Exhibit 10.1

Execution Version

AMENDMENT NO. 1 TO CREDIT AGREEMENT

This AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of November 27, 2013 (this
“Amendment”), by and among the Lenders party hereto, Citibank, N.A., in its
capacity as administrative agent for the Lenders (the “Agent”), Sealed Air
Corporation (the “Company”) as a Borrower, the other Borrowers (together with
the Company, each, a “Borrower” and collectively the “Borrowers”), the other
Loan Parties and the Lenders providing Replacement Term Loans party hereto.

W I T N E S S E T H :

WHEREAS, the Agent, the Lenders, the Borrowers and the other Loan Parties have
entered into that certain Amended and Restated Syndicated Facility Agreement,
dated as of November 15, 2012, by and among the Agent, the Lenders, the
Borrowers and the other Loan Parties thereto (as from time to time amended,
modified or supplemented, the “Credit Agreement”) (capitalized terms used but
not defined herein shall have the meanings set forth in the Credit Agreement);

WHEREAS, the Borrowers and the other Loan Parties desire to modify certain terms
of the Credit Agreement, including replacing and/or converting the outstanding
Term B-1 Advances and Euro Term B-1 Advances with and/or into Replacement Term
Loans in accordance with the terms of Section 9.01 of the Credit Agreement;

WHEREAS, by this Amendment, the Agent, the Lenders party hereto, the Borrowers
and the other Loan Parties have agreed to amend the Credit Agreement as
hereinafter set forth;

NOW THEREFORE, in consideration of the foregoing and the mutual agreements and
covenants contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

1. Amendments to Credit Agreement. The Credit Agreement is, effective as of the
Effective Date and subject to the satisfaction of the conditions precedent set
forth in Section 2, hereby amended and modified as follows:

(a) Section 1.01 of the Credit Agreement shall be amended by adding the
following new definitions thereto in proper alphabetical order:

“First Amendment” means that certain Amendment No. 1 to Credit Agreement, among
the Borrowers, the other Loan Parties, the Agent and certain Lenders.

“First Amendment Effective Date” means the date on which all of the conditions
contained in Section 2 of the First Amendment have been satisfied or waived by
the Agent.

 

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(b) Section 1.01 of the Credit Agreement is hereby amended by restating clauses
(a) and (b) of the definition of “Applicable Margin” as follows:

“(a) the Term B-1 Facility, (i) 2.25% per annum for Eurocurrency Rate Advances
and (ii) 1.25% per annum for Base Rate Advances; (b) the Euro Term B-1 Facility,
(i) 2.75% per annum for Eurocurrency Rate Advances and (ii) 1.75% per annum for
Base Rate Advances;”;

(c) Section 1.01 of the Credit Agreement is hereby amended by amending the
proviso to the definition of “Eurocurrency Rate” to replace the percentage
“1.00%” with the percentage “0.75%”; and

(d) Section 2.11(a)(ii) of the Credit Agreement is hereby amended by replacing
each instance of the word “first” with the phrase “six-month” and each instance
of the term “Restatement Effective Date” with the term “First Amendment
Effective Date”.

2. Conditions Precedent. The amendments contained herein shall only be effective
upon the satisfaction of each of the following conditions precedent in a manner
satisfactory to Agent (the date of such satisfaction, the “Effective Date”):

(a) receipt by the Agent of a Notice of Borrowing completed by the applicable
Borrowers with respect to the Replacement Term Loans, prior to the Effective
Date;

(b) the execution and delivery of this Amendment by the Borrowers, the Loan
Parties, the Agent and the Replacement Lenders (as defined below);

(c) receipt by the Agent of (i) Replacement Term Loans with respect to the Term
B-1 Facility made by the respective financial institutions signatory hereto (the
“Term B-1 Replacement Lenders”) in an aggregate principal amount equal to the
aggregate principal amount of Term B-1 Advances outstanding on the Effective
Date and (ii) Replacement Term Loans with respect to the Euro Term B-1 Facility
made by the respective financial institutions signatory hereto (the “Euro Term
B-1 Replacement Lenders” and, together with the Term B-1 Replacement Lenders,
the “Replacement Lenders”) in an aggregate principal amount equal to the
aggregate principal amount of Euro Term B-1 Advances outstanding on the
Effective Date; provided that, notwithstanding anything to the contrary above,
Replacement Lenders that are Lenders under the Credit Agreement prior to the
Effective Date may elect to convert outstanding Term B-1 Advances and/or Euro
Term B-1 Advances into Replacement Term Loans by “cashless roll” or other
similar conversion method reasonably satisfactory to the Agent (such Lenders,
“Converting Lenders”);

(d) receipt by the Agent from the respective Borrowers of any interest or fees
accrued and unpaid as of the Effective Date with respect to the respective
Replaced Term Loans under the Term B-1 Facility and Euro Term B-1 Facility;

(e) receipt by the Agent of customary secretary’s certificates, resolutions and
incumbency certificates of the Responsible Officers of Sealed Air Corporation
and Diversey Europe B.V.;

(f) receipt by the Agent of a certificate from a Responsible Officer of the
Borrowers and dated as of the Effective Date, certifying that (x) no Default or
Event of Default has

 

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occurred and is continuing and (y) the representations and warranties set forth
in the Credit Agreement are true and correct in all material respects, except to
the extent that such representations and warranties specifically refer to an
earlier date, in which case they shall be true and correct in all material
respects as of such earlier date and except to the extent that such
representations and warranties are already qualified as to materiality, in which
case such qualified representations and warranties shall be true and correct;

(g) receipt by the Agent, on behalf of itself, the Lenders and each Issuing Bank
of a customary favorable written opinion of Simpson, Thacher & Bartlett LLP, New
York counsel for the Loan Parties (A) dated the Effective Date and (B) addressed
to the Agent, the Lenders and each Issuing Bank on the Effective Date;

(h) the Agent shall have received all documentation and other information that
is (i) requested three Business Days prior to the Effective Date and
(ii) required by regulatory authorities under applicable “know your customer”
and anti-money laundering rules and regulations, including without limitation
the PATRIOT Act; and

(i) the Borrowers shall have paid all invoiced accrued fees and out-of-pocket
expenses of the Agent and Citigroup Global Markets Inc., as sole lead arranger
in respect of this Amendment (including the reasonable fees and expenses of
Shearman & Sterling LLP, counsel for the Agent).

3. Governing Law. This Amendment shall be construed in accordance with and
governed by the laws of the State of New York.

4. Binding Effect. This Amendment shall be binding upon and inure to the benefit
of each of the parties hereto and their respective successors and assigns (it
being understood, for the avoidance of doubt, that the amendments and
modifications to the Credit Agreement effected hereby shall be effective as to
all Lenders, other Secured Parties and any other party thereto from time to
time).

5. Reference to and Effect on the Credit Agreement and the Loan Documents.

(a) On and after the effectiveness of this Amendment, each reference in the
Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like
import referring to the Credit Agreement, and each reference in each of the
other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words
of like import referring to the Credit Agreement, shall mean and be a reference
to the Credit Agreement, as amended and modified by this Amendment.

(b) The Credit Agreement and each of the other Loan Documents, as specifically
amended and modified by this Amendment are and shall continue to be in full
force and effect and are hereby in all respects ratified and confirmed.

(c) The execution, delivery and effectiveness of this Amendment shall not,
except as expressly provided herein, operate as a waiver of any right, power or
remedy of any Lender, any Issuing Bank, any Swing Line Bank or the Agent under
any of the Loan Documents, nor constitute a waiver of any provision of any of
the Loan Documents.

 

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(d) The Converting Lenders will be deemed to be “Lenders” for all purposes under
the Credit Agreement, each Converting Lender will be deemed to have converted
outstanding Term B-1 Advances and/or Euro Term B-1 Advances into an Advance of
Replacement Term Loans on the Effective Date, the Replacement Term Loans with
respect to the Term B-1 Facility will be deemed to be “Term B-1 Advances” for
all purposes under the Credit Agreement and the Replacement Term Loans with
respect to the Euro Term B-1 Facility will be deemed to be “Euro Term B-1
Advances” for all purposes under the Credit Agreement.

(e) Notwithstanding anything in the Credit Agreement to the contrary, the
initial Interest Period with respect to the Term B-1 Advances and the Euro Term
B-1 Advances after the Effective Date shall end on December 13, 2013 and each of
the undersigned, to the extent applicable, hereby waives any breakage payment
owing to such Lender pursuant to Section 9.04(c) in connection with this
Amendment.

(f) The Agent, the Lenders party hereto and the Loan Parties agree that this
Amendment shall be a Loan Document for all purposes of the Credit Agreement (as
specifically amended by this Amendment) and the other Loan Documents.

6. Waiver, Modification, Etc. No provision or term of this Amendment may be
modified, altered, waived, discharged or terminated orally, but only by an
instrument in writing executed by the party against whom such modification,
alteration, waiver, discharge or termination is sought to be enforced or
otherwise in accordance with the terms of the Credit Agreement, including
Section 9.01 thereof.

7. Reaffirmation. Each Loan Party hereby (i) ratifies each of the Loan Documents
to which it is party and acknowledges and reaffirms that it is bound by all
terms of each Loan Document applicable to it and (ii) ratifies and reaffirms
each grant of a lien on, or security interest in, its property made pursuant to
the Loan Documents (including its Guaranty) and confirms that such liens and
security interests continue to secure the Obligations under the Loan Documents.

8. Severability. In the event any one or more of the provisions contained in
this Amendment or in any other Loan Document should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein and therein shall not in any way be
affected or impaired thereby. The parties shall endeavor in good faith
negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that
of the invalid, illegal or unenforceable provisions.

9. Headings. The Section headings used herein are for convenience of reference
only, are not part of this Amendment and are not to affect the construction of,
or to be taken into consideration in interpreting, this Amendment.

10. Counterparts. This Amendment may be executed in two or more counterparts,
each of which shall constitute an original but all of which, when taken
together, shall constitute but one contract, and shall become effective as
provided in Section 2. Delivery of an executed counterpart to this Amendment by
facsimile transmission (or other electronic transmission (e.g., a “pdf” or
“tft”) pursuant to procedures approved by the Agent) shall be as effective as
delivery of a manually signed original.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their authorized officers as of the day and year first
above written.

 

  CITIBANK, N.A., as Agent By:  

/s/ Michael Zicari

Name:  

Michael Zicari

Title:  

Vice President

  CITIBANK, N.A., as a Term B Lender and a Euro Term B Lender, By:  

/s/ Michael Zicari

Name:  

Michael Zicari

Title:  

Vice President

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their authorized officers as of the day and year first
above written.

 

BORROWERS: SEALED AIR CORPORATION By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

Treasurer

CRYOVAC, INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

VP & Treasurer

OTHER LOAN PARTIES: AUTO-C, LLC By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

President

CPI PACKAGING, INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

VP & President

 

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CRYOVAC INTERNATIONAL HOLDINGS INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

President

CRYOVAC LEASING CORPORATION By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

President

DIVERSEY, INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

Vice President

DIVERSEY PUERTO RICO, INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

President & Treasurer

DIVERSEY SHAREHOLDINGS, INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

President & Treasurer

JDI POLYMER, LLC By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

President

 

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JDI CEE HOLDINGS, INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

President

JDI HOLDINGS, INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

President

JWP INVESTMENTS, INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

President & Treasurer

POLY PACKAGING SYSTEMS, INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

Vice President & Treasurer

PROFESSIONAL SHAREHOLDINGS, INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

President & Treasurer

REFLECTIX, INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

Vice President & Treasurer

 

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SEALED AIR CORPORATION (US) By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

Vice President & Treasurer

SEALED AIR LLC By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

President

SEALED AIR NEVADA HOLDINGS LIMITED By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

President

SEALED AIR SOLUTIONS HOLDINGS, INC. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

Vice President & Treasurer

SHANKLIN CORPORATION By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

Vice President & Treasurer

THE BUTCHER COMPANY By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

Vice President & Treasurer

CIRAS C.V. By:  

/s/ Tod S. Christie

Name:  

Tod S. Christie

Title:  

Vice President & Treasurer

 

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SEALED AIR DE MEXICO S. DE R.L. DE C.V. By:  

/s/ Arlet Jimenez Galicia

Name:  

Arlet Jimenez Galicia

Title:  

Legal Representative

SEALED AIR AMERICAS MANUFACTURING S. DE R.L. DE D.V.. By:  

/s/ Arlet Jimenez Galicia

Name:  

Arlet Jimenez Galicia

Title:  

Legal Representative

SEALED AIR AMERICAS SERVICE S. DE R.L. DE C.V. By:  

/s/ Arlet Jimenez Galicia

Name:  

Arlet Jimenez Galicia

Title:  

Legal Representative

DRYPAC PTY. LTD. By:  

/s/ Martin Yii

Name:  

Martin Yii

Title:  

Secretary

ENTAPACK PTY. LTD. By:  

/s/ Martin Yii

Name:  

Martin Yii

Title:  

Secretary

DIVERSEY AUSTRALIA PTY. LIMITED By:  

/s/ Martin Yii

Name:  

Martin Yii

Title:  

Secretary

CRYOVAC AUSTRALIA PTY. LIMITED By:  

/s/ Martin Yii

Name:  

Martin Yii

Title:  

Secretary

 

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SEALED AIR AUSTRALIA (HOLDINGS) PTY. LIMITED By:  

/s/ Martin Yii

Name:  

Martin Yii

Title:  

Secretary

SEALED AIR AUSTRALIA PTY. LIMITED By:  

/s/ Martin Yii

Name:  

Martin Yii

Title:  

Secretary

SEALED AIR NETHERLANDS (HOLDINGS) B.V. By:  

/s/ Ronnie Thijssen

Name:  

Ronnie Thijssen

Title:  

Managing Director

SEALED AIR NETHERLANDS (HOLDINGS) I B.V. By:  

/s/ Ronnie Thijssen

Name:  

Ronnie Thijssen

Title:  

Director

SEALED AIR NETHERLANDS (HOLDINGS) III B.V. By:  

/s/ Ronnie Thijssen

Name:  

Ronnie Thijssen

Title:  

Director

SEALED AIR (CANADA) HOLDINGS B.V. By:  

/s/ Ronnie Thijssen

Name:  

Ronnie Thijssen

Title:  

Director

 

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SEALED AIR B.V. By:  

/s/ Ronnie Thijssen

Name:  

Ronnie Thijssen

Title:  

Director

SEALED AIR FINANCE B.V. By:  

/s/ Ronnie Thijssen

Name:  

Ronnie Thijssen

Title:  

Director

CRYOVAC BRASIL LTDA By:  

/s/ Alejandro Nigro

Name:  

Alejandro Nigro

Title:  

Chief Financial Officer

SONIPAR INDUSTRIAL LTDA By:  

/s/ Alejandro Nigro

Name:  

Alejandro Nigro

Title:  

General Manager

SEALED AIR EMBALAGENS LTDA By:  

/s/ Alejandro Nigro

Name:  

Alejandro Nigro

Title:  

General Manager

GETPACKING LIMITED By:  

/s/ Michael Chapman

Name:  

Michael Chapman

Title:  

Director

SEALED AIR LIMITED By:  

/s/ Michael Chapman

Name:  

Michael Chapman

Title:  

Director

 

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SEALED AIR LUXEMBOURG S.À.R.L By:  

/s/ Michael Chapman

Name:  

Michael Chapman

Title:  

Director

SEALED AIR LUXEMBOURG (I) S.À.R.L By:  

/s/ Michael Chapman

Name:  

Michael Chapman

Title:  

Director

SEALED AIR MANAGEMENT HOLDING VERWALTUNGS GMBH By:  

/s/ Hans-Otto Bosse

Name:  

Hans-Otto Bosse

Title:  

Managing Director

SEALED AIR MULTIFLEX GMBH By:  

/s/ Hans-Otto Bosse

Name:  

Hans-Otto Bosse

Title:  

Managing Director

SEALED AIR VERPACKUNGEN GMBH By:  

/s/ Hans-Otto Bosse

Name:  

Hans-Otto Bosse

Title:  

Managing Director

SEALED AIR GMBH By:  

/s/ Hans-Otto Bosse

Name:  

Hans-Otto Bosse

Title:  

Director

SEALED NETHERLANDS (HOLDINGS) II B.V. By:  

/s/ Hans-Otto Bosse

Name:  

Hans-Otto Bosse

Title:  

Director

 

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SEALED AIR LUXEMBOURG S.C.A. By:  

/s/ Hans-Otto Bosse

Name:  

Hans-Otto Bosse

Title:  

Authorized Signatory

DIVERSEY EUROPE B.V. By:  

/s/ Clive Newman

Name:  

Clive Newman

Title:  

Director

DIVERSEY IP INTERNATIONAL B.V. By:  

/s/ Clive Newman

Name:  

Clive Newman

Title:  

Director

DIVERSEY EUROPE OPERATIONS B.V. By:  

/s/ Clive Newman

Name:  

Clive Newman

Title:  

Director

DIVERSEY HOLDINGS II B.V. By:  

/s/ Clive Newman

Name:  

Clive Newman

Title:  

Director

DIVERSEY PROFESSIONAL B.V. By:  

/s/ Clive Newman

Name:  

Clive Newman

Title:  

Director

DIVERSEY DEUTSCHLAND GMBH & CO OHG By:  

/s/ Hans-Peter Muller

Name:  

Hans-Peter Muller

Title:  

Managing Director

 

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DIVERSEY DEUTSCHLAND MANAGEMENT GMBH By:  

/s/ Hans-Peter Muller

Name:  

Hans-Peter Muller

Title:  

Managing Director

DIVERSEY GERMANY PRODUCTION OHG By:  

/s/ Hans-Peter Muller

Name:  

Hans-Peter Muller

Title:  

Director

DIVERSEY GERMANY SERVICES OHG By:  

/s/ Hans-Peter Muller

Name:  

Hans-Peter Muller

Title:  

Director

SEALED AIR (CANADA) CO./CIE By:  

/s/ Axel Bauer

Name:  

Axel Bauer

Title:  

President

DIVERSEY CANADA, INC. By:  

/s/ Axel Bauer

Name:  

Axel Bauer

Title:  

President

DIVERSEY BRASIL INDUSTRIA QUIMICA LTDA By:  

/s/ Ulisses Cason

Name:  

Ulisses Cason

Title:  

Director

 

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DIVERSEY B.V. By:  

/s/ Jasper Hoek

Name:  

Jasper Hoek

Title:  

Director

DIVERSEY HOLDINGS LIMITED By:  

/s/ David Quast

Name:  

David Quast

Title:  

Director

DIVERSEY LIMITED By:  

/s/ Colin Stubbs

Name:  

Colin Stubbs

Title:  

Director

DIVERSEY MEXICO, SA DE CV By:  

/s/ David Quast

Name:  

David Quast

Title:  

Director

DIVERSEY NETHERLANDS PRODUCTION B.V. By:  

/s/ Ruud Niljant

Name:  

Ruud Niljant

Title:  

Director

DIVERSEY NETHERLANDS SERVICES B.V. By:  

/s/ Marc ter Huurne

Name:  

Marc ter Huurne

Title:  

Director

DIVERSEY UK PRODUCTION LIMITED By:  

/s/ David White

Name:  

David White

Title:  

Director

 

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DIVERSEY UK SERVICES LIMITED By:  

/s/ Helen Hughes

Name:  

Helen Hughes

Title:  

Director

SEALED AIR JAPAN G.K. By:  

/s/ Shunya Itoh

Name:  

Shunya Itoh

Title:  

Executor

SEALED AIR LUXEMBOURG (II) S.À.R.L By:  

/s/ Deborah MacDonald

Name:  

Deborah MacDonald

Title:  

Director

 

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Amendment No. 1