Document:

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                                                                   EXHIBIT 10.5

<Page>

                                                                  CONFORMED COPY

                           MESSER GRIESHEIM HOLDING AG
                                    AS LENDER

                                       AND

                              MESSER GRIESHEIM GMBH
                                   AS BORROWER

   ---------------------------------------------------------------------------
                       HIGH YIELD PROCEEDS LOAN AGREEMENT
   ---------------------------------------------------------------------------

   NOTE: THIS AGREEMENT IS SUBJECT TO THE TERMS OF A HIGH YIELD SUBORDINATION
                                    AGREEMENT

NOTE: ALL PAYMENT CLAIMS DUE TO THE LENDER UNDER THIS AGREEMENT HAVE BEEN
ASSIGNED TO THE TRUSTEE IN RESPECT OF THE HIGH YIELD NOTES (AS THOSE TERMS ARE
DEFINED HEREIN) PURSUANT TO AN ASSIGNMENT AGREEMENT DATED ON OR ABOUT THE DATE
HEREOF.

                                       -1-

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                                    CONTENTS

CLAUSE                                                                    PAGE

ERROR! NO TABLE OF CONTENTS ENTRIES FOUND.

<Page>

THIS AGREEMENT is made on the 16th day of May 2001

BETWEEN

1.       MESSER GRIESHEIM HOLDING AG, a stock corporation (AKTIENGESELLSCHAFT)
         organised under the laws of the Federal Republic of Germany, which is
         registered in the commercial register of the local court (AMTSGERICHT)
         Frankfurt am Main under HRB 42291 (the "LENDER"); and

(1)      MESSER GRIESHEIM GMBH, a limited liability company organised under the
         laws of the Federal Republic of Germany, having its business address at
         Frankfurt Airport Center 1, C-9, 60547 Frankfurt am Main, Germany which
         is registered in the commercial register of the local court
         (AMTSGERICHT) of Frankfurt am Main under HRB 7812 or, during the Debtco
         Structure Period, Debtco (the "BORROWER").

WHEREAS:

(A)      Pursuant to a mezzanine loan agreement dated 28 April 2001 between,
         INTER ALIA, Cornelia Verwaltungsgesellschaft mbH, Goldman Sachs
         International as co-ordinating bank (the "MEZZANINE CO-ORDINATING
         BANK"), Goldman Sachs International, Bayerische Hypo-und Vereinsbank AG
         and The Royal Bank of Scotland plc as mezzanine joint lead arrangers
         (the "MEZZANINE ARRANGERS"), HypoVereinsbank Luxembourg Societe Anonyme
         as mezzanine agent (the "MEZZANINE AGENT") and Chase Manhattan
         International Limited as security trustee and certain banks and
         financial institutions (the "MEZZANINE LENDERS") and others (as
         amended, varied, novated, supplemented, superseded, increased or
         extended from time to time, the "MEZZANINE FACILITY AGREEMENT"), the
         Mezzanine Lenders have agreed to grant certain facilities to those
         persons who become borrowers under the Mezzanine Facility Agreement
         (the "MEZZANINE BORROWERS") and the Mezzanine Borrowers together with
         those persons who become guarantors under the Mezzanine Facility
         Agreement (the "MEZZANINE GUARANTORS") are the "MEZZANINE OBLIGORS".

(B)      By an indenture (the "INDENTURE") dated as of May 16, 2001 and made
         between the Lender as issuer and The Bank of New York as trustee, the
         Lender constituted up to EUR 550,000,000 of its senior notes due 2011
         (the "HIGH YIELD NOTES", which term shall include any Exchange Notes
         and Additional Notes, in each case as defined in the Indenture). The
         gross proceeds of the High Yield Notes are lent to the Borrower
         pursuant to this Agreement in order to allow the Borrower to prepay in
         full the Outstandings (as defined in the Mezzanine Facility Agreement)
         and to allow the Borrower to prepay EUR 60,000,000 principal amount of
         the Term A Facility and EUR 55,000,000 principal amount of the Term C
         Euro Facility (each as defined in the Senior Credit Agreement).

                                      -3-

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1.       DEFINITIONS AND LANGUAGE

1.1      In this Agreement:

         "HIGH YIELD DOCUMENTS" has the meaning given to that term in the Senior
          Credit Agreement.

         "HIGH YIELD SUBORDINATION AGREEMENT" means the subordination agreement
         dated on or about the date hereof between the Lender as subordinated
         lender and the Borrower as company by which any payment claims of the
         Lender arising under this Agreement are subordinated to the claims of
         the Finance Parties (as defined in the Senior Credit Agreement) under,
         pursuant to or otherwise in connection with any of the Finance
         Documents (as defined in the Senior Credit Agreement).

         "PAYMENT INSTRUCTIONS" means the instruction letter dated the date of
         this Agreement and annexed hereto as Annex A, from the Borrower to the
         Lender relating to the payment of certain amounts of the Loan, as
         specified therein.

         "SENIOR CREDIT AGREEMENT" means the senior multi-currency term and
         revolving facilities agreement dated 28 April 2001 between, INTER ALIA,
         Cornelia Verwaltungsgesellschaft mbH, Goldman Sachs International as
         co-ordinating bank, Goldman Sachs International, Bayerische Hypo- und
         Vereinsbank AG, J.P. Morgan plc and The Royal Bank of Scotland plc as
         joint lead arrangers, Chase Manhattan International Limited as agent
         and as security trustee and certain banks and financial institutions
         and others (as amended, varied, novated, supplemented, superseded or
         extended from time to time).

1.2      Terms used but not otherwise defined herein shall have the meaning
         ascribed thereto in the Senior Credit Agreement or the High Yield
         Subordination Agreement.

2.       LOAN PRINCIPAL AND DRAWDOWN

         The Lender shall, on the date of this Agreement, advance to the
         Borrower upon the terms hereof a loan in the amount of EUR 550,000,000
         (in words: Euro five hundred and fifty million) (the "LOAN"). The Loan
         shall be made available by the Lender to the Borrower for value on the
         date of this Agreement to such accounts as specified in the Payment
         Instructions.

3.       TERM OF THE LOAN

3.1      Subject to Clause 5, the Loan shall be repaid in one sum five Business
         Days prior to June 1, 2011 (the "REPAYMENT DATE").

3.2      Subject to Clause 5, the Borrower shall procure that an amount equal to
         the aggregate principal amount of any High Yield Notes required to be
         repurchased, redeemed or

                                      -4-

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         repaid (whether at maturity, upon acceleration or otherwise or at the
         option of the Lender or otherwise) in accordance with the terms and
         conditions thereof shall be paid by the Borrower in prepayment of the
         Loan together with all other amounts (including, without limitation,
         interest) relating to the aggregate principal amount of such High Yield
         Notes owing by the Borrower. Any prepayment required to be made under
         this Clause 3.2 shall be made no earlier than five Business Days prior
         to the date upon which the Lender is required (or, as the case may be,
         wishes) to make such repurchase, redemption or repayment and the Lender
         hereby undertakes to notify the Borrower of such repurchase, redemption
         or repayment as soon as reasonably practicable after the date upon
         which it becomes aware of such repurchase, redemption or repayment.

3.3      The Borrower may not prepay or repay any or all of the Loan save as set
         forth in this Clause 3.

4.       INTEREST

4.1      The Loan shall accrue interest at a rate of 10.375% per annum
         (calculated on the basis of a 360-day year of twelve 30-day months);
         provided, however, that such rate shall be adjusted if and to the
         extent necessary to match any additional interest accruing on the High
         Yield Notes in respect of additional amounts payable under applicable
         tax gross-up provisions of the High Yield Notes and any special
         interest payable in the event of a registration default in respect of
         the High Yield Notes.

4.2      Subject to Clause 5, interest will be payable semi-annually in arrears
         no earlier than five Business Days prior to June 1 and December 1 of
         each year.

4.3      Payment of interest which has accrued but cannot be paid by reason of
         any restriction under Clause 5 below, shall be deferred as set out in
         Clause 5.2 below until the first date thereafter on which such payment
         is not so restricted, at which date it shall be due for payment.

5.       RESTRICTION ON PAYMENTS

5.1      Until the Discharge Date and notwithstanding any other provision of
         this Agreement, this Loan shall be subject to the terms of the High
         Yield Subordination Agreement, in particular neither the Lender nor the
         Borrower shall be entitled to make, receive or request any payment
         under this Agreement except as permitted in each case under the Senior
         Credit Agreement and the High Yield Subordination Agreement.

5.2      Subject to the second sentence of this Clause 5.2, any payment (whether
         principal, interest or otherwise) which would be due but cannot be paid
         by reason of Clause 5.1 shall be deferred (EINREDE DER STUNDUNG) until
         the first date thereafter on which such payment is not restricted under
         Clause 5.1, at which date it shall be due for payment.

                                      -5-

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         After the end of any Standstill Period (as defined in the High Yield
         Subordination Agreement), such payment shall cease to be so deferred in
         relation to an amount due and owing under this Agreement equal to the
         lesser of (i) the then outstanding amount due and owing under this
         Agreement and (ii) EUR 2,500,000, it being understood that any payment
         restrictions set out in the High Yield Subordination Agreement shall
         apply to such amount notwithstanding such exemption from the deferral.

6.       MISCELLANEOUS

6.1.1    The Borrower shall promptly indemnify the Lender against any reasonable
         cost or expense incurred by the Lender (A) in order to meet its
         obligations to pay (i) fees, (ii) costs and expenses relating to the
         offering, sale and exchange, financial reporting, listing, SEC
         registration and reporting and ongoing administration under any
         agreement related to the High Yield Notes, (iii) audit fees, (iv) legal
         expenses, (v) management fees and other expenses, or (B) in order to
         pay any other proper and necessary incidental expenses and other
         payments to enable the Lender to meet its obligations for the payment
         of administrative costs under any registration rights agreement and the
         purchase agreement, both entered into or to be entered into by the
         Lender in relation to the High Yield Notes, the Indenture and a paying
         agency agreement to be entered into by the Lender and a certain paying
         agent, in connection with the High Yield Notes.

6.1.2    The Borrower shall have the right to discharge the indemnity under this
         Clause 6.1 by directing the Lender in writing to pay (or direct the
         payment of) any such aforementioned costs and expenses directly or
         indirectly out of the proceeds of issue of the High Yield Notes
         (including, but without limitation, through the giving of Payment
         Instructions).

6.1.3    For the avoidance of doubt, the Borrower is not obliged under this
         Clause 6.1 to indemnify the Lender for any cost, expense or other
         payment either of, or relating to, interest or principal under the High
         Yield Notes.

6.2      Each of the parties hereby agrees not to amend, modify, release, cancel
         or waive any term of this High Yield Proceeds Loan Agreement without
         the prior written consent of the Trustee (acting in accordance with
         instructions from a majority of beneficial owners of the Notes), except
         as expressively provided for in the High Yield Subordination Agreement.

6.3      This Agreement shall be governed by and construed in accordance with
         German Law.

6.4      Exclusive place of jurisdiction for any disputes arising from or in
         connection with this Agreement shall be Frankfurt am Main.

                                        -6-

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6.5      All amendments to this Agreement or any waiver with regard to this
         Agreement (including this Clause 6.5) shall be made in writing.

6.6      If, at any time, one or more provisions hereof is or become invalid,
         illegal or unenforceable in any respect under the laws of any
         jurisdiction, such provision shall, as to such jurisdiction, be
         ineffective to the extent necessary without affecting or impairing the
         validity, legality and enforceability of the provisions hereof or of
         such provision in any other jurisdiction. The parties agree that such
         illegal, invalid or unenforceable provision shall be deemed replaced by
         such provision which comes as close as possible to the purpose of this
         Agreement.

------------------------                    ------------------------
Place, Date                                 Place, Date

------------------------                    ------------------------
MESSER GRIESHEIM HOLDING AG                 MESSER GRIESHEIM GMBH

Clause 6.2 is acknowledged and agreed as of 16 May 2001:

By:      ________________________________
         The Bank of New York
         as Trustee

THIS AGREEMENT has been executed by the parties the day and year first above
written.

                                      -7-

<Page>

                                                                [ANNEX A TO THE

                                                            HIGH YIELD PROCEEDS

                                                                LOAN AGREEMENT]

                              MESSER GRIESHEIM GMBH

                         Frankfurt Airport Center 1, C9

                            D-60547 Frankfurt am Main

                                     Germany

                                                                    May 16, 2001

MESSER GRIESHEIM HOLDING AG

Frankfurt Airport Center 1, C9

D-60547 Frankfurt am Main

Germany

Re:  PAYMENT INSTRUCTIONS

Ladies and Gentlemen:

                  We refer to the high yield proceeds loan agreement dated 16
May 2001 (the "HIGH YIELD PROCEEDS LOAN AGREEMENT"), between Messer Griesheim
Holding AG and Messer Griesheim GmbH and the Purchase Agreement dated 11 May
2001 (the "PURCHASE AGREEMENT"), between Messer Griesheim Holding AG and
Goldman Sachs International, as representative of the several purchasers
named therein. Capitalized terms used and not otherwise defined herein shall
have the meanings ascribed thereto in the High Yield Proceeds Loan Agreement.

                  With regard to Section 2 of the High Yield Proceeds Loan
Agreement, we hereby instruct you to advance the Loan on the date hereof
according to the following instructions:

                                      -8-

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<Table>
<Caption>

---------------------------------------------- -------------------------------- --------------------------------------
Payee                                          Amount                           Payment details
---------------------------------------------- -------------------------------- --------------------------------------
<S>                                           <C>                              <C>
Chase Manhattan International Limited (as      E115,271,552.06                  Swift Code:  CHASDEFX
agent for the lenders under the Senior                                          Chase Manhattan International Ltd,
Facilities Agreement)                                                           Frankfurt
                                                                                A/C 6001600037
                                                                                Favour:  Chase Manhattan
                                                                                International Ltd, London
                                                                                Swift Code:  CHASGB22
HypoVereinsbank, Luxembourg S.A. (as agent
for the lenders under the Mezzanine Facility   E401,579,333.33                  Swift Code:  HYVEDEMM
Agreement)                                                                      HypoVereinsbank Munich
                                                                                A/C 68104360
                                                                                For:  HypoVereinsbank, Luxembourg
                                                                                Swift Code:  HYVELULL
                                                                                Reference FKA-SFB

Goldman Sachs International (as                                                 Swift Code:  BOFAGB22
representative of the several Purchasers       E14,375,000                      Bank of America N.A. London
named in Schedule I to the Purchase                                             A/C 16383028
Agreement in respect of our obligations                                         Acct:  Goldman Sachs International
under Clause 6.1 of the High Yield Proceeds                                     Ref:  Messer Gresheim Mezz
Loan Agreement)                                                                 Refinancing Fees

                                                                                Swift Code:  DEUTDEFF
Messer Griesheim GmbH                          E18,774,114.61                   Deutsche Bank
                                                                                A/C 0944488

---------------------------------------------- -------------------------------- --------------------------------------
</Table>

                                            [signature pages follow]

                                       -9-

<Page>

                                            Very truly yours,

                                            MESSER GRIESHEIM GMBH

                                            By:

                                            Name: Dr. Klaus-Jurgen Schmieder

                                            Title:   Chief Executive Officer

                                       -10-

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MESSER  GRIESHEIM HOLDING AG

ON BEHALF OF ALL MEMBERS OF THE MANAGEMENT BOARD
PURSUANT TO A RESOLUTION UNDER SECTION 78 IV 1 AKTG DATED MAY 11, 2001

By:        /s/ DR. KLAUS-JURGEN SCHMIEDER
Name:      Dr. Klaus-Jurgen Schmieder
Title:     Member of the Management Board

Address:     Frankfurt Airport Center 1, C9
             D-60547 Frankfurt am Main
             Germany

Fax:         +49 69 508 205

Attention:   Vorstand

MESSER GRIESHEIM GMBH

By:      /s/

By:      /s/ S MESSER

Address:     Frankfurt Airport Center 1, C9
             D-60547 Frankfurt am Main
             Germany

Fax:         +49 69 508 205

Attention:   Geschaftsfuhrung

Clauses 3.4, 4.5, 6 (ii), 9, 10, 11, 12 and 13 are acknowledged and agreed as of
16 May 2001:

By:      /s/ SUNJEEVE PATEL
         The Bank of New York
         as Trustee

                                      -11-<Page>

                                                                    EXHIBIT 10.6

<Page>

                                                                  CONFORMED COPY

                           MESSER GRIESHEIM HOLDING AG
                             AS SUBORDINATED LENDER

                              MESSER GRIESHEIM GMBH
                                   AS COMPANY

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

                       HIGH YIELD SUBORDINATION AGREEMENT

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

<Page>

                                    CONTENTS

<Table>
<Caption>

CLAUSE                                                                      PAGE
<S>                                                                        <C>

1.       Interpretation........................................................2

2.       Subordination (RANGRUCKTRITT) of Subordinated Liabilities.............6

3.       Covenants of the Subordinated Creditors...............................7

4.       Permitted Payments....................................................7

5.       Enforcement...........................................................8

6.       Waiver................................................................9

7.       Other Security and Dealings...........................................9

8.       Benefit of the Agreement.............................................10

9.       Notices, Amendments, Waiver..........................................10

10.      Counterparts.........................................................10

11.      Partial Invalidity; Waiver...........................................11

12.      Law..................................................................11

13.      Jurisdiction.........................................................11

</Table>

<Page>

SUBORDINATION AGREEMENT is made the 16th day of May 2001

BETWEEN:

(1)      MESSER GRIESHEIM HOLDING AG, a stock corporation (AKTIENGESELLSCHAFT)
         organised under the laws of the Federal Republic of Germany, which is
         registered in the commercial register of the local court (AMTSGERICHT)
         of Frankfurt am Main under HRB 42291 (the "SUBORDINATED LENDER"); and

(2)      MESSER GRIESHEIM GMBH, a limited liability company organised under the
         laws of the Federal Republic of Germany, having its business address at
         Frankfurt Airport Center 1, C9, 60547 Frankfurt am Main, Germany, which
         is registered in the commercial register (HANDELSREGISTER) of the local
         court (AMTSGERICHT) of Frankfurt under HRB 7812 (the "COMPANY").

WHEREAS:

(A)      Pursuant to a senior multi-currency term and revolving facilities
         agreement dated 28 April 2001 between, INTER ALIA, Cornelia
         Verwaltungsgesellschaft mbH, Goldman Sachs International as
         co-ordinating bank (the "CO-ORDINATING BANK"), Goldman Sachs
         International, Bayerische Hypo-und Vereinsbank AG, J.P. Morgan plc and
         The Royal Bank of Scotland plc as joint lead arrangers (the "SENIOR
         ARRANGERS"), Chase Manhattan International Limited as senior agent and
         as security trustee, and certain banks and financial institutions (the
         "LENDERS") and others (as amended, varied, novated, supplemented,
         superseded, increased or extended from time to time the "SENIOR CREDIT
         AGREEMENT"), the Lenders have agreed to grant certain facilities to
         those persons who become borrowers under the Senior Credit Agreement
         (the "SENIOR BORROWERS") and the Senior Borrowers together with those
         persons who become guarantors under the Senior Credit Agreement (the
         "SENIOR GUARANTORS") are the "OBLIGORS" and each an "OBLIGOR".

(B)      Pursuant to a mezzanine loan agreement dated 28 April 2001 between,
         INTER ALIA, Cornelia Verwaltungsgesellschaft mbH, Goldman Sachs
         International as co-ordinating bank (the "MEZZANINE CO-ORDINATING
         BANK"), Goldman Sachs International, Bayerische Hypo-und Vereinsbank AG
         and The Royal Bank of Scotland plc as mezzanine joint lead arrangers
         (the "MEZZANINE ARRANGERS"), HypoVereinsbank Luxembourg Societe Anonyme
         as mezzanine agent (the "MEZZANINE AGENT") and Chase Manhattan
         International Limited as security trustee and certain banks and
         financial institutions (the "MEZZANINE LENDERS") and others (as
         amended, varied, novated, supplemented, superseded, increased or
         extended from time to time, the "MEZZANINE FACILITY AGREEMENT"), the
         Mezzanine Lenders have agreed to grant certain facilities to those
         persons who become borrowers under the Mezzanine Facility Agreement
         (the "MEZZANINE

                                       -1-

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         BORROWERS") and the Mezzanine Borrowers together with those persons
         who become guarantors under the Mezzanine Facility Agreement (the
         "MEZZANINE GUARANTORS") are the "MEZZANINE OBLIGORS".

(C)      Pursuant to an intercreditor deed dated 28 April 2001 and entered into
         between, INTER ALIA, the Lenders, the Mezzanine Lenders and the Company
         (as amended, varied, novated, supplemented, superseded, increased or
         extended from time to time the "INTERCREDITOR DEED"), the Mezzanine
         Outstandings (as defined below) have been subordinated behind claims of
         the Lenders under the Finance Documents (as defined below) as set out
         therein.

(D)      By an indenture (the "INDENTURE") dated as of May 16, 2001 and made
         between the Subordinated Lender as issuer and The Bank of New York as
         trustee, the Subordinated Lender constituted up to EUR 550,000,000 of
         its senior notes due 2011 (the "HIGH YIELD NOTES", which term shall
         include any Exchange Notes and Additional Notes, in each case as
         defined in the Indenture), the gross proceeds of which are to be lent
         to the Borrower pursuant to the High Yield Proceeds Loan Agreement (as
         defined below) in order to allow the Borrower to prepay in full the
         Mezzanine Outstandings (as defined below) and EUR 60,000,000 principal
         amount of the Term A Facility and EUR 55,000,000 principal amount of
         the Term C Euro Facility (each as defined in the Senior Credit
         Agreement).

(E)      The Subordinated Lender has entered into a subordinated loan agreement
         dated the same date as this Agreement with the Company (as amended,
         novated, supplemented, superseded or extended from time to time the
         "HIGH YIELD PROCEEDS LOAN AGREEMENT") in the form attached hereto as
         Schedule 1 (FORM OF HIGH YIELD PROCEEDS LOAN).

(F)      It has been agreed between the parties hereto that any payment claims
         of the Subordinated Lender against the Company in relation to the High
         Yield Proceeds Loan Agreement shall be regulated and/or subordinated in
         the manner set out herein.

NOW IT IS HEREBY AGREED as follows:

1.       INTERPRETATION

1.1      In this Agreement:

         "ANCILLARY LIABILITIES" in relation to any of the Subordinated
         Liabilities and the Liabilities means:

         (a)      any refinancing, novation (not being a transfer permitted by
                  any Finance Document), refunding, deferral or permitted
                  extension of any of the Subordinated Liabilities or the
                  Liabilities;

                                        -2-

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         (b)      any permitted further advance which may be made under any
                  agreement supplemental to any relevant facilities agreement
                  relating to the Subordinated Liabilities or the Liabilities
                  plus all interest, fees and costs in connection therewith;

         (c)      any claim against any Obligor flowing from any recovery by an
                  Obligor of a payment or discharge in respect of the
                  Subordinated Liabilities or the Liabilities on the grounds of
                  preference or otherwise; and

         (d)      any amounts (such as post-insolvency interest) which would be
                  included in any of the above but for any discharge,
                  non-provability, unenforceability or non-allowability of the
                  same in any insolvency or other proceedings.

         "ASSIGNMENT AGREEMENT" means the assignment agreement
         (SICHERUNGSABTRETUNG) dated on or about the date hereof between the
         Subordinated Lender as assignor and the Trustee as assignee.

         "BENEFICIARIES" means the Finance Parties.

         "DISCHARGE DATE" means the date on which all Liabilities have been
         fully paid and discharged to the satisfaction of the Security Trustee
         (acting reasonably), whether or not as a result of an enforcement.

         "HIGH YIELD PAYMENT DEFAULT" means a payment default under the High
         Yield Documents, relating to principal, premium, interest or otherwise,
         which is continuing. For clarification purposes, this does not include
         a cross-default under the High Yield Documents due to a non-payment of
         other debt.

         "HIGH YIELD PAYMENT DEFAULT DATE" means the date on which a High Yield
         Payment Default has occurred.

         "INSOLVENCY EVENT" means:

         (a)      the appointment of an insolvency administrator in respect of
                  the Company or any of its assets:

         (b)      the shareholders of the Company pass a resolution for its
                  dissolution, liquidation or winding up; or

         (c)      the Company having commenced negotiations with its third-party
                  creditors with a view to rescheduling or restructuring its
                  indebtedness VIS-A-VIS such third party creditors (in whole or
                  in part) by reason of its inability to meet payments of all
                  such indebtedness on its due date for payment.

                                       -3-

<Page>

         "LIABILITIES" means all present and future sums, liabilities and
         obligations payable or owing by any Obligor to any of the Beneficiaries
         (whether contractual or by operation of law) under, pursuant to or
         otherwise in connection with the Finance Documents together with all
         Ancillary Liabilities relating thereto.

         "MAJORITY BENEFICIARIES" means Majority Lenders as defined in the
         Senior Credit Agreement.

         "PAYMENT BLOCKAGE PERIOD" means the period for which the Security
         Trustee has issued a blockage notice to the Company (copied to the
         Subordinated Lender and to the Trustee) specifying that no payments may
         be made in respect of the Subordinated Liabilities for a specific
         period as a result of the occurrence of an Event of Default, PROVIDED
         THAT:

         (a)      such blockage shall only last whilst such Event of Default is
                  continuing;

         (b)      such blockage will last for no longer than 179 days from the
                  date such notice was served;

         (c)      there can be no more than one such blockage notice served in
                  any period of 365 days; and

         (d)      no Event of Default that existed when a blockage notice was
                  given can be the basis of a subsequent blockage notice.

         "PERMITTED PAYMENTS" means (i) interest payments under the High Yield
         Proceeds Loan at a rate no greater than the cash interest rate under
         the High Yield Notes (including, without limitation, after giving
         effect to any additional amounts payable under applicable tax gross-up
         provisions of the High Yield Notes and any special interest payable in
         the event of a registration default in respect of the High Yield
         Notes), (ii) the payment of principal amount due under the High Yield
         Proceeds Loan Agreement on the Repayment Date (as defined in the High
         Yield Proceeds Loan Agreement) and (iii) indemnity payments in
         accordance with Clause 6.1 of the High Yield Proceeds Loan Agreement.

         "SECURITY" means any encumbrance, hypothecation, guarantee, indemnity
         or other security or preferential arrangement, present or future,
         actual or contingent.

         "SECURITY TRUSTEE" means Chase Manhattan International Limited and any
         substitute or replacement trustee then acting on behalf of the
         Beneficiaries.

         "SENIOR PAYMENT DEFAULT" means a payment default under the Finance
         Documents which is continuing and relating to (i) the non-payment of
         principal

                                      -4-

<Page>

         or interest or (ii) the non-payment of any other amount which, when
         aggregated with all other amounts not paid, exceeds EUR 1,000,000.

         "STANDSTILL PERIOD" means a period which begins on the High Yield
         Payment Default Date and ends on the first to occur of:

         (a)      the expiry of 120 days from the date the Company or the
                  Trustee has notified the Security Trustee in writing that
                  there has been a High Yield Payment Default; and

         (b)      the date upon which an Insolvency Event occurs.

         "SHARE PLEDGE" means all pledges over shares in the Company granted as
         security for any of the Liabilities.

         "SUBORDINATED LIABILITIES" means all present and future sums,
         liabilities and obligations payable or owed by the Company to the
         Subordinated Lender under, pursuant to or in connection with the High
         Yield Proceeds Loan Agreement together with all Ancillary Liabilities
         relating thereto.

         "TRUSTEE", in relation to the High Yield Notes at any point in time,
         means The Bank of New York and any substitute or replacement trustee
         then acting on behalf of the holders of the High Yield Notes under the
         Indenture.

1.2      Terms and expressions defined in the Senior Credit Agreement shall have
         the same meaning in this Agreement except as otherwise defined herein.

1.3      Unless the context or the express provisions of this Agreement
         otherwise require, all references to a party include references to its
         permitted assignees and transferees and its successors in title and
         (where applicable) to any replacement or additional agent or Security
         Trustee.

1.4      Save where the contrary is indicated, any reference in this
         Agreement to:

1.4.1    this Agreement or any other agreement or document shall be construed as
         a reference to this Agreement or, as the case may be, such other
         agreement or document as the same may have been, or may from time to
         time be, amended, varied, novated or supplemented;

1.4.2    a statute shall be construed as a reference to such statute as the same
         may have been, or may from time to time be, amended or re-enacted.

1.5      Clause headings are for ease of reference only.

                                       -5-

<Page>

2.       SUBORDINATION (RANGRUCKTRITT) OF SUBORDINATED LIABILITIES

2.1      In consideration of the Beneficiaries making or continuing to make
         advances or giving credit or granting other facilities or accommodation
         pursuant to the Senior Credit Agreement, the Subordinated Lender and
         the Company hereby agree and declare as follows:

2.2      Until the Discharge Date, the Subordinated Liabilities shall be
         irrevocably subordinated (TRETEN IM RANG ZURUCK) to all Liabilities and
         subject in right of payment to the extent and in the manner hereinafter
         set forth. The subordination effected hereunder shall also apply upon
         and after the application for the commencement of insolvency
         proceedings in relation to the Company (ANTRAG AUF EROFFNUNG DES
         INSOLVENZVERFAHRENS). The subordination shall continue to be effective
         upon any amendment, supplement, variation or novation of any of the
         Finance Documents.

2.3      Save to the extent permitted by Clause 4 (PERMITTED PAYMENTS), until
         the Discharge Date the Company will not make any prepayment or payment
         (whether in cash, by way of transfer of assets or otherwise) on account
         of or grant or permit to subsist any Security in respect of the
         Subordinated Liabilities other than Permitted High Yield Security nor
         shall the Subordinated Lender, save to the extent permitted by Clause 5
         (ENFORCEMENT), be entitled to demand or receive any such payment or
         prepayment or Security other than Permitted High Yield Security or to
         commence any proceedings against the Company or take any action in
         respect of the Subordinated Liabilities or any part thereof (including,
         without limitation, the exercise of any right of set-off, counterclaim
         or lien or any action or step with a view to winding-up the Company).

2.4      In the event of payment or prepayment of principal, interest or
         otherwise (whether in cash, by way of transfer of assets or otherwise)
         being made to, or Security being held by the Subordinated Lender in
         breach of Clause 2.3, the Subordinated Lender will forthwith return to
         the Company any sum or other assets which shall have been received by
         it from the Company in consequence of such breach (which sum or other
         assets shall be deemed not to have reduced the liability of the Company
         to the Subordinated Lender) and until such payment or transfer the
         Subordinated Lender will hold such sums or other assets or such
         Security (as the case may be) on trust (TREUHANDERISCH) for the Company
         provided, however, that these provisions shall not constitute or create
         or be deemed to constitute or create any encumbrance or other security
         interest of any kind.

2.5      Other than as permitted under any of the Finance Documents neither the
         Subordinated Lender nor the Company shall knowingly take or omit to
         take any action whereby the subordination of the Subordinated
         Liabilities (or any part

                                        -6-

<Page>

         thereof) as contemplated in this Clause 2 might be terminated, impaired
         or adversely affected.

3.       COVENANTS OF THE SUBORDINATED CREDITORS

3.1      The Subordinated Lender hereby covenants that until the Discharge Date
         it will not, save to the extent permitted by Clause 4 (PERMITTED
         PAYMENTS) or Clause 5 (ENFORCEMENT) and save as expressly permitted by
         the Senior Credit Agreement (i) assign, pledge or otherwise dispose of
         the Subordinated Liabilities or any part thereof (except under
         Permitted High Yield Security); (ii) purport to set off at any time any
         amount payable by it to the Company against any amount of the
         Subordinated Liabilities; and (iii) enforce any of the Subordinated
         Liabilities if this would lead to the insolvency of the Company
         according to German law.

3.2      The Subordinated Lender and the Company hereby agree that the
         Subordinated Liabilities shall be personal liabilities (PERSONLICHE
         FORDERUNGEN) and as such shall not be assignable other than by way of
         the Assignment Agreement or as otherwise expressly permitted in this
         Agreement.

3.3      The Subordinated Lender and the Company hereby agree not to amend,
         supplement, release, cancel or waive, any term of the High Yield
         Proceeds Loan Agreement or this Agreement, save as permitted under
         Clause 23.24 of the Senior Credit Agreement, without the prior written
         consent of the Majority Beneficiaries, except as expressly set forth
         herein.

3.4      The Subordinated Lender and the Company hereby agree not to amend,
         supplement, release, cancel or waive, any term of the High Yield
         Proceeds Loan Agreement or this Agreement without the prior written
         consent of the Trustee (acting in accordance with the terms of the
         Indenture), except as expressly set forth herein.

4.       PERMITTED PAYMENTS

4.1      Prior to the Discharge Date and subject to Clauses 4.2 and 4.3 below,
         the Subordinated Lender shall be entitled to request a Permitted
         Payment and the Company shall be entitled to make a Permitted Payment
         to the extent that the payment or receipt is a payment in accordance
         with the terms of the High Yield Proceeds Loan Agreement, provided that
         any such Permitted Payment shall not be permitted to be made by the
         Company more than five Business Days prior to the corresponding payment
         due date under the High Yield Notes.

4.2      If a Senior Payment Default has occurred which is continuing, then no
         payments may be made or received in respect of any Subordinated
         Liability until the Senior Payment Default has been remedied or waived
         in writing or has ceased to exist.

                                        -7-

<Page>

4.3      If any other Event of Default has occurred, no payments may be made
         during the Payment Blockage Period in respect of any Subordinated
         Liability.

4.4      The suspension of payments pursuant to this Agreement shall not be
         construed as a waiver by the Subordinated Lender of the Subordinated
         Liabilities, but shall mean that any payments not permitted shall be
         deferred (EINREDE DER STUNDUNG) as set out and to the extent set forth
         in Clause 5.2 of the High Yield Proceeds Loan Agreement until the first
         date thereafter on which such payment is permitted by this Agreement,
         at which date such payment shall fall due.

4.5      A failure to make any payments under the High Yield Notes by reason of
         any provision in this Agreement or in the High Yield Proceeds Loan
         Agreement shall not be construed as preventing or waiving the
         occurrence of a default under the High Yield Notes.

5.       ENFORCEMENT

         If at any time before the Discharge Date there occurs an event or
         circumstance which entitles the Subordinated Lender to terminate or
         accelerate the Subordinated Liabilities, or any event giving rise to an
         obligation of the Company to repay the Subordinated Liabilities, the
         Subordinated Lender shall promptly notify the Security Trustee of such
         event but the Subordinated Lender shall not, without the prior written
         consent of the Security Trustee (for and on behalf of the
         Beneficiaries):

         (a)      terminate or accelerate any of the Subordinated Liabilities or
                  otherwise declare any of the Subordinated Liabilities
                  prematurely payable or due;

         (b)      enforce the Subordinated Liabilities by attachment, execution
                  or by initiating or supporting any insolvency proceedings;

         (c)      demand or receive any Security in respect of the Subordinated
                  Liabilities;

         (d)      commence any proceedings against the Company in respect of the
                  Subordinated Liabilities; or

         (e)      take any other enforcement action in respect of the
                  Subordinated Liabilities or any part thereof,

         unless (in the case of each of (a) through (e) above):

         (i)      a High Yield Payment Default has occurred which is continuing;
                  and

         (ii)     the Standstill Period relating to such High Yield Payment
                  Default has expired.

                                          -8-

<Page>

         PROVIDED THAT upon the occurrence and during the continuance of a
         Senior Payment Default or a Payment Blockage Period, the Company will
         not be permitted to make, and the Subordinated Lender will not be
         permitted to retain, payment of any amount under the High Yield
         Proceeds Loan (except for the issuing of securities in lieu of payments
         that are subordinated at least to the same extent that the High Yield
         Proceeds Loan is subordinated to the Liabilities).

6.       WAIVER

         The Subordinated Lender hereby explicitly and irrevocably waives any
         and all of its rights and claims against the Company arising under or
         in relation to the Subordinated Liabilities upon the suspensive
         conditions (AUFSCHIEBENDE BEDINGUNGEN) of (i) the receipt of a notice
         by the Subordinated Lender from the Security Trustee (acting on behalf
         of the Beneficiaries) confirming that the shares in the Company which
         are secured pursuant to the Share Pledge have been sold pursuant to the
         enforcement of the Share Pledge, (ii) receipt of payment of the
         purchase price owing from the purchaser of such shares in the Company
         by the Security Trustee on behalf of the Beneficiaries and, to the
         extent the purchase price exceeds the Liabilities, receipt of such
         excess amount by the Subordinated Lender or, following the enforcement
         by the Trustee of its rights under the Assignment Agreement, by the
         Trustee (on behalf of the holders of the High Yield Notes) and (iii)
         the written explicit and irrevocable release by the Beneficiaries (or
         the Security Trustee on behalf of the Beneficiaries) of any and all
         Liabilities that remain outstanding following the application of
         proceeds from such sale of such shares in the Company towards
         satisfaction of the Liabilities.

7.       OTHER SECURITY AND DEALINGS

         The Subordinated Lender and the Company hereby agree that the
         subordination hereby effected shall be in addition to and shall not
         prejudice or affect any Security or any right or remedy of the
         Beneficiaries in respect of the Liabilities whether from the Company,
         Subordinated Lender (or any of them) or any other person nor shall the
         provisions hereof be prejudiced or affected by:

         (a)      any Security or right or remedy of the Beneficiaries in
                  respect of the Liabilities;

         (b)      any time or indulgence granted by the Beneficiaries to the
                  Company or to any other person;

         (c)      any variation, amendment, supplement or extension of the terms
                  of any Security in respect of the Liabilities;

         (d)      any arrangement or compromise made between the Beneficiaries
                  and any of the Company or any other person;

                                      -9-

<Page>

         (e)      any dealing with, exchange, release or invalidity of any
                  Security in respect of the Liabilities;

         (f)      any omission on the part of the Beneficiaries to enforce any
                  of their rights against any of the Company or any other person
                  or any Security in respect of the Liabilities;

         (g)      the filing for insolvency proceedings in relation to
                  Subordinated Lender and/or the Company; and

         (h)      any other fact or circumstance whatsoever whether or not
                  similar to any of the foregoing which could or might in any
                  way diminish the Subordinated Lender's or the Company's
                  obligations or the rights of the Beneficiaries under this
                  Agreement.

8.       BENEFIT OF THE AGREEMENT

         This Agreement is a contract for the benefit of the Beneficiaries
         (VERTRAG MIT SCHUTZWIRKUNG FUR DRITTE). The Subordinated Lender and the
         Company agree that upon an assignment and/or transfer of any rights and
         benefits of any Beneficiary under the Finance Documents the relevant
         assignee or transferee shall become a beneficiary under this Agreement.

9.       NOTICES, AMENDMENTS, WAIVER

9.1      Each communication to be made hereunder shall be made in writing but,
         unless otherwise stated, may be made by facsimile or letter. Each
         communication shall be in German or English and if in German shall be
         accompanied by a translation thereof into English certified as being
         true and accurate by an officer of the person making or delivering the
         same if so requested.

9.2      Any communication or document to be made or delivered by one person to
         another pursuant to this Agreement shall (unless that other person has
         by written notice to the other parties hereto specified another
         address) be made or delivered to that other person at the addresses as
         set out on the execution pages hereof.

9.3      All amendments or supplements to this Agreement or any waiver with
         regard to this Agreement (including this Clause 9.3) shall be made in
         writing.

10.      COUNTERPARTS

         This Agreement may be executed in any number of counterparts and by the
         different parties hereto on separate counterparts each of which, when
         so executed and delivered, shall be an original but all the
         counterparts shall together constitute but one and the same instrument.

                                        -10-

<Page>

11.      PARTIAL INVALIDITY; WAIVER

11.1     If at any time, one or more of the provisions hereof is or becomes
         invalid, illegal or unenforceable in any respect under the law of any
         jurisdiction, such provision shall as to such jurisdiction, be
         ineffective to the extent necessary without affecting or impairing the
         validity, legality and enforceability of the remaining provisions
         hereof or of such provisions in any other jurisdiction. The parties
         agree that such illegal, invalid or unenforceable provision shall be
         deemed replaced by such provision which comes as close as possible to
         the purpose of this Agreement.

11.2     No failure to exercise, nor any delay in exercising, on the part of the
         Security Trustee or the Trustee, any right or remedy hereunder shall
         operate as a waiver thereof, nor shall any single or partial exercise
         of any right or remedy prevent any further or other exercise thereof or
         the exercise of any other right or remedy. The rights and remedies
         provided hereunder are cumulative and not exclusive of any rights or
         remedies provided by law.

12.      LAW

         This Agreement shall be governed by and construed in accordance with
         German law.

13.      JURISDICTION

13.1     The Subordinated Lender and the Company irrevocably agree that the
         place of jurisdiction for any and all disputes arising under or in
         connection with this Agreement shall be Frankfurt am Main and, for such
         purposes, irrevocably submit to the jurisdiction of such courts.

13.2     The submission to the jurisdiction of the courts referred to in Clause
         13.1 shall not (and shall not be construed so as to) limit the right of
         any party hereto to take proceedings in any other court of competent
         jurisdiction nor shall the taking of proceedings in any one or more
         jurisdictions preclude the taking of proceedings in any other
         jurisdiction, whether concurrently or not.

                                        -11-

<Page>

                                   SCHEDULE 1
                        FORM OF HIGH YIELD PROCEEDS LOAN

                                      -12-

<Page>

                                                                  Execution Copy

                           MESSER GRIESHEIM HOLDING AG
                                    AS LENDER

                                       AND

                              MESSER GRIESHEIM GMBH
                                   AS BORROWER

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

                        HIGH YIELD PROCEEDS LOAN AGREEMENT

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

    NOTE: THIS AGREEMENT IS SUBJECT TO THE TERMS OF A HIGH YIELD SUBORDINATION
                                    AGREEMENT

NOTE: ALL PAYMENT CLAIMS DUE TO THE LENDER UNDER THIS AGREEMENT HAVE BEEN
ASSIGNED TO THE TRUSTEE IN RESPECT OF THE HIGH YIELD NOTES (AS THOSE TERMS ARE
DEFINED HEREIN) PURSUANT TO AN ASSIGNMENT AGREEMENT DATED ON OR ABOUT THE DATE
HEREOF.

                                        -13-

<Page>

                                      CONTENTS

CLAUSE                                                                  PAGE

ERROR! NO TABLE OF CONTENTS ENTRIES FOUND.

<Page>

THIS AGREEMENT is made on the 16th day of May 2001

BETWEEN

(1)      MESSER GRIESHEIM HOLDING AG, a stock corporation (AKTIENGESELLSCHAFT)
         organised under the laws of the Federal Republic of Germany, which is
         registered in the commercial register of the local court (AMTSGERICHT)
         Frankfurt am Main under HRB 50040 (the "LENDER"); and

(2)      MESSER GRIESHEIM GMBH, a limited liability company organised under the
         laws of the Federal Republic of Germany, having its business address at
         Frankfurt Airport Center 1, C-9, 60547 Frankfurt am Main, Germany which
         is registered in the commercial register of the local court
         (AMTSGERICHT) of Frankfurt am Main under HRB 7812 or, during the Debtco
         Structure Period, Debtco (the "BORROWER").

WHEREAS:

(A)      Pursuant to a mezzanine loan agreement dated 28 April 2001 between,
         INTER ALIA, Cornelia Verwaltungsgesellschaft mbH, Goldman Sachs
         International as co-ordinating bank (the "MEZZANINE CO-ORDINATING
         BANK"), Goldman Sachs International, Bayerische Hypo-und Vereinsbank AG
         and The Royal Bank of Scotland plc as mezzanine joint lead arrangers
         (the "MEZZANINE ARRANGERS"), HypoVereinsbank Luxembourg Societe Anonyme
         as mezzanine agent (the "MEZZANINE AGENT") and Chase Manhattan
         International Limited as security trustee and certain banks and
         financial institutions (the "MEZZANINE LENDERS") and others (as
         amended, varied, novated, supplemented, superseded, increased or
         extended from time to time, the "MEZZANINE FACILITY AGREEMENT"), the
         Mezzanine Lenders have agreed to grant certain facilities to those
         persons who become borrowers under the Mezzanine Facility Agreement
         (the "MEZZANINE BORROWERS") and the Mezzanine Borrowers together with
         those persons who become guarantors under the Mezzanine Facility
         Agreement (the "MEZZANINE GUARANTORS") are the "MEZZANINE OBLIGORS".

(B)      By an indenture (the "INDENTURE") dated as of May 16, 2001 and made
         between the Lender as issuer and The Bank of New York as trustee, the
         Lender constituted up to EUR 550,000,000 of its senior notes due 2011
         (the "HIGH YIELD NOTES", which term shall include any Exchange Notes
         and Additional Notes, in each case as defined in the Indenture). The
         gross proceeds of the High Yield Notes are lent to the Borrower
         pursuant to this Agreement in order to allow the Borrower to prepay in
         full the Outstandings (as defined in the Mezzanine Facility Agreement)
         and to allow the Borrower to prepay EUR 60,000,000 principal amount of
         the Term A Facility and EUR 55,000,000

                                      -15-

<Page>

         principal amount of the Term C Euro Facility (each as defined in the
         Senior Credit Agreement).

1.       DEFINITIONS AND LANGUAGE

1.1      In this Agreement:

         "HIGH YIELD DOCUMENTS" has the meaning given to that term in the Senior
         Credit Agreement.

         "HIGH YIELD SUBORDINATION AGREEMENT" means the subordination agreement
         dated on or about the date hereof between the Lender as subordinated
         lender and the Borrower as company by which any payment claims of the
         Lender arising under this Agreement are subordinated to the claims of
         the Finance Parties (as defined in the Senior Credit Agreement) under,
         pursuant to or otherwise in connection with any of the Finance
         Documents (as defined in the Senior Credit Agreement).

         "PAYMENT INSTRUCTIONS" means the instruction letter dated the date of
         this Agreement and annexed hereto as Annex A, from the Borrower to the
         Lender relating to the payment of certain amounts of the Loan, as
         specified therein.

         "SENIOR CREDIT AGREEMENT" means the senior multi-currency term and
         revolving facilities agreement dated 28 April 2001 between, INTER ALIA,
         Cornelia Verwaltungsgesellschaft mbH, Goldman Sachs International as
         co-ordinating bank, Goldman Sachs International, Bayerische Hypo- und
         Vereinsbank AG, J.P. Morgan plc and The Royal Bank of Scotland plc as
         joint lead arrangers, Chase Manhattan International Limited as agent
         and as security trustee and certain banks and financial institutions
         and others (as amended, varied, novated, supplemented, superseded or
         extended from time to time).

1.2      Terms used but not otherwise defined herein shall have the meaning
         ascribed thereto in the Senior Credit Agreement or the High Yield
         Subordination Agreement.

2.       LOAN PRINCIPAL AND DRAWDOWN

         The Lender shall, on the date of this Agreement, advance to the
         Borrower upon the terms hereof a loan in the amount of EUR 550,000,000
         (in words: Euro five hundred and fifty million) (the "LOAN"). The Loan
         shall be made available by the Lender to the Borrower for value on the
         date of this Agreement to such accounts as specified in the Payment
         Instructions.

                                       -16-

<Page>

3.       TERM OF THE LOAN

3.1      Subject to Clause 5, the Loan shall be repaid in one sum five Business
         Days prior to June 1, 2011 (the "REPAYMENT DATE").

3.2      Subject to Clause 5, the Borrower shall procure that an amount equal to
         the aggregate principal amount of any High Yield Notes required to be
         repurchased, redeemed or repaid (whether at maturity, upon acceleration
         or otherwise or at the option of the Lender or otherwise) in accordance
         with the terms and conditions thereof shall be paid by the Borrower in
         prepayment of the Loan together with all other amounts (including,
         without limitation, interest) relating to the aggregate principal
         amount of such High Yield Notes owing by the Borrower. Any prepayment
         required to be made under this Clause 3.2 shall be made no earlier than
         five Business Days prior to the date upon which the Lender is required
         (or, as the case may be, wishes) to make such repurchase, redemption or
         repayment and the Lender hereby undertakes to notify the Borrower of
         such repurchase, redemption or repayment as soon as reasonably
         practicable after the date upon which it becomes aware of such
         repurchase, redemption or repayment.

3.3      The Borrower may not prepay or repay any or all of the Loan save as set
         forth in this Clause 3.

4.       INTEREST

4.1      The Loan shall accrue interest at a rate of 10.375% per annum
         (calculated on the basis of a 360-day year of twelve 30-day months);
         provided, however, that such rate shall be adjusted if and to the
         extent necessary to match any additional interest accruing on the High
         Yield Notes in respect of additional amounts payable under applicable
         tax gross-up provisions of the High Yield Notes and any special
         interest payable in the event of a registration default in respect of
         the High Yield Notes.

4.2      Subject to Clause 5, interest will be payable semi-annually in arrears
         no earlier than five Business Days prior to June 1 and December 1 of
         each year.

4.3      Payment of interest which has accrued but cannot be paid by reason of
         any restriction under Clause 5 below, shall be deferred as set out in
         Clause 5.2 below until the first date thereafter on which such payment
         is not so restricted, at which date it shall be due for payment.

5.       RESTRICTION ON PAYMENTS

5.1      Until the Discharge Date and notwithstanding any other provision of
         this Agreement, this Loan shall be subject to the terms of the High
         Yield Subordination Agreement, in particular neither the Lender nor the
         Borrower

                                       -17-

<Page>

         shall be entitled to make, receive or request any payment under this
         Agreement except as permitted in each case under the Senior Credit
         Agreement and the High Yield Subordination Agreement.

5.2      Subject to the second sentence of this Clause 5.2, any payment (whether
         principal, interest or otherwise) which would be due but cannot be paid
         by reason of Clause 5.1 shall be deferred (EINREDE DER STUNDUNG) until
         the first date thereafter on which such payment is not restricted under
         Clause 5.1, at which date it shall be due for payment. After the end of
         any Standstill Period (as defined in the High Yield Subordination
         Agreement), such payment shall cease to be so deferred in relation to
         an amount due and owing under this Agreement equal to the lesser of (i)
         the then outstanding amount due and owing under this Agreement and (ii)
         EUR 2,500,000, it being understood that any payment restrictions set
         out in the High Yield Subordination Agreement shall apply to such
         amount notwithstanding such exemption from the deferral.

6.       MISCELLANEOUS

6.1.1    The Borrower shall promptly indemnify the Lender against any reasonable
         cost or expense incurred by the Lender (A) in order to meet its
         obligations to pay (i) fees, (ii) costs and expenses relating to the
         offering, sale and exchange, financial reporting, listing, SEC
         registration and reporting and ongoing administration under any
         agreement related to the High Yield Notes, (iii) audit fees, (iv) legal
         expenses, (v) management fees and other expenses, or (B) in order to
         pay any other proper and necessary incidental expenses and other
         payments to enable the Lender to meet its obligations for the payment
         of administrative costs under any registration rights agreement and the
         purchase agreement, both entered into or to be entered into by the
         Lender in relation to the High Yield Notes, the Indenture and a paying
         agency agreement to be entered into by the Lender and a certain paying
         agent, in connection with the High Yield Notes.

6.1.2    The Borrower shall have the right to discharge the indemnity under this
         Clause 6.1 by directing the Lender in writing to pay (or direct the
         payment of) any such aforementioned costs and expenses directly or
         indirectly out of the proceeds of issue of the High Yield Notes
         (including, but without limitation, through the giving of Payment
         Instructions).

6.1.3    For the avoidance of doubt, the Borrower is not obliged under this
         Clause 6.1 to indemnify the Lender for any cost, expense or other
         payment either of, or relating to, interest or principal under the High
         Yield Notes.

6.2      Each of the parties hereby agrees not to amend, modify, release, cancel
         or waive any term of this High Yield Proceeds Loan Agreement without
         the prior written consent of the Trustee (acting in accordance with
         instructions from a majority of

                                        -18-

<Page>

         beneficial owners of the Notes), except as expressively provided for
         in the High Yield Subordination Agreement.

6.3      This Agreement shall be governed by and construed in accordance with
         German Law.

6.4      Exclusive place of jurisdiction for any disputes arising from or in
         connection with this Agreement shall be Frankfurt am Main.

6.5      All amendments to this Agreement or any waiver with regard to this
         Agreement (including this Clause 6.5) shall be made in writing.

6.6      If, at any time, one or more provisions hereof is or become invalid,
         illegal or unenforceable in any respect under the laws of any
         jurisdiction, such provision shall, as to such jurisdiction, be
         ineffective to the extent necessary without affecting or impairing the
         validity, legality and enforceability of the provisions hereof or of
         such provision in any other jurisdiction. The parties agree that such
         illegal, invalid or unenforceable provision shall be deemed replaced by
         such provision which comes as close as possible to the purpose of this
         Agreement.

                                        -19-

<Page>

------------------------                    ------------------------
Place, Date                                 Place, Date

MESSER GRIESHEIM HOLDING AG                 MESSER GRIESHEIM GMBH

By:  ______________________                 By: ________________________

Name:    Klaus-Jurgen Schmieder*
Title:   Member of the Management Board

*ON BEHALF OF ALL MEMBERS OF THE            By: ________________________
MANAGEMENT BOARD PURSUANT TO A
RESOLUTION UNDER Section 78 IV 1 AKTG
DATED MAY 11, 2001

Clause 6.2 is acknowledged and agreed as of 16 May 2001:

By:  ________________________________
     The Bank of New York
      as Trustee

THIS AGREEMENT has been executed by the parties the day and year first above
written.

                                       -20-

<Page>

                                                                 [ANNEX A TO THE

                                                             HIGH YIELD PROCEEDS

                                                                 LOAN AGREEMENT]

                              MESSER GRIESHEIM GMBH

                         Frankfurt Airport Center 1, C9

                            D-60547 Frankfurt am Main

                                     Germany

                                                                    May 16, 2001

MESSER GRIESHEIM HOLDING AG

Frankfurt Airport Center 1, C9

D-60547 Frankfurt am Main

Germany

Re:  PAYMENT INSTRUCTIONS

Ladies and Gentlemen:

                  We refer to the high yield proceeds loan agreement dated 16
May 2001 (the "HIGH YIELD PROCEEDS LOAN AGREEMENT"), between Messer Griesheim
Holding AG and Messer Griesheim GmbH and the Purchase Agreement dated 11 May
2001 (the "PURCHASE AGREEMENT"), between Messer Griesheim Holding AG and
Goldman Sachs International, as representative of the several purchasers
named therein. Capitalized terms used and not otherwise defined herein shall
have the meanings ascribed thereto in the High Yield Proceeds Loan Agreement.

                  With regard to Section 2 of the High Yield Proceeds Loan
Agreement, we hereby instruct you to advance the Loan on the date hereof
according to the following instructions:

                                      -21-

<Page>

<Table>
<Caption>

---------------------------------------------- -------------------------------- --------------------------------------
Payee                                          Amount                           Payment details
---------------------------------------------- -------------------------------- --------------------------------------
<S>                                           <C>                              <C>
Chase Manhattan International Limited (as      E115,271,552.06                  Swift Code:  CHASDEFX
agent for the lenders under the Senior                                          Chase Manhattan International Ltd,
Facilities Agreement)                                                           Frankfurt
                                                                                A/C 6001600037
                                                                                Favour:  Chase Manhattan
                                                                                International Ltd, London
                                                                                Swift Code:  CHASGB22
HypoVereinsbank, Luxembourg S.A. (as agent
for the lenders under the Mezzanine Facility   E401,579,333.33                  Swift Code:  HYVEDEMM
Agreement)                                                                      HypoVereinsbank Munich
                                                                                A/C 68104360
                                                                                For:  HypoVereinsbank, Luxembourg
                                                                                Swift Code:  HYVELULL
                                                                                Reference FKA-SFB

Goldman Sachs International (as                E14,375,000                      Swift Code:  BOFAGB22
representative of the several Purchasers                                        Bank of America N.A. London
named in Schedule I to the Purchase                                             A/C 16383028
Agreement in respect of our obligations                                         Acct:  Goldman Sachs International
under Clause 6.1 of the High Yield Proceeds                                     Ref:  Messer Gresheim Mezz
Loan Agreement)                                                                 Refinancing Fees

                                                                                Swift Code:  DEUTDEFF
Messer Griesheim GmbH                          E18,774,114.61                   Deutsche Bank
                                                                                A/C 0944488
---------------------------------------------- -------------------------------- --------------------------------------

</Table>

                               [signature pages follow]

                                        -22-

<Page>

                                            Very truly yours,

                                            MESSER GRIESHEIM GMBH

                                            By:

                                            Name: Dr. Klaus-Jurgen Schmieder

                                            Title:   Chief Executive Officer

                                        -23-

<Page>

MESSER  GRIESHEIM HOLDING AG

ON BEHALF OF ALL MEMBERS OF THE MANAGEMENT BOARD PURSUANT TO A RESOLUTION UNDER
Section 78 IV 1 AKTG DATED MAY 11, 2001

By:      /s/ DR. KLAUS-JURGEN SCHMIEDER
Name:    Dr. Klaus-Jurgen Schmieder
Title:   Member of the Management Board

Address:     Frankfurt Airport Center 1, C9
             D-60547 Frankfurt am Main
             Germany

Fax:         +49 69 508 205

Attention:   Vorstand

MESSER GRIESHEIM GMBH

By:      /s/

By:      /s/ S MESSER

Address:     Frankfurt Airport Center 1, C9
             D-60547 Frankfurt am Main
             Germany

Fax:         +49 69 508 205

Attention:   Geschaftsfuhrung

Clauses 3.4, 4.5, 6 (ii), 9, 10, 11, 12 and 13 are acknowledged and agreed as of
16 May 2001:

By:      /s/ SUNJEEVE PATEL
         The Bank of New York
         as Trustee

                                       -24-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]