Document:

Exhibit
10.2

REGISTRATION
RIGHTS AGREEMENT
 

by and among

SPX Corporation

Engineering Analysis Associates, Inc.

Flair
Corporation

Kayex
China Holdings, Inc.

LDS Test
and Measurement LLC

The Marley
Company LLC

Marley
Engineered Products LLC

The
Marley-Wylain Company

MCT
Services LLC

P.S.D., Inc.

SPX
Cooling Technologies, Inc.

TCI
International, Inc.

Valley
Forge Technical Information Services, Inc.

Waukesha
Electric Systems, Inc.

XCel
Erectors, Inc.

 and

Banc of America Securities LLC

J.P. Morgan Securities Inc.

Citigroup Global Markets
Inc.

Scotia Capital (USA) Inc.

Commerzbank Capital Markets Corp.

Deutsche Bank Securities Inc.

Mitsubishi UFJ Securities
International plc

 Dated as of December 13, 2007

 

 

REGISTRATION RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made and entered into as of
December 13, 2007, by and among SPX Corporation, a Delaware corporation
(the “Company”), Engineering Analysis Associates, Inc., a Michigan
corporation, Flair Corporation, a Delaware corporation, Kayex China Holdings, Inc.,
a Delaware corporation, LDS Test and Measurement LLC, a Delaware limited
liability company, The Marley Company LLC, a Delaware limited liability
company, Marley Engineered Products LLC, a Delaware limited liability company, The
Marley-Wylain Company, a Delaware corporation, MCT Services LLC, a Delaware
limited liability company, P.S.D., Inc., an Ohio Corporation, SPX Cooling
Technologies, Inc., a Delaware corporation, TCI International, Inc.,
a Delaware corporation, Valley Forge Technical Information Services, Inc.,
a Michigan corporation, Waukesha Electric Systems, Inc., a Wisconsin
corporation and XCel Erectors, Inc., a Delaware corporation (collectively,
the “Guarantors”), and Banc of America Securities LLC and J.P. Morgan Securities
Inc., as representatives of the initial purchasers listed on Schedule A to the
Purchase Agreement (as defined below) (collectively, the “Initial Purchasers”),
each of whom has agreed to purchase the Company’s 7 5/8% Senior Notes due 2014
(the “Initial Notes”) fully and unconditionally guaranteed by the Guarantors
(the “Guarantees”) pursuant to the Purchase Agreement (as defined below). The
Initial Notes and the Guarantees attached thereto are herein collectively
referred to as the “Initial Securities.”

 

This Agreement
is made pursuant to the purchase agreement, dated December 10, 2007 (the “Purchase
Agreement”), among the Company, the Guarantors and the Initial Purchasers (i) for
the benefit of the Initial Purchasers and (ii) for the benefit of the
Holders from time to time of the Initial Securities, including the Initial
Purchasers. In order to induce the Initial Purchasers to purchase the Initial
Securities, the Company has agreed to provide the registration rights set forth
in this Agreement. The execution and delivery of this Agreement is a condition
to the obligations of the Initial Purchasers set forth in Section 5(h) of
the Purchase Agreement.

 

The parties
hereby agree as follows:

 

SECTION 1.           Definitions. As
used in this Agreement, the following capitalized terms shall have the
following meanings:

 

Additional
Interest:  As
defined in Section 5 hereto.

 

Broker-Dealer:  Any broker or dealer
registered under the Exchange Act.

 

Business Day: 
Any day other than a Saturday, Sunday or U.S. federal holiday or a day
on which banking institutions or trust companies located in New York, New York
are authorized or obligated to be closed.

 

Closing
Date:  The date
of this Agreement.

 

Commission:  The Securities and
Exchange Commission.

 

Consummate:  A registered
Exchange Offer shall be deemed “Consummated” for purposes of this Agreement
upon the occurrence of (i) the filing and effectiveness under the Securities

 

 

Act of the Exchange Offer
Registration Statement relating to the Exchange Securities to be issued in the
Exchange Offer, (ii) the maintenance of such Registration Statement
continuously effective and the keeping of the Exchange Offer open for a period
not less than the minimum period required pursuant to Section 3(b) hereof,
and (iii) the delivery by the Company to the Registrar under the Indenture
of Exchange Securities in the same aggregate principal amount as the aggregate
principal amount of Initial Securities that were tendered by Holders thereof
pursuant to the Exchange Offer.

 

Effectiveness
Target Date:  As
defined in Section 3(a) hereof.

 

Exchange
Act:  The
Securities Exchange Act of 1934, as amended.

 

Exchange
Offer:  The
registration by the Company under the Securities Act of the Exchange Securities
pursuant to a Registration Statement pursuant to which the Company offers the
Holders of all outstanding Transfer Restricted Securities the opportunity to
exchange all such outstanding Transfer Restricted Securities held by such
Holders for Exchange Securities in an aggregate principal amount equal to the
aggregate principal amount of the Transfer Restricted Securities tendered in
such exchange offer by such Holders.

 

Exchange
Offer Registration Statement:  The
Registration Statement relating to the Exchange Offer, including the related
Prospectus.

 

Exchange
Securities:  The
7 5/8% Senior Notes due 2014, of the same series under the Indenture as the
Initial Securities and the Guarantees attached thereto, to be issued to Holders
in exchange for Transfer Restricted Securities pursuant to this Agreement.

 

Filing
Target Date:  February 28,
2009.

 

FINRA:  The Financial
Industry Regulatory Authority.

 

Guarantees:  As defined in
preamble hereof.

 

Guarantors:  As defined in
preamble hereof.

 

Holders:  As defined in Section 2(b) hereof.

 

Indemnified
Holder:  As
defined in Section 8(a) hereof.

 

Indenture:  The Indenture, dated
as of December 13, 2007, by and among the Company, the Guarantors and U.S.
Bank, N.A., as trustee (the “Trustee”), pursuant to which the Securities are to
be issued, as such Indenture is amended or supplemented from time to time in
accordance with the terms thereof.

 

Initial
Purchasers:  As
defined in the preamble hereto.

 

Initial
Notes:  As
defined in the preamble hereto.

 

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Initial Placement:  The issuance and
sale by the Company of the Initial Securities to the Initial Purchasers
pursuant to the Purchase Agreement.

 

Initial
Securities:  As
defined in the preamble hereto.

 

Interest
Payment Date:  As
defined in the Indenture and the Securities.

 

Issuer Free
Writing Prospectus:  As
defined in Section 4(c) hereof.

 

Person:  An individual,
partnership, limited partnership, limited liability company, corporation, trust
or unincorporated organization, or a government or agency or political subdivision
thereof.

 

Prospectus:  The prospectus
included in a Registration Statement, as amended or supplemented by any
prospectus supplement and by all other amendments thereto, including
post-effective amendments, and all material incorporated by reference into such
Prospectus.

 

Registration
Default:  As
defined in Section 5 hereof.

 

Registration
Statement:  Any
registration statement of the Company relating to (a) an offering of
Exchange Securities pursuant to an Exchange Offer or (b) the registration
for resale of Transfer Restricted Securities pursuant to the Shelf Registration
Statement, which is filed pursuant to the provisions of this Agreement, in each
case, including the Prospectus included therein, all amendments and supplements
thereto (including post-effective amendments) and all exhibits and material
incorporated by reference therein.

 

Securities:  The Initial
Securities and the Exchange Securities.

 

Securities
Act:  The
Securities Act of 1933, as amended.

 

Shelf
Filing Deadline:  As
defined in Section 4(a) hereof.

 

Shelf
Registration Statement:  As
defined in Section 4(a) hereof.

 

Trust
Indenture Act:  The
Trust Indenture Act of 1939, as amended.

 

Transfer
Restricted Securities:  Each
Initial Security, until the earliest to occur of (a) the date on which
such Initial Security is exchanged in the Exchange Offer for an Exchange
Security entitled to be resold to the public by the Holder thereof without
complying with the prospectus delivery requirements of the Securities Act, (b) the
date on which such Initial Security has been effectively registered under the
Securities Act and disposed of in accordance with a Shelf Registration
Statement, (c) the date on which such Initial Security is distributed to
the public pursuant to Rule 144 under the Securities Act or by a
Broker-Dealer pursuant to the “Plan of Distribution” contemplated by the
Exchange Offer Registration Statement (including delivery of the Prospectus contained
therein), and (d)(i) the date on which such Initial Security becomes
freely tradeable under the Securities Act and (ii) such Initial Security
may be exchanged, upon request of the Holder, for an Exchange Security without
restrictive legends.

 

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Underwritten
Registration or Underwritten Offering:  A
registration in which securities of the Company are sold to an underwriter for
reoffering to the public.

 

SECTION 2.           Securities Subject to this
Agreement.

 

(a)           Transfer Restricted
Securities. The securities entitled to the benefits of this Agreement
are the Transfer Restricted Securities.

 

(b)           Holders of Transfer
Restricted Securities. A Person is deemed to be a holder of Transfer
Restricted Securities (each, a “Holder”) whenever such Person owns Transfer
Restricted Securities.

 

SECTION 3.           Registered Exchange Offer.

 

(a)           Unless the Exchange Offer shall not
be permissible under applicable law or Commission policy (after the procedures
set forth in Section 6(a) hereof have been complied with), or there
are no Transfer Restricted Securities outstanding, each of the Company and the
Guarantors shall (i) cause to be filed with the Commission no later than
the Filing Target Date, a Registration Statement under the Securities Act
relating to the Exchange Securities and the Exchange Offer, (ii) use
commercially reasonable efforts to cause such Registration Statement to become
effective no later than 120 days after the Filing Target Date (or if such 120th
day is not a Business Day, the next succeeding Business Day) (such date, the “Effectiveness
Target Date”), (iii) in connection with the foregoing, file (A) all
pre-effective amendments to such Registration Statement as may be necessary in
order to cause such Registration Statement to become effective, (B) if
applicable, a post-effective amendment to such Registration Statement pursuant
to Rule 430A under the Securities Act and (C) cause all necessary
filings in connection with the registration and qualification of the Exchange
Securities to be made under the state securities or blue sky laws of such
jurisdictions as are necessary to permit Consummation of the Exchange Offer,
and (iv) upon the effectiveness of such Registration Statement, commence
the Exchange Offer. The Exchange Offer shall be on the appropriate form
permitting registration of the Exchange Securities to be offered in exchange
for the Transfer Restricted Securities and to permit resales of Initial
Securities held by Broker-Dealers as contemplated by Section 3(c) hereof.

 

(b)           The Company and the Guarantors shall
use their commercially reasonable efforts to cause the Exchange Offer
Registration Statement to be effective continuously and shall keep the Exchange
Offer open for a period of not less than the minimum period required under applicable
federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be
less than 30 days after the date notice of the Exchange Offer is mailed to the
Holders. The Company shall cause the Exchange Offer to comply with all applicable
federal and state securities laws. No securities other than the Exchange
Securities shall be included in the Exchange Offer Registration Statement. The
Company shall use commercially reasonable efforts to cause the Exchange Offer
to be Consummated on the earliest practicable date after the Exchange Offer
Registration Statement has become effective, but in no event later than 30 days
after the Effectiveness Target Date (or if such 30th day is not a Business Day,
the next succeeding Business Day).

 

4

 

(c)           The Company shall indicate in a “Plan
of Distribution” section contained in the Prospectus forming a part of the
Exchange Offer Registration Statement that any Broker-Dealer who holds Initial
Securities that are Transfer Restricted Securities and that were acquired for
its own account as a result of market-making activities or other trading
activities (other than Transfer Restricted Securities acquired directly from
the Company), may exchange such Initial Securities pursuant to the Exchange
Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within
the meaning of the Securities Act and must, therefore, deliver a prospectus
meeting the requirements of the Securities Act in connection with any resales
of the Exchange Securities received by such Broker-Dealer in the Exchange
Offer, which prospectus delivery requirement may be satisfied by the delivery
by such Broker-Dealer of the Prospectus contained in the Exchange Offer
Registration Statement. Such “Plan of Distribution” section shall also contain
all other information with respect to such resales by Broker-Dealers that the
Commission may require in order to permit such resales pursuant thereto, but
such “Plan of Distribution” shall not name any such Broker-Dealer or disclose
the amount of Initial Securities held by any such Broker-Dealer except to the
extent required by the Commission as a result of a change in policy after the
date of this Agreement.

 

Each of the
Company and the Guarantors shall use commercially reasonable efforts to keep
the Exchange Offer Registration Statement continuously effective, supplemented
and amended as required by the provisions of Section 6(c) hereof to
the extent necessary to ensure that it is available for resales of Initial
Securities acquired by Broker-Dealers for their own accounts as a result of
market-making activities or other trading activities, and to ensure that it conforms
with the requirements of this Agreement, the Securities Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period
ending on the earlier of (i) 180 days from the date on which the Exchange
Offer Registration Statement is declared effective and (ii) the date on
which a Broker-Dealer is no longer required to deliver a prospectus in
connection with market-making or other trading activities.

 

The Company
shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers
promptly upon request at any time during such 180-day (or shorter as provided in
the foregoing sentence) period in order to facilitate such resales.

 

Notwithstanding
anything herein to the contrary, no Exchange Offer or Shelf Registration
Statement will be required if all of the Initial Securities are no longer
Transfer Restricted Securities prior to the Effectiveness Target Date. In
addition, notwithstanding anything herein to the contrary, the Company will
have no further obligation under this Agreement upon the Consummation of the
Exchange Offer to any Holder of Transfer Restricted Securities who was eligible
to participate in the Exchange Offer and did not participate in the Exchange Offer.

 

SECTION 4.           Shelf Registration.

 

(a)           Shelf Registration. If
(i) the Company is not required to file an Exchange Offer Registration
Statement or to consummate the Exchange Offer because the Exchange Offer is not
permitted by applicable law or Commission policy (after the procedures set
forth in Section 6(a) hereof have been complied with), (ii) for
any reason the Exchange Offer is not Consummated within 150 days after the
Filing Target Date (or if such 150th day is not a Business Day, the next
succeeding Business Day) unless the Notes are all freely tradeable prior to
such time, or (iii) 

 

5

 

prior to the 20th day following
the consummation of the Exchange Offer (A) the Initial Purchasers request
from the Company with respect to Transfer Restricted Securities not eligible to
be exchanged for Exchange Securities in the Exchange Offer, (B) with
respect to any Holder of Transfer Restricted Securities such Holder notifies
the Company that (i) such Holder is prohibited by applicable law or
Commission policy from participating in the Exchange Offer, or (ii) such
Holder may not resell the Exchange Securities acquired by it in the Exchange
Offer to the public without delivering a prospectus and that the Prospectus
contained in the Exchange Offer Registration Statement is not appropriate or
available for such resales by such Holder, or (iii) such Holder is a Broker-Dealer
and holds Initial Securities acquired directly from the Company or one of its affiliates
or (C) in the case of any Initial Purchaser, such Initial Purchaser
notifies the Company it will not receive freely tradable Exchange Securities in
exchange for Transfer Restricted Securities constituting any position of such
Initial Purchaser’s unsold allotment, the Company and the Guarantors shall

 

(x)            cause to be filed a shelf
registration statement pursuant to Rule 415 under the Securities Act,
which may be an amendment to the Exchange Offer Registration Statement (in
either event, the “Shelf Registration Statement”) on or prior to 30 days after
such obligation arises but no earlier than the Filing Target Date (or if such
30th day is not a Business Day, the next succeeding Business Day) (such date
being the “Shelf Filing Deadline”), which Shelf Registration Statement shall
provide for resales of all Transfer Restricted Securities the Holders of which
shall have provided the information required pursuant to Section 4(b) hereof;
and

 

(y)           use commercially reasonable efforts
to cause such Shelf Registration Statement to be declared effective by the
Commission on or before the 30th day after the Shelf Filing Deadline (or if
such 30th day is not a Business Day, the next succeeding Business Day).

 

Each of the
Company and the Guarantors shall use commercially reasonable efforts to keep
such Shelf Registration Statement continuously effective, supplemented and
amended as required by the provisions of Sections 6(b) and (c) hereof
to the extent necessary to ensure that it is available for resales of Initial
Securities by the Holders of Transfer Restricted Securities entitled to the
benefit of this Section 4(a), and to ensure that it conforms with the
requirements of this Agreement, the Securities Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period of
at least two years following the effective date of such Shelf Registration
Statement (or shorter period that will terminate when all the Initial Securities
covered by such Shelf Registration Statement have been sold pursuant to such
Shelf Registration Statement or are otherwise transferable pursuant to Rule 144(k) (as
amended or restated) under the Securities Act); provided that the Company may
for a period of up to 60 days in any three-month period, not to exceed 90 days
in any calendar year determine that the Shelf Registration Statement is not
usable under certain circumstances relating to corporate developments, public filings
with the SEC and similar events, and suspend the use of the prospectus that is
part of the Shelf Registration Statement.

 

(b)           Provision by Holders of
Certain Information in Connection with the Shelf Registration Statement. No
Holder of Transfer Restricted Securities may include any of its Transfer 

 

6

 

Restricted Securities in any
Shelf Registration Statement pursuant to this Agreement unless and until such
Holder furnishes to the Company in writing, within 20 Business Days after
receipt of a request therefor, such information as the Company may reasonably
request for use in connection with any Shelf Registration Statement or
Prospectus or preliminary Prospectus included therein. Each Holder as to which
any Shelf Registration Statement is being effected agrees to furnish promptly
to the Company all information required to be disclosed in order to make the
information previously furnished to the Company by such Holder not materially
misleading.

 

(c)           Issuer Free Writing
Prospectuses. Each Holder represents and agrees that, unless it
obtains the prior consent of the Company, it will not make any offer relating
to the Securities that would constitute an “issuer free writing prospectus,” as
defined in Rule 433 (an “Issuer Free Writing Prospectus”), or that would
otherwise constitute a “free writing prospectus,” as defined in Rule 405,
required to be filed with the Commission. The Company represents that any
Issuer Free Writing Prospectus, when taken together with the information in the
Shelf Registration Statement and the Prospectus, will not include any untrue
statement of a material fact or omit to state any material fact necessary in
order to make the statements therein, in light of the circumstances under which
they were made, not misleading.

 

SECTION 5.           Additional Interest. If
(i) within 150 days after the Filing Target Date, neither the Shelf
Registration Statement has been declared effective by the Commission, nor has
an Exchange Offer been Consummated with respect to the Exchange Offer
Registration Statement, if so required hereunder or (ii) any Registration
Statement required by this Agreement is filed and declared effective but shall
thereafter, at a time the Registration Statement is required to remain effective,
cease to be effective or fail to be usable for its intended purpose without
being succeeded immediately by a post-effective amendment to such Registration
Statement that cures such failure and that is itself immediately declared
effective (each such event referred to in clauses (i) through (ii), a “Registration
Default”), the Company hereby agrees that the interest rate borne by the
Transfer Restricted Securities shall be increased by 0.5% per annum (“Additional
Interest”). Following the cure of all Registration Defaults relating to any
particular Transfer Restricted Securities, the interest rate borne by the
relevant Transfer Restricted Securities will be reduced to the original
interest rate borne by such Transfer Restricted Securities; provided, however, that, if after any such
reduction in interest rate, a different Registration Default occurs, the
interest rate borne by the relevant Transfer Restricted Securities shall again
be increased pursuant to the foregoing provisions.

 

All
obligations of the Company and the Guarantors set forth in the preceding
paragraph that are outstanding with respect to any Transfer Restricted Security
at the time such security ceases to be a Transfer Restricted Security shall
survive until such time as all such obligations with respect to such security
shall have been satisfied in full.

 

SECTION 6.           Registration Procedures.

 

(a)           Exchange Offer
Registration Statement. In connection with the Exchange Offer, the
Company and the Guarantors shall comply with all of the provisions of Section 6(c) hereof,
shall use commercially reasonable efforts to effect such exchange to permit the
sale of Transfer Restricted Securities being sold in accordance with the
intended method or methods of distribution thereof, and shall comply with all
of the following provisions:

 

7

 

(i)      If
in the reasonable opinion of counsel to the Company there is a question as to
whether the Exchange Offer is permitted by applicable law, each of the Company
and the Guarantors hereby agrees to seek a no-action letter or other favorable
decision from the Commission allowing the Company and the Guarantors to
Consummate an Exchange Offer for such Initial Securities. Each of the Company
and the Guarantors hereby agrees to pursue the issuance of such a decision to
the Commission staff level but shall not be required to take commercially
unreasonable action to effect a change of Commission policy. Each of the
Company and the Guarantors hereby agrees, however, to (A) participate in
telephonic conferences with the Commission, (B) deliver to the Commission
staff an analysis prepared by counsel to the Company setting forth the legal
bases, if any, upon which such counsel has concluded that such an Exchange
Offer should be permitted and (C) diligently pursue a favorable resolution
by the Commission staff of such submission.

 

(ii)     As
a condition to its participation in the Exchange Offer pursuant to the terms of
this Agreement, each Holder of Transfer Restricted Securities shall furnish,
upon the request of the Company, prior to the Consummation thereof, a written
representation to the Company (which may be contained in the letter of
transmittal contemplated by the Exchange Offer Registration Statement) to the
effect that (A) it is not an affiliate of the Company, (B) it is not
engaged in, and does not intend to engage in, and has no arrangement or
understanding with any Person to participate in, a distribution of the Exchange
Securities to be issued in the Exchange Offer and (C) it is acquiring the
Exchange Securities in its ordinary course of business. In addition, all such
Holders of Transfer Restricted Securities shall otherwise cooperate in the
Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges
and agrees that any Broker-Dealer and any such Holder using the Exchange Offer
to participate in a distribution of the securities to be acquired in the
Exchange Offer (1) could not under Commission policy as in effect on the
date of this Agreement rely on the position of the Commission enunciated in Morgan
Stanley and Co., Inc. (available June 5, 1991) and Exxon
Capital Holdings Corporation (available May 13, 1988), as interpreted
in the Commission’s letter to Shearman & Sterling dated July 2,
1993, and similar no-action letters (which may include any no-action letter
obtained pursuant to clause (i) above), and (2) must comply with the
registration and prospectus delivery requirements of the Securities Act in
connection with a secondary resale transaction and that such a secondary resale
transaction should be covered by an effective registration statement containing
the selling security holder information required by Item 507 or 508, as
applicable, of Regulation S-K if the resales are of Exchange Securities obtained
by such Holder in exchange for Initial Securities acquired by such Holder
directly from the Company.

 

(b)           Shelf Registration
Statement. In connection with the Shelf Registration Statement, each
of the Company and the Guarantors shall comply with all the provisions of Section 6(c) hereof
and shall use its commercially reasonable efforts to effect such registration
to permit the sale of the Transfer Restricted Securities being sold in
accordance with the intended method or methods of distribution thereof, and
pursuant thereto each of the Company and the Guarantors will prepare and file
with the Commission a Registration Statement relating to the registration on
any appropriate form under the Securities Act, which form shall be available
for the sale of the 

 

8

 

Transfer Restricted Securities
in accordance with the intended method or methods of distribution thereof in
accordance with the time periods set forth in Section 4.

 

(c)           General Provisions. In
connection with any Registration Statement and any Prospectus required by this
Agreement to permit the sale or resale of Transfer Restricted Securities
(including, without limitation, any Registration Statement and the related
Prospectus required to permit resales of Initial Securities by Broker-Dealers),
each of the Company and the Guarantors shall:

 

(i)      use
commercially reasonable efforts to keep such Registration Statement
continuously effective and provide all requisite financial statements
(including, if required by the Securities Act or any regulation thereunder,
financial statements of the Guarantors for the period specified in Section 3
or 4 hereof, as applicable; upon the occurrence of any event that would cause
any such Registration Statement or the Prospectus contained therein (A) to
contain a material misstatement or omission or (B) not to be effective and
usable for resale of Transfer Restricted Securities during the period required
by this Agreement, the Company shall file promptly an appropriate amendment to
such Registration Statement, in the case of clause (A), correcting any such
misstatement or omission, and, in the case of either clause (A) or (B),
use commercially reasonable efforts to cause such amendment to be declared
effective and such Registration Statement and the related Prospectus to become
usable for their intended purpose(s) as soon as practicable thereafter;

 

(ii)     prepare
and file with the Commission such amendments and post-effective amendments to
the applicable Registration Statement as may be necessary to keep the
Registration Statement effective for the applicable period set forth in Section 3
or 4 hereof, as applicable, or such shorter period as will terminate when all
Transfer Restricted Securities covered by such Registration Statement have been
sold or are otherwise transferable pursuant to Rule 144(k) (as
amended or restated) under the Securities Act; cause the Prospectus to be
supplemented by any required Prospectus supplement, and as so supplemented to
be filed pursuant to Rule 424 under the Securities Act, and to comply
fully with the applicable provisions of Rules 424 and 430A under the
Securities Act in a timely manner; and comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by
such Registration Statement during the applicable period in accordance with the
intended method or methods of distribution by the sellers thereof set forth in
such Registration Statement or supplement to the Prospectus;

 

(iii)    advise
the underwriter(s), if any, and selling Holders promptly and, if requested by
such Persons, to confirm such advice in writing, (A) when the Prospectus
or any Prospectus supplement or post-effective amendment has been filed, and,
with respect to any Registration Statement or any post-effective amendment
thereto, when the same has become effective, (B) of any request by the
Commission for amendments to the Registration Statement or amendments or
supplements to the Prospectus or for additional information relating thereto, (C) of
the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement under the Securities Act or of the suspension by
any state securities commission of the qualification of the Transfer 

 

9

 

Restricted
Securities for offering or sale in any jurisdiction, or the initiation of any
proceeding for any of the preceding purposes, (D) of the existence of any
fact or the happening of any event that makes any statement of a material fact
made in the Registration Statement, the Prospectus, any amendment or supplement
thereto, or any document incorporated by reference therein untrue, or that
requires the making of any additions to or changes in the Registration
Statement or the Prospectus in order to make the statements therein not misleading.
If at any time the Commission shall issue any stop order suspending the effectiveness
of the Registration Statement, or any state securities commission or other
regulatory authority shall issue an order suspending the qualification or
exemption from qualification of the Transfer Restricted Securities under state
securities or blue sky laws, each of the Company and the Guarantors shall use
commercially reasonable efforts to obtain the withdrawal or lifting of such
order at the earliest possible time;

 

(iv)    furnish
without charge to each of the Initial Purchasers, each selling Holder named in
any Registration Statement, and each of the underwriter(s), if any, before
filing with the Commission, copies of any Registration Statement or any
Prospectus included therein or any amendments or supplements to any such
Registration Statement or Prospectus (including all documents incorporated by
reference after the initial filing of such Registration Statement), which
documents will be subject to the review and comment of such Holders and
underwriter(s) in connection with such sale, if any, for a period of at
least three Business Days, and the Company will not file any such Registration
Statement or Prospectus or any amendment or supplement to any such Registration
Statement or Prospectus (including all such documents incorporated by
reference) to which an Initial Purchaser of Transfer Restricted Securities
covered by such Registration Statement or the underwriter(s), if any, shall
reasonably object in writing within three Business Days after the receipt
thereof (such objection to be deemed timely made upon confirmation of telecopy
transmission within such period). The objection of an Initial Purchaser or underwriter,
if any, shall be deemed to be reasonable if such Registration Statement,
amendment, Prospectus or supplement, as applicable, as proposed to be filed,
contains a material misstatement or omission;

 

(v)     make
available at reasonable times for inspection, upon written request, at the
offices where normally kept, by a representative of the Initial Purchasers, the
managing underwriter(s), if any, participating in any disposition pursuant to
such Registration Statement and any attorney or one firm of accountants
retained by such Initial Purchasers or any of the managing underwriter(s), all
financial and other records, pertinent corporate documents and properties of
each of the Company and the Guarantors and cause the Company’s and the
Guarantors’ officers, directors and employees to supply all information
reasonably requested by any such Holder, underwriter, attorney or accountant in
connection with such Registration Statement or any post-effective amendment
thereto subsequent to the filing thereof and prior to its effectiveness and to
participate in meetings with investors to the extent reasonably requested by
the managing underwriter(s), if any; provided, that
if any such information is reasonably identified by the Company or any
Guarantor as being confidential or proprietary, each Person receiving such
information shall take such actions as are reasonably necessary to protect the
confidentiality of 

 

10

 

such information,
and shall sign confidentiality agreements requested by the Company or any Guarantor
prior to the receipt of such information;

 

(vi)    if
requested by any selling Holders or the underwriter(s), if any, promptly
incorporate in any Registration Statement or Prospectus, pursuant to a supplement
or post-effective amendment if necessary, such information as such selling
Holders and underwriter(s), if any, may reasonably request to have included
therein, including, without limitation, information relating to the “Plan of
Distribution” of the Transfer Restricted Securities, information with respect
to the principal amount of Transfer Restricted Securities being sold to such
underwriter(s), the purchase price being paid therefor and any other terms of
the offering of the Transfer Restricted Securities to be sold in such offering;
and make all required filings of such Prospectus supplement or post-effective
amendment as soon as practicable after the Company is notified of the matters
to be incorporated in such Prospectus supplement or post-effective amendment;

 

(vii)   cause
the Transfer Restricted Securities covered by the Registration Statement to be
rated with the appropriate rating agencies, if so requested by the Holders of a
majority in aggregate principal amount of Securities covered thereby or the underwriter(s),
if any;

 

(viii)  furnish
to each Initial Purchaser, each selling Holder and each of the underwriter(s),
if any, without charge, at least one copy of the Registration Statement, as
first filed with the Commission, and of each amendment thereto, including
financial statements and schedules, all documents incorporated by reference
therein and all exhibits (including exhibits incorporated therein by
reference);

 

(ix)    deliver
to each selling Holder and each of the underwriter(s), if any, without charge,
as many copies of the Prospectus (including each preliminary prospectus) and
any amendment or supplement thereto as such Persons reasonably may request;
each of the Company and the Guarantors hereby consents to the use of the
Prospectus and any amendment or supplement thereto by each of the selling
Holders and each of the underwriter(s), if any, in connection with the offering
and the sale of the Transfer Restricted Securities covered by the Prospectus or
any amendment or supplement thereto;

 

(x)     enter
into such agreements (including an underwriting agreement), and make such
representations and warranties, and take all such other actions in connection
therewith in order to expedite or facilitate the disposition of the Transfer
Restricted Securities pursuant to any Registration Statement contemplated by
this Agreement, all to such extent as may be requested by any Initial Purchaser
or by any Holder of Transfer Restricted Securities or underwriter in connection
with any sale or resale pursuant to any Registration Statement contemplated by
this Agreement; and whether or not an underwriting agreement is entered into
and whether or not the registration is an Underwritten Registration, each of
the Company and the Guarantors shall:

 

(A)        furnish
to each Initial Purchaser, each selling Holder and each underwriter, if any, in
such substance and scope as they may request and as are 

 

11

 

customarily
made by issuers to underwriters in primary underwritten offerings, upon the
effectiveness of the Shelf Registration Statement:

 

(1)           a
certificate, dated the date of effectiveness of the Shelf Registration
Statement, signed by (y) the President or any Vice President and (z) a
principal financial or accounting officer of each of the Company and the
Guarantors, confirming, as of the date thereof, the matters set forth in
paragraphs (i), (ii) and (iii) of Section 5(e) of the
Purchase Agreement and such other matters as such parties may reasonably
request;

 

(2)           use
reasonable best efforts to obtain an opinion, dated the date of effectiveness
of the Shelf Registration Statement, of counsel for the Company and the
Guarantors, covering the matters set forth in Section 5(c) of the
Purchase Agreement and such other matter as such parties may reasonably
request, and in any event including a statement to the effect that such counsel
has participated in conferences with officers and other representatives of the
Company and the Guarantors, representatives of the independent public
accountants for the Company and the Guarantors, representatives of the
underwriter(s), if any, and counsel to the underwriter(s), if any, in
connection with the preparation of such Registration Statement and the related
Prospectus and have considered the matters required to be stated therein and
the statements contained therein, although such counsel has not independently
verified the accuracy, completeness or fairness of such statements; and that
such counsel advises that, on the basis of the foregoing, no facts came to such
counsel’s attention that caused such counsel to believe that the applicable
Registration Statement, at the time such Registration Statement or any
post-effective amendment thereto became effective contained an untrue statement
of a material fact or omitted to state a material fact necessary in order to
make the statements therein not misleading. Without limiting the foregoing,
such counsel may state further that such counsel assumes no responsibility for,
and has not independently verified, the accuracy, completeness or fairness of
the financial statements, notes and schedules and other financial data included
in any Registration Statement contemplated by this Agreement or the related Prospectus;
and

 

(3)           use
reasonable best efforts to obtain a customary comfort letter, dated the date of
effectiveness of the Shelf Registration Statement, from the Company’s
independent accountants, in the customary form and covering matters of the type
customarily requested to be covered in comfort letters by underwriters in
connection with primary underwritten offerings, and covering or affirming the
matters set forth in the comfort letters delivered pursuant to Section 5(a) of
the Purchase Agreement, without exception;

 

12

 

(B)           set
forth in full or incorporate by reference in the underwriting agreement, if
any, the indemnification provisions and procedures of Section 8 hereof
with respect to all parties to be indemnified pursuant to said Section; and

 

(C)           deliver
such other documents and certificates as may be reasonably requested by such parties
to evidence compliance with Section 6(c)(xi)(A) hereof and with any
customary conditions contained in the underwriting agreement or other agreement
entered into by the Company or any of the Guarantors pursuant to this Section 6(c)(xi),
if any.

 

If at any time
the representations and warranties of the Company and the Guarantors
contemplated in Section 6(c)(xi)(A)(1) hereof cease to be true and
correct, the Company or the Guarantors shall so advise the Initial Purchasers
and the underwriter(s), if any, and each selling Holder promptly and, if
requested by such Persons, shall confirm such advice in writing;

 

(xi)    prior
to any public offering of Transfer Restricted Securities, cooperate with the
selling Holders, the underwriter(s), if any, and their respective counsel in connection
with the registration and qualification of the Transfer Restricted Securities
under the state securities or blue sky laws of such jurisdictions as the
selling Holders or underwriter(s), if any, may reasonably request and do any
and all other acts or things reasonably necessary or advisable to enable the
disposition in such jurisdictions of the Transfer Restricted Securities covered
by the Shelf Registration Statement; provided, however,
that none of the Company nor the Guarantors shall be required to register or
qualify as a foreign corporation where it is not then so qualified or to take
any action that would subject it to the service of process in suits or to taxation,
other than as to matters and transactions relating to the Registration
Statement, in any jurisdiction where it is not then so subject;

 

(xii)   shall
issue, upon the request of any Holder of Initial Securities covered by the
Shelf Registration Statement, Exchange Securities having an aggregate principal
amount equal to the aggregate principal amount of Initial Securities
surrendered to the Company by such Holder in exchange therefor or being sold by
such Holder; such Exchange Securities to be registered in the name of such
Holder or in the name of the purchaser(s) of such Securities, as the case
may be; in return, the Initial Securities held by such Holder shall be
surrendered to the Company for cancellation;

 

(xiii)  cooperate
with the selling Holders and the underwriter(s), if any, to facilitate the
timely preparation and delivery of certificates representing Transfer Restricted
Securities to be sold and not bearing any restrictive legends; and enable such
Transfer Restricted Securities to be in such denominations (subject to the
applicable requirements contained in the applicable Indenture) and registered
in such names as the Holders or the underwriter(s), if any, may request at
least two Business Days prior to any sale of Transfer Restricted Securities
made by such Holders or underwriter(s);

 

(xiv)  use
commercially reasonable efforts to cause the Transfer Restricted Securities
covered by the Registration Statement to be registered with or approved by such

 

13

 

other governmental agencies or authorities as may be necessary to
enable the seller or sellers thereof or the underwriter(s), if any, to
consummate the disposition of such Transfer Restricted Securities, subject to
the proviso contained in Section 6(c)(xii) hereof, except as may be
required solely as a consequence of the nature of such selling Holder’s
business, in which case the Company and the Guarantors will cooperate in all
reasonable respects with the filing of such Registration Statement and the
granting of such approvals;

 

(xv)   if
any fact or event contemplated by Section 6(c)(iii)(D) hereof shall
exist or have occurred, prepare a supplement or post-effective amendment to the
Registration Statement or related Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of Transfer Restricted Securities, the Prospectus
will not contain an untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein in light of the
circumstances under which they were made, not misleading;

 

(xvi)  provide
a CUSIP number for all Securities not later than the effective date of the
Registration Statement covering such Securities and provide the Trustee under
the Indenture with printed certificates for such Securities which are in a form
eligible for deposit with the Depository Trust Company and take all other
action necessary to ensure that all such Securities are eligible for deposit
with the Depository Trust Company;

 

(xvii) cooperate
and assist in any filings required to be made with FINRA and in the performance
of any due diligence investigation by any underwriter (including any “qualified
independent underwriter”) that is required to be retained in accordance with
the rules and regulations of FINRA;

 

(xviii) otherwise use commercially
reasonable efforts to comply with all applicable rules and regulations of
the Commission, and make generally available to its security holders, as soon
as practicable, a consolidated earnings statement meeting the requirements of Rule 158
(which need not be audited) for the twelve-month period (A) commencing at
the end of any fiscal quarter in which Transfer Restricted Securities are sold
to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if
not sold to underwriters in such an offering, beginning with the first month of
the Company’s first fiscal quarter commencing after the effective date of the
Registration Statement;

 

(xix)   cause
the Indenture to be qualified under the Trust Indenture Act not later than the
effective date of the first Registration Statement required by this Agreement,
and, in connection therewith, cooperate with the Trustee and the Holders of Securities
to effect such changes to the Indenture as may be required for such Indenture
to be so qualified in accordance with the terms of the Trust Indenture Act; and
to execute and use commercially reasonable efforts to cause the Trustee to
execute, all documents that may be required to effect such changes and all
other forms and documents required to be filed with the Commission to enable
such Indenture to be so qualified in a timely manner;

 

(xx)    cause
all Securities covered by the Registration Statement to be listed on each
securities exchange or automated quotation system on which similar securities 

 

14

 

issued by the Company are then listed if requested by the Holders of a
majority in aggregate principal amount of Initial Securities or the managing
underwriter(s), if any; and

 

(xxi)   provide
promptly to each Holder upon request each document filed with the Commission
pursuant to the requirements of Section 13 and Section 15 of the
Exchange Act.

 

Each Holder
agrees by acquisition of a Transfer Restricted Security that, upon receipt of
any notice from the Company of the existence of any fact of the kind described
in Section 6(c)(iii)(D) hereof, such Holder will forthwith
discontinue disposition of Transfer Restricted Securities pursuant to the
applicable Registration Statement until such Holder’s receipt of the copies of
the supplemented or amended Prospectus contemplated by Section 6(c)(xvi)
hereof, or until it is advised in writing (the “Advice”) by the Company that
the use of the Prospectus may be resumed, and has received copies of any
additional or supplemental filings that are incorporated by reference in the
Prospectus. If so directed by the Company, each Holder will deliver to the
Company (at the Company’s expense) all copies, other than permanent file copies
then in such Holder’s possession, of the Prospectus covering such Transfer
Restricted Securities that was current at the time of receipt of such notice. In
the event the Company shall give any such notice, the time period regarding the
effectiveness of such Registration Statement set forth in Section 3 or 4
hereof, as applicable, shall be extended by the number of days during the
period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof
to and including the date when each selling Holder covered by such Registration
Statement shall have received the copies of the supplemented or amended
Prospectus contemplated by Section 6(c)(xvi) hereof or shall have received
the Advice; provided, however,
that no such extension shall be taken into account in determining whether
Additional Interest is due pursuant to Section 5 hereof or the amount of
such Additional Interest, it being agreed that the Company’s option to suspend
use of a Registration Statement pursuant to this paragraph shall be treated as
a Registration Default for purposes of Section 5 hereof.

 

SECTION 7.           Registration Expenses.

 

(a)           All expenses incident to the Company’s
and the Guarantor’s performance of or compliance with this Agreement will be
borne by the Company and the Guarantors, jointly and severally, regardless of
whether a Registration Statement becomes effective, including, without
limitation: (i) all registration and filing fees and expenses (including
filings made by any Initial Purchaser or Holder with FINRA (and, if applicable,
the fees and expenses of any “qualified independent underwriter” and its
counsel that may be required by the rules and regulations of FINRA)); (ii) all
fees and expenses of compliance with federal securities and state securities or
blue sky laws; (iii) all expenses of printing (including printing
certificates for the Exchange Securities to be issued in the Exchange Offer and
printing of Prospectuses), messenger and delivery services and telephone; (iv) all
fees and disbursements of counsel for the Company, the Guarantors and, subject
to Section 7(b) hereof, the Holders of Transfer Restricted
Securities; (v) all application and filing fees in connection with listing
the Exchange Securities on a securities exchange or automated quotation system
pursuant to the requirements thereof; and (vi) all fees and disbursements
of independent certified public accountants of the Company and the Guarantors 

 

15

 

(including the expenses of any
special audit and comfort letters required by or incident to such performance).

 

Each of the
Company and the Guarantors will, in any event, bear its internal expenses
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expenses of any annual
audit and the fees and expenses of any Person, including special experts,
retained by the Company or the Guarantors.

 

(b)           In connection with any Registration
Statement required by this Agreement (including, without limitation, the
Exchange Offer Registration Statement and the Shelf Registration Statement),
the Company and the Guarantors, jointly and severally, will reimburse the Initial
Purchasers and the Holders of Transfer Restricted Securities being tendered in
the Exchange Offer and/or resold pursuant to the “Plan of Distribution”
contained in the Exchange Offer Registration Statement or registered pursuant
to the Shelf Registration Statement, as applicable, for the reasonable fees and
disbursements of not more than one counsel, who shall be Cahill Gordon &
Reindel LLP or such other counsel as may be chosen by the Holders of a majority
in principal amount of the Transfer Restricted Securities for whose benefit
such Registration Statement is being prepared.

 

SECTION 8.           Indemnification.

 

(a)           The Company and the Guarantors,
jointly and severally, agree to indemnify and hold harmless (i) each
Holder and (ii) each Person, if any, who controls (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) any Holder (any
of the Persons referred to in this clause (ii) being hereinafter referred
to as a “controlling person”) and (iii) the respective officers,
directors, partners, employees, representatives and agents of any Holder or any
controlling person (any Person referred to in clause (i), (ii) or (iii) may
hereinafter be referred to as an “Indemnified Holder”), to the fullest extent
lawful, from and against any and all losses, claims, damages, liabilities,
judgments, actions and expenses (including, without limitation, and as
incurred, reimbursement of all reasonable costs of investigating, preparing,
pursuing, settling, compromising, paying or defending any claim or action, or
any investigation or proceeding by any governmental agency or body, commenced
or threatened, including the reasonable fees and expenses of counsel to any
Indemnified Holder), joint or several, directly or indirectly caused by,
related to, based upon, arising out of or in connection with any untrue statement
or alleged untrue statement of a material fact contained in any Registration
Statement (or any amendment or supplement thereto) or Prospectus (or any
amendment or supplement thereto), or any preliminary prospectus or any Issuer
Free Writing Prospectus (or any amendment or supplement thereto), or any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading,
except insofar as such losses, claims, damages, liabilities or expenses are
caused by an untrue statement or omission or alleged untrue statement or
omission that is made in reliance upon and in conformity with information
relating to any of the Holders furnished in writing to the Company by any of
the Holders expressly for use therein. This indemnity agreement shall be in
addition to any liability which the Company or any of the Guarantors may otherwise
have.

 

In case any
action or proceeding (including any governmental or regulatory investigation or
proceeding) shall be brought or asserted against any of the Indemnified Holders
with respect 

 

16

 

to which indemnity may be
sought against the Company or the Guarantors, such Indemnified Holder (or the
Indemnified Holder controlled by such controlling person) shall promptly notify
the Company and the Guarantors in writing; provided, however,
that the failure to give such notice shall not relieve any of the Company or
the Guarantors of their obligations pursuant to this Agreement. Such
Indemnified Holder shall have the right to employ its own counsel in any such
action and the fees and expenses of such counsel shall be paid, as incurred, by
the Company and the Guarantors (regardless of whether it is ultimately
determined that an Indemnified Holder is not entitled to indemnification
hereunder). The Company and the Guarantors shall not, in connection with any
one such action or proceeding or separate but substantially similar or related
actions or proceedings in the same jurisdiction arising out of the same general
allegations or circumstances, be liable for the reasonable fees and expenses of
more than one separate firm of attorneys (in addition to any local counsel) at
any time for such Indemnified Holders, which firm shall be designated by the
Holders. The Company and the Guarantors shall be liable for any settlement of
any such action or proceeding effected with the Company’s and the Guarantors’
prior written consent, which consent shall not be withheld unreasonably, and
each of the Company and the Guarantors agrees to indemnify and hold harmless
any Indemnified Holder from and against any loss, claim, damage, liability or
expense by reason of any settlement of any action effected with the written
consent of the Company and the Guarantors. The Company and the Guarantors shall
not, without the prior written consent of each Indemnified Holder, settle or
compromise or consent to the entry of judgment in or otherwise seek to
terminate any pending or threatened action, claim, litigation or proceeding in
respect of which indemnification or contribution may be sought hereunder
(whether or not any Indemnified Holder is a party thereto), unless such settlement,
compromise, consent or termination includes an unconditional release of each Indemnified
Holder from all liability arising out of such action, claim, litigation or
proceeding.

 

(b)           Each Holder of Transfer Restricted
Securities agrees, severally and not jointly, to indemnify and hold harmless
the Company, the Guarantors and their respective directors, officers of the
Company and the Guarantors who sign a Registration Statement, and any Person controlling
(within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) the Company or any of the Guarantors, and the respective
officers, directors, partners, employees, representatives and agents of each
such Person, to the same extent as the foregoing indemnity from the Company and
the Guarantors to each of the Indemnified Holders, but only with respect to
claims and actions based on information relating to such Holder furnished in
writing by such Holder expressly for use in any Registration Statement. In case
any action or proceeding shall be brought against the Company, the Guarantors
or their respective directors or officers or any such controlling person in
respect of which indemnity may be sought against a Holder of Transfer
Restricted Securities, such Holder shall have the rights and duties given the
Company and the Guarantors, and the Company, the Guarantors, their respective
directors and officers and such controlling person shall have the rights and
duties given to each Holder by the preceding paragraph.

 

(c)           If the indemnification provided for
in this Section 8 is unavailable to an indemnified party under Section 8(a) or
(b) hereof (other than by reason of exceptions provided in those Sections)
in respect of any losses, claims, damages, liabilities, judgments, actions or expenses
referred to therein, then each applicable indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result 

 

17

 

of such losses, claims,
damages, liabilities or expenses in such proportion as is appropriate to reflect
the relative benefits received by the Company and the Guarantors, on the one
hand, and the Holders, on the other hand, from the Initial Placement (which in
the case of the Company and the Guarantors shall be deemed to be equal to the
total gross proceeds to the Company and the Guarantors from the Initial
Placement), the amount of Additional Interest which did not become payable as a
result of the filing of the Registration Statement resulting in such losses,
claims, damages, liabilities, judgments actions or expenses, and such
Registration Statement, or if such allocation is not permitted by applicable
law, the relative fault of the Company and the Guarantors, on the one hand, and
the Holders, on the other hand, in connection with the statements or omissions
which resulted in such losses, claims, damages, liabilities or expenses, as
well as any other relevant equitable considerations. The relative fault of the
Company on the one hand and of the Indemnified Holder on the other shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Company or any of
the Guarantors, on the one hand, or the Indemnified Holders, on the other hand,
and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. The amount paid
or payable by a party as a result of the losses, claims, damages, liabilities
and expenses referred to above shall be deemed to include, subject to the limitations
set forth in the second paragraph of Section 8(a) hereof, any legal
or other fees or expenses reasonably incurred by such party in connection with
investigating or defending any action or claim.

 

The Company,
the Guarantors and each Holder of Transfer Restricted Securities agree that it
would not be just and equitable if contribution pursuant to this Section 8(c) were
determined by pro rata allocation (even if the Holders were treated as one
entity for such purpose) or by any other method of allocation which does not
take account of the equitable considerations referred to in the immediately
preceding paragraph. The amount paid or payable by an indemnified party as a
result of the losses, claims, damages, liabilities or expenses referred to in
the immediately preceding paragraph shall be deemed to include, subject to the
limitations set forth above, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 8, none of
the Holders (and its related Indemnified Holders) shall be required to contribute,
in the aggregate, any amount in excess of the amount by which the total
discount received by such Holder with respect to the Initial Securities exceeds
the amount of any damages which such Holder has otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged
omission. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(c) are
several in proportion to the respective principal amount of Initial Securities
held by each of the Holders hereunder and not joint.

 

SECTION 9.           Rule 144A. Each
of the Company and the Guarantors hereby agrees with each Holder, for so long
as any Transfer Restricted Securities remain outstanding, to make available to
any Holder or beneficial owner of Transfer Restricted Securities in connection
with any sale thereof and any prospective purchaser of such Transfer Restricted
Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under
the Securities 

 

18

 

Act in order to permit resales
of such Transfer Restricted Securities pursuant to Rule 144A under the
Securities Act.

 

SECTION 10.         Participation in
Underwritten Registrations. No Holder may participate in any
Underwritten Registration hereunder unless such Holder (a) agrees to sell
such Holder’s Transfer Restricted Securities on the basis provided in any
underwriting arrangements approved by the Persons entitled hereunder to approve
such arrangements and (b) completes and executes all reasonable
questionnaires, powers of attorney, indemnities, underwriting agreements,
lock-up letters and other documents required under the terms of such
underwriting arrangements.

 

SECTION 11.         Selection of Underwriters.
The Holders of Transfer Restricted Securities covered by the Shelf
Registration Statement who desire to do so may sell such Transfer Restricted
Securities in an Underwritten Offering. In any such Underwritten Offering, the
investment banker(s) and managing underwriter(s) that will administer
such offering will be selected by the Holders of a majority in aggregate
principal amount of the Transfer Restricted Securities included in such
offering; provided, however, that such investment
banker(s) and managing underwriter(s) must be reasonably satisfactory
to the Company.

 

SECTION 12.         Miscellaneous.

 

(a)           Remedies. Each
of the Company and the Guarantors hereby agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of
the provisions of this Agreement and hereby agree to waive the defense in any
action for specific performance that a remedy at law would be adequate.

 

(b)           No Inconsistent Agreements.
Each of the Company and the Guarantors will not on or after the date
of this Agreement enter into any agreement with respect to its securities that
is inconsistent with the rights granted to the Holders in this Agreement or
otherwise conflicts with the provisions hereof. Neither the Company nor any of
the Guarantors has previously entered into any agreement granting any
registration rights with respect to its debt securities to any Person. The
rights granted to the Holders hereunder do not in any way conflict with and are
not inconsistent with the rights granted to the holders of the Company’s or any
of the Guarantors’ securities under any agreement in effect on the date hereof.

 

(c)           Actions Affecting the
Securities. The Company will not take any action, or permit any
change to occur, with respect to the Securities that would materially and
adversely affect the ability of the Holders to Consummate any Exchange Offer.

 

(d)           Amendments and Waivers. The
provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to or departures from the provisions hereof may not be
given unless the Company has (i) in the case of Section 5 hereof and
this Section 12(d)(i), obtained the written consent of Holders of all
outstanding Transfer Restricted Securities and (ii) in the case of all
other provisions hereof, obtained the written consent of Holders of a majority
of the outstanding principal amount of Transfer Restricted Securities (excluding
any Transfer Restricted Securities held by the Company or its Affiliates). Notwithstanding
the foregoing, a waiver or consent to departure from the provisions hereof that
relates exclusively to the rights of Holders whose securities are being
tendered pursuant to the Exchange 

 

19

 

Offer and that does not affect
directly or indirectly the rights of other Holders whose securities are not
being tendered pursuant to such Exchange Offer may be given by the Holders of a
majority of the outstanding principal amount of Transfer Restricted Securities
being tendered or registered; provided, however,
that, with respect to any matter that directly or indirectly affects the rights
of any Initial Purchaser hereunder, the Company shall obtain the written
consent of each such Initial Purchaser with respect to which such amendment,
qualification, supplement, waiver, consent or departure is to be effective.

 

(e)           Notices. All
notices and other communications provided for or permitted hereunder shall be
made in writing by hand-delivery, first-class mail (registered or certified, return
receipt requested), telex, telecopier, or air courier guaranteeing overnight
delivery:

 

(i)      if
to a Holder, at the address set forth on the records of the Registrar under the
Indenture, with a copy to the Registrar under the Indenture; and

 

(ii)                                                               if
to the Company:

 

SPX Corporation

13515 Ballantyne Corporate Place

Charlotte, NC 28277

Telecopier No.: (704)752-4505

Attention: Kevin L. Lilly, Esq.

 

With a copy to:

 

Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, NY 10004

Telecopier No.: (212)859-4000 

Attention: Stuart H. Gelfond, Esq.

 

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

 

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

 

(f)            Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties, including, without limitation, and without the
need for an express assignment, subsequent Holders of Transfer Restricted Securities;
provided, however, that this Agreement
shall not inure to the benefit of or be binding upon a successor or assign of a
Holder unless and to the extent such successor or assign acquired Transfer
Restricted Securities from such Holder.

 

20

 

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

 

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

 

(i)            Governing Law. THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF.

 

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

 

(k)           Entire Agreement. This
Agreement is intended by the parties as a final expression of their agreement
and intended to be a complete and exclusive statement of the agreement and understanding
of the parties hereto in respect of the subject matter contained herein. There
are no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein with respect to the registration rights granted by
the Company with respect to the Transfer Restricted Securities. This Agreement
supersedes all prior agreements and understandings between the parties with
respect to such subject matter.

 

21

 

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

 

	
   

  	
  SPX
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title:
  Senior Vice President &Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ENGINEERING
  ANALYSIS ASSOCIATES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title:
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLAIR
  CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title:
  Executive Vice President & Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  KAYEX CHINA
  HOLDINGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title: Vice
  President & Secretary

  

 

22

 

	
   

  	
  LDS TEST AND
  MEASUREMENT LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title: Vice
  President & Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE MARLEY
  COMPANY LLC

  
	
   

  	
   

  
	
   

  	
  By: SPX
  Corporation, as Managing Member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title:
  Senior Vice President & Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARLEY
  ENGINEERED PRODUCTS LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title: Executive
  Vice President & Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  MARLEY-WYLAIN COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark
  Coolican

  
	
   

  	
   

  	
  Name: Mark
  Coolican

  
	
   

  	
   

  	
  Title: Vice
  President & Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MCT SERVICES
  LLC

  
	
   

  	
  By: SPX
  Cooling Technologies, Inc.

  
	
   

  	
   

  	
  as Sole
  Managing Member

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title: Executive
  Vice President & Secretary

  
				

 

23

 

	
   

  	
  P.S.D., INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title: Vice
  President & Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SPX COOLING
  TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title:
  Executive Vice President & Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TCI
  INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title: Vice
  President & Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VALLEY FORGE
  TECHNICAL INFORMATION SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title:
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WAUKESHA
  ELECTRIC SYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin L.
  Lilly

  
	
   

  	
   

  	
  Name: Kevin
  L. Lilly

  
	
   

  	
   

  	
  Title: Vice
  President & Secretary

  

 

24

 

	
   

  	
  XCEL
  ERECTORS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert
  B. Foreman

  
	
   

  	
   

  	
  Name: Robert
  B. Foreman

  
	
   

  	
   

  	
  Title:
  President

  

 

The foregoing
Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written:

 

 

	
   

  	
  BANC OF AMERICA SECURITIES LLC

  J.P. MORGAN SECURITIES INC.,

  as
  Representatives of the Initial Purchasers

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Banc of
  America Securities LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael
  Browne

  
	
   

  	
   

  	
  Name: Michael
  Browne

  
	
   

  	
   

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  J.P. Morgan Securities Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stathis
  Karanikolaidis

  
	
   

  	
   

  	
  Name: Stathis
  Karanikolaidis

  
	
   

  	
   

  	
  Vice
  President

  

 

 

25Exhibit  10.1

 

UNIT PURCHASE AGREEMENT

 

by and among

 

MARKWEST ENERGY PARTNERS,
L.P.,

 

MARKWEST ENERGY GP, L.L.C.

 

AND

 

THE PURCHASERS PARTY HERETO

 

 

UNIT PURCHASE AGREEMENT

 

UNIT PURCHASE AGREEMENT, dated as of December 18,
2007 (this “Agreement”), by and among MARKWEST ENERGY PARTNERS, L.P. (“MarkWest”),
MARKWEST ENERGY GP, L.L.C. (“MarkWest GP”) (solely for purposes of Section 6.12)
and each of the purchasers set forth on Schedule 2.02 hereof (each a “Purchaser”
and collectively, the “Purchasers”).

 

In consideration of the mutual covenants and
agreements set forth herein and for good and valuable consideration, the
receipt of which is hereby acknowledged, the parties hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.01           Definitions.  As used in this Agreement, and unless the
context requires a different meaning, the following terms have the meanings
indicated:

 

“Action” against a Person means any lawsuit,
action, proceeding, investigation or complaint before any Governmental
Authority, mediator or arbitrator.

 

“Affiliate” means, with respect to a specified
Person, any other Person, directly or indirectly controlling, controlled by or
under direct or indirect common control with such specified Person.  For purposes of this definition, “control”
(including, with correlative meanings, “controlling,” “controlled by,” and “under
common control with”) means the power to direct or cause the direction of the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise.

 

“Agreement” has the meaning set forth in the
introductory paragraph.

 

“Basic Documents” means, collectively, this
Agreement, the Registration Rights Agreement, and any and all other agreements
or instruments executed and delivered to the Purchasers by MarkWest or any
Subsidiary of MarkWest hereunder or thereunder.

 

“Business Day” means any day other than a
Saturday, Sunday, or a legal holiday for commercial banks in New York, New
York.

 

“Closing” shall have the meaning specified in Section 2.02.

 

“Closing Date” shall have the meaning specified
in Section 2.02.

 

“Commission” means the United States Securities
and Exchange Commission.

 

“Common Units” means the common units of
MarkWest.

 

“Confidential Information” means all oral or
written information, documents, records and data that MarkWest or its
Representatives furnishes or otherwise discloses to a Purchaser or any of its
Representatives, together with all copies, extracts, analyses, compilations,
studies, 

 

 

memoranda, notes or other
documents, records or data (in whatever form maintained, whether documentary,
computer or other electronic storage or otherwise) prepared by any Person that
contain or otherwise reflect or are generated from such information, documents,
records, or data.  The term “Confidential
Information” does not include any information that (a) at the time of
disclosure or thereafter is generally available to the public (other than as a
result of a disclosure by such Purchaser or its Representatives), (b) is
developed by such Purchaser or any of its Representatives, independent of, and
without reliance in whole or in part on, any Confidential Information or any
knowledge of Confidential Information, (c) becomes available to such
Purchaser or its Representatives on a non-confidential basis from a source
other than MarkWest or its Representatives who, insofar as is known to the
recipient after reasonable inquiry, is not prohibited from transmitting the
information to the recipient by a contractual, legal, fiduciary or other
obligation to MarkWest or (d) was available to such Purchaser or its
Representatives on a non-confidential basis prior to its disclosure to such
Purchaser or its Representatives by MarkWest or its Representatives.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended from time to time, and the rules and regulations
of the Commission promulgated thereunder.

 

“Form 8-A” shall have the meaning set
forth in Section 3.02(a).

 

“GAAP” means generally accepted accounting principles
in the United States of America in effect from time to time.

 

“Governmental Authority” means, with respect to
a particular Person, the country, state, county, city and political
subdivisions in which such Person or such Person’s Property is located or which
exercises valid jurisdiction over any such Person or such Person’s Property,
and any court, agency, department, commission, board, bureau or instrumentality
of any of them and any monetary authority which exercises valid jurisdiction
over any such Person or such Person’s Property. 
Unless otherwise specified, all references to Governmental Authority
herein with respect to MarkWest means a Governmental Authority having
jurisdiction over MarkWest, its Subsidiaries or any of their respective
Properties.

 

“Hydrocarbon Acquisition” means the
transactions contemplated by the Hydrocarbon Purchase Agreement.

 

“Hydrocarbon Purchase Agreement” means the
Agreement and Plan of Redemption and Merger, dated as of September 5, 2007
by and among MarkWest Hydrocarbon, Inc., MarkWest and MWEP, L.L.C.

 

“Indemnified Party” shall have the meaning
specified in Section 6.02(c).

 

“Indemnifying Party” shall have the meaning
specified in Section 6.02(c).

 

“Knowledge” means the actual knowledge of the
individuals listed on Schedule 1.01 hereto after reasonable
inquiry.

 

“Law” means any federal, state, local or
foreign order, writ, injunction, judgment, settlement, award, decree, statute,
law, rule or regulation.

 

2

 

“Lien” means any lien, encumbrance, security
interest, charge or other interest in Property securing an obligation owed to,
or a claim by, a Person other than the owner of the Property, whether such
interest is based on the common law, statute or contract, and whether such
obligation or claim is fixed or contingent, and including but not limited to
the lien or security interest arising from a mortgage, encumbrance, pledge,
security agreement, conditional sale or trust receipt or a lease, consignment
or bailment for security purposes. For the purpose of this Agreement, a Person
shall be deemed to be the owner of any Property which it has acquired or holds
subject to a conditional sale agreement, or leases under a financing lease or
other arrangement pursuant to which title to the Property has been retained by
or vested in some other Person in a transaction intended to create a financing.

 

“MarkWest” has the meaning set forth in the
introductory paragraph.

 

“MarkWest Financial Statements” means the
financial statement or statements described or referred to in Section 3.03.

 

“MarkWest GP” has the meaning set forth in the
introductory paragraph.

 

“MarkWest Material Adverse Effect” means any
material and adverse effect on (a) the assets, liabilities, financial
condition, business, operations or affairs of MarkWest and its Subsidiaries
taken as a whole measured against those assets, liabilities, financial
condition, business, operations or affairs reflected in the MarkWest SEC
Documents filed with the Commission prior to the date hereof or from the facts
represented or warranted in any Basic Document, or (b) the ability of
MarkWest to fulfill any of its obligations under or consummate any of the
transactions contemplated by the Basic Documents.

 

“MarkWest Related Parties” shall have the
meaning specified in Section 6.02(b).

 

“MarkWest SEC Documents” shall have the meaning
specified in Section 3.03.

 

“Partnership Agreement” means the Second
Amended and Restated Agreement of Limited Partnership of MarkWest, dated as of February 28,
2007.

 

“Partnership Securities” means any class or
series of equity interest in MarkWest (but excluding any options, rights,
warrants and appreciation rights relating to an equity interest in MarkWest),
including without limitation Common Units and Incentive Distribution Rights (as
defined in the Partnership Agreement).

 

“Permits” means, with respect to MarkWest or
any of its Subsidiaries, any licenses, permits, variances, consents,
authorizations, waivers, grants, franchises, concessions, exemptions, orders,
registrations and approvals of Governmental Authorities or other Persons
necessary for the ownership, leasing, operation, occupancy and use of its
Properties and the conduct of its businesses as currently conducted.

 

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

 

3

 

“Property” means any interest in any kind of
property or asset, whether real, personal or mixed, or tangible or intangible.

 

“Purchase Price” means, with respect to a
particular Purchaser, the monetary purchase amount set forth opposite such
Purchaser’s name under the column entitled “Total Purchase Price” on Schedule
2.02 hereto.

 

“Purchased Units” means, with respect to a
particular Purchaser, the number of Common Units set forth opposite such
Purchaser’s name under the column entitled “Units Purchased” set forth on Schedule
2.02 hereto.

 

“Purchaser” and “Purchasers” each has
the meaning set forth in the introductory paragraph.

 

“Purchaser Material Adverse Effect” means, with
respect to a particular Purchaser, any material and adverse effect on (a) the
assets, liabilities, financial condition, business, operations or affairs of
such Purchaser, (b) the ability of such Purchaser to carry out its
business as of the date hereof or to meet its obligations under the Basic Documents
on a timely basis or (c) the ability of such Purchaser to consummate the
transactions under any Basic Document.

 

“Purchaser Related Parties” shall have the
meaning specified in Section 6.02(a).

 

“Registration Rights Agreement” means the
Registration Rights Agreement, to be entered into at the Closing, among
MarkWest and the Purchasers in the form attached hereto as Exhibit A.

 

“Representatives” of any Person means the
officers, directors, employees, agents, counsel, investment bankers and other
representatives of such Person.

 

“Securities Act” means the Securities Act of
1933, as amended from time to time, and the rules and regulations of the
Commission promulgated thereunder.

 

“Short Sales” means, without limitation, all “short
sales” as defined in Rule 200 promulgated under Regulation SHO under the
Exchange Act, whether or not against the box, and forward sale contracts,
options, puts, calls, short sales, “put equivalent positions” (as defined in Rule 16a-1(h) under
the Exchange Act) and similar arrangements, and sales and other transactions
through non-U.S. broker dealers or foreign regulated brokers.

 

“Subsidiary” means, as to any Person, any
corporation or other entity of which: (i) such Person or a Subsidiary of
such Person is a general partner or manager; or (ii) at least a majority
of the outstanding equity interest having by the terms thereof ordinary voting
power to elect a majority of the board of directors or similar governing body
of such corporation or other entity (irrespective of whether or not at the time
any equity interest of any other class or classes of such corporation or other
entity shall have or might have voting power by reason of the happening of any
contingency) is at the time directly or indirectly owned or controlled by such Person
or one or more of its Subsidiaries.

 

4

 

“Tax” means any tax, charge, fee, levy, penalty
or other assessment imposed by any U.S. federal, state, local or foreign taxing
authority, including any excise, property, income, sales, transfer, franchise,
payroll, withholding, social security or other tax, including any interest,
penalties or additions attributable thereto.

 

“Tax Return” means any return, report,
information return, declaration, claim for refund or other document (including
any related or supporting information) supplied or required to be supplied to
any authority with respect to Taxes and including any supplement or amendment
thereof.

 

“Unit Price” shall have the meaning set forth
in Section 2.04.

 

Section 1.02           Accounting
Procedures and Interpretation. 
Unless otherwise specified herein, all accounting terms used herein
shall be interpreted, all determinations with respect to accounting matters
hereunder shall be made, and all MarkWest Financial Statements and certificates
and reports as to financial matters required to be furnished to the Purchasers
hereunder shall be prepared, in accordance with GAAP applied on a consistent
basis during the periods involved (except, in the case of unaudited statements,
as permitted by Form 10-Q promulgated by the Commission) and in compliance
as to form in all material respects with applicable accounting requirements and
with the published rules and regulations of the Commission with respect
thereto.

 

ARTICLE II

AGREEMENT TO SELL AND PURCHASE

 

Section 2.01           Sale
and Purchase.  Subject to the terms
and conditions hereof, at the Closing (as defined in Section 2.02)
MarkWest hereby agrees to issue and sell to each Purchaser, and each Purchaser
hereby agrees to purchase from MarkWest, such Purchaser’s Purchased Units, and
each Purchaser agrees to pay MarkWest such Purchaser’s Purchase Price. The
obligation of each Purchaser hereunder is several and not joint and is
independent of the obligation of each other Purchaser, and the failure of, or
MarkWest’s waiver of, performance by any Purchaser does not excuse performance
by any other Purchaser or MarkWest.

 

Section 2.02           Closing.  Subject to the terms and conditions hereof,
the consummation of the purchase and sale of the Purchased Units hereunder (the
“Closing”) shall take place on December 18, 2007 (such date, the “Closing
Date”) at the offices of Vinson & Elkins, L.L.P., 1001 Fannin
Street, Suite 2500, Houston, Texas 77002. 
Each of the items to be delivered, as set forth in Section 2.03,
shall be delivered by the responsible party on the Closing Date.

 

Section 2.03           Deliveries.

 

(a)           At the Closing, subject to the terms
and conditions hereof, MarkWest will deliver, or cause to be delivered, to each
Purchaser:

 

(i)                    The Purchased Units to be
purchased by such Purchaser by delivery of certificates evidencing such
Purchased Units at the Closing meeting the requirements of the Partnership
Agreement, all free and clear of any Liens, encumbrances or interests of any
other Person;

 

5

 

(ii)                   A certificate of the
Secretary of State of the State of Delaware, dated as of a recent date, that
each of MarkWest, MarkWest GP and MarkWest Energy Operating Company, L.L.C. is
in good standing;

 

(iii)                  An opinion addressed to the
Purchasers from Vinson & Elkins L.L.P., dated as of the Closing Date,
in the form and substance attached hereto as Exhibit C;

 

(iv)                  The Registration Rights
Agreement, which shall have been duly executed by MarkWest.

 

(b)           At the Closing, subject to the terms
and conditions hereof, each Purchaser will deliver, or cause to be delivered to
MarkWest.

 

(i)                    The Registration Rights
Agreement, which shall have been duly executed by each such Purchaser; and

 

(ii)                   Such Purchaser’s Purchase Price
by wire transfer of immediately available funds to an account designated by
MarkWest in writing prior to the Closing.

 

Section 2.04           Consideration.  The amount per Common Units each Purchaser
will pay to MarkWest to purchase the Common Units comprising the Purchased
Units shall be $31.50 per Common Unit (the “Unit Price”).

 

Section 2.05           Independent
Nature of Purchasers’ Obligations and Rights.  The obligations
of each Purchaser under any Basic Document are several and not joint with the
obligations of any other Purchaser, and no Purchaser shall be responsible in
any way for the performance of the obligations of any other Purchaser under any
Basic Document.  Nothing contained herein
or in any Basic Document, and no action taken by any Purchaser pursuant thereto,
shall be deemed to constitute the Purchasers as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the
Purchasers are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by the Basic Document.  Each Purchaser shall be entitled to
independently protect and enforce its rights, including without limitation, the
rights arising out of this Agreement or out of the other Basic Documents, and
it shall not be necessary for any other Purchaser to be joined as an additional
party in any proceeding for such purpose. 
Each Purchaser has been represented by its own separate legal counsel in
their review and negotiation of the Basic Documents.   MarkWest has elected to provide all
Purchasers with the same material terms and Basic Documents for the convenience
of MarkWest and not because it was required or requested to do so by the
Purchasers.

 

Section 2.06           Lock-up.

 

(a)           MarkWest agrees that from and after Closing,
other than (i) in connection with the Hydrocarbon Acquisition or (ii) pursuant
to MarkWest’s Long-Term Incentive Plan and MarkWest’s other equity compensation
plans, as described in MarkWest’s Annual Report on Form 10-K for the
period ended December 31, 2006, it will not sell, 

 

6

 

nor will it permit any of
its Affiliates to offer, sell, contract to sell, pledge or otherwise dispose
of, or enter into any transaction which is designed to, or might reasonably be
expected to, result in the disposition of any Common Units prior to the date
which is 90 days from the Closing Date.

 

(b)           Each Purchaser agrees that from and
after Closing it will not offer, sell, contract to sell, pledge or otherwise
dispose of, or enter into any transaction which is designed to, or might
reasonably be expected to, result in the disposition of any of the Purchased
Units prior to the date which is 90 days from the Closing Date; provided,
however, that any Purchaser may (i) pledge its Purchased Units in
connection with a bona fide margin account or other loan or financing
arrangement secured by such Purchaser’s Purchased Units or (ii) enter into
a cash settled derivative, total return swap or similar transaction, in each
case, with respect to the Purchased Units purchased by it.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES RELATED TO MARKWEST

 

MarkWest represents and warrants to each Purchaser as
follows:

 

Section 3.01           Corporate
Existence.  MarkWest: (a) is a
limited partnership duly organized, legally existing and in good standing under
the laws of the State of Delaware; and (b) has all requisite power and
authority, and has all governmental licenses, authorizations, consents and
approvals necessary, to own, lease, use and operate its Properties and carry on
its business as its business is now being conducted, except where the failure
to obtain such licenses, authorizations, consents and approvals would not be
reasonably likely to have a MarkWest Material Adverse Effect.  Each of MarkWest’s Subsidiaries that is a
corporation is a corporation duly incorporated, validly existing and in good
standing under the laws of the State or other jurisdiction of its incorporation
and has all requisite power and authority, and has all governmental licenses,
authorizations, consents and approvals necessary, to own, lease, use or operate
its respective Properties and carry on its business as now being conducted,
except where the failure to obtain such licenses, authorizations, consents and
approvals would not be reasonably likely to have a MarkWest Material Adverse
Effect.  Each Subsidiary of MarkWest that
is not a corporation has been duly formed, is validly existing and in good
standing under the laws of the State or other jurisdiction of its formation and
has all requisite power and authority, and has all governmental licenses,
authorizations, consents and approvals necessary, to own, lease, use or operate
its respective Properties and carry on its business as now being conducted,
except where the failure to obtain such licenses, authorizations, consents and
approvals would not be reasonably likely to have a MarkWest Material Adverse
Effect.  None of MarkWest or any of its
Subsidiaries are in default in the performance, observance or fulfillment of
any provision of, in the case of MarkWest, the Partnership Agreement or its
Certificate of Limited Partnership or, in the case of any Subsidiary of
MarkWest, its respective certificate of incorporation, bylaws or other similar
organizational documents.  Each of
MarkWest and its Subsidiaries is duly qualified or licensed and in good
standing as a foreign corporation or other entity, and is authorized to do
business, in each jurisdiction in which the ownership or leasing of its
respective Properties or the character of its respective operations makes such
qualification necessary, except where the failure to obtain such qualification,
license, authorization or good standing would not be reasonably likely to have
a MarkWest Material Adverse Effect.

 

7

 

Section 3.02           Capitalization
and Valid Issuance of Purchased Units.

 

(a)           As of the date hereof, the issued and
outstanding limited partner interests of MarkWest consist of 36,500,445 Common
Units.  The only issued and outstanding general partner
interests of MarkWest are the interests of the General Partner described and as
defined in the Partnership Agreement.  All outstanding
Common Units and the limited partner interests represented thereby have been
duly authorized and validly issued in accordance with the Partnership Agreement
and are fully paid (to the extent required under the Partnership Agreement) and
nonassessable (except as such nonassessability may be affected by matters
described under the caption “The Partnership Agreement-Limited Liability” in
MarkWest’s registration statement on Form S-1 (No. 333-81780) which
is incorporated by reference into the Partnership’s Registration Statement on Form 8-A
(File No. 001-31239) (the “Form 8-A”)).

 

(b)           Other than MarkWest’s Long-Term
Incentive Plan and MarkWest’s other equity compensation plans, as described in
MarkWest’s Annual Report on Form 10-K for the period ended December 31,
2006, MarkWest has no equity compensation plans that contemplate the issuance
of Common Units (or securities convertible into or exchangeable for Common
Units).  No indebtedness having the right
to vote (or convertible into or exchangeable for securities having the right to
vote) on any matters on which MarkWest unitholders may vote is issued or outstanding.  Except as set forth in the first sentence of
this Section 3.02(b), as are contained in the Partnership Agreement or as
contemplated by the Hydrocarbon Purchase Agreement and disclosed in the joint
proxy statement/prospectus that is part of the Registration Statement on Form S-4
filed with the Commission on November 11, 2007 (File No. 333-147370),
there are no outstanding or authorized (i) options, warrants, preemptive
rights, subscriptions, calls, or other rights, convertible securities, agreements,
claims or commitments of any character obligating MarkWest or any of its
Subsidiaries to issue, transfer or sell any partnership interests or other
equity interest in, MarkWest or any of its Subsidiaries or securities
convertible into or exchangeable for such partnership interests or equity
interests, (ii) obligations of MarkWest or any of its Subsidiaries to
repurchase, redeem or otherwise acquire any partnership interests or equity
interests of MarkWest or any of its Subsidiaries or any such securities or
agreements listed in clause (i) of this sentence or (iii) voting
trusts or similar agreements to which MarkWest or any of its Subsidiaries is a
party with respect to the voting of the equity interests of MarkWest or any of
its Subsidiaries.  At the Closing, except
as described in this Section 3.02(b) and as contemplated by the
Hydrocarbon Purchase Agreement, there will not be any outstanding
subscriptions, options, warrants, calls, preemptive rights, subscriptions, or
other rights, convertible or exchangeable securities, agreements, claims or
commitments of any character by which MarkWest or any of its Subsidiaries will
be bound calling for the purchase or issuance of any partnership interests of
MarkWest or any equity interest of any of its Subsidiaries or securities
convertible into or exchangeable for such partnership or equity interests or
any other such securities or agreements. 
Neither the offering or sale of the Purchased Units nor registration of
the Purchased Units pursuant to the Registration Rights Agreement gives rise to
any rights for or relating to the registration of any Common Units or other
securities of MarkWest.

 

8

 

(c)           (i) All of the issued and
outstanding equity interests of each of MarkWest’s Subsidiaries are owned,
directly or indirectly, by MarkWest free and clear of any Liens (except for
such restrictions as may exist under applicable Law and except for such Liens
as may be imposed under MarkWest’s or MarkWest’s Subsidiaries’ credit
facilities), and all such ownership interests have been duly authorized,
validly issued and are fully paid (to the extent required in the organizational
documents of MarkWest’s Subsidiaries, as applicable) and non-assessable (except
as nonassessability may be affected by Section 6.07 of the Texas Revised
Uniform Limited Partnership Act,  Section 18-607
of the Delaware Limited Liability Company Act, Section 17-607 of the
Delaware Revised Uniform Limited Partnership Act, Section 450.4307 of the
Michigan Limited Liability Company Act, Section 2030 of the Oklahoma
Limited Liability Company Act or the organizational documents of MarkWest’s
Subsidiaries, as applicable) and free of preemptive rights, with no personal
liability attaching to the ownership thereof, and (ii) as of the date
hereof, neither MarkWest nor any of its Subsidiaries owns any shares of capital
stock or other securities of, or interest in, any other Person, or is obligated
to make any capital contribution to or other investment in any other Person.  The material Subsidiaries of MarkWest are set
forth on Schedule 3.02 hereto.

 

(d)           The Common Units being purchased by
the Purchasers hereunder and the limited partner interests represented thereby,
are duly authorized by the Partnership Agreement and, when issued and delivered
to the Purchasers against payment therefor in accordance with the terms of this
Agreement, will be validly issued, fully paid (to the extent required by the
Partnership Agreement) and nonassessable (except as such nonassessability may
be affected by matters described under the caption “The Partnership
Agreement—Limited Liability” in MarkWest’s registration statement on Form S-1
(No. 333-81780) which is incorporated by reference into the Form 8-A)
and will be free of any and all Liens and restrictions on transfer, other than
restrictions on transfer under the Partnership Agreement and under applicable
state and federal securities laws and other than such Liens as are created by
the Purchaser.

 

(e)           The Common Units are listed on the New
York Stock Exchange.

 

(f)            Correct and complete copies of the
Partnership Agreement and MarkWest’s certificate of limited partnership are
attached hereto as Exhibit B.

 

Section 3.03           MarkWest
SEC Documents.  MarkWest has filed
with the Commission all forms, registration statements, reports, schedules and
statements required to be filed by it under the Exchange Act or the Securities
Act (all such documents, collectively “MarkWest SEC Documents”) and,
since October 11, 2005, all such reports and statements have been timely
filed.  The MarkWest SEC Documents,
including, without limitation, any audited or unaudited financial statements
and any notes thereto or schedules included therein (the “MarkWest Financial
Statements”), at the time filed (in the case of registration statements,
solely on the dates of effectiveness) (except to the extent corrected by a
subsequently filed MarkWest SEC Document filed prior to the date hereof) (a) did
not contain any untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading, (b) 

 

9

 

complied
in all material respects with the applicable requirements of the Exchange Act
and the Securities Act, as the case may be, (c) complied as to form in all
material respects with applicable accounting requirements and with the
published rules and regulations of the Commission with respect thereto, (d) were
prepared in accordance with GAAP applied on a consistent basis during the
periods involved (except as may be indicated in the notes thereto or, in the
case of unaudited statements, as permitted by Form 10-Q of the
Commission), and (e) fairly present (subject in the case of unaudited
statements to normal, recurring and year-end audit adjustments) in all material
respects the consolidated financial position and status of the business of
MarkWest as of the dates thereof and the consolidated results of its operations
and cash flows for the periods then ended. 
PricewaterhouseCoopers LLP, MarkWest’s former public accounting firm, is
an independent public accounting firm with respect to MarkWest and did not
resign and was not dismissed as independent public accountants of MarkWest as a
result of or in connection with any disagreement with MarkWest on a matter of
accounting principles or practices, financial statement disclosure or auditing
scope or procedure.  KPMG LLP, MarkWest’s
former public accounting firm, is an independent public accounting firm with
respect to MarkWest and did not resign and was not dismissed as independent
public accountants of MarkWest as a result of or in connection with any
disagreement with MarkWest on a matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure.  Deloitte & Touche LLP, MarkWest’s
current public accounting firm, is an independent public accounting firm with respect
to MarkWest and has not resigned or been dismissed as independent public
accountants of MarkWest as a result of or in connection with any disagreement
with MarkWest on a matter of accounting principles or practices, financial
statement disclosure or auditing scope or procedure.  To MarkWest’s Knowledge, the information
(considering all information in the aggregate and excluding all forecasts,
projections and forward looking information), if any, provided by MarkWest to
any Purchaser regarding any potential transaction with MarkWest Hydrocarbon, Inc.
was true and correct in all material respects and did not contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading.

 

Section 3.04           No
Material Adverse Change.  Except as
set forth in or contemplated by the MarkWest SEC Documents filed with the
Commission on or prior to the date hereof, since December 31, 2006,
MarkWest and its Subsidiaries have conducted their respective businesses in the
ordinary course, consistent with past practice, and there has been no (a) change,
event, occurrence, effect, fact, circumstance or condition that has had or
would be reasonably likely to have a MarkWest Material Adverse Effect, other
than those occurring as a result of general economic or financial conditions or
other developments that are not unique to MarkWest and its Subsidiaries but
also affect other Persons who participate or are engaged in the lines of
business of which MarkWest and its Subsidiaries participate or are engaged,
except, in each case, to the extent such change, event, occurrence, effect,
fact, circumstance or condition affects MarkWest to a significantly greater
extent than other similarly situated companies generally, (b) acquisition
or disposition of any material asset by MarkWest or any of its Subsidiaries or
any contract or arrangement therefor, otherwise than for fair value in the
ordinary course of business, or (c) material change in MarkWest’s
accounting principles, practices or methods. 
Except as set forth in or contemplated by the MarkWest SEC Documents
filed with the Commission on or prior to the date hereof and MarkWest has
neither issued Partnership Securities (other than under its Long-Term Incentive
Plan and its other equity compensation plans, each as described in the 

 

10

 

MarkWest
SEC Documents filed with the Commission on or prior to the date hereof) nor incurred
material indebtedness since December 31, 2006.

 

Section 3.05           Litigation.  Except as set forth in the MarkWest SEC
Documents filed with the Commission on or prior to the date hereof, there is no
Action pending or, to the knowledge of MarkWest, contemplated or threatened
against or affecting MarkWest, any of its Subsidiaries or any of their
respective officers, directors, properties or assets, which (individually or in
the aggregate) (a) questions the validity of any of the Basic Documents or
the right of MarkWest to enter into any of the Basic Documents or to consummate
the transactions contemplated hereby and thereby or (b) would be
reasonably likely to result in a MarkWest Material Adverse Effect.

 

Section 3.06           No
Breach.  The execution, delivery and
performance by MarkWest of the Basic Documents and all other agreements and
instruments to be executed and delivered by MarkWest pursuant hereto or thereto
or in connection with the transactions contemplated by the Basic Documents or
any such other agreements and instruments, and compliance by MarkWest with the
terms and provisions hereof and thereof and the issuance and sale by MarkWest
of the Purchased Units, do not and will not (a) violate any provision of
any Law or Permit having applicability to MarkWest or any of its Subsidiaries
or any of their respective Properties, (b) conflict with or result in a
violation of any provision of the Certificate of Limited Partnership or other
organizational documents of MarkWest, or the Partnership Agreement, or any
organizational documents of any of MarkWest’s Subsidiaries, (c) require
any consent, approval or notice under or result in a violation or breach of or
constitute (with or without due notice or lapse of time or both) a default (or
give rise to any right of termination, cancellation or acceleration) under any
contract, agreement, instrument, obligation, note, bond, mortgage, license,
loan or credit agreement to which MarkWest or any of its Subsidiaries is a
party or by which MarkWest or any of its Subsidiaries or any of their
respective Properties may be bound, or (d) result in or require the
creation or imposition of any Lien upon or with respect to any of the
Properties now owned or hereafter acquired by MarkWest or any of its
Subsidiaries; with the exception of the conflicts stated in clause (b) of
this Section 3.06, except where such conflict, violation, default, breach,
termination, cancellation, failure to receive consent or approval, or
acceleration with respect to the foregoing provisions of this Section 3.06
would not be, individually or in the aggregate, reasonably likely to have a
MarkWest Material Adverse Effect.

 

Section 3.07           Authority.  MarkWest has all necessary power and
authority to execute, deliver and perform its obligations under the Basic Documents
and the execution, delivery and performance by MarkWest of the Basic Documents;
and the Basic Documents constitute the legal, valid and binding obligations of
MarkWest, enforceable in accordance with their terms, except as such
enforceability may be limited by bankruptcy, insolvency, fraudulent transfer
and similar laws affecting creditors’ rights generally or by general principles
of equity. No approval from the holders of the Common Units is required in
connection with MarkWest’s issuance and sale of the Purchased Units to the
Purchasers.

 

Section 3.08           Approvals.  Except for the approvals required by the
Commission in connection with MarkWest’s obligations under the Registration
Rights Agreement, no authorization, consent, approval, waiver, license,
qualification or written exemption from, nor any filing, declaration,
qualification or registration with, any Governmental Authority or any 

 

11

 

other
Person is required in connection with the execution, delivery or performance by
MarkWest of any of the Basic Documents, except those already obtained or where
the failure to receive such authorization, consent, approval, waiver, license,
qualification or written exemption from, or to make such filing, declaration,
qualification or registration would not, individually or in the aggregate, be
reasonably likely to have a MarkWest Material Adverse Effect.

 

Section 3.09           MLP
Status.  MarkWest has, for each
taxable year beginning after December 31, 2002 during which MarkWest was
in existence, met the gross income requirements of Section 7704(c)(2) of
the Internal Revenue Code of 1986, as amended.

 

Section 3.10           Offering.  Assuming the accuracy of the representations
and warranties of the Purchasers contained in this Agreement, the sale and
issuance of the Purchased Units to each of the Purchasers pursuant to this
Agreement is exempt from the registration requirements of the Securities Act,
and neither MarkWest nor any authorized agent acting on its behalf has taken or
will take any action hereafter that would cause the loss of such exemptions.

 

Section 3.11           Investment
Company Status.  MarkWest is not an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

 

Section 3.12           Certain
Fees.  Except for the expense
reimbursement contemplated by Section 6.11, no fees or commissions will be
payable by MarkWest to brokers, finders, or investment bankers with respect to
the sale of any of the Purchased Units or the consummation of the transaction
contemplated by this Agreement.

 

Section 3.13           No
Side Agreements.  Other than
confidentiality agreements entered into with the Purchasers and the
Registration Rights Agreement, there are no other agreements by, among or
between MarkWest or its Affiliates, on the one hand, and any of the Purchasers
or their Affiliates, on the other hand, with respect to the transactions
contemplated hereby nor promises or inducements for future transactions between
or among any of such parties.

 

Section 3.14           Material
Agreements.  MarkWest has provided
the Purchasers (if requested) with correct and complete copies of all material
agreements (as defined in Item 601(b)(10) of Regulation S-K
promulgated by the Commission), including amendments to or other modifications
of pre-existing material agreements, entered into by MarkWest since December 31,
2006.

 

Section 3.15           Form S-3
Eligibility and WKSI Status. 
MarkWest is eligible to register the Purchased Units for resale by the
Purchasers on a registration statement on Form S-3 under the Securities
Act. MarkWest qualifies as a “well-known seasoned issuer” under the Exchange
Act.

 

Section 3.16           Taxes.  MarkWest has filed all Tax Returns required
to be filed.  To the knowledge of
MarkWest, such Tax Returns are true, correct and complete in all material
respects.  MarkWest has paid in full all
Taxes shown to be due on such tax returns. 
MarkWest has not received any written notice of deficiency or assessment
from any taxing authority with respect to liabilities for material Taxes, which
have not been fully paid or finally settled, unless being contested in good
faith through appropriate proceedings and for which adequate reserves are
presented on the MarkWest Financial Statements.

 

12

 

Section 3.17           Confidential
Information.  To the Knowledge of
MarkWest, none of its employees or executive officers has disclosed material
non-public information (other than the fact that MarkWest was contemplating a
private financing) to any prospective investor who has not entered into a
confidentiality agreement between such prospective investor and MarkWest
relating to such information.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER

 

Each Purchaser, severally and not jointly, represents
and warrants to MarkWest with respect to itself:

 

Section 4.01           Investment.  The Purchased Units are being acquired for
its own account, not as a nominee or agent, and with no intention of
distributing the Purchased Units or any part thereof, and that such Purchaser
has no present intention of selling or granting any participation in or
otherwise distributing the same in any transaction in violation of the
securities laws of the United States of America or any State, without
prejudice, however, to such Purchaser’s right at all times to sell or otherwise
dispose of all or any part of the Purchased Units under a registration
statement under the Securities Act and applicable state securities laws or
under an exemption from such registration available thereunder (including,
without limitation, if available, Rule 144 promulgated thereunder). If
such Purchaser should in the future decide to dispose of any of the Purchased
Units, such Purchaser understands and agrees (a) that it may do so only (i) in
compliance with the Securities Act and applicable state securities law, as then
in effect, or (ii) in the manner contemplated by any registration
statement pursuant to which such securities are being offered, and (b) that
stop-transfer instructions to that effect will be in effect with respect to
such securities until such time as the Purchased Units become eligible for
resale under Rule 144. 
Notwithstanding the foregoing, a Purchaser may enter into a derivative
transaction or one or more total return swaps with respect to its Purchased
Units with a third party provided that such transaction is exempt from
registration under the Securities Act.

 

Section 4.02           Nature
of Purchaser.  Such Purchaser
represents and warrants to, and covenants and agrees with, MarkWest that, (a) it
is an “accredited investor” within the meaning of Rule 501 of Regulation D
promulgated by the Commission pursuant to the Securities Act and (b) by
reason of its business and financial experience it has such knowledge,
sophistication and experience in making similar investments and in business and
financial matters generally so as to be capable of evaluating the merits and
risks of the prospective investment in the Purchased Units, is able to bear the
economic risk of such investment and, at the present time, would be able to
afford a complete loss of such investment.

 

Section 4.03           Receipt
of Information; Authorization.  Such
Purchaser acknowledges that it has had access to MarkWest’s periodic filings
with the Commission and the joint proxy statement/prospectus that is part of
the Registration Statement on Form S-4 filed with the Commission on November 11,
2007 (File No. 333-147370).

 

Section 4.04           Corporate
Existence.  Such Purchaser, if an
entity: (a) is duly incorporated or formed, legally existing and in good
standing under the laws of its respective jurisdiction of incorporation or
formation; and (b) has all requisite power and authority, and has all 

 

13

 

governmental
licenses, authorizations, consents and approvals necessary, to own, lease, use
and operate its Properties and carry on its business as its business is now
being conducted, except where the failure to obtain such licenses,
authorizations, consents and approvals would not have or would not reasonably be expected to have a Purchaser Material
Adverse Effect. Each such Purchaser is not in default in the performance,
observance or fulfillment of any provision of its organizational documents,
except where such default would not have or would not be reasonably
likely to have a Purchaser Material Adverse Effect.

 

Section 4.05           No
Breach.  The execution, delivery and
performance by such Purchaser of this Agreement, the Registration Rights
Agreement and all other agreements and instruments to be executed and delivered
by such Purchaser pursuant hereto or thereto or in connection with the
transactions contemplated by this Agreement, the Registration Rights Agreement
or any such other agreements and instruments, and compliance by such Purchaser
with the terms and provisions hereof and thereof, and the purchase of such
Purchaser’s Purchased Units by such Purchaser do not and will not (a) violate
any provision of any Law or permit having applicability to such Purchaser or
any of its Properties, (b) conflict with or result in a violation of any
provision of the organizational documents of such Purchaser, (c) require
any consent or approval under or result in a violation or breach of or
constitute (with or without due notice or lapse of time or both) a default (or
give rise to any right of termination, cancellation or acceleration) under any
contract, agreement, instrument, obligation, note, bond, mortgage, license,
loan or credit agreement to which such Purchaser is a party or by which such
Purchaser or any of its Properties may be bound, or (d) result in or
require the creation or imposition of any Lien upon or with respect to any of
the Properties now owned or hereafter acquired by such Purchaser; with the
exception of the conflicts stated in clause (b) of this Section 4.05,
except where such conflict, violation, default, breach, termination,
cancellation, failure to receive consent or approval, or acceleration with
respect to the foregoing provisions of this Section 4.05 would not,
individually or in the aggregate, be reasonably likely to have a Purchaser
Material Adverse Effect.

 

Section 4.06           Restricted
Securities.  Such Purchaser
understands that the Purchased Units it is purchasing are characterized as “restricted
securities” under the federal securities laws inasmuch as they are being
acquired from MarkWest in a transaction not involving a public offering and
that under such laws and applicable regulations such securities may be re-sold
without registration under the Securities Act only in certain limited circumstances.
In this connection, Purchaser represents that it is knowledgeable with respect
to Rule 144 of the Commission promulgated under the Securities Act.

 

Section 4.07           Certain
Fees.  No fees or commissions will be
payable by such Purchaser to brokers, finders, or investment bankers with
respect to the purchase of any of the Purchased Units or the consummation of
the transaction contemplated by this Agreement.

 

Section 4.08           Legend.  It is understood that the certificates
evidencing the Purchased Units may bear the following legend:  “THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ‘SECURITIES ACT’),
AND MAY NOT BE OFFERED OR SOLD, UNLESS IT HAS BEEN REGISTERED UNDER THE
SECURITIES ACT OR UNLESS AN EXEMPTION FROM REGISTRATION IS AVAILABLE (AND, IN
SUCH CASE, AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE PARTNERSHIP
SHALL HAVE BEEN 

 

14

 

DELIVERED
TO THE PARTNERSHIP TO THE EFFECT THAT SUCH OFFER OR SALE IS NOT REQUIRED TO BE
REGISTERED UNDER THE SECURITIES ACT).”

 

Section 4.09           No
Side Agreements.  Other than
confidentiality agreements entered into with MarkWest and the Registration
Rights Agreement, there are no other agreements by, among or between such
Purchaser and any of its Affiliates, on the one hand, and any of the other
Purchasers or their Affiliates, on the other hand, with respect to the
transactions contemplated hereby nor promises or inducements for future
transactions between or among any of such parties.

 

Section 4.10           Short
Selling.  Such Purchaser represents
that it has not entered into any Short Sales of the Common Units owned by it
between the time it first began discussions with MarkWest about the
transactions contemplated by this Agreement and the date hereof (it being
understood that the entering into of a total return swap should not be
considered a short sale of Common Units).

 

ARTICLE V

COVENANTS

 

Section 5.01           Certain
Special Allocations of Book and Taxable Income.  To the extent that the Unit Price is less
than the trading price of the Common Units on the New York Stock Exchange as of
the Closing Date, the General Partner intends to specially allocate items of
book and taxable income to the Purchasers so that their capital accounts in
their Units are consistent, on a per-Unit basis, with the capital accounts of
the other holders of Common Units (and thus to assure fungibility of all Common
Units).  Such special allocation will
occur upon the earlier to occur of any taxable period of MarkWest ending upon,
or after, (i) a book-up event or book-down event in accordance with
Treasury Regulation Section 1.704-1(b)(2)(iv)(f) or a sale of all or
substantially all of the assets of MarkWest occurring after the date of the
issuance of the Common Units or (ii) the transfer of the Common Units to a
Person that is not an Affiliate of the holder. 
A Purchaser holding a Common Unit shall be required to provide notice to
the General Partner of the transfer of a Common Unit to a Person that is not an
Affiliate of the Purchaser no later than the last Business Day of the calendar
year during which such transfer occurred, unless by virtue of the application
of clause (i) above, the General Partner has determined that the Common
Units are consistent, on a per-Unit basis, with the capital accounts of the
other holders of Common Units.

 

Section 5.02           Short
Selling Acknowledgement and Agreement. 
Each Purchaser understands and acknowledges, severally and not jointly
with any other Purchaser, that the Commission currently takes the position that
coverage of short sales of securities  “against
the box” prior to the effective date of a registration statement related
thereto is a violation of Section 5 of the Securities Act.  Each Purchaser agrees, severally and not
jointly, that it will not engage in any Short Sales that result in the
disposition of the Purchased Units acquired hereunder by the Purchaser until
such time as the Purchaser may freely sell such Purchased Units pursuant to Rule 144
under the Securities Act (it being understood that the entering into of a total
return swap should not be considered a Short Sale of Purchased Units).  No Purchaser makes any representation,
warranty or covenant hereby that it will not engage in Short Sales that result
in the disposition of securities of MarkWest, other than the Purchased Units,
owned by such 

 

15

 

Purchaser
or borrowed from a broker after the date MarkWest issues a press release in
respect of this Agreement

 

Section 5.03           Non-Disclosure;
Interim Public Filings.  MarkWest
shall, on or before 8:30 a.m., New York time, on the second Business Day
following execution of this Agreement, issue a press release reasonably
acceptable to the Purchasers disclosing all material terms of the transactions
contemplated hereby and file a Current Report on Form 8-K with the
Commission describing the terms of the transactions contemplated by this
Agreement and the other Basic Documents and including as exhibits to such
Current Report on Form 8-K this Agreement and the Registration Rights
Agreement, in the form required by the Exchange Act.

 

ARTICLE VI

MISCELLANEOUS

 

Section 6.01           Interpretation
and Survival of Provisions.  Article,
Section, Schedule, and Exhibit references are to this Agreement, unless otherwise
specified.  All references to
instruments, documents, contracts, and agreements are references to such
instruments, documents, contracts, and agreements as the same may be amended,
supplemented, and otherwise modified from time to time, unless otherwise
specified.  All references to a party in
this Agreement shall include such party’s successors and permitted
assigns.  The word “including” shall mean
“including but not limited to.”  The
terms “will” and “shall” shall be interpreted to have the same meaning.  Words in the singular form will be construed
to include the plural and vice versa, unless the context otherwise
requires.  The section headings contained
in this Agreement are inserted for convenience only and will not affect in any
way the meaning or interpretation of this Agreement.  Whenever MarkWest has an obligation under the
Basic Documents, the expense of complying with that obligation shall be an
expense of MarkWest unless otherwise specified. Whenever any determination,
consent, or approval is to be made or given by a Purchaser, such action shall
be in such Purchaser’s sole discretion unless otherwise specified in this
Agreement.  If any provision in the Basic
Documents is held to be illegal, invalid, not binding, or unenforceable, such
provision shall be fully severable and the Basic Documents shall be construed
and enforced as if such illegal, invalid, not binding, or unenforceable
provision had never comprised a part of the Basic Documents, and the remaining
provisions shall remain in full force and effect.  The Basic Documents have been reviewed and
negotiated by sophisticated parties with access to legal counsel and shall not
be construed against the drafter.  The
representations and warranties set forth in Sections 3.01, 3.02, 3.06, 3.07,
3.08, 3.12, 3.13, 4.01, 4.02, 4.03, 4.04, 4.05, 4.06, 4.07 and 4.09 hereunder
shall survive the execution and delivery of this Agreement indefinitely, and
the other representations and warranties set forth herein shall survive for a
period of twelve (12) months following the Closing Date regardless of any
investigation made by or on behalf of MarkWest or each of the Purchasers.  The covenants made in this Agreement or any
other Basic Document shall survive the Closing of the transactions described
herein and remain operative and in full force and effect regardless of
acceptance of any of the Purchased Units and payment therefor and repayment or
repurchase thereof.  All indemnification
obligations of MarkWest and the provisions of Section 6.02 shall remain
operative and in full force and effect unless such obligations are expressly
terminated in a writing executed by all the parties to this Agreement
referencing that individual Section, regardless of any purported general
termination of this Agreement.

 

16

 

Section 6.02           Indemnification,
Costs and Expenses.

 

(a)           Indemnification by MarkWest.  MarkWest agrees to indemnify each Purchaser
and its officers, directors, employees and agents (collectively, the “Purchaser
Related Parties”) from, and hold each of them harmless against any and all
actions, suits, proceedings (including any investigations, litigation or
inquiries), demands, and causes of action, and, in connection therewith, and
promptly upon demand, pay or reimburse each of them for all reasonable costs,
losses, liabilities, damages, or expenses of any kind or nature whatsoever,
including, without limitation, the reasonable fees and disbursements of counsel
and all other reasonable expenses incurred in connection with investigating,
defending or preparing to defend any such matter that may be incurred by them
or asserted against or involve any of them as a result of, arising out of, or
in any way related to (i) any actual or proposed use by MarkWest of the proceeds
of any sale of the Purchased Units or (ii) the breach of any of the
representations, warranties or covenants of MarkWest contained herein, provided
such claim for indemnification relating to a breach of a representation or
warranty is made prior to the expiration of such representation or warranty.

 

(b)           Indemnification by Purchasers.  Each Purchaser agrees, severally and not
jointly, to indemnify MarkWest, MarkWest GP and their officers, directors,
employees and agents (collectively, the “MarkWest Related Parties”)
from, and hold each of them harmless against any and all actions, suits,
proceedings (including any investigations, litigation, or inquiries), demands,
and causes of action, and, in connection therewith, and promptly upon demand,
pay or reimburse each of them for all reasonable costs, losses, liabilities,
damages, or expenses of any kind or nature whatsoever, including, without
limitation, the reasonable fees and disbursements of counsel and all other
reasonable expenses incurred in connection with investigating, defending or
preparing to defend any such matter that may be incurred by them or asserted
against or involve any of them as a result of, arising out of, or in any way
related to the breach of any of the representations, warranties or covenants of
such Purchaser contained herein, provided such claim for indemnification
relating to a breach of the representations and warranties is made prior to the
expiration of such representations and warranties.

 

(c)           Indemnification Procedure.  Promptly after any MarkWest Related Party or
Purchaser Related Party (hereinafter, the “Indemnified Party”) has
received notice of any indemnifiable claim hereunder, or the commencement of
any action or proceeding by a third person, which the Indemnified Party
believes in good faith is an indemnifiable claim under this Agreement, the
Indemnified Party shall give the indemnitor hereunder (the “Indemnifying
Party”) written notice of such claim or the commencement of such action or
proceeding, but failure to so notify the Indemnifying Party will not relieve
the Indemnifying Party from any liability it may have to such Indemnified Party
hereunder except to the extent that the Indemnifying Party is materially
prejudiced by such failure. Such notice shall state the nature and the basis of
such claim to the extent then known.  The
Indemnifying Party shall have the right to defend and settle, at its own
expense and by its own counsel, any such matter as long as the Indemnifying Party
pursues the same diligently and in good faith. If the Indemnifying Party
undertakes to defend or settle, it shall promptly notify the Indemnified Party
of its intention to do so, and the Indemnified 

 

17

 

Party shall cooperate with
the Indemnifying Party and its counsel in all commercially reasonable respects
in the defense thereof and the settlement thereof. Such cooperation shall
include, but shall not be limited to, furnishing the Indemnifying Party with
any books, records and other information reasonably requested by the
Indemnifying Party and in the Indemnified Party’s possession or control.  Such cooperation of the Indemnified Party
shall be at the cost of the Indemnifying Party. 
After the Indemnifying Party has notified the Indemnified Party of its
intention to undertake to defend or settle any such asserted liability, and for
so long as the Indemnifying Party diligently pursues such defense, the
Indemnifying Party shall not be liable for any additional legal expenses
incurred by the Indemnified Party in connection with any defense or settlement
of such asserted liability; provided, however, that the
Indemnified Party shall be entitled (i) at its expense, to participate in
the defense of such asserted liability and the negotiations of the settlement
thereof and (ii) if (A) the Indemnifying Party has failed to assume
the defense and employ counsel or (B) if the defendants in any such action
include both the Indemnified Party and the Indemnifying Party and counsel to
the Indemnified Party shall have concluded that there may be reasonable
defenses available to the Indemnified Party that are different from or in
addition to those available to the Indemnifying Party or if the interests of
the Indemnified Party reasonably may be deemed to conflict with the interests
of the Indemnifying Party, then the Indemnified Party shall have the right to
select a separate counsel and to assume such legal defense and otherwise to
participate in the defense of such action, with the expenses and fees of such
separate counsel and other expenses related to such participation to be
reimbursed by the Indemnifying Party as incurred.  Notwithstanding any other provision of this
Agreement, the Indemnifying Party shall not settle any indemnified claim
without the consent of the Indemnified Party, unless the settlement thereof
imposes no liability or obligation on, and includes a complete release from
liability of, and does not include any admission of wrongdoing or illegal
conduct by the Indemnified Party.

 

Section 6.03           No
Waiver; Modifications in Writing.

 

(a)           Delay.  No failure or delay on the part of any party
in exercising any right, power, or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power, or
remedy preclude any other or further exercise thereof or the exercise of any
right, power, or remedy. The remedies provided for herein are cumulative and
are not exclusive of any remedies that may be available to a party at law or in
equity or otherwise.

 

(b)           Specific Waiver.  Except as otherwise provided herein, no
amendment, waiver, consent, modification, or termination of any provision of
this Agreement or any other Basic Document shall be effective unless signed by
each of the parties hereto or thereto affected by such amendment, waiver,
consent, modification, or termination. 
Any amendment, supplement or modification of or to any provision of this
Agreement or any other Basic Document, any waiver of any provision of this Agreement
or any other Basic Document, and any consent to any departure by MarkWest from
the terms of any provision of this Agreement or any other Basic Document shall
be effective only in the specific instance and for the specific purpose for
which made or given. Except where notice is specifically required by this
Agreement, no notice to or demand on MarkWest in 

 

18

 

any case shall entitle
MarkWest to any other or further notice or demand in similar or other
circumstances.

 

Section 6.04                                Binding Effect;
Assignment.

 

(a)           Binding Effect.  This Agreement shall be binding upon
MarkWest, each Purchaser, and their respective successors and permitted
assigns. Except as expressly provided in this Agreement, this Agreement shall
not be construed so as to confer any right or benefit upon any Person other
than the parties to this Agreement, and their respective successors and
permitted assigns.

 

(b)           Assignment of Purchased Units.  All or any portion of a Purchaser’s Purchased
Units purchased pursuant to this Agreement may be sold, assigned or pledged by
such Purchaser, subject to compliance with applicable securities laws and Section 2.06(b).

 

(c)           Assignment of Rights.  Each Purchaser may assign all or any portion
of its rights and obligations under this Agreement without the consent of
MarkWest (i) to any Affiliate of such Purchaser, (ii) in connection
with a total return swap or similar transaction with respect to the Purchased
Units purchased by such Purchaser or (iii) in connection with a
foreclosure in respect of Purchased Units pledged by a Purchaser in connection
with a bona fide margin account or other loan or financing arrangement, and in
each case the assignee shall be deemed to be a Purchaser hereunder with respect
to such assigned rights or obligations and shall agree in writing to be bound
by the provisions of this Agreement. 
Except as expressly permitted by this Section 6.04(c), such rights
and obligations may not otherwise be transferred except with the prior written
consent of MarkWest (which consent shall not be unreasonably withheld), in
which case the assignee shall be deemed to be a Purchaser hereunder with
respect to such assigned rights or obligations and shall agree in writing to be
bound by the provisions of this Agreement.

 

Section 6.05           Confidentiality.  Notwithstanding anything herein to the
contrary, the confidentiality agreement executed by each Purchaser in favor of
MarkWest shall survive the Closing and each Purchaser shall continue to remain
bound by such confidentiality agreement. 
Disclosure of Confidential Information will not be deemed to be a breach
of this Section 6.05 if such disclosure is made with the consent of
MarkWest or pursuant to a subpoena or order issued by a court of competent
jurisdiction or by a judicial or administrative or legislative body or
committee; provided, however, that upon receipt by a Purchaser of
any subpoena or order covering Confidential Information of MarkWest, such
Purchaser will promptly notify MarkWest of such subpoena or order.

 

Section 6.06           Communications.  All notices and demands provided for
hereunder shall be in writing and shall be given by registered or certified
mail, return receipt requested, telecopy, regular mail, air courier
guaranteeing overnight delivery, electronic mail or personal delivery to the
following addresses:

 

19

 

(a)                                  If to MarkWest:

 

1515 Arapahoe Street

Tower 2, Suite 700

Denver, CO  80202

Attention:  Nancy K. Buese

Facsimile:  (303) 925-9309

Email:  nbuese@markwest.com

 

with a copy (which shall not constitute
notice) to:

 

Vinson & Elkins L.L.P.

2500 First City Tower

1001 Fannin Street

Houston, Texas 77002

Attention: 
David P. Oelman, Esq.

Facsimile: 
(713) 615-5861

Email: 
doelman@velaw.com

 

(b)                                 If to Magnetar
Spectrum Fund:

 

Magnetar Spectrum Fund

c/o Magnetar Financial LLC

1603 Orrington Avenue, 13th Floor

Evanston, IL 60201

Facsimile:  847-905-5687

 

with a copy (which shall not constitute
notice) to:

 

Baker Botts L.L.P.

98 San Jacinto Boulevard

Suite 1500

Austin, Texas 78701

Attention: 
Laura L. Tyson, Esq.

Facsimile: (512) 322-8377

 

(c)                                  If to Kayne
Anderson Capital Income Partners (QP), LP, Kayne Anderson MLP Fund, LP, Kayne
Anderson Midstream Opportunity Fund, LP, ARBCO II, L.P. or Kayne Anderson
Energy Total Return Fund, Inc.:

 

Kayne
Anderson Capital Advisors, L.P.

Attn:
David Shladovsky, Esq.

1800
Avenue of the Stars, 2nd Floor

Los
Angeles, CA 90067

Facsimile:
(310) 284-6490

 

with a copy (which shall not constitute
notice) to:

 

20

 

Kayne
Anderson Fund Advisors

Attn:
Kevin McCarthy

717
Texas Avenue, Suite 3100

Houston,
Texas 77002

Facsimile:
(713) 655-7359

 

(d)                                 If to Hartz
Capital Investments, LLC:

 

Hartz Capital Investments, LLC

c/o Hartz Capital, Inc.

Attn:  Noah
Lerner

400 Plaza Drive

Secaucus, NJ 
07094

Facsimile: (201) 866-6387

 

with a copy (which shall not constitute
notice) to:

 

Hartz
Capital Investments, LLC

c/o
Hartz Capital, Inc.

Attn:  Tim Terry

400
Plaza Drive

Secaucus,
NJ  07094

Facsimile: (201)
866-6387

 

(e)                                  If to Tortoise
Energy Capital Corporation:

 

Tortoise Energy Capital Corporation

10801 Mastin Blvd., Suite 222

Overland Park, KS  66210

Attention: Zach Hamel

 

or to such other address as
MarkWest or such Purchaser may designate in writing. All notices and communications
shall be deemed to have been duly given at the time delivered by hand, if
personally delivered; upon actual receipt if sent by registered or certified
mail, return receipt requested, or regular mail, if mailed; when receipt
acknowledged, if sent via facsimile or electronic mail; and upon actual receipt
when delivered by an air courier guaranteeing overnight delivery.

 

Section 6.07           Removal
of Legend.  MarkWest shall promptly
remove the legend described in Section 4.08 from the certificates
evidencing the Purchased Units at the request of a Purchaser submitting to
MarkWest such certificates, together with an opinion of counsel of such
Purchaser and other documentation, if required by MarkWest’s transfer agent, to
the effect that such legend is no longer required under the Securities Act or
applicable state securities Laws, as the case may be; provided that no
opinion of counsel shall be required by MarkWest in the event a Purchaser is
effecting a sale of such Purchased Units pursuant to and in accordance with Rule 144
under the Securities Act or an effective registration statement and (i) the
transfer agent does not require an opinion of counsel or (ii) the
Purchaser provides counsel to MarkWest with such 

 

21

 

certificates
or other evidence reasonably requested in order for such counsel to render an
opinion to the transfer agent.  All costs
associated with any opinion required by the transfer agent pursuant to any such
removal shall be paid by MarkWest.

 

Section 6.08           Entire
Agreement.  This Agreement, the other
Basic Documents and the other agreements and documents referred to herein are
intended by the parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of
the parties hereto in respect of the subject matter contained herein and
therein. There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein or therein with respect to the
rights granted by MarkWest or any of its Affiliates or each of the Purchasers
or any of their Affiliates set forth herein or therein.  This Agreement, the other Basic Documents and
the other agreements and documents referred to herein supersede all prior
agreements and understandings between the parties with respect to such subject
matter.

 

Section 6.09           Governing
Law.  This Agreement will be
construed in accordance with and governed by the laws of the State of Delaware
without regard to principles of conflicts of laws.

 

Section 6.10           Execution
in Counterparts.  This Agreement may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which counterparts, when so executed and
delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

 

Section 6.11           Expenses.  MarkWest hereby covenants and agrees to
reimburse Magnetar Spectrum Fund or any of its Affiliates for the reasonable and
documented legal expenses of Baker Botts L.L.P. incurred in connection with the
negotiation, execution, delivery and performance of the Basic Documents and the
transactions contemplated hereby and thereby, up to $40,000.00.  Upon MarkWest’s request, any request for such
reimbursement by Purchasers shall be accompanied by a detailed invoice for such
amount.  If any action at law or equity
is necessary to enforce or interpret the terms of the Basic Documents, the prevailing
party shall be entitled to reasonable attorney’s fees, costs and necessary
disbursements in addition to any other relief to which such party may be
entitled.

 

Section 6.12           Waiver
of Preemptive Right.  Other than the
obligation of MarkWest GP to make contributions to MarkWest as required by Section 5.2
of the Partnership Agreement, MarkWest GP hereby waives (for itself and on
behalf of its Affiliates) its preemptive rights provided under Section 5.9
of the Partnership Agreement with respect to the issuances of Partnership
Securities pursuant to this Agreement.

 

[The remainder of this page is
intentionally left blank.]

 

22

 

IN WITNESS WHEREOF, the parties hereto execute this
Agreement, effective as of the date first above written.

 

	
  MARKWEST ENERGY
  PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  MarkWest Energy GP,
  L.L.C., 

  
	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ NANCY K. BUESE

  
	
   

  	
   

  	
  Nancy K. Buese

  
	
   

  	
   

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  MARKWEST ENERGY GP,
  L.L.C.

  
	
  (solely for the purpose of
  Section  6.12)

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ NANCY K. BUESE

  
	
   

  	
   

  	
  Nancy K. Buese

  
	
   

  	
   

  	
  Chief Financial Officer

  
				

 

 

	
  MAGNETAR SPECTRUM FUND

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Magnetar
  Financial LLC,

  
	
   

  	
  its
  investment manager

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ PAUL SMITH

  
	
   

  	
  Name:

  	
  Paul Smith

  
	
   

  	
  Title:

  	
  General Counsel

  
				

 

 

	
  KAYNE
  ANDERSON MLP FUND, LP

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Kayne
  Anderson Capital Advisors, L.P., 

  
	
   

  	
  its
  general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DAVID SHLADOVSKY

  
	
   

  	
   

  	
  David
  Shladovsky

  
	
   

  	
   

  	
  General Counsel

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  KAYNE
  ANDERSON CAPITAL INCOME PARTNERS (QP), LP

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Kayne
  Anderson Capital Advisors, L.P., 

  
	
   

  	
  its
  general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DAVID SHLADOVSKY

  
	
   

  	
   

  	
  David
  Shladovsky

  
	
   

  	
   

  	
  General Counsel

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  KAYNE
  ANDERSON MIDSTREAM OPPORTUNITY FUND, LP

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Kayne
  Anderson Capital Advisors, L.P., 

  
	
   

  	
  its
  general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DAVID SHLADOVSKY

  
	
   

  	
   

  	
  David
  Shladovsky

  
	
   

  	
   

  	
  General Counsel

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARBCO
  II, L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  Kayne
  Anderson Capital Advisors, L.P.,

  
	
   

  	
  its
  general partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ DAVID SHLADOVSKY

  
	
   

  	
   

  	
  David
  Shladovsky

  
	
   

  	
   

  	
  General Counsel

  
					

 

 

	
  KAYNE ANDERSON ENERGY TOTAL RETURN FUND, INC.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ JAMES C. BAKER

  
	
   

  	
  James C. Baker

  
	
   

  	
  Vice President

  

 

 

	
  TORTOISE ENERGY CAPITAL
  CORPORATION

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ DAVID J. SCHULTE

  
	
   

  	
  Name:

  	
  David J. Schulte

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
				

 

 

	
  HARTZ
  CAPITAL INVESTMENTS, LLC

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Hartz Capital, Inc.

  
	
   

  	
  its
  manager

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ RONALD J. BANGS

  
	
   

  	
   

  	
  Ronald J. Bangs

  
	
   

  	
  Title:

  	
  Chief Operating Officer

  
				

 

 

Exhibit A — Form of Registration Rights Agreement

 

[Omitted]

 

 

Exhibit B — Partnership Agreement and Certificate of Limited
Partnership

 

[Omitted]

 

 

Exhibit C — Form of Opinion of MarkWest Counsel

 

[Omitted]

 

 

Schedule 1.01

 

Cory Bromley

Nancy K. Buese

John Mollenkopf

Randy S. Nickerson

Andrew L. Schroeder

Frank M. Semple

 

 

Schedule 2.02

 

	
  Purchaser

  	
   

  	
  Units Purchased

  	
   

  	
  Total Purchase

  Price

  	
   

  
	
  Magnetar Spectrum Fund

  	
   

  	
  1,904,762

  	
   

  	
  $

  	
  60,000,003.00

  	
   

  
	
  Kayne Anderson Capital
  Income Partners (QP), LP

  	
   

  	
  19,842

  	
   

  	
  625,023.00

  	
   

  
	
  Kayne Anderson MLP Fund,
  LP

  	
   

  	
  109,127

  	
   

  	
  3,437,500.50

  	
   

  
	
  Kayne Anderson Midstream
  Opportunity Fund, LP

  	
   

  	
  19,842

  	
   

  	
  625,023.00

  	
   

  
	
  ARBCO II, L.P.

  	
   

  	
  9,921

  	
   

  	
  312,511.50

  	
   

  
	
  Kayne Anderson Energy
  Total Return Fund, Inc.

  	
   

  	
  158,731

  	
   

  	
  5,000,026.50

  	
   

  
	
  Tortoise Energy Capital
  Corporation

  	
   

  	
  317,461

  	
   

  	
  10,000,021.50

  	
   

  
	
  Hartz Capital Investments,
  LLC

  	
   

  	
  317,461

  	
   

  	
  10,000,021.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  2,857,147

  	
   

  	
  $

  	
  90,000,130.50

  	
   

  

 

 

Schedule 3.02

 

MarkWest Energy Appalachia, L.L.C.

 

MarkWest Energy East Texas Gas Company, L.P.

 

MarkWest Energy Operating Company, L.L.C.

 

MarkWest Javelina Pipeline Holding, L.P.

 

MarkWest Javelina Holding
Company, L.P.

 

MarkWest Pinnacle L.P.

 

MarkWest Texas GP, L.L.C.

 

MW Texas Limited, L.L.C.

 

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

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