Document:

Exhibit 4.02

MARKWEST ENERGY PARTNERS, L.P.,

MARKWEST ENERGY FINANCE CORPORATION, as Issuers,

THE SUBSIDIARIES NAMED HEREIN, as Subsidiary Guarantors

AND

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

 

81⁄2% Series A Senior Notes due 2016

81⁄2% Series B Senior Notes due 2016

 

INDENTURE

Dated as of July 6, 2006

 

   
 

CROSS-REFERENCE
TABLE*

	
  Trust Indenture

  Act Section

  	
   

  	
  Indenture

  Section(s)

  	
   

  
	
  310

  	
  (a)(1)

  	
   

  	
  7.10

  	
   

  
	
   

  	
  (a)(2)

  	
   

  	
  7.10

  	
   

  
	
   

  	
  (a)(3)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (a)(4)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (a)(5)

  	
   

  	
  7.10

  	
   

  
	
   

  	
  (b)

  	
   

  	
  7.10

  	
   

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  	
   

  
	
  311

  	
  (a)

  	
   

  	
  7.11

  	
   

  
	
   

  	
  (b)

  	
   

  	
  7.11

  	
   

  
	
   

  	
  (c)

  	
   

  	
  N.A.

  	
   

  
	
  312

  	
  (a)

  	
   

  	
  2.05

  	
   

  
	
   

  	
  (b)

  	
   

  	
  12.03

  	
   

  
	
   

  	
  (c)

  	
   

  	
  12.03

  	
   

  
	
  313

  	
  (a)

  	
   

  	
  7.06

  	
   

  
	
   

  	
  (b)(1)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (b)(2)

  	
   

  	
  7.06

  	
   

  
	
   

  	
  (c)

  	
   

  	
  7.06; 12.02

  	
   

  
	
   

  	
  (d)

  	
   

  	
  7.06

  	
   

  
	
  314

  	
  (a)

  	
   

  	
  4.03; 4.18; 12.02

  	
   

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (c)(1)

  	
   

  	
  12.04

  	
   

  
	
   

  	
  (c)(2)

  	
   

  	
  12.04

  	
   

  
	
   

  	
  (c)(3)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (d)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (e)

  	
   

  	
  12.05

  	
   

  
	
   

  	
  (f)

  	
   

  	
  N.A.

  	
   

  
	
  315

  	
  (a)

  	
   

  	
  7.01

  	
   

  
	
   

  	
  (b)

  	
   

  	
  7.05; 12.02

  	
   

  
	
   

  	
  (c)

  	
   

  	
  7.01

  	
   

  
	
   

  	
  (d)

  	
   

  	
  7.01; 6.05

  	
   

  
	
   

  	
  (e)

  	
   

  	
  6.11

  	
   

  
	
  316

  	
  (a)(last sentence)

  	
   

  	
  2.09

  	
   

  
	
   

  	
  (a)(1)(A)

  	
   

  	
  6.05

  	
   

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  6.04

  	
   

  
	
   

  	
  (a)(2)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (b)

  	
   

  	
  6.07

  	
   

  
	
   

  	
  (c)

  	
   

  	
  9.04

  	
   

  
	
  317

  	
  (a)(1)

  	
   

  	
  6.08

  	
   

  
	
   

  	
  (a)(2)

  	
   

  	
  6.09

  	
   

  
	
   

  	
  (b)

  	
   

  	
  2.04

  	
   

  
	
  318

  	
  (a)

  	
   

  	
  12.01

  	
   

  
	
   

  	
  (b)

  	
   

  	
  N.A.

  	
   

  
	
   

  	
  (c)

  	
   

  	
  12.01

  	
   

  

N.A. means not applicable.

*This Cross-Reference Table is
not part of the Indenture.

 

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
  ARTICLE 1 DEFINITIONS AND INCORPORATION BY
  REFERENCE

  	
   

  	
  1

  
	
  Section 1.01.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  Section 1.02.

  	
   

  	
  Other Definitions

  	
   

  	
  27

  
	
  Section 1.03.

  	
   

  	
  Incorporation by Reference of Trust Indenture Act

  	
   

  	
  27

  
	
  Section 1.04.

  	
   

  	
  Rules of Construction

  	
   

  	
  28

  
	
  ARTICLE 2 THE NOTES

  	
   

  	
  28

  
	
  Section 2.01.

  	
   

  	
  Form and Dating

  	
   

  	
  28

  
	
  Section 2.02.

  	
   

  	
  Execution and Authentication

  	
   

  	
  29

  
	
  Section 2.03.

  	
   

  	
  Registrar and Paying Agent

  	
   

  	
  30

  
	
  Section 2.04.

  	
   

  	
  Paying Agent to Hold Money in Trust

  	
   

  	
  30

  
	
  Section 2.05.

  	
   

  	
  Holder Lists

  	
   

  	
  31

  
	
  Section 2.06.

  	
   

  	
  Transfer and Exchange

  	
   

  	
  31

  
	
  Section 2.07.

  	
   

  	
  Replacement Notes

  	
   

  	
  40

  
	
  Section 2.08.

  	
   

  	
  Outstanding Notes

  	
   

  	
  40

  
	
  Section 2.09.

  	
   

  	
  Treasury Notes

  	
   

  	
  41

  
	
  Section 2.10.

  	
   

  	
  Temporary Notes

  	
   

  	
  41

  
	
  Section 2.11.

  	
   

  	
  Cancellation

  	
   

  	
  41

  
	
  Section 2.12.

  	
   

  	
  Defaulted Interest

  	
   

  	
  42

  
	
  Section 2.13.

  	
   

  	
  CUSIP Numbers

  	
   

  	
  42

  
	
  ARTICLE 3 REDEMPTION AND
  PREPAYMENT

  	
   

  	
  42

  
	
  Section 3.01.

  	
   

  	
  Notices to Trustee

  	
   

  	
  42

  
	
  Section 3.02.

  	
   

  	
  Selection of Notes to Be Redeemed

  	
   

  	
  42

  
	
  Section 3.03.

  	
   

  	
  Notice of Redemption

  	
   

  	
  43

  
	
  Section 3.04.

  	
   

  	
  Effect of Notice of Redemption

  	
   

  	
  44

  
	
  Section 3.05.

  	
   

  	
  Deposit of Redemption Price

  	
   

  	
  44

  
	
  Section 3.06.

  	
   

  	
  Notes Redeemed in Part

  	
   

  	
  45

  
	
  Section 3.07.

  	
   

  	
  Optional Redemption

  	
   

  	
  45

  
	
  Section 3.08.

  	
   

  	
  Mandatory Redemption

  	
   

  	
  46

  
	
  Section 3.09.

  	
   

  	
  Offer to Purchase by Application of Net Proceeds

  	
   

  	
  46

  
	
  ARTICLE 4 COVENANTS

  	
   

  	
  48

  
	
  Section 4.01.

  	
   

  	
  Payment of Notes

  	
   

  	
  48

  
	
  Section 4.02.

  	
   

  	
  Maintenance of Office or Agency

  	
   

  	
  49

  
	
  Section 4.03.

  	
   

  	
  Compliance Certificate

  	
   

  	
  49

  
	
  Section 4.04.

  	
   

  	
  Taxes

  	
   

  	
  50

  
	
  Section 4.05.

  	
   

  	
  Stay, Extension and Usury Laws

  	
   

  	
  50

  
	
  Section 4.06.

  	
   

  	
  Change of Control

  	
   

  	
  50

  
	
  Section 4.07.

  	
   

  	
  Asset Sales

  	
   

  	
  52

  
	
  Section 4.08.

  	
   

  	
  Restricted Payments

  	
   

  	
  54

  
	
  Section 4.09.

  	
   

  	
  Incurrence of Indebtedness and Issuance of Disqualified Equity

  	
   

  	
  58

  
	
  Section 4.10.

  	
   

  	
  Liens

  	
   

  	
  60

  
	
  Section 4.11.

  	
   

  	
  Dividend and Other Payment Restrictions Affecting Subsidiaries

  	
   

  	
  61

  

 

 i
 

 

 

	
  Section 4.12.

  	
   

  	
  Transactions With Affiliates

  	
   

  	
  62

  
	
  Section 4.13.

  	
   

  	
  Additional Subsidiary Guarantees

  	
   

  	
  64

  
	
  Section 4.14.

  	
   

  	
  Designation of Restricted and Unrestricted Subsidiaries

  	
   

  	
  64

  
	
  Section 4.15.

  	
   

  	
  Business Activities

  	
   

  	
  65

  
	
  Section 4.16.

  	
   

  	
  Sale and Leaseback Transactions

  	
   

  	
  65

  
	
  Section 4.17.

  	
   

  	
  Payments for Consent

  	
   

  	
  65

  
	
  Section 4.18.

  	
   

  	
  Reports

  	
   

  	
  66

  
	
  Section 4.19.

  	
   

  	
  Termination of Covenants

  	
   

  	
  67

  
	
  ARTICLE 5 SUCCESSORS

  	
   

  	
  67

  
	
  Section 5.01.

  	
   

  	
  Merger, Consolidation, or Sale of Assets

  	
   

  	
  67

  
	
  Section 5.02.

  	
   

  	
  Successor Entity Substituted

  	
   

  	
  69

  
	
  ARTICLE 6 DEFAULTS AND REMEDIES

  	
   

  	
  70

  
	
  Section 6.01.

  	
   

  	
  Events of Default

  	
   

  	
  70

  
	
  Section 6.02.

  	
   

  	
  Acceleration

  	
   

  	
  72

  
	
  Section 6.03.

  	
   

  	
  Other Remedies

  	
   

  	
  72

  
	
  Section 6.04.

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  73

  
	
  Section 6.05.

  	
   

  	
  Control by Majority

  	
   

  	
  73

  
	
  Section 6.06.

  	
   

  	
  Limitation on Suits

  	
   

  	
  73

  
	
  Section 6.07.

  	
   

  	
  Rights of Holders of Notes to Receive Payment

  	
   

  	
  74

  
	
  Section 6.08.

  	
   

  	
  Collection Suit by Trustee

  	
   

  	
  74

  
	
  Section 6.09.

  	
   

  	
  Trustee May File Proofs of Claim

  	
   

  	
  74

  
	
  Section 6.10.

  	
   

  	
  Priorities

  	
   

  	
  75

  
	
  Section 6.11.

  	
   

  	
  Undertaking for Costs

  	
   

  	
  75

  
	
  ARTICLE 7 TRUSTEE

  	
   

  	
  76

  
	
  Section 7.01.

  	
   

  	
  Duties of Trustee

  	
   

  	
  76

  
	
  Section 7.02.

  	
   

  	
  Rights of Trustee

  	
   

  	
  77

  
	
  Section 7.03.

  	
   

  	
  Individual Rights of Trustee

  	
   

  	
  79

  
	
  Section 7.04.

  	
   

  	
  Trustee’s Disclaimer

  	
   

  	
  79

  
	
  Section 7.05.

  	
   

  	
  Notice of Defaults

  	
   

  	
  79

  
	
  Section 7.06.

  	
   

  	
  Reports by Trustee to Holders of the Notes

  	
   

  	
  80

  
	
  Section 7.07.

  	
   

  	
  Compensation and Indemnity

  	
   

  	
  80

  
	
  Section 7.08.

  	
   

  	
  Replacement of Trustee

  	
   

  	
  81

  
	
  Section 7.09.

  	
   

  	
  Successor Trustee by Merger, Etc.

  	
   

  	
  82

  
	
  Section 7.10.

  	
   

  	
  Eligibility; Disqualification

  	
   

  	
  82

  
	
  Section 7.11.

  	
   

  	
  Preferential Collection of Claims Against Issuers

  	
   

  	
  83

  
	
  ARTICLE 8 LEGAL DEFEASANCE AND
  COVENANT DEFEASANCE

  	
   

  	
  83

  
	
  Section 8.01.

  	
   

  	
  Option to Effect Legal Defeasance or Covenant Defeasance

  	
   

  	
  83

  
	
  Section 8.02.

  	
   

  	
  Legal Defeasance and Discharge

  	
   

  	
  83

  
	
  Section 8.03.

  	
   

  	
  Covenant Defeasance

  	
   

  	
  84

  
	
  Section 8.04.

  	
   

  	
  Conditions to Legal Defeasance or Covenant Defeasance

  	
   

  	
  84

  
	
  Section 8.05.

  	
   

  	
  Deposited Money and
  Government Securities to be Held in Trust, Other Miscellaneous Provisions

  	
   

  	
  85

  

 

 ii
 

 

 

	
  Section 8.06.

  	
   

  	
  [Intentionally omitted]

  	
   

  	
  86

  
	
  Section 8.07.

  	
   

  	
  Reinstatement

  	
   

  	
  86

  
	
  ARTICLE 9 AMENDMENT, SUPPLEMENT
  AND WAIVER

  	
   

  	
  87

  
	
  Section 9.01.

  	
   

  	
  Without Consent of Holders of Notes

  	
   

  	
  87

  
	
  Section 9.02.

  	
   

  	
  With Consent of Holders of Notes

  	
   

  	
  88

  
	
  Section 9.03.

  	
   

  	
  Compliance with Trust Indenture Act

  	
   

  	
  89

  
	
  Section 9.04.

  	
   

  	
  Revocation and Effect of Consents

  	
   

  	
  89

  
	
  Section 9.05.

  	
   

  	
  Notation or Exchange of Notes

  	
   

  	
  90

  
	
  Section 9.06.

  	
   

  	
  Trustee to Sign Amendments, Etc.

  	
   

  	
  90

  
	
  Section 9.07.

  	
   

  	
  Effect of Supplemental Indentures

  	
   

  	
  90

  
	
  ARTICLE 10 GUARANTEES

  	
   

  	
  91

  
	
  Section 10.01.

  	
   

  	
  Guarantees

  	
   

  	
  91

  
	
  Section 10.02.

  	
   

  	
  Limitation of Guarantor’s Liability

  	
   

  	
  92

  
	
  Section 10.03.

  	
   

  	
  Execution and Delivery of Notations of Guarantees

  	
   

  	
  92

  
	
  Section 10.04.

  	
   

  	
  [Intentionally omitted]

  	
   

  	
  93

  
	
  Section 10.05.

  	
   

  	
  Releases

  	
   

  	
  93

  
	
  Section 10.06.

  	
   

  	
  “Trustee” to Include Paying Agent

  	
   

  	
  94

  
	
  ARTICLE 11 SATISFACTION AND
  DISCHARGE

  	
   

  	
  94

  
	
  Section 11.01.

  	
   

  	
  Satisfaction and Discharge

  	
   

  	
  94

  
	
  Section 11.02.

  	
   

  	
  Application of Trust

  	
   

  	
  95

  
	
  Section 11.03.

  	
   

  	
  Repayment of the Issuers

  	
   

  	
  95

  
	
  Section 11.04.

  	
   

  	
  Reinstatement

  	
   

  	
  96

  
	
  ARTICLE 12 MISCELLANEOUS

  	
   

  	
  96

  
	
  Section 12.01.

  	
   

  	
  Trust Indenture Act Controls

  	
   

  	
  96

  
	
  Section 12.02.

  	
   

  	
  Notices

  	
   

  	
  97

  
	
  Section 12.03.

  	
   

  	
  Communication by Holders of Notes with Other Holders of Notes

  	
   

  	
  98

  
	
  Section 12.04.

  	
   

  	
  Certificate and Opinion as to Conditions Precedent

  	
   

  	
  98

  
	
  Section 12.05.

  	
   

  	
  Statements Required in Certificate or Opinion

  	
   

  	
  99

  
	
  Section 12.06.

  	
   

  	
  Rules by Trustee and Agents

  	
   

  	
  99

  
	
  Section 12.07.

  	
   

  	
  No Personal Liability
  of Directors, Officers, Employees and Unitholders and No Recourse Against
  General Partner

  	
   

  	
  100

  
	
  Section 12.08.

  	
   

  	
  Governing Law

  	
   

  	
  100

  
	
  Section 12.09.

  	
   

  	
  No Adverse Interpretation of Other Agreements

  	
   

  	
  100

  
	
  Section 12.10.

  	
   

  	
  Successors

  	
   

  	
  100

  
	
  Section 12.11.

  	
   

  	
  Severability

  	
   

  	
  100

  
	
  Section 12.12.

  	
   

  	
  Counterpart Originals

  	
   

  	
  101

  
	
  Section 12.13.

  	
   

  	
  Table of Contents, Headings, Etc.

  	
   

  	
  101

  

 

 iii
 

 

 

SCHEDULES, EXHIBITS AND ANNEXES

	
  SCHEDULE A

  	
   

  	
  Schedule of Subsidiary Guarantors

  	
   

  	
   

  
	
  SCHEDULE B

  	
   

  	
  Certain Agreements

  	
   

  	
   

  
	
  EXHIBIT A

  	
   

  	
  Form of Note

  	
   

  	
  Exhibit A
  Page 1

  
	
  EXHIBIT B

  	
   

  	
  Form of Certificate of Transfer

  	
   

  	
  Exhibit B
  Page 1

  
	
  EXHIBIT C

  	
   

  	
  Form of Certificate of Exchange

  	
   

  	
  Exhibit C
  Page 1

  
	
  EXHIBIT D

  	
   

  	
  Form of Guarantee Notation

  	
   

  	
  Exhibit D
  Page 1

  
	
  EXHIBIT E

  	
   

  	
  Form of Certificates from Acquiring
  Institutional Accredited Investor

  	
   

  	
  Exhibit E
  Page 1

  
	
  ANNEX A

  	
   

  	
  Form of Supplemental Indenture

  	
   

  	
  A-1

  
	
  ANNEX B

  	
   

  	
  Form of Registration Rights Agreement

  	
   

  	
  B-1

  

 

 iv

 

THIS INDENTURE dated as of July 6, 2006 is among MarkWest Energy
Partners, L.P., a Delaware limited partnership (the “Partnership”), MarkWest
Energy Finance Corporation, a Delaware corporation (“MarkWest Finance” and,
collectively with the Partnership, the “Issuers”), the Subsidiary Guarantors
(as defined herein) listed on Schedule A hereto, and Wells Fargo Bank, National
Association, a national banking association, as trustee (the “Trustee”).

The Issuers, the Subsidiary Guarantors, and the Trustee agree as follows
for the benefit of each other and for the equal and ratable benefit of the
Holders of the 81⁄2% Series A Senior Notes due 2016 (the “Series A
Notes”) and the 81⁄2% Series B Senior Notes due 2016 (the “Exchange Notes”
and, together with the Series A Notes, the “Notes”):

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01.          Definitions.

“144A Global Note” means the Global Note
in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and that has the “Schedule of Exchange of Interests in
the Global Note” attached thereto and deposited with and registered in the name
of the Depositary or its nominee that will be issued in a denomination equal to
the outstanding principal amount of the Notes sold in reliance on Rule 144A,
subject to adjustment as provided in Section 2.06 hereof.

“Acquired Debt” means, with respect to
any specified Person: (1) Indebtedness of any other Person existing at the
time such other Person is merged with or into or became a Subsidiary of such
specified Person, whether or not such Indebtedness is incurred in connection
with, or in contemplation of, such other Person merging with or into, or
becoming a Subsidiary of, such specified Person, but excluding Indebtedness
that is extinguished, retired or repaid in connection with such Person merging
with or becoming a Subsidiary of such specified Person; and (2) Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.

“Additional Interest” means all
additional interest then owing pursuant to a Registration Rights Agreement. Unless
the context indicates otherwise, all references to “interest” in this Indenture
or the Notes shall be deemed to include any Additional Interest.

“Affiliate” of any specified Person means
any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of
this definition, “control,” as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; provided that
beneficial ownership of 10% or more of the Voting Stock of a specified Person
shall be deemed to be control by the other Person; provided, further, that any
third Person which also beneficially owns 10% or more of the Voting Stock of a
specified Person shall not be deemed to be an Affiliate of either the specified
Person or the other Person merely because of such common ownership in such
specified Person. For purposes of this definition, the terms “controlling,” “controlled
by” and “under common control with” shall have

 1
 

 

correlative meanings. Notwithstanding the preceding,
the term “Affiliate” shall not include a Restricted Subsidiary of any specified
Person.

“Agent” means any Registrar or Paying
Agent.

“Applicable Procedures” means, with
respect to any transfer or exchange of or for beneficial interests in any Global
Note, the rules and procedures of the Depositary, Euroclear and
Clearstream that apply to such transfer or exchange.

“Asset Sale” means:

(1)           the sale, lease, conveyance or other
disposition of any assets, other than sales of inventory in the ordinary course
of business; provided that the sale, lease, conveyance or other disposition of
all or substantially all of the assets of the Partnership and its Restricted
Subsidiaries taken as a whole will be governed by the provisions of Section 4.06
and/or the provisions of Article 5 hereof and not by the provisions of Section 4.07;
and

(2)           the issuance of Equity Interests by
any of the Partnership’s Restricted Subsidiaries or the sale by the Partnership
or any of its Restricted Subsidiaries of Equity Interests in any of its
Restricted Subsidiaries.

Notwithstanding the preceding, the following items shall not be deemed
to be Asset Sales:

(1)           any single transaction or series of
related transactions that: (a) involves assets having a fair market value
of less than $5.0 million; or (b) results in net proceeds to the
Partnership and its Restricted Subsidiaries of less than $5.0 million;

(2)           a transfer of assets between or among
the Partnership and its Restricted Subsidiaries;

(3)           an issuance or sale of Equity
Interests by a Restricted Subsidiary to the Partnership or to another
Restricted Subsidiary of the Partnership;

(4)           a Restricted Payment that is
permitted under Section 4.08 hereof or a Permitted Investment;

(5)           the sale or other disposition of cash
or Cash Equivalents, Hedging Obligations or other financial instruments in the
ordinary course of business;

(6)           any trade or exchange by the
Partnership or any of its Restricted Subsidiaries of properties or assets for
properties or assets owned or held by another Person, provided that the fair
market value of the properties or assets traded or exchanged by the Partnership
or such Restricted Subsidiary (together with any cash) is reasonably equivalent
to the fair market value of the properties or assets (together with any cash)
to be received by the Partnership or such Restricted Subsidiary, and provided
further that any cash received must be applied in accordance with the
provisions of Section 4.07 hereof;

 2
 

 

(7)           surrender or waiver of contract
rights or the settlement, release or surrender of contract, tort or other
claims of any kind;

(8)           the creation or perfection of a Lien
that is not prohibited by Section 4.10;

(9)           dispositions in connection with
Permitted Liens; and

(10)         the grant in the ordinary course of
business of any non-exclusive license of patents, trademarks, registrations
therefor and other similar intellectual property.

“Attributable Debt” in respect of a sale
and lease-back transaction means, at the time of determination, the present
value of the obligation of the lessee for net rental payments during the
remaining term of the lease included in such sale and lease-back transaction,
including any period for which such lease has been extended or may, at the
option of the lessor, be extended. Such present value shall be calculated using
a discount rate equal to the rate of interest implicit in such transaction,
determined in accordance with GAAP.

“Available Cash” has the meaning assigned
to such term in the Partnership Agreement, as in effect on the Issue Date.

“Bankruptcy Law” means Title 11, U.S.
Code or any similar federal or state law for the relief of debtors.

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3
and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of
the Exchange Act), such “person” will be deemed to have beneficial ownership of
all securities that such “person” has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is
exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially
Owns” and “Beneficially Owned” have correlative meanings.

“Board of Directors” means, with respect
to the Partnership, the Board of Directors of the General Partner, or any
authorized committee of such Board of Directors, and with respect to MarkWest
Finance or any other Subsidiary of the Partnership, the Board of Directors or
managing members of such Person.

“Board Resolution” means a copy of a
resolution certified by the Secretary or an Assistant Secretary of the
applicable Person to have been duly adopted by the Board of Directors of such
Person and to be in full force and effect on the date of such certification,
and delivered to the Trustee.

“Business Day” means any day other than a
Legal Holiday.

“Capital Lease Obligation” means, at the
time any determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at that time be required to be
capitalized on a balance sheet in accordance with GAAP.

 3
 

 

“Cash Equivalents”
means:

(1)           United States dollars or, in an
amount up to the amount necessary or appropriate to fund local operating
expenses, other currencies;

(2)           securities issued or directly and
fully guaranteed or insured by the United States government or any agency or
instrumentality thereof (provided that the full faith and credit of the United
States is pledged in support thereof) having maturities of not more than one
year from the date of acquisition;

(3)           certificates of deposit, time
deposits and eurodollar time deposits with maturities of one year or less from
the date of acquisition, bankers’ acceptances with maturities not exceeding 365
days, demand and overnight bank deposits and other similar types of investments
routinely offered by commercial banks, in each case, with any domestic
commercial bank having a combined capital and surplus in excess of $500.0
million and a Thomson BankWatch Rating of “B” or better or any commercial bank
of any other country that is a member of the Organization for Economic
Cooperation and Development (“OECD”) and has total assets in excess of $500.0
million;

(4)           repurchase obligations with a term of
not more than seven days for underlying securities of the types described in
clauses (2) and (3) above entered into with any financial institution
meeting the qualifications specified in clause (3) above;

(5)           commercial paper having one of the
two highest ratings obtainable from Moody’s or Standard & Poor’s and
in each case maturing within six months after the date of acquisition; and

(6)           money market funds at least 95% of
the assets of which constitute Cash Equivalents of the kinds described in
clauses (1) through (5) of this definition.

“Certificated Note” means a certificated
Note registered in the name of the Holder thereof and issued in accordance with
Section 2.06 hereof, in the form of Exhibit A hereto, except that
such Note shall not bear the Global Note Legend, shall not have the phrase
identified by footnote 3 thereto and shall not have the “Schedule of Exchanges
of Interests in the Global Note” attached thereto.

“Change of Control”
means the occurrence of any of the following:

(1)           the direct or indirect sale, lease,
transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or
substantially all of the properties or assets (including Equity Interests of
the Restricted Subsidiaries) of the Partnership and its Restricted Subsidiaries
taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of
the Exchange Act);

(2)           the adoption of a plan relating to
the liquidation or dissolution of the Partnership or the removal of the General
Partner by the limited partners of the Partnership;

 4
 

 

(3)           the consummation of any transaction
(including, without limitation, any merger or consolidation) the result of
which is that any “person” (as that term is used in Section 13(d)(3) of
the Exchange Act), excluding the MarkWest Hydrocarbon Group, becomes the
Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock
of the General Partner, measured by voting power rather than number of shares;

(4)           the consummation of any transaction
(including, without limitation, any merger or consolidation) the result of
which is that any “person” (as that term is used in Section 13(d)(3) of
the Exchange Act), excluding the Persons referred to in clause (1) of the
definition of “MarkWest Hydrocarbon Group,” becomes the Beneficial Owner,
directly or indirectly, of more than 50% of the Voting Stock of MarkWest
Hydrocarbon, measured by voting power rather than number of shares, at a time
when MarkWest Hydrocarbon still Beneficially Owns more than 50% of the Voting
Stock of the General Partner, measured by voting power rather than number of
shares; or

(5)           the first day on which a majority of
the members of the Board of Directors of the General Partner are not Continuing
Directors.

Notwithstanding
the preceding, a conversion of the Partnership from a limited partnership to a
corporation, limited liability company or other form of entity or an exchange
of all of the outstanding limited partnership interests for capital stock in a
corporation, for member interests in a limited liability company or for Equity
Interests in such other form of entity shall not constitute a Change of
Control, so long as following such conversion or exchange the MarkWest
Hydrocarbon Group Beneficially Owns, directly or indirectly, in the aggregate
more than 50% of the Voting Stock of such entity, or continues to Beneficially
Own a sufficient percentage of Voting Stock of such entity to elect a majority
of its directors, managers, trustees or other persons serving in a similar
capacity for such entity.

“Clearstream” means Clearstream Banking,
S.A. or any successor securities clearing agency.

“Code” means the Internal Revenue Code of
1986, as amended from time to time, and the rules and regulations
thereunder, and any successor thereto.

“Consolidated Cash Flow”
means, with respect to any Person for any period, the Consolidated Net Income
of such Person for such period plus:

(1)           an amount equal to any net loss
realized by such Person and its Restricted Subsidiaries in connection with an
Asset Sale, to the extent such losses were deducted in computing such
Consolidated Net Income; plus

(2)           provision for taxes based on income
or profits of such Person and its Restricted Subsidiaries for such period, to
the extent that such provision for taxes was deducted in computing such
Consolidated Net Income; plus

(3)           the consolidated interest expense of
such Person and its Restricted Subsidiaries for such period, whether paid or
accrued (including, without limitation, amortization of debt issuance costs and
original issue discount, non-cash interest

 5
 

 

payments, the interest component of any deferred
payment obligations, the interest component of all payments associated with
Capital Lease Obligations, imputed interest with respect to Attributable Debt,
commissions, discounts and other fees and charges incurred in respect of letter
of credit or bankers’ acceptance financings, and net of the effect of all
payments made or received pursuant to interest-rate Hedging Obligations), to
the extent that any such expense was deducted in computing such Consolidated
Net Income; plus

(4)           depreciation, depletion and
amortization (including amortization of goodwill and other intangibles but
excluding amortization of prepaid cash expenses that were paid in a prior
period) and other non-cash expenses (excluding any such non-cash expense to the
extent that it represents an accrual of or reserve for cash expenses in any
future period or amortization of a prepaid cash expense that was paid in a
prior period) of such Person and its Restricted Subsidiaries for such period to
the extent that such depreciation, depletion, amortization, impairment and
other non-cash expenses were deducted in computing such Consolidated Net
Income; plus

(5)           unrealized non-cash losses resulting
from foreign currency balance sheet adjustments required by GAAP to the extent
such losses are deducted in computing such Consolidated Net Income; plus

(6)           all extraordinary, unusual or
non-recurring items of gain or loss, or revenue or expense; minus

(7)           non-cash items increasing such
Consolidated Net Income for such period, other than items that were accrued in
the ordinary course of business, in each case, on a consolidated basis and
determined in accordance with GAAP.

Notwithstanding
the preceding, the provision for taxes based on the income or profits of, and
the depreciation, depletion and amortization and other non-cash charges of, a
Restricted Subsidiary of the Partnership shall be added to Consolidated Net
Income to compute Consolidated Cash Flow of the Partnership only to the extent
that a corresponding amount would be permitted at the date of determination to
be dividended or distributed to the Partnership by such Restricted Subsidiary
without prior approval (that has not been obtained), pursuant to the terms of its
charter and all agreements (other than this Indenture, the Notes or its
Guarantee), instruments, judgments, decrees, orders, statutes, rules and
governmental regulations applicable to that Restricted Subsidiary or its
stockholders, partners or members.

“Consolidated Net Income”
means, with respect to any specified Person for any period, the aggregate of
the Net Income of such Person and its Restricted Subsidiaries for such period,
on a consolidated basis, determined in accordance with GAAP; provided that:

(1)           Net Income (but not loss) of any
Person that is not a Restricted Subsidiary or that is accounted for by the
equity method of accounting will be included, but only to the extent of the
amount of dividends or distributions paid in cash to the specified Person or a
Restricted Subsidiary of the Person;

 6
 

 

(2)           the Net Income of any Restricted
Subsidiary shall be excluded to the extent that the declaration or payment of
dividends or similar distributions by that Restricted Subsidiary of that Net
Income is not at the date of determination permitted without any prior
governmental approval (that has not been obtained) or, directly or indirectly,
by operation of the terms of its charter or any agreement (other than this
Indenture, the Notes or its Guarantee), instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Restricted
Subsidiary or its stockholders, partners or members;

(3)           the cumulative effect of a change in
accounting principles shall be excluded;

(4)           unrealized losses and gains under
derivative instruments included in the determination of Consolidated Net
Income, including, without limitation, those resulting from the application of
Statement of Financial Accounting Standards No. 133, shall be excluded;
and

(5)           any nonrecurring charges relating to
any premium or penalty paid, write off of deferred finance costs or other
charges in connection with redeeming or retiring any Indebtedness prior to it
Stated Maturity shall be excluded.

“Consolidated Net Tangible Assets” means,
with respect to any Person at any date of determination, the aggregate amount
of total assets included in such Person’s most recent quarterly or annual
consolidated balance sheet prepared in accordance with GAAP less applicable
reserves reflected in such balance sheet, after deducting the following
amounts: (1) all current liabilities reflected in such balance sheet, and (2) all
goodwill, trademarks, patents, unamortized debt discounts and expenses and
other like intangibles reflected in such balance sheet.

“Continuing
Directors” means, as of any date of determination, any
member of the Board of Directors of the General Partner who (1) was a
member of such Board of Directors on the Issue Date or (2) was nominated
for election or elected to such Board of Directors with the approval of a
majority of the Continuing Directors who were members of such Board at the time
of such nomination or election.

“Corporate Trust Office of the Trustee”
shall be at the address of the Trustee specified in Section 12.02 hereof
or such other address as to which the Trustee may give notice to the Issuers.

“Credit Agreement” means that certain
Fifth Amended and Restated Credit Agreement, dated December 29, 2005,
among the Operating Company, the banks parties thereto and Royal Bank of
Canada, as administrative agent, consisting of a revolver loan and a term loan
facility, including any related notes, guarantees, collateral documents,
instruments and agreements executed in connection therewith, and in each case
as amended, restated, modified, renewed, refunded, replaced or refinanced in
whole or in part from time to time.

“Credit Facilities” means, with respect
to the Partnership, MarkWest Finance or any Restricted Subsidiary, one or more
credit facilities or commercial paper facilities, including the Credit
Agreement, providing for revolving credit loans, term loans, receivables
financing

 7
 

 

(including through the sale of receivables to lenders
or to special purpose entities formed to borrow from lenders against such
receivables) or letters of credit, in each case, as amended, restated,
modified, renewed, refunded, replaced or refinanced in whole or in part from
time to time.

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

“Depositary” means, with respect to the
Notes issuable or issued in whole or in part in global form, the Person
specified in Section 2.03 hereof as the Depositary with respect to the
Notes, and any and all successors thereto appointed as depositary hereunder and
having become such pursuant to the applicable provision of this Indenture.

“Disqualified Equity” means any Equity
Interest that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case at the option of the
holder thereof), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable
at the option of the holder thereof, in whole or in part, on or prior to the
date that is 91 days after the date on which the Notes mature. Notwithstanding
the preceding sentence, any Equity Interest that would constitute Disqualified
Equity solely because the holders thereof have the right to require the
Partnership or any of its Restricted Subsidiaries to repurchase such Equity
Interests upon the occurrence of a change of control or an asset sale shall not
constitute Disqualified Equity if the terms of such Equity Interests provide
that the Partnership or Restricted Subsidiary may not repurchase or redeem any
such Equity Interests pursuant to such provisions unless such repurchase or
redemption is conditioned upon, and subject to, compliance with Section 4.08
hereof.

“Distribution Compliance Period” means
the 40-day distribution compliance period as defined in Regulation S.

“Equity Interests”
means:

(1)           in the case of a corporation,
corporate stock;

(2)           in the case of an association or
business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock;

(3)           in the case of a partnership or
limited liability company, partnership or membership interests (whether general
or limited);

(4)           any other interest or participation
that confers on a Person the right to receive a share of the profits and losses
of, or distributions of assets of, the issuing Person; and

(5)           all warrants, options or other rights
to acquire any of the interests described in clauses (1) through (4) above
(but excluding any debt security that is convertible into, or exchangeable for,
any of the interests described in clauses (1) through (4) above).

 8
 

 

“Equity
Offering” means any public or private sale for cash of
Equity Interests of the Partnership (excluding sales made to any Restricted
Subsidiary and excluding sales of Disqualified Equity) after the Issue Date;
provided that a private placement of Equity Interests will not be deemed an
Equity Offering unless net cash proceeds of at least $10.0 million are
received.

“Euroclear” means the Euroclear System or
any successor securities clearing agency.

“Exchange Act” means the Securities
Exchange Act of 1934, as amended.

“Exchange Notes” means the 81⁄2% Series B
Senior Notes due 2016, having terms substantially identical to the Series A
Notes, offered to the Holders of the Series A Notes under an Exchange
Offer Registration Statement.

“Exchange Offer” means an offer that may
be made by the Issuers pursuant to a Registration Rights Agreement to the
Holders of the Series A Notes to exchange their Series A Notes for a
like aggregate principal amount of the Exchange Notes registered under the
Securities Act.

“Exchange Offer Registration Statement”
means a registration statement filed by the Issuers and the Subsidiary
Guarantors with the SEC to register the Exchange Notes for issuance in an
Exchange Offer.

“Existing Indebtedness” means the
aggregate principal amount of Indebtedness of the Partnership and its
Restricted Subsidiaries in existence on the Issue Date.

“Fixed Charge Coverage Ratio” means, with
respect to any specified Person for any four-quarter reference period, the
ratio of the Consolidated Cash Flow of such Person for such period to the Fixed
Charges of such Person for such period. In the event that the specified Person
or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays or
redeems any Indebtedness (other than revolving credit borrowings not
constituting a permanent commitment reduction) or issues or redeems
Disqualified Equity subsequent to the commencement of the period for which the
Fixed Charge Coverage Ratio is being calculated but prior to the date on which
the event for which the calculation of the Fixed Charge Coverage Ratio is made
(the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be
calculated giving pro forma effect to such incurrence, assumption, guarantee,
repayment or redemption of Indebtedness, or such issuance or redemption of
Disqualified Equity, and the application of the net proceeds thereof as if the
same had occurred at the beginning of the applicable four-quarter reference
period.

In addition, for purposes of calculating the
Fixed Charge Coverage Ratio:

(1)           acquisitions that have been made by
the specified Person or any of its Restricted Subsidiaries, including through
mergers, consolidations or otherwise (including acquisitions of assets used in
a Permitted Business), and including in each case any related financing
transactions (including repayment of Indebtedness) during the four-quarter
reference period or subsequent to such reference period and on or prior to the
Calculation Date will be given pro forma effect as if they had occurred on the
first day of

 9
 

 

the four-quarter reference period, including any
Consolidated Cash Flow and any pro forma expense and cost reductions that have
occurred or are reasonably expected to occur, in the reasonable judgment of the
chief financial or accounting officer of the Partnership (regardless of whether
those cost savings or operating improvements could then be reflected in pro
forma financial statements in accordance with Regulation S-X promulgated under
the Securities Act or any other regulation or policy of the SEC related
thereto);

(2)           the Consolidated Cash Flow
attributable to discontinued operations, as determined in accordance with GAAP,
and operations or businesses disposed of prior to the Calculation Date, shall
be excluded;

(3)           the Fixed Charges attributable to
discontinued operations, as determined in accordance with GAAP, and operations
or businesses disposed of prior to the Calculation Date, shall be excluded, but
only to the extent that the obligations giving rise to such Fixed Charges will
not be obligations of the specified Person or any of its Restricted
Subsidiaries following the Calculation Date;

(4)           interest on outstanding Indebtedness
of the specified Person or any of its Restricted Subsidiaries as of the last
day of the four-quarter reference period shall be deemed to have accrued at a
fixed rate per annum equal to the rate of interest on such Indebtedness in
effect on such last day after giving effect to any Hedging Obligation then in
effect; and

(5)           if interest on any Indebtedness
incurred by the specified Person or any of its Restricted Subsidiaries on such
date may optionally be determined at an interest rate based upon a factor of a
prime or similar rate, a eurocurrency interbank offered rate or other rates,
then the interest rate in effect on the last day of the four-quarter reference
period will be deemed to have been in effect during such period.

“Fixed Charges”
means, with respect to any Person for any period, the sum, without duplication,
of:

(1)           the consolidated interest expense of
such Person and its Restricted Subsidiaries for such period, whether paid or
accrued, including, without limitation, amortization of debt issuance costs and
original issue discount, non-cash interest payments, the interest component of
any deferred payment obligations, the interest component of all payments
associated with Capital Lease Obligations, imputed interest with respect to
Attributable Debt, commissions, discounts, and other fees and charges incurred
in respect of letter of credit or bankers’ acceptance financings, and net of
the effect of all payments made or received pursuant to interest-rate Hedging
Obligations; plus

(2)           the consolidated interest expense of
such Person and its Restricted Subsidiaries that was capitalized during such
period; plus

(3)           any interest expense on Indebtedness
of another Person that is guaranteed by such Person or one of its Restricted
Subsidiaries or secured by a Lien on assets of such

 10
 

 

Person or one of its Restricted Subsidiaries, whether
or not such guarantee or Lien is called upon; plus

(4)           all dividend payments, whether paid
or accrued and whether or not in cash, on any series of Disqualified Equity of
such Person or any of its Restricted Subsidiaries, other than dividend payments
on Equity Interests payable solely in Equity Interests of the Partnership
(other than Disqualified Equity) or to the Partnership or a Restricted
Subsidiary of the Partnership;

in each case,
on a consolidated basis and in accordance with GAAP.

“GAAP” means generally accepted
accounting principles in the United States, which are in effect from time to
time.

“General Partner” means MarkWest Energy
GP, L.L.C., a Delaware limited liability company, and its successors and
permitted assigns as general partner of the Partnership.

“Global Note Legend” means the legend set
forth in Section 2.06(g)(ii), which is required to be placed on all Global
Notes issued under this Indenture.

“Global Notes” means, individually and
collectively, each of the Restricted Global Notes and the Unrestricted Global
Notes, in the form of Exhibit A hereto issued in accordance with Section 2.01,
2.06(b) or 2.06(f) hereof.

The term “guarantee” means a guarantee,
other than by endorsement of negotiable instruments for collection in the
ordinary course of business, direct or indirect, in any manner, including,
without limitation, by way of a pledge of assets, or through letters of credit
or reimbursement, “claw-back,” “make-well,” or “keep-well” agreements in
respect thereof, of all or any part of any Indebtedness. The term “guarantee”
used as a verb has a corresponding meaning. The term “guarantor” shall mean any
Person providing a guarantee of any obligation.

“Guarantee” means, individually and
collectively, the guarantees given by the Subsidiary Guarantors pursuant to Article 10
hereof, including a notation in the Notes substantially in the form attached
hereto as Exhibit D.

“Guarantee Obligations” means, with
respect to each Subsidiary Guarantor, the obligations of such Guarantor under Article 10.

“Guarantor Subordinated Obligation”
means, with respect to a Subsidiary Guarantor, any Indebtedness or other
Obligations of such Subsidiary Guarantor (whether outstanding on the Issue Date
or thereafter incurred) which are expressly subordinate in right of payment to
the Obligations of such Subsidiary Guarantor under its Guarantee pursuant to a
written agreement.

“Hedging Obligations” means, with respect
to any Person, the obligations of such Person under interest rate and commodity
price swap agreements, interest rate and commodity price cap agreements,
interest rate and commodity price collar agreements and foreign currency and
commodity price exchange agreements, options or futures contracts or other
similar agreements or arrangements or Hydrocarbon hedge contracts or
Hydrocarbon forward sales contracts, in

 11
 

 

each case designed to protect such Person against
fluctuations in interest rates, foreign exchange rates, or commodities prices.

“Holder” means the Person in whose name a
Note is registered on the Registrar’s books.

“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.

“IAI Global Note” means the Global Note
in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and that has the “Schedule of Exchange of Interests in
the Global Note” attached thereto and deposited with and registered in the name
of the Depositary or its nominee that will be issued in a denomination equal to
the outstanding principal amount of the Notes transferred to Institutional
Accredited Investors in accordance with 2.06(b)(iii)(C), subject to adjustment
as provided in Section 2.06 hereof.

“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person,
whether or not contingent:

(1)           in respect of borrowed money;

(2)           evidenced by bonds, notes, debentures
or similar instruments or letters of credit (or reimbursement agreements in
respect thereof);

(3)           in respect of bankers’ acceptances;

(4)           representing Capital Lease
Obligations;

(5)           representing all Attributable Debt of
such Person in respect of any sale and lease-back transactions not involving a
Capital Lease Obligation;

(6)           representing the balance deferred and
unpaid of the purchase price of any property, except any such balance that
constitutes an accrued expense or trade payable incurred in the ordinary course
of business;

(7)           representing Disqualified Equity; or

(8)           representing any Hedging Obligations;

if and to the
extent any of the preceding items (other than the item referred to in clause
(5), letters of credit, Disqualified Equity and Hedging Obligations) would
appear as a liability upon a balance sheet of the specified Person prepared in
accordance with GAAP. In addition, the term “Indebtedness” includes all
Indebtedness of others secured by a Lien on any asset of the specified Person
(whether or not such Indebtedness is assumed by the specified Person) and, to
the extent not otherwise included, the guarantee by such Person of any
Indebtedness of any other Person, provided that a guarantee otherwise permitted
by this Indenture to be incurred by the Partnership or any of its Restricted
Subsidiaries of Indebtedness incurred by the Partnership or a

 12
 

 

Restricted
Subsidiary in compliance with the terms of this Indenture shall not constitute
a separate incurrence of Indebtedness.

The amount of any Indebtedness outstanding as
of any date shall be:

(1)           the accreted value thereof, in the
case of any Indebtedness issued with original issue discount;

(2)           in the case of any Hedging
Obligation, the termination value of the agreement or arrangement giving rise
to such Hedging Obligation that would be payable by such Person at such date;

(3)           in the case of any letter of credit,
the maximum potential liability thereunder; and

(4)           the principal amount thereof,
together with any interest thereon that is more than 30 days past due, in the
case of any other Indebtedness.

For purposes of clause (7) of the first paragraph of this
definition, Disqualified Equity shall be valued at the maximum fixed
redemption, repayment or repurchase price, which shall be calculated in
accordance with the terms of such Disqualified Equity as if such Disqualified
Equity were repurchased on any date on which Indebtedness shall be required to
be determined pursuant to this Indenture; provided, however, that if such
Disqualified Equity is not then permitted by its terms to be redeemed, repaid
or repurchased, the redemption, repayment or repurchase price shall be the book
value of such Disqualified Equity. The amount of Indebtedness of any Person at
any date shall be the outstanding balance at such date of all unconditional
Obligations as described above and the maximum liability of any guarantees at
such date; provided that for purposes of calculating the amount of any
non-interest bearing or other discount security, such Indebtedness shall be
deemed to be the principal amount thereof that would be shown on the balance
sheet of the issuer thereof dated such date prepared in accordance with GAAP,
but that such security shall be deemed to have been incurred only on the date
of the original issuance thereof.

“Indenture” means this Indenture, as
amended or supplemented from time to time.

“Indirect Participant” means a Person who
holds a beneficial interest in a Global Note through a Participant.

“Initial Purchasers” means RBC Capital
Markets Corporation, J.P. Morgan Securities Inc., Wachovia Capital Markets,
LLC, A.G. Edwards & Sons, Inc., Credit Suisse Securities (USA)
LLC, Fortis Securities LLC, Mizuho International plc, Piper Jaffray &
Co. and SG Americas Securities, LLC

“Institutional Accredited Investor” means
an institution that is an “accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) of the rules and regulations promulgated under
the Securities Act.

“Interest Payment Date” means Stated
Maturity of an installment of interest on the Notes.

 13

 

 

“Investment Grade Rating” means a rating
equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the
equivalent) by Standard & Poor’s.

“Investments” means, with respect to any Person, all
investments by such Person in other Persons (including Affiliates) in the forms
of direct or indirect loans (including guarantees of Indebtedness or other
Obligations), advances (other than advances to customers in the ordinary course
of business that are recorded as accounts receivable on the balance sheet of
the lender and commission, moving, travel and similar advances to officers and
employees made in the ordinary course of business) or capital contributions,
purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities, together with all items that are or would be
classified as investments on a balance sheet prepared in accordance with GAAP. For
purposes of the definition of “Unrestricted Subsidiary,” the definition of “Restricted
Payment” and the covenant in Section 4.08 hereof, (1) the term “Investment”
shall include the portion (proportionate to the Partnership’s Equity Interest in such Subsidiary) of the
fair market value of the net assets of any Subsidiary of the Partnership or any
of its Restricted Subsidiaries at the time that such Subsidiary is designated
an Unrestricted Subsidiary; provided, however, that upon a redesignation of
such Subsidiary as a Restricted Subsidiary, the Partnership or such Restricted
Subsidiary shall be deemed to continue to have a permanent “Investment” in such
Subsidiary at the time immediately before the effectiveness of such
redesignation less the portion (proportionate to the Partnership’s or such
Restricted Subsidiary’s Equity Interest in such Subsidiary) of the fair market
value of the net assets of such Subsidiary at the time of such redesignation,
and (2) any property transferred to or from an Unrestricted Subsidiary
shall be valued at its fair market value at the time of such transfer, in each
case as determined in good faith by the Board of Directors of the General
Partner. If the Partnership or any Restricted Subsidiary of the
Partnership sells or otherwise disposes
of any Equity Interests of any direct or indirect Restricted Subsidiary of the
Partnership such that, after giving
effect to any such sale or disposition, such Person is no longer a Restricted
Subsidiary of the Partnership, the
Partnership shall be deemed to have
made an Investment on the date of any such sale or disposition equal to the
fair market value of the Equity Interests of such Restricted Subsidiary not
sold or disposed of in an amount determined as provided in the last paragraph
of Section 4.08(b) hereof.

“Issue Date” means July 6, 2006.

“Issuers” means the Partnership and
MarkWest Finance, collectively; “Issuer” means the Partnership or MarkWest
Finance.

“Joint Venture” means any Person that is
not a direct or indirect Subsidiary of the Partnership in which the Partnership
or any of its Restricted Subsidiaries makes any Investment.

“Legal Holiday” means a Saturday, a
Sunday or a day on which banking institutions in the City of Denver, Colorado,
Fort Worth, Texas or New York, New York or at a place of payment are authorized
by law, regulation or executive order to remain closed. If a payment date is a
Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue
for the intervening period.

 14
 

 

 

“Letter of Transmittal” means the letter
of transmittal to be prepared by the Issuers and sent to all Holders of the Series A
Notes for use by such Holders in connection with an Exchange Offer.

“Lien” means, with respect to any asset,
any mortgage, lien (statutory or otherwise), pledge, charge, security interest,
hypothecation, assignment for security, claim, preference, priority or
encumbrance of any kind in respect of such asset, whether or not filed,
recorded or otherwise perfected under applicable law, including any conditional
sale or other title retention agreement or any lease in the nature thereof, any
option or other agreement to grant a security interest in and any filing of or
agreement to give any financing statement under the Uniform Commercial Code (or
equivalent statute) of any jurisdiction other than a precautionary financing
statement respecting a lease not intended as a security agreement.

“Make Whole Amount” means, with respect
to any Note at any redemption date, the excess, if any, of (1) an amount
equal to the present value of (a) the redemption price of such Note at July 15,
2011 plus (b) the remaining scheduled interest payments on the Notes to be
redeemed (subject to the right of Holders on the relevant record date to
receive interest due on the relevant Interest Payment Date) to July 15,
2011 (other than interest accrued to the redemption date), computed using a
discount rate equal to the Treasury Rate plus 50 basis points, over (2) the
aggregate principal amount of the Notes to be redeemed.

“MarkWest Finance” means the Person named
as such in the preamble of this Indenture under and until a successor replaces
it pursuant to the applicable provision of this Indenture and thereafter means
such successor.

“MarkWest Hydrocarbon” means MarkWest
Hydrocarbon, Inc., a Delaware corporation, and its successors.

“MarkWest Hydrocarbon Group” means,
collectively, (1) John M. Fox and any of his Affiliates, (2) MarkWest
Hydrocarbon and (3) each Person which is a direct or indirect Subsidiary
of MarkWest Hydrocarbon.

“Moody’s” means Moody’s Investors Service, Inc.
or any successor to the rating agency business thereof.

“Net Income” means, with respect to any
Person, the consolidated net income (loss) of such Person and its Restricted
Subsidiaries, determined in accordance with GAAP and before any reduction in
respect of preferred stock dividends, excluding, however:

(1)                                  the
aggregate gain (but not loss in excess of such aggregate gain), together with
any related provision for taxes on such gain, realized in connection with:

(a)                                  any Asset Sale; or

(b)                                 the
disposition of any securities by such Person or any of its Restricted
Subsidiaries or

the extinguishment of any Indebtedness of such Person or any of its
Restricted

Subsidiaries; and

 15
 

 

 

(2)                                  any
extraordinary gain (but not loss), together with any related provision for
taxes on such extraordinary gain (but not loss).

“Net Proceeds” means, with respect to any
Asset Sale or sale of Equity Interests, the aggregate proceeds received by the
Partnership or any of its Restricted Subsidiaries in cash or Cash Equivalents
in respect of any Asset Sale or sale of Equity Interests (including, without
limitation, any cash received upon the sale or other disposition of any
non-cash consideration received in any such sale), net of, without duplication,
(1) the direct costs relating to such Asset Sale or sale of Equity
Interests, including, without limitation, brokerage commissions and legal,
accounting and investment banking fees, sales commissions, recording fees,
title transfer fees and any relocation expenses incurred as a result thereof, (2) taxes
paid or payable as a result thereof, in each case after taking into account any
available tax credits or deductions and any tax sharing arrangements and
amounts required to be applied to the repayment of Indebtedness secured by a
Lien on the asset or Equity Interests that were the subject of such Asset Sale
or sale of Equity Interests, (3) all distributions and payments required
to be made to minority interest holders in Restricted Subsidiaries as a result
of such Asset Sale and (4) any amounts to be set aside in any reserve
established in accordance with GAAP or any amount placed in escrow, in either
case for adjustment in respect of the sale price of such asset or Equity
Interests or for liabilities associated with such Asset Sale or sale of Equity
Interests and retained by the Partnership or any of its Restricted Subsidiaries
until such time as such reserve is reversed or such escrow arrangement is
terminated, in which case Net Proceeds shall include only the amount of the
reserve so reversed or the amount returned to the Partnership or its Restricted
Subsidiaries from such escrow arrangement, as the case may be.

“Non-Recourse Debt”
means Indebtedness as to which:

(1)                                  neither
the Partnership nor any of its Restricted Subsidiaries (a) provides credit
support of any kind (including any undertaking, agreement or instrument that
would constitute Indebtedness), (b) is directly or indirectly liable as a
guarantor or otherwise, or (c) constitutes the lender of such
Indebtedness;

(2)                                  no
default with respect to which (including any rights that the holders thereof
may have to take enforcement action against an Unrestricted Subsidiary) would
permit upon notice, lapse of time or both any holder of any other Indebtedness
(other than the Notes) of the Partnership or any of its Restricted Subsidiaries
to declare a default on such other Indebtedness or cause the payment thereof to
be accelerated or payable prior to its Stated Maturity; and

(3)                                  the
lenders have been notified in writing that they will not have any recourse to
the stock or assets of the Partnership or any of its Restricted Subsidiaries,
except as contemplated by clause (15) of the definition of “Permitted Liens.”

“Non-U.S. Person” means a person who is
not a U.S. Person.

“Note Custodian” means the Trustee, as
custodian with respect to the Notes in global form, or any successor entity
thereto.

“Notes” has the meaning assigned to it in
the preamble to this Indenture.

 16
 

 

 

“Obligations” means any principal,
interest, penalties, fees, indemnifications, reimbursement obligations, damages
and other liabilities payable under the documentation governing any
Indebtedness.

“Offering” means the offering of the Series A
Notes by the Issuers pursuant to the Offering Memorandum.

“Offering Memorandum” means the offering
memorandum of the Issuers dated June 30, 2006 relating to the
Offering.

“Officer” means, with respect to any
Person, the Chairman of the Board, the Chief Executive Officer, the President,
the Chief Operating Officer, the Chief Financial Officer, the Chief Accounting
Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary
or any Vice-President of such Person (or, with respect to the Partnership, so
long as it remains a partnership, the General Partner).

“Officers’ Certificate” means a certificate
signed on behalf of each of the Partnership and MarkWest Finance by two of its
Officers, one of whom must be the principal executive officer, the principal
financial officer or the principal accounting officer of such Person, that
meets the requirements of Section 12.05 hereof.

“Operating Company” means MarkWest Energy
Operating Company, L.L.C., a Delaware limited liability company, and its
successors.

“Operating Surplus” shall have the
meaning assigned to such term in the Partnership Agreement, as in effect on the
Issue Date.

“Opinion of Counsel” means an opinion
from legal counsel who is reasonably acceptable to the Trustee, that meets the
requirements of Section 12.05 hereof. The counsel may be an employee of or
counsel to the Partnership, MarkWest Finance or the General Partner (or any
Subsidiary Guarantor, if applicable), any Subsidiary of the Partnership or the
Trustee.

“Participant” means, with respect to DTC,
Euroclear or Clearstream, a Person who has an account with DTC, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include Euroclear
and Clearstream).

“Participating Broker-Dealer” has the
meaning set forth in the Registration Rights Agreement relating to the Series A
Notes issued on the Issue Date.

“Partnership” means the Person named as
such in the preamble of this Indenture unless and until a successor replaces it
pursuant to the applicable provisions of this Indenture and thereafter means
such successor.

“Partnership Agreement” means the Amended
and Restated Agreement of Limited Partnership of MarkWest Energy Partners,
L.P., dated as of May 24, 2002, as such may be amended, modified or
supplemented from time to time.

 17
 

 

 

“Permitted
Business” means either (1) gathering,
transporting, treating, processing, marketing or otherwise handling
Hydrocarbons, or activities or services reasonably related or ancillary thereto
including entering into Hedging Obligations to support these businesses, or (2) any
other business that generates gross income that constitutes “qualifying income”
under Section 7704(d) of the Code.

“Permitted Business
Investments” means Investments by the Partnership or any of its
Restricted Subsidiaries in any Unrestricted Subsidiary of the Partnership or in
any Joint Venture, provided that:

(1)                                  either
(a) at the time of such Investment and immediately thereafter, the
Partnership could incur $1.00 of additional Indebtedness under Section 4.09(a) or
(b) such investment is made with the proceeds of Incremental Funds;

(2)                                  if
such Unrestricted Subsidiary or Joint Venture has outstanding Indebtedness at
the time of such Investment, either (a) all such Indebtedness is
Non-Recourse Debt with respect to the Partnership and its Restricted
Subsidiaries or (b) any other Indebtedness of such Unrestricted Subsidiary
or Joint Venture could, at the time such Investment is made and, if later, at
the time any such Indebtedness is incurred, be incurred by the Partnership and
its Restricted Subsidiaries in accordance with the limitation on Indebtedness
set forth in Section 4.09(a); and

(3)                                  such
Unrestricted Subsidiary’s or Joint Venture’s activities are not outside the
scope of the Permitted Business.

“Permitted Investments”
means:

(4)                                  any
Investment in, or that results in the creation of, any Restricted Subsidiary of
the Partnership;

(5)                                  any
Investment in the Partnership or in a Restricted Subsidiary of the Partnership
(excluding redemptions, purchases, acquisitions or other retirements of Equity
Interests in the Partnership);

(6)                                  any
Investment in cash or Cash Equivalents;

(7)                                  any
Investment by the Partnership or any Restricted Subsidiary of the Partnership
in a Person if as a result of such Investment:

(a)                                  such
Person becomes a Restricted Subsidiary of the Partnership; or

(b)                                 such Person is merged,
consolidated or amalgamated with or into, or transfers or conveys substantially
all of its assets to, or is liquidated into, the Partnership or a Restricted
Subsidiary of the Partnership;

 18
 

 

(8)                                  any Investment made
as a result of the receipt of consideration consisting of other than cash or Cash
Equivalents from an Asset Sale that was made pursuant to and in compliance with
Section 4.07;

(9)                                  any
Investment in a Person solely in exchange for the issuance of Equity Interests
(other than Disqualified Equity) of the Partnership;

(10)                            Investments
in stock, obligations or securities received in settlement of debts owing to
the Partnership or any of its Restricted Subsidiaries as a result of bankruptcy
or insolvency proceedings or upon the foreclosure, perfection or enforcement of
any Lien in favor of the Partnership or any such Restricted Subsidiary, in each
case as to debt owing to the Partnership or any such Restricted Subsidiary that
arose in the ordinary course of business of the Partnership or any such
Restricted Subsidiary;

(11)                            any
Investment in Hedging Obligations permitted to be incurred under Section 4.09
hereof; and

(12)                            other
Investments in any Person engaged in a Permitted Business (other than an
Investment in an Unrestricted Subsidiary) having an aggregate fair market value
(measured on the date each such Investment was made and without giving effect
to subsequent changes in value), when taken together with all other Investments
made pursuant to this clause (9) since the Issue Date and existing at the
time of the Investment, which is the subject of the determination, was made,
not to exceed the greater of (a) $15.0 million and (b) 2.50% of
Consolidated Net Tangible Assets.

“Permitted Liens” means:

(1)                                  Liens
securing Indebtedness under any of the Credit Facilities;

(2)                                  Liens
in favor of the Partnership or any of its Restricted Subsidiaries;

(3)                                  any
interest or title of a lessor in the property subject to a Capital Lease
Obligation;

(4)                                  Liens
on property of a Person existing at the time such Person is merged with or into
or consolidated with the Partnership or any Restricted Subsidiary of the
Partnership, provided that such Liens were in existence prior to, and were not
obtained in contemplation of, such merger or consolidation and do not extend to
any assets other than those of the Person merged into or consolidated with the
Partnership or such Restricted Subsidiary;

(5)                                  Liens
on property existing at the time of acquisition thereof by the Partnership or
any Restricted Subsidiary of the Partnership, provided that such Liens were in
existence prior to, and were not obtained in contemplation of, such acquisition
and relate solely to such property, accessions thereto and the proceeds
thereof;

 19
 

 

 

(6)                                  Liens
to secure the performance of tenders, bids, leases, statutory obligations,
surety or appeal bonds, government contracts, performance bonds or other
obligations of a like nature incurred in the ordinary course of business;

(7)                                  Liens
on any property or asset acquired, constructed or improved by the Partnership
or any Restricted Subsidiary, which (a) are in favor of the seller of such
property or assets, in favor of the Person constructing or improving such asset
or property, or in favor of the Person that provided the funding for the
acquisition, construction or improvement of such asset or property, (b) are
created within 360 days after the date of acquisition, construction or
improvement, (c) secure the purchase price or construction or improvement
cost, as the case may be, of such asset or property in an amount not to exceed
the lesser of (i) the cost to the Partnership and its Restricted
Subsidiaries of such acquisition, construction or improvement of such asset or
property and (ii) 100% of the fair market value (as determined by the
Board of Directors of the General Partner) of such acquisition, construction or
improvement of such asset or property, and (d) are limited to the asset or
property so acquired, constructed or improved (including proceeds thereof,
accessions thereto and upgrades thereof);

(8)                                  Liens
to secure performance of Hedging Obligations of the Partnership or any
Restricted Subsidiary;

(9)                                  Liens
existing on the Issue Date and Liens in connection with any extensions,
refinancing, renewal, replacement or defeasance of any Indebtedness or other
obligation secured thereby, provided that (a) the principal amount of the
Indebtedness secured by such Lien is not increased and (b) no assets are
encumbered by any such Lien other than the assets permitted to be encumbered
immediately prior to such extension, refinancing, renewal, replacement or defeasance;

(10)                            Liens
on pipelines or pipeline facilities that arise by operation of law;

(11)                            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 the Partnership’s or any
Restricted Subsidiary’s business that are customary in the Permitted Business;

(12)                            Liens
securing the Obligations of the Issuers under the Notes and this Indenture and
of the Subsidiary Guarantors under the Guarantees;

(13)                            Liens
upon specific items of inventory or other goods and proceeds of any Person
securing such Person’s Obligations in respect of bankers’ acceptances issued or
created for the account of such Person to facilitate the purchase, shipment or
storage of such inventory or other goods and permitted by Section 4.09
hereof;

(14)                            Liens
securing any Indebtedness equally and ratably with all Obligations due under
the Notes or any Guarantee pursuant to a contractual covenant that limits liens
in a manner substantially similar to Section 4.10 hereof;

 20
 

 

 

(15)                            Liens
on and pledges of the Equity Interests of any Unrestricted Subsidiaries or any
Joint Venture owned by the Partnership or any Restricted Subsidiary of the
Partnership to the extent securing Non-Recourse Debt or other Indebtedness of
such Unrestricted Subsidiary or Joint Venture; and

(16)                            Liens
incurred in the ordinary course of business of the Partnership or any
Restricted Subsidiary of the Partnership, provided that, after giving effect to
any such incurrence, the aggregate principal amount of all Indebtedness then
outstanding and secured by any Liens incurred pursuant to this clause (16) does
not exceed the greater of $15.0 million or 2.5% of the Consolidated Net
Tangible Assets of the Partnership.

After the
termination of the covenants pursuant to Section 4.19 hereof, for purposes
of complying with Section 4.10, the Liens described in clauses (1) and
(16) of this definition of “Permitted Liens” shall be Permitted Liens only to
the extent those Liens secure Indebtedness not exceeding, at the time of
determination, 10% of the Consolidated Net Tangible Assets of the Partnership. Once
effective, this 10% limitation on Permitted Liens will continue to apply during
any later period in which the Notes do not have an Investment Grade Rating from
both Rating Agencies.

“Permitted Refinancing Indebtedness”
means any Indebtedness of the Partnership or any of its Restricted Subsidiaries
issued in exchange for, or the net proceeds of which are used to extend,
refinance, renew, replace, defease or refund other Indebtedness of the
Partnership or any of its Restricted Subsidiaries (other than intercompany
Indebtedness); provided that:

(1)                                  the
principal amount of such Permitted Refinancing Indebtedness does not exceed the
principal amount of, plus accrued interest on, the Indebtedness so extended,
refinanced, renewed, replaced, defeased or refunded (plus the amount of
necessary fees and expenses incurred in connection therewith and any premiums
paid on the Indebtedness so extended, refinanced, renewed, replaced, defeased
or refunded);

(2)                                  such
Permitted Refinancing Indebtedness has a final maturity date no earlier than
the final maturity date of, and has a Weighted Average Life to Maturity equal
to or greater than the Weighted Average Life to Maturity of, the Indebtedness
being extended, refinanced, renewed, replaced, defeased or refunded;

(3)                                  if
the Indebtedness being extended, refinanced, renewed, replaced, defeased or
refunded is subordinated in right of payment to the Notes or the Guarantees,
such Permitted Refinancing Indebtedness is subordinated in right of payment to,
the Notes or the Guarantees, as the case may be, on terms at least as favorable
to the Holders of Notes as those contained in the documentation governing the
Indebtedness being extended, refinanced, renewed, replaced, defeased or
refunded; and

(4)                                  such
Indebtedness is not incurred by a Restricted Subsidiary if the Partnership is
the obligor on the Indebtedness being extended, refinanced, renewed, replaced,
defeased or refunded.

 21
 

 

 

“Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company,
trust, unincorporated organization, limited liability company or government or
any agency or political subdivision thereof or any other entity.

“Private Placement Legend” means the
legend set forth in Section 2.06(g)(i) to be placed on all Notes
issued under this Indenture except where otherwise permitted by the provisions
of this Indenture.

“QIB” means a “qualified institutional
buyer” as defined in Rule 144A.

“Rating Agency” means each of Standard &
Poor’s and Moody’s, or if Standard & Poor’s or Moody’s or both shall
not make a rating on the Notes publicly available, a nationally recognized
statistical rating agency or agencies, as the case may be, selected by the
Issuers (as certified by a resolution of the Board of Directors of the General
Partner) which shall be substituted for Standard & Poor’s or Moody’s,
or both, as the case may be.

“Registrable Securities” has the meaning
set forth in the Registration Rights Agreement applicable to such Notes.

“Registration Rights Agreement” means (1) with
respect to the Series A Notes issued on the Issue Date that certain
agreement among the Issuers, the Subsidiary Guarantors and the Initial
Purchasers requiring the Issuers and the Subsidiary Guarantors to file an
Exchange Offer Registration Statement and a Shelf Registration Statement, a
form of which is attached to this Indenture as Annex B hereto, and (2) any
other registration rights agreement relating to any additional Notes issued by
the Issuers after the Issue Date pursuant to Section 2.02.

“Regulation S” means Regulation S
promulgated by the SEC under the Securities Act.

“Regulation S Global Note” means a Global
Note in the form of Exhibit A hereto bearing the Global Note Legend and
the Private Placement Legend and that has the “Schedule of Exchange of
Interests in the Global Note” attached thereto and deposited with or on behalf
of and registered in the name of the Depositary or its nominee, issued in a
denomination equal to the outstanding principal amount of the Notes initially
sold in reliance on Rule 903 of Regulation S, subject to adjustment as
provided in Section 2.06 hereof.

“Reporting Default” means a Default
described in Section 6.01(d) hereof.

“Responsible Officer,” when used with
respect to the Trustee, means the officer in the Corporate Trust Department of
the Trustee having direct responsibility for administration of this Indenture.

“Restricted Certificated Note” means a
Certificated Note bearing the Private Placement Legend.

“Restricted Global Note” means a Global
Note bearing the Private Placement Legend and that bears the Global Note Legend
and that has the “Schedule of Exchanges of Interests in the Global Note”
attached thereto.

 22
 

 

 

“Restricted Investment” means an
Investment other than a Permitted Investment or a Permitted Business
Investment.

“Restricted Subsidiary” of a Person means
any Subsidiary of the referenced Person that is not an Unrestricted Subsidiary.
Notwithstanding anything in this Indenture to the contrary, each of MarkWest
Finance and the Operating Company shall be a Restricted Subsidiary of the
Partnership.

“Rule 144” means Rule 144
promulgated by the SEC under the Securities Act.

“Rule 144A” means Rule 144A
promulgated by the SEC under the Securities Act.

“Rule 903” means Rule 903 of
Regulation S promulgated by the SEC under the Securities Act.

“Rule 904” means Rule 904 of
Regulation S promulgated by the SEC under the Securities Act.

“SEC” means the Securities and Exchange
Commission.

“Securities Act” means the Securities Act
of 1933, as amended.

“Series A Notes” has the meaning set
forth in the preamble of this Indenture.

“Shelf Registration Statement” means a
shelf registration statement filed with the SEC by the Issuers and the
Subsidiary Guarantors in accordance with the applicable Registration Rights
Agreement to register resales of the Series A Notes or the Exchange Notes.

“Significant Subsidiary” means any
Subsidiary that would be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities
Act and the Exchange Act, as such Regulation is in effect on the Issue Date.

“Standard & Poor’s” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., or any successor to the rating agency business thereof.

“Stated Maturity” means, with respect to
any installment of interest or principal on any series of Indebtedness, the
date on which such payment of interest or principal was scheduled to be paid in
the original documentation governing such Indebtedness, and shall not include
any contingent Obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof.

“Subordinated Obligation” means any
Indebtedness of the Partnership or MarkWest Finance (whether outstanding on the
Issue Date or thereafter incurred) that is subordinate or junior in right of
payment to the Notes pursuant to a written agreement.

 23
 

 

 

“Subsidiary” means, with respect to any
Person:

(1)                                  any
corporation, association or other business entity (other than an entity
referred to in clause (2) below) of which more than 50% of the total
Voting Stock is at the time owned or controlled, directly or indirectly, by
such Person or one or more of the other Subsidiaries of that Person (or a
combination thereof); and

(2)                                  any
partnership (whether general or limited), limited liability company or joint
venture (a) the sole general partner or member of which is such Person or
a Subsidiary of such Person, or (b) if there is more than a single general
partner or member, either (i) the only general partners, members, managing
general partners or managing members of which are such Person or one or more
Subsidiaries of such Person (or any combination thereof) or (ii) such
Person owns or controls, directly or indirectly, a majority of the outstanding
general partner interests, member interests or other Voting Stock of such
partnership, limited liability company or joint venture, respectively.

“Subsidiary Guarantors” means each of:

(1)                                  MarkWest
Energy Operating Company, L.L.C., Basin Pipeline L.L.C., West Shore Processing
Company, L.L.C., MarkWest Energy Appalachia, L.L.C., MarkWest Texas GP, L.L.C.,
MW Texas Limited, L.L.C., MarkWest Michigan Pipeline Company, L.L.C., MarkWest
Western Oklahoma Gas Company, L.L.C., MarkWest Power Tex L.P., MarkWest
Pinnacle L.P.,  MarkWest PNG Utility,
L.P., MarkWest Texas PNG Utility, L.P., MarkWest Blackhawk, L.P., MarkWest New
Mexico, L.P., MarkWest Energy East Texas Gas Company, L.P., MarkWest Pipeline
Company, L.P., MarkWest Javelina Company, MarkWest Javelina Holding Company,
L.P., MarkWest Javelina Pipeline Company and MarkWest Javelina Pipeline
Holding, L.P.; and

(2)                                  any
other Subsidiary of the Partnership that becomes a Subsidiary Guarantor in
accordance with the provisions of Section 4.13 and Article 10 of this
Indenture; and

(3)                                  their
respective successors and assigns;

in each case
until such Subsidiary Guarantor ceases to be such in accordance with this
Indenture. Notwithstanding anything in this Indenture to the contrary, MarkWest
Finance shall not be a Subsidiary Guarantor.

“Tax Payment” means any payment of
foreign, federal, state or local tax liabilities.

“TIA” means the Trust Indenture Act of
1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date on which
this Indenture is qualified under the TIA, except as provided in Section 9.03
hereof.

“Treasury Rate” means, at the time of computation, the yield
to maturity of United States Treasury securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release
H.15(519) which has become publicly available at least two Business Days prior
to the redemption date or, if such Statistical Release is no longer published, 

 24
 

 

 

any publicly available
source of similar market data) most nearly equal to the period from the
redemption date to July 15, 2011; provided, however, that if such
period is not equal to the constant maturity of a United States Treasury
security for which a weekly average yield is given, the Treasury Rate shall be
obtained by linear interpolation (calculated to the nearest one-twelfth of a
year) from the weekly average yields of United States Treasury securities for
which such yields are given, except that if the period from the redemption date
to July 15, 2011 is less
than one year, the weekly average yield on actually traded United States
Treasury securities adjusted to a constant maturity of one year shall be used. The
Treasury Rate shall be calculated on the third Business Day preceding the
redemption date. Any weekly average yields calculated by interpolation shall be
rounded to the nearest 1/100th of 1%, with any figure of 1/200th of 1% or above
being rounded upward.

“Trustee” means the party named as such
in the preamble of this Indenture until a successor replaces it in accordance
with the applicable provisions of this Indenture and thereafter means the
successor serving hereunder.

“U.S. Government Obligations” means
securities that are (1) direct Obligations of the United States of America
for the payment of which its full faith and credit is pledged; (2) Obligations
of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in either case under clauses (1) or (2) above,
are not callable or redeemable at the option of the issuers thereof; or (3) depository
receipts issued by a bank or trust company as custodian with respect to any
such U.S. Government Obligations or a specific payment of interest on or
principal of any such U.S. Government Obligation held by such custodian for the
account of the holder of a depository receipt, provided that (except as required
by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by
the custodian in respect of the U.S. Government Obligation evidenced by such
depository receipt.

“U.S. Person” means a U.S. person as
defined in Rule 902(k) of Regulation S promulgated by the SEC under
the Securities Act.

“Unrestricted Certificated Note” means
one or more Certificated Notes that do not bear and are not required to bear
the Private Placement Legend.

“Unrestricted Global Note” means a
permanent Global Note in the form of Exhibit A attached hereto that bears
the Global Note Legend and that has the “Schedule of Exchanges of Interests in
the Global Note” attached thereto, and that is deposited with or on behalf of
and registered in the name of the Depositary, representing a series of Notes
that do not bear the Private Placement Legend.

“Unrestricted
Subsidiary” means any Subsidiary of the Partnership
(other than MarkWest Finance or the Operating Company) that is designated by
the Board of Directors of the General Partner as an Unrestricted Subsidiary
pursuant to a Board Resolution, but only to the extent that such Subsidiary: (1) has no Indebtedness owing to any Person other than
the Partnership or any of its Restricted Subsidiaries other than Non-Recourse
Debt, except to the extent permitted by

 25
 

 

 

subclause (2)(b) of the definition of “Permitted Business
Investments”; (2) is not a party to any agreement, contract, arrangement
or understanding with the Partnership or any Restricted Subsidiary of the Partnership unless the terms of any
such arrangement, contract, arrangement or understanding are no less favorable
to the Partnership or such Restricted
Subsidiary than those that might be obtained at the time from Persons who are
not Affiliates of the Partnership; (3) is
a Person with respect to which neither the Partnership nor any of its Restricted Subsidiaries has any direct
or indirect obligation (a) to subscribe for additional Equity Interests or
(b) to maintain or preserve such Person’s financial condition or to cause
such Person to achieve any specified levels of operating results; and (4) has
not guaranteed or otherwise directly or indirectly provided credit support for
any Indebtedness of the Partnership or
any of its Restricted Subsidiaries. Notwithstanding anything in this
Indenture to the contrary, neither MarkWest Finance nor the Operating Company
shall be designated as an Unrestricted Subsidiary.

Any designation of a Subsidiary of the Partnership as an Unrestricted
Subsidiary shall be evidenced to the Trustee by filing with the Trustee a Board
Resolution of the General Partner giving effect to such designation and an
Officers’ Certificate certifying that such designation complied with the
preceding conditions and was permitted by Section 4.08 hereof. If, at any
time, any Unrestricted Subsidiary would fail to meet the preceding requirements
as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted
Subsidiary for purposes of this Indenture and any Indebtedness of such
Subsidiary shall be deemed to be incurred by a Restricted Subsidiary of the
Partnership as of such date and, if such Indebtedness is not permitted to be incurred as of such date
under Section 4.09 hereof, the Partnership shall be in default of such covenant.

“Voting Stock” of any Person as of any date means the Equity
Interests of such Person pursuant to which the holders thereof have the general
voting power under ordinary circumstances to elect at least a majority
of the board of directors, managers, general partners or trustees of such
Person (regardless of whether, at the time, Equity Interests of any other class
or classes shall have, or might have, voting power by reason of the occurrence
of any contingency) or, with respect to a partnership (whether general or
limited), any general partner interest in such partnership.

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness at any date, the number of years
obtained by dividing: (1) the sum of the products obtained by multiplying (a) 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 (b) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment;
by (2) the then outstanding principal amount of such Indebtedness.

 26

 

Section 1.02.          Other
Definitions.

	
  TERM

  	
   

  	
  DEFINED IN SECTION

  
	
  “Affiliate Transaction”

  	
   

  	
  4.12

  
	
  “Asset Sale Offer”

  	
   

  	
  3.09

  
	
  “Calculation Date”

  	
   

  	
  1.01 (definition of
  Fixed Charge Coverage Ratio)

  
	
  “Change of Control Offer”

  	
   

  	
  4.06(a)

  
	
  “Change of Control Payment”

  	
   

  	
  4.06(a)

  
	
  “Change of Control Payment Date”

  	
   

  	
  4.06(b)

  
	
  “Covenant Defeasance”

  	
   

  	
  8.03

  
	
  “Discharge”

  	
   

  	
  11.01(e)

  
	
  “DTC”

  	
   

  	
  2.03

  
	
  “Event of Default”

  	
   

  	
  6.01

  
	
  “Excess Proceeds”

  	
   

  	
  4.07(c)

  
	
  “Incremental Funds”

  	
   

  	
  4.08(a)

  
	
  “incur”

  	
   

  	
  4.09(a)

  
	
  “Legal Defeasance”

  	
   

  	
  8.02

  
	
  “Offer Amount”

  	
   

  	
  3.09

  
	
  “Offer Period”

  	
   

  	
  3.09

  
	
  “Paying Agent”

  	
   

  	
  2.03

  
	
  “Payment Default”

  	
   

  	
  6.01(g)

  
	
  “Permitted Debt”

  	
   

  	
  4.09(b)

  
	
  “Purchase Date”

  	
   

  	
  3.09

  
	
  “Registrar”

  	
   

  	
  2.03

  
	
  “Restricted Payments”

  	
   

  	
  4.08(a)

  

 

Section 1.03.          Incorporation by Reference of Trust
Indenture Act.

Whenever this Indenture refers to a provision of the TIA, the provision
is incorporated by reference in and made a part of this Indenture.

The following TIA terms used in this Indenture
have the following meanings:

“indenture securities” means the Notes and the Guarantees;

“indenture security holder” means a Holder of
a Note;

“indenture to be qualified” means this
Indenture;

“indenture trustee” or “institutional trustee”
means the Trustee;

“obligor” on the Notes means the Partnership,
MarkWest Finance or any Subsidiary Guarantor and any successor obligor upon the
Notes.

 27
 

 

 

All other terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule under
the TIA have the meanings so assigned to them.

Section 1.02.          Rules of Construction.

Unless the context otherwise requires:

(1)           a term has the meaning assigned to
it;

(2)           an accounting term not otherwise
defined has the meaning assigned to it in accordance with GAAP;

(3)           “or” is not exclusive;

(4)           words in the singular include the
plural, and in the plural include the singular;

(5)           provisions apply to successive events
and transactions; and

(6)           references to sections of or rules under
the Securities Act or the Exchange Act shall be deemed to include substitute,
replacement of successor sections or rules adopted by the SEC from time to
time.

ARTICLE 2

THE NOTES

Section 2.01.          Form and
Dating.

The Notes and the Trustee’s certificate of authentication shall be
substantially in the form of Exhibit A hereto. The notation on each Note
relating to the Guarantees shall be substantially in the form set forth on Exhibit D,
which is a part of this Indenture. The Notes may have notations, legends or
endorsements required by law, stock exchange rule or usage. Each Note
shall be dated the date of its authentication. The Notes shall be in
denominations of $1,000 and integral multiples thereof.

The terms and provisions contained in the Notes (including the
Guarantees) shall constitute, and are hereby expressly made, a part of this
Indenture and the Partnership, MarkWest Finance, the Subsidiary Guarantors, and
the Trustee, by their execution and delivery of this Indenture, expressly agree
to such terms and provisions and to be bound thereby. However, to the extent
permitted by law, if any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and
be controlling.

Notes issued in global form shall be substantially in the form of Exhibit A
attached hereto (including the Global Note Legend and the “Schedule of
Exchanges in the Global Note” attached thereto). Notes issued in definitive
form shall be substantially in the form of Exhibit A attached hereto (but
without the Global Note Legend, the phrase identified in footnote 3 thereto
and without the “Schedule of Exchanges of Interests in the Global Note”
attached thereto). Each

 28
 

 

 

Global Note
shall represent such of the outstanding Notes as shall be specified therein and
each shall provide that it shall represent the aggregate principal amount of
outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time
be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease
in the aggregate principal amount of outstanding Notes represented thereby
shall be made by the Trustee or the Note Custodian, at the direction of the
Trustee, in accordance with instructions given by the Holder thereof as
required by Section 2.06 hereof.

Section 2.02.          Execution and Authentication.

One Officer of the Partnership and one Officer of MarkWest Finance shall
sign the Notes for the Partnership and MarkWest Finance, respectively, by
manual or facsimile signature.

If an Officer whose signature is on a Note no longer holds that office
at the time a Note is authenticated, the Note shall nevertheless be valid.

A Note shall not be valid until authenticated by the manual signature of
the Trustee. The signature shall be conclusive evidence that the Note has been
authenticated under this Indenture.

The Trustee shall, upon a written order of the Partnership and MarkWest
Finance signed by one Officer of the Partnership and one Officer of MarkWest
Finance, authenticate (i) $200,000,000 aggregate principal amount of
Notes, with the Guarantees endorsed thereon, for original issue on the Issue
Date and (ii) from time to time thereafter any amount of additional Notes
specified by the Issuers, in each case, upon a written order of the Partnership
and MarkWest Finance signed by one Officer of the Partnership and one Officer
of MarkWest Finance. Such order shall specify (a) the amount of the Notes
of each series to be authenticated and the date of original issue thereof, and (b) whether
the Notes are Series A Notes or Exchange Notes. The aggregate principal
amount of Notes of either series outstanding at any time may not exceed the
aggregate principal amount of Notes of such series authorized for issuance by
the Issuers pursuant to one or more written orders of the Issuers, except as
provided in Section 2.07 hereof. Subject to the foregoing, the aggregate
principal amount of Notes of either series that may be issued under this
Indenture shall not be limited.

The Series A Notes issued on the Issue Date and any additional Series A
Notes subsequently issued, together with the Exchange Notes issued in exchange
therefor, shall be treated as a single class for all purposes under this
Indenture, including, without limitation, waivers, amendments, redemptions and
offers to purchase.

The Trustee may appoint an authenticating agent acceptable to the
Issuers to authenticate Notes. An authenticating agent may authenticate Notes
whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An
authenticating agent has the same rights as an Agent to deal with Holders or an
Affiliate of either of the Issuers.

 29
 

 

 

Section 2.03.          Registrar and Paying Agent.

The Partnership, MarkWest Finance and the Subsidiary Guarantors shall
maintain an office or agency where Notes may be presented for registration of
transfer or for exchange (“Registrar”) and an office or agency in the City and
State of New York where Notes may be presented for payment (“Paying Agent”). The
Registrar shall keep a register of the Notes and of their transfer and exchange.
The Issuers may appoint one or more co-registrars and one or more additional
paying agents. The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent. The Issuers may change any Paying
Agent or Registrar without notice to any Holder. The Issuers shall notify the
Trustee in writing of the name and address of any Agent not a party to this
Indenture. If the Issuers fail to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Partnership,
MarkWest Finance or any of their Subsidiaries may act as Paying Agent or Registrar.

The Issuers initially appoint The Depository Trust Company (“DTC”) to
act as Depositary with respect to the Global Notes.

The Issuers initially appoint the Trustee to act as the Registrar and
Paying Agent and to act as Note Custodian with respect to the Global Notes.

Section 2.04.          Paying Agent to Hold Money in Trust.

The Issuers shall require each Paying Agent other than the Trustee to
agree in writing that the Paying Agent will hold in trust for the benefit of
Holders or the Trustee all money held by the Paying Agent for the payment of
principal, premium, if any, or interest or Additional Interest, if any, on the
Notes, and will notify the Trustee of any default by the Partnership, MarkWest
Finance or the Subsidiary Guarantors in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all money held
by it to the Trustee. The Issuers at any time may require a Paying Agent to pay
all money held by it to the Trustee. Upon payment over to the Trustee, the Paying
Agent (if other than an Issuer or a Subsidiary Guarantor) shall have no further
liability for the money. If an Issuer or a Subsidiary Guarantor acts as Paying
Agent, it shall segregate and hold in a separate trust fund for the benefit of
the Holders all money held by it as Paying Agent. Upon any bankruptcy or
reorganization proceedings relating to the Partnership or MarkWest Finance, the
Trustee shall serve as Paying Agent for the Notes.

Section 2.05.          Holder Lists.

The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
all Holders and shall otherwise comply with TIA Section 312(a). If the
Trustee is not the Registrar, the Issuers shall furnish to the Trustee at least
seven Business Days before each Interest Payment Date and at such other times
as the Trustee may request in writing, a list in such form and as of such date
as the Trustee may reasonably require of the names and addresses of the Holders
of Notes and the Issuers shall otherwise comply with TIA Section 312(a).

 30
 

 

 

Section 2.06.          Transfer and Exchange.

(a)           Transfer and
Exchange of Global Notes. A Global Note may not be transferred as a whole
except by the Depositary to a nominee of the Depositary, by a nominee of the
Depositary to the Depositary or to another nominee of the Depositary, or by the
Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary. All Global Notes may be exchanged by the Issuers for
Certificated Notes if (i) the Issuers deliver to the Trustee notice from
the Depositary that it is unwilling or unable to continue to act as Depositary
or that it is no longer a clearing agency registered under the Exchange Act
and, in either case, a successor Depositary is not appointed by the Issuers
within 90 days after the date of such notice from the Depositary, or (ii) if
an Event of Default occurs and is continuing and the Depositary notifies the
Trustee of its decision to exchange the Global Notes for Certificated Notes. Whenever
a Global Note is exchanged as a whole for one or more Certificated Notes, it
shall be surrendered by the Holder thereof to the Trustee for cancellation. Whenever
a Global Note is exchanged in part for one or more Certificated Notes, it shall
be surrendered by the Holder thereof to the Trustee and the Trustee shall make
the appropriate notations to the Schedule of Exchanges of Interests in the
Global Notes attached thereto pursuant to Section 2.01 hereof. All
Certificated Notes issued in exchange for a Global Note or any portion thereof
shall be registered in such names, and delivered, as the Depositary shall
instruct the Trustee. Global Notes also may be exchanged or replaced, in whole
or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or
any portion thereof, pursuant to Section 2.07 or 2.10 hereof, shall be
authenticated and delivered in the form of, and shall be, a Global Note. A
Global Note may not be exchanged for another Note other than as provided in
this Section 2.06(a); however, beneficial interests in a Global Note may
be transferred and exchanged as provided in Section 2.06(b) or (f) hereof.

(b)           Transfer and
Exchange of Beneficial Interests in the Global Notes. The transfer and exchange
of beneficial interests in the Global Notes shall be effected through the
Depositary, in accordance with the provisions of this Indenture and the
Applicable Procedures. Beneficial interests in the Restricted Global Notes
shall be subject to restrictions on transfer comparable to those set forth
herein to the extent required by the Securities Act. Transfers of beneficial
interests in the Global Notes also shall require compliance with either
subparagraph (i) or (ii) below, as applicable, as well as one or more
of the other following subparagraphs as applicable:

(i)            Transfer of Beneficial Interests in the Same
Global Note. Beneficial interests in any Restricted Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial
interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that
prior to the expiration of the Distribution Compliance Period transfers of
beneficial interests in the Regulation S Global Note may not be made to a U.S.
Person or for the account or benefit of a U.S. Person (other than an Initial
Purchaser). Beneficial interests in any Unrestricted Global Note may be
transferred only to Persons who take delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note. No written orders or
instructions shall be required to be delivered to the Registrar to effect the
transfers described in this Section 2.06(b)(i).

 31
 

 

 

(ii)           All Other Transfers and Exchanges of Beneficial
Interests in Global Notes. In connection with all transfers and exchanges of
beneficial interests (other than a transfer of a beneficial interest in a
Global Note to a Person who takes delivery thereof in the form of a beneficial
interest in the same Global Note), the transferor of such beneficial interest
must deliver to the Registrar (A) a written order from a Participant or an
Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a
beneficial interest in another Global Note in an amount equal to the beneficial
interest to be transferred or exchanged and (B) instructions given in
accordance with the Applicable Procedures containing information regarding the
Participant account to be credited with such increase. Upon an Exchange Offer
by the Issuers in accordance with Section 2.06(f) hereof, the
requirements of this Section 2.06(b)(ii) shall be deemed to have been
satisfied upon receipt by the Registrar of the instructions contained in the
Letters of Transmittal delivered by the holders of such beneficial interests in
the Restricted Global Notes. Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in this
Indenture, the Notes and otherwise applicable under the Securities Act, the
Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant
to Section 2.06(h) hereof.

(iii)          Transfer of Beneficial Interests to Another
Restricted Global Note. A beneficial interest in any Restricted Global Note may
be transferred to a Person who takes delivery thereof in the form of a
beneficial interest in another Restricted Global Note if the transfer complies
with the requirements of clause (ii) above and the Registrar receives the
following:

(A)          if the transferee will take delivery in the form of
a beneficial interest in the 144A Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof;

(B)           if the transferee will take delivery in the form of
a beneficial interest in the Regulation S Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (2) thereof; and

(C)           if the transferee will take delivery in the form of
a beneficial interest in the IAI Global Note, then the transferor must deliver (x) a
certificate in the form of Exhibit B hereto, including the certifications
and certificates and Opinion of Counsel required by item (3)(c) thereof,
if applicable.

(iv)          Transfer and Exchange of Beneficial Interests in a
Restricted Global Note for Beneficial Interests in the Unrestricted Global Note.
A beneficial interest in any Restricted Global Note may be exchanged by any
holder thereof for a beneficial interest in an Unrestricted Global Note or
transferred to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note if the exchange or transfer complies
with the requirements of clause (ii) above and:

 32
 

 

 

(A)          such exchange or transfer is effected pursuant to an
Exchange Offer in accordance with the applicable Registration Rights Agreement
and the holder of the beneficial interest to be transferred, in the case of an
exchange, or the transferee, in the case of a transfer, is not (i) a
broker-dealer, (ii) a Person participating in the distribution of the
Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144)
of the Partnership;

(B)           any such transfer is effected pursuant to a Shelf
Registration Statement in accordance with the applicable Registration Rights
Agreement;

(C)           any such transfer is effected by a Participating
Broker-Dealer pursuant to an Exchange Offer Registration Statement in
accordance with the applicable Registration Rights Agreement; or

(D)          the Registrar receives the following:

(i)            if the holder of such
beneficial interest in a Restricted Global Note proposes to exchange such beneficial
interest for a beneficial interest in an Unrestricted Global Note, a
certificate from such holder in the form of Exhibit C hereto, including
the certifications in item (1)(a) thereof;

(ii)           if the holder of such
beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of
a beneficial interest in an Unrestricted Global Note, a certificate from such
holder in the form of Exhibit B hereto, including the certifications in
item (4) thereof; and

(iii)          in each such case set forth in
this subparagraph (D), an opinion of counsel in form reasonably acceptable to the Issuers to the effect that
such exchange or transfer is in compliance with the Securities Act, that the restrictions
on transfer contained herein and in the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and such
beneficial interest is being exchanged or transferred in compliance with any
applicable blue sky securities laws of any state of the United States.

If any such transfer is effected pursuant to subparagraph (B) or (D) above
at a time when an Unrestricted Global Note has not yet been issued, the Issuers
shall issue and, upon receipt of an authentication order in accordance with Section 2.02
hereof, the Trustee shall authenticate one or more Unrestricted Global Notes
(accompanied by a notation of the Guarantees duly endorsed by the Subsidiary
Guarantors) in an aggregate principal amount equal to the principal amount of
beneficial interests transferred pursuant to subparagraph (B) or (D) above.

Beneficial interests in an Unrestricted Global Note cannot be exchanged
for, or transferred to Persons who take delivery thereof in the form of, a
beneficial interest in a Restricted Global Note.

 33
 

 

 

(c)           Transfer or
Exchange of Beneficial Interests for Certificated Notes. A beneficial interest
in a Global Note cannot be exchanged for, or transferred to Persons who take
delivery thereof in the form of, a Certificated Note, except in the
circumstances specified in Section 2.06(a).

(d)           Transfer and
Exchange of Certificated Notes for Beneficial Interests. Certificated Notes
cannot be exchanged for, or transferred to Persons who take delivery thereof in
the form of, a beneficial interest in a Global Note.

(e)           Transfer and
Exchange of Certificated Notes for Certificated Notes. Upon request by a Holder
of Certificated Notes and such Holder’s compliance with the provisions of this Section 2.06(e),
the Registrar shall register the transfer or exchange of Certificated Notes. Prior
to such registration of transfer or exchange, the requesting Holder shall
present or surrender to the Registrar the Certificated Notes duly endorsed or
accompanied by a written instruction of transfer in form satisfactory to the
Registrar duly executed by such Holder or by his attorney, duly authorized in
writing. In addition, the requesting Holder shall provide any additional
certifications, documents and information, as applicable, pursuant to the
provisions of this Section 2.06(e).

(i)            Restricted Certificated Notes may be transferred
to and registered in the name of Persons who take delivery thereof if the
Registrar receives the following:

(A)          if the transfer will be made pursuant to Rule 144A
under the Securities Act, then the transferor must deliver a certificate in the
form of Exhibit B hereto, including the certifications in item (1) thereof;

(B)           if the transfer will be made pursuant to Rule 903
or Rule 904, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (2) thereof;
and

(C)           if the transfer will be made pursuant to any other
exemption from the registration requirements of the Securities Act, then the
transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications, certificates and Opinion of Counsel required by
item (3) thereof, if applicable.

(ii)           Any Restricted Certificated Note may be exchanged
by the Holder thereof for an Unrestricted Certificated Note or transferred to a
Person or Persons who take delivery thereof in the form of an Unrestricted
Certificated Note if:

(A)          such exchange or transfer is effected pursuant to an
Exchange Offer in accordance with the applicable Registration Rights Agreement
and the Holder, in the case of an exchange, or the transferee, in the case of a
transfer, is not (i) a broker-dealer, (ii) a Person participating in
the distribution of the Exchange Notes or (iii) a Person who is an
affiliate (as defined in Rule 144) of the Partnership;

(B)           any such transfer is effected pursuant to a Shelf
Registration Statement in accordance with the applicable Registration Rights
Agreement;

 34
 

 

 

(C)           any such transfer is effected by a Participating
Broker-Dealer pursuant to an Exchange Offer Registration Statement in
accordance with the applicable Registration Rights Agreement; or

(D)          the Registrar receives the following:

(i)            if the Holder of such
Restricted Certificated Notes proposes to exchange such Notes for an
Unrestricted Certificated Note, a certificate from such Holder in the form of Exhibit C
hereto, including the certifications in item (1)(b) thereof;

(ii)           if the Holder of such
Restricted Certificated Notes proposes to transfer such Notes to a Person who
shall take delivery thereof in the form of an Unrestricted Certificated Note, a
certificate from such Holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof; and

(iii)          in each such case set forth in
this subparagraph (D), an opinion of counsel in form reasonably acceptable to
the Issuers to the effect that such exchange or transfer is in compliance with
the Securities Act, that the restrictions on transfer contained herein and in
the Private Placement Legend are not required in order to maintain compliance
with the Securities Act, and such Restricted Certificated Note is being
exchanged or transferred in compliance with any applicable blue sky securities
laws of any state of the United States.

(iii)          A Holder of Unrestricted Certificated Notes may transfer
such Notes to a Person who takes delivery thereof in the form of an
Unrestricted Certificated Note. Upon receipt of a request for such a transfer,
the Registrar shall register the Unrestricted Certificated Notes pursuant to
the instructions from the Holder thereof. Unrestricted Certificated Notes
cannot be exchanged for or transferred to Persons who take delivery thereof in
the form of a Restricted Certificated Note.

(f)            Exchange
Offer. Upon the occurrence of an Exchange Offer in accordance with a Registration
Rights Agreement, the Issuers shall issue and, upon receipt of an
authentication order in accordance with Section 2.02, the Trustee shall
authenticate (i) one or more Unrestricted Global Notes (accompanied by a
notation of the Guarantees duly endorsed by the Subsidiary Guarantors) in an
aggregate principal amount equal to the principal amount of the beneficial
interests in the Restricted Global Notes tendered for acceptance by Persons
that are not (x) broker-dealers (excluding broker-dealers that acquired
such beneficial interests in Restricted Global Notes as a result of
market-making activities or other trading activities (other than such
beneficial interests in Restricted Global Notes acquired directly from the
Issuers or any of their affiliates (as defined in Rule 144) thereof)), (y) Persons
participating in the distribution of the Exchange Notes or (z) Persons who
are affiliates of the Partnership and accepted for exchange in the Exchange
Offer and (ii) Unrestricted Certificated Notes (accompanied by a notation
of the Guarantees duly endorsed by the Subsidiary Guarantors) in an aggregate
principal amount equal to the principal amount of the Restricted Certificated
Notes accepted for exchange in the

 35
 

 

 

Exchange Offer. Concurrently with the issuance of such Notes, the
Trustee shall cause the aggregate principal amount of the applicable Restricted
Global Notes to be reduced accordingly, and the Issuers shall execute and the
Trustee shall authenticate and deliver to the Persons designated by the Holders
of Restricted Certificated Notes so accepted Unrestricted Certificated Notes in
the appropriate principal amount.

(g)           Legends. The
following legends shall appear on the face of all Global Notes and Certificated
Notes issued under this Indenture unless specifically stated otherwise in the
applicable provisions of this Indenture.

(i)            Private Placement Legend.

(A)          Except as permitted by subparagraph (B) below,
each Global Note and each Certificated Note (and all Notes issued in exchange
therefor or substitution thereof) shall bear the legend in substantially the
following form:

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY,
BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY
INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF NOTES SOLD IN RELIANCE ON RULE 144A
UNDER THE SECURITIES ACT:  TWO
YEARS] [IN THE CASE OF NOTES SOLD IN RELIANCE ON REGULATION
S UNDER THE SECURITIES ACT: 40 DAYS] AFTER THE LATER OF THE ORIGINAL
ISSUE DATE HEREOF AND THE LAST DATE ON WHICH EITHER ISSUER OR ANY AFFILIATE OF
EITHER ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY), ONLY (A) TO AN ISSUER OR ITS SUBSIDIARY, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED
STATES WITHIN THE MEANING OF REGULATION S UNDER

 

 36
 

 

 

THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE
SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE
SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE
SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR
OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND
THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (C), (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS
LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE.”

(B)           Notwithstanding the foregoing, any Global Note or
Certificated Note issued pursuant to subparagraphs (b)(iv), (e)(ii), (e)(iii) or
(f) of this Section 2.06 (and all Notes issued in exchange therefor
or substitution thereof) shall not bear the Private Placement Legend.

(ii)           Global Note Legend. Each Global Note shall bear a
legend in substantially the following form:

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

“UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR

 37
 

 

 

DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUERS OR
THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.”

(h)           Cancellation
and/or Adjustment of Global Notes. At such time as all beneficial interests in
a particular Global Note have been exchanged for Certificated Notes or a
particular Global Note has been redeemed, repurchased or canceled in whole and
not in part, each such Global Note shall be returned to or retained and
canceled by the Trustee in accordance with Section 2.11 hereof. At any
time prior to such cancellation, if any beneficial interest in a Global Note is
exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note or for Certificated Notes,
the principal amount of Notes represented by such Global Note shall be reduced
accordingly and an endorsement shall be made on such Global Note, by the
Trustee or by the Depositary at the direction of the Trustee, to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred
to a Person who will take delivery thereof in the form of a beneficial interest
in another Global Note, such other Global Note shall be increased accordingly
and an endorsement shall be made on such Global Note, by the Trustee or by the
Depositary at the direction of the Trustee, to reflect such increase.

(i)            General
Provisions Relating to Transfers and Exchanges.

(i)            To permit registrations of transfers and
exchanges, the Issuers shall execute and the Trustee shall authenticate Global
Notes and Certificated Notes (in each case, accompanied by a notation of the
Guarantees duly endorsed by the Subsidiary Guarantors) upon the Issuers’ order
or at the Registrar’s request.

(ii)           No service charge shall be made to a holder of a
beneficial interest in a Global Note or to a Holder of a Certificated Note for
any registration of transfer or exchange, but the Issuers may require payment
of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections
2.10, 3.06, 3.09, 4.06 and 9.05 hereof).

(iii)          The Registrar shall not be required to register the
transfer of or exchange any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part.

 38
 

 

 

(iv)          All Global Notes and Certificated Notes (in each
case, accompanied by a notation of the Guarantees duly endorsed by the
Subsidiary Guarantors) issued upon any registration of transfer or exchange of
Global Notes or Certificated Notes shall be the valid obligations of the
Issuers and the Subsidiary Guarantors, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Global Notes or Certificated
Notes surrendered upon such registration of transfer or exchange.

(v)           The Issuers shall not be required (A) to
issue, to register the transfer of or to exchange Notes during a period of 15
days before a selection of Notes for redemption, (B) to register the
transfer of or to exchange any Note so selected for redemption in whole or in
part, except the unredeemed portion of any Note being redeemed in part or (C) to
register the transfer of or to exchange a Note between a record date and the
next succeeding Interest Payment Date.

(vi)          Prior to due presentment for the registration of a
transfer of any Note, the Trustee, any Agent, the Issuers and the Subsidiary
Guarantors may deem and treat the Person in whose name any Note is registered
as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the
Trustee, any Agent, the Issuers or any Subsidiary Guarantor shall be affected
by notice to the contrary.

(vii)         The Trustee shall authenticate Global Notes and
Certificated Notes (in each case, accompanied by a notation of the Guarantees
duly endorsed by the Subsidiary Guarantors) in accordance with the provisions
of Section 2.02 hereof.

(viii)        All certifications, certificates
and opinions of counsel required to be submitted to the Registrar pursuant to
this Section 2.06 to effect a transfer or exchange may be submitted by
facsimile.

(ix)           Each Holder of a Note agrees to indemnify the
Issuers and the Trustee against any liability that may result from the
transfer, exchange or assignment of such Holder’s Note in violation of any
provision of this Indenture and/or applicable United States federal or state
securities law.

(j)            Each
beneficial owner of an interest in a Note agrees to indemnify the Issuers and
the Trustee against any liability that may result from the transfer, exchange
or assignment by such beneficial owner of such interest in violation of any
provision of this Indenture and/or applicable United States federal or state
securities law.

(k)           The Trustee
shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any Note
(including any transfers between or among beneficial owners of interest in any
Global Note) other than to require delivery of such certificate and other
documentation or evidence as are expressly required by, and to do so if and
when expressly required by the terms of, this Indenture, and to examine the
same to determine substantial compliance as to form with the express
requirements hereof.

 

 39

 

 

Section 2.07.          Replacement Notes.

If any mutilated Note is surrendered to the Trustee or either of the
Issuers and the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, the Issuers shall issue and the
Trustee, upon the written order of the Issuers signed by one Officer of the
Partnership and one Officer of MarkWest Finance, shall authenticate a
replacement Note (accompanied by a notation of the Guarantees duly endorsed by
the Subsidiary Guarantors) if the Trustee’s requirements are met. An indemnity
bond must be supplied by the Holder that is sufficient in the judgment of the
Trustee and the Issuers to protect the Issuers, the Subsidiary Guarantors, the
Trustee, any Agent and any authenticating agent from any loss that any of them
may suffer if a Note is replaced. The Issuers may charge for their expenses in
replacing a Note.

Every replacement Note is an additional obligation of the Issuers and
the Subsidiary Guarantors and shall be entitled to all of the benefits of this
Indenture equally and proportionately with all other Notes duly issued
hereunder. The provisions of this Section 2.07 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement of mutilated, destroyed, lost or stolen Notes.

Section 2.08.          Outstanding Notes.

The Notes outstanding at any time are all the Notes authenticated by the
Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interests in a Global Note effected by
the Trustee in accordance with the provisions hereof, and those described in
this Section as not outstanding. Except as set forth in Section 2.09
hereof, a Note does not cease to be outstanding because an Issuer or an
Affiliate of an Issuer holds the Note.

If a Note is replaced pursuant to Section 2.07 hereof, it ceases to
be outstanding unless the Trustee receives proof satisfactory to it that the
replaced Note is held by a bona fide purchaser.

If the principal amount of any Note is considered paid under Section 4.01
hereof, it ceases to be outstanding and interest (including Additional
Interest, if applicable) on it ceases to accrue.

If the Paying Agent (other than an Issuer or a Subsidiary or an
Affiliate of an Issuer) holds, on a redemption date or other maturity date,
money sufficient to pay Notes payable on that date, then on and after that date
such Notes shall be deemed to be no longer outstanding and shall cease to
accrue interest (including Additional Interest, if any).

Section 2.09.          Treasury Notes.

In determining whether the Holders of the required principal amount of
Notes have concurred in any direction, waiver or consent, Notes owned by an
Issuer, by any Subsidiary Guarantor or by any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
the Partnership or any Subsidiary Guarantor, shall be considered as though not
outstanding, except that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Notes that a Responsible Officer of the Trustee actually knows are so owned
shall be so disregarded.

 40
 

 

 

Section 2.10.          Temporary Notes.

Until definitive Notes are ready for delivery, the Issuers may prepare
and the Trustee shall authenticate temporary Notes (accompanied by a notation
of the Guarantees duly endorsed by the Subsidiary Guarantors) upon a written
order of the Issuers signed by one Officer of the Partnership and one Officer
of MarkWest Finance. Temporary Notes shall be substantially in the form of
definitive Notes but may have variations that the Issuers consider appropriate
for temporary Notes and as shall be reasonably acceptable to the Trustee. Without
unreasonable delay, the Issuers shall prepare and the Trustee shall
authenticate definitive Notes (accompanied by a notation of the Guarantees duly
endorsed by the Subsidiary Guarantors) in exchange for temporary Notes.

Holders of temporary Notes shall be entitled to all of the benefits of
this Indenture.

Section 2.11.          Cancellation.

Either of the Issuers at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The
Trustee and no one else shall cancel all Notes surrendered for registration of
transfer, exchange, payment, replacement or cancellation and shall treat such
canceled Notes in accordance with its documents retention policies. The Issuers
may not issue new Notes to replace Notes that have been paid or that have been
delivered to the Trustee for cancellation.

Section 2.12.          Defaulted Interest.

If any of the Partnership, MarkWest Finance or any Subsidiary Guarantor
defaults in a payment of interest on the Notes, it or they (to the extent of
their obligations under the Guarantees) shall pay the defaulted interest in any
lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date,
in each case at the rate provided in the Notes and in Section 4.01 hereof.
The Issuers shall notify the Trustee in writing of the amount of defaulted
interest proposed to be paid on each Note, the special record date and the date
of the proposed payment. The Issuers shall fix or cause to be fixed each such
special record date and payment date, provided that no such special record date
shall be less than 10 days prior to the related payment date for such defaulted
interest. At least 15 days before the special record date, the Issuers (or,
upon the written request of the Issuers, the Trustee in the name and at the
expense of the Issuers) shall mail or cause to be mailed to Holders a notice
that states the special record date, the related payment date and the amount of
such interest to be paid.

Section 2.13.          CUSIP Numbers.

The Issuers in issuing the Notes may use “CUSIP” numbers (if then
generally in use), and, if they do so, the Trustee shall use “CUSIP” numbers in
notices of redemption as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness of such
numbers either as printed on the Notes or as contained in any notice of a
redemption and that reliance may be placed only on the other identification
numbers printed

 41
 

 

 

on the Notes,
and any such redemption shall not be affected by any defect in or omission of
such numbers. The Issuers will promptly notify the Trustee of any change in the
“CUSIP” numbers.

ARTICLE 3

REDEMPTION AND PREPAYMENT

Section 3.01.          Notices to Trustee.

If an Issuer elects to redeem Notes pursuant to the optional redemption
provisions of Section 3.07 hereof, it shall furnish to the Trustee, at
least ten Business Days (unless a shorter period is acceptable to the Trustee)
before the date of giving notice of the redemption pursuant to Section 3.03,
an Officers’ Certificate setting forth (i) the clause of this Indenture
pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the
principal amount of Notes to be redeemed, (iv) the redemption price and (v) whether
it requests the Trustee to give notice of such redemption. Any such notice may
be cancelled at any time prior to the mailing of notice of such redemption to
any Holder and shall thereby be void and of no effect.

Section 3.02.          Selection of Notes to Be Redeemed.

If less than all of the Notes are to be
redeemed at any time, the Trustee will select Notes for redemption as follows:

(a)           if the Notes
are listed for trading on a national securities exchange, in compliance with
the requirements of the principal national securities exchange on which the
Notes are so listed; or

(b)           if the Notes
are not so listed or there are no such requirements, on a pro rata basis, by
lot or by such method as the Trustee shall deem fair and appropriate.

No Notes of $1,000 or less shall be redeemed in part. Notices of
redemption shall be mailed by first class mail at least 30 but not more than 60
days before the redemption date to each Holder of Notes to be redeemed at its registered
address. Notices of redemption may not be conditional.

If any Note is to be redeemed in part only, the notice of redemption
that relates to that Note shall state the portion of the principal amount
thereof to be redeemed. A new Note in principal amount equal to the unredeemed
portion of the original Note will be issued in the name of the Holder thereof
upon cancellation of the original Note. Notes called for redemption become due
on the date fixed for redemption. On and after the redemption date, interest
(including Additional Interest, if applicable) ceases to accrue on Notes or
portions of them called for redemption unless the Issuers default in making
such redemption payment.

Section 3.03.          Notice of Redemption.

At least 30 days but not more than 60 days before a redemption date,
except that redemption notices may be mailed more than 60 days prior to a
redemption date if the notice is issued in connection with a Legal Defeasance,
Covenant Defeasance or Discharge, the Issuers

 42
 

 

 

shall mail or
cause to be mailed, by first class mail, a notice of redemption to each Holder
whose Notes are to be redeemed at its registered address.

The notice shall identify the Notes to be
redeemed (including CUSIP numbers) and shall state:

(a)           the
redemption date;

(b)           the
redemption price (if then determined and otherwise the basis for its
determination);

(c)           if any Note
is being redeemed in part, the portion of the principal amount of such Note to
be redeemed and that, after the redemption date upon surrender of such Note, a
new Note or Notes in principal amount equal to the unredeemed portion shall be
issued upon cancellation of the original Note;

(d)           the name and
address of the Paying Agent;

(e)           that Notes
called for redemption (other than a Global Note) must be surrendered to the
Paying Agent to collect the redemption price;

(f)            that, unless
the Issuers default in making such redemption payment, interest (including
Additional Interest, if applicable) on Notes called for redemption ceases to
accrue on and after the redemption date;

(g)           the paragraph
of the Notes and/or Section of this Indenture pursuant to which the Notes
called for redemption are being redeemed; and

(h)           that no
representation is made as to the correctness or accuracy of the CUSIP number,
if any, listed in such notice or printed on the Notes.

If any of the Notes to be redeemed is in the form of a Global Note, then
the Issuers shall modify such notice to the extent necessary to accord with the
procedures of the Depositary applicable to redemption.

At the Issuers’ request, the Trustee shall give the notice of redemption
in the Issuers’ names and at their expense; provided, however, that the Issuers
shall have delivered to the Trustee, as provided in Section 3.01, an
Officers’ Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding
paragraph.

Section 3.04.          Effect of Notice of Redemption.

Once notice of redemption is mailed in accordance with Section 3.03
hereof, Notes called for redemption become irrevocably due and payable on the
redemption date at the redemption price. A notice of redemption may not be
conditional.

 43
 

 

 

Section 3.05.          Deposit of Redemption Price.

Not later than 11:00 a.m., New York City time, on the redemption
date, the Issuers shall deposit with the Trustee or with the Paying Agent (or,
if the Partnership or a Subsidiary thereof is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 2.04 hereof) money
sufficient to pay the redemption price of, and accrued and unpaid interest
(including Additional Interest, if applicable) on, all Notes to be redeemed on
that date. The Trustee or the Paying Agent shall promptly return to the Issuers
any money deposited with the Trustee or the Paying Agent by the Issuers in
excess of the amounts necessary to pay the redemption price of, and accrued and
unpaid interest (including Additional Interest, if applicable) on, all Notes to
be redeemed.

If the Issuers comply with the provisions of the preceding paragraph, on
and after the redemption date, interest (including Additional Interest, if
applicable) shall cease to accrue on the Notes or the portions of Notes called
for redemption. If a Note is redeemed on or after an interest record date but
on or prior to the related Interest Payment Date, then any accrued and unpaid
interest (including Additional Interest, if any) shall be paid to the Person in
whose name such Note was registered at the close of business on such record
date. If any Note called for redemption shall not be so paid upon surrender for
redemption because of the failure of the Issuers to comply with the preceding
paragraph, interest (including Additional Interest, if any) shall be paid on
the unpaid principal, from the redemption date until such principal is paid,
and to the extent lawful on any interest not paid on such unpaid principal, in
each case at the rate provided in the Notes and in Section 4.01 hereof.

Section 3.06.          Notes Redeemed in Part.

Upon surrender of a Note that is redeemed in part, the Issuers shall
issue and, upon the Issuers’ written request, the Trustee shall authenticate
for the Holder at the expense of the Issuers a new Note (accompanied by a
notation of the Guarantees duly endorsed by the Subsidiary Guarantors) equal in
principal amount to the unredeemed portion of the Note surrendered.

Section 3.07.          Optional Redemption.

(a)           Except as set
forth in clauses (b) and (c) of this Section 3.07, the Issuers
shall not have the option to redeem the Notes prior to July 15, 2011. On
or after July 15, 2011, the Issuers shall have the option to redeem all
or, from time to time, a part of the Notes, at the redemption prices (expressed
as percentages of principal amount) set forth below, plus accrued and unpaid
interest (including Additional Interest, if any) to the applicable redemption
date (subject to the rights of Holders of record on the relevant record date to
receive interest due on an Interest Payment Date that is on or prior to the
redemption date), if redeemed during the twelve-month period beginning on July 15
of the years indicated below:

	
  YEAR

  	
   

  	
   

  	
   

  	
  PERCENTAGE

  	
   

  
	
  2011

  	
   

  	
  104.250

  	
  %

  
	
  2012

  	
   

  	
  102.833

  	
  %

  
	
  2013

  	
   

  	
  101.417

  	
  %

  
	
  2014 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

 44
 

 

 

(b)           Before July 15,
2011, the Issuers may redeem all or, from time to time, a part of the Notes, at
a redemption price equal to:

(i)            100% of the aggregate principal amount of the
Notes to be redeemed, plus accrued and unpaid interest, if any, to the
applicable redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on an Interest Payment Date that
is on or prior to the redemption date), plus

(ii)           the Make Whole Amount.

The Partnership shall
calculate such redemption price and set it forth on an Officers’ Certificate
delivered to the Trustee prior to the redemption date.

(c)           Before July 15,
2009, the Issuers may on any one or more occasions redeem in the aggregate up
to 35% of the aggregate principal amount of Notes issued hereunder with the net
cash proceeds of one or more Equity Offerings at a redemption price equal to
108.500% of the principal amount of the Notes to be redeemed, plus accrued and
unpaid interest, if any, to the redemption date (subject to the right of
Holders of record on a record date to receive interest due on the relevant
Interest Payment Date that is on or prior to the redemption date); provided
that

(i)            at least 65% of the aggregate principal amount of
Notes issued hereunder remains outstanding after each such redemption; and

(ii)           any redemption occurs within 60 days after the
closing of such Equity Offering (without regard to any over-allotment option).

(d)           Any
redemption pursuant to this Section 3.07 shall be made pursuant to the
provisions of Section 3.01 through 3.06 hereof.

Section 3.08.          Mandatory
Redemption.

Except for any repurchase offers required to be made pursuant to
Sections 4.06 and 4.07 hereof, the Issuers shall not be required to make
mandatory redemption payments with respect to the Notes.

Section 3.09.          Offer to
Purchase by Application of Net Proceeds.

In the event that, pursuant to Section 4.07 hereof, the Issuers
shall be required to commence a pro rata offer (an “Asset Sale Offer”) to all
Holders and all holders of other Indebtedness that is pari passu with the Notes
containing provisions similar to those set forth in this Indenture with respect
to offers to purchase or redeem with the Net Proceeds of sales of assets to
purchase Notes and such other pair passu Indebtedness, it shall follow the
procedures specified below.

The Asset Sale Offer shall remain open for a period of at least 30 days
following its commencement but no longer than 60 days, except to the extent
that a longer period is required by applicable law (the “Offer Period”). Promptly
after the termination of the Offer Period (the “Purchase Date”), the Issuers
shall purchase the principal amount of Notes required to be 

 45
 

 

 

purchased
pursuant to Section 4.07 hereof (the “Offer Amount”) or, if less than the
Offer Amount has been tendered, all Notes tendered and not withdrawn in
response to the Asset Sale Offer. Payment for any Notes so purchased shall be
made in the same manner as interest payments are made.

Upon the commencement of an Asset Sale Offer, the Issuers shall send, by
first class mail, a notice to the Trustee and each of the Holders, with a copy
to the Trustee. The notice shall contain all instructions and materials
necessary to enable such Holders to tender Notes pursuant to the Asset Sale
Offer. The Asset Sale Offer shall be made to all Holders. The notice, which
shall govern the terms of the Asset Sale Offer, shall state:

(a)           that the
Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.07
hereof and the length of time the Asset Sale Offer shall remain open;

(b)           the Offer
Amount, the purchase price and the Purchase Date;

(c)           that any Note
not validly tendered or accepted for payment shall continue to accrue interest
(including Additional Interest, if applicable);

(d)           that, unless
the Issuers default in making such payment, any Note accepted for payment
pursuant to the Asset Sale Offer shall cease to accrue interest (including
Additional Interest, if applicable) after the Purchase Date;

(e)           that Holders
electing to have a Note purchased pursuant to any Asset Sale Offer shall be required
to surrender the Note, with the form entitled “Option of Holder to Elect
Purchase” on the reverse of the Note completed, or transfer by book-entry
transfer, to the Issuers, a depositary, if appointed by the Issuers, or a
Paying Agent at the address specified in the notice at least three days before
the Purchase Date;

(f)            that Holders
shall be entitled to withdraw their election if the Issuers, the depositary or
the Paying Agent, as the case may be, receives, not later than the expiration
of the Offer Period, a telegram, facsimile transmission or letter setting forth
the name of the Holder, the principal amount of the Note the Holder delivered
for purchase and a statement that such Holder is withdrawing his election to
have such Note purchased;

(g)           that, if the
aggregate principal amount of Notes surrendered by Holders exceeds the Offer
Amount, the Issuers shall select the Notes to be purchased on a pro rata basis
(with such adjustments as may be deemed appropriate by the Issuers so that only
Notes in denominations of $1,000, or integral multiples thereof, shall be
purchased); and

(h)           that Holders
whose Notes were purchased only in part shall be issued new Notes (accompanied
by a notation of the Guarantees duly endorsed by the Subsidiary Guarantors)
equal in principal amount to the unpurchased portion of the Notes surrendered
(or transferred by book-entry transfer).

On the Purchase Date, the Issuers shall, to the extent lawful, accept
for payment, on a pro rata basis to the extent necessary, the Offer Amount of
Notes or portions thereof validly tendered and not properly withdrawn pursuant
to the Asset Sale Offer, or if less than the Offer Amount 

 46
 

 

has been
validly tendered and not properly withdrawn, all Notes so tendered and not
withdrawn, shall deposit by 11:00 a.m., New York time, with the Paying
Agent or depositary an amount equal to the purchase price in respect of all
Notes or portions thereof accepted for payment, and shall deliver to the
Trustee an Officers’ Certificate stating that such Notes or portions thereof
were accepted for payment by the Issuers in accordance with the terms of this Section 3.09.
Upon surrender and cancellation of a Certificated Note that is purchased in
part, the Issuers shall promptly issue and the Trustee shall authenticate and
deliver to the surrendering Holder of such Certificated Note a new Certificated
Note equal in principal amount to the unpurchased portion of such surrendered
Certificated Note; provided that each such new Certificated Note shall be in a
principal amount of $1,000 or an integral multiple thereof. Respecting a Global
Note that is purchased in part pursuant to an Asset Sale Offer, the Trustee
shall make an endorsement thereon to reduce the principal amount of such Global
Note to an amount equal to the unpurchased portion of such Global Note, as
provided in Section 2.06(h) hereof. The depositary or the Paying
Agent, as the case may be, shall promptly mail or deliver to each tendering
Holder an amount equal to the purchase price of the Notes tendered by such
Holder and accepted by the Issuers for purchase, and the Issuers shall promptly
issue a new Note (in each case, accompanied by a notation of the Guarantees
duly endorsed by the Subsidiary Guarantors), and the Trustee, upon written
request from the Issuers shall authenticate and mail or deliver such new Note
to such Holder, in a principal amount equal to any unpurchased portion of the
Note surrendered. Any Note not so accepted shall be promptly mailed or
delivered by the Issuers to the Holder thereof. The Issuers shall publicly
announce the results of the Asset Sale Offer on or as soon as practicable after
the Purchase Date.

ARTICLE 4

COVENANTS

Section 4.01.          Payment of Notes.

The Issuers shall pay or cause to be paid the principal of and premium,
if any, and interest (including Additional Interest, if any) on the Notes in
New York, New York on the dates and in the manner provided in the Notes. Principal,
premium, if any, and interest (including Additional Interest, if any) shall be
considered paid on the date due if the Paying Agent, if other than an Issuer or
any Subsidiary Guarantor thereof, holds as of 11:00 a.m. Eastern Time on
the due date money deposited by the Issuers in immediately available funds and
designated for and sufficient to pay all principal, premium, if any, and
interest (including Additional Interest, if any) then due. The Issuers shall
pay all Additional Interest, if any, in the same manner on the dates and in the
amounts set forth in the applicable Registration Rights Agreement.

The Issuers shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue principal and premium at the
then applicable interest rate on the Notes to the extent lawful. The Issuers
shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest (including Additional
Interest, if any), without regard to any applicable grace period, at the same
rate to the extent lawful.

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Section 4.02.          Maintenance of Office or Agency.

The Issuers shall maintain an office or agency (which may be an office
of the Trustee or an Affiliate of the Trustee, Registrar or co-registrar),
where Notes may be surrendered or presented for payment, where Notes may be
surrendered for registration of transfer or for exchange and where notices and
demands to or upon the Issuers or the Subsidiary Guarantors in respect of the
Notes and this Indenture may be served. The Issuers shall give prompt written
notice to the Trustee of the location, and any change in the location, of such
office or agency. If at any time the Issuers shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee.

The Issuers may also from time to time designate one or more other
offices or agencies where the Notes may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations. Further,
if at any time there shall be no such office or agency in the City and State of
New York where the Notes may be presented or surrendered for payment, the
Issuers shall forthwith designate and maintain such an office or agency in the
City and State of New York, in order that the Notes shall at all times be
payable in the City and State of New York. The Issuers shall give prompt
written notice to the Trustee of any such designation or rescission and of any
change in location of any such other office or agency.

The Issuers hereby designate the Corporate Trust Office of the Trustee
as one such office or agency of the Issuers in accordance with Section 2.03.

Section 4.03.          Compliance Certificate.

(a)           The Issuers
and the Subsidiary Guarantors shall deliver to the Trustee, within 90 days
after the end of each fiscal year, an Officers’ Certificate stating that a
review of the activities of the Issuers and the Restricted Subsidiaries of the
Partnership during the preceding fiscal year has been made under the
supervision of the signing Officers with a view to determining whether the
Issuers and the Subsidiary Guarantors have kept, observed, performed and
fulfilled their respective obligations under this Indenture and the Guarantees,
respectively, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge each of such Issuers and
such Subsidiary Guarantors, as the case may be, has kept, observed, performed
and fulfilled each and every covenant contained in this Indenture and is not in
default in the performance or observance of any of the terms, provisions and
conditions of this Indenture (or, if a Default or Event of Default shall have
occurred and be continuing, describing all such Defaults or Events of Default
of which he or she may have knowledge and what action such Issuer or such
Subsidiary Guarantor, as the case may be, is taking or proposes to take with
respect thereto).

(b)           [Intentionally
omitted].

(c)           Each of the
Issuers shall, so long as any of the Notes are outstanding, deliver to the
Trustee, forthwith upon any Officer of the General Partner or MarkWest Finance
becoming aware of any Default or Event of Default, an Officers’ Certificate
specifying such Default or Event of Default and what action the Issuers are
taking or propose to take with respect thereto.

 48

 

Section 4.04.          Taxes.

The Issuers shall pay, and shall cause each of its Restricted
Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and
governmental levies except such as are contested in good faith and by
appropriate proceedings or where the failure to effect such payment is not
adverse in any material respect to the Holders of the Notes.

Section 4.05.          Stay,
Extension and Usury Laws.

Each of the Issuers and the Subsidiary Guarantors covenants (to the
extent that it may lawfully do so) that it shall not at any time insist upon,
plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay, extension or usury law wherever enacted, now or at any time hereafter
in force, that may affect the covenants or the performance of this Indenture;
and each of the Issuers and the Subsidiary Guarantors (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any
such law, and covenants that it shall not, by resort to any such law, hinder,
delay or impede the execution of any power herein granted to the Trustee, but
shall suffer and permit the execution of every such power as though no such law
has been enacted.

Section 4.06.          Change of
Control.

(a)           If a Change
of Control occurs, each Holder of Notes shall have the right to require the
Issuers to repurchase all or any part (equal to $1,000 or an integral multiple
thereof) of that Holder’s Notes pursuant to the offer described below (the “Change
of Control Offer”). In the Change of Control Offer, the Issuers shall offer a “Change
of Control Payment” in cash equal to 101% of the aggregate principal amount of
Notes repurchased, plus accrued and unpaid interest (including Additional
Interest, if any) thereon, if any, to the date of purchase (the “Change of
Control Payment”), subject to the rights of any Holder in whose name a Note is
registered on a record date occurring prior to the Change of Control Payment
Date to receive interest due on an Interest Payment Date that is on or prior to
such Change of Control Payment Date. Within 30 days following any Change of
Control, the Issuers shall mail a notice to each Holder describing the
transaction or transactions that constitute the Change of Control and offering
to repurchase Notes on the Change of Control Payment Date specified in such
notice, pursuant to the procedures required by this Indenture and described in
such notice. The Issuers shall comply with the requirements of Rule 14e-l
under the Exchange Act and any other securities laws and regulations thereunder
to the extent such laws and regulations are applicable in connection with the
repurchase of the Notes as a result of a Change of Control. To the extent that
the provisions of any securities laws or regulations conflict with the
provisions of this Section 4.06, the Issuers shall comply with the
applicable securities laws and regulations and shall not be deemed to have
breached their obligations under this Section 4.06 by virtue of such
conflict.

(b)           Within 30
days following any Change of Control, the Issuers shall mail by first class
mail, a notice to each Holder, with a copy of such notice to the Trustee. The
notice, which shall govern the terms of the Change of Control Offer, shall
state, among other things:

 49
 

 

 

(i)            that a Change of Control has occurred and a Change
of Control Offer is being made as provided for herein, and that, although
Holders are not required to tender their Notes, all Notes that are validly
tendered shall be accepted for payment;

(ii)           the Change of Control Payment and the Change of
Control Payment Date, which will be no earlier than 30 days and no later than
60 days after the date such notice is mailed (the “Change of Control Payment
Date”);

(iii)          that any Note accepted for payment pursuant to the
Change of Control Offer (and duly paid for on the Change of Control Payment
Date) shall cease to accrue interest (including Additional Interest, if
applicable) after the Change of Control Payment Date;

(iv)          that any Notes (or portions thereof) not validly
tendered shall continue to accrue interest (including Additional Interest, if
applicable);

(v)           that any Holder electing to have a Note purchased
pursuant to any Change of Control Offer shall be required to surrender the
Note, with the form entitled “Option of Holder to Elect Purchase” on the
reverse of the Note completed, or transfer by book-entry transfer, to the
Issuers, a depositary, if appointed by the Issuers, or a Paying Agent at the
address specified in the notice at least one (1) Business Day before the
Change of Control Payment Date;

(vi)          that Holders shall be entitled to withdraw their
election if the Issuers, the depositary or the Paying Agent, as the case may
be, receives, not later than the expiration of the Change of Control Offer, a
telegram, facsimile transmission or letter setting forth the name of the
Holder, the principal amount of the Note the Holder delivered for purchase and
a statement that such Holder is withdrawing his election to have such Note
purchased; and

(vii)         the instructions and any other information necessary
to enable Holders to tender their Notes (or portions thereof) and have such
Notes (or portions thereof) purchased pursuant to the Change of Control Offer.

(c)           On the Change
of Control Payment Date, the Issuers shall, to the extent lawful:

(i)            accept for payment all Notes or portions thereof
properly tendered and not withdrawn pursuant to the Change of Control Offer;

(ii)           deposit by 11:00 a.m., New York time, with the
Paying Agent or depositary an amount equal to the Change of Control Payment in
respect of all Notes or portions thereof so tendered; and

(iii)          deliver or cause to be delivered to the Trustee for
cancellation the Notes so accepted together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions thereof being
purchased by the Issuers.

 50
 

 

 

(d)           The
depositary or the Paying Agent shall promptly mail to each Holder of Notes so
tendered the Change of Control Payment for such Notes (or, if all the Notes are
then in global form, make such payment through the facilities of DTC), and the
Issuers shall promptly issue a new Note (in each case, accompanied by a
notation of the Guarantees duly endorsed by the Subsidiary Guarantors), and the
Trustee, upon written request from the Issuers, shall authenticate and mail (or
cause to be transferred by book entry) to each Holder such new Note equal in
principal amount to any unpurchased portion of the Notes surrendered; provided
that each such new Note shall be in a principal amount of $1,000 or an integral
multiple thereof. The Issuers shall publicly announce the results of the Change
of Control Offer on or as soon as practicable after the Change of Control
Payment Date.

(e)           The
provisions described in this Section 4.06 that require the Issuers to make
a Change of Control Offer following a Change of Control shall be applicable
regardless of whether or not any other provisions of this Indenture are
applicable.

(f)            Notwithstanding
the other provisions of this Section 4.06, the Issuers shall not be
required to make a Change of Control Offer upon a Change of Control, and a
Holder will not have the right to require that the Issuers repurchase any Notes
pursuant to a Change of Control Offer, if a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Indenture applicable to a Change of Control
Offer made by the Issuers and purchases all Notes validly tendered and not
withdrawn under such Change of Control Offer.

Section 4.07.          Asset Sales.

(a)           The Partnership
shall not, and shall not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale unless:

(i)            the Partnership (or the Restricted Subsidiary, as
the case may be) receives consideration at the time of such Asset Sale at least
equal to the fair market value of the assets or Equity Interests issued or sold
or otherwise disposed of;

(ii)           such fair market value is determined by (a) an
executive officer of the General Partner if the value is less than $10.0
million, as evidenced by an Officers’ Certificate delivered to the Trustee or (b) the
Board of Directors of the General Partner if the value is $10.0 million or
more, as evidenced by a resolution of such Board of Directors of the General
Partner; and

(iii)          at least 75% of the aggregate consideration received
by the Partnership and its Restricted Subsidiaries in the Asset Sale and all
other Asset Sales of the Partnership and its Restricted Subsidiaries since the
Issue Date is in the form of cash or Cash Equivalents. For purposes of this
clause (iii), each of the following shall be deemed to be cash:

(A)          any liabilities (as shown on such Issuer’s or such
Restricted Subsidiary’s most recent balance sheet) of the Partnership or any
Restricted Subsidiary (other than contingent liabilities and liabilities that
are by their terms subordinated to the Notes or any Guarantee) that are assumed
by the transferee of

 51
 

 

 

any such
assets pursuant to a customary novation agreement that releases the Partnership
or such Restricted Subsidiary from further liability; and

(B)           any securities, notes or other Obligations received
by the Partnership or any such Restricted Subsidiary from such transferee that
are within 90 days after the Asset Sale (subject to ordinary settlement
periods) converted by such Issuer or such Restricted Subsidiary into cash (to
the extent of the cash received in that conversion).

(b)           Within 360
days after the receipt of any Net Proceeds from an Asset Sale, the Partnership
or a Restricted Subsidiary may apply (or enter into a definitive agreement for
such application, provided that such application occurs within 90 days after
the end of such 360-day period) such Net Proceeds at its option:

(i)            to repay senior Indebtedness of the Partnership
and/or its Restricted Subsidiaries (or to make an offer to repurchase or redeem
any such Indebtedness, provided that such repurchase or redemption closes
within 45 days after the end of such 360-day period);

(ii)           to make a capital expenditure in a Permitted
Business;

(iii)          to acquire other long-term tangible assets that are
used or useful in a Permitted Business; or

(iv)          to invest in any other Permitted Business Investment
or any other Permitted Investments other than Investments in Cash Equivalents,
Interest Swaps or Currency Agreements.

Pending the
final application of any such Net Proceeds, the Partnership or a Restricted
Subsidiary may temporarily reduce revolving credit borrowings or otherwise
invest such Net Proceeds in any manner that is not prohibited by this
Indenture.

(c)           Any Net
Proceeds from Asset Sales that are not applied or invested as provided in Section 4.07(b) above
will constitute “Excess Proceeds.”  When
the aggregate amount of Excess Proceeds exceeds $20.0 million, the Issuers will
make an Asset Sale Offer to all Holders of Notes and all holders of other
Indebtedness that is pari passu with the Notes containing provisions similar to
those set forth in this Indenture with respect to offers to purchase or redeem
with the proceeds of sales of assets to purchase the maximum principal amount
of Notes and such other pari passu Indebtedness that may be purchased out of
the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to
100% of principal amount plus accrued and unpaid interest (including any
Additional Interest in the case of the Notes), if any, to the Purchase Date,
subject to the rights of any Holder in whose name a Note is registered on a
record date occurring prior to the Purchase Date to receive interest on an
Interest Payment Date that is on or prior to the Purchase Date, and will be
payable in cash. If any Excess Proceeds remain after consummation of an Asset
Sale Offer, the Partnership may use such Excess Proceeds for any purpose not
otherwise prohibited by this Indenture, including, without limitation, the
repurchase or redemption of Indebtedness of the Issuers or any Subsidiary
Guarantor that is subordinated to the Notes or, in the case of any Subsidiary
Guarantor, the Guarantee of such Subsidiary

 52
 

 

 

Guarantor. If the aggregate principal amount of Notes tendered into
such Asset Sale Offer exceeds the amount of Excess Proceeds allocated for
repurchases of Notes pursuant to the Asset Sale Offer for Notes, the Trustee
shall select the Notes to be purchased on a pro rata basis. Upon completion of
each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

(d)           The
Partnership shall comply with the requirements of Rule 14e-1 under
the Exchange Act and any other securities laws and regulations thereunder to
the extent those laws and regulations are applicable in connection with each
repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the
provisions of any securities laws or regulations conflict with Section 3.09
or this Section 4.07, the Partnership shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its
obligations under Section 3.09 or this Section 4.07 by virtue of such
conflict.

Section 4.08.          Restricted
Payments.

(a)           The
Partnership shall not, and shall not permit any of its Restricted Subsidiaries
to, directly or indirectly:

(i)            declare or pay any dividend or make any other
payment or distribution on account of the Equity Interests of the Partnership
or of any of its Restricted Subsidiaries (including, without limitation, any
payment in connection with any merger or consolidation involving the
Partnership or any of its Restricted Subsidiaries) or to the direct or indirect
holders of the Equity Interests of the Partnership or of any of its Restricted
Subsidiaries in their capacity as such (other than dividends or distributions
payable in Equity Interests of the Partnership (other than Disqualified Equity)
and other than dividends or distributions payable to the Partnership or a
Restricted Subsidiary of the Partnership).

(ii)           purchase, redeem or otherwise acquire or retire for
value (including, without limitation, in connection with any merger or
consolidation involving an Issuer) any Equity Interests of the Partnership or
of any of its Restricted Subsidiaries (other than any such Equity Interests
owned by the Partnership or any of its Restricted Subsidiaries);

(iii)          make any payment on or with respect to, or purchase,
redeem, defease or otherwise acquire or retire for value any Subordinated
Obligation or Guarantor Subordinated Obligation, except a payment of interest
or principal at the Stated Maturity thereof;

(iv)          make any Investment other than a Permitted
Investment or a Permitted Business Investment (all such payments and other
actions set forth in clauses (i) through (iv) above being collectively
referred to as “Restricted Payments”),

unless, at the
time of and after giving effect to such Restricted Payment, no Default (except
a Reporting Default) or Event of Default shall have occurred and be continuing
or would occur as a consequence thereof and either:

(A)          if the Fixed Charge Coverage Ratio for the
Partnership’s four most recent fiscal quarters for which internal financial statements
are available is not

 53
 

 

 

less than 1.75
to 1.0, such Restricted Payment, together with the aggregate amount of all
other Restricted Payments made by the Partnership and its Restricted
Subsidiaries during the quarter in which such Restricted Payment is made, is
less than the sum, without duplication, of

(i)            Available Cash from Operating
Surplus as of the end of the immediately preceding quarter, plus

(ii)           the sum of (1) the
aggregate net cash proceeds of any (i) substantially concurrent capital
contribution to the Partnership from any Person (other than to a Restricted
Subsidiary of the Partnership) made after the Issue Date or (ii) substantially
concurrent issuance and sale (other than to a Restricted Subsidiary of the
Partnership) made after the Issue Date of Equity Interests (other than
Disqualified Equity) of the Partnership or from the issuance or sale (other than
to a Restricted Subsidiary of the Partnership) made after the Issue Date of
convertible or exchangeable Disqualified Equity or convertible or exchangeable
debt securities of the Partnership that have been converted into or exchanged
for such Equity Interests (other than Disqualified Equity), and (2) the
fair market value of any Permitted Business or long-term tangible assets that
are useful in a Permitted Business to the extent acquired in consideration of
Equity Interests of the Partnership (other than Disqualified Equity) since the
Issue Date, plus

(iii)          to the extent that any
Restricted Investment that was made after the Issue Date is sold for cash or
Cash Equivalents or otherwise liquidated or repaid for cash or Cash
Equivalents, the lesser of the refund of capital or similar payment made in
cash or Cash Equivalents with respect to such Restricted Investment (less the
cost of such disposition, if any) and the initial amount of such Restricted
Investment (other than to a Restricted Subsidiary of the Partnership), plus

(iv)          the net reduction in Restricted
Investments resulting from dividends, repayments of loans or advances, or other
transfers of assets in each case to the Partnership or any of its Restricted
Subsidiaries from any Person (including, without limitation, Unrestricted
Subsidiaries) or from redesignations of Unrestricted Subsidiaries as Restricted
Subsidiaries, to the extent such amounts have not been included in Available
Cash from Operating Surplus for any period commencing on or after the Issue
Date (items (ii), (iii) and (iv) of this clause (A) being
referred to as “Incremental Funds”), minus

(v)           the aggregate amount of
Incremental Funds previously expended pursuant to this clause (A) or
clause (B) below; or

(B)           if the Fixed Charge Coverage Ratio for the
Partnership’s four most recent fiscal quarters for which internal financial statements
are available is less

 54
 

 

 

than 1.75 to
1.0, such Restricted Payment, together with the aggregate amount of all other
Restricted Payments made by the Partnership and its Restricted Subsidiaries
during the quarter in which such Restricted Payment is made (such Restricted
Payments for purposes of this clause (B) meaning only distributions on
common units of the Partnership, plus the related distribution on the general
partner interest), is less than the sum, without duplication, of:

(i)            $50.0 million less the
aggregate amount of all prior Restricted Payments made by the Partnership and
its Restricted Subsidiaries pursuant to this clause (B)(i) since the Issue
Date, plus

(ii)           Incremental Funds to the
extent not previously expended pursuant to this clause (B) or clause (A) above.

For purposes of
clauses (A) and (B) above, the term “substantially concurrent” means
that either (x) the offering was consummated within 120 days of the date
of determination or (y) the offering was consummated within 24 months of
the date of determination and the proceeds therefrom were used for the purposes
expressly stated in the documents related thereto and may be traced to such use
by segregating, separating or otherwise specifically identifying the movement
of such proceeds.

(b)           So long as no
Default (except a Reporting Default) has occurred and is continuing or would be
caused thereby (except with respect to clause (i) below under which the
payment of a distribution or dividend is permitted), the preceding provisions
of this Section 4.08 shall not prohibit:

(i)            the payment by the Partnership or any of its
Restricted Subsidiaries of any distribution or dividend within 60 days after
the date of declaration thereof, if at said date of declaration such payment
would have complied with the provisions of this Indenture;

(ii)           the redemption, repurchase, retirement, defeasance
or other acquisition of any Subordinated Obligation or any Guarantor
Subordinated Obligation or of any Equity Interests of the Partnership in
exchange for, or out of the net cash proceeds of, a substantially concurrent (a) capital
contribution to the Partnership from any Person (other than a Restricted
Subsidiary of the Partnership) or (b) sale (other than to a Restricted
Subsidiary of the Partnership) of Equity Interests (other than Disqualified
Equity) of the Partnership (a sale will be deemed substantially concurrent if
such redemption, repurchase, retirement, defeasance or other acquisition occurs
not more than 120 days after such sale); provided that the amount of any such
net cash proceeds that are utilized for any such redemption, repurchase,
retirement, defeasance or other acquisition shall be excluded or deducted from
the calculation of Available Cash from Operating Surplus and Incremental Funds;

(iii)          the redemption, repurchase, retirement, defeasance
or other acquisition of any Subordinated Obligation or Guarantor Subordinated
Obligation with the net cash proceeds from an incurrence of, or in exchange
for, Permitted Refinancing Indebtedness;

 55
 

 

 

(iv)          the payment of any distribution or dividend by a
Restricted Subsidiary to the Partnership or to the holders of the Equity
Interests (other than Disqualified Equity) of such Restricted Subsidiary on a
pro rata basis; and

(v)           the repurchase, redemption or other acquisition or
retirement for value of any Equity Interests of the Partnership or of any of
its Restricted Subsidiaries pursuant to any management equity subscription
agreement or equity option agreement or other employee benefit plan or to
satisfy obligations under any Equity Interests appreciation rights or option
plan or similar arrangement; provided that the aggregate price paid for all
such repurchased, redeemed, acquired or retired Equity Interests shall not
exceed $3.0 million in any calendar year.

In computing the amount of Restricted Payments previously made for
purposes of Section 4.08(a), Restricted Payments made under clauses (i) (but
only if the declaration of such dividend or other distribution has not been
counted in a prior period) and, to the extent of amounts paid to holders other
than the Partnership or any of its Restricted Subsidiaries, (iv) of this Section 4.08(b) shall
be included, and Restricted Payments made under clauses (ii), (iii) and (v) and,
except to the extent noted above, (iv) of this Section 4.08(b) shall
not be included. The amount of all Restricted Payments (other than cash) shall
be the fair market value on the date of the Restricted Payment of the asset(s) or
securities proposed to be transferred or issued by the Partnership or such
Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The
fair market value of any assets or securities that are required to be valued by
this Section 4.08 shall be determined, in the case of amounts under $10.0
million, by an officer of the General Partner and, in the case of amounts over
$10.0 million, by the Board of Directors of the General Partner whose
resolution with respect thereto shall be delivered to the Trustee.

Section 4.09.          Incurrence
of Indebtedness and Issuance of Disqualified Equity.

(a)           The
Partnership shall not, and shall not permit any of its Restricted Subsidiaries
to, directly or indirectly, create, incur, issue, assume, guarantee or
otherwise become directly or indirectly liable, contingently or otherwise, with
respect to (collectively, “incur”) any Indebtedness (including Acquired Debt),
and the Partnership will not issue any Disqualified Equity and will not permit
any of its Restricted Subsidiaries to issue any Disqualified Equity; provided,
however, that the Partnership and any Restricted Subsidiary may incur
Indebtedness (including Acquired Debt), and the Partnership and the Restricted
Subsidiaries may issue Disqualified Equity, if the Fixed Charge Coverage Ratio
for the Partnership’s most recently ended four full fiscal quarters for which
internal financial statements are available immediately preceding the date on
which such additional Indebtedness is incurred or such Disqualified Equity is
issued would have been at least 2.0 to 1.0, determined on a pro forma basis
(including a pro forma application of the net proceeds therefrom), as if the
additional Indebtedness had been incurred, or the Disqualified Equity had been
issued, as the case may be, at the beginning of such four-quarter period.

(b)           Notwithstanding
the prohibitions of Section 4.09(a), so long as no Default or Event of
Default shall have occurred and be continuing or would be caused thereby, the
Partnership and its Restricted Subsidiaries may incur any of the following
items of Indebtedness (collectively, “Permitted Debt”):

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(i)            the incurrence by the Partnership and any
Restricted Subsidiary of Indebtedness under Credit Facilities and the
guarantees thereof; provided that the aggregate principal amount of all
Indebtedness of the Partnership and the Restricted Subsidiaries incurred
pursuant to this clause (i) and outstanding under all Credit Facilities
after giving effect to such incurrence does not exceed the greater of (A) $400.0
million or (B) $300.0 million plus 15% of the Consolidated Net Tangible
Assets of the Partnership;

(ii)           the incurrence by the Partnership and its
Restricted Subsidiaries of Existing Indebtedness (other than under the Credit Facilities);

(iii)          the incurrence by the Partnership and the Subsidiary
Guarantors of Indebtedness represented by the Notes issued and sold in the
Offering, any Exchange Notes and the Guarantees and the related Obligations;

(iv)          the incurrence by the Partnership or any of its
Restricted Subsidiaries of Indebtedness represented by Capital Lease
Obligations, mortgage financings or purchase money obligations, in each case,
incurred for the purpose of financing all or any part of the purchase price or
cost of construction or improvement of property, plant or equipment used in the
business of the Partnership or such Restricted Subsidiary, including all
Permitted Refinancing Indebtedness incurred to extend, refinance, renew,
replace, defease or refund any Indebtedness incurred pursuant to this clause
(iv), provided that after giving effect to any such incurrence, the principal
amount of all Indebtedness incurred pursuant to this clause (iv) and then
outstanding shall not exceed the greater of (a) $15.0 million or (b) 2.5%
of the Consolidated Net Tangible Assets of the Partnership at such time;

(v)           the incurrence by the Partnership or any of its
Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for,
or the net proceeds of which are used to extend, refinance, renew, replace,
defease or refund, Indebtedness that was permitted by this Indenture to be
incurred under Section 4.09(a) or clause (ii) or (iii) of
this Section 4.09(b) or this clause (v);

(vi)          the incurrence by the Partnership or any of its
Restricted Subsidiaries of intercompany Indebtedness between or among the
Partnership and any of its Restricted Subsidiaries; provided, however, that:

(A)          if the Partnership is the obligor on such
Indebtedness and a Subsidiary Guarantor is not the obligee, such Indebtedness
must be expressly subordinated to the prior payment in full in cash of all
Obligations with respect to the Notes, or if a Subsidiary Guarantor is the
obligor on such Indebtedness and neither the Partnership nor another Subsidiary
Guarantor is the obligee, such Indebtedness must be expressly subordinated to
the prior payment in full in cash of all Obligations with respect to the
Guarantee of such Subsidiary Guarantor; and

(B)           (i) any subsequent issuance or transfer of
Equity Interests that results in any such Indebtedness being held by a Person
other than the Partnership or a Restricted Subsidiary thereof and (ii) any
sale or other transfer of any such

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Indebtedness
to a Person that is neither the Partnership nor a Restricted Subsidiary thereof,
shall be deemed, in each case, to constitute an incurrence of such Indebtedness
by the Partnership or such Restricted Subsidiary, as the case may be, that was
not permitted by this clause (vi);

(vii) the incurrence by the Partnership
or any of its Restricted Subsidiaries of Hedging Obligations that are incurred
for the purpose of fixing or hedging (but not for speculative purposes) (A) foreign
currency exchange rate risks of the Partnership or any Restricted Subsidiary, (B) interest
rate risks with respect to any floating rate Indebtedness of the Partnership or
any Restricted Subsidiary that is permitted by the terms of this Indenture to
be outstanding or (C) commodities pricing risks of the Partnership or any
Restricted Subsidiary in respect of Hydrocarbons used, produced, processed or
sold by the Partnership or any of its Restricted Subsidiaries;

(viii) the guarantee by the Partnership
or any of its Restricted Subsidiaries of Indebtedness of the Partnership or any
of its Restricted Subsidiaries that was permitted to be incurred by another
provision of this Section 4.09; provided, that in the event such
Indebtedness that is being guaranteed is a Subordinated Obligation or a
Guarantor Subordinated Obligation, then the guarantee shall be subordinated in
right of payment to the Notes or the Guarantee, as the case may be;

(ix) bid, performance, surety and appeal
bonds incurred in the ordinary course of business, including guarantees and
obligations respecting standby letters of credit supporting such obligations,
to the extent not drawn (in each case other than an obligation for money
borrowed);

(x) the incurrence by the Partnership or
any of its Restricted Subsidiaries of Acquired Debt in connection with a merger
or consolidation meeting either one of the financial tests set forth in clause (iv) of
Section 5.01(a); and

(xi) the incurrence by the Partnership or any
of its Restricted Subsidiaries of additional Indebtedness in an aggregate
principal amount at any time outstanding not to exceed the greater of (a) $25.0
million or (b) 4.0% of the Consolidated Net Tangible Assets of the
Partnership.

(c)           For purposes
of determining compliance with this Section 4.09, in the event that an
item of proposed Indebtedness meets the criteria of more than one of the categories
of Permitted Debt described in paragraphs (b)(i) through (b)(xi) above, or
is entitled to be incurred pursuant to Section 4.09(a), the Partnership
shall be permitted to classify (or later reclassify in whole or in part) such
item of Indebtedness on the date of its incurrence in any manner that complies
with this Section 4.09. An item of Indebtedness may be divided and
classified in one or more of the types of Permitted Indebtedness. Any
Indebtedness under Credit Facilities on the Issue Date shall be considered
incurred under Section 4.09(a).

(d)           The accrual
of interest, the accretion or amortization of original issue discount, the
payment of interest on any Indebtedness in the form of additional Indebtedness
with the same terms, and the payment of dividends on Disqualified Equity in the
form of additional shares of

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the same class of Disqualified Equity shall not be deemed to be an
incurrence of Indebtedness or an issuance of Disqualified Equity for purposes
of this Section 4.09; provided, in each such case, that the amount thereof
is included in Fixed Charges of the Partnership as accrued.

Section 4.10.          Liens.

The Partnership shall not, and shall not permit any of its Restricted
Subsidiaries to create, incur, assume or suffer to exist any Lien of any kind
securing Indebtedness upon any asset now owned or hereafter acquired, except
Permitted Liens, without making effective provision whereby all Obligations due
under the Notes and this Indenture or any Guarantee, as applicable, will be
secured by a Lien equally and ratably with (or prior to in the case of Liens
with respect to Subordinated Obligations or Guarantor Subordinated Obligations,
as the case may be) any and all Obligations thereby secured for so long as any
such Obligations shall be so secured.

Section 4.11.          Dividend and
Other Payment Restrictions Affecting Subsidiaries.

(a)           The
Partnership shall not, and shall not permit any of its Restricted Subsidiaries
to, directly or indirectly, create or permit to exist or become effective any
encumbrance or restriction on the ability of any Restricted Subsidiary to:

(i)            pay dividends or make any other distributions on
its Equity Interests to the Partnership or any of the Partnership’s Restricted
Subsidiaries, or pay any indebtedness or other obligations owed to the
Partnership or any of the other Restricted Subsidiaries;

(ii)           make loans or advances to or make other Investments
in the Partnership or any of the other Restricted Subsidiaries; or

(iii)          transfer any of its properties or assets to the
Partnership or any of the other Restricted Subsidiaries.

(b)           The
restrictions contained in Section 4.11(a) shall not apply to
encumbrances or restrictions existing under or by reason of:

(i)            agreements as in effect on the Issue Date and any
amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings of any such agreements or any Existing
Indebtedness to which such agreement relates, provided that such amendments,
modifications, restatements, renewals, increases, supplements, refundings,
replacements or refinancings are no more restrictive, taken as a whole, with
respect to such distribution, dividend and other payment restrictions and loan
or investment restrictions than those contained in such agreement, as in effect
on the Issue Date;

(ii)           this Indenture, the Notes and the Guarantees;

(iii)          applicable law;

(iv)          any instrument governing Indebtedness or Equity
Interests of a Person acquired by the Partnership or any of its Restricted
Subsidiaries as in effect at the time of

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such
acquisition (except to the extent such Indebtedness was incurred in connection
with or in contemplation of such acquisition), which encumbrance or restriction
is not applicable to any Person, or the property or assets of any Person, other
than such Person, or the property or assets of such Person, so acquired,
provided that, in the case of Indebtedness, such Indebtedness was permitted by
the terms of this Indenture to be incurred;

(v)           customary non-assignment provisions in Hydrocarbon
purchase and sale or exchange agreements or similar operational agreements or
in licenses and leases entered in the ordinary course of business and
consistent with past practices;

(vi)          Capital Lease Obligations, mortgage financings or
purchase money obligations, in each case for property acquired in the ordinary
course of business that impose restrictions on the property so acquired of the
nature described in clause (iii) of Section 4.11(a);

(vii)         any agreement for the sale or other disposition of a
Restricted Subsidiary that restricts distributions by that Restricted
Subsidiary pending its sale or other disposition;

(viii)        Permitted Refinancing
Indebtedness, provided that the restrictions contained in the agreements
governing such Permitted Refinancing Indebtedness are no more restrictive,
taken as a whole, than those contained in the agreements governing the
Indebtedness being refinanced;

(ix)           Liens securing Indebtedness otherwise permitted to
be incurred pursuant to the provisions of Section 4.10 that limit the right
of the Partnership or any of its Restricted Subsidiaries to dispose of the
assets subject to such Lien;

(x)            provisions with respect to the disposition or
distribution of assets or property in joint venture agreements, asset sale
agreements, stock sale agreements and other similar agreements entered into in
the ordinary course of business;

(xi)           any agreement or instrument relating to any
property or assets acquired after the Issue Date, so long as such encumbrance
or restriction relates only to the property or assets so acquired and is not
and was not created in anticipation of such acquisitions; and

(xii)          restrictions on cash or other deposits or net worth
imposed by customers under contracts entered into in the ordinary course of
business.

Section 4.12.          Transactions
With Affiliates.

(a)           The
Partnership shall not, and shall not permit any of its Restricted Subsidiaries
to, make any payment to, or sell, lease, transfer or otherwise dispose of any
of its properties or assets to, or purchase any property or assets from, or
enter into or make or amend any transaction, contract, agreement,
understanding, loan, advance or guarantee with, or for the benefit of, any
Affiliate (each, an “Affiliate Transaction”), unless:

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(i)            such Affiliate Transaction is on terms that are no
less favorable to the Partnership or the relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the
Partnership or such Restricted Subsidiary with an unrelated Person; and

(ii)           the Partnership delivers to the Trustee:

(A)          with respect to any Affiliate Transaction or series
of related Affiliate Transactions involving aggregate consideration in excess
of $10.0 million but less than or equal to $25.0 million, an Officers’
Certificate certifying that such Affiliate Transaction complies with this Section 4.12
and that such Affiliate Transaction has been approved by a majority of the
disinterested members of the Board of Directors of the General Partner; and

(B)           with respect to any Affiliate Transaction or series
of related Affiliate Transactions involving aggregate consideration in excess
of $25.0 million, (i) a
resolution of the Board of Directors of the General Partner set forth in an
Officers’ Certificate certifying that such Affiliate Transaction complies with
this Section 4.12 and that such Affiliate Transaction has been approved by
a majority of the disinterested members of the Board of Directors of the
General Partner and (ii) an opinion as to the fairness to the Partnership
of such Affiliate Transaction from a financial point of view issued by an
accounting, appraisal or investment banking firm of national standing.

(b)           The following
items shall not be deemed to be Affiliate Transactions and, therefore, shall
not be subject to the provisions of Section 4.11(a):

(i)            any employment, equity option or equity
appreciation agreement or plan entered into by the Partnership or any of its
Restricted Subsidiaries in the ordinary course of business;

(ii)           transactions between or among the Partnership
and/or its Restricted Subsidiaries;

(iii)          Restricted Payments that are permitted by Section 4.08;

(iv)          transactions effected in accordance with the terms
of (A) corporate sharing agreements that are with MarkWest Hydrocarbon and
its Subsidiaries with respect to general overhead and other administrative
matters and (B) other agreements that are identified in Schedule B to this
Indenture, in each case as such agreements are in effect on the Issue Date, and
any amendment or replacement of any of such agreements so long as such
amendment or replacement agreement is no less advantageous to the Partnership
in any material respect than the agreement so amended or replaced;

(v)           customary compensation, indemnification and other
benefits made available to officers, directors or employees of the Partnership
or a Restricted Subsidiary, including reimbursement or advancement of
out-of-pocket expenses and provisions of officers’ and directors’ liability
insurance; and

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(vi)          sales of Equity Interests (other than Disqualified
Equity) to Affiliates of the Partnership.

Section 4.13.          Additional
Subsidiary Guarantees.

If, after the Issue Date, any Restricted Subsidiary of the Partnership
that is not already a Subsidiary Guarantor guarantees any other Indebtedness of
either of the Issuers or any Indebtedness of the Operating Company, or if the
Operating Company, if not then a Subsidiary Guarantor, guarantees any other
Indebtedness of either of the Issuers or incurs any Indebtedness under any
Credit Facility, then in either case such Subsidiary must become a Subsidiary
Guarantor by executing a supplemental indenture substantially in the form of
Annex A hereto and delivering an Opinion of Counsel and Officers’
Certificate to the Trustee pursuant to Section 9.06 within 10 Business
Days of the date on which it guaranteed or incurred such Indebtedness. Notwithstanding
the preceding, any Guarantee of a Restricted Subsidiary that was incurred
pursuant to this Section 4.13 shall be released in accordance with the
terms and subject to the conditions of Section 10.05.

Section 4.14.          Designation
of Restricted and Unrestricted Subsidiaries.

(a)           The Board of
Directors of the General Partner may designate any Restricted Subsidiary of the
Partnership to be an Unrestricted Subsidiary if that designation would not
cause a Default or Event of Default. If a Restricted Subsidiary is designated
as an Unrestricted Subsidiary, all outstanding Investments owned by the
Partnership and its Restricted Subsidiaries in the Subsidiary so designated
will be deemed to be an Investment made as of the time of such designation and
will reduce the amount available for Restricted Payments under Section 4.08(a),
or represent Permitted Investments or Permitted Business Investments, as
applicable. All such outstanding Investments will be valued at their fair
market value at the time of such designation. That designation will only be
permitted if such Restricted Payment, Permitted Investments or Permitted
Business Investments would be permitted under this Indenture at that time and
such Restricted Subsidiary otherwise complies with the definition of an
Unrestricted Subsidiary. All Subsidiaries of an Unrestricted Subsidiary shall
also be Unrestricted Subsidiaries. Upon the designation of a Restricted
Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary, the
Guarantee of such entity shall be released and the Trustee shall be authorized
to take such actions as may be appropriate to reflect such release.

(b)           The Board of
Directors of the General Partner may at any time designate any Unrestricted
Subsidiary to be a Restricted Subsidiary; provided that such designation shall
be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the
Partnership of any outstanding Indebtedness of such Unrestricted Subsidiary and
such designation shall only be permitted if (1) such Indebtedness is
permitted under Section 4.09, calculated on a pro forma basis as if such
designation had occurred at the beginning of the four-quarter reference period;
and (2) no Default or Event of Default would be in existence following
such designation.

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Section 4.15.          Business
Activities.

The Partnership shall not, and shall not permit any of its Restricted
Subsidiaries to, engage in any business other than Permitted Businesses, except
to such extent as would not be material to the Partnership and its Restricted
Subsidiaries, taken as a whole.

MarkWest Finance shall not incur Indebtedness unless (a) the
Partnership is a co-obligor or guarantor of such Indebtedness or (b) the
net proceeds of such Indebtedness are loaned to the Partnership, used to
acquire outstanding debt securities issued by the Partnership or used to repay
Indebtedness of the Partnership as permitted under Section 4.09. MarkWest
Finance shall not engage in any business not related directly or indirectly to
obtaining money or arranging financing for the Partnership or its Restricted
Subsidiaries.

Section 4.16.          Sale and
Leaseback Transactions.

The Partnership shall not, and shall not
permit any of its Restricted Subsidiaries to, enter into any sale and leaseback
transaction; provided that the Partnership or any Restricted Subsidiary may
enter into a sale and leaseback transaction if:

(a)           the
Partnership or that Restricted Subsidiary, as applicable, could have (i) incurred
Indebtedness in an amount equal to the Attributable Debt relating to such sale
and leaseback transaction under Section 4.09(a), and (ii) incurred a
Lien to secure such Indebtedness pursuant to Section 4.10;

(b)           the gross
cash proceeds of that sale and leaseback transaction are at least equal to the
fair market value, as determined in good faith by the Board of Directors of the
General Partner, of the property that is the subject of such sale and leaseback
transaction; and

(c)           the transfer
of assets in that sale and leaseback transaction is permitted by, and the
Partnership applies the proceeds of such transaction in compliance with, the
provisions set forth under Sections 3.09 and 4.07.

Section 4.17.          Payments for
Consent.

The Partnership shall not, and shall not permit any of its Subsidiaries
to, directly or indirectly, pay or cause to be paid any consideration to or for
the benefit of any Holder of Notes for or as an inducement to any consent,
waiver or amendment of any of the terms or provisions of this Indenture or the
Notes unless such consideration is offered to be paid and is paid to all
Holders of the Notes that consent, waive or agree to amend in the time frame
set forth in the solicitation documents relating to such consent, waiver or
agreement.

Section 4.18.          Reports.

(a)           Whether
or not required by the SEC, so long as any Notes are outstanding, the
Partnership will file with the SEC (unless the SEC will not accept such a
filing) within the time periods specified in the SEC’s rules and
regulations, and upon request, the Partnership will furnish (without exhibits)
to the Trustee for delivery to the Holders of Notes:

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(i)            all quarterly and annual financial information
that would be required to be contained in a filing with the SEC on Forms 10-Q
and 10-K if the Partnership were required to file such forms, including a
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and, with respect to the annual information only, a report on the
annual financial statements by the Partnership’s certified independent
accountants; and

(ii)           all current reports that would be required to be
filed with the SEC on Form 8-K if the Partnership were required to
file such reports.

(b)           If as of the
end of any such quarterly or annual period referred to in Section 4.18(a),
the Partnership has designated any of its Subsidiaries as Unrestricted
Subsidiaries, then the Partnership shall deliver (promptly after such SEC
filing referred to in Section 4.18(a)) to the Trustee for delivery to the
Holders of the Notes quarterly and annual financial information required by Section 4.18(a) as
revised to include a reasonably detailed presentation, either on the face of
the financial statements or in the footnotes thereto, and in “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” of
the financial condition and results of operations of the Partnership and its
Restricted Subsidiaries separate from the financial condition and results of
operations of the Unrestricted Subsidiaries of the Partnership.

(c)           In addition,
whether or not required by the SEC, the Partnership will make such information
available to securities analysts, investors and prospective investors upon
request. In addition, upon request the Partnership shall furnish the Trustee
such other non-confidential information, documents and other reports which the
Partnership is required to file with the SEC pursuant to Section 13 or Section 15(d) of
the Exchange Act.

(d)           For so long
as any Series A Notes remain outstanding (unless the Partnership is
subject to the reporting requirements of the Exchange Act), the Partnership and
the Subsidiary Guarantors shall furnish to the Holders, upon their request, the
information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act to the extent such information is not provided pursuant to
Sections 4.18(a) and 4.18(b).

(e)           Delivery of
reports, information and documents to the Trustee pursuant to this Section 4.18
is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Partnership’s
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates).

Section 4.19.          Termination
of Covenants.

If at any time the Notes have an Investment Grade Rating from both
Rating Agencies and no Default has occurred and is continuing, the Partnership
and its Restricted Subsidiaries shall no longer be subject to the provisions of
Sections 3.09, 4.07, 4.08, 4.09, 4.11, 4.12, 4.15, clauses (a)(i) and (c) of
Section 4.16, and clause (a)(iv) of Section 5.01 of this
Indenture. However, the Partnership and its Restricted Subsidiaries will remain
subject to all of the other provisions of this Indenture.

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ARTICLE 5

SUCCESSORS

Section 5.01.          Merger,
Consolidation, or Sale of Assets.

(a)           Neither of
the Issuers may, directly or indirectly: (x) consolidate or merge with or
into another Person (whether or not such Issuer is the survivor); or (y) sell,
assign, transfer, lease, convey or otherwise dispose of all or substantially
all of its properties or assets, in one or more related transactions, to
another Person; unless:

(i)            either: (A) such Issuer is the surviving
entity of such transaction; or (B) the Person formed by or surviving any
such consolidation or merger (if other than such Issuer) or to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been
made is an entity organized or existing under the laws of the United States,
any state thereof or the District of Columbia, provided that MarkWest Finance
may not consolidate or merge with or into any entity other than a corporation
satisfying such requirement for so long as the Partnership remains a
partnership;

(ii)           the Person formed by or surviving any such
consolidation or merger (if other than such Issuer) or the Person to which such
sale, assignment, transfer, lease, conveyance or other disposition shall have
been made expressly assumes all the obligations of such Issuer under the Notes
and this Indenture pursuant to agreements reasonably satisfactory to the
Trustee;

(iii)          immediately after such transaction no Default or
Event of Default exists;

(iv)          in the case of a transaction involving the
Partnership and not MarkWest Finance, either:

(A)          the Partnership or the Person formed by or surviving
any such consolidation or merger (if other than the Partnership) shall, on the
date of such transaction after giving pro forma effect thereto and any related
financing transactions as if the same had occurred at the beginning of the
applicable four-quarter period, be permitted to incur at least $1.00 of
additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set
forth in Section 4.09(a); or

(B)           immediately after giving effect to such transaction
on a pro forma basis and any related financing transactions as if the same had
occurred at the beginning of the applicable four-quarter period, the Fixed
Charge Coverage Ratio of the Partnership or the Person formed by or surviving
any such consolidation or merger (if other than the Partnership) or to which
such sale, assignment, transfer, lease, conveyance or other disposition has
been made, will be equal to or greater than the Fixed Charge Coverage Ratio of
the Partnership immediately before such transactions; and

(v)           such Issuer has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or disposition and, if a supplemental indenture is
required, such supplemental indenture comply with this

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Indenture and
all conditions precedent therein relating to such transaction have been
satisfied.

(b)           Notwithstanding
Section 5.01(a), the Partnership is permitted to reorganize as any other
form of entity in accordance with the procedures established in this Indenture;
provided that:

(i)            the reorganization involves the conversion (by
merger, sale, contribution or exchange of assets or otherwise) of the
Partnership into a form of entity other than a limited partnership formed under
Delaware law;

(ii)           the entity so formed by or resulting from such
reorganization is an entity organized or existing under the laws of the United
States, any state thereof or the District of Columbia;

(iii)          the entity so formed by or resulting from such
reorganization assumes all of the obligations of the Partnership under the
Notes and this Indenture pursuant to agreements reasonably satisfactory to the
Trustee;

(iv)          immediately after such reorganization no Default or
Event of Default exists; and

(v)           such reorganization is not adverse to the Holders
of the Notes (for purposes of this clause (v) it is stipulated that such
reorganization shall not be considered adverse to the Holders of the Notes
solely because the successor or survivor of such reorganization (A) is
subject to federal or state income taxation as an entity or (B) is
considered to be an “includible corporation” of an affiliated group of
corporations within the meaning of Section 1504(b)(i) of the Code or
any similar state or local law).

(c)           No Subsidiary
Guarantor may consolidate with or merge with or into (whether or not such
Subsidiary Guarantor is the surviving Person) another Person, except the
Partnership or another Subsidiary Guarantor, unless (i) immediately after
giving effect to such transaction, no Default or Event of Default exists, and (ii) the
Person formed by or surviving any such consolidation or merger assumes all the
obligations of such Subsidiary Guarantor pursuant to the Subsidiary Guarantor’s
Guarantee of the Notes and this Indenture pursuant to a supplemental indenture
substantially in the form of Annex A hereto, except that no such
assumption or supplemental indenture shall be required in those circumstances
described in clauses (i) and (ii) of Section 10.05 hereof. In
case of any such consolidation or merger and upon the assumption by the
successor Person by supplemental indenture, executed and delivered to the
Trustee substantially in the form of Annex A hereto, of the Guarantees
contained herein and the due and punctual performance of all of the covenants
of this Indenture to be performed by the Subsidiary Guarantor, such successor
shall succeed to and be substituted for the Subsidiary Guarantor with the same
effect as if it had been named herein as a Subsidiary Guarantor. Such successor
thereupon may cause to be signed any or all of the notations of the Guarantees
to be endorsed upon all of the Notes issuable hereunder which theretofore shall
not have been signed by the Issuers and delivered to the Trustee. All the Guarantees
so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Guarantees theretofore and thereafter

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issued in accordance with the terms of this Indenture as though all of
such Guarantees had been issued at the date of the execution hereof.

Section 5.02.          Successor
Entity Substituted.

(a)           Upon any
consolidation or merger, or any sale, assignment, transfer, lease, conveyance
or other disposition of all or substantially all of the properties or assets of
an Issuer in accordance with Section 5.01 hereof, the surviving entity
formed by such consolidation or into or with which such Issuer is merged or to
which such sale, assignment, transfer, lease, conveyance or other disposition
is made shall succeed to, and be substituted for (so that from and after the
date of such consolidation, merger, sale, assignment, transfer, lease,
conveyance or other disposition, the provisions of this Indenture referring to
the “Partnership” or “MarkWest Finance,” as the case may be, shall refer
instead to the surviving entity and not to the Partnership or MarkWest Finance,
as the case may be), and may exercise every right and power of the Partnership
or MarkWest Finance, as the case may be, under this Indenture with the same
effect as if such successor Person had been named as an Issuer herein; and
thereafter, if an Issuer is dissolved following a disposition of all or
substantially all of its properties or assets in accordance with this
Indenture, it shall be discharged and released from all obligations and
covenants under this Indenture and the Notes; provided, however, that the
predecessor shall not be relieved from the obligation to pay the principal of
and interest on the Notes in the case of a lease of all or substantially all of
its properties or assets.

(b)           If the
surviving entity shall have succeeded to and been substituted for an Issuer,
such surviving entity may cause to be signed, and may issue either in its own
name or in the name of the applicable Issuer prior to such succession any or
all of the Notes issuable hereunder which theretofore shall not have been
signed by such Issuer and delivered to the Trustee; and, upon the order of such
surviving entity, instead of such Issuer, and subject to all the terms,
conditions and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver any Notes which previously shall have been
signed and delivered by the Officers of such Issuer to the Trustee for
authentication, and any Notes which such surviving entity thereafter shall
cause to be signed and delivered to the Trustee for that purpose (in each
instance with notations of Guarantees thereon by the Subsidiary Guarantors). All
of the Notes so issued and so endorsed shall in all respects have the same
legal rank and benefit under this Indenture as the Notes theretofore or
thereafter issued and endorsed in accordance with the terms of this Indenture
and the Guarantees as though all such Notes had been issued and endorsed at the
date of the execution hereof.

(c)           In case of
any such consolidation, merger, sale, assignment, transfer, lease, conveyance
or other disposition, such changes in phraseology and form (but not in
substance) may be made in the Notes thereafter to be issued or the Guarantees
to be endorsed thereon as may be appropriate.

(d)           For all
purposes of this Indenture and the Notes, Subsidiaries of any surviving entity
(other than an Issuer) will, upon such transaction or series of transactions,
become Restricted Subsidiaries or Unrestricted Subsidiaries as provided
pursuant to this Indenture and all Indebtedness, and all Liens on property or
assets, of such surviving entity and its Restricted 

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Subsidiaries immediately prior to such transaction or series of
transactions shall be deemed to have been incurred upon such transaction or
series of transactions.

ARTICLE 6

DEFAULTS AND REMEDIES

Section 6.01.          Events of
Default.

Each of the following is an “Event of Default”:

(a)           default for
30 days in the payment when due of interest on, including Additional Interest
with respect to, the Notes;

(b)           default in
payment when due of the principal of or premium, if any, on the Notes;

(c)           failure by
the Partnership to comply with the provisions described under Section 5.01
hereof;

(d)           failure by
the Partnership to comply with the provisions described under Section 4.18
hereof for 90 days after notice to the Issuers by the Trustee or to the Issuers
and Trustee by Holders of at least 25% in aggregate principal amount of the
Notes then outstanding;

(e)           subject to Section 4.19,
failure by the Partnership to comply with the provisions described under Section 3.09,
4.06, 4.07, 4.08, 4.09, 4.10, 4.11. 4.12, 4.13, 4.14, 4.15, 4.16 or 4.17 hereof
for 30 days after notice to the Issuers by the Trustee or to the Issuers and
Trustee by Holders of at least 25% in aggregate principal amount of the Notes
then outstanding (provided that no such notice need be given, and an Event of
Default shall occur, 30 days after a failure to comply with the covenants in Section 4.08
or 4.09 hereof, unless theretofore cured), in each case other than a failure to
purchase Notes which will constitute an Event of Default under clause (b) of
this Section 6.01;

(f)            failure by
the Partnership to comply with any of its other agreements in this Indenture
for 60 days after notice to the Issuers by the Trustee or to the Issuers and
Trustee by Holders of at least 25% in aggregate principal amount of the Notes
then outstanding;

(g)           default under
any mortgage, indenture or instrument under which there may be issued or by
which there may be secured or evidenced any Indebtedness for money borrowed by
either Issuer or any of the Restricted Subsidiaries of the Partnership (or the
payment of which is guaranteed by either Issuer or any of such Restricted
Subsidiaries), whether such Indebtedness or guarantee now exists or is created
after the date of this Indenture, if that default:

(i)            is caused by a failure to pay principal of or
premium, if any, or interest on such Indebtedness prior to the expiration of
the grace period provided in such Indebtedness (a “Payment Default”), or

(ii)           results in the acceleration of such Indebtedness
prior to its express maturity,

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and, in each
case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates
$20.0 million or more; provided that if any such default is cured or waived or
any such acceleration rescinded, or such Indebtedness is repaid, within a
period of 30 days from the continuation of such default beyond the applicable
grace period or the occurrence of such acceleration, as the case may be, such
Event of Default and any consequential acceleration of the Notes shall be automatically
rescinded, so long as such rescission does not conflict with any judgment or
decree;

(h)           failure by an
Issuer or any Restricted Subsidiary of the Partnership to pay final judgments
aggregating in excess of $20.0 million, which judgments are not paid,
discharged or stayed for a period of 60 days;

(i)            except as
permitted by this Indenture, any Guarantee shall be held in any judicial
proceeding to be unenforceable or invalid or shall cease for any reason to be
in full force and effect or any Subsidiary Guarantor, or any Person acting on
behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations
under its Guarantee;

(j)            either
Issuer or any Restricted Subsidiary of the Partnership that is a Significant
Subsidiary or any group of Restricted Subsidiaries of the Partnership that,
taken as a whole, would constitute a Significant Subsidiary, pursuant to or
within the meaning of Bankruptcy Law:

(i)            commences a voluntary case,

(ii)           consents to the entry of an order for relief
against it in an involuntary case,

(iii)          consents to the appointment of a custodian of it or
for all or substantially all of its property,

(iv)          makes a general assignment for the benefit of its
creditors, or

(v)           generally is not paying its debts as they become
due; and

(k)           a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that:

(i)            is for relief against an Issuer or any Restricted
Subsidiary of the Partnership that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Partnership that, taken as a whole, would
constitute a Significant Subsidiary in an involuntary case;

(ii)           appoints a custodian of an Issuer or any Restricted
Subsidiary of the Partnership that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Partnership that, taken as a whole, would
constitute a Significant Subsidiary or for all or substantially all of the
property of an Issuer or any Restricted Subsidiary of the Partnership that is a
Significant Subsidiary or any group of Restricted Subsidiaries of the
Partnership that, taken as a whole, would constitute a Significant Subsidiary;
or

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(iii)          orders the liquidation of an Issuer or any
Restricted Subsidiary of the Partnership that is a Significant Subsidiary or
any group of Restricted Subsidiaries of the Partnership that, taken as a whole,
would constitute a Significant Subsidiary;

and the order
or decree remains unstayed and in effect for 60 consecutive days.

Section 6.02.          Acceleration.

If any Event of Default (other than an Event of Default specified in
clause (j) or (k) of Section 6.01 hereof) occurs and is
continuing, the Trustee may, and upon written request of the Holders of at
least 25% in aggregate principal amount of the then outstanding Notes shall,
declare all the Notes to be due and payable immediately. Upon any such
declaration, the Notes shall become due and payable immediately. Notwithstanding
the foregoing, if an Event of Default specified in clause (j) or (k) of
Section 6.01 hereof occurs with respect to an Issuer, all outstanding
Notes shall be due and payable immediately without further action or notice. The
Holders of a majority in aggregate principal amount of the then outstanding
Notes by written notice to the Trustee may on behalf of the Holders of all of
the Notes rescind an acceleration and its consequences if the rescission would
not conflict with any judgment or decree and if all existing Events of Default
(except nonpayment of principal, interest or premium that has become due solely
because of the acceleration) have been cured or waived.

Section 6.03.          Other
Remedies.

If an Event of Default occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal, premium, if any, and
interest (including Additional Interest, if any) on the Notes or to enforce the
performance of any provision of the Notes or this Indenture.

The Trustee may maintain a proceeding even if it does not possess any of
the Notes or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder of a Note in exercising any right or
remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default. All remedies
are cumulative to the extent permitted by law.

Section 6.04.          Waiver of
Past Defaults.

Holders of not less than a majority in aggregate principal amount of the
then outstanding Notes by notice to the Trustee may on behalf of the Holders of
all of the Notes waive an existing Default or Event of Default and its
consequences hereunder, except a continuing Default or Event of Default in the
payment of the principal of, premium and/or interest (including Additional
Interest, if any) on, the Notes (including in connection with an offer to
purchase) (provided, however, that the Holders of a majority in aggregate
principal amount of the then outstanding Notes may rescind an acceleration and
its consequences, including any related payment default that resulted from such
acceleration). Upon any such waiver, such Default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon.

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Section 6.05.          Control by
Majority.

Holders of a majority in aggregate principal amount of the then
outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any
trust or power conferred on it. However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture or that the Trustee
determines may be unduly prejudicial to the rights of other Holders of Notes or
that may involve the Trustee in personal liability.

Section 6.06.          Limitation on Suits.

A Holder of a Note may pursue a remedy with
respect to this Indenture or the Notes only if:

(a)           the Holder of
a Note gives to the Trustee written notice of a continuing Event of Default;

(b)           the Holders
of at least 25% in principal amount of the then outstanding Notes make a
written request to the Trustee to pursue the remedy;

(c)           such Holder
of a Note or Holders of Notes offer and, if requested, provide to the Trustee
indemnity or security satisfactory to the Trustee against any loss, liability
or expense;

(d)           the Trustee
does not comply with the request within 60 days after receipt of the request
and the offer and, if requested, the provision of indemnity; and

(e)           during such 60-day
period the Holders of a majority in principal amount of the then outstanding
Notes do not give the Trustee a direction inconsistent with the request.

A Holder of a Note may not use this Indenture to prejudice the rights of
another Holder of a Note or to obtain a preference or priority over another
Holder of a Note.

Section 6.07.          Rights of
Holders of Notes to Receive Payment.

Notwithstanding any other provision of this Indenture, the right of any
Holder of a Note to receive payment of principal, premium and interest (including
Additional Interest, if any) on the Note, on or after the respective due dates
expressed in the Note (including in connection with an offer to purchase), or
to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such
Holder.

Section 6.08.          Collection
Suit by Trustee.

If an Event of Default specified in Section 6.01(a) or (b) occurs
and is continuing, the Trustee is authorized to recover a judgment in its own
name and as trustee of an express trust against the Issuers for the whole
amount of principal of, premium and interest (including Additional Interest, if
any) remaining unpaid on the Notes and interest on overdue principal and, to
the extent lawful, interest (including Additional Interest, if any) and such
further amount as

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shall be
sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

Section 6.09.          Trustee May File
Proofs of Claim.

The Trustee is authorized to file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel) and the
Holders of the Notes allowed in any judicial proceedings relative to an Issuer
or any of the Subsidiary Guarantors (or any other obligor upon the Notes), its
creditors or its property and shall be entitled and empowered to collect,
receive and distribute any money or other property payable or deliverable on
any such claims and any custodian in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee, and in the
event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07
hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 7.07 hereof out of the estate
in any such proceeding, shall be denied for any reason, payment of the same
shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the
Holders may be entitled to receive in such proceeding whether in liquidation or
under any plan of reorganization or arrangement or otherwise. Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any
Holder, or to authorize the Trustee to vote in respect of the claim of any
Holder in any such proceeding.

Section 6.10.          Priorities.

If the Trustee collects any money pursuant to this Article, it shall pay
out the money in the following order:

First: to the Trustee, its agents and attorneys for amounts due under Section 7.07
hereof, including payment of all compensation, expense and liabilities
incurred, and all advances made, by the Trustee and the costs and expenses of
collection;

Second: to Holders of Notes for amounts due and unpaid on the Notes for
principal, premium and interest (including Additional Interest, if any),
ratably, without preference or priority of any kind, according to the amounts
due and payable on the Notes for principal, premium and interest (including
Additional Interest, if any), respectively; and

Third: to the Issuers or the Subsidiary Guarantors or to such other
party as a court of competent jurisdiction shall direct.

The Trustee may fix a record date and payment date for any payment to
Holders of Notes pursuant to this Section 6.10.

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Section 6.11.          Undertaking for Costs.

 

In any suit for
the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court
in its discretion may require the filing by any party litigant in the suit of
an undertaking to pay the costs of the suit, and the court in its discretion
may assess reasonable costs, including reasonable attorneys’ fees and expenses
against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant. This Section 6.11
does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant
to Section 6.07 hereof, or a suit by Holders of more than 10% in principal
amount of the then outstanding Notes.

 

ARTICLE 7

TRUSTEE

 

Section 7.01.          Duties of Trustee.

 

(a)           If an Event of Default has
occurred and is continuing, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and
skill in its exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

 

(b)           Except during the continuance
of an Event of Default:

 

(i)            the duties
of the Trustee shall be determined solely by the express provisions of this
Indenture and the Trustee need perform only those duties that are specifically
set forth in this Indenture and no others, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

 

(ii)           in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein,
upon certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture. However, in the case of any such certificates
or opinions which by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine the same
to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculations
or other facts stated therein).

 

(c)           The Trustee may not be
relieved from liabilities for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

 

(i)            this
paragraph does not limit the effect of paragraph (b) of this Section;

 

(ii)           the Trustee
shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts; and

 

(iii)          the Trustee
shall not be liable with respect to any action it takes or omits to take in
good faith in accordance with a direction received by it pursuant to any 

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provision of this Indenture relating to the time, method and place of
conducting any proceeding or remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee under this Indenture.

 

(d)           Whether or not therein
expressly so provided, every provision of this Indenture that in any way
relates to the Trustee is subject to paragraphs (a), (b), and (c) of this
Section.

 

(e)           No provision of this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur
any financial liability. The Trustee shall be under no obligation to exercise
any of its rights and powers under this Indenture at the request of any
Holders, unless such Holder shall have offered to the Trustee security or
indemnity satisfactory to it against any claim, loss, liability or expense.

 

(f)            The Trustee shall not be
liable for interest on any money received by it except as the Trustee may agree
in writing with the Partnership or MarkWest Finance. Money held in trust by the
Trustee need not be segregated from other funds except to the extent required
by law.

 

Section 7.02.          Rights of Trustee.

 

(a)           Subject to the provisions of Section 7.01(a) hereof,
the Trustee may conclusively rely upon any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Trustee
need not investigate any fact or matter stated in the document, but may accept
the same as conclusive evidence of the truth and accuracy of such statement or
the correctness of such opinion.

 

(b)           Before the Trustee acts or
refrains from acting in the administration of this Indenture, it may require an
Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on
such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with
counsel of its selection and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection from liability
in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon.

 

(c)           The Trustee may execute any of
its trusts or powers or perform any duties under this Indenture either directly
by or through agents or attorneys, and may in all cases pay, subject to
reimbursement as provided herein, such reasonable compensation as it deems
proper to all such agents and attorneys employed or retained by it, and the
Trustee shall not be responsible for any misconduct or negligence of any agent
or attorney appointed with due care.

 

(d)           The Trustee shall not be
liable for any action it takes or omits to take in good faith that it believes
to be authorized or within the rights or powers conferred upon it by this
Indenture.

 

(e)           Unless otherwise specifically
provided in this Indenture, any demand, request, direction or notice from an
Issuer or any Subsidiary Guarantor shall be sufficient if signed by an Officer
of the Partnership or the General Partner (in the case of the Partnership), by
an Officer of the General Partner (in the case of the General Partner) or by an
Officer of MarkWest Finance or any Subsidiary Guarantor (in the case of
MarkWest Finance or such Subsidiary Guarantor).

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(f)            The Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders unless such Holders
shall have offered to the Trustee reasonable security or indemnity against the
claims, costs, expenses and liabilities that might be incurred by it in compliance
with such request or direction.

 

(g)           The Trustee is not required to
make any inquiry or investigation into facts or matters stated in any document
but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit and, if the Trustee
determines to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Issuers.

 

(h)           The Trustee is not required to
take notice or shall not be deemed to have notice of any Default or Event of
Default hereunder except Defaults or Events of Default under Sections 6.01(a) and
6.01(b) hereof, unless a Responsible Officer of the Trustee has actual
knowledge thereof or has received notice in writing of such Default or Event of
Default from the Issuers or the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding, and in the absence of any such notice,
the Trustee may conclusively assume that no such Default or Event of Default exists.

 

(i)            The Trustee is not required
to give any bond or surety with respect to the performance of its duties or the
exercise of its powers under this Indenture.

 

(j)            Under no circumstances shall
the Trustee be liable in its individual capacity for the obligations evidenced
by the Notes.

 

(k)           In the event the Trustee
receives inconsistent or conflicting requests and indemnity from two or more
groups of Holders of Notes, each representing less than the aggregate principal
amount of Notes outstanding required to take any action hereunder, the Trustee,
in its sole discretion may determine what action, if any, shall be taken.

 

(l)            The Trustee’s immunities and
protections from liability and its right to indemnification in connection with
the performance of its duties under this Indenture shall extend to the Trustee’s
officers, directors, agents, attorneys and employees. Such immunities and
protections and right to indemnification, together with the Trustee’s right to
compensation, shall survive the Trustee’s resignation of removal, the discharge
of this Indenture and final payments of the Notes.

 

(m)          The permissive right of the
Trustee to take actions permitted by this Indenture shall not be construed as
an obligation or duty to do so.

 

(n)           Except for information provided
by the Trustee concerning the Trustee, the Trustee shall have no responsibility
for any information and any offering memorandum, disclosure material or
prospectus distributed with respect to the Notes.

 

(o)           The Trustee shall not be
liable for any action taken or omitted by it in good faith at the direction of
the Holders of not less than a majority in aggregate principal amount of the
Notes as to the time, method, and place of conducting any proceedings for any
remedy available to the Trustee or the exercising of any power conferred by
this Indenture.

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(p)           Subject to Section 7.01(d),
whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct of, or affecting the liability of, or affording
protection to the Trustee shall be subject to the provisions of this Section 7.02.

 

(q)           Any action taken, or omitted
to be taken, by the Trustee in good faith, pursuant to this Indenture upon the
request or authority or consent of any Person who, at the time of making such
request or giving such authority or consent, is the Holder of any Note shall be
conclusive and binding upon all future Holders of that Note and upon securities
executed and delivered in exchange therefore or in place thereof.

 

Section 7.03.          Individual Rights of Trustee.

 

The Trustee in
its commercial banking or any other capacity may become the owner or pledgee of
Notes and may otherwise deal with the Issuers, any Subsidiary Guarantors or any
Affiliate of the Partnership with the same rights it would have if it were not
Trustee. Any Affiliate of the Trustee or Agent may do the same with like rights
and duties. However, in the event that the Trustee acquires any conflicting
interest (as defined in the TIA) after a Default has occurred and is continuing
it must eliminate such conflict within 90 days, apply to the SEC for permission
to continue as trustee or resign. The Trustee is also subject to Sections 7.10
and 7.11 hereof.

 

Section 7.04.          Trustee’s Disclaimer.

 

The Trustee
shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Notes or the Guarantees, it shall not be
accountable for the Issuers’ use of the proceeds from the Notes or any money
paid to an Issuer or upon an Issuer’s direction under any provision of this
Indenture, it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it shall not be
responsible for any statement or recital herein or any statement in the Notes
or any other document in connection with the sale of the Notes or pursuant to
this Indenture other than its certificate of authentication.

 

Section 7.05.          Notice of Defaults.

 

If a Default or
Event of Default known to the Trustee occurs, the Trustee shall mail to Holders
of Notes a notice of the Default or Event of Default within 90 days after it
occurs. Except in the case of a Default or Event of Default in payment of
principal of, premium, if any, or interest (including Additional Interest, if
any) on any Note, the Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of the Holders of the Notes.

 

Section 7.06.          Reports by Trustee to Holders of the
Notes.

 

Within 60 days
after each May 15 beginning with the May 15 following the date of
this Indenture, and for so long as Notes remain outstanding, the Trustee shall
mail to the Holders of the Notes a brief report dated as of such reporting date
that complies with TIA Section 313(a) (but if no event described in
TIA Section 313(a) has occurred within the twelve months preceding
the reporting date, no report need be transmitted). The Trustee also shall
comply with 

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TIA Section 313(b)(2). The
Trustee shall also transmit by mail all reports as required by TIA Section 313(c).

 

A copy of each
report at the time of its mailing to the Holders of Notes shall be mailed to
the Partnership and filed with the SEC and each stock exchange on which the
Notes are listed in accordance with TIA Section 313(d). The Issuers shall
promptly notify the Trustee when the Notes are listed on any stock exchange.

 

Section 7.07.          Compensation and Indemnity.

 

The Issuers and
the Subsidiary Guarantors shall pay to the Trustee from time to time such
compensation as shall be agreed upon in writing between the Issuers and the
Trustee for its acceptance of this Indenture and services hereunder. The
Trustee’s compensation shall not be limited by any law on compensation of a
trustee of an express trust. The Issuers and the Subsidiary Guarantors shall
reimburse the Trustee promptly upon request for all reasonable disbursements,
advances and expenses incurred or made by it in addition to the compensation
for its services. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel.

 

The Issuers and
the Subsidiary Guarantors shall indemnify each of the Trustee or any successor
Trustee against any and all losses, damages, claims, liabilities or expenses
(including reasonable attorneys’ fees and expenses) incurred by it arising out
of or in connection with the acceptance or administration of its duties under
this Indenture, including the costs and expenses of enforcing this Indenture
against either of the Issuers or any Subsidiary Guarantor (including this Section 7.07)
and defending itself against any claim (whether asserted by an Issuer, any
Subsidiary Guarantor, or any Holder or any other Person) or liability in
connection with the exercise or performance of any of its powers or duties
hereunder, except to the extent any such loss, liability or expense may be
attributable to its negligence or bad faith. The Trustee shall notify the
Issuers promptly of any claim for which it may seek indemnity. Failure by the
Trustee to so notify the Issuers shall not relieve the Issuers and the
Subsidiary Guarantors of their obligations hereunder. The Issuers and the
Subsidiary Guarantors shall defend the claim and the Trustee shall cooperate in
the defense. The Trustee may have separate counsel and the Issuers and the
Subsidiary Guarantors shall pay the reasonable fees and expenses of such
separate counsel; provided that the Issuers and the Subsidiary Guarantors will
not be required to pay such fees and expenses if they assume the Trustee’s
defense with counsel acceptable to and approved by the Trustee (such approval
not to be unreasonably withheld) and there is no conflict of interest between
the Issuers and the Trustee in connection with such defense. The Issuers and the
Subsidiary Guarantors need not pay for any settlement made without their
consent, which consent shall not be unreasonably withheld. Neither the Issuers
nor the Subsidiary Guarantors need reimburse the Trustee for any expense or
indemnity against any liability or loss of the Trustee to the extent such
expense, liability or loss is attributable to the negligence or bad faith of
the Trustee.

 

The obligations
of the Issuers and the Subsidiary Guarantors under this Section 7.07 shall
survive the satisfaction and discharge of this Indenture.

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To secure the
Issuers’ and the Subsidiary Guarantors’ payment obligations in this Section,
the Trustee shall have a Lien (which it may exercise through right of set-off)
prior to the Notes on all money or property held or collected by the Trustee,
except that held in trust to pay principal, premium, if any, and interest
(including Additional Interest, if any) on particular Notes. Such Lien shall
survive the satisfaction and discharge of this Indenture. When the Trustee incurs
expenses or renders services after an Event of Default specified in Section 6.01(j) or
(k) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to
constitute expenses of administration under any Bankruptcy Law.

 

The Trustee
shall comply with the provisions of TIA Section 313(b)(2) to the
extent applicable.

 

Section 7.08.          Replacement of Trustee.

 

A resignation
or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as
provided in this Section. The Trustee may resign in writing at any time and be
discharged from the trust hereby created by so notifying the Issuers. The
Holders of Notes of a majority in principal amount of the then outstanding
Notes may remove the Trustee by so notifying the Trustee and the Issuers in
writing. The Issuers may remove the Trustee if:

 

(a)           the Trustee fails to comply
with Section 7.10 hereof;

 

(b)           the Trustee is adjudged a
bankrupt or an insolvent or an order for relief is entered with respect to the
Trustee under any Bankruptcy Law;

 

(c)           a custodian or public officer
takes charge of the Trustee or its property; or

 

(d)           the Trustee becomes incapable
of acting.

 

If the Trustee
resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Issuers shall promptly appoint a successor Trustee. Within one year
after the successor Trustee takes office, the Holders of a majority in aggregate
principal amount of the then outstanding Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Issuers.

 

If a successor
Trustee does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee, the Issuers, any Subsidiary Guarantor or
the Holders of Notes of at least 10% in aggregate principal amount of the then
outstanding Notes may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

 

If the Trustee,
after written request by any Holder of a Note who has been a Holder of a Note
for at least six months, fails to comply with Section 7.10, such Holder of
a Note may petition any court of competent jurisdiction for the removal of the
Trustee and the appointment of a successor Trustee.

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A successor
Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuers. Thereupon, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have
all the rights, powers and duties of the Trustee under this Indenture. The
successor Trustee shall mail a notice of its succession to Holders of the Notes.
The retiring Trustee shall promptly transfer all property held by it as Trustee
to the successor Trustee, provided all sums owing to the Trustee hereunder have
been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding
replacement of the Trustee pursuant to this Section 7.08, the Issuers’ and
the Subsidiary Guarantors’ obligations under Section 7.07 hereof shall
continue for the benefit of the retiring Trustee.

 

Section 7.09.         Successor Trustee by Merger,
Etc.

 

If the Trustee
consolidates, merges or converts into, or transfers all or substantially all of
its corporate trust business to, another corporation or association, the
successor corporation or association without any further act shall be the
successor Trustee. As soon as practicable, the successor Trustee shall mail a
notice of its succession to the Issuers and the Holders of the Notes.

 

Section 7.10.         Eligibility;
Disqualification.

 

There shall at
all times be a Trustee hereunder that is a corporation or association organized
and doing business under the laws of the United States of America or of any
state thereof that is authorized under such laws to exercise corporate trust
powers, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least $50 million
as set forth in its most recent published annual report of condition.

 

This Indenture
shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1),
(2) and (5). The Trustee is subject to TIA Section 310(b), provided,
however, that there shall be excluded from the operation of TIA Section 310(b)(l) any
indenture or indentures under which other securities or certificates of
interest or participation in other securities of the Issuers are outstanding if
the requirements of such exclusion set forth in TIA Section 310(b)(l) are
met. For purposes of the preceding sentence, the optional provision permitted
by the second sentence of Section 310(b)(9) of the Trust Indenture
Act shall be applicable.

 

Section 7.11.          Preferential Collection of Claims
Against Issuers.

 

The Trustee is
subject to TIA Section 311(a), excluding any creditor relationship listed
in TIA Section 311(b). A Trustee who has resigned or been removed shall be
subject to TIA Section 311(a) to the extent indicated therein.

 

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01.          Option to Effect Legal Defeasance or
Covenant Defeasance.

 

The Issuers
may, at the option of the Board of Directors of the General Partner (in the
case of the Partnership) or of the Board of Directors of MarkWest Finance (in
the case of MarkWest Finance) evidenced by a resolution set forth in an
Officers’ Certificate, at any time, 

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elect to have either Section 8.02
or 8.03 hereof be applied to all outstanding Notes upon compliance with the
conditions set forth below in this Article 8.

 

Section 8.02.          Legal Defeasance and Discharge.

 

Upon the
Issuers’ exercise under Section 8.01 hereof of the option applicable to
this Section 8.02, the Issuers and the Subsidiary Guarantors shall,
subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be deemed to have been discharged from their respective Obligations and
certain other obligations with respect to all outstanding Notes and Guarantees,
as applicable, on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means
that the Issuers and the Subsidiary Guarantors shall be deemed to have paid and
discharged the entire Indebtedness represented by the outstanding Notes, which
shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05
hereof and the other Sections of this Indenture referred to in clauses (a) and
(b) of this sentence below, and to have satisfied all its other
obligations under such Notes and this Indenture (and the Trustee, on demand of
and at the expense of the Issuers, shall execute proper instruments
acknowledging the same), except for the following provisions which shall
survive until otherwise terminated or discharged hereunder: (a) the rights
of Holders of outstanding Notes to receive solely from the trust fund described
in Section 8.04 hereof, and as more fully set forth in such Section,
payments in respect of the principal of, premium, if any, and interest
(including Additional Interest, if any) on, such Notes when such payments are
due, (b) the Issuers’ obligations with respect to such Notes under
Sections 2.03, 2.04, 2.06, 2.07, 2.10 and 4.02 hereof, (c) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and the Issuers’
and the Subsidiary Guarantors’ obligations in connection therewith and (d) this
Article 8. Subject to compliance with this Article 8, the Issuers may
exercise the option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03 hereof.

 

Section 8.03.          Covenant Defeasance.

 

Upon the
Issuers’ exercise under Section 8.01 hereof of the option applicable to
this Section 8.03, the Issuers and the Subsidiary Guarantors shall,
subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be released from their obligations under the covenants contained in
Sections 3.09, 4.04, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14,
4.15, 4.16, 4.18 and 5.01(a)(iv) hereof and any covenant added to this
Indenture subsequent to the Issue Date pursuant to Section 9.01 hereof
with respect to the outstanding Notes on and after the date the conditions set
forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes
shall thereafter be deemed not “outstanding” for the purposes of any direction,
waiver, consent or declaration or act of Holders (and the consequences of any
thereof) in connection with such covenants, but shall continue to be deemed “outstanding”
for all other purposes hereunder (it being understood that such Notes shall not
be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes, the Issuers may
omit to comply with and shall have no liability in respect of any term, condition
or limitation set forth in any such covenant, whether directly or indirectly,
by reason of any reference elsewhere herein to any such covenant or by reason
of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a Default or an
Event of Default under Section 6.01 hereof, but, except as specified
above, the remainder of this Indenture and such Notes shall be unaffected
thereby. In 

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addition, upon the Issuers’
exercise under Section 8.01 hereof of the option applicable to this Section 8.03
hereof, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, Sections 6.01(d) through 6.01(i) hereof shall not constitute
Events of Default.

 

Section 8.04.          Conditions to Legal Defeasance or
Covenant Defeasance.

 

The following shall be the conditions to the application of either Section 8.02
or 8.03 hereof to the outstanding Notes:

 

In order to exercise either Legal Defeasance or Covenant Defeasance:

 

(a)           the Issuers must irrevocably
deposit with the Trustee, in trust, for the benefit of the Holders, cash in
United States dollars, U.S. Government Obligations, or a combination thereof,
in such amounts as shall be sufficient, in the opinion of a nationally recognized
firm of independent public accountants, to pay the principal of, premium, if
any, and interest, on the outstanding Notes at the Stated Maturity thereof or
on the applicable redemption date, as the case may be, and the Issuers must
specify whether the Notes are being defeased to Stated Maturity or to a
particular redemption date;

 

(b)           in the case of an election
under Section 8.02 hereof, the Issuers shall have delivered to the Trustee
an Opinion of Counsel reasonably acceptable to the Trustee confirming that (i) the
Partnership has received from, or there has been published by, the Internal
Revenue Service a ruling or (ii) since the Issue Date, there has been a
change in the applicable federal income tax law, in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, the Holders
of the outstanding Notes will not recognize income, gain or loss for federal
income tax purposes as a result of such Legal Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Legal Defeasance had not occurred;

 

(c)           in the case of an election
under Section 8.03 hereof, the Issuers shall have delivered to the Trustee
an Opinion of Counsel reasonably acceptable to the Trustee confirming that the
Holders of the outstanding Notes will not recognize income, gain or loss for
federal income tax purposes as a result of such Covenant Defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such Covenant Defeasance had not
occurred;

 

(d)           no Default or Event of Default
shall have occurred and be continuing either (i) on the date of such
deposit (other than a Default or Event of Default resulting from the incurrence
of Indebtedness all or a portion of the proceeds of which shall be applied to
such deposit) or (ii) insofar as Sections 6.01(j) and 6.01(k) hereof
are concerned, at any time in the period ending on the 91st day after the date
of deposit;

 

(e)           such Legal Defeasance or
Covenant Defeasance shall not result in a breach or violation of, or constitute
a default under, any material agreement or instrument (other than this
Indenture) to which the Partnership or any of its Subsidiaries is a party or by
which the Partnership or any of its Subsidiaries is bound;

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(f)            the Issuers shall have
delivered to the Trustee an Opinion of Counsel to the effect that after the
91st day following the deposit, the trust funds will not be subject to the
effect of any applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors’ rights generally;

 

(g)           the Issuers shall have
delivered to the Trustee an Officers’ Certificate stating that the deposit was
not made by the Issuers with the intent of preferring the Holders over any
other creditors of the Issuers or the Subsidiary Guarantors or with the intent
of defeating, hindering, delaying or defrauding other creditors of the Issuers;
and

 

(h)           the Issuers shall have delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent provided for or relating to the Legal Defeasance
or the Covenant Defeasance have been complied with.

 

Section 8.05.          Deposited Money and Government
Securities to be Held in Trust, Other Miscellaneous Provisions.

 

Subject to Section 11.03
hereof, all money and U.S. Government Obligations (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively
for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes shall be held in trust and applied
by the Trustee, in accordance with the provisions of such Notes and this
Indenture, to the payment, either directly or through any Paying Agent
(including either Issuer acting as a Paying Agent) as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due
thereon in respect of principal, premium, if any, and interest (including Additional
Interest, if any), but such money need not be segregated from other funds
except to the extent required by law.

 

The Issuers and
the Subsidiary Guarantors shall pay and indemnify the Trustee against any tax,
fee or other charge imposed on or assessed against the cash or non-callable
U.S. Government Obligations deposited pursuant to Section 8.04 hereof or
the principal and interest received in respect thereof other than any such tax,
fee or other charge which by law is for the account of the Holders of the
outstanding Notes.

 

Anything in
this Article 8 to the contrary notwithstanding, the Trustee shall deliver
or pay to the Issuers from time to time upon the request of the Issuers any
money or non-callable U.S. Government Obligations held by it as provided in Section 8.04
hereof which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to
the Trustee (which may be the opinion delivered under Section 8.04(a) hereof),
are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

If the Issuers
exercise either their Legal Defeasance or Covenant Defeasance option, each
Subsidiary Guarantor shall be released and relieved of any obligations under
its Guarantee and any security for the Notes (other than the trust fund
described in Section 8.04 hereof) shall be released.

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Section 8.06.          [Intentionally
omitted].

Section 8.07.          Reinstatement.

If the Trustee or Paying Agent is unable to apply any United States
dollars or U.S. Government Obligations in accordance with Section 8.02 or
8.03 hereof, as the case may be, by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Issuers’ and
the Subsidiary Guarantors’ Obligations under this Indenture, the Notes and the
Guarantees, as applicable, shall be revived and reinstated as though no deposit
had occurred pursuant to Section 8.02 or 8.03 hereof until such time as
the Trustee or Paying Agent is permitted to apply all such money or U.S.
Government Obligations in accordance with Section 8.02 or 8.03 hereof, as
the case may be; provided, however, that, if the Issuers or the Subsidiary
Guarantors make any payment of principal of, premium, if any, or interest
(including any Additional Interest, if any) on any Note following the
reinstatement of its Obligations, the Issuers and the Subsidiary Guarantors
shall be subrogated to the rights of the Holders of such Notes to receive such
payment from the money or U.S. Government Obligations held by the Trustee or
Paying Agent.

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01.          Without
Consent of Holders of Notes.

Notwithstanding Section 9.02 of this
Indenture, the Issuers and the Subsidiary Guarantors and the Trustee may amend
or supplement this Indenture, the Guarantees, or the Notes without the consent
of any Holder of a Note:

(a)           to cure any
ambiguity, defect or inconsistency;

(b)           to provide
for uncertificated Notes in addition to or in place of certificated Notes;

(c)           to provide
for the assumption of an Issuer’s or a Subsidiary Guarantor’s obligations to
the Holders of the Notes in the case of a merger or consolidation or sale of
all or substantially all of such Issuer’s assets pursuant to Article 5
hereof;

(d)           to add or
release Subsidiary Guarantors pursuant to the terms of this Indenture;

(e)           to make any
change that would provide any additional rights or benefits to the Holders of
the Notes or surrender any right or power conferred upon the Issuers or the
Subsidiary Guarantors by this Indenture that does not adversely affect the
rights hereunder of any Holder of the Notes, provided that any change to
conform this Indenture to the Offering Memorandum shall not be deemed to
adversely affect such rights;

(f)            to provide
for the issuance of additional Notes in accordance with the limitations set
forth in this Indenture;

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(g)           to comply
with requirements of the SEC in order to effect or maintain the qualification
of this Indenture under the TIA;

(h)           to evidence
or provide for the acceptance of appointment under this Indenture of a
successor Trustee;

(i)            to add any
additional Events of Default; or

(j)            to secure
the Notes and/or the Guarantees.

Upon the request of the Issuers accompanied by a resolution of the Board
of Directors of the General Partner (in the case of the Partnership), and of
the Board of Directors of MarkWest Finance and each of the Subsidiary
Guarantors (in the case of MarkWest Finance and the Subsidiary Guarantors),
authorizing the execution of any such amended or supplemental Indenture, and
upon receipt by the Trustee of the documents described in Section 9.06
hereof, the Trustee shall join with the Issuers and each of the Subsidiary
Guarantors in the execution of any amended or supplemental indenture authorized
or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee
shall not be obligated to enter into such amended or supplemental indenture
that affects its own rights, duties or immunities under this Indenture or
otherwise.

Section 9.02.          With Consent
of Holders of Notes.

Except as provided below in this Section 9.02, the Issuers, the
Subsidiary Guarantors and the Trustee may amend or supplement this Indenture
(including Sections 3.09, 4.06 and 4.07 hereof), the Guarantees, and the Notes
with the consent of the Holders of at least a majority in principal amount of
the Notes then outstanding (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, the
Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or
Event of Default or compliance with any provision of this Indenture, the
Guarantees or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes (including consents
obtained in connection with a tender offer or exchange offer for the Notes).

Upon the request of the Issuers accompanied by a resolution of the Board
of Directors of the General Partner (in the case of the Partnership) and of the
Board of Directors of MarkWest Finance and each of the Subsidiary Guarantors
(in the case of MarkWest Finance and each of the Subsidiary Guarantors)
authorizing the execution of any such amended or supplemental indenture, and upon
the filing with the Trustee of evidence satisfactory to the Trustee of the
consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee
of the documents described in Section 9.06 hereof, the Trustee shall join
with the Issuers and each of the Subsidiary Guarantors in the execution of such
amended or supplemental indenture unless such amended or supplemental Indenture
affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise, in which case the Trustee may in its discretion, but shall not be
obligated to, enter into such amended or supplemental indenture.

It shall not be necessary for the consent of the Holders of Notes under
this Section 9.02 to approve the particular form of any proposed
amendment, supplement or waiver, but it shall be sufficient if such consent
approves the substance thereof.

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After an amendment, supplement or waiver under this Section becomes
effective, the Issuers shall mail to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of
the Issuers to mail such notice, or any defect therein, shall not, however, in
any way impair or affect the validity of any such amended or supplemental
Indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a
majority in aggregate principal amount of the Notes then outstanding may waive
compliance in a particular instance by the Issuers with any provision of this
Indenture or the Notes. However, without the consent of each Holder affected,
an amendment, supplement or waiver may not (with respect to any Notes held by a
non-consenting Holder):

(a)           reduce the
principal amount of Notes whose Holders must consent to an amendment,
supplement or waiver;

(b)           reduce the
principal of or change the fixed maturity of any Note or alter or waive any of
the provisions with respect to the redemption or repurchase of the Notes,
except as provided above with respect to Sections 3.09, 4.06 and 4.07 hereof;

(c)           reduce the
rate of or change the time for payment of interest, including default interest,
on any Note;

(d)           waive a
Default or Event of Default in the payment of principal of or premium, if any,
or interest (including Additional Interest, if any) on the Notes (except a
rescission of acceleration of the Notes by the Holders of at least a majority
in principal amount of the then outstanding Notes and a waiver of the payment
default that resulted from such acceleration);

(e)           make any Note
payable in money other than that stated in the Notes;

(f)            make any
change in the provisions of this Indenture relating to waivers of past Defaults
or the rights of Holders of Notes to receive payments of principal of or
premium, if any, or interest on the Notes (other than as permitted by clause (g) below);

(g)           waive a
redemption or repurchase payment with respect to any Note (other than a payment
required by the covenants contained in Sections 3.09, 4.06 and 4.07 hereof);

(h)           except as
otherwise permitted by this Indenture, release any Subsidiary Guarantor from
any of its Obligations under its Guarantee or this Indenture, or change any
Guarantee in any manner that would adversely affect the right of Holders; or

(i)            make any
change in Section 6.04 or 6.07 hereof or in the foregoing amendment,
supplement and waiver provisions (except to increase any percentage set forth
therein).

Section 9.03.          Compliance
with Trust Indenture Act.

Every amendment or supplement to this Indenture, the Guarantees, or the
Notes shall be set forth in an amended or supplemental Indenture that complies
with the TIA as then in effect.

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Section 9.04.          Revocation
and Effect of Consents.

Until an amendment, supplement or waiver becomes effective, a consent to
it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same
debt as the consenting Holder’s Note, even if notation of the consent is not
made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if the Trustee receives written
notice of revocation before the date the waiver, supplement or amendment
becomes effective. An amendment, supplement or waiver becomes effective in
accordance with its terms and thereafter binds every Holder.

The Issuers may, but shall not be obligated to, fix a record date for
the purpose of determining the Holders entitled to consent to any amendment,
supplement or waiver. If a record date is fixed, then notwithstanding the last
sentence of the immediately preceding paragraph, those Persons who were Holders
at such record date (or their duly designated proxies), and only those Persons,
shall be entitled to consent to such amendment, supplement or waiver or revoke
any consent previously given, whether or not such Persons continue to be
Holders after such record date. No consent shall be valid or effective for more
than 90 days after such record date except to the extent that the requisite
number of consents to the amendment, supplement or waiver have been obtained
within such 90-day period or as set forth in the next paragraph of this Section 9.04.

After an amendment, supplement or waiver becomes effective, it shall
bind every Holder, unless it makes a change described in any of clauses (a) through
(i) of Section 9.02, in which case, the amendment, supplement or
waiver shall bind only each Holder of a Note who has consented to it and every
subsequent Holder of a Note or portion of a Note that evidences the same
indebtedness as the consenting Holder’s Note.

Section 9.05.          Notation or
Exchange of Notes.

The Trustee may place an appropriate notation about an amendment,
supplement or waiver on any Note thereafter authenticated. The Issuers in
exchange for all Notes may issue and the Trustee shall authenticate new Notes
(accompanied by a notation of the Guarantees duly endorsed by the Subsidiary
Guarantors) that reflect the amendment, supplement or waiver. Failure to make
the appropriate notation or issue a new Note shall not affect the validity and
effect of such amendment, supplement or waiver.

Section 9.06.          Trustee
to Sign Amendments, Etc.

The Trustee shall sign any amended or supplemental Indenture authorized
pursuant to this Article 9 if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. In
executing any amended or supplemental indenture, the Trustee shall be entitled
to receive and (subject to Section 7.01) shall be fully protected in
relying upon, an Officers’ Certificate of the Partnership and an Opinion of Counsel
stating that the execution of such amended or supplemental indenture is
authorized or permitted by this Indenture and that all conditions precedent
have been satisfied.

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Section 9.07.          Effect of
Supplemental Indentures.

Upon the execution of any supplemental indenture under this Article 9,
this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every
Holder of Notes theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby. After a supplemental indenture becomes effective, the
Issuers shall mail to Holders a notice briefly describing such amendment. The
failure to give such notice to all Holders, or any defect therein, shall not
impair or affect the validity of an amendment under this Section.

ARTICLE 10

GUARANTEES

Section 10.01.        Guarantees.

Subject to the provisions of this Article 10, each of the
Subsidiary Guarantors hereby, jointly and severally, unconditionally guarantees
to each Holder of a Note authenticated and delivered by the Trustee and to the
Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the other Obligations of the
Issuers hereunder or thereunder, that: (a) the principal of, premium and
interest (including Additional Interest, if any) on the Notes shall be promptly
paid in full when due, whether at the maturity or interest payment or mandatory
redemption date, by acceleration, redemption or otherwise, and interest on the
overdue principal of, premium and interest (including Additional Interest, if
any) on the Notes, if any, to the extent lawful, and all other Obligations of
the Issuers to the Holders or the Trustee under this Indenture and the Notes shall
be promptly paid in full or performed, all in accordance with the terms of this
Indenture and the Notes; and (b) in case of any extension of time of
payment or renewal of any Notes or any of such other Obligations, that same
shall be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, subject to any applicable grace period,
whether at Stated Maturity, by acceleration or otherwise. Failing payment when
so due of any amount so guaranteed or any performance so guaranteed for
whatever reason, the Subsidiary Guarantors shall be jointly and severally
obligated to pay the same immediately. The Subsidiary Guarantors hereby agree
that to the fullest extent permitted by applicable law, their obligations
hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to
enforce the same, any waiver or consent by any Holder of the Notes with respect
to any provisions of this Indenture and the Notes, the recovery of any judgment
against the Issuers, any action to enforce the same or any other circumstance
(other than complete performance) which might otherwise constitute a legal or
equitable discharge or defense of a Subsidiary Guarantor. To the fullest extent
permitted by applicable law, each Subsidiary Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Issuers, any right to require a proceeding
first against the Issuers, protest, notice and all demands whatsoever and
covenants that its Guarantee shall not be discharged except by complete
performance of the obligations contained in the Notes and this Indenture.

If any Holder or the Trustee is required by any court or otherwise to
return to the Issuers or Subsidiary Guarantors, or any custodian, trustee,
liquidator or other similar official acting in

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relation to
either the Issuers or Subsidiary Guarantors, any amount paid by any of them to
the Trustee or such Holder, these Guarantees, to the extent theretofore
discharged, shall be reinstated in full force and effect. Each Subsidiary
Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any Obligations guaranteed hereby until
payment in full of all Obligations guaranteed hereby.

Each Subsidiary Guarantor further agrees that, as between the Subsidiary
Guarantors, on the one hand, and the Holders and the Trustee, on the other
hand, (x) the maturity of the Obligations guaranteed hereby may be
accelerated as provided in Article 6 hereof for the purposes of these
Guarantees, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the Obligations guaranteed hereby,
and (y) in the event of any declaration of acceleration of such
Obligations as provided in Article 6 hereof, such Obligations (whether or
not due and payable) shall forthwith become due and payable by the Subsidiary
Guarantors for the purpose of these Guarantees. The Subsidiary Guarantors shall
have the right to seek contribution from any non-paying Subsidiary Guarantor so
long as the exercise of such right does not impair the rights of the Holders
under these Guarantees.

Section 10.02.        Limitation of
Guarantor’s Liability.

Each Subsidiary Guarantor and, by its acceptance hereof, each Holder
hereby confirms that it is its intention that the Guarantee by such Subsidiary
Guarantor not constitute a fraudulent transfer or conveyance for purposes of
the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to the Guarantees. To effectuate the foregoing intention, each such
Person hereby irrevocably agrees that the Obligation of such Subsidiary
Guarantor under its Guarantee under this Article 10 shall be limited to
the maximum amount as shall, after giving effect to such maximum amount and all
other (contingent or otherwise) liabilities of such Subsidiary Guarantor that
are relevant under such laws, and after giving effect to any rights to
contribution of such Subsidiary Guarantor pursuant to any agreement providing
for an equitable contribution among such Subsidiary Guarantor and other
Affiliates of the Issuers of payments made by guarantees by such parties,
result in the Obligations of such Subsidiary Guarantor in respect of such
maximum amount not constituting a fraudulent conveyance. Each Holder, by
accepting the benefits hereof, confirms its intention that, in the event of
bankruptcy, reorganization or other similar proceeding of either of the Issuers
or any Subsidiary Guarantor in which concurrent claims are made upon such
Subsidiary Guarantor hereunder, to the extent such claims shall not be fully satisfied,
each such claimant with a valid claim against such Issuer shall be entitled to
a ratable share of all payments by such Subsidiary Guarantor in respect of such
concurrent claims.

Section 10.03.        Execution and Delivery of Notations of
Guarantees.

To evidence the Guarantees set forth in Section 10.01 hereof, each
Subsidiary Guarantor hereby agrees that a notation of the Guarantees
substantially in the form of Exhibit D shall be endorsed on each Note
authenticated and delivered by the Trustee and that this Indenture shall be
executed on behalf of such Subsidiary Guarantor by one of its Officers.

Each Subsidiary Guarantor hereby agrees that the Guarantees set forth in
Section 10.01 shall remain in full force and effect notwithstanding any failure
to endorse on each Note a

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notation of the
Guarantees. If an Officer whose signature is on this Indenture or on the
notation of Guarantees no longer holds that office at the time the Trustee
authenticates the Note on which the notation of the Guarantees is endorsed, the
Guarantees shall be valid nevertheless.

The delivery of any Note by the Trustee, after the authentication
thereof hereunder, shall constitute due delivery of the Guarantees set forth in
this Indenture on behalf of the Subsidiary Guarantors.

Section 10.04.        [Intentionally
omitted].

Section 10.05.        Releases.

Concurrently with any sale of assets (including, if applicable, all of
the Equity Interests of any Subsidiary Guarantor), any Liens in favor of the
Trustee in the assets sold thereby shall be released; provided that in the
event of an Asset Sale, the Net Proceeds from such sale or other disposition
are treated in accordance with the provisions of Section 4.07 hereof. The
Guarantee and all other obligations under this Indenture of a Subsidiary Guarantor
will be released:  (i) in connection
with any sale or other disposition of all or substantially all of the assets of
such Subsidiary Guarantor (including by way of merger or consolidation) to a
Person that is not (either before or after giving effect to such transaction) a
Restricted Subsidiary, if the Partnership applies the Net Proceeds of that sale
or other disposition in accordance with Section 4.07 hereof; or (ii) in
connection with any sale or other disposition of all of the Equity Interests of
a Subsidiary Guarantor to a Person that is not (either before or after giving
effect to such transaction) a Restricted Subsidiary, if the Partnership applies
the Net Proceeds of that sale in accordance with Section 4.07 hereof; or (iii) if
the Partnership designates any Restricted Subsidiary that is a Subsidiary
Guarantor as an Unrestricted Subsidiary; or (iv) upon Legal Defeasance or
Covenant Defeasance pursuant to Article 8 hereof or upon satisfaction and
discharge of this Indenture pursuant to Article 11 hereof; or (v) in the case of any Subsidiary Guarantor other
than the Operating Company, at such time as such Subsidiary Guarantor ceases to
guarantee any other Indebtedness of either of the Issuers and any Indebtedness
of the Operating Company; or (vi) in the case of the Operating Company, at
such time as the Operating Company ceases to guarantee any other Indebtedness
of either of the Issuers, provided that it is then no longer an obligor with
respect to any Indebtedness under any Credit Facility. Upon delivery by the
Partnership to the Trustee of an Officers’ Certificate to the effect that such
sale or other disposition was made by the Partnership in accordance with the
provisions of this Indenture, including without limitation Section 4.07
hereof, or such Guarantee is to be released pursuant to the provisions of the
immediately preceding sentence, the Trustee shall execute any documents
reasonably required in order to evidence the release of any Subsidiary
Guarantor from all of its obligations under its Guarantee and this Indenture. Any
Subsidiary Guarantor not released from its obligations under its Guarantee
shall remain liable for the full amount of principal of and interest on the
Notes and for the other obligations of any Subsidiary Guarantor under this
Indenture as provided in this Article 10.

Section 10.06.        “Trustee” to
Include Paying Agent.

In case at any time any Paying Agent other than the Trustee shall have
been appointed by the Issuers and be then acting hereunder, the term “Trustee”
as used in this Article 10 shall in

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such case
(unless the context shall otherwise require) be construed as extending to and
including such Paying Agent within its meaning as fully and for all intents and
purposes as if such Paying Agent were named in this Article 10 in place of
the Trustee.

ARTICLE 11

SATISFACTION AND DISCHARGE

Section 11.01.        Satisfaction
and Discharge.

This Indenture shall upon the request of the Issuers cease to be of
further effect (except as to surviving rights of registration of transfer or
exchange of Notes herein expressly provided for, the Issuers’ obligations under
Section 7.07 hereof, the Issuers’ rights of optional redemption under Article 3
hereof, and the Trustee’s and the Paying Agent’s obligations under Section 11.02
and 11.03 hereof) and the Trustee, at the expense of the Issuers, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture
when

(a)           either

(i)            all Notes theretofore authenticated and delivered
(other than (A) Notes which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 2.07 and (B) Notes
for whose payment money has been deposited in trust with the Trustee or any
Paying Agent and thereafter paid to the Issuers or discharged from such trust)
have been delivered to the Trustee for cancellation; or

(ii)           all such Notes not theretofore delivered to the
Trustee for cancellation

(A)          have become due and payable; or

(B)           shall become due and payable at their Stated
Maturity within one year by reason of the mailing of a notice of redemption or
otherwise, or

(C)           are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Issuers,

and the Issuers or any Subsidiary Guarantor, in the case of clause (A), (B) or
(C) above, has irrevocably deposited or caused to be deposited with the
Trustee as trust funds in trust for the benefit of the Holders, cash in U.S.
dollars, U.S. Government Obligations or a combination of cash in U.S. dollars
and U.S. Government Obligations, in amounts as will be sufficient without
consideration of any reinvestment of interest, to pay and discharge the entire
indebtedness on the Notes not delivered to the Trustee for cancellation for
principal, premium, if any, and accrued interest to the date of fixed maturity
or redemption;

(b)           no Default or
Event of Default shall have occurred and be continuing on the date of such
deposit or will occur as a result of such deposit and such deposit will not
result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other

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than this Indenture) to which the Partnership or any of its
Subsidiaries is a party or by which the Partnership or any of its Subsidiaries
is bound; and

(c)           the Issuers
or any Subsidiary Guarantor has paid or caused to be paid all sums then due and
payable hereunder by the Issuers;

(d)           the Issuers
have delivered irrevocable instructions to the Trustee to apply the deposited
money toward the payment of the Notes at fixed maturity or the redemption date,
as the case may be; and

(e)           the Issuers
have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture (“Discharge”)
have been satisfied.

Notwithstanding the satisfaction and discharge of this Indenture, the
Issuers’ obligations in Sections 2.03, 2.04, 2.06, 2.07, 2.11, 7.07, 7.08, 11.02,
11.03 and 11.04, and the Trustee’s and Paying Agent’s obligations in Section 11.03
shall survive until the Notes are no longer outstanding. Thereafter, only the
Issuers’ obligations in Section 11.03 shall survive.

In order to have money available on a payment date to pay principal (and
premium, if any, on) or interest on the Notes, the U.S. Government Obligations
shall be payable as to principal (and premium, if any) or interest at least one
Business Day before such payment date in such amounts as shall provide the
necessary money. The U.S. Government Obligations shall not be callable at the
issuer’s option.

Section 11.02.        Application
of Trust.

All money deposited with the Trustee pursuant to Section 11.01
shall be held in trust and, at the written direction of the Issuers, be
invested prior to maturity in U.S. Government Obligations, and applied by the
Trustee in accordance with the provisions of the Notes and this Indenture, to
the payment, either directly or through any Paying Agent as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest for the payment of which money has been deposited with the
Trustee; but such money need not be segregated from other funds except to the
extent required by law.

Section 11.03.        Repayment of the Issuers.

The Trustee and the Paying Agent shall promptly pay to the Issuers upon
written request any excess money or securities held by them at any time.

Subject to applicable escheat laws, the Trustee and the Paying Agent
shall notify the Issuers of, and pay to the Issuers upon written request, any
money held by them for the payment of principal or interest that remains
unclaimed for two years after the date upon which such payment shall have
become due; provided that the Issuers shall have either caused notice of such
payment to be mailed to each Holder of the Notes entitled thereto no less than
30 days prior to such repayment or within such period shall have published such
notice in a financial newspaper of widespread circulation published in The City
of New York, including, without limitation, The
Wall Street Journal (national edition). After payment to the Issuers,
Holders entitled to the

 91
 

 

 

money must look
to the Issuers for payment as general creditors unless an applicable abandoned
property law designates another Person, and all liability of the Trustee and
such Paying Agent with respect to such money shall cease. In the absence of a
written request from the Issuers to return unclaimed funds to the Issuers, the
Trustee shall from time to time deliver all unclaimed funds to or as directed
by applicable escheat authorities, as determined by the Trustee in its sole
discretion, in accordance with the customary practices and procedures of the
Trustee.

Section 11.04.        Reinstatement.

If the Trustee or Paying Agent is unable to apply any money or U.S.
Government Obligations in accordance with Section 11.01 by reason of any
legal proceeding or by reason of any order or judgment of any court of
governmental authority enjoining, restraining or otherwise prohibiting such
application, the Issuers’ and Subsidiary Guarantors’ Obligations under this
Indenture, the Notes and the Guarantees, as applicable, shall be revived and
reinstated as though no deposit has occurred pursuant to Section 11.01
until such time as the Trustee or Paying Agent is permitted to apply all such
money or U.S. Government Obligations in accordance with Section 11.02,
provided, however, that if the Issuers or the Subsidiary Guarantors have made
any payment of interest or premium, if any, on or principal of any Notes
because of the reinstatement of their Obligations, the Issuers or such
Subsidiary Guarantors shall be subrogated to the rights of the Holders of such
Notes to receive such payment from the money or U.S. Government Obligations
held by the Trustee or Paying Agent.

ARTICLE 12

MISCELLANEOUS

Section 12.01.        Trust
Indenture Act Controls.

If any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by TIA Section 318(c), the imposed duties shall
control.

Section 12.02.        Notices.

Any notice or communication by the Issuers or the Trustee to the others
is duly given if in writing (in the English language) and delivered in person
or mailed by first class mail (registered or certified, return receipt
requested), telecopier or overnight air courier guaranteeing next day delivery,
to the others’ address:

If to the Issuers or any Subsidiary Guarantor:

Prior to July 15, 2006:

MarkWest Energy
Partners, L.P.

155 Inverness Drive West, Suite 200

Englewood, Colorado  80112

Telecopier No.: (303) 925-9307

Attention: Chief Financial Officer

 92
 

 

 

On or after July 15, 2006:

MarkWest Energy
Partners, L.P.

1515 Arapahoe St., Tower II, Suite 700

Denver, Colorado  80202

Attention: Chief Financial Officer

With a copy to:

Vinson &
Elkins L.L.P.

2300 First City Tower

1001 Fannin St.

Houston, Texas  77002

Telecopier No.: (713) 615-5861

Attention: David P. Oelman, Esq.

If to the Trustee or Paying Agent:

Wells Fargo
Bank, National Association

505 Main Street, Suite 301

Fort Worth, Texas  76102

Attention:  Corporate Trust Department

Telecopier No.:  (817) 885-8650

The Issuers, any Subsidiary Guarantor or the Trustee, by notice to the
others may designate additional or different addresses for subsequent notices
or communications.

All notices and communications (other than those sent to Holders) shall
be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when receipt is acknowledged, if sent by facsimile
transmission; and the next Business Day after timely delivery to the courier,
if sent by overnight air courier guaranteeing next day delivery.

Any notice or communication to a Holder shall be mailed by first class
mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register
kept by the Registrar. Any notice or communication shall also be so mailed to
any Person described in TIA Section 313(c), to the extent required by the
TIA. Failure to mail a notice or communication to a Holder or any defect in it
shall not affect its sufficiency with respect to other Holders.

If a notice or communication is mailed in the manner provided above
within the time prescribed, it is duly given, whether or not the addressee
receives it.

If either of the Issuers mails a notice or communication to Holders, it
shall mail a copy to the Trustee and each Agent at the same time.

 93
 

 

 

Section 12.03.        Communication
by Holders of Notes with Other Holders of Notes.

The Trustee is subject to TIA Section 312(b), and Holders may
communicate pursuant thereto with other Holders with respect to their rights
under this Indenture or the Notes. The Issuers, the Subsidiary Guarantors, the
Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c).

Section 12.04.        Certificate
and Opinion as to Conditions Precedent.

Upon any request or application by the Issuers or any Subsidiary
Guarantor to the Trustee to take any action under this Indenture, the Issuers
or such Subsidiary Guarantors shall furnish to the Trustee:

(a)           an Officers’
Certificate in form and substance reasonably satisfactory to the Trustee (which
shall include the statements set forth in Section 12.05 hereof) stating
that, in the opinion of the signers, all conditions precedent and covenants, if
any, provided for in this Indenture relating to the proposed action have been
satisfied; and

(b)           an Opinion of
Counsel in form and substance reasonably satisfactory to the Trustee (which
shall include the statements set forth in Section 12.05 hereof) stating
that, in the opinion of such counsel, all such conditions precedent and
covenants have been satisfied.

In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more such Persons as to other matters, and any such Person may certify or
give an opinion as to such matters in one or several documents.

Any certificate or opinion of an Officer of the General Partner, an
Issuer or any Subsidiary Guarantor may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel,
unless such Officer knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to the matters
upon which his certificate or opinion is based are erroneous. Any such
certificate or Opinion of Counsel may be based, and may state that it is so
based, insofar as it relates to factual matters, upon a certificate or opinion
of, or representations by, an Officer or Officers of the General Partner, an
Issuer or such Subsidiary Guarantor stating that the information with respect
to such factual matters is in possession of the General Partner, an Issuer or
such Subsidiary Guarantor, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate of opinion or representations
with respect to such matters are erroneous.

Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

 94
 

 

 

Section 12.05.        Statements
Required in Certificate or Opinion.

Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA
Section 314(e) and shall include:

(a)           a statement
that the person making such certificate or opinion has read such covenant or
condition;

(b)           a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based;

(c)           a statement
that, in the opinion of such person, he or she has made such examination or
investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been satisfied; and

(d)           a statement
as to whether or not, in the opinion of such person, such condition or covenant
has been complied with.

Section 12.06.        Rules by
Trustee and Agents.

The Trustee may make reasonable rules for action by or at a meeting
of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions.

Section 12.07.        No Personal
Liability of Directors, Officers, Employees and Unitholders and No Recourse Against
General Partner.

Neither the General Partner nor any past, present or future director,
officer, partner, employee, incorporator, manager or unitholder or other owner
of Equity Interests of the Issuers, the General Partner or any Subsidiary
Guarantor, as such, shall have any liability for any Obligations of the Issuers
or the Subsidiary Guarantors under the Notes, this Indenture or the Guarantees
or for any claim based on, in respect of, or by reason of, such Obligations or
their creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of
the Notes.

Section 12.08.        Governing
Law.

THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE
THIS INDENTURE, THE NOTES AND THE GUARANTEES.

Section 12.09.        No Adverse
Interpretation of Other Agreements.

This Indenture may not be used to interpret any other indenture, loan or
debt agreement of either of the Issuers or any Subsidiary of the Partnership or
of any other Person. Any such indenture, loan or debt agreement may not be used
to interpret this Indenture or the Guarantees.

 95
 

 

 

Section 12.10.        Successors.

All agreements of the Issuers and the Subsidiary Guarantors in this
Indenture, the Notes and the Guarantees shall bind their respective successors.
All agreements of the Trustee in this Indenture shall bind its successors.

Section 12.11.        Severability.

In case any provision in this Indenture, the Notes or the Guarantees
shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

Section 12.12.        Counterpart
Originals.

The parties may sign any number of copies of this Indenture. Each signed
copy shall be an original, but all of them together represent the same
agreement.

Section 12.13.        Table
of Contents, Headings, Etc.

The Table of Contents, Cross-Reference Table and headings of the
Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and shall in
no way modify or restrict any of the terms or provisions hereof.

[Signatures on following pages]

 96

 

 

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

 

Issuers:

 

MARKWEST ENERGY PARTNERS, L.P.

	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its general partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  	
   

  
	
   

  	
  Name:

  	
  James G. Ivey

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  	
   

  

 

MARKWEST ENERGY FINANCE
CORPORATION

	
  By:

  	
  /s/ James G. Ivey

  	
   

  
	
  Name:

  	
  James G. Ivey

  	
   

  
	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  	
   

  

 

 97
 

 

 

	
  

  	
   

  	
   

  	
  Subsidiary Guarantors:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MARKWEST ENERGY OPERATING COMPANY, L.L.C.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MARKWEST ENERGY PARTNERS,

  L.P., its  Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MARKWEST ENERGY GP, L.L.C., its 

  General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
   

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
   

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BASIN PIPELINE L.L.C.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MarkWest Energy Operating Company, 

  L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MARKWEST ENERGY PARTNERS, 

  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MARKWEST ENERGY GP, L.L.C., its 

  General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
   

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
   

  	
  Senior Vice President and Chief Financial Officer

  

 

 98
 

 

 

	
  

  	
  WEST SHORE PROCESSING COMPANY, L.L.C.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MarkWest Energy Operating Company, 

  L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MARKWEST ENERGY PARTNERS,

  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MARKWEST ENERGY GP, L.L.C., 

  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
   

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
   

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MARKWEST ENERGY APPALACHIA, L.L.C.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MarkWest Energy Operating Company, 

  L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MARKWEST ENERGY PARTNERS, 

  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MARKWEST ENERGY GP, L.L.C., 

  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
   

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
   

  	
  Senior Vice President and Chief Financial Officer

  

 

 99
 

 

 

	
  

  	
  MARKWEST TEXAS GP, L.L.C.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MarkWest Energy Operating Company, 

  L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MARKWEST ENERGY PARTNERS, 

  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MARKWEST ENERGY GP, L.L.C., 

  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
   

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
   

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MW TEXAS LIMITED, L.L.C.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MarkWest Energy Operating

  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MARKWEST ENERGY PARTNERS, 

  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  MARKWEST ENERGY GP, L.L.C.,

  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
   

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
   

  	
  Senior Vice President and Chief Financial Officer

  

 

 100

 

	
  

  	
   

  	
  MARKWEST MICHIGAN PIPELINE COMPANY, L.L.C.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MARKWEST WESTERN OKLAHOMA GAS

  
	
   

  	
   

  	
  COMPANY, L.L.C.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  

 

 

 

	
  

  	
   

  	
  MARKWEST NEW MEXICO, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MARKWEST PINNACLE L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

	
  

  	
   

  	
  MARKWEST PNG UTILITY, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MARKWEST TEXAS PNG UTILITY, L.P.

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

	
  

  	
   

  	
  MARKWEST BLACKHAWK, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MARKWEST POWER TEX L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

	
  

  	
   

  	
  MARKWEST ENERGY EAST TEXAS GAS COMPANY, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MARKWEST PIPELINE COMPANY, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

	
  

  	
   

  	
  MARKWEST JAVELINA HOLDING COMPANY, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MARKWEST JAVELINA PIPELINE HOLDING, L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

 

	
  

  	
   

  	
  MARKWEST JAVELINA COMPANY

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST JAVELINA HOLDING

  
	
   

  	
   

  	
   

  	
   

  	
  COMPANY, L.P. and MARKWEST JAVELINA PIPELINE
  COMPANY, its owners

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  their general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MARKWEST JAVELINA PIPELINE COMPANY

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST JAVELINA HOLDING

  
	
   

  	
   

  	
   

  	
   

  	
  COMPANY, L.P. and MARKWEST JAVELINA PIPELINE
  COMPANY, its owners

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  their general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating

  
	
   

  	
   

  	
   

  	
   

  	
  Company, L.L.C., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS,

  
	
   

  	
   

  	
   

  	
   

  	
  L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C.,

  
	
   

  	
   

  	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  

 

 

 

	
   

  	
  Trustee:

  
	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nancye Patterson

  
	
   

  	
  Name:

  	
  Nancye Patterson

  
	
   

  	
  Title:

  	
  Vice President

  

 

 

SCHEDULE A

Schedule of Subsidiary Guarantors

MarkWest Energy Operating
Company, L.L.C.

Basin Pipeline L.L.C.

West Shore Processing
Company, L.L.C.

MarkWest Energy
Appalachia, L.L.C.

MarkWest Texas GP, L.L.C.

MW Texas Limited, L.L.C.

MarkWest Michigan Pipeline
Company, L.L.C.

MarkWest Western Oklahoma
Gas Company, L.L.C.

MarkWest Power Tex L.P.

MarkWest Pinnacle L.P.

MarkWest PNG Utility,
L.P.

MarkWest Texas PNG
Utility, L.P.

MarkWest Blackhawk, L.P.

MarkWest New Mexico, L.P.

MarkWest Energy East
Texas Gas Company, L.P.

MarkWest Pipeline
Company, L.P.

MarkWest Javelina Company

MarkWest Javelina Holding
Company, L.P.

MarkWest Javelina
Pipeline Company

MarkWest Javelina
Pipeline Holding, L.P.

 1
 

 

 

SCHEDULE B

Certain Agreements

1.                                       Omnibus Agreement dated as of May 24,
2002, between MarkWest Hydrocarbon, Inc., MarkWest Energy Partners, L.P.,
MarkWest Energy GP, L.L.C. and MarkWest Energy Operating Company, L.L.C.

2.                                       Fractionation, Storage and
Loading Agreement dated as of May 24, 2002, between MarkWest Energy
Appalachia, L.L.C. and MarkWest Hydrocarbon, Inc.

3.                                       Gas Processing Agreement dated
as of May 24, 2002, between MarkWest Energy Appalachia, L.L.C. and
MarkWest Hydrocarbon, Inc.

4.                                       Pipeline Liquids Transportation
Agreement dated as of May 24, 2002, between MarkWest Energy Appalachia,
L.L.C. and MarkWest Hydrocarbon, Inc.

5.                                       Natural Gas Liquids Purchase
Agreement dated as of May 24, 2002, between MarkWest Energy Appalachia,
L.L.C. and MarkWest Hydrocarbon, Inc.

6.                                       Gas Processing Agreement
(Maytown) dated as of May 28, 2002, between Equitable Production Company
and MarkWest Hydrocarbon, Inc

7.                                       Amendment to Gas Processing
Agreement (Maytown) dated as of March 26, 2002, between Equitable
Production Company and MarkWest Hydrocarbon, Inc.

8.                                       Services Agreement dated as of January 1,
2004, by and between MarkWest Energy GP, L.L.C. and MarkWest Hydrocarbon, Inc.

9.                                       Agreement for Construction and
Removal dated as of October 10, 2003, between MarkWest Hydrocarbon, Inc.
and MarkWest Energy Appalachia, L.L.C.

 

 2

 

EXHIBIT
A

(Face of Note)

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS
DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON
UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE
INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED PURSUANT TO SECTION 2.06(a) OF
THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE ISSUERS.(1)

(1)             This
is included in Global Notes only.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUERS OR THEIR AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.(1)

(1)             This
is included in Global Notes only.

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR
ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF
SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF,
AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR

 

 1
 

 

 

TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS [IN THE CASE OF NOTES SOLD IN RELIANCE ON RULE 144A
UNDER THE SECURITIES ACT:  TWO
YEARS] [IN THE CASE OF NOTES SOLD IN RELIANCE ON REGULATION
S UNDER THE SECURITIES ACT: 40 DAYS] AFTER THE LATER OF THE ORIGINAL
ISSUE DATE HEREOF AND THE LAST DATE ON WHICH EITHER ISSUER OR ANY AFFILIATE OF
EITHER ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY), ONLY (A) TO AN ISSUER OR ITS SUBSIDIARY, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT,
(C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON
RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED
STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL
ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM
PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT
WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO
THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (C), (D), (E) OR (F) TO REQUIRE THE DELIVERY OF
AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO
EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER
THE RESALE RESTRICTION TERMINATION DATE.(2)

(2)             Legend appears only
on the Series A Notes.

	
  

  	
   

  	
  CUSIP:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  81⁄2% [Series A] [Series B] Senior Notes due
  2016

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  No.

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

MARKWEST ENERGY PARTNERS, L.P.

and

MARKWEST ENERGY FINANCE CORPORATION

 2
 

 

 

promise to pay to                       or registered assigns, the principal sum of                        Dollars of the United States of America [or
such greater or lesser amount as may from time to time be endorsed on the
Schedule of Exchanges of Interests in the Global Note](1) on July 15,
2016.

(3)             This
is included in Global Notes only.

Interest
Payment Dates: January 15 and July 15 of each year

Record Dates: December 31
and June 30

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

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

	
  MARKWEST ENERGY FINANCE
  CORPORATION

  	
   

  	
  MARKWEST ENERGY PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy GP, L.L.C.,

  its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Name:

  	
   

  	
   

  	
  Name:

  
	
  Title:

  	
   

  	
   

  	
  Title:

  

 

 

Certificate of
Authentication:

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

WELLS FARGO
BANK, NATIONAL ASSOCIATION, as Trustee

	
  By:

  	
   

  	
   

  
	
  Authorized Signatory

  
	
   

  
	
  Date of
  Authentication:                   ,

  

 

 3

 

[Back of Note]

81⁄2% [Series A] [Series B] Senior Note due 2016

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

1.    Interest. MarkWest Energy
Partners, L.P., a Delaware limited partnership (the “Partnership”), and
MarkWest Energy Finance Corporation, a Delaware corporation (“MarkWest Finance”
and, together with the Partnership, the “Issuers”), promise to pay interest on
the principal amount of this Note at 81⁄2% per annum and shall pay any Additional
Interest payable pursuant to Section     of the
Registration Rights Agreement referred to below. The Issuers will pay interest
(including Additional Interest, if any) semi-annually on January 15 and July 15
of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each an “Interest Payment Date”). Interest on the Notes will
accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from                       ,
         ; provided that if there
is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided, further, that the first Interest
Payment Date shall be January 15, 2007. The Issuers shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law)
on overdue principal and premium, if any, from time to time on demand at the
rate then in effect; the Issuers shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (including Additional Interest, if any), without regard to any
applicable grace periods, from time to time on demand at the same rate to the
extent lawful. Interest will be computed on the basis of a 360-day year
comprised of twelve 30-day months.

2.    Method of Payment. The
Issuers will pay interest (including Additional Interest, if any) on the Notes
(except defaulted interest) to the Persons who are registered Holders of Notes
at the close of business on the December 31 or June 30 next preceding the Interest Payment Date, even if such
Notes are cancelled after such record date and on or before such Interest
Payment Date, except as provided in Section 2.12 of the Indenture with
respect to defaulted interest. The Notes will be payable as to principal,
premium and interest (including Additional Interest, if any) at the office or
agency of the Paying Agent maintained for such purpose within the City and
State of New York, or, at the option of the Issuers, payment of interest
(including Additional Interest, if any) may be made by check mailed to the Holders
at their addresses set forth in the register of Holders, and provided that
payment by wire transfer of immediately available funds will be required with
respect to principal of, interest (including Additional Interest, if any) and
premium on, all Global Notes and all other Notes the Holders of which shall
have provided wire transfer instructions to the Issuers or the Paying Agent. Such
payment shall be in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.

3.    Paying Agent and Registrar. Initially,
Wells Fargo Bank, National Association, the Trustee under the Indenture, will
act as Paying Agent and Registrar. The Issuers may change

 4
 

 

any Paying Agent or Registrar without prior notice to
any Holder. The Issuers or any of their Subsidiaries may act in any such
capacity.

4.    Indenture. The Issuers issued
the Notes under an Indenture dated as of July 6, 2006 (“Indenture”)
among the Issuers, the Subsidiary Guarantors and the Trustee. The terms of the
Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S.
Code Sections 77aaa-77bbbb). The Notes are subject to all such terms, and
Holders are referred to the Indenture and such Act for a statement of such
terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and
be controlling to the extent permitted by law. The Notes are unsecured general
obligations of the Issuers.

5.    Optional Redemption. Subject
to the additional terms and conditions set forth in the Indenture:

(a)           On and after July 15,
2011, the Issuers shall have the option to redeem the Notes, in whole or in
part from time to time, on at least 30 but not more than 60 days’ prior notice
mailed to the registered address of each Holder of Notes to be so redeemed, at
the redemption prices (expressed as percentages of principal amount) set forth
below, plus accrued and unpaid interest (including Additional Interest, if
any), if any, to the applicable redemption date (subject to the rights of
Holders of record on the relevant record date to receive interest due on an
Interest Payment Date that is on or prior to the redemption date), if redeemed
during the twelve-month period beginning on July 15 of the years indicated
below:

	
  YEAR

  	
   

  	
  PERCENTAGE

  	
   

  
	
  2011

  	
   

  	
  104.250

  	
  %

  
	
  2012

  	
   

  	
  102.833

  	
  %

  
	
  2013

  	
   

  	
  101.417

  	
  %

  
	
  2014 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(b)           Before July 15,
2011, the Issuers may redeem all or, from time to time, a part of the Notes
upon not less than 30 nor more than 60 days’ notice, at a redemption price
equal to:

(i)            100% of the aggregate principal amount of the
Notes to be redeemed, plus accrued and unpaid interest, if any, to the
applicable redemption date (subject to the right of Holders of record on the
relevant record date to receive interest due on an Interest Payment Date that
is on or prior to the redemption date), plus

(ii)           the Make Whole Amount.

(c)           Before July 15,
2009, the Issuers may on any one or more occasions redeem in the aggregate up
to 35% of the aggregate principal amount of Notes issued under the Indenture
with the net cash proceeds of one or more Equity Offerings at a redemption
price equal to 108.500% of the principal amount of the Notes to be redeemed,
plus accrued and unpaid interest, if any, to the redemption date (subject to
the right of Holders of record on a record date to receive interest due on the
relevant Interest Payment Date that is on or prior to the redemption date);
provided that

 5
 

 

(i)            at least 65% of the aggregate principal amount of
Notes issued under the Indenture remains outstanding after each such
redemption; and

(ii)           any redemption occurs within 60 days after the
closing of such Equity Offering (without regard to any over-allotment option).

6.    Mandatory Redemption. Except
as set forth in paragraph 7 below, the Issuers shall not be required to make
mandatory redemption payments with respect to the Notes.

7.    Repurchase at Option of
Holder. Subject to the additional terms and conditions set forth in the
Indenture:

(a)           If there is a
Change of Control, each Holder of Notes will have the right to require the
Issuers to repurchase all or any part (equal to $1,000 or an integral multiple
thereof) of such Holder’s Notes (the “Change of Control Offer”) at a purchase
price equal to 101% of the aggregate principal amount of the Notes repurchased
plus accrued and unpaid interest (including Additional Interest, if any)
thereon, if any, to the date of purchase. Within 30 days following any Change
of Control, the Issuers shall mail a notice to each Holder setting forth the
procedures governing the Change of Control Offer as required by the Indenture
and information regarding such other matters as is required under Section 4.06
of the Indenture. The Holder of this Note may elect to have this Note or a
portion hereof in an authorized denomination purchased by completing the form
entitled “Option of Holder to Elect Purchase” appearing below and tendering
this Note pursuant to the Change of Control Offer.

(b)           If the
Issuers or any Restricted Subsidiary of the Partnership consummates an Asset
Sale, in certain circumstances specified in Section 4.07 of the Indenture
the Issuers shall commence a pro rata offer to all Holders of Notes and all
holders of other Indebtedness that is pari passu in right of payment with the
Notes containing provisions similar to those set forth in the Indenture with
respect to offers to purchase or redeem with the proceeds of sales of assets
(an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture to
purchase the maximum principal amount of Notes and such other pari passu
Indebtedness that may be purchased out of the Excess Proceeds at an offer price
in cash in an amount equal to 100% of the principal amount thereof plus accrued
and unpaid interest (including Additional Interest, if any, in the case of the
Notes) thereon, if any, to the date of purchase in accordance with the procedures
set forth in the Indenture. If the aggregate principal amount of Notes
surrendered by Holders thereof exceeds the amount of Excess Proceeds allocated
for repurchase of Notes, the Trustee shall select the Notes to be purchased on
a pro rata basis. Holders of Notes that are the subject of an Asset Sale Offer
will receive an offer to purchase from the Issuers prior to any related
purchase date and may elect to have such Notes purchased by completing the form
entitled “Option of Holder to Elect Purchase” on the reverse of the Notes.

8.    Notice of Redemption. Notice
of redemption will be mailed at least 30 days but not more than 60 days before
the redemption date to each Holder whose Notes are to be redeemed at its
registered address. Notes in denominations larger than $1,000 may be redeemed
in part but only in whole multiples of $1,000, unless all of the Notes held by
a Holder are to be redeemed. On and after the redemption date interest
(including Additional Interest, if any)

 6
 

 

ceases to accrue on Notes or portions thereof called
for redemption unless the Issuers defaults in making such redemption payment.

9.    Denominations, Transfer,
Exchange. The Notes are in registered form without coupons in denominations of
$1,000 and integral multiples of $1,000. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Issuers may require a
Holder to pay any taxes and fees required by law or permitted by the Indenture.
The Issuers need not exchange or register the transfer of any Note or portion
of a Note selected for redemption, except for the portion of any Note being
redeemed in part that is not being redeemed. Also, the Issuers need not
exchange or register the transfer of any Notes for a period of 15 days before
the mailing of a notice of redemption or during the period between a record
date and the corresponding Interest Payment Date.

10.  Persons Deemed Owners. The
registered Holder of a Note may be treated as its owner for all purposes.

11.  Amendment, Supplement and
Waiver. Subject to certain exceptions, the Indenture, the Guarantees or the
Notes may be amended or supplemented with the consent of the Holders of at
least a majority in aggregate principal amount of the then outstanding Notes,
and any existing default or compliance with any provision of the Indenture, the
Guarantees or the Notes may be waived with the consent of the Holders of a majority
in aggregate principal amount of the then outstanding Notes. Without the
consent of any Holder of a Note, the Indenture, the Guarantees or the Notes may
be amended or supplemented to cure any ambiguity, defect or inconsistency, to
provide for uncertificated Notes in addition to or in place of certificated
Notes, to provide for the assumption of an Issuer’s or a Subsidiary Guarantor’s
obligations to Holders of the Notes in case of a merger or consolidation or
sale of all or substantially all of such Issuer’s assets, to add or release
Subsidiary Guarantors pursuant to the terms of the Indenture, to make any
change that would provide any additional rights or benefits to the Holders of
the Notes or surrender any right or power conferred upon the Issuers or the
Subsidiary Guarantors by the Indenture that does not adversely affect the
rights under the Indenture of any such Holder, to provide for the issuance of
additional Notes in accordance with the limitations set forth in the Indenture,
to comply with the requirements of the SEC in order to effect or maintain the
qualification of the Indenture under the Trust Indenture Act, to evidence or
provide for the acceptance of appointment under the Indenture of a successor
Trustee, to add additional Events of Default or to secure the Notes and/or the
Guarantees.

12.  Defaults and Remedies. Events
of Default include in summary form: (i) default for 30 days in the payment
when due of interest on, including Additional Interest, if any, with respect
to, the Notes; (ii) default in payment when due of the principal of or
premium, if any, on the Notes; (iii) failure by the Partnership or any of
its Restricted Subsidiaries to comply with Section 5.01 of the Indenture; (iv) failure
by the Partnership to comply with the provisions described under Section 3.09,
4.06, 4.07, 4.08, 4.09, 4.10, 4.11. 4.12, 4.13, 4.14, 4.15, 4.16 or 4.17 of the
Indenture for 30 days or under Section 4.18 of the Indenture for 90 days,
in each case after notice to the Issuers by the Trustee or to the Issuers and
Trustee by Holders of at least 25% in aggregate principal amount of the Notes
then outstanding (provided that no such notice need be given, and an Event of
Default shall occur, 30 days after a failure to comply with the

 7
 

 

covenants in Section 4.08 or 4.09 of the
Indenture, unless theretofore cured), in each case other than a failure to
purchase Notes which will constitute an Event of Default under clause (ii) above;
(v) failure by the Partnership to comply with any of its other agreements
in the Indenture for 60 days after notice to the Issuers by the Trustee or to
the Issuers and Trustee by Holders of at least 25% in aggregate principal
amount of the Notes then outstanding; (vi) default under any mortgage,
indenture or instrument under which there may be issued or by which there may
be secured or evidenced any Indebtedness for money borrowed by an Issuer or any
Restricted Subsidiary of the Partnership (or the payment of which is guaranteed
by an Issuer or any Restricted Subsidiary of the Partnership), whether such
Indebtedness or guarantee now exists, or is created after the date of the
Indenture, if that default (a) is caused by a failure to pay principal of
or premium, if any, or interest on such Indebtedness prior to the expiration of
the grace period provided in such Indebtedness (a “Payment Default”) or (b) results
in the acceleration of such Indebtedness prior to its express maturity and, in
each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a
Payment Default or the maturity of which has been so accelerated, aggregates
$20.0 million or more; provided that if any such default is cured or waived or
any such acceleration rescinded, or such Indebtedness is repaid, within a
period of 30 days from the continuation of such default beyond the applicable
grace period or the occurrence of such acceleration, as the case may be, such
Event of Default and any consequential acceleration of the Notes shall be automatically
rescinded, so long as such rescission does not conflict with any judgment or
decree; (vii) the failure by an Issuer or any Restricted Subsidiary of the
Partnership to pay final judgments by courts of competent jurisdiction
aggregating in excess of $20.0 million, which judgments are not paid,
discharged or stayed for a period of 60 days; (viii) except as permitted
by the Indenture, any Guarantee of a Subsidiary Guarantor shall be held in any
judicial proceeding to be unenforceable or invalid or shall cease for any
reason to be in full force and effect or any Subsidiary Guarantor, or any
Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm
its obligations under its Guarantee; and (ix) certain events of bankruptcy
or insolvency with respect to an Issuer or any Restricted Subsidiary of the
Partnership that is a Significant Subsidiary or any group of Restricted
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary.
If any Event of Default occurs and is continuing, the Trustee may or at the
request of the Holders of at least 25% in aggregate principal amount of the
then outstanding Notes shall declare all the Notes to be due and payable. Notwithstanding
the foregoing, in the case of an Event of Default arising from certain events
of bankruptcy or insolvency, with respect to an Issuer, all outstanding Notes
will become due and payable without further action or notice. Holders may not
enforce the Indenture or the Notes except as provided in the Indenture. Subject
to certain limitations, Holders of a majority in aggregate principal amount of
the then outstanding Notes may direct the Trustee in its exercise of any trust
or power. The Trustee may withhold from Holders of the Notes notice of any
continuing Default or Event of Default (except a Default or Event of Default
relating to the payment of principal or interest) if it determines that
withholding notice is in their interest.

The Holders of a majority in aggregate principal amount of the Notes
then outstanding by notice to the Trustee may on behalf of the Holders of all
of the Notes waive any existing Default or Event of Default and its
consequences under the Indenture except a continuing Default or Event of
Default in the payment of interest (including Additional Interest, if any) on,
or the principal or premium, if any, of the Notes. The Issuers and the
Subsidiary Guarantors are required to deliver to the Trustee annually a
statement regarding compliance with the Indenture,

 8
 

 

and the Issuers are required upon becoming aware of
any Default or Event of Default, to deliver to the Trustee a statement
specifying such Default or Event of Default.

13.  Trustee Dealings with
Partnership. The Trustee, in its commercial banking or any other capacity, may
make loans to, accept deposits from, and perform services for the Partnership
or its Affiliates, and may otherwise deal with the Partnership or its
Affiliates, as if it were not the Trustee.

14.  No personal liability of directors, officers,
employees and unitholders and no recourse against General Partner. Neither
the General Partner nor any past, present or future director, officer, partner,
employee, incorporator, manager or unitholder or other owner of Equity
Interests of the Issuers, the General Partner or any Subsidiary Guarantor, as
such, shall have any liability for any Obligations of the Issuers or the
Subsidiary Guarantors under the Notes, the Indenture or the Guarantees or for
any claim based on, in respect of, or by reason of, such Obligations or their
creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of
the Notes.

15.
 Authentication. This Note shall not be
valid until authenticated by the manual signature of the Trustee or an
authenticating agent.

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

17.  Additional Rights and
Obligations of Holders of Restricted Global Notes and Restricted Certificated
Notes. In addition to the rights provided to Holders of Notes under the
Indenture, Holders of Restricted Global Notes and Restricted Certificated Notes
shall have all the rights and obligations set forth in the Registration Rights
Agreement dated as of                         ,
        , among the Issuers, the
Subsidiary Guarantors and the parties named on the signature pages thereof
(the “Registration Rights Agreement”).

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

 9
 

 

Requests may be
made to:

Prior to July 15, 2006:

MarkWest Energy
Partners, L.P.

155 Inverness Drive West, Suite 200

Englewood, Colorado  80112

Attention: Chief Financial Officer

On or after July 15, 2006:

MarkWest Energy
Partners, L.P.

1515 Arapahoe St., Tower II, Suite 700

Denver, Colorado  80202

Attention: Chief Financial Officer

 10

 

[FORM OF ASSIGNMENT]

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

	
  

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

  
	
   

  
	
   

  
	
  (Print or type
  name, address and zip code of assignee)

  
	
   

  
	
  and irrevocably appoint

  	
   

  
	
  to transfer this Note on the books of the Issuers.
  The agent may substitute another to act for him.

  
	
   

  
	
  Date:

  	
   

  	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
  (Sign exactly as name appears on the other side of
  this Note)

  
	
   

  	
   

  	
   

  
	
  Signature
  Guarantee*

  
						

*                                         NOTICE: The Signature
must be guaranteed by an Institution which is a member of one of the following
recognized signature Guarantee Programs:

(i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The
New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange
Medallion Program (SEMP); or (iv) in such other guarantee program
acceptable to the Trustee.

 11
 

 

OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Note purchased by the Issuers pursuant
to Sections 3.09 and 4.07 or Section 4.06 of the Indenture, check the box
below:

	
  [ ] Sections 3.09 and 4.07

  	
   

  	
  [ ]
  Section 4.06

  

 

If you want to elect to have only part of the Note purchased by the
Issuers pursuant to Sections 3.09 and 4.07 or Section 4.06 of the
Indenture, state the amount you elect to have purchased (must be an integral
multiple of $1,000):

	
  $

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (Sign exactly as name appears on the other side of
  this Note)

  
	
   

  	
   

  
	
  Signature
  Guarantee*

  
							

*                                         NOTICE: The
Signature must be guaranteed by an Institution which is a member of one of the
following recognized signature Guarantee Programs:

(i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The
New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange
Medallion Program (SEMP); or (iv) in such other guarantee program
acceptable to the Trustee.

 12
 

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

The following
exchanges of a part of this Global Note for an interest in another Global Note
or for a Certificated Note, or exchanges of a part of another Global Note or
Certificated Note for an interest in this Global Note, have been made:

	
  Date of Exchange

  	
   

  	
  Signature of

  authorized

  signatory

  of Trustee or

  Note Custodian

  	
   

  	
  Amount of decrease

  in Principal amount

  of this Global Note

  	
   

  	
  Amount of increase

  in Principal amount

  of this Global Note

  	
   

  	
  Principal amount

  of this Global Note

  following such

  decrease or increase

  
	
  

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

*              This schedule should only be
included if the Note is issued in global form.

 13

 

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Wells Fargo Bank, National Association

505 Main Street, Suite 301

Fort Worth, Texas  76102

Attention:  Corporate Trust Department

Re:                               81⁄2% Senior Notes due
2016 of MarkWest Energy Partners, L.P. and MarkWest Energy Finance Corporation

Reference is hereby made to the Indenture, dated as of July 6, 2006
(the “Indenture”), among MarkWest Energy Partners, L.P. and MarkWest Energy
Finance Corporation, as issuers (the “Issuers”), the Persons acting as
guarantors and named therein (the “Subsidiary Guarantors”) and Wells Fargo
Bank, National Association, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

                                                                                      ,
(the “Transferor”) owns and proposes to transfer the Note[s] or interest in
such Note[s] specified in Annex A hereto, in the principal amount of $                                                  
in such Note[s] or interests (the “Transfer”), to                                                               
(the “Transferee”), as further specified in Annex A hereto. In connection with
the Transfer, the Transferor hereby certifies that:

[CHECK ALL THAT APPLY]

1. o Check if Transferee
will take delivery of a beneficial interest in the 144A Global Note or a
Certificated Note Pursuant to Rule 144A. The Transfer is being effected
pursuant to and in accordance with Rule 144A under the United States
Securities Act of 1933, as amended (the “Securities Act”), and, accordingly,
the Transferor hereby further certifies that the beneficial interest or
Certificated Note is being transferred to a Person that the Transferor
reasonably believed and believes is purchasing the beneficial interest or
Certificated Note for its own account, or for one or more accounts with respect
to which such Person exercises sole investment discretion, and such Person and
each such account is a “qualified institutional buyer” within the meaning of Rule 144A
in a transaction meeting the requirements of Rule 144A and such Transfer
is in compliance with any applicable blue sky securities laws of any state of
the United States. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Certificated Note will be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the 144A Global Note and/or the
Certificated Note and in the Indenture and the Securities Act.

2. o Check if
Transferee will take delivery of a beneficial interest in the Regulation S
Global Note or a Certificated Note pursuant to Regulation S. The Transfer is
being effected pursuant to and in accordance with Rule 903 or Rule 904
under the Securities Act and, accordingly, the Transferor hereby further
certifies that (i) the Transfer is not being made to a person in the
United States and (x) at the time the buy order was originated, the
Transferee was outside the United States or such Transferor and any Person
acting on its behalf reasonably 

 1
 

 

 

believed and
believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such Transferor nor any Person acting on
its behalf knows that the transaction was prearranged with a buyer in the
United States, (ii) no directed selling efforts have been made in
contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S under the Securities Act, (iii) the transaction is not part
of a plan or scheme to evade the registration requirements of the Securities
Act, and (iv) if the proposed transfer is being made prior to the
expiration of the Distribution Compliance Period, the transfer is not being
made to a U.S. Person or for the account or benefit of a U.S. Person (other
than an Initial Purchaser). Upon consummation of the proposed transfer in
accordance with the terms of the Indenture, the transferred beneficial interest
or Certificated Note will be subject to the restrictions on Transfer enumerated
in the Private Placement Legend printed on the Regulation S Global Note and/or
the Certificated Note and in the Indenture and the Securities Act.

3. o Check and
complete if Transferee will take delivery of a beneficial interest in the
Restricted Global Note or a Certificated Note pursuant to any provision of the
Securities Act other than Rule 144A or Regulation S. The Transfer is being
effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and Restricted Certificated Notes and
pursuant to and in accordance with the Securities Act and any applicable blue
sky securities laws of any state of the United States, and accordingly the
Transferor hereby further certifies that (check one):

(a) o
such Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act; or

(b) o
such Transfer is being effected to the Partnership, MarkWest Finance or a
Subsidiary of the Partnership; or

(c) o
such Transfer is being effected to an Institutional Accredited Investor and
pursuant to an exemption from the registration requirements of the Securities
Act other than Rule 144A, Rule 144 or Rule 904, and the
Transferor hereby further certifies that the Transfer complies with the
transfer restrictions applicable to beneficial interests in a Restricted Global
Note or Restricted Certificated Notes and the requirements of the exemption
claimed, which certification is supported by (1) a certificate executed by
the Transferee in the form of Exhibit E to the Indenture and (2) an
Opinion of Counsel provided by the Transferor or the Transferee (a copy of
which the Transferor has attached to this certification), to the effect that
such Transfer is in compliance with the Securities Act. Upon consummation of
the proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Certificated Note will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Global Note and/or the Certificated Notes and in the Indenture
and the Securities Act.

4. o Check if
Transferee will take delivery of a beneficial interest in an Unrestricted
Global Note or of an Unrestricted Certificated Note.

(a) o
Check if Transfer is pursuant to Rule 144. (i) The Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities
Act and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any 

 2
 

 

 

state of the
United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Certificated Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Global Notes, on Restricted Certificated Notes and in the
Indenture.

(b) o
Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904
under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Certificated Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Global Notes, on Restricted Certificated Notes and in the
Indenture.

(c) o
Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is
being effected pursuant to and in compliance with an exemption from the
registration requirements of the Securities Act other than Rule 144, Rule 903
or Rule 904 and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any state of the
United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Certificated Note will not be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Global Notes or Restricted Certificated Notes and in the
Indenture.

(d) o
Check if Transfer is Pursuant to an Effective Registration Statement. The
transfer is being effected pursuant to an effective registration statement
under the Securities Act and in compliance with the prospectus delivery requirements
of the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or
Certificated Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global
Notes or Restricted Certificated Notes and in the Indenture.

This certificate and the statements contained herein are made for your
benefit and for the benefit of the Issuers, the Subsidiary Guarantors and RBC
Capital Markets Corporation, J.P. Morgan Securities Inc., Wachovia Capital
Markets, LLC, A.G. Edwards & Sons, Inc., Credit Suisse Securities
(USA) LLC, Fortis Securities LLC, Mizuho International plc, Piper Jaffray &
Co. and SG Americas Securities, LLC (collectively, the “Initial Purchasers”),
the Initial Purchasers of such Notes being transferred. We acknowledge that
you, the Issuers, the Subsidiary Guarantors and the Initial Purchasers will
rely upon our confirmations, acknowledgments and agreements set forth herein,
and we agree to notify you promptly in writing if any of our representations or
warranties herein ceases to be accurate and complete.

 3
 

 

 

	
  [Insert Name of Transferor]

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  
	
  Dated:
                  
        ,

  
	
   

  
	
  cc: Issuers

  
	
   

  
	
  Initial
  Purchasers

  

 

 4
 

 

 

ANNEX A TO CERTIFICATE OF TRANSFER

1.             The Transferor owns and proposes to
transfer the following:

[CHECK ONE OF (a) OR (b)]

(a) o
a beneficial interest in the:

(i) o
144A Global Note (CUSIP             ),
or

(ii) o
Regulation S Global Note (CUSIP             ),
or

(iii) o
IAI Global Note (CUSIP             );
or

(b) o
a Restricted Certificated Note.

2.             After the Transfer the Transferee
will hold:

[CHECK ONE]

(a) o
a beneficial interest in the:

(i) o
144A Global Note (CUSIP             ),
or

(ii) o
Regulation S Global Note (CUSIP             ),
or

(iii) o
IAI Global Note (CUSIP             ),
or

(iv) o
Unrestricted Global Note (CUSIP             );
or

(b) o
a Restricted Certificated Note; or

(c) o
an Unrestricted Certificated Note, in accordance with the terms of the
Indenture.

 5

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Wells Fargo Bank, National Association

505 Main Street, Suite 301

Fort Worth, Texas  76102

Attention:  Corporate Trust Department

Re:                               81⁄2% Senior Notes due
2016 of MarkWest Energy Partners, L.P. and MarkWest Energy Finance Corporation

(CUSIP
               )

Reference is hereby made to the Indenture, dated as of July 6, 2006
(the “Indenture”), among MarkWest Energy Partners, L.P. and MarkWest Energy
Finance Corporation, as issuers (the “Issuers”), the Persons acting as
guarantors and named therein (the “Subsidiary Guarantors”) and Wells Fargo
Bank, National Association, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

                                      
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such
Note[s] specified herein, in the principal amount of $                              
in such Note[s] or interests (the “Exchange”). In connection with the Exchange,
the Owner hereby certifies that:

1.    Exchange of Restricted
Certificated Notes or Beneficial Interests in a Restricted Global Note for
Unrestricted Certificated Notes or Beneficial Interests in an Unrestricted
Global Note

(a)  o            Check if Exchange is from beneficial
interest in a Restricted Global Note to beneficial interest in an Unrestricted
Global Note. In connection with the Exchange of the Owner’s beneficial interest
in a Restricted Global Note for a beneficial interest in an Unrestricted Global
Note in an equal principal amount, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Global Notes and pursuant to and in
accordance with the United States Securities Act of 1933, as amended (the “Securities
Act”), (iii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance
with the Securities Act and (iv) the beneficial interest in an
Unrestricted Global Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

(b)  o            Check if Exchange is from Restricted
Certificated Note to Unrestricted Certificated Note. In connection with the
Owner’s Exchange of a Restricted Certificated Note for an Unrestricted
Certificated Note, the Owner hereby certifies (i) the Unrestricted
Certificated Note is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Certificated Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to 

 1
 

 

maintain
compliance with the Securities Act and (iv) the Unrestricted Certificated
Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.

This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuers, the Subsidiary Guarantors and RBC
Capital Markets Corporation, J.P. Morgan Securities Inc., Wachovia Capital
Markets, LLC, A.G. Edwards & Sons, Inc., Credit Suisse Securities
(USA) LLC, Fortis Securities LLC, Mizuho International plc, Piper Jaffray &
Co. and SG Americas Securities, LLC (collectively, the “Initial Purchasers”),
the Initial Purchasers of such Notes being transferred. We acknowledge that
you, the Issuers, the Subsidiary Guarantors and the Initial Purchasers will
rely upon our confirmations, acknowledgments and agreements set forth herein,
and we agree to notify you promptly in writing if any of our representations or
warranties herein ceases to be accurate and complete.

[Insert Name of
Owner]

	
  By:

  	
  

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
                           ,        

  	
   

  

 

cc:  Issuers

Initial Purchasers

 2

 

EXHIBIT D

FORM OF GUARANTEE NOTATION

Subject to the limitations set forth in the Indenture (the “Indenture”)
referred to in the Note upon which this notation is endorsed, each of the
entities listed on Schedule A thereto (hereinafter referred to as the “Subsidiary
Guarantors,” which term includes any successor or additional Subsidiary
Guarantor under the Indenture) (i) has unconditionally guaranteed: (a) the
due and punctual payment of the principal of, premium and interest (including
Additional Interest, if any) on the Notes, whether at maturity or interest
payment date, by acceleration, call for redemption or otherwise, (b) the
due and punctual payment of interest on the overdue principal of, premium and
interest (including Additional Interest, if any) if lawful, on the Notes, (c) the
due and punctual payment or performance of all other Obligations of the Issuers
to the Holders or the Trustee, all in accordance with the terms set forth in
the Indenture, and (d) in case of any extension of time of payment or
renewal of any Notes or any of such other Obligations, the prompt payment in
full thereof when due or performance thereof in accordance with the terms of
the extension or renewal, whether at Stated Maturity, by acceleration or
otherwise and (ii) has agreed to pay any and all costs and expenses
(including reasonable attorneys’ fees) incurred by the Trustee or any Holder in
enforcing any rights under this Guarantee.

This Guarantee Notation is subject to the limitations set forth in the
Indenture, including Article 10 thereof.

No member, manager, stockholder, partner, officer, employee, director or
incorporator, as such, past, present or future, of the Subsidiary Guarantors
shall have any personal liability under this Guarantee by reason of his or its
status as such member, manager, partner, stockholder, officer, employee,
director or incorporator.

The Guarantee shall be binding upon each Subsidiary Guarantor and its
successors and assigns and shall inure to the benefit of the successors and
assigns of the Trustee and the Holders and, in the event of any transfer or
assignment of rights by any Holder or the Trustee, the rights and privileges
herein conferred upon that party shall automatically extend to and be vested in
such transferee or assignee, all subject to the terms and conditions hereof.

Each Guarantee shall not be valid or obligatory for any purpose until
the certificate of authentication on the Note upon which this notation of
Guarantee is noted shall have been executed by the Trustee under the Indenture
by the manual signature of one of its authorized officers.

The Subsidiary Guarantors may be released from their Guarantees upon the
terms and subject to the conditions provided in the Indenture.

 1
 

 

	
  

  	
   

  	
  Subsidiary Guarantors:

  
	
   

  	
   

  
	
   

  	
  MARKWEST ENERGY OPERATING COMPANY, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BASIN PIPELINE L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  

 

 2
 

 

	
  

  	
  WEST SHORE PROCESSING COMPANY, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARKWEST ENERGY APPALACHIA, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  

 

 3
 

 

	
  

  	
  MARKWEST TEXAS GP, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MW TEXAS LIMITED, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  

 

 4
 

 

	
  

  	
  MARKWEST MICHIGAN PIPELINE COMPANY,

  L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARKWEST WESTERN OKLAHOMA GAS COMPANY, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  

 

 5

 

	
  

  	
  MARKWEST NEW MEXICO, L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C., its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARKWEST PINNACLE L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C., its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  

 

 6
 

 

	
  

  	
  MARKWEST PNG UTILITY, L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C., its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARKWEST TEXAS PNG UTILITY, L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C., its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  

 

 7
 

 

	
  

  	
  MARKWEST BLACKHAWK, L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C., its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARKWEST POWER TEX L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C., its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  

 

 8
 

 

	
  

  	
  MARKWEST ENERGY EAST TEXAS GAS COMPANY, L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C., its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARKWEST PIPELINE COMPANY, L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C., its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  

 

 9
 

 

	
  

  	
  MARKWEST JAVELINA HOLDING COMPANY, L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C., its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARKWEST JAVELINA PIPELINE HOLDING, L.P.

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C., its general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its Managing
  Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  

 

 10
 

 

	
  

  	
  MARKWEST JAVELINA COMPANY

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST JAVELINA HOLDING COMPANY, L.P. and MARKWEST
  JAVELINA PIPELINE COMPANY, its owners

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C., their general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARKWEST JAVELINA PIPELINE COMPANY

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST JAVELINA HOLDING COMPANY, L.P. and MARKWEST
  JAVELINA PIPELINE COMPANY, its owners

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST TEXAS GP, L.L.C., their general partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MarkWest Energy Operating Company, L.L.C., its Managing
  Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY PARTNERS, L.P., its Managing Member

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MARKWEST ENERGY GP, L.L.C., its General Partner

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James G. Ivey

  
	
   

  	
  Name:

  	
  James G. Ivey

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  

 

 11

 

EXHIBIT E

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

MarkWest Energy Partners, L.P.

MarkWest Energy Finance Corporation

155 Inverness Drive West, Suite 200

Englewood, Colorado 80112

Wells Fargo Bank, National Association

505 Main Street, Suite 301

Fort Worth, Texas  76102

Attention:  Corporate Trust Department

Re:                               81⁄2% Senior Notes due
2016 issued by MarkWest Energy Partners,
L.P. and MarkWest Energy Finance Corporation

Reference is hereby made to the Indenture, dated as of July 6, 2006
(the “Indenture”), among MarkWest Energy Partners, L.P. (the “Partnership”) and
MarkWest Energy Finance Corporation (“MarkWest
Finance”), as issuers (the “Issuers”), the Subsidiaries named therein, as
Subsidiary Guarantors, and Wells Fargo Bank, National Association, as trustee. Capitalized
terms used but not defined herein shall have the meanings given to them in the
Indenture.

In connection with our proposed purchase of $                       
aggregate principal amount of:

(a) [ ] a beneficial interest in a Global Note, or

(b) [ ] a Certificated Note,

we confirm that:

1.    We understand that any
subsequent transfer of the Series A Notes or any interest therein is
subject to certain restrictions and conditions set forth in the Indenture and
the undersigned agrees to be bound by, and not to resell, pledge or otherwise
transfer the Series A Notes or any interest therein except in compliance
with, such restrictions and conditions and the United States Securities Act of
1933, as amended (the “Securities Act”).

2.    We understand that the offer
and sale of the Series A Notes have not been registered under the
Securities Act, and that the Series A Notes and any interest therein may
not be offered or sold except as permitted in the following sentence. We agree,
on our own behalf and on behalf of any accounts for which we are acting as
hereinafter stated, that if we should sell the Series A Notes or any
interest therein, we will do so only (A) to the Partnership, MarkWest
Finance, or any subsidiary of the Partnership, (B) in the United States to
a person who the seller reasonably believes is a “qualified institutional buyer”
(as defined in Rule 144A under the Securities Act) in a transaction
meeting the requirements of Rule 144A, (C) outside the United States
in an offshore transaction in accordance with Rule 904 under the
Securities Act, (D)

 1
 

 

 

pursuant to an
exemption from registration under the Securities Act provided by Rule 144
thereunder (if available), (E) to an institutional “accredited investor”
within the meaning of Rule 501(A)(1), (2), (3) or (7) under the
Securities Act that is an institutional accredited investor acquiring the
security for its own account or for the account of such institutional
accredited investor, in each case in a minimum principal amount of the
securities of $250,000, for investment purposes and not with a view to or for
offer or sale in connection with any distribution in violation of the
Securities Act or (F) pursuant to an effective registration statement
under the Securities Act, in each of cases (A) through (E) in
accordance with any applicable securities laws of any state of the United
States, and we further agree to provide to any person purchasing a Certificated
Note or beneficial interest in a Global Note from us in a transaction meeting
the requirements of clauses (B) through (E) of this paragraph a
notice advising such purchaser that resales thereof are restricted as stated
herein.

3.    We understand that, on any
proposed resale of the Series A Notes or beneficial interest therein, we
will be required to furnish to you such certifications, legal opinions and
other information as you may reasonably requires to confirm that the proposed
sale complies with the foregoing restrictions. We further understand that the Series A
Notes purchased by us will bear a legend to the foregoing effect.

4.    We are an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of
Regulation D under the Securities Act) and have such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Series A Notes, and we and any accounts for
which we are acting are each able to bear the economic risk of our or its
investment. We are acquiring the Series A Notes for investment purposes
and not with a view to, or for offer or sale in connection with, any
distribution in violation of the Securities Act.

5.    We are acquiring the Series A
Notes or beneficial interest therein purchased by us for our own account or for
one or more accounts (each of which is an institutional “accredited investor”)
as to each of which we exercise sole investment discretion.

You are entitled to rely upon this letter and are irrevocably authorized
to produce this letter or a copy hereof to any interested party in any
administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

	
   

  	
  

  
	
   

  	
  [Insert Name of
  Institutional Accredited Investor]

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
  Name:

  	
   

  
	
  Dated:                          ,        

  	
  Title:

  	
   

  

 

 2

 

ANNEX
A

 

 

MARKWEST ENERGY
PARTNERS, L.P.

MARKWEST ENERGY
FINANCE CORPORATION

and

the Subsidiary
Guarantors named herein

______________________________________________

81⁄2%
SENIOR NOTES DUE 2016

______________________________________________

______________________________________________

FORM OF
SUPPLEMENTAL INDENTURE

DATED AS OF              ,

______________________________________________

WELLS FARGO BANK,
NATIONAL ASSOCIATION,

Trustee

______________________________________________

 

 

 

 

 A-1
 

 

This SUPPLEMENTAL INDENTURE,
dated as of
                   ,
        is among MarkWest Energy Partners,
L.P., a Delaware limited partnership (the “Partnership”), MarkWest Energy
Finance Corporation, a Delaware corporation (“MarkWest Finance” and, together
with the Partnership, the “Issuers”), each of the parties identified under the
caption “Subsidiary Guarantors” on the signature page hereto (the “Subsidiary
Guarantors”) and Wells Fargo Bank, National Association, a national banking
association, as Trustee.

RECITALS

WHEREAS, the Issuers, the initial Subsidiary Guarantors and the Trustee
entered into an Indenture, dated as of July 6, 2006 (the “Indenture”),
pursuant to which the Issuers have issued $                    
in principal amount of 81⁄2% Senior Notes due 2016 (the “Notes”);

WHEREAS, Section 9.01(d) of the Indenture provides that the
Issuers, the Subsidiary Guarantors and the Trustee may amend or supplement the
Indenture in order to add Subsidiary Guarantors pursuant to Section 4.13
or 5.01(c) thereof, without the consent of the Holders of the Notes; and

WHEREAS, all acts and things prescribed by the Indenture, by law and by
the Certificate of Incorporation and the Bylaws (or comparable constituent
documents) of the Issuers, of the Subsidiary Guarantors and of the Trustee
necessary to make this Supplemental Indenture a valid instrument legally
binding on the Issuers, the Subsidiary Guarantors and the Trustee, in
accordance with its terms, have been duly done and performed;

NOW, THEREFORE, to comply with the provisions of the Indenture and in
consideration of the above premises, the Issuers, the Subsidiary Guarantors and
the Trustee covenant and agree for the equal and proportionate benefit of the
respective Holders of the Notes as follows:

ARTICLE 1

Section 1.01.          This Supplemental Indenture is
supplemental to the Indenture and does and shall be deemed to form a part of,
and shall be construed in connection with and as part of, the Indenture for any
and all purposes.

Section 1.02.          This Supplemental Indenture shall
become effective immediately upon its execution and delivery by each of the
Issuers, the Subsidiary Guarantors and the Trustee.

ARTICLE 2

From this date, in accordance with Section 4.13 or 5.01(c) and
by executing this Supplemental Indenture, the Guarantors whose signatures
appear below are subject to the provisions of the Indenture to the extent
provided for in Article 10 thereunder.

ARTICLE 3

Section 3.01.          Except as specifically modified
herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis mutandis) and shall remain in
full force and effect in 

 A-2
 

 

 

accordance with their terms with all capitalized terms
used herein without definition having the same respective meanings ascribed to
them as in the Indenture.

Section 3.02.          Except as otherwise expressly provided
herein, no duties, responsibilities or liabilities are assumed, or shall be
construed to be assumed, by the Trustee by reason of this Supplemental
Indenture. This Supplemental Indenture is executed and accepted by the Trustee
subject to all the terms and conditions set forth in the Indenture with the
same force and effect as if those terms and conditions were repeated at length
herein and made applicable to the Trustee with respect hereto.

Section 3.03.          THIS SUPPLEMENTAL INDENTURE SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

Section 3.04.          The parties may sign any number of
copies of this Supplemental Indenture. Each signed copy shall be an original,
but all of such executed copies together shall represent the same agreement.

[NEXT PAGE IS SIGNATURE
PAGE]

 A-3
 

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this Supplemental Indenture to be duly executed, all as of the date first
written above.

	
  

  	
  MarkWest Energy Partners, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MarkWest Energy GP, L.L.C.,

  its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

	
  

  	
  MARKWEST ENERGY FINANCE CORPORATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

	
  

  	
  SUBSIDIARY GUARANTORS

  	
   

  
	
   

  	
   

  	
   

  
	
  [

  	
   

  	
  ]

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

	
  

  	
  WELLS FARGO BANK, NATIONAL ASSOCIATION,

  as Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 A-4

 

 

REGISTRATION
RIGHTS AGREEMENT

CERTAIN AGREEMENTS

 

 1Exhibit 10.1

 

CONSENT AND SECOND AMENDMENT TO CREDIT AGREEMENT

AND AMENDMENT TO SECURITY DOCUMENTS

 

This CONSENT AND
SECOND AMENDMENT TO CREDIT AGREEMENT AND AMENDMENT TO SECURITY DOCUMENTS (this “Amendment”),
dated as of June 30, 2006, is entered into by and among Huntsman
International LLC, a Delaware limited liability company (the “Borrower”),
the undersigned financial institutions, including Deutsche Bank AG New York
Branch, in their capacities as lenders hereunder (collectively, the “Lenders,”
and each individually, a “Lender”), Deutsche Bank AG New York Branch, as
Lead Arranger for the Second Additional Term B Dollar Loans, as Administrative
Agent (“Administrative Agent”) and as Collateral Agent (“Collateral
Agent”) for the Lenders, and Sole Book Manager. Terms used herein and not
otherwise defined herein shall have the same meanings as specified in the
Credit Agreement (as defined below).

 

RECITALS:

 

A.            The
Borrower, the Lenders, the Agents named therein and the Administrative Agent
have heretofore entered into that certain Credit Agreement dated as of August 16,
2005 (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”).

 

B.            The
Borrower wishes, and the Lenders signatory hereto and Administrative Agent are
willing, to amend the Credit Agreement to make the Second Additional Term B
Dollar Loans to the Borrower in an aggregate principal amount of $100,000,000
to be utilized to repurchase, redeem or otherwise acquire outstanding Senior
Notes (HLLC), subject to the terms and conditions of this Amendment.

 

C.            The
Borrower wishes, and the Lenders signatory hereto and Administrative Agent are
willing, to consent to (i) the use of the proceeds of the Second
Additional Term B Dollar Loans by the Borrower to repurchase, redeem or
otherwise acquire outstanding Senior Notes (HLLC), (ii) the restructuring
of certain Foreign Subsidiaries and related intercompany obligations (as
described in Section 3 below) and (iii) the terms of the TE
Acquisition (as hereinafter defined), subject to the terms and conditions of
this Amendment.

 

D.            This
Amendment constitutes a Loan Document and these Recitals shall be construed as part of
this Amendment.

 

NOW, THEREFORE, in
consideration of the recitals herein contained and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

 

SECTION 1  Amendment of
Credit Agreement.

 

The
Credit Agreement is hereby amended as of the Second Amendment Effective Date
(as hereinafter defined) as follows:

 

 

(a)           New
Defined Terms. Section 1.1 of the Credit Agreement is amended
by inserting the following new definitions in alphabetical order therein:

 

“AdMat EU
Holdings” means Huntsman Advanced Materials (Netherlands) BV or any
successor entity that owns no Capital Stock other than the Capital Stock owned
by Huntsman Advanced Materials (Netherlands) BV on the date of such succession
and Capital Stock acquired after such date of Foreign Subsidiaries that are not
Subsidiaries of UK Holdco 1 or Dutch Mixer prior to such acquisition.

 

“Permitted
Entrustment Loan Arrangement” means a coordinated credit-linked deposit and
loan facility arranged in compliance with the laws of the People’s Republic of
China pursuant to which a Foreign Subsidiary of the Borrower organized under
the laws of the People’s Republic of China makes loans or advances to another
Foreign Subsidiary of the Borrower through the use of an intermediary financial
institution in the People’s Republic of China.

 

“Port Arthur
Fire Add Back” means, for any period that includes any Fiscal Quarter
ending after May, 1, 2006 and on or before December 31, 2007, the sum of (i) an
amount not to exceed $50,000,000 per Fiscal Quarter (provided, that any excess
above $50,000,000 may be carried forward to the next Fiscal Quarter)
ending after May, 1, 2006 and on or before December 31, 2007 included in
such period (and $0 for each Fiscal Quarter that ends thereafter included in
such period), equal to the net business interruption losses (calculated in
accordance with GAAP) for the applicable period, including the retained portion
of any business interruption claims that relate to the fire damage at the Port
Arthur, Texas olefins manufacturing plant (the “Port Arthur Plant Fire”)
and that are, or are expected to be, the subject of insurance claims by the
Borrower or its Subsidiaries but only to the extent such claims have not been
denied and have been, or in the reasonable judgment of the Borrower, are likely
to be, paid by the Borrower’s or its Subsidiaries’ insurance carriers or
represent the retained portion of any business interruption claims pertaining
to the deductible plus (ii) to the extent (A) deducted in
determining Consolidated Net Income for such period and (B) such charges
are, or are expected to be, the subject of insurance claims by the Borrower or
its Subsidiaries but only to the extent such claims have not been denied and
have been, or in the reasonable judgment of the Borrower, are likely to be,
paid by the Borrower’s or its Subsidiaries’ insurance carriers or represent the
retained portion of any physical property insurance claims pertaining to the
deductible, any charges payable in cash for the maintenance or repair of
property damaged in the Port Arthur Plant Fire to the extent of such damage. The
Port Arthur Fire Add Back shall be set forth on the Compliance Certificate
delivered pursuant to Section 7.2(b) for each Fiscal Quarter ending
after May 1, 2006 and on or before September 30, 2008, and the
Borrower shall, upon the request of the Administrative Agent, deliver such
detailed computations as are necessary to support such amount.

 

“Port Arthur
Fire Insurance Income” means, for any period, the amount of income of the
Borrower or any of its Subsidiaries for such period (as determined in
accordance with GAAP) related to insurance proceeds received or expected to be
received as a result of the Port Arthur Plant Fire, including, without
limitation, any related (i) payments in

 

2

 

respect of claims
on policies related to business interruption insurance during such period, (ii) physical
property insurance proceeds received by the Borrower or any of its Subsidiaries
during such period and (iii) accruals for expected insurance income
recoveries during such period.

 

“Second
Additional Term B Dollar Borrowing Date” has the meaning forth in Section 2.1(a)(i).

 

“Second
Additional Term B Dollar Commitment” means as to any Lender the principal
amount set forth opposite such Lender’s name on Schedule 1 to the Second
Amendment under the caption “Amount of Second Additional Term B Commitment”, as
such commitment may be adjusted from time to time pursuant to this
Agreement, and “Second Additional Term B Commitments” means such
commitments collectively, which Second Additional Term B Commitments equal
$100,000,000 on the Second Amendment Effective Date.

 

“Second
Additional Term B Dollar Loan” has the meaning set forth in Section 2.1(a)(i).

 

“Second
Amendment” means the Consent and Second Amendment to Credit Agreement and
Amendment to Security Documents dated as of June 30, 2006 by and among the
Borrower, the Lenders signatory thereto and the Administrative Agent.

 

“Second
Amendment Effective Date” has the meaning set forth in Section 5
of the Second Amendment.

 

“TE Acquisition”
means the previously publicly disclosed Acquisition by the Borrower, or one or
more of its Wholly-Owned Subsidiaries, of the TE Business or one or more
Persons that directly or indirectly own 100% of the legal and beneficial
interests in the TE Business, which is expected to be consummated during Fiscal
Year 2006.

 

“TE Business”
means the global textile effects business of Ciba Specialty Chemicals, Inc.

 

(b)           Consolidated
Debt. Section 1.1 of the Credit Agreement is further amended by
inserting in the definition of “Consolidated Debt” the text “that would
be required to be shown on a balance sheet prepared” immediately following the
text “all Indebtedness of Borrower and its Subsidiaries determined on a
consolidated basis” in clause (i) therein.

 

(c)           Consolidated
EBITDA.

 

(i)            Section 1.1
of the Credit Agreement is further amended by inserting the text “, minus, to
the extent added in determining the foregoing, any Port Arthur Fire Insurance
Income and” immediately following the text “Consolidated Net Loss for such
period” in the second line of the definition of “Consolidated EBITDA”.

 

3

 

(ii)           Section 1.1
of the Credit Agreement is further amended by (i) deleting the “and”
immediately prior to clause (v) of the definition of “Consolidated
EBITDA” and (ii) inserting the following text immediately following
clause (v) thereof:

 

“and (vi) the
Port Arthur Fire Add Back”

 

(d)           Accounting
Principle Changes Effect on Consolidated Net Income. Section 1.1
of the Credit Agreement is further amended by amending and restating the
proviso contained in the definition of “Consolidated Net Income” and “Consolidated
Net Loss” to read as follows:

 

“provided that there shall be excluded (i) the income (or loss) of
a Person that is not a consolidated Subsidiary, except to the extent of the
amount of dividends or other distributions actually paid to the Borrower or any
of its Wholly-Owned Subsidiaries by such Person during such period and (ii) all
gains or losses from the cumulative effect of any change in accounting
principles during such period.”

 

(e)           Foreign
Factoring Transactions. Section 1.1 of the Credit Agreement is
further amended by amending and restating the definition of “Foreign
Factoring Transactions” to read as follows:

 

“Foreign Factoring Transactions” means transactions (other than
pursuant to (a) any Permitted Accounts Receivable Securitization or (b) a
transaction described in Section 8.3(e)) for the sale or
discounting of (i) the Accounts Receivable of a Foreign Subsidiary not
party to any Foreign Intercompany Loan Document, (ii) up to $30 million in
any Fiscal Quarter of Accounts Receivable of, and/or letters of credit the
beneficiary of which is, a Foreign Subsidiary party to any Foreign Intercompany
Loan Document and/or (iii) letters of credit the beneficiary of which is a
Foreign Subsidiary not party to any Foreign Intercompany Loan Document.

 

(f)            Additional
Foreign Intercompany Notes. Section 1.1 of the Credit Agreement
is amended by amending and restating clause (iii)(z) of the definition of “Foreign
Intercompany Note” to read as follows:

 

“(z) by AdMat EU Holdings or any of its Foreign Subsidiaries, by
Huntsman Chemical Company of Canada, Inc., by any Foreign Subsidiary of
Huntsman Petrochemical Corporation or by any Foreign Subsidiary acquired or
created in connection with the TE Acquisition (to the extent such TE
Acquisition is consummated).”

 

(g)           Clarification
of Indebtedness Definition for Long Term Supply Contracts. Section 1.1
of the Credit Agreement is further amended by inserting the following
parenthetical clause at the conclusion of subclause (x) of clause (ii) of
the definition of “Indebtedness”:

 

“(or in the case of long-term supply agreements, from the date of
delivery of such assets or services)”

 

(h)           Second
Additional Term B Dollar Lenders.  Section 1.1 of the
Credit

 

4

 

Agreement is further amended by amending and restating the definition
of “Lenders” to read as follows:

 

“Lender”
and “Lenders” have the respective meanings assigned to those terms in
the introduction to this Agreement and shall include any Person that becomes a “Lender”
as contemplated by the First Amendment or the Second Amendment, or in
connection with the issuance of Additional Term Loans or Second Additional Term
B Dollar Loans pursuant to Section 2.1(a)(ii).

 

(i)            Amendment
to Permitted Restructuring Charges Definition to Clarify Existing EBITDA
Adjustment.

 

(A)          Section 1.1
of the Credit Agreement is further amended by replacing the defined term
entitled “Permitted Restructuring Charges” contained therein with a new title
of “Permitted Impairment and Restructuring Charges”.

 

(B)           The Credit
Agreement is amended globally to replace each reference to “Permitted
Restructuring Charges” contained therein with a reference to “Permitted
Impairment and Restructuring Charges.”

 

(j)            Adjustment
of Scheduled Repayments for Second Additional Term B Dollar Loans. Section 1.1
of the Credit Agreement is further amended by amending and restating the
definition of “Scheduled Term B Dollar Repayments” to read as follows:

 

“Scheduled Term
B Dollar Repayments” means, with respect to the principal payments on the
Term B Dollar Loans for each date set forth below, that percentage of the
aggregate outstanding principal amount of Term B Dollar Loans (including
Additional Term B Dollar Loans and Second Additional Term B Dollar Loans) on
the Second Additional Term Loan Borrowing Date set forth opposite thereto:

 

Scheduled Term B Dollar Repayments

 

	
  Date

  	
   

  	
  Principal Payment

  
	
   

  	
   

  	
   

  
	
  August 31, 2007

  	
   

  	
  1%
  of the aggregate principal amount as of the Second Additional Term B Dollar
  Loan Borrowing Date

  
	
   

  	
   

  	
   

  
	
  August 31, 2008

  	
   

  	
  1%
  of the aggregate principal amount as of the Second Additional Term B Dollar Loan
  Borrowing Date

  
	
   

  	
   

  	
   

  
	
  August 31, 2009

  	
   

  	
  1%
  of the aggregate principal amount as of the Second Additional Term B Dollar
  Loan Borrowing Date

  
	
   

  	
   

  	
   

  
	
  August 31, 2010

  	
   

  	
  1% of the
  aggregate principal amount as of the Second Additional Term B Dollar Loan
  Borrowing Date

  
	
   

  	
   

  	
   

  
	
  August 31, 2011

  	
   

  	
  1%
  of the aggregate principal amount as of the Second Additional Term B Dollar
  Loan Borrowing Date

  
	
   

  	
   

  	
   

  
	
  Term B Loan Maturity Date

  	
   

  	
  100%
  of the aggregate principal amount of Term B Dollar Loans outstanding on the
  Term B Loan Maturity Date.

  

 

5

 

(k)           Designation
of Unrestricted Subsidiaries. Section 1.1 of the Credit
Agreement is amended by amending and restating the definition of “Unrestricted
Subsidiary” to read as follows:

 

(l)            “Unrestricted
Subsidiary” means (i) each of the Persons identified on Schedule 1.1(c) hereto,
(ii) any Subsidiary of the Borrower designated as an Unrestricted
Subsidiary in the manner provided below, (iii) any Subsidiary of an
Unrestricted Subsidiary created at or after the designation of its parent
company as an Unrestricted Subsidiary pursuant to clause (ii) above and (iv) any
Permitted Unconsolidated Venture that, as a result of an Investment permitted
under Section 8.7(k), (p) or (q), would otherwise
become a Subsidiary of the Borrower; provided, however, that no
Receivables Subsidiary may be an Unrestricted Subsidiary. The Borrower may designate
any Subsidiary (including any newly acquired or newly formed Subsidiary but
excluding any Receivables Subsidiary) to be an Unrestricted Subsidiary unless
such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any
property of, the Borrower or any Subsidiary of the Borrower that is not a
Subsidiary of the Subsidiary to be so designated; provided, that (x)
each Subsidiary to be so designated an Unrestricted Subsidiary and each of its
Subsidiaries has not, at the time of designation, and does not thereafter,
create, incur, assume, guarantee or otherwise become directly or indirectly
liable with respect to any Indebtedness pursuant to which any lender has
recourse to any of the assets of the Borrower or any of its Subsidiaries (other
than Unrestricted Subsidiaries), (y) immediately before and immediately after
the effectiveness of such designation, no Unmatured Event of Default or Event
of Default exists or will exist and (z) 
the Investment made in such Unrestricted Subsidiary (valued at the fair
market value of the Subsidiary at the time that such Subsidiary is designated
an Unrestricted Subsidiary and valued thereafter in accordance with the
definition of “Investments”) is permitted pursuant to Section 8.7. Any
such designation of an Unrestricted Subsidiary shall be evidenced by delivery
to the Administrative Agent of (A) a copy of the resolutions of the Borrower
giving effect to such designation and (B) an officer’s certificate signed
by two Responsible Financial Officers of the Borrower certifying that such
designation complies with the foregoing provisions. If, at any time, any Unrestricted Subsidiary would fail to meet the
requirements set forth in clause (x) above for an Unrestricted Subsidiary, it
shall thereafter cease to be an Unrestricted Subsidiary for purposes of this
Agreement and the other Loan Documents and Borrower shall take such applicable actions
as required by Section 12.20 to redesignate such Unrestricted
Subsidiary as a Subsidiary.

 

6

 

(m)          Addition
to Unrestricted Subsidiary Schedule. Section 1.1 of the Credit
Agreement is further amended by amending Schedule 1.1 (c) to
include Huntsman Chemical Australia Holdings Pty Limited as an Unrestricted
Subsidiary.

 

(n)           Second
Additional Term B Dollar Loans.  Section 2.1(a)(i) of
the Credit Agreement is amended by deleting the third sentence therein and
inserting the following sentences in lieu thereof:

 

“Each Lender with
a Second Additional Term B Dollar Commitment, severally and for itself alone,
hereby agrees, on the terms and subject to the conditions set forth in the
Second Amendment and otherwise set forth herein and in reliance upon the
representations and warranties set forth herein and in the other Loan
Documents, to make a loan (each such loan, if made, a “Second Additional
Term B Dollar Loan” and a “Term B Dollar Loan” and collectively the “Second
Additional Term B Dollar Loans”) on or after the Second Amendment Effective
Date and on or prior to July 14, 2006 in a single advance to the Borrower
in an aggregate principal amount equal to the Second Additional Term B Dollar
Commitment of such Lender (the “Second Additional Term B Dollar Borrowing
Date”). From and after the Second Additional Term B Dollar Borrowing Date,
the Original Term B Dollar Loans, the Additional Term B Dollar Loans and the
Second Additional Term B Dollar Loans shall be referred to individually as a “Term
B Dollar Loan” and collectively as the “Term B Dollar Loans” and all
references to Term B Dollar Loans herein shall be deemed to be references to
any or all, as the context may require, of the Original Term B Dollar
Loans, the Additional Term B Dollar Loans or the Second Additional Term B
Dollar Loans. Each Lender’s Second Additional Term B Dollar Commitment shall
expire immediately and without further action on the earlier of (i) the
Second Additional Term B Dollar Borrowing Date, after giving effect to the
Second Additional Term B Dollar Loans made thereon or (ii) 5:00 p.m.
(New York time), July 14, 2006.”

 

(o)           Additional Term Loans. Section 2.1(a) of the
Credit Agreement is further amended by inserting the following text at the
conclusion of clause (ii)(A) thereof to read as follows:

 

“Notwithstanding
the foregoing, the Second Additional Term B Dollar Loans shall be excluded for
purposes of calculating the $500,000,000 limitation set forth in the second
preceding sentence.”

 

(p)           Mandatory Prepayments.

 

(i)            De
Minimus Carve-Out and Clarifying Changes. Section 4.4(c)(i) of
the Credit Agreement is amended by (A) inserting the following proviso
immediately prior to the existing first proviso:

 

“provided,
that so long as no Event of Default or Unmatured Event of Default then exists,
if either (i) the proceeds of any single or series of related
Recovery Events or (ii) the Net Sale Proceeds of any single or series of
related Asset Dispositions are less than $5,000,000 in the aggregate, then no
prepayment shall be required pursuant to this

 

7

 

Section 4.4(c)(i), with respect to such Recovery Event(s)
or Asset Disposition(s) (but if greater than $5,000,000, the entire amount of
the proceeds or the Net Sale Proceeds, as applicable, shall be required to be
prepaid and not only the portion of the proceeds or the Net Sale Proceeds, as
applicable, in excess of $5,000,000);

 

and (B) amending
the existing first proviso by adding the word “further” after the word “provided”,
by inserting the words “an amount equal to” prior to the words “such Net Sale
Proceeds” in clause (y) thereof and by adding the words “receipt of such Net
Sale Proceeds from” immediately prior to the words “such Asset Deposition” in
clause (y) thereof.

 

(ii)           Use of
Asset Disposition Proceeds to Repurchase Senior Secured Notes. Section 4.4(c)(i) of
the Credit Agreement is further amended by inserting the phrase “or to redeem,
repurchase or otherwise acquire up to $300,000,000 in aggregate principal
amount of obligations under the Senior Secured Notes and any notes evidencing
any Permitted Refinancing Indebtedness of any of the foregoing in accordance
with the terms of Section 8.11(C)” immediately following the
parenthetical clause “(which certificate shall set forth the estimates of the
proceeds to be so expended)” in clause (y) thereof.

 

(iii)          Increase
of Per Fiscal Year Discretionary Exclusion. Section 4.4(c) of the
Credit Agreement is further amended by deleting the text “$100,000,000” in
subclause (ii) thereof and substituting therefor the text “$200,000,000.”

 

(iv)          Increase
of Permitted Accounts Receivable Securitizations. Section 4.4(f) of
the Credit Agreement is amended by deleting each of the references therein to “$425,000,000”
and substituting therefor the text “$500,000,000.”

 

(q)           Use of Second Additional Term B Dollar
Loan Proceeds. Section 6.8(a) of
the Credit Agreement is amended by inserting the following text at the
conclusion thereof to read as follows:

 

“All proceeds of
the Second Additional Term B Dollar Loans incurred on the Second Additional
Term B Dollar Borrowing Date shall be used by the Borrower (x) to redeem,
repurchase or otherwise acquire up to $100,000,000 of outstanding Senior Notes
(HLLC) and (y) for ongoing working capital needs and general corporate
purposes.”

 

(r)            Annual Schedule of Foreign
Intercompany Notes.
Section 7.1(c) of the Credit Agreement is amended by amending
and restating such Section 7.1(c) to read as follows:

 

“(c) Annual
Schedule of Foreign Intercompany Notes. As soon as available, but in
any event within 90 days after the end of each Fiscal Year of the Borrower an
unaudited schedule of Foreign Intercompany Notes as at the end of such
year.”

 

(s)           No Further Foreign Subsidiary
Intercompany Security Documents. Section 7.13(b) of the Credit
Agreement is amended by inserting the following text at the conclusion thereof
to read as follows:

 

8

 

“Notwithstanding
the foregoing, no Foreign Subsidiary of the Borrower acquired or created on or
after March 31, 2006 shall be required to take any action to secure its
obligations under its Foreign Intercompany Loan Documents, except (i) as
provided in clause (c) below and (ii) to the extent such Foreign Subsidiary
is a successor or replacement entity of a Foreign Subsidiary that is a party to
any existing Foreign Intercompany Loan Security Document.”

 

(t)            Liens.

 

(i)            Liens on Assets of Foreign Subsidiaries. Section 8.1(g) of the
Credit Agreement is amended by deleting the text “$25,000,000” in the second
line thereof and substituting therefor the text “$100,000,000”.

 

(ii)           Liens for Foreign Factoring Transactions. Section 8.1(l) of the
Credit Agreement is amended by deleting the text “$25,000,000” in the first
line thereof and substituting therefor the text “$30,000,000”.

 

(u)           Indebtedness.

 

(i)            Other Indebtedness Basket. Section 8.2(o) of the Credit Agreement is amended by
deleting the text “other than in respect of borrowed money” therein.

 

(ii)           New Foreign Subsidiaries Indebtedness
Basket. Section 8.2
of the Credit Agreement is amended by (i) deleting the text “and”
immediately following clause (p) therein, (ii) deleting the “.” at the
conclusion of clause (q) therein and substituting therefor the text “; and” and
(iii) inserting a new clause (r) at the conclusion thereof to read as
follows:

 

“(r) Indebtedness
of Foreign Subsidiaries in an aggregate amount not to exceed $100,000,000.”

 

(v)           Leases Correction. Section 8.3(c) of the
Credit Agreement is amended by amending and restating the parenthetical in the
first line therein to read as follows:

 

“(as lessor)”

 

(w)          Permitted Merger Clarification. Section 8.3(g) of the
Credit Agreement is amended by deleting the text “the Wholly-Owned Subsidiary”
in the first proviso therein and substituting therefor the text “a Wholly-Owned
Subsidiary.”

 

(x)            Asset Sale Proceeds Reinvestment
Clarification. Section 8.3(i) of
the Credit Agreement is amended by deleting the proviso therein and
substituting therefor the following:

 

“provided, however,
that if (A) concurrently with any disposition of assets or within 360 days
of receipt of proceeds in connection with such disposition, all or a portion of
an amount equal to the net proceeds of such disposition are used by the

 

9

 

Borrower or a
Subsidiary to acquire other property used or to be used in the businesses
referred to in Section 8.9 and (B) the Borrower or such
Subsidiary has complied with the provisions of Section 7.11 with
respect to such property, then such dispositions (or, to the extent that less
than all of the net proceeds of any such disposition are used to acquire such
other property, then dispositions in an amount equal to the net proceeds used
to acquire such other property) shall be disregarded for purposes of
calculations pursuant to this Section 8.3(i)) (and shall otherwise
be deemed to be permitted under this Section 8.3) from and after
the time of compliance with Section 7.11 with respect to the
acquisition of such other property;”

 

(y)             New Permitted Restriction on Foreign Subsidiaries. Section 8.5 of the Credit
Agreement is amended by (i) deleting the text “and” immediately following
clause (e) therein, (ii) deleting the “.” at the conclusion of clause
(f) therein and substituting therefor the text “; and” and (iii) instituting
a new clause (g) at the conclusion thereof to read as follows:

 

“(g) any
restrictions or encumbrances on (i) Huntsman Chemical Company of Canada, Inc.
or on any Foreign Subsidiary of Huntsman Petrochemical Corporation, (ii) AdMat
EU Holdings or any of its Foreign Subsidiaries, (iii) any Foreign
Subsidiary acquired or created in connection with the TE Acquisition (to the
extent such TE Acquisition is consummated) or (iv) any Foreign Subsidiary
organized under the laws of any Middle Eastern or Asian jurisdiction, which are
set forth in any agreement governing Indebtedness permitted pursuant to Section 8.2(r).”

 

(z)            Permitted Entrustment Loan Arrangements
Basket. Section 8.7(h) of
the Credit Agreement is amended by amending and restating the parenthetical
clause contained in clause (y) of the proviso therein to read as follows:

 

“(other than (i) pursuant
to an Overdraft Facility or (ii) pursuant to Permitted Entrustment Loan
Arrangements in an aggregate principal amount not exceeding $25,000,000 at any
one time outstanding);”

 

(aa)         TE Acquisition Exclusion from Foreign
Investment Basket.
Section 8.7(n) of the Credit Agreement is amended by amending and
restating the first parenthetical in clause (v) thereof to read as
follows:

 

“(other than the AdMat Acquisition and the TE Acquisition (to the
extent such TE Acquisition is consummated))”

 

(bb)         Permitted Loans to Customers. Section 8.7 of the Credit
agreement is further amended by (i) deleting the text “and” immediately
following clause (p) therein, (ii) deleting the “.” at the conclusion of
clause (q) therein and substituting therefor the text “; and” and (iii) by
inserting a new clause (r) at the conclusion thereof to read as follows:

 

“(r) the Borrower
or any of its Subsidiaries may make loans and advances to their respective
customers in an aggregate amount not to exceed at any time $10,000,000.”

 

(cc)         Permitted Foreign Intercompany Loans. Section 8.9 of the Credit

 

10

 

agreement is amended by inserting the text “, Dutch Mixer” immediately
following the second reference to “UK Holdco 1” therein.

 

(dd)         Voluntary
Prepayment of Public Notes.

 

(i)            Permitted
Repurchase of Public Notes. Section 8.11 of the Credit
Agreement is amended by inserting the following proviso immediately following
clause (i)(B) therein to read as follows:

 

“; provided,
that such Most Recent Leverage Ratio test need not be satisfied with respect to
payments or prepayments on, or redemption or acquisition of, such obligations
set forth in this Clause (B) in an aggregate amount after the Second
Amendment Effective Date not to exceed $100,000,000 so long as the Total
Available Revolving Commitments are greater than $450,000,000 after giving effect
to such payment or prepayment and any Indebtedness incurred in connection
therewith;”

 

(ii)           Permitted
Repurchase of Public Notes with Asset Disposition Proceeds. Section 8.11
of the Credit Agreement is further amended by (w) inserting a parenthetical
clause at the end of clause (A) of the proviso in clause (i) thereof
to read: “(including with Net Sale Proceeds from Asset Dispositions not
required by the terms of Section 4.4(c)(ii) to be used to prepay the
Loans, but not with any other Net Sale Proceeds from Asset Dispositions)”, (x)
renumbering clause (C) of the proviso in clause (i) thereof as clause
(D), (y) renumbering clause (D) of the proviso in clause (i) thereof
as clause (E) and (z) inserting a new clause (C) immediately
following clause (B) thereof to read as follows:

 

“(C) any
obligations under the Senior Secured Notes and any notes evidencing any
Permitted Refinancing Indebtedness of any of the foregoing with the Net Sale
Proceeds from an Asset Disposition to the extent not required by the terms of Section 4.4(c) to
be used to prepay the Loans so long as the Total Available Revolving
Commitments are greater than $450,000,000 after giving effect to such payment
or prepayment and any Indebtedness incurred in connection therewith;”

 

(iii)          Clarification
of Permitted Repurchase of Senior Notes. Section 8.11 of the
Credit Agreement is further amended by inserting the following text at the
conclusion of clause (i) thereof to read as follows:

 

“Notwithstanding
the foregoing, the Borrower or any of its Subsidiaries may make payments
or prepayments on, or redemption or acquisition of, up to $100,000,000 in the
principal amount of obligations under the Senior Notes (HLLC) with the proceeds
of the Second Additional Term B Dollar Loans (and may use other available
cash to pay any prepayment premiums, fees and expenses related thereto).”

 

(iv)          Clarification of Obligations under Senior
Notes. Section 8.11
of the Credit Agreement is further amended by replacing each

 

11

 

reference to “Obligations”
in clause (i) thereof with a reference to “obligations”.

 

(ee)         Standard
for Permitted Modifications to Public Notes. Section 8.11(ii) of
the Credit Agreement is amended by inserting the text “materially” immediately
prior to the text “adverse to the interests of the Lenders” in the second line
thereof.

 

(ff)           Interest
Coverage Ratio. Section 9.2 of the Credit Agreement is amended
by amending and restating such Section 9.2 in its entirety to read
as follows:

 

“9.2         Interest Coverage
Ratio

 

The Borrower will not permit the Interest Coverage Ratio calculated for
any Test Period ending on the last date of any Fiscal Quarter, or during such
period, to be less than 2.50 to 1.00.”

 

(gg)         Leverage
Coverage Ratio. Section 9.3 of the Credit Agreement is amended
by amending and restating such Section 9.3 in its entirety to read
as follows:

 

“9.3         Leverage Ratio

 

The Borrower will not permit for any Test Period ending on the last
date of any Fiscal Quarter, or during such period, the Leverage Ratio to exceed
4.50 to 1.00.”

 

SECTION 2  Permitted Foreign
Intercompany Note Restructuring - Amendment to Credit Agreement.

 

The
Credit Agreement is hereby amended as of the date following the Second
Amendment Effective Date (as hereinafter defined) that the Borrower and its
Subsidiaries consummate the Permitted Foreign Intercompany Note Restructuring
(as defined below) as follows:

 

(a)           New
Defined Terms. Section 1.1 of the Credit Agreement is amended
by inserting the following new definitions in alphabetical order therein:

 

“U.S. Holdco”
means the Domestic Subsidiary that is a Wholly-Owned Subsidiary of the Borrower
and that owns 100% of the Capital Stock of EU Holdco.

 

“EU Holdco”
means a direct Wholly-Owned Subsidiary of U.S. Holdco organized under the laws
of England and Wales, Ireland, the Netherlands, Switzerland or another
jurisdiction approved by the Administrative Agent that, following the Permitted
Foreign Intercompany Note Restructuring (as defined in the Second Amendment),
owns 100% of the Capital Stock of each of UK Holdco 1, AdMat EU Holdings and
Dutch Mixer.

 

“EU Holdco Note”
means the unsecured promissory note issued by EU Holdco in favor of Huntsman
Finco in connection with the Permitted Intercompany Note Restructuring (as
defined in the Second Amendment), substantially in the form of the UK
Holdco Note (with appropriate adjustments to reflect the correct amount and
obligor) or

 

12

 

such other form as
is acceptable to the Administrative Agent, and in an aggregate principal amount
not less than the principal amount of the UK Holdco Note immediately prior to
the Permitted Intercompany Note Restructuring.

 

(b)           Amendments
of Defined Terms.  Section 1.1 of the
Credit Agreement is amended by amending the following defined terms as set
forth below:

 

(i)            The
definition of “Dutch Mixer” is amended and restated to read as follows:

 

“Dutch Mixer”
means Huntsman Investments (Netherlands) B.V., a Wholly-Owned Subsidiary of EU
Holdco, organized under the laws of the Netherlands.

 

(ii)           The definition of “Foreign
Intercompany Loan Security Documents” is amended replacing the reference
therein to “UK Holdco 1” with the text “EU Holdco”.

 

(iii)          The definition of “Foreign
Intercompany Note” is amended by replacing the reference to “UK Holdco 1”
in clause (i) thereof with the text “EU Holdco”.

 

(iv)          The definition of “Intercompany Note”
is amended by replacing the reference to “the UK Holdco Note” in clause (i) thereof
with the text “the EU Holdco Note”.

 

(v)           The definition of “Material Agreement”
is amended by replacing the reference to “the UK Holdco Note” in clause (iii) thereof
with the text “the EU Holdco Note”.

 

(vi)          The definition of “UK Holdco 1” is
amended by replacing the reference therein to “TG” with the text “EU Holdco”.

 

(c)           Other
Amendments Related to the Permitted Foreign Intercompany Note Restructuring.

 

(i)            Section 7.13(a) of
the Credit Agreement is amended by replacing each reference to “UK Holdco 1”
therein with the text “EU Holdco”.

 

(ii)           Section 8.2(n) of the Credit Agreement is amended by
replacing the reference to “UK Holdco 1” therein with the text “EU Holdco”.

 

(iii)          Section 8.3(k) of the Credit Agreement is amended by
replacing the reference to “UK Holdco 1” therein with the text “EU Holdco”.

 

(iv)        Section 8.7(g) of the Credit Agreement is amended by
amending and restating clause (i) thereof to read as follows:

 

13

 

“(i) to EU
Holdco pursuant to the terms of the EU Holdco Note as long as the Administrative
Agent has a perfected first priority security interest in such EU Holdco Note
and EU Holdco may make intercompany loans and advances to other Foreign
Subsidiaries pursuant to the terms of the Foreign Intercompany Loan Documents
so long as the representation and warranty set forth in Section 6.23
is true and correct at the time of such advance and the Borrower has complied
with the provisions of Section 7.13 and”.

 

(v)           Section 8.7(h) of the Credit Agreement is amended by
adding “or EU Holdco” immediately following the reference to “UK Holdco 2”
therein.

 

(vi)          Section 8.9 of the Credit Agreement is amended by (i) adding
“, EU Holdco” immediately following each reference to “UK Holdco 1” therein and
(ii) adding “, U.S. Holdco” immediately following the reference to “Dutch
Mixer” therein.

 

(vii)         Section 8.11(ii) of the Credit Agreement is amended by
replacing the reference therein to “the UK Holdco Note” with the text “the EU
Holdco Note”.

 

SECTION 3  Consent of
Lenders/Amendment Fee.

 

(a)           As of the
Second Amendment Effective Date, the Lenders hereby consent to (i) the use
of up to $100,000,000 of the proceeds of the Second Additional Term B Dollar
Loans by the Borrower to repurchase, redeem or otherwise acquire outstanding
Senior Notes (HLLC), (ii) the Permitted Foreign Intercompany Note
Restructuring (as defined below) and (iii) the TE Acquisition; provided,
that:  (A) after giving effect to the TE Acquisition on a Pro Forma Basis, no Event
of Default or Unmatured Event of Default exists or would exist; and (B) the
Borrower and its Subsidiaries have complied to the extent applicable with the
requirements of Section 7.11 of the Credit Agreement with respect
to any required additional Security Documents.

 

For purposes of
this Amendment,

 

“Permitted
Foreign Intercompany Note Restructuring” means a restructuring of the
Borrower’s Foreign Subsidiaries pursuant to which each of UK Holdco 1, AdMat EU
Holdings and Dutch Mixer becomes a Wholly-Owned Subsidiary of EU Holdco; provided,
that (i) in connection with such restructuring, all Foreign Intercompany
Notes owing to each of UK Holdco 1 and UK Holdco 2 become assets of EU Holdco
and, to the extent such Foreign Intercompany Notes are secured pursuant to
Foreign Intercompany Loan Security Documents, such Foreign Intercompany Notes
remain secured by the same or substantially the same assets, (ii) all
Foreign Intercompany Notes owing to AdMat EU Holdings and Dutch Mixer remain in
place without amendment thereto and, to the extent such Foreign Intercompany
Notes are secured pursuant to Foreign Intercompany Loan Security Documents,
such Foreign Intercompany Notes remain secured by the same or substantially the
same assets, (iii) the UK Holdco Note and any other intercompany note

 

14

 

payable by UK
Holdco 1 or UK Holdco 2 to Huntsman Finco is replaced by the EU Holdco Note,
which EU Holdco Note is in an aggregate principal amount equal to the aggregate
principal amounts of the intercompany notes so replaced, (iv) the intercompany
notes payable by AdMat EU Holdings and Dutch Mixer to Domestic Subsidiaries
remain in place without amendment thereto, (v) except as described in
clause (i), no Foreign Intercompany Loan Document is amended, modified or
terminated except as permitted by Section 8.11(iii), (vi) after
giving effect thereto, no Unmatured Event of Default or Event of Default exists
and, without limiting the foregoing, the Borrower and its Subsidiaries are in
compliance with Sections 7.13, 8.2(n), 8.3(k), 8.7(g),
8.7(h), 8.9 and 8.11(ii), as amended in Section 2
of this Amendment and (vii) the Administrative Agent is given reasonable
prior notice of such restructuring and the Borrower and its Subsidiaries have
delivered to the Administrative Agent such documents, instruments and legal
opinions as it may reasonably request in connection therewith, all in form and
substance acceptable to the Administrative Agent.

 

(b)           In
consideration of the execution of this Amendment by the Lenders, the Borrower
hereby agrees to pay on the Second Amendment Effective Date to each Lender that
executes this Amendment on or prior to 5:00 pm New York time June 27, 2006
(each, a “Consenting Lender”), a fee (collectively, the “Amendment
Fee”) in an amount equal to 0.100% multiplied by the sum of such
Lender’s Revolving Commitment plus the outstanding amount of Term Loans
owing to such Lender.

 

SECTION 4  Amendment to Security Documents. The parties hereto agree that each of the
Security Documents is hereby amended to permit any Lender or Affiliate of a
Lender party to any Interest Rate Agreement or Other Hedging Agreement to
provide the Collateral Agent with notice, in the form of Exhibit 4(a) to
this Amendment, of its disavowal of any security interests in Collateral as
security for the obligations owing under such Interest Rate Agreement or Other
Hedging Agreement to which it is a party and upon receipt of such notice, the
obligations owing under any such Interest Rate Agreement or Other Hedging
Agreement shall not be secured by the Collateral.

 

SECTION 5  Conditions to
Effectiveness of the Amendment. The provisions of this Amendment shall become effective upon the date of
the satisfaction of all of the conditions set forth in this Section 5
(the “Second Amendment Effective Date”), with any documents delivered to
Administrative Agent dated the Second Amendment Effective Date unless otherwise
noted:

 

5.1.         Proper
Execution and Delivery of Amendment. Borrower, the Administrative
Agent, the Required Lenders and each Lender with a Second Term B Dollar Commitment
shall have duly executed and delivered to Administrative Agent this Amendment.

 

5.2.         Delivery
of Credit Party Documents.

 

(a)           Notes.
The Borrower shall have duly executed and delivered to the Administrative Agent
the Term B Dollar Notes payable to the order of each applicable Lender with a
Second Additional Term B Dollar Commitment which has requested a Term B Dollar
Note in the amount of their respective Second Additional Term B Dollar
Commitments and all other Loan Documents shall have been duly executed and
delivered by the appropriate Credit

 

15

 

Party to the Administrative Agent, all of which shall be in full force
and effect;

 

(b)           Officer’s
Certificate. The Administrative Agent shall have received a certificate
executed by a Responsible Officer on behalf of the Borrower, dated the Second
Amendment Effective Date and in form and substance satisfactory to the
Administrative Agent;

 

(c)           Reaffirmation
of Guarantees and Security Documents. The Borrower and each of its
Subsidiaries shall have duly executed and delivered a reaffirmation of their
obligations under the existing Guarantees and Security Documents substantially
in the form of Exhibit 5.2(c);

 

(d)           Corporate
Proceedings. The Administrative Agent shall have received from the Borrower
a certificate, dated the Second Amendment Effective Date, signed by a
Responsible Officer of such Person, and attested to by the secretary or any
assistant secretary, or equivalent officer, or any manager (in the case of a
limited liability company) of such Person with appropriate insertions, together
with copies of such Person’s Organizational Documents and the consents of the
members of such Person referred to in such certificate and all of the foregoing
(including each such Organizational Document and consent) shall be satisfactory
to the Administrative Agent;

 

(e)           Incumbency.
The Administrative Agent shall have received a certificate of the secretary or
assistant secretary, or equivalent officer, or any manager (in the case of a
limited liability company) of the Borrower, dated the Second Amendment
Effective Date, as to the incumbency, effective as of the Second Amendment
Effective Date, and signature of the officers of such Person executing any
document (in form and substance satisfactory to the Administrative Agent)
and any certificate or other document or instrument to be delivered pursuant
hereto or thereto by or on behalf of such Person, together with evidence of the
incumbency of such secretary, assistant secretary, or equivalent officer or any
manager (in the case of a limited liability company);

 

(f)            Approvals.
All necessary governmental (domestic and foreign) and third party approvals in
connection with this Amendment and the transactions contemplated hereby and
otherwise referred to herein shall have been obtained and remain in effect, and
all applicable waiting periods shall have expired without any action being
taken by any competent authority which restrains, prevents or imposes
materially adverse conditions upon the consummation of all or any part of
this Amendment or the transactions contemplated hereby and otherwise referred
to herein except for those approvals of non-Governmental Authorities under
contracts which are not material and which are not required to be delivered at
the closing thereof. Additionally, there shall not exist any judgment, order,
injunction or other restraint issued or filed or a hearing seeking injunctive
relief or other restraint pending or notified prohibiting or imposing material
adverse conditions upon all or any part of this Amendment or the
transactions contemplated hereby, or the making of the Loans or the issuance of
Letters of Credit;

 

(g)           Litigation.
No litigation by any entity (private or governmental) shall be pending or, to
the best knowledge of the Borrower, threatened with respect to this Amendment,
any other Loan Document or any documentation executed in connection herewith or
the transactions contemplated hereby, or which the Administrative Agent or the
Required Lenders

 

16

 

shall determine could reasonably be expected to have a Material Adverse
Effect;

 

(h)           Opinion
of Counsel. The Administrative Agent shall have received from Vinson &
Elkins L.L.P., special counsel to the Borrower, an opinion addressed to the
Administrative Agent and each of the Lenders and dated the Second Amendment
Effective Date, in form and substance satisfactory to the Administrative
Agent;

 

(i)            Solvency.
The Administrative Agent shall have received a solvency certificate, in form and
substance reasonably satisfactory to the Administrative Agent, executed by a
Responsible Officer on behalf of the Borrower with respect to the solvency of
the Borrower;

 

(j)            Existing
Indebtedness. After giving effect to this Amendment and the other
transactions contemplated hereby, Borrower and its Subsidiaries shall not have
any Indebtedness outstanding except for the Loans, the Public Notes and other
Indebtedness permitted by Section 8.2;

 

(k)           Other
Matters. All corporate and other proceedings taken in connection with this
Amendment at or prior to the date of this Amendment, and all documents incident
thereto will be reasonably satisfactory in form and substance to the
Administrative Agent; and the Administrative Agent shall have received such
other instruments and documents as the Administrative Agent shall reasonably
request in connection with the execution of this Amendment, and all such
instruments and documents shall be reasonably satisfactory in form and
substance to the Administrative Agent.

 

5.3.         Representations
and Warranties; Default; Officer’s Certificate. After giving effect to
this Amendment, the representations and warranties set forth in Article VI
of the Credit Agreement shall be true and correct, except to the extent such
representations and warranties are expressly made as of a specified date in
which event such representations and warranties shall be true and correct as of
such specified date, and no Event of Default or Unmatured Event of Default
shall have occurred or be continuing and Administrative Agent shall have
received a certificate executed by a Responsible Officer on behalf of Borrower,
dated the Second Amendment Effective Date stating that, after giving effect to
this Amendment, the representations and warranties set forth in Article VI
of the Credit Agreement are true and correct as of the date of the certificate,
except to the extent such representations and warranties are expressly made as
of a specified date in which event such representations and warranties shall be
true and correct as of such specified date, that no Event of Default or
Unmatured Event of Default has occurred and is continuing, and that the
conditions of this Section 5 hereof have been fully satisfied or
waived.

 

5.4.         Fees.
Borrower shall have paid to Administrative Agent and the Lenders all costs,
fees and expenses (including, without limitation, reasonable legal fees and
expenses) payable to Administrative Agent and the Lenders to the extent then
due, including, without limitation, pursuant to Sections 3(b) and 7
of this Amendment and any fee letter executed by the Borrower in favor of the
Administrative Agent or any of its Affiliates in connection with the Second
Amendment.

 

17

 

5.5.         Corporate
Proceedings. All corporate and/or limited liability company and legal
proceedings and all instruments and agreements to be executed by each Credit
Party in connection with the transactions contemplated by this Amendment and
the other Loan Documents shall be satisfactory in form and substance to
Administrative Agent and the Required Lenders and Administrative Agent and all
Lenders shall have received all information and copies of all certificates,
documents and papers, including records of corporate and/or limited liability
company proceedings, governmental approvals, good standing certificates and
bring-down telegrams or certificates, if any, which Administrative Agent or
such Lender reasonably may have requested in connection therewith, such documents
and papers where appropriate to be certified by proper corporate or
Governmental Authorities.

 

Each Lender and
the Administrative Agent hereby agrees that by its execution and delivery of
its signature page hereto, such Person approves of and consents to each of
the matters set forth in Section 5 which must be approved by, or
which must be satisfactory to, the Required Lenders or such Person, as the case
may be; provided that, in the case of any agreement or document
which must be approved by, or which must be satisfactory to, the Required
Lenders, Administrative Agent or Borrower shall have delivered a copy of such
agreement or document to such Person if so requested on or prior to the Second
Amendment Effective Date.

 

SECTION 6  References to and
Effect on the Credit Agreement. On and after the date hereof each reference in the Credit Agreement to “this
Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each
reference to the Credit Agreement, as the case may be, in the Loan Documents
and all other documents (the “Ancillary Documents”) delivered in
connection with the Credit Agreement shall mean and be a reference to the
Credit Agreement as amended hereby.

 

Except as
specifically amended above, the Credit Agreement, and the other Loan Documents
and all other Ancillary Documents shall remain in full force and effect and are
hereby ratified and confirmed.

 

The execution,
delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of the
Lenders or Administrative Agent under the Credit Agreement, the Loan Documents
or the Ancillary Documents.

 

SECTION 7  Costs and Expenses. Borrower agrees to pay all reasonable costs and
expenses of the Administrative Agent in connection with the negotiation,
preparation, printing, typing, reproduction, execution and delivery of this
Amendment and all other documents furnished pursuant hereto or in connection
herewith, including without limitation, the reasonable fees and out-of-pocket
expenses of Winston & Strawn LLP, special counsel to Administrative
Agent and any local counsel retained by Administrative Agent relative thereto
or the reasonable allocated costs of staff counsel as well as the fees and
out-of-pocket expenses of counsel, independent public accountants and other
outside experts retained by Administrative Agent in connection with the
administration of this Amendment.

 

18

 

SECTION 8  Miscellaneous.

 

8.1.         Execution
in Counterparts. This Amendment may be executed in one or more
counterparts, each of which, when executed and delivered, shall be deemed to be
an original and all of which counterparts, taken together, shall constitute but
one and the same document with the same force and effect as if the signatures
of all of the parties were on a single counterpart, and it shall not be
necessary in making proof of this Amendment to produce more than one (1) such
counterpart. Delivery of an executed signature page to this Amendment by
telecopy shall be deemed to constitute delivery of an originally executed
signature page hereto.

 

8.2.         Governing
Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE
LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF SAID STATE.

 

8.3.         Headings. Headings used in this Amendment
are for convenience of reference only and shall not affect the construction of
this Amendment.

 

8.4.         Integration. This Amendment, the other
agreements and documents executed and delivered pursuant to this Amendment and
the Credit Agreement constitute the entire agreement among the parties hereto
with respect to the subject matter hereof.

 

8.5.         Binding
Effect. This Amendment
shall be binding upon and inure to the benefit of and be enforceable by the
Borrower, the Administrative Agent and the Lenders and their respective
successors and assigns. Except as expressly set forth to the contrary herein,
this Agreement shall not be construed so as to confer any right or benefit upon
any Person other than the Borrower, the Administrative Agent and the Lenders
and their respective successors and permitted assigns.

 

[signature page follows]

 

19

 

IN WITNESS
WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their duly authorized officers as of the day and year first above
written.

 

	
   

  	
  HUNTSMAN INTERNATIONAL LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sean Douglas

  	
   

  
	
   

  	
  Name:

  	
  Sean Douglas

  	
   

  
	
   

  	
  Title:

  	
  Vice President and Treasurer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DEUTSCHE BANK AG NEW YORK BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Evelyn Thierry

  	
   

  
	
   

  	
  Name:

  	
  Evelyn Thierry

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carin Keegan

  	
   

  
	
   

  	
  Name:

  	
  Carin Keegan

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
						

 

 

Signature
Page to Huntsman International LLC

Consent and Second
Amendment to Credit Agreement

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