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Exhibit 10.14

WAIVER TO
GLOBAL REVOLVING CREDIT AGREEMENT (5-YEAR)

        Waiver to Global Revolving Credit Agreement (5-Year) (the "Waiver")
dated as of January 22, 2003 among Sealed Air Corporation (the "Company"), the
Subsidiary Borrowers party hereto, the Subsidiary Guarantors party hereto, the
Banks party hereto, and ABN AMRO Bank N.V., as Administrative Agent;

W I T N E S S E T H:

        Whereas, the Company and the Subsidiary Borrowers, the Guarantors, the
Banks and ABN AMRO Bank N.V., as Administrative Agent, have heretofore executed
and delivered a Global Revolving Credit Agreement (5-Year) dated as of March 30,
1998 (as amended, the "Credit Agreement");

        Whereas, the Company has informed the Banks that due to a settlement of
various asbestos related claims against the Company it expects to recognize a
non-cash charge during the fiscal quarter ended December 31, 2002 of
approximately $850,000,000; and

        Whereas, as a result of such non-cash charge, the Company expects that
it will fail to meet the Interest Coverage Ratio and Leverage Ratio set forth in
Sections 8.01 and 8.02, respectively, of the Credit Agreement;

        Now, therefore, for good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

        1.    For purposes of calculating EBITDA for the Test Period ending
December 31, 2002 consolidated net income of the Company and its Subsidiaries
for such period shall be adjusted by adding thereto any non-cash charges
incurred by the Company in connection with the settlement of asbestos related
claims against the Company to the extent such amounts do not exceed
$850,000,000.

        2.    This Waiver shall become effective on the date the Administrative
Agent shall have received (i) counterparts hereof executed by the Borrowers, the
Guarantors and the Required Banks (or, in the case of any party as to which an
executed counterpart hereof shall not have been received, receipt by the
Administrative Agent in form satisfactory to it of facsimile or other written
confirmation from such party of execution of a counterpart hereof by such party)
and (ii) from the Company, for the account of each Bank (a "Consenting Bank")
that has evidenced its agreement hereto as provided in clause (i) above by
5:00 p.m. (New York time) on January 22, 2003, a waiver fee equal to 2.5 basis
points (0.025%) on the aggregate of such Consenting Bank's Commitment.

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        3.1.    To induce the Administrative Agent and the Banks to executed
this Waiver, each Borrower and Guarantor represents and warrants to the
Administrative Agent and the Banks that: (a) the representations and warranties
contained in the Credit Documents, after giving effect to this Waiver (other
than Section 6.05 of the Credit Agreement), are true and correct in all material
respects as of the date hereof with the same effect as though made on the date
hereof (it being understood and agreed that any representation or warranty which
by its terms is made as of a specified date shall be required to be true and
correct in all material respects only as of such specified date); (b) after
giving effect to this Waiver, no Default exists; (c) this Waiver has been duly
authorized by all necessary corporate proceedings and duly executed and
delivered by each Borrower and each Guarantor, and the Credit Agreement, and
each of the other Credit Documents are the legal, valid and binding obligations
of the applicable Borrower or Guarantor, enforceable against such Borrower or
Guarantor in accordance with their respective terms, except as enforceability
may be limited by bankruptcy, insolvency or other similar laws of general
application affecting the enforcement of creditors' rights or by general
principles of equity; and (d) no consent, approval, authorization, order,
registration or qualification with any governmental authority is required for,
and in the absence of which would adversely effect, the performance by any
Borrower or any Guarantor of the Credit Agreement, or any other Credit Document
to which they are party.

        3.2.    This Waiver may be executed in any number of counterparts and by
the different parties on separate counterparts and each such counterpart shall
be deemed to be an original, but all such counterparts shall together constitute
but one and the same Waiver.

        3.3.    Except as specifically provided above, the Credit Agreement and
the other Credit Documents shall remain in full force and effect and are hereby
ratified and confirmed in all respects. The execution, delivery, and
effectiveness of this Waiver shall not, except as expressly provided herein,
operate as a waiver of any right, power, or remedy of the Agent or any Bank
under the Credit Agreement or any of the other Credit Documents, nor constitute
a waiver or modification of any provision of any of the other Credit Documents.

        3.4.    All defined terms used herein and not defined herein have the
same meanings herein as in the Credit Agreement.

        3.5.    This Waiver and the rights and obligations of the parties
hereunder shall be construed in accordance with and be governed by the law of
the State of New York.

2

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        In Witness Whereof, the parties hereto have caused this Waiver to be
executed by their respective officers thereunto duly authorized as of the day
and year first above written.

    SEALED AIR CORPORATION, as Borrower and Guarantor
 
 
By:
/s/  WILLIAM V. HICKEY      

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Title: President & Chief Executive Officer
 
 
SEALED AIR CORPORATION (US), as Borrower and Guarantor
 
 
By:
/s/  TOD S. CHRISTIE      

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Title: Vice President
 
 
CRYOVAC, INC., as Borrower and Guarantor
 
 
By:
/s/  TOD S. CHRISTIE      

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Title: Vice President

3

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    ABN AMRO BANK N.V., individually and as Administrative Agent
 
 
By:
/s/  CRAIG TRAUTWEIN      

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Craig Trautwein
Title: Vice President
 
 
By:
/s/  TODD J. MILLER      

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Todd J. Miller
Title: Assistant Vice President

4

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    BANK OF AMERICA, NA
 
 
By:
/s/  WENDY J. GORMAN      

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Wendy J. Gorman
Title Principal

5

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    CITIBANK, N.A.
 
 
By:
/s/  HUGO ARIAS      

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Title

Hugo Arias
Vice President
388 Greenwich St./23rd FL
New York, NY 10013
Tel: 212-816-5390

6

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    COMMERZBANK AG, NEW YORK BRANCH
 
 
By:
/s/  ROBERT S. TAYLOR, JR.      

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Robert S. Taylor, Jr.
Title: Senior Vice President
 
 
By:
/s/  ANDREW P. LUSK      

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Andrew P. Lusk
Title: Assistant Vice President

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    CREDIT LYONNAIS New York Branch
 
 
By:
/s/  SCOTT R. CHAPPELKA      

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Scott R. Chappelka
Vice President

8

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    FLEET NATIONAL BANK
 
 
By:
/s/  MARWAN ISBAIH      

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Marwan Isbaih
Title: Director

9

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    ALLIED IRISH BANK
 
 
By:
/s/  MICHAEL DOYLE      

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Michael Doyle
Title: Senior Vice President

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    TORONTO DOMINION (TEXAS) INC.
 
 
By:
/s/  CAROL BRANDT      

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Carol Brandt
Title: Vice President

11

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    BANCA DI ROMA
 
 
By:
/s/  CHRISTOPHER STRIKE      

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Christopher Strike
Title: Vice President
 
 
By:
/s/  STEVEN PALEY      

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Steven Paley
Title: First Vice President

12

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    THE BANK OF NEW YORK
 
 
By:
/s/  ERNEST FUNG      

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Ernest Fung
Title: Vice President

13

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    THE BANK OF NOVA SCOTIA
 
 
By:
/s/  MANA GING      

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Mana Ging
Title: Director

14

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    BANCA NAZIONALE DEL LAVORO S.P.A.—NEW YORK BRANCH
 
 
By:
/s/  FREDERIC W. HALL      

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Frederic W. Hall
Title: Vice President
 
 
By:
/s/  LEONARDO VALENTINI      

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Title

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    CREDIT INDUSTRIEL ET COMMERCIAL
 
 
By:
/s/  ERIC LONGUET      

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Eric Longuet
Title: Vice President
 
 
By:
/s/  ERIC DULOT      

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Eric Dulot
Title: Vice President

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    BANK ONE N.A.
 
 
By:
/s/  JOSEPH PINZONE      

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Joseph Pinzone
Title: Director

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    HSBC BANK USA
 
 
By:
/s/  DIANE M. ZIESKE      

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Diane M. Zieske
Title: First Vice President

18

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    WACHOVIA BANK N.A.
 
 
By:
/s/  DAVID DRIGGERS      

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Title: Managing Director

19

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    THE NORTHERN TRUST COMPANY
 
 
By:
/s/  KAREN E. DAHL      

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Karen E. Dahl
Title: Vice President

20

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    SAN PAOLO IMI SPA
 
 
By:
/s/  CARLO PERSICO      

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Carlo Persico
Title: CEO of the Americas
 
 
By:
/s/  ETTORE VIAZZO      

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Ettore Viazzo
Title: Vice President

21

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    THE BANK OF TOKYO-MITSUBISHI, LTD.,
    NEW YORK BRANCH
 
 
By:
/s/  JEFFREY K. STANTON      

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Title: Authorized Signatory

22

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    BNP PARIBAS
 
 
By:
/s/  ARNAUD COLLIN DU BOCAGE      

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Arnaud Collin du Bocage
Title: Managing Director
 
 
By:
/s/  RICHARD PACE      

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Richard Pace
Title: Director

23

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    BANCA INTESA, NEW YORK BRANCH
as successor to
INTESABCI, NEW YORK BRANCH
 
 
By:
/s/  J. DICKERHOF      

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J. Dickerhof
Title: VP
 
 
By:
/s/  F. MAFFEI      

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F. Maffei
Title: VP

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    KBC BANK N.V.
 
 
By:
       

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Title
 
 
By:
       

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Title

25

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    UFJ BANK LTD
 
 
By:
/s/  RUSSELL BOHNER      

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Title: Vice President

26

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    BANCA MONTE DEI PASCHI BELGLO S.A.
 
 
By:
        /s/        

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Title
 
 
By:
        /s/        

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Title

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    NORDDEUTSCHE LANDESBANK GIROZENTRALE
 
 
By:
/s/  STEPHANIE FINNEN      

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Stephanie Finnen
Title: Vice President
 
 
By:
/s/  JOSEF HAAS      

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Josef Haas
Title: Vice President

28

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    SUNTRUST BANK, ATLANTA
 
 
By:
/s/  FRANK A. COE      

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Title: V.P.

29

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    CREDIT AGRICOLE INDOSUEZ
 
 
By:
        /s/        

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Title
 
 
By:
        /s/        

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Title

30

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    BANCA POPOLARE DI MILANO
 
 
By:
/s/  GIORGIO CUCCOLO      

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Giorgio Cuccolo
EVP & General Manager
 
 
By:
/s/  ROBERT DESANTES      

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Robert DeSantes
VP & Head of Corporate Banking

31

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    GE CAPITAL CFE, INC.
 
 
By:
/s/  W. JEROME MCDERMOTT      

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W. Jerome McDermott
Title: Duly Authorized Signatory

32

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    UNI CREDITO ITALIANO S.P.A.
 
 
By:
/s/  CHRISTOPHER ELDIN      

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Christopher Eldin
Title: FVP & Deputy Manager
 
 
By:
/s/  CHARLES MICHAEL      

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Charles Michael
Title: Vice President

33

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    BANK AUSTRIA AKTIENGESELLSCHAFT
 
 
By:
/s/  LAURA A. DEPERSIS      

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Laura A. DePersis
Title: Vice President
 
 
By:
/s/  DIANE B. VACCARO      

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Diane B. Vaccaro
Title: Vice President

34

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WAIVER TO GLOBAL REVOLVING CREDIT AGREEMENT (5-YEAR)