CREDIT AGREEMENT dated as of January 30, 2012 among MEADWESTVACO CORPORATION, MEADWESTVACO COATED BOARD, LLC, and the other entities party hereto from time to time, as Borrowers, the banks and financial institutions from time to time party hereto, as...Credit Agreement • January 31st, 2012 • MEADWESTVACO Corp • Paper mills • New York
Changes in the Applicable Percentage resulting from a change in the Pricing Level shall become effective on the effective date of any change in the Senior Unsecured Debt Rating from S&P or Moody’s, as the case may be. Notwithstanding anything herein to the contrary, in the event that (A) two Pricing Levels would otherwise apply at any one time and (i) such Pricing Levels are adjacent to one another, the higher Pricing Level shall be the applicable Pricing Level, and (ii) such Pricing Levels are not adjacent to one another, the Pricing Level that is one Pricing Level below the higher of such two Pricing Levels shall be the applicable Pricing Level, (B) either S&P or Moody’s (but not both) shall no longer issue a rating for the Borrower’s senior unsecured non-credit enhanced long term debt, the applicable Pricing Level shall be determined by the remaining Senior Unsecured Debt Rating, and (C) in the event that both S&P and Moody’s shall no longer issue a rating for the Borrower’s senior
