EXHIBIT 10.2 SECOND AMENDMENT TO GLOBAL REVOLVING CREDIT AGREEMENT (364-DAY) The Second Amendment to Global Revolving Credit Agreement (364-Day) (the "Amendment") dated as of June 2, 1999 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 (which was formerly known as W. R. Grace & Co.) 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 (364-Day) dated as of March 30, 1998 (as amended and extended, the "Credit Agreement"); and WHEREAS, the parties hereto desire to further amend the Credit Agreement as provided herein; NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree that the Credit Agreement shall be and hereby is amended as follows: 1. Section 8.04 of the Credit Agreement is hereby amended by: (a) deleting the word "and" at the end of clause (g) thereof; (b) adding a new clause (h) reading in its entirety as follows: "(h) Indebtedness of Foreign Subsidiaries denominated in Euros in an aggregate principal mount at any time outstanding not exceeding Euro 250,000,000; and" and (c) re-lettering clause (h) as clause (i). 2. This Amendment shall become effective on the date the Administrative Agent shall have received counterparts hereof executed by the Borrowers 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). 3.1. To induce the Administrative Agent and the Banks to enter into this Amendment, 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, as amended by this Amendment (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 Amendment, no Default exists; (c) this Amendment has been duly authorized by all necessary corporate proceedings and duly executed and delivered by each Borrower and each Guarantor, and the Credit Agreement, as amended by this Amendment, 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 legal and valid execution and delivery or performance by any Borrower or any Guarantor of this Amendment or the performance by any Borrower or any Guarantor of the Credit Agreement, as amended by this Amendment, or any other Credit Document to which they are party. 3.2. This Amendment 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 Amendment. 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 Amendment 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. This Amendment 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. IN WITNESS WHEREOF, the parties hereto have caused this Amendment 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 ------------------------------------ Name: William V. Hickey Title: President SEALED AIR CORPORATION (US), as Borrower and Guarantor By /s/ William V. Hickey ------------------------------------ Name: William V. Hickey Title: President CRYOVAC, INC., as Borrower and Guarantor By /s/ William V. Hickey ------------------------------------ Name: William V. Hickey Title: Vice President By /s/ H. Katherine White ------------------------------------ Name: H. Katherine White Title: Vice President CRYOVAC UK LIMITED, as Borrower By /s/ Daniel S. Van Riper ------------------------------------ Name: Daniel S. Van Riper Title: Director CRYOVAC AG, as Borrower By /s/ Daniel Costhesy ------------------------------------ Name: Daniel Costhesy Title: Financial Director CRYOVAC S.p.A., as Borrower By /s/ Colin D. Parnell ------------------------------------ Name: Colin D. Parnell Title: Managing Director CRYOVAC AUSTRALIA PTY. LIMITED, as Borrower By /s/ H. Katherine White ------------------------------------ Name: H. Katherine White Title: Director SEALED AIR S.A., as Borrower By /s/ Stephen Froelich ------------------------------------ Name: Stephen Froelich Title: Managing Director SEALED AIR LIMITED, as Borrower By /s/ William V. Hickey ------------------------------------ Name: William V. Hickey Title: Director CRYOVAC VERPACKUNGEN GmbH, as Borrower By /s/ Hans-Otto Bosse ------------------------------------ Name: Hans-Otto Bosse Title: Managing Director SEALED AIR (CANADA) INC., as borrower By /s/ Andrea Schmidt ------------------------------------ name: Andrea Schmidt Title: Director SEALED AIR (NZ) LIMITED, as Borrower By /s/ H. Katherine White ------------------------------------ Name: H. Katherine White Title: Director CRYOVAC (NEW ZEALAND) LIMITED, as Borrower By /s/ H. Katherine White ------------------------------------ Name: H. Katherine White Title: Director SEALED AIR AUSTRALIA PTY LIMITED, as Borrower By /s/ H. Katherine White ------------------------------------ Name: H. Katherine White Title: Director SEALED AIR B.V., as Borrower By /s/ H. Katherine White ------------------------------------ Name: H. Katherine White Title: Director ABN AMRO BANK N.V., individually and as Administrative Agent By /s/ Pauline Mc Hush ------------------------------------ Name: Pauline Mc Hush Title: Vice President By /s/ John Deegan ------------------------------------ Name: John Deegan Title: Group V.P. BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION By /s/ Deborah J. Graziano ------------------------------------ Name: Deborah J. Graziano Title: Vice president BANKERS TRUST COMPANY By /s/ Gregory Shefrin ------------------------------------ Name: Gregory Shefrin Title: Principal CITIBANK, N.A. By /s/ William G. Martins ------------------------------------ Name: William G. Martins Title: Vice President COMMERZBANK AG, NEW YORK BRANCH By /s/ Fobert Donohue ------------------------------------ Name: Robert Donohue Title: Senior Vice President By /s/ Peter Doyle ------------------------------------ Name: Peter Doyle Title: Assistant Vice President CREDIT LYONNAIS NEW YORK BRANCH By /s/ Vladimir Labun ------------------------------------ Name: Valdimir Labun Title: First Vice President -- Manager FLEET NATIONAL BANK By /s/ Christopher W. Criswell ------------------------------------ Name: Christopher W. Criswell Title: Senior Vice President SUMMIT BANK By /s/ Thomas Browen ------------------------------------ Name: Thomas Browen Title: Assistant Treasurer TORONTO DOMINION (TEXAS) INC. By /s/ Carol Brandt ------------------------------------ Name: Carol Brandt Title: Vice President BANCA DI ROMA By /s/ Stephen Paley ------------------------------------ Name: Stephen Paley Title: Vice President By /s/ Nicola Dell 'edera ------------------------------------ Name: Nicola Dell 'Edera Title: Assistant Treasurer THE BANK OF NEW YORK By /s/ Ernest Fund ------------------------------------ Name: Ernest Func Title: Vice President COMPAGNIE FINANCIERE DE CIC ET DE L'UNION EUROPEENNE By /s/ Martha Skimore ------------------------------------ Name: Martha Skimore Title: Vice President By /s/ Albert Calo ------------------------------------ Name: Albert Calo Title: Vice President THE FIRST NATIONAL BANK OF CHICAGO By /s/ Jeff Lubatkin ------------------------------------ Name: Jeff Lubatkin Title: Vice President FIRST UNION NATIONAL BANK By /s/ Peter Mace ------------------------------------ Name: Peter Mace Title: Senior Vice President HSBC BANK USA By /s/ Diane M. Zieske ------------------------------------ Name: Diane M Sieske Title: Assistant Vice President WACHOVIA BANK N.A. By /s/ M. Eugene Wood III ------------------------------------ Name: M. Eugene Wood III Title: Senior Vice President THE NORTHERN TRUST COMPANY By /s/ Mark E. Taylor ------------------------------------ Name: Mark E. Taylor Title: Second Vice President THE BANK OF TOKYO-MITSUBISHI, LTD. By /s/ William D. Nicola ------------------------------------ Name: William D. Nicola Title: Attorney-in-Fact BANQUE NATIONALE DE PARIS By /s/ Richard L. Sted ------------------------------------ Name: Richard L. Sted Title: Senior Vice President By /s/ Richard Pade ------------------------------------ Name: Richard Pade Title: Vice President Corporate Banking Division CARIPLO-CASSA DI RISPARMIO DELLE PROVINCIE LOMBARDE SPA By /s/ Anthony F. Giobbi ------------------------------------ Name: Anthony F. Giobbi Title: First Vice President By /s/ Maria Elana Greene ------------------------------------ Name: Maria Elana Greene Title: Assistant Vice President UNI CREDITO ITALIANO S.p.A. By /s/ Gianscranco Bisagni ------------------------------------ Name: Giascranco Bisagni Title: First Vice President By /s/ Sayed Abbas ------------------------------------ Name: Sayed Abbas Title: First Vice President KBC BANK N.V. By /s/ Robert Snauffer ------------------------------------ Name: Robert Snauffer Title: First Vice President By /s/ Robert M. Surinam, Jr. ------------------------------------ Name: Robert M. Surinam, Jr. Title: Vice President MELLON BANK, N.A. By /s/ Maria Sisto ------------------------------------ Name: Maria Sisto Title: Assistant Vice President BANCA MONTE DEI PASCHI DI SIENA, S.p.A. By /s/ G. Natalicchi ------------------------------------ Name: G. Natalicchi Title: Senior Vice President and General Manager By /s Brian R. Landy ------------------------------------ Name: Brian R. Landy Title: Vice President NORDDEUTSCHE LANDESBANK GIROZENTRALE By /s/ Stephen K. Hunter ------------------------------------ Name: Stephen K. Hunter Title: Senior Vice President By /s/ Josef Haas ------------------------------------ Name: Josef Haas Title: Vice President SUNTRUST BANK, ATLANTA By /s/ Ronald E. Alston ------------------------------------ Name: Ronald E. Alston Title: Vice President ISTITUTO BANCARIO SAN PAOLO DI TORINO ISTITUTO MOBILIARE ITALIANO S.p.A. By /s/ Luca Sacchi ------------------------------------ Name: Luca Sacchi Title: Vice President By /s/ Carlos Pensico ------------------------------------ Name: Carlos Pensico Title: First Vice President CREDIT AGRICOLE INDOSUEZ By /s/ Craig Welco ------------------------------------ Name: Craig Welch Title: First Vice President By /s/ Sarah McClintock ------------------------------------ Name: Sarah McClintock Title: Vice President BANCA COMMERCIALE ITALIANA NEW YORK BRANCH By /s/ Charles Dougherty ------------------------------------ Name: C. Dougherty Title: Vice President By /s/ Joseph Carlani ------------------------------------ Name: Joseph Varlani Title: Vice President