound by the terms of
this Article IX, Section 10.01(e) and the
last sentence of Section 2.14.

 

9.14                        Banking
Services.  To the
extent any Affiliate of a Lender provides any Banking Services and thereby
becomes a beneficiary of the Liens pursuant to the Security Agreements,
Mortgages or any other Collateral Document, such Affiliate of a Lender shall be
deemed to appoint the Administrative Agent its nominee and agent to act for and
on behalf of such Affiliate in connection with the Security Agreements,
Mortgages and such Collateral Documents and to be bound by the terms of this Article IX, Section 10.01(e) and the
last sentence of Section 2.14.

 

ARTICLE X.

MISCELLANEOUS

 

10.01                 Amendments,
Releases of Collateral, Etc.

 

(a)                                  No amendment or waiver of
any provision of this Agreement or any other Loan Document, and no consent to
any departure by the Borrower or any other Loan Party therefrom, shall be
effective unless in writing signed by the Required Lenders and the Borrower or
the applicable Loan Party, as the case may be, and acknowledged by the
Administrative Agent, and each such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given; provided, however, that
no such amendment, waiver or consent shall, unless in writing and signed by
each of the Lenders specified below in this Section 10.01(a) and
by the Borrower, and acknowledged by the Administrative Agent, do any of the
following:

 

(i)                                     extend or
increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 8.02) without
the written consent of such Lender;

 

(ii)                                  postpone or
delay any scheduled date fixed by this Agreement or any other Loan Document for
any payment of principal, interest, fees or other amounts due to the Lenders
(or any of them) hereunder or under any other Loan Document (except any
amendment described in Section 10.01(b) which
can be approved by the Required Lenders) without the written consent of each
Lender directly affected thereby;

 

(iii)                               reduce the
principal of, or the rate of interest specified herein on, any Loan or LC
Disbursement, or (subject to clause (B) of the proviso below) any fees or
other amounts payable 

 

85

 

hereunder or under any other Loan Document,
without the written consent of each Lender directly affected thereby; provided, however, that
only the consent of the Required Lenders shall be necessary (A) to amend
the definition of “Default Rate” or to waive any
obligation of the Borrower to pay interest or LC Fees at the Default Rate or (B) to
amend any financial covenant hereunder (or any defined term used therein) even
if the effect of such amendment would be to reduce the rate of interest on any
Loan or LC Disbursement or to reduce any fee payable hereunder;

 

(iv)                              change Section 2.13 or Section 8.03 in a manner that
would alter the pro rata sharing of payments required thereby without the
written consent of each Lender;

 

(v)                                 change any
provision of this Section 10.01(a) or
the definition of “Required Lenders” or any
other provision hereof specifying the number or percentage of Lenders required
to amend, waive or otherwise modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of
each Lender; or

 

(vi)                              except in connection with a
Disposition permitted under Section 7.07 or as otherwise permitted under this Section 10.01, release
all or substantially all of the Collateral or release all or substantially all
of the value of the Guarantees;

 

and,
provided further, that (i) no
amendment, waiver or consent shall, unless in writing and signed by the Issuing
Bank in addition to the Lenders required above, affect the rights or duties of
the Issuing Bank under this Agreement or any Letter of Credit Application
relating to any Letter of Credit issued or to be issued by it; (ii) no
amendment, waiver or consent shall, unless in writing and signed by the
Swingline Lender in addition to the Lenders required above, affect the rights
or duties of the Swingline Lender under this Agreement, (iii) no
amendment, waiver or consent shall, unless in writing and signed by the
Administrative Agent in addition to the Lenders required above, affect the
rights or duties of the Administrative Agent under this Agreement or any other
Loan Document; and (iv) the Fee Letter may be amended, or rights or
privileges thereunder waived, in a writing executed only by the parties
thereto.  Notwithstanding anything to the
contrary herein, no Defaulting Lender shall have any right to approve or
disapprove any amendment, waiver or consent hereunder (and any amendment,
waiver or consent which by its terms requires the consent of all Lenders or
each affected Lender may be effected with the consent of the applicable Lenders
other than Defaulting Lenders), except that (x) the Commitment of any
Defaulting Lender may not be increased or extended without the consent of such
Lender and (y) any waiver, amendment or modification requiring the consent
of all Lenders or each affected Lender that by its terms affects any Defaulting
Lender more adversely than other affected Lenders shall require the consent of
such Defaulting Lender.

 

(b)                                 Any amendment to any Loan
Document which purports to (i) decrease the amount of any mandatory
prepayment or commitment reduction required by Section 2.08 or (ii) change this Section 10.01(b),
must be by an instrument in writing executed by Borrower, the Administrative
Agent, and the Required Lenders.

 

(c)                                  Upon any (i) Disposition
of Collateral which is permitted pursuant to the Loan Documents, (ii) designation
of a Loan Party as an Excluded Venture in accordance with Section 1.08
or (iii) occurrence of any event or circumstance described in Section 9.03(f) in respect
of which a release of Collateral is authorized thereby), and upon five Business
Days’ prior written request (or such shorter period as may be permitted by the
Administrative Agent in its sole discretion) by the Borrower (which request must,
unless otherwise approved by the Administrative Agent, be accompanied by the
following, to the extent applicable and available (A) true and correct
copies of all material documents of transfer or disposition, including any
contract of sale, (B) a preliminary closing statement and instructions to
the title 

 

86

 

company, if any, and (C) all requested release
instruments in form and substance satisfactory to the Administrative Agent, the
Administrative Agent shall (and is hereby irrevocably authorized by the Lenders
to) execute such documents as may be necessary or reasonably requested to
evidence the release of Liens granted to the Administrative Agent for the
benefit of the Secured Parties pursuant to the Loan Documents in such
Collateral.  For clarity, in the case of
a Disposition of 100% of the Equity Interests of a Loan Party which is
permitted pursuant to the Loan Documents or the designation of a Loan Party as
an Excluded Venture in accordance with Section 1.08,
the releases under this Section 10.01(c) shall
include a release of (A) the Guaranty issued by such Loan Party and (B) the
Liens granted to the Administrative Agent for the benefit of the Secured
Parties pursuant to the Loan Documents in any assets of such Loan Party.  The Administrative Agent shall not be
required to execute any release instruments on terms which, in the
Administrative Agent’s reasonable opinion, would expose the Administrative
Agent to liability or create any obligation or entail any consequence other
than the release of Liens without recourse or warranty.  No such release shall impair the
Administrative Agent’s Lien on the proceeds of sale of such Collateral by a
Loan Party.

 

(d)                                 Upon the Payment in Full of
the Obligations, and, unless the requirements of Section 10.01(e) have been satisfied, the termination
and satisfaction of all obligations under all Lender Hedging Agreements, the
Administrative Agent agrees to, and the Lenders hereby instruct the
Administrative Agent to, at the Borrower’s expense, execute and authorize such
releases of the Collateral Documents as the Borrower shall reasonably request
and this Agreement shall be deemed terminated except that such termination
shall not relieve the Borrower of any obligation to make any payments to the
Administrative Agent or any Lender required by any Loan Document to the extent
accruing, or relating to an event occurring, prior to such termination.

 

(e)                                  Notwithstanding any
provision herein to the contrary, if, upon the Payment in Full of the
Obligations, any amounts owed pursuant to any Lender Hedging Agreement, the
Administrative Agent will and is hereby authorized to, (A) release the
Liens created under the Loan Documents and (B) release all Guaranties of
the Guarantors; provided, that
unless otherwise authorized by each Hedge Counterparty to such Lender Hedging
Agreement, contemporaneously with such release, (i) the Borrower (and, if
applicable, the Subsidiary that is a party to such Lender Hedging Agreement)
either takes such action as may be required to ensure that the obligations
under such Lender Hedging Agreements continue to be secured by collateral that
secures any concurrent refinancing of this Agreement or (A) executes a
margin agreement in form and substance acceptable to such Lender(s), its
Affiliates that are parties to such Lender Hedging Agreements (the “Hedge Counterparties”)
and (B), if required, provides collateral in the form of cash or a letter of
credit having an aggregate value acceptable to such Hedge Counterparties, and (ii) if
such Lender Hedging Agreement is executed by a Subsidiary of the Borrower and
the Borrower is not a party thereto, the Borrower executes a guaranty covering
such Subsidiary’s obligations thereunder, such guaranty to be in form and substance
satisfactory to the Hedge Counterparties. 
Any release under this Section 10.01(e) must
be in writing and signed by the Administrative Agent.

 

(f)                                    In the event that any Lender
(a “Non-Consenting Lender”) fails to
consent to any proposed amendment, modification, termination, waiver or consent
with respect to any provision hereof or of any other Loan Document that
requires the approval of the Lenders directly affected thereby or the unanimous
approval of all of the Lenders and Lenders holding at least a majority of the
Commitments then in effect, or if the Commitments have terminated, then holding
a majority of the Revolving Loans and LC Exposure, in each case in accordance
with the terms of this Section 10.01,
the Borrower shall be permitted to replace such Non-Consenting Lender pursuant
to Section 10.15.

 

87

 

10.02                 Notices;
Effectiveness; Electronic Communications.

 

(a)                                  Notices Generally.  Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as
provided in Section 10.02(b) below),
all notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopier as follows, and all notices
and other communications expressly permitted hereunder to be given by telephone
shall be made to the applicable telephone number, as follows:

 

(i)                                     if to the
Borrower, the Administrative Agent, the Issuing Bank or the Swingline Lender,
to the address, telecopier number, electronic mail address or telephone number
specified for such Person on Schedule 10.02;
and

 

(ii)                                  if to any other
Lender, to the address, telecopier number, electronic mail address or telephone
number specified in its Administrative Questionnaire.

 

Notices
sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices sent by
telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have
been given at the opening of business on the next business day for the
recipient).  Notices delivered through
electronic communications to the extent provided in Section 10.02(b) below,
shall be effective as provided in Section 10.02(b).

 

(b)                                 Electronic Communications.  Notices and other communications to the
Lenders and the Issuing Bank hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to
procedures approved by the Administrative Agent, provided
that the foregoing shall not apply to notices to any Lender or the Issuing Bank
pursuant to Article II if such Lender
or the Issuing Bank, as applicable, has notified the Administrative Agent that
it is incapable of receiving notices under such Article by electronic
communication.  The Administrative Agent
or the Borrower may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may be
limited to particular notices or communications.

 

Unless
the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by
the “return receipt requested” function, as available, return e-mail or other
written acknowledgement), provided that
if such notice or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have
been sent at the opening of business on the next business day for the
recipient, and (ii) notices or communications posted to an Internet or
intranet website shall be deemed received upon the deemed receipt by the
intended recipient at its e-mail address as described in the foregoing clause (i) of
notification that such notice or communication is available and identifying the
website address therefor.

 

(c)                                  The Platform.  THE PLATFORM IS PROVIDED “AS IS” AND “AS
AVAILABLE.”  THE AGENT RELATED PERSONS DO
NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE
ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR
OMISSIONS FROM THE BORROWER MATERIALS. 
NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING
ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT RELATED PERSON IN CONNECTION WITH THE
BORROWER MATERIALS OR THE PLATFORM.  In
no event shall any Agent-Related 

 

88

 

Person have any liability to the Borrower, any
Lender or any other Person for losses, claims, damages, liabilities or expenses
of any kind (whether in tort, contract or otherwise) arising out of the
Borrower’s or the Administrative Agent’s transmission of Borrower Materials
through the Internet, except to the extent that such losses, claims, damages,
liabilities or expenses are determined by a court of competent jurisdiction by
a final and nonappealable judgment to have resulted from the gross negligence
or willful misconduct of such Agent-Related Person; provided,
however, that in no event shall any
Agent-Related Person have any liability to the Borrower, any Lender or any
other Person for indirect, special, incidental, consequential or punitive
damages (as opposed to direct or actual damages).

 

(d)                                 Change of Address, Etc.  Each of the Borrower, the Administrative
Agent, the Issuing Bank and the Swingline Lender may change its address,
telecopier or telephone number for notices and other communications hereunder
by notice to the other parties hereto. 
Each other Lender may change its address, telecopier or telephone number
for notices and other communications hereunder by notice to the Borrower, the
Administrative Agent, the Issuing Bank and the Swingline Lender.  In addition, each Lender agrees to notify the
Administrative Agent from time to time to ensure that the Administrative Agent
has on record (i) an effective address, contact name, telephone number,
telecopier number and electronic mail address to which notices and other
communications may be sent and (ii) accurate wire instructions for such
Lender.  Furthermore, each Public Lender
agrees to cause at least one individual at or on behalf of such Public Lender
to at all times have selected the “Private Side Information” or similar
designation on the content declaration screen of the Platform in order to
enable such Public Lender or its delegate, in accordance with such Public
Lender’s compliance procedures and applicable Law, including United States
Federal and state securities Laws, to make reference to Borrower Materials that
are not made available through the “Public Side Information” portion of the
Platform and that may contain material non-public information with respect to
the Borrower or its securities for purposes of United States Federal or state
securities Laws.

 

(e)                                  Reliance by Administrative
Agent, Issuing Bank and Lenders.  The Administrative Agent, the Issuing Bank
and the Lenders shall be entitled to rely and act upon any notices (including
telephonic Borrowing Notices and Swingline Borrowing Notices) purportedly given
by or on behalf of the Borrower even if (i) such notices were not made in
a manner specified herein, were incomplete or were not preceded or followed by
any other form of notice specified herein, or (ii) the terms thereof, as
understood by the recipient, varied from any confirmation thereof.  The Borrower shall indemnify the
Administrative Agent, the Issuing Bank, each Lender and the Related Parties of
each of them from all losses, costs, expenses and liabilities resulting from
the reliance by such Person on each notice purportedly given by or on behalf of
the Borrower.  All telephonic notices to
and other telephonic communications with the Administrative Agent may be
recorded by the Administrative Agent, and each of the parties hereto hereby
consents to such recording.

 

10.03                 No
Waiver; Cumulative Remedies; Enforcement.  No failure by any Lender or the
Administrative Agent to exercise, and no delay by any such Person in
exercising, any right, remedy, power or privilege hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege. The rights,
remedies, powers and privileges herein provided are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by Law.

 

Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the
authority to enforce rights and remedies hereunder and under the other Loan
Documents against the Loan Parties or any of them shall be vested exclusively
in, and all actions and proceedings at law in connection with such enforcement
shall be instituted and maintained exclusively by, the Administrative Agent in
accordance with Section 8.02 for the
benefit of all the Lenders and the Issuing Bank; provided,
however, 

 

89

 

that
the foregoing shall not prohibit (a) the Administrative Agent from
exercising on its own behalf the rights and remedies that inure to its benefit
(solely in its capacity as Administrative Agent) hereunder and under the other
Loan Documents, (b) the Issuing Bank or the Swingline Lender from
exercising the rights and remedies that inure to its benefit (solely in its
capacity as Issuing Bank or Swingline Lender, as the case may be) hereunder and
under the other Loan Documents, (c) any Lender from exercising setoff
rights in accordance with Section 10.09
(subject to the terms of Section 2.13),
or (d) any Lender from filing proofs of claim or appearing and filing
pleadings on its own behalf during the pendency of a proceeding relative to any
Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as
Administrative Agent hereunder and under the other Loan Documents, then (i) the
Required Lenders shall have the rights otherwise ascribed to the Administrative
Agent pursuant to Section 8.02 and (ii) in
addition to the matters set forth in clauses (b), (c) and (d) of the
preceding proviso and subject to Section 2.13,
any Lender may, with the consent of the Required Lenders, enforce any rights
and remedies available to it and as authorized by the Required Lenders.

 

10.04                 Expenses;
Indemnity; Damage Waiver.

 

(a)                                  Costs and Expenses.  The Borrower shall pay (i) all
reasonable and documented out of pocket expenses incurred by the Administrative
Agent (including the reasonable and documented fees, charges and disbursements
of external counsel for the Administrative Agent), in connection with the
preparation, negotiation, execution, delivery and administration of this
Agreement and the other Loan Documents or any amendments, modifications
(whether or not effective) or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be
consummated), (ii) all reasonable out of pocket expenses incurred by the
Issuing Bank in connection with the issuance, amendment, renewal or extension
of any Letter of Credit or any demand for payment thereunder and (iii) all
reasonable out of pocket expenses incurred by the Administrative Agent, any
Lender or the Issuing Bank (including the fees, charges and disbursements of
any counsel for the Administrative Agent, any Lender or the Issuing Bank),
after the occurrence and during the continuance of an Event of Default in
connection with the enforcement or protection of its rights (A) in connection
with this Agreement and the other Loan Documents, including its rights under
this Section 10.04, or (B) in
connection with the Loans made or Letters of Credit issued hereunder, including
all such out of pocket expenses incurred during any workout, restructuring or
negotiations in respect of such Loans or Letters of Credit.  Expense reimbursements under this Agreement
and the other Loan Documents shall be due 15 days after Borrower’s receipt of a
reasonably detailed invoice therefor.

 

(b)                                 Indemnification by the
Borrower.  The
Borrower shall indemnify the Administrative Agent (and any sub-agent thereof),
the Syndication Agent, each Lender and the Issuing Bank, and each Related Party
of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, penalties,
liabilities and related expenses (including the reasonable fees, charges and
disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or
asserted against any Indemnitee by any third party or by the Borrower or any
other Loan Party arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement, any other Loan Document or any
agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or thereunder, the
consummation of the transactions contemplated hereby or thereby, or, in the
case of the Administrative Agent (and any sub-agent thereof) and its Related
Parties only, the administration of this Agreement and the other Loan Documents
(including in respect of any matters addressed in Section 3.01,
but subject to any exclusions applicable thereto), (ii) any Loan or Letter
of Credit or the use or proposed use of the proceeds therefrom (including any
refusal by the Issuing Bank to honor a demand for payment under a Letter of
Credit if the documents presented in connection with such demand do not
strictly comply with the terms of such Letter of Credit), (iii) any actual
or alleged presence or release of Hazardous Materials on or from any property
owned or operated by the Borrower or any of its

 

90

 

Subsidiaries, or any Environmental Liability related
in any way to the Borrower or any of its Subsidiaries, or (iv) any actual
or prospective claim, litigation, investigation or proceeding relating to any
of the foregoing, whether based on contract, tort or any other theory, whether
brought by a third party or by the Borrower or any other Loan Party, and
regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN
PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE;
provided that such indemnity shall not,
as to any Indemnitee, be available to the extent that such losses, claims,
damages, liabilities or related expenses (A) result from or are with
respect to Hazardous Materials which are initially placed on, in or under all
or any portion of any property owned or operated by Borrower or any of its
Subsidiaries after the date the Lender or any other party takes title to such
property, (B) that relate to increased cost matters and are excluded from
the indemnification requirements of Sections 3.04 or
3.05, (C) are determined by a
court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence or willful misconduct of such Indemnitee, (D) result
from a claim brought by the Borrower or any other Loan Party against an
Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder
or under any other Loan Document, if the Borrower or such other Loan Party has
obtained a final and nonappealable judgment in its favor on such claim as
determined by a court of competent jurisdiction or (E) arise out of
disputes among the Lenders, Issuing Bank and/or Administrative Agent.

 

(c)           Reimbursement by Lenders.  To the extent that the Borrower for any
reason fails to indefeasibly pay any amount required under Sections
10.04(a) or (b) to
be paid by it to the Administrative Agent (or any sub-agent thereof), the
Issuing Bank or any Related Party of any of the foregoing, each Lender severally
agrees to pay to the Administrative Agent (or any such sub-agent), the Issuing
Bank or such Related Party, as the case may be, such Lender’s Applicable
Percentage (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought) of such unpaid amount, provided
that the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case may be, was incurred by or asserted against the
Administrative Agent (or any such sub-agent) or the Issuing Bank in its
capacity as such, or against any Related Party of any of the foregoing acting
for the Administrative Agent (or any such sub-agent) or Issuing Bank in
connection with such capacity.  The
obligations of the Lenders under this Section10.04(c) are
subject to the provisions of the last sentence of Section 2.01(b).

 

(d)           Waiver of Consequential
Damages, Etc.  To the
fullest extent permitted by applicable Law, the Borrower shall not assert, and
hereby waives, any claim against any Indemnitee, on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this
Agreement, any other Loan Document or any agreement or instrument contemplated
hereby, the transactions contemplated hereby or thereby, any Loan or Letter of
Credit or the use of the proceeds thereof. 
No Indemnitee referred to in Section 10.04(b) above
shall be liable for any damages arising from the use by unintended recipients of
any information or other materials distributed to such unintended recipients by
such Indemnitee through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan
Documents or the transactions contemplated hereby or thereby other than for
direct or actual damages resulting from the gross negligence or willful
misconduct of such Indemnitee as determined by a final and nonappealable
judgment of a court of competent jurisdiction.

 

(e)           Payments.  All amounts due under this Section 10.04 (other than Section 10.04(a) above)
shall be payable not later than 10 Business Days after demand therefor.

 

(f)            Survival.  The agreements in this Section 10.04
shall survive the resignation of the Administrative Agent, the
Issuing Bank and the Swingline Lender, the replacement of any Lender, the
termination of the Commitments and the repayment, satisfaction or discharge of
all the other Obligations.

 

91

 

10.05      Intentionally
Omitted.

 

10.06      Payments
Set Aside.  To the
extent that any payment by or on behalf of the Borrower is made to the
Administrative Agent or any Lender, or the Administrative Agent or any Lender
exercises its right of set-off, and such payment or the proceeds of such
set-off or any part thereof is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by the Administrative Agent or such Lender in its
discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to
the extent of such recovery, the obligation or part thereof originally intended
to be satisfied shall be revived and continued in full force and effect as if
such payment had not been made or such set-off had not occurred, and (b) each
Lender severally agrees to pay to the Administrative Agent upon demand its
applicable share of any amount so recovered from or repaid by the
Administrative Agent, plus interest thereon from the date of such demand to the
date such payment is made at a rate per annum equal to the Federal Funds Rate
from time to time in effect.

 

10.07      Successors
and Assigns.

 

(a)           Successors and Assigns
Generally.  The
provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted
hereby, except that the Borrower may not assign
or otherwise transfer any of its rights or obligations hereunder without the
prior written consent of the Administrative Agent and each Lender and no Lender
may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an assignee in accordance with the provisions of Section 10.07(b), (ii) by
way of participation in accordance with the provisions of Section 10.07(d),
or (iii) by way of pledge or assignment of a security interest subject to
the restrictions of Section 10.07(f) (and
any other attempted assignment or transfer by any party hereto shall be null
and void).  Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in Section 10.07(d) and,
to the extent expressly contemplated hereby, the Indemnitees) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

 

(b)           Assignments by Lenders.  Any Lender may at any time assign to one or
more assignees all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitment and the Loans
(including for purposes of this Section 10.07(b),
participations in LC Exposure and in Swingline Loans) at the time owing to it);
provided that any such assignment shall
be subject to the following conditions:

 

(i)            Minimum Amounts.

 

(A)          in the case of an assignment
of the entire remaining amount of the assigning Lender’s Commitment and the
Loans at the time owing to it or in the case of an assignment to a Lender, an
Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned;
and

 

(B)           in any case not described in
Section 10.07(b)(i)(A), the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the Commitment is not then in effect, the
principal outstanding balance of the Loans of the assigning Lender subject to
each such assignment, determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or, if
“Trade Date” is specified in the Assignment and Assumption, as of the Trade
Date, shall not be less than $5,000,000 unless each of the Administrative Agent
and, so long as no Event of Default has occurred and is continuing, the
Borrower

 

92

 

otherwise consents (each
such consent not to be unreasonably withheld, conditioned or delayed); provided, however, that concurrent assignments to members of
an Assignee Group and concurrent assignments from members of an Assignee Group
to a single Eligible Assignee (or to an Eligible Assignee and members of its
Assignee Group) will be treated as a single assignment for purposes of
determining whether such minimum amount has been met.

 

(ii)           Proportionate Amounts.  Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and
obligations under this Agreement with respect to the Loans or the Commitment
assigned.

 

(iii)          Required Consents.  No consent shall be required for any
assignment except to the extent required by Section 10.07(b)(i)(B) and,
in addition:

 

(A)          the consent of the Borrower
(such consent not to be unreasonably withheld, conditioned or delayed) shall be
required unless (1) an Event of Default has occurred and is continuing at
the time of such assignment or (2) such assignment is to a Lender, an
Affiliate of a Lender or an Approved Fund; provided, if
the consent of the Borrower to an assignment or to an Eligible Assignee is
required hereunder (including consent to an assignment that does not meet the
minimum assignment threshold specified in this Section), the Borrower shall be
deemed to have given its consent 5 Business Days after the date notice thereof
has been delivered by the assigning Lender (through the Administrative Agent)
to the Borrower unless such consent is expressly refused by the Borrower prior
to such date; provided, if the Borrower
reasonably requests additional information regarding the proposed assignee, the
foregoing time period will be automatically extended until one Business Day
after the Borrower receives information regarding the proposed assignee
responsive to the Borrower’s request;

 

(B)           the consent of the Administrative
Agent (such consent not to be unreasonably withheld, conditioned or delayed)
shall be required if such assignment is to a Person that is not a Lender, an
Affiliate of such Lender or an Approved Fund with respect to such Lender;

 

(C)           the consent of the Issuing
Banks (such consent not to be unreasonably withheld, conditioned or delayed)
shall be required for any assignment that increases the obligation of the
assignee to participate in exposure under one or more Letters of Credit
(whether or not then outstanding); and

 

(D)          the consent of the Swingline
Lender (such consent not to be unreasonably withheld, conditioned or delayed)
shall be required for any assignment.

 

(iv)          Assignment and Assumption.  The parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment and Assumption, together
with a processing and recordation fee in the amount of $3,500; provided, however, that
the Administrative Agent may, in its sole discretion, elect to waive such
processing and recordation fee in the case of any assignment; provided, further, no processing and recordation fee will be
required in connection with any assignment from a Lender to an Affiliate of
such Lender.  The assignee, if it is not
a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire.

 

93

 

(v)           No Assignment to Certain
Persons.  No such assignment shall be
made (A) to the Borrower or any of the Borrower’s Affiliates or
Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries.

 

(vi)          No Assignment to Natural
Persons.  No such assignment shall be
made to a natural person.

 

(vii)         Certain Additional Payments.  In connection with any assignment of rights
and obligations of any Defaulting Lender hereunder, no such assignment shall be
effective unless and until, in addition to the other conditions thereto set
forth herein, the parties to the assignment shall make such additional payments
to the Administrative Agent in an aggregate amount sufficient, upon
distribution thereof as appropriate (which may be outright payment, purchases
by the assignee of participations or subparticipations, or other compensating
actions, including funding, with the consent of the Borrower and the
Administrative Agent, the applicable pro rata share of Loans previously
requested but not funded by the Defaulting Lender, to each of which the
applicable assignee and assignor hereby irrevocably consent), to (x) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender
to the Administrative Agent or any Lender hereunder (and interest accrued
thereon) and (y) acquire (and fund as appropriate) its full pro rata share
of all Loans and participations in Letters of Credit and Swingline Loans in
accordance with its Applicable Percentage. 
Notwithstanding the foregoing, in the event that any assignment of
rights and obligations of any Defaulting Lender hereunder shall become
effective under applicable Law without compliance with the provisions of this
paragraph, then the assignee of such interest shall be deemed to be a
Defaulting Lender for all purposes of this Agreement until such compliance
occurs.

 

Subject
to acceptance and recording thereof by the Administrative Agent pursuant to Section 10.07(c), from and
after the effective date specified in each Assignment and Assumption, the
assignee thereunder shall be a party to this Agreement and, to the extent of
the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender
thereunder shall, to the extent of the interest assigned by such Assignment and
Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a
party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04,
3.05, and 10.04 with
respect to facts and circumstances occurring prior to the effective date of
such assignment.  Upon request, the
Borrower (at its expense) shall execute and deliver a Note to the assignee
Lender; provided, however, that in the event
such Note replaces in whole or part any Note previously issued to the assignor,
then as a condition to the delivery of such new Note, the assignor shall
deliver the previously issued Note to Borrower or, if not available, a lost
note affidavit containing customary indemnity protections for the benefit of
Borrower.  Any assignment or transfer by
a Lender of rights or obligations under this Agreement that does not comply
with this Section 10.07(b) shall
be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with Section 10.07(d).

 

(c)           Register.  The Administrative Agent, acting solely for
this purpose as an agent of the Borrower, shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it and a
register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amounts of the Loans and LC Exposure owing to,
each Lender pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be
conclusive, and the Borrower, the Administrative Agent and the Lenders may
treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. 
In addition, the Administrative Agent shall

 

94

 

maintain on the Register information regarding the
designation, and revocation of designation, of any Lender as a Defaulting
Lender.  The Register shall be available
for inspection by the Borrower and any Lender, at any reasonable time and from
time to time upon reasonable prior notice.

 

(d)           Participations.  Any Lender may at any time, without the
consent of, or notice to, the Borrower or the Administrative Agent, sell
participations to any Person (other than a natural person, a Defaulting Lender
or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of
such Lender’s rights and/or obligations under this Agreement (including all or
a portion of its Commitment and/or the Loans (including such Lender’s
participations in LC Exposure and/or Swingline Loans) owing to it); provided that (i) such Lender’s obligations under this
Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations
and (iii) the Borrower, the Administrative Agent, the Lenders and the
Issuing Bank shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement.

 

Any
agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision
of this Agreement; provided that
such agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, waiver or other modification
described in clauses (i), (ii) or (iii) of Section 10.01(a) that
directly affects such Participant. 
Subject to Section 10.07(e), the
Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it
were a Lender and had acquired its interest by assignment pursuant to Section 10.07(b).  To the extent permitted by Law, each
Participant also shall be entitled to the benefits of Section 10.09
as though it were a Lender, provided such
Participant agrees to be subject to Section 2.13
as though it were a Lender.

 

(e)           Limitations upon Participant
Rights.  A Participant shall not be
entitled to receive any greater payment under Section 3.01
or 3.04 than the applicable Lender
would have been entitled to receive with respect to the participation sold to
such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. 
A Participant that would be a Foreign Lender if it were a Lender shall
not be entitled to the benefits of Section 3.01
unless the Borrower is notified of the participation sold to such Participant
and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as though
it were a Lender.

 

(f)            Certain Pledges.  Any Lender may at any time pledge or assign a
security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve
Bank; provided that no such pledge or
assignment shall release such Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for such Lender as a party hereto.

 

(g)           As used herein, the following
terms have the following meanings:

 

“Eligible Assignee” means (a) a
Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any
other Person (other than a natural person) approved by (i) the
Administrative Agent and the Issuing Bank, and (ii) unless an Event of
Default has occurred and is continuing, the Borrower (each such approval not to
be unreasonably withheld or delayed); provided that
notwithstanding the foregoing, “Eligible Assignee” shall not include the
Borrower or any of the Borrower’s Affiliates or Subsidiaries.

 

95

 

“Fund” means any Person (other
than a natural person) that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its business.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a
Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate
of an entity that administers or manages a Lender.

 

(h)           Resignation as Issuing Bank
or Swingline Lender after Assignment.  Notwithstanding anything to the contrary
contained herein, if at any time Wells Fargo assigns all of its Commitment and
Loans pursuant to Section 10.07(b) above
and resigns as Administrative Agent pursuant to Section 9.10
above, Wells Fargo may, (i) upon 30 days’ notice to the Borrower and the
Lenders, resign as Issuing Bank and/or (ii) upon 30 days’ notice to the
Borrower, resign as Swingline Lender.  In
the event of any such resignation as Issuing Bank or Swingline Lender, the
Borrower shall be entitled to appoint from among the Lenders a successor
Issuing Bank or Swingline Lender hereunder; provided, however, that no failure by the Borrower to appoint any such
successor shall affect the resignation of Wells Fargo as Issuing Bank or
Swingline Lender, as the case may be; provided, further any
such successor Issuing Bank or Swingline Lender must accept such appointment in
writing.  If Wells Fargo resigns as
Issuing Bank, it shall retain all the rights, powers, privileges and duties of
the Issuing Bank hereunder with respect to all Letters of Credit outstanding as
of the effective date of its resignation as Issuing Bank and all LC Exposure
with respect thereto (including the right to require the Lenders to make
Alternate Base Rate Loans or fund risk participations in LC Exposure pursuant
to Section 2.05(d).  If Wells Fargo resigns as Swingline Lender,
it shall retain all rights of the Swingline Lender provided for hereunder with
respect to Swingline Loans made by it and outstanding as of the effective date
of such resignation, including the right to require the Lenders to make
Alternate Base Rate Loans or fund risk participations in outstanding Swingline
Loans pursuant to Section 2.15(c). Upon
the appointment of a successor Issuing Bank and/or Swingline Lender, (A) such
successor shall succeed to and become vested with all of the rights, powers,
privileges and obligations of the retiring Issuing Bank or Swingline Lender, as
the case may be, and (B) with respect to Letters of Credit issued by the
prior Issuing Bank that remain outstanding, the provisions of Section 2.05(i) shall
apply.

 

10.08      Confidentiality.  Each of the Administrative Agent and the
Lenders agrees to maintain the confidentiality of the Information, except that Information may be disclosed (a) to its
Affiliates, and to its and its Affiliates’ respective partners, directors,
officers, employees, agents, advisors and representatives for purposes of its
performance, monitoring and administration of the Loan Documents (it being
understood that the Persons to whom such disclosure is made will be informed of
the confidential nature of such Information and obligated to keep such
Information confidential), (b) to the extent requested by any regulatory
authority purporting to have jurisdiction over it (including any
self-regulatory authority, such as the National Association of Insurance
Commissioners), (c) to the extent required by applicable Laws or
regulations or by any subpoena or similar legal process, (d) to any other
party hereto, (e) in connection with the exercise of any remedies
hereunder or under any other Loan Document or any action or proceeding relating
to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section 10.08,
to (i) any assignee of or Participant in, or any prospective assignee of
or Participant in, any of its rights or obligations under this Agreement or (ii) any
actual or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower and its obligations, (g) with the
consent of the Borrower or (h) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this Section 10.08 or (y) becomes
available to the Administrative Agent or any Lender on a nonconfidential basis
from a source other than the Borrower.

 

96

 

Each
of the Administrative Agent and the Lenders acknowledges that (x) the
Information may include material non-public information concerning the Borrower
or a Subsidiary, as the case may be, (y) it has developed compliance
procedures regarding the use of material non-public information and (z) it
will handle such material non-public information in accordance with applicable
Law, including United States Federal and state securities Laws.

 

10.09      Set-off.  In addition to any rights and remedies of the
Lenders provided by Law, upon the occurrence and during the continuance of any
Event of Default, each Lender is authorized at any time and from time to time,
subject to the consent of the Administrative Agent, without prior notice to the
Borrower or any other Loan Party, any such notice being waived by the Borrower
(on its own behalf and on behalf of each Loan Party) to the fullest extent
permitted by Law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final) at any time held by, and other
indebtedness at any time owing by, such Lender to or for the credit or the
account of the respective Loan Parties against any and all Obligations owing to
such Lender hereunder or under any other Loan Document, now or hereafter
existing, irrespective of whether or not the Administrative Agent or such
Lender shall have made demand under this Agreement or any other Loan Document
and although such Obligations may be contingent or unmatured or denominated in
a currency different from that of the applicable deposit or indebtedness; provided, that in the event that any Defaulting Lender shall
exercise any such right of setoff, (x) all amounts so set off shall be
paid over immediately to the Administrative Agent for further application in
accordance with the provisions of Section 2.16
and, pending such payment, shall be segregated by such Defaulting Lender from
its other funds and deemed held in trust for the benefit of the Administrative
Agent and the Lenders, and (y) the Defaulting Lender shall provide
promptly to the Administrative Agent a statement describing in reasonable
detail the Obligations owing to such Defaulting Lender as to which it exercised
such right of setoff.  Each Lender agrees
promptly to notify the Borrower and the Administrative Agent after any such
set-off and application made by such Lender; provided,
however, that the failure to give such
notice shall not affect the validity of such set-off and application.

 

10.10      Interest
Rate Limitation. 
Notwithstanding anything to the contrary contained in any Loan Document,
the interest paid or agreed to be paid under the Loan Documents shall not
exceed the maximum rate of non-usurious interest permitted to a Lender by
applicable Law (the “Maximum Rate”).
If the Administrative Agent or any Lender shall receive interest in an amount
that exceeds the Maximum Rate, the excess interest shall be applied to the
principal of the Loans or, if it exceeds such unpaid principal, refunded to the
Borrower. In determining whether the interest contracted for, charged, or
received by the Administrative Agent or a Lender exceeds the Maximum Rate, such
Person may, to the extent permitted by applicable Law, (a) characterize
any payment that is not principal as an expense, fee, or premium rather than
interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of
interest throughout the contemplated term of the Obligations hereunder.

 

10.11      Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.  Delivery of an executed counterpart of a
signature page of this Agreement by telecopy or other electronic imaging
means shall be effective as delivery of a manually executed counterpart of this
Agreement.

 

10.12      Integration.  This Agreement, together with the other Loan
Documents, comprises the complete and integrated agreement of the parties on
the subject matter hereof and thereof and supersedes all prior agreements,
written or oral, on such subject matter. In the event of any conflict between
the provisions of this Agreement and those of any other Loan Document, the
provisions of this Agreement shall control; provided that
the inclusion of supplemental rights or remedies in favor of the Administrative
Agent or the Lenders in any other Loan Document shall not be deemed a conflict
with this Agreement. Each Loan

 

97

 

Document was drafted with the joint participation of
the respective parties thereto and shall be construed neither against nor in
favor of any party, but rather in accordance with the fair meaning thereof.

 

10.13      Survival
of Representations and Warranties.  All representations and warranties made
hereunder and in any other Loan Document or other document delivered pursuant
hereto or thereto or in connection herewith or therewith shall survive the
execution and delivery hereof and thereof. Such representations and warranties
have been or will be relied upon by the Administrative Agent and each Lender,
regardless of any investigation made by the Administrative Agent or any Lender
or on their behalf and notwithstanding that the Administrative Agent or any
Lender may have had notice or knowledge of any Default at the time of any
Extension of Credit, and shall continue in full force and effect as long as any
Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or
any Letter of Credit shall remain outstanding.

 

10.14      Severability.  If any provision of this Agreement or the
other Loan Documents is held to be illegal, invalid or unenforceable, (a) the
legality, validity and enforceability of the remaining provisions of this
Agreement and the other Loan Documents shall not be affected or impaired
thereby and (b) the parties shall endeavor in good faith negotiations to
replace the illegal, invalid or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the illegal,
invalid or unenforceable provisions. The invalidity of a provision in a
particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction. 
Without limiting the foregoing provisions of this Section 10.14,
if and to the extent that the enforceability of any provisions in this
Agreement relating to Defaulting Lenders shall be limited by Debtor Relief
Laws, as determined in good faith by the Administrative Agent, the Issuing Bank
or the Swingline Lender, as applicable, then such provisions shall be deemed to
be in effect only to the extent not so limited.

 

10.15      Replacement
of Lenders.  Under any
circumstances set forth herein providing that the Borrower shall have the right
to replace a Lender as a party to this Agreement, the Borrower may, upon notice
to such Lender and the Administrative Agent, replace such Lender by requiring
such Lender to assign its Commitment pursuant to (and subject to the consents
required by) Section 10.07(b) to
one or more Eligible Assignees; provided that
such assignment does not conflict with applicable Laws and such Lender shall
have received payment of an amount equal to the outstanding principal of its
Loans and LC Disbursements, accrued interest thereon, accrued fees and all
other amounts payable to it hereunder and under the other Loan Documents
(including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts); and provided, further, that
if the Borrower elects to exercise such right with respect to any Lender
pursuant to Section 3.06(b), it
shall be obligated to replace all Lenders that have made similar requests for
compensation pursuant to Section 3.01
or 3.04.  Upon the making of any such assignment, the
Borrower shall pay in full any amounts payable pursuant to Section 3.05.

 

10.16      Governing
Law.

 

(a)           THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE
INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW,
WHICH THE PARTIES EXPRESSLY AGREE SHALL APPLY.

 

(b)           ANY LEGAL ACTION OR
PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE
BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE
SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, THE BORROWER, THE

 

98

 

ADMINISTRATIVE AGENT AND EACH LENDER CONSENTS, FOR
ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF
THOSE COURTS. THE BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER
IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF
VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION
IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. THE
BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER WAIVES PERSONAL SERVICE OF
ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER
MEANS PERMITTED BY THE LAW OF SUCH STATE.

 

10.17      Waiver
of Right to Trial by Jury.  EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

 

10.18      No
Advisory or Fiduciary Responsibility.  In connection with all aspects of each
transaction contemplated hereby (including in connection with any amendment,
waiver or other modification hereof or of any other Loan Document), the
Borrower acknowledges and agrees, and acknowledges its Affiliates’
understanding, that: (i) (A) the arranging and other services
regarding this Agreement provided by the Administrative Agent and the Arranger
are arm’s-length commercial transactions between the Borrower and its
Affiliates, on the one hand, and the Administrative Agent and the Arranger, on
the other hand, (B) the Borrower has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate, and (C) the
Borrower is capable of evaluating, and understands and accepts, the terms,
risks and conditions of the transactions contemplated hereby and by the other
Loan Documents; (ii) (A) the Administrative Agent and the Arranger
each is and has been acting solely as a principal and, except as expressly
agreed in writing by the relevant parties, has not been, is not, and will not
be acting as an advisor, agent or fiduciary for the Borrower or any of its
Affiliates, or any other Person and (B) neither the Administrative Agent
nor the Arranger has any obligation to the Borrower or any of its Affiliates
with respect to the transactions contemplated hereby except those obligations
expressly set forth herein and in the other Loan Documents; and (iii) the
Administrative Agent and the Arranger and their respective Affiliates may be
engaged in a broad range of transactions that involve interests that differ
from those of the Borrower and its Affiliates, and neither the Administrative
Agent nor the Arranger has any obligation to disclose any of such interests to
the Borrower or its Affiliates.  To the
fullest extent permitted by Law, the Borrower hereby waives and releases any
claims that it may have against the Administrative Agent and the Arranger with
respect to any breach or alleged breach of agency or fiduciary duty in
connection with any aspect of any transaction contemplated hereby.

 

10.19      Electronic
Execution of Assignments and Certain Other Documents.  The words “execution,” “signed,” “signature,”
and words of like import in any Assignment and Assumption or in any amendment
or other modification hereof (including waivers and consents) shall be deemed
to include electronic signatures or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as
a manually executed signature or the use of a paper-based recordkeeping

 

99

 

system, as the case may be, to the extent and as
provided for in any applicable Law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act, or any other similar state Laws based on the Uniform
Electronic Transactions Act.

 

10.20      USA
PATRIOT Act Notice.  Each Lender
that is subject to the Act and the Administrative Agent (for itself and not on
behalf of any Lender) hereby notifies the Borrower that pursuant to the
requirements of the USA Patriot Act (Title III of Pub. L. 107,56 (signed into
law October 26,. 2001)) (the “Act”), it
is required to obtain, verify and record information that identifies the
Borrower, which information includes the name and address of the Borrower and
other information that will allow such Lender or the Administrative Agent, as
applicable, to identify the Borrower in accordance with the Act.  The Borrower shall, promptly following a
request by the Administrative Agent or any Lender, provide such documentation
and other information that the Administrative Agent or such Lender reasonably
requests in order to comply with its ongoing obligations under applicable “know
your customer” and anti-money laundering rules and regulations, including
the Act.

 

10.21      Intentionally
Omitted.

 

10.22      Resignation of Administrative
Agent and Collateral Agent; Appointment of Successor Administrative Agent;
Assignment.

 

(a)           Pursuant to and in
accordance with Section 9.10 of the
Original Credit Agreement, effective upon the Effective Date, (i) Royal
Bank of Canada resigns as Administrative Agent and Collateral Agent under the
Original Credit Agreement and Loan Documents, (ii) the Borrower and the
Lenders waive the requirement of 30 days’ prior notice of such resignation, (iii) Wells
Fargo is appointed successor administrative agent (and in that capacity as
successor collateral agent) for the Lenders under the Credit Agreement (in such
capacity, the “Successor Administrative Agent”),
(iv) the Borrower consents to the appointment of the Successor
Administrative Agent as “Administrative Agent” under the Credit Agreement and
Loan Documents, and (v) Wells Fargo accepts its appointment as Successor
Administrative Agent, and Royal Bank of Canada is relieved of all duties and
obligations as Administrative Agent and Collateral Agent.

 

(b)           Effective as of the
Effective Date, Royal Bank of Canada assigns all of the Liens held by it in its
capacity as Administrative Agent and/or Collateral Agent under the Original
Credit Agreement to Wells Fargo, as Successor Administrative Agent.  The Lenders authorize Royal Bank of Canada to
execute such documents as may be required to effectuate such assignment. In
furtherance of the foregoing, following the Effective Date, Royal Bank of
Canada agrees to deliver all possessory collateral held by it to Wells Fargo
and execute and deliver all agreements and documents as may be reasonably
requested by Wells Fargo or Borrower to evidence such assignment of the
Collateral and the associated Security Agreements.

 

(c)           Royal Bank of Canada’s
rights to be indemnified and to be reimbursed for costs pursuant to the Credit
Agreement, including Sections 9.08 and 10.04, shall extend to actions
taken in its capacity as retiring Administrative Agent.

 

10.23      Termination
of Commitments Under Original Credit Agreement.  As of the Effective Date, the Commitments
under the Original Credit Agreement are hereby terminated and the Original
Administrative Agent and the Lenders hereby waive any right to receive prior
notice of such termination. Each Lender agrees upon the Effective Date to
return to Borrower with reasonable promptness all “Notes” as defined under the
Original Credit Agreement which were delivered by the Borrower in exchange for
new Notes to be issued pursuant to this Agreement, and, to the extent such
Notes are not returned within

 

100

 

such time period, the Borrower shall be entitled to
receive a lost note affidavit containing customary indemnities in favor of the
Borrower.

 

10.24      No
Novations, Etc.  To the extent
of the aggregate commitments outstanding under the Original Credit Agreement ($435,600,000), nothing contained
herein shall be deemed a novation of or a repayment or new advance of any
obligation of the Borrower hereunder.  
Only to the extent of the increase in the Commitments over that amount
($264,400,000) shall there be deemed to be a new advance by the Lenders to the
Borrower under this Agreement.   The Indebtedness owing under the Original
Agreement is renewed, rearranged, extended and carried forward by this
Agreement and all of the Liens securing the “Obligations” as defined in the
Original Credit Agreement are carried forward and secure, without interruption
or loss or priority, the Obligations under this Agreement.

 

10.25      ENTIRE
AGREEMENT.  THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES.

 

[SIGNATURE PAGES FOLLOW]

 

101

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed as of the date first above written.

 

	
   

  	
  MARKWEST
  ENERGY PARTNERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MarkWest
  Energy GP, L.L.C., its general partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  NANCY K. BUESE

  
	
   

  	
   

  	
  Name:

  	
  Nancy
  K. Buese

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President and Chief Financial Officer

  

 

Signature
Page

 

1

 

	
   

  	
  WELLS
  FARGO BANK, NATIONAL 

  
	
   

  	
  ASSOCIATION, as
  Successor Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  SUZANNE F. RIDENHOUR

  
	
   

  	
   

  	
  Name:

  	
  Suzanne
  F. Ridenhour

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  

 

Signature
Page

 

2

 

	
   

  	
  WELLS
  FARGO BANK, NATIONAL

  
	
   

  	
  ASSOCIATION, as a
  Lender, Issuing Bank and Swingline 

  
	
   

  	
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  SUZANNE F. RIDENHOUR

  
	
   

  	
   

  	
  Name:

  	
  Suzanne
  F. Ridenhour

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  

 

Signature
Page

 

3

 

	
   

  	
  ROYAL
  BANK OF CANADA, as resigning

  
	
   

  	
  Administrative
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  SUSAN KHOKHER

  
	
   

  	
   

  	
  Name:

  	
  Susan
  Khokher

  
	
   

  	
   

  	
  Title:

  	
  Manager,
  Agency

  

 

Signature Page

 

4

 

	
   

  	
  ROYAL
  BANK OF CANADA, as Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  JASON S. YORK

  
	
   

  	
   

  	
  Name:

  	
  Jason
  S. York

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  

 

Signature
Page

 

5

 

	
   

  	
  COMPASS
  BANK,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  GREG DETERMANN

  
	
   

  	
  Name:

  	
  Greg
  Determann

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

Signature
Page

 

6

 

	
   

  	
  BNP
  PARIBAS,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  ANDREW OSTROV

  
	
   

  	
  Name:

  	
  Andrew
  Ostrov

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  LARRY ROBINSON

  
	
   

  	
  Name:

  	
  Larry
  Robinson

  
	
   

  	
  Title:
  

  	
  Director

  
				

 

Signature
Page

 

7

 

	
   

  	
  JPMORGAN
  CHASE BANK, N.A.,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  STEPHANIE J. BALETTE

  
	
   

  	
  Name:

  	
  Stephanie
  J. Balette

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  

 

Signature
Page

 

8

 

	
   

  	
  MORGAN
  STANLEY BANK,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  RYAN VETSCH

  
	
   

  	
  Name:

  	
  Ryan
  Vetsch

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  

 

Signature
Page

 

9

 

	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  JOHN C. LOZANO

  
	
   

  	
  Name:

  	
  John
  C. Lozano

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

Signature
Page

 

10

 

	
   

  	
  BANK
  OF AMERICA, N.A.,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  ADAM H. FEY

  
	
   

  	
  Name:

  	
  Adam
  H. Fey

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

Signature
Page

 

11

 

	
   

  	
  BARCLAYS
  BANK PLC,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  SAM YOO

  
	
   

  	
  Name:

  	
  Sam
  Yoo

  
	
   

  	
  Title:

  	
  Assistant
  Vice Predident

  

 

Signature
Page

 

12

 

	
   

  	
  SUNTRUST
  BANK,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  GREGORY MAGNUSON

  
	
   

  	
  Name:

  	
  Gregory
  Magnuson

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

Signature
Page

 

13

 

	
   

  	
  UBS
  LOAN FINANCE LLC,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  MARY E. EVANS

  
	
   

  	
  Name:

  	
  Mary
  E. Evans

  
	
   

  	
  Title:

  	
  Associate
  Director

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  APRIL VARNER

  
	
   

  	
  Name:

  	
  April Varner

  
	
   

  	
  Title:

  	
  Director

  

 

Signature
Page

 

14

 

	
   

  	
  CAPITAL
  ONE, N.A.,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  WESLEY FONTANA

  
	
   

  	
  Name:

  	
  Wesley
  Fontana

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

Signature
Page

 

15

 

	
   

  	
  COMERICA
  BANK,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  CAROLINE M. McCLURG

  
	
   

  	
  Name:

  	
  Caroline
  M. McClurg

  
	
   

  	
  Title:

  	
  Vice
  President

  

 

Signature
Page

 

16

 

	
   

  	
  NATIXIS,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  DANIEL PAYER

  
	
   

  	
  Name:

  	
  Daniel
  Payer

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  LOUIS P. LAVILLE, III

  
	
   

  	
  Name:

  	
  Louis
  P. Laville, III

  
	
   

  	
  Title:

  	
  Managing
  Director

  

 

Signature
Page

 

17

 

	
   

  	
  SUMITOMO
  MITSUI BANKING CORPORATION,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  MASAKAZU HASEGAWA

  
	
   

  	
  Name:

  	
  Masakazu
  Hasegawa

  
	
   

  	
  Title:

  	
  General
  Manager

  

 

Signature
Page

 

18

 

	
   

  	
  CREDIT
  SUISSE, CAYMAN ISLANDS BRANCH

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  NUPUR KUMAR

  
	
   

  	
  Name:

  	
  Nupur
  Kumar

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:
  

  	
  /s/
  LYNNE-MARIE PAQUETTE

  
	
   

  	
  Name:
  

  	
  Lynne-Marie
  Paquette

  
	
   

  	
  Title:

  	
  Associate

  

 

Signature Page

 

19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]