Document:

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                                                                     EXHIBIT 4.6

EXECUTION COPY

                             VISKASE COMPANIES, INC.

                          REGISTRATION RIGHTS AGREEMENT

                           Dated as of April 15, 2003

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                                TABLE OF CONTENTS

THIS TABLE OF CONTENTS IS NOT PART OF THE AGREEMENT TO WHICH IT IS ATTACHED BUT
IS INSERTED FOR CONVENIENCE ONLY.

<TABLE>
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                                                                                                              Page
                                                                                                               No.
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<S>                                                                                                           <C>
1.          Requested Registrations......................................................................       1
    (a)         Registration Requests....................................................................       1
    (b)         Limitations on Requested Registrations...................................................       2
    (c)         Registration Statement Form..............................................................       2
    (d)         Registration Expenses....................................................................       3
    (e)         Priority in Cutback Registrations........................................................       3
2.          Piggyback Registrations......................................................................       3
    (a)         Right to Include Registrable Securities..................................................       3
    (b)         Registration Expenses....................................................................       3
    (c)         Priority in Cutback Registrations........................................................       4
3.          Registration Procedures......................................................................       4
4.          Underwritten Offerings.......................................................................       7
    (a)         Underwritten Requested Offerings.........................................................       7
    (b)         Underwritten Piggyback Offerings.........................................................       8
5.          Holdback Agreements..........................................................................       8
    (a)         By the Holders of Registrable Securities.................................................       8
    (b)         By the Company, Affiliates and Other Securityholders.....................................       9
6.          Indemnification..............................................................................      10
    (a)         Indemnification by the Company...........................................................      10
    (b)         Indemnification by the Sellers...........................................................      11
    (c)         Notices of Claims, etc...................................................................      11
    (d)         Contribution.............................................................................      12
    (e)         Other Indemnification....................................................................      13
    (f)         Indemnification Payments.................................................................      13
7.          Covenants Relating to Rule 144...............................................................      13
8.          Other Registration Rights....................................................................      13
9.          Definitions..................................................................................      14
10.         Miscellaneous................................................................................      17
    (a)         Notices..................................................................................      17
    (b)         Entire Agreement.........................................................................      18
    (c)         Amendment................................................................................      18
    (d)         Waiver...................................................................................      18
    (e)         Consents and Waivers by Holders of Registrable Securities................................      18
    (f)         No Third Party Beneficiary...............................................................      19
    (g)         Assignment; Successors and Assigns.......................................................      19
    (h)         Headings.................................................................................      19
    (i)     Invalid Provisions...........................................................................      19
    (j)     Remedies.....................................................................................      19
</TABLE>

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<TABLE>
<S>                                                                                                        <C>
(k)         Governing Law............................................................................      19
(l)     Counterparts.................................................................................      20
(m)         Restrictions on Transfer.................................................................      20
</TABLE>

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                             VISKASE COMPANIES, INC.

                          REGISTRATION RIGHTS AGREEMENT

            This REGISTRATION RIGHTS AGREEMENT dated as of April 15, 2003 is
made and entered into by and among HIGH RIVER LIMITED PARTNERSHIP, a Delaware
limited partnership, DEBT STRATEGIES FUND, INC., a Maryland corporation,
NORTHEAST INVESTORS TRUST, a Massachusetts business trust (each an "Investor"
and collectively the "Investors"), and VISKASE COMPANIES, INC., a Delaware
corporation (the "Company"). Capitalized terms not otherwise defined herein have
the meanings given such term in the Restructuring Agreement (defined below).

            WHEREAS, the Investors and the Company have entered into that
certain Restructuring Agreement, dated as of July 15, 2002, by and among the
Investors and the Company (the "Restructuring Agreement") which Restructuring
Agreement contemplated that the parties hereto enter into this Agreement;

            WHEREAS, pursuant to the Plan of Reorganization (each as defined in
the Restructuring Agreement), the Investors are entitled to receive Shares; and

            NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

            1. Requested Registrations.

            (a) Registration Requests. At any time after the second anniversary
of the Effective Date, upon the written request of one or more Initiating
Holders requesting that the Company effect the registration under the Securities
Act of all or part of such Initiating Holders' Registrable Securities and
specifying the number of Registrable Securities to be registered and the
intended method of disposition thereof, the Company will promptly, and in no
event more than ten Business Days after receipt of such request, give written
notice (a "Notice of Requested Registration" of such request to all other
holders of Registrable Securities, and thereupon will use reasonable efforts to
effect the registration under the Securities Act of

                  (i) the Registrable Securities which the Company has been so
            requested to register by such Initiating Holder or Holders, and

                  (ii) all other Registrable Securities the holders of which
            have made written requests to the Company for registration thereof
            within 15 days after the giving of the Notice of Requested
            Registration,

all to the extent requisite to permit the disposition (in accordance with the
intended methods thereof) of the Registrable Securities so to be registered;
provided, however that the Company shall not be obligated to register the
Registrable Securities pursuant to this Section 1 prior to the third anniversary
of the Effective Date if the Initiating Holder or Holders has failed to comply
with the restrictions on transfer set forth in Section 5.03(b) of the
Restructuring Agreement (as amended by Section 10(m) hereof). If requested by
the holders of a majority of the Registrable

                                       1

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Securities requested to be included in any Requested Registration, the method of
disposition of all Registrable Securities and any other securities included in
such registration shall be an underwritten offering effected in accordance with
Section 4(a); provided, however, only if at the time of such Requested
Registration, the securities to be registered are listed for trading on any
national securities exchange or traded on the Nasdaq National Market System;
provided further that no Requesting Holder may require the Company to cause any
securities of the Company to be so listed or traded. Notwithstanding the
foregoing, upon written notice (executed by the chief executive officer of the
Company) to all holders of Registrable Securities, the Company may postpone
taking action with respect to a Requested Registration for a reasonable period
of time after receipt of the original request (not exceeding 120 days) if, in
the good faith opinion of the Company's Board of Directors, effecting the
registration would adversely affect a material financing, acquisition,
disposition of assets or stock, merger or other comparable transaction or would
require the Company to make public disclosure of information the public
disclosure of which would have a material adverse effect upon the Company;
provided that the Company shall not delay such action pursuant to this sentence
more than once in any 12-month period. Subject to paragraph (e) the Company may
include in such registration other securities for sale for its own account or
for the account of any other Person. If any securityholders of the Company
(other than the holders of Registrable Securities in such capacity) register
securities of the Company in a Requested Registration in accordance with this
Section 1, such holders shall pay the fees and expenses of their counsel and
their pro rata share, on the basis of the respective amounts of the securities
included in such registration on behalf of each such holder, of the Registration
Expenses.

            (b) Limitations on Requested Registrations. Notwithstanding anything
herein to the contrary, the Company shall not be required to honor a request for
a Requested Registration if:

                  (i) in the case of a Long-Form Registration, the Company has
            previously effected three Effective Long-Form Registrations;
            provided, that no holder of Registrable Securities which was, or
            whose Affiliate was, an Initiating Holder for a previous Effective
            Long-Form Registration may deliver a Notice of Requested
            Registration for a further Long-Form Registration; provided,
            however, that there shall be no limit on the number of registrations
            effected as Short-Form Registrations, subject to the other
            provisions of this Section 1(b);

                  (ii) the Registrable Securities requested by Initiating
            Holders to be so registered does not constitute at least 25% of the
            total Registrable Securities then outstanding; or

                  (iii) such request is received by the Company less than 180
            days following the effective dale of any previous registration
            statement filed in connection with a Requested Registration or a
            Piggyback Registration unless the holder making the request had
            requested inclusion of Registrable Securities in such Registration
            but was unable to participate fully as a result of Sections 1(e) or
            2(c).

            (c) Registration Statement Form. Requested Registrations shall be on
such appropriate registration form promulgated by the Commission as shall be
selected by the Company, and shall be reasonably acceptable to the holders of a
majority of the Registrable

                                       2

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Securities to which such registration relates, and shall permit the disposition
of such Registrable Securities in accordance with the intended method or methods
specified in their request for such registration.

            (d) Registration Expenses. The Company will pay all Registration
Expenses incurred in connection with any Requested Registration.

            (e) Priority in Cutback Registrations. If a Requested Registration
becomes a Cutback Registration, the Company will include in any such
registration to the extent of the number which the Managing Underwriter advises
the Company can be sold in such offering (i) first, Registrable Securities
requested to be included in such registration by the Requesting Holders, pro
rata on the basis of the number of Registrable Securities requested to be
included by such holders and (ii) second other securities of the Company
proposed to be included in such registration, allocated in accordance with the
priorities then existing among the Company and the holders of such other
securities; and any securities so excluded shall be withdrawn from and shall not
be included in such Requested Registration.

            2. Piggyback Registrations.

            (a) Right to Include Registrable Securities. Notwithstanding any
limitation contained in Section 1, if the Company at any time proposes after the
date hereof to effect a Piggyback Registration, it will each such time give
written notice (a "Notice of Piggyback Registration"), at least 15 days prior to
the anticipated filing date, to all holders of Registrable Securities of its
intention to do so and of such holders' rights under this Section 2, which
Notice of Piggyback Registration shall include a description of the intended
method of disposition of such securities. Upon the written request of any such
holder made within 15 days after receipt of a Notice of Piggyback Registration
(which request shall specify the Registrable Securities intended to be disposed
of by such holder), the Company will, subject to the other provisions of this
Agreement, include in the registration statement relating to such Piggyback
Registration all Registrable Securities which the Company has been so requested
to register, all to the extent requisite to permit the disposition of such
Registrable Securities in accordance with the intended method of disposition set
forth in the Notice of Piggyback Registration. Notwithstanding the foregoing,
if, at any time after giving a Notice of Piggyback Registration and prior to the
effective date of the registration statement filed in connection with such
registration, the Company shall determine for any reason not to register or to
delay registration of such securities, the Company may, at its election, give
written notice of such determination to each holder of Registrable Securities
and, thereupon, (i) in the case of a determination not to register, shall be
relieved of its obligation to register any Registrable Securities in connection
with such registration (but not from its obligation to pay the Registration
Expenses in connection therewith) without prejudice, however, to the rights of
any Requesting Holder entitled to do so to request that such registration be
effected as a Requested Registration under Section 1, and (ii) in the case of a
determination to delay registering, shall be permitted to delay registering any
Registrable Securities for the same period as the delay in registering such
other securities. No registration effected under this Section 2 shall relieve
the Company of its obligations to effect a Requested Registration under Section
1.

            (b) Registration Expenses. The Company will pay all Registration
Expenses incurred in connection with any Piggyback Registration.

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            (c) Priority in Cutback Registrations. If a Piggyback Registration
becomes a Cutback Registration, the Company will include in such registration to
the extent of the amount of the securities which the Managing Underwriter
advises the Company can be sold in such offering:

                  (i) if such registration as initially proposed by the Company
            was solely a primary registration of its securities, (x) first, the
            securities proposed by the Company to be sold for its own account,
            (y) second, (1) any Registrable Securities requested to be included
            in such registration by Requesting Holders and (2) any other
            securities of the Company proposed to be included in such
            registration, allocated among the holders thereof in accordance with
            the priorities then existing among the Holders and such holders; and

                  (ii) if such registration as initially proposed by the Company
            was in whole or in part requested by holders of securities of the
            Company, other than holders of Registrable Securities in their
            capacities as such, pursuant to demand registration rights, (x)
            first, such securities held by the holders initiating such
            registration and, if applicable, any securities proposed by the
            Company to be sold for its own account, allocated in accordance with
            the priorities then existing among the Company and such holders, (y)
            second, any Registrable Securities requested to be included in such
            registration by Requesting Holders, pro rata on the basis of the
            number of Registrable Securities requested to be included by such
            holders, and (z) third, any other securities of the Company proposed
            to be included in such registration, allocated among the holders
            thereof in accordance with the priorities then existing among the
            Company and the holders of such other securities;

and any securities so excluded shall be withdrawn from and shall not be included
in such Piggyback Registration.

            3. Registration Procedures. If and whenever the Company is required
to effect the registration of any Registrable Securities under the Securities
Act pursuant to Section 1 or Section 2, the Company will use reasonable efforts
to effect the registration and sale of such Registrable Securities in accordance
with the intended method of disposition thereof. Without limiting the foregoing,
the Company in each such case will, as expeditiously as possible, use reasonable
efforts to:

                        (a) prepare and file with the Commission the requisite
                  registration statement to effect such registration and to
                  cause such registration statement to become effective;

                        (b) prepare and file with the Commission such amendments
                  and supplements to such registration statement and any
                  prospectus used in connection therewith as may be necessary to
                  maintain the effectiveness of such registration statement and
                  to comply with the provisions of the Securities Act with
                  respect to the disposition of all Registrable Securities
                  covered by such registration statement, in accordance with the
                  intended methods of disposition thereof, until the earlier of
                  (i) such time as all of such securities have been disposed of
                  in accordance with the intended methods of disposition by the
                  seller or sellers

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                  thereof set forth in such registration statement and (ii) 120
                  days after such registration statement becomes effective;

                        (c) promptly notify each Requesting Holder and the
                  underwriter or underwriters, if any:

                              (i) when such registration statement or any
                        prospectus used in connection therewith, or any
                        amendment or supplement thereto, has been filed and,
                        with respect to such registration statement or any
                        post-effective amendment thereto, when the same has
                        become effective;

                              (ii) of any written request by the Commission for
                        amendments or supplements to such registration statement
                        or prospectus;

                              (iii) of the notification to the Company by the
                        Commission of its initiation of any proceeding with
                        respect to the issuance by the Commission of, or of the
                        issuance by the Commission of, any stop order suspending
                        the effectiveness of such registration statement; and

                              (iv) of the receipt by the Company of any
                        notification with respect to the suspension of the
                        qualification of any Registrable Securities for sale
                        under the applicable securities or blue sky laws of any
                        jurisdiction;

                        (d) furnish to each seller of Registrable Securities
                  covered by such registration statement such number of
                  conformed copies of such registration statement and of each
                  amendment and supplement thereto (in each case including all
                  exhibits and documents incorporated by reference), such number
                  of copies of the prospectus contained in such registration
                  statement (including each preliminary prospectus and any
                  summary prospectus) and any other prospectus filed under Rule
                  424 promulgated under the Securities Act relating to such
                  holder's Registrable Securities, and such other documents, as
                  such seller may reasonably request to facilitate the
                  disposition of its Registrable Securities;

                        (e) register or qualify all Registrable Securities
                  covered by such registration statement under such other
                  securities or blue sky laws of such jurisdictions as each
                  holder thereof shall reasonably request, to keep such
                  registration or qualification in effect for so long as such
                  registration statement remains in effect, and take any other
                  action which may be reasonably necessary or advisable to
                  enable such holder to consummate the disposition in such
                  jurisdictions of the Registrable Securities owned by such
                  holder, except that the Company shall not for any such purpose
                  be required (i) to qualify generally to do business as a
                  foreign corporation in any jurisdiction wherein it would not
                  but for the requirements of this paragraph (e) be obligated to
                  be so qualified, (ii) to subject itself to taxation in any
                  such jurisdiction or (iii) to consent to general service of
                  process in any jurisdiction;

                        (f) use reasonable efforts to cause all Registrable
                  Securities covered by such registration statement to be
                  registered with or approved by such other

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                  governmental agencies or authorities as may be necessary to
                  enable each holder thereof to consummate the disposition of
                  such Registrable Securities;

                        (g) furnish to each Requesting Holder a signed
                  counterpart, addressed to such holder (and the underwriters,
                  if any), of

                              (i) an opinion of counsel for the Company, dated
                        the effective date of such registration statement (or,
                        if such registration includes an underwritten Public
                        Offering, dated the date of any closing under the
                        underwriting agreement), reasonably satisfactory in form
                        and substance to such holder, and

                              (ii) a "comfort" letter, dated the effective date
                        of such registration statement (and, if such
                        registration includes an underwritten Public Offering,
                        dated the date of any closing under the underwriting
                        agreement), signed by the independent public accountants
                        who have certified the Company's financial statements
                        included in such registration statement,

                  in each case covering substantially the same matters with
                  respect to such registration statement (and the prospectus
                  included therein) and, in the case of the accountants' letter,
                  with respect to events subsequent to the date of such
                  financial statements, as are customarily covered in opinions
                  of issuer's counsel and in accountants' letters delivered to
                  the underwriters in underwritten Public Offerings of
                  securities and, in the case of the accountants' letter, such
                  other financial matters, as such holder (or the underwriters,
                  if any) may reasonably request;

                        (h) notify each holder of Registrable Securities covered
                  by such registration statement, at any time when a prospectus
                  relating thereto is required to be delivered under the
                  Securities Act, of the happening of any event as a result of
                  which any prospectus included in such registration statement,
                  as then in effect, includes an untrue statement of a material
                  fact or omits to state any material fact required to be stated
                  therein or necessary to make the statements therein, in the
                  light of the circumstances under which they were made, not
                  misleading, and at the request of any such holder promptly
                  prepare and furnish to such holder a reasonable number of
                  copies of a supplement to or an amendment of such prospectus
                  as may be necessary so that, as thereafter delivered to the
                  purchasers of such securities, such prospectus shall not
                  include an untrue statement of a material fact or omit to
                  state a material fact required to be stated therein or
                  necessary to make the statements therein, in the light of the
                  circumstances under which they were made, not misleading;

                        (i) provide a CUSIP number and a transfer agent and
                  registrar for all Registrable Securities covered by such
                  registration statement not later than the effective date of
                  such registration statement; and

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                        (j) use reasonable efforts to cause all Registrable
                  Securities covered by such registration statement to be
                  listed, upon official notice of issuance, on any securities
                  exchange on which any of the securities of the same class as
                  the Registrable Securities are then listed.

            The Company may require each holder of Registrable Securities as to
which any registration is being effected to, and each such holder, as a
condition to including Registrable Securities in such registration, shall,
furnish the Company with such information and affidavits regarding such holder
and the distribution of such securities as the Company may from time to time
reasonably request in writing in connection with such registration.

            Each holder of Registrable Securities agrees by acquisition of such
Registrable Securities that upon receipt of any notice from the Company of the
happening of any event of the kind described in paragraph (h), such holder will
forthwith discontinue such holder's disposition of Registrable Securities
pursuant to the registration statement relating to such Registrable Securities
until such holder's receipt of the copies of the supplemented or amended
prospectus contemplated by paragraph (h) and, if so directed by the Company,
will deliver to the Company all copies, other than permanent file copies, then
in such holder's possession of the prospectus relating to such Registrable
Securities current at the time of receipt of such notice. In the event the
Company shall give any such notice, the period referred to in paragraph (b)
shall be extended by a number of days equal to the number of days during the
period from and including the giving of notice pursuant to paragraph (h) and to
and including the date when each holder of any Registrable Securities covered by
such registration statement shall receive the copies of the supplemented or
amended prospectus contemplated by paragraph (h).

            4. Underwritten Offerings

            (a) Underwritten Requested Offerings. In the case of any
underwritten Public Offering being effected pursuant to a Requested
Registration, the Managing Underwriter and any other underwriter or underwriters
with respect to such offering shall be selected, after consultation with the
Company, by the holders of a majority of the Registrable Securities to be
included in such underwritten offering with the consent of the Company, which
consent shall not be unreasonably withheld. The Company shall enter into an
underwriting agreement in customary form with such underwriter or underwriters,
which shall include, among other provisions, indemnities to the effect and to
the extent provided in Section 6 The holders of Registrable Securities to be
distributed by such underwriters shall be parties to such underwriting agreement
and may, at their option, require that any or all of the representations and
warranties by, and the other agreements on the part of, the Company to and for
the benefit of such underwriters also be made to and for their benefit and that
any or all of the conditions precedent to the obligations of such underwriters
under such underwriting agreement also be conditions precedent to their
obligations. No holder of Registrable Securities shall be required to make any
representations or warranties to or agreements with the Company or the
underwriters other than representations, warranties or agreements regarding such
holder and its ownership of the securities being registered on its behalf and
such holder's intended method of distribution and any other representation
required by law. No Requesting Holder may participate in such underwritten
offering unless such holder agrees to sell its Registrable Securities on the
basis provided in such underwriting agreement and completes and executes all
questionnaires, powers

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of attorney, indemnities and other documents reasonably required under the terms
of such underwriting agreement. If any Requesting Holder disapproves of the
terms of an underwriting, such holder may elect to withdraw therefrom and from
such registration by notice to the Company and the Managing Underwriter, and
each of the remaining Requesting Holders shall be entitled to increase the
number of Registrable Securities being registered to the extent of the
Registrable Securities so withdrawn in the proportion which the number of
Registrable Securities being registered by such remaining Requesting Holder
bears to the total number of Registrable Securities being registered by all such
remaining Requesting Holders.

            (b) Underwritten Piggyback Offerings. If the Company at any time
proposes to register any of its securities in a Piggyback Registration and such
securities are to be distributed by or through one or more underwriters, the
Company will, subject to the provisions of Section 2(c), use its best efforts to
arrange for such underwriters to include the Registrable Securities to be
offered and sold by such holder among the securities to be distributed by such
underwriter, and such holders shall be obligated to sell their Registrable
Securities in such Piggyback Registration through such underwriters on the same
terms and conditions as apply to the other Company securities to be sold by such
underwriters in connection with such Piggyback Registration. The holders of
Registrable Securities to be distributed by such underwriters shall be parties
to the underwriting agreement between the Company and such underwriter or
underwriters and may, at their option, require that any or all of the
representations and warranties by, and the other agreements on the part of, the
Company to and for the benefit of such underwriters also be made to and for
their benefit and that any or all of the conditions precedent to the obligations
of such underwriters under such underwriting agreement also be conditions
precedent to their obligations. No holder of Registrable Securities shall be
required to make any representations or warranties to or agreements with the
Company or the underwriters other than representations, warranties or agreements
regarding such holder and its ownership of the securities being registered on
its behalf and any other representation required by law. No Requesting Holder
may participate in such underwritten offering unless such holder agrees to sell
its Registrable Securities on the basis provided in such underwriting agreement
and completes and executes all questionnaires, powers of attorney, indemnities
and other documents reasonably required under the terms of such underwriting
agreement. If any Requesting Holder disapproves of the terms of an underwriting,
such holder may elect to withdraw therefrom and from such registration by notice
to the Company and the Managing Underwriter, and each of the remaining
Requesting Holders shall be entitled to increase the number of Registrable
Securities being registered to the extent of the Registrable Securities so
withdrawn in the proportion which the number of Registrable Securities being
registered by such remaining Requesting Holder bears to the total number of
Registrable Securities being registered by all such remaining Requesting
Holders.

            5. Holdback Agreements.

            (a) By the Holders of Registrable Securities. Unless the Managing
Underwriter (or, in the case of a non-underwritten Public Offering, the Company)
otherwise agrees, in connection with the first Public Offering hereunder, each
holder of Registrable Securities, by acquisition of such Registrable Securities,
agrees, and agrees to cause its Affiliates, not to effect any public sale or
distribution (including a sale under Rule 144) of such securities, or any
securities convertible into or exchangeable or exercisable for such securities,
during the 14 days prior to and the longer

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of the 90 days or such number of days specified by the Managing Underwriter not
exceeding the 180 days after the effective date of any registration statement
filed by the Company in connection with a Public Offering (or for such shorter
period of time as is sufficient and appropriate, in the opinion of the Managing
Underwriter, in order to complete the sale and distribution of the securities
included in such registration), except as part of such registration statement,
whether or not such holder participates in such registration. Unless the
Managing Underwriter (or, in the case of a non-underwritten Public Offering, the
Company) otherwise agrees, in connection with any registration other than the
first Public Offering hereunder, each holder of Registrable Securities, by
acquisition of such Registrable Securities, agrees, and agrees to cause its
Affiliates, not to effect any public sale or distribution (including a sale
under Rule 144) of such securities, or any securities convertible into or
exchangeable or exercisable for such securities, during the 14 days prior to and
the longer of the 90 days or such number of days specified by the Managing
Underwriter not exceeding the 180 days after the effective date of any
registration statement filed by the Company in connection with a Public Offering
(or for such shorter period of time as is sufficient and appropriate, in the
opinion of the Managing Underwriter, in order to complete the sale and
distribution of the securities included in such registration), except as part of
such registration statement, whether or not such holder participates in such
registration. Notwithstanding anything to the contrary in this Section 5(a) no
holder of Registrable Securities, or any of its Affiliates, shall be prohibited
from any public sale or distribution of such securities in connection with any
Effective Registration unless all officers, directors and any Person which
beneficially owns (as determined under Rule 13d-3 of the Exchange Act)
securities of the Company entitling such Person to vote 5% or more of the votes
eligible to be voted in the election of directors agrees to substantially the
same limitations on public sale or distribution applicable to holders of
Registrable Securities.

            (b) By the Company, Affiliates and Other Securityholders. Unless the
Managing Underwriter otherwise agrees, in connection with the first Effective
Registration hereunder, the Company agrees, and agrees to cause its Affiliates,
(x) not to effect any public sale or distribution of the Company's equity
securities, or any securities convertible into or exchangeable or exercisable
for such securities, during the 14 days prior to and the longer of the 90 days
(or for such shorter period of time as is sufficient and appropriate, in the
opinion of the Managing Underwriter, in order to complete the sale and
distribution of the securities included in such registration), except as part of
such underwritten registration and except pursuant to registrations on Form S-4
or Form S-8 promulgated by the Commission or any successor or similar forms
thereto, and (y) to cause each holder of the Company's equity securities, or of
any securities convertible into or exchangeable or exercisable for such
securities, in each case purchased from the Company at any time after the date
of this Agreement (other than in a Public Offering), to agree not to effect any
such public sale or distribution of such securities (including a sale under Rule
144), during such period, except as part of such underwritten registration.
Unless the Managing Underwriter otherwise agrees, in connection with any
Effective Registration other than the first Effective Registration hereunder,
the Company agrees, and agrees to cause its Affiliates, (x) not to effect any
public sale or distribution of the Company's equity securities, or any
securities convertible into or exchangeable or exercisable for such securities,
during the 14 days prior to and the longer of the 90 days or such number of days
specified by the Managing Underwriter not exceeding the 180 days after the
effective date of the registration statement filed in connection with an
underwritten offering made pursuant to a Requested Registration or a Piggyback
Registration (or for such shorter period of time as is ` and

                                       9

<PAGE>

appropriate, in the opinion of the Managing Underwriter, in order to complete
the sale and distribution of the securities included in such registration),
except as part of such underwritten registration and except pursuant to
registrations on Form S-4 or Form S-8 promulgated by the Commission or any
successor or similar forms thereto, and (y) to cause each holder of the
Company's equity securities, or of any securities convertible into or
exchangeable or exercisable for such securities, in each case purchased from the
Company at any time after the date of this Agreement (other than in a Public
Offering), to agree not to effect any such public sale or distribution of such
securities (including a sale under Rule 144), during such period, except as part
of such underwritten registration.

            6. Indemnification.

            (a) Indemnification by the Company. The Company shall, to the full
extent permitted by law, indemnify and hold harmless each seller of Registrable
Securities included in any registration statement filed in connection with a
Requested Registration or a Piggyback Registration, its directors and officers,
and each other Person, if any, who controls any such seller within the meaning
of the Securities Act, against any Losses, claims, damages, expenses or
liabilities, joint or several (together, "Losses"), to which such seller or any
such director or officer or controlling Person may become subject under the
Securities Act or otherwise, including but not limited to under the Exchange Act
and state securities laws, insofar as such Losses (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based
upon any untrue statement or alleged untrue statement of any material fact
contained in any such registration statement, any preliminary prospectus, final
prospectus or summary prospectus contained therein, or any amendment or
supplement thereto, or any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein (in the case of a prospectus, in the light of the circumstances under
which they were made) not misleading, and the Company will reimburse such seller
and each such director, officer and controlling Person for any legal or any
other expenses reasonably incurred by them in connection with investigating or
defending any such Loss (or action or proceeding in respect thereof); provided
that the Company shall not be liable in any such case to the extent that any
such Loss (or action or proceeding in respect thereof) arises out of or is based
upon (x) an untrue statement or alleged untrue statement or omission or alleged
omission made in any such registration statement, preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement in reliance upon and in
conformity with written information furnished to the Company through an
instrument duly executed by such seller specifically stating that it is for use
in the preparation thereof, (y) such seller's failure to send or give a copy of
the final prospectus to the Persons asserting an untrue statement or alleged
untrue statement or omission or alleged omission at or prior to the written
confirmation of the sale of Registrable Securities to such Person if such
statement or omission was corrected in such final prospectus or (z) such
seller's use of any prospectus, or supplement or amendment thereof, or
distribution of securities therewith, of which such seller was notified to
discontinue use pursuant to Section 3(h) hereof. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of
such seller or any such director, officer or controlling Person, and shall
survive the transfer of such securities by such seller. The Company shall also
indemnify each other Person who participates (including as an underwriter) in
the offering or sale of Registrable Securities, their officers and directors and
each other Person, if any, who

                                       10

<PAGE>

controls any such participating Person within the meaning of the Securities Act
to the same extent as provided above with respect to sellers of Registrable
Securities.

            (b) Indemnification by the Sellers. Each holder of Registrable
Securities which are included or are to be included in any registration
statement filed in connection with a Requested Registration or a Piggyback
Registration, as a condition to including Registrable Securities in such
registration statement, shall, to the full extent permitted by law, indemnify
and hold harmless the Company, its directors and officers, and each other
Person, if any, who controls the Company within the meaning of the Securities
Act, against any Losses to which the Company or any such director or officer or
controlling Person may become subject under the Securities Act or otherwise,
insofar as such Losses (or actions or proceedings, whether commenced or
threatened, in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in any such
registration statement, any preliminary prospectus, final prospectus or summary
prospectus contained therein, or any amendment or supplement thereto, or any
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein (in the case of a
prospectus, in the light of the circumstances under which they were made) not
misleading, if such untrue statement or alleged untrue statement or omission or
alleged omission was made in reliance upon and in conformity with written
information furnished to the Company through an instrument duly executed by such
seller specifically stating that it is for use in the preparation of such
registration statement, preliminary prospectus, final prospectus, summary
prospectus, amendment or supplement provided, however, that the obligation to
provide indemnification pursuant to this Section 6(b) shall be several, and not
joint and several, among such Indemnifying Parties on the basis of the number of
Registrable Securities included in such registration statement and the aggregate
amount which may be recovered from any holder of Registrable Securities pursuant
to the indemnification provided for in this Section 6(b) in connection with any
registration and sale of Registrable Securities shall be limited to the total
gross proceeds received by such holder from the sale of such Registrable
Securities. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of the Company or any such director,
officer or controlling Person and shall survive the transfer of such securities
by such seller. Such holders shall also indemnify each other Person who
participates (including as an underwriter) in the offering or sale of
Registrable Securities, their officers and directors and each other Person, if
any, who controls any such participating Person within the meaning of the
Securities Act to the same extent as provided above with respect to the Company.

            (c) Notices of Claims, etc. Promptly after receipt by an Indemnified
Party of notice of the commencement of any action or proceeding involving a
claim referred to in the preceding paragraph (a) or (b) of this Section 6, such
Indemnified Party will, if a claim in respect thereof is to be made against an
Indemnifying Party pursuant to such paragraphs, give written notice to the
latter of the commencement of such action, provided that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under the preceding paragraphs of this
Section 6, except to the extent that the Indemnifying Party is actually
prejudiced by such failure to give notice. In case any such action is brought
against an Indemnified Party, the Indemnifying Party shall be entitled to
participate in and, unless, in the reasonable judgment of any Indemnified Party,
a conflict of interest between such Indemnified Party and any Indemnifying Party
exists with respect to such claim, to assume the defense

                                       11

<PAGE>

thereof, jointly with any other Indemnifying Party similarly notified to the
extent that it may wish, with counsel reasonably satisfactory to such
Indemnified Party, and after notice from the Indemnifying Party to such
Indemnified Party of its election so to assume the defense thereof, the
Indemnifying Party shall not be liable to such Indemnified Party for any legal
or other expenses subsequently incurred by the latter in connection with the
defense thereof other than reasonable costs of investigation; provided that the
Indemnified Party may participate in such defense at the Indemnified Party's
expense; and provided further that the Indemnified Party or Indemnified Parties
shall have the right to employ one counsel to represent it or them if, in the
reasonable judgment of the Indemnified Party or Indemnified Parties, it is
advisable for it or them to be represented by separate counsel by reason of
having legal defenses which are different from or in addition to those available
to the Indemnifying Party, and in that event the reasonable fees and expenses of
such one counsel shall be paid by the Indemnifying Party. If the Indemnifying
Party is not entitled to, or elects not to, assume the defense of a claim, it
will not be obligated to pay the fees and expenses of more than one counsel for
the Indemnified Parties with respect to such claim, unless in the reasonable
judgment of any Indemnified Party a conflict of interest may exist between such
Indemnified Party and any other Indemnified Parties with respect to such claim,
in which event the Indemnifying Party shall be obligated to pay the fees and
expenses of such additional counsel for the Indemnified Parties or counsels. No
Indemnifying Party shall consent to entry of any judgment or enter into any
settlement without the consent of the Indemnified Party which does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation. No Indemnifying Party shall be subject to any liability for any
settlement made without its consent, which consent shall not be unreasonably
withheld.

            (d) Contribution. If the indemnity and reimbursement obligation
provided for in any paragraph of this Section 6 is unavailable or insufficient
to hold harmless an Indemnified Party in respect of any Losses (or actions or
proceedings in respect thereof) referred to therein, then the Indemnifying Party
shall contribute to the amount paid or payable by the Indemnified Party as a
result of such Losses (or actions or proceedings in respect thereof) in such
proportion as is appropriate to reflect the relative fault of the Indemnifying
Party on the one hand and the Indemnified Party on the other hand in connection
with statements or omissions which resulted in such Losses, as well as any other
relevant equitable considerations; provided, however, that the aggregate amount
which may be recovered from any holder of Registrable Securities pursuant to
this Section 6(d) in connection with any registration and sale of Registrable
Securities shall be limited to the total proceeds received by such holder from
the sale of such Registrable Securities. The relative fault shall be determined
by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Indemnifying Party or the
Indemnified Party and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such untrue statement or
omission. The amount paid by an Indemnified Party as a result of the Losses
referred to in the first sentence of this paragraph shall be deemed to include
any legal and other expenses reasonably incurred by such Indemnified Party in
connection with investigating or defending any Loss which is the subject of this
paragraph.

                                       12

<PAGE>

            No Indemnified Party guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from the Indemnifying Party if the Indemnifying Party was not
guilty of such fraudulent misrepresentation.

            (e) Other Indemnification. Indemnification similar to that specified
in the preceding paragraphs of this Section 6 (with appropriate modifications)
shall be given by the Company and each seller of Registrable Securities with
respect to any required registration or other qualification of securities under
any federal or state law or regulation of any governmental authority other than
the Securities Act. The provisions of this Section 6 shall be in addition to any
other rights to indemnification or contribution which an Indemnified Party may
have pursuant to law, equity, contract or otherwise. To the extent that the
indemnity provisions contained in any underwriting agreement to which the
Company is a party conflict with this Section 6 such underwriting agreement
shall control.

            (f) Indemnification Payments. The indemnification required by this
Section 6 shall be made by periodic payments of the amount thereof during the
course of the investigation or defense, as and when bills are received or Losses
are incurred; provided that the Person to whom expenses are paid or advanced
provides any undertaking to repay such advance if it is ultimately determined
that such Person is not entitled to indemnification hereunder.

            7. Covenants Relating to Rule 144. The Company will file reports in
compliance with the Exchange Act, will comply with all rules and regulations of
the Commission applicable in connection with the use of Rule 144 and take such
other actions and furnish such holder with such other information as such holder
may request in order to avail itself of such rule or any other rule or
regulation of the Commission allowing such holder to sell any Registrable
Securities without registration, and will, at its expense, forthwith upon the
request of any holder of Registrable Securities, deliver to such holder a
certificate, signed by the Company's principal financial officer, stating (a)
the Company's name, address and telephone number (including area code), (b) the
Company's Internal Revenue Service identification number, (c) the Company's
Commission file number, (d) the number of shares of each class of Stock
outstanding as shown by the most recent report or statement published by the
Company, and (e) whether the Company has filed the reports required to be filed
under the Exchange Act for a period of at least 90 days prior to the date of
such certificate and in addition has filed the most recent annual report
required to be filed thereunder. If at any time the Company is not required to
file reports in compliance with either Section 13 or Section 15(d) of the
Exchange Act, the Company at its expense will, forthwith upon the written
request of the holder of any Registrable Securities, make available adequate
current public information with respect to the Company within the meaning of
paragraph (c)(2) of Rule 144.

            8. Other Registration Rights. The Company represents and warrants to
the Investor that there is not in effect on the date hereof any agreement by the
Company (other than this Agreement) pursuant to which any holders of securities
of the Company have a right to cause the Company to register or qualify such
securities under the Securities Act or any securities or blue sky laws of any
jurisdiction. The Company shall not provide, or agree to provide, any rights to
cause the Company to register or qualify any securities of the Company under the
Securities Act or any securities or blue sky laws of any jurisdiction which
rights are adverse to the rights granted to the Investors hereunder.

                                       13

<PAGE>

            9. Definitions.

            (a) Except as otherwise specifically indicated, the following terms
will have the following meanings for all purposes of this Agreement:

            "Affiliate," as applied to any Person, shall mean any other Person
directly or indirectly controlling, controlled by, or under common control with,
that Person; for purposes of this definition, "control" (including, with
correlative meanings, the terms "controlling," "controlled by" and "under common
control with"), as applied to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and
policies of that Person, whether through the ownership of voting securities, by
contract or otherwise.

            "Agreement" means this Registration Rights Agreement, as the same
shall be amended from time to time.

            "Business Day" means a day other than Saturday, Sunday or any other
day on which banks located in the State of Illinois are authorized or obligated
to close.

            "Commission" means the United States Securities and Exchange
Commission, or any successor governmental agency or authority.

            "Common Stock" means shares of common stock, par value $0.01 per
share, of the Company, as constituted on the date hereof, and any stock into
which such common stock shall have been changed or any stock resulting from any
reclassification of such common stock.

            "Company" has the meaning ascribed to it in the preamble.

            "Cutback Registration" means any Requested Registration or Piggyback
Registration to be effected as an underwritten Public Offering in which the
Managing Underwriter with respect thereto advises the Company and the Requesting
Holders in writing that, in its opinion, the number of securities requested to
be included in such registration (including securities of the Company which are
not Registrable Securities) exceed the number which can be sold in such offering
without a reduction in the selling price anticipated to be received for the
securities to be sold in such Public Offering.

            "Effective Date" means April 3, 2003, the effective date of the Plan
of Reorganization.

            "Effective Long-Form Registration" means a Long-Form Registration
that results in an Effective Registration.

            "Effective Registration" means a Requested Registration which has
been (a) declared or ordered effective in accordance with the rules of the
Commission, and (b) kept effective for the period of time contemplated by
Section 3(b) Notwithstanding the foregoing, a registration that does not become
effective after it has been filed with the Commission solely by reason of the
refusal to proceed of the Requesting Holders shall be deemed to be an Effective
Registration for purposes of this Agreement.

                                       14

<PAGE>

            "Effective Short-Form Registration" means a Short-Form Registration
that results in an Effective Registration.

            "Exchange Act" means the Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder.

            "Form S-1" means Form S-I promulgated by the Commission under the
Securities Act, or any successor or similar long-form registration statement.

            "Form S-3" means Form S-3 promulgated by the Commission under the
Securities Act, or any successor or similar short-form registration statement.

            "Holder" has the meaning given in the Restructuring Agreement.

            "Indemnified Party" means a party entitled to indemnity in
accordance with Section 6.

            "Indemnifying Party" means a party obligated to provide indemnity in
accordance with Section 6.

            "Initiating Holders" means any holder or holders of Registrable
Securities making a written request pursuant to Section 1 for the registration
of Registrable Securities.

            "Investor" has the meaning ascribed to it in the preamble.

            "Long-Form Registration" means a Requested Registration effected by
the filing of a registration statement on Form S-1 with the Commission.

            "Losses" has the meaning ascribed to it in Section 6(a).

            "Managing Underwriter" means, with respect to any Public Offering,
the underwriter or underwriters managing such Public Offering.

            "NASD" means the National Association of Securities Dealers.

            "Notice of Piggyback Registration" has the meaning ascribed to it in
Section 2(a).

            "Person" means any natural person, corporation, limited liability
company, general partnership, limited partnership, proprietorship, other
business organization, trust, union or association.

            "Piggyback Registration" means any registration of equity securities
of the Company under the Securities Act (other than a registration in respect of
a dividend reinvestment or similar plan for stockholders of the Company or on
Form S-4 or Form 5-8 promulgated by the Commission, or any successor or similar
forms thereto), whether for sale for the account of the Company or for the
account of any holder of securities of the Company (other than Registrable
Securities).

                                       15

<PAGE>

            "Public Offering" means any offering of Common Stock to the public,
either on behalf of the Company or any of its securityholders, pursuant to an
effective registration statement under the Securities Act.

            "Registrable Securities" means (i) the Shares and (ii) any
additional shares of Common Stock issued or distributed by way of a dividend,
stock split or other distribution in respect of the Shares, or acquired by way
of any rights offering or similar offering made in respect of the Shares. As to
any particular Registrable Securities, once issued such securities shall cease
to be Registrable Securities when (i) a registration statement with respect to
the sale of such securities shall have become effective under the Securities Act
and such securities shall have been disposed of in accordance with such
registration statement, (ii) they shall have been distributed to the public
pursuant to Rule 144, (iii) they are transferred to or become owned by a Person
who is not an Investor or (iv) they shall have ceased to be outstanding.

            "Registration Expenses" means all expenses incident to the Company's
performance of or compliance with its obligations under this Agreement to effect
the registration of Registrable Securities in a Requested Registration or a
Piggyback Registration, including, without limitation, all registration, filing,
securities exchange listing and NASD fees, all registration, filing,
qualification and other fees and expenses of complying with securities or blue
sky laws, all word processing, duplicating and printing expenses, messenger and
delivery expenses, the fees and disbursements of counsel for the Company and of
its independent public accountants, including the expenses of any special audits
or "cold comfort" letters required by or incident to such performance and
compliance, premiums and other costs of policies of insurance against
liabilities arising out of the Public Offering of the Registrable Securities
being registered and any fees and disbursements of underwriters customarily paid
by issuers or sellers of securities, but excluding underwriting discounts and
commissions and transfer taxes, if any, in respect of Registrable Securities,
which shall be payable by each holder thereof provided that the Company will not
pay the fees, expenses and disbursements of any counsel, accountants or advisors
(financial or otherwise) of any Person on whose behalf securities of the Company
are included in such registration.

            "Requesting Holders" means, with respect to any Requested
Registration or Piggyback Registration, the holders of Registrable Securities
requesting to have Registrable Securities included in such registration in
accordance with this Agreement.

            "Requested Registration" means any registration of Registrable
Securities under the Securities Act effected in accordance with Section 1.

            "Restructuring Agreement" has the meaning ascribed to it in the
preamble.

            "Rule 144" means Rule 144 promulgated by the Commission under the
Securities Act, and any successor provision thereto.

            "Securities Act" means the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder.

            "Shares" means shares of Common Stock received pursuant to the Plan
of Reorganization.

                                       16

<PAGE>

            "Short-Form Registration" means a Requested Registration effected by
the filing of a registration statement on Form S-3 with the Commission.

            (b) Unless the context of this Agreement otherwise requires, (1)
words of any gender include each other gender; (ii) words using the singular or
plural number also include the plural or singular number, respectively; (iii)
the terms "hereof," "herein," "hereby" and derivative or similar words refer to
this entire Agreement; and (iv) the term "Section" refers to the specified
Section of this Agreement. `Whenever this Agreement refers to a number of days,
such number shall refer to calendar days unless Business Days are specified.

            10. Miscellaneous

            (a) Notices. All notices, requests and other communications
hereunder must be in writing and will be deemed to have been duly given only if
delivered personally or by facsimile transmission or mailed (first class postage
prepaid) to the parties at the following addresses or facsimile numbers:

            If to any Investor, to the appropriate address below:

                        High River Limited Partnership
                        c/o Icahn Associates Corp.
                        767 Fifth Avenue
                        New York, New York 10153
                        Facsimile No. (212) 750-5815  Attn.: Vincent J. Intrieri

                        Debt Strategies Fund Inc.
                        c/o Merrill Lynch investment Managers, L.P.
                        800 Scudders Mill Road
                        Plainsboro, New Jersey 08536
                        Facsimile No.: (609) 282-2756
                        Attn.: Michael A. Brown

                        Northeast Investors Trust
                        c/o Northeast Investors
                        50 Congress Street, Suite 1000
                        Boston, Massachusetts 02109
                        Facsimile No.: (617) 523-5412
                        Attn.: Bruce Monrad

            with copies to:

                        Brown Rudnick Berlack Israels LLP
                        120 West 45 Street
                        New York, New York 10036
                        Facsimile No.: (212) 704-0196
                        Attn.: Steven E. Greenbaum, Esq.

                                       17

<PAGE>

            If to the Company, to:

                        Viskase Companies, Inc.
                        625 Willowbrook Centre Parkway
                        Willowbrook, IL 60527
                        Facsimile No.: (630) 455-2152
                        Attn: President

            with a copy to:

                        Milbank, Tweed, Hadley & McCloy LLP
                        1 Chase Manhattan Plaza
                        New York, NY 10005-1413
                        Facsimile No.: (212) 530-5219
                        Attn: Allan Brilliant, Esq.

All such notices, requests and other communications will (i) if delivered
personally to the address as provided in this Section, be deemed given upon
delivery, (ii) if delivered by facsimile transmission to the facsimile number as
provided in this Section, be deemed given upon receipt, and (iii) if delivered
by mail in the manner described above to the address as provided in this
Section, be deemed given upon receipt (in each case regardless of whether such
notice, request or other communication is received by any other Person to whom a
copy of such notice is to be delivered pursuant to this Section). Any party from
time to time may change its address,. facsimile number or other information for
the purpose of notices to that party by giving notice specifying such change to
the other parties hereto.

            (b) Entire Agreement. This Agreement supersedes all prior
discussions and agreements between the parties with respect to the subject
matter hereof, and contains the sole and entire agreement between the parties
hereto with respect to the subject matter hereof.

            (c) Amendment. This Agreement may be amended, supplemented or
modified only by a written instrument (which may be executed in any number of
counterparts) duly executed by or on behalf of each of the Company and Persons
owning 66 2/3% or more of the Registrable Securities.

            (d) Waiver. Subject to paragraph (e of this Section, any term or
condition of this Agreement may be waived at any time by the party that is
entitled to the benefit thereof, but no such waiver shall be effective unless
set forth in a written instrument duly executed by or on behalf of the party
waiving such term or condition. No waiver by any party of any term or condition
of this Agreement, in any one or more instances, shall be deemed to be or
construed as a waiver of the same term or condition of this Agreement on any
future occasion.

            (e) Consents and Waivers by Holders of Registrable Securities. Any
consent of the holders of Registrable Securities pursuant to this Agreement, and
any waiver by such holders of any provision of this Agreement, shall be in
writing (which may be executed in any number of counterparts) and may be given
or taken by Persons owning 66 2/3% or more of the Registrable Securities, and
any such consent or waiver so given or taken will be binding on all the holders
of Registrable Securities.

                                       18

<PAGE>

            (f) No Third Party Beneficiary. The terms and provisions of this
Agreement are intended solely for the benefit of each party hereto, their
respective successors or permitted assigns and any other holder of Registrable
Securities, and it is not the intention of the parties to confer third-party
beneficiary rights upon any other Person other than any Person entitled to
indemnity under Section 6

            (g) Assignment; Successors and Assigns Neither this Agreement nor
any right, interest or obligation hereunder may be assigned by any Investor
without the prior written consent of the Company and any attempt to do so will
be void; provided, however, any Investor may make such an assignment to an
Affiliate of such Investor provided that such Affiliate agrees to be bound by
the terms hereof. Subject to the preceding sentence, this Agreement is binding
upon, inures to the benefit of and is enforceable by the parties hereto and
their respective successors and assigns.

            (h) Headings. The headings used in this Agreement have been inserted
for convenience of reference only and do not define or limit the provisions
hereof.

            (i) Invalid Provisions. If any provision of this Agreement is held
to be illegal, invalid or unenforceable under any present or future law, and if
the rights or obligations of any party hereto under this Agreement will not be
materially and adversely affected thereby, (i) such provision will be fully
severable, (ii) this Agreement will be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part hereof
and (iii) the remaining provisions of this Agreement will remain in full force
and effect and will not be affected by the illegal, invalid or unenforceable
provision or by its severance herefrom.

            (j) Remedies. Except as otherwise expressly provided for herein, no
remedy conferred by any of the specific provisions of this Agreement is intended
to be exclusive of any other remedy, and each and every remedy shall be
cumulative and shall be in addition to every other remedy given hereunder or now
or hereafter existing at law or in equity or by statute or otherwise. The
election of any one or more remedies by any party hereto shall not constitute a
waiver by any such party of the right to pursue any other available remedies.

            Damages in the event of breach of this Agreement by a party hereto
or any other holder of Registrable Securities would be difficult, if not
impossible, to ascertain, and it is therefore agreed that each such Person, in
addition to and without limiting any other remedy or right it may have, will
have the right to an injunction or other equitable relief in any court of
competent jurisdiction, enjoining any such breach, and enforcing specifically
the terms and provisions hereof, and the Company and each holder of Registrable
Securities, by its acquisition of such Registrable Securities, hereby waives any
and all defenses it may have on the ground of lack of jurisdiction or competence
of the court to grant such an injunction or other equitable relief. The
existence of this right will not preclude any such Person from pursuing any
other rights and remedies at law or in equity which such Person may have.

            (k) Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York applicable to a contract
executed and performed in such State, without giving effect to the conflicts of
laws principles thereof.

                                       19

<PAGE>

            (l) Counterparts. This Agreement may be executed in any number of
counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.

            (m) Restrictions on Transfer. In order to clarify that the transfer
restrictions in Section 5.03(b) of the Restructuring Agreement are fully
applicable to the Registrable Securities, Section 5.03(b) of the Restructuring
Agreement is hereby amended by deleting such Section in its entirety and
replacing it with the following:

            "Until April 4, 2006, no Holder may transfer (other than to another
Holder or to an affiliate of a Holder that agrees to be bound by the terms of
this Agreement as a Holder) any Registrable Securities (as defined in the
Registration Rights Agreement, dated as of April 15, 2003, between the Company
and the Holders). For this purpose, "transfer" means any mode (direct or
indirect, absolute or conditional, voluntary or involuntary) of disposing of or
parting with property or an interest therein. Notwithstanding the foregoing, and
other than transfers to another Holder or to an affiliate of another Holder that
agrees to be bound by the provisions of this paragraph (b), beginning on April
4, 2005, a Holder may transfer Registrable Securities for cash, provided that,
until and including April 3, 2006, (i) at least 20 business days before such
transfer such Holder shall have furnished to the Company with respect to the
transferee the information that would be required in a Schedule I 3D filed by
the transferee with respect to the transfer and (ii) the Company shall not have
notified the Holder within that period that it or a person it designates will
purchase the securities to be transferred on the same terms as the proposed
transferee (in which case such Holder shall transfer them to the Company or its
designee on such terms). If the Company does not so notify the Holder, the
Holder shall be free for a period of 90 days to transfer the securities to the
proposed transferee on terms no more favorable to the transferee than the terms
described to the Company, after which the transfer will again be subject to the
terms of this Section. The Registrable Securities held by each Holder will be
appropriately legended to reflect the provisions of this Section."

            IN WITNESS WHEREOF, this Agreement has been duly executed and
delivered by the duly authorized officer of each party hereto as of the date
first above written.

                                      HIGH RIVER LIMITED PARTNERSHIP

                                      By: ____________________________________
                                          Name:
                                          Title:

                                      DEBT STRATEGIES FUND, INC.

                                      By: ____________________________________
                                          Name:
                                          Title:

                                       20

<PAGE>

                                      NORTHEAST INVESTORS TRUST

                                      By: ____________________________________
                                          Name:
                                          Title:

                                      VISKASE COMPANIES, INC.

                                      By: ____________________________________
                                          Name:
                                          Title:

                                       21<PAGE>

                                                                     EXHIBIT 4.7

EXECUTION COPY

================================================================================

                             VISKASE COMPANIES, INC.

                                       AND

                WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION

                                AS WARRANT AGENT

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

                                WARRANT AGREEMENT

                            DATED AS OF APRIL 3, 2003

<PAGE>

                                WARRANT AGREEMENT

                              TABLE OF CONTENTS(1)

<TABLE>
<S>                                                                                        <C>
SECTION 1.       APPOINTMENT OF WARRANT AGENT......................................         1

SECTION 2.       WARRANT CERTIFICATES..............................................         1

SECTION 3.       EXECUTION OF WARRANT CERTIFICATES.................................         1

SECTION 4.       REGISTRATION AND COUNTERSIGNATURE.................................         2

SECTION 5.       REGISTRATION OF TRANSFERS AND EXCHANGES...........................         2

SECTION 6.       TERMS OF WARRANTS; EXERCISE OF WARRANTS...........................         3

SECTION 7.       PAYMENT OF TAXES..................................................         4

SECTION 8.       MUTILATED OR MISSING WARRANT CERTIFICATES.........................         4

SECTION 9.       RESERVATION OF WARRANT SHARES.....................................         5

SECTION 10.      OBTAINING STOCK EXCHANGE LISTINGS. ETC............................         5

SECTION 11.      ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF
                 WARRANT SHARES ISSUABLE...........................................         6

SECTION 12.      FRACTIONAL INTERESTS..............................................        11

SECTION 13.      NOTICES TO WARRANT HOLDERS........................................        12

SECTION 14.      MERGER. CONSOLIDATION OR CHANGE OF NAME OF WARRANT AGENT..........        13

SECTION 15.      WARRANT AGENT.....................................................        13

SECTION 16.      CHANGE OF WARRANT AGENT...........................................        16

SECTION 17.      NOTICES TO COMPANY AND WARRANT AGENT..............................        16

SECTION 18.      SUPPLEMENTS AND AMENDMENTS........................................        17

SECTION 19.      SUCCESSORS........................................................        17

SECTION 20.      TERMINATION.......................................................        17
</TABLE>

------------
(1) This Table of Contents does not constitute a part of this Agreement or have
any bearing upon the interpretation of any of its terms or provisions.

                                      (i)

<PAGE>

<TABLE>
<S>                                                                                        <C>
SECTION 21.      GOVERNING LAW.....................................................        17

SECTION 22.      BENEFITS OF THIS AGREEMENT........................................        17

SECTION 23.      COUNTERPARTS......................................................        18
</TABLE>

                                      (ii)

<PAGE>

            WARRANT AGREEMENT dated as of April 3, 2003 between Viskase
Companies, Inc. a Delaware corporation (the "COMPANY"), and Wells Fargo Bank
Minnesota, National Association, a national banking association, as Warrant
Agent (the "WARRANT AGENT").

            WHEREAS, the Company proposes to issue 306,291 Common Stock Purchase
Warrants, as hereinafter described (each a "WARRANT" and collectively the
"WARRANTS"), which in the aggregate initially entitle the holders thereof to
purchase up to 306,291 shares of the Common Stock (outstanding on a fully
diluted basis on the date hereof), par value $0.01 per share (the "COMMON
STOCK"), of the Company (the Common Stock issuable on exercise of the Warrants
being referred to herein as the "WARRANT SHARES"), in connection with the Plan
of Reorganization approved by the bankruptcy court in In re: Viskase Companies.
Inc., Case No. 02 B 44669, Bankr. N.D. Ill. (the "PLAN OF REORGANIZATION").

            WHEREAS, the Company desires the Warrant Agent to act on behalf of
the Company, and the Warrant Agent is willing so to act, in connection with the
issuance, transfer, exchange and exercise of Warrants and other matters as
provided herein;

            NOW, THEREFORE, in consideration of the premises and the mutual
agreements herein set forth, the parties hereto agree as follows:

            SECTION 1. Appointment of Warrant Agent.

            The Company hereby appoints the Warrant Agent to act as agent for
the Company in accordance with the instructions set forth hereinafter in this
Agreement, and the Warrant Agent hereby accepts such appointment.

            SECTION 2. Warrant Certificates.

            The certificates evidencing the Warrants (the "WARRANT
CERTIFICATES") to be delivered pursuant to this Agreement shall be in registered
form only and shall be substantially in the form set forth in Exhibit A attached
hereto.

            SECTION 3. Execution of Warrant Certificates.

            Warrant Certificates shall be signed on behalf of the Company by its
Chairman of the Board or its President or a Vice President and by its Secretary
or an Assistant Secretary. Each such signature upon the Warrant Certificates may
be in the form of a facsimile signature of the present or any future Chairman of
the Board, President, Vice President, Secretary or Assistant Secretary and may
be imprinted or otherwise reproduced on the Warrant Certificates and for that
purpose the Company may adopt and use the facsimile signature of any person who
shall have been Chairman of the Board, President, Vice President, Secretary or
Assistant Secretary, notwithstanding the fact that at the time the Warrant
Certificates shall be countersigned and delivered or disposed of he or she shall
have ceased to hold such office.

            In case any officer of the Company who shall have signed any of the
Warrant Certificates shall cease to be such officer before the Warrant
Certificates so signed shall have been countersigned by the Warrant Agent, or
disposed of by the Company, such Warrant Certificates nevertheless may be
countersigned and delivered or disposed of as though such

<PAGE>

person had not ceased to be such officer of the Company; and any Warrant
Certificate may be signed on behalf of the Company by any person who, at the
actual date of the execution of such Warrant Certificate, shall be a proper
officer of the Company to sign such Warrant Certificate, although at the date of
the execution of this Warrant Agreement any such person was not such officer.

            Warrant Certificates shall be dated the date of countersignature by
the Warrant Agent.

            SECTION 4. Registration and Countersignature.

            The Warrant Agent, on behalf of the Company, shall hold the Warrants
unnumbered and unregistered. Warrant Certificates shall be manually
countersigned by the Warrant Agent and shall not be valid for any purpose unless
so countersigned. The Warrant Agent shall, upon written instructions of the
Chairman of the Board, the President, a Vice President, the Treasurer or the
Chief Financial Officer of the Company, initially countersign, issue and deliver
Warrants entitling the holders thereof to purchase not more than the number of
Warrant Shares referred to above in the first recital hereof and shall
countersign and deliver Warrants as otherwise provided in this Agreement.

            The Company and the Warrant Agent may deem and treat the registered
holder(s) of the Warrant Certificates as the absolute owner(s) thereof
(notwithstanding any notation of ownership or other writing thereon made by
anyone), for all purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary.

            SECTION 5. Registration of Transfers and Exchanges.

            The Warrant Agent shall from time to time, subject to the
limitations of Section 6 hereof, register the transfer of any outstanding
Warrant Certificates upon the records to be maintained by it for that purpose,
upon surrender thereof duly endorsed or accompanied (if so required by it) by a
written instrument or instruments of transfer in form satisfactory to the
Warrant Agent, duly executed by the registered holder or holders thereof or by
the duly appointed legal representative thereof or by a duly authorized
attorney. Upon any such registration of transfer, a new Warrant Certificate
shall be issued to the transferee(s) and the surrendered Warrant Certificate
shall be cancelled by the Warrant Agent. Cancelled Warrant Certificates shall
thereafter be disposed of by the Warrant Agent in its customary manner.

            Subject to the terms of this Agreement, Warrant Certificates may be
exchanged at the option of the holder(s) thereof, when surrendered to the
Warrant Agent at its principal office, which is currently located at the address
listed in Section 17 hereof, for another Warrant Certificate or other Warrant
Certificates of like tenor and representing in the aggregate a like number of
Warrants. Any holder desiring to exchange a Warrant Certificate shall deliver a
written request to the Warrant Agent, and shall surrender, duly endorsed or
accompanied (if so required by the Warrant Agent) by a written instrument or
instruments of transfer in form satisfactory to the Warrant Agent, the Warrant
Certificate or Certificates to be so exchanged. Warrant Certificates surrendered
for exchange shall be cancelled by the Warrant Agent. Such

                                       2

<PAGE>

cancelled Warrant Certificates shall then be disposed of by such Warrant Agent
in its customary manner.

            The Warrant Agent is hereby authorized to countersign, in accordance
with the provisions of this Section 5 and of Section 4 hereof, the new Warrant
Certificates required pursuant to the provisions of this Section 5.

            SECTION 6. Terms of Warrants; Exercise of Warrants.

            The initial exercise price per share at which Warrant Shares shall
be purchasable upon the exercise of Warrants shall be $10.00 (the "EXERCISE
PRICE"). Each Warrant shall be initially exercisable for that number of shares
of Common Stock equal to the Exercise Ratio (as defined below). For purposes of
this Agreement, the "EXERCISE RATIO" shall be, as of the date of this Agreement,
equal to one, subject to adjustment pursuant to Section 11 hereof.

            Subject to the terms of this Agreement, each Warrant holder shall
have the right, which may be exercised commencing at the opening of business on
the date of such Warrant and until 5:00 p.m., New York City time on April 2,
2010, to receive from the Company the number of fully paid and nonassessable
Warrant Shares which the holder may at the time be entitled to receive on
exercise of such Warrants and payment of the Exercise Price then in effect for
such Warrant Shares. In the alternative, each Warrant holder may exercise its
right, during the Exercise Period, to receive all, but not less than all,
Warrant Shares on a net basis, such that, without the exchange of any funds, the
holder receives that number of Warrant Shares otherwise issuable (or payable)
upon exercise of its Warrants less that number of Warrant Shares having an
aggregate Current Market Price (as defined in Section 11(d)), determined as of
the business day immediately preceding the day the Company received the election
to purchase, equal to the aggregate Exercise Price that would otherwise have
been paid by the holder of the Warrant Shares. Each Warrant not exercised prior
to 5:00 p.m., New York City time, on April 2, 2010 shall become void and all
rights thereunder and all rights in respect thereof under this Agreement shall
cease as of such time. No adjustments as to dividends will be made upon exercise
of the Warrants.

            A Warrant may be exercised upon surrender to the Company at the
principal office of the Warrant Agent, which is currently located at the address
listed in Section 17 hereof, of the certificate or certificates evidencing the
Warrants to be exercised with the form of election to purchase on the reverse
thereof duly filled in and signed and such other documentation as the Warrant
Agent may reasonably request, and upon payment to the Warrant Agent for the
account of the Company of the Exercise Price which is set forth in the form of
Warrant Certificate attached hereto as Exhibit A as adjusted as herein provided,
for the number of Warrant Shares in respect of which such Warrants are then
exercised. Payment of the aggregate Exercise Price shall be made (i) in cash or
by certified or official bank check or federal wire transfer payable to the
order of the Warrant Agent for the account of the Company in immediately
available funds or (ii) in the manner provided in the second paragraph of this
Section 6.

            Subject to the provisions of Section 7 hereof, upon such surrender
of Warrants and payment of the Exercise Price, the Company shall issue and cause
to be delivered with all reasonable dispatch to and in such name or names as the
Warrant holder may designate a

                                       3

<PAGE>

certificate or certificates for the number of full Warrant Shares issuable upon
the exercise of such Warrants together with cash as provided in Section 12
hereof. Such certificate or certificates shall be deemed to have been issued and
any person so designated to be named therein shall be deemed to have become a
holder of record of such Warrant Shares as of the date of the surrender of such
Warrants and payment of the Exercise Price.

            The Warrants shall be exercisable, at the election of the holders
thereof, either in full or from time to time in part and, in the event that a
certificate evidencing Warrants is exercised in respect of fewer than all of the
Warrant Shares issuable on such exercise at any time prior to the date of
expiration of the Warrants, a new certificate evidencing the remaining Warrant
or Warrants will be issued, and the Warrant Agent is hereby irrevocably
authorized to countersign and to deliver the required new Warrant Certificate or
Certificates pursuant to the provisions of this Section 6 and of Section 3
hereof, and the Company, whenever required by the Warrant Agent, shall supply
the Warrant Agent with Warrant Certificates duly executed on behalf of the
Company for such purpose. The Warrant Agent may assume that any Warrant
presented for exercise is permitted to be so exercised under applicable law and
shall have no liability for acting in reliance on such assumption.

            All Warrant Certificates surrendered upon exercise of Warrants shall
be cancelled by the Warrant Agent. Such cancelled Warrant Certificates shall
then be disposed of by the Warrant Agent in its customary manner. The Warrant
Agent shall account promptly to the Company with respect to Warrants exercised
and concurrently pay to the Company all monies received by the Warrant Agent for
the purchase of the Warrant Shares through the exercise of such Warrants.

            The Warrant Agent shall keep copies of this Agreement and any
notices given or received hereunder available for inspection by the holders with
reasonable prior written notice during normal business hours at its office. The
Company shall supply the Warrant Agent from time to time with such numbers of
copies of this Agreement as the Warrant Agent may request.

            SECTION 7. Payment of Taxes.

            The Company will pay all documentary stamp taxes attributable to the
initial issuance of Warrant Shares upon the exercise of Warrants; provided,
however, that the Company shall not be required to pay any tax or taxes which
may be payable in respect of any transfer involved in the issue of any Warrant
Certificates or any certificates for Warrant Shares in a name other than that of
the registered holder of a Warrant Certificate surrendered upon the exercise of
a Warrant, and the Company shall not be required to issue or deliver such
Warrant Certificates unless or until the person or persons requesting the
issuance thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

            SECTION 8. Mutilated or Missing Warrant Certificates.

            In case any of the Warrant Certificates shall be mutilated, lost,
stolen or destroyed, the Company, at its expense, shall issue and the Warrant
Agent shall countersign, in exchange and substitution for and upon cancellation
of the mutilated Warrant Certificate, or in

                                       4

<PAGE>

lieu of and substitution for the Warrant Certificate lost, stolen or destroyed,
a new Warrant Certificate of like tenor and representing an equivalent number of
Warrants, but only upon receipt of evidence reasonably satisfactory to the
Company of such loss, theft or destruction of such Warrant Certificate and
indemnity, if requested, also reasonably satisfactory to the Company.

            SECTION 9. Reservation of Warrant Shares.

            The Company will at all times reserve and keep available, free from
preemptive rights, out of the aggregate of its authorized but unissued Common
Stock or its authorized and issued Common Stock held in its treasury, for the
purpose of enabling it to satisfy any obligation to issue Warrant Shares upon
exercise of Warrants, the maximum number of shares of Common Stock which may
then be deliverable upon the exercise of all outstanding Warrants. The Warrant
Agent shall have no duty to verify availability of such shares set aside by the
Company.

            The Company or, if appointed, the transfer agent for the Common
Stock (the "TRANSFER AGENT") and every subsequent transfer agent for any shares
of the Company's capital stock issuable upon the exercise of any of the rights
of purchase aforesaid will be irrevocably authorized and directed at all times
to reserve such number of authorized shares as shall be required for such
purpose. The Company will keep a copy of this Agreement on file with the
Transfer Agent and with every subsequent transfer agent for any shares of the
Company's capital stock issuable upon the exercise of the rights of purchase
represented by the Warrants. The Warrant Agent is hereby irrevocably authorized
to requisition from time to time from such Transfer Agent the stock certificates
required to honor outstanding Warrants upon exercise thereof in accordance with
the terms of this Agreement. The Company will supply such Transfer Agent with
duly executed certificates for such purposes and will provide or otherwise make
available any cash which may be payable as provided in Section 12 hereof. The
Company will furnish such Transfer Agent a copy of all notices of adjustments
and certificates related thereto, transmitted to each holder pursuant to Section
13 hereof.

            Before taking any action which would cause an adjustment pursuant to
Section 11 hereof to reduce the Exercise Price below the then par value (if any)
of the Warrant Shares, the Company will take any corporate action which may, in
the opinion of its counsel (which may be counsel employed by the Company), be
necessary in order that the Company may validly and legally issue fully paid and
nonassessable Warrant Shares at the Exercise Price as so adjusted.

            The Company covenants that all Warrant Shares which may be issued
upon exercise of Warrants will, upon payment of the Exercise Price therefor and
issue, be fully paid, nonassessable, free of preemptive rights and free from all
taxes, liens, charges and security interests with respect to the issue thereof.

            SECTION 10. Obtaining Stock Exchange Listings, Etc.

            The Company will from time to time take all action which may be
necessary so that the Warrant Shares, immediately upon their issuance upon the
exercise of Warrants, will be listed on the principal securities exchanges and
markets within the United States of America, if any, on which other shares of
Common Stock are then listed. The Company will endeavor to

                                       5

<PAGE>

comply with all securities laws regulating the offer and delivery of Common
Stock on the exercise of Warrants.

            SECTION 11. Adjustment of Exercise Price and Number of Warrant
                        Shares Issuable.

            The Exercise Ratio and number of Warrant Shares issuable upon the
exercise of each Warrant are subject to adjustment from time to time upon the
occurrence of the events enumerated in this Section 11. For purposes of this
Section 11, "COMMON STOCK" means shares now or hereafter authorized of any class
of common stock of the Company and any other stock of the Company, however
designated, that has the right (subject to any prior rights of any class or
series of preferred stock) to participate in any distribution of the assets or
earnings of the Company without limit as to per share amount.

            (a) Adjustment for Change in Capital Stock.

            If the Company:

                  (1) pays a dividend or makes a distribution on its Common
      Stock in shares of its Common Stock;

                  (2) subdivides its outstanding shares of Common Stock into a
      greater number of shares;

                  (3) combines its outstanding shares of Common Stock into a
      smaller number of shares;

                  (4) makes a distribution on its Common Stock in shares of its
      capital stock other than Common Stock; or

                  (5) issues by reclassification of its Common Stock any shares
      of its capital stock,

      then the Exercise Ratio in effect immediately prior to such action shall
      be proportionately adjusted so that the holder of any Warrant thereafter
      exercised may receive the aggregate number and kind of shares of capital
      stock of the Company which he or she would have owned immediately
      following such action if such Warrant had been exercised immediately prior
      to such action.

            The adjustment shall become effective immediately after the record
date in the case of a dividend or distribution and immediately after the
effective date in the case of a subdivision, combination or reclassification.

            If after an adjustment a holder of a Warrant upon exercise of it may
receive shares of two or more classes of capital stock of the Company, the
Company shall reasonably determine the allocation of the adjusted Exercise Price
between the classes of capital stock. After such allocation, the exercise
privilege and the Exercise Price of each class of capital stock shall

                                       6

<PAGE>

thereafter be subject to adjustment on terms comparable to those applicable to
Common Stock in this Section 11.

            Such adjustment shall be made successively whenever any event listed
above shall occur.

            (b) Adjustment for Rights Issue.

            If the Company distributes any rights, options or warrants to all
holders of its Common Stock entitling them for a period expiring within 45 days
after the record date mentioned below to purchase shares of Common Stock at a
price per share less than the Current Market Price (as defined in Section 11(d))
per share on that record date, the Exercise Ratio shall be adjusted in
accordance with the formula:

               E'    =    E    x       O        +        N
                                    -----------------------------
                                       O        +       [N+P]
                                                        -----
                                                         [M]

            E'    =    the adjusted Exercise Ratio.

            E     =    the current Exercise Ratio.

            O     =    the number of shares of Common Stock outstanding on the
                       record date.

            N     =    the number of additional shares of Common Stock offered.

            P     =    the purchase price per share of the additional shares.

            M     =    the Current Market Price per share of Common Stock on the
                       record date.

            The adjustment shall be made successively whenever any such rights,
options or warrants are issued and shall become effective immediately after the
record date for the determination of stockholders entitled to receive the
rights, options or warrants. If at the end of the period during which such
rights, options or warrants are exercisable, not all rights, options or warrants
shall have been exercised, the Exercise Ratio shall be immediately readjusted to
what it would have been if "N" in the above formula had been the number of
shares actually issued.

            (c) Adjustment for Other Distributions.

            If the Company distributes to all holders of its Common Stock any of
its assets (including cash) or debt securities or any rights or warrants to
purchase debt securities, assets or other securities of the Company, the
Exercise Ratio shall be adjusted in accordance with the formula:

              E'   =   E    x        M
                                  -------
                                   M - F

                                        7

<PAGE>

            where:

            E'    =     the adjusted Exercise Ratio.

            E     =     the current Exercise Ratio.

            M     =     the Current Market Price per share of Common Stock
                        on the record date mentioned below.

            F     =     the fair market value on the record date
                        of the assets, securities, rights or warrants
                        distributable to one share of Common Stock. The Board of
                        Directors shall reasonably determine the fair market
                        value of such assets, securities, rights or warrants.

            The adjustment shall be made successively whenever any such
distribution is made and shall become effective immediately after the record
date for the determination of stockholders entitled to receive the distribution.

            This subsection (c) does not apply to regular quarterly cash
dividends or rights, options or warrants referred to in subsection (b) of this
Section 11.

            (d) Current Market Price.

            In subsections (b) and (c) of this Section 11 and Section 6, the
"Current Market Price" per share of Common Stock on any date is the average of
the Quoted Prices of the Common Stock for 30 consecutive trading days commencing
45 trading days before the date in question. The "Quoted Price" of the Common
Stock is the last reported sales price of the Common Stock as reported by
NASDAQ, National Market System, or if the Common Stock is listed on a securities
exchange, the last reported sales price of the Common Stock on such exchange
which shall be for consolidated trading if applicable to such exchange, or if
neither so reported or listed, the last reported bid price of the Common Stock.
In the absence of one or more such quotations, the Board of Directors of the
Company shall determine the Current Market Price on the basis of such quotations
as it reasonably considers appropriate.

            (e) When De Minimis Adjustment May Be Deferred.

            No adjustment in the Exercise Ratio need be made unless the
adjustment would require an increase or decrease of at least 1% in the Exercise
Ratio. Any adjustments that are not made shall be carried forward and taken into
account in any subsequent adjustment.

            All calculations under this Section 11 shall be made to the nearest
cent or to the nearest 1/100th of a whole share, as the case may be.

            (f) When No Adjustment Required.

            No adjustment need be made for a transaction referred to in
subsections (b) or (c) of this Section 11 if Warrant holders are to participate,
without requiring the Warrants to be exercised, in the transaction on a basis
and with notice that the Board of Directors of the

                                       8

<PAGE>

Company reasonably determines to be fair and appropriate in light of the basis
and notice on which holders of Common Stock participate in the transaction.

            No adjustment need be made for a change in the par value or no par
value of the Common Stock.

            To the extent the Warrants become convertible into cash, no
adjustment need be made thereafter as to the amount of cash into which such
Warrants are exercisable. Interest will not accrue on the cash.

            (g) Notice of Adjustment.

            Whenever the Exercise Ratio is adjusted, the Company shall provide
the notices required by Section 13 hereof.

            (h) Voluntary Reduction.

            The Company from time to time may increase the Exercise Ratio by any
amount for any period of time (including, without limitation, permanently) if
such period is at least 20 days; provided, however, that in no event may the
Exercise Price be less than the par value of a share of Common Stock; provided
further that no Warrant may be adjusted pursuant to this paragraph (h) unless
all outstanding Warrants issued pursuant to this Agreement are proportionately
adjusted simultaneously.

            Whenever the Exercise Ratio is increased, the Company shall mail to
Warrant holders a notice of the increase. The Company shall mail the notice to
each holder of Warrants at least 15 days before the date the increased Exercise
Ratio takes effect. The notice shall state the reduced Exercise Price and the
period it will be in effect.

            An increase in the Exercise Ratio does not change or adjust the
Exercise Ratio otherwise in effect for purposes of subsections (a), (b) and (c)
of this Section 11.

            (i) [intentionally omitted.]

            (j) Reorganization of Company.

            If the Company consolidates or merges with or into, or transfers or
leases all or substantially all its assets to, any person, upon consummation of
such transaction the Warrants shall automatically become exercisable for the
kind and amount of securities, cash or other assets which the holder of a
Warrant would have owned immediately after the consolidation, merger, transfer
or lease if such holder had exercised the Warrant immediately before the
effective date of the transaction; provided that (i) if the holders of Common
Stock were entitled to exercise a right of election as to the kind or amount of
securities, cash or other assets receivable upon such consolidation or merger,
then the kind and amount of securities, cash or other assets for which each
Warrant shall become exercisable shall be deemed to be the kind and amount so
receivable per share by a majority of the holders of Common Stock in such
consolidation or merger or (ii) if a tender or exchange offer shall have been
made to and accepted by the holders of Common Stock under circumstances in
which, upon completion of such tender or exchange offer, the

                                       9

<PAGE>

maker thereof, together with members of any group (within the meaning of Rule
13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together
with any affiliate or associate of such maker (within the meaning of Rule 12b-2
under the Exchange Act) and any members of any such group of which any such
affiliate or associate is a part, own beneficially (within the meaning of Rule
13d-3 under the Exchange Act) more than 50% of the outstanding shares of Common
Stock, the holder of a Warrant shall be entitled to receive the highest amount
of cash, securities or other property to which such holder would actually have
been entitled as a shareholder if such Warrant holder had exercised the Warrant
prior to the expiration of such tender or exchange offer, accepted such offer
and all of the Common Stock held by such holder had been purchased pursuant to
such tender or exchange offer, subject to adjustments (from and after the
consummation of such tender or exchange offer) as nearly equivalent as possible
to the adjustments provided for in this Section 11. Concurrently with the
consummation of any such transaction, the corporation formed by or surviving any
such consolidation or merger if other than the Company, or the person to which
such sale or conveyance shall have been made, shall enter into a supplemental
Warrant Agreement so providing and further providing for adjustments which shall
be as nearly equivalent as may be practical to the adjustments provided for in
this Section. The successor Company shall mail to Warrant holders a notice
describing the supplemental Warrant Agreement.

            If the issuer of securities deliverable upon exercise of Warrants
under the supplemental Warrant Agreement is an affiliate of the former,
surviving, transferee or lessee corporation, that issuer shall join in the
supplemental Warrant Agreement.

            If this subsection (j) applies, subsections (a), (b) or (c) of this
Section 11 do not apply.

            (k) Warrant Agent's Disclaimer.

            The Warrant Agent has no duty to determine when an adjustment under
this Section 11 should be made, how it should be made or what it should be. The
Warrant Agent has no duty to determine whether any provisions of a supplemental
Warrant Agreement under subsection (i) of this Section 11 are correct. The
Warrant Agent makes no representation as to the validity or value of any
securities or assets issued upon exercise of Warrants. The Warrant Agent shall
not be responsible for the Company's failure to comply with this Section.

            (l) When Issuance or Payment May Be Deferred.

            In any case in which this Section 11 shall require that an
adjustment in the Exercise Price be made effective as of a record date for a
specified event, the Company may elect to defer until the occurrence of such
event (i) issuing to the holder of any Warrant exercised after such record date
the Warrant Shares and other capital stock of the Company, if any, issuable upon
such exercise over and above the Warrant Shares and other capital stock of the
Company, if any, issuable upon such exercise on the basis of the Exercise Price
and (ii) paying to such holder any amount in cash in lieu of a fractional share
pursuant to Section 12 hereof; provided, however, that the Company shall deliver
to such holder a due bill or other appropriate instrument evidencing such
holder's right to receive such additional Warrant Shares, other capital stock
and cash upon the occurrence of the event requiring such adjustment.

                                       10

<PAGE>

            (m) Adjustment in Exercise Price.

            Upon each event that provides for an adjustment of the Exercise
Ratio pursuant to this Section 11, the Exercise Price for each Warrant Share
shall be equal to the result of the following formula:

                       E'   =   E   x       N
                                           ----
                                            N'

            where:

            N'    =     the adjusted number of Warrant Shares issuable upon
                        exercise of a Warrant by payment of the adjusted
                        Exercise Price.

            N     =     the number of Warrant Shares previously issuable upon
                        exercise of a Warrant by payment of the Exercise Price
                        prior to adjustment.

            E'    =     the adjusted Exercise Price.

            E     =     the Exercise Price prior to adjustment.

            (n) Form of Warrants.

            Irrespective of any adjustments in the Exercise Ratio or the number
or kind of shares purchasable upon the exercise of the Warrants, Warrants
theretofore or thereafter issued may continue to express the same price and
number and kind of shares as are stated in the Warrants initially issuable
pursuant to this Agreement.

            SECTION 12. Fractional Interests.

            (a) The Company shall not be required to issue fractional Warrant
Shares on the exercise of Warrants. If more than one Warrant shall be presented
for exercise in full at the same time by the same holder, the number of full
Warrant Shares which shall be issuable upon the exercise thereof shall be
computed on the basis of the aggregate number of Warrant Shares purchasable on
exercise of the Warrants so presented. If any fraction of a Warrant Share would,
except for the provisions of this Section 12 be issuable on the exercise of any
Warrants (or specified portion thereof), the Company shall pay an amount in cash
equal to the Current Market Price as of the Business Day immediately preceding
the date the Warrant is presented for exercise, multiplied by such fraction.

            (b) Warrants may be issued in fractional interests. Holders of
fractional interests in Warrants will be entitled to purchase a number of
Warrant Shares equal to the product obtained by multiplying the number of
Warrant Shares issuable with respect to one Warrant (as such number of shares
may be adjusted pursuant to Section 11 of this Warrant Agreement) multiplied by
the fractional interest owned by such holder in the Warrant.

                                       11

<PAGE>

            SECTION 13. Notices to Warrant holders.

            Upon any adjustment pursuant to Section 11 the Company shall
promptly thereafter, and in any event within five days, (1) cause to be filed
with the Warrant Agent a certificate executed by the Chief Financial Officer of
the Company setting forth the Exercise Ratio after such adjustment and setting
forth in reasonable detail the method of calculation and the facts upon which
such calculations are based and setting forth the number of Warrant Shares (or
portion thereof) issuable after such adjustment in the Exercise Ratio, upon
exercise of a Warrant and payment of the adjusted Exercise Ratio, and (ii) cause
to be given to each of the registered holders of the Warrant Certificates at his
address appearing on the Warrant register written notice of such adjustments by
first-class mail, postage prepaid. Where appropriate, such notice may be given
in advance and included as a part of the notice required to be mailed under the
other provisions of this Section 13. The Warrant Agent shall be fully protected
in relying on any such certificate and on any adjustment therein contained and
shall not be deemed to have knowledge of such adjustment unless and until it
shall have received such certificate.

            In case:

            (a) the Company shall authorize the issuance to all holders of
shares of Common Stock of rights, options or warrants to subscribe for or
purchase shares of Common Stock or of any other subscription rights or warrants;
or

            (b) the Company shall authorize the distribution to all holders of
shares of Common Stock of evidences of its indebtedness or assets (other than
regular cash dividends or dividends payable in shares of Common Stock or
distributions referred to in subsection (a) of Section 11 hereof); or

            (c) of any consolidation or merger to which the Company is a party
and for which approval of any shareholders of the Company is required, or of the
conveyance or transfer of the properties and assets of the Company substantially
as an entirety, or of any reclassification or change of Common Stock issuable
upon exercise of the Warrants (other than a change in par value, or from par
value to no par value, or from no par value to par value, or as a result of a
subdivision or combination), or a tender offer or exchange offer for shares of
Common Stock; or

            (d) of the voluntary or involuntary dissolution, liquidation or
winding up of the Company; or

            (e) the Company proposes to take any action (other than actions of
the character described in Section 11(a) hereof) which would require an
adjustment of the Exercise Ratio pursuant to Section 11 hereof;

then the Company shall cause to be filed with the Warrant Agent and shall cause
to be given to each of the registered holders of the Warrant Certificates at his
address appearing on the Warrant register, at least 20 calendar days (or 10
calendar days in any case specified in clauses (a) or (b) above) prior to the
applicable record date hereinafter specified, or promptly in the case of events
for which there is no record date, by first-class mail, postage prepaid, a
written notice stating (i) the date as of which the holders of record of shares
of Common Stock to be entitled to receive any such rights, options, warrants or
distribution are to be determined, or (ii) the initial expiration

                                       12

<PAGE>

date set forth in any tender offer or exchange offer for shares of Common Stock,
or (iii) the date on which any such consolidation, merger, conveyance, transfer,
dissolution, liquidation or winding up is expected to become effective or
consummated, and the date as of which it is expected that holders of record of
shares of Common Stock shall be entitled to exchange such shares for securities
or other property, if any, deliverable upon such reclassification,
consolidation, merger, conveyance, transfer, dissolution, liquidation or winding
up. The failure to give the notice required by this Section 13 or any defect
therein shall not affect the legality or validity of any distribution, right,
option, warrant, consolidation, merger, conveyance, transfer, dissolution,
liquidation or winding up, or the vote upon any action.

            Nothing contained in this Agreement or in any of the Warrant
Certificates shall be construed as conferring upon the holders thereof the right
to vote or to consent or to receive notice as shareholders in respect of the
meetings of shareholders or the election of Directors of the Company or any
other matter, or any rights whatsoever as shareholders of the Company.

            SECTION 14. Merger. Consolidation or Change of Name of Warrant
Agent.

            Any corporation into which the Warrant Agent may be merged or with
which it may be consolidated, or any corporation resulting from any merger or
consolidation to which the Warrant Agent shall be a party, or any corporation
succeeding to the business of the Warrant Agent, shall be the successor to the
Warrant Agent hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto. In case at the time such
successor to the Warrant Agent shall succeed to the agency created by this
Agreement, and in case at that time any of the Warrant Certificates shall have
been countersigned but not delivered, any such successor to the Warrant Agent
may adopt the countersignature of the original Warrant Agent; and in case at
that time any of the Warrant Certificates shall not have been countersigned, any
successor to the Warrant Agent may countersign such Warrant Certificates either
in the name of the predecessor Warrant Agent or in the name of the successor to
the Warrant Agent; and in all such cases such Warrant Certificates shall have
the full force and effect provided in the Warrant Certificates and in this
Agreement.

            In case at any time the name of the Warrant Agent shall be changed
and at such time any of the Warrant Certificates shall have been countersigned
but not delivered, the Warrant Agent whose name has been changed may adopt the
countersignature under its prior name, and in case at that time any of the
Warrant Certificates shall not have been countersigned, the Warrant Agent may
countersign such Warrant Certificates either in its prior name or in its changed
name, and in all such cases such Warrant Certificates shall have the full force
and effect provided in the Warrant Certificates and in this Agreement.

            SECTION 15. Warrant Agent.

            The Warrant Agent undertakes the duties and obligations imposed by
this Agreement (and no implied duties or obligations shall be read into this
Agreement against the Warrant Agent) upon the following terms and conditions, by
all of which the Company and the holders of Warrants, by their acceptance
thereof, shall be bound:

                                       13

<PAGE>

            (a) The statements contained herein and in the Warrant Certificates
shall be taken as statements of the Company and the Warrant Agent assumes no
responsibility for the correctness of any of the same except such as describe
the Warrant Agent or action taken or to be taken by it. The Warrant Agent
assumes no responsibility with respect to the distribution of the Warrant
Certificates except as herein otherwise provided.

            (b) The Warrant Agent shall not be responsible for any failure of
the Company to comply with any of the covenants contained in this Agreement or
in the Warrant Certificates to be complied with by the Company.

            (c) The Warrant Agent may consult at any time with counsel of its
own selection (who may be counsel for the Company) and the Warrant Agent shall
incur no liability or responsibility to the Company or to any holder of any
Warrant Certificate in respect of any action taken, suffered or omitted by it
hereunder in good faith and in accordance with the opinion or the advice of such
counsel.

            (d) The Warrant Agent shall incur no liability or responsibility to
the Company or to any holder of any Warrant Certificate for any action taken in
reliance on any Warrant Certificate, certificate of shares, notice, resolution,
waiver, consent, order, certificate, or other paper, document or instrument
(whether in its original or facsimile form) believed by it to be genuine and to
have been signed, sent or presented by the proper party or parties.

            (e) The Company agrees to pay to the Warrant Agent reasonable
compensation for all services rendered by the Warrant Agent in accordance with
the schedule of fees attached hereto as Exhibit B (including fees and expenses
of its counsel) in the administration and execution of this Agreement, to
reimburse the Warrant Agent for all expenses, taxes and governmental charges and
other charges of any kind and nature incurred by the Warrant Agent in the
execution of this Agreement and to indemnify the Warrant Agent (and any
predecessor Warrant Agent) and save it harmless against any and all claims
(whether asserted by the Company, a holder or any other person), damages,
losses, expenses (including taxes other than taxes based on the income of the
Warrant Agent) and liabilities, including judgments, costs and counsel fees and
expenses, for anything done or omitted by the Warrant Agent in the execution of
this Agreement except as a result of its gross negligence or willful misconduct.
The provisions of this Section 15(e) shall survive the expiration of the
Warrants and the termination of this Agreement.

            (f) [intentionally omitted.]

            (g) The Warrant Agent, and any stockholder, director, officer or
employee of it, may buy, sell or deal in any of the Warrants or other securities
of the Company or become pecuniarily interested in any transaction in which the
Company may be interested, or contract with or lend money to the Company or
otherwise act as fully and freely as though it were not Warrant Agent under this
Agreement. Nothing herein shall preclude the Warrant Agent from acting in any
other capacity for the Company or for any other legal entity.

            (h) The Warrant Agent shall act hereunder solely as agent for the
Company, and its duties shall be determined solely by the provisions hereof. The
Warrant Agent shall not

                                       14

<PAGE>

be liable for anything which it may do or refrain from doing in connection with
this Agreement except for its own gross negligence or willful misconduct.

            (i) The Warrant Agent shall not at any time be under any duty or
responsibility to any holder of any Warrant Certificate to make or cause to be
made any adjustment of the Exercise Price or number of the Warrant Shares or
other securities or property deliverable as provided in this Agreement, or to
determine whether any facts exist which may require any of such adjustments, or
with respect to the nature or extent of any such adjustments, when made, or with
respect to the method employed in making the same. The Warrant Agent shall not
be accountable with respect to the validity or value or the kind or amount of
any Warrant Shares or of any securities or property which may at any time be
issued or delivered upon the exercise of any Warrant or with respect to whether
any such Warrant Shares or other securities will, when issued, be validly issued
and fully paid and nonassessable, and makes no representation with respect
thereto.

            (j) Notwithstanding anything in this Agreement to the contrary,
neither the Company nor the Warrant Agent shall have any liability to any holder
of a Warrant or other Person as a result of its inability to perform any of its
obligations under this Agreement by reason of any preliminary or permanent
injunction or other order, decree or ruling issued by a court of competent
jurisdiction or by a governmental, regulatory or administrative agency or
commission, or any statute, rule, regulation or executive order promulgated or
enacted by any governmental authority prohibiting or otherwise restraining
performance of such obligation; provided that the Company must use its
reasonable best efforts to have any such order, decree or ruling lifted or
otherwise overturned as soon as possible.

            (k) Any application by the Warrant Agent for written instructions
from the Company may, at the option of the Warrant Agent, set forth in writing
any action proposed to be taken or omitted by the Warrant Agent under this
Agreement and the date on and/or after which such action shall be taken or such
omission shall be effective. The Warrant Agent shall not be liable for any
action taken by, or omission of, the Warrant Agent in accordance with a proposal
included in such application on or after the date specified in such application
(which date shall not be less than three business days after the date any
officer of the Company actually receives such application, unless any such
officer shall have consented in writing to any earlier date) unless prior to
taking any such action (or the effective date in the case of an omission), the
Warrant Agent shall have received written instructions in response to such
application specifying the action to be taken or omitted.

            (l) No provision of this Agreement shall require the Warrant Agent
to expend or risk its own funds or otherwise incur any financial liability in
the performance of any of its duties hereunder or in the exercise of its rights
if there shall be reasonable grounds for believing that repayment of such funds
or adequate indemnification against such risk or liability is not reasonably
assured to it.

            (m) In addition to the foregoing, the Warrant Agent shall be
protected and shall incur no liability for, or in respect of, any action taken
or omitted by it in connection with its administration of this Agreement if such
acts or omissions are in reliance upon (i) the proper execution of the
certification concerning beneficial ownership appended to the form of

                                       15

<PAGE>

assignment and the form of the election attached hereto unless the Warrant Agent
shall have actual knowledge that, as executed, such certification is untrue, or
(ii) the non-execution of such certification including, without limitation, any
refusal to honor any otherwise permissible assignment or election by reason of
such non-execution.

            SECTION 16. Change of Warrant Agent.

            If the Warrant Agent shall (i) resign, (ii) be removed in accordance
with this Section or (iii) become incapable of acting as Warrant Agent, the
Company shall appoint a successor to such Warrant Agent. If the Company shall
fail to make such appointment within a period of 30 days after it has been
notified in writing of such incapacity by the Warrant Agent or by the registered
holder of a Warrant Certificate, then the registered holder of any Warrant
Certificate may apply to any court of competent jurisdiction for the appointment
of a successor to the Warrant Agent. Pending appointment of a successor to such
Warrant Agent, either by the Company or by such a court, the duties of the
Warrant Agent shall be carried out by the Company. The Company shall be entitled
at any time to remove the Warrant Agent and appoint a successor to such Warrant
Agent. Such successor to the Warrant Agent need not be approved by the holders
of the Warrants or the former Warrant Agent. After appointment the successor to
the Warrant Agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Warrant Agent without
further act or deed; but the former Warrant Agent upon payment of all fees and
expenses due it and its agents and counsel shall deliver and transfer to the
successor to the Warrant Agent any property at the time held by it hereunder and
execute and deliver any further assurance, conveyance, act or deed necessary for
the purpose. Failure to give any notice provided for in this Section 16,
however, or any defect therein, shall not affect the legality or validity of the
appointment of a successor to the Warrant Agent.

            SECTION 17. Notices to Company and Warrant Agent.

            Any notice or demand authorized by this Agreement to be given or
made by the Warrant Agent or by the registered holder of any Warrant Certificate
to or on the Company shall be sufficiently given or made when and if deposited
in the mail, first class or registered, postage prepaid, addressed (until
another address is filed in writing by the Company with the Warrant Agent), as
follows:

                       Viskase Companies, Inc
                       625 Willowbrook Centre Parkway
                       Willowbrook, IL  60527
                       Attention: Secretary

            Any notice pursuant to this Agreement to be given by the Company or
by the registered holder(s) of any Warrant Certificate to the Warrant Agent
shall be sufficiently given when and if deposited in the mail, first- class or
registered, postage prepaid, addressed (until another address is filed in
writing by the Warrant Agent with the Company) to the Warrant Agent as follows:

                                       16

<PAGE>

                        Wells Fargo Bank Minnesota, National Association
                        Corporate Trust Services
                        Sixth Street and Marquette Avenue
                        MAC N9303-120|
                        Minneapolis, MN  55479
                        Telecopier: (612) 667-9825
                        Attention: Viskase Administrator

            SECTION 18. Supplements and Amendments.

            The Company and the Warrant Agent may from time to time supplement
or amend this Agreement without the approval of any holders of Warrant
Certificates in order to cure any ambiguity or to correct or supplement any
provision contained herein which may be defective or inconsistent with any other
provision herein, or to make any other provisions in regard to matters or
questions arising hereunder which the Company and the Warrant Agent may deem
necessary or desirable and which shall not in any way adversely affect the
interests of the holders of Warrant Certificates. Notwithstanding the prior
sentence, if the Company and the holders of a majority of Warrant Certificates
agree to such supplement or amendment, the Warrant Agent shall from time to time
supplement or amend this Agreement in any way; provided that such supplement or
amendment shall not adversely affect the rights of the Trustee under this
Agreement. Notwithstanding anything in this Agreement to the contrary, the prior
written consent of the Warrant Agent must be obtained in connection with any
supplement or amendment which alters the rights or duties of the Warrant Agent.

            SECTION 19. Successors.

            All the covenants and provisions of this Agreement by or for the
benefit of the Company or the Warrant Agent shall bind and inure to the benefit
of their respective successors and assigns hereunder.

            SECTION 20. Termination.

            This Agreement will terminate on any earlier date if all Warrants
have been exercised or expired without exercise. The provisions of Section 15
hereof shall survive such termination.

            SECTION 21. Governing Law.

            This Agreement and each Warrant Certificate issued hereunder shall
be deemed to be a contract made under the laws of the State of New York and for
all purposes shall be construed in accordance with the internal laws of said
State.

            SECTION 22. Benefits of This Agreement.

            Nothing in this Agreement shall be construed to give to any person
or corporation other than the Company, the Warrant Agent and the registered
holders of the Warrant Certificates any legal or equitable right, remedy or
claim under this Agreement, and this

                                       17

<PAGE>

Agreement shall be for the sole and exclusive benefit of the Company, the
Warrant Agent and the registered holders of the Warrant Certificates.

            SECTION 23. Counterparts.

            This Agreement may be executed in any number of counterparts and
each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same
instrument.

                            [SIGNATURE PAGE FOLLOWS]

                                       18

<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed, as of the day and year first above written.

                                    VISKASE COMPANIES, INC.

                                    By: /s/ Gordon S. Donovan
                                       ______________________________________
                                       Gordon S. Donovan
                                       Vice President

                                    WELLS FARGO BANK MINNESOTA,
                                    NATIONAL ASSOCIATION, as Warrant Agent

                                    By: /s/ Jane S. Schweiger
                                       ______________________________________
                                       Name: Jane S. Schweiger
                                       Title: Vice President

                                       19

<PAGE>

                                                                       EXHIBIT A

                          [FORM OF WARRANT CERTIFICATE]

                                     [FACE]

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN.

EXERCISABLE ON OR BEFORE 5:00 P.M. NEW YORK CITY TIME ON APRIL 2, 2010.

No.                                                             306,291 Warrants
                                                            CUSIP No. 9283 1R128

                               WARRANT CERTIFICATE

                             VISKASE COMPANIES, INC.

            This Warrant Certificate certifies that Cede & Co., or registered
assigns, is the registered holder of 306,291 Warrants expiring April 2, 2010
(the "WARRANTS") to purchase Common Stock, $0.01 (the "COMMON STOCK"), of
Viskase Companies, Inc., a Delaware corporation (the "COMPANY"). Each Warrant
entitles the holder upon exercise to receive from the Company on or before 5:00
p.m. New York City Time on April 2, 2010, that number of fully paid and
nonassessable shares of Common Stock (each, a "WARRANT SHARE") equal to the
Exercise Ratio (as defined in the Warrant Agreement) and at the exercise price
(the "EXERCISE PRICE") as determined pursuant to the Warrant Agreement
referenced below payable in lawful money of the United States of America upon
surrender of this Warrant Certificate and payment of the Exercise Price at the
office or agency of the Warrant Agent, but only subject to the conditions set
forth herein and in the Warrant Agreement referred to on the reverse hereof.
Notwithstanding the foregoing, Warrants may be exercised without the exchange of
funds pursuant to the net exercise provisions of Section 6 of the Warrant
Agreement. The Exercise Ratio and the Exercise Price are subject to adjustment
upon the occurrence of certain events set forth in the Warrant Agreement.

            The initial value of the Exercise Ratio is equal to one. The
Exercise Ratio is subject to adjustment as described in Section 11 of the
Warrant Agreement.

            The initial Exercise Price per share of Common Stock for any Warrant
shall be equal to $10.00 per Warrant Share issued upon exercise of such Warrant.

                                       A-1

<PAGE>

            Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof and such further provisions shall
for all purposes have the same effect as though fully set forth at this place.

            This Warrant Certificate shall not be valid unless countersigned by
the Warrant Agent, as such term is used in the Warrant Agreement.

            This Warrant Certificate shall be governed and construed in
accordance with the internal laws of the State of New York.

            IN WITNESS WHEREOF, Viskase Companies, Inc. has caused this Warrant
Certificate to be signed by its Vice President and by its Secretary.

                                         VISKASE COMPANIES, INC.

                                         By:____________________________________
                                            [Name]
                                            President

                                         By:____________________________________
                                            [Name]
                                            Secretary

Countersigned:

Dated:

__________________________,
as Warrant Agent

By________________________
    Authorized Signatory

                                      A-2

<PAGE>

                          [FORM OF WARRANT CERTIFICATE]

                                    [REVERSE]

            The Warrants evidenced by this Warrant Certificate are part of a
duly authorized issue of Warrants expiring April 2, 2010 entitling the holder on
exercise to receive shares of Common Stock, par value $0.01 per share, of the
Company (the "COMMON STOCK"), and are issued or to be issued pursuant to a
Warrant Agreement dated as of April 3, 2003 (the "WARRANT AGREEMENT"), duly
executed and delivered by the Company to Wells Fargo Bank Minnesota, National
Association, a national banking association, as warrant agent (the "WARRANT
AGENT"), which Warrant Agreement is hereby incorporated by reference in and made
a part of this instrument and is hereby referred to for a description of the
rights, limitation of rights, obligations, duties and immunities thereunder of
the Warrant Agent, the Company and the holders (the words "holders" or "holder"
meaning the registered holders or registered holder) of the Warrants. A copy of
the Warrant Agreement may be obtained by the holder hereof upon written request
to the Company.

            Warrants may be exercised at any time on or before 5:00 p.m. New
York City time on April 2, 2010. The holder of Warrants evidenced by this
Warrant Certificate may exercise them by surrendering this Warrant Certificate,
with the form of election to purchase set forth hereon properly completed and
executed, together with payment of the Exercise Price as specified in the
Warrant Agreement at the office of the Warrant Agent. In the event that upon any
exercise of Warrants evidenced hereby the number of Warrants exercised shall be
less than the total number of Warrants evidenced hereby, there shall be issued
to the holder hereof or his assignee a new Warrant Certificate evidencing the
number of Warrants not exercised. No adjustment shall be made for any dividends
on any Common Stock issuable upon exercise of this Warrant.

            The Warrant Agreement provides that upon the occurrence of certain
events the Exercise Ratio set forth on the face hereof may, subject to certain
conditions, be adjusted. If the Exercise Ratio is adjusted, the Warrant
Agreement provides that the Exercise Price and number of shares of Common Stock
issuable upon the exercise of each Warrant shall be adjusted. No fractions of a
share of Common Stock will be issued upon the exercise of any Warrant, but the
Company will pay the cash value thereof determined as provided in the Warrant
Agreement.

            Warrant Certificates, when surrendered at the principal corporate
trust office of the Warrant Agent by the registered holder thereof in person or
by legal representative or attorney duly authorized in writing, may be
exchanged, in the manner and subject to the limitations provided in the Warrant
Agreement, but without payment of any service charge, for another Warrant
Certificate or Warrant Certificates of like tenor evidencing in the aggregate a
like number of Warrants.

            Upon due presentation for registration of transfer of this Warrant
Certificate at the office of the Warrant Agent a new Warrant Certificate or
Warrant Certificates of like tenor and evidencing in the aggregate a like number
of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant

                                      A-3

<PAGE>

Agreement, without charge except for any tax or other governmental charge
imposed in connection therewith.

            The Company and the Warrant Agent may deem and treat the registered
holder(s) thereof as the absolute owner(s) of this Warrant Certificate
(notwithstanding any notation of ownership or other writing hereon made by
anyone), for the purpose of any exercise hereof, of any distribution to the
holder(s) hereof, and for all other purposes, and neither the Company nor the
Warrant Agent shall be affected by any notice to the contrary. Neither the
Warrants nor this Warrant Certificate entitles any holder hereof to any rights
of a stockholder of the Company.

                                      A-4

<PAGE>

                          PART A - ELECTION TO PURCHASE

               (TO BE EXECUTED UPON EXERCISE OF WARRANT FOR CASH)

            The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to receive __________ shares of Common
Stock and herewith tenders payment for such shares to the order of Viskase
Companies, Inc. in the amount of $______ in accordance with the terms hereof
unless the holder is exercising Warrants pursuant to the net exercise provisions
of Section 6 of the Warrant Agreement (Part B below). The undersigned requests
that a certificate for such shares be registered in the name of
__________________, whose address is ________________________________ and that
such shares be delivered to _________________ whose address is ____________
________________________. If said number of shares is less than all of the
shares of Common Stock purchasable hereunder, the undersigned requests that a
new Warrant Certificate representing the remaining balance of such shares be
registered in the name of _______________, whose address is
__________________________ and that such Warrant Certificate be delivered to
__________________, whose address is ____________________.

                                                    Signature:

Date:

                                                    Signature Guaranteed:

                         PART B -- ELECTION TO PURCHASE

             (TO BE EXECUTED UPON EXERCISE OF WARRANTS WITHOUT CASH)

            The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, to receive all, but not less than all,
that number of shares of Common Stock represented by this Warrant less that
number of Warrant Shares having an aggregate Current Market Price (as defined in
the Warrant Agreement), determined as of the business day immediately preceding
the day the Company received this Election to Purchase, equal to the aggregate
Exercise Price that would otherwise have been paid by the holder of the Warrant
Shares. The undersigned requests that a certificate for such shares be
registered in the name of ________________ whose address is
_____________________________ and that such shares be delivered to
_______________ whose address is ___________________________________.

                                                 Signature:

Date:

                                                 Signature Guaranteed:

                                      A-5

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