Document:

Exhibit
      4.1

    

      FIRST
        SUPPLEMENTAL INDENTURE

      

      This
        FIRST SUPPLEMENTAL INDENTURE (this “First
        Supplemental Indenture”),
        dated
        as of November 7, 2006, is entered into by and between Viskase Companies,
        Inc.,
        a Delaware corporation (the “Company”),
        and
        LaSalle Bank National Association, as trustee and collateral agent
        (“Trustee”).
        Capitalized terms used but not otherwise defined herein shall have the meanings
        given to such terms in the Indenture (as defined below).

      

      RECITALS:

      

      WHEREAS,
        the Company and Trustee are parties to that certain Indenture, dated as of
        June
        29, 2004 (the “Indenture”),
        relating to the Company’s 111⁄2% Senior Secured Notes due 2011 (the “111⁄2%
        Notes”);

      

      WHEREAS,
        contemporaneously with the execution and delivery of this First Supplemental
        Indenture, the Company has authorized and issued a new series of preferred
        stock
        of the Company (the “Equity
        Financing”);
        

      

      WHEREAS,
        the Company wishes to amend certain provisions of the Indenture in connection
        with consummation of the Equity Financing (the “Amendments”);

      

      WHEREAS,
        Section 9.02 of the Indenture provides that the Company, when authorized
        by a
        resolution of its Board of Directors, and the Trustee, with the written consent
        of the holders of at least a majority in aggregate principal amount of the
        outstanding 111⁄2% Notes, may amend or supplement the Indenture, subject to
        certain exceptions; 

      

      WHEREAS,
        in accordance with Section 9.02 of the Indenture, to effectuate the Amendments
        as set forth in this First Supplemental Indenture, the Company has solicited
        and
        obtained consents from holders of not less than a majority in principal amount
        of the outstanding 111⁄2% Notes, as determined in accordance with Section 2.09 of
        the Indenture; 

      

      WHEREAS,
        the Company has been authorized by a resolution of its Board of Directors
        to
        enter into this First Supplemental Indenture and effectuate the Amendments;
        and

      

      WHEREAS,
        the Company has requested that the Trustee execute and deliver this First
        Supplemental Indenture.

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      AGREEMENTS:

      

      NOW,
        THEREFORE, in consideration of the promises and the mutual agreements contained
        herein and for other good and valuable consideration, the receipt and adequacy
        of which are hereby acknowledged, the parties hereto agree as follows for
        the
        benefit of each other party and for the equal and ratable benefit of the
        holders
        of the 111⁄2% Notes:

      

      ARTICLE
        1

      

      AMENDMENTS

      

      The
        Indenture is hereby amended and modified as follows (all references to sections
        or subsections being the applicable sections or subsections of the Indenture),
        and all such amendments and modifications are deemed to be incorporated into
        the
        other documents executed in connection with the Indenture to the extent
        applicable:

      

      Section
        1.01. Additional
        Definitions.
        The
        following definitions shall be added in alphabetical order to Section 1.01
        of
        the Indenture:

      

      “Rights
        Offering”
means
        an offering of up to approximately $24,000,000 of Common Stock by the Company
        to
        be made in connection with the offer and sale of the Series A Preferred
        Stock.

      

      “Series
        A Preferred Stock”
means
        the Series A Convertible Preferred Stock, par value $0.01 per share, of the
        Company with an initial liquidation value of $24,000,000.

      

      Section
        1.02. Amendment
        to Definition of Consolidated Net Income.
        The
        definition of “Consolidated
        Net Income”
        contained in Section 1.01 of the Indenture is hereby amended such that clause
        (5) of such definition is amended and restated as follows:

      

      “(5)
        (a)
        any restoration to income of any material contingency reserve, except to
        the
        extent that provision for such reserve was made out of Consolidated Net Income
        accrued at any time following the Issue Date or (b) any losses with respect
        to
        occurrences for which the Company has made a claim or claims with its insurance
        carriers, to the extent of such claim or claims, unless and until there shall
        have been a final determination denying such claim or claims;”

      

      Section
        1.03. Amendment
        to Definition of Permitted Indebtedness.
        The
        definition of “Permitted
        Indebtedness”
        contained in Section 1.01 of the Indenture is hereby amended such that each
        of
        clause (1) and clause (16) of such definition is amended and restated as
        follows:

      

      “(1)
        (a)
        Indebtedness under the Notes issued in the Offering or in the Exchange Offer
        in
        an aggregate outstanding principal amount not to exceed $90.0 million and
        (b)
        Indebtedness under Additional Notes in such principal amount as may be issued
        in
        respect of payments on, purchases, defeasances, redemptions and prepayments
        of,
        and decreases and other acquisitions and retirement for value of, any or
        all of
        the 8% Senior Notes, together, in the case of either (a) or (b), with the
        related Guarantees;”

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      “(16)
        additional Indebtedness of the Company and its Restricted Subsidiaries in
        an
        aggregate principal amount not to exceed $20.0 million at any time outstanding
        (which amount may, but need not be, incurred in whole or in part under the
        Credit Agreement).”

      

      Section
        1.04. Amendment
        to Definition of Permitted Investment.
        The
        definition of “Permitted
        Investment”
        contained in Section 1.01 of the Indenture is hereby amended such that clause
        (1)(b) of such definition is amended and restated as follows:

      

      “(1)(b)
        Investments in any Person that is or will become immediately after such
        Investment a Foreign Restricted Subsidiary by (i) the Company or any Guarantor
        so long as the aggregate amount of all such Investments do not exceed $60.0
        million at any time outstanding and (ii) any other Foreign Restricted
        Subsidiary;” 

      

      Section
        1.05. Amendment
        to Limitations on Restricted Payments.
        Section
        4.09 of the Indenture is hereby amended such that each of clause (b)(2) and
        clause (b)(9) of such definition is amended and restated as
        follows:

      

      “(b)(2)
        (A) if no Default or Event of Default shall have occurred and be continuing
        or
        would exist after giving effect thereto, the acquisition of any shares of
        Qualified Capital Stock of the Company, either (i) solely in exchange for
        other
        shares of Qualified Capital Stock of the Company or (ii) through the application
        of net proceeds of a sale for cash (other than to a Subsidiary of the Company)
        of shares of Qualified Capital Stock of the Company within 60 days after
        such
        sale or (B) the acquisition, redemption or other retirement for value of
        Series
        A Preferred Stock in an amount equal to the sum of (i) the gross proceeds
        to the
        Company from the Rights Offering plus (ii) the accrued but unpaid dividends
        on
        such acquired, redeemed or retired Series A Preferred Stock;”

      

      “(b)(9)
        if no Default or Event of Default shall have occurred and be continuing or
        would
        exist after giving effect thereto, payments on, purchases, defeasances,
        redemptions and prepayments of, and decreases and other acquisitions and
        retirement for value of, any or all of the 8% Senior Notes (A) on or after
        June
        1, 2008 or (B) prior to June 1, 2008 so long as the aggregate amount of
        consideration for any such 8% Senior Notes purchased, defeased, redeemed,
        prepaid or otherwise acquired or retired prior to June 1, 2008 does not exceed
        90% of the outstanding principal amount thereof, plus accrued and unpaid
        interest thereon;”

      

      Section
        1.06. Amendment
        to Minimum EBITDA.
        Section
        4.17 of the Indenture is hereby amended and restated as follows:

      

      “The
        Company will not permit, as of the last day of any of its fiscal quarters
        set
        forth in the table below, its Consolidated EBITDA for the four consecutive
        fiscal quarters ending on such day to be less than the amount set forth below
        opposite such fiscal quarter:

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      
        	
                Fiscal
                  Quarter Ending

              	
                Minimum
                  EBITDA

              
	
                September
                  30, 2004 through September 30, 2006

              	
                $16,000,000

              
	
                December
                  31, 2006 through September 30, 2008

              	
                $15,000,000

              
	
                December
                  31, 2008 and thereafter

              	
                $20,000,000

              

      

      

      Unless
        the sum of (i) the Unrestricted Cash of the Company and its Restricted
        Subsidiaries as of such day and (ii) the aggregate amount of advances that
        the
        Company is actually able to borrow under the Credit Agreement on such day
        (after
        giving effect to any borrowings thereunder on such day) is at least
        $10,000,000.”

      

      Section
        1.07. Amendment
        to Reports to Holders.
        Section
        4.23 of the Indenture is hereby amended and restated as follows: 

      

      “So
        long
        as any Notes are outstanding:

      

      (1)  
        the
        Company will furnish to the Trustee and to the Holders not later than 100
        days
        following the end of each fiscal year of the Company, financial statements
        meeting the requirements of Regulation S-X as contemplated by Item 8 of Form
        10-K, together with a “Management’s Discussion and Analysis of Financial
        Condition and Results of Operations” meeting the requirements of Item 7 of Form
        10-K and disclosure meeting the requirements of Items 3, 10 and 13 of Form
        10-K;
        and

      

      (2)  
the
        Company will furnish to the Trustee and to the Holders not later than 50
        days
        following the end of each of the first three fiscal quarters of each fiscal
        year
        of the Company (but not with respect to the fourth quarter of each fiscal
        year),
        financial statements meeting the requirements of Regulation S-X as contemplated
        by Item 1 of Part I of Form 10-Q, together with a “Management’s Discussion and
        Analysis of Financial Condition and Results of Operations” meeting the
        requirements of Item 2 of Part I of Form 10-Q.

      

      During
        such time as the Company is subject to, or elects to be subject to, the period
        reporting requirements of the Exchange Act, the Company may satisfy its
        obligations under this Section 4.23 by filing Annual Reports on Form 10-K
        and
        Quarterly Reports on Form 10-Q in accordance with the requirements of the
        Exchange Act.” 

      

      Section
        1.08. Amendment
        to Merger, Consolidation and Sale of Assets.
        Section
        5.01 of the Indenture is hereby amended such that clause (2) shall be amended
        and restated as follows:

      

      “(2)
        immediately after giving effect to such transaction and the assumption
        contemplated by clause
        (1)(b)(y)
        above
        (including after giving effect to any Indebtedness and Acquired Indebtedness
        incurred or anticipated to be incurred in connection with or in respect of
        such
        transaction and any other transaction related thereto (including a merger
        described under clause
        (10)
        of
clause
        (b)
        of
Section
        4.09
        and any
        other transaction related thereto)), the Company or such Surviving Entity,
        as
        the case may be, (a) shall have a Consolidated Net Worth at least equal to
        the
        Consolidated Net Worth of the Company immediately prior to such transaction
        and
        (b) shall have a Consolidated Fixed Charge Coverage Ratio at least equal
        to the
        Fixed Charge Coverage Ratio of the Company immediately prior to such
        transaction.”

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      Section
        1.09. Amendment
        to Events of Default.
        Section
        6.01 of the Indenture is hereby amended such that each of clause (5) and
        clause
        (6) shall be amended and restated as follows:

      

      “(5)
        one
        or more judgments in an aggregate amount in excess of $10.0 million shall
        have
        been rendered against the Company or any of its Significant Subsidiaries
        (other
        than any judgments as to which a reputable and solvent third party insurer
        has
        accepted full coverage) and such judgments remain undischarged, unpaid or
        unstayed for a period of 60 days after such judgment or judgments become
        final
        and non-appealable;”

      

      “(6)
        (a)
        the entry of an order for relief against the Company or any of its Significant
        Subsidiaries under Title 11, United States Code by a court having jurisdiction
        in the premises or a decree or order by a court having jurisdiction in the
        premises adjudging the Company or any of its Significant Subsidiaries a bankrupt
        or involvent under any other applicable federal or state law, or the entry
        of a
        decree or order approving as properly filed a petition seeking reorganization,
        arrangement, adjustment or composition of or in respect of the Company or
        any of
        its Significant Subsidiaries under Title 11, United States Code or any other
        applicable federal or state law, or appointing a receiver, liquidator, assignee,
        trustee, sequestrator (or other similar official) of the Company or any of
        its
        Significant Subsidiaries or of any substantial part of its property, or ordering
        the winding up or liquidation of its affairs, and the continuance of any
        such
        decree or order unstayed and in effect for a period of 90 consecutive days;
        or
        (b) the consent by the Company or any of its Significant Subsidiaries to
        the
        institution of bankruptcy or insolvency proceedings against it, or the filing
        by
        it of a petition or answer or consent seeking reorganization or relief under
        Title 11, United States Code or any other applicable federal or state law,
        or
        the consent by it to the filing of any such petition or to the appointment
        of a
        receiver, liquidator, assignee, trustee, sequestrator (or other similar
        official) of the Company or any of its Significant Subsidiaries or of any
        substantial part of its property, or the making by it of an assignment for
        the
        benefit of creditors, or the admission by it in writing of its inability
        to pay
        its debts generally as they become due, or the taking of corporate action
        by the
        Company or any of its Significant Subsidiaries in furtherance of any such
        action;”

      

      ARTICLE
        2

      

      EFFECTIVENESS;
        OPERATIVENESS

      

      This
        First Supplemental Indenture shall be effective as of the date set forth
        above,
        upon the execution hereof by each of the parties hereto. Upon such execution,
        the Indenture shall be modified and amended in accordance with this First
        Supplemental Indenture, and all the terms and conditions of both shall be
        read
        together as though they constitute one instrument, except that, in case of
        conflict, the provisions of this First Supplemental Indenture will control.
        The
        Indenture, as modified and amended by this First Supplemental Indenture,
        is
        hereby ratified and confirmed in all respects and shall bind every holder
        of the
        111⁄2% Notes. In case of conflict between the terms and conditions contained in
        the 111⁄2% Notes and those contained in the Indenture, as modified and amended by
        this First Supplemental Indenture, the provisions of the Indenture, as modified
        and amended by this First Supplemental Indenture, shall control.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      ARTICLE
        3

      

      CONFLICT
        WITH THE TRUST INDENTURE ACT

      

      If
        any
        provision of this First Supplemental Indenture limits, qualifies or conflicts
        with any provision of the Trust Indenture Act of 1939 (the “TIA”)
        that
        is required under the TIA to be part of and govern any provision of this
        First
        Supplemental Indenture, the provision of the TIA shall control. If any provision
        of this First Supplemental Indenture modifies or excludes any provision of
        the
        TIA that may be so modified or excluded, the provision of the TIA shall be
        deemed to apply to the Indenture as so modified or to be excluded by this
        First
        Supplemental Indenture.

      

      ARTICLE
        4

      

      SEVERABILITY

      

      In
        case
        any provision in this First Supplemental Indenture shall be invalid, illegal
        or
        unenforceable, the validity, legality and enforceability of the remaining
        provisions shall not in any way be affected or impaired thereby. 

      

      ARTICLE
        5

      

      HEADINGS

      

      The
        Article and Section headings of this First Supplemental Indenture have been
        inserted for convenience of reference only, are not to be considered a part
        of
        this First Supplemental Indenture and shall in no way modify or restrict
        any of
        the terms or provisions hereof.

      

      ARTICLE
        6

      

      BENEFITS
        UNDER THE FIRST SUPPLEMENTAL INDENTURE

      

      Nothing
        in this First Supplemental Indenture or the 111⁄2% Notes, express or implied,
        shall give to any Person, other than the parties hereto and thereto and their
        successors hereunder and thereunder and the holders of the 111⁄2% Notes, any
        benefit of any legal or equitable right, remedy or claim under the Indenture,
        this First Supplemental Indenture or the 111⁄2% Notes.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      ARTICLE
        7

      

      SUCCESSORS

      

      All
        agreements of the Company and the Trustee in this First Supplemental Indenture
        shall bind their respective successors.

      

      ARTICLE
        8

      

      THE
        TRUSTEE

      

      The
        Trustee shall not be responsible in any manner whatsoever for or in respect
        of
        the validity or sufficiency of this First Supplemental Indenture or for or
        in
        respect of the recitals contained herein, all of which are made solely by
        the
        Company.

      

      ARTICLE
        9

      

      CERTAIN
        DUTIES AND RESPONSIBILITIES OF THE TRUSTEE

      

      In
        entering into this First Supplemental Indenture, the Trustee shall be entitled
        to the benefit of every provision of the Indenture relating to the conduct
        or
        affecting the liability or affording protection to the Trustee, whether or
        not
        elsewhere herein so provided.

      

      ARTICLE
        10

      

      GOVERNING
        LAW

      

      THIS
        FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
        WITH, THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO CONTRACTS MADE AND
        PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
        CONFLICTS OF LAW. Each of the parties hereto agrees to submit to the
        jurisdiction of the courts of the State of New York in any action or proceeding
        arising out of or relating to this First Supplemental Indenture. 

      

      ARTICLE
        11

      

      COUNTERPART
        ORIGINALS

      

      The
        parties may sign any number of copies of this First Supplemental Indenture.
        Each
        signed copy shall be an original, but all of them together represent one
        and the
        same agreement.

      

      *
        * *
        *

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have caused this First Supplemental
        Indenture to be duly executed, all as of the date first above written.

       

      

      
        	 	 	
                VISKASE
                  COMPANIES, INC.

              	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
                By:

              	
                /s/

              	 
	 	 	 	 	 
	 	 	
                Name:

              	
                Gordon
                  S. Donovan

              	 
	 	 	 	 	 
	 	 	
                Title:

              	
                Vice
                  President and Chief Financial Officer

              	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
                LASALLE
                  BANK NATIONAL ASSOCIATION,

              	 
	 	 	
                as
                  Trustee

              	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
                By:

              	
                /s/

              	 
	 	 	 	 	 
	 	 	
                Name:

              	  
	 
	 	 	 	 	 
	 	 	
                Title:

              	  
	 

      

       

       

      [SIGNATURE
        PAGE TO FIRST SUPPLEMENTAL INDENTURE]Exhibit 10.1

    
      

    

     

    Exhibit
      10.1

     

     

     

    VISKASE
      COMPANIES, INC.

    

    SERIES
      A PREFERRED STOCK PURCHASE AGREEMENT

    

    November
      7, 2006

     

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    TABLE
      OF CONTENTS

    

      
        	 	 	 	
                Page

              
	 	 	 	 
	 	 	 	 
	
                1.

              	
                Purchase
                  and Sale of Stock.

              	
                1

              
	 	 	 	 
	 	
                1.1

              	
                Sale
                  and Issuance of Series A Preferred Stock.

              	
                1

              
	 	
                1.2

              	
                Closing.

              	
                1

              
	 	 	 	 
	
                2.

              	
                Option.

              	
                2

              
	 	 	 	 
	 	
                2.1

              	
                General.

              	
                2

              
	 	
                2.2

              	
                Notice

              	
                2

              
	 	
                2.3

              	
                Exercise

              	
                2

              
	 	 	 	 
	
                3.

              	
                Representations
                  and Warranties of the Company

              	
                3

              
	 	 	 	 
	 	
                3.1

              	
                Organization,
                  Good Standing and Qualification

              	
                3

              
	 	
                3.2

              	
                Subsidiaries

              	
                3

              
	 	
                3.3

              	
                Authorization

              	
                3

              
	 	
                3.4

              	
                Governmental
                  Consents

              	
                3

              
	 	
                3.5

              	
                Valid
                  Issuance of Shares, Option Shares and Underlying Common
                  Stock

              	
                4

              
	 	
                3.6

              	
                Capitalization

              	
                4

              
	 	
                3.7

              	
                Noncontravention

              	
                4

              
	 	
                3.8

              	
                Litigation

              	
                5

              
	 	
                3.9

              	
                SEC
                  Documents; Financial Statements

              	
                5

              
	 	
                3.10

              	
                Registration
                  Rights; Voting Rights

              	
                5

              
	 	 	 	 
	
                4.

              	
                Representations
                  and Warranties of the Investors

              	
                6

              
	 	 	 	 
	 	
                4.1

              	
                Authorization

              	
                6

              
	 	
                4.2

              	
                Experience

              	
                6

              
	 	
                4.3

              	
                Accredited
                  Investor

              	
                6

              
	 	
                4.4

              	
                Purchase
                  Entirely for Own Account

              	
                6

              
	 	
                4.5

              	
                Economic
                  Risk

              	
                6

              
	 	
                4.6

              	
                No
                  Public Market

              	
                7

              
	 	
                4.7

              	
                Legend

              	
                7

              
	 	 	 	 
	
                5.

              	
                Rights
                  Offering

              	
                7

              
	 	 	 	 
	 	 	 	 
	
                6.

              	
                Conditions
                  of Investors’ Obligations at Closing and any Option
                  Closing

              	
                7

              
	 	 	 	 
	 	
                6.1

              	
                Representations
                  and Warranties

              	
                8

              
	 	
                6.2

              	
                Performance

              	
                8

              
	 	
                6.3

              	
                Compliance
                  Certificate

              	
                8

              
	 	
                6.4

              	
                Certificate
                  of Designations

              	
                8

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      TABLE
        OF CONTENTS

      (CONTINUED)

       

      
        	 	 	 	Page
	 	 	 	 
	 	 	 	 
	 	
                6.5

              	
                Consents

              	
                8

              
	 	
                6.6

              	
                Registration
                  Rights Agreement

              	
                8

              
	 	
                6.7

              	
                Opinion
                  of Company Counsel

              	
                8

              
	 	
                6.8

              	
                Material
                  Adverse Change

              	
                8

              
	 	 	 	 
	
                7.

              	
                Conditions
                  of the Company’s Obligations at Closing and any Option
                  Closing

              	
                8

              
	 	 	 	 
	 	
                7.1

              	
                Representations
                  and Warranties

              	
                9

              
	 	
                7.2

              	
                Performance

              	
                9

              
	 	
                7.3

              	
                Certificate
                  of Designations

              	
                9

              
	 	
                7.4

              	
                Registration
                  Rights Agreement

              	
                9

              
	 	 	 	 
	
                8.

              	
                Indemnification.

              	
                9

              
	 	 	 	 
	 	
                8.1

              	
                Indemnification
                  by
                  the Company

              	
                9

              
	 	
                8.2

              	
                Indemnification
                  by the Investors

              	
                9

              
	 	
                8.3

              	
                Defense
                  of Third Party Claims

              	
                9

              
	 	
                8.4

              	
                Other
                  Claims

              	
                10

              
	 	 	 	 
	
                9.

              	
                Miscellaneous.

              	
                11

              
	 	 	 	 
	 	
                9.1

              	
                Governing
                  Law

              	
                11

              
	 	
                9.2

              	
                Survival

              	
                11

              
	 	
                9.3

              	
                Successors
                  and Assigns

              	
                11

              
	 	
                9.4

              	
                Entire
                  Agreement

              	
                11

              
	 	
                9.5

              	
                Notices,
                  Etc.

              	
                11

              
	 	
                9.6

              	
                Waiver

              	
                11

              
	 	
                9.7

              	
                Expenses

              	
                12

              
	 	
                9.8

              	
                Amendments

              	
                12

              
	 	
                9.9

              	
                Finder’s
                  Fee

              	
                12

              
	 	
                9.10

              	
                Counterparts

              	
                12

              
	 	
                9.11

              	
                Severability

              	
                12

              
	 	
                9.12

              	
                Titles
                  and Subtitles

              	
                12

              
	 	 	 	 
	
                SCHEDULES
                  AND EXHIBITS

              	 
	 	 	 	 
	
                Schedule
                  I

              	
                Participating
                  Investors

              	 
	 	 	 	 
	
                Exhibit
                  A

              	
                Certificate
                  of Designations

              	 
	
                Exhibit
                  B

              	
                Disclosure
                  Schedule

              	 
	
                Exhibit
                  C

              	
                Registration
                  Rights Agreement

              	 
	
                Exhibit
                  D 

              	
                Rights
                  Offering Term Sheet

              	 
	
                Exhibit
                  E

              	
                Opinion
                  of Company Counsel

              	 

      

    

     

    
      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

    

     

    SERIES
      A PREFERRED STOCK PURCHASE AGREEMENT

    

    This
      Series A Preferred Stock Purchase Agreement (this “Agreement”)
      is
      made as of November 7, 2006, by and between Viskase Companies, Inc., a Delaware
      corporation (the “Company”),
      and
      the participating investors identified on Schedule
      I
      hereto
      (each, an “Investor”
and
      collectively, the “Investors”).

    

    RECITAL

    

    The
      Company desires to sell, and the Investors wish to buy, shares of the Company’s
      newly designated Series A Preferred Stock, par value $0.01 per share (the
“Series
      A Preferred Stock”),
      on
      the terms and subject to the conditions contained herein.

    

    AGREEMENT

    

    The
      parties agree as follows:

     

    
      	
              1.

            	
              Purchase
                and Sale of Stock.

            

    

     

    
      	 	
              1.1

            	
              Sale
                and Issuance of Series A Preferred Stock.

            

    

    

    (a)    The
      board
      of directors of the Company (the “Board”)
      shall
      adopt and shall cause the Company to file with the Secretary of State of
      Delaware on or before the Closing (as defined below in Section 1.2)
      a
      certificate of designations in the form attached hereto as Exhibit A
      (the
“Certificate
      of Designations”).

    

    (b)    Subject
      to the terms and conditions of this Agreement, the Investors agree to purchase
      at the Closing, and the Company agrees to sell and issue to the Investors at
      the
      Closing such number of shares of the Series A Preferred Stock as is set forth
      opposite each Investor’s name on Schedule
      I
      hereto
      at a purchase price of One Dollar and Ninety-Five Cents ($1.95) per share (the
      “Purchase
      Price”).
      The
      shares of Series A Preferred Stock to be sold pursuant to this Agreement are
      collectively referred to herein as the “Purchased
      Shares”
and
      the
      Purchased Shares together with any shares of Series A Preferred Stock issued
      by
      the Company in respect of the Purchased Shares are collectively referred to
      herein as the “Shares.”

     

    
      	 	
              1.2

            	
              Closing. 

            

    

    

    (a)    The
      purchase and sale of Purchased Shares (the “Closing”)
      shall
      occur as promptly as possible, but in no event more than three (3) business
      days
      following the satisfaction and/or waiver of all conditions to Closing set forth
      in Sections 6
      and
7,
      at the
      offices of Jenner & Block LLP, One IBM Plaza, Chicago, Illinois, or at such
      other time and place as the Company and the Investors shall mutually agree.
      The
      date on which the Closing actually occurs will be referred to as the
“Closing
      Date,”
and
      except as otherwise expressly provided herein, the Closing shall for all
      purposes be deemed effective as of 8:00 a.m., Chicago time, on the Closing
      Date.

    

    (b)    At
      the
      Closing, the Company shall deliver to the Investors a certificate or
      certificates representing the Purchased Shares against payment of the Purchase
      Price therefor by wire transfer of immediately available funds to an account
      designated by the Company at least one (1) business day prior to the Closing
      Date.

    

    
      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

    

    

    
      	
              2.

            	
              Option.

            

    

     

    
      	 	
              2.1

            	
              General. 

            

    

    

    (a)    The
      Company hereby grants to Koala Holding LLC (“Koala”),
      subject to the terms and conditions set forth herein, a one-time, non-assignable
      right to purchase such number of shares of Common Stock, par value $0.01 per
      share, of the Company (the “Common
      Stock”)
      as is
      necessary for Koala and its affiliates to own, immediately following
      consummation of the Rights Offering and the related conversion of Series A
      Preferred Stock not otherwise redeemed in connection with the Rights Offering,
      fifty and one-tenth percent (50.1%) of the outstanding Common Stock (on a fully
      diluted basis, including after giving effect to the Investor Option pursuant
      to
Section
      2.1(b)
      below)
      for consideration per share equal to the consideration the holder of a Right
      (as
      defined in Section
      5
      below)
      would be required to pay to acquire a share of Common Stock thereunder (the
      “Koala
      Option”).
      For
      purposes hereof, the percentage increase in the number of shares of Common
      Stock
      held by Koala resulting solely from the exercise of the Koala Option is referred
      to the “Top-Up
      Percentage.”
      

    

    (b)    The
      Company hereby grants to each of the Investors (other than Koala), subject
      to
      the terms and conditions set forth herein, including the condition that Koala
      exercise the Koala Option pursuant to Section
      2.1(a)
      above, a
      one-time, non-assignable right to purchase a number of shares of Common Stock
      equal to (i) the Top-Up Percentage (expressed as a decimal) multiplied
      by
      (ii) the
      number of shares of Common Stock held by such Investor immediately following
      consummation of the Rights Offering and the related conversion of Series A
      Preferred Stock not otherwise redeemed in connection with the Rights Offering,
      for consideration per share equal to the consideration the holder of a Right
      (as
      defined in Section
      5
      below)
      would be required to pay to acquire a share of Common Stock thereunder (the
      “Investor
      Option”
and,
      together with the Koala Option, the “Option”).
      

     

    2.2    Notice.
      Promptly
      following consummation of the Rights Offering and the related conversion of
      Series A Preferred Stock not otherwise redeemed in connection with the Rights
      Offering, the Company will provide to each of the Investors a written notice
      (“Share
      Notice”)
      providing (a) the total number of shares of Common Stock (on a fully diluted
      basis) then outstanding and (b) the number of shares of Common Stock such
      Investor has the option to purchase pursuant to Sections
      2.1(a)
      and
(b)
      above,
      as applicable, at such time (the “Option
      Shares”).
      

     

    2.3    Exercise.
      Each
      Investor may exercise the applicable Option in whole (but not in part) and
      purchase the Option Shares by providing the Company written notice thereof
      on or
      before the tenth (10th) business day following its receipt of the Share Notice.
      Each Investor exercising its Option shall promptly pay to the Company by wire
      transfer of immediately available funds the aggregate consideration due under
      the Option and the Company shall substantially concurrently therewith deliver
      to
      such Investor the fully paid and non-assessable Option Shares. The date upon
      which both the consideration due under the Option is received by the Company
      and
      the Company completes delivery to the Investor of the applicable Option Shares
      is referred to herein as the “Option
      Closing.”
      

    

    
      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

    

    3.    Representations
      and Warranties of the Company.
      The
      Company hereby represents and warrants to the Investors as of the date hereof
      and as of the Closing and the Option Closing, if applicable, each of the
      following. For purposes of this Section 3,
      “Knowledge”
of
      the
      Company shall mean (a) the actual knowledge of the Company and
      (b) that knowledge that a prudent businessperson could have obtained in the
      management of his business after making due inquiry, and after exercising due
      diligence with respect thereto.

     

    3.1    Organization,
      Good Standing and Qualification.
      The
      Company is a corporation duly incorporated, validly existing and in good
      standing under the laws of the State of Delaware, and has all requisite
      corporate power and authority to carry on its business as currently conducted
      and as currently proposed to be conducted. The Company is duly qualified to
      transact business and is in good standing in each jurisdiction in which it
      is
      required to be so qualified and in good standing, except where the failure
      to be
      so qualified and in good standing would not materially and adversely affect
      the
      business, operations, properties, assets (whether tangible or intangible) or
      financial condition of the Company and its subsidiaries taken as a whole (a
      “Material
      Adverse Effect”).
      True
      and accurate copies of the Company’s Certificate of Incorporation (the
“Certificate
      of Incorporation”),
      as
      modified by the Certificate of Designations, and Bylaws (the “Bylaws”),
      each
      as amended and in effect at the Closing, have been made available to the
      Investors.

     

    3.2    Subsidiaries.
      Except
      as set forth in Section 3.2 of the Disclosure Schedule attached hereto as
Exhibit
      B
      (the
“Disclosure
      Schedule”),
      the
      Company does not presently own or control, directly or indirectly, any interest
      in any other corporation or other business entity. The Company is not a
      participant in any joint venture, partnership or similar arrangement.

     

    3.3    Authorization.
      All
      corporate action on the part of the Company, its officers, directors and
      stockholders necessary for the authorization, execution and delivery of this
      Agreement and the Registration Rights Agreement of even date herewith in
      substantially the form attached hereto as Exhibit
      C
      (the
“Registration
      Rights Agreement”),
      the
      performance of all obligations of the Company hereunder and thereunder as of
      the
      Closing and the Option Closing, if applicable, and the authorization, issuance
      (or reservation for issuance), sale and delivery of the Shares and the Common
      Stock (as defined below in Section 3.6)
      issuable upon conversion of the Shares and the Option Shares, has been taken
      and
      this Agreement constitutes, and the Registration Rights Agreement when executed
      and delivered will constitute, a valid and legally binding obligation of the
      Company, enforceable in accordance with its terms, subject to: (a) laws
      limiting the availability of specific performance, injunctive relief and other
      equitable remedies; and (b) bankruptcy, insolvency, reorganization,
      moratorium or other similar laws now or hereafter in effect generally relating
      to or affecting creditors’ rights generally. 

     

    3.4    Governmental
      Consents.
      No
      consent, approval, order or authorization of, or registration, qualification,
      designation, declaration or filing with, any federal, state or local
      governmental authority on the part of the Company is required in connection
      with
      the offer, sale or issuance of the Shares (and the Common Stock issuable upon
      conversion of the Shares) and the Option Shares and/or the consummation of
      any
      other transaction contemplated hereby or in the Registration Rights Agreement,
      except for the following: (a) the filing of the Certificate of Designations
      in the office of the Secretary of State of the State of Delaware, which will
      be
      filed by the Company prior to the Closing; and (b) filings pursuant to
      applicable federal and state securities laws, including any filings pursuant
      to
      the terms of the Registration Rights Agreement and any filings pursuant to
      Regulation D of the Securities Act of 1933, as amended (the “Securities
      Act”).
      Assuming that the representations of the Investors set forth in Section 4
      below
      are true and correct, the offer, sale, and issuance by the Company of the
      Shares, Conversion Shares and Options Shares, in each case, in conformity with
      the terms of this Agreement and the Certificate of Incorporation as modified
      by
      the Certificate of Designation are exempt from the registration requirements
      of
      Section 5 of the Securities Act.

    

    
      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

    

    3.5    Valid
      Issuance of Shares, Option Shares and Underlying Common Stock.
      The
      Shares and Option Shares, when issued, sold, and delivered in accordance with
      the terms of this Agreement for the consideration expressed herein, will be
      duly
      and validly issued, fully paid, and nonassessable, and will be free of
      restrictions on transfer other than restrictions on transfer under applicable
      state and federal securities laws. The Common Stock issuable upon conversion
      of
      the Shares has been duly and validly reserved for issuance and, when issued
      and
      delivered in accordance with the terms of the Certificate of Incorporation
      as
      modified by the Certificate of Designation, will be duly and validly issued,
      fully paid, and nonassessable, and will be free of restrictions on transfer
      other than restrictions on transfer under applicable state and federal
      securities laws.

     

    3.6    Capitalization.
      Immediately prior to the Closing, the authorized capital stock of the Company
      consists of (a) Fifty Million (50,000,000) shares of Common Stock, par
      value $0.01 per share (“Common
      Stock”),
      of
      which 10,811,483 shares, which includes 805,270 shares of Common Stock held
      in
      treasury and 69,438 shares
      of
      restricted Common Stock that are issued but not outstanding, are issued and
      9,936,775 shares are outstanding and (b) 50,000,000 shares of preferred
      stock, par value $0.01 per share, of which no shares are issued and outstanding.
      All of the outstanding shares of Common Stock are duly authorized, validly
      issued, fully paid, non-assessable and free of preemptive rights. None of the
      outstanding shares of Common Stock were issued in violation of any preemptive
      rights or rights of first refusal or first offer. Immediately prior to the
      Closing, except for warrants to purchase 641,456 shares of Common Stock with
      an
      exercise price of $0.01 and expiring June 15, 2011 (the “2011
      Warrants”),
      warrants to purchase 304,127 shares of Common Stock with an exercise price
      of
      $10.00 and expiring April 2, 2010 (the “2010
      Warrants”),
      and
      options granted under the Company’s 2005 Stock Option Plan, which are
      exercisable for a total of 926,668 shares of Common Stock, there are no
      outstanding options, rights (preemptive or otherwise) or warrants to purchase
      or
      to subscribe for any shares of the Company’s capital stock or that otherwise
      confer on any person any right to acquire any of the Company’s capital stock or
      other outstanding securities convertible into or exchangeable for shares of
      the
      Company’s capital stock and, except for 69,438 shares of restricted Common Stock
      that are issued but not outstanding, there are no outstanding or authorized
      stock appreciation, phantom stock or similar rights with respect to the
      Company’s capital stock. There will be no adjustment to the exercise price of
      the 2010 Warrants or 2011 Warrants as a result of consummation of the sale
      of
      Shares under this Agreement. 

     

    3.7    Noncontravention.
      The
      execution and delivery by the Company of this Agreement and the Registration
      Rights Agreement and the consummation and performance by the Company of the
      transactions and obligations contemplated hereby and thereby do not:
      (a) violate any material law to which the Company or its subsidiaries is
      subject; (b) conflict with or result in a breach of any provision of the
      Certificate of Incorporation or Bylaws; (c) create a breach, default,
      termination, cancellation, modification or acceleration of any obligation of
      the
      Company or any of its subsidiaries pursuant to any material contract to which
      the Company or any of its subsidiaries is a party or by which the Company or
      any
      of its subsidiaries or any of its assets or properties is bound or subject;
      or
      (d) result in the creation or imposition of any liens on any material asset
      of the Company or any of its subsidiaries.

    

    
      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

    

    3.8    Litigation.
      Except
      as set forth in Section 3.8 of the Disclosure Schedule, there are no legal,
      administrative, grievance, arbitration or other proceedings or governmental
      investigations pending or, to Knowledge of the Company, threatened, against
      the
      Company or any of its subsidiaries (a) that seek to restrain or enjoin the
      consummation of the transactions contemplated by this Agreement or the
      Registration Rights Agreement, (b) that seek relief that would reasonably
      be expected to have a Material Adverse Effect, (c) that challenge the
      validity of this Agreement, the Registration Rights Agreement or the Certificate
      of Incorporation after giving effect to the Certificate of Designations or
      (d) that challenge any action taken or to be taken by the Company or any of
      its subsidiaries in connection with this Agreement or the Registration Rights
      Agreement.

     

    3.9    SEC
      Documents; Financial Statements.
      The
      Company has filed on a timely basis all registration statements, forms, reports
      and proxy statements required to be filed by the Company with the Securities
      and
      Exchange Commission (“SEC”)
      on or
      after January 25, 2005 (collectively, the “Company
      Reports”).
      As of
      their respective dates, the Company Reports: (a) were prepared in
      accordance with the applicable requirements of the Securities Act, the
      Securities Exchange Act of 1934, as amended, and the rules and regulations
      promulgated thereunder, (b) complied in all materials respects with the
      then applicable accounting requirements and (c) did not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make
      the statements made therein, in the light of the circumstances under which
      they
      were made, not misleading. Each set of the consolidated financial statements
      (including in each case any notes and schedules related thereto) included in
      the
      Company Reports complies as to form in all material respects with all applicable
      accounting requirements and published rules of the SEC (including Regulation
      S-X) with respect thereto, fairly presents in all material respects the
      consolidated financial position of the Company and its subsidiaries as of its
      date, and each of the consolidated statements of operations, cash flows and
      stockholders’ deficit included in the Company Reports (including any related
      notes and schedules) fairly presents in all material respects the consolidated
      results of operations, cash flows or changes in stockholders’ deficit, as the
      case may be, of the Company and its subsidiaries for the periods set forth
      therein, in each case in accordance with United States generally accepted
      accounting principles except, in the case of unaudited statements, for normal
      and recurring year-end audit adjustments and as otherwise may be noted
      therein.

     

    3.10        
      Registration
      Rights; Voting Rights.
      Except
      as provided in the Registration Rights Agreement and as set forth in Section
      3.10 of the Disclosure Schedule, (a) the Company has not granted or agreed
      to grant, and is not under any obligation to provide, any rights to register
      under the Securities Act any of its presently outstanding securities or any
      of
      its securities that may be issued subsequently, and (b) no stockholder of
      the Company has entered into any agreement with the Company or its subsidiaries
      with respect to the voting of equity securities of the Company. The Company
      has
      not entered into any agreement with any stockholder relating to any rights
      or
      restriction on or in connection with the stock of the Company except as set
      forth in the Company’s Certificate of Incorporation and Certificate of
      Designations or as set forth in the Company’s stock option or restricted stock
      plans.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

      
        4. Representations
          and Warranties of the Investors.
          The
          Investors each hereby represent and warrant to the Company, on a several
          basis,
          as of the date hereof and as of the Closing and the Option Closing, if
          applicable, as follows:

      

       

    

    4.1    Authorization.
      All
      corporate, limited liability company, limited partnership or trust action,
      as
      applicable, on the part of the Investor, its officers, directors and
      stockholders necessary for the authorization, execution and delivery of this
      Agreement and the Registration Rights Agreement and the performance of all
      obligations of the Investor hereunder and thereunder as of the Closing, has
      been
      taken and this Agreement constitutes, and the Registration Rights Agreement
      when
      executed and delivered will constitute, a valid and legally binding obligation
      of the Investor, enforceable in accordance with its terms, subject to:
      (a) laws limiting the availability of specific performance, injunctive
      relief and other equitable remedies, and (b) bankruptcy, insolvency,
      reorganization, moratorium or other similar laws now or hereafter in effect
      generally relating to or affecting creditors’ rights generally.

     

    4.2    Experience.
      The
      Investor is experienced in evaluating and investing in private placement
      transactions of securities of companies such as the Company, and has either
      individually or through its current officers, directors or partners such
      knowledge and experience in financial and business matters that the Investor
      is
      capable of evaluating the merits and risks of the Investor’s prospective
      investment in the Company, and has the ability to bear the economic risks of
      the
      investment.

     

    4.3    Accredited
      Investor.
      The
      Investor is an “accredited investor” within the meaning of Securities and
      Exchange Commission Rule 501 of Regulation D, as presently in effect, under
      the
      Securities Act.

     

    4.4    Purchase
      Entirely for Own Account.
      This
      Agreement is made with the Investor in reliance upon its representation to
      the
      Company, which by the Investor’s execution of this Agreement the Investor hereby
      confirms, that the Purchased Shares and Option Shares, if applicable, will
      be
      acquired for investment for its own account, not as a nominee or agent, and
      not
      with a view to the resale or distribution of any part thereof, and that the
      Investor has no present intention of selling, granting any participation in,
      or
      otherwise distributing the same. By executing this Agreement, the Investor
      further represents that it does not have any contract, undertaking, agreement
      or
      arrangement with any person to sell, transfer or grant participation to such
      person or to any third person, with
      respect to any of the Purchased Shares and Option Shares, if applicable (or
      any
      Common Stock acquired upon conversion thereof).

     

    4.5    Economic
      Risk.
      The
      Investor understands that investment in the Company involves substantial risks.
      The Investor further understands that the purchase of the Purchased Shares
      and
      Option Shares, if applicable, will be a highly speculative investment. The
      Investor is able, without impairing its financial condition, to hold the
      Purchased Shares and Option Shares, if applicable, for an indefinite period
      of
      time and to suffer a complete loss of the Investor’s investment.

    

    
      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

    

    4.6    No
      Public Market.
      The
      Investor understands that no public market now exists for the Series A Preferred
      Stock, and the Company has made no assurances that a public market will ever
      exist for the Series A Preferred Stock and that it is unlikely that a public
      market will ever exist for the Series A Preferred Stock.

     

    4.7    Legend.
      The
      Investor acknowledges that, to the extent applicable, each certificate
      evidencing the Shares, the Option Shares and the Common Stock issuable upon
      conversion of the Shares shall be endorsed with the legend substantially in
      the
      form set forth below, as well as any additional legend imposed or required
      by
      applicable state securities laws: 

     

    
      	 	
              THE
                SHARES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES
                ONLY
                AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
                AMENDED,
                AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED
                UNLESS
                AND UNTIL REGISTERED UNDER SUCH ACT, OR UNLESS THE COMPANY HAS RECEIVED
                AN
                OPINION OF COUNSEL OR OTHER EVIDENCE, SATISFACTORY TO THE COMPANY
                AND ITS
                COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.

            	 

    

     

    5.    
Rights
      Offering.
      The
      Company agrees to use commercially reasonable efforts to initiate and complete
      a
      registered offering of rights (the “Rights
      Offering”)
      to
      acquire Common Stock (the “Rights”),
      to be
      initiated no later than ninety (90) calendar days after
      the
      date hereof and completed no later than one hundred eighty (180) calendar days
      after the date hereof (the “Rights
      Offering Deadline”),
      and
      otherwise in accordance with the terms set forth on the term sheet attached
      hereto as Exhibit
      D
      (the
“Rights
      Offering Term Sheet”).
      The
      Company agrees that, subject to limitations under applicable law, the proceeds
      of the Rights Offering will be used exclusively to redeem Shares then held
      by
      the Investors on a pro rata basis. All consideration proposed to be paid by
      the
      Investors for any Common Stock subscribed for by the Investors under the terms
      of Rights received as part of the Rights Offering may be paid in Shares valued
      at their liquidation value plus accrued and unpaid dividends thereon. The
      Investors agree on behalf of themselves and their respective affiliates that
      own
      Common Stock (“Investor
      Rights Holders”)
      that,
      with respect to the Rights Offering, if the aggregate cash consideration paid
      to
      the Company by all holders of Rights (other than the Investor Rights Holders)
      in
      connection with the subscription for Common Stock under the Rights is equal
      to
      or greater than Ten Million Dollars ($10,000,000), then the Investor Rights
      Holders shall be deemed to have subscribed for, without any further action
      on
      the part of the Company or the Investor Rights Holders, a number of shares
      of
      Common Stock equal to (a) the total number of shares of Common Stock the
      Investor Rights Holders have the right to subscribe for under the Rights
multiplied
      by
      (b) (i) the total number of shares of Common Stock subscribed for
      under the Rights Offering by all holders of Rights (other than the Investor
      Rights Holders) divided
      by
      (ii) the total number of shares of Common Stock available to be subscribed
      for by all holders of Rights (other than the Investor Rights Holders). The
      Investors acknowledge that they shall not be entitled to receive Rights in
      respect of the Shares purchased hereunder.

     

    6.    
Conditions
      of Investors’ Obligations at Closing
      and
      any Option Closing.
      The
      obligation of each Investor to purchase the Purchased Shares at the Closing,
      and
      the Option Shares at the Option Closing, is subject to the fulfillment on or
      before the Closing or the Option Closing, as applicable, of each of the
      following conditions, the waiver of which shall not be effective unless
      consented in writing thereto:

    

    
      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

    

    6.1    Representations
      and Warranties.
      The
      representations and warranties of the Company contained in Section 3
      shall be
      true and correct in all material respects (except for any representations
      qualified by materiality or Material Adverse Effect, which shall be true and
      correct in all respects) on and as of the Closing Date and the Option Closing,
      as applicable (except for any representations and warranties made as of a
      specified date, which shall be true and correct in all material respects or
      true
      and correct in all respects, as applicable, as of such specified
      date).

     

    6.2    Performance.
      The
      Company shall have performed and complied in all material respects with all
      agreements, obligations, and conditions contained in this Agreement that are
      required to be performed or complied with by it on or before the Closing and
      the
      Option Closing, as applicable.

     

    6.3    Compliance
      Certificate.
      The
      President of the Company shall deliver to the Investors at the Closing and
      the
      Option Closing, as applicable, a certificate stating that the conditions
      specified in Sections 6.1,
      6.2
      and
6.8
      have
      been fulfilled.

     

    6.4    Certificate
      of
      Designations.
      Prior
      to the Closing, the Certificate of Designations shall have been filed with
      the
      Secretary of State of Delaware and the Certificate of Incorporation as modified
      by the Certificate of Designations shall be in full force and effect, and a
      copy
      of which shall have been delivered to the Investors.

     

    6.5    Consents.
      The
      Company shall have entered into a supplemental indenture and amendments to
      the
      security agreement and intercreditor agreement with respect to the Company’s
      111⁄2% Senior Secured Notes due 2011, and an amendment to the Company’s revolving
      credit facility with Wells Fargo Foothill, in each case, giving effect to the
      amendments identified in the Rights Offering Term Sheet; such supplemental
      indenture and each of such amendments shall be in full force and effect, and
      copies of which shall have been delivered to the Investors. 

     

    6.6    Registration
      Rights Agreement.
      The
      Company shall have entered into the Registration Rights Agreement and the
      Registration Rights Agreement shall be in full force and effect. 

     

    6.7    Opinion
      of Company Counsel.
      The
      Investors shall have received from Jenner & Block LLP, counsel for the
      Company, an opinion, dated as of the Closing or the Option Closing, as
      applicable, in the form attached hereto as Exhibit
      E.

     

    6.8    Material
      Adverse Change.
      There
      shall have not occurred and be continuing a Material Adverse Effect.

     

    7.    Conditions
      of the Company’s Obligations at Closing
      and
      any Option Closing.
      The
      obligations of the Company to the Investors under this Agreement are subject
      to
      the fulfillment on or before the Closing or the Option Closing, as applicable,
      of each of the following conditions by the Investors:

    

    
      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

    

    7.1    Representations
      and Warranties.
      The
      representations and warranties of the Investors contained in Section 4
      shall be
      true and correct in all material respects (except for any representations
      qualified by materiality or Material Adverse Effect, which shall be true and
      correct in all respects) on and as of the Closing Date or the Option Closing,
      as
      applicable (except for any representations and warranties made as of a specified
      date, which shall be true and correct in all material respects or true and
      correct in all respects, as applicable, as of such specified date).

     

    7.2    Performance.
      The
      Investors shall have performed and complied in all material respects with all
      agreements, obligations, and conditions contained in this Agreement that are
      required to be performed or complied with by it on or before the Closing or
      the
      Option Closing, as applicable.

     

    7.3    Certificate
      of Designations.
      Prior
      to the Closing, the Certificate of Designations shall have been filed with
      the
      Secretary of State of Delaware and the Certificate of Incorporation as modified
      by the Certificate of Designations shall be in full force and
      effect.

     

    7.4    Registration
      Rights Agreement.
      The
      Investors shall have entered into the Registration Rights Agreement and the
      Registration Rights Agreement shall be in full force and effect.

     

    
      	
              8.

            	
              Indemnification.

            

    

     

    8.1    Indemnification
      by
      the Company.
      Subject
      to the provisions of this Section
      8,
      the
      Company shall indemnify and hold harmless the Investors, their respective
      successors and assigns, and their respective officers, directors, employees,
      agents and Affiliates (“Investor
      Indemnified Persons”)
      from
      and against, and shall reimburse Investor Indemnified Persons for, any and
      all
      losses, liabilities, claims, obligations, damages, deficiencies, assessments,
      levies, fines, penalties, costs, or reasonable and documented legal expenses,
      whether or not involving a third-party claim (collectively, “Losses”),
      arising out of, based upon or in any way relating to
      any
      inaccuracy in or breach of any representation or warranty of the Company set
      forth in this Agreement or any breach by the Company of, or failure of the
      Company to comply with, any covenant, agreement or other obligation of the
      Company in this Agreement.

     

    8.2    Indemnification
      by the Investors. Subject
      to the provisions of this Section
      8,
      each
      Investor shall, on a several (but not joint) basis, indemnify and hold harmless
      the Company, its successors and assigns, and its officers, directors, partners,
      members, employees, agents and Affiliates (“Company
      Indemnified Persons”)
      from
      and against, and shall reimburse Company Indemnified Persons for, any and all
      Losses, arising
      out of, based upon or in any way relating to any inaccuracy in or breach of
      any
      representation or warranty of such Investor set forth in this Agreement or
      any
      breach by such Investor of, or failure of such Investor to comply with, any
      covenant, agreement or other obligation of such Investor in this
      Agreement.

     

    8.3    Defense
      of Third Party Claims. If
      any
      legal proceedings shall be instituted or any claim is asserted by any third
      party in respect of which any party hereto may have an obligation

    
      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

     

    to indemnify another party, the party asserting such right
      to
      indemnity (the “Indemnified
      Party”)
      shall
      give the party from whom indemnity is sought (the “Indemnifying
      Party”)
      written notice thereof, but any failure to so notify the Indemnifying Party
      shall not relieve it from any liability that it may have to the Indemnified
      Party, other than to the extent the Indemnifying Party is actually prejudiced
      thereby. Such written notice shall describe in reasonable detail the facts
      constituting the basis for such third-party claim and the amount of the
      potential Loss, in each case, to the extent known. The Indemnifying Party shall
      have the right, at its option and expense, to participate in the defense of
      such
      proceeding or claim, but not to control the defense, negotiation or settlement
      thereof, which control shall at all times rest with the Indemnified Party,
      unless the Indemnifying Party (a) notifies the Indemnified Party of such defense
      in writing within thirty days after the Indemnified Party has given notice
      of
      the third party claim, (b) furnishes satisfactory evidence of its financial
      ability to indemnify the Indemnified Party, and (c) conducts the defense of
      the
      third party claim actively and diligently; in which case, the Indemnifying
      Party
      may assume such control at its expense through counsel reasonably satisfactory
      to such Indemnified Party; provided,
      however, that:
      (w) the
      Indemnified Party shall be entitled to participate in the defense of such claim
      and to employ counsel at its own expense to assist in the handling of such
      claim; (x) the Indemnifying Party shall obtain the prior written approval of
      the
      Indemnified Party before entering into any settlement of such claim or ceasing
      to defend against such claim (with such approval not to be unreasonably
      withheld); (y) no Indemnifying Party shall consent to the entry of any judgment
      or enter into any settlement that does not include as an unconditional term
      thereof the giving by each claimant or plaintiff to each Indemnified Party
      of a
      release from all liability in respect of such claim; and (z) the Indemnifying
      Party shall not be entitled to control (but shall be entitled to participate
      at
      its own expense in the defense of), and the Indemnified Party shall be entitled
      to have sole control over, the defense or settlement of any claim to the extent
      the claim seeks an order, injunction, non-monetary or other equitable relief
      against the Indemnified Party which, if successful, could materially interfere
      with the business, operations, assets, condition (financial or otherwise) or
      prospects of the Indemnified Party.

    
After
      written notice by the Indemnifying Party to the Indemnified Party of its
      election to assume control of the defense of any such action, the Indemnifying
      Party shall not be liable to such Indemnified Party hereunder for any legal
      expenses subsequently incurred by such Indemnified Party in connection with
      the
      defense thereof other than reasonable costs of investigation. If the
      Indemnifying Party does not assume control of the defense of such claim as
      provided in this Section
      8.3,
      the
      Indemnified Party shall have the right to defend such claim in such manner
      as it
      may deem appropriate at the cost and expense of the Indemnifying Party, and
      the
      Indemnifying Party will promptly reimburse the Indemnified Party therefor in
      accordance with this Section
      8.3.
      The
      reimbursement of fees, costs and expenses required by this Section
      8.3
      shall be
      made by periodic payments during the course of the investigations or defense,
      as
      and when bills are received or expenses incurred.

     

    8.4    Other
      Claims.
      A claim
      for indemnification for any matter not involving a third-party claim shall
      be
      asserted by the Indemnified Party to the Indemnifying Party in writing, setting
      forth specifically the obligation with respect to which the claim is made,
      the
      facts giving rise to and the alleged basis for such claim and, if known or
      reasonably ascertainable, the amount of the liability asserted or which may
      be
      asserted by reason thereof, but any failure to so notify the Indemnifying Party
      shall not relieve it from any liability that it may have to the Indemnified
      Party other than to the extent the Indemnifying Party is actually prejudiced
      thereby. 

    

    
      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

    

    

    
      	
              9.

            	
              Miscellaneous. 

            

    

     

    9.1    Governing
      Law.
      This
      Agreement shall be governed in all respects by the laws of the State of Delaware
      without regard to choice of laws or conflict of laws provisions thereof.

     

    9.2    Survival.
      The
      representations, warranties, covenants, and agreements made herein shall survive
      any investigation made by any Investors and the closing of the transactions
      contemplated hereby. All statements of the Company as to factual matters
      contained in any certificate or exhibit delivered by or on behalf of the Company
      pursuant hereto shall be deemed to be the representations and warranties of
      the
      Company hereunder as of such date of such certificate or exhibit.

     

    9.3    Successors
      and Assigns.
      Except
      as otherwise provided herein, the provisions hereof shall inure to the benefit
      of, and be binding upon, the successors, assigns, heirs, executors and
      administrators of the parties hereto; provided, however, that the rights of
      the
      Investors to purchase the Purchased Shares or the Option Shares, as applicable,
      shall not be assignable to a third party who is not an affiliate of an Investor
      without the consent of the Company. Nothing in this Agreement, express or
      implied, is intended to confer upon any party other than the parties hereto
      or
      their respective successors and assigns any rights, remedies, obligations or
      liabilities under or by reason of this Agreement, except as expressly provided
      by this Agreement.

     

    9.4    Entire
      Agreement.
      This
      Agreement and the other documents delivered pursuant hereto constitute the
      full
      and entire understanding and agreement among the parties with regard to the
      subjects hereof and thereof. 

     

    9.5    Notices,
      Etc.
      All
      notices and other communications required or permitted hereunder shall be in
      writing and shall be mailed by registered or certified mail, postage prepaid,
      return receipt requested, or otherwise delivered by hand or by messenger,
      addressed (a) for the Investors, to each Investor’s address as set forth on
      the signatures page of this Agreement, or to such other address as the Investors
      shall have furnished to the Company in writing, or (b) for the Company, to
      its address as set forth on the signature page of this Agreement addressed
      to
      the attention of the Corporate Secretary, or to such other address as the
      Company shall have furnished to the Investor. Any notice required or permitted
      under this Agreement shall be given in writing and shall be deemed effectively
      given (x) upon delivery, when delivered personally or by overnight courier
      or successful fax delivery (with a copy of such fax sent by U.S. mail) or
      (y) at the time received, if sent by registered or certified mail, postage
      prepaid.

     

    9.6    Waiver.
      Any
      waiver, permit, consent or approval of any kind or character on the part of
      any
      holder of any breach or default under this Agreement, or any waiver on the
      part
      of any holder of any provisions or conditions of this Agreement, must be in
      writing and shall be effective only to the extent specifically set forth in
      such
      writing or as provided in this Agreement, and shall not be construed to be
      a
      waiver of any other breach or default theretofore or thereafter occurring.
      All
      remedies, either under this Agreement or by law or otherwise afforded to any
      holder, shall be cumulative and not alternative.

    

    
      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

    

    

    9.7    Expenses.
      Each of
      the Company and the Investors shall be responsible for their own fees and
      expenses, including the fees and expenses of legal counsel, arising from the
      negotiation and entry into this Agreement and the consummation of transactions
      contemplated hereby.

     

    9.8    Amendments.
      Any
      term of this Agreement may be amended only with the written consent of each
      of
      the parties hereto. Any amendment effected in accordance with this paragraph
      shall be binding upon each holder of any securities purchased under this
      Agreement at the time outstanding (including securities into which such
      securities are convertible), each future holder of all such securities and
      the
      Company.

     

    9.9    Finder’s
      Fee.
      The
      Company and the Investors each hereby represent and warrant to the other party
      that no finders or brokers were utilized in the sale of the Purchased Shares.
      

     

    9.10        
      Counterparts.
      This
      Agreement may be executed in any number of counterparts and signatures may
      be
      delivered by facsimile, each of which may be executed by less than all parties,
      each of which shall be enforceable against the parties actually executing such
      counterparts, and all of which together shall constitute one
      instrument.

     

    9.11         
      Severability.
      If any
      provision of this Agreement becomes or is declared by a court of competent
      jurisdiction to be illegal, unenforceable or void, portions of such provision,
      or such provision in its entirety, to the extent necessary, shall be severed
      from this Agreement and the balance of this Agreement shall be enforceable
      in
      accordance with its terms.

     

    9.12         
      Titles
      and Subtitles.
      The
      titles and subtitles used in this Agreement are used for convenience only and
      are not to be considered in construing or interpreting this
      Agreement.

    

    [THIS
      SPACE LEFT BLANK INTENTIONALLY]

    

    
      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

    

    

    

    IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the date first
      above written.

    

      
        	 	 	
                COMPANY:

              	 
	 	 	 	
                 

              	 
	 	 	
                VISKASE
                  COMPANIES, INC.

              	 
	 	 	 	
                 

              	 
	 	 	 	
                 

              	 
	 	 	
                By:

              	
                /s/

              	 
	 	 	 	
                Robert
                  L. Weisman, President and Chief Executive Officer

              	 
	 	 	 	
                 

              	 
	 	 	
                8205
                  South Cass Avenue, Suite 115

              	 
	 	 	
                Darien,
                  Illinois 60561

              	 
	 	 	
                Fax:
                  (630) 874-0700

              	 
	 	 	 	
                 

              	 
	 	 	
                For
                  notice purposes, with a copy to:

              	 
	 	 	 	
                 

              	 
	 	 	
                Thomas
                  A. Monson

              	 
	 	 	
                Jenner
                  & Block LLP

              	 
	 	 	
                One
                  IBM Plaza

              	 
	 	 	
                Chicago,
                  IL 60611

              	 
	 	 	
                Fax:
                  (312) 840-8711

              	 

      

       

      Signature
        Page to Series A Preferred Stock Purchase Agreement

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 	 	
                INVESTOR:

              	 
	 	 	 	
                 

              	 
	 	 	
                KOALA
                  HOLDING LLC

              	 
	 	 	 	
                 

              	 
	 	 	 	
                 

              	 
	 	 	
                By:

              	
                /s/

              	 
	 	 	 	
                 

              	 
	 	 	
                c/o 
                  Icahn Associates Corp.

              	 
	 	 	
                767
                  5th Avenue, 47th Floor

              	 
	 	 	
                New
                  York, New York 10153

              	 
	 	 	
                Facsimile:
                  (212) 688-1158

              	 
	 	 	 	
                 

              	 
	 	 	
                For
                  notice purposes, with a copy to:

              	 
	 	 	 	
                 

              	 
	 	 	
                Icahn
                  Associates Corp.

              	 
	 	 	
                767
                  5th Avenue, 47th Floor

              	 
	 	 	
                New
                  York, New York 10153

              	 
	 	 	
                Attn:
                  Keith Schaitkin

              	 
	 	 	
                Facsimile:
                  (212) 688-1158

              	 
	 	 	 	
                 

              	 
	 	 	
                INVESTOR:

              	 
	 	 	 	
                 

              	 
	 	 	
                GRACE
                  BROTHERS, LTD.

              	 
	 	 	 	
                 

              	 
	 	 	 	
                 

              	 
	 	 	
                By:

              	
                /s/

              	 
	 	 	 	
                 

              	 
	 	 	
                1560
                  Sherman Avenue, Suite 900

              	 
	 	 	
                Evanston,
                  Illinois 60201

              	 
	 	 	
                Attn:
                  Bradford Whitmore

              	 
	 	 	
                Facsimile:
                  (847) 733-0339

              	 
	 	 	 	
                 

              	 
	 	 	
                For
                  notice purposes, with a copy to:

              	 
	 	 	 	
                 

              	 
	 	 	
                Evelyn
                  Arkebauer

              	 
	 	 	
                Sachnoff
                  and Weaver

              	 
	 	 	
                30
                  S. Wacker Drive, 29th Floor

              	 
	 	 	
                Chicago,
                  IL 60606

              	 
	 	 	 	
                 

              	 
	 	 	
                INVESTOR:

              	 
	 	 	 	
                 

              	 
	 	 	
                NORTHEAST
                  INVESTORS TRUST

              	 
	 	 	 	
                 

              	 
	 	 	 	
                 

              	 
	 	 	
                By:

              	
                /s/

              	 
	 	 	 	
                 

              	 
	 	 	
                150
                  Federal Street, Suite 1000

              	 
	 	 	
                Boston,
                  Massachusetts 02110-1745

              	 
	 	 	
                Attn:
                  Bruce Monrad

              	 
	 	 	
                Facsimile:
                  (617) 523-5412

              	 

      

    

    
       

       Signature
        Page to Series A Preferred
        Stock Purchase Agreement

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

    

    SCHEDULE
      I

     

    PARTICIPATING
      INVESTORS

    

    
      	
              Investor

            	 	
              Number
                of 

              Purchased
                Shares

            	 	
              Purchase
                Price

            	 
	 	 	 	 	 	 
	
              Koala
                Holding LLC

            	 	 	
              10,769,231

            	 	
              $

            	
              21,000,000.45

            	 
	 	 	 	 	 	 	 	 
	
              Grace
                Brothers, Ltd.

            	 	 	
              1,025,641

            	 	
              $

            	
              1,999,999.95

            	 
	 	 	 	 	 	 	 	 
	
              Northeast
                Investors Trust

            	 	 	
              512,820

            	 	
              $

            	
              999,999.00

            	 
	 	 	 	 	 	 	 	 
	
              Total

            	 	 	
              12,307,692

            	 	
              $

            	
              24,000,000

            	 

    

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    Exhibit
      D

    Rights
      Offering Term Sheet

    

    This
      Memorandum of Terms summarizes the principal terms of the proposed offering
      (the
“Rights
      Offering”)
      by
      Viskase Companies, Inc. (the “Company”)
      of
      subscription rights (the “Subscription
      Rights”)
      to
      purchase shares of common stock, par value $0.01 per share (the “Common
      Stock”),
      of
      the Company, for the purpose of redeeming outstanding shares of Series A
      Convertible Preferred Stock, par value $0.01 per share, of the Company (the
      “Series
      A Preferred Stock”).
      The
      Series A Preferred Stock has been sold by the Company to certain investors
      pursuant to the Series A Preferred Stock Purchase Agreement, dated November
      7,
      2006 (the “Stock
      Purchase Agreement”)

    

    
      	
              Number
                of Rights:

            	
              An
                aggregate of 12,307,692 Rights will be issued on a ratable basis
                in
                respect of the issued and outstanding shares of Common Stock at the
                time
                of the commencement of the Rights Offering.

            

    

    

    
      	
              Exercise
                Price:

            	
              Each
                Subscription Right shall entitle the holder thereof (a “Holder”)
                to subscribe for shares of Common Stock at a ratio of one (1) share
                of
                Common Stock per Subscription Right (the “Rights
                Conversion Ratio”),
                subject to adjustment as set forth below. The exercise price per
                Subscription Right (the “Exercise
                Price”)
                shall be equal to $1.95
                per
                share of the Common Stock. The Subscription Rights will be exercisable
                for
                an aggregate exercise price of $24 million.

            

    

    

    
      	
              Adjustments:

            	
              If
                a stock dividend or other distribution, recapitalization, forward
                or
                reverse stock split, subdivision, consolidation or reduction of capital,
                reorganization, merger, consolidation, scheme or arrangement, split-up,
                spin-off or combination, or similar transaction or event affects
                the
                number of shares of Common Stock issuable upon exercise of the
                Subscription Rights (shares of Common Stock issuable upon the exercise
                of
                all Subscription Rights, the “Registrable
                Shares”),
                the Company will make an equitable change or adjustment as it deems
                appropriate in the number and kind of securities subject to or to
                be
                issued in connection with the exercise of the Subscription Rights
                and the
                Exercise Price of the Subscription Rights. No fractional shares of
                Common
                Stock will be issued upon the exercise of Subscription Rights. When
                any
                exercise of Subscription Rights would result in the issuance of a
                number
                of shares of Common Stock that is not a whole number, the actual
                number of
                shares will be rounded down to the next lower whole number with no
                further
                payment or other distribution
                therefor.

            

    

    

    
      	
              Offering
                Period:

            	
              The
                Subscription Rights (and related oversubscription rights) shall become
                exercisable on the effective date of the registration statement for
                the
                registration of Registrable Shares (the “Commencement
                Date”)
                and shall expire at 5:00 p.m. New York City time within sixty (60)
                calendar days after the Commencement Date (the “Expiration
                Time”)
                but in no event shall the Expiration Time occur more than one hundred
                eighty (180) calendar days from the Closing (as defined in the Stock
                Purchase Agreement). Prior to the expiration of such period, any
                Holder
                desiring to participate in the Rights Offering must exercise all
                or any
                portion of its Subscription Rights (and related oversubscription
                rights,
                if desired). Any exercise of Subscription Rights (and related
                oversubscription rights) will be irrevocable. At the Expiration Time,
                unexercised Subscription Rights shall terminate and be null and void
                and
                the Company shall not be obligated to honor any such purported exercise
                received by the Company or its designee after the Expiration Time,
                regardless of when the documents relating to such exercise were sent.
                

            

    

    

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	
              Transferability:

            	
              The
                Subscription Rights are at all times transferable but, prior to the
                Commencement Date, shall not be exercisable.

            

    

    

    
      	
              Exercise
                Procedures:

            	
              In
                order to exercise Subscription Rights, each Holder must: (a) return
                a duly
                completed subscription form (the “Subscription
                Form”)
                to the Company or its designee so that such form is actually received
                by
                the Company or its designee on or before the Expiration Time; and
                (b) pay
                to the Company or its designee on or before the Expiration Time the
                aggregate Exercise Price for all of the Company Common Stock purchased
                pursuant to the Holder’s exercise of the Subscription Rights in accordance
                with the wire instructions set forth on the Subscription Form or
                by bank
                or cashier’s check or certificates representing Series A Preferred Stock
                delivered to the Company or its designee along with the Subscription
                Form.
                If, on or prior to the Expiration Time, the Company or its designee
                for
                any reason does not receive a duly completed Subscription Form and
                immediately available funds in an amount equal to the aggregate Exercise
                Price, the Subscription Rights shall be deemed to have been unexercised
                and to terminate and be null and void. The Company shall adopt such
                detailed procedures as is necessary to efficiently administer the
                exercise
                of the Subscription Rights and shall prepare documents that reflect
                the
                terms herein and such other terms as the Company shall determine
                to be
                appropriate in the implementation
                hereof.

            

    

    

    
      	
              Incidents
                of Ownership:

            	
              The
                Subscription Rights shall have no rights, powers or privileges other
                than
                as expressly set forth herein, and in particular, the Subscription
                Rights
                shall have no voting rights, dividend rights, conversion rights,
                preemption rights, liquidation rights or other rights of a stockholder.
                

            

    

    

    
      	
              Use
                of Proceeds:

            	
              Upon
                the exercise of Subscription Rights, all proceeds thereof shall be
                applied
                to the redemption of the Series A Preferred
                Stock.

            

    

    

    
      	
              Administration:

            	
              All
                questions concerning the timeliness, viability, form and eligibility
                of
                any exercise of Subscription Rights shall be determined by the Company
                whose determination shall be final and binding. The Company may waive
                in
                its sole discretion any defect or irregularity, or permit a defect
                or
                irregularity to be corrected within such times as it may determine,
                or
                reject the purported exercise of any Subscription Rights that the
                Company
                has determined to have failed to comply with the applicable requirements.
                

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	
              Extension/Termination:

            	
              The
                Company shall have the option of extending the period of the Rights
                Offering, at its sole discretion; provided that, in no event shall
                the
                Expiration Time occur more than one hundred eighty (180) calendar
                days
                from the Closing (as defined in the Stock Purchase Agreement). The
                Company
                shall also have the right to withdraw or terminate the Rights Offering
                at
                any time and for any reason. In the event the Rights Offering is
                withdrawn
                or terminated, all funds received from subscriptions will be returned
                (without interest), except to the extent Common Stock has already
                been
                issued in respect of any such
                subscriptions.

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