EXHIBIT 10.1
FIFTH AMENDMENT TO CREDIT AGREEMENT
     THIS FIFTH AMENDMENT TO CREDIT AGREEMENT, dated as of April 22, 2008 (this
“Amendment”), is among Perrigo Company (the “U.S. Borrower”), the Foreign
Subsidiary Borrowers party hereto, the Lenders party hereto, JPMorgan Chase
Bank, N.A., as Administrative Agent for the Lenders (in such capacity, the
“Administrative Agent”), Bank Leumi USA, as Syndication Agent, and Bank of
America, N.A., LaSalle Bank Midwest National Association and National City Bank
of the Midwest, as Documentation Agents.
RECITAL
     The Borrowers, the Lenders, the Administrative Agent, the Syndication Agent
and the Documentation Agents are parties to a Credit Agreement dated as of
March 16, 2005, as amended (the “Credit Agreement”). The Borrowers desire to
amend the Credit Agreement as set forth herein and the Lenders are willing to do
so in accordance with the terms hereof.
TERMS
     In consideration of the premises and of the mutual agreements herein
contained, the parties agree as follows:
1. ARTICLE 1.
AMENDMENTS.
     The Credit Agreement is amended as follows:
     1.1 The following new definition is added to Section 1.01 of the Credit
Agreement in appropriate alphabetical order:
     “Term Loan Agreement” means the Term Loan Agreement dated as of April 22,
2008 among the U.S. Borrower, the Lenders party thereto and JPMorgan, as
administrative agent, as it may from time to time be amended or otherwise
modified, and any successor to or replacement of such agreement or the credit
facilities evidenced thereby, as each such successor or replacement may from
time to time be amended or otherwise modified, in each case, to the extent not
prohibited hereby.
     1.2 Section 5.09 of the Credit Agreement is amended by deleting reference
therein to “$10,000,000” and substituting “$20,000,000” in place thereof.
     1.3 Section 6.01(f) of the Credit Agreement and the final paragraph of
Section 6.01 of the Credit Agreement are restated as follows:
     (f) Indebtedness under the Term Loan Agreement, provided that the aggregate
principal amount outstanding thereunder (including all loans, letters of credit
and other advances thereunder) shall not exceed $200,000,000; and
     (g) Indebtedness not otherwise permitted by this Section 6.01 not in excess
of twenty percent (20%) of Consolidated Total Assets in the aggregate at any
time outstanding.

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Notwithstanding the foregoing, the aggregate amount of all Indebtedness of all
Material Non-Guarantor Subsidiaries, other than Indebtedness permitted under
Section 6.01(a), (b), (d) or (e) above, shall not exceed of five percent (5%) of
Consolidated Total Assets in the aggregate at any time outstanding.
     1.4 Section 6.02(g) of the Credit Agreement is restated as follows:
     (g) Liens on the Collateral securing, on a pro rata basis, the Secured
Obligations hereunder, the “Secured Obligations” as defined in the Term Loan
Agreement (subject to the limitation described in Section 6.01(f)) and other
Indebtedness permitted under Section 6.01(g) and related obligations, subject to
the terms of the Collateral Documents and related agreements governing the pro
rata sharing of the Collateral and other rights and terms with respect to the
Collateral (and the Administrative Agent is authorized by the Lenders to execute
such Collateral Documents and related agreements on behalf of such Lenders
(including without limitation such amendments and supplements thereto) to
implement such Liens and pro rata sharing of the Collateral and other rights and
terms as determined by the Administrative Agent).
     1.5 The following two new Sections 6.04(g) and (h) are substituted for
existing Section 6.04(g) of the Credit Agreement:
          (g) Guarantees of or constituting Indebtedness permitted by
Section 6.01(a), (b) (to the extent in existence on the date hereof), (f) and
(g); and
          (h) Guarantees, investments, loans or advances not otherwise permitted
by this Section 6.04 not in excess of fifteen percent (15%) of Consolidated
Total Assets in the aggregate; provided that the aggregate outstanding amount
(exclusive of investments, loans or advances to Subsidiaries under
Section 6.04(d)(ii)) of such Guarantees of, and investments, loans or advances
to, Subsidiaries that are not Guarantors shall not exceed seven and one-half
percent (7.5%) of Consolidated Total Assets in the aggregate.
2. ARTICLE 2.
REPRESENTATIONS.
     Each Borrower represents and warrants to the Lenders and Administrative
Agent that:
     2.1 The execution, delivery and performance of this Amendment are within
its powers and have been duly authorized by it. This Amendment is the legal,
valid and binding obligation of it, enforceable against it in accordance with
the terms thereof.
     2.2 After giving effect to the amendments and waiver herein contained, the
representations and warranties contained in the Credit Agreement and the
representations and warranties contained in the other Loan Documents are true in
all material respects on and as of the date hereof with the same force and
effect as if made on and as of the date hereof, and no Default or Event of
Default exists or has occurred and is continuing on the date hereof.

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3. ARTICLE 3.
CONDITIONS PRECEDENT.
     This Amendment shall be effective as of the date hereof when it shall be
executed by the Borrowers, the Required Lenders, the Administrative Agent and
the Syndication Agent and the Consent and Agreement attached hereto is signed by
the Guarantors.
4. ARTICLE 4.
MISCELLANEOUS.
     4.1 References in the Credit Agreement or in any other Loan Document to the
Credit Agreement shall be deemed to be references to the Credit Agreement as
amended hereby and as further amended from time to time.
     4.2 Except as expressly amended hereby, each Borrower agrees that the Loan
Documents are ratified and confirmed and shall remain in full force and effect
and that it has no set off, counterclaim, defense or other claim or dispute with
respect to any of the foregoing. The terms used but not defined herein shall
have the respective meanings ascribed thereto in the Credit Agreement.
     4.3 This Amendment may be signed upon any number of counterparts with the
same effect as if the signatures thereto and hereto were upon the same
instrument, and signatures sent by telecopy or electronic mail message shall be
enforceable as originals.
[Signatures on the following pages]

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

            PERRIGO COMPANY
      By   /s/ Judy Brown         Name:   Judy Brown        Title:        

            PERRIGO ISRAEL PHARMACEUTICALS LTD. (f/k/a AGIS INDUSTRIES
(1983) LTD.)
      By   /s/ Judy Brown         Name:   Judy Brown        Title:   EVP & CFO 
   

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            JPMORGAN CHASE BANK, N.A., as a Lender and as
Administrative Agent
      By   /s/ Thomas A. Gamm         Name:   Thomas A. Gamm        Title:  
Senior Vice President     

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                  BANK LEUMI USA, as a Lender and as Syndication Agent    
 
           
 
  By        
 
           
 
      Name:    
 
      Title:    

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                  BANK OF AMERICA, N.A., as a Lender and as Documentation Agent
   
 
           
 
  By   /s/ Zubin R. Shroff    
 
           
 
      Name: Zubin R. Shroff    
 
      Title: Vice President    

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                  LASALLE BANK MIDWEST NATIONAL ASSOCIATION, formerly known as
Standard Federal Bank N.A., as a Lender and as Documentation Agent    
 
           
 
  By   /s/ Zubin R. Shroff    
 
           
 
      Name: Zubin R. Shroff    
 
      Title: Vice President    

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                  NATIONAL CITY BANK FORMERLY KNOWN AS NATIONAL CITY BAN OF THE
MIDWEST, as a Lender and as Documentation Agent    
 
           
 
  By   /s/ Sean P. Welsh    
 
           
 
      Name: Sean P. Welsh    
 
      Title: Regional President    

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                  FIFTH THIRD BANK    
 
           
 
  By   /s/ Brian Jelinski    
 
           
 
      Name: Brian Jelinski    
 
      Title: AVP    

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                  THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND    
 
           
 
  By   /s/ Jennifer Lyons    
 
           
 
      Name: Jennifer Lyons    
 
      Title: Authorised Signatory    
 
           
 
  By   /s/ Elaine Crowley    
 
           
 
      Name: Elaine Crowley    
 
      Title: Authorised Signatory    

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                  COMERICA BANK    
 
           
 
  By        
 
           
 
      Name:    
 
      Title:    

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                  THE NORTHERN TRUST COMPANY    
 
           
 
  By   /s/ Rebecca H. Pasquesi    
 
           
 
      Name: Rebecca H. Pasquesi    
 
      Title: Vice President    

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CONSENT AND AGREEMENT
     As of the date and year first above written, each of the undersigned
hereby: (a) fully consents to the terms and provisions of the above Amendment
and the consummation of the transactions contemplated thereby; (b) agrees that
the Guaranty to which it is a party and each other Loan Document to which it is
a party are hereby ratified and confirmed and shall remain in full force and
effect, acknowledges and agrees that it has no setoff, counterclaim, defense or
other claim or dispute with respect the Guaranty to which it is a party and each
other Loan Document to which it is a party; and (c) represents and warrants to
the Administrative Agent and the Lenders that the execution, delivery and
performance of this Consent and Agreement are within its powers, have been duly
authorized and are not in contravention of any statute, law or regulation or of
any terms of its organizational documents or of any material agreement or
undertaking to which it is a party or by which it is bound, and this Consent and
Agreement is the legal, valid and binding obligations of it, enforceable against
it in accordance with the terms hereof and thereof. Terms used but not defined
herein shall have the respective meanings ascribed thereto in the Credit
Agreement.

                  L. PERRIGO COMPANY    
 
           
 
  By   /s/ Judy L. Brown    
 
           
 
      Name: Judy L. Brown    
 
      Title: Executive Vice President    
 
                PERRIGO COMPANY OF SOUTH CAROLINA, INC.    
 
           
 
  By   /s/ Judy L. Brown    
 
           
 
      Name: Judy L. Brown    
 
      Title: Executive Vice President    
 
                PERRIGO PHARMACEUTICALS COMPANY    
 
           
 
  By   /s/ Judy L. Brown    
 
           
 
      Name: Judy L. Brown    
 
      Title: Executive Vice President    
 
                PERRIGO INTERNATIONAL, INC.    
 
           
 
  By   /s/ Judy L Brown    
 
           
 
      Name: Judy L. Brown    
 
      Title: Executive Vice President    
 
                PERRIGO INTERNATIONAL HOLDINGS, INC.    
 
           
 
  By   /s/ Judy L. Brown    
 
           
 
      Name: Judy L. Brown    
 
      Title: Executive Vice President    

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