Common use of Repurchase of General Partner Membership Interest Clause in Contracts

Repurchase of General Partner Membership Interest. Executive is hereby granted the option to elect at any time, by written notice to the Company, to cause the Company to purchase all, but not less than all of Executive’s Class B membership interest in MarkWest Energy GP, L.L.C. at the price established pursuant to the formula set forth in the GP LLC Agreement as of the delivery date of Executive’s election notice (“Election Date”). If the Executive makes such election, the Company shall purchase the Executive’s Class B membership interest within thirty (30) days following the Election Date, such purchase price to be paid, at Company’s election, either (i) in full in cash by wire transfer of immediately available funds; or (ii) by a combination of cash and of common units of the Partnership, with a value for the common units as of the Election Date based on the closing price of the Partnership’s common units for the twenty trading days preceding the Election Date, with the combination of cash and Partnership common units being equal to the price established pursuant to the formula set forth in the GP LLC Agreement, provided that the value of the Partnership common units cannot comprise more than 50% of the purchase price established pursuant to the formula set forth in the GP LLC Agreement.

Repurchase of General Partner Membership Interest. Executive is hereby granted the option to elect at any time, by written notice to the Company, to cause the Company to purchase all, but not less than all of Executive’s 's Class B membership interest in MarkWest Energy GP, L.L.C. at the price established pursuant to the formula set forth in the GP LLC Agreement as of the delivery date of Executive’s 's election notice (“"Election Date”"). If the Executive makes such election, the Company shall purchase the Executive’s 's Class B membership interest within thirty (30) days following the Election Date, such purchase price to be paid, at Company’s 's election, either (i) in full in cash by wire transfer of immediately available funds; or (ii) by a combination of cash and of common units of the Partnership, with a value for the common units as of the Election Date based on the closing price of the Partnership’s 's common units for the twenty trading days preceding the Election Date, with the combination of cash and Partnership common units being equal to the price established pursuant to the formula set forth in the GP LLC Agreement, provided that the value of the Partnership common units cannot comprise more than 50% of the purchase price established pursuant to the formula set forth in the GP LLC Agreement.

Repurchase of General Partner Membership Interest. Executive is hereby granted the option to elect at any time, by written notice to the Company, to cause the Company to purchase all, but not less than all of Executive’s 's Class B membership interest in MarkWest Energy GP, L.L.C. at the price established pursuant to the formula set forth in the GP LLC Agreement as of the delivery date of Executive’s 's election notice (“"Election Date”"). If the Executive makes such election, the Company shall purchase the Executive’s 's Class B membership interest within thirty (30) days following the Election Date, such purchase price to be paid, at Company’s Company 's election, either (i) in full in cash by wire transfer of immediately available funds; or (ii) by a combination of cash and of common units of the Partnership, with a value for the common units as of the Election Date based on the closing price of the Partnership’s 's common units for the twenty trading days preceding the Election Date, with the combination of cash and Partnership common units being equal to the price established pursuant to the formula set forth in the GP LLC Agreement, provided that the value of the Partnership common units cannot comprise more than 50% of the purchase price established pursuant to the formula set forth in the GP LLC Agreement.

Repurchase of General Partner Membership Interest. Executive is hereby granted the option to elect at any time, by written notice to the Company, to cause the Company to purchase all, but not less than all of Executive’s 's Class B membership interest in MarkWest Energy GP, L.L.C. at the price established pursuant to the formula set forth in the GP LLC Agreement as of the delivery date of Executive’s 's election notice (“"Election Date”"). If the Executive makes such election, the Company shall purchase the Executive’s 's Class B membership interest within thirty (30) days following the Election Date, such purchase price to be paid, at Company’s 's election, either (i) in full in cash by wire transfer of immediately available funds; or (ii) by a combination of cash and of common units of the Partnership, with a value for the common units as of the Election Date based on the closing price of the Partnership’s 's common units for the twenty trading days preceding the Election Date, with the combination of cash and Partnership common units being equal to the price established pursuant to the formula set forth in the GP LLC AgreementAgreement , provided that the value of the Partnership common units cannot comprise more than 50% of the purchase price established pursuant to the formula set forth in the GP LLC Agreement.