Document:

<PAGE>
                                                                    EXHIBIT 10.1

                      SEVENTH AMENDMENT TO CREDIT AGREEMENT

         THIS SEVENTH AMENDMENT TO CREDIT AGREEMENT, dated as of August 30, 2002
(this "Amendment"), is among Venture Holdings Company LLC, a Michigan limited
liability company, as successor Borrower to Venture Holdings Trust under the
Credit Agreement (the "Borrower"), the lenders set forth on the signature pages
hereof (collectively, the "Lenders"), and Bank One, NA, as administrative agent
for the Lenders (in such capacity, the "Administrative Agent").

                                     RECITAL

         The Borrower, the Administrative Agent and the Lenders are parties to a
Credit Agreement dated as of May 27, 1999, as amended by a First Amendment to
Credit Agreement dated June 4, 1999, by a Second Amendment to Credit Agreement
dated June 29, 2000, by a Third Amendment to Credit Agreement dated March 29,
2002, by a Fourth Amendment to Credit Agreement dated May 20, 2002, by a Fifth
Amendment to Credit Agreement dated June 4, 2002 and by a Sixth Amendment to
Credit Agreement dated June 27, 2002 (the "Credit Agreement"). The Borrower and
the Guarantors desire to amend the Credit Agreement and the Administrative Agent
and the Lenders are willing to do so strictly in accordance with the terms
hereof.

                                      TERMS

         In consideration of the premises and of the mutual agreements herein
contained, the parties agree as follows:

                                   ARTICLE 1.
                                   AMENDMENTS

         The Credit Agreement is amended as follows:

         1.1 The following new definitions are added to Section 1.1 in
appropriate alphabetical order:

                  "German Preliminary Proceeding Termination Date" means the
date on which the German Preliminary Proceeding is terminated, either through
its dismissal, its conversion to a formal insolvency proceeding or other
proceeding or otherwise.

                  "Seventh Amendment" means the Seventh Amendment to Credit
Agreement dated as of August 30, 2002 among the Borrower, the Guarantors, the
Lenders and the Administrative Agent.

                  "Seventh Amendment Effective Date" means the date of the
Seventh Amendment.

         1.2 Each reference in Sections 6.14 (iv), (v), (vi) and (x) and Section
6.31 to "September 1, 2002" shall be deleted and " German Preliminary Proceeding
Termination Date" shall be substituted in place thereof.

<PAGE>

                                   ARTICLE 2.
                                 REPRESENTATIONS

         The Borrower and each Guarantor represents and warrants to, and agrees
with, the Administrative Agent and the Lenders that:

         2.1 The execution, delivery and performance of this Amendment are
within their respective powers, have been duly authorized by the Borrower and
each Guarantor and are not in contravention of any Requirement of Law.

         2.2 This Amendment is the legal, valid and binding obligations of the
Borrower and each Guarantor, enforceable against them in accordance with the
terms thereof.

         2.3 After giving effect to the amendments and waivers herein contained,
the representations and warranties contained in the Credit Agreement and the
representations and warranties contained in the other Loan Documents are true on
and as of the date hereof with the same force and effect as if made on and as of
the date hereof (except to the extent the existence or effect of the German
Preliminary Proceeding would impact the accuracy thereof), and no Default or
Unmatured Default exists or has occurred and is continuing on the date hereof.

                                   ARTICLE 3.
                              CONDITIONS PRECEDENT.

         This Amendment shall be effective as of the date hereof when each of
the following is satisfied:

         3.1 This Amendment shall be executed by each of the Borrower, the
Guarantors, the Required Lenders and the Administrative Agent.

         3.2 The Borrower and each Guarantor shall provide a certified
resolution with respect to this Amendment satisfactory to the Administrative
Agent.

         3.3 The Borrower and each Guarantor shall provide the written opinion
of the Borrower's and Guarantors' counsel in form and substance acceptable to
the Administrative Agent.

                                   ARTICLE 4.
               POTENTIAL EVENTS OF DEFAULT AND TEMPORARY WAIVER.

         4.1 The Borrower has requested that the Lenders and the Administrative
Agent temporarily waive any Default (the "Existing Potential Defaults"), if any,
caused solely by (a) the filing or existence of the German Preliminary
Proceeding, (b) the incurrence of the German Preliminary Proceeding Financing by
the German Preliminary Proceeding Subsidiaries and any Liens on the assets of
the German Preliminary Proceeding Subsidiaries to secure the German Preliminary
Proceeding Financing, (c) any breach of Section 6.25, 6.26, 6.27 or 6.28 before
the German Preliminary Proceeding Termination Date, (d) the failure to pay
interest on the 1999 Senior Unsecured Notes and the 1999 Subordinated Notes
payable on June 3, 2002 prior to the expiration of the 30-day grace period
applicable thereto or any extension of such grace period, or (e) the failure to
pay interest on the 1997 Senior Unsecured Notes payable on July 1, 2002 prior to
the expiration of the 30-day grace period applicable thereto or any extension of
such grace period. Pursuant to such request, the Lenders and the Administrative
Agent hereby temporarily waive any Existing Potential Default for the period
prior to the effectiveness of this Amendment and, so long as no other Default
exists and there is no occurrence of a new Default until

                                       2
<PAGE>

German Preliminary Proceeding Termination Date, but not at any time on or after
German Preliminary Proceeding Termination Date.

         The Borrower, the Guarantors, the Lenders and the Administrative Agent
agree that a new Default includes (each of which shall constitute a Default
under the Credit Agreement): any Default other than an Existing Potential
Default and, without limiting the foregoing, the occurrence of any default of
any kind under any Material Indebtedness, the acceleration of any Material
Indebtedness or the conversion of the German Preliminary Proceeding to a formal
insolvency proceeding shall be deemed a new Default.

         The Borrower acknowledges and agrees that the waiver contained herein
is a limited, specific and one-time waiver as described above. Such limited
waiver (a) shall not modify or waive any other term, covenant or agreement
contained in any of the Loan Documents, and (b) shall not be deemed to have
prejudiced any present or future right or rights which the Administrative Agent
or the Lenders now have or may have under this Amendment, the Credit Agreement
(as modified hereby) or the other Loan Documents.

                                   ARTICLE 5.
                                 MISCELLANEOUS.

         5.1 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.

         5.2 Except as expressly amended hereby, the Borrower and the Guarantors
agree that the Loan Documents are ratified and confirmed and shall remain in
full force and effect and that they have 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.

         5.3 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.

                                       3
<PAGE>

         IN WITNESS WHEREOF, the parties signing this Amendment have caused this
Amendment to be executed and delivered as of the day and year first above
written.

                                  BORROWER:
                                  ---------

                                  VENTURE HOLDINGS COMPANY LLC

                                  By:        /s/ James E. Butler
                                     -------------------------------------------
                                  Name:      James E. Butler
                                       -----------------------------------------
                                  Title:     Executive Vice President
                                        ----------------------------------------

                                  GUARANTORS:

                                  VEMCO, INC.
                                  VEMCO LEASING, INC.
                                  VENTURE INDUSTRIES CORPORATION
                                  VENTURE HOLDINGS CORPORATION
                                  VENTURE LEASING COMPANY
                                  VENTURE MOLD & ENGINEERING
                                     CORPORATION
                                  VENTURE SERVICE COMPANY
                                  VENTURE EUROPE, INC.
                                  VENTURE EU CORPORATION
                                  EXPERIENCE MANAGEMENT LLC

                                  By:        /s/ James E. Butler
                                     -------------------------------------------
                                  Name:      James E. Butler
                                       -----------------------------------------
                                  Title:     Executive Vice President
                                        ----------------------------------------

                                       4

<PAGE>

                                  LENDERS:

                                  BANK ONE, NA, as Administrative Agent
                                  and a Lender

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  THE BANK OF NOVA SCOTIA, as Syndication
                                  Agent and as a Lender

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  MIZUHO CORPORATE BANK, LTD.

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  BANK AUSTRIA (ZLANDERBANK)
                                  CORPORATE FINANCE, INC.

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  MORGAN STANLEY EMERGING MARKETS
                                  INC.

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       5

<PAGE>

                                  HARRIS TRUST AND SAVINGS

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  BANK OF SCOTLAND

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  COMERICA BANK (DETROIT)

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  THE BANK OF NEW YORK

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  PROVIDENT BANK

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  U.S. BANK NATIONAL ASSOCIATION f/k/a
                                  FIRSTAR BANK, N.A.

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       6

<PAGE>
                                  NATIONAL BANK OF CANADA

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  FIRSTRUST BANK

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  OCTAGON INVESTMENT PARTNERS II, LLC

                                  By:        OCTAGON CREDIT INVESTORS, LLC
                                             As Sub-Investment Manager

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  OCTAGON INVESTMENT PARTNERS III,
                                  LTD.

                                  By:        OCTAGON CREDIT INVESTORS, LLC
                                             As Portfolio Manager

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  MASS MUTUAL LIFE INSURANCE

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       7

<PAGE>

                                  SIMSBURY CLO LTD
                                  By:  Massachusetts Mutual Life Insurance
                                       Company as Collateral Manager

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  PERSEUS CDO I LTD
                                  By:  Massachusetts Mutual Life Insurance Co.,
                                       as Collateral Manager

                                    By:      /s/
                                       -----------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  ARCHIMEDES FUNDING II, LTD.

                                  By:  ING Capital Advisors LLC,
                                  as Collateral Manager

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  BLACK DIAMOND CLO 2000 I LTD

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  PAMCO CAYMAN LTD.
                                  By:  Highland Capital Management, L.P.
                                  As Collateral Manager

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       8

<PAGE>

                                  PAM CAPITAL FUNDING, L.P.
                                  By:  Highland Capital Management, L.P.
                                  As Collateral Manager

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  HIGHLAND LEGACY LIMITED
                                  By:  Highland Capital Management, L.P.
                                  As Collateral Manager

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  ML CBO IV (Cayman) Ltd.
                                  By:  Highland Capital Management, L.P.
                                  As Collateral Manager

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  ELF Funding Trust I
                                  By:  Highland Capital Management, L.P.
                                  As Collateral Manager

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  CYPRESS TREE INVESTMENT
                                  MANAGEMENT COMPANY, INC.
                                  As:  Attorney-in-Fact and on behalf of First
                                  Allmerica Financial Life Insurance Company
                                  as Portfolio Manager

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       9

<PAGE>

                                  CYPRESS TREE INVESTMENT PARTNERS I, LTD.
                                  By:  Cypress Tress Investment Management
                                       Company, Inc. as Portfolio Manager

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  STEIN ROE FLOATING RATE LIMITED
                                  LIABILITY COMPANY
                                  By:  Stein Roe & Farnham Incorporated,
                                  As Advisor

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  STEIN ROE & FARNHAM CLO I LTD.,
                                  By:  Stein Roe & Farnham Incorporated,
                                  As Portfolio Manager

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  MOUNTAIN CAPITAL CLO I, LTD.

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  ORIX FINANCIAL SERVICES, INC

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       10
<PAGE>

                                  ELC (CAYMAN) LTD. 1999 - II

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  UNION BANK OF CALIFORNIA NA

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  PILGRIM AMERICA HIGH INCOME INVESTMENTS, LTD.
                                  By:  Pilgrim Investments, Inc.
                                  as its investment manager

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  SENIOR DEBT PORTFOLIO
                                  By:  Boston Management and Research
                                  as investment Advisor

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  SRF TRADING, INC.

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  NATEXIS BANQUE

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       11

<PAGE>

                                  ARES III CLO LTD.

                                  By: ARES CLO Management LLC,
                                             Investment Manager

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  ARES IV CLO LTD.

                                  By: ARES CLO Management IV, L.P.,
                                             Investment Manager

                                  By: ARES CLO GP IV, LLC,
                                             Its Managing Member

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  ARES V CLO LTD.

                                  By: ARES CLO Management V, L.P.,
                                             Investment Manager

                                  By: ARES CLO GP V, LLC,
                                             Its Managing Member

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  ENDEAVOR, by PPM America its
                                  Attorney in fact

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  PB CAPITAL CORPORATION

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       12

<PAGE>

                                  APEX (IDM) CDO I

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  CYPRESSTREE INVESTMENT PARTNERS II

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  ELC CAYMAN CDO SERIES 1999-1

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  ELC CAYMAN LTD. 2000-1

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  GRAYSON & CO

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  GRAYSON CLO 2001-01 LTD.

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  JH WHITNEY MARKET VALUE FUND

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       13

<PAGE>

                                  KZH PAMCO LLC

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  LIBERTY-STEIN ROE ADVISOR FLOATING
                                  RATE ADVANTAGE FUND
                                  By:  Stein Roe & Farnham Incorporated, As
                                  Advisor

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  NEMEAN CLO, LTD.
                                  By:  ING Capital Advisors LLC,
                                  As Investment Advisor

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  SRF 2000 LLC

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  SRV HIGHLAND, INC.

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  UPPER COLUMBIA CAPITAL CO.

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  WHITNEY PRIVATE DEBT FUND

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       14

<PAGE>

                                  SATELLITE SR. INCOME FUND II

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  MASTER SENIOR FLOATING RATE TRUST

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  MERRILL LYNCH GLOBAL INVESTMENT SERIES:
                                  BANK LOAN INCOME PORTFOLIO
                                  By:  Merrill Lynch Investment Managers, L.P.,
                                       as Investment Advisors

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  MERRILL LYNCH PRIME RATE PORTFOLIO
                                  By:  Merrill Lynch Investment Managers, L.P.,
                                       as Investment Advisor

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  MERRILL LYNCH SENIOR FLOATING RATE
                                  FUND, INC.

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  ORIX FINANCE CORP I

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------
                                  Date:
                                       -----------------------------------------

                                       15

<PAGE>

                                 PRESIDENT & FELLOWS OF HARVARD
                                 COLLEGE
                                 By:  Regiment Capital Management, LLC
                                 as its Investment Advisor
                                 By:  Regiment capital Advisors, LLC
                                 Its Manager and pursuant to delegated authority

                                 By:
                                    -------------------------------------------
                                 Name:
                                      -----------------------------------------
                                 Title:
                                       ----------------------------------------
                                 Date:
                                      -----------------------------------------

                                 REGIMENT CAPITAL, LTD
                                 By:  Regiment Capital Management, LLC
                                 as its Investment Advisor
                                 By:  Regiment Capital Advisors, LLC
                                 Its Manager and pursuant to delegated authority

                                 By:
                                    -------------------------------------------
                                 Name:
                                      -----------------------------------------
                                 Title:
                                       ----------------------------------------
                                 Date:
                                      -----------------------------------------

                                 OCTAGON INVESTMENT PARTNERS IV, LLC
                                 By:  Octagon Credit Investors, LLC
                                 as Portfolio Manager

                                 By:
                                    -------------------------------------------
                                 Name:
                                      -----------------------------------------
                                 Title:
                                       ----------------------------------------

                                 MORGAN STANLEY SENIOR FUNDING, INC.

                                 By:
                                    -------------------------------------------
                                 Name:
                                      -----------------------------------------
                                 Title:
                                       ----------------------------------------

                                       16

<PAGE>

                                  CREDIT SUISSE FIRST BOSTON INTERNATIONAL

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  UBS AG, STAMFORD BRANCH,
                                  By:  UBS Warburg, LLC

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  CANPARTNERS INVESTMENTS, IV, LLC,
                                  A California Limited Liability Company

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  DEUTSCHE BANK TRUST COMPANY AMERICAS

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  MOUNTAIN CAPITAL CLO II, LTD.

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       17

<PAGE>

                                  MAGMA CDO LTD

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  BINGHAM CDO LP

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  AURUM CLO 2002 - LTD.
                                  By: Stein Roe & Farnham Incorporated
                                  as Investment Manager

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                  LEHMAN COMMERCIAL PAPER INC.

                                  By:
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       18

<PAGE>

                                  PPM AMERICA SPECIAL INVESTMENTS
                                  FUND, LP
                                  By:  PPM AMERICA, INC., as its
                                  attorney-in-fact

                                  By:        /s/
                                     -------------------------------------------
                                  Name:
                                       -----------------------------------------
                                  Title:
                                        ----------------------------------------

                                       19<PAGE>
                                                                     EXHIBIT 4.1
                     CARACO PHARMACEUTICAL LABORATORIES LTD.

                             SUBSCRIPTION AGREEMENT

                                       FOR
                          OFFERING OF 4,365,000 SHARES
                                 OF COMMON STOCK
                                $_____ PER SHARE

                     To Be Completed By Prospective Investor

         If and when accepted by Caraco Pharmaceutical Laboratories Ltd., a
Michigan corporation (the Corporation), this Subscription Agreement shall
constitute the subscription of the undersigned subscriber for the number of
shares of the Common Stock, no par value, of the Corporation identified below
(the Shares). The Corporation and its sales agent, as applicable, are relying
upon the accuracy and completeness of the information set forth herein in
complying with their obligations under applicable securities laws.

         (1) Method of Subscription: The undersigned hereby subscribe for the
Shares at a purchase price of $_____ per share.

         Before a subscription will be accepted, the following must be completed
(all blanks filled in), executed, dated, acknowledged and returned to the
Corporation at 1150 Elijah McCoy Drive, Detroit, Michigan 48202.

                  a.       One executed copy of this Subscription Agreement;

                  b.       Until the Minimum Offering is sold, (as defined in
                           the Prospectus dated ________, 200___), checks, money
                           orders or bank drafts upon a U.S. bank shall be
                           payable to "Bank One Trust Company, N.A.," Escrow
                           Agent, for the full amount of the purchase price;

                  c.       After the Minimum Offering is sold, checks, money
                           orders or bank drafts upon a U.S. bank shall be
                           payable to "Caraco Pharmaceutical Laboratories Ltd."
                           for the full amount of the purchase price; and

                  d.       An executed copy of Form W-9.

In no event will subscriptions be accepted later than _________, 200___, at
which time the offering will terminate.

         (2) Acceptance By Corporation: The undersigned understands that the
Corporation will notify him or it whether the subscription has been accepted or
rejected, as promptly as possible. In the event this subscription is rejected,
all funds and documents tendered by the undersigned shall be returned, without
interest, in which case the Corporation shall have no further obligation to the
undersigned. The Corporation in its sole discretion and for any or no reason
shall determine whether this subscription shall be accepted or rejected in

                                       16
<PAGE>
whole or in part. This subscription is not binding upon the Corporation until
accepted by the Corporation. The Corporation reserves the right to terminate the
Offering and to return all subscription proceeds at any time prior to the
receipt and use of the subscription proceeds by the Corporation.

         (3) Receipt of Prospectus. The undersigned acknowledges receipt and
review of the Prospectus dated ____________, 200___ (the "Offering").

         (4) Independent Advice: The undersigned acknowledges that he or it has
been advised to consult with independent counsel regarding the consequences of
participating in this investment.

         (5) Residency of the Subscriber: The undersigned represents and
warrants to the Corporation and the Sales Agent, as applicable, that he is a
bona fide resident of the State of __________. Specifically, if an individual,
the undersigned represents and warrants that his principal residence at the time
of the offer and sale of the Shares is in the State of _________. If a
corporation, partnership, trust or other form of business organization, the
undersigned represents and warrants that at the time of the offer and sale of
the Shares, it has its principal office within the State of ___________.

         (6) Further Representations, Warrants and Covenants: The undersigned
hereby represents, warrants, covenants and agrees as follows:

                  a.       Except as set forth in the Prospectus and the
                           exhibits thereto, no representations or warranties,
                           oral or otherwise, have been made to the undersigned
                           by the Corporation or any other person, whether or
                           not associated with the Corporation or this offering.
                           In entering this transaction, the undersigned is not
                           relying upon any information, other than that
                           contained in the Prospectus and the exhibits thereto
                           and the results of any independent investigation
                           conducted by the undersigned at the undersigned's
                           sole discretion and judgment.

                  b.       The subscription of the undersigned is irrevocable,
                           however, the undersigned shall have no obligations
                           under this Agreement if the subscription is for any
                           reason not accepted by the Corporation or if the
                           Offering by the Corporation is cancelled.

         (7) Indemnity: The undersigned hereby agrees to indemnify the
Corporation and the Sales Agent, as applicable, and each of their officers,
directors, representatives, agents and employees, and hold them harmless from
and against any and all liability, damage, cost or expense incurred on account
of or arising out of:

                  a.       Any breach of or inaccuracy in the declaration,
                           representations and warranties set forth herein;

                  b.       Any action, suit or proceeding based upon the claim
                           that said declarations, representations or warranties
                           were inaccurate or misleading or otherwise cause for
                           obtaining damages or redress from the Corporation or
                           the Sales Agent, as applicable.

         (8)      Miscellaneous: The undersigned further understand and
                  acknowledge that:

                  a.       This subscription is not transferable or assignable
                           by the undersigned.

                                       17
<PAGE>
                  b.       If the undersigned consists of more than one person,
                           the obligations of the undersigned shall be joint and
                           several and the representations and warranties herein
                           contained shall be deemed to be made by and be
                           binding upon each such person and his or her heirs,
                           executors, administrators, successors and assigns.

                  c.       This subscription, upon acceptance by the
                           Corporation, shall be binding upon the heirs,
                           executors, administrators, successors and assigns of
                           the undersigned.

                  d.       This Subscription Agreement constitutes the entire
                           agreement between the parties respecting the subject
                           matter thereof.

                  e.       Captions in this Subscription Agreement are for the
                           convenience of reference only and shall not limit or
                           otherwise affect the interpretation or effect of any
                           term or provision hereof.

                  f.       This Subscription Agreement shall be governed,
                           enforced and construed in all respects in accordance
                           with the laws of the State of Michigan without giving
                           effect to any conflict of laws or choice of law
                           rules.

                  g.       Any action or proceeding seeking to enforce any
                           provision of, or based on any right arising out of,
                           this Subscription Agreement may be brought against
                           the Corporation or the undersigned only in the courts
                           in the State of Michigan, County of Wayne or, if it
                           has or can acquire jurisdiction, in the United States
                           District Court for the Eastern District of Michigan,
                           and the Corporation and the undersigned consent to
                           the jurisdiction of such courts (and of the
                           appropriate appellate courts) in any such action or
                           proceeding and waives any objection to venue laid
                           therein. Process in any action or proceeding referred
                           to in the preceding sentence may be served on the
                           Corporation or the undersigned anywhere in the world.

         (9)      Type of Ownership for Shares if Subscribers Are Individuals
(check one):

                  ( )      Individual Ownership (one signature required)

                  ( )      Joint Tenants with Right of Survivorship (both
                           parties must sign)

                  ( )      Tenants in Common (both parties must sign)

                  --------------------------------------------------------------
                    Please print here the exact name (registration) subscriber
                                        desires on account

         (10)     Organizational Ownership (check one):

                  ( )      Corporation (signature of authorized officer
                           required)

                  ( )      Partnership (signature of all partners required)

                                       18
<PAGE>
      ( )       Limited Liability Company (signature of all members or managers
                required)

      ( )       Other Form of Organization (see Corporation or Sales Agent, as
                applicable, for signature instruction)

      --------------------------------------------------------------------
          Please print here the exact organization name (registration)
                          subscriber desires on account

         NOTE: Investors should seek the advice of their attorneys in deciding
in which of the above forms they should take ownership of the Shares, since
different forms of ownership can have varying gift tax, estate tax, income tax
and other consequences.

         (11)     Amount of Subscription:

                  Number of Shares: ___________________

                  Total Purchase Price: _________________($_____ per share)

         IN WITNESS WHEREOF, the undersigned, intending to be legally bound, has
completed this Subscription Agreement to evidence his or its subscription for
the Shares of Caraco Pharmaceutical Laboratories Ltd. this _______ day of
_____________, 200___.

(This signature block is for use by individual subscribers only)

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

                                         Address:

                                         Telephone No:
                                         Facsimile No:
                                         E-mail:

                                       19
<PAGE>

(This signature block is for use by organizational subscribers only)

                                  ---------------------------------------------
                                  (Name of organization)

                                  By:
                                  Its:

                                  Address:

                                  Telephone No:
                                  Facsimile No:
                                  E-mail:

         The Corporation has accepted this Subscription Agreement this _______
day of __________, 200____.

                                   CARACO PHARMACEUTICAL LABORATORIES LTD.

                                   By:      ____________________________________
                                      -

                                   Its:     ____________________________________

                                       20

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