Exhibit 10.1

EXECUTION VERSION

AMENDMENT NO. 5

AMENDMENT NO. 5, dated as of February 20, 2015 (this “Amendment”), by and among
PAR PHARMACEUTICAL COMPANIES, INC., a Delaware corporation (the “Parent
Borrower”), the Revolving Credit Lenders party hereto, and BANK OF AMERICA, N.A.
(“BANA”), as administrative agent (in such capacity, the “Administrative Agent”)
under the Credit Agreement, dated as of September 28, 2012 (as amended by
Amendment No. 1, dated as of February 6, 2013, Amendment No. 2, dated as of
February 20, 2013, Amendment No. 3, dated as of February 28, 2013 and Amendment
No. 4 dated as of February 20, 2014, the “Credit Agreement”), among the Parent
Borrower, PAR PHARMACEUTICAL, INC., a Delaware corporation (the “Co-Borrower”
and, together with the Parent Borrower, the “Borrowers” and each a “Borrower”),
SKY GROWTH INTERMEDIATE HOLDINGS II CORPORATION, a Delaware corporation
(“Holdings”), BANA, as administrative agent under the Loan Documents, Swing Line
Lender and L/C Issuer, each lender from time to time party thereto
(collectively, the “Lenders” and individually, a “Lender”), and the other
parties thereto from time to time. Capitalized terms used and not otherwise
defined herein shall have the meanings assigned to them in the Credit Agreement.

WHEREAS, Section 10.01(h) of the Credit Agreement permits certain amendment of
the Credit Agreement with consent of the Administrative Agent, the Parent
Borrower and certain Required Facility Lenders;

WHEREAS, the Parent Borrower and the Required Facility Lenders under the
Revolving Credit Facility wish to make the amendment set forth in Section 1
below pursuant to an amendment authorized by Section 10.01 of the Credit
Agreement.

NOW, THEREFORE, in consideration of the premises and covenants contained herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound
hereby, agree as follows:

 

  Section 1. Amendments.

Effective as of the Amendment No. 5 Effective Date, the Credit Agreement is
hereby amended as follows:

(a) The following defined terms shall be added to Section 1.01 of the Credit
Agreement in alphabetical order:

“Amendment No. 5” means Amendment No. 5 to this Agreement dated as of
February 20, 2015.

“Amendment No. 5 Effective Date” means February 25, 2015, the date on which all
conditions precedent set forth in Section 3 of Amendment No. 5 are satisfied.

(b) Section 7.13 of the Credit Agreement is hereby amended by deleting the table
set forth therein in its entirety and replacing it with the following table
therefor:

 

Fiscal Year

   First Quarter    Second Quarter    Third Quarter    Fourth Quarter

2012

   N/A    N/A    N/A    5.00 to 1.00

2013

   5.00 to 1.00    5.00 to 1.00    5.00 to 1.00    4.50 to 1.00

2014

   4.50 to 1.00    4.25 to 1.00    4.25 to 1.00    4.25 to 1.00

2015

   4.25 to 1.00    4.00 to 1.00    3.75 to 1.00    3.75 to 1.00

Thereafter

   3.75 to 1.00    3.75 to 1.00    3.75 to 1.00    3.75 to 1.00

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

  Section 2. Representations and Warranties.

The Parent Borrower represents and warrants to the Lenders as of the date hereof
and the Amendment No. 5 Effective Date that:

(a) Before and after giving effect to this Amendment, the representations and
warranties of the Parent Borrower and each other Loan Party contained in Article
V of the Credit Agreement or any other Loan Document shall be true and correct
in all material respects on and as of the Amendment No. 5 Effective Date;
provided that, to the extent that such representations and warranties
specifically refer to an earlier date, they shall be true and correct in all
material respects as of such earlier date; provided, further, that, any
representation and warranty that is qualified as to “materiality,” “Material
Adverse Effect” or similar language shall be true and correct (after giving
effect to any qualification therein) in all respects on such respective date.

(b) At the time of and after giving effect to this Amendment, no Default shall
exist, or would result from the Amendment.

 

  Section 3. Conditions to Effectiveness.

This Amendment shall become effective on the date on which each of the following
conditions is satisfied:

(a) The Administrative Agent’s receipt of counterparts of this Amendment
executed by (A) the Parent Borrower, (B) the Administrative Agent and (C) the
Required Facility Lenders under the Revolving Credit Facility, each of which
shall be originals or facsimiles or electronic copies (followed promptly by
originals) unless otherwise specified;

(b) The effectiveness of an amendment to the Credit Agreement pursuant to which
Lenders will extend credit to the Borrowers in an aggregate principal amount of
up to $425,000,000 (the “Dividend Amendment”); and

(c) The Administrative Agent’s receipt of the following, each of which shall be
originals or facsimiles or electronic copies (followed promptly by originals)
unless otherwise specified;

(1) an opinion of Ropes & Gray LLP, New York counsel to the Loan Parties dated
the Amendment No. 5 Effective Date and addressed to the Administrative Agent and
the Lenders, in a form reasonably satisfactory to the Administrative Agent; and

(2) (A) certificates of good standing (to the extent such concept exists in such
Loan Party’s state of organization) from the applicable secretary of state of
the state of organization of each Loan Party, and (B) a certificate of a
Responsible Officer of each Loan Party which may be delivered on a combined
basis with the certificate for the Dividend Amendment certifying (I) to the
effect that (w) attached thereto is a true and complete copy of the certificate
or articles of incorporation or organization such Loan Party certified as of a
recent date by the secretary of state

 

-2-

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

of the state of its organization, or in the alternative, certifying that such
certificate or articles of incorporation or organization have not been amended
since the Closing Date, and that such certificate or articles are in full force
and effect, (x) attached thereto is a true and complete copy of the by-laws or
operating agreements of each Loan Party as in effect on the Amendment No. 5
Effective Date, or in the alternative, certifying that such by-laws or operating
agreements have not been amended since the Closing Date and (y) attached thereto
is a true and complete copy of resolutions duly adopted by the board of
directors of each Loan Party authorizing the execution, delivery and performance
of the Loan Documents to which such Loan Party is a party, and that such
resolutions have not been modified, rescinded or amended and are in full force
and effect, and (II) as to the incumbency and specimen signature of each officer
executing any Loan Document on behalf of any Loan Party and signed by another
officer as to the incumbency and specimen signature of the Responsible Officer
executing the certificate pursuant to this clause (B).

The Administrative Agent shall notify the Parent Borrower and the Revolving
Credit Lenders of the Amendment No. 5 Effective Date and such notice shall be
conclusive and binding.

 

  Section 4. Expenses.

The Parent Borrower agrees to reimburse the Administrative Agent for its
reasonable and documented out-of-pocket expenses incurred by it in connection
with this Amendment, including the reasonable fees, charges and disbursements of
Cahill Gordon & Reindel LLP, counsel for the Administrative Agent.

 

  Section 5. Counterparts.

This Amendment may be executed in counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. Delivery of an
executed counterpart of a signature page of this Amendment by facsimile
transmission or other electronic imaging means shall be effective as delivery of
a manually executed counterpart of this Amendment.

 

  Section 6. Governing Law and Waiver of Right to Trial by Jury.

THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK. The jurisdiction and waiver of right to trial by jury
provisions in Section 10.16 and 10.17 of the Credit Agreement are incorporated
herein by reference mutatis mutandis.

 

  Section 7. Headings.

The headings of this Amendment are for purposes of reference only and shall not
limit or otherwise affect the meaning hereof.

 

  Section 8. Reaffirmation.

The Parent Borrower hereby expressly acknowledges the terms of this Amendment
and reaffirms, as of the date hereof, (i) the covenants and agreements contained
in each Loan Document to which it is a party, including, in each case, such
covenants and agreements as in effect immediately after giving effect to this
Amendment and the transactions contemplated hereby and (ii) its grant of Liens
on the Collateral to secure the Obligations pursuant to the Collateral
Documents.

 

-3-

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

  Section 9. Effect of Amendment; References to the Credit Agreement.

Except as expressly set forth herein, this Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of or otherwise affect the rights
and remedies of the Lenders or the Agents under the Credit Agreement or any
other Loan Document, and shall not alter, modify, amend or in any way affect any
of the terms, conditions, obligations, covenants or agreements contained in the
Credit Agreement or any other provision of the Credit Agreement or any other
Loan Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect. All references to the Credit Agreement in any
document, instrument, agreement, or writing shall from and after the Amendment
No.5 Effective Date be deemed to refer to the Credit Agreement as amended
hereby, and, as used in the Credit Agreement, the terms “Agreement,” “herein,”
“hereafter,” “hereunder,” “hereto” and words of similar import shall mean, from
and after the Amendment No. 5 Effective Date, the Credit Agreement as amended
hereby.

 

  Section 10. Lender Signatures.

Each Revolving Credit Lender that executes a signature page to this Amendment
shall be deemed to have approved this Amendment. Each Revolving Credit Lender
signatory to this Amendment agrees that such Revolving Credit Lender shall not
be entitled to receive a copy of any other Revolving Credit Lender’s signature
page to this Amendment, but agrees that a copy of such signature page may be
delivered to the Borrowers and the Administrative Agent.

[Signature Pages Follow]

 

-4-

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

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

 

PAR PHARMACEUTICAL COMPANIES, INC., as the Parent Borrower By:

/s/ Michael A. Tropiano

Name: Michael A. Tropiano Title: Executive Vice President and Chief Financial
Officer

 

[Amendment No. 5]

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

Bank of America, N.A., as Lender By:

/s/ David H. Strickert

Name: David H. Strickert Title: Managing Director

 

[Amendment No. 5]

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

Citibank, N.A., as Lender By:

/s/ Alvaro De Velasco

Name: Alvaro De Velasco Title: Vice President

 

[Amendment No. 5]

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

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Lender By:

/s/ Michael Winters

Name: Michael Winters Title: Vice President By:

/s/ Dusan Lazarov

Name: Dusan Lazarov Title: Director

 

[Amendment No. 5]

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

Goldman Sachs Bank USA, as Lender By:

/s/ Michelle Latzoni

Name: Michelle Latzoni Title: Authorized Signatory

 

[Amendment No. 5]

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

Mizuho Bank LTD, as Lender

By:

/s/ James R Fayen

Name: James R Fayen Title: Deputy General Manager

 

[Amendment No. 5]

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

Royal Bank of Canada, as Lender By:

/s/ Dean Sas

Name: Dean Sas Title: Authorized Signatory

 

[Amendment No. 5]

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

Accepted:

BANK OF AMERICA, N.A.,

as Administrative Agent

By:

/s/ Don B. Pinzon

Name: Don B. Pinzon Title: Vice President

 

[Amendment No. 5]