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Exhibit 10.5  

Administrative Services Agreement  

        This ADMINISTRATIVE SERVICES AGREEMENT (this "Agreement") is dated as
of                  , 2006 by and between MV
Partners, LLC, a limited liability company formed under the laws of the State of Kansas (the "Company"), and The Bank of New York Trust Company, N.A.,
in its capacity as trustee of MV Oil Trust (the "Trustee"), a statutory trust formed under the laws of the State of Delaware (the
"Trust"). 

        WHEREAS, pursuant to a Conveyance of Net Profits Interest of even date herewith (the "Conveyance"), the Company has conveyed to the Trust
a net profits interest in certain oil and gas properties located in the States of Kansas and Colorado (the "Net Profits Interest"); 

        WHEREAS, in connection with the conveyance of the Net Profits Interest, the Company has agreed to provide certain administrative services
for the Trust in exchange for an administrative services fee as described herein. 

        NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intended to be legally bound hereby, it is agreed as follows: 

ARTICLE I
  DEFINITIONS

        Section 1.01    Definitions.    As used in this Agreement, the
following terms have the respective meanings set forth below or set forth in the Sections referred to below: 

        "Administrative Services Fee" has the meaning set forth in Section 3.01. 

        "Affiliate" means with respect to a specified person, any person that directly or indirectly controls, is controlled by, or is under
common control with, the specified person. As used in this definition, the term "control" (and the correlative terms "controlling," "controlled by," and "under common control") shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through ownership of voting securities, by contract or otherwise. 

        "Agreement" has the meaning set forth in the introductory paragraph. 

        "Business Day" means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in Wichita,
Kansas are authorized or obligated by law or executive order to close. 

        "Company" has the meaning set forth in the introductory paragraph. 

        "Conveyance" has the meaning set forth in the recitals. 

        "External Expenses" means the actual out-of-pocket fees, costs and expenses incurred by the Company in connection
with the provision of the Services. 

        "Force Majeure" shall mean any cause beyond the reasonable control of the Company, including the following causes: acts of God, strikes,
lockouts, acts of the public enemy, wars or warlike action (whether actual or impending), arrests and other restraints of government (civil or military), blockades, embargoes, insurrections, riots,
epidemics, landslides, lightning, earthquakes, fires, sabotage, tornadoes, named tropical storms and hurricanes, and floods, civil disturbances, terrorism, mechanical breakdown of machinery or
equipment, explosions, confiscation or seizure by any government or other public authority, any order of any court of competent jurisdiction, regulatory agency or governmental body having
jurisdiction. 

        "Net Profits Interest" has the meaning set forth in the recitals. 

 

        "person" shall mean any individual, partnership, limited liability company, corporation, trust, unincorporated association, governmental
agency, subdivision, or instrumentality, or other entity or association. 

        "Services" has the meaning set forth in Section 2.01. 

        "Termination Date" has the meaning assigned to such term in the Conveyance. 

        "Trust" has the meaning set forth in the introductory paragraph. 

        "Trust Agreement" means that certain Amended and Restated Trust Agreement of even date herewith among the Company, the Trustee and
Wilmington Trust Company, as the same may be amended from time to time. 

        "Trustee" has the meaning set forth in the introductory paragraph. 

        Section 1.02    Construction.    Unless the context requires
otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the
plural and vice versa; (b) references to Articles and Sections refer to Articles and Sections of this Agreement; (c) the terms "include," "includes," "including" or words of like import
shall be deemed to be followed by the words "without limitation;" and (d) the terms "hereof," "herein" or "hereunder" refer to this Agreement as a whole and not to any particular provision of
this Agreement. The headings contained in this Agreement are for reference purposes only, and shall not affect in any way the meaning or interpretation of this Agreement. 

ARTICLE II
  SERVICES

        Section 2.01    Services.    Subject to the terms of this
Agreement and in exchange for the payment described in Section 3.01, the Company hereby agrees to provide the Trust with such accounting, bookkeeping and informational services as are necessary
to comply with Article III of the Conveyance and such other administrative services of similar character and scope to the foregoing that the Trustee may reasonably request the Company to
provide during the term of this Agreement (the "Services"). 

        Section 2.02    Performance of Services by Others.    The
parties hereby agree that in discharging the Company's obligations under this Agreement, the Company may, in its sole discretion, engage any other person, including its Affiliates, to perform the
Services (or any part of the Services) on its behalf and that the performance of the Services (or any part of the Services) by any such person shall be treated as if the Company performed such
Services itself. Notwithstanding the foregoing, nothing contained herein shall relieve the Company of its obligations hereunder. 

        Section 2.03    Intellectual Property.    Any
(i) inventions, whether patentable or not, developed or invented, or (ii) copyrightable material (and the intangible rights of copyright therein) developed, in each case by the Company,
its Affiliates or its or their employees in connection with the performance of the Services shall be the property of the Company; provided, however,
that the Trust shall be granted an irrevocable, royalty-free, non-exclusive and non-transferable right and license to use such inventions or material; and  provided further, however, that the Trust shall
only be granted such a right and license to the extent such grant does not conflict with, or result in a
breach, default, or violation of a right or license to use such inventions or material granted to the Company by any person other than an Affiliate of the Company. Notwithstanding the foregoing, the
Company will use all commercially reasonable efforts to grant such right and license to the Trust. 

        Section 2.04    Independent Status.    It is expressly
acknowledged by the parties hereto that each party is an "independent contractor" and nothing in this Agreement is intended nor shall be construed to create an employer/employee relationship, or a
joint venture or partnership relationship, or to allow 

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any
party to exercise control or direction over the other party. Except as required in connection with the performance of the Services, neither the Company nor any agent, employee, servant, contractor
or subcontractor of the Company or any of its Affiliates shall have the authority to bind the Trust to any contract or arrangement. Neither the Trust nor the Trustee shall be liable for the salary,
wages or benefits, including workers' compensation insurance and unemployment insurance, of any employee, agent, servant, contractor or subcontractor of the Company or its Affiliates by virtue of this
Agreement. 

        Section 2.05    Warranties; Limitation of Liability.    The
Company will use commercially reasonable efforts to provide the Services in a good and workmanlike manner in accordance with the sound and prudent practices of providers of similar services. EXCEPT AS
SET FORTH IN THE PRECEDING SENTENCE, THE COMPANY MAKES NO (AND HEREBY DISCLAIMS AND NEGATES ANY AND ALL) WARRANTIES OR REPRESENTATIONS WHATSOEVER, EXPRESS OR IMPLIED, WITH RESPECT TO THE SERVICES. IN
NO EVENT WILL THE COMPANY OR ANY OF ITS
AFFILIATES BE LIABLE TO ANY OF THE PERSONS RECEIVING ANY SERVICES OR TO ANY OTHER PERSON FOR ANY EXEMPLARY, PUNITIVE, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES RESULTING FROM ANY
ERROR IN THE PERFORMANCE OF SUCH SERVICE, REGARDLESS OF WHETHER THE PERSON PROVIDING SUCH SERVICE, ITS AFFILIATES OR OTHERS MAY BE WHOLLY, CONCURRENTLY, PARTIALLY OR SOLELY NEGLIGENT OR OTHERWISE AT
FAULT, EXCEPT TO THE EXTENT SUCH EXEMPLARY, PUNITIVE, DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES ARE PAID BY THE PARTY INCURRING SUCH DAMAGES TO A PERSON THAT IS NOT A PARTY TO
THIS AGREEMENT. THE PROVISIONS OF THIS SECTION 2.05 WILL SURVIVE TERMINATION OF THIS AGREEMENT. 

        Section 2.06    Disputes.    Should there be a dispute over the
nature or quality of the Services or the calculation or allocation of the Administrative Services Fee, the Company and the Trustee, on behalf of the Trust, shall first attempt to resolve such dispute,
acting diligently and in good faith, using the past practices of the Company and the Trustee as guidelines for such resolution. If the Company and the Trustee are unable to resolve any such dispute
within thirty days, or such additional time as may be reasonable under the circumstances, the dispute shall be resolved by arbitration in accordance with the provisions of Article XI of the
Trust Agreement. The provisions of this Section 2.06 will survive termination of this Agreement. 

 
 

ARTICLE III
  ADMINISTRATIVE SERVICES FEE

        Section 3.01    Administrative Services Fee.    The Trust shall
pay to the Company in immediately available funds, on or before the 25th day following each calendar quarter, an administrative services fee of $15,000 (the
"Administrative Services Fee"). Effective January 1 of each calendar year, the amount of the Administrative Services Fee payable in each of the
calendar quarters in that calendar year shall increase by 4.0% of the amount of the Administrative Services Fee that was payable during each of the calendar quarters of the previous calendar year. In
the event that this Agreement is terminated during a calendar quarter pursuant to Section 5.01, the amount of the Administrative Services Fee for such calendar quarter shall be based upon the
pro rata portion of the Administrative Services Fee that shall have accrued during such quarter up to and including the date of termination of this Agreement. In addition to the Administrative
Services Fee, the Trust shall reimburse the Company on or before the 25th day following each calendar quarter for all reasonable and necessary External Expenses associated with the
provision of Services in the preceding quarter as set forth in a reasonably detailed invoice provided by the Company to the Trust on or before the 15th day following each calendar
quarter. 

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        Section 3.02    Set-Off.    In the event that the
Company owes the Trust a sum certain in an uncontested amount under any other agreement, then any such amounts may, in the sole discretion of the Company, be aggregated and the Trust and the Company
shall discharge their obligations by netting those amounts against any amounts owed by the Trust to the Company under this Agreement. 

ARTICLE IV
  FORCE MAJEURE

        Section 4.01    Force Majeure.    The Company's obligation
under this Agreement shall be excused when and to the extent its performance of that obligation is prevented due to Force Majeure. The Company shall promptly notify the Trustee that it is prevented
from performing its obligations by reason of Force Majeure and shall exercise due diligence to end its inability to perform as promptly as practicable. Notwithstanding the foregoing, the Company shall
not be required to settle any strike, lockout or other labor dispute in which it or any of its Affiliates may be involved. 

ARTICLE V
  MISCELLANEOUS

        Section 5.01    Term and Termination.    This Agreement shall
become effective on the date of this Agreement and shall continue until the Termination Date unless earlier terminated by mutual agreement of the parties to this Agreement. Upon termination of this
Agreement in accordance with this Section 5.01, all rights and obligations under this Agreement shall cease except for (i) obligations that expressly survive termination of this
Agreement, (ii) liabilities and obligations that have accrued prior to such termination, including the obligation to pay any amounts that have become due and payable prior to such termination,
and (iii) the obligation to pay any portion of the Administrative Services Fee that has accrued prior to such termination, even if such portion has not become due and payable at the time of
termination. 

        Section 5.02    Notice.    All notices and other communications
provided for or permitted hereunder shall be made in writing by hand delivery, by facsimile, by courier guaranteeing overnight delivery or by first-class mail, return receipt requested, and shall be
deemed given (i) when made, if made by hand delivery, (ii) upon confirmation, if made by facsimile, (iii) one (1) Business Day after being deposited with such courier, if
made by overnight courier or (iv) on the date indicated on the notice of receipt, if made by first-class mail, to the parties as follows: 

	(a)
	if
to the Trust or the Trustee, to: 

MV
Oil Trust

c/o The Bank of New York Trust Company, N.A.

Global Corporate Trust

221 West Sixth Street, 1st Floor

Austin, Texas 78701

Attention: Mike J. Ulrich

Fax: (512) 479-2553 

with
a copy to: 

Andrews
Kurth LLP

600 Travis, Suite 4200

Houston, Texas 77002

Attention: David C. Buck

Fax: (713) 238-7126 

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	(b)
	if
to the Company, to: 

MV
Partners, LLC

250 N. Water, Suite 300

Wichita, Kansas 67202

Attention: David L. Murfin

Fax: (316) 267-6004 

with
a copy to: 

Vinson &
Elkins L.L.P.

1001 Fannin, Suite 2500

Houston, Texas 77002

Attention: Thomas P. Mason

Fax: (713) 615-5320 

or
to such other address as such person may have furnished to the other persons identified in this Section 5.02 in writing in accordance herewith. 

        Section 5.03    Entire Agreement; Supersedure.    This
Agreement constitutes the entire agreement of the parties relating to the matters contained herein, superseding all prior contracts or agreements, whether written or oral, relating to the matters
contained herein. 

        Section 5.04    Effect of Waiver or Consent.    Except as
otherwise provided in this Agreement, a waiver or consent, express or implied, to or of any breach or default by any party in the performance by that party of its obligations under this Agreement is
not a consent or waiver to or of any other breach or default in the performance by that party of the same or any other obligations of that party under this Agreement. 

        Section 5.05    Amendment or Modification.    This Agreement
may be amended or modified from time to time only by a written instrument executed by each of the parties to this Agreement. 

        Section 5.06    Assignment.    Except as provided in
Section 2.02, no party to this Agreement shall have the right to assign its rights or obligations under this Agreement without the consent of the other party to this Agreement. 

        Section 5.07    Counterparts.    This Agreement may be executed
in any number of counterparts with the same effect as if all parties to this Agreement had signed the same document. All counterparts shall be construed together and shall constitute one and the same
instrument. 

        Section 5.08    Severability.    If any provision of this
Agreement or the application thereof to any party to this Agreement or circumstance shall be held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such
provision to other party to this Agreement or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law. 

        Section 5.09    Further Assurances.    In connection with this
Agreement and all transactions contemplated by this Agreement, each party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be
necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions. 

        Section 5.10    Governing Law.    THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF KANSAS. 

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

	 	 	MV PARTNERS, LLC
	

 	
 	

By:	

MV Energy, LLC,

its Manager
	

 	
 	

By:	

Murfin, Inc.,

Member
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name:	David L. Murfin
	 	 	Title:	Chairman and Chief Executive Officer
	

 	
 	

THE BANK OF NEW YORK TRUST COMPANY, N.A., as trustee of MV Oil Trust
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name:	Mike J. Ulrich
	 	 	Title:	Vice President

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ARTICLE III ADMINISTRATIVE SERVICES FEEExhibit 10.6  

REGISTRATION RIGHTS AGREEMENT  

BY AND BETWEEN  

MV PARTNERS, LLC  

AND  

THE BANK OF NEW YORK TRUST COMPANY, N.A.,  

AS TRUSTEE OF MV OIL TRUST  

DATED AS OF            , 2006  

 

REGISTRATION RIGHTS AGREEMENT (the "Agreement") dated as
of                        , 2006 by and between MV Partners, LLC, a limited
liability company formed under the laws of the State of Kansas (the "Company"), and The Bank of New York Trust Company, N.A., in its capacity as trustee
of MV Oil Trust (the "Trustee"), a statutory trust formed under the laws of the State of Delaware (the
"Trust"). Unless expressly stated otherwise in this Agreement, as used in this Agreement, references to the "Trustee" mean the Trustee as trustee of the
Trust and not in its individual capacity. 

RECITALS:

        WHEREAS, the Trustee and the Company have entered into a Conveyance of Net Profits Interest dated of even date herewith (the
"Conveyance Agreement"); 

        WHEREAS, in connection with the execution and delivery of the Conveyance Agreement, the Trust has issued to the Company 11,500,000 units
of beneficial interest of the Trust ("Trust Units"); 

        WHEREAS, in connection with the Initial Public Offering, the Company is selling 7,500,000 Trust Units and Affiliates of the Company may
sell up to 1,125,000 Trust Units if the underwriters of the Initial Public Offering exercise their over-allotment option; and 

        WHEREAS, the Trustee has agreed to file a registration statement or registration statements relating to the sale by the Company and
its Transferees (as defined below) of certain of the Trust Units. 

        NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, it is agreed as follows: 

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

        "Affiliate" means with respect to a specified person, any person that directly or indirectly controls, is controlled by, or is under
common control with, the specified person. As used in this definition, the term "control" (and the correlative terms "controlling," "controlled by," and "under common control") shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through ownership of voting securities, by contract or otherwise. 

        "Agreement" has the meaning set forth in the preamble hereof. 

        "Business Day" means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in The City of
New York are authorized or obligated by law or executive order to close. 

        "Company" has the meaning set forth in the preamble hereof. 

        "Conveyance Agreement" has the meaning set forth in the recitals hereof. 

        "Deferral Notice" has the meaning set forth in Section 3(j) hereof. 

        "Deferral Period" has the meaning set forth in Section 3(j) hereof. 

        "Demand Notice" has the meaning set forth in Section 2(a) hereof. 

        "Demand Registration" has the meaning set forth in Section 2(a) hereof. 

        "Effective Period" means the period commencing on the 180th day after the date hereof and ending on the date that all
Registrable Securities have ceased to be Registrable Securities. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the SEC thereunder. 

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        "Expenses" has the meaning set forth in Section 6(a) hereof. 

        "Holder" shall mean the Company, its Affiliates that from time to time hold Registrable Securities and any Transferee of the Company to
whom Registrable Securities are permitted to be transferred in accordance with the terms of this Agreement, and, in each case, who continues to be entitled to the rights of a Holder hereunder. 

        "Indemnified Party" has the meaning set forth in Section 6(d) hereof. 

        "Indemnifying Party" has the meaning set forth in Section 6(d) hereof. 

        "Initial Public Offering" means the initial public offering of Trust Units registered with the SEC by a registration statement on
Form S-1 (Registration No. 333-136609). 

        "Material Event" has the meaning set forth in Section 3(j) hereof. 

        "person" shall mean any individual, partnership, limited liability company, corporation, trust, unincorporated association, governmental
agency, subdivision, or instrumentality, or other entity or association. 

        "Piggyback Registration" has the meaning set forth in Section 2(b) hereof. 

        "Prospectus" means the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the
Securities Act), as amended or supplemented by any amendment, prospectus supplement or free writing prospectus (as defined in Rule 405 promulgated under the Securities Act), including
post-effective amendments, and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such Prospectus. 

        "Registrable Securities" means the Trust Units (not to exceed 4,000,000 Trust Units, subject to adjustment as provided herein) held by the
Company and its Affiliates following the sale of all Trust Units sold by the Company and any of its Affiliates in connection with the Initial Public Offering and any securities into or for which such
Trust Units have been converted or exchanged, and any security issued with respect thereto upon any dividend, split or similar event until, in the case of any such security, the earliest of
(i) its effective registration under the Securities Act and resale in accordance with the Registration Statement covering it, (ii) its sale to the public pursuant to Rule 144 (or
any similar provision then in force, but not Rule 144A) under the Securities Act if the transferee thereof does not receive "restricted securities" as defined in Rule 144,
(iii) its sale in a private transaction in which the transferor's rights under this Agreement are not assigned to the transferee of the Securities and (iv) it becomes eligible for resale
pursuant to Rule 144(k) (or any similar rule then in effect under the Securities Act). 

        "Registration Statement" means any registration statement of the Trust, including any Shelf Registration Statement, that covers any of the
Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective
amendments, all exhibits and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such registration statement. 

        "Required Information" has the meaning set forth in Section 4(a) hereof. 

        "Rule 144" means Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC. 

        "Rule 144A" means Rule 144A under the Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC. 

        "SEC" means the Securities and Exchange Commission. 

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        "Securities Act" means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder. 

        "Shelf Registration Statement" means a Registration Statement for an offering to be made on a delayed or continuous basis pursuant to
Rule 415 under the Securities Act registering the resale of Registrable Securities from time to time by Holders thereof. 

        "Special Counsel" means Vinson & Elkins L.L.P. or such other successor counsel as shall be specified in writing by the Holders of a
majority of all Registrable Securities. 

        "Transferee" has the meaning set forth in Section 9(d) hereof. 

        "Trust" has the meaning set forth in the preamble hereof. 

        "Trust Units" has the meaning set forth in the recitals hereof. 

        "Trustee" has the meaning set forth in the preamble hereof. 

        SECTION
2. Demand Registration Rights. 

        (a)   During
the Effective Period, the Holders representing a majority of the then outstanding Registrable Securities may request, by written notice to the Trustee (the
"Demand Notice"), that the Trust effect the registration under the Securities Act of the number of Registrable Securities requested to be so registered
pursuant to the terms and conditions set forth in this Agreement (each a "Demand Registration"). Following receipt of a Demand Notice for a Demand
Registration, the Trustee shall use its reasonable best efforts to file a Registration Statement as promptly as practicable and shall use its reasonable best efforts to cause such Registration
Statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof. All Demand Notices made pursuant to this Section 2 will specify the number of
Registrable Securities to be registered, whether or not such Registration Statement should be a Shelf Registration Statement and the intended methods of disposition thereof. 

        The
Holders shall be entitled to a maximum of three (3) Demand Registrations, which shall include (i) any Demand Registrations for registration pursuant to a Shelf
Registration Statement and (ii) any Demand Registrations that are transferred to a Transferee in accordance with Section 9(d) hereof. No Demand Registration shall be deemed to have
occurred for purposes of this Section 2(a) if the Registration Statement relating thereto does not become effective or is not maintained effective for the period required pursuant to
Section 2(d). 

        (b)   In
the event that any Demand Registration is transferred to a Transferee in accordance with Section 9(d) hereof, and such Transferee sends a Demand Notice to the
Trustee, such Trustee will give notice to the other Holders of such Demand Registration. Such notice shall describe such securities and specify the form, manner and other relevant aspects of such
proposed registration. Each Holder may, by written response delivered to the Trustee within twenty (20) days after the receipt by such Holder of any such notice, request that all or a specified
part of the Registrable Securities held by such Holder be included in such Demand Registration (a "Piggyback Registration"). Such response shall also
specify the intended method of disposition of such Registrable Securities. The Trustee thereupon will use commercially reasonable efforts to effect the registration under the Securities Act of all
Registrable Securities which the Trustee has been so requested to register by the Holders to the extent required to permit the disposition (in accordance with the intended methods thereof as
aforesaid) of the Registrable Securities to be so registered. No registration of Registrable Securities of the Holders effected by Piggyback Registration under this Section 2(b) shall relieve
the Trustee of any of its obligations to effect registrations of Registrable Securities of the Holders pursuant to, or reduce the total number of Demand Registrations to which the Holders continue to
remain entitled under, Section 2(a) hereof. 

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        (c)   If
any of the Registrable Securities registered pursuant to a Demand Registration are to be sold in a firm commitment underwritten offering, and the managing underwriter
or underwriters advise the Holders of such securities in writing that in its view the total number or dollar amount of Registrable Securities proposed to be sold in such offering is such as to
adversely affect the success of such offering (including, without limitation, securities proposed to be included by other Holders of Registrable Securities entitled to include securities in such
Registration Statement pursuant to incidental or piggyback registration rights), then there shall be included in such firm commitment underwritten offering the number or dollar amount of Registrable
Securities that in the opinion of such managing underwriter can be sold without adversely affecting such offering, and such number of Registrable Securities shall be allocated as follows: 

        (i)    first,
the securities for which inclusion in such Demand Registration for which the Demand Notice was submitted; and 

        (ii)   second,
the securities for which inclusion in any Piggyback Registration for which a notice was submitted in accordance with this Agreement pro rata among the
Registrable Securities requested to be included in such Piggyback Registration. 

        (d)   The
Trustee shall use commercially reasonable efforts to maintain the effectiveness of the Registration Statement with respect to any Demand Registration for a period of
at least ninety (90) days (or three years if a Shelf Registration Statement is requested) after the effective date thereof or such shorter period in which all Registrable Securities included in
such Registration Statement have actually been sold or all Registrable Securities have ceased to be Registrable Securities; provided, however, that such
period shall be extended for a period of time equal to the period the holder of Registrable Securities refrains from selling any securities included in such registration at the request of the Trust
pursuant to this Agreement, except that with respect to a Shelf Registration Statement on Form S-3 that becomes effective automatically pursuant to Rule 462(e) under the
Securities Act, such period may not be extended beyond three years after the effective date thereof or such shorter or longer period as may be subsequently permitted by the SEC. 

        (e)   Notwithstanding
the foregoing, if the Trustee shall furnish to the Holders requesting a registration pursuant to this Section 2 within 30 days of receiving
such request a certificate signed by the Trustee stating that in the good faith judgment of the Trustee it would be detrimental to the Trust and its unitholders for such Registration Statement to be
filed and it is therefore beneficial to defer the filing of such Registration Statement, the Trustee shall have the right to defer such filing for up to 2 periods of not more than 30 days each
after receipt of each request of the Holders; provided, however, that the Trustee may not use this right more than once (for a total of up to
60 days) in any 12-month period. 

        SECTION
3. Registration Procedures. In connection with the registration obligations of the Trust under Section 2 hereof, during the
Effective Period, the Trustee shall: 

        (a)   Prepare
and file with the SEC a Registration Statement or Registration Statements, including if so requested by the Holders a Shelf Registration Statement, on any
appropriate form under the Securities Act available for the sale of the Registrable Securities by the Holders thereof in accordance with the intended method or methods of distribution thereof, and use
commercially reasonable efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided that
before filing any Registration Statement or Prospectus or any amendments or supplements thereto with the SEC (but excluding reports filed with the SEC under the Exchange Act), furnish to the Holders,
the Special Counsel and the managing underwriter or underwriters, if any, copies of all such documents proposed to be filed at least three (3) Business Days prior to the filing of such
Registration Statement or amendment thereto or Prospectus or supplement thereto. 

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        (b)   Subject
to Section 3(j), prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be
necessary to keep such Registration Statement continuously effective during the period provided herein with respect to the disposition of all securities covered by such Registration Statement; cause
the related Prospectus to be supplemented by any required prospectus supplement or free writing prospectus, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions
then in force) under the Securities Act; and use commercially reasonable efforts to comply with the provisions of the Securities Act applicable to the Trust with respect to the disposition of all
securities covered by such Registration Statement during the period provided herein with respect to the disposition of all securities covered by such Registration Statement in accordance with the
intended methods of disposition by the sellers thereof set forth in such Registration Statement as so amended or such Prospectus as so supplemented. 

        (c)   Subject
to Section 3(j), from and after the date a Registration Statement is declared effective, the Trustee shall, as promptly as practicable after the date the
Required Information is delivered pursuant to Section 4 hereof and in accordance with this Section 3(c): 

        (i)    if
required by applicable law, file with the SEC a post-effective amendment to the Registration Statement or prepare and, if required by applicable law,
file a supplement to the related Prospectus or a supplement or amendment to any document incorporated therein by reference or file any other required document so that the Holder delivering such
Required Information is named as a selling securityholder in the Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to purchasers of
the Registrable Securities in accordance with applicable law and, if the Trustee shall file a post-effective amendment to the Registration Statement, use commercially reasonable
efforts to cause such post-effective amendment to be declared effective under the Securities Act as promptly as is practicable; and 

        (ii)   provide
such Holder copies of any documents filed pursuant to Section 3(c)(i); 

provided, that, if the Required Information is delivered during a Deferral Period, the Trustee shall so inform the Holder delivering such Required
Information. The Trustee shall notify such Holder as promptly as practicable after the effectiveness under the Securities Act of any post-effective amendment filed pursuant to
Section 3(c)(i). Notwithstanding anything contained herein to the contrary, the Trustee shall be under no obligation to name any Holder that has failed to deliver the Required Information in
the manner set forth in Section 4 hereof as a selling securityholder in any Registration Statement or related Prospectus. 

        (d)   As
promptly as practicable give notice to the Holders, the Special Counsel and the managing underwriter or underwriters, if any, (i) when any Prospectus,
Registration Statement or post-effective amendment to a Registration Statement has been filed with the SEC and, with respect to a Registration Statement or any post-effective
amendment thereto, when the same has been declared effective, (ii) of any request, following the effectiveness of any Registration Statement under the Securities Act, by the SEC or any other
federal or state governmental authority for amendments or supplements to any Registration Statement or related Prospectus, (iii) of the issuance by the SEC or any other federal or state
governmental authority of any stop order suspending the effectiveness of any Registration Statement or the initiation or threatening of any proceedings for that purpose, (iv) of the receipt by
the Trustee of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation
or threatening of any proceeding for such purpose, (v) of the occurrence of, but not the nature of or details concerning, a Material Event and (vi) of the determination by the Trustee
that a post-effective amendment to a Registration Statement will be filed with the SEC, which notice may, at the discretion of the Trustee (or as required pursuant to Section 3(j)),
state that it constitutes a Deferral Notice, in which event the provisions of Section 3(j) shall apply. 

5

 

        (e)   Use
commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or the lifting of any suspension of
the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction in which they have been qualified for sale, in either case as promptly as
practicable, and provide prompt notice to each Holder of the withdrawal of any such order. 

        (f)    If
requested by the managing underwriters, if any, or the Holders of the Registrable Securities being sold in connection with an underwritten offering, promptly include
in a prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and such Holders may reasonably request in order to permit the intended method
of distribution of such securities and make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Trustee has received such
request; provided, however, that the Trustee shall not be required to take any actions under this Section 3(f) that are not, in the opinion of
counsel for the Trustee, in compliance with applicable law. 

        (g)   As
promptly as practicable furnish to each Holder, the Special Counsel and each managing underwriter, if any, upon request, at least one (1) conformed copy of the
Registration Statement and any amendment thereto, including exhibits and, if requested, all documents incorporated or deemed to be incorporated therein by reference. 

        (h)   Deliver
to each Holder, the Special Counsel and each managing underwriter, if any, in connection with any sale of Registrable Securities pursuant to a Registration
Statement as many copies of the Prospectus relating to such Registrable Securities (including each preliminary Prospectus) and any amendment or supplement thereto as such persons may reasonably
request; and the Trustee hereby consents (except during such periods that a Deferral Notice is outstanding and has not been revoked and subject to Section 3(j)(ii) hereof) to the use of
such Prospectus or each amendment or supplement thereto by each Holder and the underwriters, if any, in connection with any offering and sale of the Registrable Securities covered by such Prospectus
or any amendment or supplement thereto in the manner set forth therein. 

        (i)    Prior
to any public offering of the Registrable Securities pursuant to a Registration Statement, use commercially reasonable efforts to register or qualify or cooperate
with the Holders, the Special Counsel and the underwriters, if any, in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder or underwriter reasonably requests in writing (which request may be
included with the Required Information); prior to any public offering of the Registrable Securities pursuant to the Registration Statement, use commercially reasonable efforts to keep each such
registration or qualification (or exemption therefrom) effective during the period provided herein with respect to the disposition of all securities covered by such Registration Statement in
connection with such Holder's offer and sale of Registrable Securities pursuant to such registration or qualification (or exemption therefrom) and do any and all other acts or things reasonably
necessary or advisable to enable the disposition in such jurisdictions of such Registrable Securities in the manner set forth in the relevant Registration Statement and the related Prospectus;  provided
that neither the Trust nor the Trustee will be required to (i) qualify as a foreign entity or as a dealer in securities in any
jurisdiction where it would not otherwise be required to qualify but for this Agreement or (ii) take any action that would subject it to general service of process or to taxation in any such
jurisdiction where it is not then so subject. 

        (j)    Upon
(A) the issuance by the SEC of a stop order suspending the effectiveness of any Registration Statement or the initiation of proceedings with respect to any
Registration Statement under Section 8(d) or 8(e) of the Securities Act, (B) the occurrence of any event or the existence of any fact as a result of which (x) any Registration
Statement shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the 

6

 

statements
therein not misleading, or (y) any Prospectus shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading (a "Material Event"), or
(C) the occurrence or existence of any pending corporate development of the Trust that, in the reasonable discretion of the Trustee, makes it appropriate to suspend the availability of any
Registration Statement and the related Prospectus, the Trustee shall: 

        (i)    in
the case of clause (B) above, subject to clause (ii) below, as promptly as practicable prepare and file, if necessary pursuant to applicable law, a
post-effective amendment to such Registration Statement or a supplement to the related Prospectus or any document incorporated
therein by reference or file any other required document that would be incorporated by reference into such Registration Statement and Prospectus so that such Registration Statement does not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and such Prospectus does not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, and, in the case of a post-effective amendment to
a Registration Statement, subject to clause (ii) below, use commercially reasonable efforts to cause it to be declared effective as promptly as practicable; and 

        (ii)   give
notice to the Holders and the Special Counsel, if any, that the availability of any Registration Statement is suspended (a "Deferral
Notice") and, upon receipt of any Deferral Notice, each Holder agrees not to sell any Registrable Securities pursuant to the Registration Statement until such Holder's receipt
of copies of the supplemented or amended Prospectus provided for in clause (i) above, or until it is advised in writing by the Trustee that the Prospectus may be used, and has received copies
of any additional or supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus, in which case such Holder will use the Prospectus as so supplemented or amended
in connection with any offering and sale of Registrable Securities covered thereby. 

The
Trustee shall use commercially reasonable efforts to ensure that the use of the Prospectus may be resumed (x) in the case of clause (A) above, as promptly as is practicable,
(y) in the case of clause (B) above, as soon as, in the sole judgment of the Trustee, public disclosure of such Material Event would not be prejudicial to or contrary to the interests of
the Trust or, if necessary to avoid unreasonable burden or expense, as soon as practicable thereafter, and (z) in the case of clause (C) above, as soon as, in the reasonable discretion
of the Trustee, such suspension is no longer appropriate. The Trustee shall be entitled to exercise its right under this Section 3(j) to suspend the availability of any Registration Statement
or any Prospectus (the "Deferral Period") for use by any Holder. 

        (k)   If
reasonably requested by a Holder or any underwriter participating in any disposition of Registrable Securities, if any, in writing in connection with a disposition by
such Holder of Registrable Securities pursuant to a Registration Statement, make reasonably available for inspection during normal business hours by a representative for such Holder(s) of such
Registrable Securities, any broker-dealers, underwriters, attorneys and accountants retained by such Holder(s), and any attorneys or other agents retained by a broker-dealer or underwriter engaged by
such Holder(s), all relevant financial and other records and pertinent corporate documents and properties of the Trust, and cause the appropriate officers, directors and employees of the Trustee to
make reasonably available for inspection during normal business hours on reasonable notice all relevant information reasonably requested by such representative for the Holder(s), or any such
broker-dealers, underwriters, attorneys or accountants in connection with such disposition, in each case as is customary for similar "due diligence" examinations;  provided that (i) the Trustee
shall not be obligated to make available for inspection any information that, based on the reasonable advice of
counsel to the Trustee, could subject the Trustee to the loss of 

7

 

privilege
with respect thereto and (ii) such persons shall first agree in writing with the Trustee that any information that is reasonably designated by the Trustee as confidential at the time
of delivery of such information shall be kept confidential by such persons and shall be used solely for the purposes of exercising rights under this Agreement, unless (a) disclosure of such
information is required by court or administrative order or is necessary to respond to inquiries of regulatory authorities, (b) disclosure of such information is required by law (including any
disclosure requirements pursuant to federal securities laws in connection with the filing of any Registration Statement or the use of any Prospectus referred to in this Agreement) or (c) such
information becomes generally available to the public other than as a result of a disclosure or failure to safeguard by any such person; and provided
further that the foregoing inspection and information gathering shall, to the greatest extent possible, be coordinated on behalf of all the Holders and the other parties
entitled thereto by Special Counsel, if any, or another representative selected by the Holders of a majority of Registrable Securities being registered pursuant to such Registration Statement. Any
person legally compelled or required by administrative or court order or by a regulatory authority to disclose any such confidential information made available for inspection shall provide the Trustee
with prompt prior written notice of such requirement so that the Trustee may seek a protective order or other appropriate remedy. 

        (l)    Use
its best efforts to comply with all applicable rules and regulations of the SEC and make generally available to the Trust's securityholders earnings statements
(which need not be audited) satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) for a
12-month period commencing on the first day of the first fiscal quarter of the Trust commencing after the effective date of a Registration Statement, which statements shall be made
available no later than the next succeeding Business Day after such statements are required to be filed with the SEC. 

        (m)  Cooperate
with each Holder and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities
sold or to be sold pursuant to a Registration Statement, which certificates shall not bear any restrictive legends stating that the Registrable Securities evidenced by the certificates are "restricted
securities" (as defined by Rule 144), and cause such Registrable Securities to be registered in such names as such Holder or the managing underwriters, if any, may request in writing at least
two (2) Business Days prior to any sale of such Registrable Securities. 

        (n)   Provide
a CUSIP number for all Registrable Securities covered by each Registration Statement not later than the effective date of such Registration Statement. 

        (o)   Cooperate
with and assist each Holder, the Special Counsel and any underwriters participating in any disposition of Registrable Securities in any filings required to be
made with the National Association of Securities Dealers, Inc. in connection with the filing or effectiveness of any Registration Statement, any post-effective amendment thereto or
any offer or sale of Trust Units thereunder. 

        (p)   In
the case of a proposed sale pursuant to a Registration Statement involving an underwritten offering, the Trustee shall enter into such customary agreements on behalf
of he Trust (including, if requested, an underwriting agreement in reasonably customary form) and take all such other action, if any, as Holders of a majority of the Registrable Securities being sold
or any managing underwriters reasonably shall request in order to facilitate any disposition of the Registrable Securities pursuant to such Registration Statement, including, without limitation,
(i) using commercially reasonable efforts to cause its counsel to deliver an opinion or opinions in reasonably customary form, (ii) using its reasonable best efforts to cause its
officers to execute and deliver all customary documents and certificates on behalf of the Trust and (iii) using its reasonable best efforts to cause the Trust's independent public accountants
to provide a comfort letter or letters in reasonably customary form. 

        (q)   Use
its reasonable best efforts to support the marketing of the Registrable Securities covered by the Registration Statement taking into account the Trust's business
needs. 

8

 

        (r)   Upon
(i) the filing of any Registration Statement and (ii) the effectiveness of any Registration Statement, announce the same, in each case by press
release to Reuters Economic Services and Bloomberg Business News. 

        (s)   Use
commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange or quotation system on which similar securities
issued by the Trust are listed or traded. 

        SECTION
4. Holder's Obligations. 

        (a)   Each
Holder agrees that if such Holder wishes to sell Registrable Securities pursuant to a Registration Statement and related Prospectus, it will do so only in
accordance with this Section 4 and Section 3(j) hereof. The Trustee may require each seller of Registrable Securities as to which any registration is being effected to furnish to the
Trustee in writing such information required in connection with such registration regarding such seller and the distribution of such Registrable Securities as the Trustee may, from time to time,
reasonably request in writing (the "Required Information") and the Trustee may exclude from such registration the Registrable Securities of any seller
who unreasonably fails to furnish such information within a reasonable time after receiving such request. In addition, following the date that a Registration Statement is declared effective, each
Holder wishing to sell Registrable Securities pursuant to a Registration Statement and related Prospectus agrees to deliver, at least seven (7) Business Days prior to any intended distribution
of Registrable Securities under the Registration Statement, to the Trustee any additional Required Information as the Trustee may reasonably request so that the Trustee may complete or amend the
information required by any Registration Statement. 

        (b)   Each
Holder agrees, by acquisition of the Registrable Securities, that no Holder shall be entitled to sell any of such Registrable Securities pursuant to a Registration
Statement or to receive a Prospectus relating thereto unless such Holder has furnished the Trustee with the Required Information as required pursuant to this Section 4 and the information set
forth in the next sentence. Each Holder agrees promptly to furnish to the Trustee all information required to be disclosed in order to make the information previously furnished to the Trustee by such
Holder not misleading and any other information regarding such Holder and the distribution of such Registrable Securities as the Trustee may from time to time reasonably request. Any sale of any
Registrable Securities by any Holder shall constitute a representation and warranty by such Holder that the information relating to such Holder and its plan of distribution is as set forth in the
Prospectus delivered by such Holder in connection with such disposition, that such Prospectus does not as of the time of such sale contain any untrue statement of a material fact relating to or
provided by such Holder or its plan of distribution and that such Prospectus does not as of the time of such sale omit to state any material fact relating to or provided by such Holder or its plan of
distribution necessary in order to make the statements in such Prospectus, in the light of the circumstances under which they were made, not misleading. 

        SECTION
5. Registration Expenses. The Company shall bear all out-of-pocket fees and expenses incurred in
connection with the performance by the Trustee of its obligations under Sections 2 and 3 of this Agreement whether or not any Registration Statement is declared effective. Such fees and expenses shall
include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (x) with respect to filings required to be made with the National
Association of Securities Dealers, Inc. and (y) of compliance with federal and state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of the
Special Counsel, if any, in connection with Blue Sky qualifications of the Registrable Securities under the laws of such jurisdictions as Holders of a majority of the Registrable Securities being sold
pursuant to a Registration Statement may designate)), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities in a form eligible for
deposit with The Depository Trust Company), (iii) duplication expenses relating to copies of any Registration Statement or Prospectus delivered to any Holders hereunder, 

9

 

(iv) fees
and disbursements of counsel for the Trustee and the Special Counsel, if any, in connection with any Registration Statement, (v) fees of accountants for consents and cold
comfort and (vi) the fees and expenses incurred in connection with the listing by the Trustee of the Registrable Securities on any securities exchange on which similar securities of the Trust
are then listed. However, the Trust shall pay the internal expenses of the Trustee (including, without limitation, all salaries and expenses of officers and employees performing legal or accounting
duties), the expense of any annual audit and the other fees and expenses of the accountants for the Trust not covered by clause (v) of the preceding sentence, other than any expense that would
not have otherwise been incurred but for the fact of the filing of the Registration Statement or the timing thereof, the fees and expenses of any person, including special experts, retained by the
Trustee and the fees and expenses of any transfer agent for the Registrable Securities. Notwithstanding the provisions of this Section 5, each seller of Registrable Securities shall pay its own
selling expenses, including any underwriting discount and commissions, all registration expenses to the extent required by applicable law and, except as otherwise provided herein, fees and expenses of
counsel. 

        SECTION
6. Indemnification and Contribution. 

        (a)   Indemnification by the Trust. The Trust shall indemnify and hold harmless the Company, each Holder and each person, if
any, who controls the Company or any Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims,
damages and liabilities (including, without limitation, any reasonable legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim)
("Expenses") to which the Company, any Holder or any controlling person of the Company or any Holder may become subject, under or with respect to the
Securities Act, the Exchange Act, any other federal or state securities law or otherwise, insofar as such Expenses are caused by any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement at the date and time as of which such Registration Statement was declared effective by the SEC, any preliminary Prospectus or the Prospectus, or caused by any
omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein (in the case of a preliminary Prospectus or Prospectus,
in light of the circumstances under which they were made), not misleading, but in each case only with respect to written information relating to the Trust furnished by or on behalf of the Trustee
specifically for inclusion in the documents referred to in the foregoing indemnity. Subject to Section 6(e) of this Agreement, the Trust shall reimburse the Company, the Holders and any
controlling persons thereof for any legal or other expenses reasonably incurred by the Company, the Holders or any controlling persons thereof in connection with the investigation or defense of any
Expenses with respect to which the Company and the Holders or any controlling persons thereof is entitled to indemnity by the Trust under this Agreement. In connection with any underwritten offering
pursuant to Section 8, the Trust will also agree to indemnify the underwriters, if any, their officers and directors and each person who controls such underwriters (within the meaning of the
Securities Act and the Exchange Act) on terms and conditions similar to those set forth herein with respect to the indemnification of the Company and the Holders, if requested in connection with any
Registration Statement, such indemnification to be set forth in any underwriting agreement to be entered into by the Trustee with such underwriter(s). 

        (b)   Indemnification by the Company. The Company shall indemnify and hold harmless each Holder (other than the Company), the
Trust and the Trustee and any agents thereof, individually and as trustee, as the case may be, and each person, if any, who controls such Holder, the Trust or the Trustee within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any Expenses (excluding, however, any taxes, fees and other charges payable by the Trustee on, based
on or measured by any fees, commissions or compensation received by the Trustee for its services under this Agreement) to which such Holder, the Trust, the Trustee or any agent thereof or any
controlling person of such Holder, the Trust or the Trustee may become subject, under or with 

10

 

respect
to the Securities Act, the Exchange Act, any other federal or state securities law or otherwise, insofar as such Expenses are caused by (i) an untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement or an omission or alleged omission to state a material fact required to be stated in or necessary to make the statements therein
not misleading at the date and time as of which such Registration Statement was declared effective by the SEC, (ii) an untrue statement or alleged untrue statement of a material fact contained
in any preliminary Prospectus or any Prospectus or an omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading as of the date of such preliminary Prospectus or Prospectus and as of the closing of the sale of Trust Units sold thereunder or (iii) any untrue statement
or alleged untrue statement of a material fact contained in any other filing, report or other action taken with respect to the Securities Act, the Exchange Act or any other Federal or state securities
law, the listing of the Trust Units on the New York Stock Exchange or another national securities exchange or the quotation of the Trust Units on NASDAQ or any omission or alleged omission to state a
material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Company shall not be
liable to and shall not indemnify the Holders (other than the Company), the Trustee or any agents or controlling persons thereof, individually or as trustee, as the case may be, in any such case under
the preceding clauses (i) and (ii) of this Section 6(b) to the extent that any such Expense arises out of, is based upon or is connected with information relating to
(a) the Trustee in its individual capacity or (b) such Holder, in either case prepared or furnished by the Trustee or such Holder, as the case may be, expressly for use in any
Registration Statement, any preliminary Prospectus or any Prospectus; and provided, further, that the Company shall not be liable to the Holders (other
than the Company), the Trustee or any agents or controlling persons thereof, individually or as trustee, as the case may be, in any such case under the preceding clause (iii) of this
Section 6(b) to the extent that any such Expense arises out of, is based upon or is connected with information relating to (a) the Trustee in its individual capacity prepared or
furnished by the Trustee and the Trustee is found liable or (b) such Holder prepared or furnished by such Holder and such Holder is found liable. Subject to Section 6(e) of this
Agreement, the Company shall reimburse the Holders (other than the Company), the Trust and the Trustee and any agents or controlling persons thereof for any legal or other expenses reasonably incurred
by the Holders (other than the Company), the Trust and the Trustee or any agent or controlling persons thereof in connection with the investigation or defense of any Expenses with respect to which the
Holders (other than the Company), the Trust and the Trustee or any agent or controlling persons thereof is entitled to indemnity by the Company under this Agreement. 

        (c)   Indemnification by Certain of the Holders. Each Holder (other than the Company), severally and not jointly, shall
indemnify and hold harmless the Company, the Trust, the Trustee and any agents thereof, individually and as trustee, and any other Holder and each person, if any, who controls the Company, the Trust,
the Trustee and any agents thereof, individually and as trustee, or any other Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from
and against any and all Expenses to which the Company, the Trust, the Trustee and any agents thereof, individually and as trustee, any other Holder or any controlling person of the Company, the Trust,
the Trustee and any agents thereof, individually and as trustee, or any other Holder may become subject, under or with respect to the Securities Act, the Exchange Act, any other federal or state
securities law or otherwise, insofar as such Expenses are caused by any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement at the date and time as
of which such Registration Statement was declared effective by the SEC, any preliminary Prospectus or the Prospectus, or caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary in order to make the statements therein (in the case of a preliminary Prospectus or Prospectus, in light of the circumstances under which they were made),
not misleading, but in each case only with respect to written information relating to such Holder (other than the Company) furnished by or on behalf of such Holder specifically for inclusion in the
documents 

11

 

referred
to in the foregoing indemnity. Subject to Section 6(e) of this Agreement, such Holder shall reimburse the Company, the Trust, the Trustee and any agents thereof, individually and as
trustee, the other Holders and any agents or controlling persons thereof for any legal or other expenses reasonably incurred by the Company, the Trust, the Trustee and any agents thereof, individually
and as trustee, the other Holders or any agent or controlling persons thereof in connection with the investigation or defense of any Expenses with respect to which the Company, the Trust, the Trustee
and any agents thereof, individually and as trustee, and the other Holders or any agent or controlling persons thereof is entitled to indemnity by such Holder under this Agreement. 

        (d)   Conduct of Indemnification Proceedings. In case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought pursuant to Section 6(a), 6(b) or 6(c) hereof, such person (the "Indemnified
Party") shall promptly notify the person against whom such indemnity may be sought (the "Indemnifying Party") in writing and the
Indemnifying Party, upon request of the Indemnified Party, shall retain counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party and any others the Indemnifying
Party may designate in such proceeding and shall pay the reasonable fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Indemnified Party shall have the
right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall
have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the Indemnifying Party and the Indemnified
Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them, other than solely by virtue of the rights and
obligations of the Indemnifying Party and the Indemnified Party under this Section 6. It is understood that the Indemnifying Party shall not, in respect of the legal expenses of any Indemnified
Party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all
such indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by, in the case of parties indemnified pursuant to
Section 6(a), the Holders of a majority of the Registrable Securities covered by the Registration Statement held by Holders that are indemnified parties pursuant to Section 6(a) and, in
the case of parties indemnified pursuant to Section 6(b) or Section 6(c), the Trustee. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without
its written consent, but if settled with such consent or if there be a final, non-appealable judgment for the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party
from and against any Expenses by reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or
threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes
an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding. 

        (e)   Contribution. To the extent that the indemnification provided for in Section 6(a), 6(b) or 6(c) is unavailable to
an Indemnified Party or insufficient in respect of any Expenses referred to therein, then each Indemnifying Party under such paragraph, in lieu of indemnifying such Indemnified Party thereunder, shall
contribute to the amount paid or payable by such Indemnified Party as a result of such Expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the
Indemnifying Party or Indemnifying Parties on the one hand and the Indemnified Party or Indemnified Parties on the other hand or (ii) if the allocation provided by clause (i) above is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Indemnifying
Party or Indemnifying Parties on the one hand and of the Indemnified Party or Indemnified Parties on the other hand in connection with the statements or omissions that resulted in such Expenses, as
well as any other relevant equitable 

12

 

considerations.
The relative fault of the Company and the other Holders on the one hand and the Trust on the other hand 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 required to be stated or necessary in order to make the statements (in the case of a
preliminary Prospectus or Prospectus, in light of the circumstances under which they were made) not misleading, relates to information supplied by the Company, the other Holders or by the Trust, and
the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Holders' respective obligations to contribute pursuant to this
Section 6 are several in proportion to the respective number of Registrable Securities they have sold pursuant to a Registration Statement, and not joint. 

        The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 6(e) were determined by pro rata allocation or by any other method of
allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the
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. 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. 

        (f)    The
remedies provided for in this Section 6 are not exclusive and shall not limit any rights or remedies which may otherwise be available to an Indemnified Party
at law or in equity, hereunder or otherwise. 

        (g)   The
indemnity and contribution provisions contained in this Section 6 shall remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of any Holder, any person controlling the Company or any other Holder or any Affiliate of the Company or any other Holder or by or
on behalf of the Trustee, its officers or directors or any person controlling the Trustee and (iii) the sale of any Registrable Securities by any Holder. 

        SECTION
7. Information Requirements. The Trustee covenants that, if at any time before the end of the Effective Period the Trust is not
subject to the reporting requirements of the Exchange Act, it will cooperate with any Holder and take such further reasonable action as any Holder may reasonably request in writing (including, without
limitation, making such reasonable representations as any such Holder may reasonably request), all to the extent required from time to time to enable such Holder to sell Registrable Securities without
registration under the Securities Act within the limitation of the exemptions provided by Rule 144 or Rule 144A under the Securities Act and customarily taken in connection with sales
pursuant to such exemptions. Upon the written request of any Holder, the Trustee shall deliver to such Holder a written statement as to whether the Trust has complied with such filing requirements.
Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Trustee to register any of the Trust's securities under any section of the Exchange Act. 

        SECTION
8. Underwritten Registrations. The Holders of Registrable Securities covered by any Registration Statement who desire to do so may
sell such Registrable Securities to an underwriter in an underwritten offering for reoffering to the public. If any of the Registrable Securities covered by any Registration Statement are to be sold
in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering will be selected by the Holders of a majority of such Registrable
Securities included in such offering, subject to the consent of the Trustee (which shall not be unreasonably withheld or delayed), and such Holders shall be responsible for all underwriting
commissions and discounts and any transfer taxes in connection therewith. No person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such
person's Registrable Securities on the basis reasonably provided in any underwriting arrangements 

13

 

approved
by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other
documents reasonably required under the terms of such underwriting arrangements. 

        SECTION
9. Miscellaneous. 

        (a)   Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, without the written consent of the Trustee, the Company and the Holders of a majority of
Registrable Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose
securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by Holders of at least a majority of the
Registrable Securities being sold by such Holders pursuant to such Registration Statement; provided that the provisions of this sentence may not be
amended, modified or supplemented except in accordance with the provisions of the immediately preceding sentence. Notwithstanding the foregoing, this Agreement may be amended by written agreement
signed by the Trustee, without the consent of the Holders of Registrable Securities, to cure any ambiguity or to correct or supplement any provision contained herein that may be defective or
inconsistent with any other provision contained herein, or to make such other provisions in regard to matters or questions arising under this Agreement that shall not adversely affect the interests of
the Holders of Registrable Securities. Each Holder of Registrable Securities outstanding at the time of any such amendment, modification, supplement, waiver or consent or thereafter shall be bound by
any such amendment, modification, supplement, waiver or consent effected pursuant to this Section 9(a), whether or not any notice, writing or marking indicating such amendment, modification,
supplement, waiver or consent appears on the Registrable Securities or is delivered to such Holder. 

        (b)   Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand
delivery, by facsimile, by courier guaranteeing overnight delivery or by first-class mail, return receipt requested, and shall be deemed given (i) when made, if made by hand delivery,
(ii) upon confirmation, if made by facsimile, (iii) one (1) Business Day after being deposited with such courier, if made by overnight courier or (iv) on the date indicated
on the notice of receipt, if made by first-class mail, to the parties as follows: 

        (i)    if
to a Holder, at the most current address given by such Holder to the Trustee; 

        (ii)   if
to the Trust or the Trustee, to: 

MV
Oil Trust

c/o The Bank of New York Trust Company, N.A.

Global Corporate Trust

221 West Sixth Street, 1st Floor

Austin, Texas 78701

Attention: Mike J. Ulrich 

Fax: (512) 479-2553

with
a copy to: 

Andrews
Kurth LLP 

600 Travis, Suite 

4200 Houston, Texas 77002 

Attention: David C. Buck 

Fax: (713) 238-7126

14

 

        (iii)
if to the Company, to: 

MV
Partners, LLC 

250 N. Water, Suite 300 

Wichita, Kansas 67202 

Attention: David L. Murfin 

Fax: (316) 267-6004

with
a copy to: 

Vinson &
Elkins L.L.P. 

1001 Fannin, Suite 2500 

Houston, Texas 77002 

Attention: Thomas P. Mason 

Fax: (713) 615-5320

or
to such other address as such person may have furnished to the other persons identified in this Section 9(b) in writing in accordance herewith. 

        (c)   Approval of Holders. Whenever the consent or approval of Holders of a specified percentage of Registrable Securities is
required hereunder, Registrable Securities held by the Trust or its Affiliates (as such term is defined in Rule 405 under the Securities Act) (other than the Company or subsequent Holders if
such Holders are deemed to be such Affiliates solely by reason of their holdings of such Registrable Securities) shall not be counted in determining whether such consent or approval was given by the
Holders of such required percentage. 

        (d)   Successors and Transferees. Any person or group of persons who purchases any Registrable Securities from the Company or
otherwise holds any Registrable Securities as a result of any sale, liquidation, dividend or distribution by the Company or any of its Affiliates shall be deemed, for purposes of this Agreement, to be
a transferee of the Company, but if and only if such person or group (i) agrees to be designated as a transferee, (ii) is specifically designated as a transferee in writing by the
Company to the Trustee and (iii) in the case of a group such group shall collectively constitute a Transferee for purposes of this Agreement (including without limitation, for purposes of
exercising any Demand Registration right transferred by the Company to such group) (a "Transferee"). This Agreement shall inure to the benefit of and be
binding upon such Transferees and shall inure to the benefit of and be binding upon each such Transferees, provided that nothing herein shall be deemed
to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms thereof. If the Company designates any person as a Transferee in accordance with this
Section 9(d), then the Registrable Securities acquired by such Transferee shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities,
such person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such person shall be entitled to receive the benefits
hereof. 

        (e)   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. 

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

        (g)   Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. 

        (h)   Severability. If any term, provision, covenant or restriction of this Agreement is held to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or 

15

 

invalidated
thereby, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by
such term, provision, covenant or restriction, it being intended that all of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 

        (i)    Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and is 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 the registration rights granted by the Trust with
respect to the Registrable Securities. 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 Trust with respect to the Registrable Securities. This Agreement supersedes all prior agreements and undertakings among the parties with respect to such registration rights. No party
hereto shall have any rights, duties or obligations other than those specifically set forth in this Agreement. 

        (j)    Termination. This Agreement and the obligations of the parties hereunder shall terminate upon the end of the Effective
Period, except for any liabilities or obligations under Section 4, 5 or 6 hereof, each of which shall remain in effect in accordance with its terms. 

        (k)   Specific Enforcement; Venue. The parties hereto acknowledge and agree that each would be irreparably damaged if any of
the provisions of this Agreement are not performed by the other in accordance with their specific terms or are otherwise breached. It is accordingly agreed that each party shall be entitled to seek an
injunction or injunctions to prevent breaches of this Agreement by the other and to enforce this Agreement and the terms and provisions hereof specifically against the other, in addition to any other
remedy to which such aggrieved party may be entitled at law or in equity. Any action or proceeding seeking to enforce any provision of, or based on any rights arising out of, this Agreement may be
brought against any of the parties in the FEDERAL AND KANSAS STATE COURTS SITTING IN WICHITA, SEDGWICK COUNTY, KANSAS and the FEDERAL AND TEXAS STATE COURTS SITTING IN AUSTIN, TRAVIS COUNTY, TEXAS and
each of the parties consents to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. Process in
any action or proceeding referred to in the preceding sentence may be served on any party anywhere in the world. 

16

 

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

	 	 	MV PARTNERS, LLC
	

 	
 	

By:	

MV Energy, LLC,

its Manager
	

 	
 	

By:	

Murfin, Inc.,

Member
	

 	
 	

By:	

  

	 	 	Name:	David L. Murfin
	 	 	Title:	President
	

 	
 	

THE BANK OF NEW YORK TRUST

COMPANY, N.A., as trustee of MV Oil Trust
	

 	
 	

By:	

	 	 	Name:	Mike J. Ulrich
	 	 	Title:	Vice President

17

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