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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. 

 

        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

 

        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      
 Title: President & Chief Executive Officer
	

 	
 	
SEALED AIR CORPORATION (US), as Borrower and Guarantor
	

 	
 	

By:	

/s/  TOD S. CHRISTIE      
 Title: Vice President
	

 	
 	
CRYOVAC, INC., as Borrower and Guarantor
	

 	
 	

By:	

/s/  TOD S. CHRISTIE      
 Title: Vice President

3

 

	 	 	ABN AMRO BANK N.V., individually and as Administrative Agent
	

 	
 	

By:	

/s/  CRAIG TRAUTWEIN      
 Craig Trautwein

Title: Vice President
	

 	
 	

By:	

/s/  TODD J. MILLER      
 Todd J. Miller

Title: Assistant Vice President

4

 

	 	 	BANK OF AMERICA, NA
	

 	
 	
By:	

/s/  WENDY J. GORMAN      
 Wendy J. Gorman

Title Principal

5

 

	 	 	CITIBANK, N.A.
	

 	
 	
By:	

/s/  HUGO ARIAS      
 Title

Hugo Arias

Vice President

388 Greenwich St./23rd FL

New York, NY 10013

Tel: 212-816-5390

6

 

	 	 	COMMERZBANK AG, NEW YORK BRANCH
	

 	
 	
By:	

/s/  ROBERT S. TAYLOR, JR.      
 Robert S. Taylor, Jr.

Title: Senior Vice President
	

 	
 	

By:	

/s/  ANDREW P. LUSK      
 Andrew P. Lusk

Title: Assistant Vice President

7

 

	 	 	CREDIT LYONNAIS New York Branch
	

 	
 	

By:	

/s/  SCOTT R. CHAPPELKA      
 Scott R. Chappelka

Vice President

8

 

	 	 	FLEET NATIONAL BANK
	

 	
 	
By:	

/s/  MARWAN ISBAIH      
 Marwan Isbaih

Title: Director

9

 

	 	 	ALLIED IRISH BANK
	

 	
 	
By:	

/s/  MICHAEL DOYLE      
 Michael Doyle

Title: Senior Vice President

10

 

	 	 	TORONTO DOMINION (TEXAS) INC.
	

 	
 	
By:	

/s/  CAROL BRANDT      
 Carol Brandt

Title: Vice President

11

 

	 	 	BANCA DI ROMA
	

 	
 	
By:	

/s/  CHRISTOPHER STRIKE      
 Christopher Strike

Title: Vice President
	

 	
 	

By:	

/s/  STEVEN PALEY      
 Steven Paley

Title: First Vice President

12

 

	 	 	THE BANK OF NEW YORK
	

 	
 	
By:	

/s/  ERNEST FUNG      
 Ernest Fung

Title: Vice President

13

 

	 	 	THE BANK OF NOVA SCOTIA
	

 	
 	
By:	

/s/  MANA GING      
 Mana Ging

Title: Director

14

 

	 	 	BANCA NAZIONALE DEL LAVORO S.P.A.—NEW YORK BRANCH
	

 	
 	
By:	

/s/  FREDERIC W. HALL      
 Frederic W. Hall

Title: Vice President
	

 	
 	

By:	

/s/  LEONARDO VALENTINI      
 Title

15

 

	 	 	CREDIT INDUSTRIEL ET COMMERCIAL
	

 	
 	
By:	

/s/  ERIC LONGUET      
 Eric Longuet

Title: Vice President
	

 	
 	

By:	

/s/  ERIC DULOT      
 Eric Dulot

Title: Vice President

16

 

	 	 	BANK ONE N.A.
	

 	
 	
By:	

/s/  JOSEPH PINZONE      
 Joseph Pinzone

Title: Director

17

 

	 	 	HSBC BANK USA
	

 	
 	
By:	

/s/  DIANE M. ZIESKE      
 Diane M. Zieske

Title: First Vice President

18

 

	 	 	WACHOVIA BANK N.A.
	

 	
 	
By:	

/s/  DAVID DRIGGERS      
 Title: Managing Director

19

 

	 	 	THE NORTHERN TRUST COMPANY
	

 	
 	
By:	

/s/  KAREN E. DAHL      
 Karen E. Dahl

Title: Vice President

20

 

	 	 	SAN PAOLO IMI SPA
	

 	
 	
By:	

/s/  CARLO PERSICO      
 Carlo Persico

Title: CEO of the Americas
	

 	
 	

By:	

/s/  ETTORE VIAZZO      
 Ettore Viazzo

Title: Vice President

21

 

	 	 	THE BANK OF TOKYO-MITSUBISHI, LTD.,

    NEW YORK BRANCH
	

 	
 	
By:	

/s/  JEFFREY K. STANTON      
 Title: Authorized Signatory

22

 

	 	 	BNP PARIBAS
	

 	
 	
By:	

/s/  ARNAUD COLLIN DU BOCAGE      
 Arnaud Collin du Bocage

Title: Managing Director
	

 	
 	

By:	

/s/  RICHARD PACE      
 Richard Pace

Title: Director

23

 

	 	 	BANCA INTESA, NEW YORK BRANCH
 as successor to
 INTESABCI, NEW YORK BRANCH
	

 	
 	
By:	

/s/  J. DICKERHOF      
 J. Dickerhof

Title: VP
	

 	
 	

By:	

/s/  F. MAFFEI      
 F. Maffei

Title: VP

24

 

	 	 	KBC BANK N.V.
	

 	
 	
By:	

 
	 	 	 	
 Title
	

 	
 	

By:	

 
	 	 	 	
 Title

25

 

	 	 	UFJ BANK LTD
	

 	
 	
By:	

/s/  RUSSELL BOHNER      
 Title: Vice President

26

 

	 	 	BANCA MONTE DEI PASCHI BELGLO S.A.
	

 	
 	
By:	

 
	 	 	 	/s/        
 Title
	

 	
 	

By:	

 
	 	 	 	/s/        
 Title

27

 

	 	 	NORDDEUTSCHE LANDESBANK GIROZENTRALE
	

 	
 	
By:	

/s/  STEPHANIE FINNEN      
 Stephanie Finnen

Title: Vice President
	

 	
 	

By:	

/s/  JOSEF HAAS      
 Josef Haas

Title: Vice President

28

 

	 	 	SUNTRUST BANK, ATLANTA
	

 	
 	
By:	

/s/  FRANK A. COE      
 Title: V.P.

29

 

	 	 	CREDIT AGRICOLE INDOSUEZ
	

 	
 	
By:	

 
	 	 	 	/s/        
 Title
	

 	
 	

By:	

 
	 	 	 	/s/        
 Title

30

 

	 	 	BANCA POPOLARE DI MILANO
	

 	
 	
By:	

/s/  GIORGIO CUCCOLO      
 Giorgio Cuccolo

EVP & General Manager
	

 	
 	

By:	

/s/  ROBERT DESANTES      
 Robert DeSantes

VP & Head of Corporate Banking

31

 

	 	 	GE CAPITAL CFE, INC.
	

 	
 	
By:	

/s/  W. JEROME MCDERMOTT      
 W. Jerome McDermott

Title: Duly Authorized Signatory

32

 

	 	 	UNI CREDITO ITALIANO S.P.A.
	

 	
 	
By:	

/s/  CHRISTOPHER ELDIN      
 Christopher Eldin

Title: FVP & Deputy Manager
	

 	
 	

By:	

/s/  CHARLES MICHAEL      
 Charles Michael

Title: Vice President

33

 

	 	 	BANK AUSTRIA AKTIENGESELLSCHAFT
	

 	
 	
By:	

/s/  LAURA A. DEPERSIS      
 Laura A. DePersis

Title: Vice President
	

 	
 	

By:	

/s/  DIANE B. VACCARO      
 Diane B. Vaccaro

Title: Vice President

34

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WAIVER TO GLOBAL REVOLVING CREDIT AGREEMENT (5-YEAR)Exhibit 10.22

 

UNITED
STATES BANKRUPTCY COURT

FOR
THE DISTRICT OF DELAWARE

 

	
  IN RE:

  	
   

  	
  :

  	
   

  	
  Chapter 11

  
	
   

  	
   

  	
  :

  	
   

  	
  Case Nos. 01-1139 through
  01-1200

  
	
  W.R. GRACE & CO., et
  al.,

  	
   

  	
  :

  	
   

  	
   

  
	
   

  	
   

  	
  :

  	
   

  	
   

  
	
  Debtors.

  	
   

  	
  :

  	
   

  	
   

  
	
  ---------------------------------------------

  	
   

  	
  :

  	
   

  	
   

  
	
  OFFICIAL COMMITTEE OF

  	
   

  	
  :

  	
   

  	
  Adv. No. 02-2210

  
	
  ASBESTOS PERSONAL INJURY

  	
   

  	
  :

  	
   

  	
  [LEAD
  DOCKET]

  
	
  CLAIMANTS and OFFICIAL

  	
   

  	
  :

  	
   

  	
   

  
	
  COMMITTEE OF ASBESTOS

  	
   

  	
  :

  	
   

  	
   

  
	
  PROPERTY DAMAGE

  	
   

  	
  :

  	
   

  	
   

  
	
  CLAIMANTS OF W.R. GRACE
  &

  	
   

  	
  :

  	
   

  	
   

  
	
  CO., suing in behalf of 

  	
   

  	
  :

  	
   

  	
   

  
	
  the Chapter 11 Bankruptcy

  	
   

  	
  :

  	
   

  	
   

  
	
  Estate of W.R. Grace &

  	
   

  	
  :

  	
   

  	
   

  
	
  Co., et al.,

  	
   

  	
  :

  	
   

  	
   

  
	
   

  	
   

  	
  :

  	
   

  	
   

  
	
  Plaintiffs,

  	
   

  	
  :

  	
   

  	
   

  
	
   

  	
   

  	
  :

  	
   

  	
   

  
	
  v.

  	
   

  	
  :

  	
   

  	
   

  
	
   

  	
   

  	
  :

  	
   

  	
   

  
	
  SEALED AIR CORPORATION

  	
   

  	
  :

  	
   

  	
   

  
	
  AND CRYOVAC, INC.,

  	
   

  	
  :

  	
   

  	
   

  
	
   

  	
   

  	
  :

  	
   

  	
   

  
	
  Defendants.

  	
   

  	
  :

  	
   

  	
   

  
	
  --------------------------------------------

  	
   

  	
  :

  	
   

  	
   

  
	
   

  	
   

  	
  :

  	
   

  	
   

  
	
  OFFICIAL COMMITTEE OF 

  	
   

  	
  :

  	
   

  	
  Adv. No. 02-2211

  
	
  ASBESTOS PERSONAL INJURY

  	
   

  	
  :

  	
   

  	
   

  
	
  CLAIMANTS and OFFICIAL

  	
   

  	
  :

  	
   

  	
   

  
	
  COMMITTEE OF ASBESTOS

  	
   

  	
  :

  	
   

  	
   

  
	
  PROPERTY DAMAGE

  	
   

  	
  :

  	
   

  	
   

  
	
  CLAIMANTS OF W.R. GRACE
  &

  	
   

  	
  :

  	
   

  	
   

  
	
  CO., suing in behalf of 

  	
   

  	
  :

  	
   

  	
   

  
	
  The Chapter 11 Bankruptcy

  	
   

  	
  :

  	
   

  	
   

  
	
  Estate of W.R. GRACE &

  	
   

  	
  :

  	
   

  	
   

  
	
  CO., et al.,

  	
   

  	
  :

  	
   

  	
   

  
	
   

  	
   

  	
  :

  	
   

  	
   

  
	
  Plaintiffs,

  	
   

  	
  :

  	
   

  	
   

  
	
   

  	
   

  	
  :

  	
   

  	
   

  
	
  v.

  	
   

  	
  :

  	
   

  	
   

  
	
   

  	
   

  	
  :

  	
   

  	
   

  
	
  FRESENIUS MEDICAL CARE

  	
   

  	
  :

  	
   

  	
   

  
	
  HOLDINGS, INC. and

  	
   

  	
  :

  	
   

  	
   

  
	
  NATIONAL MEDICAL CARE,

  	
   

  	
  :

  	
   

  	
   

  
	
  INC.,

  	
   

  	
  :

  	
   

  	
   

  
	
   

  	
   

  	
  :

  	
   

  	
   

  
	
  Defendants.

  	
   

  	
  :

  	
   

  	
   

  

 

 

 

1

 

This 27th day of
November 2002, counsel for defendant Sealed Air Corporation and Cryovac, Inc.,
Fresenius Medical Holdings, Inc., and National Medical Care, Inc., and counsel
for the plaintiffs the Official Committee of Asbestos Personal Injury Claimants
and the Official Committee of Asbestos Property Damage Claimants in the above
captioned chapter 11 case, appeared before the Court and affirmed that the
parties had reached an amicable resolution of the disputes that are the subject
of the above-captioned adversary proceedings and that they had agreed and bound
their parties to the terms reflected in the term sheets attached hereto.  This settlement and this acknowledgement by
the Court is without prejudice to any objection that may be raised to a motion
for approval of the settlement by this Court pursuant to the United States
Bankruptcy Code and the Federal Rules of Bankruptcy Procedure.

 

 

	
   

  	
   

  	
  /s/ Alfred M. Wolin

  
	
   

  	
   

  	
  Alfred M. Wolin, U.S.D.J.

  
	
   

  	
   

  	
   

  
	
  Signed and agreed to by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Sheila L. Birnbaum

  	
   

  	
  Sheila L. Birnbaum

  	
   

  	
   

  
	
  For Sealed Air Corporation
  and Cryovac, Inc.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
					

 

 

2

 

	
  /s/ David Rosenbloom

  	
   

  	
  David Rosenbloom

  	
   

  
	
  For Fresenius Medical
  Holdings, Inc. and National Medical Care, Inc.

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Peter Van N. Lockwood

  	
   

  	
  Peter Van N. Lockwood

  	
   

  
	
  For the Official Committee
  of Asbestos Personal Injury Claimants

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Scott L. Baena

  	
   

  	
  Scott L. Baena

  	
   

  
	
  For the Official Committee
  of Asbestos Property Damage Claimants

  

 

 

 

3

 

TERM
SHEET

 

 

                (Fresenius
Term Sheet omitted.)

 

 

 

 

4

 

Term
Sheet

 

(1)           Economic Terms

 

(a)                                   9 million
shares of Sealed Air stock, subject to appropriate anti-dilution protection
until such time as the shares are issued

 

(b)                                  The sum of
$512.5 million together with interest thereon from 12/21/02 at the rate of 5.5%
per annum.  The payment under this
paragraph must be made in full at the effective date of the Grace plan of
reorganization.

 

(c)                                   Full protection
of Sealed Air against any claims by Fresenius against Sealed Air for any tax
liabilities or for any asbestos liabilities, including past and future
attorneys fees or litigation costs related thereto, whether asserted by way of
fraudulent conveyance, successor liability, or otherwise.

 

(d)                                  Sealed Air will
not seek indemnity for payments made under this agreement

 

(2)                                    Non-economic terms

 

(a)           Restrictions on resale of Sealed Air stock for two
years from the issuance consistent with Rule 144 under the Securities Act of
1933, provided that during the initial two-year period, the holders of the
stock will have (i) piggyback registration rights, except that there will be no
piggyback registration rights on a Form S-8 registration statement and (ii) one
demand registration right in the aggregate provided further that Sealed Air may
defer such registration for any period that it is advised by counsel that
registration would then be inappropriate in light of the securities laws

 

(b)          The Committees will undertake to use best efforts to
structure settlement to achieve favorable tax treatment for settlement

 

(c)           This agreement is subject to Sealed Air and its
affiliates, subsidiaries, officers, directors et alia
receiving the full benefit of 11 U.S.C. §§ 524 (g) and 105

 

(d)          This agreement is subject to the approval of Sealed
Air’s Board and the Personal and Property Damage Committees (which will be
sought by the respective parties no later than December 6, 2002), and to the
execution of a definitive agreement reflecting the terms set forth herein.

 

 

5

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